19
Au,gust 8, iço8]
THE CHICAGO BANKER
not gladly serve you and permit your examina tion and investigation. The same holds good for both government and municipal bonds.
V
J. B. Cartmill was recently elected president of the Coles County State Bank, of Matloou, 111.: Joel McAnally, vice-president; John L. Carr, cashier, and J. M. Reed, assistant cashier.
and thoroughly satisfy yourself, and then, if you so desire ask some responsible man his opinion of it before finally buying. There is not a reliable bond house in the country -which has not all the data and information obtainable regarding railroad and public service corporations, their history and management, if for nothing else than their own benefit, who would
the value of an exchange as a trading place or market, where any security thereon listed and dealt in may find some market within a reasonable time at some price■
Do not depend on some one else to tell you what is or is not a good bond; do not try to put the responsibility upon some one else. Look into it and all its conditions for yourself
E. R. Dickmann Reports for Oshkosh Chapter
at Wisconsin Convention
officers for the coming season were elected as follows:	Thos. Spalding, president, W. A.
Ihbe, vice-president, Ben Krippene, treasurer, and L. Gunz, secretary. At this meeting the Chapter Glee Club made its first appearance and helped greatly in making the evening a success. The Chapter now has thirty-five active and fifteen associate members.
The social side of the Chapter work was also well taken care of. The annual dancing party was a pronounced success, and at various smokers held during the winter, the chapter members listened, with no little interest and profit, to talks given by a number of our foremost business men.
To keep the members interested in the Chapter during the summer months, a base ball team was organized. A number of games have been played and arrangements for a game with the team of the First National of Milwaukee have been made.
With a set of energetic officers, the prospects of the Oshkosh Chapter for the next year look very bright■
Wisconsin.” Papers on subjects pertaining to banking and answers prepared in response to questions asked at previous meetings, completed the regular programs. Our annual de-laate on the question, “Resolved that the Government should insure national bank deposits by an assessment against the banks,” resulted in a sweeping victory for the negative.
On February 17th the Appleton, Fond du Lac and Oshkosh Chapters entertained the secretary of the Institute, Geo. E. Allen of New York, R. L. Stone and Alexander Wall of Milwaukee at a banquet in Oshkosh• We listened with pleasure to Mr. Allen’s remarks on the various phases of chapter work. Mr. Stone discussed the scrip situation of the last “bankers’ ” panic, while Mr. Wall spoke on the educational work of the Chapters and also entertained us with some very good dialect stories, a stock of which he always has on hand.
On March 16th the following contests were held:	Adding machine, mental addition and
money counting. The winner of each contest received a gold clasp pin. On April 6th the
On behalf of the Oshkosh Chapter I wish to thank the Wisconsin Bankers Association for its kind invitation to attend your convention and for the privilege of being represented on your program• I assure you the honor is greatly appreciated.
The season of 1907-1908 was a very successful one for the Oshkosh Chapter. The twelve regular meetings held brought out a good attendance. All the programs presented were of a high quality. The first meeting consisted of a banquet at which R. L. Stone of Milwaukee was the principal speaker. Mr. Stone’s remarks on “Chapter Work,” no doubt were of great benefit to all present.
The following ably assisted in the greater part of the season’s programs. M. N. Mclver, superintendent of schools, spoke on “Education.” John Harrington, a prominent attorney, delivered a series of three lectures on “Deeds, Mortgages and Personal Collaterals.” E. M■ Crane, postmaster, addressed the Chapter 011 “Postal Savings Banks” and F. j. Barber on “Insurance and the New Insurance Laws of
national banks of Oklahoma to contribute toward the bank guaranty fund or to avail themselves of the other privileges of the state banking act was the subject of discussion to-day.
Prominent democrats now in Lincoln freely averred that the opinion of the federal^attorney-general strengthens the democratic party in the present campaign. Mr. Bryan himself gave expression to the effects that the opinion will have in the coming elections.
“It accentuates the issue,” said he, “and emphasizes the necessity of legislation framed from the standpoint of the depositor rather than from the standpoint of the banker.”
He would talk no further on the subject, but said that he would give it liberal treatment in his forthcoming speech at Topeka, Kas., some time during the present month.
V*
First National of Logansport, Ind.
For the second time in the history of Logansport a local bank, last Friday, exceeded the $1,000,000 mark in the amount of its bank deposit accounts. When the balance was struck in the First National it was found that the deposit accounts totaled $1,013,792. Once before this same bank reached the million-dollar mark. That was last September. For three days the deposits amounted to over
The Unity Bank of Cincinnati
Fred L. Emert, vice-president of The Unity Bank of Cincinnati, leaves in a few days for a month’s trip on the lakes.
V»
C. D. Brower will succeed C. M. Holm as cashier of the Watkins (Minn.) State Bank,
terms of the proposed contract between the bank in question and the state or its banking board the bank agrees to do nothing in conflict with the federal law. But this provision is not relevant, for the entire contract is ultra vires for a national bank and prohibited by the intention of the statute.
“I hold that such is the fact with respect to the contract proposed in this case; that it is illegal for the officers of any national bank to enter into such an agreement as is contemplated by section 4 of the Oklahoma statute, and that persistent and willful action to this effect on the part of any bank would be just cause for the forfeiture of its charter.”
Governor Haskell on Bonaparte Ruling
Guthrie, Okla., Aug. 2.—“The opinion amounts to nothing. Why should not the Washington officials oppose the guaranty deposit law? They have selected George I. Sheldon of 2 Wall Street to be campaign treasurer on the promise of Wall Street to raise $2,000,000 for their campaign fund in return for the republicans standing pat on the tariff and opposing the guaranty of bank deposits.”
These were the words of Gov. C. N. Haskell when shown to-day the decision of Attornej'-General Bonaparte that Oklahoma national banks cannot take advantage of the state’s guaranty banking law״׳. The law makes it optional with national banks to comply, and only fifty-seven out of nearly 300 have done so.
The state, however, withdraws public deposits from such national banks as do not comply. National bankers did not greet Bonaparte’s decision with satisfaction.
From Democratic Standpoint
Lincoln, Neb., Aug. 2.—Attorney-General Bonaparte’s opinion holding it to be illegal for
Washington, D. C., Aug. 1.—The attorney-general of the United States has declared it without the province of a national bank’s power to stand for the obligations of another institution save in the sale or transfer of its own property and as an incident to the banking business.
Mr. Bonaparte goes so far in his decision as to say the national banks in Oklahoma—or any state—which may enter into a compact such as is provided by the Oklahoma statute, and carry on that compact after having been apprised of their error, are subject to forfeiture of their charters.
The opinion was given in answer to a request by Secretary Cortelyou as to the legality of national banks in Oklahoma to contribute to the guaranty fund, or avail themselves of other privileges of the state banking act.
“The statute of Oklahoma,” said Mr. Bonaparte, “creates a state banking board, composed of certain state officers, and requires the board to ‘levy against the capital stock, an assessment of 1 per cent of the bank’s daily average deposits,’ with certain deductions, ‘upon each and every bank organized and existing under the laws of this state.’
“This assessment is to constitute a ‘depositors’ guaranty fund,’ and additional assessments are to be levied against the capital stock of the banks, proportionately to the amount of their deposits, so as to always maintain the fund at the designated amount.
“It has been argued that the bank in this case would not guarantee the obligations of other banks, but would only agree to put the state of Oklahoma, through its banking board, in funds to make effectual such a guaranty on its part. I think this is a distinction without a difference.
“I have not overlooked the fact that by the