166 CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS
Mr. Marratr. If the Senator will bear with me, I think that the
one thing that I tried to make plain here was that we were entitled
to the benefit of the Federal Reserve Board action where it said:
The action of Congress in confirming what the board had attempted to accom-
plish by regulation has given State banking institutions firm assurance that they
may continue to carry on their lawful banking business in substantially the same
way as they have heretofore done without fear of future changes in methods
prescribed.
Senator Grass. I understand what primarily you advocate. You
are advocating for your clients the right not only to retain these
branches where maintained in municipalities, but the right to retain
the branches that have been established in contiguous territory.
That is perfectly clear. But I am asking you if you think branch
banking is essentially a bad system of banking, and if you do not
think it is a bad system of banking, whether you advocate the exclu-
sion of the privilege from 26 other States.
Mr. Magrrarr. I have said that I do not advocate it and I will be
satisfied, from selfish reasons, if the clause “contiguous territory”
is added, as far as the people I represent are concerned.
Senator Grass. For peculiarly selfish reasons?
Mr. MarratT. Yes, sir.
The Cuarrman. I thank you.
STATEMENT OF H. B. VINSON, REPRESENTING THE WEST-
CHESTER COUNTY BANKERS’ ASSOCIATION OF NEW YORK
STATE
Mr. Vinson. Mr. Chairman and gentlemen, it is my privilege to
represent the Westchester County Bankers’ Association of New
York State, embracing some 51 institutions, with assets of about
$250,000,000.
Within this county there are four cities which have grown from
small communities to the population that they have to-day and we
have grown with our banking institutions as this county has grown
and we are in accord with the McFadden idea. To emphasize our
feelings in the matter, we recently called a meeting of our organization
and we unanimously voted to express our disapproval of the idea of
allowing branches ‘in contiguous territory, because we probably
possibly represent the greatest territory adjacent to the greatest city
in the country.
We, I believe, in our territory served by these 51 institutions, are
giving that section every banking facility that is required. In fact,
within the past few weeks, the superintendent of banks of the State of
New York has refused an application that I know of, due to the fact
that he did not consider it warranted. Of the 42, what I might term
commercial banking institutions, 9 being savings banks, 31 are mem-
bers of the Federal reserve system, and I want to leave with you
gentlemen our feelings in the matter due to the fact that we believe
that with the heavy Investment we have to-day, with the money that
IS In our care, we are able to give it proper attention, and that there
are all the banking facilities it needs to-day.
a CHARMAN. Mr. Vinson, what is It you apprehend would
appen if the bill were amended in the way ad tie Mr. Marlatt
