Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1912-12-28

cent, June 80; 2 per cent, September
80; 2 per cent, December 30, 1911.
Here Is q nice little nest egg Of
S2,160.000 divided up among the stock.
holders.
when to this is added the profits
paid the parent" Bell Telephone
Company, the amount grabbed Of the
people Of Chicago Is simply enormous.
Instead Of raising telephone rates,
the City Council should lower. them.
Il 10 about time that the state Of
Illinois came 70 the rescue Of the
people and passed . law prohibiting
the misuse Of the name bank.
A. matters stand at present. any.
one with money enough 70 hire and
equip Q store can paint the name
bank on the front windows and %.
licit and receive deposits without lot
or hindrance.
Every year hundreds Of people
lose their savings through the failure
or collapse Of one or more Of these
wildcat institutions.
Legitimate banks which are In
themselves q guarantee Of security,
are passed by BY Thousands Of sim.
pie and gullible people who are
charmed by the Advertisements and
cunning allurements Of men who
never did any legitimate banking and
who never intended to do any.
The Chicago Eagle has often 70.
ferred to this matter before and Il
again urges upon the Legislature and
upon men who are seeking seats In
the general assembly. the necessity
for passing . law protecting legiti.
mate banks ane prohibiting illegiti.
mate ones.
The Telephone Trust will be fought
by the people until It ceases to be
monopoly and until it, charges are
as reasonable as the government II.
self would charge for similar public
service.
People who imagine that the pass.
Ing OF an ordinance by the City Coun.
Gil will do away with public demand
for better conditions and lower rates
in the telephone service are mistaken.
The telephone 10 necessity to the
people and no one knows this better
than che monopoly which controls II.
The purchase Of newspapers or the
purchase Of public officials will not
help the cause Of monopoly.
The newspapers which support mo-
nopoly have lost their influence with
the public. which 10 intelligent and
possessed Of good memory.
Public offcials who give away the
peoples rights or show favors to the
telephone monopoly will not be for
gotten.
On the contrary. they will be prop.
erly branded and will be retired to
private life.
The people are in no frame Of mind
to be trified with. They are showing
this every day and at every election.
The man who sells them out to .
trust may win the appreciation Of
some millionaire-owned daily paper.
but the common citizen, who 10 in.
suited. neglected and overcharged by
the telephone service, will not forget.
There IL one thing that the average
voter has q knife up his sleeve for.
That thing is the public of5icial who
favors the Telephone Trust.
~
A stringent State law 10 needed b
regulate the establishment OF banks.
There are too many wildcat financial
schemes now In existence In Chicago.
Not Wishing to compete with the bis
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 and financial inter.
ests of the entire city. Many hundred
small business men and traders have
been ruined by this class Of institu'
lions.
This nefarious practice should be
stopped and the only way to stop 1t ID
by municipal legislation.
A provision ought to be made In tho
city charter authorizins the city under
its police power to regulate the estab'
lishment Of banks and creating In
pursuance of this work Q board for
the examination Of all proposed new
banking concerns. Such Q 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 % 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