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THE CHICAGO BANKER
July 24, 1909]
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
$3,000,000.00
6,000,000.00
Capital
Surplus and Profits
UNEXCELLED COLLECTION FACILITIES CORRESPONDENCE INVITED
R. H. RUSHTON, President	E. F. SHANBACKER, 1st Vice-President
B. M. FAIRES, 2nd Vice-President
W. A. BULKLEY, Assistant Cashier W. K. HARDT, Assistant Cashier FRANK G. ROGEIRS, Manager Foreign Exchange Department
R. J. CLARK, Cashier
SHORT, STANTON & CO.
BONDS
DEALERS IN HIGH GRADE
MUNICIPAL- RAILROAD-CORPORATION AND MUNICIPAL IRRIGATION
Suitable for Banks, Individuals, Trust Funds and Estates Principal Secured; Income Assured Circulars describing offerings furnished on request
CHICAGO	CINCINNATI
533 First National Bank Building	1005 Fourth National Bank Building
Telephone Central 6047	Telephone Main 1280
The Foursome
Handicap and other events on the Golf Club Calendar necessitate prizes of varying importance. There is always an added zest to the contest if the trophies be especially attractive. Our stock affords a large selection of desirable and appropriate goods at prices ranging from $5 to $50.
Signet Rings Collar Pins Watches Travel Bags Umbrellas Canes
SUGGESTIONS
Belt Buckles Belt Pins Hat Pins
Photograph Frames Lockets
Automobile Novelties
Cigarette Cases Cuff Links Card Cases Match Boxes Scarf Pins Purses
Loving Cups in stock at all times from $ 5 to $500. Special designs prepared when desired.
Spaulding & Company
Jackson Boulevard and State Street CHICAGO
New York Bankers See Continued Low Rates for Money
New York, July 20.—The principal bankers here do not anticipate any marked firmness in money rates before September, and they are therefore arranging to restrict the output of new securities until that month. The crops will then be beyond damage, political wrangling will have ceased, the trade revival that is expected to follow immediately after the passage of the tariff bill ought to be under way, so that investors, it is hoped and believed, will be in a position to subscribe generously for reputable railroad bonds such as will be offered. Certainly money rates heretofore have remained abnormally low in spite of enormous gold exports, heavy corporate borrowing during the first half of the current year and extensive speculation mainly on borrowed capital by wealthy operators. The gold outflow has not yet come to an end and $15,000,000 must be repaid under the secretary of the treasury’s recent order. Yet so long as mercantile requirements remain as light as they are the supply of funds promises to be ample to take care of all the demands confronting the market, including those for crop-moving purposes.
V«
Taft Denies Pardons
Washington, July 21.—President Taft to-day denied pardons to Charles M. Traver and O. C. Lillie, who as president and cashier, respectively, of the First National Bank of Conneaut, Ohio, were sentenced to six years’ imprisonment each for making false entries in the bank’s books.
When the bank failed, according to charges in the case, Traver owed the bank more than $14,000 and Lillie $18,000.
cash account for the original fifty millions that were spent on the right of way and the purchase of the Panama Canal Company’s material, as well as the amounts of funds that have been taken from regular cash balance for current expenses during the recent past.
?y
Conservation Congress
The First National Conservation Congress of the United States will be held in the auditorium of the Alaska-Yukon-Pacific Exposition, Seattle, Washington, August 26-27-28, 1909, under the auspices of the Washington Conservation Association. This association has taken the initiative in forming a national organization for the purpose of carrying on a general campaign looking to the conservation of our natural resources. The congress will doubtless appoint delegates to the World’s Conservation Congress to be held at The Hague this autumn, and because of this fact, the proposed congress will be the most important gathering of conservationists ever held in the United States.
New Orleans Banker in Double Role
New Orleans, July 19.—Wyatt H. Ingram’s exposure as a defaulting officer of the Hibernia Bank and Trust Company brought to light the fact that he was a director of the company which bonded him. It is the Fidelity and Deposit Company of Baltimore and is his surety for $25,000. Some time ago the company created a local board of directors for the purpose of aiding it in its business here. Besides Ingram, there are on the board John H. Gannon, the president of the bank and trust company Ingram embezzled from.
rate of circulation tax upon notes secured by the twos from one-half of 1 per cent, its present rate, to one-eighth of 1 per cent, retaining the one-half of 1 per cent rate on notes based upon the new bonds supposedly to be issued at 3 per cent if the plans now desired should be accepted. Then they think that the government should possibly resort to the plan of leaving the funds received from the sale of the bonds on deposit with the banks just as was done under Secretary Shaw, assignments being made to those institutions which bid for the securities and are awarded them. This plan would certainly work very nicely for the bankers, as it would raise the profit on the old 2 per cents now outstanding inasmuch as the circulation tax would be so much lower, while the rate of interest and the practical restriction of the use of the bonds for circulation purposes would tend to hold their price more stable, keeping it near par. The new bonds if issued at 3 per cent would also be quite attractive.
Working Out Plan
The final working out of the plan and its adjustment to the treasury situation will require considerable management and the use of judgment. The department is more confident about the possibility of selling the bonds at par than are the bankers, particularly if the Shaw plan of hiring the institutions to buy by leaving their payments on deposit with them be revived. True, the deposits will not last long at the present rate of growth on the part of the deficit, but they might ־be left with the banks for a time while the present bank balance was being used up. The department will be greatly relieved by getting either into its vaults or those of depositary banks some fifty or sixty millions of new cash, and it is the intention to realize this sum by reimbursing the