[Volume XXV
THE CHICAGO BANKER
30
curity market in Germany is toward firmness. The great ease in the money market stimulates this tendency, but does not stimulate business, which is very dull.
The gold reserve of the Reichs-bank has been increased through the return of money from London and importations from Australia. Nevertheless it is considered improbable that the Reichsbank will in the near future reduce its rate of discount.
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Decrease in Bank Notes
Washington, Aug. i.—The circulation of national bank notes at the close of business yesterday amounted to $692,088,991, which is an increase for the year of $88,-693,105 and a decrease for the month of $6,244,926.
The circulation based on United States bonds aggregated $625,360,982, an increase for the year of $70,337,695, and an increase for the month of $2,110.-
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The amount of circulation secured by lawful money was $66,-728,009, an increase for the year of $18,355,412 and a decrease for the month of $8,355,391.
The amount of bonds on deposit to secure circulation notes was $629,432,420, and to secure public deposits $145,869,372.
Iowa Gains 87 New Banks
During the year ending June 30th, Iowa gained 87 new banks. The majority of these were savings institutions, there being but ten classified as loan and trust companies. Only 23 savings banks quit business during the year and of these only four culminated their business careers with loss to the depositors and these four were victims of defaulting officers. About one hundred savings banks changed to national banks.
V
The State Savings Bank of Baxter
The State Savings Bank, Baxter, la., has declared its regular 5 per cent semiannual dividend at a recent meeting of directors. The bank has had a very prosperous year and is now carrying over $300,000 assets to secure a deposit of $260,000.
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Brief Banking Notes
S. Hilliard, a banker of Union-town, Wash., has bought a residence at Mission Avenue and Cincinnati Street for $7,000. The house contains nine rooms and occupies a lot 50 by 142 feet. It is strictly modern.
F. E. Yeltum, cashier of the Security State Bank at St. James, Minn., and Mrs. Yeltum have come to Spokane for a short visit with relatives. They will also visit Puget Sound and the Pacific Coast.
The Bank of Montreal of Spokane has secured judgment by default against Lewis P. Larsen on a note for $25,000. The note was made at Helena, Mont., Mav 3.1, 1907 and was for six months.
New Bank Notes
Washington, Aug. 1. — The treasury officials are making satisfactory progress in getting out emergency notes under the circulation act passed at the last session of Congress. Acting Secretary Coolidge said to-day that the business of engraving and printing under the direction of Superintendent Ralph is delivering to the treasury from 2 million dollars to 3P2 million dollars in the new currency daily, and that by the middle of September fully 100 million dollars would be ready for delivery to the banks on call. It is expected that by the time Congress meets in December the whole 500 million dollars authorized will be printed and ready for distribution.
Up to this time only one emergency currency association has been organized under the new currency law. The banks in the District of Columbia had their articles of association approved by the Secretary of the Treasury some weeks ago, but the banks in New York and other financial centers are not disposed to fully commit themselves pending a determination of the question whether a bank joining an association can withdraw from it after complying with all the requirements of the law. The treasury officials regard this question as purely academic, but they have the matter under consideration and it is not unlikely that a decision will be reached on this point in a very short time. The act itself is entirely silent on the subject.
There is no present indication that any emergency currency will be needed this year as the New York banks have surplus reserves of nearly 60 million dollars and cash reserves in interior banks are larger than usual.
V*
The Farmers’ Bank of Milton
The Farmers’ Bank of Milton Ind., held its annual election of directors recently. The directors are:	M. D. Doddridge, C. O.
Plurst, Andrew J. Hart, James C. Mount of Connersville, Lycurgus W. Beeson. Officers: President, M. D. Doddridge; vice-president, C. O. Hurst; cashier, Oscar M. Kerlin. A semiannual dividend of 5 per cent was declared.
V*
Monetary Commission Sails
The United States Monetary commission delegation, consisting of Senators Hale, Aldrich and Daniel and Representatives Vree-land, Overstreet, and Padgett, which will study the financial systems in European countries and report to Congress in the fall, sailed on Tuesday on the Kron-prinzessin Cecilie.
German Financial Situation
According to the Frankfort “Finanzherold,” the underlying tendency of all divisions of the se-
Japan’s Banking Facilities
Bank deposits in Japan aggregate, approximately, a billion dollars. The Bank of Japan is by far the most important financial institution in the country, although the Yokohama Specie Bank does a large business, its assets reaching $150,000,000.
From information supplied to our own government by the Bank of Japan, it is learned that the latter institution is principally a bank of issue and a bankers’ bank, the circulation outstanding being stated at 332,855,906 yen (a yen equaling 49.8 cents) and amount due from other banks at 512,751,-543. The aggregate resources of the bank are shown to be 868,-067,285. Circulating notes are also issued by the Yokohama Specie Bank to the amount of 14,-517,391, and by the Bank of Taiwan to the amount of 9,989,390. Consolidating returns from the banks of issue with other classes of banks in the empire, it is observed that the aggregate capital employed is approximately 434,-000,000; deposits, including accounts current, 1,876,000,000; circulating notes, 357,000,000; cash in bank, 294,000,000, and aggregate resources, 3,151,000,000. Institutions classed as “ordinary banks” represent over one-half of the capital and deposits of all banks in the empire.
Dividends paid by reporting banks are as follows:	Bank of
Japan and Yokohama Specie Bank, 12 per cent; Bank of Taiwan and fiypoyhec Bank, 10 per cent; Agricultural and Industrial Bank, 8.2 per cent; Hokkaido Colonial Bank, 9 per cent, and Industrial Bank, 7.5 per cent. The rates paid by the ordinary and savings banks are not stated.
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The Western German Bank
The Western German Bank of Cincinnati, was recently designated as a county depositary. It agrees to accept deposits to the amount of $200,000 and pay the county interest at the rate 2]/2 per cent. The Western German Bank will take the place recently vacated by the Fifth National when it consolidated with the Third National.
Banker is Sentenced
J. U. Barnes, president of the insolvent Minnesota Title Insurance Company of Minneapolis was brought up in court Monday and sentenced to two years in the penitentiary. He was convicted of grand larceny which consisted in loaning the company’s funds to himself. A motion for a new trial is now pending before the supreme court.
«׳<^
New Bank Building in Pittsburgh
The Safe Deposit and Trust Company of Pittsburgh and the People’s National, owned by the former, have asked for plans for a new banking and business building to cost about $r,000.000.
Royal Trust Company-
Bank
:: Royal Insurance Building .
169 Jackson Blvd., Chicago
*
A State Bank ^7 Established 1891
Interest Paid on Deposits
JAMES B. WILBUR, President EDWIN F. MACK, Vice-President and Cashier JOHN W. THOMAS, Assistant Cashier
THE
Chicago Title
AND
Trust Company
Furnishes
Complete and accurate abstracts of title.
Reliable and collectible guarantees of title.
Expert service as administrator, executor, guardian, receiver and trustee at the lowest prices consistent with the maintenance of adequate reserves for liabilities on guarantee policies and abstracts ; superior service and a complete and carefully constructed plant.
Assets Exceed $6,000,000
No Demand Liabilities
THE CHICAGO TITLE AND TRUST COMPANY 100 Washington Street
President............HARRISON B. RILEY
Vice-President ..........A. R. MARRIOTT
Vice-Prest. and Trust Officer ...WM. C. NIHLACK
Secretary..............J. A. RICHARDSON
Treasurer..................W. R. FOLSOM
GRAHAM & SONS
•BANKERS
STEAMSHIP AND INSURANCE AGENTS
ESTABLISHED 1857—51 YEARS 1
INTEREST ON DEPOSITS, ACCOUNTS SOLICITED, MONEY TO LOAN ON REAL ESTATE.
Open ETbenings Hours 9 a. m. to 9 p. m.
134 West Madison Street Chicago