[Volume XXVII
THE CHICAGO BANKER
12
FISK	ROBINSON
BANKERS
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Members of the New York Stock Exchange
Commereiai National Bank Building
NEW YORK	CHICAGO	BOSTON
Western Trust and Savings Bank
Chicago, Illinois
Capital, One Million Dollars
ESTABLISHED 1873
Is thoroughly equipped to handle all business pertaining to banking and invites the accounts of banks, corporations, firms and individuals
Directly upon the subject of currency legislation. John R. Mitchell, president of the Capital National says: “There is no great need of currency reform. The currency system of the United States is in very good condition, and we will be far better off if there is no experimental legislation tried. There is room for improvement, but there are also many opportunities for detriment, and it is best to let well enough alone until the future is correctly planned.”
George C. Power, president of the Second National, said: “There is necessity for some legislation, something that will admit of contracting the currency after it has been expanded for a sudden emergency. For instance, during the stringency of 1907 the banks issued many million dollars in paper throughout the United States. That was all right. It was necessary at the time, but it is hardly necessary to keep all of that money in circulation, and yet very little of it has been retired, and we find the country at present overflowing with funds for which there is little demand. Some measure should be planned which would allow of expansion when necessary and would, at the same time, provide a means of again contracting the supply when the urgent need was passed.”
Opinion on Central Bank
The general idea of a central bank seems to
$41,860,000. The loans and discounts have increased from $27,025,000 to $27,309,000. The cash resources are $17,105,000 as compared with $14,234,000. The National German American leads with deposits of $10,663,720. The next two banks are the Merchants National with $10,-377,768 and the First with $10,124,870 deposits. The German American shows an increase in earnings of $107,267, and the Merchants of $37,-415 and the First of $35,713. The banks have paid in order also in dividends $80,000, $80,000, and $120,000.
Gain in Minneapolis Banks
In the way of deposits the Minneapolis banks have gained in the past year from $68,877,000 to $72,144,000. The loans and discounts have increased from $50,573,000 to $51,893,000 and the cash resources from $22,675,000 to $28,957,-000. The savings banks show like advances. The Northwestern National leads with deposits of $25,509,000, and it is followed by the First National with $19,769.000 and the Security National with $18,273,000.
Bank Stock Advancing
Northwestern National stock has advanced on the stock exchange from 260 to 270. A sale was made lately at 27S. It is expected to reach $300.
The Security National has added $50,000 to surplus. A previous increase this year was $100,000.
Money Supply Exceeds Demand
Currency legislation is looked at by St. Paul bankers as something there is no hurry about, One of them remarked: “Never in the financial history of St. Paul has there been so much money in St. Paul as at present. This is due to the call for money made by the necessity of moving the harvest. Eastern capital thought the demand for funds would be much larger than it is, and there was a large amount sent West for loaning purposes. The Western banks also called in much of the deposits from Eastern centers, and the supply is in excess of the demand.
In amounts averaging $10,000 Minneapolis banks were called upon last week to ship $600,000 in one day in the form of currency to Minnesota and North and Sourh Dakota. This has been the maximum day shipment. The western part of North Dakota got the most and South Dakota the next largest sum. Wisconsin and Iowa drew some also. The movement will soon reach the old proportions of $1,000,000 daily, it is expected. Farmers heretofore have been disinclined to sell grain and the demand for money was less active. Receipts of grain are now reported from the smaller towns which will call for more currency.
Gain in St. Paul Banks
Gratifying conditions are shown by the comparison of the St. Paul banks’ statements for September 1 with those for September 23, 1908. The deposits have grown from $39,148,000 to
/ 5 Carloads a Minute
is the estimated amount of Pittsburgh’s mine and mill products. The financing of these immense industries gives Pittsburgh banks a large earning power. Because of its large volume of business and extensive connections, this Bank can offer attractive inducements to banks and trust companies everywhere to establish connections with it.
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vQ<OI>UMBIA !®NATIONAL \*A BANK
^ J OF PITTSBURGH
Capital, $600,000.00	Surplus, $1,000,000.00
have favor in St. Paul. E. H. Bailey, president of the First National, says: “I consider it likely
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