August is, 1908]	THE CHICAGO BANKER	15
New Securities in United States
The output of new securities in the United States since January 1st has reached $930,689,-876, an increase of $22,117,776 over last year, according to the records compiled by The Journal of Commerce and Commercial Bulletin. There has been a decrease in stock flotations but a marked growth in bond issues. During July railroad, traction, industrial and mining companies distributed $87,309,000 bonds, notes and stocks, against $98,950,000 in July, 1907, the decrease being due to fewer applications by the railroads.
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A Nevada Bank Suspends
Reno, New, Aug. 10.—The Bank of Austin, New, one of the oldest banks of that place, has failed. According to the cashier, J. A. Miller, Jr., however, it is a temporary suspension, as he says the bank has $41,000, including loans, and $20,000 cash, and owes about the same amount. The embarrassment was caused by slow collections. The cashier states the bank will resume business.
Apply for Membership
John Mackinzie, Louis A. Rang, Harry J. Myers, W. C. Steele, and Harry H. Brunt have applied for membership on the Chicago Board of Trade. The membership of H. L. Pierson, E. M. Love, and John C. Hill, Jr., are posted for transfer.
Banking Changes Urged
Washington, August 10.—In the opinion of the officials of the Comptroller of the Currency’s office, the recommendations submitted to the subcommittee of the Congressional Monetary Commission for changes in the national banking laws will be of such character as to arouse the greatest interest among the bankers and the public generally. These recommendations, which were prepared under the direction of acting Comptroller of the Currency, T. P. Kane, were to-day sent to the Secretary of the Treasury for submission to the commission. The recommendations cover forty pages, typewritten, and are believed by the officials to cover so much of the administrative features of the national banking law as to insure a decided improvement in the workings of the laws relating to banks, if they are adopted by the commission and by Congress.
It is expected that the commission will be able to complete the proposed changes in the national banking law in time for submitting the same to Congress at the December session. Efforts will be made to accomplish this in advance of the changes in the monetary laws relating to currency, which will probaby be deferred until the next Congress.
Thursday. He entered the employ of the City Savings Bank 11 years ago and afterward went over to the People’s bank, where he remained until valvular disease of the heart compelled him to take a vacation. He was 27 years old, and is survived by a widow, two children and nine brothers and sisters.
The Farmers and Merchants State Bank
J. A. Carroll is the assistant cashier of the Farmers & Merchants State Bank of Lake-view. The Continental National of Chicago and the People’s State Bank of Detroit, are among the correspondents.
The Springport State Savings Bank
The Springport State Savings Bank, of Springport, began doing business recently. It succeeds to the old established and very prosperous business of the Springport Banking Company. The officers of the bank are considering the erection of a handsome new building for the bank. The following are the officers and directors : Ben A. Joy, president; A. P. Glascoff, first vice-president ; Allen Crawford, Jr., second vice-president; H. P. Foglesang, cashier; George 11־. Glasscoff, assistant cashier; L. P. Hoag, director; Teena H. Roberts, director.
The Truman-Moss Bank
W. S. Dicken, cashier of the Truman-Moss Bank of Sandusky has resigned.
The Central State Savings Bank
The Central State Savings Bank, Shepherd's new financial institution, has elected the following officers:	C. D. Bell, Alma, president;
J. L. Upton, first vice-president; J. H. Struble, second vice-president; Wm. Anderson, cashier; A. J. Faunce, assistant cashier.
The board of directors is as follows : A. G. Struble, L. E. Wenzel, A. R. Cole, J. L. Upton, W. L. Faunce, J. II. Struble, C. D. Bell, M. B. Axtell, Jacob Kratz.
The Genesee County Savings Bank
The Genesee County Savings Bank at Flint, has elected Dr. J. C. Willson president of that institution, to succeed the late Wm. A. Atwood. H. C. Spencer was chosen vice-president, the office formerly filled by Dr. Willson.
Dr. Willson was one of the organizers of the Genesee County Savings Bank, and has been prominently identified with the institution since its establishment in 1872. He has been a members of the board of directors since 1878 and held the office of vice-president since 1896. Banking Notes
Alvah Crimmins is reported cashier of the firm of Brewster, Larson & Company of Mesick.
The Saline Savings Bank reports a paid-up capital of $25,000.
The People’s Bank of Waldron reports a paid-up capital of $10,000.
Martin Odell is the cashier of the new private bank organized at Jasper.
First National of Belle Plain
The Comptroller of the Currency Thursday announced the closing of the doors of the First National of Belle Plain, Minn. This action was taken upon the advice of National Bank Examiner Frank O. Hicks, who reported that the bank is insolvent, followed by the suicide of the president of the bank, J. C. Lund. George C. Bail was appointed receiver of the bank.
According to the latest advices received at the comptroller’s office regarding the condition of the bank, which was contained in the report for July 15th, it had loans and discounts of $93,623; cash on hand, $10,337; other resources figured to a general total of $136,240. The capital stock was $25,000; surplus, $5,000; dividends, unpaid. $85,-779; circulating notes, $12,250; bills payable, $7,000, and other liabilities equaling the resources.
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Japanese War Debt
It has been announced by the New York agency of the Bank of Japan that the Japanese government intends to pay off the balance of the war debt of 1904, the total of which was $50,000,000. In May $13,650,000 was converted, since then $12,200,000 has been purchased, and on October 1st, $10,000,000 will be drawn for payment with provision for the redemption of the remaining $14,000,000 on De-
The United States National
The United States National of Salem, Ore., is planning to erect a five-story steel and brick building, which will be 70x160 feet.
Michigan Banking News
By W. T. Foster.
Directors of the Commercial Savings Bank of Grand Rapids met recently and elected the following officers to govern the merged Commercial Savings and Fifth National Banks: Robert D. Graham, president; Charles B. Kelsey and Charles F. Young, vice-presidents. The cashiership will be left open for the present, Clyde L. Ross and H. N. Morrill being appointed assistant cashiers. The Fifth National passed out of existence as such Friday night, its charter being surrendered. Saturday the new׳ Commercial Savings bank began business, the Fifth National quarters being maintained for a time as a branch. The board now consists of 21 members.
Detroit Brokers Hit
The failure in Cincinnati of the brokerage firm of Morehead I!ultman left two Detroit firms shy about $6,000. They are j. M. Stone & Co. and C. H. Kent & Co., each being caught for about $3,000 in profits the head of the Ohio concern failed to make good before he sold his holdings and started on a supposed journey for British Columbia. The two Detroit concerns were the only ones in Michigan to lose, they being the only ones in the state with a More-head-Bultman wire. Mr. Stone stated that in his dealings with the Cincinnati firm he simply acted as the agent of his own patrons.
“I have settled with these out of my own pocket,” he said.
Mr. Kent declared he would aw׳ait a settlement from the Cincinnati firm before squaring up accounts with those for whom he bought stock.
“I was down in Cincinnati and I had a talk with the receiver, which leads me to hope that all our claims may be paid in full,” he said. Paying Teller at People's State Dead
Illness which kept him from working since April last ended the life of Paul P. Zindler, teller at the People’s State Bank, of Detroit
State Convention Dates
Date	Association	Place	Secretary	Address
September 8, 9.......Pennsylvania.........Bedford Springs.........D. S. Kloss.........Tyrone. ..
September 16, 17, 18... Maryland..........Baltimore...............Charles Hann.........Baltimore.
September 23, 24.....Kentucky.............Lexington...............Isliam Bridges.......Louisville
September 24, 25.....Nebraska.............Lincoln.................W. B. Hughes.........Omaha ..
September 27.........A. B. A. Nat. Conven... Denver...............F. E. Farnsworth....New York
October 13, 14.......Illinois.............Chicago.................F. P. Judson........Chicago..
November 11, 12......Indiana..............Indianapolis............Andrew Smith.........Indianapolis
November 20, 21......Arizona .............Bisbee..................Morris Goldwater_____Prescott . ..
The offices of the American Bankers Association, Eleven Pine Street, have been fitted up especially for the accommodation and comfort of its members, who are urged to call and use same when in New York.