15
THE CHICAGO BANKER
November 20, 190p]
What the	
Northwestern	Second—
National Bank of Minneapolis	<1 The Northwestern National Bank of Minneapolis has unexcelled collection facilities. All grain drafts on local firms are presented promptly by messenger, and country collections in the Northwest are handled through direct
Can Do For Bank	correspondents.
Correspondents	
In selecting a reserve a^ent ability to render service	Capital - $3,000,000
should first be considered	Surplus - 2,000,000
Adequate supply of wage workers.
Technical knowledge that makes possible large scale production.
Wide markets, law and order, freedom of trade and commerce.
The presence of a law and order being most essential of all.
Prof. Kennedy in his lecture said one reason why South America had not kept pace with North America in industrial growth was that while the resources of the respective continents were about the same, capital would not seek countries where there was a possibility of a revolution at any moment.
Prof. Kennedy’s next lecture will be on the “Financial Side of Capitalistic Evolution.”
West Capitalistic Section?
Omaha, November 10.—That Senator Aldrich is becoming rapidly Westernized his friends will be convinced when he returns to New York and Washington if he wears his new clothes. Former Senator Manderson to-day gave Senator Aldrich a pair of fringed leather breeches such as a cowboy wears. In discussing monetary reform Mr. Aldrich said:	“This is the capital-
istic section of the country. We shall have to look out for our laurels in the East. We used to loan money to this section of the country, those of us that had money to loan. But I expect that in order to develop our little farms (I being a farmer myself) very soon if we need any repairs to our roofs, we shall have to come to Omaha or to Kansas City to get it.”
V
H. S. McKee has been appointed cashier of the National Bank of California, Los Angeles, in place of G. W. Fishburn.
W. N. Morris succeeds J. S. Collins as cashier of the First National of Samson, Ala.
ers, on the one hand, the committee on federal legislation of the Illinois Bankers Association, on the other, is circulating a report, submitted to the last convention of the association, which speaks of the “hint” that has been given that the monetary commission may advocate a central bank, and recommends that special attention be given to this. It proceeds to give reasons why such an institution would not be adapted to conditions in this country. The chairman of this Illinois committee, one of the ablest of men, in submitting its statement admitted the need of a different and more effective organization of the present system and suggested the development and application of that of clearing house associations.
The Chicago Banker will continue to print the pertinent news on both sides of the great public question, believing that in light there is truth and that a just verdict will follow if full evidence is permitted.
Chicago Chapter
On Tuesday, November 9th, Prof. Kennedy of the University of Chicago, gave his initial lecture on “Economics” before the Chicago Chapter. He treated the subject of “Industrial Revolution and Large Scale Production” in such an interesting manner that we are quite certain the lectures which he will give before the Chapter class in “Banking and Finance” commencing November 27th will be attended by all who possibly can.
The following is a brief outline of his lecture showing the necessary prerequisites of the capitalistic system of industry:
Accumulation of wealth in form usable for business purposes.
vantage chiefly, and also for than of others, the International Securities Corporation and Felt-ham’s Bank, with that result that people had been induced to take their savings, some from the postoffice, and others from well-established banks, and put them into his bank. It was nothing but a system designed to swindle people. Prisoner must pay the penalty.’ There could not be a clearer example of the mischief that can be perpetrated through the abuse of the word ‘bank,’ and the sooner the legislature takes cognizance o׳f the rise and fall of spurious banks, the better it will be for the community at large.”
Every word of this good advice could be given appropriately in this and several adjoining states where it requires an examination as to character and fitness, and a license with the accompanying inspection, to open a plumber’s or a baker’s shop —but nothing at all for a “bank.”
The West and the Central Bank
Senator Aldrich said at every appearance in the West that he had no set design to create sentiment for, or to give to the country a central bank. In face of all of these disclaimers many believe that his trip solely was intended to prepare the public mind for such a proposal by the famed monetary commission. Powerful men in the West favor the central bank idea and great numbers of smaller bankers, as yet, have withheld their indorsement. Conditions right in Illinois can be considered as typical of the Middle West. While Mr. Reynolds was appearing in Western cities with Senator Aldrich and Mr. Roberts was addressing the Kansas City bank-