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THE CHICAGO BANKER
October 24, iço8]
The First Trust and Savings Bank
The First Trust and Savings Bank of Chi-cage is trustee under the Chicago telephone mortgage. The company will receive the proceeds from the $5,000,000 bond sale to the syndicate, as follows: January 1, 1909, $1,000,000; March 1, $2,000,000; September 1, $2,000,000. The syndicate paid 99.144 for the bonds.
First National of Wyanet
First National of Wyanet, 111., has been organized with a capital of $25,000. J. R. Sapp, L. L. Hall, Peter Anderson, O. K. Tuttle, and F. Everett are the incorporators. Correspondent, Willis Hamrick, Wyanet.
Walter A. Graff
Walter A. Graff has been elected a director and treasurer of MacDonald, McCoy & Co., of Chicago, and will hereafter be actively connected with that company. He was for a number of years manager of the Chicago office of Rudolph Kleybolte and Company.
V
Chicago Bank Clearings
Daily average bank clearings in Chicago last week were $39,077,628, as compared with $38,800,308 the previous week, $37,242,154 the first week of September and $35,093,644 the first week of August. Total clearings were $234,465,778, as compared with $254,185,862 a year ago.
		
Depositary of the	The Central National Bank	Capital paid in $200.000
United	of Peoria	Surplus
States Govern-	Under distinctively sound and conservative management	$1 25.000 Deposits
ment	Especial attention given to accounts of	$2 000.000
	banks and bankers	
National Surety
The National Surety Company, represented in this city by Joyce & Co., won out on merit over all competitors for the fidelity bonds on over 5,000 employees of Armour & Co., all over the United States at a rate said to be in the neighborhood of 25 cents. For the past five years the line has been held by the Guarantee Company of North America, at a rate in excess of 30 cents. This is the largest fidelity line in the West and the second largest in the United States, the other being the fidelity line of the United States Steel Corporation and its allied concerns. The amount of insurance involved in the Armour line is now a little above $8,000,000, and it is expected to reach $10,000,-000 before the new contract, which is for five years, has expired. Stockyards fidelity business has not been especially profitable, but the Armours are said to have an especially good auditing system and the line is reported to be profitable. Practically all the surety companies operating in Chicago made bids on the line but toward the end the competition was narrowed down to three companies.
J. T. Hoblitz
James T. Hoblitz, vice-president of the First National of Lincoln, 111., has been elected to the presidency, succeeding Frank Frorer. Jacob Funk is now vice-president of the institution.
ClAMLEi MAJMAWAY & C©־
Commercial Paper
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Correspondence Invited
AT THE	THE NATIONAL STOCK YARDS NATIONAL BANK			AT THE
ST. LOUIS		Our especial equipment and close touch with every interest represented at the St.		ST. LOUIS
STOCK		Louis National Stock Yards enables usto eliminate expense and to assure the maximum of security and profit on all live stock business at this market entrusted to us.		STOCK
YARDS		NATIONAL STOCK YARDS - - ILLINOIS		YARDS
Peoples Savings Bank & Trust Co.
Capital and Surplus, $200,000 Deposits, $1,854,834.59
Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms.
WM. BUTTERWORTH, PRES.	NELSON H. GREENE, VICE PRES.	C. W. LUNOAHL, CASH. AND SEC.
First National Bank of Joliet
Capital and Surplus, $250,000 Solicits Collections from Banks
GEORGE WOODRUFF, President	ANDREW H. WAGNER, Cashier
P. Herdien of Galva
President Herdien of the First National of Galva returned just in time from Europe to take in the Illinois convention and he was awarded one of the vice-presidential bouquets handed out by Nelson H. Greene’s committee on nomination. Mr. Herdien has been elected an officer of his group and intends, while he remains at home to work for the Talbert idea of registration of commercial paper. He is wiser than those bankers who only call names when guaranty of deposits and postal banks are mentioned. He sees a situation to be met with a better plan, or submitted to as gracefully as possible. Many of his advanced ideas are direct from the study of banking in Europe in which he is well versed.
J. F. Allen
Among those who attended last week’s Illinois convention w^as J. F. Allen of the Seaboard National, New York. Mr. Allen said it was the most successful state meeting he ever had attended. He left word with his Chicago and all-Western friends that the latch string always is out for them at the Seaboard.
V*
Bankers’ Petition is Denied
Justices Brown, Adams, and Holdom of the appellate court of Cook County, 111., have denied the petitions for a rehearing in the case against Abner Smith and Gustav Sorrow, president and vice-president of the Bank of America, convicted of conspiracy to cheat and defraud, and sentenced to the penitentiary. The appellate court affirmed the decision of the lower court on July 6th, and the defendants immediately filed a petition for a rehearing. Smith and Sorrow claimed that while they had been guilty of acts that might be deemed unlawful, the state had failed to show that they had conspired to defraud stockholders of the bank. The next probable step will be application to the supreme court for a writ of error, and a petition that the writ be made a supersedeas. Unless this is done the judgment of the criminal court will be enforced.
R. M. Hochenhull
The private banking firm of Hochenhull & Elliott, at Jacksonville, 111., has dissolved. The business will be continued by Frank Elliott, while Robert M. Hochenhull will become active vice-president of the Ayers National, at Jacksonville.
,y»
Return from Europe
President Orson Smith, of the Merchants’ Loan and Trust Company of Chicago, and President H. A. Haugan, of the State Bank of Chicago, have returned from Europe.
V*
The stockholders of the First State Bank of Litchville, N. D., recently voted to increase its capital from $5,000 to $10,000.
Joyce & Company
(Incorporated)
General Agents
The Rookery Bldg.	Chicago, Illinois
ILLINOIS ADVISORY BOARD Charles G. Dawes, Resident Vice-President A. J. Earling	David R. Forgan	John A. Spoor
Walter H. Wilson	M. J. Kirkman
Pajne, Strawn & Shaw
COUNSEL
Winston,
Calhoun, Lyford & Sheean
National Surety Go.
Of New York
Fidelity and Surety Bonds Burglary Insurance