Evening star., 1926-10-24
GREAT BANKS OF u S. PRECLUDE
DESCENT TO EUROPEAN BASIS
One Near Billion-Dollar Mark in Deposits.
Sixty in $100,000,000 Class-Vanderlip>
Big Figure in Finance.

Bank. the Bankers Trust Co. and
probably one or two others.
The Illinois Merchants Trust Co. in
cludes the two big trust compa MES
named. both among the oldest institu-
tons in Chicago. the Corn Exchange
National Bank and perhaps others. In
this institution are merged the inter-
ests of some famous merchants and
men of olden Chicago. Marshall Field
was long identified. and his estate is
probably represented today In the Mer
chants Trust and Savings. "Old
Hutchinson. as B. p. Hutchinson. one
Of the early packers and grain men,
as we'll as the Blairs-Stallwarts Of the
keep-your- -bank-openalways policy.
were prominent in the Corn Exchange
National way back.
The First National and Union
Trust are old-time banks of Chicago.
While they may have merged with
other banks. the long years that have
passed since their organization en-
titled them to high recognition. The
First Trust and Savings was largely
a gift to the First National sharehold-
ers by that bank.
Washington Not Industrial City.
Washington is not an industrial
city. and the wonder is that the local
deposits are as large as they are.
Aside from a few factories, there is no
production, much of the business is re-
tail, many of the workers are on
Government pay. and there isn't the
opportunity to accumulate great saw
ings-no great industrial corporation
with an army of workers.
Conditions in the various cities
named are directly the opposite. and.
all things considered. Washington Is
to be congratulated on her showing.
Our American Security and Trust
Company is responsible to it's custom
ers for very much over 500. 900 900,
because 1t is the guardian Of over
500 900 900 in estates intrusted to its
care, sacred obligation.
The National City Bank.
This bank. with it's 1865, 900 of
deposits, has had wonderful career
under the senior Stillman. advanced
to greater success under Frank Van
derlip, who was an embryo banker
when he became vice president of the
institution following his retirement
from the Treasury Department under
Secretary Gage. Up to 1897 he was
financial editor of the Chicago Tribune
and was brought to this city as pri-
vate secretary to Secretary Of the
Treasury Gage.
He put over successfully big bond
issue in 1898 or a little later. which
will he remembered as one bond sale
without the adjunct of a certified
check with bids.
The bonds went to a big premium
and many small fortunes were made
by clerks who were wise in their day.
Mr. Vanderlip and the late NJ. Z.
Allies were great friends and their
friendship continued up to the day Of
the latter's death. When the former
went to the National City Bank as
vice president. Mr. Allies Joined the
forces of the Riggs National.
He himself has laughed heartily
more than once as he told the story
of how he had borrowed $500 from
friend when he went to the Riggs Ito
tide him over till pay day, as he did
not know whether the bank paid as
regularly as the Government did"
Vanderlip As a Banker.
1t is reported that Mr.. Nanderlip,
on reaching the National City, was in
troduced to the various officials OF the
bank and assigned to a desk "in the
line
For two days nothing happened and
on the third day he made a start that
iSSuitcu NoiluCll uilS. 'SeuulHS lOT
one of the assistant cashiers, he re.
quested a list of all the bonds held in
the vaults of the bank. At least this
story was told in all seriousness.
Having obtained II he prepared a
special list of I'VE own and Offer"
making selections of a large number
of bonds. This list he gave to the of.
ficial with instructions that it be given
to the morning papers for half page
advertisements. The assistant cash.
ier protested that the National City
never sold bonds. but was cut short
with orders and the information that
from now on it will" Bonds were in
good deman and the bank did a land
and from that day on Vanderlip was
successful until he went into the presi-
dency and was finally relieved to
make room for the younger Stillma n
He was the organizer of the Ma
tiOnal City Co. and successful Off
cial for the bank and for himself. Per
haps there is an embryo banker in
every financial writer?
Surprised at Interest Cost.
Figures published in this column
week ago indicating that the one
item of interest cost the national
banks 33 per cent of all their expense
was something of surprise to lay