[Volume XXV If
THE CHICAGO BANKER
6
1 r\r\ ■\7"I7 ADC /"■\I rv ¥ M 1 Q 1 A This is the oldest bank in the United States west of the Alleghany Mountains. In February, 1910, it will be 100 years A UU 1 LA1\J KJLjLJ 1 IN 1 l/ i U old, having been in continuous existence since 1810. It has passed through four wars and the many severe financial panics of this country, and has never failed to protect its depositors. q It conducts a general banking business; makes loans and receives deposits, issues letters of credit and makes collections on all parts of the world, q It desires to extend its connections with banks in all parts of the United States, and invites propositions for the collection of its business, q It offers its services to banks and bankers as a collection Agent and Reserve Depositary.	___,	____________
Capital and Surplus $5,400,000.00
O F F I C E R S
W F BICKEL, Cashier	J. M. RUSSELL, Assistant Cashier	J. D. AYRES, Assistant Cashier
GEO. F. WRIGHT, Auditor
The
Rank olPitisbinoiv
17N at ioiY al JLAvs >s o ci tion w
WILSON A. SHAW, President HARRISON NESBIT, Vice-Pres.
to $823,830, and from the check department $־!:,-086,231, making a total profit of $1,910,06׳[.
To receive money through the check service one must be a member. You may pay money to a member without being a member yourself, but it is more convenient when both parties are members of the service. As in the savings bank department, interest is computed from the first and fifteenth of the month following a deposit.
V
More Gold for Japan
Arrangements have been made for the shipment of $3,000,000 additional gold to Japan, it being planned to send this amount in two installments, one about the beginning of September and the other about September 15th.
It is considered likely that these two shipments will about end the movement of gold to Japan at this time. Canada has begun to draw gold from this market.
In addition to these gold movements, further shipments to Argentina are under consideration.
Philippine Bonds Lower
Bids were opened at the Bureau of Insular Affairs at Washington on Tuesday for $1,500,-000 4 per cent ten-thirty-year Philippine public works and improvement bonds. This issue is the balance unsold of the $5,000,000 authorized by the acts of congress, last amended Feb. 6, 1905.
There were only six bids offered, of which the following are the successful ones for the amounts named:	The Riggs National Bank of
Washington, D. C., on behalf of the National City Bank of New York and the ■Mercantile Trust Company of St. Louis, $1,392,000 at 100.28; Garvin L. Paine & Co. of Indianapolis, $100,000 at 100.51; Morris Merritt of Grundy Centre, Iowa, $5,000 at 102; John Setstrom of Guthrie, Okla., $3,000 at 101.
The first two issues of this series of Philippine bonds, the first aggregating $2,500,000 and the second $1,000,000, sold at a much higher rate than that realized Tuesday, the prices ranging from 108.3747 to 109.06.
The reason for this decline is largely found in the fact that there is little present demand for bonds for national bank purposes, inasmuch as the secretary of the treasury is not now making any deposits of the government funds for which these bonds are accepted as security.
ry»
To Pay St. Louis Bank Debts
St. Louis, Mo., Aug. 25.—Bank Examiner John E. Swanger of Jefferson City has been in conference at the Grand Avenue Bank with Dr. Pinckney French, formerly president of the defunct Olive Street Bank, and Colin M. Selph, attorney for the depositors, regarding the closing up of the affairs of the Olive Street institution, which failed over a year ago. Attorney Joseph McIntyre, counsel for Dr. French, and Attorney George W. Winstead, representing the Grand Avenue Bank, which took over the deposits of the Olive Street Bank, also were present.
It is understood there is $60,000 outstanding of the Olive Street Bank liabilities, which Dr. French has agreed with Bank Examiner Swanger to pay within the next thirty days.
Savings Banks
I. Brittain
may receive money from all parts of the empire in payment of debts. For example, a merchant sends out shipments of merchandise to various customers in different parts of Austria; at the same time he may send with the bill for the merchandise a blank form, which the debtor fills out and deposits at the postoffice, together with the amount he owes. This money is immediately forwarded to the central office in Vienna and placed to the credit of the merchant. There is no expense to either party, excepting a charge of two-fifths of a cent for the form which the merchant sends to his customer, while considerable expense is connected with sending money through the postoffice by a regular postal money order. Where both debtor and creditor are members of the service, a form of check may be sent in payment of accounts.
A receipt is given the sender for all money forwarded and a daily statement is sent the members showing how their accounts stand, together with all deposit slips paid in payment of accounts. The system is exceedingly popular with business and professional men, as it is very convenient, perfectly safe, and inexpensive. Depositors in this department are paid 2 per cent interest on their deposits. According to the last published statistics the membership amounted to 79,711, being an increase of 6,398 over the previous year. The amount to the credit of the depositors at the close of the year was $74,693,076.
The total profit to the Government from the postal savings bank for the past year amounted
MAUSOLEUM
The above mausoleum is one oi our simple, well constructed designs which can be erected at a comparatively low cost with six to eight crypts. How much less barbarous this method is than burying in the ground.
Write for free booklet on “Monuments” to
CHAS. G. BLAKE & CO.
The Old and Reliable Makers of Mausoleums and Monuments 782 Woman’s Temple Tel. 115 Main Chicago, 111.
Austrian Postal
By Joseph
The Austrian Postal Savings Bank is an institution very highly prized by those having small earnings who have a desire to place their money on deposit in an absolutely safe place, where it will draw interest. Aside from its being a safe and profitable depository for the people, including a large number of working people of all classes who have not sufficient earnings to warrant their opening a bank account, it also appeals to the children and teaches them economy.
Manner of Doing Business
To open an account at a postoffice, a deposit of a crown (20.30 cents) is all that is necessary when the depositor receives a deposit book, which is signed by the depositor in the presence of the postoffice official, to prevent fraud. One person can deposit any amount up to 2,000 crowns ($206). Should a depositor desire to deposit more than that amount, the government will invest the money in interest-paying bonds, but a single postal savings deposit can not exceed 2,000 crowns. To encourage small deposits the postoffices sell children’s cards, to which may be pasted postage stamps, and when the card has stamps to the value of a crown (20.3 cents) the child takes it to the postoffice and has the amount credited in a postal savings book.
Amounts not exceeding 40 crowns ($8.12) will be paid to the depositor on presentation of the deposit book; to draw amounts over 40 crowns and under 200 crowns ($40.60) 15 days’ notice must be given; for amounts exceeding 200 crowns and not exceeding 1,000 crowns ($203), one month’s notice; and for amounts over $203, two months’ notice. All deposits draw 3 per cent interest, with interest allowed from the first and fifteenth of the month following the deposit. In country districts, where there is no postoffice, deposits may be made with the mail carrier.
Money may be deposited or withdrawn at any postoffice in Austria. All deposits are remitted to the central savings bank in Vienna. According to the latest published report, the balance sheet indicates a net profit for the last year amounting to $1,910,061 at the close of the year, being an increase of $300,740 over the previous year.
The amount of money handled during the year amounted to $58,601,650, and the credit balance at the close of the year amounted to $44,269,233. The number of depositors was 2,064,403, being an increase of 59,916 as compared with the previous year.
Check Department
Another very popular and useful department, known as the “Post Sparkassen Amt Scheck Verkehr,’’ or postal savings bank check system or service, has been added to the postal savings bank. To become a member or be entitled to the benefits of this service requires a deposit of at least 100 crowns (20.30), but there is no limit to the amount of a person’s deposits. A member