[Volume XXV
THE CHICAGO BANKER
12
HE NORTHERNTRUST COMPANY* BANK
äld—Ш
N.W.CORNER LASALLE AND MONROE STS.
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REPORT OF CONDITION
At the Commencement of Business, November 28, 1908
Liabilities
Capital stock.......................$ 1,500,000.00
Surplus fund.......................... 1,000,000.00
Undivided profits...................... 865,592.47
Interest reserved....................... 43,434.34
Cashier’s checks..— $	319,712.51
Certified checks.....................	56,630.43
--------------- 376,342.94
Demand deposits........$15,297,859.13
Time deposits......... 11.466,377.03
------------ 26,764,236.16
Total...........................$30,549,605.91
Resources
Time loans on security .$5,246,916.81 Demand loans on security................. 6,171,078.71
Bonds.................. 7,679,310.04
Stocks.................... 50,000.00
------------$19,147,305.56
Bank premises, Ground.................. 850,000.00
Building................ 400,000.00
Due from banks......... 5,297,156.11
Checks for clearings..	680.812.13
Cash on hand..........	4,174,332.11
------------ 10,152,300.35
Total..........................$30,549,605.91
DIRECTORS
CHARLES L. HUTCHINSON,
Vice-Pres. Corn Exch. Nat’l Bank. MARTIN A. RYERSON,
ALBERT A. SPRAGUE,
Pres. Sprague, Warner & Co. SOLOMON A. SMITH,
2nd V.-Pres. The Northern Trust Co. BYRON L. SMITH,
Pres. The Northern Trust Co.
A. C. BARTLETT,
Pres. Hibbard,Spencer, Bartlett & Co. WILLIAM A. FULLER,
Retired Manufacturer.
ERNEST A. HAMILL,
Pres. Corn Exchange National Bank. MARVIN HUGHITT.
Pres. Chicago & N. W. R’y Co.
We Invite All or Part of the Business of Individuals, Corporations and Firms Who Appreciate Conservative Banking.
Savings, Banking, Bond and Trust Departments
CHICAGO SAVINGS BANK AND TRUST COMPANY
Chicago Savings Bank Bldg., State and Madison Sts., CHICAGO, ILLINOIS
Facilities meeting every requirement of the most discriminating bankers. Dormant accounts solicited on which interest is paid at a liberal rate. Interest is paid by check the last day of the month.
LUCIUS TETER, Prest. E. P. BAILEY, Vice-Prest. CHARLES H. RE QUA, Vice-Prest. JOHN A. McCORMICK, Vice-Prest. HOUSTON JONES, Cashier W. M. RICHARDS, Asst, Cashier	LEVERETT THOMPSON, Secy.
STATEMENT OE THE CONDITION OF THE
LIVE STOCK EXCHANGE NATIONAL BANK
OF CHICAGO
AT THE CLOSE OF BUSINESS, NOVEMBER 27,4908 RESOURCES	LIABILITIES
Loans and Discounts -	$6,970,862.23	Capital Stock - - - -$1,250,000.00
Overdrafts -----	1,355.04	Surplus -----	250,000.00
United States Bonds -	100,000.00	Undivided Profits - 170,201.66 - ־
Other Bonds - 202,300.00	- - ־	Circulation -----	99,300.00
Cash and Due from Banks 4,194,235.66 Dividends Unpaid 195.00 - ־ ־
Deposits -----	9,699,056,27
$ 11,468,752.93	$ 11,468,752.93
OFFICERS
S. R. FLYNN, President	J. A. SPOOR, Vice-President	G. A. RYTHER, Cashier
G. F. EMERY, Asst. Cashier
DIRECTORS
EDWARD MORRIS	ARTHUR G. LEONARD	JAMES H. ASHBY
JOHN A. SPOOR	SAMUEL COZZENS	GATES A. RYTHER
S. R. FLYNN	J. OGDEN ARMOUR
Bf J־ EPWÄMDS SMETTER Maimm®aip®isg Мошш□
months and the transfer of the working forces of both banks to the Northwestern taxes the capacity of the building, although it is a new structure. Tenants of the building have been asked to remove, and the banking room is being extended several feet to the street. When the alterations are completed enough room will have been provided for present requirements.
Organized in 1888
The Swedish-American National was organized in !888 with $100,000 capital. Nils O. Werner was then cashier, and Edgar L. Mattson was a messenger under the watchful care of his father, Col. Hans Mattson, who was vice-president. O. N. Ostrom, father of the present assistant cashier, was the president. Only two changes were made in its home. The first was to the vacated building- of the Northwestern National, and the second was to the Nicollet National Building, when the bank was absorbed by the First National. Mr. Werner became president in 1893, Mr. Mattson cashier in 1905, and Mr. Ostrom assistant cashier. The Swedish-American nationalized in 1894, and increased its capital to $250,000. It organized the Swedish-American Savings Bank in 1905, about which time it doubled its own capital to $500,000. The dividend rate has been at 8 per cent a year.
Becomes Strong Institution
The Northwestern National took over the Metropolitan State several years ago, and by the third absorption has become the strongest institution north of Chicago to the coast. It has been remarkable in its history for the graduation of well known bankers. S. A. Harris, late president of the National Bank of Commerce, was at one time cashier, and later president of the Northwestern. Gilbert G.
which lead are thirteen in New York, two in Boston, four in Philadelphia, two in Pittsburgh,'two in St. Louis, and four in Chicago— the latter being the First, Continental, Corn Exchange, and Commercial National.
President and Vice-President Retire
In the change President Nils O. Werner, and vice-president, C. S. 1 fulbert, see long desired retirement, Mr. Hulbert, also being desirous of retiring from the position of city treasurer, an office which he has held twelve years, and to which he has just been re-elected. Cashier E. L. Mattson, and Assistant Cashier H. V. Ostrom become assistant cashiers in the Northwestern National. For the main part the clerical force is transferred also. J. A. Latta, who came to Minneapolis from Detroit three years ago to become vice-president of the Swedish, and to whose work the rapid development of the bank is largely responsible, becomes a director and vice-president in the Northwestern.
Fifty-five per cent of the deposits of the absorbed bank were cash on hand and in other banks. Its capital was $500,000, surplus $350,-000, and deposits $3,600,000.
The transaction was carried through so secretly that outside bankers were unaware of the transfer until it had been announced publicly.
The absorption of two large banks in six
The Northwestern National of Minneapolis has absorbed the Swedish American National. It has taken over its deposits and assets, and the Swedish American will go׳ into liquidation. Nils O. Werner, the president, is chairman of the liquidation committee. The consolidation was announced at the close of business on Saturday, and by Monday morning everything had been transferred from the Swedish American National to the Northwestern National Building, and the lobby was the repetition of a scene which occurred when the National Bank of Commerce was absorbed on June 9th, last, a very busy place, as customers of the liquidating bank presented themselves for transfer of accounts, and the receipt of new deposit slips and check books. The Swedish American Savings Bank, a mutual institution under the laws of Minnesota, was taken over also by the Northwestern. This institution had $660,000 deposits.
Gives Minneapolis a Bank with! $30,000,000 Deposits
The new combination gives Minneapolis a bank with $30,000,000 deposits, and $35,753,000 total resources. Its capital is $2,000,000, and surplus $2,000,000, undivided profits $125,831, circulation $1,400,000. It advances the Northwestern National among the nationals of the country in the matter of deposits from thirty-fourth to twenty-seventh place, The banks