Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1910-05-21

ating or maintaining street car tracks
located in and along the different
streets within the city shall. except
as otherwise expressly provided in
the respective ordinances under which
tracks have heretofore been or may
hereafter be authorized to be laid,
WHEN ORDERED so TO DO BY
THE COMMISSIONER OF PUBLIC
WORKS, keep moistened and well
sprinkled with water in a manner sat.
isfactory to the said Commissioner,
the several streets upon and along
which they or either Of them may op.
crate and maintain his or its respec.
tive railway tracks.
Any person or corporation violating
any Of the provisions Of this section
shall be fined not less than twenty.
five nor more than one hundred dol.
lars for each ofense. and each and
every day on which any such person
or corporation shall neglect. fail or
refuse to comply with any Of the pro-
visions Of this section shall constitute
. separate and distinct ofIense."
~
A stringent State law II needed 10
regulate the establishment Of banks.
There are too many wildcat financial
schemes now In existence in Chicago.
Not wishing to compete with the big
banks, irresponsible people are starting
up small banks In the outlying districts
Of Chicago, from time to time. This
practice has had disastrous results
upon the business aud financial inter.
ests Of the entire city. Many hundred
small business men and traders have
been ruined by this class Of institu.
tlons.
This nefarious practice should be
stopped and the only way to stop It 10
by municipal legislation.
A provision ought to be made in the
city charter authorizing the city under
Its police power to regulate the estab
lishment Of banks and creating In
pursuance Of this work a board for
the examination Of all proposed new
banking concerns. Such board
should be given ample power to exam.
Inc into the financial standing Of the
promoters Of these institutions, and
none should be allowed to be licensed
unless such a. could show assets ample
for the carrying on Of their business,
sufficient to cover the amount Of their
deposits, and sound and substantial
enough to thoroughly protect their
dep0sitors.
There can be no question 40 to the
right and the justice Of the city to
exercise such power under a properly
constructed charter provision. II the
city has the right to regulate plumb.
ees, to regulate engineers, to regulate
the electrical business. to regulate pawn.
brokers and the scores OF other busi.
ness enterprises and Industries over
which II exercises unquesti0ned super.
vising powers, It certainly has q per.
feet right to regulate the banking bust.
ness. which 10 Of far more Importance
than anything In the line Of business
In the city. because upon the legitimate
and honest business methods of these
institutions depends the welfare Of the
entire city In Its business and CONNER
cial life. while methods Of contrary
kind INDUCED In by small, irresponsible
speculative concerns only results In
failures that involve injuriously the In.
terests Of the entire community. How
often have we seen 1t that the failure
Of one Of these little banks. started
upon insecure and irresponsible founda.
tions, and doomed by fraudulent and
false representations, have dragged
down to ruin hundreds Of good. hard.
working, thrifty and deserving citizens.
The licenses Issued by the examin.
Ing board, which, Of course, should be
composed OF responsible citizens and
able fnanciers. should be OF a charac.
ter that would be absolutely prohibi.
tive OF all schemes and projects for the
establishment Of phony concernc OF this
kind.
This would he welcomed by all sound
and responsible banking houses,
whether private or national.
Banks like the IIibernian Banking
Association, the Graham & Sons. the
Union Trust Company. the South Chi
cago Savings Bank, the Commercial
National. the Continental National.
Drovers Deposit National. Illinois
Trust and Savings, the Fort Dear
born National. Northwestern Trust
and Savings Bank. South Side State
Bank, Merchants Bank. National
Bank OF the Republic, State Bank oi