[Volume XXVII
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.	
		
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
For Sale—Bank in the best agricultural section of Montana. New country with great future. Address “ M,” care of Union Bank 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. By 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.
ranks will come men of trained minds who will be masters in other spheres. As Grote, the author of the great history of Greece, came from the ranks of the bankers; as Sir John Lubbock, the astronomer and mathematician, came from an English banking house, and as our own poet Edmund Clarence Stedman has been a New York banker for all these years, so will our association contribute to the world’s great and masterful men.
In conclusion, we are right in throwing around our banks every safeguard of legislation, every device of assurance and insurance; in insisting on the education and training of men, and, lastly, as a sine qua non, in aiming to secure men of highest character. On this opening session of the fifteenth annual convention of the Pennsylvania Bankers Association I submit these reflections with the most optimistic confidence in a future efficiency and prosperity that fifteen years ago would have been regarded as the wild dream of a reckless enthusiast. I congratulate the young men on the part they will have in the greatness of the banking interests of our beloved state.
Nebraska Banking Conditions Reviewed
(Continued from page 6) fare of our association is what has made the organization what it is, and will be the means of perpetuating its usefulness in the future. Again thanking you all for the consideration shown me, I assure you that I am now at your command for the business of this session.
V
New Bank for Renton
The Citizens Bank of Renton, Wash., has been organized, with a capital stock of $25,000, by Craig L. Spencer, Thos. O’Brien, Edw. Duff, EL Evans, C. H. and L. D. Jones.
Farmers National
The Farmers National of Sevenmile, Ohio, elected the following officers and directors:	F.
J. Schmidlin, president: C. K. Jacoby, vice-president, and James E. Bell, cashier. F. J. Schmidlin, R. A. Campbell, C. K. Jacoby, H. C. Jacoby, L. H. Withrow, C. A. Kumler, A. B. Hunter, Allie Crist and Jacob Stock, Jr.
the schools can supply, cannot be bought for gold, but it is to be drawn from a subjective fountain which heaven and earth unite in filling; it is Emerson’s hitching our chariot to a star; it is that subtle, sum total of qualities we call character, defying analysis and eluding definition. On it is built the banker’s success; while it is in him, it evokes in others that other moral quality largely made up of faith and trust, and known as confidence. Those who inspire it do so unconsciously. They are not the bankers who supplement their salaries with commissions from note and bond brokers ; they are not the bankers whose assets are execution-proof through some legal trick, but little short of blatant fraud. Character that justly inspires confidence is a most valuable contribution to the public conscience of the state, upon which the fate of the nation will ultimately depend.
This rapid sketch gives my notion of what the man should be who is called to be a banker, for unlike other professions, men cannot thrust themselves into this one : it is emphatically a vocation. He may ask his friends, when his name is under consideration, to help to “make his calling and election sure,” but he is selected and elected because careful, shrewd business men have faith in his character and competency, and believe he will inspire confidence in others. All this is common-place to the bankers of Pennsylvania. I have dealt in generalities because my aim has been to indicate along what lines attention should be given, and especially along such as this association can render service, for T believe our association will continue to be an important factor in the development of our banking system. We will keep bright the luster of a brilliant record; a banker, Robert Morris, of our state in the first great crisis of our country was equal to demands that were the despair of others; Jay Cooke, a banker of Pennsylvania in the dark days of a later period converted confidence into cash as though he waved a magic wand. It was our own state of Pennsylvania that gave to the world a Henry C. Carey whose “Social Science” profoundly impressed the best thinkers of Europe and his !rational policy was an advanced step in economic science that placed his name alongside of that of Adam Smith. We will continue to advance both in principles and methods. Out of our
Banking Conditions in Pennsylvania
(Continued from page 9) whose ambition, if they have any, is to advance along lines of least resistance; men who know nothing and always will.
It should be cause of state pride to us in Pennsylvania that the early steps taken by our national association for higher professional standards, are traceable to men of our own state. Twenty years ago this month, the Lion. John Jay Knox, then president of the American Bankers Association, appointed a committee of three men to make a report on the subject. Two of that committee were Philadelphians, William El. Rhawn and Morton McMichael, Jr., both men to whom this association became greatly indebted— to the first for its establishment and to the other for his interest and counsels. The report of that committee presented at the Saratoga meeting of the American Bankers Association in September, 1890, was remarkable for the high standard it advocated for the banker’s training. It outlined a broad and deep curriculum somewhat similar to that of the Wharton School of Finance, which had just been established by the munificence of another Pennsylvanian, and in the breadth of their recommendations, they specially urged that such training take into account ethical principles in order that men may learn that “the highest regard for self takes into account the interests of all,” and “that husbanding property by the individual should at the same time benefit the community.”
I have now spoken of perils and safeguards entirely outside of the bank; of those that inhere in the banker’s knowledge both general and technical. I now come to the last, though far from least, the banker’s character in the broad totality of this term. I refer to the inherent qualities of the man and not to opinions of him from without, though for a time these may win confidence. The personal qualities that endure are such as have a moral basis and, like Taft’s smile, will not wash off, though floods of tempation roll over him. I do not mean that he must be able to discuss ethics, but he must embody ethics. The Athenian took an oath that he would not desert his sacred shield; the truly honest man will be true to his trust without an oath.
This greatest desideratum is not along lines