Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-05
BUFFALO EXPANDS
IN BUSINESS LINES
City Benefits by Natural AID.
VantageS in Extension of
Trade Position.
BY JOHN F. SINCLAIR.
Special Dispatch to The Star.


BUFFALO. N. Y. Febrrarv S.
cheap power, wide diversification of
industry, favorable water and rail rates,
close proximity to markets and a united
business front are factors which have
caused Buffalo's great expansion since
the war said Walter P. Cooke. Mr..
Cooke Is a lawyer, chairman of the
Marine trust Co. and chairman of the
council OF the University of Buffalo.
But more lmportant-or, at least,
equally important-has been the atten-
ton which the business interests have
given. in the development of education,
centerlng In the University of Buffalo"
continued Mr.. Cooke.
The University of Buffalo had as its
first chancellor Willard Fillmore. later
President OF the United States. "Fill-
more had his finger in most of the
organizations that have remained in
Bufalo IN the last hundred years" was
Mr.. Cookies comment on Fillmore.
But the university really began de-
velopment in large way in 1920, when
Buffalo citizens, under the leadership
OF Mr.. Cooke, raised more than S.
100000 from $4,000 subscribers This
again was duplicated three months ago,
when another campaign under the same
auspices raised an additional SIS ,424,0
from 32,687 subscribers.
.
growth, but cultural background Is
just as vital and important That's
why our business men have given their
millions in the past and will give more
millions in the future. We believe in it."
Bank Shows Growth.
Buffalo is discussing the trend of
banking, just like Chicago, Minneapolis,
Kansas City and other American cities.
In this city is located the Marine
Trust Co., which, with its various hold
ing companies, controls banks in many
of the importont cities of upper New
York State. Already its resources are
more than $500,000,000.
Nothing unusual about our devel-
opment," said George F. Rand, the 81
year -old president of the Marine Trust
Co. and its associated group banks.
1.-THE development of banking into
larger and larger units seems perfectly
consistent and logical to any one who
has made any study of the subject and
who Is not himself prejudiced against
the new tendencies. But what is COM
ing is efficiency, resulting in cheaper
and better banking service. I believe
we can serve our customers better by
being in shape to handle all Of their
business than by having to go outside
of our bank and cooperate with various
other banks in order to accommodate
those who require larger banking serv-
ice"
I'm your opinion, do you think this
movement of larger banking units will
continue? If so, where is the end?"
asked him.
"None Of us can say with certainty
what the final solution will be-perhaps
there isn't any. The law of life is the
law of change. This principle applies
to banking as well as to other activities
of life. I do not see any factors which
will arrest the development of larger
and larger units Of banking control"
Branch Banking.
Lewis G. Hartman, Al, president of
the Manufacturers & Traders Trust
Co. of Buffalo, takes q different point
of view on the banking problem.
Mr.. Hartman began his business ca
reer as an engineer, after graduating
from Trinity College in 1909 Later he
became an investment banker, aSso-
ciated with two different New York
Stock Exchange houses.
Then he was investment trust otncer
of the Guaranty Trust Co., New York
City, until he moved to Buffalo to be-
come vice president Of the Fidelity
Trust.
Three years ago, at 80, he became
president of the M. g. T. Co., one Of
"the big three banks" in Buffalo.
st may dead wrong, but I don't see
any advantage in chain banking or
branch banking outside Of ones own
city," said Mr.. Hartman to me. Il am
a unit banker and have no chain anil
atoms with any other bank. do not
believe that any bank can give any
better service than we can, co-operat-
ing with our correspondents in the
larger cities as we do today.
I'm a word, I am frank TO tell you
that I believe the strength Of the United
States is in the individual. Take away
the ability of that individual to de-
velop as he wants to and put the con-
troll of money and credit In the hands
of a very few men and so years from
now we will have nothing but SOVIET
ICED form Of industry.
mo, am for the individual. I have
seen the larger men pass on credits and
I have seen the smaller ones. Perhaps
that's one OF the reasons why think
that each local community can handle
its own Job much better than some one
on the outside not familiar with those
conditions.
''I am talking now about banking
conditions in the thicky populated in
duStrial East. I am not talking about
country, of which I know very little"
When I asked George G. KleindinSt,
president of the Liberty Bank of Buff
falo, another of the Big Three, for his
opinion he refused to discuss the sub
ject for publication.
Buffalo has nothing to fear in the
future. Her business conditions are in
excellent shape. The stock market drop
did not seriously affect us and condi-
lions are rapidly clearing up. look to
see one of the best years in our history
developed for $780,"
The Liberty Bank has specialized on
the smaller accounts and the smaller
businesses. It has more than 10000
accounts on its books. Such q state
ment from one in Mr.. KleindinSt's po-
sition speaks volumes for Buffalo'S
healthy business situation.
Power by Wireless.
Sending power by wireless Is hardly
a practical matter It Is good for the
imagination, but it will be long time
before 1t affects the balance sheets of