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THE CHICAGO BANKER
October 23, 1909]
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important, industries, such as wheat and butter production. For these reasons Australia and New Zealand are, from a banker’s point of view, difficult though interesting countries to operate in, and this applies just as much in good times as in bad. One characteristic of Australians and New Zealanders is that they are optimistic. This may have its drawbacks, but, considering the difficulties that have to be faced in fighting drouths, bush fires, rabbits and other misfortunes to which Australia is from time to time liable, it is only what I may call the moderate optimists who have enabled these young countries to show such a remarkable record of material progress. But I admit—and I speak as an Australian—that they are inclined, under favorable conditions, to carry their optimism too far, and the danger that banks transacting business there have principally to guard against is doing anything to encourage the inflation of values which is apt to take place when things are going well. During the last five or six years we have had a spell of prosperity which I think has been well deserved, considering the hard struggle that Australia had from 1893—•the year of the bank crisis—to 1903, when the long drouth broke up. To those who, like myself, were out there during the whole of that trying. period, the change that has now taken place is very welcome, and I only hope that we learned enough during those 10 years to prevent any possibility of our being demoralized by the present prosperity.”
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State Bank of Grand Rapids
The State Bank of Grand Rapids (N. D.) is the title of a new enterprise. Capitalized at $10,-000. David Lloyd, R. W. Cunningham, J. W. Johnston, A. E. Franks, A. W. Cunningham and others are interested.
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West Baltimore Savings Bank
The new West Baltimore (Md.) Savings Bank has elected the following officers: Victor G. Bloede, president; John F. Sippel, Jacob Hann, Jr., George J. Hafer and George H. Poehl-mann, vice-president, and Arthur C. Montell, secretary and treasurer.
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First National Bank of Eugene, Ore., will soon put into circulation $33,000 worth of its bank notes in $5 denomination. On account of the influx of eastern people who have been in the habit of handling paper money and prefer it to the gold, the bank has planned to meet the demand. The exchange requires the signature of T. G. Hendricks, president, and P. E. Snodgrass, cashier.
Central Trust Company
Commencing with a capital of $1,000,000, a surplus of $84,524 and deposits amounting to a little over $4,000,000 the Central Trust Company, New York City, has shown a remarkable growth until now it has a surplus of over $15,000,000.
The company began business in 1875. It was not until January 1, 1878, that a dividend was paid of 6 per cent. Since then it has paid out in dividends $15,155,000, including a $2,000,000 cash dividend declared on June 28, 1909, for the purpose of increasing the capital stock from $1,-000,000 to $3,000,000.
An interesting item in the company’s report is the deposits. With a few exceptions, these have increased steadily during the past thirty or more years. One of these exceptions illustrates to what extent the trust companies suffered during the panic. On January 1, 1905, the deposits of the Central Trust Company were $46,674,569. They increased in the following year to $58,694,344, or about $12,000,000. In the two ensuing years, however, they decreased almost $24,000,000. The company continued to pay 80 per cent dividends during this period and they were amply rewarded by the confidence of the public and by the extraordinary increase in deposits—one of the largest increases ever recorded—of over $51,000,000 in one year, the deposits being on January 1, 1909, $85,749,341.
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How Industries Fluctuate in Australia
At the annual meeting of the shareholders of the Bank of Australasia, the manager said:
“Everybody has a general knowledge of the fact that most of the large industries in Australia and New Zealand are subject to sudden and violent fluctuations; but it is only when you come to look into the actual figures that the magnitude of those fluctuations becomes apparent. I do not wish to weary you with statistics, but I think the following figures are well worth noting. The number of sheep in Australia in 1891 was about 100,000,000, in 1902 the total fell to 54,000,000, but by 1908 it had risen again to nearly 90,-000,000. The price of good average merino wool was 7^/2d. in 1895, ij^d. in 1899 and iod. in 1901. Coarse crossbred in 1901 was selling at 4j^d., the lowest price on record; it went up to 13d. in 1906, fell again to 6d. in 1908, and is now worth 9j^d. I merely quote these figures to give you some definite idea of the very wide fluctuations which have taken place in the largest industry, owing to changes in the seasons and in the market prices. The fluctuations have been equally great in many of the smaller, but still
Bank Robbers Hold Up Posse
Minocqua, Wis., October 20.—Five masked bandits, who robbed the State Bank of Minocqua of several thousand dollars early this morning, held up the pursuing posse of sheriffs, which surrounded them׳ in the depot at Hazelhurst, a few miles south of here, and then escaped eastward to a near-by junction.
The posse had been hunting for the four masked bandits all day. At 7:30 o’clock this evening the bandits came out of the woods and took refuge in the railway station at Hazelhurst. They were discovered in the station by the village marshal, who swore in several deputies and then ordered the bandits to surrender.
Immediately the muzzles of several rifles were pointed through the door and windows of the station and then the masked robbers came out, still covering their pursuers. Backing the posse into the middle of the street they again escaped to the woods, while they kept their pursuers
Legends on Coin
The custom of engraving some reference to the deity on coins is quite an old one. Hebrew coins, before the Christian era, had inscriptions of a religious tenor, and Rome after her conversion to Christianity, used the cross as an emblem on coins, where formerly pagan types appeared. Several hundred years ago English kings began to stamp their names and faces on the coins with the assurance that they were kings “by the grace of God,” and that custom still prevails. The intention was not so much to honor God, however, as to justify themselves, and the same language has been used in every European nation. Two hundred and fifty years ago French coins were stamped with the Latin for “Blessed be the name of the Lord,” but this did not become general.
James VI, of Scotland, 300 years ago inscribed on his coins the legend, “Save thy people, O Lord,” showing a genuine religious sentiment, and in 1694 the New England token, one of the very early coins of the new world, had the words, “God preserve New England.” Strange to say our national coinage did not make use of any religious inscription until about forty years ago, though the Mormons as long as 1849 issued a series of coins from $2.50 to $20, on each of which they inscribed, “Holiness to the Lord.” Beginning with 1864 the old bronze two-cent piece introduced the simple and appropriate words: “In God We Trust,” which have appeared in most of coins since.