[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. A. BATTAILE, 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
& KÜHNE, Bankers
LEIPZIG, GERMANY
KNAUTH, NACHOD
NEW YORK
Letters of Credit
in Pounds Sterling, Dollars, Marks and Francs
Travelers’ Checks
in denominations of $10, $20, $50 and $100
Furnished to Banks and Bankers for direct sale to Travelers
STMENT SECURITIES
I N V E
St. Louis	S@b	d	hwtssft 3	Banal	M	IE	iiâ	Kansas City
								
transferred from Kansas City to New York. At the annual meeting■ of the board of directors at New York a new board of thirty directors was selected, all of them from the East and abroad. Provision was made for a vice-president and a local board of directors in each of three cities, Kansas City, the City of Mexico and London.
E. E. Holmes, vice-president for Kansas City, said last night that the change would not affect the office force here, and that about the same amount of business would be transacted here as formerly. The trust company is auxiliary to the Kansas City, Mexico & Orient Railroad Company, which corporation retired the local directors and elected successors from the East and abroad at the annual election last May. Mechanics-American Moves to New Building
The Mechanics-American National, St. Louis, moved into new quarters on the Southwest corner of Broadway and Locust Street, where the corporation opened for business Monday morning. The transfer of more than $37,000,000 in cash and securities from the old bank vaults on the Northeast corner of Broadway and Locust Street was made after banking hours while the streets were thronged with people.
The clerks were kept busy nearly all afternoon making a transfer of money and valuables from the old bank to the new location. The new quarters are among the handsomest in the city and have been in course of preparation for several months. The new bank contains one of the largest vaults in the city.
Kansas City Clearings
Kansas City bank clearings increased 56 per cent this week over the total of the corresponding week last year. It still retains sixth place among the cities of the country. Bradstreet’s bank clearings report for the week ending November 4th shows an aggregate of $3,544,771,-000 as against $3,484,322,000 last week, and $2,-627,440,000 in the corresponding week last year. Columbia Trust Still Owes Thousands
A. M. Young, state bank commissioner, issued a statement of the liabilities of the defunct Columbia Bank and Trust Company at Oklahoma
he set his clerk at work making a comparative statement of the deposits of banks guaranteed under the guaranty law and those not guaranteed. There are 820 state banks in Kansas. At present 384 have their deposits guaranteed under the state law, but September 29th, only 355 had their deposits guaranteed. On a basis of 355 guaranteed banks, Mr. Dolley has drawn the following conclusions :
“June 30, 1909, the banks now guaranteed under the guaranty law had on deposit 52 million dollars; September 29, 1909, they had on deposit 5734; million dollars, an increase of 53/2 million dollars. The rate of increase was 10.4 per cent. The non-guaranteed banks had on deposit June 30, 1909, $36,450,000. September 29, 1909, these banks had on deposit 393/2 million dollars, an increase of $3,050,000. The rate of increase was 83/2 per cent. The per cent of increase in deposits of all state banks from June 30 until September 29th was gy2 per cent.
Trust Company Changes Head Offices
The headquarters of the United States and Mexican Trust Company has formally been
Foreman Bros. Banking Co.
iio 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.
Governor Shallenberger, of Nebraska, Attorney-General Thompson and State Auditor Barton contemplate changing the maximum rate for bonding companies that guarantee state and county depository banks by permitting the bonding companies to increase the rate from 25 cents to 50 cents. The order increasing this maximum rate has not yet been issued, but it is generally believed that it will be. The board of state officers has in its possession statistics to show that under the 25 cent rate bonding companies would have lost a total of $534,000 on ten years’ business. Another reason for permitting such an increase is the fact that the last legislature changed the law so as to increase the liability of fidelity and surety companies that sign bonds for public depositories. Formerly a $20,000 bond was required where public funds to the amount of $10,000 was deposited. Now the law permits the giving of a $10,000 bond for a $10,000 deposit.
The state bonding board desires it understood that its rates recently promulgated were merely maximum rates on fidelity and surety companies and that agents of these companies may write bonds for a less amount than fixed by the board. It is reported to the board that agents have been telling that it would be illegal for them to sell bonds at a rate less than fixed by the board, and thus they have forced those desiring this class of insurance to pay the maximum rate.
Entertains Senator Aldrich
Senator Aldrich was the guest Monday at a luncheon at the Noonday Club, St. Louis, at which C. H. Huttig, president of the Third National, was host, and to which were invited the presidents of the clearing house banks, the clearing house association, the commericial club and the business men’s league. Senator Aldrich called at the Third National, shortly after noon, and accompanied Mr. Huttig to the Noonday Club.
Thinks Guaranty Brings Deposits
J. N. Dolley, state bank commissioner, of Kansas, draws a lesson on the bank deposit guaranty law from the statement of the condition of the state banks September 29th. Early last week