[Volume XXI■■
THE CHICAGO BANKER
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The Audit Company of Illinois 1439-42 First National Bank Building, Chicago Specialists Iia Atactatijagl and System־־ atisiiagl PtalblLic Service Corporations C. W. KNISELY, C. P. A. President—Manager REFERENCES: Leading Bond Houses dealing in Gas, Electric and Railway Securities			Marshall & Ilsley Bank Milwaukee, Wis. ESTABLISHED 1847 Capital $500,000 Surplus $370,000 Oldest Bank in the Northwest Conservative Progressive We take pleasure in placing our facilities at your disposal and should be pleased to have you write us if you are contemplating opening either an active or a reserve account in Milwaukee. OFFICERS AND DIRECTORS JAMES K. ILSLEY, President JOHN CAMPBELL, Vice-President HARRY J. PAINE. Asst. Cashier JOHN H. PUELICHER, Cashier G. A. REUSS, Mgr. South Side Branch SAMUEL H. MARSHALL J. H. TWEEDY, Jr. ROBERT N. McMYNN C. C. YAWKEY GUSTAV REUSS
			
men actuated by good principles and high motives, with reputations as well as pecuniary interests to sustain, are worth more than laws. They are entitled to a large measure of trust and confidence. The successful result that has followed the trust company law with its broad lines of principle and absence of petty details, with its reasonable liberty of action and absence of harsh restrictions should be evidence of its good policy and wisdom. The fact that in fifteen years under its control institutions holding property for themselves and others to the value of probably more than one hundred millions of dollars, have been built up to the great and increasing benefit of the commonwealth and without the loss of a dollar to any depositor or beneficiary is convincing proof favoring liberal, enlightened regulation.
will make a thorough job of clearing away ancient rubbish and meeting modern conditions in a sensible, business-like way, without prejudice, having an eye to the welfare of the institutions it has created and the interests of the people, it should have our hearty aid and support. But I submit that our circumctances and conditions may not be the same as prevail in some of the older states that have developed certain institutions along different lines, and that due regard should be paid to that fact before we undertake to make our laws uniform with theirs. Uniformity will make easier work for officials and lawyers, but it may not always be desirable or even just. The safety of a financial institution must come from the inside and not from the outside. The persistent care and watchfulness of the officers and directors,
we find that men can be rascals in the face of law and that to prevent one possible criminal we do injury to a hundred innocent people. It is worth noting in this connection that the failures of the two Indianapolis savings banks referred to heretofore, were not caused by any dereliction of the management, but by investment in mortgages which depreciated in value, after the panic of 1873 and could not be realized on to meet withdrawals.
I have no hope, however, that the legislature will take this view of the case. Regulation is in the air and it behooves us to meet it half way and in a spirit of perfect frankness, join in working out a law that will inure to the advantage both of the public and of the business. A factious opposition to all measures would be disastrous. If the legislature
the public and the banks and at the same time deal justly with the trust companies, requiring of them the same guaranties which are exacted from the banks if they desire to do a banking business.
Milwaukee and Chicago Starting Points
Milwaukee and Chicago are to be the starting points in the most extensive freight shipping system ever inaugurated. This comprehensive system, embracing as it will, the chief industrial and commercial centers in North America, Asia and Europe, will carry Milwaukee manufactures to Japan, China, Formosa, Manchuria, Russia, the Philippine islands, Australia and all Indian ocean ports.
First announcement of the important transportation schedule practically encircling the globe, was made by J. H. Hiland, third vice-president of the Milwaukee road, who was the official representative of the railway system to go to Japan and China a year ago to negotiate for steamship transportation to the Orient from the western terminus of the Pacific coast extension of the Chicago, Milwaukee, & St. Paul road.
The new Citizens Bank, of Mauch Chunk, Pa., will erect a building.
!ion with the following officers: President, C. S. Huntley, Elroy; vice-president, George Grubb, Mauston; secretary, J. E. Hart, Elroy. Receive New Coins
Specimens of new design $2.50 and $5 gold coins were received last week by Milwaukee banks. These coins, like the $10 and $20 coin, are made from the famous St. Gaudens designs. Bankers say the smaller coins will not “stack” properly.
The Peoples State Bank of Hudson
The Peoples State Bank of Hudson has resumed the payment of its time certificates of deposit after being temporarily unable to meet the demands.
The Wood County National
The Wood County National of Grand Rapids will erect a new bank building.
Wisconsin Banks and Trust Companies
The fight between the banks of the state and the trust companies, which attracted such attention at the last session of the legislature, will be resumed at the coming session. At least this is the inference from the action of the executive committee of the Wisconsin Bankers Association which met in Milwaukee recently.
The banks will ask the legislature to protect
The Commercial National of Madison, will move into its new building about December 1st. The bank has a capital of $200,000. The work on the building was to have been completed November 1st, but as the marble for the interior finishing could not be had the work was delayed. It will be the finest bank building in that portion of the state. The bank has one hundred and twenty-seven shareholders and is very progressive. The board of directors is composed of the leading men of Madison. Cashier Pannack was connected with the Bank of Wisconsin for a number of years, and is well known in banking circles.
To Buy Milwaukee Bonds
Perry, Coffin & Burr, a Boston firm of bond brokers, has notified the city comptroller of Milwaukee that it will purchase $200,000 bond issue for the construction of the East Water Street bridge. The firm has decided that the technical error in advertising the bonds does not affect their validity. The board of public works at once will advertise for bids for the erection of the bascule.
Banks Form Association
The banks of Elroy, Hillsboro, Wonewoc, Kendall, Walton, Norwalk, Mauston, Camp Douglas and Necedah have formed an associa-