The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-10
RECKLESS BANKING METHODS

New York Press: 1t appears that
the Illinois National bank was carry
ing too many sons-in-law.
Washington Post: The officials of
Chicago's wrecked bank were daring
financiers when it came to risklns
other peoples money.
Portland Oregonian: 1t is bad bank
ing that has wrecked the National
Bank of Illinois. No bank has re-
sources enough to hold out against
the consequences of recklessness in
making loans.
Louisville Commercial: 1t appears
that the directors of the Illinois bank
of Chicago did not know anything
about the business of the bank except
what the officers chose to tell them.
Memphis Commercial-ADp The
managers of the Chicago bank appear
to have been governed by the morals
of the highwayman. They used and
abused the bank to further the schemes
of spOliation.
Rocky Mountain News: 1t is now in
evidence that the directors of the Ma
tional Bank of Illinois succeeded for
some time in covering up the unsafe
nature of a portion of their loans from
the scrutiny of the examiner.
St. Louis GIobe-Democrat Unhap-
ply SOItlI u the llllIiOlS ANcbAOAAdl II
Irregularities seem to have evaded the
bank examiner at the time of his in
spection of its accounts, which raises
a suspicion that bank examinations do
not always examine.
For 90 years hardly one bank has
disastrously failed without fragrant
and long-continued misconduct on the
part of it's officers which even toler-
ably honest and alert supervision would
have discovered and arrested in time
to avert the catastrophe.
Rittsburg Dispatch: National banks
are bound by every rule of honesty and
good faith to observe the restrictions
which keep them within the limits Of
safety. Any tale of selfish movements
of street railway monopolies as justi-
ficatiOn for going over these bounds IS
entirely beside the mark.
Minneapolis Tribune: There is a gen
eral demand that examples be made of
bank directors who do not direct; that
they no longer be allowed to escape
public censure or legal responsibility
for the losses of the banks depositors
or creditors on the plea that they did
not know what was going on.
Cleveland Leader: When through
negligence or oversight of such officials
banks are permitted to be wrecked by
their officials, prompt and vigorous
prosecutions ought to follow. limo
cent investors have no other protec
ton, and that protection ought to be
guaranteed to them at all times.
Boston Herald: The explanation of
the recent bank failures in Chicago
and the consequent embarrassment of
other institutions there and elsewhere
in the west is undoubtedly to be found
in the reckless speculation that has
been going on, with the encouragement,
if not the actual participation, of the
managers of some of the banks.
Indianapolis News: No mercy should
be shown to the men who have
wrecked this great institution. Bank
ers are trustees. People are compelled
to trust them. They have a right to
insist that their investments shall be
made as safe as possible, and that
punishment shall be melted out to any
man who betrays their interests.
The faculty at Yale proposes to adopt
severe measures With the students who
carouse around the streets at night.
Des Moines Register: Bank presi-
dents who are honest do not allow
sons-in-law to get hold of sums of
$500, 900 without giving adequate secur-
ity, and even with adequate security
the law limits loans to a single person
or corporation to 10 per cent of the
capital stock, which, in the case of
the National Bank of Illinois, was ST.
ono 000