Volume 2 - ElectricCanadian.com

242 HISTORY OF THE BANKyear the practice of paying interest on deposits quarterly, whichhad first been adopted by the ill-fated Sovereign Bank ofCanada, was discontinued. The system of compoundinginterest at such frequent intervals had been found to involveheavy additional labour on the part of the staff withoutcorresponding advantages to the customers.In December, 1908, arrangements were first made by thebank to issue travellers' cheques, which have since become anaccepted partof its effort to meet the convenience of thetravelling public. A few years later these cheques were tofigure in a very remarkable criminal case in the United States.A man, nicknamed by the police "Christmas" Keogh, developedthe practice of negotiating forged travellers' cheques every yearduring the Yuletide season at places distant from the supposedplace of issue. A Toronto mining broker was arrested inSt. Louis on the charge of being the mysterious Keogh, whohad evaded the American authorities on many occasions. Itproved a clear case of mistaken identity, but the circumstantialevidence was strengthened by the fact that Keogh had usedthe cheques of The Canadian Bank of Commerce. TheToronto man was subsequently released, and Keogh wasfinally captured in 1918, having forgotten the old adage aboutthe pitcher that goes too often to the well.In 1909, as had been anticipated, the financial situationbecame much easier, and general business was comparativelyslack. However, in August, the branches were advisedthat there were signs of a stiffening of money ratesin New York, and of an improved demand for money inthe near future. In the autumn, agricultural conditionsin the province of Ontario were reportedto be on thedown grade, more particularly as regards the production ofcereals. Farm lands at this time were selling at prices lowerthan had prevailed for several years.During the first decade of the twentieth century theopening up of the West for settlement drew large numbers ofimmigrants to Canada. In 1903 and in 1906 special efforts