[Volume XXV
THE CHICAGO BANKER
12
Capital. $800,000.00 Surplus and Undivided Profits $546,299.00
Assets Over Seven Million Dollars
OLD NATIONAL BANK
Grand Rapids, Mich.
Largest Bank in Western Michigan
Solicits Bankers* Accounts and Collections
OFFICERS
WILLARD BARNHART. President HARVEY J. HOLLISTER. Vice-Prest. GEORGE C. PEIRCE. Vice-Prest. CLAY H. HOLLISTER. Cashier H. A. WOODRUFF. Asst. Cashier
Hy J□	SMITES МпшшэарэАпЗв Миша,
American Currency Problem" and the prizes $200, $ioo, and $50.
Chicago Visitors
Jayr D. Utendorfer, cashier of the Minnesota National, and E. W. Decker, vice-president of the Northwestern National, have been in Chicago this week. Mr. Decker conferred with the creditors’ committee of the Pillsbury-Wash-burn Flour !Mills Company, limited.
New Schedule for Dues
On January 1, 1909, the new schedule of annual dues in the Minnesota Bankers Association will go into effect. Heretofore the dues have been $5 a year flat. The inequality has been adjusted by basing the dues for the future on the capital and surplus of the members. The rate is as follows: Up to $50,000, $5 a year ; more than $50,000, and less than $100,000, $10; more than $100,000, and less than $250.000, $r5 : more than $250,000, and less than $500,000, $20; more than $500,000. and less than $1,000,-000, $25 ; $1,000,000 and over, $30.
St. Paul Chapter Innovation
An innovation for bank clerks’ meetings was put in effect by the St. Paul Chapter, Tuesday evening, when it entertained women friends at its annual social meeting, with a debate on the subject: “Resolved, That bank clerks should not be permitted to marry on a salary of less than $1,000 a year.” After the debate a vaudeville program was given and refreshments were served. Each guest was presented with a box of candy. The St. Paul clerks have gone on record as opposed to the fee system for national bank examiners. The resolutions pronounce the present system as faulty, and as leading to superficial examinations. The clerks urge salary compensation for national bank-examiners, based on ability, and amount of work required, and an increase of examiners sufficient to insure a thorough examination twice a year for each national bank. The resolutions ask that examiners be appointed only upon passing a rigid examination and that the appointees shall not be removed from office without cause.
John W. Castles
John "W. Castles, Monday; submitted his resignation as president of the Guaranty Trust Company of New York, to the board of directors. In his letter to the board Mr. Castles says: “My reason for severing my relations with the company is that I have other business matters in view which require my exclusive attention. In retiring, I desire to express to you my grateful appreciation of the confidence that you have reposed in me. and of the zeal shown and assistance rendered by the executive committee and the board. Mr. Castles has been elected president of the Union Trust Company of New York.
V*
Roberts Addresses Detroit Bankers Club
Detroit, Mich., December 14.—Geo. E. Roberts of Chicago, former director of the mint, addressing the Bankers Club of Detroit, argued for a central bank of issue, in which existing banks will be permitted to hold stock in proportion to the capital of their respective institutions. Mr. Roberts suggested that a capital stock of $100,000,000 for the central bank would call upon existing banks to pay in about 10 per cent of their capital.
of the J. B. Streeter Company, 826 Security Bank Building, Minneapolis, and has transferred its headquarters to the same offices. A branch will be maintained at Grand Forks. The change is made to facilitate the handling of business.
The Germania Bank
The Germania Bank has declared its semiannual dividend of 4 per cent. This bank will soon decide upon its future location. The change is made necessary because the bank has grown beyond the capacity of the present quarters. The capital will be increased also. The Minneapolis Team
The Minneapolis Chapter team left for Milwaukee last evening to debate with the Milwaukee team to-night. The Minneapolis men are Gray Warren, C. I. Norman, and Thomas Rees.
Executive Council Meeting
Twenty-two members attended the meeting of the executive council of the Minnesota Bankers Association last Tuesday at the !Minneapolis club. Six are members ex officio, as past presidents of the association. Owing to the importance of the meeting the full complement was present, as follows: D. S. Culver, St. Paul; J. M. Haven, Big Lake; J. A. Latta, Minneapolis; L. A. Huntoon, Moorhead ; R. W. Akin, Anoka; F. M. Beach, Lyle; M. J. Dowling, Olivia; A. G. Wedge, Jr., Bemidji; O. M. Green, Winona; George C. Power, St. Paul; S. H. Lockin, Red Wing; T. E. Nash, Pipestone; C. D. Griffith, Sleepy Eye; W. E. Lee, Long-Prairie; C. W. Gress, Cannon Falls; O. H. Havill. St. Cloud; J. W. Wheeler, Crookston; John !Mitchell, St. Paul; Joseph Chapman, Minneapolis; W. I. Prince, Duluth; L. Whitmore, Wabasha, and C. R. Frost, Minneapolis.
“The American Currency Problem”
Twin City bank clerks have begun work on the prize essay work. The subject is “The
Chicago Savings Bank and Trust Company
Chicago Savings Bank Bldg., State and Madison Sts., CHICAGO, ILL.
1?	Facilities	meeting every require-	
	ment of	the most discriminating	
	bankers.	Dormant accounts so tic-	
	ited on which interest is paid at a liberal rate. Interest is paid by		
	check tfye	last day of the month	
Lucius Teter, President	E. P. Bailey. Vice-President
Charles H. Re Qua. Vice-Prest. John A. McCormick. V.-Prest. Houston Jones. Cashier	W M. Richards. Asst. Cashier
Leverett Thompson. Secretary
The Union State Bank will increase its capital from $50,000 to $100,000, or $150,000 whatever may be the result of proposed overtures to make it over into a Scandinavian-American National of $200,000 or $250,000 capital, to accommodate the Scandinavian Americans who want a bank of their own in Minneapolis. The Union State directory is divided nearly half and half between Swedes and Norwegians, and its management is Scandinavian. Its loaning capacity is natural!}־ limited by its present small capital, and it is found necessary to increase it, whether the bank remains a state bank or is nationalized.
North Side business men have been sounded on the possibility of the formation of a bank at Forty-first Avenue N. P. B. Beaulieu, cashier of the Chippewa State Bank of White Earth, Minn., has been considering the matter carefully.
The Swedish American Savings Bank
The Swedish American Savings Bank will remain a distinct institution, although the Swedish American National has been taken over by the Northwestern National. Nils O. Werner, president of the Swedish American National, will remain at the head of the savings bank as well as of the liquidating committee of the national bank. The savings bank is looking for quarters. Temporarily it is the Northwestern National building.
Minneapolis Bonds
The sale of $67,000 Minneapolis bonds on Thursday at $1,915 premium is expected to be a tip to Eastern bond houses as to the value of the city’s bonds. The next sale this month is for $662,000 bonds. The $67,000 bonds were bought by the Wells-Dickey Company of Minneapolis at a rate which is the highest credit the city has received in years. The bonds are thirty-year 4 per cent and the average rate is 3.84 per cent.
First State Bank of Battle Lake
The First State of Battle Lake, Minn., has been incorporated at $10,000. W. L. Winslow is president and G. H. Hopkins, cashier.
Lectures Before School of Commerce
Seymour Walton, А. В., С. P. A., of Chicago, lectured this week on : “Reserves and Depreciation” before the School of Commerce of the St. Paul Institute of Arts and Sciences. G. M. P. Pridham, bookkeeper for the Second National Bank, has just preached a special sermon at St. Paul’s Episcopal church, St. Paul, in commemoration of his fifteenth year as curate.
Lectures Before Accountants
Frank L. Watson of the People’s Bank, Minneapolis, addressed the Minneapolis Association of Accountants and Bookkeepers this wreek on “The Bank Ledger.” The association has more than 300 members.
Headquarters Now in Minneapolis
The George B. Clifford Company, for many years in the mortgage business at Grand Forks, N. D., has bought the farm mortgage business