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THE CHICAGO BANKER
August 14, /pop]
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
MONROE AND CLARK STREETS
CHICAGO
Capital, $1,000,000 Surplus and Profits, $400,000
Your Business Solicited
THE
LIBERTY NATIONAL BANK
OF NEW YORK
FREDERICK B. SCHENCK, President
CHARLES W. RIECKS Vice-Pres. & Cashier
FRED’K P. McGLYNN Ass't Cashier
HENRY S. BARTOW
Ass’t Cashier
DANIEL G. REID
Vice-President
Z0HETH S. FREEMAN
Vice-President
HENRY P0 DAVISON Chairman Ex. Com.
CAPITAL, SURPLUS AND UNDIVIDED PROFITS
S 3,500,000.00
George W. Burton, president of the National Bank of La Crosse: “It is probably as good a bill as could be secured under present conditions. Every member of congress was looking out for the interests of his own district and none took a broad view for the good of the country. We cannot expect a perfect tariff bill when it is passed by a congress made up in this way.”
John M. Holley, vice-president of the State Bank of La Crosse:	“La Crosse has not been
very much affected by the discussion of the tariff. I would not say that La Crosse had not been affected at all, but in view of the fact that the agitation has involved the whole country, I suppose that the business interests here have been concerned to some degree. With the settlement of the tariff question, one of the elements to retard business in La Crosse is removed.”
E. M. Wing, cashier of the Batavian National Bank:	“If you can tax people into prosperity
I think there will be a resumption. It is an insult to intelligent people to try to make them believe that the tariff can make them prosperous.”
New Superintendent Sells Bank Stock
J. B. Galarneault, new superintendent of banks, has sold his stock in the Aitkin County State Bank to Mrs. Galarneault. He has resigned as cashier of the bank, also. The state law provides that the head of the department must not have an interest in or be connected with any bank.
Dakota National Begins Business
The Dakota National Bank of Yankton, S. D., has begun business with $50,000 capital. The officers and directors are: President, F. C. Danforth; vice-presidents, J. A. Danforth and Mrs. J. Fantle; cashier, Sy O. ITangor; directors, C. M. Thompson, Otto Peemiller,"c. PI. Dillon. The Millboro State Bank, S. D., will begin with $5,000 capital. The incorporators are: P. T. Glidden, Millboro; C. M. Rose, J. W. Stewart, Dena M. Rose, G. B. Jackson, Dallas. The Security Bank of Pipestone, Minn., has $15,000 capital. It has been incorporated by R. M. Ashton, E. L. Ashton, and G. H. Gurley.
To Take Vacation
C. R. Frost, secretary of the Minnesota Bankers Association, will take a three weeks’ vacation. He has gone to Lake Minnetonka, and later will visit Pelican, and Isle Royale.
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Much of the counterfeiting prevails in the East, among the foreign classes who import a great deal of foreign spurious coin.”
Much Impressed with the West
F; E. Holton, cashier of the Northwestern National, has returned to his desk after an absence of six weeks. The vacation was spent on the Pacific Coast. The only official business which Mr. Holton did was to attend the Montana Bankers Association convention. He is impressed with the West, with its resources, the prevailing conditions and the remarkable crops in sight. White Salmon, Wash., was a district which took Mr. Holton’s attention for a week. He likes it very much. This place was like home to him because of the Minneapolis people whom he found there watching their investments. Eastern money, or money from the Eastern boundary of Montana to the metropolis is plentifully invested in the West. Montana, Washington, Oregon, and other states share in the benefits of this Eastern investment. On his way back Mr. Holton traveled through the corn state of Nebraska. He was amazed at the long line of corn fields through which he passed. From dawn until 4 o’clock he saw nothing adjacent to the track except a streak of green corn stalks. Forced to Make Interior Changes
The First National of Minneapolis has been forced to make several interior changes as a result of business expansion. One cage has been removed to make a desk room for G. A. Lyon, the new assistant cashier. Some of the clerks have been placed on the mezzanine floor and other adjustments have been made to fit the situation. Prophesy Great Future for Montana _ J. S. Pomeroy, cashier of the Security National, returns from the Montana convention impressed with the deve’opment in prospect for that state in the next ten years. Mr. Pomeroy said:	“Thousands of acres of land that had
been thought unfit for agricultural purposes are now being successfully farmed by means of a new system of dry farming. Vegetables grow in liberal quantities. The development of the Bitter Root valley is also wonderful. We took a trip on a special train to Hamilton, one of the largest towns in the valley. Farmers are putting in ditches to irrigate 52,000 acres of the land and it is extremely productive.”
Bankers on Tariff Legislation
La Crosse, Wis., bankers express themselves this week on the result of the tariff legislation. They speak as follows:
Title Insurance & Trust Company, has paid another dividend of twenty per cent, making the total 90 per cent. Assets on hand amount to $74,500 by schedule. С. H. Childs, receiver for the Bank of New England, Minneapolis, for fourteen years, has been discharged.
Home Again from New York
Joseph Chapman, Jr., vice-president of the Northwestern National, returned from New York where he attended a meeting of the express company and money order committee of the A. B. A., bearing proudly with him one of the first Lincoln pennies to be struck off, which he obtained from the National City Bank. “We now have the face of the man who came the nearest to the common people on something that the common people have the most of,” he said. “It is the handsomest one-cent piece ever coined.
“Everything is looking good in the East. Everybody is talking prosperity and are sanguine over the excellent crops all over the country. Indications, as viewed by Eastern financiers, are that there will be a heavy trade the remainder of this year and during 1910.
“Railroads are buying steel rails in large quantities and going ahead with extensions. Business in the East is being transacted in large quantities and mills are running full blast.
“More than 1,200 banks are now selling travelers’ cheques. They are a bigger success than ever hoped for. The Bankers Trust Company, agent for the association, has increased its capital from $1,000,000 to $3,000,000, and its surplus from $3,000,000 to $6,000,000. Any bank in the United States can get the cheques and have the privilege of selling paper bearing their own name that is good all over the world.”
Panic Cause of Increased Counterfeiting
The panic of 1907 is ascribed by John E. Wilkie, chief of the secret service bureau at Washington, as the cause of considerable counterfeiting. He said at St. Paul this week: “Crime has been on the increase the past few years, but I refer to that branch with which we are mostly concerned, that of counterfeiting. Until three years ago there was comparatively little of it done, but now it is holding its own. Prior to this last panic everybody had work, and there was little necessity for resorting to counterfeiting. But when the financial crisis occurred many men were thrown out of work and they went into this forbidden field. St. Paul gives little trouble to my department and is one of the best cities in the country in that respect.