13
THE CHICAGO BANKER
December 18, 1909]
William A. Tilden President
Nelson N. Lampert Vice Prest.
Henry R. Kent Cashier
George H. Wilson Asst. Cashier
Charles Fernald Asst. Cashier
Colin S. Campbell Asst. Cashier
FO«T DEABBgR^.
CHICAGO
Capital, $1,000,000 Surplus and Profits, $400,000
Your Business Solicited
THE
LIBERTY NATIONAL BANK
OF NEW YORK
FREDERICK B. SCHENCK, President
CHARLES W. RIECKS Vice-Pres. & Cashier
FRED’K P. McGLYNN
Ass’t Cashier
HENRY S. BARTOW
Ass't Cashier
DANIEL G. REID
Vice-President
ZOHETH S. FREEMAN
Vice-President
HENRY P. DAVISON
Chairman Ex. Com.
CAPITAL, SURPLUS AND UNDIVIDED PROFITS
$3,500,000.00
ercised in cashing certified checks as any other, because of the well known fact that the banks usually certify checks only for specific payments. Most of the checks are of small denomination drawn on Canadian banks. Although common sense would indicate that the banks would give drafts rather than certified checks for such small sums as $15 the checks “go” just the same. The amount that has been cleared by the operators by the forged checks and forged certifications cannot be estimated. The work extends all over the Northwest.
Renewals at Six Per Cent in Cincinnati
Cincinnati, December 17.—Routine work at the banks this week has been immense, due to the unusually large mails received, liberal checking and depositing and the considerable outward flow of currency. The tendency of these movements was to reduce the supply of loanable funds, and the market was as stringent as ever, and the granting of favors was very small. To the limited extent of monetary operations, prime paper was discounted, and maturities were renewed at 6 per cent, and call loans were taken at 5J/2 per cent. The few collateral loans at the command of brokers were placed at 5@5J/2 per cent on call and time. The market for New York exchange was strong and active, with sales between banks at 15c, 20c and 25c per $1,000 premium. Foreign exchange was firm and in good demand for importers’ purposes. Government bonds were a little irregular. There was a fair business in securities, with a strong tone to general values. Some merchandise markets were fairly active. Provisions firm, but unchanged and quiet.
Tr»
New Officers for Iowa Bank
August Beresheim is now president; П. W. Binder, vice-president, and Theodore Laskow-ski, cashier of the Council Bluffs (la.) Savings
A. H. Jones of Saugatuck and R. E. Mills of Boon are preparing to open a bank at Grawn, Mich.
The New Haven (Ind.) State Bank has elected the following officers: A. M. Hartzell, president, and Ira B. Sleet, cashier. The capital of the institution is $25,000.
Stockholders of the Minneapolis Trust Company held a meeting Wednesday to officially ratify the plan to increase the capital stock from $250,000 to $1,000,000. The first quarter million will be dividend stock, the second quarter is to be sold pro rata at no and the third quarter to persons selected by the company’s special committee at not less than no. Such stock as is left over from the second allotment is to be disposed of in the same way.
Small Banks After County Deposits
The small country banks are after their share of the Hennepin county deposits. At present only one has any, the State of Osseo. The new State Bank of Robbinsdale and the new Minnesota State Bank of Excelsior have applied for the position of depositaries with the board of audit.
National Trust Company
The National Trust Company has been formed in Minneapolis with capital, surplus and undivided profits of $485,000. It will absorb the Phoenix Loan and Investment Company. It will be the third trust company. The total for all the banks and trust companies is now about $16,000,000.
Money Order Business Increasing
Not all the remittances to foreign countries in the Twin Cities are in bank drafts. The postoffices report unparalleled business. The foreigners have been educated at home to revere the brass button of authority and therefore they prefer to send their money by foreign money order.
Orde Addresses Bank Club
George F. Orde, cashier of the First National of Minneapolis, addressed the members of the First National Bank Club at its last meeting. Refreshments were served and members of the banking force gave a program of vocal, mandolin, and piano solos and fancy dances. The committee in charge was made up of J. S. Craig, L. S. Thompson, Leroy Hall, Flanders Peterson and Robert Hanson, with the Misses Cooley and Abear.
Danger in Cashing Certified Checks
H. A. Willoughby, assistant cashier of the First National, Minneapolis, has called attention of merchants to the danger of cashing certified checks that are floating around. In several cases the danger had passed as the dealers had already paid out the money. Mr. Willoughby said that as much care should be ex-
class executive ability, with a keen appreciation of the needs of the institution, is what the state agricultral college wants, and this being the case the sooner the matter is settled the better it will be for the institution.” Consolidated Fire Insurance Company
The Consolidated Fire Insurance Company of Albert Lea, Minn., $200,000 capital and policy holder surplus of $230,000, will be removed to Minneapolis following the purchase by local capitalists. F. E. Kenaston, president of the South Side State Bank, will become head of the company. O. A. Robertson, president of the Northwest Securities Company, is also interested.
Shows Financial Growth of Minneapolis
With the Northwestern National Bank twenty-seventh in the list of national banks of the country, Minneapolis has an advertisement of it growing importance financially and also the coming financial pre-eminence of the Twin Cities. Its deposits are $30,082,914. Only New York, Chicago, Boston, St. Louis, Pittsburgh, and Philadelphia banks lead. Eight of the banks that are leading have less than $35,000,000 deposits. The First National is fortieth, the Security National forty-fifth. The First National of St. Paul leads in that city as eight-one. It has $12,117,942 of deposits.
Another Banker Educating Depositors
N. F. Hawley, treasurer of the Farmers’ & Mechanics’ Savings Bank, is another of the Twin City bankers that has taken to the forum for the benefit of depositors in the way of education. His address to the Parents’ and Teachers’ Association of the Holland school district was entitled:	“Is it Worth While to
Save Money?” He showed that it was worth while even for the children to save their pennies as the saving habit is one that is worthy for everybody.
Two Banks Increase Capital Stock
The stockholders of the German-American Bank met Tuesday night to ratify the plan to increase the capital stock from $100,000 to $200,000. The announcement of the impending change was made November 10th, and President F. A. Grosh was assured of the success of the proposed move long before the meeting was called. The German-American meetings are always held in the evening and thus depart from the usual custom in other banks.