The CHICAGO BANKER.
A Weekly Paper Devoted to the Banking and Financial Interests of the Middle West
10 CENTS A COPY
Entered as Second-Class Matter January 15. 1903, at the Post Office at Chicago, Illinois, under Act of March 3, 1879
SEPTEMBER 26, 1 908
First National of Tampico
The First National of Tampico, 111., with a capital of $25,000, has been organized and will open for business.
H. P. Hilliard
While A. A. Crane is being coaxed to take the A. B. A. treasurership again, and P. C. Kauffman, the ever blooming perennial is after it, the South and Southwest is going to ask that honor for the eloquent and affable H. P. Hilliard of St. Louis. In such a case the honor would be mutual, for Mr. Hilliard may be honestly rated as a strong influence for the highest ideals in the association.
Returned from Europe
George M. Reynolds and J. B. Forgan returned to Chicago on Monday, after an extended vacation spent in Europe. Mr. Forgan toured in an automobile chiefly in England and Bonnie Scotland. and kept out of banks except when out of funds. Mr. Reynolds was drawn into the Monetary Commission work as an expert, and worked just about as hard as when holding the tiller down at the Continental. He will be the president of the A. B. A. next year and just about the most influential personage in the purely banking field.
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Chicago Bond Dealers
Some of the leading Chicago dealers in bonds report a better small investment demand from the country during the past few days. This, they believe, presages a more active general inquiry later on. Not a few investors have been getting-out of stocks and are putting funds into first-class mortgages. Large investments, such as purchases by institutions, have not been numer-
Colonial Trust Dividend
Directors of the Colonial Trust and Savings of this city have declared the regular quarterly dividend of 2 per cent and the usual extra dividend of one-half of 1 per cent, payable October 1st, on the capital stock of holders of record.
Chicago Bank Clearings
Chicago bank clearings last week were $242,-120,768, or $4,533,715 less than a year ago, but $43,945,088 more than the preceding week, which included one holiday, as did the week of
To Receive Assessments Back
Guthrie, Okla., September 32.—The State Banking Board to-day adopted a resolution allowing the refunding of the assessment paid in by national banks which took advantage of the depositors’ guaranty law before the adverse ruling of Attorney-General Bonaparte.
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The Peoples State Bank
With a capital of $15,000, the Peoples State Bank, Whitewater, Kan., has opened for business, with the following officers in charge: R. G-. Kirkwood, president; T. L. Ferrier, vice-president, and J. B. Hazlett, cashier.
Col. Farnsworth
Secretary Farnsworth and his clerical staff went through Chicago on Thursday en route to Denver. Frank B. Brundage, who came on from New York with him, stopped over in Chicago to join the big Chicago Banker two-section special leaving Chicago at 1 p. m. Friday.
w. T. FENTON Chicago
Mr. Fenton is deserving of recognition at the hands of the great Clearing House section of the A. B. A., which he originated. He followed this with devising the bank inspection plan of the Chicago Clearing House, which has been adopted in all large cities. The section which he created should call him from his modest retirement, and, by preferment within its reach, reward him for past services. H e is an honor to the profession.
F. J. Scheidenhelm
F. J. Scheidenhelm has resigned as assistant cashier of the American Trust and Savings Bank, of this city, to become cashier of the State Bank of Evanston, succeeding- Wm. C. Hoag,
The Chicago Money Market
The country is calling for money to move the crops as usual at this period of the year. Otherwise the feature of the Chicago money market is a strong call for building loans. Rates are firmer though nominally unchanged.
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First National Bank of Superior
Corporate existence of the First National of Superior, Wis., has been extended.
Edwin A. Potter
Edwin A. Potter, president of the American Trust and Savings Bank, of this city, is expected home from Europe about October 1st.
Illinois Trust Dividend
The regular quarterly dividend of 4 per cent on stock of the Illinois Trust and Savings Bank, of this city, will be paid September 30th.
Chicago Savings
The Chicago Savings Bank and Trust Company, of Chicago, went on a dividend basis on Monday by declaring an initial distribution of 11/2 per cent, payable October 5th to stock of record September 25th. The bank was organized in May, 1902. It has a capital stock of $500,000 and surplus profits of substantially $100,000 and deposits of $2,825,000. Lucius Teter is president.
Bank Examiners in Conference
Washington, September 21.—The meeting of the Eastern National Bank Examiners, called by the Comptroller of the Currency, convened this morning. The subjects discussed were as follows : 1st.—Best methods of taking possession of the cash and other securities of a bank on commencement of an examination, to prevent count ing the same cash twice, substitution of bills, and what securities to cover deficiencies and the addition of .cash from the outside; 2d.—Best method of verification of bank or correspondent balances to detect shortage or other manipulations. Some very serious conditions have arisen through imperfect verifications of such accounts: 3d.—Best method of verifying the individual deposit ledger, the most vulnerable account in the bank for the perpetration and concealment of shortages; 4th.—Best methods of determining the financial responsibility of large borrowers. Some examiners are very indiscreet in this respect and frequent complaints are made to the office both by the banks and the borrowers, because of such indiscretion.
Comptroller Murray said in part: “If getting fees from banks is more important to you than getting information about the bank for me then resign at once.
“I say emphatically that your work must be improved. Embezzlements have failed of discovery, defalcations and dishonesty have been concealed from you and in many cases you have failed to correctly, or even approximately estimate the value of the paper and securities held by the bank.
“There are in this office instances where an examiner has failed to discover, although he made several successive examinations, various shortages or other criminal wrong doing in the
The Farmers and Merchants Bank
Articles of agreement were recently filed for the Farmers and Merchants Bank of Yuma, Ariz. The incorporators are Geo. Fishbaugh and others. Work will at once be commenced on the new building. Attorney Frank Baxter has been appointed as agent of the corporation.
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The American National
The American National, Pensacola, Fla., has awarded the contract for a new ten-story bank building, which, with the site, will cost $300,-000.