9
THE CHICAGO BANKER
August 28, 1909]
All Forms of Surety and Casualty Insurance in One Company
ROBERT B. ARMSTRONG, President
OFFICES: Entire 18th Floor, Majestic Bldg., Chicago, D.S.A.
W. B. WELLS, Vice-Pres.
J. R. COOKE, Asst. Cash. R. S. HAWES, Asst. Cash, J. F. FARRELL, Asst. Cash.
C. H. HUTTIG, President
G.	W. GALBREATH, Cash. D’A. P. COOKE, Asst. Cash.
H.	HAILL, Asst. Cash.
Capital
$2,000,000
Surplus
$2,000,000
Deposits
$33,000,000
We solicit accounts ot banks and bankers and oiler them our complete (acilities for the handling 0( their out-ot-town items
j&attonai Bank of Commerce tn Jtefo gork
is prepared to transact all branches of bomcstic anb foreign banking. Accounts are solicite¡) from banks, bankers, firms, corporations anb inbibibuals, toijo map relp upon courteous consiberation anb the berp best terms that are consistent toith goob business methobs. Corresponbence is inbiteb. Capital, Surplus anb ®nbibibeb ¿Profits ober
$40,000,000.00
Shonts Hard to Please
New York Aug. 25.—The members of the executive committee of the Windsor Trust Company have held a th.ree hour secret session and listened to President John Alvin Young’s explanation of the part the Trust Company took in the $50,000 Joyce loan transaction. No statement was issued, but the attention of the newspaper reporters was shrewdly invited to the remarks made by District Attorney Jerome, who expressed his belief that the Windsor officials were guilty of no wrongdoing. The executive committee will be obliged to make a report to the board of directors and it was stated that at least one of. the members of the board—Theodore P. Shonts, president of the Interborough—is not satisfied with the defense put up by Mr. Young.
V*
To Fight Kansas Rank Guaranty
Topeka, Aug. 28.—Requests are being sent to every bank in Kansas asking for the delegation of authority and contributions to a fund for the fight in the courts against the deposit guaranty law. The letters asking the banks to delegate the authority to fight the case and for contributions are being sent out by a committee composed of W. J. Bailey, J. R. Burrow, W. H. Burks and C. O. Chandler. The letters say that in order to secure concerted action it is necessary for the banks to have a central committee to be in charge of the work. This committee will hire the attorneys and do the things necessary in the fight in the courts.
The money seeking letter asks for contributions of at least one dollar to every $1,000 of capital and as much more as the bank feels able to give. The letters set out that there is on honest difference in opinion as to the validity of the guaranty law and that it should be thoroughly tested as quickly as possible. The attorney-general has already brought the suit and it is now in the supreme court.
V
A new bank is to be organized at Madison, Wis. A. M. Stondall, Milo C. Hagen and A. T. Rogers are promoters.
New Building for Fidelity Trust
The Fidelity Trust Company of Tacoma, Wash., has let the contract for the construction of six additional stories to its present magnificent six-story office building. The contract was awarded to the Anderson-Power Construction Company and work will be commenced at once and completed May 1, 1910. The plans for the original building were drawn by Burnham & Root, leading architects of Chicago. When completed the Fidelity Trust Company’s twelve-story office building will be thoroughly modern in every' respect.
The admirable location of the Fidelity Trust Company’s building will afford from the windows of the upper floors a splendid view of the city, overlooking the other office buildings and giving full view of the tide flats manufacturing district of the harbor. The raising of this building six stories higher is an indication on the part of the officers and trustees of the Fidelity Trust Company that the city of Tacoma has passed the stage of five and six-story buildings, and that its business necessities require modern office buildings of the skyscraper type.
The cost of the additional six stories will be about $225,000, making the entire cost of the building, including the price of the lots, about $600,000, though by reason of the enhanced value of the property in that section of the city, by the time the additional stories are built the entire building will be worth approximately
Herman Erb has been chosen president of the First National of Appleton, Wis., to succeed the late Henry D. Smith, and Otto P. Schlafer elected a member of the board of directors.
CAPITAL & SURPLUS $1,000,000
Pays a rate of interest consistent witli good banking
GUARDIAN
TRUST
COMPANY
OF
NEW YORK
be had to bring this country into line with the practice of progressive nations. Too much emphasis cannot be placed upon this. The importance of the matter cannot be exaggerated. But the more imperative we feel the duty to be, the firmer should be our demand that the wrong man should not set in the forefront of the work of its discharge.
We cannot afford to prejudice this great undertaking by intrusting it to the leadership of a senator whose motives are suspected and whose latest public activity has been in contemptuous disregard of the needs and desires of the whole country.
All this may be said to be quite too morally fastidious. Very well; put it on the ground of the most “practical” politics. It is alleged that Aldrich can “put it through,” that he can wield the whole power of “the organization” to force a good finance bill to enactment. But can he? Look at the mess he has made of it! When was the republican party in congress ever so divided and distraught as to-day? And it is largely his doing. Dislike of his personality and anger at his methods have riven the party following, and filled many republican senators and representatives with the determination to oppose whatever he favors.
This may be unreasonable, but it is the hard political fact with which “practical” men must reckon. Go to any intelligent and disinterested congressman and ask him what chance there is of an Aldrich currency bill passing, and he will tell you: “None whatever. We have already all the Aldrich we can stagger under for the next congressional elections.” Whether, therefore, we take the high moral view or the low political one, the influence is the same. Aldrich has made himself impossible.
The capital of the State Bank of Hazel Green, Wis., has been increased from $!0,000 to $15,-000.
A new state bank has been organized at Wittenberg, Wis. J. G. Rosholt of Rosholt and P. C. Schlytter of Chicago, 111., are interested.