27
THE CHICAGO BANKER
December 12, iço8\
beth Achenback of Gladbrook, Iowa, where Mr. Branch was assistant cashier of the Glad-brook National before leaving for Lakefield.
A new loan and trust company with a capital stock of $1,000.000 is soon to be organized m Des !Moines so it is rumored in commercial circles.
F. H. Shaver, vice-president of the Peoples Saving's at Cedar Rapids, was in Des Moines in attendance at a banquet given by the Iowa Alumni of Harvard University. Mr. Shaver graduated from that institute in 1892.
The big inter-collegiate debates among Drake, Ames, and Grinnell, soon to occur, are upon the question of the central bank system. Each school will attack and defend the system, putting out two debating teams.
Paid up ¿12 tos per share............. 3.142,850
The reserve fund...................... 3,142,850
"The deposit and current accounts on that date were ¿53,000,000, and at the present time they are over ¿55,000,000.
"The amalgamated banks will have a subscribed capital of about ¿18,235,680, and the deposit and current accounts will be over ¿66,000,000.
"The London City and Midland Bank, Ltd., have entered into an agreement with T. Rowland Hughes, the general manager, under which, in consideration of a commuted payment, he will become the Liverpool manager for a certain period, and, on retirement, will be invited to join the Liverpool board.
1 he services of all the other members of the staff of the North and South Wales Bank. Ltd., will be retained by the London City and Midland Bank, Ltd.
"The directors have great confidence in recommending the proposed amalgamation, being satisfied that it will be of substantial benefit to your bank and mutually advantageous to the shareholders of both companies. They trust the shareholders will co-operate in securing to the London City and Midland Bank, Ltd., the full benefit of the business of the North and South Wales Bank, Ltd.
A notice is sent herewith convening an extraordinary general meeting of the shareholders for the 26th inst.. to pass the special resolution necessary to give effect to the provisional agreement.”
A notice was also issued to the shareholders of the London City and Midland Bank informing׳ them of the amalgamation, and, after giv mg׳ details, concluding as follows:
I- he services of 1. Rowland Flughes, general manager, the branch managers and all the other officers of the North and South W ales Bank, Ltd., will be retained by this bank.
In order to carry out this arrangement, it will be necessary to increase the present authorized capital of the bank, and a notice is sent herewith calling־ an extraordinary general meeting of the shareholders to pass the necessary resolution.
"Your directors anticipate with great confidence that the proposed amalgamation will prove advantageous to the shareholders of both banks.”
V*
Bank to Move
The Bank of Emeryville (Cal.) has applied for permission to move its principal place of business to Oakland and retain the Emeryville bank as a branch.
Banking Notes
Lewis Lineberger has retired as president of the Kent Savings after twenty-seven years in the banking field, and W. F. Tripp has been named as his successor.
A. O. Hauge, cashier of the Iowa Trust and Savings, proposes to erect a modern brick store room as an investment in East Des Moines.
A. C. Miller, cashier of the Home Savings, went to Kansas City to confer with delegates to the National Rivers and Harbors Convention. December nth. Mr. Miller represents the East Des Moines Commercial Club and is interested in having Iowa rivers improved and made navigable so far as possible.
Mr. John B. Branch, cashier of the Lakefield, Minnesota State, was married to Miss Eliza-
London, December 8.—A gigantic amalgamation concerning two large banks has just been announced. It includes the London City and Midland and the North and South Wales Bank. The details are told in the following official announcements:
"The directors of the North and South Wales Bank, Ltd., have the pleasure to inform you that they have entered into a provisional agreement with the London City and Midland Bank, Ltd., for the amalgamation of the two banks.
"The provisional agreement between the two boards is on the basis that seven shares (each ¿12 10s paid) of the London City and Midland Bank, Ltd., together with the sum of ¿3 10s in cash, shall be given for ten shares of the North and South Wales Bank, Ltd., (each share ¿to paid).
"Fractional certificates representing one-tenth of a London City and Midland Bank share will be issued. Shareholders receiving such fractional certificates can sell them or buy others to make up a whole share.
ldie amalgamation of the two׳ banks will take effect as from the 30th June last. The shareholders of this bank have already received for the half-year ended 30th June last a dividend at the rate of 14 per cent per annum, and they will now receive a further dividend at the rate of i per cent per annum, making 15 per cent per annum for that half-year. As from the 30th June last, the shareholders of the North and South Y\ ales Bank, Ltd., will be entitled to participate in the dividend of the London City and Midland Bank. Ltd., which, for some years past, has been at the rate of !8 per cent per annum.
“Four directors of this bank, viz.: Messrs. William Watson, Robert Clover Beazley, Frederick Hvnde Fox, and Thomas Royden, will join the board of the London City and Midland Bank, Ltd., on completion of the amalgamation, and they, together with the remaining directors of this bank, will constitute the Liverpool board on the terms as to remuneration. and not being interested in competing concerns, referred to in the provisional agreement.
"The London City and Midland Bank, Ltd., established in 1836, is one of the leading banks of the kingdom, having branches in most of the principal cities and towns of the country with its head office in London.
"Enclosed herewith is a copy of their balance sheet for the half-year ended 30th June last, from which it will be seen that the capital of the bank is as follows:
Authorized .......................¿T6.200.000
Subscribed 251.428 shares of ¿60 each ............................. 15,085,680
dent of the Iowa National to succeed Mr. Casaday. There is some talk, however, of placing Homer A. Miller, ])resident of the Iowa National, at the head of both, or advancing vice-president Butler of the Iowa National, to the presidency of the Savings.
First National of Sheldon
Officers of the First National at Sheldon are nonplussed at the discovery that $2,500 disappeared from its cash last Saturday. When the cash was put away in the evening, the shortage was discovered and every attempt of the officers has not resulted in its recovery, or in a satisfactory explanation as to how $2,500 in cash could have been removed from beneath the eyes of the officers, since at no time during the day were there less than two men back of the counter.
Des Moines Nationals
Deposits in the Des Moines nationals show a decided loss at the close of business on November 27th, as shown by the report to the Comptroller, while the deposits in the state and savings show a nice increase. National bankers explain their loss to the demand for money among banks in other sections of the state where a remarkable demand for loans is reported. A comparison of the deposits of the four local nationals shows total deposits of $13,827,113.86 for November 27th, as against $15,604,137.57 on September 23d. Savings bank deposits show a total of $13,355,470.38 at the close of business November 27th as against $¡2.080.062.77 on August 14th.
Building and Loan Associations
Auditor Carroll’s report shows that building and loan companies in the state are gradually going out of business. During the biennial period covered by the report, these have wound up their affairs and quit: Boone Building and Loan Association; Eagle Grove Building and Loan; Grinnell Building, Loan and Savings; Iowa Deposit and Loan Association, Des Moines; Iowa Business Men’s Building and Loan Association, Marshalltown; Iowa Central Savings and Loan, Des Moines; Fort Dodge Building and Loan; Northwestern Deposit and Investment Co., Holstein ; Oskaloosa National Loan and Investment ; Perpetual Building Association, Clinton.
President Metcalf Dead
John Metcalf, president of the Bank of Paul-lina, and of the Farmers and Merchants at Merrill, died recently at his home in Paullina. Mr. Metcalf was a recognized leader in financial circles in northwestern Iowa. He was vice-president of the board of trustees of Morningside College at Sioux City, and was instrumental largely in the raising of $300,000 as a permanent endowment fund for that institution.
New Corporation Law
Iowa’s new-־ corporation law׳ which in brief compels all corporations formed in the state to have a ])aid up capital stock either in cash or securities, seems not to have interfered with the formation of corporations the past year as capitalists feared. There were 1,884 corporations either ПйИу formed or amended, so the books of Secretar}׳ of State Hayward disclose at the end of the year, of this number, 225 secured permission from the executive council to pay up the capital stock in property other than cash while the remainder issued stock for cash.
Sioux City Bank Clearings
Sioux City bank clearings for November total $10,964,327.94 as against $7,617,735.13 for November last year, an amazing gain due somewhat to the panic that prevailed last }׳ear. The total clearings for Des Moines banks for the week ending December 7th were $3,086,-562.40 exceeding the 1907 figures for the corresponding week by $206,543.7т.
Large British Banks in
a Big Amalgamation