21
BANKER
THE CHICAGO
August 2p, ipo8־\
Eastern Commercial Paper Market
New York, August 27.—Lower rates for money have resulted in a keen demand for high-class commercial paper, blocks of which have been placed at less than 3/2 per cent for December maturity. Sixty and ninety day bills have been negotiated at 3 per cent, while four and six months’ maturities have been placed at as low as 4 per cent, although 4^2 per cent is not uncommon. The supply of exceptionally attractive names does not come up to the demand, as financial institutions prefer to use surplus funds in the purchase of paper rather than continue to let them out on call at 1 per cent. Unless business broadens materially, the supply of mercantile remittance will continue light. The only class of paper at all plentiful is that offered at high rates, and therefore not of the best character. Country banks are not operating freely since during Sepetember and October they will be called upon to make advances to their agricultural customers.
Charles B. Mills
C. B. Mills, of Clinton, la., passed through Chicago this week with a party of ladies and gentlemen en route to Banff, Arrow Head, and other Canadian points, to be gone three weeks.
Sa^er Equalizing Springs
Win on Merit
Over 25,000 in Use
Recommended by Leading Manufacturers : Elmore Mf¿. Co.—“We are entirely satisfied with them” Olds Motor Works—“The ‘Sager device’ presents advantages not found in other so-called ‘shock absorbers ’ ’ ’
Crawford Automobile Co.—“They add greatly to comfort and reliability ’’
Logon Construction Co.—“We find them indispensable” Dorris Motor Car Co.—“ Our customers are more than satisfied with them ’ ’
Thomas B. Jeffrey Co. (Rambler)—“ Have given us very excellent satisfaction”
I he Dayton Motor Car Co. (Stoddard-Dayton) "The success of your shock absorbers has interested us considerably ”
The Autocar Co.—“ Used your springs with splendid success ”
Meteor Automobile Works-“We claim 1908 will be a Sager year”
The Forest City Motor Car Co. (Jewel )—“A great benefit, and we can’^speak too highly of them ”
Evansville Automobile Co. fGearless Automobile)—
“Give perfect satisfaction”
Pope Mf¿. Co .—“We found your springs to be satis- I factory ”

Protection Bumper
Higher by six inches than any other kind. Practical and ornamental. Safely guards lamps, radiator and tires. Write for full particulars.
J- H. Sa^er Co.
Rochester, N. Y.
Chicago Agents : Western Distributing Co., 1424-1426 Michigan Ave.
New York Agents: Manufacturers’ Distributing Co., 1900 Broadway
Eloquent Bank Figures
Washington, August 25.—Attention already has been called to the showing made by the national bank statements covering many sections of the country, and different periods of time, by way of comparison as existing conditions with those which obtained before the financial flurry of last fall. The experts in the office of the Comptroller of the Currency have given considerable attention to the details of these figures because of the bearing the showing has upon indications of improved business conditions.
An interesting resume of the situation and the present indications was made to-day by Acting Comptroller T. P. Kane, who has had an examination made of the returns by the banks before and immediately after the financial disturbance, and comparisons with the latest returns made by the banks to the Comptroller’s office, with the deductions which seem to him reasonably to be made from the figures disclosed. Mr. Kane said :
“The condition of the national banks throughout the United States, as reflected by the reports received under the call of July 15th, indicates a return to better conditions, and of the confidence which prevailed preceding the panic of last fall. Since the December call of 1907, immediately following the panic, individual deposits have increased $197,677,490.85, or 4.73 per cent; loans and discounts, $30,338,-436.92, or 66.100 per cent; cash in the banks, $188,234,012.93, or 28.49 Per cent; capital stock, $I74׳I9>I68, or 1.93 per cent, and surplus, $14,-43°338-75׳• or 2.62 per cent. The volume of business of the banks as shown by their total resources has increased $306,076,278.72, or 3.64 per cent.
“The liabilities of the banks for the same period for government deposits have decreased $104,540,158.72; bills payable, $47,058,793.32, and clearing house certificates, $74,461,026.61.
“A comparison of these figures with the condition of the banks, as shown by the reports made under the call of August 22, 1907, the high-mark period immediately preceding the panic, shows an increase in individual deposits of 1.28 per cent, cash in the banks of 21.01 per cent, capital stock of 2.53 per cent, surplus of 2.87 per cent, volume of business 3.85 per cent, and the loans and discounts are within 1.34 per cent of the high-mark period.
“Another fact not generally known, which may be cited in support of the statement that there has been a steady improvement in conditions since the panic, is that the affairs of a large number of concerns which became financially involved and were placed in the hands of committees of their creditors in order to tide them over embarrassment or to prevent their failure have been enabled either to meet the demands of their creditors in full or to make satisfactory progress in the, settlement of their obligations.
“While the usual business depression incident to the period preceding• a presidential election is prevalent at the present time, and no doubt has a retarding influence upon commercial and financial activities, bankers from different sections of the country, who have called at the Comptroller’s office during the past several weeks, express themselves as being satisfied with the local conditions in their respective communities, and with the steady improvement in the general situation. They speak very encouragingly and hopefully of the future, and confidently expect a general revival and a decided improvement in business conditions after the November elections.”
The Harvard (Neb.) State Bank occupied its new quarters on August 1st.
for buildings. We therefore regard the outlook as encouraging.”
Savings banks have not a great deal of fresh money available for investment, as withdrawals this year have been heavy, yet they have figured prominently in recent transactions of importance. Their rate is usually 5 per cent. Unusual Activity in Kansas and Oklahoma
Building activity is reported from the state of Kansas. The agricultural communities, it is learned, are doing a great deal of building this summer. As the wheat is gathered the farmers placed orders for additions to their homes and for new residences. Some of the interior counties are telling of $10,000 residences with furnaces and bath rooms erected on farms. Many of the early homes are being replaced by modern structures with urban conveniences.
Real Estate Speculation in Oklahoma
Advices from Muskogee, Okla., state that the land rush that began when it was learned that 2,000,000 acres of Indian lands were to be thrown on the market has subsided. Many sales were made at reasonable prices at first, but the Indians soon learned to raise the prices so that there has been a lessened demand. Speculators are generally owners of the real estate that has been put on the market and they are expecting high profits. The crops of the Eastern end of the new state are turning out well, and farms are being improved. The prospect is for a steady immigration of whites until practically all the land is in their
Henry Klein of Amboy Dead
Amboy, 111.—Henry Klein, president of the Amboy Bank, is dead from an apoplectic stroke on Sunday morning. His health had not been good for several years.
Mr. Klein was born in Amboy, September 14, 1858, and has lived here all his life, where he has been accounted a successful business man. He established the Amboy Bank in 1898, and has been its head ever since. Before that lie had been for many years in the restaurant business.
Mr. Klein was married August n, 1880, to Miss Anna Wagner, of Bradford Township. They were the parents of three daughters and one son, all of whom are living.
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W. R. Stubbs for Guaranty
Topeka, Kan.—The republican candidate for governor, Banker W. R. Stubbs, has disregarded the Chicago platform and the Meyer inspired interview at Hot Springs and has come out for deposit guaranty in a most decided way. Here are his principles as announced :
“A bank deposit guaranty law; the restriction of the issue of stocks and bonds of public service corporations; an appropriation to make effective the law providing for the determination by the state of the exact value of all railroad properties in Kansas; a law restricting lobbying, and another providing for a legislative reference library; the publicity of election contributions, and a provision for making the penalty for rebating and trust manipulations imprisonment instead of fines.”
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September Interest and Dividends
Interest and dividends payable by leading corporations in September will involve $73,-384,390, of which dividend disbursements will furnish $39,884,390, or a decrease of $6,872,149, as compared with a year ago. This, of course, was due to the late business depression which compelled many industrial corporations to either reduce or pass their dividends. Interest payments exceed those of September a year ago by $2,250,000, growing out of numerous new issues of bonds and notes.