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T H E C HI CAGO BANKER
August 28, /pop]
At Par and Accrued Interest
DE careful how you wear your big diamond •D stud. Down at Louisville, Fred G. Miller, cashier for the Third National, had one the size of a walnut and it created suspicion. Investigation showed a shortage and now the diamond is in hock and Miller in jail.
■pvOWN at Middletown, New York, the di-rectors have elected J. Herbert Newburv to the office of president, to succeed the late Seymour De Witt, and W. L. Benedict to the office of assistant cashier.
T UKE A. FARR, formerly with Minzesheimer & Co., has taken a position with the Chicago office of Hornblower & Weeks. This firm specializes this week, in a circular letter, on National Biscuit as an investment.
JL. EDWARDS, president of the Merchants • National Bank, Burlington, Iowa, visited Chicago Tuesday. Mr. Edwards says there will be a very large delegation from Iowa in attendance at the convention here in September.
BF. EDWARDS, St. Louis, is an automobile
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devotee. A large part of his vacation was	y°u have a state headquarters at the Chicago
in touring.	* convention don’t be too big or too busy to
show up occasionally. Help your secretary make it a big success. “Every little bit you add to what you got, makes just a little bit more.”
L. TREMAIN of the Peoples State, Hum-AJ. boldt, la., is home after a month’s vacation. He says “all Iowa bankers of the proper kind will be at the big convention in September.”
“THE Only Way”—a title line for the Chi-1 cago & Alton for years has been appropriated by one of the “new school” publicity managers for a Chicago trust company. Now this is something of which the “old school” wouldn’t be guilty. Search the dailies for the culprit.
CHORT change men, train workers and their ^ like will do well to beware of a long, lean sunbrowned man who might easily pass for a prosperous farmer or stockman. His name is Bartlett—George D. Bartlett, care of the Wisconsin Bankers Association, Milwaukee.
/־׳^OING over from St. Paul to Minneapolis for
a little visit with Frost, on protective matters, Bartlett was asked for “change for a bill” by one of the crooks. In a minute or so the crook was all tangled up with the conductor and Bartlett and firmly held until he was turned over to the police. It is quite likely that Bartlett has qualified for a star from the Interstate Protective Association under Chief Frost.
׳■' | 'HE Pacific Banker admits a misstatement in A saying of The Chicago Banker “it is the only banking paper in the country that advocates deposit guaranty,” and tries to wiggle out by means of much turgid rhetoric and a funny story. Let it go at that, since we never use the “shorter and uglier word” made famous by “T. R.”
The Bond Man.
spent in touring.
NP. GATLING has retired as secretary of • the Virginia Bankers, after six years of service and was presented with a beautiful loving cup. “And just to think,” said he, “it came the very day the state went dry.”
THE gift is engraved as follows: “Presented by the Virginia Bankers Association to Nor-borne Pescud Gatling, secretary 1902.”
Not a few bankers of the state ascribe all credit for the great interest in the association in the past five years to the personal efforts of Mr. Gatling.
TJ E was an active spirit in the Secretaries’ •TT Association and a productive worker as well. He believed, as we all do, that the secretaries should give out state convention dates to avoid congestion. This department of the work is the most important in sight and a start doubtless will be made at Chicago convention.
LEWIS E. PIERSON arrived from Europe in New York on the 20th, and was met at the dock by a yellow taxi engaged by wireless. This is the latest or “L. E.” wouldn’t have done it.
A ROBBER entered a Kansas bank one day last week and took $800. To prevent the cashier giving an alarm, he marched him a mile from town into a wood, mounted his horse and escaped into Oklahoma. This beats the two Illinois frame-ups a mile.
ONE reason (not assigned) why Speaker Cannon will not be able to speak at the Chicago convention, is the correspondence school he has started up with Charlie Fowler. Fowler will not quit and Cannon can’t.
MARKET Chart Company, of this city, advises its clients that there is “One class of securities which must and will fall in price as other things will rise. High grade bonds, gilt edge preferred stocks and all issues the return on which is certain and fixed will sell lower. Investors must sell out their choicest and ‘safest’ investments or see them depreciate on their hands.”
V OLT can do as you like about it, of course, but the advice is free. Direct it would have cost you several megs. The reason is that “gold is growing more plentiful. The standard of money is depreciating. An economic revolution is taking place. Only the man who is alive to the situation, who studies, works, knows, understands, can protect himself and reap the benefit of the change.”
C HOUT for Taft at the big convention of the A. B. A. on general principles. If tempted to do it because he revised the tariff downward, don’t do it. Remember how the New York custom house brokers stood in line all night “under the old law” really know. You have been misinformed.
jCORTY years as cashier of one bank is the 1 record of Andrew Long, now seventy years old, who has just resigned after fifty-two years actual service with the Exchange National Bank of Pittsburgh, Pa. He began as messenger boy.
A MANAGING officer of a bank is expected I*■ to do the thinking and directing and while he should feel himself not in the least above menial labor, he should have no time for it. He should know how things ought to be done that need doing and in case of necessity be able to do them himself, but his business is to see that others do them as they should be done.
A L.WAITE, president of the Joplin National • Bank, visited Chicago Monday. Mr. Waite says that business conditions in the Joplin district were never more promising.
GEO. H. PITTMAN, assistant cashier of the American Exchange National, Dallas, Texas, is spending a portion of his vacation in northern Illinois and called on Chicago banking acquaintances. Mr. Pittman reports business conditions as favorable in Texas with good crop prospects. He expects to return to Chicago for the bankers convention in September.
son why we have no graft in our government finance. And that saves a lot of money for our country. Adachi Kinnosuke, in the Review of Reviews.
Instructions for State Banks
Austin, Texas, Aug. 23.—Commissioner of Insurance and Banking Love to-day authorized every state bank and trust company in Texas that have adopted the guaranty fund plan of guaranteeing deposits to use the following on their stationery: “The noninterest-bearing and unsecured deposits of this bank are protected by depositors’ guaranty fund of the state of Texas.”
All banks must also use the terms “guaranty fund bank" or “guaranty bond bank” and any banks using any other terms shall be prosecuted.
C. R. Morehead
C. R. Morehead, president of the State National Bank, El Paso, Texas, visited Chicago, Wednesday. Mr. Morehead reports business conditions in Texas as greatly improved and a splendid outlook for the future. The State National Bank has a fine line , of business, their deposits running around $1,500,000. Mr. Morehead was accompanied by his grandson, C. M. Nebeker.
go to Mr. Smith, in Chicago, and Mr. Brown, in Wall Street, and say to them, “You are receiving $100,000 a year income, and we want you to give to the support of the government in one form or another $30,000 a year of your income.” Let the German government or the British go to their people and say the same thing. What would happen ? A first-class revolution on the spot.
The people of Japan are performing the financial miracle of giving up about 30 per cent of their net income every day, without saying a word about it. In other words, the greatest asset of the Japanese Empire of to-day is the patriotism of her people. Within twenty-five years, perhaps, at the. rate of conquest Western commercialism and the doctrine of individual rights are making among our people, we shall be as civilized as any other so-called Christian nation. As yet, however, the state to the .imagination of the people of Japan is greater than all the gods. The glorification of the state is the Mecca of all our dreams. We take very seriously all matters connected with the state; so seriously, indeed, that we have no sense of humor about them. That is the reason why we caricature all of our eight million gods in the pleasantest moods in the world, but would not for a moment permit any one to caricature His Majesty the Emperor. This also is the rea-
Lincoln Cent Like Coin of Old
(Continued from page 1) coin makers of placing the head of a new coin in the opposite direction to that of its predecessor. Whether this was done intentionally or not in the case of the cent is not known. ״The custom is said to have originated in Europe, the head of the living sovereign always being placed in the opposite direction to that on the coins of his predecessor.
Commercial $336
Chicago brokers are bidding $336 to $340 for Commercial National, Chicago, and but little is coming out, even at these prices. This shows that the combination with the Bankers is looked upon with favor by the wise ones.
V*
Greatest Asset of Japan
But the basic answer to the question, “How does Japan manage to pay her bills?” can hardly be found in the statistical table of her financial annual. The greatest asset of our empire is sentimental. That our Western friends may see this fact clearly, permit me to put it in the following manner: Let the government of the United States