[Volume XXV
THE CHICAGO BANKER n
12
SWEDISH AMERICAN NATIONAL BANK
MINNEAPOLIS
CAPITAL $500,000 SURPLUS AND PROFITS $400,000 DEPOSITS $3,300,000
N. O. WERNER, President	C. S. HULBERT, Vice-Prest	J. A. LATTA, Vice-Prest.
E. L. MATTSON, Cashier A. V. OSTROM, Asst. Cashier KNUTE EKMAN. Asst. Cashier
Write us regarding your Northwestern Collections
CHICAGO SAVINGS BANK AND TRUST COMPANY
Chicago Savings Bank Bldg., State and Madison Sts., CHICAGO, ILLINOIS
Facilities meeting every requirement of the most discriminating bankers. Dormant accounts solicited on which interest is paid at a liberal rate. Interest paid by check the last day of the month.
LUCIUS TETER, Prest. E. P. BAILEY, Vice-Prest. CHARLES H. RE QUA, Vice-Prest. WILLIAM RUPP, Jr., Cashier
W. M. RICHARDS, Asst. Cashier LEVERETT THOMPSON, Secy.
				
	OFFICERS	OLD NATIONAL BANK	Capital. $800,000.00	
	J. M. BARNETT, President W. BARNHART, Vice-Prest. HARVEY J. HOLLISTER, Vice-Prest. CLAY H. HOLLISTER, Cashier	Grand Rapids, Mich. Solicits Bankers' Accounts and Collections Largest Bank in Western Michigan	Surplus and Undivided Profits $546,299.00 Assets Over Seven Million Dollars	
				
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banks are able to get all the currency they need in the normal way by depositing municipal securities in the treasury and without the necessity of the clearing house taking any action in the matter whatever.”
A. A. Crane, vice-president of the Northwestern National, does not expect the presidential year to affect Northwestern prosperity. “We are on the verge of a most prosperous year,” he said, “and I feel certain that the coming election will have no effect on prosperity for any length of time in Minnesota. It will be remembered that the Northwest suffered less from the panic last year than almost any other section of the United States. The same is true of the national campaign year. I do not think we shall even know in financial circles that this is the year to elect a president.”
Banking Notes
Kenneth Clark, president of the Merchants National, St. Paul, has been elected president of the Superior, Wis., Water, Light & Power Company.
The Farmers’ State of Groton, S. D., has been capitalized at $20,000. The incorporators are: С. M. Krebs, J. W. Walters, J. F. Hass, A. H. Miller, and others.
The Citizen’s State of Winnebago, Minn., has been incorporated with $25,000 capital. The directors are: H. H. Fruechte, H. C. Fru-echte, F. H. Deters, August Deters.
Program Illinois Bankers Convention
Business sessions will be held at the Music Hall in the Fine Arts Building, of this city, on the mornings of Tuesday and Wednesday, October 13th and 14th. Tuesday afternoon an automobile ride will be given to the visiting delegates and their ladies, through the parks and along the North shore. At 7:30 a beefsteak dinner (informal) will be. served to the delegates and their ladies at the banquet hall of the Illinois Athletic Club. This will be followed by a high class vaudeville entertainment and a dance, all at the club.
Wednesday afternoon a theatre party (matinee) will be tendered to the visiting delegates and ladies at Powers’ Theatre, the attraction being “The Servant in the House.” The principal speakers at the business sessions will be Prof, J. Laurence Laughlin, whose subject will be “Guaranty of Bank Deposits,” and James G. Cannon, vice-president of the Fourth National, New York, who will make an address on “Commercial Paper.” The committee on arrangements consists of Messrs. Perkins, Vernon, Judson, Washburn, Hurst, and Wakefield. The reception committee will consist of practically every bank officer in Chicago.
with the First National of Butte. L. E. Wakefield, well known in association circles, has been put in charge of the working rooms of the bank and over some sixty clerks.
Federal Bank Examination
A. D. Clarke, president of the !Minnesota National, Minneapolis, has strong views on the federal bank examination question, and backs up Comptroller L. O. Murray in his recent statement that there should be a reform in the present staff, divorce of the system from politics, abolishment of the fee form of payment, and the requirement of examination as to efficiency before appointment. Mr. Clarke says:
“We should get the very best bankers to be examiners and pay them accordingly, then we’ve got something and the banks can protect each other. That would weed out the banks that are not doing a straight business and if followed up would stop bank failures.
“I am willing to be quoted as saying that nineteen out of twenty bank failures are caused by misuse of funds by officials of the banks.
“The bank examiners should be paid a salary so they will know just what they are getting, and will spend no more or no less time than necessary in the examination of a bank. Above all, they should be thorough bankers. If you wish to employ a lawyer you want a good one, for a physician you employ an expert, and if we are to have bank examiners they should be men who know all the ins and out of the banking business.”
Joseph Chapman, Jr., vice-president of the Northwestern National Bank, said: “Every }Tar there is a little improvement in the bank examinations. In fact, there is marked improvement. I favor the salary basis for examiners. The bankers of the state went on record at the Duluth convention for salaried bank examiners and for other reforms in the system.”
Currency Association Law not Needed
Currency association law is not needed this year, say the Twin City bankers. The currency supply is such to-day that there is no suggestion of the recent flurry. “Conditions are such at this time,” says George Orde, cashier of the First National, Minneapolis, “that there is little, if any need of currency associations as provided in the new law. The
The Northwestern National of Minneapolis, has broken several records. Its deposits have reached $22,846,000 and its total resources $28,-587,000. Both are new Northwestern records. On Tuesday, following two off banking days— Sunday and Labor Day—the Northwestern National shipped out $250,000 in currency to the Northwest. It also paid $900,000 grain drafts, which made a total grain business of $1,150,000.
The Northwestern National had before been shipping out an average of $150,000 a day. Until after Labor Day the bank had been sending out its own money, the circulation has been increased $600,000, but at that time began ordering from Chicago, as have the other banks.
Not so much has been called for grain movement as the bankers expected, although the business is on the gain. One reason for this is that a grain transaction does not take more than 48 hours at present. The grain is moving rapidly as the railroads are still in control of the situation.
Personal Mention
F. A. Chamberlain, president of the Security National, has gone East on a trip of inspection. He will visit Pittsburgh, Philadelphia, New York, and Boston.
F. M. Prince, president of the First National, and E. W. Decker, vice-president of the Northwestern National, have returned from a bear hunt in British Columbia. With them was A. R. Rogers, a lumberman and bank director. Mr. Decker says that the party got plenty of deer, but no bear. They saw bear tracks galore, but didn’t get a sight of the beasts. This is considered strange, because a year ago when Mr. Decker and party were in the same region, about twelve miles away, a big bear called upon the party and, disliking some remarks made by one of the crowd of hunters, charged them. Mr. Decker stopped the bear with a bullet. This year the word was passed around among the ״Bruins to pass up tire camp and they did so. Mr. Decker hunts every year, but it is said that the experience is new to Mr. Prince, whose business predisposes one to be hunted, instead of the hunter.
George U. Hill, exchange teller for the Northwestern National, has taken a position