[Volume XXVII
THE CHICAGO BANKER
22
The Girard National Bank
Of Philadelphia
Capital,	$ 2,000,000.00
Surplus and Profits, .	. 4,100,000.00
Deposits,	40,450,000.00
FRANCIS B. REEVES,	President
RICHARD L. AUSTIN Vice-President	JOSEPH WAYNE, Jr. Cashier
THEO. E. WIEDERSHEIM Second Vice-President	CHARLES M. ASHTON Asst. Cashier
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land Street, occupied by a number of business places, including the Textile National.
Some excitement was caused in saving the money and books of the bank, but all the cash, papers and books were taken out safely and the bank conducted the usual Saturday morning rush of business in the building of a neighboring trust company. It is stated that $500,000 in cash and an equal amount of securities were in the bank’s vaults.
On Central Bank Proposition
Bank officials in Philadelphia, who have been sounded on the central bank idea say they are waiting to hear full details of the plan before making up their minds. The cashier of one of the largest local national banks said that if the plan involved the loss of most of the deposits of out-of-town banks in Philadelphia, New York and other leading financial centers, it would be a severe blow at the banking interests of these cities. The banks are having all they can do to keep reserves up to requirements and meeet the demand for loans, as it is. He did not believe any serious objection would be raised to taking away the right of note issue from the banks, provided it could be done without disturbing the market value of the government bonds used to secure circulation.
Knickerbocker Trust Company
The second instalment of 25 per cent upon the surplus certificates, series A, of the Knickerbocker Trust Company, became payable yesterday. The total distribution will be a little in excess of $2,500,000.
Bankers Ad Association Dinner
H. S. Plershberger, secretary and treasurer of the West End Savings Bank and Trust Co. of Pittsburgh, was elected president of the Bankers Ad Association at a dinner and meeting at the Fort Pitt Hotel. Mr. Hershberger will fill the unexpired term of E. B. Wilson now in New York with the Bankers Trust Co. Representatives from twenty-eight banks were present and calendar and novelty advertising were discussed.
eight years the deposits have jumped to $40,-000,000.
Increase in Clearings
Rapid expansion of Philadelphia’s business interests is shown in the total bank clearings for the month of October. Official figures supplied by the Philadelphia clearing house show the total clearings for the month ended Saturday was $653,660,000, compared with $510,-805,099 in the same month a year ago, or a gain of $142,854,991. This is an increase of 27.96 per cent.
High records for the present year in clearings were passed in September, when the total clearings amounted to $600,177,120, but the month just closed has far outstripped that mark. The record is still slightly under the top notch of two years ago, when the impending crash in the stock markets caused a heavy turn-over of capital. In October, that year, the clearings reached $672,234,205.
For the first ten months of the year to date the clearings have amounted to the enormous total of $5,648,284,308, or a gain of $820,214,166 over the corresponding period last year. At the present rate of increase the aggregate clearances for the year will run over a billion dollars ahead of the year 1908.
Rewarded for Hard Work
D. C. Wills, cashier of the Diamond National has received deserved recognition for his hard work on behalf of the American Institute of Banking in being appointed a member of the committee to represent the American Institute of Banking in the American Bankers Association. General Secretary Fred C. Farnsworth, of the latter this week notified Mr. Wills of the appointment of the committee of three. The other two members are E. D. Hulbert, vice-president Merchants Loan & Trust Co. of Chicago and J. H. Puelicher, cashier Marshall and Ilsley bank, Milwaukee.
Continues Business during Fire
Fire last week practically destroyed the building, at Kensington Avenue and Cumber-
At a public auction Controller E. S. Morrow of Pittsburgh sold $1,025,600 worth of city bonds for $1,061,586.89, making a net premium of $35,986.89, or about 3'jp2 per cent for the city. The first allotment was secured by the Dollar Savings Bank of this city, thè second by H. S. A. Stewart, representing the C. L. Magee estate, so that the bonds do not go out of the city. A number of eastern firms bid, but none were as high as the Pittsburgh bids. Controller Morrow thinks that the premium on the bonds is a good one.
The allotment secured by the Dollar Savings Bank consists of $384,100 worth of 4^2 per cent bonds, known as the filtratioh loan. There were 11 bidders for these and they were awarded to the local bank for $410,622.10. They are dated May 1, 1908, and mature annually at the rate of $16,700, beginning May, 1916, to May, 1938, inclusive.
Director Gives Dinner to Officials
In celebration of the attainment of the $40,-000,000 mark in bank deposits, Morris L. Clothier last Tuesday entertained the officers and directors of the Girard National at dinner. Mr. Clothier is a director of the bank and in 1904, when John Sailer gave a similar dinner upon the bank deposits reaching $25,000,000 Mr. Clothier promised to banquet the executive, heads of the institution when the deposits totaled $40,000,000.
The Girard National has a fnost interesting history. The First Bank of the United States was founded in 1791 in Carpenter’s Hall, and at that time the present Girard National Bank building was being constructed. In 1795 the First Bank of the United States was moved into the present Girard National building, and it remained the federal central bank until 1812, when Stephen Girard purchaied it and converted it into his private financial institution. In 1832 it became the Girard National, its present corporate title.
In 1901 the Girard National assimilated the Independence Bank, and the total of deposits then was $15,000,000. In the short space of