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THE CHICAGO BANKER
August 8, 1908]
Philadelphia Clearing House, Thursday, the subject of the formation of a national clearing house association was discussed for an hour.
There was a good attendance, and such banks as were not personally represented sent their acquiescence in the movement.
After the discussion the whole matter was referred to a committee to be appointed by Joseph Moore of the National Bank of Northern Liberties, who presided at the meeting.
The Philadelphia Company Notes
The new $2,600,000 6 per cent notes of the Philadelphia Company will be offered on a basis to yield 6 to 6y& per cent. The collateral behind them is placed at $6,325,000.
F. B. Reeves Back from Vacation
Francis B. Reeves, president of the Girard National, of this city, is back from a vacation spent in the Pocono Mountains.
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The Book of Fish and Fishing
The Scribners of New York have published a new, compact and complete compendium of practical advice to guide those who angle for all fishes in fresh and salt waters. It is convenient for the pocket although containing more than 300 pages. Louis Rhead, the author, states that for the mode of capture, both of fresh water and other fishes, he has based his advice on his own experience, except in the case of the tuna and black sea bass of the Pacific coast. The book is absolutely full of illustrations of fishes, tackle, bait, boats, and all the numerous things used by fishermen. Even the camp life and cooking are “done to a turn.” The when and how as well as the why departments are complete. Charles Scribner’s Sons, New York. Price $1.50.
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At a meeting of the stockholders of the Union State Bank, of Beatrice, Neb., John Von Steen and Jacob Classen were elected additional directors.
to $5,291,262■ Surplus and undivided profits at the end of its first year, 1878, amounted to $107,880.84, compared with $1,162,452.24 at the end of 1907. It began paying dividends at the beginning of business, and has a consecutive history in that respect. Last year it paid to per cent on its capital stock of $500,000.
Sails for Europe
W. Barklie Henry, of Henry & West, bankers of this city, sailed last week for Europe, on a combined business and pleasure trip of two months’ duration. Pie expects to remain in London for three weeks on business before proceeding on a recreation trip to the continent.
Bid in Stocks and Bonds
Six banks and two trust companies of this city, Wednesday, bid in stocks and bonds of the Lake Superior Corporation, with a par value of $6,666,500, which had been held as collateral by these institutions against a loan to the Canadian Improvement Company of $1,661,000. The securities were sold at $1,592,-687, which nearly equals the amount of the financial institution’s loan.
The Western National
The capital stock of the Western National of this city is now $600,000, and the par value of each share is $100. Hereafter quotations of this.stock will be reported on the basis of $100 shares. The last sale reported was at 6oy2 per share, of $50 par value, making the new stock selling at 121 per share.
Philadelphia Clearing House Association
At a meeting of the representatives of the thirty-one clearing house banks held at the
I I WANTED CZI
CJ A young man with ten years’ experience in all kinds of banking wants position as Assistant Cashier or Teller. Party is a winner with the people and a business getter in every sense. Would especially like a place with a large institution where he could meet the people and solicit business for the bank. Large town preferred.
Address “ ASSIST ANT CASHIER,” Care of Chicago Banker
Among the less than 250 trust companies in the United States having surplus and undivided profits in excess of their capital, there are sixteen in Philadelphia, thirty-one in the rest of Pennsylvania, twenty-seven in New Jersey, and three in Delaware. Ranking number one in the whole country, is the Union Trust Company, of Pittsburgh, which with a capital of $1,500,000, holds surplus and undivided profits amounting to a little more than $24,350,000.
In Philadelphia the Provident Life and Trust Company ranks first.
The Tradesmen’s National
The disappearance of $15,000 from the Tradesmen’s National, of this city, within the last few days was admitted by Vice-President A. B. Loeb. He said an investigation is being made. He intimated that in any event the bank would not lose, as all of its employees are bonded. Whether the discrepancy was due to an error of bookkeeping or defalcation could not be learned.
The Philadelphia Bank Showing
All returns of Philadelphia banks made to the Comptroller of the Currency, as of July 15th are available, and show that the institutions earned $3,547,032 in the eleven months, beginning August 22, 1907. This is less than in the preceding year, but discloses the fact that in addition to paying $2,283,295 in dividends, the institutions carried $1,263,737 to surplus, bringing that item up to the unparalleled total of $37,775,341• One of the most-remarkable points brought out was a jump of nearly $29,500,000 in deposits, the Philadelphia National alone reporting a gain of $10,479,580, the Girard $8,000,000, and Fourth Street, Franklin, Central, Bank of North America, and Corn Exchange from $2,000,000 to $4,271,639.
The Penn National
The Penn National of this city has issued a folder setting forth the condition of the bank on July 15th last, and also giving a comparison of its years of growth. Its deposits aggregate $5,288,892, and its loans and discounts amount