[Volume XXVII
THE CHICAGO BANKER
20
MECHANICS-AMERICAN NATIONAL BANK
OF ST. LOUIS
CAPITAL $2,000,000	SURPLUS $2,500,000
Superior Facilities Offered to Correspondents
WALKER HILL, President	L. А. ВАТТ AILE, Vice-President	J. S. CALFEE, Cashier	G. L. ALLEN, Assistant Cashier
JACKSON JOHNSON. Vice-Pres. EPHRON CATLIN, Vice-President	G. M. TRUMBO, Assistant Cashier P. H. MILLER, Assistant Cashier
KNAUTH, NACHOD NEW YORK Travelers' Checks in denominations of $10, $20, $50 and $100 Furnished to Banks and Bankt INVESTMENT		& KÜHNE, Bankers LEIPZIG, GERMANY Letters of Credit in Pounds Sterling, Dollars, Marks and Francs îrs for direct sale to Travelers SECURITIES	
			
St. Louis	S®iAw@sft ВашЫвпй		Kansas City
His home since the failure of the bank has been in St. Louis.
In Defense of Kansas Guaranty Law
There have been many statements given out as to the status of the bank deposit guaranty fund in the state treasury of Kansas. Many of these statements came from enemies of the guaranty law and were wrong. J. N. Dolley, state bank commissioner, has given out the following statement of the exact condition of the guaranty funds:
“There are 365 banks that have their bonds and assessments deposited with the state treasury at this date. There is deposited in the state treasury $259,492.20 in the bond account. There is deposited in the state treasury in the assessment account $15,873.08. The said sums being placed to the credit of these 365 banks. Under the guaranty law, which permits five assessments per annum, there is available at this time $79,-365.40, the payment of which is guaranteed by bond deposits with the state treasurer to the amount of $259,492.20, as above stated. The records of the banking department show that during the last ten years less than $25,000 per annum has been lost to depositors through failed state banks. On this basis, there is at this time enough money available in the assessment fund to pay the average losses for three years to come, as shown by the records during the past ten years, and these losses during the past ten years comprise all of the banks of Kansas, which were double the number of banks now in the assessment fund. In other words, the ratio of losses for half of the banks would not be nearly $25,-000 per annum. We have many other applications for participation under the guaranty law, but they have not as yet been examined and accepted.
One of the very strongest features of the Kansas guaranty law is the wise provision for »much more money than past history shows will be needed. This is as it should be. The depositors should be assured that their deposits are absolutely guaranteed beyond question and that they will receive 100 cents on the dollar for
derson, cashier of the Security National, Kansas City, one day this week the two disagreed over a business matter. Before the discussion ended Mr. Anderson called a policeman who took Mr. Norton to police headquarters. No charge was placed against the Oklahoma banker, however, and he was released that afternoon.
Mr. Norton negotiated for stock in the Security National last March and lately there has been a rumor that Oklahomans are contemplating opening a new bank here in the old Boley building at Tenth and Main streets, but officers of the Security say the new deal does not concern their bank.
Recalls Failure of 1905
Information has been sworn to by C. A. Crome and James Paul, depositors of the Salmon & Salmon Bank, of Clinton, Mo., which failed in June, 1905, for nearly $1,000,000, charging Harvey W. Salmon with receiving deposits when the bank was in a failing condition. IT. F. Poague, prosecuting attorney, will file the information, and by an agreement Salmon will present himself November 10th and give bond.
Foreman Bros. Banking Co.
no LaSalle Street CHICAGO
CAPITAL AND SURPLUS
$1,500,000
ESTABLISHED 1862
INCORPORATED AS A STATE BANK 1897
Officers
EDWIN G. FOREMAN, Pres. GEORGE N. NEISE, Cashier OSCAR G. FOREMAN, V. P. JOHN TERBORGH, A. Cash.
John D. Filley, president of the St. Louis Union Trust Company, was promoted to an office created at the twentieth annual meeting of the Board of Directors held last week—that of vice-chairman of the Board of. Directors. Vice-President N. A. McMillan was elected president of the institution. Thomas H. West, who has been at its head since its start was selected chairman of the board.
Mr. Filley’s promotion is one in a series since December, 1890, when he entered the employ of the bank as assistant secretary. From this position he was made secretary, vice-president and then president, about two years ago.
President McMillan came from Dallas, Tex., to St. Louis in 1897, leaving his post of cashier of the National Exchange Bank of Dallas. He was vice-president of the Union Trust Company here before it merged in 1903 with the St. Louis Trust Company to form the St. Louis Union. After the merger Mr. McMillan continued as vice-president, which office he filled until his promotion. He has been a successful banker since 1881, when he started his career at Waxahachie, Tex.
Other officers elected yesterday were: Vice-presidents, John F. Shepley, R. S. Brookings and H. C. Haarstick; chairman of the committee on trust estates, John F. Shepley; counsel, A. C. Stewart; trust officer, Isaac H. Orr; secretary, Thomas H. West, Jr.; assistant secretary, F. X. Ryan; treasurer, F. V. Dubrouillet; assistant treasurer, J. S. Walker.
Kansas City Clearings Growing
Kansas City maintained sixth place in bank clearings of the country for the week ending Thursday, October 28th, showing an increase of 47.4 per cent over the preceding week. The country’s aggregate clearings for the week were $3,484,322,000, as compared with $3,745,182,000 for last week and $2,561,458,000 for the corresponding week last year.
Bankers Disagree
While W. L. Norton, president of the Columbia Bank and Trust Company of Oklahoma City, that recently failed, was talking with J. D. An-