27
THE CHICAGO BANKER
August 22, ip.08]
The Des Moines Bonds	sidered good and were rather thickly distrib-
The city of Des Moines which sold $187,000 Med throughout Iowa. Jacob Newman an in bonds to a Davenport firm some time ago attorney, represented the Des Moines and Keo-expecting thereby to realize sufficient funds to *uk bankers in Chicago.
pay off clamoring creditors has been not a little Henry Nelson, only 15, was arrested at disappointed at the slowness with which the Mason City along with “Banty” White, Carl cash for the bonds has been arriving. Never	Shockley and Burgess, who were suspected of
theless, the money was received here Saturday a plot to rob the Commercial National there, night and was deposited at once with the German Savings which is the Des Moines representative of George M. Bechtel the bond purchaser. The latter agreed to refund fifteen days’ accrued interest and Tuesday morning,
City Treasurer Lucas paid out the entire amount to the creditors.
California Banking News
By WILLIAM J. HOLLISTER
but who were captured. Young Nelson is pleading youth so as to escape the penitentiary.
Mrs. S. E. Keegan, of Brighton, was another who did not believe in banks. She deposited $120 in a cast iron box which she set beneath the stove. While she was out calling a thief cut out the screen, pried open the “bank” with a pair of scissors and escaped.
to discuss its merits. He said that he was open to the proposition if it was proven to him that the plan was feasible. It is surmised that the plan of the Eastern firm is to start a new bank at the same location as the Market Street Bank and to try to persuade Mr. Mooser to pay the depositors through the new institution. In that way many depositors would redeposit their money with the new bank, which would give it certain prestige.
The Citizens Savings Bank
The report of j. M. Kelsey, receiver of the Citizens Savings Bank of Long Beach was made in court recently. He asked that he be allowed to make a payment of 10 per cent to the depositors. His request will be considered by the court, and if it is allowed, checks for the depositors will be ready within a few days. Kelsey’s report goes into detail as to the accounts against the bank. The share of the Citizens Savings Bank in the incumbrances on its property amounts to $51,000. The term deposits amount to $380,276. Eighty-six certificates of time deposits amount to $65,576.22. The capital stock paid in coin amounts to $250,000 while there are a few other small items of claims. The total deposits of the bank, by these figures, are $449,853.08. The assets of the bank April 9th were $751,365.64. The figures up to and including July 1st are practically the same except in the matter of loans on real estate. In the length of time the real estate loans were collected to the amount of $37,836.97. This will make $80,079.87 to be divided within a few days.
Banking Notes
During the past month 69,255,000 feet of lumber was received at San Francisco.
Real estate sales amounted to $4,190,000.
Delano has a new bank which will be known as the First National. Its capital is $25,000 and the officers are:	President, S. Mitchell;
vice-president, Ben Thomas; cashier, H. Hawley.
The Yokohama Specie Bank, Ltd., of San Francisco announces the removal of its offices to 445-449 Sansome Street, corner Commercial Street.
The San Francisco Clearing House made the following report of business for the month ending July 31st:	Clearings, $164,811,867.90;
balances, $19,071,759.03. Corresponding figures for July, 1907, were: Clearings, $182,833,-805.76; balances, $17,018,545.20.
The citizens of Coachella have organized a new bank which will be called the First National. Capital stock $25,000. J. C. F. Hull, Leander Allen and Geo. C. Huntington are among those interested in the enterprise.
A new bank is being organized at Auburn and will be known as the First National. Capital is $25,000.
A new bank building is to be erected for the Berkeley National.
The Fort Sutter National of Sacramento is sending out a handsome folder. It contains a fine set of illustrations such as: A view of the bank building; the old Fort Sutter; a view of the safe deposit corridor; the counting room, and the Eastern corridor. Everything about the bank shows “the spirit of modern progress.” The folder contains a comparison of statements, and the following shows how the bank has grown in regard to deposits: July 1, 1905, $108,000; November 1, 1905, $170,000; January 1, 1906, $217,-000; April 1, 1906, $308,000; June 1,	1906.
$352,000; November 12, 1906, $483,000; December 3, 1907, $1,060,944.12; July 15, 1908, $1,307,-132.38.
The following are the officers: President, G. J. Bryte; first vice-president, E. A. Nicolaus; second vige-president, E. L. Southworth; cashier, A. L. Darrow; assistant cashier, 1:1. W. Conger. The State Bank of Stockton
The Bank of Stockton has been incorporated as the State Bank of Stockton. The incorporators are Charles A. and Fred E. Hammond and W. G. Heman. The capital is $40,000.
Bank to Pay 80 Per Cent
According to a statement issued by James P. Edoff, receiver of the defunct California Bank of Oakland, that institution will pay about 80 per cent dividend to depositors. The statement was issued with a tabulation of assets and liabilities, in which it was shown by Edoff that inside of two years he would settle the affairs of the bank on this basis. Edoff declared, however, that these figures were mere approximations, and he said that he could not be bound by them, although he put them forward as his best estimates. According to the report of the receiver, 30 per cent has already been paid to the depositors. Fifty per cent is in sight, judging by the receipts that maybe expected and the disbursements that must be made. The total assets are said by the report to be $496,916.39. Of this amount $105,942.34 can be collected in six months, Edoff thinks; $110,-897.61 in one year; $263,569.42 in two years. There is $16,507.02 on hand.
California National Banks
The Comptroller of the Currency has issued a statement showing that 118 national banks in California have loans and discounts of $44,002,-143 and $6,441,288 lawful money reserve in bank. Individual deposits amount to $55,502,007 and the percentage of legal reserve to deposits is 20.52.
The First National of Kerman
The Comptroller of the Currency has approved the application to organize the First National of Kerman, with a capital of $25,000.
The Market Street Bank
A well-known banker from Kansas City has made a proposition to Receiver Mooser of the Market Street Bank, of San Francisco, to take over the assets of the present institution and organize a new bank. The banker, whose name was not obtainable, asked Mr. Mooser if he would entertain such a proposition. He stated that such a proposition had been made to him, but refuted
The Hardin County Savings
A charter has been issued by the state banking department for the Hardin County Savings at Eldora. Recently Hardin County State was converted into a national institution and the charter covers a savings department it was explained at the state house. State Bank Examiner Ellis Robb has been elected cashier of the institution but will not resign as bank examiner. C. McKenn Duren is president. The new concern will take over largely the business of the old institution as regards land investments and such.
An Open Letter Sent Out
The republican state central committee has begun an attack upon the democratic plank favoring bank deposits. Recently the state committee from the Des Moines headquarters sent out an open letter attacking the proposition and it appeared in nearly every republican paper in the state. The letter declares that the depositor would have to pay for the insurance of bank deposits and not the banker, since the latter would be forced to cut down his interest on deposits from 4 to 3 per cent, so as to pay the cost of maintaining the department. Another point made in the letter is that the guaranty act would place the careful and judicious banker on the same footing with the unscrupulous speculator.
W. B. Bonnifield Dead
W. B. Bonnifield, the veteran Ottumwa banker, succumbed to the illness of which mention was made in my letter last week. He passed away at the home of his daughter, Mrs. M. B. ITor-mel at Cedar Rapids, where he had been visiting. The funeral services were held at Ottumwa and were largely attended. The deceased was popular and prominent and particularly well known in financial circles.
Banking Notes
James McClellan died at New London of cancer at the age of 78. Mr. McClellan, while not a banker, was well known in Southeastern Iowa banking circles. He was town treasurer for seventeen years.
Bank clearings in Des Moines fell off over a quarter of a million the week of August 8th as compared with the corresponding week the previous year. The decrease was $267,827.08.
The application to organize a national bank at Council Bluffs to be known as the City National has been approved. The capital stock will be $100,000. The directors are T. G. Turner, J. G. Wadsworth, E. H. Doolittle, Oscar Keeline, B. L. Sargeant, Lyman L. Din-gert.
The Citizens Savings at Centerville has filed an amendment to its articles changing the name of the institution to the “Wooden Savings Bank.”
Des Moines and Keokuk banks held several thousand dollars worth of notes of the Pills-bury - Washburn Company of Minneapolis against which receivership proceedings were started in federal court. The notes were con-