The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-10-17
The First National Bank.

Formerly, all national banks were re-
quired to make sworn monthly statements
of their finances. That rule has been
abolished, and better one substituted.
Now, the Comptroller of the currency re-
quires all banks TO make five such state
ments in year, and upon days which the
Comptroller may designate. Under the old
rule banks could prepare for their monthly
statements and thus, if they were really
weak, could, by preparation, make strong
statement Under the present rule they
can't do this. because they do not know
when the statement will be called for. The
Comptroller may call for statement at
any past date. and thus he may show to
the country the exact condition OF the
banks throughout the whole country on
any day he pleases These sworn state
ments are all returned to him, and he
makes one grand statement embracing the
whole returns Last April he called for
statement and then, wholly unexpected
by the banks, he, in six weeks afterwards
called for another From that day to the
present, the banks heard nothing from
him. Now he calls for statement of
their condition on the 18th of last month.
in panic times, and they are required to
make it up from their books at that date.
A United States bank examiner also, when
least expected, drops in upon the banks
and takes look Al their books when he
pleases.
A statement appears, to-day, in THE
ARGUS. from the First National, of this
city, which all bankers and well posted
business men will regard as a remarkable
one-probably no bank in the United
States ever was 50 favorably situated as
the Rock Island First National on the
10Th of September Banks are required
to keep on hand a reserve of fifteen per
cent. upon the sum of their circulation
and deposits-but this statement shows
the remarkable fact that on that day the
First National hai nearly ninsty per cent.
on hand They had due to them which
they could draw any hour, from redeenlinc
and reserve agents and other banks, S89,-
05S, 50, and in cash on hand $50, 81 .qS
making Sl45. they owed
depOsitors $l64,023,33. And they also
had in loans aud discounts. overdrafts,
and United States bonds, over 500, 900
besides. This has no reference To the
United States deposits. they being a sepa
rate matter, the bank having an additional
hundred thousand in bonds in Washington,
as security for such deposits.
They also make au additional statement,
not required by law, but they voluntarily
make it for the Information of the public
and this statement shows that, to-day
the Eth they 5wed individual depos-
itors Sll6,S1I.43 and had almost ST. 900
which they could instantly use if the de-
posts were called for,-which is ocey sirtv
per cent. instead of .ffteea par ceat-the
sum required to be kept on hand 1t will
also be seen that the balances due from
other banks have been nearly all called in
and loans and discounts considerably in
creased. Cash from loans and discounts Is
continually coming it-$20 600 of the sum
outstanding falling due in "a day or two.
We doubt If any national bank in the
United States can show SO good record
from first TO last as the Rock Island First
National And this is due to Mr.. ?. l.,
Mitchell, one of the most safe, careful and
reliable men to be found anywhere. He
has made the subject OF banking a study
has had over twenty years experience, and
knows exactly what he is about, all the
time. In that business, as in all other kinds
ot business, experience Is worth everything
To study the subject in all its bearings, think
closely, keep cool and take care of the
people : money is what every banker should
do. Nr, Mitchell possesses every requisite
Of a safe and reliable banker, as also does
Judge Lynde There are no sounder OF
safer institutions anywhere than the Rock
Island First National, and the private bank
ing house of Mitchell 4 Lynde Mr.
Mitchell is sometimes called tinid and old
rtogyish, but those terms are not applicable
the proper terms are caution, distretioh
and sound jHdgem5t, qualities absolutely
necessary for a safe and reliable banker
and qualities which he possesses in an EN-
/ inent degree.