[Volume XXV
, T H E С TT Т Г A G О BA N K E R
12
State Banks Unite
Buffalo, X. Y.. June 28.—At a meeting of the representatives of 33 of the 41 national banks in the Eighth judicial district, comprising the counties of Erie, Niagara, Chautauqua, Genesee, Cattaraugus, Wyoming, Allegany and Orleans, held here yesterday, the Buffalo National Currency Association of Western New York was organized under the provisions of the currency bill recently passed by Congress.
S, M. Clement, president of the Marine National of Buffalo, and W. E. Barger, vice-president of the Third National of Buffalo, were chosen president and vice-president, respectively.
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Bank Assigns
Maysville, Ky., July 1.—The bank of Dover, Ky., made an assignment to-day in the Mason County Court, and J. Elgin Anderson was appointed assignee. The capital stock is $15,000; liabilities about the same. The assignment is caused by the Aberdeen bank failure. It is claimed that the late D. N. Fawcett had borrowed $10,000, and his death precipitated the step to-day. D. Sam Frazee is president, Frank Collins, vice-president, and W. A. Rist, cashier, with about 50 citizens of Dover and vicinity stockholders. Under the bank laws of Kentucky each is doubly liable for the amount of stock owned.
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The Chatham National
The Chatham National, of New York, has purchased the building which it now occupies at Broadway and John Street. This will give the bank a permanent location on the site which it has occupied since i860.
The first site of the Chatham Bank, as it was then called, was in Chatham Street, from which it derived its name. It was organized in 1851 as a state institution, and became nationalized in 1865. The bank has remained continously in the hands of the same interests since George M. Hard became its president, forty-three years ago. Its present capital of $450.000 is the same as when the bank was started.
This month the directors will pay the regular quarterly dividend of 4 per cent, wfjich is the 150th dividend paid since 1852.
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Brooklyn Bank Reopens
The Brooklyn Bank reopened at noon yesterday. The withdrawals are said to have been few, and at the main office and branches deposits have exceeded withdrawals. Many of the old depositors added to their accounts.
North Dakota convention, and will return just in time to catch the South Dakota train. With a car to themselves the bankers expect to have a pleasant time on the way to Dead-wood. Among those who went to Bismarck are F. E. Holton of the Northwestern National ; E. L. Mattson, of the Swedish American National; J. S. Pomeroy, of the Security National, and E. S. Chapman, of Eugene M. Stevens and Company.
To Take Trip to Alaska
A. V. Ostrom, assistant cashier of the Swedish American National, who has just returned from a month’s vacation in the wilds of Northern Minnesota, will sail from Seattle on July 14th for a trip to Alaska. Mr. Ostrom is on a thorough recuperating trip.
Minnesota Loan and Trust Company
At the annual meeting of the Minnesota Loan and Trust Company last week officers and directors were re-elected. A satisfactory financial year was reported and $50.000 was carried to the surplus. This gives the company a paid-up capital of $500,000, and an earned surplus of $250,000, exclusive of the undivided profit account. The dividend rate was increased 1 per cent per annum.
Pays Out 87,000 Interest
State Treasurer C. C. Dinehart has just paid the interest on $400,000 old Minnesota ?,/2 per cent railroad refunding bonds. The interest was $7.000. Of that amount, however, $2.830 was kept by the state as it holds some of the bonds in the permanent school and permanent university funds. The original issue of the bonds was $1,659,000. and it has been reduced at the rate of $150.000 a year. The bonds were issued to take up railroad bonds issued in the early history of the state.
New Bank for Holmen
La Crosse County, W.is., reports another bank, at Holmen, not far from La Crosse. It has $15.000 capital. The chief customer will be the Holmen Creamery Association and farmers who do business with the big plant. The incorporators are Thomas Johnson, V. S. Keppel and A. O. Jostad.
Minneapolis banks will have to increase their bonds as,public depositaries. It was reported to the ways and means committee of the city council that the banks have been carrying amounts more than the maximum fixed by law, which is not more than 50 per cent of each bond. The banks pay 2 per cent on daily balances. The banks have been unwilling to increase their bonds and still pay 2 per cent. Rather than have the money accumulate in the vault of the city treasurer it has been put on deposit. The city attorney advised that the banks be notified that the city would accept personal bonds with surety bonds, so that the total would come within the limit. The Comptroller reports deposits as follows: Security National, $77.363; Northwestern National, $47,526; National Bank of Commerce, $45,206; First National, $43,956; Swedish American National, $21,241.
Approve Nomination
Conservative Minneapolis bankers approve of the nomination of William H. Taft for president and seem to take it for granted that nomination means election. The consensus of opinion is that the Roosevelt best policies will be continued, but in a more gentle manner. J. A. Latta of the Swedish American National says: “I am very well pleased. I am not afraid of the policies that Mr. Taft is at all likely to advocate. In fact I look forward with confidence to them.”
E.	W. Decker, Northwestern National: “I am delighted with the selection and particularly pleased to have it unanimous as it augurs well for the success of the candidate in the fall. I think Mr. Taft is an ideal man to succeed Mr. Roosevelt. I don't think Mr. Roosevelt could finish the work so well as Mr. Taft.’#
F.	M. Prince, First National: “I think the nomination is a good one. I think he will accomplish the good things that Roosevelt would in a little less energetic way.”
Twin City Delegation
George F. Orele, cashier of the First National, Minneapolis, is arranging for a buffet-Pullman car to carry the Twin City delegation to the South Dakota convention at Deadwood. The car will leave Monday. Several of the bankers have gone to Bismarck to attend the