7
T II E C II I C A G O BANKER
iugust !5, 1908]
by the First National, and hence for the next fifty years this will be the home of this bank.
The building is to be one of the finest in America, and its equipment and accommodations will be of the most modern type.
The officers of the bank thought that it was more conservative banking to allow the Safe Deposit Company to build the building, and then lease it to the bank rather than for the bank to construct the building, and thus tie up a large amount of its assets in real estate. It is the policy of the directors of the bank to always keep all of its assets readily convertible into cash.
By leasing this building the First National will occupy one of the finest banking homes in existence and at the same time it will not have invested any of its assets in real estate as is so often done by banking institutions which occupy exclusive banking buildings.
E. D. Hulbert
Celebrates 'ts Seventeenth Anniversary
The National Bank of the Republic, of this city״, celebrated its seventeenth anniversary last week. Vice-President Fenton is the only official who was with it at the start.
WOODRUFF SAFE DEPOSIT BUILDING Leased by First National of Joliet, 111.
Vice-President E. D. Plulbert, of the Merchants Loan & Trust Co., of this city, has returned from his Eastern vacation.
V
Pioneer Chicago Banker Dies
Valparaiso, Ind., August 10.—Daniel M. Pitts, aged seventy-four, cashier of the Chesterton Bank at Chesterton, died last night. He was formerly a resident of Chicago and a member of Chicago Knights Templar Commandery No. 1.
The Woodruff Safe Deposit Building
The half-tone shown above is a picture of the new building to be erected at the southeast corner of North Chicago and Van Buren streets by the Woodruff Safe Deposit Company, of Joliet, Illinois.
This building will be built and owned by the Safe Deposit Company, but a fifty-year lease has been obtained on the larger part of the building
Capital paid in
$200,000
Surplus
Fund
$1 25.000 Deposits over
$2 000.000
		Business F.stablishetl iu 1879
	Depositary	The Central National Bank
	United	of Peoria
	States	Under distinctively sound and conserva•
	Govern•	tive management
	ment	Especial attention given to accounts ot banks and bankers
CUSAELES	& €©־
Commercial Paper
l@i> La Sal®
Correspondence Invited
AT THE	THE NATIONAL STOCK YARDS NATIONAL BANK			AT THE ST. LOUIS
ST. LOUIS		Our especial equipment and close touch with every interest represented at the St. Louis National Stock Yards enables us to eliminate expense and to assure the maximum of security and profit on all live stock business at this market entrusted to us.		
STOCK				STOCK
YARDS		NATIONAL STOCK YARDS - - ILLINOIS		YARDS
Peoples Savings Bank & Trust Co.
Capital and Surplus, $200,000 Deposits, $1,854,834.59
Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms.
C. W. LUNDAHL, CASH. AND SEC.
NELSON H. GREENE, VICE PRES.
׳M. BUTTERWORTH, PRES.
First National Bank of Joliet
Capital and Surplus, $250,000
Solicits Collections from Banks
GEORGE WOODRUFF. President	ANDREW H. WAGNER, Cashier
C. G. Dawes
Charles G. Dawes, of this city, says:
“The panic of 1907, in my judgment, must be considered one of the great elemental panics usually called the ‘twenty-year panic,’ and cannot be considered one of the decennial disturbances.
“The great multiplication of credit creating devices in use in business which more rapidly increased the disproportion between cash and credits was probably the chief factor in bringing this panic ahead of its time. The very general education which has gone on in the last ten years in the method of the profitable use of credits has induced a large emission of credits in lines of business not heretofore so much addicted to their use.
“This is especially true in connection with the capitalization and issues of smaller corporations and the commercial paper business.”
Mr. Dawes believes the panic periods will be shorter than twenty years hereafter. He is not sure that in consequence the depression will be of shorter duration or less severe.
Tr*
Hornblower & Weeks
Hornblower & Weeks are now occupying their new building at No. 60 Congress Street, corner of Water Street, Boston, this being the twentieth anniversary of the founding־ of the firm.
The building is six stories high above the street, constructed of steel with light limestone facing. It has light on three sides.
On the street floor are the offices of the members of the firm grouped in the Congress Street front. In the rear are the cashier’s, note, bond, comparison and delivery departments, together with a ladies’ reception room.
On the second floor is the customers’ room with one of the largest quotation boards in Boston; the wire room, the margin room, additional private offices for members of the firm and the statistical department.
In the basement are private safety deposit vaults, lunch and locker rooms for employees, a private bath room for clients and a dining room for the firm and guests.
The interior of the various offices is done in mahogany and marble, all the furniture being also of mahogany.
The four upper floors are given over to ten-
Chicago’s Loop District
Chicago’s loop district is the greatest spot on earth, outside Wall Street, for big bank buildings, and it does not take second place even to Wall Street for magnificent banking quarters. The First National, Commercial National and Corn Exchange banking rooms are the most luxurious and most completely equipped that can be found in the world.
T׳»
First National of Highland
The First National, of Highland, 111., will increase capital stock from $50,000 to $100,-000.
Joyce ¿k Company
(Incorporated)
General Agents
The Rookery Bid¿.	Ch icago, Illinois
ILLINOIS ADVISORY BOARD
Charles G. Dawes, Resident Vice-President A. J. Earlin¿	David R. Forman	John A. Spoor
Walter H. Wilson	M. J. Kirkman
National Surety Co.
Of New York
Fidelity and Surety Bonds
COUNSEL
Calhoun, Lyford & Sheean	Winston, Payne, Strawn & Shaw
Burglary Insurance