15
THE CHICAGO BANKER
December 5, ipo8]
Commonwealth Trust Dividend
The directors of the Commonwealth Trust Company, of St. Louis, have approved a dividend of $185 a share, resulting from the purchase of its bank and commercial deposits by the Bank of Commerce, for $360,000. Books closed December 1st. Payment of the dividend will begin December 7th to stock of record December 1st. The dividend of $185 a share will be paid $50 in cash, $50 in certificates of deposit of the Bank of Commerce, payable in three months, and $85 a share in certificates of deposit of the Bank of Commerce, payable in nine months, the certificates to bear 4 per cent per annum interest.
The Wisconsin National
The Wisconsin National, of Milwaukee, in its statement of November 27th to the Comptroller of the Currency shows deposits of $15,-888,200. The bank has total resources of $20,739,518. The officers are: L. J. Petit, president: Frederick Kasten, vice-president; Chas. L. Arnold, second vice-president; Herman F. Wolf, cashier; L. G. Bournique, assistant cashier; W. L. Cheney, assistant cashier, and Walter Kasten, assistant cashier.
Tx*
The Citizens Bank of Clare, Mich.
It is expected that within thirty days the reorganization of the Citizens Bank, of Clare, will be completed and that the bank will have been absorbed by the new company. Mayor George E. Bener holds a portion of the stock and will be cashier. The death of Mr. Lister, owner of the Citizens Bank, made the reorganization desirable. The stock will be owned by Clare people.
V
Bay City (Mich.) Board of Trade Banquet
Monday night, in the dining room of The Wenonah, was held the annual banquet and meeting of the Board of Trade, of Bay City. Elaborate preparations were made for this meeting, which marked an epoch in the history of the organization. Invitations were sent to every member of the board requesting his presence at the meeting, as important matters were to be considered. Officers were elected for the ensuing year.
V•
Banker Completes His Prison Term
Columbus, Ohio., November 30.—E. C. Cox, former Middleport banker, serving one year in the penitentiary for forgery, was released to-day upon the expiration of his sentence. Other indictments are hanging over him, but he may not be prosecuted. Cox secured a ticket for Middleport and said he would return to that city. Fie was a runner at
Kansas Bank is Robbed
Emporia, Kan., November 30.—Robbers blew open the safe of the Olpe State Bank, at Olpe, Kan., ten miles south of here, early this morning, and secured $2,000. The explosion aroused many of the residents of the town, but no investigation was made until the men had secured their booty and fled. They escaped on a stolen Santa Fe hand car, which they abandoned near Emporia, and it is thought they left here on one of the early trains.
V»
Receipts are Larger
Madison, Wis., November 30.—Despite the withdrawal of twenty-three life insurance companies from the state at the beginning of the year, the first eleven months of the year of 1908 have witnessed an increase of $5,803.74 over the total receipts of the entire of the state insurance department filed with the state treasurer to-day.
lector of coins. The friend put it in his pocket, intending to gi\ e it to his wife, but gave it, by mistake, to his grocer in Brooklyn. He discovered the loss two days later, and hurried to the grocer to trace it, if not get it. The grocer said: “Yes, I remember finding that coin in my cash register, and I got rid of it ten minutes after you gave it to me. It is gone now, but I will speak to the woman to whom I gave it." Six days later the grocer handed the dime back to its owner with the explanation that the woman gave it to her daughter, who gave it to the ticket agent at the Park Place station of the Brighton Beach line, who gave it to a clerk in Manhattan, who gave it to the keeper of a cigar stand, who gave it to a conductor on a Broadway surface car. All the victims had good memories, and the coin was returned along the line of its first American owner.
Tx»
Bonds for Savings Banks
Under the laws of New York state the bonds of a corporation are not available as legal investments for savings banks unless the corporation has paid dividends of 4 per cent for each of five consecutive years, and under the commonwealth of Massachusetts the period is ten years. Other regulations have to be complied with. To avoid special legislation both states embodied in their laws a standard which a railroad corporation incorporated under the laws of any state except their respective states, and the New England states, under the Massachusetts law, must comply with before certain of their mortgage bonds could be purchased. This standard stipulates, inter alia, that the railroad corporation shall own in fee at least 500 miles of standard gauge railroad, that its gross earnings each year, including the gross earnings of its leased lines, and the gross earnings from the sale of coal from mines owned or controlled, shall be at least five times the interest on its entire indebtedness, and the rental of all leased lines operated by it, and also that such corporation shall have paid to its stockholders each year an amount at least equal to 4 per cent upon its outstanding capital stock, and that such outstanding capital stock shall be an amount equal to at least one-third of its entire indebtedness.
A great many roads have already complied with the laws.
Гг«
Clearing House Plan Approved
I he Chicago Board of Underwriters has indorsed the plan for a clearing house for the collection of monthly balances among members which has been under consideration for several years. The board has appropriated a thousand dollars for the expenses of the department for the first three months, future appropriations depending upon the success of the experiment. It will probably be put into effect February 1st. The vote in favor of the appropriation was 67 to 21, showing a good majority in favor, and it is expected that the plan will justify itself, as it has whenever it has been tried, and will be made a permanent feature. Instead of each of the hundred members of the board sending checks for monthly balances to the others, he will send one check to the clearing house, which, in turn, will combine all the various accounts and issue a single check to each member. In addition to economy and convenience the plan is expected to materially improve the promptness of settlements, as the board rules can be enforced against delinquents.
V»
The Bank of New Brunswick
A dispatch from Montreal states that the Bank of New Brunswick has increased its dividend from 12 to 13 per cent. This is the highest rate paid by any Canadian bank.
Group Three, M. B. A., Meeting
Group Three, Missouri Bankers Association, will hold its annual meeting at St. Joseph, December 9th. The officers of the group are: R. R. Calkins, chairman, and J. M. Lamar, secretary. The meeting will be held at the Elks’ Club, and will be called to order by chairman R. R. Calkins. The following is the program: Address of welcome, J. G. Schneider, president St. Joseph Clearing House Association ; response in behalf of Group Three, L. L. Chappelle, Clarksdale; secretary’s report, J. M. Lamar, Osborn; appointment of the following committees by the chair, committee on resolutions, committee on nominations; reports by counties, Andrew, A. A. Hopkins, Rosendale; Atchison, D. W. Airy, Watson; Buchanan, F. M. Allison, Rushville; Clinton, F. D. Hamilton, Lathrop ; DeKalb, Mack Jones, Maysville; Gentry, Dale S. Flowers, Albany; Harrison, J. 11. Ross, Martinsville; Holt, J. S. Smith, Mound City; Nodaway, D. T. Garrett, Burlington Jet.; Platte, E. M. Hardesty, Weston; Worth, J. B. Ruh, Sheridan. Credits, W. C. Harris, president Callaway Bank, Fulton, Mo. lrive-minute addresses: “Real Estate Loans,” A. J. Hitt, Maysville; “Commercial Taper," G. G. Lacy, St. Joseph; “Cattle Paper,” I. A. Vant, St. Joseph.
Afternoon session, 1 :30 o’clock. Luncheon at Hotel Robidoux. Addresses: L. H. Stubbs. St. Joseph, Mo.; Hon. W. J. Bailey, Atchison, Kan., “Guaranty of Bank Deposits”; Hon. A. P. Clayton, St. Joseph, Mo.
■V
Commercial Paper
There is a good demand in Chicago for commercial paper at rates of 4 to 4J4 per cent. Since election many banks which were holding their money have been competing with each other for high grade paper, with the result that the demand far exceeds the supply, but appears to come principally from the large money centers. The country banks are not buying paper in as great volume as heretofore, the rates being too low' to make this form of investment attractive to many of them, who are paying interest on a large percentage of their deposits.
The demand for money from merchants and manufacturers, says Becker & Co., has not vet reached the volume hoped for, but there has been a great change of sentiment on their part since election. There has apparently been a great clearing up of stocks, business is in a healthy condition, and it is believed there will be a gradual but steady increase in the demand for funds from this source. This inquiry, however, will be so gradual and extend over such a long period that it will have little, or no effect on rates. In fact, the tendency seems to be for lower, rather than higher rates, and money is constantly accumulating in the large money centers.
V*
Will Retire Notes
Louisville, Ky., November 30.—Collateral trust notes issued by the Louisville Railway Company for construction purposes, during the summer of 1907, will be taken up to-morrow. Since the notes were negotiated the company has sold preferred stock for their retirement, and will to-morrow exercise its option. The notes bear 6 per cent interest, payable semiannually. The total payment to-morrow to the holders of the paper will amount to
The Coin Came Back
The Panama 10-cent piece is about the size of the American dime, and although it is worth only half as much as the latter coin, it may be passed as such in a hurry. A man who recently went to the Isthmus of Panama returned with one of these dimes in his pocket. He gave it to a friend whose wife was a col-