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THE CHICAGO BANKER
November 6, /pop]
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
Capital -	$3,000,000.00
Surplus and Profits -	6,000,000.00
UNEXCELLED COLLECTION FACILITIES CORRESPONDENCE INVITED
R. H. RUSHTON, President	E. F. SHANBACKER, 1st Vice-President
B. M. FAIRES, 2nd Vice-President
R. J. CLARK, Cashier	W. A. BULKLEY, Assistant Cashier
W. K. HARDT, Assistant Cashier FRANK G. ROGERS, Manager Foreign Exchange Department
SHORT, STANTON & CO.
DEALERS IN T3 /־־\ TVT T־־־\ Q
HIGH GRADE iJ U IN O
MUNICIPAL- RAILROAD-CORPORATION AND MUNICIPAL IRRIGATION
Suitable for Banks, Individuals, Trust Funds and Estates Principal Secured ; Income Assured Circulars describing offerings furnished on request CHICAGO	CINCINNATI
533 First National Bank Building	1005 Fourth National Bank Building
Telephone Central 6047	Telephone Main 1280
&unier-3ieich
Convertible Anastigmat f-6.8
There’s No Lens to Equal It
We have recently been comparing the Turner-Reich Convertible Anastigmat with the best lenses of other makers. We have compared it with the most expensive lens on the market, and we can honestly say the Turner-Reich is superior to any lenses we know of in every respect. The Series II Turner-Reich is the only Convertible Anastigmat with a working aperture of f-6.8 in all sizes. 1 he single combinations show a finer correction than those of any other anastigmat lens.
The Turner-Reich is unequalled in covering power, rapidity and the ability to produce absolute definition. Its construction is theoretically and practically perfect. Even the best German lenses do not reach the standard of the Turner-Reich. Order a Turner-Reich for 10 days trial and it will prove every word of the above claims.
ASK YOUR DEALER FOR A CATALOGUE
Gundlach-Manhattan Optical Company
817 Clinton Avenue, South, Rochester, N. Y.
which commercial paper is being taken up as it falls due. Locally our collections for several weeks have shown signs of betterment. Applications for loans are also increasing, the majority of the applicants desiring additional funds for the extension of plants or purchase of raw material to care for the rapid increase in orders in nearly all branches of industry.
“Banks generally throughout the state, I think T may say, are prosperous and the prevailing high rates of interest materially increase the income. Only a few weeks ago loans were being made as low as four per cent while the prevailing rate at present is around five and six per cent. I do not look for any noticable decline in this rate until some time after the first of the year.’’
Death Claims Byron R. Godfrey
Byron R. Godfrey, president of the Citizens Bank of North Milwaukee, died on the morning of Ocober 31st, at 7 o’clock. Mr. Godfrey has been a resident of North Milwaukee for fifteen years and was always prominent in the affairs of that suburb.
Milwaukee Banker Honored
Oliver C. Fuller, president of the Wisconsin Trust Company, was re-elected a director of the Milwaukee Auditorium Association at a meeting of the Stockholders held November 1st. Mr. Fuller received votes of 10,992 shares of stock against 1,380 received by his opponent. Check Forgers at Large
Wisconsin has had its surfeit of late of bank robbers and petty thieves and the latest report concerns two unknown men who are operating in the northern part of the state. They are described as being about twenty-three and thirty years of age respectively, smooth shaven and (Continued on page 30)
constitutionality of the Wisconsin banking law on the one side and long vested rights on the other, is now being fought out in the courts. It is a case brought by the co-partners of the Bank of Weyauwega and attacks the constitutionality of chapter 285, laws of 1909, which restricts the business of banking in Wisconsin to corporations and makes it a misdemeanor for any person or firm, not incorporated, to solicit or receive money or its equivalent on deposit as a regular business.
The Bank of Weyauwega is not incorporated, having been established forty years and has deposits of $250,000. It is urged by the bank that its right to do business is a common law right and that when the state attempts to say that it shall no longer continue to do business under an arrangement that has existed for nearly two generations, it goes beyond the limit provided in the basic law.
The state, of course, contends that the law is regulatory and in pursuance of its police power, The question is a nice one for the court and no matter what the lower court decision may be it will be carried to the supreme court for final determination.
Milwaukee and State Business
“A sure sign of business improvement both locally and throughout the state,” said E. A. Red-deman, assistant cashier of the Germania National of Milwaukee, “is the prompt manner in
HORNBLOWER & WEEKS
“Bankers and 5Brokers
Members of New York and Boston Stock Exchanges EDWARD CLIFFORD, Resident Manager 3rd FLOOR, 152 MONROE ST. - CHICAGO
through a clearing house system or by any other method, so that it be accomplished.
“Personally, I favor the central bank, simply because that plan has been long and successfully, tried by other countries and I think it could be adapted to ours. Just how it should, or could, be grafted on to our national banking system is purely a question of detail which I have no doubt can be satisfactorily worked out by financial experts.
“The objection to a central bank on account of the possibility of political contest for control can, I think, be met by proper legislation. The objection to it on the ground that our country is too large is, in my opinion, weak. It is not as easy, of course, to conduct a vast business as it is to manage a small one, but the difference is only a question of knowing how.”
Wisconsin Banks Heavily Taxed
As explained in the “corporation tax” clause of the new tariff law, mailed in pamphlet form to all corporations in this state by the Wisconsin Trust Company, our state banks will be obliged to pay the government one per cent of the net earnings. The very small bank with a net income of less than $5,000 will not be affected. In determining the net income a corporation will be permitted to deduct from its gross earnings for the year the following:	Ordinary expenses
paid; losses sustained and not covered by insurance ; interest actually paid on deposits; taxes actually paid; allowed, $5,000. The one per cent tax upon the remainder will be payable during the month of June, each year. All other corporations, except labor, agricultural or fraternal organizations are similarly affected.
State Banking Law Involved
A case which will develop great interest in this state, in that its determination involves the