The
BANKER
Of' T №
A Weekly Paper Devoted to the Banking and Financial Interests of the Middle West
10 CENTS A COPY
Entered as Second-Class Matter January 15, 1903, at the Post Office at Chicago, Illinois, under Act of March 3, 1879
DECEMBER 18, 1909
Above is a splendid representation of the central lobby of the great First National Bank, Chicago. Probably it has no real rival in this country in point of size, and could not be surpassed in appointment or finish. It is one of the view places for persons “seeing Chicago, ” and certainly no banker ever visits the city without going there. The bank is specially equipped to care for visitors, and makes them cordially welcome.
minds of any one who studies the question in the light of admitted conditions that if a central bank is established in this country it will be owned, or at least controlled, by the Standard Oil Company.
“From my point of view, the least objectionable plan is to treat the United States treasury as far as practicable, as a central bank, and the large number of national banks as its branches. It will not do to allow the treasury to engage in banking or to issue credit currency. These functions, however, can be granted under appropriate safeguards to national banks with sufficient capital, and in cities of suitable size.
“A tax at the rate of 5 per cent per annum upon this supplemental currency would insure its prompt retirement when the need for it ceased. I see no objection to a provision in the law requiring it to be retired within 90 days, or four months at farthest. No panic has ever lasted 90 days. The effect lasts longer, but the scare, the panic, like panics of all kinds, soon subsides.”
York. When the Irving Bank consolidated with the New York National Exchange Bank, Mr. Farrell was made vice-president of the merged institutions, which position he held until last July. He then resigned and devoted his time to the settling of the affairs of the Irving Bank, some of the assets of that institution not having gone into the consolidation.
,y-
Will Standard Oil Control Central Bank?
Leslie M. Shaw, former secretary of the treasury, and now president of a Philadelphia trust company, in a talk before the Manufacturers Association of Indianapolis this week, gave his reasons for opposing the central bank. He says that radical changes would be destructive to the established basis of business, and that the sale of United States bonds by banks now holding them as collateral against circulation would disintegrate the entire credit system of the country and bring on a panic the like of which was never seen here. He said:
“I do not think there can be any doubt in the
Charles L. Farrell
Charles L. Farrell, of New York, was made a vice-president of the Essex County National of Newark, N. J. Frank B. Adams and George F. Reeve will remain as the other vice-presidents. In the absence of President Benjamin Atha, Mr. Farrell will have charge of the bank’s management. The new vice-president entered upon his duties December 1st.
Mr. Farrell comes to the Essex County National with a notable banking career behind him for one of his years, for he is only thirty-four. Born in Indiana, Mr. Farrell entered the employ of the State Bank of Indianapolis as clerk at the age of nineteen. About five years later he became assistant cashier of the Capitol National of Indianapolis.
Three or four years later Mr. ,Farrell came to Chicago to take the position of vice-president of the Fort Dearborn National of that city. He remained here until a little more than two years ago, when he went East to accept the vice-presidency of the Irving National of New