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THE CHICAGO BANKET
October 24, igo8]
				
The» Capital $3,000,000	I	ercantile National OF THE CITY OF NEW YORK We offer the complete service of a safe, solid and conservative bank. Special and personal attention ¿iven to the business of banks and bankers Willis G. Nash, Pres. Miles M. O'Brien, \ .-Pres. Wm. Skinner, V.-Pres. Wm. H. Taylor, V.-Pres. Emil Klein, Cash.	3	Bank Surplus >2,000,000
retire from the active management of the bank, tendered his resignation as president, which was reluctantly accepted, and Mr. Blackwell was made president. W. R. Delay was appointed assistant cashier.
Mr. Pierson started and has been active in the management of the bank for the past ten years, and its success has been due, in a large measure to his able and conservative management, assisted by the counsel of the board of directors, and his son Will, who is cashier of the bank, and whose pleasant manner and accommodating ways has made many friends and customers for the bank. He has the reputation of being one of the brightest and most popular young bankers in the county.
Mr. Blackwell, the new president, who will become the active manager of the bank, comes highly recommended from Friend, Neb., where he was vice-president and manager of the Merchants and Farmers Bank until he sold his interest there a few months since. He is a banker of great ability and stands high in the business community where he is known and among other bankers. Fie started his banking career as a boy more than twenty years ago in a bank in Harvard, Neb., in which his father was interested. and a little later was one of the organizers of the Union State Bank of that place. He has purchased the residence now owned by Mr. Pierson and will move his family here within a few weeks.
Mr. Pierson expects to move to Des Moines. His many friends will regret to have him and his family leave Afton. but he will continue to hold a substantial interest in the bank and remain as a director.
Spokane Chronicle Editorial on Guaranty
The Spokane Chronicle had the following editorial in a recent issue:
“In its best phase the proposed system of guaranty of bank deposits is but making all banks mutually responsible for each other’s debts. In other words it imposes upon one bank the responsibility of loans made by every other bank, without giving it the right of sanctioning the loans— it imposes obligatory contribution to an insurance fund upon the countless banks that prefer to stand on their own feet. Not only is the proposed arrangement unfair to the strong, well conducted banks, which will have to make good their neighbor’s losses, but might even be classed as unfair to the depositors, who are already satisfied with the security of their own bank.”
V«
Practicing Polite Robbery
Comptroller Murray, addressing the receivers of national banks, said among other things: “The one fault most common with receivers is delay in closing their trusts, but there have been many exceptions. Many of you present are entirely without fault in this respect. A receiver who will keep his trust unsettled a day longer than is necessary, for the purpose of getting an unearned salary, or his attorney who will put in a bill and try to get it paid for more than his services have been worth, are each practicing polite robbery.”
Commerce, Kansas City, Mo., for the Farmers’ National, Tulsa, Okla.
Oklahoma National Banks
Condition of the national banks in Oklahoma at the close of business, September 23d is as follows : Number of banks, 298, September 23d, as compared with 308 on July 15th; loans and discounts September 23d, $36,477,530, July 15th, $36,073,211; gold coin, September 23d, $977,545, July 15th, $1,020,326; legal tender notes, September 23d, $3,853,714, July 15th, $3,984,775 : due from United States treasurer, September 23d, $68,202,205, July 15th. $68,419,-393; individual deposits $36,142,085, July 15th, $36,820,989; percentage of legal reserve to deposits, September 23d, 19.91, July 15th, 20.21.
Kansas City Prosperous
Statistics covering the manufacturing industries of Kansas City, have been issued. The figures make a magnificent showing, the value of the output of the city’s enterprises reaching nearly $50,000,000. and showing an increase over the preceding year of nearly $10,000,000. This is a gratifying evidence that the !Missouri manufacturing enterprises have not only increased in number, but have been growing in the volume of business.
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The Savings Bank of Afton
At a meeting of the board of directors of the Savings Bank of Afton, la., S. S. Stathem, who has sold his farm and expects to move to Oklahoma within a few weeks, tendered his resignation as a director, which was accepted, and S. H. Blackwell was elected to fill the vacancy. C. A. Pierson, who has sold the greater part of his stock to Fir. Blackwell, and who wishes to
RECEIVER’S SALE of MORTGAGES
I have for sale the following first mortgages on improved, irrigated farms in Montana. All draw interest at six per cent (6%). The first six are in Yellowstone County, the last two are in Carbon County. The}' are due in 1911.
Name	Amount	Description
Vaught	$2,000	NW Yx 19-2-24
Van Zyl	1,300	E NE Yx 33-1-25
Jones	1,300	Lot 3 & SE L NW ?4 6-2-25
Jones	2,200	Lots 4 & 5, 6-2-25
Malmberg	2,500	SE Yx 14-1-24
Boshart	2,500	NW Yx 33-1-25
Kolstad	2,000	Lots 8 & 12, Sec. 5. Lots 1, 4, 5, Sec. 8, 3-24
Reynolds	1,500	SE Yx SE w Sec. 9. N La NE 1A & SW A NE Yx, Sec. 16־16-5
These loans were personally inspected by an orticer of the Minnesota Title Insurance and Trust Company before making: them, and are believed to be choice.
Ditch stock accompanies each loan,insuringample supply of water.
Further information may be obtained by addressing־ the undersigned.
Bids for one or more mortgages will be received ani mav be made to
JAMES D. SHEARER, Receiver
Minnesota Loan and Trust Building
MINNEAPOLIS -	- MINNESOTA
McCoy Heads New Company
Joseph McCoy, former secretary of the republican state committee, who recently organized the Federal Trust Company, will be president of a new life insurance company being formed in St. Louis, according to directors of the concern. Mr. McCoy’s name does not appear among the incorporators in an application for a charter made last week, under the name of the Colonial Life Insurance Company. The application calls for a capital stock of $500,000, of which $200,000 is to be paid in cash and the balance in notes of stockholders.
The temporary directors are: Ernest G. Rankin. Dr. George H. Rice, Edgar A. Rice, Henry L. Pollvogt, William J. Cord, George S. Meenach, William A. Thomure. Louis H. Newton, Robert FI. Rice, all of St. Louis. Fir. Rankin is president and Edgar A. Rice is secretary of the Industrial Benefit Association, an assessment company, which has been doing a life, sick, and accident benefit business in FFis-souri for several years. Dr. Rice is an executive of the Industrial Benefit, and the chief promoter of the Colonial Life, which may take over the life end of the assessment concern, amounting to $150,000 insurance in force.
Dr. Rice states that $100,000 of the Colonial stock is subscribed. The par value is $50 a share, and it is being sold at $100, which will provide $1,000,000 capital and surplus. The Colonial will be a legal reserve company, with industrial and accident departments.
Kansas City Clearings Show Big Gain
The high record of bank clearings for Kansas City was broken this week. The clearings this week amounted to $43,457,000. an increase over the previous week of $226,755. Previous to last week, the largest bank clearings were $41,405,-000 in the week ending September 19, 1908.
The Kansas City clearings are exceeded only by New York, Chicago, Boston, Philadelphia, and St. Louis, and is the only city in this class showing an increase for the week. The increase for the week was 9.6 per cent.
The Union National of Dallas
The Union National Bank and !"rust Company of Dallas, with $200,000 capital, has surrendered its state charter and reorganized as the Union National. One of the advantages prompting the change is that correspondent banks are enabled to have balances figured in their reserves if with a national bank. The officers are: Dr. E. G. Patton, president; Isaac B. Walker, first vice-president; R. Liebman, second vice-president, and Walter O. Siler, cashier. The board of eighteen directors remains the same, with the exception of the substitution of Walter O. Siler for E. W. Rose. The bank continues in same bank premises on Flain Street.
Reserve Agent Changes
The following reserve agent changes have been made: The Phenix National, New York, for the Commercial National. Kansas City. Kan.; the Traders’ National, Kansas City, Flo., for the Stockton National, Stockton, Kan. : the Union National, Dallas, Tex., for the Farmers’ National, Durant, Okla.; the National Bank of