[Volume XXVJJ
THE CHICAGO BANKER
28
THE STERLING WAGON
CJ The Sterling thirty horse-power shaft drive, fast truck and delivery wagon does the work of three teams, cuts down the number of employes and saves delays. It is made as a bank wagon fo r the transfer of clear-in g s and e x -changes.
THE STERLING VEHICLE COMPANY
FACTORY AND GENERAL OFFICES AT HARVEY, ILLINOIS
Sell Direct.
Our Classified Service is for those who require but a few words to state their proposal to the bankers, brokers and financial men of the country. The list of heads under which small adds are listed will be enlarged to cover any acceptable business matter. You can sell or buy; get help or find a situation; interest capital or secure an investment. The terms are low.
New Brooklyn Bank
It is announced that a new savings bank is to be opened in Flatbush. That section of the city has demonstrated unusual activity in every direction this summer, and this institution is destined to meet certain phases of financial needs arising among the inhabitants. It is understood that Superintendent of Banks Clark Williams has approved the purpose of the association, and that the plans for the institution, when formally submitted, will have the complete sanction of the head of the banking department.
The men who have organized the “Flatbush Savings Bank,” as it will be called, are all well known business men of the city. They are: Lewis H. Losee, assistant general manager of the Lawyers Title Company; Dr. Walter B. Gunnison, principal of Erasmus Hall High School; Henry P. Read, iron manufacturer; Jerome Lott; Harry M. DeMott, assistant cashier of Mechanics Bank, Brooklyn; Everett C. Terry, of Case & Terry; William E. Harmon, trustee of Peoples Trust Co.; DeHart Bergen, real estate, Flatbush; John F. James, Jr., president Flatbush Merchants’ Association ; Benjamin H. Knowles, member of executive committee of Home Trust Company; Asa D. Sawyer; William D. Buckner, president Prospect Park Bank; Hugo Heyman, market provisions; John Reis; Martin L. Hamilton; James H. Oliver, of Oliver Bros.; Alexander McKinney, general counsel of Flatbush Taxpayers’ Association.
The bank will be located on Flatbush Avenue, near Church Avenue, the present financial center of the Flatbush section.
V
Will Defer Action on Postal Banks
Washington.—There is no chance that the question of postal savings banks will come up at the next session of congress, according to a statement made by Representative Weeks, of Massachusetts, a member of the monetary commission. That session, he said, will probably be devoted almost entirely to the president’s program for corporation control, and the monetary commission, with its jurisdiction over all phases of the banking and currency question, will not report before the short session following, or at a special session to be called early next fall. With the whole subject of the country’s financial system coming up for modification, said Mr. Weeks, it would be most unreasonable to establish a new set of banks without any reference to the changes that will immediately be made.
sions made for installing two more if they shall be required in the future.
The Northern National of Duluth will occupy the whole of the floor on the Superior Street level and will have vault space in the part of the building below the bank floor nearest to Superior Street. The vault walls will be of concrete and steel. The vault fixtures will be of the most modern type. There will be facilities for lowering the safes and records of the bank into the vault by electric power.
When you buy bonds you are mighty careful to see that the price is low enough to make the yield high enough.
Use the same good sense in buying stationery.
CONSTRUCTION
BOND
Is a high grade paper for bank stationery that pays interest to the user in the form of increased prestige. Other bond papers pay just as much interest, but their yield is less, because they cost you more.
The reason, together with some handsome examples of bank and business stationery, will be sent free to any officer of a bank who writes us on the bank letterhead, asking for the Portfolio of Specimens of Construction Bond. Write now.
W.E.WROE&CO.
298 Michigan Boulevard, Chicago
Banks Oppose Change in the Size of Notes
Washington, Aug. 20.—Considerable opposition is being manifested by the banks of the country to the suggestions of Secretary of the Treasury MacVeagh that the size of the American bank notes should be made smaller. The banks do not care how ornate the treasury shall make its notes, and they think it is probably a good idea to have them as artistic as possible, but when it comes to making a change in the size the national banks point out that there are practical objections in the way.
In the first place, if the treasury made its notes smaller every national bank in the country would have to make its notes conform to the new size. That would mean practically all of the 6,900 national banks of the LTnited States would have to change the plates from which their notes are printed." Each bank that issues notes has at least three of these plates for denominations of $20, $10 and $5 and some have more. The engraving of these plates costs $75 each, and the work has to be done at the Bureau of Engraving and Printing in this city. To change all of these plates would not only cost each bank quite a sum of money, but would take a lot of time.
Another objection from the practical point is that in nearly every instance throughout the country the drawer of the paying teller of a bank is fitted with partitions just the size of the present currency. Of course, a smaller bill would go into the larger partition, but it is claimed that great inconvenience would result and that eventually it would be necessary to make over the drawers in every bank, so that the partitions would conform to the size of the bills.
V‘
New Home of the Northern National
The contracts for the new 15-story Alworth building of Duluth calls for the steel superstructure and the brick walls to be completed by January 15, 1910. The completed structure will represent a cost of $400,000. It will be constructed on plans made by D. H. Burnham & Co., of Chicago, 14 stories above Superior Street and 15 stories on the Michigan Street side. The building will have a frontage of 50 feet on Superior Street and will occupy the full lot back to Michigan Street, 115 feet. The construction will be of granite, steel and brick, with terra cotta panels in the front walls for decorative effect. The building will be as near fireproof as modern buildings are now made. It will be equipped with two modern elevators with provi-