[Volume XXV
THE CHICAGO BANKER
32
Wm. H. Doswoodt, President	M. B. Koon, Vice-Pres.	E. W. Decker, Vice-Pies.
Joseph Chapman, Jr., Vice Pres. A. A. Crane, Vice-Pres.	Frank E. Holton, Cashier
C W. Farwell, Asst. Cashier W. F. McLane, Asst. Cash. R. E. Macgregor, Asst. Casli. S. S. Cook, Asst. Cash.	I. F. Cotton, Asst. Cash.
ESTABLISHED 1872
Northwestern National Bank
MINNEAPOLIS
Tr*
Deposits
$25,000,000
Ъ׳»
Capital
and
Surplus
$4,000,000
״,controvertible BULLARD’S SPEEDOMETERS
They tell the truth at any speed up to their limit.
No jar or jolt of the car will shake the hand.
Sensitive to the slightest change of speed.
Slowest moving parts of any instrument in the market.
Ball bearings throughout.
ABSOLUTELY guaranteed for TEN years, if “ you 1< t it alone."
WHO WILL GIVE YOU AN EQUAL GUARANTEE, AND w־ighl 10 cunces inch dial LIVE UP TO IT?	PRICE $15.00
For Automobiles
No Instrument more easily read. Registers con׳ec|]y when attached to either wheel.
We have no shaft troubles, owing to its slow motion and ease of running.
We prove our statements every day; let us prove it to you. Send for booklets and letters of endorsement.
WE SET THE PACE PRICES FROM $15.00 TO $50.00
Bullard Specialty Go., Winchester Park, Springfield, Mass.
Speedometers and Speed Recorders
Tr.v a Burroughs
without
IT costs you nothing to get concrete-proof of the value of our claim that you are losing money without a Burroughs. A word from you and a Burroughs will be sent you for free trial in your bank on your own work, in your own way, and at your convenience.
Not only will the
Burroughs Adding and Listing Machine
pay for itself if you buy it, but you will pay for it if you don't buy it.
That sounds strange, but it is true. You will pay for it in time and sleep lost hunting for errors impossible with the Burroughs; in misunderstandings that lose you customers; in wages you pay for extra help to do work the Burroughs should be doing for you; in your own time wasted by being tied down to detail when you might be out cultivating the acquaintance of your depositors and getting new ones ?
That’s why there are over 65,000 of our machines in use today. Take this opportunity to learn what the Burroughs system No. 354 (free) can do for you in handling “yesterday’s and today’s balance.”
Burroughs Adding Machine Company
Block 65, Detroit, Michigan, U. S. A.
267A

(4) One year obligations, whether mortgage bonds, debenture bonds, coupon notes, equipment notes, etc., of certain railroad corporations in whose long time mortgage bonds the banks may invest, may be purchased.
A. M. Blakesley
August M. Blakeslejq vice-president of the Waterbury (Conn.) National, and president of the American Pin Co., died suddenly at his home about midnight Tuesday.
V*
November Disbursements
Dividend and interest disbursements in November, payable in Boston, are $5,267,500, compared with $22,460,000 this month, and $5,484,-500 in November last year.
V•
Chicago Money Market
The Chicago money market is easy ; western demand has declined. Ninety-day loans on high class collateral have been made at 4 per cent.
mention of collateral was made in the old law. Under the new law, specific kinds of collateral are mentioned, but banks may loan on other kinds of collateral than those mentioned subject to approval of the investment committee, and subject specifically to the disapproval of the bank commissioner. The law provides that if he disapproves any collateral, he shall make recommendations to the investment committee, and if the recommendations are not satisfactorily complied with, he shall publish them in the next annual report.
With regard to loans not secured by collateral, these are divided into four classes :
( 1 ) Loans to individuals, the requirement being that at least three responsible citizens shall jointly and severally sign the notes.
(2)	On loans to corporations, at least one substantial surety must be furnished on each note, and no corporation may borrow from a savings bank, unless within eighteen months it has been audited to an extent prescribed by the bank commissioner, and by some auditor approved by him.
(3)	On loans to Massachusetts public service corporations which have an established record of earnings, no surety is required to be furnished.
New Savings Bank Law
Clause “eight” of Section 68, of the new Massachusetts savings bank law, which consolidates and amends the old law relating to the inyest-ment of savings bank deposits in loan on personal security, will become operative Monday.
This clause takes the place of clause “seven” of the old law, but there are included in it under number (2) of subdivision (e) the loan on bonds legal for investment which were formerly provided for in another place in the law.
With regard to loans on personal security the old law simply said that banks might loan money to a Massachusetts citizen with two Massachusetts citizens as surety. This was a part of the original law in 1834, and under it a large part of the funds of banks have always been invested. In 1852, 26.26 per cent of the total assets of the savings banks of Massachusetts were so invested. In 1907, 19.11 per cent were so invested. A recent report of the banking department stated that about two-thirds of these loans on personal security were secured by collateral, although no