[Volume XXVII
THE CHICAGO BANKER
18
in the most competent and considerate manner is our constant study.
Irving
INjxtional Exchange 5Bank
West Broadway and Chambers Street New York City
RESOURCES TWENTY - NINE MILLIONS
The LIVE STOCK Exchange National BANK
of CHICAGO
Volume of Business for Year 1908 Exceeded
One Billion Two Hundred Million Dollars
year lease of the property held by F. G. Bonfils.
Mr. Johnston has transferred his purchase to the National Reserve Bank Building Association. This is a new company organized to hold and develop the property. Amos Gipson is president; W. E. Halsell, vice-president, and J. L. Johnston, secretary and treasurer. J. T. M. Johnston is the largest stockholder in the company and those named are associated with him in the National Reserve Bank that is to be quartered in the Old Boley Building at Tenth and Main streets until the new building at Tenth and Walnuts streets is built.
“ We will be ready to begin construction on a 17-story re-enforced concrete and steel building as soon as the lease of the present tenants expires. February i, 1911,” Mr. Johnston said. “The building will be ready for use December 31, 1912. It will occupy the entire tract, forty-seven and one-half by one hundred and ten and one-half feet. The lease calls for the erection of a io-story building before 1913.”
Others interested in the building company are L. S. Parker of Jefferson City and C. S. Cobb, president of the Southern Surety Company of Muskogee, Okla.
Bank Merger in Dallas
With a capital and surplus of $2,000,000 and total resources of $12,000,000, the City National and the Trinity National of Dallas, Tex., were merged last Monday.
E. O. Tenison, former president of the City National, will head the new bank, while J. Howard Ardrey, former cashier of the Trinity, will assume that position with the new City National.
It is said that in the deal an exchange of stock on the basis of 150 for Trinity and 400 for City National shares was made. J. B. Wilson, formerly president of the Trinity, becomes chairman of the new board and takes over a large block of City National stock.
Charter for Bankers’ Guaranty Company
The supreme court allowed the peremptory writ compelling Charles Barnes, superintendent of insurance, to issue a certificate of au-
National. The stock of the National Reserve had a par value of $10 and was sold at $20. The shares of the St. Louis National have a par value of $100. About $80,000 worth of stock was sold in the National Reserve Company. Many of the stockholders whose holdings do not equal a full share of the St. Louis National Company are making up the difference. When the National Reserve Company merged with the St. Louis National, the former company insisted on having official control of the merged companies and five directors resigned to make way for new ones. Theodore F. Meyer also tendered his resignation, but it has not been accepted and an effort is being made to have him withdraw it. The stockholders’ meeting of the National Reserve Company which will formally authorize the merger will be held January 12th, though all the stockholders have already informally signified their acquiescence.
Trust Company Sued
Suit for cancellation of deed and injunction to restrain the defendants from issuing 400 shares of stock was filed in the Fifty-seventh district court by C. L. Bass and T. H. Bass against J. G. Burney, N. P. Dewar and J. G. Burelston. All parties to the suit are directors and officers of the Union Trust Company of San Antonio, Texas. The suit has nothing to do with the financial affairs of the institution and does not affect its solvency, all filed documents declaring it to be in sound condition and exceedingly prosperous. The principle involved is the control of the company’s affairs. It is alleged that the defendants have taken possession of the assets and property of the company and excluded the plaintiffs from further management of the institution as directors and officers. The case will be heard by Judge Brooks to-day. A meeting of the stockholders of the company is called for December 10th.
Seventeen-story Bank Building
Plans are maturing for a 17-story building at the southeast corner of Tenth and Walnut streets, Kansas Ciy. The announcement was made by J. T. M. Johnston, who a few days ago closed a deal for the purchase of the 99-
Six insurance companies are now in course of organization in St. Louis—the Continental Life Assurance Company of America, the International Fire Assurance Company of America, the Central States Life Insurance Company, the Atlas Life Insurance Company, the Midcontinent Casualty Company, and the Bankers’ Old Line Life Insurance Company.
This takes into account neither the Bank Deposit Insurance Company of St. Louis, which Plarry M. Rubey is discussing with capitalists of St. Louis and which has not yet begun to sell its stock, nor the National Reserve Life Insurance Company, which has merged with the St. Louis National Life.
All the companies in course of organization are, according to their promoters, meeting with gratifying success in placing their stock at a minimum expense for promotion. The big argument which the companies under organization are using with the capitalists of Missouri and nearby states is the large amount of business transacted by eastern insurance companies, both life and fire, in the West, the proceeds of which go to swell ■the working capital of the Eastern states and to spread prosperity there, whereas self-interest suggests the retention of this outgoing flood of money within this district.
Mr. Rubey is now drawing up the prospectus of the company he is planning, which is to insure the deposits of banks in country towns in Missouri and nineteen near-by states. His argument is about as follows: “There are 1,200 country banks in Missouri and as many in the other nineteen states. We will make a rate of one-fourth of x per cent. If we insure the deposits in 100 banks in each state our total premiums in twenty states will be $500,-000. Statistics show the loss from bank failures to be one-twentieth of 1 per cent. The loss in the twenty states would be $100,000, leaving a profit of $400,000.”
Victor William Reitz, president, and W. L. Rowley, secretary of St. Louis National Life and the National Reserve Life, recently merged under the name of the St. Louis National Life, are now exchanging the stock of the National Reserve Life for that of the St. Louis