11
THE CHICAGO BANKER
December 26, iço8\
The Girard National Bank
Of Philadelphia
Capital,	$ 2,000,000.00
Surplus and Profits,	• 3,650,000.00
Deposits, . . .	. . 28,500,000.00
FRANCIS B. REEVES, President	
RICHARD L. AUSTIN	JOSEPH WAYNE, Jr.
Vice-President	Cashier
THE0. E. WIEDERSHEIM	CHARLES M.ASHTON
Second Vice-President	Asst. Cashier
Accounts of Merchants,	Individuals, Banks, and
Bankers Received on Favorable Terms	
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
Capital ...	$3,000,000.00
Surplus and Profits 5,900,000.00 ־
UNEXCELLED COLLECTION FACILITIES CORRESPONDENCE INVITED
R. H. RUSHTON, President	E. F. SHANBACKER. 1st Vice-President
B. M. FAIRES, 2nd Vice-President
R. J. CLARK, Cashier	W. A. BULKLEY, Assistant Cashier
FRANK G. ROGERS, Manager Foreign Exchange Department
say that the demand for good notes is much better than the output, and that discount rates continue easy. Banks generally prefer four months’ paper over that of longer maturity. Choice names are accepted at 4 per cent, and in a few instances 354 Per cent has been obtained, but the latter is exceptional. Quotations run from 4 to 5 per cent.
To Change Its Name
Final steps in changing the name of the Investment Company of Philadelphia to that of the Independence Trust Company, which, with all the assets of the old concern and the same capital, will operate under the general state law, were taken last week by the stockholders.
The Girard Trust Company
As furnishing an idea of the immense scope of the trust fund business handled by Philadelphia trust companies, it is interesting to note that the Girard Trust Company has recently been appointed sole executor and trustee of the estate of a wealthy Cincinnati business man, the minimum valuation of which is $15,-000,000.
On November 27th the Girard Trust Company held invested and uninvested trust funds aggregating over $83,000,000.
The Walnut Street Trust Company
Promoters of the Walnut Street Trust Company of Philadelphia have tentatively abandoned the project of keeping the institution open all night, and will first try the experiment of keeping open for business until 11 or 12 o’clock to accommodate hotel and opera patrons and others. Subscription books for stock of the new company have been opened at the offices of Verner & Co.
The Fourth Street National
Bank Examiner Hart interrogated the board of directors of the Fourth Street National of Philadelphia, under the recent order of the Comptroller of the Currency. The examination, it is said, passed off satisfactorily to the examiner and the board, all of the twenty-nine qestions being answered.
the twelve months were over $43,000, or about 7.2 per cent on the capital stock.
George E. Shaw is president of the bank; Alfred J. McGrath, vice-president, and Charles F. Wignall, cashier. Mr. Shaw succeeded the late Cornelius Weygandt about two years ago, and later Mr. McGrath was added to the bank’s force, coming here from New York.
The Morris National
The new Morris National of Philadelphia, which is being organized by wholesale commission merchants, is expected to be in operation about March 1st. The Comptroller of the Currency has authorized the establishment of the bank, and subscriptions to the proposed $500,000 capital and $100,000 surplus are being solicited. The stock is being sold at $130, of which $100 is for capital account, $20 for surplus account and $10 for organization accounts. The incorporators are S. W. Whann, H. V. Peters, George Y. Schoch, Robert McCauley, Jr., and H. C. Peddie. These gentlemen, who are mostly in the wholesale commission trade, will also be on the board of directors, together with some others previously identified with financial institutions in this city. The bank will be called the ]Morris National, in honor of the Revolutionary financier. The location of the bank will probably be in Dock Street, in the wholesale commission trade. It is intended to make a popular subscription to the stock, and for this reason a maximum subscription of ten shares is limited to any one individual. In allotting the stock preference will be given to those who are to become depositors. Commercial Paper
Commercial paper brokers in Philadelphia
HORNBLOWER & WEEKS
5Bankers and 5Brokers
Members of New York and Boston Stock Exchanges 3rd FLOOR, 152 MONROE ST. - CHICAGO
Thrifty Philadelphia bankers have jumped in to get some of the gains available in Wall Street. Financial institutions in Philadelphia —some half a dozen of the larger trust companies and banks—nearly all of them with Pennsylvania railroad affiliations, have sent not less than $5,000,000 to New York and loaned it there to stock brokers and others on call.
All this has taken place the past week. In Philadelphia the call rate remains at 3 per cent. Over in New York the rate ran as high as 4 per cent on Tuesday, and Wednesday varied from 2j4 to 3J4 per cent, with the majority of loans placed at 3*4 per cent.
The weekly statement of Philadelphia clearing house banks, issued last Monday, showed that on balance they owed out-of-town banks $75,000,000 and held cash reserve in the aggregate of 31 per cent on all deposits, or 6 per cent more than the legal requirement. On bank deposits they pay 2 per cent interest, which is also the rate which the big trust companies allow their depositors.
For months the financial institutions here have found it impossible to get more than nominal rates for call money, and have been unable to keep their available funds employed. So, with the advance in money rates in New York, there has come this scramble to profit.
The Western'National
An institution which has shown the benefits of additional capital and the injection of several progressive spirits in its management is the old Western National of Philadelphia, which makes a very satisfactory showing in its report to the Comptroller of the Currency as of November 27th.
Since December 3, 1907, the bank’s deposits increased $850,696 to $3,679,843, and since November 12, 1906, the increase in deposits has been $1,626,367.
Surplus and undivided profits on November 27th footed up $172.975. an increase of $13.162 over the showing on December 3d of last year, and, as the bank paid out $40,000 in dividends during the year, the total earnings for