[Volume XXVII
THE CHICAGO BANKER
22
The Girard National Bank
Of Philadelphia
Capital,	$ 2,000,000.00
Surplus and Profits, .	. 4,015,000.00
Deposits,	41,250,000.00
FRANCIS B. REEVES, President	
RICHARD L. AUSTIN	JOSEPH WAYNE, Jr.
Vice-President	Cashier
THEO. E. WIEDERSHEIM	CHARLES M. ASHTON
Second Vice-President	Asst. Cashier
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There is no question that the report of the conferees will insure a bill better in many respects than the house measure and greatly superior to that of the senate.
That there has been revision of a kind which will benefit the ultimate consumer is exceedingly doubtful. The woolen schedule is practically untouched. It was frankly stated by the National Association of Clothiers in a letter to the president that should the Dingley rates continue an advance in prices to wearers of clothing would follow. In spite of the interest the president has shown since his policy of interference was inaugurated, absolutely no change of any consequence has been made with respect to woolen cloths, and, indeed, anything of the kind was impossible, for the reason that both houses approved, with minor exceptions, the existing law.
Probable Increase to Consumer
In cotton goods a reduction in the cheaper grades is promised, with an increase in the higher grades, but until the schedule itself is available, it is impossible to say exactly what these changes will mean. The indication is there will be an increase rather than any decrease in the price to the consumer.
As a result of the insistence of Senator Penrose and Representative Dalzell, two of the conferees, there will be an increase in the duty, above that imposed by the existing law, on stockings. It seems certain the fight which has been made over gloves has ended to the discomfiture of ex-Con-gressman Littauer, the glove manufacturer of New York.
The iron and steel' schedule will show numerous reductions in duty, but the rates agreed upon will make importations out of the question.
Except in a few instances, the house left the existing silk schedule alone, but the senate classed this material as it did the better grades of cotton— as luxuries—and raised the rates to high figures.
The senate has largely prevailed in securing the adoption of its rates by the conferees. In connection with the wood schedule, rough lumber will be reduced from $2 per thousand to $1.25, and the lower senate rates will obtain upon the finished product. No one here believes this will mean any reduction in price to the consumer.
*r*
A new bank is being organized at Grubb, Ark., called The Farmers and Merchants Bank, with a capital of $10,000. J. M. Vance, president; J. M. Ivy, vice-president; J. N. Vance, J. T. Malone, E. M. Ford, John Grizzle and S. D. Sullman, directors.
glery has been intense, not only among the Democrats and insurgent Republicans, but among the regulars as well. It will be strange if the experience of this session does not bring about a more organized and determined resistance to the Can-non-Aldrich group in Congress from this time on. Law will Be Disappointment
The country may prepare itself for real disappointment in connection with the revision of the tariff, now approaching completion.
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toward the end assumed a quasi-official position as an aid to the senator from Rhode Island, was Senator Heyburn of Idaho, who speedily acquired a position similar to that of Representative Fordney in the lower chamber—always standing for the highest rate on any given article that had been proposed by any one. The result was that, through the work of these outsiders, it often seemed that the bill was being shaped by a private cabal of interested persons who had no official status whatever.
Steering the Conference
When the time came to appoint the conferees, it is a literal fact that Chairman Payne of the Ways and Means Committee did not have up to five minutes before the appointments were made any notion whatever of the names of the conferees. Instead of his nominating his colleagues for the house, as is customary, Speaker Cannon, who had begun to distrust Mr. Payne because of the latter’s opposition to some excessive rates, took the matter out of the hands of the chairman and named the highest protectionists on the committee as the house conferees. These were men who would play into the hands of .Mr. Aldrich at every step and who have amply warranted the confidence reposed in them by the Speaker. Then on the senate side a similar comedy was enacted. Mr. Aldrich, however, had to have some one to do the work of the conference, and throughout he has relied upon Senator Smoot, who was not named as a conferee but who has had far more to do with the decisions reached than the conferees, and upon Senator Murray Crane of Massachusetts, who was neither a conferee nor a member of the Finance Committee, but who was summoned to aid President Taft and Mr. Aldrich in lining up the needed votes. Others have been drafted into service from time to time, and occasionally it has been patent even on the surface that the whole proposition was being engineered by a coterie with Senator Aldrich at the head and Vice-President Sherman, Speaker Cannon and their immediate followers in the house and senate as minor figures, while behind the scenes President Taft was trying to get in a word occasionally, but without much success. Dissatisfaction
The manner of work employed by those who are controlling the tariff conference has shocked and annoyed all !those who had any sense of legislative propriety and has gone further to weaken the already weak hold maintained by Speaker Cannon upon the house membership. In the senate the dissatisfaction with this legislative jug-