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A REVOLUTION IN THE BANKING SYSTEM bank reserves, the same writer conOF AMERICA

tinues, Wall Street will lose some of its

relative banking importance, but the N AUGUST or September, with the praised, the Springfield Republican de- real reason for the threatened decline beginning of active operations of claring the business world will benefit

in New York's banking power lies the twelve Federal Reserve banks, by the appointment of men, who, tho deeper. The dilatoriness of the New a wholly novel influence will be pro not in all cases bankers, are of "am- York Clearing House to assist in sejected into the financial situation. The ple business experience, comprehensive curing efficiency and safety of banking Federal Reserve Act is a revolution- grasp of financial movements and a na- operations is suggested as one reason. ary innovation, declares The Bankers tional reputation for sound views and “Had the New York Clearing-House Magazine. It marks for the first time strength of character.” In this respect, been more ready to devise a system of in our history the assumption of Gov as in other provisions of the new bank- clearing country checks, much of the ernmental control of the banking busi- ing system, the Government is follow- irritation which gradually developed ness of the country, “or at least that ing precedents set by the great banking against the banks of that city would part of it which is embraced by the systems of Europe. The governor of have been avoided.” banks operating under national char- the Bank of England is a wholesale

“But the loss of a few millions of ters.” For the voluntary action of merchant. The Governor of the Bank

country bank deposits will probably have bankers, the reserve banks will substi- of France was formerly of the Custom little appreciable effect upon New York tute the arbitrary control of the federal House. The head of the Imperial Bank as a banking center. In fact, altho there government. The value of this control of Germany for many years, Dr. Koch, will be in the next two or three years a by the regional banks, declares the New had been a lawyer and a magistrate considerable withdrawal of out-of-town York Evening Post, will be put to the before he became a national banker.

bank reserves from New York, it by no test in the immediate future. In Sep Herr Havenstein, the present head of

means follows that in the long run that tember—if the opening is not delayed— the Reichsbank, altho at one time the city will really lose any out-of-town bank the value of their facilities for helping president of a private bank, had pre

deposits, because under the new law, with

its rediscounting features, many banks the “harvest movement” will be dis- viously been a jurist and later Minister

may provide for their reserves through covered. The present gold export of Finance. Thus, says the Evening rediscounting operations, making little movement may call for the exercise of Post, it cannot be said that the Ad- change in their New York balances. another power the regional banks will ministration has discriminated against “It would be far from correct to conhave.

practical and competent bankers be clude that New York will lose any of its "Should the outflow be long continued,

cause of the “Money Trust” contro real banking power under the Federal Rethe New York regional bank might prop

serve Act.

In fact, the law is just as versy.

likely as not to have precisely the oppoerly advance the rate at which it will

site effect, whatever may have been the rediscount. That, in an active money market, should pull up the general rate

intention of its framers."

ILL the new Federal Reserve for loans; with the result that foreign exbanks despoil Wall Street of

Foreign Trade and the change would be kept down and the gold

Federal Reserve. export movement checked. No such ex

its power as a banking and N DISCUSSING the possible effect

financial center? fedient would have done much service,

The Bankers Maga of the Federal Reserve law on forif applied in the market of this month. eine asks this question, and answers it

eign trade, at the recent National Gold is now going out mainly because of as follows:

Foreign Trade Convention in Washingthe great abundance of idle bank funds

"For a decade the banks and business

ton, Hon. Charles A. Conant declared in this country. If a regional bank, under of the country have been brandeised, un

that "there is no magic in new laws such conditions, were to advance its own

termyered, pujoed and tomlawsoned until to create capital or to make people official discount rate, it would simply get

a storm of hysterical fury has been transfer their accounts from an old no more business from the banks.”

aroused against Wall Street. The drastic bank to a new one.” Even governThe Most Influential Finan

anti-trust bills and the Federal Reserve ments like Germany, which go so far cial Body in the World." Act are some of the fruits of this hys- in aiding large business enterprises at F THE financial press as a whole is teria. If people had been less excited they home and abroad, might build up a not expressing great faith as to the might have been made to see that what certain benefits to be derived from may properly be termed Wall Street is

resolute and constructive policy in vain the operations of the reserve banks, but a small part of New York banking, “but for the enterprise, ingenuity, the personnel of the Federal Reserve and even that a very large share of the adaptability and hard work of individ

ual Germans.” “If extravagant hopes Board recently appointed by the Presi- transactions of the New York Stock Exdent has inspired confidence. One of change are non-speculative and of actual have been held out in some quarters,”

benefit to the country. the chief points of criticism in the fram- mind was cunningly inflamed against Wall benefits of the new federal reserve law

But the public continued the speaker, “regarding the ing of the act was the power and dis

Street,' and it was made to appear that in promoting foreign trade, they are cretion lodged in this board. “The de- the centralization of bank reserves in New likely to be seriously tempered by exgree of control of direction over the York, under the control of bankers, was reserve banks,” notes the New York the main support of the money power.

amination of the chief factors.” Fur

ther: Journal of Commerce, "which may be Legislation was devised to take these bank exercised by this board, together with reserves away from New York and out

“There are several provisions of the its relation to the Treasury Departs of the hands of bankers and to scatter federal reserve act which bear more or ment of the Government, will make

them throughout a number of newly- less directly upon the extension of our it perhaps the most influential finan- created Government-controlled banking foreign trade ; but carefully analyzed, they

institutions." cial body in the world.” The wisdom

are iir the nature of setting free commerce of the President has been generally With the withdrawal of the country

(Continued on page 61.)

Must Wall Street



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It is not my purpose to offer any article or commodity With the help of competent engineers Mr. Foster for sale. What I am writing now to the intelligent prepared a course of correspondence instruction in coal American public has no commercial or financial end in mining and his first group of students began serious view. One of the most remarkable educational and work 22 years ago. That successful beginning stimusociological institutions in the world's history has grown lated not only the humanitarian but the educational to international fame and power in our midst and while confidence of the editor of The Mining Herald, and multitudes of men have been bene

from that day to this Mr. Foster fited by it, the leaders of national

has been constantly adding new thought and enterprise have so far

courses of correspondence instrucfailed to realize its importance as

tion, until now the International a national asset.

Correspondence Schools offer 275 An institution that has become

courses of study—a far greater a big factor in enhancing industrial

number and variety than any uniefficiency, that has increased the

versity in the world. earning power of hundreds of thousands of men and has become

Sound Educational Basis a social and moral lever to in

If the International Correspondnumerable families is worthy of

ence Schools had been an ordinary being understood.

educational institution they could Entirely free from the taint of

have adopted textbooks prepared charity and without adding a mill

by class-room experts; but it of taxation to the over-burdened

quickly developed that to teach by taxpayer, the International Corre

correspondence required an spondence Schools have succeeded

tirely new method. The instituin realizing many of the hopes

tions that have tried to carry on and ideals of political economists


instruction by mail based on the and humanitarians. No thoughtful

ordinary textbook have failed. The man should be willing to remain

I.C.S. textbooks are designed to ignorant of the purpose, methods, and achievements of meet the need of the student studying at home. They this institution.

take practically no previous knowledge for granted; A Fruitful Humanitarian Impulse

they proceed by easy stages and lead the student forThe International Correspondence Schools had their

ward by natural and carefully graded steps; they forebirth in a humanitarian impulse. Twenty-five years

see and meet the difficulties of the student by copious ago Mr. Thomas J. Foster, then proprietor and editor

explanations, demonstrations, and illustrations; they of The Mining Herald, of Shenandoah, Pennsylvania,

eliminate all irrelevant matter, giving only such inwas appalled by the number of mine tragedies in the

struction as is essential to the mastering of the subanthracite coal regions. He believed they were due

ject; the lessons are in brief units so arranged that the chiefly to ignorance on the part of the mine owners.

student is relieved from overstrain. superintendents, and workmen. In order to furnish in

These textbooks form a library of 250 volumes and formation to those engaged in the hazardous occupation

cost more than two million dollars ($2,000,000) to preof mining, Mr. Foster began a series of “Questions and

pare. They are kept under constant revision with a Answers” in his paper. At that time the only practical view to meeting the difficulties of the student and to textbooks on the subject were published in England convey the newest knowledge or the latest methods of and by means of their contents Mr. Foster answered application.

application. The costs of preparing a few of the the questions that soon flooded his columns. It was

are here given: Architectural, $98,178.06; quickly discovered that miners, mine foremen, and Civil Engineering, $88,887.19; Textiles, $76,532.09; superintendents were willing to pay for a

Coal Mining, $74,075.06. This expenditure upon texttended course of study if such were available.

books certainly points to a solid and permanent foun





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dation for the International Correspondence Schools. for each grade of work and no scholar is permitted to

The value of these textbooks is attested by the fact go on with his next lesson until the one upon which he that they have been purchased and are being used for is engaged is entirely satisfactory. class-room work or for reference purposes in 167 uni In order to prepare the student for serious work upon versities, colleges, government schools, institutes of his Course, he is required first to pass an examination technology and vocational schools in America. The

upon a preliminary pamphlet, entitled “The Art of University of California has just discarded its text Study," in which he is taught how to study to the best books dealing with the strength of materials and has advantage. had the International Correspondence Schools instruction papers on that subject bound into volumes, and

Finding and Inspiring Students has adopted them exclusively for the use of its students. While it may be acknowledged that advertising is one The U. S. Navy Department has ordered 15,000 I.C.S. of the most important factors in modern life, it has pamphlet textbooks for use in the new naval ship-board been demonstrated that the International Correspond

ence Schools cannot secure enough students, even by means of the most elaborate and costly advertising, to insure the success of their enterprise, either upon humanitarian

commercial grounds. More than 20 years ago President Foster realized the force of Professor Huxley's statement: I conceive that two things are needful. On the one hand, machinery for gathering information and providing instruction; on


chinery for catching ca

pable men wherever they schools. This is about one-fifth of what will be re are to be found, and turning them to account.quired when the schools are in full operation. Several One of the chief differences between the regular of the largest industrial corporations of the country are college or university and the International Correspondusing I.C.S. textbooks and instruction papers in the ence Schools lies in this: men who want an education classes they have formed for the training of their ap seek the university, whereas the International Correprentices and employes.

spondence Schools find the men who need an education.

No less than 1,346 agents of the Schools are scattered The Universal University

through the United States and Canada, whose one busiHas this outlay been justified? The answer is that ness it is to go into the homes, mills, factories and workthe International Correspondence Schools have enrolled shops to persuade men that they can be benefited by a 1,651,765 students in the United States and Canada course of instruction. These agents create ambition, during the past 22 years and are now enrolling new

stimulate hope, and preach self-reliance. They tell men, students at the rate of 100,000 a year. These figures and they prove their point by innumerable examples, are not given simply because they form an impressive that they can make themselves more efficient in their total but for the reason that such an institution can only present occupations or qualify themselves for other and provide high-grade and efficient instruction when work more congenial and more remunerative occupations by ing on a large scale. For example, one of the courses a course of study at home and in their spare time. In of study—Electro-therapeutics—has a small enrolment this way they have personal interviews with tens of because it is an advanced study for medical practition thousands of persons each week and the contact thus ers. The cost of conveying the instruction and correct

established results in inspiration and encouragement to ing the papers results in a considerable loss each year multitudes who have lost hope in the hard battle for to the institution. Salaries and overhead charges are

existence amid modern conditions. The International just as great whether five or fifty papers are corrected Correspondence Schools, as a part of their student enper day. On the other hand, the Electrical Engineer- listment work, also run instruction cars on a number ing Course has been taken by 224,188 students and so of the most important railroads of the United States it is possible to handle the students' work at the mini

and Canada. mum cost.

The cost of establishing and developing these agenIn the place of class-room recitations the student is cies has been enormous, but the results have amply required to send written answers to the School Examin- justified the investment from every standpoint. Up to ers of the Instruction Department, the questions being the present the International Correspondence Schools designed to test the actual mastery of the subject by have spent $1,703,965.20 in agency establishment, but the student and cannot be answered by a mere formal the money thus invested must be regarded as necessary copying of the text.

equipment just as much as the right of way cost of a These papers are very carefully examined by the ex

railroad. pert examiners, all errors are corrected, difficulties ex

Keeping the Students Studying plained, and the principles and processes made clear if No graver mistake can be made than to imagine that they seem obscure to the student. Marks are given the International Correspondence Schools make a profit

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from lapsed students. Lapsing of students does not ap No one can possibly estimate the economic and preciably reduce the costs of the institution. As most social and moral part that the International Correof the enrolled students pay for their courses of instruc spondence Schools have played in our complex nation on the instalment plan, the profits of the enterprise tional organism during the last two decades. Behind come from the instalment payments of the students. A all statistics there are visions of a new and healthier student will not continue to pay unless he continues to and happier environment for multitudes of families. study, therefore it is the best business policy of the

World-Wide Extension Schools to establish the study habit. Once a month, at

Fortunately the International Correspondence Schools least, the representative or agent of the Schools calls

are on a firm financial foundation. They have done a upon the student, not simply to collect the instalment due, but to offer encouragement, advice, and even as

gross business amounting to $85,753,140, and have dis

tributed cash dividends amounting to $7,025,372, and sistance with his studies. This constant contact of the International Correspondence Schools with the student

stock dividends of $1,875,000. Besides this they own body makes the institution a bona fide educational

buildings valued at $1,159,280.29, copyrights and plates

estimated to be worth $1,864,404.25, and behind it all a agency rather than a merely commercial enterprise and

substantial surplus. This has enabled the International insures a permanent future.

Correspondence Schools to become genuinely internaIndeed, no effort is spared to keep the student at his studies without intermission. Beside instructing the

tional. Added to their 3,400 employes in America, they students in the most approved methods of acquiring

have started a branch school in London which promises knowledge prior to the first lesson of their course, and

soon to rival its parent in this land. Already there is a

staff of 400 instructors, textbook writers, and clerical the periodic calls of the representative, a special depart

employes in London, with 700 men engaged in selling ment of encouragement and inspiration has been estab

scholarships in the British Isles. More than 100 men lished by which sluggish or discouraged men are stimulated in their work. During the year 1913 no less than

represent the I.C.S. in the British Colonies and the 805,079 individual letters were sent out to such persons,

movement has the indorsement and cooperation of over and above 205,813 special letters dealing with par

prominent English officials and educationalists. Branches ticular difficulties encountered in the progress of their

are being organized in Central and Southern America, study. This resulted in an increase of 45 per cent.

Mexico, France, Spain and China, for which special

textbooks are now being prepared. more study than was achieved before the department was put into force.

The Man Who Feels, Sees and Does The International Correspondence Schools are faith President Foster is a man of deep feeling, clear vision, fully, earnestly, and persistently trying to convey in and prompt action. From his office in the Administrastruction by every method known to pedagogy and psy tion Building in Scranton, Pennsylvania, he directs the chology and they are sparing no money in the effort. energies of nearly 5,000 persons who are dedicated to

conveying education and technical training to those who Do the Students Profit?

need it in any part of the world-even to the remotest Beyond a doubt. Every day the evidence accumulates corners of the earth, to places where the name of and can be placed before any one who wishes to investigate. The International Correspondence Schools recently published a book giving the life history of 1,000 of their students, in each case furnishing the reader with the name, address, and occupation of the example cited. These were simply a cross-section taken from 26,000 letters, voluntarily sent to the institution, gratefully acknowledging the benefits received from the instruction of the Schools. It is no exaggeration to state that every city and fair-sized town, and almost

INSTRUCTION BUILDING, SCRANTON, PA. every village in America, can furnish examples of men who have been lifted by America is hardly known. He is pouring out thousands this one institution from penury to comparative afflu of tons of educational and inspirational literature every ence, from obscure drudgery to honor and influence, year, every page of which he hopes will open the door from the precarious ranks of unskilled and ill-paid of opportunity to some one who now feels doomed to labor to positions as skilled mechanics, foremen, super poverty and obscurity for the lack of adequate educaintendents, manufacturers, and men of large financial tional training. When men awaken to the facts and all affairs. In fact many very successful and well-known of their far-reaching consequences in the advance of heads of big industries, engineers, architects, and cor civilization and social progress, Thomas J. Foster, poration managers have been International Correspond- Founder and President of the International Correence students and have reached their positions of spondence Schools, will be hailed as one of the greatest eminence by means of the instruction and training pro and most honored of modern benefactors and educavided by this institution.




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