7
THE CHICAGO BANKER
November 27, 1909]
Gold Exports Grow
Our bankers were called upon last week to export several million dollars more gold to South America, and the indications seem to point to a further movement of gold in the same direction. The gold being sent to the South is going partly to Argentine and partly to Brazil, and all of these transactions are being carried on for European, mostly for London and Paris account. Indirectly these shipments of gold to South America are exports of gold to Europe, for it is in settlement of European indebtedness to these South American countries that this gold is sent from New York. London and Paris are in a position to shift this demand to New York, and they are able to do so because the existing rates for exchange, while not high enough to permit of direct shipments to Europe, are high enough to permit of profitable transfer from Europe to New York of the burden of sending this gold to South America.
Europe owes money to Argentina for food supplies imported from that country, and as the imports of that country do not offset the exports, Europe is annually called upon to send gold to that quarter of the globe. On this occasion, as at times in the past, New York’s indebtedness in Europe is sufficient to create European credits in New York which can and are being utilized to provide this gold for South America. The continuance of the movement is beginning to lead some bankers to the belief that New York owed more money abroad than was recently estimated.
Tr*
W. N. Metcalf is now cashier of the Bank of Evening Shade, Ark.
The Canadian Bank of Commerce has opened
the following branches:
At Virden, Man., with F. C. Whitehouse, manager at Melfort in charge.
At Yorkton, Sask., with H. L. Edmonds in charge.
C. A. Gray, the manager of the new branch to be opened by the Union Bank of Halifax in Montreal, has been manager of the St. John branch since July, 1907. He was previously manager of the branch at Port of Spain, Trinidad, for three years and before that time was in Windsor, N. S., for two years. He is a young man of energy and ability. He will be succeeded by R. C. Wright, hitherto manager at Windsor, N. S. The Montreal branch will open on or about December 1st, in the building owned by the Sun Life Insurance Company, formerly occupied by the Union Bank of Canada, on the corner of Notre Dame and St. Alexis streets.
V*
Iowa State Bank
The First National of New London, Iowa, will convert to a state bank on January 3, 1910, with stock increased to $50,000. President J. E. Peterson and Cashier H. L. McGrew explain that the change is made so that the bank can take larger benefit from its field by loaning upon farm and other real estate mortgages. The new title will be “Iowa State Bank” with no change
A new bank is to be organized by Japanese citizens, at Ogden, Utah. It will have a capital of $50,000.
EDMOND C. VAN DIEST ROBERT McF. DOBLE THOMAS L. WILKINSON ASSOCIATED ENGINEERS COMPANY Consulting and Supervising Engineers 417 Century Building _ _ . _ _ 17th & Stout Streets DENVER, COLORADO		Bankers ! Advise your customers to use POSTAL CAWB CHECES !patented) For paying small sums. They are safe, economical and convenient, and save time, money and errors. Samples for 1 Oc silver. E. P. SELDEN ERIE, PENNSYLVANIA
		
E. C. HOLBROOK & COREY Commercial Paper 31 Nassau Street 217 LaSalle Street NEW YORK CHICAGO DRY GOODS PAPER A SPECIALTY		chaeles Hathaway <& cocommercial Paper l@i> La SaEE« gMr®®û CMea|© Correspondence Invited
NATIONAL STOCK YARDS NATIONAL BANK
An institution with ample capital offers perfect service to Bankers interested in live stock business at the St. Louis National Stock Yards
NATIONAL STOCK YARDS	-	־ ־	ILLINOIS
Peoples Savings Bank & Trust Co.
Capital and Surplus, $285,000 Deposits, $2,317,110
Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms
WM. BUTTERWORTH, PRES.	NELSON H. GREENE, VICE-PRES.	C. W. LUNDAHL, CASH. AND SEC.
Easier Money Conditions in Chicago
Money conditions in Chicago have eased up considerably in the past few days. Rates have not been lowered materially, but the banks are not having the same pressing call for funds and are in decidedly better position as to reserves. One important influence in the easier conditions is the fact that the comptroller’s call for statements is out of the way. Another is that the Western demand on account of the marketing of the crops is rapidly nearing an end. In fact the return movement of money has already started in a very moderate way. The heaviest fall demand for funds in this market has been satisfied.
The commercial banks still quote 5Per cent on time loans, but the lower rate is made more freely now than was the case a week ago. The call rate in Chicago is around 4%@5 per cent. The trust companies are getting 4and 5 per cent on collateral loans in New York and S@S1/2 on l°cal collateral.
Canadian Bank Act
Toronto, November 22.—It is understood that the bank act will be renewed at the present session of Parliament for another year until 1911, without revision pending further discussion. The Canadian Bankers’ Association will hold its annual meeting in Montreal on Thursday next. The general opinion of the members is that little change is called for, but this is not the position taken by H. C. McLeod, general manager of the Bank of Nova Scotia, who both in theory and practice has been a consistent advocate of external examination. He proposes to move in this direction and it is possible that his action has led to the renewal of the act for a year as an amendment would involve more mature consideration than might be given during the current session. The Bankers’ Association have hitherto hesitated to adopt Mr. McLeod’s proposal because they doubt its practical efficiency. It is believed by most bank managers that no outside audit or inspection, except with most cumbersome and expensive machinery, could be made effective. Mr. McLeod is a firm believer in the moral effect of an independent audit or external examination, and there is no doubt that in this regard he has a strong argument on his side. Such a proceeding would probably assist general confidence in our banking system. It is natural, however, that there should be a reluctance to tamper with a system which has worked out well in the past and weathered financial hurricanes without disturbance to the general welfare of the community.
The Standard Bank opened its Winnipeg office on November 9th, with J. S. Turner in charge. The office is on Portage Avenue.
Andrean Flanders, wanted for the robbery on July 2d of $5,000 in Canadian currency from the Bank of Nova Scotia at Rainy River, Ont., committed suicide on November 13th in St. Louis, Mo., by blowing out his brains on Newstead Avenue, where he had taken refuge after a running fight with four policemen for over two miles. Fifty shots were fired during the battle, in which both Flanders and one of the officers were seriously injured.
Joyce & Company
(Incorporated)
General Agents
The Rookery Bldg.	Chicago, Illinois
ILLINOIS ADVISORY BOARD Charles G. Dawes, Resident Vice-President A. J. Earling	David R. Forgan John A. Spoor
Walter H. Wilson	M. J. Kirkman
COUNSEL
Calhoun, Lyford & Sheean	Winston, Payne, Strawn & Shaw
National Surety Co.
Of New York
Fidelity and Surety Bonds Burglary Insurance