The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1914-06-23

~ overlooked by those who made a study
of the proposition that the cid national
banking law be repealed and a new one
enacted. Mr.. Warburg possesses a very
important qualification for administrative
ana executive influence with a body of
which he Is a member-he has tact to a
others. The federal reserve board will
others Inc new federal reserv board Will
discover In him no arbitrary or imperious
attempt to influence or to dominate. That
mas been peculiar characteristic Of Mr..
Warburg during all the years he has been
associated very inhuentially with others
upon the boards of directors of Important
financial institutions.
The Representative From the South
No banking authority In the south. or,
IN 1act, anywhere in the United States.
could nave been nominated by President
wilson for membership on the federal
reserve board for whom the leading bank
ing and financial interests of this part of
the country have higher respect than
they have long entertained for Mr.. Hard
Ing. For In addition to the pre-eminent
ability which he has revealed IN building
up the largest bank in the southeastern
suif states. he has shown also a some-
what unusual understanding of the rea-
sons why New York has become and
must remain the financial metropolis of
economic and not political Mr.. Harding
mas given evidence in the past that he
understands well that credit and money
influence has concentrated at New York
not because of any conspiracy on the part
or New York bankers but because of
purely economic reasons. He probably
has a larger acquaintance with bankers
OF the north than any other banker
whose business is carried on in New
Orleans He is recognized here as a man
or great constructive ability and an
ability. too. which is finely tempered by
conservatism and good Judgment.
Mr.. Warburg and Mr.. Harding will be,
this community Is confident, of highly
valuable influence both In the organiza-
ton of the federal reserve board and in
the oversight and direction of the new
national banking system. New York
bankers do not say this with any intent
to depreciate the character and influence
of the other three members of the board
whom President Wilson has nominated,
but simply because they do not know
these other three as we'll as they do Mr..
Warburg and Mr.. Harding.
The New England Representative
New England Is to be represented on
this board by Charles S. Hamlin. who
now possesses the first really great OPP
portunity that has come to his hand. He
is recognized as very thorough execu-
tive. a master of details and a wise adj
ministrator. Some of those who are in
political life are inclined to think that
he will be discovered to be the ablest
politician. not in a partisan, but in
higher sense, on the board.
It must be reported, however, that our
own banking community had hoped that
William A. CASTOR of Boston would be-
! come the New England representative on
the board. The very great success
achieved by him as president of the
Shawmut National bank of Boston and
the broad equipment for the higher forms
of banking he has obtained through long
experience at the bar and also through
his association with one Of the important
street railway systems of Boston caused
New York bankers to speak hopefully
of the selection of him by President Will
son. The impression was strong in this
city at one time that If Mr. CASTOR had
been willing to accept the nomination he
would have been named as the representa-
tive of the New England district.
Early in the spring the hope was fire.
uuently voiced in this city that President
Wilson would be persuaded that Daniel
F. Wing. president of the First National
bank of Boston, possessed exceptionally
strong qualifications for service a
member of the federal reserve hoard. Mr..
Wings career al banker fully matches
that of the ablest American bankers OF
his time. He received technical training
when he served as bank examiner of
Boston and afterward gained splendid
recognition among bankers of the entire
country by the manner in which he wound
up the affairs of the Globe bank of Bos-
ton Furthermore, his career has often
been the subject of very great compli-
ment since II has been the understanding
that he was the first, II not the very first.
at least one of the first to realize that
the greater opportunities for banking in
Boston and the greater opportunities for
Boston business life were to be found in
the consolidation of banks so that institu-
tons of great strength would thereby be
established. He was president of one of
the first banks-the Massachusetts bank
ever organized In this country, ranking
in that respect second only to the first
of American banks. which was organized
| in Philadelphia in colonial days, and the
bank which Alexander Hamilton organ
lied In New York city. The manner in
which Mr.. Wing brought about the con-
solidat ton of this historic bank with the
First National has always been regarded
| In this city as one of the brilliant achieve
ments of modern banking. That his
name, informally at least. was brought
\ to the attention of President Wilson is
| believed to be thefact. In all proba
bility, however, had 1t been intimated
| to him that the President would be glad
| to nominate him such intmation would