The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-01-24
kANSANS TESTIFY
Details of Testimony for X. G.
in Regional Bank Inquiry.
Mulvane, Stubs, Hodges, Cope.
land, Quincy Bear Witness.

Kansas City, Jan. Z4.-The Kansas
delegation before Secretary McAdoo
in the regional bank hearing hero
played an Important part for Kansas
City. The first witness from the Kan
sas delegation was John r. Mulvane,
president Of the Bank Of Topeka. the
, oldest banking institution in Kansas.
"Sixty-five per cent Of the business
of Topeka comes to Kansas City" he
said. There are twenty-five trains a
day coming here and the business
naturally comes with it"
IF there were no bank in Kansas
City where would you prefer one?"
asked Mr.. McAdoo.
Chicago would be our second
choice and st. Louis third. We do
little business outside of Kansas
City"
How about New York ~ asked Mr.
McAdoo.
WELL" returned the banker, I'VE
have to keep a small balance in New
York. Somebody dies once in a while
| and we have to be able to get the in
surance from New York."
'Win your bank come into the re-
serve system ?" Mr.. McAdoo asked.
IF they will let me in,'' Mr. Null
vane answered.
IT think with your capital Of $780,
! 900 you could break ill.," the secretary
said. amid laughter.
Mr.. Mulvane's figures were garb1ed
in the first dispatches of the testi-
mony. His correct figures were as
follows:
about SIS per cent Of our exchange
remittances were on Kansas City,
about 10 per cent on st. Louis. and
| about per cent on New York"
Copeland Testifies for Santa Fee.
E. L. Copeland, a financial officer of
the Santa Fe, was the next witness.
Although our headquarters are no
longer in Kansas City, the whole of
our business centers around this city, -
he said. ''It is the logical place for a
reserve bank from our standpoint. We
| pay our employees from here-or at
least most Of the checks are cashed
here. We collect most of our bills
penses through Kansas City.
THE drift of trade all over the
southwest is toward Kansas City. Ari-
| iona alone divides its trade, about half
of it going to the Pacific coast"
Early In the hearing yesterday
morning the committee intimated that
there must be no oratory. Neverthe-
less they got little Former Cover
nor Stubs of Kansas was the one who
| broke the rule. He pounded the table
to emphasize his remarks.
Governor Stubs Won Applause.
Il am more Of a farmer than a
banker" said the former governor.
"And it is for the class of people who
make possible the banks and the rail-
roads and the packing houses that ]
speak. Kansas is the center and the
heart of the greatest food producing
territory in the warld. 1t is newt
needs money. We want a reserve
bank right here at the gateway.
i The food products produced in
| Kansas can be doubled if the states
financiers are properly taken care of
1t is the small bankers-the banks OF
$4,000 capital-that must be looked
after.
'Why, the irrigation possibilities OF
the state have not been touched yet.
kansas City is where we want ouI
bank. If not on the Kansas side. ther
1 over here. 1t makes but little differ
ence. Kansas brains and Kansas mer
have made Kansas City. This Is 9
Kansas city and you can't beat ii"
Mr.. Stubs retired amid a burst OF
applause. the first of the afternoon.
Fred Quincy of Salina.
Fred H. Quincy, president of the
| chamber Of commerce of Salina, wa.
| called to speak the feeling in that par
of the state.
kansas City is the natural place
for us to do business" he said. 'It i,
our choice for our reserve banking
center and we have TO second choice
l. do not believe the banks / represen
would care to come into the system