336 CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS 
STATEMENT OF J. BABNEY DAY, REPRESENTING THE CALI- 
FORNIA DELEGATION OF UNIT BANKERS AND NATIONAL 
BANKS . 
Mr. Day. I just desire to speak a few minutes, and I will say all 
I have to say in connection with this matter. I represent the Citi- 
zens National Bank of Los Angeles and the Citizens Trust & Savings 
Bank and am chairman of the California delegation of unit bankers 
and national bankers, who are in favor of the ‘McFadden bill. 
I want to say that the two banks I represent, the Citizens National 
Bank of Los Angeles and the Citizens Krust & Savings Bank of Los 
Angeles, were established some 36 or 37 years ago, and they now 
have total assets amounting to $15,000,000. 
We have seen during the past several years encroachments—espe- 
cially in the past two or three years—the encroachments of the larger 
banks. We RE tried in our feeble way to assist the smaller bank. 
but it has been brought definitely to us that we should do even 
more than that, and for that reason Mr. Rossetti and I have gladly 
come here to say a word in favor of the McFadden bill. 
I would say that since the Federal reserve act came into being 
our bank has met the reasonable requirements of our customers. 
I think that is true of all the banks in (Ui Francisco and throughout 
California, and it is practjcally true all over this country the excep- 
tion of certain parts of the country that have been so ei 
affected, and in this section you will not find any branch bankers 
because they do not work in that territory. 
I want to say our relations with the large State banks of California 
are most cordial; we are good friends, Mr. Flint and Mr. Drum, and 
myself. Far be it from me to say a word against their institutions, 
which are considered strong and powerful. but I must say that some 
of my other friends look with some degree of alarm upon placing in 
the hands of a few men the banking power of the State of California 
or gay State of this Union because you can not get away from the 
fact that it is a monopoly. 
I have only one concrete illustration that in my judgment, as to 
the branch banks of California, we do not need any more of them. 
Some months ago we were approached by a customer of ours, who 
operates a very good bank, but a small one, in the middle section of 
the State. He came to me with the suggestion that he would like 
to borrow $100,000. His bank was small, as I say, but well managed. 
I asked him to tell me why he needed $100,000; at that time of the 
year when the crops were not moving. He said, “the branch banks 
of our city ”—and I want to say that none of our friends here have 
ay and this does not refer to the bank represented by Mr. 
Flint or that Fopresmiod by Mr. Drum—he said, they sent men over 
the country and called the loans, many of them, many of which they 
ge upabls Lo meet. ie sak] has some of them were Swedes, that 
they knew they were good, but they did not have the 7 3 
eh will Sy SE said: * ve, the money bo pay. 
ys ag JImes 100.80 very well, because these men have come to us and we 
b We extended to him the $100,000, and it was paid: when the crops 
ecan to move.