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THE CHICAGO BANKER
September 25, 1909]
William A. Tilden President
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Nelson N. Lamport Vice Prest.
Henry R. Kent Cashier
George H. Wilson Asst. Cashier
Charles Fernald Asst. Cashier
Colin S. Campbell Asst. Cashier
MONROE AND CLARK STREETS
C H I C A G О
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 P, DAVISON Chairman Ex. Com.
CAPITAL, SURPLUS AND UNDIVIDED PROFITS
$3,500,000.00
Loan and Trust Company will add $500,000 to its capital, making it $1,000,000. The two institutions will become associated. The Trust Company will remove from its own place of business to the Bank of Commerce building adjoining the Northwestern National, and the two buildings will become connected. The Northwestern National has bought the Bank of Commerce building from the liquidating committee of the National Bank of Commerce for $275,000. A plan has been approved by the directors of the two institutions which contemplates joint ownership of capital stock by individual stockholders. The bank and trust company will remain distinct and the managements will be the same. The change in the individual stockholders will prorate stock in the other institution and the evidence of ownership will appear on the same certificate. The managing officers of each institution will become members of the board of the other one. By the change the trust company will come nearer the financial center. The combination will advance the banking standing of Minneapolis several pegs. The Northwestern showed at last call resources of $31,246,642 and the Trust Company of $2,496,670.
Directors Make Statement
The statement by the directors is as follows:
“The management of each institution will remain identical with what it has been in every particular, the only change being that it is proposed that the individual stockholders of each company will own his pro rata share of the stock in the other company and the evidence of ownership will appear on the same certificate, under the plan adopted by the First National Bank, Chicago, and the First Trust and Savings Bank.
“The capital stock of the Northwestern National Bank will be increased by the issuance of $1,000,000 new stock, making its capital $3,000,-000; surplus, $2,000,000; undivided profits in excess of $100,000.
“The capital stock of the Minnesota Loan and Trust Company will be increased to $1,000,000; surplus $100,000.
Call Special Meeting of Stockholders
“Special meetings of the stockholders of each institution will be called later, for the purpose of formally approving and adopting the plan.
“In contemplation of this arrangement, and because of its need of more room for its rapidly increasing business, the Northwestern National Bank has to-day purchased from the liquidating (Continued on page 28)
sity. The work will begin September 27. President H. R. Fairchild of the St. Paul chapter said the St. Paul clerks would attend the lectures also, although perhaps in smaller numbers.
Mr. Allen attended the meeting of the St. Paul clerks on September 14th. Waldo H. Sherman of St. Paul, who is to conduct classes in commercial law for the clerks, made an address. The principal speaker was Senator Moses E. Clapp on “The Relation of the Business Man to the Government.” He dwelt on the responsibility of the business world to take an intelligent part in the formation of the government through the selection of qualified men to administer it.
Bank Offers Prizes to School Children
The First National has again made an offer of prizes for writing in the Minneapolis public schools. Two hundred dollars is the total amount, half of which will be presented at the end of the first semester and the remainder at the end of the school year. Thirty dollars is offered for the best set of papers written in business hand, or a page from each child; $20 for the second set and $10 for the third. Individual prizes are as follows: $12.50, $10, $7.50, and $5. The hand required is neither vertical nor slanting.
Bank Has Own Lunch Room
After having occupied its new building for more than a year the First National of Minneapolis is utilizing its clerks’ luncheon room. The meal is served between 11:30 a. m. and 1:15 p. m. Seventy-five employees eat there. The bank furnishes coffee and tea free. The remainder of the luncheon can be ordered over the counter at prices that don’t show profit to the provis-ioner. Employees don’t have to eat at the lunch room. The plan is successful, the officers of the bank say.
Dean of Banking Fraternity Dead
J. E. Bell, president of the Hennepin County Savings Bank-, dean of the banking fraternity in the Twin Cities, is dead. The Minneapolis Clearing House Association and the Minneapolis Atheneum, of which he was president, passed complimentary resolutions. For forty years he was connected with the bank, of which he was an organizer. Mr. Bell was seventy-six years of age. The estate is valued at $210,000.
National and Trust Company Join Ownership
The Northwestern National will increase its capital to $3,000,000 and its surplus and capital combined will be $5,000,000. The Minnesota
that the plan of a central bank will eventually be settled upon as the solution of our currency troubles, but there are so many details, both of organization and management, to be worked out that little can be said about it at this time.
“In the charter granted it by the federal government there would have to be every safeguard to forever prevent the possibility of the management of the bank falling into the hands of any man or group of men who would manipulate the vast funds of the bank for stock jobbing purposes.
“If the stock of the central bank were held by the various banks of the country there would have to be provisions against any one bank owning more than a certain proportion of the capital stock.
"These are only a few of the many things which would have to be settled before any one could pronounce either for or against the proposition.
“It is likely that the report of the currency commission will present something along this line, based on the workings of the Bank of England, the Bank of France, or, more probably, the Imperial Bank of Berlin.
“The currency commission is doing a good work by investigating the currency system of European countries, and the legislators should wait until the commission has completed its investigation and made a complete report. There is plenty of money in circulation and there seems to be no hardship at present existing for either the financial men or for business purposes. In fact, I do not see any great need of reform, although there is an admitted sentiment for it.”
Bank Clerks Open New Club Rooms
The Minneapolis bank clerks have opened new club rooms at 126 Third street S. A musical and a smoker was given. George E. Allen, educational director for the Institute, was present, and Professor John Gray of the University of Minnesota, made an address. Delegates to the Seattle convention reported. The rooms were fitted up from money received at a theatrical performance last winter. The new quarters permit of entertainments on larger scale than before. President Gray Warren expects a successful season’s work. Secretary P. A. Sandberg is planning entertainments. H. E. Cobb is the vice-president and H. C. Libby is the treasurer. Following the talk by Professor Gray fifty of the clerks signified their purpose to attend the evening lectures on economics the coming winter at the univer-