Nassau Post 19160818; Title

              Eating Up A Bank Surplus
Some Financiering in Rockville Centre—Some
Politics—Some Horse Radng-r-Some
Wilsdh^Administration
Comment by stockholdlnf Interests la again rife over the management ol the attalrs of the First National Bank of Kockvllle Centre, a solvent InBtliu- Uon of Uiat flourishing suburb of Freeport. Criticism, even, is heard of Congressman George W. Loft and the Hon. John H. Carl, its IratKscc- •ble leading
Ita Von Hlndenberg respectively, as it were, although the former Is a mere director and the latter Its presi¬ dent, the twain being cheek-by-Jowl friends .
Every July It has been customary to salt away to the credit of that ple¬ thoric old chap Surplus, the sum of f5,000, A goodly surplus Is a sign of health, wealth and happiness In banking clrclps. and wise and experi¬ enced bonrd of directors aim to swell It accordlnRly. The other kind som»»- tlroes neglect thin Imnortant detail and troubles freouently follow such as snsplclons of Impaired credit, bank nms, etc. This year It was de¬ creed by the Kaiser and his fleldmar- ahall that there was notching to be added to Surt)lus, and the bank Reich- Stag of non-resident directors sup- ..vportlng this view. Surplus received nothing.
To a stockholder this loose view of the proprieties affecting Surplus Is regretable from a correct banking point of view as well as that of the stockholder himself. JUly Surplus having  been   pushed   Into   tiie  h«rk«
ground by the directors, Fat Salary Account was by them brought upon the stage, and they voted to give Pres¬ ident Cart and vice-president Dr. John tUttaor Hutchinson an Increase of 1500 each per annum. The presi¬ dent noW gels f3,000 a year for drop¬ ping luto thjc bank an hour each spirW, its Kaiser'and | morning, on his way from Baldwin to his private business In New York. The vice-president gets a thousand dollars a year whereas before It was only 1500 for duties purely nominal and exceedingly dlflScult to define. Two blades of grass now grow where one grew before, the President's and the vice-president's duties are nom¬ inal as ever, and the doctor's reputa¬ tion as a high-charger Is fully main¬ tained.
A stockholder speaking lightly of the incident observed that the direc¬ tors might better have paid Von Hln denburg to stay away from the bank altogether, for such are his tempera¬ mental characteristics that villagers dropping In during his daily hour of visitation are likely enough to de¬ part feeling "Insulted."
At the time the Post, some weeks ago, called attention to the curious conceptions of bank management en- terUlned by tbe First National's President and directors, the actual depletion of the bank's surplus foot¬ ed up 12,340. Add to this the recent salary Increaees and it Is brought up to $3,340, Add to this |300 more for a business solicitor just agreed upon at |25 per month and the figures con¬ tinue creeping upward. Just where this will stop nobody but the Kaiser and bis pliant fleld-marshall knows. The Treasury Department In Washington   can   always   stop   waste
TONY GARISTINA
Makes
boots
promptly and neat
Iy. He gnarantees all his work^ Give Mm an or¬ der and yoa wili not go else¬ where.
50 South Main Street
FEEEPOBT
and  repairs
and     slioes | i,, the banks belonging to the Federal
Reserve, but to date any aatlvltles In such a direction are unobservable to stockholders of the First National. Secretary McAdoo and Comptroller John Skelton Williams are presum¬ ably busy men. Possibly they hesi¬ tate to take up a" situation In which a Democratic    congressman figures.
Possibly they know nothing about It. Possibly the suspicion that the Con-
J.
HEWLETT
Hay, Feed, Bundle Wood
Market and Garden Seeds, Seed Potatoes, Fertillxer, Dried Grains rOR. tHURCH STREET AND NEW BOULEVARD, FBEEPORT, J. T. Will .close at 1 P. M. on Saturdays daring Jaly, Aogast and September
ftmtmttt has a "pull" with t^acm aad bas lulled them to sleep ia unfound¬ ed. But if the inatter should get into politics this fall, the Republicans may be trusted to work it to the discom¬ fiture of he Wilson Administration. A F^eral Reserve which does not con¬ serve the right of all concerned in banking institutions is not a fetching campaign Issue.
Meanwhile tbe First National's di¬ rectors continue to pay themselves 125 apiece for attendance at meet¬ ings, thus maintaining their reputa¬ tion of being probably the highest paid bank directors in the whole world of finance. How must the di¬ rectors of tbe Deutschea Bank of Holland, of the Banks of England, Berlin and France as they mop the perspiration from their tired brows these days gaze enviously across the broacj, briny expanse of blue, at the directors of the First National plac¬ idly drawing down the Surplus and conserving their personal bank ac¬ counts!
How far the present policy of "milking" tbe small stockholders, for this is one stockholder's view of It, may affect the depositors is purely speculative. While the solvency of the bank Is not questioned. Just how long a community may continue to be Impressed with that fact, once It is impregnated with the thought that the policy of a board of directors, seven of whose eleven members are non-resident. Is immoral If not tech¬ nically  Illegal, is equally  speculalve.
It appears to be the fact that a ru¬ ral community differs from an urban in its views of banking morality. It Is disposed to be more exacting and hence New York methods are more likely to be misunderstood and even distrusted. So it happens at this juncture that many curious eyes are focused upon Director Loft and his acquiescent associates and society friend. President Carl, and wonder¬ ment is expressed In the i>ointed phrase "what's doing?"
It is recalled that once before In the history of the First National, the "policy" so largely dominated by these two gentlemen, neither of whom has had practical banking training, neither of whom lives in the village or enjoys the actjuaittance and con¬ fidence of ItE citizens, led to divis¬ ions in the directorate, when half a dozen members representing local Interests resigned in a body.
In fact one of them who has more than a county reputation registered his opinion of President Carl as a financier in language mtjre pointed than elegant. Indeed It Was positive¬ ly explosive besides holding him up to derision as a banker singularly lacking in knowledge of the busi¬ ness.   All of which Is of record
The vacancies thus created by these divisions are now fliled largely with Individuals having no local domicile and no special Interest In the growing affairs of the village In which the bank does business. Wheth¬ er they are pliant tools of those who gave them being or whether they are Impregnated with the get-rlch-qulck spirit may not be said. The readiness with which they grasped at the Loft- Carl proposition laid before them of Increasing their monthly and other meeting fees to |25 where $10 had be¬ fore been considered ample, may throw some light upon the matter, though it may afford no special satis¬ faction to the stockholders.
It Is this extravagance which has attracted general attention and led to indulgence in criticisms concerning the impairement of property rights, and the violation of the spirit if not the letter of the Federal law. It is not so long a step from transgressions of morals to transgressions of the law, when grand Juries, District Attorneys and Courts function upon the offenders.
Coincident with the publicity which Congressman and Director Loft is now receiving in the banking world Is the duplicity he is justly receiving in the sporting world. To his various earthly poBsesslons he has added a srlng of horses that fig¬ ure In the odds placed by the gam¬ blers on this particular form n of di¬ version. Horse, racing per se Is not regarded as exkctly immoral by a rural commimity, if it is on the level, but it does seem to be a something to be regarded with grave concern when Indulged by deacons and bank directors.
And "Honest John," too, is seeking the limelight though in a different field. He has become a member of a candidate's committee on a nomi¬ nating petition and he has visited Saratoga while the health of his par¬ ty waa being considered by its lead¬ ers, though it is not of record that he was called Into their councils. Pos¬ sibly his reputation as a financier had proceeded him. Possibly also it was accomplished by his record as a poli¬ tician who never won a political fight in -which he was a candidate, and who in hlB declining years "cuts no ice."
There is to date no application for loans from New York's celebrated financier, Mr. Charles W, Morse, with whom Congressman Loft haa recent¬ ly become associated, as shipping cir¬ cles understand, in his ocean steam¬ ship company and the Hudson River Line, Mr, Morse it may be remem¬ bered, was serving an apprenUcesblp as a type-writer In the Atlanta pris¬ on when pardoned by President Taft He* la completely restored to health and prepared again to conduct the public through the intricacies of finan¬ ce. Mr, Loft speaks of his associate as having "reformed." So haa Five- hundred-and-twenty-per-cent Miller, who lives an orderly life In •Rockville Centre, passes the First National dally and thus far has established no re¬ lations with any of its directors.
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SUPRKMB COimr, KABBAV COUN¬ TY. —Bmig Harbor Saving* Bank. PlaiotifC. *ffaln*C Cbarl** Burahardt and Mariraret Buirhardt, wife. De¬ fendants. In purauance of a Judr- ment of foreclo*Mre and *ale. made and entered In the above entitled ac¬ tion bearing^ date the l4th day of July, 19l«, I the undernlKned referee In *aid Jatement aamed, will sell at ptiblic auctinu at the rotunda of the Ceunty Conrt Houae in Mineola. Nas¬ sau County, New Yoilt on Monday. October znd 191S, at 10 a. m., tbe pretni*«8 directed by *aid judgment to be Bold, and therein deacrtbed as follow*:
All those certain lots. pieces or parcels of land together with the buildings and Improvements thereon erected or to be erected, situate, ly¬ ing and being al Roosevelt, County of Nassau and State of New Yorl* known and designated as and by the lots numbera fourteen (H) fifteen (16) and sixteen (16) on Hap of property of .lames Armstrong, Roosf-- velt, I.,. I., surveyed June, 1907, by Smith and Malcomson. Civil Engin¬ eers, Freeport, L. I., and filed In Nas¬ sau County Clerk'* olllce June 80th, 1908, as map number 161, which said lots takt-n together are further bounded   and   described   as   follows:
BEGINNI.VG at the northwesterly corner thereof adjoining Hart* Ave¬ nue on the north and distant three hundred seventy-three and 10-100 (S73.10) feet easterly trom Washing¬ ton Avenue when measured along the southerly side of Hart* Avenue: thence running southerly along the easterly lino of lot number thirteen (13) as shown on said map one hun¬ dred (iOO) feet; thence easterly sixty (CO) feet; thence northerly along the westerly line of lot number seven¬ teen (17) as shown on aaid map one hundred (100) feet to Harts Avenue; thence westerly along Harts Avenue sixty (60) f^t to the point or place of   beginning.
Dated,   July   19,   1918.
SHEPARD  H.   FARRINGTON, Referee. WII.,LIAM   C.   GREENB,   Attorney   for Plaintiff,  Sag  Harbor,   L.   I.	
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prices
HER2QFELD
so. MAIX  ST,        FREEPORT Host Competent  Cobbler
Latest Machinery Repairiag WhUe Yon Wait
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PKACTICAL   H0R8ESH0EING GK.VERAL  BLACKSMITHINO
Lawn mowers and farm lm pie¬ men ta repaired and aMrpened on abort notice'. Wagbn ironing Heavy iron and steel tire work a specialty.
Smith St. aad Merrick Ave.  Merrick (Tel. 1082-J)
Groceries   Vegetables    Fruits    Meats
SANITARY STOVE TOP FOR GAS RANGES
NOTICB)   TO   CRBDITORS
PURSUANT   TO  AN  ORDER  OF HON. HENRY   8ELDEN   WELI.BR,     Tem¬ porary   Surrogate    of    the    County    of Nassau,   notice   Is  hereby   given  to  all
geraon* having claim* against Daniel -. Kamp, late of the Town of Hemp¬ stead, In the said county, de(;ea8ed, to present the aame with the vouch¬ ers thereof, to the subscrll)ers, the executors of the last will and testa¬ ment of said deceased, at tbeir place of transacting business at the offlce of Johnson & Johnson, Freeport, N. Y., on or before the 26th day of Sep¬ tember  next.
Dated,   Mineola,     N.     Y.,     March   1, 1919.
CLARA   O.   KAMP, JENNIE   KAMP.
Executors. JOHNSON      &     JOHNSON.     Attorneys for   Executors,   47   Railroad   Avenue, Freeport.   N.   Y.
Sanitary—Saves   gas,  labor and cooking ntensils.   Only one   bnmer   lighted—three articles cooking. Drop a Postal to
William J.  McMackin
o6 Wlllonghby St., Brooklyn, N. T.
Groceries Fancy and Staple
Every Article Guaranteed
NOTICE    TO    TAXPAYERS
of   the ¦VII..I-A«;R    OF"    FREEPORT.
I, the undersigned, the Collector of Taxes In and for the Village of Free- port, N. Y., have received the Tax Roll and Warrant for the collection of taxes for tho present year, and I will attend at the offlce of Ortell & Smith, ou Railroad Avenue, In aald Village of Freeport, on July 24 to August IG, 1916, Inclusive, from 9.00 o'clock In the forenoon until 4 o'clock in the afternoon on each such day for the purpose of receiving taxes upon such roll at the rate of one per cent, on every dollar; after August 16, will attend at my place of resi¬ dence, 35 North Grove Street, In. said Village of Freeport, for' the purpose of receivlnsr taxes upon such roll nt tho rate of five centa on every dol¬ lar.
D.FRANK   SEAMAN,   Collector.
Dated,  July   14th.  1916.
Godfrey Gilbert, Jr.
GUARANTEED
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Telephone 1312 9   West Merrick   Rd.,  Freeport
A TIP I
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DR. M. C. CASHIOPP
Specialist on All Foot Troubles
Offica Hours:   Brooklyn Mon., Thur*., 9 to 6 Wad., Fri., Sat,, 9 to 8.
Sun., 10 to 1
Office Hour*: Freeport   Tu*i., 3  to  7. Sun , 4 to 6.
And by  appoinlmcBt.
Main Offlce: Branch Offlce and Ro.'^ldcncc:
736   Nostrand   Avenue, i>7  Nurih JNaia Street,
lirooklyn, N. Y. Freeport,  L. L
Tel. Bedford 470 lei.   Freeport   1317-W
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Many an automobile has gone to the re¬ pair shop because the driver turned in at the wrong place to buy his gaso¬ line. [.
Some dealers who are selling iaferior gasoline try to make the motorist beliere he is getting SOGONY Gasoline by giving their own pro¬ duct misleading names and descriptioos. Do not be misled.
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