New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-10
RESERVE BANKERS
IN HOT CAMPAIGN
Nomination COmmitteeSASk
Support of Regular
Candidates.

bankers in Groups 2 and 3 OF the Cd Re
serve District TO the candidates recon-
mended for places on the directorate OF
the Federal Reserve Bank of New York
by the nominating committees these com
mittees have issued an appeal for the sup
port OF the men who, they assert, are the
only regular nominees in the field There
is no dissension in the ranks OF Group
bankers. but their sympathes are all with,
the regulars"
The nominating committee representing
Group s, or banks with capital and sur
plus less than $4,000, in It's appeal to those
Institutions TO vote for Franklin u. Locke
for Glass director and William ". Vary
for Glass Is director makes this state
ment:
1T has been suspected in some quar-
tiers that the activity shown In the So
called insurgent meetings OF the bankers
OF Group . and In Group is not entirely
without political significance. 1t is be-
lieved that the small number OF Group
3 banks which recently met In Albany
are unwittingly promoting the Interior
purposes of others. They chose TO recon-
men as directors representing Group s, in
Glass and B. two members Of the regu-
lar nominating committee, who had pre-
viously joined in unanimously recon-
mending Mr.. Locke One Of these men re-
signed his official position with the bank
represented by him on the very day Of
the Albany meeting, presumably to quail
ify for a Class b dictatorship: the other
accepted a nomination for the very posi-
b ton for which he had Joined in recon-
mending another. II Is not believed that
the desertion Of these two men and their
apparent acceptance Of the reward for
their desertion will be of any avail.
THE attempt to stir up class differences
between the banks representing the diff
ferent groups will fail. Their interests
are the same. Large and small banks
are given exactly the same rights and
privileges under the law. The bankers Of
this state should unite in nominating and
IN voting for the men recommended by
the regularly constituted committees rep
resenting the three groups. This will give
them efficient control of the Regional Re-
serve Bank, for which they furnish the
entire capital and substantially the entire
deposits"
A letter signed Jointly by j. 3. Martin
dale president of the Chemical National
Bank: Benjamin f. Smythe cashier Of
the BronxVlle National Bank and George
Z. Merrill cashier Of the First National
Bank East Aurora. y. Y, respective
chairmen of the nominating committees
representing Groups /, and 8. asks the
support OF all the candidates recon-
character and broad banking experience.
This is not the time for personal am
bition or sef-seeking," says the letter.
"The thought that should be uppermost
in the minds Of all is to accomplish the
very best possible results TO be obtained
under the new finance measure.
THE qualifications requisite 70 handle
successfully the complicated matters that
will come before the board of directors
Of the Federal Reserve Bank are, in our
opinion, TO be found in the highest de-
gree among bankers and merchants who
are daily in contact with large affairs.
II is admitted that the success of this
measure depends largely upon the gentle
men TO whom is intrusted the direction Of
its affairs; therefore, how vitality impor-
tant it is to all OF US who are working
for the success of this bill (and It matters
not whether Our bank be located In q
large city. a town or village) that the
very best talent obtainable be secured, for
the sake of common cause. We believe
that the gentlemen selected by the nomi-
mating committees measure up to the
standard required to make this bill sue
cess. and we strongly recommend their
election. The nominees are as follows:
Group l-Class A. William Woodward;
Glass B, Henry r. Towne and Eugenius
II. Outerbridge
Group 2-Robert il. fireman, F. +. Pea
body and William Brewster.
Group 3-Franklin D. Locke and Will
tam IL Vary"