Hammond Times, Volume 15, Number 339, Hammond, Lake County, 14 April 1922 — Page 7
to Hie Modern Bauok i vPkj! " Piim Has ifli ft " .kv'WT tJSttaTJ AGO WAS 5 ,J W'&y&?ti(t' TRUST COM. &Zt? CiSisW ' THE ROMANS WERE ACCUSTOMED TO ENTRUST THE ADMINISTRA- f?&. &Kitt'&rf&r ' 4rfx JJU - TION OF PROPERTY TO INDIVIDUALS WHO WERE BOUND ONLY BY kJ& JAt & V? iW,hSl - i it M MORAL OBLIGATIONS THE NEED OF PROTECTION FOR BENEFI- iSz" n lP?r-JJr THE MERCHANT OF THE FOURTEENTH CEN-i C1ARIES WAS NOT ADEQUATELY MET UNTIL THE DEVELOPMENT OF I ft ' " 0 Ti tl tfzS llM TURY TRAVELLED WITH HIS GOODS AND' THE MODERN TRUST COMPANY w fcv S , -Ij, T- RISKED BOTH HIS LIFE AND HIS CAPITAL THE TUvLV- Z & TrV V'V&3 TkESENT DEVELOPMENT OF FOREIGN TRADE -SIT?!-, 5SUy - A I -JT'I WOULD BE IMPOSSIBLE WITHOUT MODERN ---S4ftU ;Jn, "wrosv'f fi$ banking T2&&ZL .1 . j "J flL jl'Jll IN THE SIXTEENTH CENTURY THE MERCHANT'S IDLE MONEY LAY IN A 'FSm r ' V'-V ' 7f . ?.f JflrWVW'i STRONG BOX. WHERE IT EARNED NO INTEREST AND DID NO PUBLIC Li a.-,'-..i .-toS.. . - f
V-JJ-nr ?f H L A?.a GOOD IT TOOK NEARLY 300 YEARS TO DEVELOP DEPOSIT BANKING, CSS it 1 iJiJ WHICH KEEPS SUCH MONEY AT WORK
IN COLONIAL DAYS WHEN THE SHIP CAME IN ITS CARGO WAS BARTERED FOR OTHER GOODS AND BUT LITTLE MONEY CHANGED HANDS
IN THE MIDDLE AGES IT TOOK NEARLY A YEAR FOR COTTON FROM INDIA TO REACH THE CONSUMER IN EUROPE, THE MERCHANTS CAPITAL BEING TIED UP ALL THAT HME OUR MODERN SYSTEM OF BANKING HAS ABOLISHED THESE SLOW AND WASTEFUL METHODS
By Feaiccis H. Sissojt Xlct-President of the Guaranty Trust Company of New York. Merchants today often dispatch in tingle ship more than could be carried In a whole fleet of Venetian argoaiej six hundred yeara ago. Thii great deTelopment of our world commerce has been made possible not only because of the advent of shipping facilities capable of handling the tremendous output of i. odern industry, hut because the moden bank has made international trading s practicable and as profitable as buyi. and idling at home. The modern merchant, through his bank, r vy obtain payment for his for
eign shipments as soon as they are dispatched, and thus release capital for further operations. The banking mechanism which makes this possible extends to every part of the world. The fully equipped bank, in addition to financing shipments to and from any foreign market, is able also to advise the merchant or manufacturer as to the prospects for the sale of his goods abroad. It can supply data as to the commercial standing of foreign buyers, can assist him in the formulation of his export policies, and can give him, information regarding foreign commercial conditions, shipping facilities, and rarious phases of the technique of export and import trade.
Between the "Aw and "X" of t b!g commodity flic lies a whole world of substantial realism and airiest romance. No dramatist ever conceived a greater variety of emotional crises than those hinted at in almost every card. The man at the credit Import window may let his fancy play upon the strange substances with the financing of which he is concerned. But time was when the broad romantic aspect of foreign trade could not be enjoyed in this vicarious fashion. There was no observer at the import credit window. There was no trust company to finance trade in the convenient and efficient fashion of today.
Six centuries npo, when great trading fleets of about 500 vessels each sailed every year from Venice for the modern Trust Company's import credit Black Sea, for Greece and Constantinople, for Svrlan ports, for Egypt, for Barbary and North Afrion, for Flanders and Enprlnnd, the Venetian merchant-adventurers traveled with their goods, for sbIps were made oftencr by barter than for money. In almost every venture overseas the merchant risked not only his capital but his life. For as late ns the Sixteenth century, even the simplest banking facilities were lacking. Aside from commodities of barter, gold and silver were almost the sole mediums of commercial exchange. Unemployed capital earned nothing. The merchant kept his idle money in a strong-box at home, or, for greater security, at the goldsmith's. It took nearly
800 years to develop deposit banking, the check and clearing-house system, and the many other facilities and services offered by modern financial institutions. Not until the ICth century do we find in Europe the first appearance of banks in any true sense. These early and crude institutions were divided into two classes exchange banks and banks of deposit The exchange bank dealt with foreign exchange in the days wiien each country was a financial law unto itself. With the gradual adoption of the gold standard by civilized nations, the development of our present system of foreign exchange and balance of trade, the exchange bank gradually became almost obsolete. The only survivor of this kind of bank to-day is the Bank of Hamburg. Banks of deposit had their crude beginning in Venice in connection with the
business of the Canrpsores, or dealers
in foreign money. Between the year 1270, when we find the Campsores first definitely mentioned in this connection, and the year 1818, when we find their position denitely recogniied, these money exchangers were gradually becoming private bankers. In Amsterdam, we find this same custom of carrying on private banking through the money exchangers developed about two centuries later. Later still, in Ixmdon, the practice of depositing their idle money with the goldsmiths of that day grew up among the merchants. The first public Bank of Europe, however, and the first real bank in the world in anything like the modern sense was the Bank of Venice, establ.shed in 1384. The Bank of Sweden followed in
ICS 6, and in 1658 the first bank-note jriW-. issued through this institution, J-T In England, prbate banking vitlt t5e , goldsmiths developed to very COTitii : erable extent during the 16th ceatarf'jj Bank-note, In fact, originated in the4' goldsmiths receipt of that day. Bnt It was not until 1694 that the Bank o, -England, probably the most famota bank in the world today, was founded.-; - By 1776, the clearing-house had been established in England and the principles of modern banking had become pretty well established. In the mean- j time, Scotland had established her first JZ', National Bank in 1695, Ireland in 1783and France in 1716. The pretent Bank of France was established in the rear 1800. In the American colonies many crude" banking experiments were made, including numerous projects for issuimj taper money. But banking In tha nited States did not begin until the., founding by a number of Philadelphia" citizens of the Bank of Pennsylvania.
its purpose waa to supply the Continental Army with rations. Its first bilii issued in 1780 were simply interest-bearing notes made payable at a future time. The first public bank in this countrywas the Bank of North America promoted by Robert Morrid and authorized by the Continental Congress on May 1781. Because confidence in the provisional government of the Confederation, was lacking, this bank began business"' in 1782 under a charter issued by the State of Pennsylvania. In 1791, the Bank of the United States was incorporated undei the directing genlua of Alexander MamQton. This bank did business until Ifill- wKsij
owing to political reasons, its charter
was not renewed, in JB10, the second
This bank flourished until 1833, whed1" Andrew .Tielr&nn uitnrnrVr1 1r-.it
and in 1841 it finally went out of busi--w
ness.
In the meantime, beginning with tha Bank of North America, State Banks had been founded in many places, par-f-ticularly after the closing of the First Bak of the United State. They alone furnished the banking facilities of the "
country until tha establishment in 18C4 -
of a National Bankinjr Svstem. Thus
began the fundamentals of our present National Banking System, culminating In the founding of the Federal Reserve-
Liank In 1914. A minor but Important phase of de
posit bank development Is the Savings Banks, created to receive the savin ea ''
of small depositors. They were found- " ed generally by benevolent persons for
the purpose or promoting thrift among, the poorer classes. These banks, under
proper legal safeguard, invest their deposits at compound interest It is interesting to note that this form of bank ing was first suggested by Daniel Defoe
in 1697, but none were actually estab- -
lisheel until the latter part of the IStk century. ,
The final development of the modern
banking system is the trust company which is confined almost exclusively to
the United States and is a growth of the last half of the 19th century. The trust company differs from the ordinary bank of deposit in numerous features It is incorporated only under State Law. It must invest capital in first-class se-
curities and deposit large amounts in.
Lnited States or city bonds with Stated
banking superintendents. . It does notZT issue circulating notes. It pays interesC on deposits. It makes loans on real estate. It acts in fiduciary capacity as executor, trustee, receiver, agent" for corporations, fiscal agent, agent hand-"""" ling securities, and ilepository of securities.
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Radiophone -Program
Hera era tho stations and their "ca!l." Listen for the etand-by ftigrna!. Pick out your concert. They all start at 8:00 p. m. Stations: Chicago, K - T - W; Pittsburg. K-D-K-A: Springrfleld Mam., WJB-Z; Newark, N. J., W-J-Z Cleveland W-H-K; Bedford Hill Side. Mass. WB-N'; Indianapolis, 9-2-J; Detroit. W-W-J; Schenectady, K. T.. W-a-T; (starts at 6:45 p. m.) Fort Wood. W-T-C-B (9:00 p. m. 1430 maters.) The following concert prog-ram fro mthe new Westinghouse radio tudio, will be given tonight at S p. m.: SffXFUlAW T EASTMAN Muatcal Director Courtesy of C. O. Conn. Ltd.
DinnerStories
Midnight, and in the amokina room of a club sat a young man huddled in a chair. A friend entered.
Selection for Dance. Halnbv Garden Orchestra. Frank Westfall, director. Irving' Berlin Hits. Irving Berlin Trio. Trombone Solo, "Love Thoughts." Arthur Fryor. Jarslov Cimera. Dance Selections. Rainbow Garden Orchestra. Frank Westfall, director. Inflammatus. Rossini. Mme, Helene Cafarelli. ' .Saxophone Solo. Selected. Jack Richards. Irving Berlin Hits. Irving Berlin Trio. Dance Selections. Rainbow Garden Orchestra, Frank Westfafl, director.
ARBuCKLE GOING BACK IN PICTURES
INTERNATIONAL NEWS SERVICE) SAX FR.VNOISCO, April 14 Ros
coe "Fatty' Arbuckle was on his way back home today. TJie film
star, freed after seven months and three trials on a charge of man
slaughter. Is motoring to Los Angeles Mrs. Arbuckle and Dr. and Mrs. Charles Barnes of Omaha, accompanied him. The party 'will stop at Salinas for a brief visit with Governour Morris, the author, and then continue to Los Angeles. "Fatty" expects to start some strenuous exercise to "get back into form" for an early start at work.
His plans for returning to pictures'
will await arrival on the coast of Joseph Schenck, his friend, who furnished the funds for his defense. It was learned today that Arbuc
kle has no financial interest in any
of the Arbuckle pictures to be released. He was paid in full up' to the time his work ceased with the bringing of charges against him and has hd no income from any source during the past seven months. Best available Information estimated the cost of the three trials to Arbuckle at around $100,000. In addition it is estimated he lost J70.000 in salary during his enforced lay-off.
SLAUGHTER ROTARIANS
Kiwanian, 2,658, while the Rotary
second team made 2,023 maples as
against the Kiwanian second team's
2,272. The total cor was Kiwanis. 4.830: Rotary. 4.323, giving the Kiwanis a majority of 601. It waa not punk bowling either.
There was only one score below 100
on either team and that was 19. Four of the Kiwanis first team bowled 116, 214 and 167; ljutton 154, 211 and 189; Moran, 168. 171 and 214. Dorsey of the R.otary rolled 172, 2 OS and 143. It was an exciting match with plenty of cheering by iboth clubs. The winners are to be the guests of the losers at a dinner at Carl Lundgren'B next Wednesday evening. Lundgren is to prepare a sfe-
lal $2.50 a plate combination fish
and chicken dinner.
The scores of last night's match
game follow; FIRST KIWAMS TEAM
Fox 146 214 167 Iddings . . . . . . . . 152 163 203 Wolf 157 191 158 Mutton 151 211 389 Moran 168 171 214 777 950 931 Total, 2.65S. UOTARV FIKST TKAM Steel man 156 3 S3 141 Y". Neville ...113 147 102 Fehrman 161 147 139 Major Neville .14: 159 156 Dorsey 172 209 143 7S1 S44 681
KIWAMS SECOND TEAM McAleer 134 152 197 Allison 108 173 144 Cross 139 165 362 Shearon 130 118 140 Fredrlchs..., 152 166 1S2 653 7S4 35 Total, 2,272. KOTAR V SECOXD TEAM Lanman 136 140 134 Meyn Ill 132 108 Woods 123 99 148 Baker 199 152 142 Neal ..147 107 146 715 630 678 Total, 2.023.
Total. 2.306.
NOTES OF THE
BOWLING- MATCH Athlete Roscoe WooCs demon.
(Continued from page one.)
The Rotary first team gathered a
total of 2,306 pins as against the'
"Hello, Smith," he asked, cheerfully, "not going home yet?" "IvTo," muttered the despairing on. "I I daren't." "Why, what's the natter?" "Matter? It's the end of everything. It means ruin, grief and a spoiled life!" The friend looked frightened. "Here, Smith, tell me what's up. Perhaps I can help you." Smith clinched his fists till the knuckles showed white. "No one can help me," he cried In agony. "I hare coma to the end of all things! At eight o'clock I telephoned to my wife and gave her a perfectly good excuse for not coming straight home, and " his voice sank to a whisper "I've forgotten what I said." A Wichita woman washed her pet jjoodle in a toilet preparation the . . i j i a J v: a u:
ovner uay ana lurncu ins ueasnip into a bright pink shade. The result has been to cause a great wave of prohibition in the Country club district, for the hootch drivers think they are seeing things whe;i they spy the passionate pup and are signing the pledge right and left. "Oh, mamma " exclaimed little Gertrude. "I can spell 'nothing,' rnd that's a big word, isn't it?" "A pretty big one for 'iirtla maid vour ae. renlied her taioth-
er. "How do you spell 'noth'Jlg'?' j
Z. ,X ox I "Why, darling, that isn't right!" "Yes, is," said Gertrude, emphatically. "I said to grandma, Wbat does Z. X. M. spell?' and she mid nothing "
Economy Grocery & Market Co.
Manufacturers of Fancy Home-Made Sausages 81 State Street, Hammond, Ind. Telephone Hammond 49 ECONOMY' QUALITY SMOKED HAMS, very mild cure, OQ c 12 pound average, per lb
15c 18c
Lee of Veal -or Loin 1 C p per pound .J Veal Shoulcsr, per 1 1 pound Veal Chops, per 1 Expound AOC Breast of VeaL per Cp pound
Pot Roast, choice cuts, per pound .... Home Made Polish Sausage, per pound.
Smoked Cally Hams, 1 C per pound Fresh Pig'l Feet, per A pound
FRESH COUNTRY EGGS, per dozen
25c
19c
Club House Brand Corn, extra quality
Hawaiian Sliced Pineapple, 3 tr.T. $1.00 Selected Stuffed Olives, per bottle
17c "
27c
Club House Brand Peas, early June Fine Sifted, per OC, can Imported Canned Mushroms, packed in France, per 29 C can Grape Juice, per 7r quart bottle ; . U U Swans Down Cake Flour, a large package
Seedless Raisins, per 0v
package " i3r
STRAWBERRIES FRESH FRUIT and VEGETABLES of All Kinds
FREE DELIVERY TO ALL PARTS pF THE CITY
strateil that a bowler may be down bnt he is never out. lie picked up nearly fifty pins in the third game. Athlete "Bill'" McAleer staged a great come-back, after a series of tough breaks. Athlete George Geyer was on the side-lines cheering the Kiwanians
to victory. Athlete Otto Bemisderfer, Supt. of the Cent. Ry. Sig. Co., was Introduced by Athlete Handy as & 200 bowler. Athlete Julius Meyn said he was out of condition owinc to having srruoked fane of Murray Turner's stogies at the recent wedding. Athlete Roy Fudge entertained the ladies who watched the match. Entertaining tha ladies Is one of the best little things Athlete Fudge does.
Athlete Maj. Neville, captain of
the Kiwanis team, made a statement to the press in which he -said that he always did think ; that ' bowling was too rough a game, anyway." Athlete Edwin Friedricrr and Athlete Baker fought a e4oee iiattl. Athlete George Hinhauer paid that tha Rotarians ought to hav
known beter than to go up against and old high-ball artist like Athlete George Wolf. . . Athlete Allison was ajhg surprise he being a dark horse; "J... -' Athlete Ned Nelson, the profesh bowler who kept score, said nobody need be ashamed of ttre.scp.res. "This Is a good match jyeth Ned. Athlete Hutton picka I "cherry" with frost on the trees. - Athlete Fox will take.hla first and second team on a tour.W-the nearby cities meeting all oomers.
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SATURDAY SPECIALS Cut Flowers and Potted Plants You are cordially invited to view our beautiful assortment of Easter flowers and plants. Beautiful and artisitically arranged plants in baskets, trimmed by our experienced florists, with fancy chiffon and ribbon bows.
Complete Line of Potted Plants
Easter Lilies Hyacinths Rambler Roses Bigonia Cinerrarea Daisies Hydrangea Tulips Daffodils Jonquils Ginastis
Everything in CUT FLOWERS Roses, long, medium and short stems Jonquils Cut Tulips Carnations Calendula Sweet Peas, long and short stems Violets Pansies Cut Lilies Calla Lilies
HAMMOND FLORAL CO. STATE & H0HMAN PHONE 309 " HAMMOND, INDIANA We Are in Position to Make Prompt Deliveries Open Til! Noon Sunday
Tomorrow is the last day of the "Story Book Contest in the Quality Loaof CREAM MAID ,1 bread: 1 Those who have saveH the entireahirty books can now obtain their complete plat of TOY TOWN. V -
We have a few books remaining and will supply them with each loaf of CREAM MAID BREAD beginning Mcsid--giving those who have missed a few books an opportunity to complete their collection.
F. C. DIETRICH & SONS Bakers of Cream Maid Bread;. . "THE QUALITY LOAF"