if any, has been his lot, and he has even been confused with Colonel George Croghan, nephew of General George Rogers Clark and General William Clark, to whom he was evidently not related. Yet for more than thirty years before the Revolution he was the most outstanding figure among the trailblazers, Indian traders, and colonizers of the transappalachian wilderness. At one time he had trading houses throughout the upper Ohio region, and his activities did much to bring on the French counter-stroke of 1749-54. After the peace of 1763 he became a land operator on a gigantic scale, and vigorously promoted the settlement of the newly opened regions. This work, the result of many years of research, assembles much new material, especially concerning the great land companies and their promot

It shows Washington and Croghan in frequent conflict over their claims to vast sections. Also it lifts Croghan out of his obscurity and gives him his rightful place in history.

Guides to Children's Reading

THE THREE OWLS. A BOOK ABOUT CHILDREN'S BOOKS; THEIR AUTHORS, ARTISTS, AND CRITICS. Written and Edited by Anne Carroll Moore. The Macmillan Company, New York. $2.50.

A PARENT'S GUIDE TO CHILDREN'S READING. By Mary Graham Bonner. The Funk & Wagnalls Company, New York. $1.75. CHILDREN'S READING. A GUIDE FOR PARENTS AND TEACHERS. By Lewis M. Terman and Margaret Lima. D. Appleton & Co., New York. $2.

WINNETKA GRADED BOOK LIST.

By Carleton Washburne and Mabel Vogel. The American Library Association, Chicago.

There is constant demand, especially from parents, for books of this kind. Only two of these require special comment, and for quite different reasons. Miss Moore's "The Three Owls," which is her own work and that of a score of other contributors, is compiled from her department of the same name in the New York "Herald Tribune." It is the only one of the four which has claim to be considered as literature, since in addition to the books which are listed there are some real comments and criticisms upon the books and their writers and illustrators. Parents will find it useful to consult and interesting to read.

Of the next two, "A Parent's Guide to Children's Reading," by Miss Bonner, and "Children's Reading," by Dr. Terman and Miss Lima, it should be said that they appear to be good workmanlike compilations of lists. The second of them contains a considerable amount of comment in the way of scientific study of the subject of children's reading. Nothing of the joy of the subject gets into these pages, and the authors probably did not intend that it should.

Of the last of the four, the Winnetka list, it is sufficient to say that it might have been devised by the ghost of Mr. Gradgrind. The American Library Association, from what one hears, will not again make the mistake of publishing a book like this. It is a triumph of scientific efficiency, with all the apparatus of graphs, "median lines," and other methods for weighing things which cannot be weighed. There is an enormous amount of labor in it, but a modicum of common sense. Parents and teachers will do best to leave it alone.

causes of the failures of National banks.

There is in some very responsible quarters a feeling that the State bank system, or rather, systems, are too weak; that State supervision is less alert and stringent than National supervision; that local State politics offer an opportunity for letting down bars when bars should be reinforced; that, in short, the State banks are likely to fall. Those who argue on this side point to the growth of the larger National banking units, their absorption of State banks, and to the failure of State banks. Those who argue on the other side point to the advantages of State incorporation and of strong local supervision. We cannot here go into the intricacies of the issue; we merely suggest that there is an issue. And an issue of importance.

Now as to National bank failures and their causes. For the year ending with October, 1925, there were 98 failures as compared with 138 the year before. The Comptroller says, in three paragraphs which must be quoted in full:

While unfavorable agricultural conditions have contributed in a large measure to the closing of a number of these banks, still it must be borne in mind that the greater number of failures occurred where territories have had too many banks per capita and where too many bank charters were issued during the boom period of the war and immediately after peace was declared. Not only was there insufficient business for the support of these banks, but their organization resulted in hazardous and unwarranted competition.

Upon an analysis of the cause of these failures, it appears that fortynine were due to economic conditions, crop failures caused by drought, and the fall of the market prices for live stock. Thirty-nine were caused by inexperience and mismanagement by officers and directors, and only ten by the defalcation of an officer or employee of a bank. The first two named causes might be consolidated and attributed to strong competitive banking without the proper banking experience and banking ability, for, after all, the fact remains that there are many solvent banks remaining in these territories where the failures have been most prolific, and that such banks are in charge of and have been managed by capable and experienced men who, under the strongest pressure of competition, have been able to loan and invest the banks' funds without incurring disastrous losses.

Economic conditions in the territories where the largest number of failures have occurred are much improved and the banking industry is

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FACTS FOR INVESTORS

The Outlook's Financial Service Department is at
the disposal of all Outlook readers at the nominal
charge of $1 per inquiry. It is a fact-finding and
reporting information service which aims to help
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May we serve you?
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The Outlook Financial Service Department

rapidly adjusting itself to normal conditions. It is believed that the experience gained by bankers in the last ten years will be of great value to the banking business of the future and out of it will come better-qualified bankers, more conservative management, and greater safety to depositors.

The editor of the "Bankers Magazine," commenting on this report, suggests that it is possible that there are too many banks, and points out that our laws, wisely or otherwise, are framed to permit the establishment of banks, rather than to restrict them. "Apparently, less freedom in starting new banks would be to the advantage of these new banks, in many cases, to the existing banks, and to the community at large."

We do not find much with which to disagree in this view. It ought to be obvious that unrestricted competition in banks, as in corner grocery stores, must mean sharp competition, and that if a community is "over-banked" sooner or later some must go to the wall. The parallel between banks and corner grocery stores is far from perfect; if a store fails, those who are hurt are its owners and their creditors-the community does not lose. If, however, a bank, which by the nature of things is a creditor to its depositors, goes to the wall, many suffer.

We do not believe that either the State banking systems or the National banking system are essentially weak, or that there is any very easily marked preference for the one or the other. What makes a bank safe and sound is the same thing that makes a business safe and sound. It is integrity of purpose and ability of management under favoring circumstances. The protection which the law gives should be secondary, for no law was ever devised that would prevent some legally supervised business from crashing down into ruin.

It would be a proud day if we could say that this year there have been no bank failures from any cause whatever in the United States. But that day will probably be long postponed. In the meantime, for those of us who have to trust our funds to some bank, let us err on the side of conservatism. Let us go to the well-established institution, to the bank with a record of service which none can gainsay, to the bank which pays good dividends to its stockholders and whose directors are men of undoubted substance in the community. By so doing we shall secure more for our money while we are that bank's customers and

normal amount that the bank's doors will

not be wide open for business every business day of the year.

T1

Florida Frauds

HERE are frauds in Florida, as in every State of the Union; but that is no reason for avoiding or condemning Florida. In this connection our readers will be glad to know that the New York Better Business Bureau (280 Broadway, New York) is endeavoring to protect the unwary. A recent bulletin has this interesting information:

"To get first-hand facts to protect citizens of New York and several other principal cities, John N. Garver has represented this Bureau and several affiliated bureaus, co-operating with bureaus in St. Petersburg and Miami, for three months past in the examination of questioned real estate developments in that State. With the aggressive aid of H. C. Mitchell, Manager of the St. Petersburg Bureau, and in co-operation. with the National Better Business Bureau, much valuable information has been developed for the protection of prospective investors in New York and other Northern districts.

"Arrangements to broaden and intensify this work, with a number of trained investigators, working under the auspices of the National Better Business Bureau, were consummated at conferences held in Jacksonville, on January 30 and February 2, last, at which this Bureau was represented by H. J. Kenner, its general manager. The plan provides for close co-operation with the Florida State Chamber of Commerce and affiliated local chambers in one hundred and seventy-six cities of the State. This means well-directed, intensive investigations and practical procedure against fraudulent real estate operations. This work is supported financially and morally by organized business in Florida, determined that the fair name of the State shall be defended aggressively against the depredations of unscrupulous realty dealers. The special investigators now representing the National Bureau in Florida are Edward A. Schwab, John N. Garver, Frederick Schwab, and Benjamin Garver.

"Facts gathered at first-hand in Florida have been applied to good advantage in this city, one typical instance being wherein an individual soliciting subscriptions of $1,000 each for a syndicate which would operate in Florida farm lands. The name of a prominent National bank of New York was used in the literature of this scheme, as were the names of several prominent business men, all without authorization.

The