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THE CHICAGO BANKER
July 24, içoç]
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prison officials have to use the convict money to help run the penitentiary. The state only permits the use of $1,000 for contingent purposes. When that amount is spent the officials then dig into the convicts’ bank.
Cash purchases must be made daily and the state fund will only last a few days each month. The convicts’ fund is drawn upon for contingent purposes for the rest of the month. Then the officials come over to Topeka and have their monthly settlement and reimburse the convicts’ bank.
“If it were not for the convicts’ bank I don’t know how we could run things,” said Chief Clerk Brown. “We have to have stuff every day that must be paid for with cash. Farmers bring in hay and corn and such stuff, and they demand cash. No warrant on the state treasury goes with them. So we use convict money instead of state funds.” It would seem that the state, out of self-respect, would establish a system by which it wouldn’t have to depend upon convict money to keep its own institution going.
Utah Bankers Association
The Utah Bankers Association is the name of the latest bankers organization. The organization was formed recently by over sixty representatives of the leading banks of the state. The committee, composed of L. H Farnsworth, John Pingree, A. N. Fleming, J. T. Farrar and W. W. Armstrong, reported that they would offer the following as the officers of the new organization : President, L. S. Hills, president Deseret National Bank; vice-president, A. R. Haywood, president Commercial National Bank of Ogden ; 2d vice-president, W. H. Brereton, president Bank of Provo; secretary and treasurer, S. A. Whitney, cashier McCormick & Co.’s Bank of Salt Lake. The report was adopted.
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The Calumet Deposit & Loan Company, (Mich.) which has been doing business for eight months, has been incorporated as the First State of Calumet with a capital of $10,-ooo. It began business June 1st. The officers: President, L. M. Bolter; vice-president, A. C. Bossard; cashier, F. V. Wakinen. The increase in business was the cause for the change.
In due time the state reimbursed the prison bank, and now it is perfectly solvent. The $10,000 drawn out by Oklahoma convicts was for labor at the rate of 3J4 cents a day each. One convict drew $i,6o. That represented fifteen years of hard labor.
The deposits constitute the money which the convicts have when they reach prison. Their
A. E . TODD
Manager Nome Bank and Trust Company Nome, Alaska
wages during their stay in prison are kept in another way. One convict right now has more than $2,000 on deposit. He brought it with him. Several others have from $50 to $500. However, 100 or more have less than $1 each on deposit. A dozen have from 2 cents to 5 cents each. A half dozen have 1 cent each.
No matter how much or how little money is found on a convict it is deposited in the bank and a separate account is kept. The total deposits aggregate now about $5,000. They aggregated about $9,000 before the Oklahoma convicts were taken out. No interest is paid upon deposits. But if a convict demands it, his money must be placed in a Leavenworth bank. In that event the prison officials are not responsible for its safety.
It is a sad commentary on the state that the
Cotton, since we began advising its purchase, has advanced three cents per pound, or about $15.00 per bale. We are still bullish on it and shall not be surprised to see 14 cent or 15 cent cotton this year, but it now looks like good trading to sell out part of long lines with a view to buying them back to better advantage. Crop news is far from good but the technical situation is uncertain, and conservative traders should not neglect to transfer some profits to their bank accounts.—The Market Chart Company.
Nome Bank and Trust Company
This growing institution was established in 1906 in Nome, Alaska, and has a paid up capital of $135,000,000, undivided profits $40,000, and deposits $480,000. Though up in the far north this bank owns the finest and most up-to-date equipped bank building in Alaska and under the conservative direction of Manager A. E. Todd, is doing a successful business. The other officers are: F. H. Waskey, president, and R. D. Adams, vice-president.
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Queerest Bank
There is one bank in Kansas that will not join the state guaranty fund or any other scheme to insure its deposits. It does not have to buy insurance to hold its deposits. Probably it couldn’t get insurance if it wanted it.
The bank in question is located at the Lansing penitentiary in Kansas. It is a one-man institution. There is no board of directors or expensive set of officers. John Brown, chief clerk of the prison, is the whole works and he charges no salary for running the bank.
The only depositors in the bank are convicts. This makes it perfectly apparent why panics do not affect it. ־ Convicts are in no position to make a run on the bank if they wanted to. However, the bank went broke not long ago. But it soon recovered. When the Oklahoma prisoners were transferred to the state from whence they came they had about $10,000 in wages coming to them.
The state had no funds immediately available to pay them off, so Mr. Brown used the deposits in the convicts’ bank. It took all the money the bank had and $1,000 beside. Brown borrowed the $1,000 from a Leavenworth bank.