15 THE CHICAGO BANKER July 3, 1909) ESTABLISHED 1872 NORTHWESTERN NATIONAL BANK MINNEAPOLIS ■Ш Total Resources $30,000,000 m I .SI я ! W I >■ 3 * »... Capital & Surplus $4,000,000 Ш i The Only Bank in the Northwest with a Complete Foreign Department likewise will Chicago and the American Bankers Association be representative of 45 states, in which the evolutions of time furnish no previous example of a nation shooting up to maturity, and expanding into greatness with the rapidity which has characterized the growth of the American people. How to Nullify the Bank Guaranty Fallacy (Continued from page 5) less banking, ignorant banking, will not be tolerated for a moment. The clearing house, as a whole, by assessment, pays for the clearing house examination. We pay for it for mutual protection, and consequently every bank and trust company is on the alert to see that its neighbor and competitor is conducting its business on straight-forward and sound business principles. Let me suggest that the bankers of every large center, or the bankers of each count) of your state, investigate the clearing house system of bank examination and, if you do, you will, in my judgment, adopt it and thus nullify the bank guaranty fallacy. Celebrates Seventy-fifth Anniversary The Bowery Savings Bank announced that it paid to its depositors on July 1st, a dividend at the rate of 4 per cent per annum This made the 150th consecutive dividend paid by the bank since its incorporation. The bank was organized in 1834 and com-menced business on June 2d of that year. On the opening day $2,020 was received from fatty depositors, and to-day there are 155,000 open accounts on the books, while the deposits aggregate more than $105,000,000. During the seventy-five years of its existence it has paid in dividends to its depositors $86,-000,000, and more than one million persons have had accounts with the bank. our redemption from the vagaries and narrowness of yesterday and to-day will come through greater organization and publicity, and perhaps still larger hats. If you are loyal to your state and your city—if you desire the natural advantages of this" state" and every other state to become known and improved, then you are not spending your time frivolously, nor your money foolishly in holding this great exposition in this city, or attending this Bankers Association, for I am here to say to you that a greater publicity —one that is honest—is a panacea for some of our greatest industrial evils, as well^ as being the guiding star for all intelligent immigration. I would be unmindful to-day of my loyalty to the city of Chicago and its banking fraternity, if I did not bring you greetings, and with an invitation to each and all of you to visit us in September next at the meeting of the American Bankers Association. I he latch-string is out—if you can come, do so; if you can’t, please write; we want to know you better. Don’t forget that while there is but one Seattle, there is also but one Chicago, and that we are great only because you of the YV est and Northwest have made us so, and as this convention is representative of three states, so am in Seattle and for the privilege of meeting you face to face, I desire to thank you. There is an old hymn which !starts out, “Yield not to temptation for yielding is sin. I suppose this is good advice to follow when at home. Certainly it was written before this convention was held; otherwise, there would have followed a saving clause, “except when m Seattle.” As a modest Chicago banker, 1 am i-eady to celebrate this, my first visit to your city by proposing a toast to “The Unique City Of our United States,” where they move moun-tains when found in the way, and where no detail has been overlooked that would contribute to our comfort and pleasure and make us forget: the cares and responsibilities of home. I must also felicitate you this morning on the grace and beauty of your ladies, their knowledge of finance, their beautiful Seattle complexions and their new 1909 models of dress and hats are inspiring in the highest de-o-ree Certainly the empire gown is far reaching and the flower pot hat, equally as large, as well as becoming, to the ladies here as in Chicago. It confirms my belief that the public mind is continually changing—that our ideas of to-day may not be those of to-morrow, and that State Convention Dates Place . New York... P)AXE Association July 6, 7, 8, 9....Michigan Secretary Address Petoskey..............Hal H. Smith.........Detroit.... ^ »,;״״. ... W. C. Macfadden.... Fargo..... , , ’ } New York............Lake George...........E. O. Eldredge r - ............Missoula..............F-Bogart........•••••?elena September 7, 8.......Pennsylvania.......Bedford Springs........D. S. jjone September 13-18......A. B. A............Ch.cago October 12, 13.......Illinois ...... ......F. E. Farnsworth..New York... .....R. L. Rinaman......Chicago.... .Decatur......