[.Volume XXV
THE CHICAGO BANKER
16
A Policy of Life
Insurance written on the Savings Bank plan becomes a means of saving money rather than an expense. That accounts for its popularity. Because it is based on a plan with which even the humblest man is familiar. It is easy to explain and quick to sell.
Profit for You
Active bank cashiers and clerks find selling our policies a very profitable “ side issue,” which requires no time from other duties. Free sample policy, plan, rates and full particulars sent upon request. Address the President.
The Pioneer Life Insurance Co.
GEORGE L. COLBURN, President
Pekin, Illinois
YOUR ACCOUNT
will be handled in the most careful and intelligent manner. Collection facilities excellent.
THE NATIONAL CITY BANK OF CHICAGO
OFFICERS
DAVID R. FORGAN, President	L. H. GRIMME, Asst. Cashier
ALFRED L. BAKER, Vice-Pres. F. A. CRANDALL, Asst. Cashier H. E. OTTE, Cashier	W. D. DICKEY, Asst. Cashier
R. U. LANSING, Manager Bond Department
TOTAL RESOURCES OVER $10,000,000.00
California Cities’ Bank Clearings
Bank clearings in California cities for the past week were:	San Francisco, $33,570,000;
Los Angeles, $9,019,000; Oakland, $1,581,000; San Jose, $372,000; Stockton, $520,000; Sacramento, $875,000; Fresno, $446,000; San Diego, $788,000.
Condition of New Jersey Banks
David O. Watkins, State Commissioner of Banking and Insurance, has prepared reports of the condition of savings and state banks of Xew Jersey at the close of business on July 15th, and of trust companies of the state at the close of business on June 30th. There are twenty-six savings banks; eighteen state banks and seventy-five trust companies at this time. The savings banks have total resources of $100,405,448.93 with liabilities of the same amount, including surplus funds of $6,699,421.-52. The banking houses of the savings banks are worth $1,379,089.13 and furniture and fixtures, $24,726.51, making a total of plant value of $1,403,815.54. The amount of cash on hand in these banks is $513,944.01.
The seventy-five trust companies have assets and liabilities amounting to $177,746,841.-38, in which is included a surplus fund of $16,-246,851.98. The banking houses and furniture and fixtures are valued at $5,130,146.74. The cash on hand in these institutions amounts to $4,162,645.32.
The eighteen state banks have resources and liabilities of $17,569,524.94, including a surplus fund of $1,035,000. The banking houses and furniture and fixtures are valued at $369,894.74. The cash on hand in these institutions amounts to $796,343.37.
V
The stockholders of the Rhode Island Hospital Trust Company of Providence, R. I., voted to increase the capital stock from $1,-000,000 to $2,000,000.
designation of another time of payment renders the check void and subject to tax. Checks dated ahead must be stamped for internal revenue. A check can not be recalled during the time within which it should be presented for payment. It is in the interest of anyone holding a check to present it as soon
HENRY S. HENSCHEN Newly Elected Cashier State Bank of Chicago
as possible at his bank, but not to give it as a means of payment to a business firm or private person.
A check can by indorsement be transferred, unless the words “Not to order” or an equivalent are mentioned. If the indorser write “Without liability” or an equivalent, he is relieved of responsibility in connection with the indorsement. On checks where the signature of the writer or of the indorser may be forged, the remaining authentic signature is binding.
The German Bank Check Law
Consul Carl Bailey Hurst, of Plauen, in a consular report gives the salient features of the German check law, which went into effect on April 1, 1908. Payment by check is by no means so general in Saxony as in many parts of the United States, but the tendency of the new law is to popularize the check as a means of payment, with the purpose of reducing somewhat the tremendous circulation of metallic and paper money.
This check law is wholly distinct from the law governing the postal check service, which goes into force at the begining of 1909. Owing to the heavy international trade, due to the export of Saxon manufactures and the import of foreign commodities, banking relations between other countries and this kingdom have assumed proportions of great magnitude. In Plauen alone the many millions of dollars representing the value of the local exports have rendered foreign checks a convenience and a necessity.
The Federal Council of the Empire has set the time limit for the payment of checks for the United States, Canada and Newfoundland and Mexico, within two months; and also for checks made out of Germany and payable abroad, in so ■ far, however, as no applicable foreign law prescribes differently. The usual provision is stated that in the event the date of payment falls on a Sunday or on a recognized state holiday, the following workday is to be counted as the final date of presentation
Checks payable in Germany can only be drawn on banking firms under state supervision, public institutions, registered companies that may be engaged in banking business, and on savings banks. Otherwise, checks are subject to an internal revenue tax. Only checks payable abroad can be made out to others, with the proviso that the laws at the place of payment so permit.
Checks are always payable on sight, and the