tVolume XXVII
THE CHICAGO BANKER
18
EST 1851
“ALWAYS
COMMERCIAL״
ORN, BRED & RAISED in the heart of the wholesale mercantile section of New York City, this institution is admirably qualified to serve those seeking a “commercial” reserve depository.
IRVING NATIONAL EXCHANGE BANK
LEWIS E. PIERSON Prest.	BENJ. F. WERNER Cash.
JAMES E. NICHOLS V. Prest.	DAVID H. G. PENNY A. Cash.
ROLLIN P. GRANT V. Prest. HARRY E. WARD A. Cash.
RESOURCES 28 MILLIONS
The LIVE STOCK Exchange National BANK
of CHICAGO
Volume of Business for Year 1908 Exceeded
One Billion Two Hundred Million Dollars
		
St. Louis		Kansas City
yet selected his successor, but it is thought that Willard P. King, at present one of his clerks, will be promoted to the vacancy.
Oklahoma Bank Loses Deposits
Because, as he claims, the First National of Cleveland, Oklahoma, is paying a greater rate of interest on deposits than the law permits Oklahoma state banks under the guaranty plan, State Bank Commissioner Young ordered all state bank deposits.withdrawn from that concern. Young also announced the sale of the Bank of Morris and its reorganization as the First Bank of Morris by J• B. Jones, D. N. Fink and other men of Muskogee.
Withdraw from Nevada
The American Bonding Company, American Surety, Aetna Indemnity, Title Guaranty & Surety, United Surety and the United States Fidelity & Guaranty have withdrawn from Nevada because of the new surety deposit law which went into effect July ist. This compels companies to deposit collateral equal to 5 per cent of their liability on official business in the state, which requires a deposit larger than the premium income. The law applied the depository feature to court bonds only, but the Nevada Insurance Department has ruled that it applies to fidelity as well as judicial bonds.
Trust Company Changes
The Missouri Valley Trust Company, one of the largest in the state, underwent a general shaking up, when the interests of Charles F. Enright and his brother Albert changed hands and passed under control of Milton Tootle and Graham G. Lacy. C. F. Enright, who has been the vice-president and treasurer of the trust company and its manager, has of late been deeply interested in an electric and steam short line railway between St. Louis and Kansas City, and it is said will now devote his entire time and energy toward a consummation of the road. Several miles of the road have already been graded. William A. Evans will succeed C. F. Enright as treasurer and manager.
Bank Safe Blown
The State Bank of Tulare, south of Redfield,
per cent amounts to $235,000 in the twenty years the bonds have to run, each i-iooth of 1 per cent aggregating nearly $20,000 in interest.
North St. Louis Trust Company
North St. Louis is to have a new bank and trust company. It will be launched within a few weeks and will be known as the North St. Louis Trust Company.
The company will do a general banking and trust company business and will also conduct a savings bank department. It is to be equipped with safe deposit vaults. Real! estate will also be a feature of the business.
The location of the bank, not yet definitely decided, will be as near as possible to the corner of Hebert Street and Grand Avenue. The northeast corner of these streets is vacant and most of the promoters favor erecting a modern three-story building there for the new enterprise. The building, if erected, will cost about $20,000.
The capital of the company will be $100,000 with a surplus of $10,000. Several names have been put forward for the presidency but no one has been decided upon as yet. Among those who attended the initial meeting and who will have stock in the company are Albert W. Pauley, Louis Boeger, Joseph Ebeling, Louis Ebeling, John A. Leschen, Herman Hannibal, F. Pancok, Louis Koehler, Charles F. May, John Oldfield, William Samel, Dr. P. L. Pepperling, John P. Young, F. W. Wrieden, Paul Wielandy and E. A. Ellerman.
J. W. Mangus Appointed State Examiner
Commissioner of Banking and Insurance Love has announced the appointment of J. W. Mangus of Walnut Springs as a Texas state bank examiner.
He takes the place of B. B. Samuels of Fort Worth, who was unable to accept the position on account of other business engagements.
Chief Clerk Resigns
Considerable surprise was created at Jefferson City when the announcement was made that A. G. Blakey, chief clerk in the office of John P. Gordon, state auditor, had tendered his resignation, to take effect August 19th. Mr. Gordon has not
Attorney-General Jackson of Kansas has given an opinion to Governor Stubbs, holding that the insurance superintendent may refuse his permission to any company to transact the business of bank guaranty insurance, which has not complied with the laws of the state and does not intend, in good faith, to transact business in conformity with the Kansas laws. The company aimed at is the one recently organized by the national banks to guarantee their deposits so that they may compete with the state guaranty of the state banks. It is feared that some of the national banks in the organization may offer to pay more than 3 per cent interest on deposits, which would interfere with the success of the state banks, which are limited by the guaranty law to 3 per cent. The opinion holds that the law gives the insurance superintendent wide authority as to !the policies an insurance company may issue, and if the proposed bank guaranty company should issue a policy to a bank paying over 3 per cent interest, the state law having fixed 3 per cent as the limit, this could be held to be illegal and the contract could be forbidden. The opinion holds that the insurance superintendent is charged with the duty of determining what constitutes safe and׳ fair bank guaranty insurance, and that he should refuse to allow any other kind of insurance to be issued.
St. Louis Bridge Bonds
City Comptroller Taussig of St. Louis formally announced that bids for the free bridge bonds would be asked for September 17th, bonds to be dated and delivered October ist. Altogether $4,700,000 worth of bonds will be offered at that time in $1,000 denominations at 4 per cent in-, terest.
The free bridge is to get $3,000,000 of the issue; sewers, mostly the giant river des Peres sewer, $1,000,000; bridges and viaducts, $600,000, and the fire department $100,000. The latter is for the construction of fire houses, and the bridges and viaduct funds are to be spent in the erection of the King’s Highway viaduct and small bridges in different parts of the city.
By holding the bonds until: the ist of October the officials expect to find a ready market at a good price. A premium equal to one-fourth of 1