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THE CHICAGO BANKER
AugVSt 22, IÇ08]
Buying Short-term Corporation Notes
National banks of Philadelphia, particularly those in the smaller country towns, are buying quite largely of the short-term corporation notes as a safe and convenient way of employing surplus funds. Trust companies generally are selling this class of investment.
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The First State Savings Bank
The following officers were elected for the First State Savings Bank, of Mount Carroll, 111.: Robert Moore, president; James Graham, vice-president, J. S. Miles, cashier; and J. H. Miles, assistant cashier. The paid-up capital is $50,000.
New Capital for Abroad
Not only foreign exchange circles, but financial people in general will be interested to learn that during the last twelve months Great Britain supplied $350,000,000 capital to India, the colonies and foreign countries. Interest and dividends on this money will have to be paid and this operation has an important bearing upon exchange and the movement of merchandise. Commenting on this, the London “Statist” says: “Never before have we supplied so much capital for railway construction in those countries in which we are specially interested than we have done recently. In the past twelve months Great Britain has supplied no less than ¿51,000,000 of capital to Indian, colonial and foreign railways, and, including the capital raised for railway construction by government loans, the total amounts to nearly ¿70,000,000. In the previous twelve months we supplied other countries with some ¿40,000,000 of capital for railway construction, directly and indirectly, and we shall probably supply additional large amounts in the next two or three years.
“This expenditure of capital upon railways will greatly increase the production of food and will provide the additional supplies of foodstuffs which the world now so urgently needs. Our investments of capital will cause other countries to send foodstuffs to us in increasing quantities for interest and will give them the power of exchanging additional amounts of their produce for the manufactures of this country.
“Thus nature is settling the more urgent question of adequate supplies of food in the current year by a more discriminating distribution of rain, and we ourselves are making the necessary provision for the more distant future by constructing railways in those lands from which we draw the greater portion of our food supplies. Thus, so far as the future prosperity of our trade is governed by an adequate supply of food throughout the world—a factor of supreme importance—the reaction in our trade can only be of a temporary character.”
$4,490,839.13, while last year the total was $4,-286,178.25, an increase of $204,660.88. On Monday the receipts were $1,435,301.66; a year ago on the same date, $1,157,049.70, an increase of $278,251.96.
This year the tax levy was $5,204,001.16; and of this 86.30 per cent was collected; last year the levy was $4,996,785.94 and 85 per cent was collected.
Chelsea’s New Bank
The Farmers’ and Merchants’ Bank of Chelsea opened for business recently. The officers are: President, John F. Watrous; first vice-president, Peter Kerkel; second vice-president, Christian Grau; cashier, P. G. Schaible. Directors: John F. Watrous, Peter Merkel, Christian Grau, Lewis Geyer, Jas. H. Guthrie, C. H. Kalmbach, John Kalmbach, O. C. Burkhart and John Farrell.
The Charlevoix State Bank
Sherman I. Strong, of Lake Odessa, is now assistant cashier of the Charlevoix State Bank.
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First Trust and Savings Bank
From the earliest history of Oakland, its people have been of a thrifty, provident character, and savings banks have been deservedly popular as the instrument by which small accumulations might be conserved and made to assist in the development of the community, while at the same time yielding a profit to the depositor. The conservative and successful management of existing institutions has contributed greatly to this result.
Recognizing that the rapid growth of the city creates an ever-increasing demand for savings bank facilities, and an ever-widening field for this form of enterprise, the interests in charge of the First National have organized the First Trust and Savings Bank of Oakland, with a capital stock of $300,000.
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Chicago Bank Clearings
Daily average Chicago bank clearings last week were $35,093,644, as compared with $33,-689,847 the previous week, and a daily average for the entire month of July of $37,455,650. Daily average clearings for the first week of June were $40,340,272.
Total clearings last week were $210,581,898, a decrease of $12,070,754, or 5.44 per cent as compared with the corresponding week last
The State Bank of Charlotte
The new State Bank of Charlotte County, Drake’s Branch, Va., has elected the following officers:	George B. Russell, president; L. S.
Jackson, vice-president; W. H. Pettus, Jr., cashier; P. N. Morgan, George B. Russell, L. S. Jackson, Cameron Dunlop, Dr. C. W. Tucker and Norman L. Shaw, directors.
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Application will be made within a short time to list the securities of the recently formed York Railways Co. on the Philadelphia Stock Exchange.
State Convention Dates
Date	Association	Place	Secretary	Address
September 8, 9........Pennsylvania..........Bedford Springs.........D. S. Kloss..........Tyrone. ...
September 16, 17, 18... Maryland............Baltimore...............Charles Hann.........Baltimore.
September 23, 24......Kentucky..............Lexington...............Isham Bridges........Louisville
September 24, 25 .....Nebraska.............Lincoln.................W. B. Hughes..........Omaha ..
September 27..........A. B. A.Nat. Conven.. .Denver.................F. E. Farnsworth.....New York
October 13, 14........Illinois..............Chicago.................F. P. Judson.........Chicago..
November 11, 12.......Indiana...............Indianapolis............Andrew Smith.........Indianapolis
November 20, 21.......Arizona .............Bisbee...................Morris Goldwater_____Prescott......
The offices of the American Bankers Association, Eleven Pine Street, have been fitted up especially for the accommodation and comfort of its members, who are urged to call and use same when in New York.
The Farmers’ and Merchants’ State Bank
At the annual meeting of the Farmers’ and Merchants’ State Bank of Cascade, la., recently, Dickson Beatty, G. W. Craft, John J. Finn, W. A. Fairburn, W. S. Kearney, Thos. Kingsley, Wm. Heery, C. H. Huntington, E. Moore, T. W. McQuillen, John Taylor, O. J. Winters and J. W. Beatty were elected directors. At the directors’ meeting Dickson Beatty was elected president, John Taylor vice-president, J. W. Beatty cashier and John T. Conlin assistant. A 6 per cent dividend was declared and $1,000 passed to the surplus fund.
Michigan Banking News
By W. T. Foster.
The First National of Rochester has been authorized to begin business by the Comptroller of the Currency. The officers are: President, John C. Day; vice-president, Frank H. Hale; cashier, Charles S. Chapman.
The Citizens Bank of Vermontville
The Citizens Bank of Vermontville, reports capital of $15,000, with the following officers: C. C. Hallenbeck, as president; A. J. Hawes, vice-president, and A. L. Burningham, cashier. Traveling in Europe
Robert S. Mason, vice-president of the Peoples State Bank, and the oldest living banker in Detroit, in point of service, is travelling in Europe. Mr. Mason went via Gibraltar, Naples and Florence, through Switzerland and on to Paris. While abroad he will visit his birthplace in Ireland.
New State Bank for Haslett
A new state bank is being organized at Haslett. J. Marsh will be cashier.
Currie & Company Owe $3,640,884
Receiver F. G. Austin, for the failed brokerage firm of Cameron, Currie & Co., of Detroit, Friday filed in the Wayne circuit court the first statement of assets and liabilities of the concern. The liabilities total $3,640,884, and the assets, on their face, balance this amount. Included among the assets, however, are accounts receivable amounting to $1,112,284, the value of which is problematical, a majority of them probably being uncollectable, the receiver says. The statement shows that there is due to customers from the firm $1,428,734, and that at the time of the failure the securities in the firm’s vaults totaled but $27,760, and the cash on hand and in bank slightly more than $2,000.
Michigan Wheat Satisfactory
The Department of State has just issued its regular monthly crop report, which is given in part as follows:
The lack of rain during the month of July has caused severe damage to corn, beans, potatoes, sugar beets and pastures, their condition being below that of one year ago.
Correspondents throughout the state very generally report wheat of excellent quality and the yield considerably above the average. The average estimated yield per acre in the state is 17 bushels.
The condition of corn as compared with an average in the state is 79, and 80 one year ago. The City Bank of Battle Creek
E. R. Norton has been elected to the cashier-ship of the City Bank of Battle Creek.
Cash Exceeds Last Year’s Record
City Treasurer Koch of Detroit reports that the total cash in the municipal strong box is $5,929,927.71 as against $5,906,414.13 last year at this time.
The total tax receipts to and including August 10th, the last day to pa}' without a penalty, were