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

CHICAGO, Jan. BLENDING is a
habit, like other habits The longer
it persists the harder it is to desist
Its tenacity is as gripping as Dor
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 phase OF Speyer & Co.'S
defense Of their relations with the
Frisco system which the firln omit
ted in replying to the accusation of
the Interstate Commerce Commission.
The Speyers financed the Frisco
when 1t 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. H. Hartman His
impresslveness 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-
lot
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 1t be-
came necessary for all three to bring
a. trade to successful conclusion. At
length 1t 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
a 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
Wilson administration, detaches him
from the so-called System" or 'in-
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
Vtted to the White House to confer
with-or give his views to-Presi-
dent Wilson on banking economies.
There have been rumors since then
that Speyer was asked to go on the
Federal Reserve Board.
Reynolds Also Mentioned.
George NJ. Reynolds, president of
the Continental and Commercial Ma
tional Bank, Chicago, has also been
honored by such rumors. 1t were. 10
be sure, an honor to be thus dislin-
guished. Besides, patriotism some
times demands personal sacrifices. In
the instances of both Reynolds and
Speyer it would call for severe f1nan-
cial abnegation. Speyer's yearly in
come runs into the hundreds of
thousands. Reynolds salary is $780,
600. Both would needs associate
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 Ray
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 were glory for about
fortnight-and then hard work and
harder responsibilities But patriotic
duty Is a high call, and, though a
banker might doubt the wisdom and
efficacy of the new currency law, he
should be cheerfully obedient to the
commands to do his utmost to make
the measure a success.