[Volume XXVII
THE CHICAGO BANKER
8
THE FARMERS' AND MECHANICS' NATIONAL BANK
OF PHILADELPHIA, PA.
427 CHESTNUT STREET
$2,000,000.00
1,348,000.00
Capital ... Surplus and Profits
ORGANIZED JANUARY 17, 1807
$12,847,000.00
Dividends Paid
OFFICERS
Howard W. Lewis, President
Henry B. Bartow, Cashier	John Mason, Transfer Officer
Oscar E. Weiss, Assistant Cashier
ACCOUNTS OF INDIVIDUALS FIRMS, AND CORPORATIONS SOLICITED PRESENT NUMBER OF STOCKHOLDERS 930
STATE BANK Of CHICAGO
ESTABLISHED 1879
S. E. Corner La Salle and Washington Streets
Capital	-	-	-	$1,000,000
Surplus and profits {earned) 1,400,000 Deposits	-	-	-	20,000,000
OFFICERS
L. A. GODDARD, President	FRANK I. PACKARD, Asst Cashier
JOHN R. LINDGREN, Vice-President C. EDWARD CARLSON, Asst. Cashier HENRY A. HAUGAN, Vice-President SAMUEL E. KNECHT, Secretary HENRY S. HENSCHEN, Cashier	WILLIAM C. MILLER, Asst. Secretary
YOUR CHICAGO BUSINESS RESPECTFULLY INVITED
pect, though here, also, the outlook for fruit is better than for grain. Southern California reports favorable on both grain and fruits, with good prices, and very little of last season’s products unsold in the hands of producers.
Except in a few localities, business conditions throughout the state are fully up to the average, and in some instances above it. Money is fairly plentiful, for the most part, and from present indications there will be no lack of funds for crop-moving purposes.
Again at Liberty and Swindling Banks
Five years ago J. E. Marcell, the cashier of a bank in Highland, Kas., swindled banks in Kansas City, St. Louis, Chicago, and New York out of $300,000 and wrecked the bank in Highland. He was convicted and sentenced to thirty-five years in the penitentiary. Fifteen months ago he was pardoned from the penitentiary by Governor Hoch. He made a new start in life.
To-day Marcell is a fugitive from justice. He has disappeared, after defrauding Kansas City banks again, this time out of $25,000. The American Bankers Association is searching the country for him.
V»
National Bank is Closed
Washington, June 21.—The Comptroller of the Currency has received a telegram stating that the First National of Ironwood, Mich., closed its doors to-day.
The action was taken by the board of directors, who passed a resolution asking that a national bank examiner take charge of the institution.
The bank was capitalized at $50,000, and at the time of its last report had a surplus of $20,000.
Bank Cashiers are Warned
A warning has been sent out to bank cashiers to detect spurious notes just at present, as counterfeiters have been more than ordinarily busy. Three warnings have been issued by the treasury in as many weeks concerning the circulation of imitation $5 and $10 bills.
deposits of San Francisco have gained upwards of two millions since the first of the year, indicating an upward trend for the first time since April, 1906. At the time of the disaster, these institutions held deposits of 166 millions, but as money was required for rebuilding and other purposes, the totals steadily sank to 134 millions, that low point being reached in December last. Now, apparently, the tide has turned, and the 136 million mark has been reached. That is about 54 per cent of the total savings deposits in all the banks of California combined.
Conditions of trade in San Francisco are not greatly different from those reported in other communities. There is some complaint from merchants of dull business, both in the new and the old retail sections, but no more than might be anticipated at this season. Considering the elaborate scale upon which improvements in the shopping district were planned, it should not be surprising if trade should fail to measure up immediately to the full capacity of the shops.
Generalizations concerning the outlook in the state at large are not easy, because of the immense area of California and the diversity of its products. To sum up the results of an investigation made by this bank through its correspondents:	In the northern and central
portions of the state the prospects for hay and grain are not so promising as they were a month ago, owing to the long-continued dry weather and the prevalence of north winds, which have hardened the surface of the ground; fruits look well and the yield will be of good quality, though hardly so abundant as last year. In the southern portion of the Great Valley there is a somewhat better pros-
HORNBLOWER & WEEKS
®Bankers and 5Brokers
Members of New York and Boston Stock Exchanges 3rd FLOOR, 152 MONROE ST. - CHICAGO
be compelled to meet with the same requirements? Do not infer, gentlemen, that I am prompted in making these remarks because of such conditions existing very generally for I believe such cases to be rare but I merely offer the suggestion that in our endeavors to better our banking laws, to better our financial conditions and to elevate our profession let us not neglect to see that certain requirements are necessary before choosing the men who are to enforce these laws and who are to contribute to the betterment of these conditions. Let us see to it that they have studied the profession, that they have demonstrated their ability and are thoroughly competent to undertake the important duties and responsibilities imposed upon them.
V»
San Francisco Finances
The simultaneous call for reports from the national banks and state banks gave the first opportunity ever enjoyed for making up a complete tabulation of the results in California, and adds interest to the publication of the figures. A compilation of all the banks in San Francisco—commercial, savings, and trust companies—shows total deposits of 290 millions, of which 45 millions represents the deposits of banks, the remaining 245 millions being credited to individual depositors.
The aggregate is about six millions larger than that of a year ago, despite the fact that the national banks have repaid four millions of Uncle Sam’s money within the year; but it is fully 40 millions less than the total deposits just before the big calamity of 1906. The reasons for this vast shrinkage are too obvious to require explanation. It might be remarked in passing, however, that, although San Francisco has had to shorten sail and slow down in order to clear away wreckage and do a lot of necessary repairing, the while its more fortunate rivals have gone the steady way of progress under full canvas, the city still maintains a comfortable lead, financially speaking.
One of the most gratifying features in the present situation is the fact that the savings