[Volume XXV
THE CHICAGO BANKER
12
¡By J־ ЕШШАШШШ SMITH¡, Мпшшеар®!!®¡, Мшш»
at Brookings, following an operation, which was made as a last resort at the request of relatives.
Re-elected Treasurer
C. C. Dinehart, the Slayton banker, who was elected state treasurer two years ago in Minnesota, has been re-elected. He ran like a deer ahead of his democratic opponent, although John Johnson, the democratic candidate for governor, headed the winning field.
Minneapolis Bank Clearings
Bank clearings in Minneapolis promise to run behind those of last year, although the volume of business has been larger. The absorption of the National Bank of Commerce by the Northwestern National makes a noticeable reduction in the opportunities for clearings. For the first half of the month the clearings were $57,384,526.46 as against $50,-532,651 last year. In 1906 the clearings for the same period were $59,115,606.
Banking Notes
The German State Bank of Stanton, N. D.. has capital of $12,000. The incorporators are: John Young, Manhaven, N. D.; W. A. Olson, Forest City, Iowa; L. L. Beinhauer, Stanton.
H. W. Parker, cashier of the Merchants’ National, read a paper at the last meeting of the St. Paul Credit Men’s Association, on the guaranty of bank deposits.
When Friday, No. 13, came together last week a St. Paul paper secured interviews from prominent men on the effect of the hoodoo. Donald S. Culver, cashier of the National German American, admitted that he had not noticed the combination. “And do you know,” said Mr. Culver, “that’s a coincidence, now I come to think of it. I came in from Chicago this morning and had berth 13 on the. sleeper. And business seems to be opening fine too.”
V*
A Self-starter That Starts
The Winton self-starting device has now been in use more than a year and ought, reasonably, to be well known to motorists. And yet, seldom a day passes that someone does not drop into the local Winton branch who, upon learning for the first time of the self-starter, is surprised that cranking is no longer necessary. The simplicity of the device is always commented upon, and invariably the prospect is delighted at its operation. The number of Winton cars owned by Chicago bankers exceeds that of any other two makes combined, in such service. Reliability and wearability combine to make a hit with the cautious banker.
V*
A new building will be erected for the Irish American Bank of Augusta, Ga.
building is progressing so finely that the officers expect to open the bank by the first of the year. Another new Lake Minnetonka bank has been incorporated, called the State Bank of Mound, which is on the north shore of the lake, but at the opposite end from Wayzata. It will have $10,000 capital. The incorporators are: H. H. Hegerle, E. H. Chladek, and Anna M. Chladek. The third bank at Lake Minnetonka is on the south shore and is an old established institution at Excelsior. The organization of the new banks indicates a growth of settlement around the lake by Minneapolis and St. Paul people, and an increase in the wealth of the farmers of the district.
Warning Cards
Either crooked work in the way of check forging and other irregularities affecting banks are growing in the Northwest, or Secretary C. R. Frost, of the Minnesota Bankers Association, is unusually watchful. The notification, or warning cards, issued concerning Minnesota offenses, or, by exchange, concerning those in other states which may affect the Minnesota bankers, are frequent. The system in vogue places every Northwestern banker who belongs to the associations of the different states in touch with the description of the various offenders and their line of work.
C. G. Lawrence Seriously 111
Charles G. Lawrence, treasurer of the State Savings Bank, at St. Paul, is seriously ill. Several weeks ago Mr. Lawrence had to give up his active work in connection with the bank, and he has been confined to his home since.
On Hunting Trip
Three big moose have fallen before the rifles of two of the Twin City noted huntsmen. E. W. Decker, vice-president of the Northwestern National, telephoned from Duluth that he and W. H. Dunwoody, president of the bank, had gotten away with three of the big deer which are rapidly becoming extinct in Minnesota. Mr. Decker and Mr. Dunwoody have been gone in the wilds around Lake Superior for ten days and will come home bringing their deer with them.
President Peterson Dead
E. A. Peterson, president of the First State Bank of Sinai, S. D., one of the important financial figures in Eastern South Dakota, is dead
Independent bank examination in the second congressional district of Minnesota is a probability. It will be along lines in use by the twin city clearing houses and will be a new form of bank deposit protection. W. D. Willard, chairman of a committee appointed last spring by the bankers of the district to organize the institutions for the operation of independent examination, has been in Minneapolis this week, and indicates that the work that has been delayed by unforeseen circumstances is now going along satisfactorily. Mr. Willard is cashier of the First National at Mankato. The projected system is to be so thorough as to make it practically impossible for a bank to dissipate its assets enough to injure depositors before it is checked up by the examiners. Every bank in the state is eligible to membership in the association, but only those which can pass a rigid examination may retain it.
The California State Clearing House Association was formed about the time that the second district was ready to take up the system, and it is probable that some of the California ideas will be adopted.
California was divided into eleven districts, and the banks in each district held meetings and elected district committees and each district selected a representative to a central board. This board convened, and after careful consideration adopted a constitution, which forms the working basis of the California State Clearing House Association.
The purpose of this California association is set forth in an extract from its constitution, which reads:
“The objects of this association are: To improve and strengthen the banking system of this state; to prevent improper or unsafe conduct upon the part of anv bank within the state: to provide a system of thorough and complete examinations into the affairs of every banking corporation, or individual banker belonging to this association by expert examiners, rm(l generally to safeguard the common interests of the banks and the public.”
New State Banks
Frank H. Snure, who is now the cashier of the First State of Blanchard. N. D.. has been selected for the cashiers!!¡!) of the new Way• zata State Bank, at Lake Minnetonka, which is backed mainly by Minneapolis men. The new