[Volume XXV
THE CHICAGO BANKER
IH
MODERN LIFE INSURANCE
Buy your Life Insurance as you would a suit of clothes — strictly on the merits of the Policy contract
THE SAVINGS BANK SYSTEM
When you buy a Pioneer Policy, you are guaranteed in that policy an exact accounting for every cent of your premium payment. That portion which has not actually been consumed in carrying the risk is your money, subject to your instant demand—it may be withdrawn in cash or it may be used in buying paid-up insurance, as you may elect. In the event of lapse and the absence of an express desire on your part as to the disposition of your funds, the Company automatically carries your Policy in full force for a period as long as the amount on deposit will pay for at net cost; and a table of these costs is given in the Policy—a feature no other policy in the world affords.
The desire /or a “square deal” is as much sought in life insurance as in any other business transaction. Let our agent tell you about the Savings Bank System—where lije insurance becomes a saving and not an expense.
THE PIONEER LIFE INSURANCE CO.
GEO. L. COLBERN, President
Pekin, Illinois	־ ־ ־	U. S. A.
YOUR ACCOUNT
will be handled in the most careful and intelligent manner. Collection facilities excellent.
THE NATIONAL CITY BANK OF CHICAGO
OFFICERS
DAVID R. FORGAN, President	L. H. GRIMME, Asst. Cashier
ALFRED L. BAKER, Vice-Pres. F. A. CRANDALL, Asst. Cashier H. E. OTTE, Cashier	W. D. DICKEY, Asst. Cashier
R. U. LANSING, Manager Bond Department
TOTAL RESOURCES OVER $10,000,000.00
Michigan Banking News
By W. T. FOSTER
keeping for his personal expenditures. Ke car ried a loose-leaf memorandum of his personal dealings, and, according to report, destroyed these memoranda as fast as they were filled. The loose-leaf book is adapted to loose-method bookkeeping, and a memorandum that is filled up only to be thrown away must be kept for the pure love of scribbling. But the larger class of books in which ledger accounts represent balances receivable and payable, and cash books which represent the daily status of available money, are commonly kept even after they have been filled. For men of the loose-leaf habit this is pure folly, for those books are harrowing reminders of the impending disaster that looms ahead of such methods in business. Better burn the books to aid forgetfulness and speed up the automobile so as to go over the precipice suddenly, without undergoing the agonies of long anticipation.
If preserved, as the law commonly requires, such books will rise in judgment to condemn their owner and maker. A faithful wife who sees her husband worrying over the record of his past in business because it points inevitably to a day of settlement for which he is not prepared, may overhear a muttered wish that the books were in Tophet, or some other place equally warm. In her helpmate zeal she may consign them to the grate or the furnace, as did Mrs. Glazier. The incident is only another evidence of the character of Glazier.—Detroit News. Detroit Board of Commerce Banquet
Much enthusiasm marked the banquet given by the Detroit Board of Commerce last Tuesday night in the Hotel Cadillac, 300 representative business, financial and professional men being present. President George T. Moody set the assemblage cheering at the start by proposing a toast to President Roosevelt.
Encouraging is the report of the Detroit Board of Commerce as to the slight effect the industrial depression has had upon the business in Detroit the past year. The average loss in imports was only 15 per cent, while the exports did not vary much in value from those of last year.
V
The capital stock of the Bank of Berea (O.) County will be reduced from $30,000 to $30,000.
"J fere were hundreds of officials throughout the state of Michigan who had filed bonds which failed to comply with the plain provisions of the statutes defining their liability, although they had paid their money for what they supposed were bonds drawn and executed in compliance with law. The result of this investigation was the issuance, upon the advice and direction of the attorney-general, of instructions to every township and school board in the state to examine carefully every bond offered and accept none that does not fully cover every liability fixed by the statute. It goes without saying that this experience did not add to the prestige of the companies in Michigan.”
The Bank of Tustin
The mason work on the fine new bank building of the Bank of Tustin is nearly completed and the carpenters will soon be at work on the interior of the building. This will be the finest looking and best bank building of any small town in northern Michigan and is a great credit to the place.
New Bank for Falmouth
Francis O. Gaffney, of Cadillac, and Thomas Kelley and Albert Buning, of Falmouth, are organizing a bank at Falmouth. Temporary quarters will be in Mr. Buning’s store, but the erection of a new bank building will be begun at once.
A Fine “Financier” Was Mr. Glazier
Between the law and the accomplishment of its definite ends there are many shifts for evasion. Men of affairs are compelled to keep books for recording their accounts. These are supposed to hold a record of all transactions entered into by the individual, or the firm to which they belong. Ex-State Treasurer Glazier appears to have had a rather remarkable system of book-
State Banking Commissioner H. M. Zimmerman reports that from July 15th to September 23d, the increase of loans, mortgages, discounts, bonds, and securities held by Michigan banks amounted to $1,586,659.68. During the same period, the commercial deposits were decreased by $678,557, and the savings deposits increased by $1,265,389.60.
Cashier Malmgren Dead
Ernest A. Malmgren, a well known Ishpeming business man, is dead, aged 38. He was cashier of the Peninsula Savings Bank.
Bonding Concerns Evade Liability
At the annual meeting of the board of casualty and surety underwriters in New York, at which were present state insurance commissioners for many states, Commissioner J. V. Barry, of Michigan, read a paper which, from a report of the meeting, published in New York, “caused many of the delegates to sit uneasily in their chairs.”
Discussing the fidelity of bonds as written in Michigan, Mr. Barry said, in part:
“It was discovered within the past few weeks through an investigation made as the result of a casual examination of a bond, that, almost without exception, the companies transacting this class of business in Michigan were writing for townships and school district treasurers of that state bonds which do not meet the expressed requirements of the Michigan statute. This statute makes the officials referred to the absolute insurers of all public funds which come into their hands. Yet the bonds for which these officials or their constituents were paying the companies the required premium specifically exempted the companies from liability incident to the failure of depositaries.