I
THE CHICAGO BANKER
November 7, 1908}
Chicago Bank Clearings
Last week’s Chicago bank clearings were $246,193,946, as compared with $246,526,148 the previous week, $227,761,058 a month ago and $262,597,922 a year ago.
Weekly clearings since first of May have never reached $243,000,000 until the past two weeks. The high point of this year was $326,418,622 the week ending March 21st and the low point was $171,995,577 the week ending February 22d. Only four weeks fell below $200,000,000.
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The Chicago Bankers’ Trust Company
Charles E. Brown, George W. Heinze and Harrison R. Hardinger, all of Chicago, have incorporated the Chicago Bankers’ Trust Co., with capital of $125,000 to do a general brokerage and commission business.
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Chicago Brokerage Firms
Chicago brokerage firms report there is a growing demand for low priced stocks by small investors, which they predict will reach large proportions in a few weeks.
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Will County National
C. H. Talcott, vice-president of the Will County National of Joliet, 111., has been elected to the presidency to fill the vacancy caused by the death of the late Jacob A. Henry.
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First National of Augusta
J. W. Skaer succeeds J. IT. Butts as president of the First National of Augusta, Kan.
W. T. Vandeveer
Major W. T. Vandeveer, for over forty }7ears connected with the banking business in Taylor-ville, Illinois, but who recently retired from active business, spent several days in Chicago recently, returning home from a six weeks’ trip through the Northwest. Mr. Vendeveer is very enthusiastic about the future business possibilities of the state of Washington and is particularly attracted to Seattle.
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Hamilton National Visitors
The following bankers were visitors at the Hamilton National of this city, recently:	C.
YV. Dieruf, cashier Continental National, Louisville; Thos. J. Lewis, cashier Consolidated National, New York; F. A. Vanderlip, vice-president National City Bank, New York; H. G. Hay, Jr., president Gary State Bank, Gary, Ind.; B. W. Griffith, president First National, Vicksburg, Mass.; C. Randier Starr, cashier Winnebago National, Rockford, 111.; J. B. Harsh, Creston National, Creston, la.; Geo. A. Skinner, cashier Mt. Clemens Savings Bank, Mt. Clemens, Mich.; A. H. Bailey, cashier Sheffield National, Sheffield, la.; D. P. Wild, vice-president Pierce Trust & Savings Bank, Sycamore, 111.; P .F. Sherman, president Minnehaha National, Sioux Falls, S. D.
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Empire Bank Building
The Empire Bank and Trust Building at Lewiston, Mont., is to be erected at a cost of $30,000.
disregard of instructions and of the provisions of the national bank act, it may be requisite to require in the future formal information with reference to the business condition of borrowers at the banks presented as statements, or in some similar way. It is recognized that this requirement will be distasteful to some of the larger borrowers, and that they will be disposed perhaps to transfer their business to banks where no such requirement is made. Therefore, it is hoped to get at the desired result by simply enforcing the responsibility of the directors and compelling them to assure themselves personally of the character of the paper they take. If they are willing to acknowledge such information in a way that will make them liable in case of failure through civil suits, it is believed they will find ways of informing themselves as to the situation of borrowers without any further formal requirements by the Comptroller himself.
Work of Note Brokers
Treasury officers are inclined to recognize something of a distinction between firms which disseminate their paper through note brokers in denominations of fixed amount or multiples thereof and which place such paper wherever they can find a market for it, and those concerns which borrow only in the locality where they do business and w here they keep accounts w ith local banks. It is felt that, in the case of the concerns which have a great deal of paper outstanding and widely diffused, the bank taking such paper ought to be informed for its own sake as well as that of the examiner, with reference to the status of the company. The local borrower is likely to be pretty thoroughly known by the directors or some of them. The important thing in such a case therefore is to make known to all the directors or to a considerable number of them the knowledge which is possessed by those who are responsible for granting the loan, and thus to make sure of their joint responsibility in case of any losses resulting from the paper. Just how to draw this distinction is a matter that w ill probably be left for some time to come in the hands of the bankers themselves to work out. If they do not succeed in working it out they may be aided by the office in Washington, but they will undoubtedly be given first chance at the problem.
It is recognized here that clearing houses will generally follow in the footsteps of the movement inaugurated in Chicago at the suggestion of W. T. Fenton, of that' city, and establish private and drastic systems of examination.
As expected most of the largest New York banks resent the new7 “interference with business” and refer to the Comptroller’s plan as “light-waster,” etc. Around the National City bank, it is reported, the plan is called “childish.” This the Comptroller expected, but he likewise is determined to apply the law and vigorous examinations to large as well as small banks.
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M. O. Ayres will erect a two-story brick bank building at Dakota City, Neb.
Peoples Savings Bank & Trust Co.
Capital and Surplus, §200,000 Deposits, §1,854,834.59
Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms.
C. W. LUNDAHL, CASH. AND SEC.
. GREENE, VICE PRES.
WM. BUTTERWORTH, PRES.
First National Bank of Joliet
Capital and Surplus, §250,000
Solicits Collections from Banks
GEORGE WOODRUFF, President	ANDREW H. WAGNER, Cashier
Joyce & Company
(Incorporated)
General Agents
The Rookery Bldg.	Chicago, Illinois
ILLINOIS ADVISORY BOARD
Charles G. Dawes, Resident Vice-President A. J. Earling	David R. Forgan	John A. Spoor
Walter H. Wilson	M. J. Kirkman
Payne, Strawn & Shaw
COUNSEL
Calhoun, Lyford & Sheean	Winston,
National Surety Co.
Of New York
Fidelity and Surety Bonds Burglary Insurance