[ Volume XXV
THE CHICAGO BANKER
30
$50,000 o=^|
Barstow,Ward County,Texas
Drainage District CONSTRUCTION BONDS
Bids opened Saturday, November 14, at g A. M. Financial Statement and Details on Application
T. B. ANDERSON, Chairman, Drainage Commission, BARSTOW -	-	- TEXAS
—-	JJ
bers of which would be liable for the funds intrusted to them, and would lend them out, as required, in small sums for productive purposes only. They are meant to deal with a class of business which the joint stock banks would be disinclined to handle, for they would neither have the local knowledge nor the interest to do so.
In this connection a leading Dublin newspaper says:
“These credit associations, now gradually increasing in number, tend to strengthen the morale and the industrial spirit of those who deal with them. In their working they show by practical illustration the supreme value of character and honesty, even in the small branches of the business of life. They have already given many a poor man the first start in the battle of life, which makes ultimate victory a possible thing, and are deserving the practical support of all those who aim at making Ireland prosperous.”
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The German American State Bank
The German American State Bank of Chelsea, S. D., with a capital of $5,000, has been incorporated by J. H. Holmes, Aberdeen, W. M. Howe, M. F. M. Byrne, Chelsea, E. A. Gallup, Fairmount, N. D., A. C. Wiley, Watertown.
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The State Bank of Burton & Company
The State Bank of Burton & Co., at Kellogg, Iowa, was totally destroyed by fire. R. G. Coutts has been awarded the contract for the construction of a new build-
New Bank for Idaho
The Comptroller has approved an application to organize the Bonner County National of Sand Point, Idaho, capital $50,000.
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First National of Kramer
The First National of Kramer, N. D., has been sold by the Gold-Stabeck interests to Harold Thor-son of St. Paul.
V*
The Farmers and Merchants Bank of Sherwood, Mich., has been closed.
its doors yesterday as the result of the disappearance of the cashier, H. J. Drennen, alleged to be about $10,000 short in his accounts. The assets and liabilities of the bank are not known. A warrant has been issued for the arrest of Drennen.
Irish Banking Conditions
The reports of both English and Irish banks show traces of the fluctuation in the rate of interest which occurred during the first six months of this year and had a very considerable effect upon banking profits.
Of the Irish banks that issue reports at this period there is in no case a diminution of the dividend reported; and this, though not the sole test of prosperity, is the one which shareholders are inclined to look at most keenly on this side of the Atlantic.
The figures of the Bank of Ireland are, perhaps, most noteworthy for the large expansion in resources received from the public and the still further strengthening of the already strong cash reserves. The national bank can also report an increase in deposits and current accounts of a substantial nature. The profits were somewhat less than last year, but the dividend was maintained at its former figure, and the recovery in the market for gilt-edged securities rendered it unnecessary to add to the reserve fund.
The Provincial Bank had a report which was favorable in all respects save one—the net profits, which showed a considerable falling off when compared with what they were twelve months ago. This institution is largely interested in the linen trade, and it is probable that the diminished profit is partially due to the unsatisfactory conditions prevailing in that trade. In spite of the lesser returns, the directors were able to pay their usual 12 per cent, to add nearly $25,000 to the reserve, and to write a similar sum off the premises account. The Munster and Leinster Bank continued its prosperous career, and had no difficulty in returning 13 per cent to the shareholders.
While the field of banking in this country, as far as it can be cultivated by the joint stock banks, appears to be fully occupied, there is another direction in which there is room for the development of credit institutions—i. e., co-operative credit associations in connection with agriculture. Germany leads the way in this sphere of enterprise, and while the institutions progressed but very slowly when first started in that country, they now fill a most important position in the economic conditions of German agriculture. They were started in Ireland about fourteen vears ago. The root idea was the formation of small local associations, the tnem-
Savings Bank Investments¡
The most striking change in the character of savings bank investments in the state of Massachusetts in recent years, has been the increasing proportion of the assets which are being invested in railroad bonds and notes, a feature which reflects the steady growth of the railroad systems in both physical extent and stability of credit. In 1847 but 3.6 per cent of the total assets of Massachusetts savings banks were invested in railroad securities ; in 1877 but 3.63 per cent and in 1902 16.83 Per cent. In 1907. however, over 20 per cent or one-fifth of total assets were invested in this class of security. By far the largest proportion of the assets of Massachusetts savings banks have always been invested in loans on real estate. In 1907, 41 per cent was so invested. Real estate mortgages are now probably the highest income producing investment held by savings banks owing to exemption from the five mill tax levied on deposits invested in most other classes of authorized security. Average income return from real estate investments in 1907 was 4.73 per cent. Nearly 20 per cent of the assets of savings banks are invested in loans on personal security. These investments yield a higher income return, which averaged 5.68 per cent in 1907. From the time the original savings bank law was passed in 1834 this has been a favorite form of investment. Public funds and bank stocks are declining in favor on account of the comparatively small income return.
T>׳»
New Jersey Banks
Commissioner David O. Watkins, of the New Jersey department of banking and insurance, has issued a statement showing the condition of the financial institutions of the state coming under his supervision at the close of business on September 23d last. There were at that time twenty-six savings banks with aggregate resources of $100,258,816.40, eighteen state tvnks with aggregate resources of 517,262,049.84, and seventy-five trust companies with resources of $179,411,6x4.42. The aggregate resources of these 119 institutions was $296,932,480.66.
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American Money in Europe
Apropos of the non-exportation of gold from New York the London Statist says:
“It should be recollected that a large amount of American money is being employed on this side, both here and on the Continent, and that America can prevent exports of gold if she desires to do so by drawing upon her European balances to pay for the securities she has purchased.”
Cashier Gets $10,000
Bradford, Ark., November 4.— The Bradford State Bank closed
Royal Trust Company-
Bank
:: Royal Insurance Building . 169 Jackson Blvd., Chicago
A State Bank ^7 Established 1891
Interest Paid on Deposits
JAMES B. WILBUR, President EDWINF. MACK, Vice-President and Cashier JOHN W. THOMAS, Assistant Cashier
THE
Chicago Title
AND
Trust Company
Furnishes
Complete and accurate abstracts of title.
Reliable and collectible guarantees of title.
Expert service as administrator, executor, guardian, receiver and trustee at the lowest prices consistent with the maintenance of adequate reserves for liabilities on guarantee policies and abstracts ; superior service and a complete and carefully constructed plant.
Assets Exceed $6,000,000
No Demand Liabilities
THE CHICAGO TITLE AND TRUST COMPANY 100 Washington Street
President...............HARRISON B. RILEY
Vice-President ............A. R. MARRIOTT
Vice-Prest. and Trust Officer . ,.WM. C. NIBLACK
Secretary................J. A. RICHARDSON
Treasurer.....................W. R. FOLSOM
GRAHAM & SONS
TANKERS
STEAMSHIP AND INSURANCE AGENTS
ESTABLISHED 1857—5 J YEARS ¥
INTEREST ON DEPOSITS, ACCOUNTS SOLICITED, MONEY TO LOAN ON REAL ESTATE.
Open Ebenings Hours 9 a. m. to 9 p. m,
134 West Madison Street Chicago