TR 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
OCTOBER 31, 1908
E. E. CRABTREE, Jacksonville, 111.
Mr. Crabtree has given acceptable service to the Illinois Bankers Association, being always an active worker on committees. He was responsible for “Illinois headquarters,” a most successful innovation at the A. B. A. convention at St. Louis, and last year was A. B. A. vice-president for Illinois. His work in that capacity was effective. He is of the younger crowd, and although a private banker, is a group man and welcomes the group chairmen khe is one himself) to the Illinois executive council of which he has been elected chairman. He early favored the paid secretary movement and has never been a stand patter.
Safe Deposit Dividend
Directors of the National Safe Deposit Company, which owns the First National Bank Building, of this city, have declared the initial dividend of 3 per cent for the half year, payable on the $2,-300,000 capital stock November 1st.
This action is in line with the remarks made on the subject by President James B. Forgan in his last annual report to the stockholders, in which he stated that the company was nearly ready to begin paying dividends at the rate of 6 per cent annually.
Of the capital stock of the company the First National owns one share more than half, or $1,-250,100. The bank will therefore derive $37,503 from the disbursement.
It has been due to the fact that the bank was to receive dividends from the building company and more particularly on the capital stock of the First Trust and Savings Bank, which it also owns, that the shares of the parent organization have advanced to above 400 recently. Recent bid prices are 415 and there are few offerings at that figure.
It is expected that the First Trust will begin the payment of quarterly dividends on its stock at the rate of 4 per cent by next April. It is said that the First National’s dividend will then be increased from 12 to a 16 per cent annual basis.
Robert Wardrop
President Robert Wardrop of the Peoples National, of Pittsburgh, chairman of the committee appointed by the Pittsburgh Clearing House Association for the purpose of considering the advisability of forming an association to take advantage of the emergency currency law, has sent out a circular letter in which it is stated that the committee does not deem it advisable to form such an association at this time. It is probable the law will be changed at the coming session of Congress, and as emergency currency will not be needed before that time, if at all, the committee believe it is to the best interest of the community to wait. The idea advanced by the committee appears to prevail largely throughout the country.
Maryland to Revise Bank Laws
Governor Crothers, in response to a suggestion of the recent convention of the Maryland Bankers Association, has appointed a commission of bankers to review the existing banking laws and make recommendations to the next legislature as to what improvements and changes are needed.
V*
Burnham, Butler and Company
It is announced that Albert E. Butler’s interest in the firm of Burnham, Butler & Co. of this city has been purchased by John Burnham, R. R. Lake and Paul G. Chase. The firm will continue to make a specialty of bank stocks and will continue under its present name.
V
The State Bank of Evanston
The State Bank of Evanston, 111., has quali-> fied to do a trust business in addition to its regular banking business. It has deposited $50,000 at Springfield. The name of the institution will not be changed.