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T II E C II I C A G О BANKER
November 6, !pop]

Our officers cordially invite correspondence from banks and fishing new or additional banking connections in Chicago, accounts'are received.
OFFICERS
LUCIUS TETER, President	JOHN A. McCORMICK, Vice-President
EDWARD P. BAILEY, Vice-Pres.	HOUSTON JONES, Cashier
WILLIAM M. RICHARDS, Asst. Cashier LEVERETT THOMPSON, Secretary
fee, treasurer of Oklahoma, owned $25,000 in the stock of the bank; that he owed the bank $20,000, and that a total of $450,000 of public funds were in the bank when it failed.
Start Friendly Test Suit
A friendly suit to test the rights of a surety and bonding company under the guaranty bank deposit law of Oklahoma, will be commenced immediately in the local courts, as a decision is desired by such companies that operate in Oklahoma and by the State Banking Board. The suit grows out of the recent failure of the Columbia Bank and Trust Company of Oklahoma City, various companies having guaranteed the deposits therein, of the state school land, state banking departments, amounting to $180,000. The bank was operating under the guaranty deposit law.
Bank Changes Made
The department of insurance and banking of Texas announced that the Farmers and Merchants State Bank of Celina has changed its name to the First State Bank of Celina and increased its capital stock from $25,000 to $50,-000. This bank has also, it is announced, taken over the business of the First National of Celina.
It was also announced that the Continental State Bank and Trust Company of Fort Worth, with a capital stock of $514,900 and surplus of $110,000 has submitted itself to the jurisdiction of the department and accepted the guaranty fund plan of the new state banking law.
Ask Receiver for Trust Company
Alleging waste, dissipation and misappropriation of the assets of the defunct Columbia Bank and Trust Company, which closed its doors in Oklahoma City September 29th, action was commenced in the United States Circuit Court at Guthrie by George II. Anderson of Roseville, 111., asking a receiver and demanding a temporary injunction to prevent State Bank Commissioner Young, now in charge, from paying out funds, or disposing of its assets.
Anderson alleges his claim against the bank for $8,727.52, representing a deposit, has been refused, while other depositors have been paid in full, thus showing preference. The bank is being liquidated by the state under the guaranty deposit law.
To Start Savings Department
Ten state banks in Texas have thus far advised the state department of insurance and banking that they have decided to establish savings departments in connection with their banking business which is permissible under the new state banking law which became effective on August 10, 1909. The ten banks are:	The
First State Bank of Denison, the Union Bank and Trust Company of Houston, the Guaranty Banking and Trust Company of El Paso, the West Texas Bank and Trust Company of San Antonio, the Dallas Trust and Savings Bank, (Continued on page 28)
anty fund banks and bond guaranty banks from conducting their business in the same office. The full text of the two rules in question follows:
Rule1—. All state banks and banking and trust companies incorporated prior to August 10, 1909, which exercised their option to secure their deposits by the guaranty fund plan, shall pay into the depositors’ guaranty fund the amounts required of them respectively, by remitting to the state banking board one-fourth of such amount in cash and by furnishing to the board proper evidence that it has credited the state banking board with the remaining three-fourths thereof as a demand deposit subject to check upon the order of said board, not later than January 1, 1910; provided that the approval by said board of the application of any such bank or banking and trust company for admission as a guaranty fund bank shall not become effective, nor shall its certificate of authority be delivered to its officers until such payment into the depositors’ guaranty fund shall be made as required by law.
Rule—. No. guaranty fund bank or bond security bank shall on or after January 1, 1910, conduct its business in the same room or office with, nor utilize the same counter or vaults as are used by any other bank or banking institution.
Defunct Bank Still Short
More than a half million dollars, contributed by the state banks, under the deposit guaranty law, has been used in paying depositors of the insolvent Columbia Bank and Trust Company, which failed more than a month ago, and there remains more than $400,000 in deposits to be paid, with only $1,123 in cash on hand to pay them, though sufficient assets, apparently, are available to provide for the remaining deposits. These facts are shown in a preliminary statement issued by A. M. Young, state bank commissioner.
The statement also shows that James Mene-
Rare Jewels
in still more rare settings, things found outside the beaten paths of conventionality, individual things with touches of personality in them, gems of expression, settings of meaning—all executed by sculptors of renown.
(J These pieces, some at prices to suit every one, are shown at the
JEWEL ROOMS OF
RUSSELL LREEMAN
82 0 The Fine Jl r t s {Building
every dollar on deposit with a state bank that should fail. This is guaranteed, under the provisions of the Kansas guaranty law.
New Bank for Waco
A new state bank has been formed at Waco, Tex., with a capital of $100,000, and organization will be perfected in a few days.
Business will be commenced January 1, 1910. F. M. Gardner, formerly president of the First National of Gatesville, and County Tax Collector J. H. Lockwood are the main movers in the new enterprise.
New Bank for Kansas City
Kansas City may have a new national bank. It will be known as the National Reserve Bank and will have a capital of $500,000. It will be in the Boley building, at the southeast corner of Tenth and Main streets. O. G. Lee of Oklahoma City, who recently bought the Boley building, will be interested in the new bank, as will also C. B. McCluskey and John T. M. Johnston, bankers of Muskogee, Okla. The new bank will open for business, it is said, about January 1st. These men figured for a time for the purchase of the Security National Bank, but officers of the bank said this morning that the deal had fallen through.
Great Southern Life Insurance Company
Last Monday morning witnessed the formal opening of the Great Southern Life Insurance Company of Houston for business, and the addition of this company to the list of Texas concerns engaged in writing life insurance adds another strong organization to those institutions which believe in keeping Texas money in Texas and in giving Texas insurance which is officered by men who are known and who are alive to the interests of their patrons.
Friday afternoon there was held in the offices of the company, on the fourth floor of the Chronicle building, a meeting of the officers and directors, and all details for the opening of the company were completed. The officers are as follows:
J. S. Rice, president; O. S. Carter, active vice-president ; C. G. Pillot, vice-president; J. S. Cul-linan, vice-president; W. LI. P. McFaddin, vice-president; J. T. Scott, treasurer; Louis St. J. Thomas, secretary; Dr. J. LI. Florence, medical director.
The Great Southern Life Company has a capital of $1,000,000, and the stock is subscribed and paid up. It enters business without any obligations against it, and when the books were opened Monday $1,900,000 insurance already contracted for was entered up and the policies issued.
New Texas Banking Rules
Two rather important rules governing state banks and trust companies were adopted yesterday afternoon by the state banking board, one relative to the time and manner in which guaranty bond banks shall pay into the depositors’ guaranty fund the amount necessary to the securing of deposits and the other prohibits guar-