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THE CHICAGO BANKER
October io, 1908]
Trust Company Section, he was greeted by-Lucius Teter, Jr., whom he had not seen before.
and many who were at Denver signified their intention to come. Owing to other burdens upon his time Secretary Judson has not undertaken to make reservations at hotels or at headquarters. He advises applicants to take it up direct with the hotels. No one should be deterred by this as rooms can be secured at any of the large hotels on telegram.
will be in Chicago for the Illinois meeting.
T M MEDIATELY after the first session of the 1 Denver convention the ex-councilmen met on the stage and upon motion of J. G. Brown, of Raleigh, John L. Hamilton was elected organization chairman. Mr. Hamilton stated that he had ninety acceptances for charter membership. Joseph H. Ingwersen, of Clinton, Iowa, was made secretary. The name chosen was “Council Club.” More anon.
vention ever held by the A. B. A., Secretary Farnsworth had his salary raised from $7,500 to $10,000 per year. This was a voluntary bv the whole council.
to come if people will refrain from telling him how much he looks like Taft. “Sunny7 Jim” Latta, likewise.
$2,500, secretary Hughes had his circular offering $500 reward for the capture of the burglar in the mails. If the good old A. B. A. would only get wise and quit smoking the Pinkerton “pipe” burglars would get scarce. A direct money7 reward is what catches them.
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ward for the capture of the Pequot burglar although the loss was fully covered by insurance on an association policy. Wake up, old A. B. A.!!
Cashier.
Noyes & Jackson
Noyces & Jackson, a new brokerage house, began business last week in offices in the Commercial National Bank building of this city. The new firm will do a general commission business, having for its New York correspondent Marshall, Spader & Co.
The National State Bank
The National State Bank of Newark. N. T., has declared its usual semiannual dividend of 5 per cent. This makes the eighty-sixth dividend as a national bank, and the 191st since its original chartering as a state bank, in 1812.
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The Continental National of Louisville
The Western National of Louisville, Ky., has been changed to “The Continental National of Louisville.”
ness on the program. Immediately there was a storm that fairly shook the big concrete building. There were cries of ‘gag rule,’ ‘we demand a square deal,’ ‘this isn’t the house of representatives,’ ‘Toe Cannon methods don't go here,’ and similar expressions of displeasure at the arbitrary action of the chair. President Powers declared ‘the chair is going to run this convention as it sees fit,’ but those opposed to postal savings banks were too strong. They forced action on the question.”
TRUTHFULLY Banker Herrick opposes postal savings banks as much as he does guaranty of deposits but as National Republican Committeeman from Ohio he only wanted to see the Bry7an end of it denounced and not the Taft end. Such efforts do more harm than good to the whole cause and to candidates as well.
AN elderly banker was met coming out of the trust company section meeting. He inquired “where can I find this year’s meeting of the section?” He was told “this is it.” “No, you are wrong,” said he. “This must be an adjourned meeting from last y7ear, and the y״ear before. Same two men are doing all the talking, even when there is nothing to talk about.”
ONE would like to see some new blood in this section. C. F. Enright made a start at Denver and next year he should be joined by others.
FO. WATTS has the aspect of an undertaker • but nevertheless is a pretty live wire. He was elected before he left home, having begun at Lakewood to get pledges. All three were good men but the other two really never had organized a campaign.
PROBABLY the A. B. A. never had such a list of speakers. AVilson. Walker, Gilbert and Wade. They would be hard to beat.
SECRETARY FARNSWORTH’S “post office” was the real thing and worked like a clock.
WHEN Pierson and Ingwersen landed in the snow storm with their golf bags, an impudent boy asked if they7 wanted to trade them for ear muffs ?
JAMIE” THORPE formerly of Minneapolis, *J was good to the boys from the old town. His new six cylinder Cyclone was at their call at all hours and their tabs at the Denver Club were signed in advance. He’s a big, big hearted Denverite in more wayrs than one.
THE man who invented the gyroscope, made no improvement upon George M. Reynolds. It is a question if, under trydng circumstances, he could be made to lose his balance.
CH. McNIDER came on to Chicago on the • Denver special. Durham said he also had a business appointment with Frank Chance for Sunday afternoon.
IT is a question whether Lewis E. Pierson did not miss the limited. Sunday-’s pink sheet was almost as interesting to him as an essay on his bill of lading hobby.
THE next y-ear’s convention will be in Chicago.
This usually is left for the mid-year meeting of the council to decide. It was cinched at Denver and it almost is as certain that the 1910 will go to Los Angeles. Chicago reservations are in order.
HS. HENSCHEN appears to have scooped • Secretary Tudson on the Illinois program and as to style has beaten all the secretaries in a walk. Get a copy and see.
THE “Hon.” Timothy Patrick Kane dribble on “guaranty of bank stock investments,” sent out from Washington doesn’t do the cause any good. It’s like the “pay roll men” at republican headquarters. They lose more votes than they gain. Cut out such rot, and cut out the “Hon.” unless you’re dead sure of it. No one has a right to sign himself “Hon.” this side of Charing Cross.
SAID Festus J. Wade at Denver, on the guaranty matter:
“It is unjust in that it takes the private property7 of the stockholders of solvent banks to pay the deposit creditors of insolvent banks. This is not taking private property for public use. Tt is the taking of the private property of one class of citizens for the private benefit of another class of citizens, and is therefore indefensible upon any theory of taxation or upon any theory of just governmental principles.”
IN another outburst he declared: “The money, real cash, of the country should always be deposited in the banks. Deposits are created in a large measure by the thrift of the people and the commerce of the country. Without depositors, banks would be useless; likewise without borrowers, bankers could not exist. The bank guaranty idea compels each bank to become indorser for every other bank, but fails to ask each borrower to indorse the paper of every other borrower. Would it not be foolish to ask every borrower to guarantee all of y7Our bills receivable? Ts it not equally foolish to ask the banks to guarantee or indorse the debts or deposits of even-other bank?”
THE Trust Company a Necessity” was the longest and ablest paper of its kind, at Denver, and it was by the very7 godfather of the section—Breckenridge Tones of St. Louis. It was received too late for The Chicago Banker but in its printed form can be had bv addressing the Mississippi Valley Trust Company or Mr. Jones direct.
THE closing session at Denver annulled the whole week’s political work done by Herrick for it did just what he kept undone for three or four days in the sections. The convention joined postal banks with guaranty of deposits and denounced them both. This was the real sentiment of 90 per cent of those present.
THE election of P. C. Kauffman for treasurer of the A. B. A. was a real surprise, in that it was conceeded that Mitchell, the Denver man, would get it on sentiment. Some wise old head recalled the fact that the association had gotten its only bad selections of officials that way, and while Mr. Mitchell stands high, he was passed up to avoid creating a bad precedent.
HERE is an extract from a local Denver paper:
“Immediately after the report was read its adoption was moved. Before it could be seconded, however. Major Clifton R. Breckenridge of Fort Smith, Ark., had secured the floor and demanded that the resolution condemning deposit guaranty should also include postal banks. Former Governor Myron T. Herrick of Ohio, a strong advocate of postal banks but an implacable enemy of deposit guaranty, moved that Breckenridge’s amendment be tabled. He was howled down bv the convention.”
THIS is what followed, if you believe it: “Calmly- ignoring the Breckenridge resolution relative to the postal banks, President Powers attempted to call up the next order of busi-