[ Volume XXVII
THE CHICAGO BANKER
22
lEè 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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Detroit Bank Merger
Detroit, November 20.—Immediately after the regular meeting of the board of directors of the Peoples State Bank President George H. Russel announced that the bank had purchased sufficient of the stock of the United States Savings Bank to effect a merger of the Griswold Street Bank with the Peoples State.
It will be a matter of a few weeks at the most when the books, accounts and cash of the United States Savings Bank will be moved over to the Peoples State. This may be accomplished before December 1st.
It is understood that the People’s Bank acquired about two-thirds of the outstanding stock of the U. S. Bank, which would be about 1,000 shares. The latest asked price for this stock was $122 per share.
Enoch Smith, cashier of the United States Bank, who will become associated with the Peoples State, undertook the purchase of the controlling stock of his bank for the larger institution on Monday of this week.
“We will also take the branch bank of the United States Savings Bank on Russell Street and merge its business with our own branch directly opposite,” said Mr. Russell. “That will give that locality a very substantial banking institution.”
In the purchase of the United States Bank the Peoples State adds $1,400,996 in resources to its own $28,844,135. It takes over commercial deposits amounting to about $250,000 and over $800,000 of savings deposits.
V*
Bangs on “The Real Thing”
Harper & Bros, have issued a volume of readable plays by John Kendrick Bangs, “The Real Thing, and Other Farces.” The plays themselves, suited to dramatic reading or monologue, are set in the environment of every day—just pictures of the real life that all of us know. The family that attempts to give a reception before they are well settled after moving, the badgered mistress, who encounters a line of cooks at the intelligence office, the modern millionaire children, who have to be introduced to their parents, the lordly modern servant again in the butler who requests that the personal cost of bank exchange be added to his Christmas check, all are character bits that will make the reader chuckle.
George L. Anderson succeeds A. F. Wilson as cashier of the First National, of Ault, Colo.
creased over $8,000,000 and re-discounts or bills payable were cut down one-half. The lowest point for the last-named item, in two years, was $1,434,402 in the statements for February, 1909, since which they were increased to a total of $10,052,216 by September 1st.
Of course, the September 1st statement was too early to represent the movements of the cotton crop, and the November call shows an increased aggregate in deposits. It is problematical, however, whether the high price of cotton this season can compensate for the material shortage of the crop; and it is safe to say that the purchasing abilities of the people of the state at large will be curtailed and reflected in general commercial conditions this winter.
Last year, between July 15th and September 23d, deposits increased nearly $12,000,000 but decreased this year over $5,000,000 between June 23d and September 1st. Larger borrowings were necessitated, the banks in the latter period increasing loans by $16,500,000, while they had increased them but $6,500,000 at the corresponding period last year.
In analyzing these figures, it is also important to bear in mind that September 1st, this year, Texas had increased the number of national and state banking institutions by 217 more than in August, 1907, with $8,916,900 more capital and $4,177,268 more surplus and undivided profits.
In August before the panic of 1907 there were 795 national and state banks in Texas, while there were from September 1st this year 1,007. A still more striking illustration of progress is afforded by going back to the fall of 1903, when there were no state banks and the number of nationals 377, which practically represented the entire banking business of Texas, in all but private banks.
The banking capital, surplus and undivided profits in November, 1903, amounted to $44,-558,769, while on September 1, 1909, these items had increased to $86,843,183. In six years the total deposits in Texas banks has more than doubled. In 1903 they were $105,532,789, while, by the statements for February 5th, this year, the total deposits in Texas banks was $224,602,519.
Texas, which has had such a remarkable development in material resources, has in nothing shown more remarkable progress than the foregoing statistics would indicate in regard to the banking interests of the state.
The Bank of Scranton, N. D., has been organized. H. A. Andrews will be cashier.
Banking Growth Big in Texas
Dallas, Tex., November 22.—Dallas has just entertained the Northern bankers and financiers who conduct and control “The Texas Company,” among whom were President Hepburn of the Gha^e;־New־ York, and President Mitchell of the Illinois Trust of Chicago. They were greatly interested in the banking situation and in the general development of the country. An official of the Chamber of Commerce submitted to them the following covering banking growth in Texas :
That by September 1st, this year, Texas had increased the number of national and state banking institutions by 217 more than in August, 1907, with $8,916,900 more capital and $4,177,-268 more surplus and undivided profits, and that Texas has in nothing shown more remarkable progress than in its banking business.
In six years the total deposits in Texas banks have more than doubled. In 1903 they were $Io5,532,789, while by the statements for February 5th, this year, the total deposits in Texas banks was $224,602,519.
The deposits in the banks of Texas had diminished $25,081,106 by the December following the panic, and by July, 1908, were $38,985,978 less than at the end of August, 1907; but after July, 1908, deposits started on the up-grade and reached the high-water mark of $224,602,519 by February 5, 1909, or a gain of $72,074,135. Each subsequent statement, however, has shown a falling off in deposits, the difference by September 1st being $18,852,935, but with a total of $204,749,584, and a net gain in two years of $13,235,222 over the ante-panic period.
Loans and discounts show the contraction that began concurrently with the falling-off of deposits after the panic—the reduction in loans having' aggregated $33,647,028 down to May, 1908, since which latter period the banks uninterruptedly increased their loans by $49,695,709 up to September 1st, aggregating $204,129,521 on that date, or $16,048,681 more than before the panic.
The figures representing available cash held by banks and the bills payable and re-discounts recall the process which was going on after the panic. Although deposits fell off over $25,000,-000 up to December, 1907, the further shrinkage between the latter month and February, 1908, was but $1,387,520; while at the same time loans were contracted $20,150,518, available cash in-