21
THE CHICAGO BANKET
October si, ipo8]
Bank
The Mercantile National
OF THE CITY OF NEW YORK
Surplus
$2,000,000
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, V.-Pres. Wm. Skinner, V.־Pres. Wm. H. Taylor, V.-Pres. Emil Klein, Cash.
Capital
$3,000,000
representative be sent to a national conference to be held in New York November 18th. The meeting will decide whether or not a large convention of merchants from all the big cities shall be held to consider the question of reforms in the currency regulations. The merchants’ association in New York recently sent communications to merchants in the thirty-two leading cities asking their advice on the question of a currency convention. Seven hundred and seventy-seven replies were received, of which 732 favored a convention and forty-five disapproved, advising that a commission be appointed to study the subject.
V*
The Farmers’ State Bank of Fosston, Minn., has been incorporated with $10,000 capital. J. A. Northrup is president and M. A. Hendrickson is cashier.
per cent of the demand deposits, in cash, and with other banks and nearly 14 per cent of the demand deposits in actual cash in the banks, while the legal reserve for state banks is only 25 per cent.
The statement also shows individual deposits have increased nearly two million dollars since the last statement on June 30th. Individual deposits of the banks and trust companies according to to-day’s statement aggregate $18,168,954 while at the last call it was but $16,607,545. This vast increase in deposits is almost exclusively with state banks and not with the trust companies.
A Currency Convention Next
A letter was received this week by J. A. Runyan, secretary of the Kansas City Manufacturers’ and Merchants’ Association, from the Merchants’ Association in New York City asking that a
C. H. Huttig on the Outlook
Charles H. Huttig, president Third National, St. Louis, says that by reason of big crops in the Southwest and high prices for them, the agricultural part of the country is bound to enter into a period of prosperity. A potential factor in the quick return of good times is the abundance of loanable funds at low rates of interest. Capital seeking investment stimulates for improvement of business.”
Deposits Are on the Increase
According to the statement of the financial condition of the 269 state banks and 45 trust companies in Texas, given out by Commissioner of Insurance and Banking Love, these institutions are in an excellent condition, although they have several millions of dollars lying idle waiting for investments.
The statement shows a total reserve of 54J/3
H. P. Davison Back from Europe
Henry P. Davison, vice-president of the First National of this city, has returned from Europe where he accompanied the specially appointed commission to study the monetary systems in use in the different countries there. Mr. Davison says his trip was thoroughly successful.
He declined to state the result of the investigation or which system appealed most to the commission. They made an exhaustive examination of the English, French, and German banking systems. “The authorities of each country,” said Mr. Davison, “were particular to impress upon us that their own system was the best.” Second Battalion of Bankers and Brokers Club Complete organization for the great business men’s parade of to-night has been effected by the second battalion of the Bankers and Brokers Club. This battalion will be composed of the members of the Consolidated Stock Exchange and their employees, and the outlook is for a big turn out in honor of Taft and Sherman.
Letters were sent to all the banks and trust companies requesting them to organize companies of sixteen files and to report to Adjutant Jay J. Carlisle, No. 20 Broad Street, who is the adjutant of the club.
W. E. Frew Back from Europe
Walter E. Frew, vice-president of the Corn Exchange Bank of this city, has returned from a European trip.
Corn Exchange Dividend
The Corn Exchange Bank of this city has declared the regular quarterly dividend of 4 per cent, payable November 2d.
National City Dividend
Directors of the National City Bank of this city have declared the regular semiannual dividend of 5 per cent, payable November 2d,
New Italian Branch Bank
It is reported that the Bank of Naples, which is under the direct supervision and control of the Italian government, will soon open a branch in New York. The object of the new branch, it is said, will be to safeguard the savings of Italians in the United States.
Wonderful Recovery of Business
It is just a year ago this week that the financial panic of 1907 struck New York and business men and financial men are talking of the wonderful recovery that has been made from the depression which followed. In the flurry fifteen banks in this city, the majority of them small institutions, were forced for one reason or another to close their doors. In the year that has passed since the beginning of the trouble all except one of these banks has either reopened for business or has paid off its depositors in full. That bank has already paid 90 per cent of its deposits and will make another payment of 5 per cent within ten days.
The National Bank of Far Rockaway
The National Bank of Far Rockaway has been organized with a capital of $50,000. Chas. B. Wheeler, Willis H. Young, John E. Bachus, John B. Wyckoff, Chas. F. Lewis, are the organizers. Correspondent, William F. Wyckoff, 215 Montague Street, Brooklyn, N. Y.
New York City Visitors
Charles Boon.Hartsinck, son of the head of the Holland banking firm of De Clercq & Hartsinck, which deals largely in American securities, has arrived in this city. He comes here to look into various properties in which his firm is interested.
James W. Kirkham, vice-president of the Union Trust Co. of Springfield, Mass., is visiting in the city.
In an address to the directors of the Aetna National, at their fourth annual dinner in the New York Club Saturday night, Charles H. Treat, United States Treasurer, speaking on “The American Banker and His Opportunity,” said:	“We should modify our banking system
and add to it only those elements that shall more fully and successfully meet the demands of the day, demands so great that they were never even contemplated at the time the system was installed.
“That the American bankers and business men are fully alive to the importance of a change along these lines is amply testified to by the action of Congress last session in appointing a monetary commission to investigate thoroughly the banking systems of Europe and England. As a result I expect to see a large modification in our banking system that shall meet the exigencies of our great and ever growing republic.
“Our government to-day in its administrative capacity more and more assumes a business control of finance which gives it a commanding voice in all the affairs of banks, merchants and the public at large. We must look to the majority party, aided by the bankers, to obtain such improved financial laws as may seem to be called for after the report of the Monetary Commission shall have been made public.”
$90,000,000 in Melon for November
The estimated dividend and interest disbursement for November, 1908, exceeds $90,000,000. Up to the present date the dividends declared upon the stock of the New York City banks and trust companies, the various railroad, industrial, miscellaneous and electric street railway corporations of the United States aggregate $18,346,-000, which compares with $21,447,928 declared in November, 1907, and $22,640,028 declared in November, 1906.