[Volume XXV THE CHICAGO BANKER 30 persons in much smaller cities of the country, and even in the back townships, to find such bills. More than $4,000,000 in the new notes have been issued and sent to banks in exchange for worn and cancelled national bank notes of the old style, bearing only the notice of security furnished by United States bonds. The interest displayed in the notes bearing the new inscription, they being authorized to be so changed by the terms of the Ald-rich-Vreeland act of the last session of Congress, arises from the fact that many people supposed that the change would apply only to the proposed currency. It was made to apply to all national bank notes in the future in order to insure that there shall be only one kind of national bank notes outstanding, and to guard against awakening a feeling of unrest among the people just because the banks had found it desirable to issue the emergency currency. The records of the Comptroller’s office disclose that there has already been received from the Bureau of Engraving and Printing new notes inscribed in accordance with the terms of the new law to the amount of $88,963,150. Of these $4,864,670 have been issued to the banks to replace worn and cancelled bills. In addition to these new notes the Comptroller’s office has on hand $164,368,-390 of the old style notes that have not been issued to the banks, but are a part of the supply which the office has kept on hand to meet the requirements of the banks. This makes a total of $242,466.870 of national bank notes on hand. The sending out of nearly five millions of the new notes with the added inscription, “or other securities,” results in a fiction, so far as these notes are concerned, for, as a matter of fact, no notes have been issued to the banks by the department based upon bonds other than government, or upon any other securities mentioned in the new law. No applications have been received for issues of emergency notes under conditions which would warrant the banks putting up “other securities,” which under the new law can only be done by the associated banks authorized under the provisions of the law. V Personal Mention Emanuel Beranek of this city, who was associated with John C. King & Co., has accepted a position and an interest in the firm of Babcock, Rushton & Louderbeck. Chicago’s Population Chicago has a population of 2,-425,000, according to the 1908 city directory recently issued. This is a net gain over last year of 58,-000. In estimating the population the multiple 3.2 is used, a smaller figure than is used in some other cities. The school census just completed showed only 1,922,355 persons in Chicago. Some Early Bankers The first known work on finance is “The Examination of Currency,” by the Chinese banker, Ma-twan-lin, published in 1321. In the highly poetical language of the Flowery Kingdom, bank notes were by him called “flying money.” Some of us still find the term singularly appropriate! Marco Polo, in the thirteenth century, and Sir John Mande-ville, in the fourteenth, pioneers in the literature of travel, tell of the fiat money banker, Kublai Khan, showing that the autocrat of the East anticipated our modern fiat-ists by nearly seven centuries. But the archaeologists go many centuries back of Kublai Khan. We find the earliest banking house in history to be that of Egibt & Company, of Babylon. The records of this house when unearthed were found to be on clay tablets, kept in an earthern jar. Its commercial paper—paper by courtesy—was in clay and consequently non-negotiable! Xenophon, the historian, throws a sidelight upon early banking in Greece, showing that the Athenian bankers paid 4 per cent on deposits, and exacted anywhere from 10 per cent per annum to 25 per cent per month—the rate presumably proportionate to the risk. The thrift and greed of the Greeks found lodgment in Rome. The old Latin comedies contain many allusions to wealthy and influential bankers—some of the allusions respectful; others mercilessly satirical. Cicero and Justinian in their turn attempted, and in part succeeded, in curbing the avarice of Rome’s private bankers. The letter of credit was slow to win its way in Greece and Rome. When Cicero sent his son to Athens, he wrote to Atticus inquiring whether or not it would be possible for the boy to procure a letter of credit that would be honored by Athenian bankers. It is interesting to note that the famous mansion unearthed in Pompeii was that of a Pompeiian banker, the elegant furnishings of which indicate that the prehistoric banker conducted his business not wholly on a philanthropic basis! —Johnson Brigham, before Des Moines, la., Bankers’ Club. New Style Bank Notes W ashington, September 2.— The report sent here to the eifect that someone in New Orleans thought he had made an astonishing discovery in coming across a national bank note bearing the inscription “Secured by United States bonds or other securities” caused the officials of the Comptroller’s office to remark that it ought to be easy by this time for Gets Gold from New York Since July New York has been called upon to ship upward of $10,000,000 gold to Canada. One day last week alone $2,585,000 was taken at the subtreasury by the following banks: Royal Bank of Canada, $1,500,000; Merchants’ National Bank, $585,000, and the Bank of Montreal and the National Park Bank, $250,000 each. The Bank of Montreal has sent $6,000,000 altogether. This large movement of gold does not represent the usual Canadian demands for the purposes of harvesting the wheat crops. While it is true that the Canadian crops this year are very large and will call for the use of more currency than usual, the requirements for this purpose are not usually felt until September. The present movement has been brought about chiefly by the placing of numbers of Canadian municipal bond issues in this country. These municipalities under ordinary circumstances would not be able to raise funds in the United States, but with money rates in Canada at 5¿4 and 6 per cent and little more than half that rate here the opportunity has been seized to offer 4, 4JX and 5 per cent bonds in this country. These bonds are now being paid for. The Canadian railroads this summer have sold quite a quantity of securities abroad. Payment has been made to the London agencies of Canadian banks, and cables have been sold against these credits. The money is now being forwarded from New York to Canada. Canada is likely to take considerably more gold from New York next month, although no unusual stringency is anticipated across the border. This year the Canadian banks have the power to issue some $33,000,000 of extra circulation, and as the outstanding circulation is fully $25,000,000 belovc the maximum allowed on the bank’s paid-up capital, currency there should be more plentiful this year than usual. V Depositors Fainted Berlin, September 1.—The run on the Friedrichberger Bank in the Eastern district of Berlin, which began yesterday afternoon, continued all night and all day, though the directors said that the institution was perfectly sound. Many of the small depositors were half frantic with the thought of losing their money, and several of them dropped insensible as a result of the excitement and fatigue. The bank is paying depositors within the legal limit. G. A. Huhn Back from Europe George A. Huhn, of the Philadelphia banking firm of George A. Huhn & Sons, arrived this week on the Kaiser Wilhelm Der Grosse, after a visit of several weeks to Europe. Royal Trust Company- Bank :: Royal Insurance Building . 169 Jackson Blud., Chicago A State Bank ^7 Established 1891 Interest Paid on Deposits JAMES B. WILBUR, President EDWIN F. MACK, Vice-President and Cashier JOHN W. THOMAS, Assistant Cashier THE Chicago Title AND Trust Company Furnishes Complete and accurate abstracts of title. Reliable and collectible guarantees of title. Expert service as administrator, executor, guardian, receiver and trustee at the lowest prices consistent with the maintenance of adequate reserves for liabilities on guarantee policies and abstracts ; superior service and a complete and carefully constructed plant. Assets Exceed $6,000,000 No Demand Liabilities THE CHICAGO TITLE AND TRUST COMPANY 100 Washington Street President...............HARRISON B. RILEY Vice-President ............A. R. MARRIOTT Vice-Prest. and Trust Officer ...WM. C. NIBLACK Secretary................J. A. RICHARDSON Treasurer.....................W. R. FOLSOM GRAHAM & SONS