THE CHICAGO BANKER	[Volume XXVII
			
STATE BANK OF GHIGAGO			THE FARMERS' AND MECHANICS’ NATIONAL BANK OF PHILADELPHIA, PA. 427 CHESTNUT STREET Capital $2,000,000.00 - - ־ Surplus and Protits 1,369,000.00 ORGANIZED JANUARY 17, 1807 Dividends Paid $12,917,000.00 ־ OFFICERS Howard W. Lewis, President Henry B. Bartow, Cashier John Mason, Transfer Officer Oscar E. Weiss, Assistant Cashier ACCOUNTS OF INDIVIDUALS, FIRMS, AND CORPORATIONS SOLICITED PRESENT NUMBER OF STOCKHOLDERS 930
ESTABLISHED 1879 S. E. Corner La Salle and Washington Streets Capital - $1,500,000 Surplus and profits (earned) 1,500,000 Deposits over - - 20,000,000 OFFICERS L. A. GODDARD, President FRANK I. PACKARD, Asst Cashier JOHN R. LINDGREN, Vice-President C. EDWARD CARLSON, Asst. Cashier HENRY A. HAUGAN, Vice-President SAMUEL E. KNECHT, Secretary HENRY S. HENSCHEN, Cashier WILLIAM C. MILLER, Asst. Secretary			
YOUR CHICAGO BUSINESS RESPECTFULLY INVITED			
			
A. IN CINCINNATI Jk, With Resources of TWENTY-ONE MILLION DOLLARS ijägSir And every facility for the satisfactory handling of Bank Accounts CORRESPONDENCE INVITED			
not meet with the approval of the people and that the bankers feel the same way about it.
At the close of the meeting the members of the club gave a vote of thanks to the speakers on motion of W. D. Curtis. In the audience were representatives of the banks, university men, lawyers and business men.
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Clearings Close to Million Mark
Minneapolis, in bank clearings for the year 1909, will cross the $1,000,000,000 line by a liberal margin, and will hold its place in the list of the eleven cities of the United States that rank that high.
The year began with smaller weekly and monthly comparisons. It was much the same in other cities. By the end of September, Minneapolis was $60,000,000 behind the year 1908. Indications then were, that the smaller movement of grain would operate to bring the city down under the $1,000,000,000 line.
October, closing with a total of $137,661,-162.68, the second highest month of record, and $10,648,829.57 greater than October of last year, has made it clear that the $1,000,000,000 rank will again be attained.
The ten-month total this year is $795,670,-414.97, compared with a full year total of 1908 of $1,057,468,860.09. To go above the line there will be needed, for the remaining two months of the year, a total of $204,329,581.03.
On the supposition that business will remain as great proportionately through December as through October and November and without allowing for the probability of an increase when the grain that has been moving so slowly begins to market greater volume, the November and December figures will be $222,931,000 and the total for the year will reach $1,017,000,000. This is a conservative estimate. An increase that would bring the total to $1,060,000,000 would be probable should the grain receipts continue to gain at the ratio of increase recently noted.
October’s increase in clearings over October, 1908, was equal to 9.2 per cent. On that basis the month of November would run to $115,518,-000 and December to $107,413,000.
Wisconsin Bankers Association asking him how many replies he had received from Wisconsin bankers on the question of guaranty of bank deposits. Mr. Bartlett wrote back that he had received 341 replies and that 90 per cent of this number was opposed to the proposition.
The speaker asserted that it would be neither just nor equitable to compel the honest banker to be responsible for the criminal banker. He cited several instances where banks have failed in places where a similar law was in effect. Replying to Mr. Schuette, he said it is absurd to say that insurance will prevent distrust, panics and failures. He said it is impossible to stop distrust occasionally under any circumstances.
“I deny that,” interrupted Mr. Schuette.
“That does not make it untrue if you do deny it,” replied Mr. Frame.
Mr. Frame made the assertion that a guaranty law would have a tendency to encourage speculators and gamblers in stocks to engage in the banking business. They would not be concerned about the safety of the deposits as long as they can fall back on the state.
Mr. Frame emphatically declared that the guaranty law in Oklahoma is class legislation and that without any question the United States supreme court will wipe it off the statute books.
“Why not assess all the people of the state instead of singling out a few bankers who have no interest in the matter?” asked Mr. Frame.
He said that such a proposition certainly would
Cutter, May & Company
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Schuette and Frame Debate
Madison, Wis., December 1.—A debate on the subject of the guaranty of bank deposits was participated in Monday evening before the Six O’clock Club by Banker A. J. Frame of Waukesha and President John Schuette of the Manitowoc Savings Bank, the principals of many disputes over the guaranty of bank deposits. Therein Mr. Schuette threw Mr. Frame off his guard by advocating a system of voluntary insurance of bank deposits, thus not making it compulsory for bankers to insure their depositors against loss.
The affair took place in the high school building in Madison. Members of the special legislative committee, that is studying the question, have gained much valuable information as a result of the debate. Mr. Schuette spoke first, followed by Mr. Frame, each being limited to forty-five minutes.
Mr. Schuette advocated that the insurance of bank deposits be made national and not state wide, and that the same be voluntary and that the depositing of a reserve fund was not necessary, merely the sending down of the certificate of deposit to guarantee the fund being necessary. These radical changes over the former plan and law, advocated by Mr. Schuette, were not expected by Mr. Frame and as a result the Waukesha banker had arguments to meet the old law, which did not apply to the case at all.
Mr. Schuette maintained that there would be less reckless banking if the deposits were insured. He said that guaranty must come, that it is in the air and that the people will have no peace of mind until it does come.
Mr. Schuette argued that insurance of deposits would prevent distrust and failures.
Although disagreeing with the Manitowoc banker, Mr. Frame said he was pleased to hear that Mr. Schuette would be satisfied with voluntary insurance of bank deposits. He said that last week he wrote to Secretary Bartlett of the