Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-01-10

Yort. bank and said that bank here
would maintain a steady low discount
rate The establishment in the north
eastern section of the country of one
large bank such as was suggested at
the New York hearing would, he said
be unworka BILE and contrary to the
spirit of the act.
He said there should be at least
three banks between Maine and Flor
ida and four if the total of II author
lied by law are established in the
country. He thought Boston should
have a bank for Maine, New Hamp-
shire, Vermont, Massachusetts, Rhode
Island and part of Connecticut, with
a branch institution at Hartford. One
bank should be in New York, he said,
but he refused to say where he thought
the third bank in the East should be
located
Questioned by Secretary McAdoo
regarding conditions in Vermont Pro-
fessor Sprague said that in a financial
way Boston had lost touch somewhat
with the outlying sections of New
England.
The attitude of the Boston Clearing
House Association was presented by
Thomas p. Beal and Alfred L. Ripley,
both of whom favored a central bank
here. Mr.. Ripley declared that the
banks in New England were satisfied
with the present method of free check
collections by the Boston banks.
r. c. Davis, president of the Fall River
Chamber of Commerce, said that the
manufacturing interests in southern
Massachusetts and Rhode Island were
pleased with the banking system here.
He advocated establishing reserve in
stitution in this city.
To letters sent to 100 banks in Mass
achusetts asking for an opinion on the
regional bank proposition, Charles z.
Blinn, Jr., president of the Massachu-
sets Bankers Association, said he had
received 10 replies. of which 81 favored
regional bank in Boston and IS pre-
ferred New York. Eleven of the banks
west of the Connecticut river declared
for Boston and 10 for New York.
Mr. Blinn divided the country into
eight districts with centers at New York,
Chicago, St Louis. Boston, San Francis
CO, New Orleans or Atlanta and Denver.
naming the cities in the order of their
proportional size of their banking bust
ness. Others who favored the establish
ment of regional bank in Boston were
John w. Sawyer, Lowell; Henry NJ. Bach
elder, Salem; II. NJ. Herd Manchester,
n. H., and Nathan A. Priest, Danielson,
Conn.
Nathan A. Gibbs of Norwich, CT, who
spoke for Boston bank, said that less
than 80 per cent. of the banking business
in his city was with New York.
Mayor Fitzgerald declared that one of
the reasons for the present unfortunate
railroad situation in New England was
due to the attitude of New York bank
ers. 1t would be better for all concerned
If Boston was made the center of the
district, he said.
Congressman NJ. F. Phelan of Lynn ar
gued that it was against the spirit of the
bill to establish one large bank and
number of smaller ones, and declared it
was the purpose of the measure to pre-
vent the establishment of central bank
such as has been suggested in New York
Henry B. Sprague, president of the
Lynn Chamber of Commerce. said that an
artificial clearing house for several New
England industries which has been es-
tabhshed in Albany should be abolished,
and Boston made the center for such
banking business