11
THE CHICAGO BANKER
July 18, 1908]
The Girard National Bank
Of Philadelphia
Capital,	$ 2,000,000.00
Surplus and Profits,	3,650,000.00
Deposits,		28,500,000.00
FRANCIS B. REEVES, RICHARD L. AUSTIN Vice-President THE0. E. WIEDERSHEIM Second Vice-President	President JOSEPH WAYNE, Jr. Cashier CHARLES M.ASHTON Asst. Cashier
Accounts of Merchants, Individuals, Banks, and Bankers Received on Favorable Terms
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
Capital ...	$3,000,000.00
Surplus and Profits -	5,800,000.00
UNEXCELLED COLLECTION FACILITIES CORRESPONDENCE INVITED
R. H. RUSHTON, President	E. F. SHANBACKER, 1st Vice-President
B. M. FAIRES, 2nd Vice-President
R. J. CLARK, Cashier	W. A. BULKLEY, Assistant Cashier
FRANK G. ROGERS, Manager Foreign Exchange Department
“don’t see that the Wisconsin Bankers Association is of any benefit to his bank.”
I feel disposed to mildly criticise the loyalty of the banker who retains his membership in the association and withholds his patronage from its insurance department for the sole reason that another company has offered him half a dollar, a dollar, or a dollar and a half as commission through his appointment as local representative.
Both of those classes of bankers send their “regrets” to our oft repeated invitation, and generally in as delicate language as that used by the girl to her lover who had proposed for her hand:
“Go to father,” she said, when I asked her to wed;
Though she knew that I knew her father was dead;
And she knew that I knew what a life he had led,
And she knew that I knew what it meant when she said: “Go to father.”
Salaried Secretary
I realize, gentlemen, more than anyone present, the disadvantages under which our insurance department labors through the conduct of its business outside the office of the regular secretary of our association, and both from my loyalty to our association and my desire to be relieved from the task I have been undertaking in my feeble way for the past two years, I shall welcome the day when our association will take another advanced step and get into line with the most progressive associations in our country, by having in its employ one who shall devote his entire time to the affairs of the association, and its members—a paid secretary.
With such an official the usefulness of our association may be extended until our membership roll may compare with the Missouri association, where 97 per cent of the banks are members and where the income from their insurance department alone is over $8,000 per year.
A Purchasing Agency
Not only could such an official be of material assistance to our members by securing information as to commercial paper, banking laws, and the operation of swindlers, but in addition to the saving in cost of bonds and insurance a purchasing agency could be maintained whereby, instead of paying some agent $200 commis-
association. Those figures show the great possibility for our association if our members would show a little more loyalty toward it.
The criticism offered against the financial standing of the company in which we placed our burglary insurance the first year, cannot be successfully made against our present company—the National Surety Company of New York, with its half million dollars capital, another half million surplus and a premium growth more rapid than any other similar company. The special committee of the Minnesota Bankers Association, appointed to inaugurate an insurance department for their association, and to select a company,—the committee consisting of prominent Twin City bankers—after a special trip to Eastern cities to investigate the standing of all burglary and suretjr companies, found but three which they would recommend at all, and from those three the Minnesota Association have within the last three months closed a contract with the National Surety Company—which fact not only confirms the selection of that company by our association, but will enable the associations of these two adjoining states to work together upon any modifications in forms of policies, as well as to secure additional prestige in demanding satisfactory treatment for our policy holders.
We do not expect to secure all the business. I am aware local conditions in many cities make it necessary for the banks to place their insurance and bonds through a local agent, who keeps a good account with them. For the loss of all such business our association makes no complaint, although in the most of those cases an explanation of conditions would permit of bestowing a portion of that business through our association to the satisfaction of the local customer.
I do believe, however, there is strong basis for criticism of the loyalty of that banker who, after securing a quotation from our association of a $25 annual saving on his policy, not only refuses to become a member of our association at a cost of $5 per year, but who, when his former company makes a similar reduction, continues his patronage of the company which has for years been exacting exorbitant rates for his insurance, and savs he
WANTED - $3 gold pieces. State price and amount. Nelson T. Thorson, Omaha
reported in our state during the 2 years this department has been in operation, thus confirming our claim made to the insurance companies that simply because Wisconsin was one of the five states in our Union where reading of the Bible in public schools had been prohibited by law, was no reason for classifying us with the others, and with various Wild West states, when bank burglary was considered.
Descriptive Blanks
To enable our association to be in position where the banks could secure burglary insurance at a moment’s notice, we endeavored to secure from each bank a description of its safe and vault—as only from that knowledge could the exact cost be named, and a policy immediately written. Many banks evidently thought this was some gold-brick scheme whereby a gang of burglars would obtain knowledge of the bank’s equipment and thus know just how little nitroglycerine to take in their pockets when ready to attack that bank. At least one might judge that to be the fear, when fully 300 out of 500 Wisconsin banks made no response to this request. Your present policy permits your company to cancel that policy without a moment’s notice, and it would seem like good business prudence to have the necessary information on file with some re liable agency where the risk could be instantly covered in case of cancellation, or of needed increase of insurance. If any are present today who have not filed such information, our association would be pleased to have you fill out the blank found in the circular before referred to, mailing it when complete to our insurance department.
We also requested the dates of expiration of insurance and bonds in order that correspondence might be had at a time when it would be up for consideration. The bankers were evidently not so nervous over this information, as our files show policy expirations of all but about 100 banks in our state.
Million Dollar Business Past Year
Perhaps it will seem to you the writing of over a million dollars of bonds and insurance by our department the second year of its existence, was a splendid showing. But what about the four millions placed by Wisconsin banks during the same period, with other agencies and in companies which had for years been exacting unreasonable rates until compelled to lower them in competition with our