27
THE CHICAGO BANKER
September 19, 1908]
such a law. Only 17 bankers were non-committal. Mr. Breidenthal’s report places the lineup of the bankers as follows:
Non-com-
	For.	Ag’nst.	urtai
National bankers	. .17	U	9
State bankers ...	• •71	20	8
Total		. .88	35	17
J. Q. Royce, present Kansas bank commissioner, in his reply, takes a firm position in favor of the guaranty deposit law.
Of the many letters received by Mr. Breid-enthal that of E. R. Moses, president of the Citizens National Bank, of Great Bend, Kan., presents a strong plea for deposit insurance. Government insurance he does not advocate, however, but insurance by a company organized by the bankers themselves.
V*
Banking Situation in Washington
Conspicuous features of the banking situation in Washington since the first of the year are the increase in deposits and loans, and the steady improvement in general conditions. National and state banks gained $1,207,748 in deposits between May 14th and July 15th, making a total gain of $6,262,498 since the Comptroller’s call February 14th. The total was $141,666,721 on July 14th. Compared with the high mark of deposits August 22, 1907, this is only 11 per cent below the figures of the 11 months preceding. The decrease is accounted for by the suspension of the lumber industry in the state pending the decision in the freight rate case. Loans amounted to $91,854,542 on July 15th, an increase of $533,963 in the two months following May 14th, and $6,377,337 in the five months following February 14th. Bills payable in the state July 15th aggregated $905,-529, a decrease of $500,000 since the preceding August. Bank circulation in Washington July 15th was $4,706,845, an increase of $1,419,400 since August, 1907. A decrease of $165,000 in surplus and undivided profits is due to the large number of banks that declared dividends between May 14th and July 15th. The surplus and undivided profits July 15th aggregated $8,794,589. Capital stock on the same date amounted to $18,110,645. The combined capital stock, surplus and undivided profit on July 15th was $1,511,000 in excess of the same items in August, 1907.
V
New National Banks
Applications to organize national banks approved as follows:
First National of Arkadelphia, Ark. Capital, $50,000. T. N. Wilson, Arkadelphia; J. M. Adams, Jos. H. Abraham, Jos. G. Clark and C. Y. McDaniel.
First National of Leland, Miss. Capital, $50.-000. S. C. Bull, Greenville, Miss., J. W. Thompson, J. H. Collier, R. W. Garrison and E. N. Day.
May town National of Maytown, Pa.; capital $25,000. George S. Rhoads, Sr., FI. B. Jacobs, John A. Dehoff, Charles C. Hicks, and E. H. Fisher, correspondent, Howard Frame, May-town, Pa.
Waynesboro National. Waynesboro, Va.; capital $25,000. W. N. Fishburne, Waynesboro, Va.; James A. Fishburne, Ernest Mosby, Pliny Fishburne, and S. W. Thompson.
St. Louis Money Market
The St. Louis currency shipments were heavier last week than the preceding week, but they are considerably less than this time last year. Engagements by the South and Southwest are large, but this movement is not having any effect on the current interest rates. Money continues plentiful at the leading banks, and there are few desirable borrowers. Rates still range from 43/2 to 53/2 per cent.
New Home Completed
The new home of the Davenport Savings is about completed. To give the patrons of the institution an idea of how the new place will look it was illuminated as soon as the handsome new fixtures were put in place.
Council Bluffs Baseball Team
The bankers of Council Bluffs have a crack baseball team that is said to be far superior to other amateur teams in that city. Recently they defeated the team from the Rowing Association 13 to 6.
Banking Notes
Des Moines bank clearings the week ending September 12th, fell off three-quarters of a million from the clearings for the same week last year. The decrease is $762,876.22.
Clifford L. Niles of the Niles-YVatter Savings at Anamosa, was in Des Moines attending the republican state convention to nominate a candidate for the state supreme court bench. Mr. Niles says the demand for money at Anamosa is something remarkable and declares that his institution was never in better shape. "I find from talking with bankers over Iowa, that they are piling up their money until they see how the election will go,” said Air. Niles.
The Hardin County National has been authorized to begin business at Eldora. The capital stock is $50,000. The officers are C. McKeen Duran, president; J. D. Newcomer, vice-president; Ellis D. Robb, cashier; James Nuckolls, assistant cashier.
Elizabeth Nock, the ward of Banker C. C. Coan of Clinton, caused not a little excitement in that city by secretly wedding Joseph P. Dilley, one of the proprietors of the Lafayette Inn of that city. The young couple went to Davenport where the ceremony was performed.
Cashier Lovell Swisher, of the First National at Iowa City, objected to a carnival company pitching its tents on the main streets in front of the bank and other business houses. So he headed a movement to have the company enjoined from giving exhibitions. He also swore out an information causing the arrest of the manager of the carnival company. The latter has now sued the city for damages of some $5,000, alleging the action was worth that much to him.
President G. D. Ellyson, of the Marquardt Savings in Des Moines, is rejoicing over the finding of his daughter, Miss Katherine Queal, who in company with a companion, Miss Ruth Pickell, was lost in the Colorado mountains for nine days. Fortunately Mr. Ellyson knew nothing of what had happened until it was all over and the girls wrote a thrilling account of their experience.
Roy Cushman, who is connected with a bank at Waterloo, has secured an injunction against A. L. Richmond of that city to prevent the latter from circulating defamatory stories about Cushman. Richmond circulated stories to the effect that Cushman had been stealing sweet corn, a charge that the young banker declares to be utterly false in every particular.
Kansas Bankers Favor Guaranty
Of 137 replies received by John W. Breiden-thal, former bank commissioner of Kansas and now president of the Bankers National Bank of Kansas City, Kan., from Kansas bankers in answer to a letter sent out by him requesting opinions on the guaranty of bank deposits, 88 expressed themselves as being unqualifiedly in favor of the enactment of a guaranty deposit law, while 35 bankers opposed
banks but not as to national banks more frequently than as to state banks.
State Courts can Interfere
“And if the United States courts can interfere, then state courts can interfere, because section 5433 of the revised statutes only prohibits state courts from issuing writs of attachment, injunctions or executions after final judgment against national banks. And if this court can appoint a receiver for a national bank then it follows that every state court having jurisdiction in chancery can do the same. And if this can be done then the Comptroller instead of being in charge as a responsible chief, will be subordinated to the many hundreds of national and state courts of the country and instead of having a unified management, we will have confusion even to chaos.
“So that in my opinion the power to appoint a receiver for a national bank in cases other than of voluntary liquidation and other than cases wherein fraud is charged and established against the Comptroller of the Currency, is vested in that officer. And that such remedy is an exclusive remedy. And in no event can the court act until the other remedy has been sought and fraudulently refused. Aside from the foregoing question this court is not in doubt but that in the exercise of sound discretion a receiver should not be appointed in this case. The case at bar is by a bill of equity against the bank as a corporation and cannot be converted into an action at law against the officers for negligence or alleged wrong doing.”
The Davenport Savings Bank
William O. Schmidt, president of the Davenport Savings since 1905 and for 28 years one of the board of directors of that institution, died at his home in Davenport. Mr. Schmidt was one of the best known bankers in the state and was popular and prominent in Davenport. The directors have elected John F. Dow president, to succeed Air. Schmidt. Air. Dow has been connected with the institution for years and is also president of the Davenport Trust Company and the Davenport Elevator Company. J. W. Gilchrist was elected to the place on the directory board made vacant by the death of Air. Schmidt.
The Lone Tree Saving Bank
Cashier George Fernstrom of the Lone Tree Savings has been sued in the courts of Johnson county for damages of $2,000 by Louis Schneider. Schneider claims that he was delivering fruit in a wagon when the cashier crashed into him with his automobile and not only spilled the fruit but hurled himself to the brick pavement where his head was so injured that he has had dizzy fits ever since.
The Cook Musser Bank
The Cook Musser Bank at Aluscatine is preparing to erect a new building which it claims will rival the new six story structure of the Ilershey State of that same city, which is fast nearing completion. At the annual meeting the Cook Alusser increased its capital stock from $75,000 to $170,000. P. M. Alusser, Senator G. M. Titus and W. E. B. Liven were added to the board of directors. It was decided to open a savings department with E. C. Stocker who has just resigned as county treasurer at its head.
The Atalissa Savings Bank
Stewart Archibald, cashier of the Atalissa Savings, came mighty near losing his fast fancy trotter “Babe” the other night, when the animal fell twenty feet to the bottom of a well on his place at Atalissa. There was only three feet of water in the hole. A passerby heard “Babe’s” outcry and came to his relief. By means of a block and tackle the horse was extricated from his position as good as ever.