| Show NATION represented AT FINANCE CAPITAL by FRANCIS H SISSON chairman public relations commission american bankers association financial new york is IB pe peculiarly C ullar representative of the whole nation all parts ot of the country the sma email 11 towns as well as the big cities have supplied lah the greater part ot of the man F H sisson power and brain power enabling it to function as the nations financial capital A recent investigation as to the origin of one hundred leading executives tives in the new york financial district showed that no less than sixty per cent were born outside new york state that no less than twenty eight per cent were born in towns ot of or less and only twenty per cent were born in new york city the birthplaces ot of these men represented pennsylvania ohio massachusetts chu connecticut michigan missouri illinois maryland delaware vermont mississippi kentucky tennessee minnesota iowa florida rhode island north carolina indiana wisconsin georgia Geor sla california montana don tana maine alaine west virginia new jersey and the district ot of columbia the same ial 16 true of the younger men particularly in the banks this reflects more than merely the attraction of the big city tor for ambitious young men it is the result of the definite purpose of new york banking to equip itself to perform most effectively its work tor for all the nation A brief description of the mechanism of the nations banking system will make this clear many of the new york banks are bankers banks they are great reservoirs of credit in which banks throughout the country deposit unemployed funds in new york when crop needs in rural districts or industrial expansion in manufacturing centers increase local requirements quire ments for money these local banks call in their funds from new york and in addition may ask the big city banks tor for loans country banks frequently deposit ao security the notes of their own customers often secured in turn by farm capital such as ploughs hs livestock and other possessions the fifty thousand dollar note tor for instance of a country bank in a big new york bank may have attached as collateral security fifty or a hundred small notes of a hundred dollars up to a thousand or more signed by local farmers and their wives into one of the biggest new york tork banks comes in this way from the south each crop season a small note secured by a plough and a harrow and a mule named molly A an n incident that has been aptly described as the minting of molly it is one among many securing a large inter bank credit thus is big banking in new york brought close to the plain people of the soil thus does it finance their humble bus husbandry bandry and thus has it felt the need of recruiting its officers from among men familiar and sympathetic with local condl conditions tio able to visualize the needs of the people there and pass sound judgment on the c credit re dit factors involved it is due to the conditions thus pictured that among the officers of new yorks banks will be found representatives from all parts of the nation they are the delegates of the people at the business capital |
