Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1922-09-20
Branch BANK
Menace FRAME:
Tells BANKERS
Authority Opposed
to City Group
Domination

About Is bankers of the county with
their guests from outside sat down to
the banquet prepared by the Wright
House kitchen Friday night and pro
ceeded to thoroughly enjoy tLe ex-
cellent cuisine Of the hostelry. After
dining came fine program and get
together" meeting.
G.. H. Baxter, pl esident of the Union
State bank of Lancaster presided. Mr..
Baxter called upon Geo. B. Clement
son, director Of the Peoples State
bank of Lancaster, to welcome the Wis
itOrs. Mr.. Clemen5tOn proceeded to
do this in humorous manner, admit
ting that he was q recognized author
ity on banking but letting that point
pass. He described a radio method
of broadcasting the names of bank
depositors sin the red" This method
has possibilities and was given rapt
attention by the convulsed assemb-
lage. Yes, bankers can smile.
A. w. Kopp Of Platteville, another
banking authority and financial ex-
ert,respnded for the guests. Mr.. Kopp
alluded to Mr.. Clementson as district
attorney rather than as banker and
said the use of the title was Ominous
in the ears of bankers. Mr.. Kopp des-
cribed the plight of after dinner
speakers and told a story OF a barber
condemned to die who gave as last
request a plea for the privilege OF
shaving the district attorney.
Marshall Cousins, Commissioner OF
Banking for the state, read an ad-
dress from manuscript. Mr.. Cousins
reviewed the growth of deposits in
the county from 100000 in 1895, to
S9.000.000 at present with resources
today Of $41,000,000. Mr.. Cousins said
there had been but two total failures
in Wisconsin banking circles in the
past rs years. He urged the attention
directors in the bank affairs as
means of keeping things straight.
He denounced "one-man" banks as
an indication that directors were not
directing" Mr. Cousins also dWelt
upon poor investments in stocks and
bonds, stating that III, many cases the
commission to the salesman was 10
per cent.
A. j. Frame of Waukesha, the rs
years-y0ung authority on banking,
talked on ''branch banking" He con-
siders branch banking, the establish
ment OF branches in rural and small
city communities by large banks IN
the big cities, as a gross evil. In Eng
land and Canada, Mr.. Frame SAID, a
few big banks control the business OF
the country. The London Joint City
and Midland has 400 branches IN
Great Britain. II large banks control
the business Of England. Four or i've
banking groups in each country con-
troll the business in France and Ger
many. One Canadian bank has l,7OO
branches in the dominion and 1t is I'M
DOssible for a borrower to get loan
at a. branch in excess OF SOU unless
the matter is taken up with the head
office. An English bank paid "a per
cent dividends upon its capital stock
last year. This compares to an aver
age of 9 per cent earned IN this coun-
trv bv banks in the period from 1865
TO the present. There are 35,OUO IN
denendent banks in this country and
Mr. Frame is opposed to the el1mlna-
tion of the Independent banks and the
growth of a banking octopus. Inc
danger of Wall street control OF the
country, sounded by various reform
ers. seems to be getting some very
distinguished support
Following an address by }. H. Vll-
1emonte on his ideas OF controlling
s.Frozen Credits" (the layman would
call these bad debts) the meetlng
nassed on to business and well toward
the witching hour dispersed.
officers elected were: c. H. Baxter
Lancaster. president; A. w. Kopp
PIatteville. vice president; Roy Vii
Iemonte. Fennimore, secretary; Hal
MurIev. Platteville, treasurer. Platte
Vile was selected as the next meeting
MACE Of the bankers, some time earl!
next summer
The Herald man braved the inner
circle of finance at the Friday ban
onet and came away with the cony1c-
ZION that bankers are mighty Inc fel-
lows We look forward with pleasure
10 @our" next banquet and hope we
get a bid.