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THE CHICAGO BANKER
October 24, iço8]
Mrs. Reesor is in the Crown Bank of Canada and her work is of such an excellent character that her loss from the banking force would be seriously felt.
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Personal Mention
Edward J. Hughes, assistant cashier of the First Rational., Milwaukee; Horace Fortescue, assistant cashier of the •Philadelphia National, Philadelphia, and J. R. Edmonds, vice-president of the National Bank of Commerce, of Baltimore, were callers at the Bank of Commerce of St. Louis recently.
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The directors of the Baxter National of Rutland, Vt., have voted to increase the capital stock from $200,000 to $300,000.
Pittsburgh Stock Exchange
Clearances of the Pittsburg Stock Exchange for September, 1908, according to the report of Secretary C. J. Holman, were $203,357, as compared with $382,709 for August and $506,819 for September, 1907.
A Successful Banker
Superficially finance seems to be unfeminine. Yet Mrs. E. B. B. Reesor has made a success of banking which is phenomenal, and more than this, she advises it as a training for young ladies. Recently she said:
“A young woman upon leaving college wishes to enter into some profession or business. Banking, of all professions offers the truest work, for banking is legitimate; it rings true and in dealing with the public there is nothing to hide.”
Iowa Bank President Dead
Des Moines, Iowa, October 19.—Possessed with an unconquerable mania for three years to commit suicide, W. E. Culbertson, president of the First National at Carroll, this morning killed himself by shooting. The mania was the result of the suicide of two of his brothers within the last three years.
The bank’s affairs have been placed in the hands of the Comptroller of the United States Treasury. There were $400,000 in deposits in the bank. Mr. Culbertson sank $100,000 in a canal company in W yoming, His wife and daughter feared the suicide mania and rarely left him alone. When he went out of the city-one of them accompanied him. He arose from bed this morning while the others of the family w ere asleep.
document representing title, while the goods are in transit and removed from the immediate possession of the owner.”
New Brokerage Firm
James K. Rice, Jr., recently associated with Frederic H. Hatch, Raymond J. Chatry, formerly the secretary of the Trust Company of America, and Irving M. Day, recently manager of the bond department of William M. Clarke, have formed a copartnership under the firm name of I. K. Rice, Jr. & Co., for the transaction of business in, investment securities, bank and trust company stocks, guaranteed stocks and all inactive and unlisted securities,. with offices at No. 33 Wall Street, New York.
Loan Statements
When seen in this city Saturday Comptroller Murray said that all large borrowers from national institutions should yield to demand for official and independently audited statements.
“The question is one of the largest importance from the standpoint of the banks that make important loans to concerns with business ramifications varied in character,” said the Comptroller, “and it is my intention to go into it fully at the conference of bank examiners scheduled to be held in Chicago the latter part of this month.”
Committee Disbanded
Having completed the work which was the object of its formation, the Association of Trust Companies, an organization in committee form for mutual protection, which it was found advisable to establish in the panic times of last fall, has finally been disbanded. During its life of one year this committee contributed about $30,000,000 for the purpose of strengthening the weak spots which developed in the local financial situation. Now that money is in ample supply and there has been quite a return of confidence in business and financial circles there is no longer any necessity, it is said, for keeping the committee intact.
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Chatterbox for 1908
No American child who ever has had a copy of "Chatterbox” will forgive his father if he does not get one for this Christmas. It is the last word in literature for the youthful reader. It is published in America by Dana Estes & Co., Boston. It is like renewing one's youth to see the new number.
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The Peoples Loan & Trust Company of King-Mountain, N. C., will erect a new building.
Most of them strongly believe that prices will go higher, but a few, including one of the principal Southern banking houses, think prices are too high in view of the still impaired business conditions.
Bankers to Demand Bill of Lading Law
Although a uniform bill of lading has been agreed upon by- the carriers and will become generally effective after November 1st next, the banking fraternity is by- no means satisfied with the condition of affairs, and, according to expressions made, there is no intention of abandoning the program to secure legislation at the next session of Congress, and later to push the campaign into the various state legislatures.
Discussing the matter from the bankers’ point of view, Lewis E. Pierson, chairman of the bill of lading committee of the American Bankers Association, said:
“Next to the currency—and in speaking of currency I include bank checks—the bill of lading is to-day the most important instrument in commerce.
“It is the symbol always given by the carrier to the shipper and used to represent merchandise in transit. Every article of manufacture from shoestring's to a Corliss engine in the journey from factory to market is represented by a bill of lading. Every one of our great staple crops, the grains, cotton, and in fact, every item of farm produce, as well as live stock, goes to market only after the issue of a bill of lading by- carrier to shipper.
"Likewise the shipment of the products of our forests and mines is only initiated after the bill of lading has been issued.
“Thus it is readily seen that in every part of the country, in connection with all its important industries, the bill of lading is the one vital
WANTED
_______________________ M arried man,
37, nine years experience in country bank, three years as Assistant Cashier, three years as Cashier,present position, desires position in good country bank. Prefer the Northwest. Can take stock if proposition is good. References. Address “A" - Care Chicago Banker
Having given the- customary two months' notice to the state banking department the Mechanics' & Traders’ Bank of Brooklyn, on October 19th, changed its name to the Union Bank.
The Mechanics’ & Traders’ Bank, before it suspended, was situated in the borough of Manhattan, but was allied with the Union Bank of Brooklyn. It reopened August 17th under the name of Mechanics’ & Traders’ Bank, but operated only the branches of the Union Bank in Brooklyn and not reopening its own offices in Manhattan.
The Manhattan Trust Company
The Manhattan Trust Company of New York City issues a statement showing the position of the company’s average monthly-reserve for the period of fifteen years ending January 1, 1908. These averages make an excellent showing of conservative management. In its last statement the company shows deposits of $17,902,409 and total reserves of $21,-066,027.
Produce Exchange Gratuity Plan
There was a full vote by- the members of the New York Produce Exchange on the new gratuity plan. The vote appeared to be largely-¡11 favor of the plan. It creates a new class of non-participating membership and will eventually greatly reduce or eliminate the gratuity-. The Empire Trust Company
The executive committee of the Empire Trust Company has provided for the increase of the capital stock from $500,000 to $1,000,-000, authorized by- the stockholders on Tuesday last, by- the declaration of a stock dividend of 50 per cent to stockholders of record November 16th and the taking by the shareholders of an additional 50 per cent of stock at 150.
New Bond Firm
A. L. Reynolds and W. E. Davis, Jr., formerly with the New York office of E. H. Gay-& Co., have entered into partnership under the name of Reynolds & Co., to transact a general business in bonds and other investment securities at 31 Nassau Street.
National City Bank
The National City Bank of New York shows largest increase in cash and loans in the New York bank statement.
Brokers More Cautious
New York Stock Exchange houses are inclined, now that the election is so imminent, to advise their customers not to make extensive commitments pending the actual result.