[Volume XXVII
THE CHICAGO BANKER
12
FISK £? ROBINSON
BANKERS
Correspondence invited regarding Government, New York City, Railroad, Municipal, and Corporation Bonds
Members of the New York Stock Exchange
Commercial 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
the bankers by means of nitro-glycerine and jimmy.
The agricultural committee of the Minnesota Bankers Association has taken up the work of exploiting the state in active fashion. It sent word to the regents of the University of Minnesota that the appointment of the dean of the agricultural college is an important matter in the light of the committee’s investigation and that it is ready to give the regents any aid they may require in the way of illumination. On November 12th the committee and the entire executive council of eighteen members will go down to Madison to look over the Wisconsin state agricultural school.
State Managers Trade Places
Claude G. Cotton, state manager for the Burroughs Adding Machine Company at Minneapolis, has traded places with W. J. Parrish, state manager at Denver. Mr. Cotton has been prominent in promoting Twin City clerk contests and many prizes have been awarded through his instrumentality to both chapters. He was a member of the Roosevelt Club dramatic company, secretary of the club, and prominent in Battery B, state militia. Mr. Cotton has lived in Minneapolis eight years.
Against Central Bank
Senator John R. McGivern of Raleigh, N. C., a leading politician of the state, says in Min-
GRAHAM & SONS
Bankers
Insurance & Agents
Established 1857—52 Years
Interest on Deposits — Accounts Solicited Money to Loan on Real Estate
Open Evenings — Hours 9 a. m. to 9 p. m.
134 WEST MADISON STREET, CHICAGO
return to Minneapolis late last week he said of the Columbia Bank & Trust Company which failed:
“The Columbia, with $200,000 capital, had accumulated in about a year deposits of $3,000,000 and held the reserve account of many state banks. The guaranty fund was liberally drawn upon, the stockholders were assessed too per cent, and no statement from the bank commissioner has appeared.
“The Columbia was widely known as the pet of the state administration, and it is commonly known that politicians were favored with loans. Under the circumstances many state bankers are figuring on getting out from under the load and one state bank has already done so.
“At a bankers convention at Tulsa, after the failure of the Columbia, there were some spirited remarks. The leading state banker at Tulsa said that his ‘views of the guaranty law would not look well in print,’ and another one reminded his associates thaf ‘pulling themselves up by the bootstraps’ didn’t work.
“The general feeling seems to be that the guaranty law is not a success. The failure of the Columbia bank, so far as the facts are known, seems to have been due to absolutely reckless loans. Prudent bankers are naturally wondering what the end will be and what assessments their institutions will be forced to meet to pay the losses of wildcat bankers.
“At Tulsa, a city of about 20,000 inhabitants, the three national banks carry about $3,000,000 deposits, and the four state banks about $1,000,-000. These figures would indicate that the depositing public prefers to patronize the national banks instead of having its deposits guaranteed by a system which does not seem to guarantee.” Work of M. B. A.
C. R. Frost, secretary for the Minnesota Bankers Association, and in charge of the protective work, has been authorized by the committee to spend the necessary amount of money to hunt down yeggmen who are pilfering from
F. A. Chamberlain, president of the Security National, has compiled figures showing twelve years' growth in Northwestern banks. He has sent the figures to prominent financiers and railroad men who have, expressed interest and surprise over the showing. The combined deposits of the states of Minnesota, Iowa, North and South Dakota are more than $780,000,000. In two years Minnesota has gained more than $90,-000,000, Iowa almost $90,000,000, North Dakota $19,000,000 and South Dakota $25,000,000.
Law not a Success
Dubious conditions are reported in Oklahoma as a result of banking developments there, following the first test of the bank guaranty law by Wallace Campbell, until lately a Minneapolis bank president, but now an investor. Mr. Campbell has money in the oil fields and makes headquarters at Tulsa when out West. On his
In Pittsburgh
OWING to industrial and financial conditions that are entirely peculiar to Pittsburgh, the banks of this great center lead the banks of al 1 other American cities in earnin g capacity. These same conditions enable this bank to offer an unusually attractive proposition to Banks and Trust Companies everywhere to act as a Reserve Depositary and Collecting Agent for them. It pays liberal interest on deposits and gives banking service satisfactory to the most exacting.
Correspondence Invited
OLUMBIA
NATIONAL
BANK
OF PITTSBURGH
Surplus, $1,000,000.00
Capital $600,000.00