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THE CHICAGO BANKER
November 20, 1909]
C©1®
(Department of Chicago Banker)
An Open Forum Dedicated to the American Institute of Banking in Which to Advance the Great Movement for Systematic Education and Universal Membership
Baltimore Chapter
President Raymond B. Cox, of Baltimore Chapter, American Institute of Banking, presided over the first meeting of the winter season, and judging from the large attendance Baltimore Chapter means business.
The speaker of the evening was introduced, Hon. Pierre Jay, first vice-president of the Bank of the Manhattan Company, New York, and formerly bank commissioner of Massachusetts, and president of the National Association of Supervisors of State Banks, who spoke on “Savings Banks, Their Merits and Demerits, and Points Wherein They Could be Improved.”
In the course of his remarks Mr. Jay took the opportunity to express the opinion that there is no necessity for postal savings banks. This question, he declared, is not a national, but a local issue, which could be disposed of by proper savings bank restrictions and provisions by the state governments along the lines of the savings bank laws of New York and Massachusetts, which are considered to be models in bank legislation.
"Ihe state that does not make proper provisions for savings banks,” declared the speaker, “is placing obstacles in the progress of popular thriftiness.” In the course of his remarks, Mr. Jay pointed out the various opinions concerning savings banks which prevail in different sections of the country. The Westerner, he declared, cannot comprehend the mutual savings bank plan that is in operation in the East, nor on the other hand can the Easterner understand readily the theory on which the savings institutions of the West are founded. The speaker’s idea was that all savings deposits should be considered in the light of trust funds, deposited, not alone for safekeeping, but for investment, hence, should be distinguished from commercial deposits in the hands of the bank officials when they place investments.”
President Cox announced the program for winter study. There will be two courses offered, one to be known as “Commercial and Banking Law,” and the other as “Banking and Finance.” At the close of the year examinations will be held and the successful participants will be given certificate of scholarship.
Ex-Pre'sident James D. Garrett, as a delegate to the Seattle convention, submitted a report on the proceedings of the convention, which was full of interest.
Following the speeches, came the entertainment ; plenty of good music, and a smoker, which brought the men in closer touch with each other.
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Philadelphia Chapter
The Quaker City Chapter of the American Institute of Banking added another memorable program to its enviable list in the one presented at its meeting on November 5th. The first speaker was Theodore Justice, of Justice, Bateman & Co. Mr. Justice is not alone prominent in local wool and civic circles, but will be remembered as one of the experts summoned before the recent tariff commission. He chose wool for his topic.
The second speaker was the Rev. Dr. David M. Steele, of the Church of St. Luke’s Epiphany. He took for his subject, “Does It Pay for a Man to be Rich?”
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W. S. McCormick and others, of Salt Lake, are promoting a new bank at Bingham, Utah.
with the University of Birmingham whereby a course of ten lectures on English Composition and Banking Correspondence will be given by F. Tillyard, and a course of ten lectures on Political Economy by Professor Kirkcaldy.
Questions on Banking Practice
The demand for the new volume of Questions on Banking Practice, issued by the Institute of Bankers, has been very cordial, and already a large number have been purchased on behalf of the different banks. The volume represents a careful revision and collation of the answers to questions which have been given in the Journal of the Institute during the thirty years of its existence. A sub-committee composed of J. C. I attersall, of Lloyds Bank, F. Straker, of the London and South Western Bank, and Secretary, Mr. E. Sykes, carefully revised the questions throughout, omitting such as were no longer of general interest, whilst all references were verified and brought up to date. Where points of law were involved the council freely availed themselves of the services of their counsel, Sir John Paget, Bart., K. C., and of E. H. Barchard, of the firm of solicitors to the Institute. Enriched with copious index, the volume represents a most useful work for ready reference to bankers. The work involved in dealing with the enormous number of questions must have been very considerable, and the subcommittee are to be congratulated on the result of their task.
St. Paul Chapter
__ Maintaining its average record the St. Paul Chapter won all three events in the contest Tuesday night between the members of the Twin City bank clerks’ organizations. G. C. Sutherland of the Capital National won the adding machine contest, aggregating 250 checks in three minutes and fifty-four seconds. A. Turnquist of the First National of St. Paul was second in four minutes and three-fifths and S. H. Harley of the Second National was third in 4:02 1-5.
C. R. Nienhauser of the First National of St. Paul won the money counting contest in six minutes and forty-two seconds and S. H. Plummer of the Northwestern National was second in seven minutes and thirty seconds.
A. Turnquist of the First National of St. Paul listed and added fifty checks in two minutes and fifty-seven seconds. К. M. Morrison of the First National of Minneapolis was second in three minutes and six seconds. Mr. Turnquist made a world’s record by listing 500 checks on the machine in seven minutes and twenty-six seconds. The former record was seven minutes and twenty-nine seconds.
The prizes were distributed after luncheon as follows: Sutherland, gold watch; Harley, military brushes; Nienhauser, umbrella; Plummer, signet ring; Turnquist, pearl cuff buttons and two stick pins; Morrison, link cuff buttons. Judges were С. B. Brombach, H. E. Cass, E. S. Jones, W. C. Hall, P. J. Leeman, H. E. Cobb, P. A. Sandberg. The contest was in the new First National.

The First State Bank, of Wetauka, S. D., is a new enterprise with a capital of $10,000. F. B. Gannon is president; E. B. Friel, vice-president; J. B. Hamilton, cashier, and Leroy Askey, assistant cashier.
Busy Season with the British Institute of Bankers
London, November 10.—The statistical information relative to the 1909 examinations of the Institute of Bankers has now been issued. The number of candidates has again increased— 3,489, as compared with 3,180 in 1908. The number of papers attempted by preliminary candidates was 5,987, or 357 more than last year. Of these, 3,926 were approved by the examiners, as compared with 3,737 last year. The percentage of passes has fallen slightly, from 66.3 to 65.5, reductions being shown in economics, commercial law and bookkeeping, and increases in practical banking and commercial arithmetic. The number of papers attempted by final candidates was 4,260, as compared with 4,396 in 1908. Here again the percentage of passes has fallen, from 54.4 to 50.7, due chiefly to the great increase in unsuccessful candidates in commercial law. The percentages of passes in practical banking and in English composition and banking correspondence still keep very low, 40.3 and 41.6 respectively.
The Examiners’ Reports
The reports of the examiners are a little more satisfactory than those of a year ago. The examiner in economics considers that there was, on the whole, an advance in quality, but adds that it was evident that many of those who failed had read nothing of value. The examiner in commercial arithmetic reports that two candidates earned full marks, three earned 99, seven 98, six 97, nine 96 and three 95. The examiner in composition and banking correspondence regrets that the number of failures is again considerable. The examiner in bookkeeping states that, as it had been noticed that many of the candidates on previous occasions answered the theoretical questions only, ‘ it was decided that on the present occasion they must attempt to answer one practical question at least in order to succeed.” No doubt it was owing to this change that the percentage of passes fell from 64 to 57.
The Tutors’ Records
It is always interesting to peruse the advertisements, issued yearly by the various correspondence tutors, in which they announce the successes gained by their students at the last examinations. From those which we have seen—and tutors do not hesitate to mention everything possible in their own favor—it would appear as if the George Rae prize for banking fell to a student who did not avail himself of the inestimable services of any one of them. Out of sixteen “honors” obtained in composition and banking correspondence, thirteen were gained by correspondence students, a fairly large proportion. All the five “honors” in banking, and one out of four “honors” in commercial law were gained by correspondence students. All the tutors but one seem to have failed to bring any of their students up to the “honors” standard in economics.
Forthcoming Lectures
The Institute of Bankers (London) announces that a course of four lectures on Bankers’ Advances on Stock Exchange Securities will be delivered by A. R. Butterworth, Barrister-at-Law, at the London Institution, E, C., during the present month and December. The lectures will also be delivered by Mr. Butterworth at Birmingham and Liverpool. The Institute further announces that arrangements have been made