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THE CHICAGO BANKER
October 30, 1909]
risk of the interests of the bank is not proper and legitimate banking, and the entries on the books of the bank as loans and investments do not conceal the fraud thus perpetrated upon the bank.”
swept aside by the federal judges as immaterial should be pondered over by state judges, who are prone to look upon any kind of a technicality of procedure as material.
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cided to resist inspection by the state department of banking. The organization does not object to giving the statements required by Superintendent B. B. Seymour, but the purpose to make inspections does not go altogether too well with the proprietors of the private institution. Another case of standing in their own light.
tijF you ask me what method of currency re-1 form I believe in,” said F. A. Vanderlip to the Chicago Tribune, “I should say without hesitation that I favor a central bank. At the same time if you should ask me what I mean by central bank, I should hardly be able to explain.” And this will not be believed by a whole lot of people..
itJVT OW te^ me	wr'tes a correspondent.
i> “If it has been possible in the past for a little company of bankers to make panics or abate them—to stop the wheels of national industry or set them going, and if these things can be done by private bankers without the consecration of political office, how irresistible will be the action of public bankers armed by law with a central and decisive authority?”
You answer him.
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the pride of a customer that he deals only with bankers of this conservative type.
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$1,500 reward for the mere sight of the fellow who “blew off” a burglar-proof out at Shubert. These are strange times when guaranteed deposits are not paid off in Oklahoma and burglar-proofs go up at the touch of a match in Nebraska.
UTJ ANNIBAL, the metropolis of northeast IT■ Missouri, is justly famed for its beautifu scenic surroundings. Located on the high limestone cliffs of the Mississippi river and Bear creek, Hannibal sits like a monarch upon his terraced hills,” says the historian but fails to say that the Hon. Jim P. Hinton also is a part of the assets.
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club house this evening. Dinner at 5 :30. Among those serving on the committee are Mr. and Mrs. E. V. Bacharach, Mr. and Mrs. F. W. Smith, Mr. and Mrs. C. Frank Spearin, all of the Corn Ex. This club is the outgrowth of a little pastime group and has come to its present size and importance because of the real pleasure it gives to guests and patrons.
INVESTIGATING Wall Street, Gov. Hughes’ 1 committee found plenty of difference of opinion about remedies, and even about facts, but some of the testimony to which they listened has a decided general interest for the country. A stock exchange member of forty years’ standing stated that every one who enters Wall Street, except as a broker, loses.	Cashier.
ANOTHER high record was made by the Kansas City banks last week. The exchanges through the clearing house were $58,071,898, exceeding those for the corresponding period last year by $17,037,297, an increase of 41.5 per cent. The best previous record was for the week ending October 7th, this year, when the total was $57,289,75°.
NO other important American city shows as large an increase in the unfailing barometer of business—the country’s bank clearings. Three years ago Kansas City’s bank clearings were $2,-800,000 larger than Baltimore’s; 5 millions above Cincinnati. Last week they exceeded the combined clearings of Baltimore and Cincinnati. Three years ago they were 2ij4 millions behind Pittsburgh; last week, 7 millions ahead of Pittsburgh.
WE receive so many beautiful, alluring picture cards offering “genuine Turkish tobacco” cigarettes that the wonder is how they make the 240 pounds of real Turkish tobacco on which tariff duties were paid last year go so far? Another case of “guaranteed 25,000 circulation,” perhaps ?
THE above is a misguided gentleman getting ready to retreat from Decatur where he bet on the wrong candidate for secretary. He should have hedged on the Phillips amendment.
UP in Milwaukee the thing to do is to drop in on Henry Kloes of the First, and get his “mint” story. If that doesn’t do you, call on Bornique at the Wisconsin and ask how the ducks are flying. He is an ardent hunter.
HUGHES AND WALL make a fine publicity team when they get their heads together. The one thinks up the plans of spending money and the other those for saving it. A scheme or a paper to get past the pair has to be pretty nearly O. K.
T OHN B. CLEMENT, a well-known Philadel-*J phia business man, has been elected to fill the joint positions of second vice-president, secretary and treasurer of the Central Trust Company of Camden, N. J. Camden is just at the other end of the ferry as you go to Atlantic City.
YOUR old friend Charles H. Treat has furnished to us what may be termed his farewell address as United States treasurer, giving his ideas of the Central Clearing House Bank. Take our word for it, you ought to read it.
HENRY CHAPIN, JR., who has just died, was a conspicous figure at western banking connections for ten years. He was a vice-president of the National Bank of North America and had many warm friends to sorrow at his death.
THIS will make you a good pipeful and comes direct from a federal circuit court. Said the judge in deciding the case:
“For a promoter of various enterprises to obtain the funds of the bank on the security of unmarketable bonds of his own enterprises at the
44/GUARANTEED circulation 25,000” bank-vJ ing paper is non est, after two issues of about 126 copies each. Now we have from the same source a bankers’ publicity proposal, to do your advertising. We are sitting up nights helping along just such beautiful schemes.
HENRY M. CARPENTER of Monticello, la., was in Chicago Saturday last, enjoying a flirtation with a big Winton six-cylinder self-starter. Symptoms developed rapidly during the day and at 5 p. m. it was thought Mr. Carpenter could not hold out much longer. He also was visiting his two sons, at present studying in the Chicago University.
WE hear that Henry A. Smith oi the Commerce, New York, hasn’t quit telling yet what a fine time there was at the big Chicago convention of the A. B. A. He’s a cheerful soul to know.
iiTl/r IDWAY MAGAZINE,” published by the iVl Chicago University, will hereafter take no advertisements. “It was learned that persons having business relations with the university were complaining of being ‘held up’ for ads,” says the managing authority. Bank house organs often cause the same complaint in their anxiety to make the “borrowers” pay the freight too freely. A good bank will be hurt by such methods whether used upon borrowers or upon supply houses. Two or three state secretaries are subjects of complaint upon like ground.
EVERYBODY says the Phillips amendment will go through “next time,” and so it ought. No real amendment was proposed nor offered at Decatur. No length of term, the number to be elected from each group, nor the gross size of the council was stated. Mr. Hamilton’s plan of having all councilmen elected from the groups, but basing representation upon membership in the group is the ideal solution of the question.
OFFERING bank stocks, down from legitimate quotations, by brokers, who merely want to bear prices so that they may fill orders at profit to themselves, is again in full swing. Postal cards are used for nearly every respectable bank publication refuses to longer run the artificial “Bank Stock Quotations” tables. Follow up a few of these “offers” and you will see the point.
ANEW field for Keyser! Having all the banks in and cared for he should so educate the people that they will swear off hiding their money in socks and other queer places for safekeeping. • Right in Joplin is as good a place as any to begin. When a groceryman lets $1,000 burn up “with the waste paper” it is time to start something. General agitation by bankers on putting money in the bank would pay. The A. B. A. would find such a bureau more profitable to its members than any it now maintains. We believe Keyser could handle it.
DOUBTLESS Representative Bird McGuire spoke frankly when he said he had not heard of “any orthodox movement” to retire Speaker Cannon. From Mr. McGuire’s viewpoint any movement hostile to Cannon is essentially the work of heretics.
S NELSON CHESNEY was in Chicago last week bearing his new honors as “member of the nominating committee for Illinois” at the next A. B. A. convention very modestly. “As I look at the matter now,” said Chesney, “I shall probably favor Mr. Watts for president and Mr. Livingston for vice-president. I shall be for Joe Chapman for chairman any time he qualifies and my advice is asked.”