The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-04-01
BANK CITIES IN 4 WEEK,
ORGANIZATION COMNITTEE HAS
DIGESTED REGIONAL TES.
TIMONY.
impression Prevails That New Cur
rcncy System Will be Organized
With IL Financial Centres.

Washington, March H6.-Secretary
of the Treasury McAdoo stated today
that the Organization Committee of
OF the new currency system probably
would announce within the next week
the cities selected for regional banks
and the districts they are to serve.
The committee has practically
completed it's digest of the testimony
submitted by the score or more of
cities which engaged in the contest
for regional banks. 1t is now only
necessary for the committeeman to
come to q final conclusion as to the
reserve districts and reserve cities.
No hint has come from the COM
mittee room as to that body's attitude
toward this city or that Tentative
lists Of successful cities have been
and are still being printed, but they
are the merest speculation, the Sec
retary declared today He intimated
that this was bound to be true for
the reason that the committeeman
themselves have not balloted on the
cities involved.
There are n few fixed impressions
concerning the ultimate action Of the
two Secretaries and the Comptroller
For instance, it is now believed that
MI f,,l
der the law they are authorized to Gre
ate any number between 8 and IL, and
while the committeeman have not in
dicated how many they are inclined
to start with the opinion is general
that the maximum number will be
agreed upon.
If this proves to be true Balti-
more's chances in the fight are i'm
mensely stronger than they would be
ciGedly doubtful if Baltimore will win
at all unless there are II regions ere
ated and IL banks fixed upon to
serve those regions.
Two powerful forces are working
against Baltimore at this time. 8 The
one Is the determination of the COM
mittee to prevent, if possible, the
New York bank from becoming over
whelmingly powerful. The othor is
the influences that are working in fa-
vor Of Richmond.
The New York situation is the more
serious. To head off concentration in
the metropolis the committee may de
eide that a bank at Phila nj is
q necessity. 1T has already been
pointed out to the committeeman
that it is economically impossible to
turn the tide OF business in the Phil
adelphia field to Baltimore. If there
| Is no bank in Philadelphia that busi-
ness will inevitably go to New York,
regardless of any district lines that
may be fixed.
In any event, this is the argument
that is being put forward in behalf
Of Philadelphia, and it cannot be
doubted that it is impressive. If the
Organization Committee decides,
therefore, that u bank must be locat-
Cd at Philadelphia to hold down the
size Of that in New York, it is unlikely
that Baltimore will be given the con-
sideration it would otherwise get.
That is one phase of the matter.
The other phase has to do with the
remarkable activity of Richmond
That city, though it has far less
business with the South Atlantic
States than has Baltimore, has one
strong friend on the committee in the
person OF John SHELTON w lliams,
Comptroller of the Currency. Mr..
Williams, it is true. knows Baltimore,
too, and has first-hand knowledge Of
Baltimore trade and banking connec-
tions with the South.
There are Il handful of cities
whose strategic positions would have
probably won regional banks, even
though their bankers had made no
representations whatever to the COM
mittee. New York, Chicago, San
Francisco and st. Louis are in this
class. Other trade centres, on the
other hand, have had to fight, and
fight hard, for recognition.
The suspense over the committees
action will soon be ut an end. That
body has Travelled from coast to coast
in an effort to learn from personal
observation and personal interviews
the facts necessary to guide it in fix
ing the reserve districts and regional
centres. Hundreds of bankers and
business men have been heard and
tens of thousands OF words Of testi-
mOny taken.