Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-02-01
SPEYER SLATED
FOR REGIONAL
BOARD, REPORT
Conference With President Will
son on Banking Economics Pre-
sages u. S. Reserve Place.
BY BOERSIANER.

CHICAGO, Jan. 31.-Lending Is a
habit, like other habits. The longer
it persists the harder 1t is to desist.
It's tenacity is as gripping as bor-
rowing There is a fascination in its
indulgence that only high positioned
bankers can feel and explain. And
when the borrower is Of long ac-
quaintance to refuse him were a vio-
lent wrench of ones psychological
structure.
This is a phase Of Speyer & Co.'S
defense OF their relations with the
Frisco system which the firm omit
ted in replying to the accusation of
the Interstate Commerce Commi ssion.
The Speyers financed the Frisco
when It was part of the Rock Island
system, as they had raised money for
the Rock Island previously.
1t would have been difficult indeed
for Mr.. Speyer not to provide funds
for the Rock Island Frisco people.
There were physical as well as psy-
Geological influences.
Smaller Than Hartman.
Mr. Speyer is a small and slight
gentleman; smaller and slighter even
was the midgety e. II. Hartman. His
pressiveness resides in his mental
ity and social grace. In other re-
spects he would be passed in the
crowd as an average dapper little fell
low. Contrastingly the men he dealt
with--William II. Moore, b. F. Yoak-
UNI and Daniel G.. Reid-are huge,
Moore and Yoakum being giants in
stature.
In the beginning loan negotiations
were confined to one of these. Yoak-
um, Reid or Moore would call upon
Mr.. Speyer and arrange a bond flota-
ton AS money became less accessi
BILE and as the bloom of the credit of
the Rock Island system came off,
two Of the three colossi were required
to consummate a deal. Finally it be-
came necessary for all three TO bring
trade to a successful conclusion. AT
length it dawned on Mr.. Speyer that
he was being subjected to subtle
physical suasion. The dawning dis
covery nettled the natty little man. so
the next time he was confronted with
the trio of giants he exclaimed. with
bare suggestion of acerbity: "If you
are again after money, two of you
must step out. I'll deal with only one
of you at a time"
Though diminutive, Mr. Speyer has
an iron Independence, and 1t is this
characteristic that, In the eyes of the
Wilson administration, detaches him
from the so-called system" or i'm
terests." Speyer & Co. always have
been considered to be aloof, or aside
from the Morgan National City
Bank Kuhn Loeb association. Pur-
suantly, perhaps, Mr. Speyer was in
vited to the White House to confer
with--or give his views to-Presi-
dent Wilson on banking economics.
There have been rumors since then
that Speyer was asked to go on the
Federal Reserve Board
Reynolds Also Mentioned.
George M. Reynolds, president of
the Continental and Commercial Ma
tional Bank, Chicago, has also been
honored by such rumors. 1t were, to
be sure, an honor to be thus distin-
guished. Besides, patriotism some
times demands personal sacrifices. In
the instances of both Reynolds and
Speyer it would call for severe flnan-
cial abnegation. Speyer's yearly in
come runs into the hundreds of
thousands. Reynolds salary is $780,
600. Both would needs dissociate
themselves from all banks save the
Government bank; would needs sell
their bank stocks; and, after serving
the Government, could not again en-
ter the banking business for two
years
Their salary would be $4,000 an
nually. The governorship of the Fed
eral board might tempt either Rey-
nolds or Speyer. A membership on
the board probably would not attract
the Chicago man. An appointment to
the governing body of the Federal
banking system We're glory for about
a fortnight-and then hard work and
harder responsibilities. But patriotic
duty is a high call and, though
banker might doubt the wisdom and
efficacy OF the new currency law, he
should be cheerfully obedlent to the
commands to do his utmost to make
the measure a success.