BANKS: Bunch & Branch

Thomas William Lament, No. 2 Morgan partner, speaking before the Academy of Political Science in Manhattan last week, caused bankers throughout the land to prick up their ears when he recommended Federal Reserve membership for every last commercial bank in the country. Declared Banker Lament:

"Today 60% of the country's banks, with resources of over $12,000,000,000, are outside the strong Federal Reserve System. The fact is that, despite the melancholy number of eliminations, the country today has far too many banks. Our banking units should be far larger than they are....

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