The 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
NOVEMBER 7, 1908
Illinois banking laws. Some of them express particular gratification over the change that gives the state auditor some discretion in granting bank charters. It is believed that, if the auditor had had legal authority to do so, he would have refused charters to two state banks that were organized in Chicago in the last three years and failed soon after opening their doors.
The amendment fixing the maximum amount a state bank is permitted to loan to a single borrower is criticised by some bankers.
Mr. Fairbanks will address the club on “The Panama Canal.” Preceding the dinner, to be served in the main dining-room of the Auditorium, at 6:30 p. m., there will be a business meeting, at which officers for the ensuing year will be elected.
The present officers of the Bankers’ Club are: President, Charles G. Dawes, president of the Central Trust Company of Illinois; vice-president, J. Venitsky; secretary and treasurer, W. D. C. Street.
W. H. SHUBERT Altamont, 111. President First National
JOHN FLETCHER
Chicago
Assistant Cashier Drovers Deposit National
Arthur Day
Arthur Day, New York manager of the Banque Franco-Americaine, announced that the directors of the Banque Franco-Americaine had declared a dividend of 5 per cent.
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Farmers’ and Mechanics’ Dividend
The directors of the Farmers’ and Mechanics’ National, of Philadelphia, have declared a dividend of 3J/2 per cent, clear of all taxes payable on demand, and have added $50,000 to the surplus fund, making that fund $1,250,000.
The bank was organized in 1807 and has paid in dividends to date the sum of $12,777,000.
The stock of the bank is widely distributed, there being more than 900 stockholders.
The bank has a capital of $2,000,000, and the officers are: Howard W. Lewis, president; Henry B. Bartow, cashier; John Mason, transfer officer, and Oscar E. Weiss, assistant cash-
The Creelsboro Deposit Bank
A new bank, to be known as the Creelsboro Deposit Bank, has been organized at Creelsboro, Ky., with a capital stock of $15,000. C. W. Stuart, of Burnside, probably will be cashier.
J. D. Farmer
J. D. Farmer, formerly teller in the Northwestern National of Minneapolis, and recently auditor of the First National of Butte, Mont., has organized the Citizens State Bank of Mab-ton, Wash., with a capital stock, fully paid, of $15,000. Dr. C. B. Alexander, of Mabton, will be president of the new bank, and Mr. Farmer as cashier will take the active management. About 15,000 acres of the new land tributary to Mabton will be put under water next spring, and the growth of Mabton is assured.
Northern Trust at Golf
Officers and employees of the Northern Trust Company of Chicago held their annual golf tournament on Tuesday, at the Hinsdale Club, Vice-President Hankey’s team defeating the president’s side, 21 to 20. President Byron L. Smith was absent in New York and Assistant Secretary H. H. Rockwell led the side. Bruce Smith played on the winning side and had best gross score of 90.
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Illinois Amends Bank Act
Chicago bankers are generally well pleased with the passage of the amendments to the
Andrew J. Russel
Hon. Andrew J. Russel, of Jacksonville, expresident of the Illinois Bankers Association, was elected state treasurer by a vote much larger than was polled by the head of the ticket, attesting his personal popularity and acknowledged fitness for the position.
The First National at Golf
Bankers forgot their business long enough Tuesday to play a little golf over the links of the Chicago Club at Wheaton, the president’s cup being won by E. A. Crosby. The occasion was the annual tournament of the First National, of this city. President J. B. Forgan showed his associates that he can still play the game by capturing the cup offered by H. H. Hitchcock in the blind bogey contest.
Absolutely perfect golfing weather was served up to the financiers. Thirty-seven competed in the multitude of events offered by the committee in charge. In the morning a team match was played, that led by E. K. Boisot defeating J. B. Forgan’s aggregation by 22 to 16. The losers entertained the victors at lunch.
Death of John B. Jackson
John B. Jackson, president of the Fidelity Title and Trust Co., Pittsburgh, was almost instantly killed on Saturday last by being thrown from his horse while riding in Schenley Park, in that city. Mr. Jackson was a distinguished banker and last year he served as president of the Pennsylvania Bankers Association. He was known as a writer and an orator, almost his last platform appearance being to denounce guaranty of deposits which he regarded as a double heresy —both political and economic.
Booth Receiver Checks Refused
The alleged i־efusals of four Chicago banks to honor checks of William J. Chalmers, receiver of A. Booth & Co., when he has an order of court to cash checks from deposits of the corporation has resulted in an order from Judge C. C. Kohlsaat in the United States Circuit Court directing the banks to appear and show cause why the checks should not be paid.
Receiver Chalmers filed his petition against the following institutions : First National, Continental National, Corn Exchange National, and Commercial National banks.
The amount of money on deposit in the four banks is $419,577.
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First National of Niles
The Comptroller of the Currency has authorized Receiver Tillinghast, of the First National, of Niles, Ohio, to pay depositors a dividend of 40 per cent. The bank closed its doors about two months ago.
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Chicago Bankers’ Club
Vice-President Charles W. Fairbanks is to be the guest of honor at a meeting of the Chicago Bankers’ Club to-night at the Auditorium Hotel.