[ Volume XXV
THE CHICAGO BANKER
THE FARMERS’ AND MECHANICS’ NATIONAL BANK
OF PHILADELPHIA, PA.
427 CHESTNUT STREET
Capital .	.	$2,000,000.00
Surplus and Profits 1,270,000.00
Organized January 17, 1807
Dividends Paid . $12,637,000.00
OFFICERS I
Howard W. Lewis, President
Henry B. Bartow, Cashier	John Mason, Transfer Officer
Oscar E. Weiss, Assistant Cashier
ACCOUNTS Of INDIVIDUALS, FIRMS, AND CORPORATIONS SOLICITED PRESENT NUMBER OF STOCKHOLDERS S30
Your Chicago Business
will receive prompt, careful and intelligent attention if intrusted to the
state Bank of Chicago
ESTABLISHED 1879
Capital, ONE MILLION DOLLARS Surplus (earned) ONE MILLION DOLLARS
Active and reserve accounts of state banks and bankers especially solicited
H. A. Haugan, President	L. A. Goddard, Vice-President
JohnR. Lindgren, Vice-President	Frank I. Packard, Asst. Cashier
Henry S. Henschen, Cashier	Henry A. Haugan, Asst. Cashier
Samuel E. Knecht, Secretary	William C. Miller, Asst. Secretary
iected by the government is added to the redemption fund. While the nine million dollar per month retirement clause holds good for the circulation protected by United States bonds, the emergency circulation may be retired any time by depositing lawful money with the treasury department.
(To be continued in the August 15th issue of The Chicago Banker)
lions, and a redemption fund deposited with the treasury department of 10 per cent of the additional circulation outstanding.
In the matter of taxation, United States and Panama bonds are favored, the tax on the emergency circulation being 5 per cent for the first month upon the average amount outstanding, the tax to be increased at the rate of 1 per cent per month thereafter until a tax of 10 per cent per annum is reached. The tax col-
istence for ten years, and has not defaulted in payment of principal or interest for ten years, and whose net funded debt does not exceed 10 per cent of the valuation of its taxable property and the emergency currency shall not exceed 90 per cent of the market or the par value of such bonds. The total amount of all kinds of notes of any national banks, outstanding at one time shall not exceed the capital stock of the bank, the issue being limited to 500 mil-
Ohio Banking News
quarterly dividend of 2 per cent was declared on the capital stock of the bank, and a 1 per cent extra dividend. As the capital of the bank is now $300,000, the dividend is a 1 per cent increase on the quarterly distribution of a year ago, when 3 per cent was paid on a capitalization of $200,000.
The First National
The First National, of Middleport, will be opened within a few weeks. It will be located on Main Street opposite State Street. Geo. R. Sheldon will be president and Edward Knapp and Charles B. Shaeffer, vice-presidents.
Remembered by Cincinnatians
Charles G. Rodgers, a former resident of Covington, Ky., died in New York recently. Mr. Rodgers will be remembered by the older citizens of Covington and Cincinnati. He was cashier of the Merchants National, and later the president of the Ohio National, then located on Third Street, in Cincinnati.
S. G. Bayne
S. G. Bayne of the Seaboard National of New York has started on a fishing trip to the North-
The following, are the officers of the new Beatrice (Neb.) State Bank; F. E. Allen, president; J. T. Harden, vice-president, and H. H. Waite, cashier.
offered them this week than at any time in the past eighteen months. This money is at 5 per cent and is for loan, however, only on first-class security. This in itself tells the story of the wonderful improvement in the Cleveland money market.
Chatfield to Have a Bank
Chatfield, a small village north of Bucyrus, is to have a banking institution. The furniture has been delivered and the bank will open for business in a few days. Butler people are back of the enterprise.
Cincinnati Brokers
Cincinnati brokers having Boston connections were advised Saturday that by resolution of the governors the Boston Stock Exchange will hereafter be divorced from the Boston Curb.
The Security Trust and Savings Bank
The Security Trust and Savings Bank of Toledo was the successful bidder for $8,000 worth of bonds issued by the Beaverdam, Ohio, Board of Education, at par and accrued interest.
The Commercial National
At a meeting of the board of directors of the Commercial National of Columbus the regular
Representatives of the ten banks embraced in the Cincinnati Currency Association met last week at the First National, and completed the signing of the necessary papers to be forwarded to the Comptroller. Officers were elected some time ago, and, as soon as the papers are formally approved by the Comptroller, the association will be qualified under the new' law to meet any emergency that may arise.
The Bucyrus City Bank
The Bucyrus City Bank is sending around an illustrated postal showing an exterior view and interior views of the bank’s home. The postal is very attractive and makes an effective piece of advertising.
C. A. Hinsch at Washington
Charles A. Hinsch, president of the Fifth-Third National of Cincinnati, has gone to Washington and New York on business.
The Cleveland Money Market
Money is very much easier in Cleveland. The banks all have it to loan on good security and there is improvement every day. There is considerable money to loan at 5 per cent on municipals and other gilt edged security. One large firm said that they had more money