[Volume XXVII
THE CHICAGO BANKER
30
THE- CLASSIFIED SERVICE
ADVERTISEMENTS INSERTED UNDER THIS HEADING AT TWO CENTS PER WORD. REMITTANCE SHOULD ACCOMPANY COPY. REPLIES FORWARDED IF POSTAGE IS FURNISHED. USE PRIVATE ADDRESS WHERE CONVENIENT.
FOR SALE
(Articles offered for sale which have been inspected and found as described will be indicated by a star—*).
*For Sale—One four-cylinder Splitdorf Synchronized distributing spark coil. All cylinders must work alike. Coil brand new. Cost $72. Will sell for $25. Address Coil, this office.
*For Sale—Brand new, New Model Reflex 4x5 camera, Goerz Celor 7-inch lens and plate-holder. Cost $125. Sell for $85. Camera, this office.
*For Sale—Brand new Stevens 22-calibre repeating gallery rifle; $7.50. Rifle, this office.
*For Sale—Brand new Korona Stereo camera No. IV, case and six Premo holders. Fitted with Ross imported lenses and B. & L. double valve shutter. Convertible to regular 5x7 by instantly removable partition. Cost $110. Sell for $55. Stereo, this office.
BRITISH COLUMBIA LANDS
— Along the Grand Trunk Pacific *־־
the Last Great West. We know the tenitor\ , and have seen the land Can oftei tracts *1 m 5,000 to 60,000 acres at low prices. G:ad 10 give particulars.
Williams & Murdoff, Lid., Vancouver B C
These articles have elicited the praise of both economists and bankers.
The Principles of Money and Banking. By
Charles A. Conant. It is a new and complete exposition of its subject. Two volumes. Postpaid, $4.25.
The Pitfalls of Speculation. By Thomas Gibson. Postpaid, $1.20.
A book dealing exclusively with marginal speculation, and analyzing in a clear and simple manner the causes of failure in speculation, with a suggestion as to the remedies.
The Use of Loan Credit in Modern Business. By Thorstein B. Veblen. Postpaid, 28c.
The Investors’ Catechism. By M. M. Reynolds. Cloth, by mail, $1.10.
“Investors’ Catechism.” It is intended to be the first volume in a financial library which will grow as the knowledge of the financial student grows. It contains all that it is essential for the beginner to know, and opens the way for a thorough study of the whole subject of investment. The author has for the sake of clearness and simplicity adopted a catechetical style which is somewhat novel in this sort of literature.
The above books are the best of their kind, and will be promptly forwarded upon receipt of price. THE CHICAGO BANKER,
407 Monadnock Block, Chicago.
Investment Bonds. By F. Lownhaupt. Post paid, $1.90.
Prospective investors who wish to make advantageous use of their money will do well to take notice of this volume. The author does not theorize, but tells only plain facts of the relation of the bond to its issuing corporation, and of the general investment aspect of the instrument.
Money and Credit. By Wilbur Aldrich. Postpaid, $1.37.
This volume contains much valuable information and much sound discussion on money and credit.
Principles and Practice of Finance. By Edyv. Carroll. Postpaid, $1.85.
A practical guide for bankers, merchants, and lawyers. Together with a summary of the national and state banking law's, and the legal rates of interest. Tables of foreign coins, and glossary of commercial and financial terms.
The Banking and Currency Problems in the United States. By Victor Morawetz. The author takes up the problem of the national monetary commission, appointed by congress, and discusses the means of providing a permanent safe guard against money stringencies and panics. Postpaid, $1.10.
The Monetary and Banking Problem. By
Logan G. McPherson, iamo. Cloth, $1.00. Postage, ioc.
BOOKS ON BANKING, FINANCE ____________AND	ECONOMICS________________
Credit. By J. Lawrence Laughlin, of the Department of Political Economy, University of Chicago. Postpaid, 53c.
The nature of credit and its effect on prices have long been a subject of disagreement among economists. Its basis is commonly assumed to be money or bank reserves.
Essentials of Business Law. By Francis M. Burdick, LL. D., Professor of Law in Columbia University. i2mo. Postpaid, $1.50.
This book is not written for lawyers, nor for professional students of law, but it shows how the rules of law governing the commonest business transactions have been developed, and it tells what they are to-day. Technical law terms have been discarded as far as possible, and when they are used they are so explained and illustrated as to be easily understood. The principles of law are not set forth in the form and style known to the leather-bound law book, but are simplified and expressed in clear, lucid, everyday speech.
Foreign Exchange. Tables converting foreign money into United States money, and United States money into foreign money at all commercial rates of exchange used in financial transactions between the United States and foreign countries. All about foreign exchange, including various forms of foreign commercial paper and teims, abbreviations, etc. For banks, bankers, steamship agents, importers, exporters and manufacturers. Cloth, $5.00.
Government Regulation of Railway Rates. By Hugo R. Meyer. A Professor of Political Economy in the University of Chicago. Postpaid, $1.60 net.
Growing Bank Circulation
National bank note circulation in the United States increased $3,500,000 last month. The total on December 1st was $707,433,457, of which $680,995,267 was secured by United States bonds and $26,438,190 was secured by lawful money (in process of redemption and retirement). The present total circulation is $40,000,000 larger than a year ago. That does not adequately represent the expanding tendency. The bond-secured circulation now is $66,000,000 more than a year ago, and the bank notes secured by lawful money now amount to ,$2.750,000 less than a year ago.
The denominations of outstanding bank notes are as follows :	One dollar bills, $343,-
613 ; two-dollar bills, $164,322 ; five-dollar bills, $141,806,095; ten-dollar bills, $305.308,730; twenty-dollar bills, $205,953,360; fifty-dollar bills, $16,425,450; one hundred-dollar bills, $37,271,700; five hundred-dollar bills, $91,000; one thousand-dollar bills, $23,000.
The treasury department holds $681,689,370 of United States bonds to secure national bank notes, and $35,286,300 to secure government deposits in national banks. Other bonds held to secure government deposits amount to $16,-498,000. Èighty per cent of all the outstanding government bonds are used for securing bank note circulation and government deposits in national banks.
V־
Declares Five Per Cent Dividend
W. C. Trest has been elected president; W. E. Ramsey, vice-president, and S. Freeman, assistant cashier of the Union and Farmers Bank, of Sandersville, Miss. This bank opened for business last February, and has just declared a dividend of 5 per cent.
Elected to Vice-Presidency
W. H. Parsons is elected vice-president of the Washington Trust Company, of Seattle, Wash. Mr. Parsons is one of the Alaska pioneers and he was the organizer of the Washington-Alaska Bank, at Fairbanks.
The Everett (Mass.) Trust Company, is to be organized, with a capital of $100,000 by Andrew Wasgatt, J. W. Philbrick, and others.
ever, not stipulated in the written agreement. The case involves $398,000.
To Establish Chain of Banks along Railroad
It is reported here that W. F. Botsford, president of the San Francisco, Vallejo and Napa Valley Electric Railway, will in the early spring establish state banks at Calistoga and Middletown. It has been known that Mr. Botsford and his associates have had in mind th׳ idea of owning a chain of banks along the line of their road. According to the story at hand here, the Botsford people are also figuring on getting control of the Bank of Napa and one in St. Helena.
Get Twenty-five Per Cent Dividend
Checks to the depositors of the Union National, Oakland, which went into liquidation eight months ago, representing a 25 per cent dividend, declared by Receiver H. N. Marris, have been forwarded by that official to the comptroller of the currency in Washington. Upon their indorsement in the East they will be sent back here and distributed to the depositors of the defunct institution.
Banking Notes
D. A. Bender, president of the Contra Costa Bank, who sustained a shock of paralysis a few months ago, has so far recovered that he will attend the bank’s annual meeting this month.
The clearings of the Sacramento Clearing House, for the month of November amounted to $5,969,756.38. For the corresponding month last year the amount was $4,734,111.74.
Earll H. Webb has resigned as cashier of the Berkeley National and the University Savings Bank of Berkeley. He will remain on the directorate. President Baxter states that there has been no successor selected.
Los Angeles Trust and Savings Bank at 6th and Spring Streets, recently let a contract for building, to Llewellyn Iron Works. The iron works on the building will cost $115,000. Building will be erected at Northwest 6th and Spring streets.
V
O. Arnold succeeds Frank H. Putnam as cashier of the First National, of Salem, S. D.
Clarence Dickerson has resigned as president of the Columbia Trust Company, of Middle-town, Conn. F. C. Prindle will be president.
California Banking News
(Continued from page 22) clients, who are doing business with the various departments of the bank, and second, for the accommodation of the general public, both at home and throughout the United States and other countries wishing information about Southern California enterprises. No commercial propositions will be handled in this department. There will be given out only information of genuine interest to strangers in the city and home people, such as hotels, resorts, railroads, street car and steamship lines, cities and towns of California and points of general interest. The new department will act in a similar capacity to the chamber of commerce. Inquiries from everywhere will be answered. It will be under the direction of a California man of experience.
To Build Annex
The Alameda National of Alameda will commence construction this week on its new Park Street annex, which is to be a combined addi -tion to the present bank quarters and a new business block, containing several stores on the ground floor and office suites in the second story.
Suit against San Francisco Savings Union
The suit of P. J. von Loben Sels, a wealthy down-river rancher, against the San Francisco Savings Union to enjoin that bank from selling his rich holdings under a deed of trust for $360,000 was commenced for trial before Judge Shields November 30th, the bank being represented by Attorneys Garrett McEnerney and P. T. Madison of San Francisco. The bank contends that von Loben Sels had not made the payments of interest on the mortgage, while the rancher contends that he was to make payments only from the revenues from the land, and as there were no revenues at the time he could not pay.
Evidence to show that the S. F. Savings Union had through Lovell White consented to accept the net profits of the P. J. von Loben Sels ranch as payments on promissory notes was given on December 1st before Judge Shields in the suit against the bank. Von Loben Sels testified that he agreed to work for five years for nothing and give the entire profits to the bank. This understanding was, how-