Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1914-01-06
M'ADOO OPPOSED TO
HUGE REGIONAL
BANK FOR NEW
YORK, SAYS
Seven Remaining Districts
Would Be Lean and Hungry
Is Opinion of Secretary Of
Treasury.
FAvORs ABOUT THREE
BANKS IN NORTHEAST
[By leased wIrc to Evening norald.I

tby Rscnaed Wire 10 Evening Herald.
New York. Jan. G.--Altlough Sec
retary McAdoo OF the treasury depart
mcnt said today that he formulated
no views regarding the division OF the
country into regional reserve distric cts,
me gave strong intimation that be- was
opposed a. the creation loo New York
of hug regional bank embracing
most of tho northeast and 90 or so
per cent of tho country's banking
power
"If we put a. or go per cent Of
the banking power into New York
district" said Mr.. MCAdoo, 'wo
would be- Obliged under thc law Go di-
vide the remaining territory into seven
districts that win ae comparatively
lean" Nj McNdoo said the ostab-
lishmcnt OF two or three banks in the
northenst--as for example, at New
York. BOSTON and Baltimore-would
not dislocato the closely interviewer
business and financial relations OF tho
northeastern territory. on the other
hand, he said, establishment of more
than one bank would facilitate tho
course OF exchange and mercantile
transactions between these districts.
Al today's hearing Of the commit
tee Irving r. Rusch. chairman of the
currency committee W the Merchants
Association OF New York said the bus-
mess and financial relations 0f al
cities in the northeast with New
York were 30 close that Il would be
advisable to include this territory. or
most ~ Il. IN one district He sug-
gcsted that the western boundary be
placed far enough west 60 include
Pittsburgh and Hunalo, and he helioy-
ed that unless the committee decided
to constitute separate district Of
Now England. the northern boundary
OF the New York district should cN-
tend to the Canadian border Tho
southern boundary should extend to
include Wilmington, nel, Mr. Bush
said, II bank were established az
Baltimore, otherwise this district
should include Maryland and the Dis
trict of Columbia.
Edward E Page a New York mer-
chant thought the districts should bo
divided according tu the classes of
mercantile paper handled In various
sections OF the country Ten cities In
which regional banks might bc os-
tnblishcd he named as san Francisco,
Denver, 81. Paul or Minneapolis.
Kansas city, ST. Louis. chicago, At
lanta. Boston. New York ana Balti-
more
The appearance Of j. =. Morgan
! created "a stir Ia the committee room
when the hearing was resumed after
the noon recess Mr.. Morgan said he
had not studied the problem before
the committee, except in general
way.
"I haven't looked into it ne much
us ] should have done he sai III
] had known that I was coming hero
However. : am moderately familiar
with the federal reserve act"
Secretary McAdoo asked him th'
| usual questions put 60 each witness
as 60 his qualifications 10 give cti
dence and Mr. Murgln smilingly de-
scrlbcd himself as "a banker.
| lie sHId ne could nor attempt a.
outline Goo the committee any plan io
ldvidinr lie country into regional re-
serve districts lie thought however
that there should be- three rcgiona
banks ON the eastern scoboard. thre'
in tho middle of the country and on
on the Pacific coast.
As for the district which will in
cudo Ncw York Mr Morgan said
the essential feature Was to cstahllF'
a regional bank col large size purilc
ularly with a view 90 c0mmHndins th
respect 10 European bankers. li
Thought hat the three eastern bank
should ur In Atlanta. Washington an
New YORK.
"Whore would YOU put Boston
asked Scaretary McAdoo.
~ would put Hoston in the easter
district. Mr.. Morgau responded. 90
you miFht put the headquarters q
Boston. with branch la New ork.
HAS Bill I'oR BUREAU
or FARM LOAN
WashuRton. Jan. G.-As q result d
an inycstlgntion into rural credits
Senator Norris Of Nebraska. plan
to Introduce bpl for a bureau
farm loans In tho department of "a
] rlculturc
The bureau would loan directly
a farmors for the purpose Of maxim
7 part payments on homes and posaibl
2 FOR livestock and farm implement
, Payments could be made az any tim
By inslallments and the amount 20 ,
y loaned would be- limited to either one
q half or threo-fourths Of the value
. the lands.
n The senator's Idea is that throue
!, the army OF pnstoiiicc inNpectur
q poatmnsiors. district attorneys an
o othera. tha government could carr
on the hutineas practically