The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1914-04-09

Washington.-Cincinn loses it's
fight for a regional bank under the
federal reserve system, and Cleveland
wins.
A tip to the effect that bank would
be located in the lake city instead Of
in the Queen City, despite the latter's
advantages, came out of the treasury
department several days age, but vari-
Gus men, interested in CinCinnati's S
claims, worked until the very last min
ute in the hope that the organization
committee, consisting Of Secretaries
McAdoo and Houston and Comptroller
of the Currency Williams, would re-
verse its tentative decisions, but their
efforts proved to be futile.
Cleveland will be the local point Of
what it designated as District No. 4.
This district embraces all of the
state of Ohio, the counties of Mar
shall, Ohio, Brooke and Hancock in
the state of West Virginia, the eastern
section of Kentucky, whose western
boundary is formed by the counties
of Boone, Grant, Scott, Woodford, Jes-
samine, Garrard, Lincoln, Pulaski and
McCreary, and Western Pennsylvania,
including Pittsburg and the section To-
Gated east Of the western boundary
ormefd by McKeen, Elk, Clearfeld,
Cambria and Redford counties.
Western Kentucky, including Louis
vile, is thrown into the Eighth Dis
trict, with the regional bank in st.
enth District, whose regional bank is
to be at Chicago.
The major portion of West Virginia
is thrown into the Fifth District with
the District of Columbia and the states
of Maryland, Virginia, North Carolina
and South Carolina, whose regional
bank goes to Richmond, the home of
the Comptroller of the Currency.
The eastern part of Tennessee is
placed in the Sixth District, whose re-
gional bank is to be at Atlanta.
There is little doubt but tnat had
Louisville and Indianapolis. but par
ticularly Louisville, REINFORCED the eff
fort of the Cincinnati bankers and
commercial bodies, Cincinnati would
have received one of the regional
banks.
But the effort of Louisville to secure
a bank of it's own, vain and futile from
Machining hn of
Indianapolis as to whether it was en-
braced in the Chicago or Ohio District,
detracted from the potent arguments
that were used in behalf OF Cincin-
natl.
Cincinnati, however, will be given a
branch bank, as will other important
cities in the Fourth and other dis
tricts. Although it was thought at
first that the subtreasury would be
abolished in every city that did not
secure regional bank, it is not all
certain that this will be done.
Public deposits will continue to be
made at the subtreasury in Cincin-
natl, where the internal revenue, Gus
toms and postoffice receipts are ex-
ceedingly heavy, although subsequent
ly they may be transferred to the
regional bank at Clevland.
However, the treasury department
has not yet worked out a definite and
arbitrary plan in this respect.
There is little, If any, doubt that
the fact that Senator Pomerene and
Representative Bulkley, of Cleveland,
as members of the senate and house
committee on banking and currency,
respectively, proved to be factors in
deciding the contest between Cincin-
natl and Cleveland in favor of the lat
ter city.
Both these men in their capacity as
members of these committees worked
hard for the passage of the law which
created the new regional reserve sys-
TEN. After the law was passed Mr..
Bulkley became an open advocate of
Cleveland as against Cincinnati.
Visited Many Cities.
In reaching its decision, the COM
mittee pointed out, 1t visited is cities,
listened to arguments from representa-
tives of 200 cities and selected it's list
from among 81 which sought reserve
banks. Independent investigations
were conducted by the treasury depart
ment and the preference Of every one
Of the 7,475 national member banks
TO be was asked. The committee took
into consideration the ability Of mem
ber banks within district to furnish
the necessary $I.OOO,OOO capital for the
reserve bank