[:Volume XXV11
THE CHICAGO BANKER
18
“ 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
EST. 1851
The LIVE STOCK Exchange National BANK
of CHICAGO
Volume of Business for Year 1908 Exceeded
One Billion Two Hundred Million Dollars
patrons and because the basement floor is crowded with documents stored there. The plans for using more of the space on the first floor for the trust company’s business have not been worked out yet, but it is expected that within the next few months business will demand this.
The new bank was visited by representatives of many of the city’s financial institutions.
State and National Bank under One Roof
A national bank and a state bank under the same roof, both owned by the same stockholders, and directed by the same president, will be a banking novelty when the Bank of Indian Territory begins business August 16th, under the state guaranty law, side by side with the Guthrie (Okla.) National Bank. U. C. Guss will be president of both institutions.
“There still are depositors in Oklahoma who prefer a national bank,” said Mr. Guss, “and others who favor the Oklahoma bank guaranty system. We will test the matter by offering both kinds of banks.”
The organization of the new bank was made possible by the national bank’s owning the charter of the old Bank of Indian Territory, which was not permitted to lapse, though the bank has not been receiving deposits for a number of years, its business having been consolidated with that of the national bank. The state bank commissioner would have refused to issue a new charter under the proposed arrangement, but, according to an opinion by the state attorney-general, could not refuse the owners of the old charter permission to resume business.
The two banks will be in the same building, and practically in the same room, only a high partition dividing them. Each will have its own vaults and safes.
Resigns Presidency
John C. Ward has resigned the presidency of the Commercial National Bank of Beaumont, Texas, and Mr. T. W. Garrett has been elected in his stead. Col. Sam Park was elected as a vice-president to succeed Mr. Garrett, the other vice-president being Hon. George W. Carroll. Mr. Park is also a new stockholder in the bank,
crease $15,124,751.28. Currency, gold and silver, $63,524,281.52, increase of $1,558,442.42. Capital stock, $80,741,500, increase of $4,470,477.50. Deposits, $557,083,750.61, an increase of $61,-252,786.68.
Capitalists Purchase National Bank
Vinita and Bartlesville capitalists have purchased the First National of Tulsa, Okla., the oldest bank in that part of the state. Among the owners are Dr. Howard Webber of Bartlesville, who recently sold out his holdings in the Shallow oil field to the Standard Oil Company for a sum bordering on $1,000,000; J. W. Orr, Morris Knight, J. S. Thomason and W. P. Farley, of Vinita. A. F. Ault is succeeded as president by J. W. Orr, while W. E. Gordon of Tulsa succeeds W. E. Ritchie as cashier.
Resigns as Bank Examiner, Accepts Cashiership
Joseph W. Hertford has been appointed cashier of the Houston National Exchange Bank of Houston, Tex., succeeding Nelson Munger, resigned. Mr. Hertford resigned the office of national bank examiner to accept this position, and has a wide acquaintanceship among the bankers of the Lone Star State. He comes of a family of bankers. About nine years ago he was manager of the Galveston clearing house, which position he filled in a highly capable manner. Mr. Hertford’s connection with the Houston National Exchange Bank will be of substantial benefit to that institution.
Trust Company Bank Opened
The Title Guaranty Trust Company of St. Louis opened its banking department Thursday, August 5th, and for a time there was a rush of depositors. The majority of the officers and employees of the company opened accounts, and Frank Gottlieb, the treasurer, had the distinction of being first in line. Henry H. Hopkins, for five years teller of the Illinois State Trust Company, East St. Louis, and John R. Bircher, teller with the Union Station Bank, have been appointed tellers of the new institution, and two others are to be named later.
The company moved its title-searching department from the basement to the rear of the first floor. This was done for the accommodation of
The prediction made by Commissioner of Insurance and Banking Love that by the first of next January there would be over 500 state banks and trust companies operating in Texas with a total capitalization of over $40,000,000, appears as if it is to be realized or confirmed, from present indications. During the month of July alone there has been 19 new state banks chartered and in operation, which brings the total number to 470, consequently at the ratio that they were chartered in July there would come nearer being over 600. The department of insurance and banking furnished the names of the 19 new state banks and the capital stock of each. They are:
First State Bank of Savoy, capital stock, $15,-000 ; First State Bank of Mission, $12,500; First State Bank of Ochiltree, $10,000; Citizens State Bank of Marshall, $25,000; Cotton Belt Bank of Timpson, $40,000; Farmers’ and Merchants’ State Bank of Teague, $26,000; First State Bank of Collinsville, $10,000; First State Bank of Kearns, $20,000; Marfa State Bank, $10,000; First State Bank of Matched, $10,000; First State Bank of Kress, $10,000; First State Bank of Copperas Cove, $15,000; First State Bank of Eddy, $40,000; Sanders State Bank of De Kalb, $10,000; State Bank of Cookville, $10,000; Farmers’ and Merchants’ State Bank of Ballinger, $100,000; Paducah State Bank of Paducah, $30,000; the total capitalization of all these banks is $428,500.
Missouri Gains Sixty-five State Banks
State Banking Commissioner Swanger of Missouri, reporting for July 23d, shows that there are now 1,248 banking institutions in the state, being an increase since May 14, 1908, of sixty-five. There are thirty-four trust companies, which do not receive deposits, and these did not report. The reports show gratifying increase in business and condition. The total resources of all banking institutions reporting amounts to $738,204,585.54, being an increase of $62,495,-158.68 for the year. The bills payable and rediscounts amounted to $3,126,843.14, being a decrease of $149,412.60, which shows improvement in conditions. Loans, discounts and investments are $516,475,336.07, increase $43,826,-224.07. Due from other banks, $130,431.71, in-