15
THE CHICAGO BANKER
November 24, 1909]
What the Northwestern National Bank of Minneapolis Can Do For Bank Correspondents	Third— The Northwestern National Bank of Minneapolis gives its correspondents the benefit of a very extensive list of par points.
In selecting a reserve a^ent ability to render service should first be considered	Capital - $3,000,000 Surplus - 2,000,000
and A. A. Hunt will succeed James C. Jones as counsel. C. M. Forster and Thomas Wright resign as directors. The sale price was $200.
An event of general interest to St. Louis insurance men during last week was the resignation of Harry M. Coudrey from the presidency of the Continental Assurance Company of America and the International Fire Insurance Company of America, the two companies organized under the same charter and controlled by the same persons. A meeting of the board of directors of the companies has been called for the first part of this week.
It is. said that Walter J. Miller, president of the First National Bank of Lamar, Mo., will be elected president to succeed Mr. Coudrey. Mr. Miller is now first vice-president of the company. He was in the city the latter part of the week and announced his intention of resigning from his bank presidency at the first meeting of his board in January and of taking up active management of the insurance companies. He has had many years’ experience in the insurance business in Southwest Missouri.
Articles of incorporation were filed last week for the Bankers Old Line Life Insurance Company of St. Louis, to be capitalized for $250,000. The company plans to write on the provident or monthly payment plan. The following directors, all of St. Louis, have been selected: G. R. Alexander, Dr. D. C. Todd, Charles Spies, C. E. Blair, Jesse A. Steele, E. O. Row, W. J. Bloomer, John B. Carroll and H. T. Crist.
V*
New Bank at Elbridge
A new bank has been organized at Elbridge, Tenn., with capital stock of $15,000, and a building will be erected for same. The following officers have been elected: W. T. Call, president; J. L. Wright, vice-president; N. P. Man-ley, cashier.
ly when it is repugnant to all the well established theories and principles of our own country.
A prominent London financial paper, in discussing the central bank idea, says:	“A central
bank could prove eminently successful only, in the event that the branch bank system be adopted for the individual institutions.”
Would this suit the people of our country or be in harmony with the spirit of our government? The great central bank would soon hold, practically, the entire reserve of the banks of the country. Would it not be subject to political management and therefore subject to political attacks? Would not an attack on the central bank be an attack on the banking theory of our country and therefore an attack on every bank having its reserve so deposited?
Very truly,
W. C. ROBINSON,
Pres. First National Bank, Winfield, Kan.
November 16, 1909.
Insurance Situation in St. Louis
St. Louis, November 22.—Announcement has been made of the action taken by the board of directors of the St. Louis National Life Insurance Company, at! which 531^2 shares of stock formerly held by the Missouri-Lincoln Trust Company had been sold to the National Reserve Life Insurance Company, a new Missouri corporation organized as a holding company for the purposes of this deal. The board accepted the resignation of President E. S. Lewis and five other officers and directors. The resignation of T. F. Meyer, the vice-president, was offered, but has not been accepted. Victor William Reitz, for years a real estate man in St. Louis, has been elected president of the company; W. L. Rowley succeeds Dr. H. D. Brandt as secretary; W. A. Kammerer succeeds W. F. Carter as treasurer; O. T. Upshaw has been made medical director,
We hear much of the “panic of 1907.” This was simply a result of “centralized power.” There was no legitimate reason for this panic, other than a fight in New York City between the banks and trust companies. If the banks outside of New York City hadn’t got “scared,” it would never have gotten West very far—not beyond the “centralized” power of the New York City banks and trust companies. If the New York banks had gone together and liquidated the Knickerbocker Trust Co., (whose assets were adequate) there would not have been a “Panic of 1907.” The Morse and other similar influences would have soon been eliminated, and business would have assumed its normal condition. Trust companies could have been put before the people, governed by the same laws, as to reserve, as national banks, and the unfair competitive conditions would thus have been done away with. There would then have been no possibility of a recurrence of 1907 conditions. How would it be possible to keep a central bank out of politics ? Soon the banking business, with its great central bank, and branch banks, would be “plums” for political distribution, and the individuality of the banking business of this country would be gone. The central bank idea surely puts the government into the banking business, which is obnoxious to many, and is one objection made to our present national bank system. Is there not some other solution to this problem?
Many people criticize the business methods of Carnegie and Rockefeller—crushing competition. With the central bank and the branch system, would not our government be doing a like thing ? One of the strongest features of the banking system of our country is the individuality that it develops. Why not foster and perpetuate this very desirable and strong element in our business character? Let us take from Europe and elsewhere, what we consider good, but we do not have to adopt their theories as a whole, especial-