Search America's historic newspaper pages from 1836-1922 or use the U.S. Newspaper Directory to find information about American newspapers published between 1690-present. Chronicling America is sponsored jointly by the
National Endowment for the Humanities and the Library of Congress. external link Learn more
Image provided by: University of Illinois at Urbana-Champaign Library, Urbana, IL
Newspaper Page Text
the reserve bank. Into Bosworth's
old job Reynolds placed Ms son. Earl
James B. McDougal, now governor
of the reserve bank, was chief exam
iner of the Chicago Clearing House
ass'n, workingdirectly under For
gan. McDougal's old job Is now filled
by Charles H. Meyer, former presi
dent of the Security and the Second
Security banks, both Forgan money
houses. And Meyer's job as presi
dent of the Second Security made a
hole into which Forgan -put his son,
James B. Forgan, Jr.
Charles R. McKay, deputy gover
nor reserve bank, was chief book
keeper of the First National bank.
Bentley C. McCloud, cashier reserve
bank, used to be a First MnHrmni
bank teller and was under Forgan in
the clearing house examiner's de
partment. Charles L. Powell, counsel reserve
bank, is a brother-in-law of George
M. Reynolds. '
Complaints of Reynolds-Forgan
domination have been piling up in
Washington. Smaller banks are
forced to pay their share of the ex
penses pf the reserve bank, but claim
they were not consulted on many
questions. The reserve bank is lo
cated now in the Hibernian Banking
Ass'n, a Reynolds concern, and pays
a higher rental than equally good
quarters coma De nad for elsewhere,
it is charged. Thirty clerical jobs
were filled from eight Reynolds
Forgan. banks another charges.
The most serious charge is that in
terests rates and the conditions for
borrowing money at the reserve bank
have been shaped up so that small
bankers are driven to the Reynolds
Forgan banks for large loans. If this
charge is true, it would mean the
federal reserve bank is a good deal of
a joke and has beer made so by two
bankers from Rockefeller and Mor
gan money houses.
What the little bankers are asking
Is: "Are they going toget away with
The revolt against Reynolds-Forgan
domination was first told in a
Tribune story this morning.
LABOR BODY CONDEMNS THE
"SPEEDING UP" SYSTEM
Resolutions condemning efficien
cy or "speeding up" system of fac
tory managements were adopted by
the Chicago Federation of Labor yes
terday at their meeting in Musicians'
hall, 166 W. Washington st.
"The public thinks that this enV
clency system means better work is
produced, which is untrue," said Pres.
Fitzpatrick. "It means that poorer
quality and a greater quantity of
work must be produced in the least
Other delegates said that the speed
ing up of employes resulted in the
breaking down of their health.
"This organization should stand
for an average amount of work, and
an average day and an average
wages," said Chief Factory Inspector
Nelson. "The standard of work
should npt be taken from a speed art
ist or the laggard. It should be based
on the average of the two."
It was also resolved to ask legisla
tion requiring convict-made goods to
be stamped with a prison mark after
a discussion of the competition of
convict-made commodities against
free labor. This unfair competition,
it was alleged, exists in the manufac
ture of brooms, shirts and shoes.
"Joliet is selling brooms at 75 cents
less a dozen than it is possible to pro
dcce them with free labor," said Wil
liam Boyer, delegate from the Broom
and Whisk Makers' union. "It is this
sort of competition which caused the
horrible working conditions which, we
found among the girls at the United
States Broom factory and which
forces child labor into the struggle."
"What has become' of th' old time
comedian who used ter put on a sojer
coat, shoulder a wooden gun and hep
before th' footlights savin' 'January,