THE CHICAGO BANKER
September 26, rgo8]
of our banks. Without this arrangement a lot of the banks would have been put to a good deal of trouble before getting a bond.
Our protective fund of S6.ooo certainly testifies that some of our members stand by the association when placing their insurance and bonds.
The time lock work goes right along without a hitch. The absence of any complaints proves that satisfaction is given.
The group meetings this spring were well attended and show that our group organization is healthy and does its full share in promoting the progress of the association.
At the afternoon session the group chairmen reported. This was one of the most interesting features of the convention. Hon. Charles N. Fowler. Congressman from New Jersey, then addressed the delegates, after which the convention adjourned for the day.
The convention opened this morning with further group reports and the reading of a communication from Tas. J. Hill, of the Great Northern railway. The chief address at this session was delivered by Prof. T. Laurence Laughlin of the Chicago University on “The Guaranty of Bank-Deposits.” Prof. Laughlin has made a special study of the question and his talk on this subject was listened to with the keenest attention. Tt is to be circulated by the republican national campaign committee. The afternoon session opened with a still further report from the various group chairmen, and was to have been followed bv an address from Alexander Gilbert, president of the Market &־ Fulton National of New York Citv. but he was unable to be present.
This evening the annual banquet will be given by the Lincoln Clearing House Association. Last evening they gave the visiting delegates a smoker. An opportunity to visit Fairview. the country-home of W. J. Bryan, was given the bankers yesterday afternoon, also to visit the experiment farm of the state agricultural department. Some very interesting farming methods were explained The principal addresses will be found printed elsewhere in this edition of the paper. Secretary Hughes is a model state secretary and he has done wonders in helping to place this association in the front rank of state associations.
A great many Nebraska bankers will attend the A. B. A. convention at Denver next ־week.
T>׳»
The Federal Trust Company of St. Louis
W. H. Garanflo, a banker of New Madrid. Mo., is to be president of the new Federal Trust Company of St. Louis, which filed articles of incorporation Tuesday. Mr. Garanflo is cashier of the Commercial Bank of New Madrid and is also postmaster of that city. He was in the city for a business conference with Joseph McCoy and other promoters of the company. Mr. Garanflo said that he intends to move to St. Louis and take active charge of the company after it gets started, about January 1st.
The company will conduct its business along lines new in the city, but which have been developed by trust companies in other states. It expects to have agents in every county in the state and get a large amount of its business from country banks by1־ handling for them loans, real estate transactions, collections, and trust affairs. It will not conduct a savings bank and will not receive deposits from the public. The organizers have not decided on a location, but have a temporary office in the Wright Building.
Philadelphia Commercial Paper
Philadelphia banks said there was no inquiry for commercial paper below 4 per cent, and gave as the prevailing rate 4JJ to &V2 per cent. The supply is not large, running along as it has been, increasing some days and falling off the next.
association. The non-members were scarcely-approached on the question of membership by the secretary’s office during the year and the membership committee was not able to get into the work as early in the year as it desired. In view of those things the increase in the list is very good.
A good move during the year was the appointment by each group of a group membership committee to work with the state membership committee and with the secretary. By the proper organization of this system and an early start next year we should show a very large addition to our ranks. Considering the work done by the associa-
w. l . MOTE
Plainview. Nebr.
tion there certainly is no good reason for any bank to stay out.
A gain in members naturally helps the finances of the association and the treasurer’s report will show a gain in receipts of the general fund of over $500. The work we are doing more than kept pace with this gain, for the expenditures increased nearly $700.
The expense account item includes several matters in course of settlement. The time lock receipts cover from October, 1906, to October, 1907. only־, so we have more coming from that place as soon as it can be checked up. Our members get the same service they always did in having their locks cleaned but save from $2.50 to Sio at each cleaning. The association gets $135 during the y-ear. This is a good outcome of our efforts along this line.
Our receipts for memberships would be larger by about a half a dollar if some of our members had not remitted for dues with a check on themselves and then made a charge for exchange when it appeared. This makes a bargain counter rate of S4.85 for membership that should not be overlooked by anybody.
The association has had no expense for rent heretofore but as we have outgrown the present quarters an additional room next door has been rented at S5 per month, which is very nominal.
Our business in burglary7 insurance and bonds has been good. More than 450 banks have given the association their orders and the commissions therefrom have helped the protective fund materially. Right after our last convention it was necessary for all banks having county7 monev on deposit to file a new bond with the county and as the bond companies were holding back on this business anvwav. making the assertion that it was unsafe, unprofitable, etc., and the monev troubles hit us at the same time, it became next to impossible to get a bond for anv but the largest banks. At the request of your secretarv the Lion Bonding & Surety Co. entered this breach, made the secretary's office state agent on depositorv bonds and furnished bonds for a great majority
Nebraska Bankers Meet at Lincoln
(Continued from page 13) listen, and in soft, yet distinct tones will be heard a voice saying, “Voters are welcome here.” and last, but not least, if you will but glance southward to that stone castle beyond the hill which is so ably supported by that strong retaining wall, swinging high above her gates. I imagine can be seen the sign. “Bankers, yes, bankers are welcome here.” Yes. my- friends, the very air that we are now breathing is imbued with your boundless hospitality and good will.
But really we are certainly glad to meet with you in this center of learning, this city of broad streets, beautiful homes, up-to-date business men and intellectual women. Personally, to me. it seems like coming home, for it was in this citv some twenty years ago, I entered upon my banking career under the direction of our genial friend and Lincoln’s veteran banker. S. H. Burnham. Time has wrought many7 changes since then and you should be truly proud of the progress made in your city during the past twentv-five years. But why should you not succeed and move forward, made up as you are of people who not only promise to do things, if they are but given the opportunity, but also of people who actually do do things ?
We are proud of your city. Mayor Brown, and congratulate you not only upon her enterprise and thrift, but also upon the excellent commercial conditions existing here, as well as throughout our state. And also, Governor Sheldon. I am pleased to congratulate y7ou upon the high character of the banks and bankers of this citv as well as of the state. I assure you. we bankers appreciate the interest you have manifested in our behalf, which has done much to stimulate confidence in our institutions, and as we all know, confidence is the foundation of successful banking.
Much of interest to financiers has passed into historv within the past vear and I presume there are not many of us who would care to repeat their experiences of the 1907 panic. We could not have well escaped them if we would and upon reflection I am not sure we would have done so if we could, for I believe it was a clear case of “Before and after taking” and that we are now stronger, wiser and better bankers.
I hope our visiting brethren will not consider us egotistic when we sav. that we do not believe there can be found in anv land a more able, conscientious and honest class of business men than the bankers of this great commonwealth of ours. And as vou journev westward through our state, we invite you to take cognizance of the thrift and prosperity, which is everywhere in evidence. I feel that T voice the sentiments of even־ Nebraskan when I sav that we are a happv. prosperous and contented people.
And now. kind friends, we accept of vour hospitality. thoroughly appreciating your good will and we trust that our behavior while with you. will be of such nature as to cause you to invite us to come again, and we have but one request to make, which is, in case anv our members should stray from the straight and narrow wav, be lenient and forgiving, for we are all good fellows at home.
Again we sincerely thank you.
President Black, in his annual address, reviewed the financial conditions in the state. He was listened to with the greatest attention. Secretary Hughes’ report and Treasurer Hamilton’s report showed the association to be coming to the front very rapidly. Secretary Hughes said:
We can add another vear to our record of continued increase in membership. This is the ninth ״ successive report showing an increase each time. Our total for last year was 721. Our list of members to-day contains the names of 738 banking institutions, a gain of 17. This figure mav not seem very large but it must be remembered that the list of non-members, out of which our new members must come, is very small, for less than 100 banks in the state still remain outside the