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THE CHICAGO BANKER
July 31, IÇOÇ\
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r•) Banks and bankers who avail themselves of the facilities afforded by this institution for handling either active or dormant accounts, may rely upon courteous consideration and efficient attention to their individual requirements. Interest on dormant accounts.
OFFICERS
WILLIAM M. RICHARDS, Asst. Cashier LEVERETT THOMPSON, Secretary
JOHN A. McCORMICK, Vice-President HOUSTON JONES, Cashier
LUCIUS TETER, President EDWARD P. BAILEY, Vice-Pres.
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situation is more in epidence to-day than it has ever been.
Early Outside Meddling
Among the favorite remarks that Speaker Cannon makes nowadays to the various delegations that visit him to say what they think on this or that tariff subject, is that he never interferes with legislation and that this whole matter is in the hands of the tariff conferees. Again and again recently has Speaker Cannon presented this jewel of thought to the unappreciative delegations of business men. If that is the Speaker’s policy now, it is the first time during the session that it has been so. After the Ways and Means • Committee had originally framed the tariff, Mr. Cannon interfered and had the bill made over to suit himself before it was presented, and then on the floor he tried to bully the assembled membership into putting a tariff on oil, though there his efforts were unavailing. While the bill was on the floor of the house, however, everyone of the old crowd seemed to have a hand in reshaping it from Mr. Tawney, the chairman of the Appropriations Committee, to Mr. Dwight, the newly-fledged “whip’ of the Republican majority in the lower chamber. The constant outside meddling was such that the members of the Ways and Means Committee, who were the putative framers of the bill, appeared to have absolutely nothing to do with the measure except to meet and register the^ wishes of some one else. If Chairman Payne believed at that time that he was in control of the proceedings he must have been the victim of autosuggestion and must have persuaded himself to think what was furtherest from truth, though perhaps what he desired to think.
Juggling in the Senate
After the bill reached the senate it became plain that the new-found members of the Finance Committee were not very well qualified for the work. It was a case where Mr. Aldrich had “sent them raw to the battle as he picked them raw from the street,” for they were without experience in tariff work. A great deal of reliance had to be placed on the tariff “experts” drafted from the Board of General Appraisers who, of course, did the bidding of Chairman Aldrich. This was again and again alluded to on the floor. The outside scheming was carried on by trusted lieutenants who had little part or lot in the Finance Committee and who worked under the direction of the chairman, reporting to him and carrying on the campaign as directed. When it became necessary to add the corporation tax it was determined upon at a White House conference between the President, Mr. Aldrich, and another senator, and then the provision was worked out by Messrs. Wicker-sham and Root. From about that time Mr. Root, who had no connection with the Finance Committee, assumed a commanding position on the floor, assisting in piloting the bill along its course and being practically associated with Mr. Aldrich in a kind of duumvirate. Another gentleman who was superserviceable in shoving the bill along, although not a member of the committee, and who
ton Trust Company, has returned from a three weeks’ trip to Seattle and other coast cities. He left his family on the coast to remain during the summer.
Organization of the Mosier Valley Bank has been completed at Mosier, Ore. It opened for business on Tuesday. The officers are: J. N. Mo-gier, president; Alex Stuart, vice-president; R. M. Ross, cashier.
First Bank of Concrete, Wash., has started business under the management of M. Post.
Application for the conversion of the First Bank of Vale, Ore., to the U. S. National Bank has been approved.
׳ Lumberman’s State Bank of St. Maries, Idaho, has increased its capital from $15,000 to $25,-
The Tariff Situation at Washington
Washington, July 27.—Thomas P. Gore, the blind senator of Oklahoma, remarked over his breakfast the other morning that he had a clean bill of health with reference to the Tariff Bill and that from him no apologies were forthcoming. Without exception, he said, he had voted against every increase and for every decrease in the tariff schedules.
“I have party loyalty without party prejudice,” the senator said, “I believe the country’s monopolies vote for their interest regardless of partv. Most of the people vote for party regardless of interest. There ought to be some way to convert the will of the majority into the law of the land. People who think alike should vote alike. The people who want the tariff revised should vote for the men at the polls who will vote in congress to enact their sentiment into the statutes.
“The trouble with the Republican party is that it is under such heavy obligations to the manufacturing interests. They furnish the sinews of success to the Republican party. They are the Republican party, the breath of its life, the blood in its veins, the marrow in its bones. No matter how often it may express its willingness, it is not willing to murder its friends. What we ought to do is to talk tariff morning, noon and night. The trouble is there. That is the ulcer in our national economic life.
“The papers are saying that Aldrich is engaging experts to figure out that this Tariff Bill is really a reduction. The country is not going to be satisfied with the opinion or the report. Unless you can buy things cheaper after this bill passes than you could before then the whole thing is a sham—it is much ado about nothing.”
A Singular Tariff Situation
One of the singular !things about the pending tariff negotiations that will probably mark them out in the future as distinct from most preceding attempts of the kind is the remarkable extent to which they are being carried on by those who have no official connection with the deliberations and no apparent right to share in the work. This has been true from the very first, but the
in repayment of the advance were about to be issued, T. A. Hansard, a tax-payer, instituted suit in the county court and secured an injunction. The court made this permanent. The bank appealed to the supreme court, which has just handed down a decision pointing out the law requires the bonds to be sold to the best advantage, that the law does not permit such deals and affirms the lower court.
Colville Loan and Trust Company
Articles of incorporation for the Colville Loan and Trust Company of Colville, Wash., capital $25,000, have been filed. The incorporators are: George W. Seal, D. J. Burk, Edward Gibson, W. Mighell, C. W. Miller, Thomas Graham, C. H. Carroll, M. H. Allen and F. Leo Grinstead of Colville; Senator A. W. Anderson, S. L. Dear-inger and Peter Amacher of Addy; A. W. Smith of Meyers Falls; J. F. Morgan of Marcus and J. M. Doyle of Spokane. The purpose is to do a trust and savings bank business. The institution will occupy quarters in the new Aspend building early in August.
O. M. Greene
O. M. Greene, a banker from Winona, Minn., has taken a position with the Exchange National bank as assistant to President Coman and will have charge of the credit department. Mr. Greene was connected with the Second National Bank of Minnesota thirteen years, starting as messenger and working up to paying teller. Afterward he was assistant cashier of the First National Bank of Winona.
Refuses Tempting Offer
William T. Clark, president of the Wenatchee Canal Company, who is connected with several financial institutions in Spokane has refused an offer of $4,000 an acre for his five-acre ranch near Wenatchee, Wash. The ranch has no improvements save an apple orchard, and is considered one of the model orchards of the valley. The offer was made by H. S. Worthen a contractor of Seattle.
Advocate Bond Issue
Members of the council are advocating a bond issue of $400,000 for improving and extending the water system. This is the result of a report by the corporation counsel that the city can not bond for more than $400,000 without putting the matter to a vote of the people. The bond will draw 4 per cent, as against 6 per cent now paid on warrants.
Entertains New Daughter
Edwin T. Coman, president of the Exchange National Bank of Spokane, is as happy as a youngster with a pair of red-topped copper-toed boots, because of the arrival of a baby daughter. The advent of the stork occurred during a dinner party at the Coman home, where Mr. and Mrs. Coman had a party of acquaintances at an informal affair. Mother and daughter are doing nicely. The family now have three children, the others being boys.
J. Grier Long, vice president of the Washing-