[Volume XXV11
THE CHICAGO BANKER
fiO
banks by examination and by legislation and the result has been that there is not a private bank left in that state. Either the private bankers have gone somewhere else or they have been forced to incorporate.
“There ought te be a law in Illinois regulating private banks and forcing them to publish statements so that the public may know something about them. Our present legislation on this point is antiquated. However, I don’t want to be known as saying that there are no good and honorable private bankers in Illinois, for there are some, to be sure.
“But on the whole I must say the condition resulting from a lack of legislation is most deplorable."
If the visitors had looked about they would have seen “Peoples Trust & Loan Bank “Fifth Rational (the R looking like an N) Loan Bank" and a score of other like sounding titles in use by Chicago pawn shops.—Ed.
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Governor Deenen Welcomes Bankers to Illinois
(Continued from page 38) ests of the country your deliberations will be of special interest to the business men of this metropolis, one of the financial and commercial centers of the country and of the world. This great city, through the wide range of its business transactions, is affected by financial and business conditions in all parts of the world. Our citizens will, therefore, follow with eagerness the accounts of your proceedings as reported in the daily press reports, and will await with the keenest interest whatever conclusions you may reach as to the future of the banking business.
But I shall not detain you longer with my remarks, I welcome you to this city and to our state. You have already contributed much to the welfare of both and we look forward with confidence "to the results of your present deliberations. I trust that your stay with us will prove agreeable and that we shall have the pleasure of greeting you again on some future occasion.
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The State Bank of Gypsum, Kans., has been organized with a capital of $15.000. J. E. Duffield is president; Wm. Schwarz, vice-president, and Chas. Swisher, cashier.
The State Bank of Forestville, Wis., has filed articles of organization with a capital of $10,000. W. H. Bastar, Samuel Perry, Herman J. Treste and others are promoters.
does any one know how much money is back of them.
“Any man can come to Chicago and rent a room right next door to any of the largest banks here and stick up a sign on the door, ‘bank without a single dollar of capital. I know this to be a positive fact. I made that statement to a banker of another state a short time ago and he said he could scarcely believe such a condition to exist in so progressive a state as Illinois.
"In Wisconsin they have gone after private
There are reasons why you get better bank stationery for your money when you specify
CONSTRUCTION
BOND
Although near the pinnacle of quality, Construction Bond occupies the middle position in price because of our method of selling direct to the man who makes your stationery, (never through jobbers), and only in amounts of 500 pounds or more.
The economies of this method of selling and handling are so marked in comparison with the multi-profit, hand-to-mouth methods by which other fine papers are sold, that Construction Bond offers a real saving to the banker who would like to secure “Impressive Stationery at a Usable Price."
Call your stenographer now and dictate:—
“ Please send us your Portfolio of specimen Letter-heads showing the various colors and thicknesses of Construction Bond, and mention the names of some local concerns who can supply it in our stationery.”
Call your stenographer now, or write it yourself before you forget it.
W.E.WROE&CO
298 Michigan Boulevard, Chicago
At the speakers’ table were:	George M.
Reynolds, J. D. Powers, A. A. Jackson, George E. Roberts, James McDonald, Otson Smith, Walker Hill, Ernest A. Hamill, Lawrence O. Murray, John J. Mitchell, E. W. Vreeland. Lewis E. Pierson, Joseph G. Cannon, William C. DeWitt, F. O. Watts, Governor Charles S. De-neen, James B. Forgan, F. L. Hankey, John A. Lynch, Charles D. Norton, Byron L. Smith, Clark Williams, Robert J. Lowry, John H. Johnson, H. M. Teller.
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Private Banks Assailed
Bank supervisors of the various states in their convention at the Auditorium hotel, created the first excitement of the week's assembly of the country’s financiers in an attack on the 650 private banks of Illinois, and a defense—quite unexpected—of the bank guaranty proposal.
Legislation in Illinois relating to the conduct of private banks, which were pointed out as flourishing without either federal or state control, was held to be antiquated, and the condition as a result of such a lack of legislation ׳ most deplorable.”
It was said the private bankers of this state maintained a lobby at Springfield “so strong that the legislature has been able to do nothing toward eradicating the evils of private banking, and it was suggested that Illinois follow in the path of Wisconsin, which has driven out every private bank in its domain.
J. M. Appel, second vice-president of the national association of supervisors of state banks and head of the banking and loan department in the state auditor’s office at Springfield, was the speaker who attacked the private banks and bankers of Illinois. After delivering his attack in the meeting Mr. Appel supplemented his statements in an interview.
“We have 650 private banks in Illinois and we have no law regulating them,” he said. “We have no supervision over the private banks and it is known that these 650 private bankers or most of them maintain a lobby in Springfield, a lobby so strong that the legislature has been able to do nothing about them.
“To own and operate a private bank in this state requires neither money nor a partner. The private banker has no use for federal or state authority. All he needs is cheek—just plenty of cheek" Nobody has any idea about the extent of their deposits. For that matter no one knows just exactly how many of them there are. Nor