9
THE CHICAGO BANKER
December 26, 1908]
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San Francisco	I ]	Q __ | * JL	Chicago
520 Van Ness Ave.	JL • Kj JL1 cCJIC3 A 1.	319 Michigan Ave.
Walton Ave. end 138th St., New York. Branch, 1679 Broadway
Forging a Check
Robert Cherry has been arrested on a charge of forgery, an indictment having been returned against him by the recent grand jury. It is alleged Cherry forged the name of Cal Patterson to a check on the Fairland Bank last September. He has already served a term in the penitentiary.
New Bank for Sellersburg
Sellersburg, nine miles north of Jeffersonville, has a new state bank with capital stock of $25,-000. Thomas M. Pass is president; F. C. Williams, vice-president, and Otis W. Scott, cashier. Sellersburg has been without a bank since the failure of a private institution owned by James FI. Waters.
Banking Notes
The Exchange Bank of Churubusco reports capital of $25,000, undivided profits $3,975 and deposits of $175,000. O. Gandy is president; E. E. Gandy, vice-president, and F. J. Gandy assistant cashier.
The Farmers Bank of Wingate reports capital of $25,000 and the following officers:	E. J.
Kirkpatrick as president; Nat Hamilton, vice-president, J. W. McCorkle, cashier, and D. A. Groves, assistant cashier.
The Monroe City State Bank reports capital of $25,000. David M. Shouse is president; Nelson Van Vlett, vice-president, and Herman C. Dowden, cashier.
The Farmers and Merchants Bank of North Judson reports capital of $10,000, surplus $1,000, undivided profits of $1,500, and deposits of $115,000. J. F. Manz is president.
John Perrin, president of the American National of Indianapolis, is in New York.
The Citizens Bank of Macy is a new institu-
The Northfield Trust Company
The Northfield (Vermont) Trust Company has filed articles of organization with a capital stock of $50,000. A. E. Denny, G. C. Sanborn, M. D. Smith, J. C. Ellis, G. W. Wallis, T. J. Deavitt, and others are promoters.
Bond Houses
Philadelphia bond houses find quite a demand for the Brazil 5 per cent government-guaranteed coffee bonds, of which an issue of $10,000,000 is offered in the American markets.
“7. Its practical effect will be to drain rural and sparsely settled communities of their surplus funds that should be conserved for use at home, and carry them to the large monetary centers, thus depriving those communities of capital that is much needed for local development.
“8. It would prove a tremendous and incalculable danger in a time of panic to all banks, as timid depositors would hasten to put their money under the guaranty of the United States Government.
“9. It increases the influence and power of the federal government, and will make large additions to the number of office holders who may be used in a coherent mass to advance the political interests of the party in control and enable it to retain its power.”
Adding that the measure has been “sprung on the country” without due notice and that there being a monetary commission now at work on our financial system it is argued that the postal savings bank proposition be deferred.
The Farmers Bank of Morocco
The Farmers Bank of Morocco reports capital of $12,000, undivided profits $2,192, and deposits of $133,703. I. J. Biesecker is president; Pierce Archibald cashier, and J. A. Archibald assistant cashier.
The Rockville National
At a meeting of the directors of the Rockville National, Frank H. Nichols, former cashier, was elected president to fill the vacancy caused by the death of Samuel T. Catlin. Catlin’s son, Thomas H. Catlin, was elected as a member of the board of directors. M. H. Case is vice-president and A. T. Brockway is cashier.
The First National of Fortville
The Citizens Bank at Fortville, Hancock county, which was organized two years ago, has changed to a national bank, and will be called the First National of Fortville. The capital stock is $25,000, and there are forty-six stockholders. The new officers are John C. McCord, president; William R. Rash, vice-president; O. L. Morrow, cashier, and Walter Todd, assistant cashier.
The First National stock of Noblesville formerly held by Crawford Fairbanks of Terre Haute and Ben Freiberg, of Noblesville, has been sold to Thomas Hussey and others. The stock of this institution has steadily increased in value until the last sale was made at about $170 a share. It is announced by George Christian, cashier, there is to be no change in the banking force. Indianapolis Clearing House Resolution
The Indianapolis Clearing House has, by resolution and declaration, offered opposition to the Carter bill for the establishment of postal savings banks. The declaration is as follows:
“The Indianapolis clearing house is opposed to the passage of the Carter postal savings bank bill, now pending in Congress, because we believe it is unscientific, un-American and revolutionary in its character, for the following reasons among others, viz.:
“1. It puts the government into the banking business and puts it there to stay.
“2. It assumes functions that can be regulated more properly and efficiently by the states.
“3. It introduces the dangerous principle that the federal government can make such exemptions from taxation and legal process in the various states as will relieve money from its proper obligation for taxation to maintain municipal and state government, and liability for just debts.
“4. It is special legislation of a most vicious sort in that it will add greatly to the cost of running the Postoffice Department and tax the whole country for the benefit of a class. It is in its essence socialistic and at utter variance with the genius of the American people.
“5. It provides no advantage or opportunity that are not accessible to a vast majority of the people, and which are being extended each year further and further by the initiative and impetus of our present banking systems.
“6. It is grossly unfair in the provision that funds are to be deposited in national banks only, thus prohibiting the use of state banks and exerting a favoritism that should be condemned. It is unfair to all depositors in national banks in making such deposits a first claim on all the assets of the bank.