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THE CHICAGO BANKER
July 24, 1909]
William A. Tilden President
Nelson N. Lampert Vice Prest.
Henry R. Kent Cashier
George H. Wilson Asst. Cashier
Charles Fernald Asst. Cashier
Colin S. Campbell Asst. Cashier
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MONROE AND CLARK STREETS
C H I O A G O
Capital, $1,000,000 Surplus and Profits, $400,000
Your Business Solicited
THE
LIBERTY NATIONAL BANK
OF NEW YORK
FREDERICK B. SCHENCK, President
DANIEL G. REID Vice-President		CHARLES W. RIECKS Vice-Pres. & Cashier
		
ZOHETH S. FREEMAN Vice-President l	* §	FRED’K P. McGLYNN Ass’t Cashier
HENRY P־ DAVISON Chairman Ex. Com.	%	HENRY S. BARTOW Ass’t Cashier
CAPITAL, SURPLUS AND UNDIVIDED PROFITS
*3,500,000.00
Minnesota, North and South Dakota have reached the record total of $310,205,000. The bank figures increased notwithstanding the depression in business generally. The increase was $35,060,000. The number of banks increased in the year from 1,735 to 1,978. The district has grown rapidly. New towns have sprung up and the increase in the banking facilities was natural. In ten years Minnesota has grown from 216 banks to 881. In North Dakota the increase in banks has been from hi to 571, and South Dakota from 190 to 526.
North Dakota, ten years ago, had bank deposits of $9,100,000. To-day North Dakota has $63,115,000.
South Dakota, ten years ago, had bank deposits of $9,713,000. To-day South Dakota has $70,106,000.
Minnesota, ten years ago, had bank deposits of $59,370,000. To-day Minnesota has $276,-984,000.
The total ten years ago was $78,183,000. The total to-day is $310,205,000. The ten-year increase is $232,022,00.
Banking Notes
A new national bank is to be organized at Deposit.
At the close of business in June the city report showed receipts of $979,773 and disbursements of $849,083, with $2,316,895 on hand.
Paul J. Leeman, collection department, has been appointed assistant cashier for the First National, Minneapolis. The bank now has four assistant cashiers.
The McLaughlin State Bank, S. D., has filed articles with $10,000 incorporation. One of the incorporators is an Indian. The list is as follows : R. S. McLaughlin, Robert Lligh Eagle, and R. E. Hartung.
C. R. Frost, secretary of the Minnesota Bankers Association, has recovered sufficiently from an operation from appendicitis to get down town. He spent the Fourth knitting the incision in his side, also the Fifth, and put in the time to such good use that his recovery is almost phenomenal.
The new state bank which is being organized at Rochester, Minn., will have $75,000 capital. The city now has three national banks. The First State of Kensington is a new institution with $15,000 capital. C. H. Raiter is president and Riley Rasmussen is cashier. This has been a private bank.
chants’ National Bank, reports business conditions in the East showing marked improvement over those prevailing a few weeks ago. On his return from New York Mr. Prince said: “The Eastern manufacturers say they are getting a far better demand for their products. The banks report a much livelier demand for funds. The general feeling seems to be much more optimistic than it has been for some time. I found the tone of business likewise improved in Chicago.”
To Double Capital
Stockholders representing 1,786 shares of stock have voted to increase the capitalization of the Scandinavian American Bank from $250,000 to $500,000. Although the bank was only recently formed and it was believed the capital was sufficient, the merging of the People’s Bank with the new institution brought in such a large line of additional deposits that the increase was voted without opposition. Exchange Business Courtesies
St. Paul and Minneapolis continue to exchange business courtesies, notwithstanding the recent “unpleasantness” over the proposed odors of the Armour Packing Company’s plant to be built in Minneapolis. The Sageng Threshing Machine Company, a new and large organization for manufacturing a new type of thresher, with offices in Minneapolis, has started the plant to manufacture the machines in St. Paul. The high grade wholesale house of Tibbs, Hutchings & Company will move to Minneapolis and occupy a new $325,000 concrete building.
Organize Stock Exchange
The Duluth stock exchange with 50 active members has been organized. Joseph B. Cotton, recently resigned as general solicitor of the U. S. Steel Corporation and who is a vice-president of all of the companies controlled by the Cole-Ryan interests, was elected president. The other interests are: S. E. Smith, vice-president, and D. L. Fairchild, secretary and treasurer.
All of the mining companies and brokers in Duluth are represented.
The board of governors is as follows: Joseph B. Cotton, David L. Fairchild, S. Edward Smith, M. W. Lee, N. S. Mitchell, James T. Hale, Lucien Merritt, A. L. Warner and E. C. Congdon.
Bank Deposits Increase
Deposits in the state and national banks of
its assets by guaranteeing the deposits of other banks. Any bank, properly managed, can by itself guarantee that its depositors will geL all they are entitled to.
“Eastern bankers have learned by experience that guaranteeing each other’s bank deposits is a foolish idea. The plan was once very popular in New York state. About 1830, a wave of financial disaster broke above every bank in the state that had embraced the mutual guaranty system. In the West, many bankers still have that lesson to learn.
“I cannot see where the guaranty plan can do any good in a time of panic. At such times the people want money not guarantees. All the banks are hard pressed in times of panic and I cannot see why they cannot face the storm individually as well as collectively. Each bank should take care of its own assets and its own liabilities. The results of prudence on the part of one bank should not be lost by that bank being obliged to guarantee the deposits of another bank, which, perhaps, has offered a higher rate of interest, obtained large deposits, made wild ventures and lost great sums of money.”
Bank Examiners Transferred and Appointed
To assist in forming the new banking department of the state of Minnesota, five examiners on the staff of the public examiner engaged in examining banks are transferred to the new department. Others are new appointments. The staff is complete, ready to begin work August 1st, with the exception of chief clerk and stenographers. It is possible that other examiners may be added as the law provides for a deputy at $2,500; eight examiners at $2,500 each, and such assistants as may be deemed necessary at $1,500 a year. Half of the staff is republican and half democratic, and each is said to have had at least three years experience in practical banking. The department is now as follows: Superintendent of banks, J. B. Galarneault, Aitkin; deputy superintendent, D. D. Devine, Waseca; examiners, H. B. Hill of Faribault, A. M. Becker of Adrian, E. F. ICennick of St. Paul, W. R. O’Hearn of Minneapolis, A. L. Roth of St. Paul, W. W. Churchill of Rochester, L. E. McGregor of Crookston, O. J. Brandvold of Dalton ; assistant examiner, G. L. Rosenberger of St. Cloud.
Eastern Business Improving
George H. Prince, vice-president of the Mer-