[Volume XXVII
THE CHICAGO BANKER
18
in the most competent and considerate manner is our constant study.
Irving
-National Exchange 5Bank
West Broadway and Chambers Street New York City
RESO UR CES T WENTY - NINE MILLIONS
The LIVE STOCK Exchange National BANK
of CHICAGO
Volume of Business for Year 1908 Exceeded
One Billion Two Hundred Million Dollars
California Banking News
By WILLIAM J. HOLLISTER
Alexander, secretary; A. E. Wilder, cashier; A. B. Post, first assistant cashier, and W. E. Blauer, second assistant cashier.
New Bank to Build
The board of directors of the new Savings and Commercial Bank of Oak Park—C. A. Everett, W. F. Foster, Geo. A. Gostick, L. B. Hinman, G. J. Bryte, Jos. Shaw and W. G. Cooper—have instructed Attorneys Charles O. Busick and B. F. Driver to prepare the articles of incorporation. Geo. J. Bryte, president of the Fort Sutter National Bank, will be president of the Bank of Oak Park, and Mrs. W. G. Cooper, late of San Francisco, will be cashier. The officials are now negotiating for a lot upon which to erect a concrete bank building.
Building New Quarters
The Bank of Monterey has a paid-up capital of $100,000 and surplus and profits amounting to $35,000. The increase in the bank’s business demanding more extensive and commodious quarters the management has now under construction on Alvarado Street nearly opposite the bank’s present location, a modern reinforced concrete fireproof building, to be provided with the most improved safe-deposit vaults and fitted and furnished in the most substantial manner, which will be occupied as a permanent home for the institution in the near future. The officers of the Bank of Monterey are: president, T. J. Field; vice-president, M. M. Gragg; cashier, Charles D. Henry.
Consolidation Takes Effect January 1st
The absorption of the Metropolitan Bank and Trust Company by the Los Angeles Trust Company, the latter changing its name to the Los Angeles Trust and Savings Bank, will be consummated about January ist, and will open on the ground floor of the Central building. J. C. Drake will continue at the head, it is understood.
Hibernian Savings and Trust Company
Articles have been filed looking to the incorporation of a new banking institution to be known as the Hibernian Savings and Trust Company, of Los Angeles. In the articles the capitalization of the proposed bank is set forth at $250,000, of which something like $4,000 has been paid in. Among the directors are: John B. Grant, Robert Hill, G. A. Hancock, John P. Coyne. G. W. Lichtenberger, T. J. Cunningham and D. F. McGarry. Plans for the opening are as yet in an indefinite state.
cent. Sterling rates are now strong and moving toward the gold exporting point.
The exports of American products will scarcely pay for the large loans secured by Americans in Europe, which mature within a few months. Should the value of money in the East rise enough to warrant the use of the Aid-rich emergency currency, it is fairly certain that America would promptly lose a large amount of gold, in accordance with the well known economic law. The experience would be unpleasant, but of some worth in demonstrating that currency experiments are costly. Stockton Bank Clearings
Bank clearings of Stockton for the month ending October 28th, $2,710,925.21, and for the corresponding month last year, $2,257,780.42. California Bankers at Arizona Convention
At the Arizona Bankers Convention James K. Lynch, president of the First National, San Francisco, and president of the San Francisco clearing house, delivered an address upon “Modern Tendencies and Ancient Principles.” He criticised the provisions of the California bank act which, he said, bristled with restrictions and penalties and divided the work of bankers into felonies and misdemeanors. Col. F. E. Beck of the Anglo and London Paris National of San Francisco, protested against the practice of accepting as cash deposit any one’s personal check at par on the date of presentation, payable anywhere and unsecured except by the indorsement of the depositor.
Directors Fill Vacancies in Official Staff
At a recent meeting of the board of directors of Garden City Bank and Trust Company, of San Jose, several important vacancies were filled. T. S. Montgomery was elected vice-president to fill the vacancy caused by the death of the late J. W. Blauer. John D’. Kuster was elected a director to succeed Dr. G. D. Marvin, who recently resigned and moved to Ukiah, and W. E. Blauer was advanced to the position of second assistant cashier. The officers of the bank at present are: S. B. Hunkins, president; T. S. Montgomery, vice-president; Wm. G.
By the comptroller’s figures it will be observed that the California banks show not only a larger percentage of increase than any of their neighbors, with one exception, but the actual amount of deposits is larger than that in the six adjacent states, combined.
The figures also show in a striking way the consistent progress of wealth and industrial development in all that vast territory conveniently classed as the Pacific states. Referring again to the comptroller’s figures, it is found that this region has made a larger gain, measured by the individual deposits in the national banks, than any other group of states in the same period.
_ Although agricultural and industrial conditions in the whole country are for the most part satisfactory, the same cannot be said of the financial outlook. The irrational and wholly unwarranted expansion of national bank circulation. has driven $80,000,000 of American gold out of the country within a year; the New York banks, carrying less reserves than they had two years ago, are confronted by heavy autumnal demands for crop-moving at the very moment they have to bear the burden of a heavy bull movement in the stock market. The result is increased interest rates to borrowers and the prospect of still higher rates in the immediate future, with even a possibility of tight money if commercial operations should expand with unlooked-for rapidity.
During October silver and oriental exchanges have been steady, with the general trend downward. With higher rates for money in the East, domestic exchange has been in good demand and stands now well above par.
The foreign markets have been subject to many influences. The pressure of American cotton bills having brought sterling exchange to a level where gold shipments from Europe could be anticipated, the Bank of Germany, to protect its own reserve, raised the official rate of discount to 5 per cent. A few days afterward the Bank of England followed with a 4 per cent rate, having within two weeks previously raised from 2.V2 per cent to 3 per cent; on the 21st the Bank of England again raised its rate to 5 per