15
THE CHICAGO BANKER
November 7, 1908]
“Taft’s election will have a general beneficial tendency,” he said. 'The whole business atmosphere of the country will be better as a consequence. It seems to me difficult, however, to foretell within what period of time affairs will have returned to a normal level. But the progress should be steady.”
Chauncey Keep also went on record as thinking that the election will help business.
“There will be a trend in the direction of improved conditions,” said Mr. Keep. “The election will have an excellent commercial effect.”
“We have been expecting the election of Taft,” said J. T. Harahan, president of the Illinois Central Railroad, “and we are gratified at the result. It means a certain increase in all lines of business beginning at once.
“I am not considering merely the effect on the railroads with which I am connected, but on all railroads throughout the country. Their activity will quicken, and there will be an extension of the lines. Improvements that have been delayed will be made.
“Not only the railroads, but all corporations will be benefited by the election of Taft. All persons or corporations that have money to invest will be benefited. The railroads will see prosperity only as other lines of business experience increased activity.”
“There is no question that the election of Taft means an increase of business throughout the country,” said A. C. Bartlett. “I look for a steady increase in business until the normal state is, reached. Normal business conditions ought to come by March or April. I do not look for prosperity to come with a jump. There will be a natural improvement of conditions.
“The state of business which existed in September, 1907, will not come. That was an abnormal and speculative condition. It is safe to predict that business conditions next summer will be as good as they were during the summer of 1906, which was a normal condition.”
J. C. Stubbs, traffic manager for all the Har-riman lines, declared that in his judgment Taft was the best equipped man for the place to be found in the country.
“Taft’s election is pleasing to the railroads in general, I think,” he said, “because the railway managements have more faith in him tfnn in Bryan. There may be some things which some of us do not like, but on the wffiole Taft is far preferable to Bryan. We know what Taft stands for, and we do not know what Bryan stands for. The railroads are only one of many large industries, but what is true of us, I think, is true of all lines. If Bryan had been elected we could not have expected a speedy increase in the business of the country because he is untried, and then there is always chaos following a change in the politics of the national administration.”
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The Bank of Scottsboro
Scottsboro, Ala.—The Bank of Scottsboro, Ala., and the First National have consolidated and the business is being conducted in the First National's new building. J. W. Gay is the cashier, and Ben T. Howland and Delbert Shelton are the assistants. Wythe Rorex, cashier of the First National, will be cashier of the new bank at Bridgeport.
Commercial Interests See Good Times
The great Commercial Club, of Chicago, great in the character rather than in the numbers of its membership, was almost a unit in its expressed opinion 011 Tuesday night that the election of Mr. Taft will bring a revival of trade in all lines. The Commercial Club had a jollification meeting at the Auditorium Hotel election night after it was assured that Taft was elected. The club first had a banquet, and then the returns were read. As it became clear that Taft was sweeping the country the meeting turned into a general celebration of the victory. Many of the representative men present voiced their ideas for publication. All foresaw a business revival as the logical sequence.
“The country is now assured of a safe and yet a progressive government,” said Franklin MacVeagh. “Mark you, I say a progressive government. Mr. Taft’s election means that business affairs will now go forward in satisfactory fashion. Many merchants and manufacturers have been holding back in order to see what would happen to-day at the polls. Now that things have gone as they have, these business men will go ahead with the plans they had tentatively outlined. The increase in business will be felt almost at once. In six months, and probably less, business will be improved to a very marked degree. Matters will be much better within three months. By next spring affairs will have reached something very nearly approaching a normal level. At the same time the notch reached before the panic of last fall will not be attained, and it is a good thing that it will not be, for matters were going at too hard a pace prior to the depression. But affairs will now undoubtedly begin a steady¡׳ and consistent advance to a safe and satisfactory business condition.”
John G. Shedd agreed in the main with what Mr. MacVeagh said.
“The election of Mr. Taft is satisfactory to business interests,” said the head of Marshall Field & Co. “His election will mean that business will make advances generally. To what extent prosperity comes to the country will depend in a great degree on the activities of the railroads. If they take up a policy of expansion and push their interests, it will have an admirable effect on ׳the country generally. The farming communities have not experienced as much depression or suffered as much as the railroad centers and manufacturing points. If the railroads are able to make progress the whole country will make progress with them. To have true prosperity we need all the various interests of the nation pulling together.
James B. Forgan also believed that a business revival is now certain.
“The result of the election,” said Mr. Forgan, “will undoubtedly be beneficial to business. Business will now seek a better level. Concrete results will probably be visible within six months.”
John W. Scott joined the ranks of the prophets of prosperity.
Issues Policies on Deposits
New York, November 2.—Since Mr. Bryan first advocated the guaranteeing of bank deposits manv surety companies in this city have built up a large depositary bond business, which affords the protection to depositors hitherto lacking under the banking system.
• A canvass of some of the representative companies to-day showed that the business of guaranteeing the individual depositor had assumed such proportions that a special department had been created in many instances to handle applications of this kind.
A representative of the American Bonding Company said to-day that such bonds were issued in some cases directly to the prospective depositor without disclosing the fact to the bank that the depositor had applied for protection.
These bonds are issued for a premium of one-half of 1 per cent. The deposit is limited to $10,000 by some of the companies. Other companies will insure much larger deposits.
Besides the American Bonding Company, the Fidelity and Casualty and several other large institutions are devoting particular attention to this new department of business.
V
Industrial Bank in Russia
According to Consul General Hunter Sharp of Moscow it is reported that the Council of the United Representatives of Trade and Industry have brought forward a suggestion that, with the participation of large Russian industrial undertakings and banks, and under the management of the Ministry of Finance, a commission should be appointed to carry into effect a scheme for the establishment of an industrial bank for granting adequate credits. Mr. Sharp continues:
It is mentioned that the object aimed at is the resuscitation of the previous favorable period of prosperity, which was only to be attributed to the influx of foreign capital into the country.
It is considered that the economic situation of the country can only be again improved when success attends the bringing into existence of an industrial bank whose granting of credit would give the guaranty that Russian industrial undertakings do not lack native monetary assistance.
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Idaho Banks to Merge
The Lewiston (Ida.) National and the Idaho Trust Company will soon be merged. They are owned by the same men, and their accounts carried under the same roof. Ihe Idaho Trust Company will handle trust and savings accounts, while the Lewiston National will receive only commercial accounts, confining its business to strictly commercial banking. The merger will make the Lewiston National one of the strongest in north Idaho, both in point of deposits and resources.
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The Farmers and Merchants Bank
The new Farmers and Merchants Bank of Cumming, Ga., will soon be opened for business. The capital stock is $25,000. The following officers were elected: John D. Walker, president; W. R. Otwell, vice-president, and William Webb, cashier.
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First International Bank
It is reported that D. R. Gregg, cashier of the First International Bank, of Sherwood, N. D., and his father, W. H. Gregg, of Traer, Iowa, have bought a controlling interest in the bank. F. E. Kenoston continues as president.
First National of Tampico
The First National of Tampico, 111., reports capital of $25,000, with the following officers: T. R. Woods as president; C. R. Aldrich, vice-president, and R. F. Woods, cashier.
	State Convention Dates Date Association Place Secretary Address November 11, 12	Indiana	Indianapolis	Andrew Smith	Indianapolis.. November 20, 21	Arizona	Bisbee	Morris Goldwater ....Prescott	 The offices of the American Bankers Association, Eleven Pine Street, have been fitted up especially for the accommodation and comfort of its members, who are urged to call and use same when in New York.