25
THE CHICAGO BANKER
August 15, 1908]
Second National Bank
PITTSBURGH, PA.
CAPITAL STOCK	-	S1,800,000
SURPLUS -	-___-	2,000,000
HENRY C. BUGHMAN, President
WM. McCONWAY, Vice-President	JAMES M. YOUNG, Cashier
THOMAS W. WELSH, Jr., Vice-President BROWN A. PATTERSON, Asst. 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,
or 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 Brick Co.
THOS. D. CHANTLER,	WM. L. CURRY,
Chantler & McClung	McKeesport Tin Plate Co.
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bonds, and say that the excellence and convertibility of the security, and not the income, are given most prominence by Pittsburgh investors.
The bankers express their opinion that "business will not show a healthful condition until there is a broader and more active market for bonds, until underwriting syndicates are further relieved of their enormous holdings of undigested securities and until the railroads are able readily to market junior issues to provide for current indebtedness. * * * The railroads alone are credited with owing as much as $30,000,000 to Pittsburgh manufacturers. Some of this indebtedness has been carried for more than a year on notes at rates of interest ranging from 6 per cent to 12 per cent per annum.”
The Littletown National
The Comptroller of the Currency has granted a charter to the Littletown National, capitalized at $25,000. George S. Kump is president: S. D. Mehring, vice-president; W. R. Robinson, cashier, and Paul G. Hartman, assistant cashier.
Banking Notes
Y\ . \Y. McCandless, manager of the Pittsburgh Clearing House Association, has gone away on his vacation.
1 he Peoples !National of Pittsburgh now represents the McKee Rocks Trust Company in the Pittsburgh Clearing House Association.
_ Cashier W. S. Lowrie of the Columbia National recently returned from a stay of several weeks at Canandohte Lake.
President William Price, of the Diamond National, is at Cape May with his family.
V*
The Farmers State Bank of Whiting, Kan., is the title of the new institution, capitalized at $12,000. Fred E. Meyers is president; J. Q. Brown, vice-president, and L. D. Harrison, cashier.
and Pittsburgh, at the close of business on July 15th, as reported to the Comptroller of the Currency, shows the average reserve held at 17.20 per cent, against 1749 per cent on May 14th; loans and discounts decreased from $289,391,551 to $279,017.457; gold coin increased from $9>4°7>i83 to $94°9>I99> lawful money reserve decreased from $27,354,018 to $26,464,031; individual deposits increased from $335,584,388 to ?336,574,762.
Pittsburgh Banking Plan
Pittsburgh bankers, who in the last few years have lost about $10,000,000 through dishonest employees, are framing a bill to be presented to the next Congress providing that stockholders of the national banks of the United States shall be assessed a small amount each dividend day, the money to be turned into the United States Treasury for a fund from which the depositors of any national bank will be paid in full immediately upon the discovery of any shortage or trouble which might make necessary the taking in charge of the bank by government authorities. It is thought that such an emergency fund would restore confidence among investors and bring to the banks many millions now kept in private hiding places. Congressman James F. Burke will be asked to present the bill to Congress.
The Coplay National
The Coplay National has opened for business. The directors are Dr. H. Y. Horn, PI. T. Raisbeck, John Smith, Morris Caplan, William IT Thomas, Horace Boyd, W. F. Levan, J. G. Meyle and John W. Scott.
The Pittsburgh Stock Exchange
Official clearings on the Pittsburgh Stock Exchange for July were 453,248. as against 728,499 for June and 1,088,202 for July of 1907.
Pittsburgh Investment Situation
H. P. Taylor & Co., in their monthly review of investment conditions, say that the situation in Pittsburgh is more hopeful. They report some recent large private transactions in
\\ ork on the new First National Bank Building of Pittsburgh will start soon. A representative of D. II. Burnham & Co., the Chicago architects, who were recently given the work, has opened an office in the present First National Bank Building.
Contractors who are to be given an opportunity to bid for the work have received sets of plans for the structure on which to base their figures. The corner is one of the best in the city, and this improvement, with the Oliver Building, will be two big structures to be started soon.
The United States Trust Company
With the beginning of October the United States Trust Company of Pittsburgh will be ready for business in the old quarters of the Commonwealth Trust Company, on Fourth Avenue. The company is being organized by E. A. Cohen, president of the United States Realty Company, and his associates, and will have a capital stock of $200,000 and a surplus of $60,000. It is understood that almost all the stock has been taken. A hat is for sale will be, it is understood, marketed at $60 a share, the $10 above the par value of $50 being for surplus. It is announced that each subscriber to the capital stock of the trust company will receive a proportionate number of shares of the United States Realty Company’s stock.
The Pittsburgh Monthly
The August number of the Pittsburgh Monthly, published by the First National of Pittsburgh, was issued recently and contained much matter of interest generally. Optimism was expressed strongly in the business outlook and expressions were given of many leading business men. A feature of the handsome issue was a fine sketch of the new Oliver Building, to be erected in Smithfield Street and Sixth Avenue, the structure showing clearly its magnificent proportions and plainly to be the largest and tallest skyscraper in Pittsburgh when completed. National Banks of Pennsylvania
The abstract of the condition of the national banks of Pennsylvania exclusive of Philadelphia