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THE CHICAGO BANKER
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spell it three or four ways in one article. The three forms are guaranty, guarantor, guarantee, just as you have mortgage, mortgagor, and mortgagee. As a verb transitive it is “guarantee.” You might as well know.
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the First Mortgage Guarantee and Trust Company of Philadelphia, Pa. It is understood that Mr. Shaw consented to accept the place largely because of his liking for the city and a desire to live there. Pie loves quiet.
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Teddy bears—with a kodak.
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his state of the A. B. A. He writes that California will invite the convention for 1909 to come to Los Angeles. The campaign will be begun in Denver. And why not have it in Los Angeles? No better place at a proper season could be named.
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beautiful white marble building of the Old National Bank.
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terest, which attests that Alfred H. Curtis was a good banker, even amid adverse surroundings.
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ever, is small. Some of the banks have been affected for the time being by Booth & Co. matters, but this has been because of bank shares held by some members of that firm rather than by any relation between the bank and the company.
Cashier.
his way to a tour of the great lakes, St. Lawrence and Hudson rivers, to New York, on his vacation trip. His home papers are beginning to appreciate his writings which first began to be published in The Chicago Banker.
T OI I N P. LINDGREN, State Bank of Chi-*J cago, has been promoted from the viceconsulship of Sweden to the consulship. The enlargement of the Chicago post is a business compliment paid the city by the Swedish government. It seems that the importance of Chicago as a commercial center is recognized in Europe. The new consul will have a district covering seven of the neighboring Middle Western states, the vice-consuls of each of these states reporting to him, while he will deal direct with the Swedish minister in Washington.
\J ICE-PRESIDENT IT P. DAVISON of V the First National of New York, and Prof. Abram P. Andrews of Harvard, are the only members of the American Monetary Commission left in Berlin. Next week they are going to be (not yet) left in Paris. Just to think what the A. B. A. commissioners are missing.
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HARLES G. DAWES has been confronted with a little book which he wrote before he was a banker, and which seems to favor government guaranty of deposits. Mr. Dawes, like Mr. Taft, was not to be caught. He still thinks the Kansas idea of guaranty all right, and not in conflict with the Chicago platform. In short Mr. Dawes now is perfectly orthodox —if Taft is?
PRIVATE bankers throughout the state of Ohio are in a quandary as to whether the Thomas law, passed at the last session of the legislature, can compel them to make regular reports of their condition to the new superintendent of banking. This is a vital question with a private bank. The new superintendent is afraid of “a political issue” and will not demand reports but hopes to get them from all solvent concerns.
THE credit departments of several large Chicago banks are likely to get a severe jolt in the A. Booth & Co. failure. If false statements were made by the “fish trust” to secure credit this will be the time to make a “horrible example” of some one.
WILLIAM HOWARD TAFT and William Jennings Bryan will each have the pleasure of meeting a mighty good sort of fellow when the two presidential candidates come together at the banquet to be given by the Chicago Association of Commerce, October 7th.
MR. HARRIMAN has placed an order for 5,000 new box cars, which will be very useful in moving the crops in the fall, and in helping to swell the number of “idle freight cars” for political effect in winter, when Congress is in session.
AT the Bedford Springs convention the Pennsylvania bankers made a present to D. S. Kloss, of a handsome clock, as a tribute to the tenth anniversary of his service as secretary.
THE matter of federal guaranty of bank deposits was debated for and against by Congressman John G. McHenry, of Benton, president Columbia County Grange National, and James I. Buchanan, president of the Pittsburgh Trust Company. In the discussion that followed sentiment was shown to be divided, but it was finally decided to take no action.
A KANSAS CITY woman has discovered, at a cost of $300, that even without a law to guaranty deposits, a bank is a safer place than a mattress to put money.
SB. CHAPIN & CO.’S corn expert has re-• ported upon conditions in Ohio, Indiana, Illinois, Iowa, Missouri, Kansas, and Nebraska and estimates that the crop now is only eight or ten per cent short of the average for the past five years. Indiana and Kansas show greatest losses.
HENRY F. GILHOFER, banker-poet of Cairo, was in Chicago over Sunday, on
creased from $500,000 to $1,000,000 on September 1st. Edwin G. Foreman is president, Oscar G. Foreman, vice-president; George N. Neise, cashier, and John Terborgh, assistant cashier.
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The Hyrum State Bank
The Hyrum (Utah) State Bank has capital stock of $25,000. David Eccles is president, with M. S. Browning and Robert Baxter vice-presidents, and John P. Corry, cashier. The directorate includes David Eccles, M. S. Browning, Robert Baxter, Joseph Howell, H. E. Hatch, A. A. Allen, Jr., and C. J. Christensen.
Chicago Board of Trade
The Chicago Board of Trade membership of the late William Henry Bates has been posted for transfer. A membership has changed hands at $2,600 net to the buyer, which is a slight advance.
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Chicago Currency Shipments
Chicago currency shipments west last week were by far the largest of the season, but not in excess of a year ago. The banks generally have an ample supply of small bills.
Foreman Bank
The Foreman Brothers’ Banking Company moved into its new quarters in the Stock Exchange Building, no La Salle Street, Chicago, on Monday. This is the fourth removal in the history of the banking institution, and at every change of location a larger space has been occupied. The former hall of the bourse has been completely transformed. Nothing but the gallery is left of the spacious exchange, and even this has been altered to enhance the beauty of the place. The lofty ceiling has been decorated to harmonize with the general color scheme. The prevailing hue is gold, with which the bronze of the general appointments and the soft saffron of the marble blend with restful effect.
When the bank opened for business Monday morning it marked the forty-sixth year of its existence. It was established in 1862, by the late Gerhard Foreman, father of the president, Edwin G., and the vice-president, Oscar G. Foreman. The name of Gerhard Foreman is intimately connected with the earlier history of the city.
Foreman Bros, was incorporated as a state bank eleven years ago. The capital was in-
New Chinese Banking Law
The new banking law which was introduced in China about three months ago, and of which details were recently received here, contains many interesting provisions. According to the new law, no bank can be opened without the authorization of the Minister of Finance, who has always the right to examine the books of a bank whenever he wishes, while reports must be published every six months.
The law distinguishes between commercial and deposit banks. It is laid down that the former shall only make advances on mortgages or investment securities; the amount of the advance shall not exceed seven-tenths of the value of the security, and the date of redemption shall not be more than thirty years ahead. The maximum rate of interest shall be decided upon by the government.
The deposit banks are compelled to place with the Imperial Bank 25 per cent of the amount they have on deposit, either in the form of government bonds, provincial, or municipal bonds, or other gilt-edged securities as a reserve. The directors are personally responsible for all the engagements of the bank without any limitation, and their responsibility only ceases two years after they have relinquished their office.