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THE CHICAGO BANKER
July 18, iço8]
ascertained from the national bank reports and other sources of information, was about $296,-000,000.”
dent, A. E. Rice, Croghan Bank and Savings Company of Fremont; vice-president, W. F. Hoffman, Commercial National, Columbus; secretary S. B. Rankin ; treasurer, W. J. Winters, Commercial National of Coshocton. E. W. Bixby, First National, Ironton, arid F. J. Woodworth, First National of Cleveland, were chosen to represent the association as members of the executive council of the American Bankers Association.
the Lake Carriers’ Association at Detroit, was placed in line for the presidency of the American Bankers Association by the Michigan members of that organization when they elected him a member of the executive council.
City, and was a “master hand.” Mr. Livingstone defeated J . W. Selclen, of Calumet, for the place by a vote of 44 to 43. It was the most exciting contest of the Michigan bankers’ trip.
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Petoskey; first vice-president, H. G. Barnum, Port Huron; second vice-president, Emory W. Clark, Detroit; secretary and attorney, Hal H. Smith, Detroit; treasurer, Fred S. Case, Marquette ; members of the executive committee for two years, C. J. Monroe, South Haven; William McPherson, Plowed; Thomas Heffer-an, Grand Rapids; L. A. Babbitt, Northville; H. B. Webber, Ionia. Dudley E. Waters, of Grand Rapids, was elected honorary vice-president of the American Bankers Association for Michigan.
This is one of the cleverest things, among many clever things, which Michigan does. They hold their chief session in the president’s home town.
yielded a net revenue of $8.04 per acre and were valued at $53.05 per acre. Genuine currency can move such crops, but it takes a lot of it.
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Marshalltown State Bank and H. j. Howe of the Fidelity Savings. They will get on at Marshalltown.	Cashier.
V
Peoples Trust Dividend
The board of directors last week placed the Peoples Trust & Savings Bank, of Clinton, la., on a 12 per cent basis. A dividend of 6 per cent was declared for the past six months, and an additional 3 per cent payable October 1st.
Fifteen thousand dollars was added to the surplus fund, making that account now $225,-000.

W. O. Southwick is reported having been elected president, and L. E. Southwick, vice-president, of the Cordova, Neb., State Bank.
rich-Vreeland currency act as a relief to the business interests of the country.
HIS denunciation of the deposit guaranty movement would have caused the advocates of that heresy to jump overboard had any ventured to ship on the St. Ignace with the Michigan financiers on their Northwestern lake trip.
STATE BANKING COMMISSIONER ZIMMERMAN delivered an address however in which he charged that if the real nature of the opposition to the guaranty of banking deposits was known there would be more arguments spoken in its favor.
He takes the position that the national bankers and the private banker, particularly the latter, do not want such regulation, but that the state bankers generally are in favor of it despite all statements to the contrary.
SENATOR WILLIAM ALDEN_ SMITH was in the fray, also. In discussing financial legislation he said: “The association might appropriately have held its convention in Canada. and absorbed some of the financial wisdom of that little country.”
On the question of the guaranty of bank deposits the senator took a decided stand in opposition and was warmly applauded. He said he wanted to see the power of the state minimized instead of maximized and the reverse with the individual.
YOU can take your choice of these three doctrines.
THE New York bankers at Frontenac elected the following officers for this year: President, E. S. Tefft, Syracuse; vice-president, F. E. Lyford, Waverly; treasurer, Elmer Runkel, Hoosick Falls; secretary, E. O. Eldredge, New York; assistant secretary, William LI. Henry, New York.
The date and place for next year’s meeting were not decided upon. Attendance 300.
THE address of the president of the New York association, Charles Elliot Warren, vice-president of the Lincoln National, told of the growth of the association, which now has the largest membership in its history, composed of 533 banks and bankers doing business in the Empire State with capital, surplus, and deposits of $2,117,000,000. Mr. Warren was congratulated by all present at Frontenac on his successful administration.
THE New York bankers who arrived early at Frontenac were able to see little merit in the Aldrich law, and it is believed it only points the way to further and more desirable currency legislation based on the commercial needs of the country, even going beyond the bill offered by the American Bankers Association.
It is said, also, that the New York bankers wish to reply to the criticism of their attitude toward their outside correspondents during the panic times of last fall.
ON this subject President Warren said: “The justification for taking vigorous action to arrest panic is found in the remarkable figures of the disappearance of currency during the period of about six weeks from the suspension of the Knickerbocker Trust Company on October 22d until confidence was partially restored early in December. The amount of currency which disappeared from sight during this period, as nearly as can be
ONE of the advantages of a permanent secretary is the system which he can put into the work of a state bankers association. In Missouri they know a year in advance who will be the orator of the day. Next year he will be none other than the talented J. A. S. Pollard of Iowa. The time—May—and St. Joe the city. With such an attraction you can begin to write to Charley Pasche for reservations and do it now, as they say in the circular letter.
HOW different from the hit-or-miss policy of some big association which one week in advance can only guess at the probable speakers. A correspondence school could do it better than some secretaries one could mention.
ED. KAUFFMAN, of the German Savings at Davenport, is in doubt about going to the Denver convention for the reason, as he writes, that “It is a sort of unwritten law in our office that everybody must be at his desk the first two or three days of each month, and the first of October is a very busy time with us. I have heard other bankers talk in the same strain and must confess to a considerable degree of surprise that the convention was not fixed for say a week earlier.”
THE convention was placed at the earliest seasonable date and at the latest date upon which the railroads would make a low, $30 round trip rate from Chicago and other points. It was a compromise between the weather and the pocket book and Secretary Farnsworth has been complimented upon the plan. Mr. Kauffman still has time to get a reservation in the Iowa car.
AT last C. C. Hay has secured a divorce from the American Banker. His resignation has been “on the fire” so often, only to be put back in the refrigerator, that the announcement would have been doubted except that the A. B. thought it necessary to publish Mr. Hay as “no longer connected, etc.” which ought to have been unnecessary. He gave that paper loyal service for many years and both have hosts of good friends in good places.
HENRY S. HENSCHEN has come into his own. As cashier of the State Bank of Chicago he will be the walking embodiment of service rewarded. His work will now be more with immediate clients of the bank and Mr. Goddard will find him thoroughly equipped.
A RETURNED visitor to the Deadwood convention estimates Ralph C. Wilson of the Bankers National of Chicago, among the most eligible of the younger convention speakers. He injected enough humor into his speech to free it from any semblance of tedium, and in addition offered some very wholesome advice of the serviceable kind to country bankers. He recommended the establishment of thorough methods for the young man starting out in the business, such as include modern system of bookkeeping that affords opportunities for keeping the affairs of the institution in a condition that permits of the taking of daily balances if necessary.
THE State Bank of Chicago does a large business in letters of credit at this season of the year, and was among the early ones to see the benefit of cultivating this field of banking effort.
PRESIDENT L. G. KAUFMAN of the Michigan bankers sees failure for the Aid-