25
THE CHICAGO BANKER
July i!, 190#]
Second National Bank
PITTSBURGH, PA.
$1.800,000
2,000,000
CAPITAL STOCK SURPLUS ־
HENRY C. BUGHMAN, President
WM. McCONWAY, Vice-President	JAMES M. YOUNG, Cashier
THOMAS W. WELSH, Jr., Vice-President BROWN A. PATTERSON, Aut. Cashier
Depositary of the United States, the State of Pennsylvania and City of Pittsburgh
DIRECTORS
HENRY C. BUGHMAN,	WM. M. KENNEDY,	FRANK C.	OSBURN,
President	Commonwealth Trust Co.	Attomey-at-Law
ROBERT D. ELWOOD,	JAS.	S. KUHN,	EDWARD	B. TAYLOR,
of R. D. Elwood & Co.	Pres. Pgh. Bank for Savings	Vice-Pres. Penna. Co.
CHAS. W. FRIEND,	WM.	McCONWAY,	FRANK S.	WILLOCK. .
Clinton Iron & Steel Co,	of McConway & Torley Co.	of Westmoreland Bnck Co.
THOS. D. CHANTLER,	WM. L. CURRY,
Chantler & McClung	McKeesport Tin Plate Co.
Accounts Solicited—Our facilities insure prompt attention
The illustration shows one of the thousands of fine banking rooms equipped with ANDREWS fixtures and furniture. We have ideas which it will pay you to get if you are in the market for new furniture
We charge you nothing for these ideas, nor do we charge you anything for the name ANDREWS,although it's worth a lot to the bank that wants the best that can be had and have it the way it ought to be.
Let us send one of our traveling men to see you. You don't need to buy of him unless he can show you that we have what you want.
Illustrated booklet mailed upon request
The A. H. Andrews Co.
1101-75 Broadway. N. Y.
JULY INVESTMENTS
Rate	Maturity	To Yield
.. 4s	1938	3.90%
.Ays	1937	4.60%
	1938	4.75%
.. 5s	1911-1920	4.25%
■ Ays	1908-1927	4.50%
.. os	1918-1931	4.50%
.. 5s	1928	4.75%
. .5ys	1922	4.75%
	1917-1925	4.50%
	1926	4.62%
.. os	1908-1924	4.75%
.. 5s	1936	L75%
BONDS		
	1927	5.00%
.. 6s	1913	5.87%
.. 5s	1947	4.90%
	1927	5.40%
i.. 5s	1917-1920	5.37%
5s	1914	5.00%
5s	1943	4.87%
	1926	4.90%
ge 6s	Serial	6%
.. 5s	1930	5^%
.. 5s n.,	1930	5M%
	Serial	5y%
.. 5s	1947	5%
1■ ■ 5s	1922	534%
MUNICIPAL BONDS
8100,000 Allegheny County, Pa.........
11.000	Mobile, Alabama....................4J4S
100,000 Burlington, North Carolina___
10.000	Dickinson County, Iowa.............. 5s
14.000	Lake County, Indiana. Gravel Road..4J^s
(Denomination 8125 and $225)
95.000	Anderson County, Tennessee.......... 5s
12.000	Elizabethton, Tennessee............. 5s
18.000	Chelan County, Washington...........5ys
14.000	Selma, Alabama...................... 5s
18.000	Marlow, Indian Territory............ 5s
8.000	Durant, Mississippi................. 5s
5.000	Gallup, N. M., Water................ 5s
850,000 Chicago Railways Company......... 5s
25.000	Chicago Railways Company Notes... 6s
25.000	Peoples Gas Light & Coke Company.. 5s
50.000	Chattanooga Gas Company........... 5s
50.000	Congress Hotel Company, 1st Mtge.
10.000	Swift & Company, 1st Mtge......-
20.000	Commonwealth Electric Company... 5s
30.000	Chicago Edison Co., 1st Mtge...... 5s
60.000	Sioux Fal is Light & Power Co., 1st Mtge 6s
35.000	Topeka Edison Co., 1st Mtge....... 5s
25.000	Topeka Railway Co., 1st Mtge...... 5s
50.000	Public Service Co., St. Cloud, Minn.,
1st Mtge........................ 5s
20.000	Mutual Fuel Gas Co., 1st Mtge.... 5s
28.000	Los Angeles Edison Co., 1st & Rfdg..
Personal Interview Invited
Special Circulars Upon Application
BOND DEPARTMENT
The American Trust & Savings Bank
Monroe and Clark Streets, Chicago
interest on the same. These advertisements are explanatory and helpful toward a general understanding of a condition that is practically universal throughout the German empire, and which, so far as the establishment of confidence is concerned, are the encouragement from the standpoint as well of the receipt of a good fair rate of interest for money deposited, would seem to leave nothing to wish for in the way of bringing into use and circulation the savings and cash possessions of the whole population. It will be seen that the municipal or city government stands good for the deposits with its taxing power which puts such deposits on exactly the same basis, so far as security goes, as city or county bonds, which is perhaps as good a guaranty as has been devised. At any rate the thrifty German considers himself well secured by the guaranty of his own city." Ex-Secretary of the Treasury, Lyman J. Gage, when questioned by the committee of banking of the House of Representatives regarding guaranteed deposits says, “I am persuaded that it is just, equitable, wise and right that the creditors of the banks which come under the provisions of this bill will have their deposits guaranteed to them as well as the bank’s circulating notes held by the general public. The nature of the obligation is exactly the same in principle whether evidenced by a pass book or the bank’s notes in the form of money ; there is no difference in principle.”
V»
Peoples Trust of Philadelphia
The deposits of the Peoples Trust Company of Philadelphia have passed the million-dollar mark, the amount on balance being $1,012,000.
Thompson, shows that the deposits of the savings banks in Germany are absolutely guaranteed by the various municipalities of the empire. The banks have 19,000,000 pass books out and their deposits amount to $3,213,000,-000. He says, “An examination of the financial page of a local daily paper discloses the advertisements of five different institutions absolutely insuring savings and trust funds, and paying from 334 to 4 per cent per annum
B. F. DAVIS Lansing. Mich. Cashier City National
bank is therefore able to grant the wholesale house such accommodations as it needs, while the wholesale house in turn is able to carry the jobber or the country merchant until he is able to pay his bills. Everywhere exists in abundance that greatest of commercial assets, confidence. A bank may fail here and there because of pure rascality, perhaps there may be some failures in the mercantile world, but there is no panic with all its attending horrors. Gentlemen, which picture looks the best to you?
But some of the old established bankers who have large capital, say we must not be taxed to give strength to the weaker. I would be tempted to say, leave them outside of the operation of the law guaranteeing deposits, just for the fun of seeing them run to cover, were it not that I believe the necessities of case demand that the law should cover all banks, state, private, and national. I believe in the brotherhood of man and the brotherhood of business. Cain was a coward when he said, “Am I my brother’s keeper?” Let us levy this tax to guarantee deposits in banks upon the weak, because they need it; and upon the strong, because they can afford it, and of right should be made to contribute to the support of their weaker brothers. Let us levy it upon all banks because it protects the banks from the people, and protects the people from the banks, and gives stability to every line of trade and commerce in our country, and even beyond, in our transactions with other nations on this continent and throughout the world.
Someone asks for a precedent for guaranteed deposits. In answer to this I call attention to Germany, where they have in force a system of municipal guaranty. A recent report of our consul at Hanover, Hon. Robert J.