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THE С II I C A G О В A N K E R
July 4, 1908]
YOU CAN BUY THIS ZOAR IGNITION BATTERY FOR L U
CASH WITH ORDER
This specially low price for one of our standard types 660־ ignition batteries, will prevail one month only, for the purpose of introducing our exellent products to Banker users of the auto.
ZOAR IGNITION BA TTERIES have a record of 4200 miles on a single charge, twice the distance across the U. S.
Only Electro-Chemically formed positive elements (not paste plates) are used in our ignition Batteries, preventing buckling, growing and non-sulphating. Made from 2 to 8 volts, 40 to 80 ampere hour capacity; will fit any make of machine or number of cylinderc. Every battery tested just
before leaving factory, and guaranteed perfect	Booklet and catalogue free.
working.	A few new agents wanied.
The Zoar Battery Co., Zoar, Ohio
3ATT£RY

The Security Nationai Bank
of Minneapolis
Solicits tht business of Banks and Bankers throughout the Northwest
Capital and Surplus -	-	$2,000,000
Deposits................. 12,500,000
PROMPT SERVICE GUARANTEED
Guarantee Title & Trust Co.
Accounts of Banks and Trust Companies Solicited
Correspondence Invited	PITTSBURGH	232 Fourth Avenue
piness and good to her and the children we both love.
1 he will of Samuel Henry Harris, banker and financier, filed in the office of the clerk of probate court Minneapolis, is the shortest ever filed coming from the hand of a man of wealth. It is a plainly written document on two sides of one sheet of a double fold of legal cap and covers only a trifle over one page.
The will disposes of personal property valued at $400,000 and real estate valued at $55,000 in a very few words in which the widow, Anna S. Harris, is made executrix without bond, given power to sell property and full sway over the estate at once, and leaving it all to her without reservation, finishing in a few strong words giving the reason for that disposition.
There are only four heirs, the widow, two sons and a daughter. The value of the estate, $455,000, is only speculative, the real value to be found when appraisers are appointed to fix the amount for the inheritance tax.
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Commercial Paper
The market for commercial paper is rather quiet, and the supply of choice names is somewhat limited. The best four or five months’ paper is selling at 3J2 per cent and 3)4 per cent; six months' names at 4 to 4F2 per cent. This applies to the New York market. The Western market is firmer, practically all of the offerings being 4 to 4/4 per cent.
Foreign buyers are not very active at the moment. The president of one of the most important commercial banks says: “There is only a fair demand for money in mercantile lines. The volume of business is still greatly reduced. The situation, however, has improved. with the tendency toward a still further improvement.”
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A. F. Magdaz, Jr., has recently been elected cashier of the Pierce State Bank, of Pierce, Neb., to succeed M. Inhelder, who has been elected to the presidency.
finance, of which the following are believed to be correct principles:
a.	No government can or should fix the quantity of money, but only its quality. Business needs of the world determine quantity.
b.	Permanent issues of bank notes or other paper displace metal money. Thus we have coined some $3,000,000,060 of gold, but likely7 have not half of it left.
c.	All our greenbacks, silver certificates, and national bank notes should be gradually retired. They are rubbish and not sound money.
An asset currency, similar to the Canadian, should not be issued by 6,000 or 7,000 separate banks, but rather by certain groups or associations. A good example has been given by our clearing houses.
3. Central Bank. I wish to go on record or in favor of a central bank, similar to the first and second United States Bank, a bank owned and managed by private individuals, and yet with considerable government regulations. The details of this need not be discussed. But I believe the following points are :n favor of such a bank.
a.	It would regulate discount rate.
b.	It would control movements of gold.
c.	It would be of substantial assistance in promoting our commerce with the new Orient and with Latin America. We want to make our boasted “commercial invasion of the world” a fact.
The arguments against it are many and important. However, in my judgment, we need to abolish our subtreasury system, and create instead a great central bank.
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Banker’s Will is Unique Document
I make this disposition of my estate because of the deep love for both her and our children and also because of my confidence in her wisdom and discretion and her affection for her children. I feel therefore that the highest good of all will be conserved by making this disposition of my estate and trusting to my wife to so use it as to bring the greatest hap-
clear, a reserve is not a reserve unless actual¡) in the vaults of the bank. F. A. Cleveland makes this criticism :	This national bank act and also
the state laws are defective, in that they permit all the banks outside of the central reserve cities to loan their "legal reserves” and still count these loans as reserves for meeting obligations to pa)• depositors. This has permitted banks to unduly expand their ׳credit, and also has made a large part of the money and credit of reserve institutions available for speculation only, thus encouraging “margin trading” during periods of low interest rates, unsettling the investment markets and endangering the whole system of commercial credits for the protection of which the reserves are created.
2.	Elasticity. The issue of clearing house certificates was good evidence of the need and efficiency of an elastic currency. This need must be supplied by law in some manner.
3.	Central Bank. I am firmly of the opinion that one lesson of the panic was the need of someone central banking institution, and that it is very unfortunate to call on the United States treasury for this kind of help.
Recommendations
1.	Reserve. Reserves now are largely borrowed money. This is an evil. I11 time the reserve requirements should be changed into a capital requirement. This is somewhat radical, but would put us on a par with our neighbors. Approximate!'.■ it would add $500,000,000 to the capital of national banks and the same amount to state institutions. That is, it would increase bank capital of the United States by $1,000,000,-000. This would provide a safe, elastic credit currency of $4.000,000,000, at the very least. Even though it add to the capital cost of bank credit, would it not be an economy to the business world ? Should not immediate steps be taken to make the foundations of our credit sure, and provide for adequate expansion without endangering the public?
2.	Asset currency. Our banks being provided with a large capital (after the Canadian and foreign plan) some form of bank note issue should be provided according to sound laws of