The Birmingham age-herald., 1916-05-24
NEW ENGLAND MOST
 THRIFTY SECTION OF THE UNITED STATES
RamificatiOns of a Boston Financier Cover Many
 Important Industries
MANY
 OF GREAT TRADES
Leather, Wool and Copper All Con-. trolled in New Engiand-Con- trOls Many Great Rail-
 road Systems
By HOLLAND

road Systems
 By HOLLAND
 New York, May 23.-(Special )-When the savings banks section of the Amer ican Bankers association was in session in New York a few days ago, M w. Harrison, who has mastered the science of savings banks direction, stated that New England is entitled to the credit of financing many American enterprises which as whole cover the entire coun- try. MT. Harrison made use of this illus tration in order to impress upon his hear CTS what he believes to be the fact namely that as a whole the people of New England are more thrifty than are the citizens of other parts of the coun- try. His estimates show that sixty out of every hundred persons in New Eng land make use of savings banks
 MT. Harrisons remarks reminded some in the financial district of certain changes that have taken place within the past 9 or 30 years in the relation of New England financing and New England con- trol to stock ownership of many of the railroads of the United States and of some of the industries.
 At the time James Stllman was begin- ming such constructive work with the National City bank as in the course of 10 or 15 years made it possible for the bank to report deposits in excess of $1O0, ,O0O 600, or eight or nine times as much as were the deposits when MT. StiIlman became it's president Boston, with it's own money and with resources which represented the savings or capital of the people in other parts of New England, dominated several of the large railroads of the country. The Union Pacific was recognized as a Boston institution. So, also, was the Atchison, which in the early days of it's career found financial support hl Boston that made it possible for its constructive work to be carried on. The Burlington railroad was a Boston and New England owned institution. The late John M. Forbes of Boston found there the money with which to complete the Michigan Central railroad so that at last Detroit and Chicago were in direct railroad com munication It was Boston capital, rein forced by New England capital, which made it possible for Mir Forbes to in- itiate what is now the Burlington rail- road system, and it was pre-eminently able Boston man, Charles E. Perkins who built up that system.
 The Telephone System
 To this day telephone stock is an in- vestment in which New England people have placed good deal of money Al company was recognized as a Boston and New England institution. But that pres tige has departed
 Prior to 1898, a great deal of Boston and New England money was invested in farm mortgages in the west. Boston bankers were accustomed to go two or three times year to Minneapolis for the purpose of buying commercial paper be- hind which stood the four manufactur- ing interests of Minneapolis, or some of them. Boston and New England money was, as MT. Harrison stated the other day. the capital which to a considerable extent represented new investment in i'm dustral and other activities in the south.
 Today two and possibly three of the very large American industries now find their headquarters and their market con- trol in Boston. The railroads are gone New York and gradually the west now furnish the financing and represent the control of the railroads which once were III lllS dulHOIIly Ol DOSlcll IIl0 l6tVpIlOIlG company, now one of the most powerful in capital, resources and one of the great est in expansion in the United States, is now a New York institution so far as headquarters and the center from which general direction and large financing proceed. Boston no longer buys much commercial paper which originates in the west, and many of the farm mortgages have been paid.
 The copper industry, however, still cen- ters in Boston, at least so far as the stock market and the making of prices are concerned. Many persons have wondered why with the vast increase in the output of copper and in the world-reaching ac- tivites of those who are in control of copper mines for new sources of supply and also the certainty that no matter how soon the European war ends the de- mands for copper will continue and in crease the stocks of copper companies do not reflect these conditions. Boston itself seems to be unable to explain the relative sluggishness of copper stocks.
 Boston is and is likely to continue to be the great market place where prices are made for the wool industry of the United States, although there are some indications that the mountain states and the Pacific slope may sometime in the future take away this prestige from New England. Boston and St. Louis represent the boot and shoe industry of the United States, and it is not likely that this pres tige will be taken away from either Of them. If, therefore as MT. Harrison says, New England thrift is now f1nanc- ing much of the rest of the country, it is not done through Boston.
 The Question of Thrift
 One statement made by MT. Harrison has occasioned considerable comment It related to the spread of the thrift cam paign throughout the country, and as result of it Canada, Cuba and several of the European countries have called upon the American Bankers association for suggestions as to the best way to carry on campaigns in the interest of thrift.
 Memory Discipline
 From the Washington Star
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