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THE CHICAGO BANKER
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stock helps the talk of a new bank where the going is so good.
of 1909,” and is very indignant over the claim that the farming scene on the cover was taken in Iowa.
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Bonds.”
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City but it never can change him from being a
good fellow and good banker.
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suit of their private tourney at Glen View convention week. It all was owing to the new bifocal golf goggles which Mills wore. In putting he could keep one eye on the ball and one on the hole. Cinch ! Try them.
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ing house institutions, and leisurely approaching the counter said in an artless way, “Can you tell me anything of a former Chicago banker named John R. Walsh?” We refuse to print the answer.
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tion, was in Chicago Tuesday on his way to the waterway conference. He is on the banking and currency committee in the house and what he will say in his annual address at the Decatur convention next week will be in a sense a keynote speech. He isn’t likely to fall on the neck of the central bank, nor to abuse the people of the states where bank guaranty is being tried out. Mr. McKinney falls naturaly in line with his friend Vreeland in wanting the banking and currency committee to “do something.” His Decatur address may tell what he hopes to help to accomplish.
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a large part of the town, Mr. Rinaman telegraphed to know if he must change the plans for the Illinois convention. Some towns with half the excuse would have welched, but not Decatur. “Come on,” they said. “We’ll be ready for you.”
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field, Peoria, Urbana and other cities, and may visit them with profit and in all comfort. The trains run frequently and the rides are pleasant and occupy but little time.
The list is getting long and, so far, there hasn’t been one failure. Every chapter city can show where chapter recognition was quickly followed by tender of a better position. This is the direct and profitable result of the educational plan upon which the organization directs its energies. A. Waller Morton, an ex-president of the Institute, has moved along from Baltimore, via New York, to Chicago. After Monday he will be found at the National City Bank, an assistant cashier. You will be glad to know Mr. Waller. Call around and get acquainted.
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while you are there. Call up Harrison 1410.
Cashier.
on this feature of the controversy that you may not be lead astray.
T AMES M. CARPENTER, a rich St. Louisan, *J dying, put this in his will.
“Remember that good business property in St. Louis is the best property on earth to own, so hold to such and invest your surplus in similar property or in the improvement of that which you have.”
He requested his children to hold his real estate in common and to divide in equal shares the revenue from it. He requested them to keep it free from incumbrances and to conserve it.
HE further stipulated:
“I solemnly enjoin upon my children the rule which, with God’s blessing, has been the mainspring of my success, viz., always live within your income. Thus you are secure against financial crises.” Then he put it in the hands of an able trust company.
ADVICE of this kind from a more than ordinarily rich and successful man will work great good if circulated properly. Wise and useful bankers and trust officers believe in the Carpenter doctrine and use it.
DOWN at Decatur there will be an automobile ride, a theatre party to see “The Prince of To-night,” a reception to the ladies and a luncheon and golf at the Country Club. The Chicago special over the Illinois Central, is the proper tip for the round trip. Pullmans will be parked at Decatur for sleeping purposes.
FRANK W. SMITH of the Corn Ex., Chicago, in a widely circulated letter, covering the subject of travelers’ cheques, says in part: “These cheques are issued under the auspices of the American Bankers Association and payment is guaranteed by its agents, the Bankers Trust Company of New York. They have received the endorsement and approval of all the leading banks, hotels and tourist agencies abroad, thus assuring them a world-wide circulation and prestige. In this country they will be cashed at par by all members of the association and the leading hotels.”
EK. L.—Sorry you missed Mr. Forgan’s great • A. B. A. paper. The main points made were the best banking doctrine and should be pasted in every banker’s hat or kept in view on his desk ticker. They are summarized in the next paragraph.
BANKERS guilty of falsifying or misrepresenting reports to the comptroller should be criminally prosecuted; falsification of “comptroller reports” should be made at least a misdemeanor the same as false entries used to defraud the bank itself; examiners should check up on reports made to the comptroller; borrowing from their own banks by officers and directors should be regulated by further prohibitive and restrictive legislation; this kind of borrowing is due to an evil lying at the very foundation of our banking system: the pay of the comptroller is totally inadeciuate. He should get as much as a bank president: there are three kinds of supervision: (1) By the government for the public; (2) By clearing house committee for associated banks ; f3 j By directors in interest of stockholders and depositors.
MINNEAPOLIS has a banking alliance of which she justly is proud. The Northwestern National and the Minnesota Loan & Trust Co. have a combined capital of $6,300,000 and resources of $35,000,000. This is going some. The high price being paid for Security National
IF THE Decatur convention was to come at a later date than next week some of the members of the council would be obliged to hire special secretaries to care for their correspondence. Even such a methodical and painstaking person as the Sage of Onarga gets them mixed when it comes to the secretaryship of the Illinois association. Mr. Durham writes:
“Apropos of the coming election of a secretary for the Illinois Bankers Association which finds frequent mention in your good paper. Some of us have received frequent communications extolling the merits of candidates from their friends. In fact, in my case they came so frequently that I found it necessary to bunch a lot of them and take a day off and answer them all at once. In doing this I clearly remembered from whom they were each received but in one case I quite forgot the one recommended. The recommendor being a prominent banker in your city with whom I had enjoyed an intimate friendship for many years, had written a stereotyped and rather high form of letter and strongly endorsed somebody for the position of secretary. In my reply I said that while I had not the pleasure of Mr. ------’s ac-
quaintance I felt sure that the association would make no mistake in electing him secretary. My
friend replied very promptly: ‘You go to ------,
I didn’t write you in regard to Mr. ------, but
Mr.------’ ”
DEFTLY put, Mr. Durham, but those of us who know you well will interpret your assumed forgetfulness to mean a polite hint to “a prominent banker” that his candidate isn’t well enough known, outside the city limits to be considered seriously down-state. Chances the writer of the original letter wouldn’t know his own candidate if he met him. This kind of press-club and ad. club politics is a form of lunacy to which the Illinois association is a stranger. It hopes to remain so.
1 ALWAYS read your paper with great interest —C. Helpenstell, Peoples National, Rock Island.
SWIFT & CO. enclose a little folder with every dividend check asking their shareholders to “ask your dealer for Swift’s goods. You encourage him to increase his orders, and to handle our products in preference to others because he finds that they invariably satisfy his customers.”
BANK managers might help along at a rapid rate by doing likewise. Stockholders, however small, like to be counted upon as a part of the enterprise. Try a few small enclosures asking for “a new account.”
Alderman c. Frederick childs, of
Lake Forest, has returned from Europe after a summer’s outing. When not legislating on such weighty subjects as street-crossings, civic finances, etc., he is the resident Chicago manager for Fisk & Robinson.
NATIONAL bank notes outstanding are $702,807,459, and of these but $75,000,000 are based upon Panama bonds. “Other bonds” are “state, city and railroad,” $12,065,000; Philippine bonds, $4,276,000. If this isn’t practical assets currency, what is it ?
HENRY W. YATES of Omaha, is on record, page 5, on the central bank question. You will want to know whether he is ally or insurgent ?
THE contest for a central bank is mild, very mild, to that which will be waged between Thomas F. Ryan and the National City Bank, for its control, if ever adopted. Keep your eye