21
THE CHICAGO BANKET
December 12, iqo8\
The Mercantile National Bank
Surplus
$2,000,000
OF THE CITY OF NEW YORK
We offer the complete service of a safe, solid and conservative bank. Special and personal attention ¿iven to the business of banks and bankers
Willis G. Nash, Pres. Miles M. O’Brien, V.-Pres. Wm. Skinner, V.־Pres. Wm. H. Taylor, V.-Pres. Emil Klein, Cash.
Capital
$3,000,000
and the defendant had not paid out the proceeds or otherwise changed its position. The court held that the defendant should refund the money to the plaintiff.
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coins last month, also 3,475,000 pieces for the Philippine islands.
The Metropolitan Surety Company
According to a statement made by Otto H. Kelsey, New York, state superintendent of insurance, the capital of the Metropolitan Surety Company has been impaired to the extent of $149,910.11, and the surplus of the company has been wiped out. The superintendent directed the company to cease doing any new business, also served the officers of the company with an order which directed them to make good the impairment in the capital within thirty days.
“Money is a Drug Now”
Money locked up in safety deposit boxes a year ago by panic stricken persons is now coming out into the channels of trade, according to a statement by Paul Morton, president of the Equitable Life Insurance Company.
“Money is a drug on the market,” said Mr. Morton. “Call money lends for less than 2 per cent. Time money may be had for 3 per cent for ninety days and 4 per cent for six months. Giltedge real estate loans in New York are 41/¿ and 5 per cent. The insurance companies are making many loans at those rates on similar property to that they have been getting 6 per cent for.
New York’s Insurance Laws
The New York Chamber of Commerce has adopted a resolution offered by the committee on insurance requesting Governor Hughes to appoint a commission of five responsible citizens to investigate life insurance conditions in the state and report to the legislature not later than January 15, 1909. The preamble to the resolutions declared that the present insurance law was adopted in a time of emergency and all its effects were not considered thoroughly. Now some amendments seemed necessary. Court Decision of Interest to Banks
The Appellate Division of the New York Supreme Court for the first department held, in the case of the Citizens Central National Bank of New York vs. The New Amsterdam National Bank of New York, that the rule of the Clearing House that checks “not good” shall be returned to the presenting bank before 3 o’clock of the day of presentation does not preclude return after 3 o’clock where there has been no change in the position of the presenting bank. In the case before the court it appeared that a check drawn upon the plaintiff bank by one of its depositors for an amount largely in excess of his balance was paid to the defendant bank through the clearing house, of which both plaintiff and defendant were members. It was returned to the defendant a few minutes after 3 o’clock of the same dav,
Directors of the Van Norden Trust Company of New York City, have declared the regular quarterly dividend of 2 per cent and an extra dividend of 2 per cent, payable December 31st to stock of record December 21st. Choice Commercial Paper
One of the results of the large supply of money is a keen demand by New York banks for choice commercial paper. The larger drawers who do not appear too frequently in the market can have their bills discounted even below the usually quoted rate of 4 per cent for four and six months, while shorter maturities have been placed at y/2 per cent. As a matter of fact, several attractive offerings have been absorbed at concessions from these figures. New York banks are the principal buyers. The inquiry may fall off somewhat during the next few weeks, when the year-end monetary requirements are being provided for. The quoted rates for good paper are: 31/¿ to 3$4 for sixty and ninety day bills, 4 to y/2 per cent for four and six months’ bills and 5 per cent for less desirable names.
The Hudson Trust Company
The Hudson Trust Company, New York City, has declared a dividend of 3 per cent, payable January 2d. Books close December 24th and reopen January 4th.
Opens a Branch Office
The firm of Spitzer & Co., of New York and Toledo, have opened a branch office in the Central National building in Topeka. Kansas, in order to facilitate the handling of municipal bonds in that state. The dealings of the firm in Kansas securities have been growing steadily, which now amounts to about one million dollars annually. C. T. Staebler will have charge of the branch office.
The Bank of Manhattan Company
At a meeting of stockholders of the Bank of the Manhattan Company the board of directors was re-elected.
The Mercantile National
The directors of the Mercantile National of New York City have declared a dividend of 2 per cent, payable December 15th. This is the first payment on the stock of the institution since July, 1907, when a semiannual dividend of 5 per cent and an extra 1 per cent dividend were paid.
The new dividend declaration, while covering no regular period, was taken to mean that the Mercantile Bank had regained much of the ground lost by it in last year’s panic. The Gould interests are now largely in control.
New York Mints
The New York mints coined $7,993,740 in gold, $820,000 in silver and $3,470 in minor