OCR Interpretation


The day book. (Chicago, Ill.) 1911-1917, December 19, 1912, Image 14

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1912-12-19/ed-1/seq-14/

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PRIVATE BANKING HAS
ITS ADVANTAGES
An interesting sidelight was
thrown on.the adyantages.pf pwii
ing a privatebank,over working
for a living, today.
St Lawrence Chandler, one of
the three men who started 'the
late and much lamented Cosmo
politan bank at 250 East Wash
ington street, sued Morris Siegel
for $500 on a note by Siegel fo
the bank. , .
Siegel said that he never had
gpt the money for the ,note, and
that'he only gave it at the request
of the "directors" -of the bank to
bolster up the credit of ,tha shaky
institution.
Thea Chandler told of the rise
and fall of the Cosmopolitan
bank. ,
"Three men opened the bank in
September, 1909," he said. "I
was one of them. The others were
Milo F. Lewis and S. A, Bell of
Greenbay, Wis.
"I did not put in any money;
neither did Lewis. Bejlptrf in a
check for $1,000, but withdrew it
at the end of one week oi busi
ness. So no one really put in any
money at all, but of course Lewis
and I put in our good will.
"The bank failed" in December,
910. I think that maybe Lewis
got away with some of the loose
money around the place. Any
way only three cents could be
found after the bank closed its
doors.
"When we failed, we owed $25,
000 on time deposits' and $400 pn
checking accounts, Some of the
money had gone in salaries to
Lewis and me as officers of the.
bank," J
I will "be seen from th:- How,
absolutely foolish it is to work
when Illinois allows you to runfp
a private bank. The gents of the,.
Cosmopolitan cleaned up $25,000
in a little over a year. i
"Lewis," continued Chandler
"is one of the heirs to the famous
Drake estate in England. He lost
opt on his claim before parliaments
recently, and was left stranded in'
.London.
"He borrowed some money by'
wire from Chicago, and is now in "
New York. I think he is broke ,
again, but as soon as he can raise,
the money he intends to come
right on to Chicago." -,
Chandler dfd not say what"
Lewis was coming to Chicago for,
but very likely he is coming to;,
start another private bank on his"1
"goofd will" to keep himself from?
working. ' r
Chandler's attorneys nonsuit
ed the case against Siegel.
x 7
"Before you kiss me, Horace,
let me tell you that Fred has.
giveri Kitty a diamond ring. You,
have never given me one." "Dear
est, it is only girls who are lbt
precious in themselves who re
quire the aid of precious stones.'
"Oh, you may kiss me twice,
Horace!"
oo
Baroness von Suttner of Ger
many declares that she hopes
she'll be an American in her next
incarnation. Why not take a
Transatlantic steamer, baroness?
Incarnation is a long way over.

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