[Volume XXV11
THE CHICAGO BANKER
30
THE CLASSIFIED SERVICE
ADVERTISEMENTS INSERTED UNDER THIS HEADING AT TWO CENTS PER WORD. REMITTANCE SHOULD ACCOMPANY COPY. REPLIES FORWARDED IF POSTAGE IS FURNISHED. USE PRIVATE ADDRESS WHERE CONVENIENT.
SAFES AND OFFICE FIXTURES
FOR SALE—Lot of high grade deposit boxes, good as new, two steel vaults, screw door and manganese safes, all good as new. We carry the largest stock of safes in the West. DONNELL SAFE COMPANY, 200-202 E. Washington St., Chicago, 111. Established 1886.
HELP WANTED
Good Bank Men Wanted — Applications by experienced men will be received by a prominent Chicago Bank for the following positions : First, General Man who can keep books, and relieve tellers; Second, Transit Department men who can run adding machines; Third, Bookkeepers; Fourth, a Head Messenger; Fifth, Messengers. Applications, with references, should be addressed to No. 2244, care of Chicago Banker.
FOR SALE
Solid mahogany fixtures, modern, in good condition, complete with cages.
First National Bank, Champaign, 111.
For Sale—Bank in the best agricultural section of Montana. New country with great future. Address “ M,” care of Union Bank (M Trust Co., Helena, Montana.
40,000 Acres of Manitoba Land. $1,000 to the banker who will put us in touch with the man who will sell 5000 acres during the year 1909. Liberal commission paid to salesman. For particulars, address H. L. Emmert Land Agency, 191 Lombard Street, Winnipeg, Manitoba.
The Credit Man and His Work. Bv E. St. Elmo Lewis. Postpaid, $2.00.
This book stands unrivaled in first position for its thoroughness and for the authoritative way in which the whole complex subject of credits is handled. It is for the practical man and will well equip him for any position which has to do with credit work in business, banking, or corporation management.
The National Bank Act, with Amendments. Annotated by J. M. Gould. Postpaid, $3.12.
No one can know too much about the BANK ACT, and all the disputed and much-discussed points are fully covered in this valuable work.
The Principles of Money and Banking. By Charles A. Conant. It is a new and complete exposition of its subject. Two Volumes. Postpaid, $4.25.
The Pitfalls of Speculation. By Thomas Gibson. Postpaid, $1.20.
A book dealing exclusively with marginal speculation, and analyzing in a clear and simple manner the causes of failure in speculation, with a suggestion as to the remedies.
The Use of Loan Credit in Modern Business. By Thorstein B. Veblen. Postpaid, 28c.
The above books are the best of their kind, and will be promptly forwarded upon receipt of price.
THE CHICAGO BANKER,
407 Monadnock Block, Chicago.
Investment Bonds. By F. Lownhaupt. Postpaid, $1 90.
Prospective investors who wish to make advantageous use of their money will do well to take notice of this volume. The author does not theorize, but tells only plain facts of the relation of the bond to its issuing Corporation, and of the general investment aspect of the Instrument.
Money and Credit. By Wilbur Aldrich. Postpaid, $1.37.
This volume contains much valuable information and much sound discussion on money and credit.
Principles and Practice of Finance. By Edw. Carroll. Postpaid, $1.85.
A Practical Guide for Bankers, Merchants, and Lawyers. Together with a Summary of the National and State Banking Laws, and the Legal Rates of Interest, Tables of Foreign Coins, and Glossary of Commercial and Financial Terms.
The Banking and Currency Problems in the United States. By Victor Morawetz. The author takes up the problem of the National Monetary Commission, appointed by Congress, and discusses the means of providing a permanent safeguard against money stringencies and panics. Postpaid, $1.10.
The Monetary and Banking Problem. By Logan G. McPherson. i2mo. Cloth,$1. Postage 10c.
These articles have elicited the praise of both economists and bankers.
BOOKS ON BANKING, FINANCE AND ECONOMICS
Credit. By J. Lawrence Laughlin of the Department of Political Economy, University of Chicago. Postpaid, 53c.
The nature of credit and its effect on prices have long been a subject of disagreement among economists. Its basis is commonly assumed to be money or bank reserves.
Essentials of Business Law. By Francis M. Burdick, LL. D., Professor of Law in Columbia University. i2mo. Postpaid, $1.50.
This book is not written for lawyers, nor for professional students of law, but it shows how the rules of law governing the commonest business transactions have been developed, and it tells what they are to-day. Technical law terms have been discarded as far as possible, and when they are used they are so explained and illustrated as to be easily understood. The principles of law are not set forth in the form and style known to the leather-bound law book, but are simplified and expressed in clear, lucid, every-day speech
Foreign Exchange. Tables converting foreign money into United States Money, and United States money into foreign money at all commercial rates of exchange used in financial transactions between the United States and foreign countries. All about foreign exchange, including various forms of foreign commercial paper and terms, abbreviations, etc. For banks, bankers, steamship agents, importers, exporters and manufacturers. Cloth, $5.00.
Government Regulation of Railway Rates. By Hugo R. Meyer. A Professor of Political Economy in the University of Chicago. Postpaid, $1.60 net.
Brings Suit to Hold Up Guaranty Plan
Topeka, Aug. 30.—A suit was brought in the federal court late Saturday by Frank S. Larabee, a stockholder of the Exchange State Bank of Hutchinson, Kan., in the federal court to prevent the carrying out of the state bank deposit guaranty plan in regard to that bank. The stockholders of the bank had voted to have the deposits guaranteed and the bank had been examined and approved. No injunction has as yet been granted. George H. Welch, president of the bank, came to Topeka to-day with $1,084 and deposited it with the state treasurer as the bank’s assessment and bond to comply with the guaranty law.
The certificate that shows that this bank is participating in the guaranty law has already been issued and everything done that the suit was intended to stop. All but actual depositing of the bond and money had been made before the suit was brought. If the court had issued an injunction order before the money was deposited it would have prevented this bank participating in the guaranty plan. Mr. Welch said to-day that Mr. Larabee owned only $2,000 of the capital stock of the bank which is $100,000. He asserted that every other stockholder except Mr. Larabee was in favor of the bank participating in the guaranty plan under the state law.
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Bank Robbers Captured
St. Paul, Aug. 27.—After a sensational chase, devoid of shooting, in which the entire countryside took part, the two bank robbers who held up Cashier Frank H. Snure of the Wayzata State bank at the point of revolvers shortly before noon Thursday, were caught, one about half an hour after the affair, the other several hours later.
The stolen money—$325 in currency—was recovered. The robbers, who confessed when caught with the “goods,” are not talkative. They give their names as George Ingals and Henry Baber. It is not believed by the police that they were implicated in any of the other robberies committed in this part of the state.
V*
A. H. Turrittin, cashier of the Rice (Minn.) State Bank, becomes president, and Oliver Chirhart, formerly president, becomes cashier.
their instrumentality in aid of the federal government must find its authority in the national bank act, and beyond the grant in that act national banks must obtain from state laws any privileges enjoyed which are not within the national bank act. Therefore, if any law enacted by the state shall prohibit a national bank from transacting a savings-bank business without first complying with the law of the state such prohibition in no wise affects these banks as instruments of the federal government, since every function that they perform that in any way relates to a public service to the federal government can be fully performed without engaging in the business of a savings bank, and it is manifest that the state can require of any national bank, when it gets beyond the purposes for which congress provides that they may be instituted and engages in a business that the state in its sovereign capacity has deemed necessary to regulate, that they must submit to this state regulation and be subject to its control. I, therefore, am of the opinion, as the commercial world recognizes the distinction between a commercial bank and a savings bank, and as that same distinction is recognized legislatively and judicially, that congress had that distinction in mind at the time of the passage of the law providing for the creation of national banks, and by the omission to include in the scope of power granted to national banks any provision relating to savings-bank business, and its omission so to do was intentional, leaving the bank subject to state control if it gets beyond the limits granted to it by the act of congress, and that section 49 of the bank act of California, as approved March 1, 1909, applies with equal force to a national bank as it does to a bank organized under the laws of the state of California.”
C. J. Higgins
Chas. J. Higgins, cashier of the Central State Bank, Jackson. Michigan, passed through Chicago, Wednesday, on his way home from a trip through the West. Mr. Higgins reports business conditions as improved throughout the territory which he has recently visited.
C ontrol of National Banks
Superintendent of Banks Alden Anderson of California addressed a circular letter to the national banks of the state quoting an opinion from an attorney to the effect that the superintendent of banks could bring all national institutions conducting or advertising as savings banks or having savings departments under the provisions of the state banking department. The opinion follows: “The question you ask involves the all-important question of the relation between state and federal government, as well as a construction of the national bank act. National banks are instruments designed to aid the federal government in an important branch of public service, and beyond the point of aiding the federal government in the manner and by the exercise of the functions prescribed in the act congress has not sought to legislate, and has not limited the states from legislating upon affairs bearing on the business of banking, and which affairs can be best administered upon by the states by their sovereign capacity. While congress, in the exercise of an undisputed constitutional power to provide a necessary currency for the whole country, may secure the benefit of it to the whole people by appropriate legislation in the creation of national banks, yet those banks are none the less private corporations, organized under a general law of congress by individual stockholders with their own capital for private gain, and managed by officers, agents and employees of their own selection, and they constitute no part or branch of the federal government, and whatever public benefit they contribute to the whole country in return for those grants and privileges conferred upon them by congress that benefit is of a general nature arising from them by their relations with the people through individual citizens, and they do not act as a direct representative of a state as a body politic in exercising any function.
“Being private in their nature, and the profits or losses resulting from their business being not shared or participated in by the government, the measure of their public benefit and the scope of