[Volume XXVII
THE CHICAGO BANKER
24
AT LAST
A Perfect Lens within the Reach of All
THE ISAR
A new high grade Universal eight system Symmetrical Doublet. <1 Each member a perfectly corrected Anastigmat. {Two lenses in one). <1 For Quality the ISAR cannot be excelled. If For price the ISAR cannot be equaled, Send for Booklet.
Ten days’ trial through your dealer
.... SOLE SELLING AGENTS	--
HALL & BENSON
NEW YORK
25 West 42nd Street
Bankers on their Vacation
More than half the pleasure of a vacation trip is derived from pictures taken. But they must be well taken to satisfy the discriminating man of taste
j Perfect j Results
Koilos
Shutters
Crown
Anastidmats
Crown Anastigmat Lenses are made in two series, either one of which is capable of the most exacting work, and when ordered in a shutter of such efficiency as is the Koilos, are full guarantee of absolute satisfaction
For sale by your dealer, or direct from us
Crown lenses will be sent to bankers on approval, with two weeks’ trial
CROWN OPTICAL CO., Rochester, N. Y.
Kansas City
IB
&
CO
St. Louis
squarely. We have proceeded in this compromise proposition upon honest business convictions, and I would not consent to having any other than an honorable, straightforward course pursued.
Money Conditions Good
Eugene A. Snowdon, representing the National Bank of Commerce, at St. Louis, is in Memphis. Fie says money conditions are very satisfactory in the territory, which he covers, and expects to see the crest to demand for crop purposes within the next thirty days. He reports rates varying from 5 per cent upward. New Surety Company in Oklahoma
The Southwestern Surety Company of Durant, which will do not only general surety business, but will insure bank deposits, was chartered to-day, with an authorized capital stock of one million dollars. The officers are: President, W. B. Munson, Denison, Tex.; vice-presidents, J. B. McDougall, Denison, Tex.; H. T. Douglass, Shawnee, Okla.; R. L. Autrey, Houston, Tex.; J. L. White, McKinney, Tex.; W. S. Hibbard, Denison, Tex., and S. A. Whale, Durant; secretary, S. Pancker, Denison, Tex.; assistant secretary, H. W. Pentecost, Guthrie; treasurer, G. L. Blackford, Denison; assistant treasurer, M. L. Bragdon, Muskogee. There are thirty-three directors, most of them being Texas and Louisiana capitalists.
Bank Balances
Quite a number of state banks last week filed in the state department of insurance and bank-
pective patrons to the effect that the claim is being unfairly resisted by the Surety Company, which is certainly not the case.
The City of St. Louis has passed a resolution that no surety company in default with the ctiy shall be accepted as surety on any city bond; thus we are deprived of the city’s business, and if this case is carried to the supreme court of the United States the National Surety Company will suffer for a further period of at least three or four years. Either side might take the case to the supreme court, many legal points being involved, and we contend the decision in the Curran printing case by the supreme court of Missouri supports our contention absolutely.
As a business proposition the surety company believes that the city will largely gain by accepting the compromise offer, and this view is taken by every banker and business man in the city with whom I have talked. The present mayor and his predecessor favor the bill; it was passed by the council last year, and introduced too late to put it through the house. This year the house has passed it, and the committee on ways and means of the council will hear the case Lriday at 3 p. m.
So far as this company is concerned, there has been no effort made by it or by any one connected with it, directly or indirectly, to influence votes by promise of money, nor has any one connected with the city government suggested to this company that it should pay any money for votes. Every one connected with the city government has treated the company fairly and
William B. Joyce, president of the National Surety Company of New York, who is in St. Louis in connection with the bill now pending in the municipal assembly for a compromise of the city’s claim of $200,000 against the company on account of the Kern lighting contract gave out a statement in which he said:
This case arose in June, 1900. The Kern Company took the contract for lighting the streets. They were to begin lighting in September, 1900. In the contract was a provision that if the board of public improvements did not think the Kern Company was making sufficient progress “getting ready” to light the streets, then the board could cancel the contract. The board was not so satisfied and did cancel the contract in June, 1900, three months before the contract was to begin, even though the Kern Company had already made contracts for so much material that it became insolvent paying for it, said material being rendered useless by the board’s action. The city then awarded the contract to another lighting company at a much higher price.
An agreement had been made to let the Kern Company use the necessary poles then erected, etc., therefore the city suffered no actual loss of money and, we believe, in all fairness, it should accept the $100,000 now offered.
The matter has already been running for nearly ten years. The Surety Company is and has for years been suffering the loss of a large volume of business because of the action of its competitors in creating an impression with pros-