New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-11
BRIEF NOTES OF FINANCE
,,,snraphs of Current Interest
- for the Investor.

,,a perplexing studies Of the
Qns the income tax law, and there
,,r0' dedication Of intense interest
.sscjals of corporations, attorneys
snons companies and other institutions
% .s directly under the law including
,'nns ,sss real estate concerns and pri-
Naa nO The apparent completely
Is ,.w "a disturbing. and there are
wv ,..,,ons 10 be solved which must
SiW the regulations of the Treasury
ss n in the official Interpretation
p. law soon to be issued and finally
Wv curtis. where unquestonably many
% ~, noInts will receive final adjudica-
"" A New Departure.
,.uorv II next the Seamen's Bank
w ,.sings will discontinue the practice
=. vogue among savings banks of
l0s interest on deposits made after
ei e'.~, date. This action will estab =
~ r,,Is which many of the other saw
~ Institutions have long believed to be
ny, n.rk,ng. but which heretofore has
CIV nr.vented by competition. AS the
W. -, nr,vails to-day among New York
rs ~. hanks. deposits made within ten
n .t,.r January and July l and with
",aa DAYS after April l and October !
- ,ntsrest as of the beginning Of those
~. Originally the practice was in
n"'. ..s 70 facilitate the transfer of &C
80, and since then has been main
$50 "a attract depositors. So much
,.ss,.re has been taken by depositors
= ,NIs custom that the Seamen's Bank
49, "a discontinue the practice, and a
-,,ls hereafter will probably prevail
.-o,r savings institutions generally.
A Lurking Danger.
Bankers Of the country have discovered
NV weaknesses in the proposed admin
cation currency measure. a few OF
SO, ara serious and should be remedied
| ,.,ors the bill is enacted into law. Not
~, me bankers. but some of the United
s,.,ss senator's. are awakening to a reali-
atom OF one impending danger that
aid follow the passage Of the measure
| q n, present form. The bill now pro-
a.. for the absolute control Of American
,,sonal banks BY body of seven men.
,,,ss Of whom-the Secretary of the
T,.,sury. the Secretary OF Agriculture
IA me Controller Of the Currency-are
pr..s,ntial appointees and will be ex-
,ssa members of the proposed federal
har The other four range in appoint
-.,,. from two TO eight year terms 81
ost. and majority of these seven men
cav Ne aupointed by any President of the
,,,t,d States. IN the hand OF an ad-
-,,is,ration above suspicion, as the pres
-, ons must be acknowledged TO be. the
,,-s,r OF establishing formidable politi-
al machine out of the reserve board is
,s nenacing. But in the years "nlcn
yiu make up the many terms OF succeed
! ., LAMENTATIONS men may be elected
,ho will be tempted to use this federal
bOrd for political purposes. 1t Is indeed
.usrdous 10 put into the hands OF po-
Jacal board 1900 or more national banks
I'd about 1900 state banks and trust
snpanies representing the life blood OF
Jnsricsn Industry, commerce and agrl-
slture Government supervision is essen
M for the protection Of the American
vsbic, but such supervision should be
rn.Ontical, and as far removed from
puible political corruption as is the Su-
,rns Court Of the United States. If II
Vss dangerous to allow the second
Tilted States bank 10 continue while
Nicholas Biddle was identified with
rst political machine, it certainly VIII
Y dangerous TO place so much greater
over in the hands OF political board IN
as age. There is no denying the fact
lat Wall Street control would be un-
.xtunate, but compared with poliucaI
nntrol. the former would be preferaole'
VIA, the country needs is to remove the
currency and banking situation from a
losinon where it can be controlled by any
seton or am body Of men, except FOR the
bs,terment Of the whole country, and par
tcularly keep it away from the control OF
partisan political body.