11
THE CHICAGO BANKER
November го, !pop]
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
$3,000,000.00
6,000,000.00
Capital
Surplus and Profits
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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. ROGEIRS, Manager Foreign Exchange Department
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Telephone Central 6047	Telephone Main 1280
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shown in the Senator’s address, but really, I do not believe that this matter was ever given serious consideration by the members of the commission. While, of course, Senator Aldrich will not commit himself to any particular form of banking idea, I do not believe that it is difficult to read between the lines, and that the commission will report in favor of the central bank. The idea is all right and the details are only a matter to be worked out later by competent minds.”
Milwaukee Chapter Meeting
The relations between financial transactions and industrial activity was the subject of a lecture by Prof. E. D. Howard, of Northwestern University, before the Milwaukee Chapter of the American Institute of Banking on the evening of November 12th. Prof. Howard used a map showing the banks of the country as the heart of the economic system with media of exchange, money and credit as the arteries connecting it with the various functions of production and distribution.
The publication known as the “Index,” formerly issued by the Milwaukee Chapter, has been suspended and the committee turned over to the treasurer a certificate of deposit for $200. The board of directors was authorized to invest $1,000 from the reserve fund in some good bond. Dr. Paul F. Reinsch was made an honorary member of the chapter.
Country Bankers Hear Aldrich
Many out of town bankers from various parts of the state came to Milwaukee, Monday, to hear Senator Aldrich. Among the visitors were noted the following: J. P. Fitch, assistant cashier, Old National Bank, Oshkosh; A. J. Frame, president, Waukesha National Bank, Wauke-(Continued on page 28)
erally conceded that the securities market will be dull and prices of bonds will remain low until, at least, after the first of the year.”
Citizens Take Over Bank
The private banking corporation of H. B. Fargo & Company, of Deerfield, Wisconsin, closed its doors on Monday, November 15th, pending reorganization as a state bank. Wealthy citizens of Deerfield and vicinity have agreed to take over the institution and organize a state bank if the members of the old company will agree to a settlement on the value of the commercial paper held by them. It is understood that the old company has deposits of $67,000 and resources sufficient to cover them. The deposits will probably not lose any money.
A Country Banker’s Views
E. A. Dow, president of the State Bank of Plymouth, was one of the many out-in-state bankers who visited Milwaukee, Monday evening, for the purpose of listening to the address of Senator Aldrich. Mr. Dow is an Aldrich man and heartily advocates the principles laid down by the chairman of the monetary commission.
“The entire country is gradually leaning toward the central bank idea,” said Mr. Dow, “and it is only a question of time and the proper education of the people when we will have, if not the central bank, some such similar institution. The fallacy of branch banks was clearly
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Bank; Frederick Fasten, vice-president Wisconsin National Bank; William Bigelow, vice-president First National Bank. After the luncheon Senator Aldrich and party were taken for an automobile ride about the city after which a reception was held at the Hotel Pfister.
No Room for Pessimists
After several days spent in New York Oliver C. Fuller has returned to his various duties and is of the opinion that there is absolutely no ground for recent press rumors to the effect that the country is on the verge of depression, or that pessimism has in any way supplanted the wave of optimism, which, of late, has been so wide spread.
“The country at large and business conditions generally have never been in a healthier condition than they are at the present time,” said Mr. Fuller. “The stiffening in money rates,” he continued, “which has been the subject of so much newspaper comment of late, is a true indication of prosperity, and the fact that rates are stiff not only in New York but all over the world but adds force to the argument.
“For the first time since January, 1908, Eastern bankers have been able to secure a fair return on their money and no hardship is worked on any one when rates are at the present level. Rates of 5 to 6 per cent are not abnormal and it is only in times of violent fluctuation when call rates advance to 10, 20, and even 50 per cent that hardships result.
“The expansion of all business interests after two years of dormancy is tremendous and calls for money for this purpose, coming as it does just at the time of the marketing of the world’s crops, creates a situation which severely taxes our present inelastic currency system.
“While bankers with whom I talked see no reason to alter their optimistic views it is gen-