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THE CHICAGO BANKER
September iç, 190¿?]
Thè Girard National Bank
Of Philadelphia
Capital,	$ 2,000,000.00
Surplus and Profits,	3,650,000.00
Deposits,		28,500,000.00
FRANCIS B. REEVES, RICHARD L. AUSTIN Vice-President THE0. E. WIEDERSHEIM Second Vice-President	President JOSEPH WAYNE, Jr. Cashier CHARLES M.ASHTON Asst. Cashier
Accounts of Merchants, Individuals, Banks, and Bankers Received on Favorable Terms
FOURTH STREET NATIONAL BANK
OF PHILADELPHIA, PA.
Capital $3,000,000.00 ־ ־ ־ Surplus and Profits 5,900,000.00 ־
UNEXCELLED COLLECTION FACILITIES CORRESPONDENCE INVITED
R. H. RUSHTON, President	E. F. SHANBACKER, 1st Vice-President
B. M. FAIRES, 2nd Vice-President
R. J. CLARK, Cashier	W. A. BULKLEY, Assistant Cashier
FRANK G. ROGERS, Manager Foreign Exchange Department
business as a common carrier. The clause exempts timber and is aimed particularly at railroads owning coal mines.
Coal Roads Responsible for Speedy Decision
John A. Johnson, of Philadelphia, who was attorney for the railroads in the suit to test the constitutionality of the commodity clause of the Hepburn Act has returned from Europe. He went abroad July 15th. He was loath to discuss the case, contenting himself with saying that the recent decision in the United States district courts was only one stage in the case. He appeared to feel that it was the soundness of the position of the coal roads that was mainly responsible for the speedy decision on the part of the judges.
The Philadelphia Money Market
The Philadelphia banks report excellent business, steady, although not as great in volume as had been hoped for. The stock market transactions were limited to railroad issues chiefly, and these showed a better tone than usual. Money is still easy with no apparent signs of higher rates.
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The Carney Exchange Bank
The Carney (Tex.) Exchange Bank reports the following officers: A. N. Deering as president; A. M. Riley and H. R. Standifer, vice-presidents, and Herman Pitts, cashier.
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Brief Banking News
A new brick building will be erected for the United States National of Salem, Ore., to cost about $45,000 or $50,000.
The Tennessee Pythian Savings Bank & Trust Company is being organized at Memphis, Tenn., with a capital stock of $25,000.
B. B. Weaiherby and others have applied for a charter to establish a trust company at Bridgeton, N. J.
A new bank building is being erected at Ray, N. D.
A new bank has been organized with a capital of $10,000 at Crookston, Neb.
on the Stock Exchange in place of the 8,000 shares of old $50 stock.
Placed in Charge of Bond Department
W. Everit Burnet has been placed in charge of the bond investment department of E. B. Smith & Co. of Philadelphia, and will give his personal attention to all inquiries regarding bonds and guaranteed stocks.
Savings Bank Buys Bonds
One of the big savings banks has bought for investment $500,000 of the new city of Phila-phia $10,000,000 loan which was sold last week to W. A. Read & Co. and Harvey, Fisk & Sons, as highest bidders.
Elected Member of Stock Exchange
Alexander L. Crawford has been elected a member of the Philadelphia Stock Exchange, and will enter the firm of George B. Atlee & Co. on October 1st.
Coining Only Pennies
Several hundred employees of the United States mint at Philadelphia returned to work Wednesday when operations were resumed in the rolling, melting, and milling rooms. Coining machines will be started to-morrow. Coinage at present is restricted to one cent pieces. Work upon silver and gold coins will be begun later.
Commodities Clause Unconstitutional
The commodities clause of the Hepburn railroad act was Thursday declared to be unconstitutional by the United States Circuit Court for the Eastern district of Pennsylvania.
The commodities clause constitutes the fifth paragraph of the first section of the interstate commerce act, it being one of the amendments made by the Hepburn railroad act of June 29, 1906. The clause provides that after May 1, 1908, it shall be unlawful for any railroad company to transport from one state to another, or to any foreign country, any article or commodity, manufactured, mined or produced by it or under its authority, directly or indirectly, except such articles or commodities as may be necessary for its use in the conduct of its
Convinced that Philadelphia, because of its old-time conservatism, offers the safest real estate mortgages of any city in the LTnited States, and that it accordingly offers a particularly attractive field for the business of guaranteeing mortgages, Leslie M. Shaw, former secretary of the treasury, has accepted the presidency of the First Mortgage Guarantee and Trust Company.
Between now and November 1st, at which time Mr. Shaw will take charge of the concern, its capital stock will be made $1,000,000 fully paid, and a $500,000 surplus fund will be created by subscriptions to the stock at a premium. The company, which was organized a little more than a year ago, occupies offices at 927-9 Chestnut Street. There will be important changes in the directorate.
Mr. Shaw is a great believer in the soundness of real estate mortgages, and, with the highly successful experience of the Bond and ]Mortgage Guarantee Company and the Lawyers’ Mortgage Company, of New York, in guaranteeing mortgages, before him, he is satisfied that the little occupied field for this business in Philadelphia is well worth cultivating.
Last year real estate mortgages to the aggregate amount of $105,000,000 were recorded in Philadelphia, in 1906 they totaled $119,000,000 and for the previous year $116,000,000. The chief business of the First Mortgage Guarantee and Trust Company will be to guarantee city mortgages. The effect virtually is to insure the lender against loss on either principal or interest account.
The plan also contemplates the development of banking and general trust company business. and it is likely that Mr. Shaw will introduce in Philadelphia a mail deposit business for the company. He intends to move his family here and make this his residence.
The Western National
Increase in the capital stock of the Western National of Philadelphia, from $400,000 to $600,000 was completed this week, when the 6,000 shares of new stock, par $100, were listed