7 THE CHICAGO BANKER October 30, 1909] Farsons Sued Suit for $25,000 against Farson & Son, bankers and brokers, 164 Dearborn Street, has been started by G. A. Buder, president of the Universal Adding Machine Company of St. Louis. The suit is on a contract. “My client deposited $72,-000 in a St. Louis bank to cover the cost of stocks which he desired to buy,” said Attorney A. E. Meads. “He received telegrams and letters stating that the deal was all right and finally closed it. Then he received telegrams and letters to the effect that it was closed. When the stock went up in value the firm refused to deliver it. The stock in question was selling at $165 and now is up to $250.” V* Lucas Savings Bank The Lucas Savings Bank, located at Watts Mills (S. C.) has been opened for business. J. Adger Smyth, Jr., is president, Thos. I. Swygert cashier and P. B. Irby assistant cashier. The directors are: Messrs. Ellison A. Smyth and J. E. Sirrine, of Greenville; J. A. Smyth, T. B. Wallace and T. I. Swygert, of Laurens. V* Oconee County Bank The stockholders of the Oconee County Bank of Watkinsville, Ga., have declared a 10 per cent dividend, and at the same time 14J4 Per cent was added to the surplus, making this fund now total the handsome sum of $11,400. A. W. Ashford was elected president. fact that the government has no part in the system, thus allowing it to shape itself to the needs of the people and the demands of their com- A New Stock Yards Bank A new bank to be known as the People’s Stock Yards State Bank is to be established in the stockyards district. A state permit for its organization was issued on Monday at Springfield. The capital stock is to be $300,000. The permit was issued to Edward W. Everett, Blackburn Esterline and Arthur C. Marriott, attorneys. The names of the financiers interested in the institution are withheld for the present. Chicago Visitors Daniel Crabb, treasurer elect of the Illinois Bankers Association, and cashier of the Tazewell County National, Delavan, and of the Hopedale Bank, visited Chicago acquaintances Monday. Blish Monyhan, representing the Fletcher National of Indianapolis was a recent Chicago vis- New Bank for Stanleyton A new state bank has been organized at Stanleyton, Va., with a capital of $25,000. E. T. Brumback is president, and D. M. Modesett, vice-president. Directors are E. T. Brumback, A. M. Hite, D. S. Kihinger, D. M. Modesett, H. R. Finter, J. S. Price and W. M. Long. EDMOND C. VAN DIEST ROBERT McF. DOBLE THOMAS L. WILKINSON ASSOCIATED ENGINEERS COMPANY Consulting and Supervising Engineers 17th & Stout Streets DENVER, COLORADO Bankers ! Advise your customers to use FOBTAL CAM® CHECUSS (patented; For paying small sums. They are safe, economical and convenient, and save time, money and errors. Samples for 1 Oc silver. E. P. SELDEN ERIE, PENNSYLVANIA GMAMJES eateaway <§s cocommercial Paper ,a Sal© Sfcrseft Cl Correspondence Invited E. C. HOLBROOK & COREY Commercial Paper 217 La Salle Street CHICAGO 31 Nassau Street NEW YORK DRY GOODS PAPER A SPECIALTY NATIONAL STOCK YARDS NATIONAL BANK An institution with ample capital offers perfect service to Bankers interested in live stock business at the St. Louis National Stock Yards NATIONAL STOCK YARDS - - ־ ILLINOIS Peoples Savings Bank & Trust Co. Capital and Surplus, $285,000 Deposits, $2,317,110 Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms WM. BUTTERWORTH, PRES. NELSON H. GREENE, VICE-PRES. C. W. LUNDAHL, CASH. AND SEC. W. G. Edens William G. Edens, assistant secretary of the Central Trust Company of Illinois, was one of the fifty delegates selected to represent the city of Chicago at the Deep Water Way convention to be held at New Orleans. Bankers were active in the recent session of the Grand Lodge Knights of Pythias held at Peoria last week. Albert Watson, of Mt. Vernon, Illinois, president of the Ham National Bank, and connected with several other banking institutions in that locality, was elected grand chancellor. Millard F. Dunlap, of Dunlap, Russell & Company, of Jacksonville, was elected grand master of the exchequer. William G. Edens of Chicago, assistant secretary of Central Trust Company of Illinois, was re-elected supreme representative, defeating Levin D. Gass of Danville, cashier of the First National Bank. Messrs. Richardson of Cairo; Garst, of Stanford ; Swiggert, of Edinburgh; Brawn, of Thebes; Walter H. Dey, of Carlinville, and many other delegates representing financial institutions, took an active part in the meetings of this big fraternal organization. T. O. S. McDowell, president of the First National Bank of Fairbury, former treasurer of the Illinois Bankers Association, and family were in Chicago Tuesday on a shopping expedition. Capture Bank Robbers Kankakee, 111., October 24.—Three robbers, believed to be men from Chicago, were captured in a desperate revolver battle Saturday, after an attempt to rob the private bank of Eyerley & Hennessey at Chebanse, a little village ten miles south of Kankakee. The attempt at robbery was made early in the evening. Marshal William Brinkman discovered the men at work in the bank. They were then drilling a hole in the safe. Deputizing a citizen, he attempted to gain entrance to the bank, when the men ran out, firing as they ran. The Kankakee authorities were notified by telephone, Sheriff J. P. Russell, Chief of Police A. N. Gathany, Sergt. Charles Devaney and Deputy Sheriff M. Stirling responded, making the trip in an automobile. With the aid of the Kankakee officers the men were captured in a cornfield north of the village limits. V The Centenary of Banking The centenary of banking in Scotland is soon to be celebrated. The Scotch banking system is said to be one of the best in the world. Yet it is to be doubted that it would fit our republican and individualistic form of government. One of the early features of the Scottish system was what is known as a cash credit system. The borrower is given a credit after the security of his sureties is obtained, and he checks on this as he needs the money, paying on the sums withdrawn only, thus reducing very much the cost of his loan. This is the reverse of our own system, where the borrower pays on the whole of the loan, no matter what sum may remain in the bank to his credit. To these features is attributed much of the industrial growth of this country, and to the further Joyce & Company (Incorporated) General Agents The Rookery hld^. Chicago, Illinois ILLINOIS ADVISORY BOARD Charles G. Dawes, Resident Vice-President A. J. Earling David R. Forman John A. Spoor Walter H. Wilson M. J. Kirkman COUNSEL Calhoun, Lyford & Sheean Winston, Payne, Strawn & Shaw National Surety Co. Of New York Fidelity and Surety Bonds Burglary Insurance