25
THE CHICAGO BANKER
September ip, ipo8]
Second National Bank
PITTSBURGH, PA.
CAPITAL STOCK -	$1,800,000
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.	Attorney-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 Brick Co.
THOS. D. CHANTLER,	WM. L. CURRY,
Chantler & McClung	McKeesport Tin Plate Co.
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174-176 Wabash Ave., CHICAGO 11(51-75 Broadway, T.
Federal Regulation of Railway Rates
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Economic History of	By
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the United States	Princeton University
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By Albert N. Merritt
Jackson Trust Co., Chicago
quently such loans are hard to negotiate because they entail so much work from time to time, but as an official of a financial institution said, money must be made to earn money, and with so light a demand for collateral loans more funds than usual are available for mortgages now.
New Surety Bond Adopted
The State Sinking Fund Commission Tuesday adopted a new form of surety bond for state deposits, devised by State Treasurer John O. Sheatz, for the better protection of public money held by banks and trust companies throughout the state.
This new bond requires every individual bondsman to describe in detail the property he offers as security for the state cash. If it is real estate, its location and dimensions must be set out, with its assessed value and the amount of the annual revenue, together with a statement of the mortgages or other encumbrances against it. If it is personal property, such as stocks or bonds, they must be described in detail.
Furthermore, the surety makes oath that he will give the state treasurer ten days’ notice before selling, or otherwise disposing of any of this property, and will also notify him of any judgments or other encumbrances on the property.
Heretofore the individual bondsmen simply represented themselves to be worth certain amounts, but there were no descriptions of their holdings and nothing to prevent these being sold or mortgaged without the knowledge of the state treasurer, thus weakening the security.
State Treasurer Sheatz believes the new bond will protect the state deposits where individual surety is given as thoroughly as where regular surety corporations stand good for the
The Montrose (S. D.) Bank is to have a new building.
Philadelphia; Group Two, Charles C. Highly, Malvern, and J. W. Hough, Shenandoah; Group Three, M. J. Murphy, Scranton, and C. W. IT. Keck, Allentown; Group Four, John G. Redding, Williamsport, and Hamilton B. Humes, Jersey Shore; Group Five, James Brady, Harrisburg, and J. W. B. Bausman, Lancaster; Group Six, William P. Barnes, Bellefonte, and William IT. Sandford, Patton; Group Seven, A. D. Swift, Ridgway, and R. J. Moorhead, Erie; Group Eight, J. W. Fleming and W. W. Ramsey, Pittsburgh.
Officers of the trust company section were elected as follows: President, J. W. B. Bausman, president Farmers’ Trust Company, Lancaster; treasurer, E. D. Wetmore, president Warren Trust Company, Warren; secretary, William A. Wilcox, Scranton Trust Company, Scranton.
The City Bank of York
The City Bank of York reports capital of $250,000, surplus $175,000, undivided profits $48,000 and deposits of $830,000. C. H. Stall-man is president; C. T. Kraft, vice-president, and T. B. Baird, assistant cashier.
Dodged the Issue of Federal Guaranty
The Pennsylvania bankers, in session last week, completely dodged the issue of the federal guaranty of deposits; and, although there was an evident feeling among the members that the association should have the courage of its opinions on the subject, it was decided that it would be inexpedient to make any declaration as a body.
Pittsburgh’s Trust Companies
One of the best proofs that Pittsburgh’s trust companies are anything but pressed for funds is had in the fact that a number of large real estate loans have been taken by them of late. Tuesday a downtown mortgage for $250,-000 was accepted by a trust company, and a few days ago a trust company granted a loan of $125,000 on a large suburban lot plan, the mortgage carrying a release clause. Fre-
The Pennsylvania Bankers Association, at their Bedford Springs meeting last week, adopted a resolution, drawn at its request by Senator Elliott Rodgers of Pittsburgh, praising Governor Edwin S. Stuart and endorsing his good roads and state highway propositions. The resolution follows:
Be it resolved by the Pennsylvania Bankers Association in convention assembled, that we heartily commend the attitude of His Excellency, Honorable Edwin S. Stuart, governor of Pennsylvania, relative to the subject of good roads, and especially his public utterances suggesting and urging the reconstruction and improvement of the old state highway between the cities of Philadelphia and Pittsburgh. We most respectfully suggest to the chief executive that he recommend to the legislative branch of the state government the passage of the necessary legislation to accomplish the construction of the great highway between the Delaware and the Ohio; and we earnestly urge prompt and favorable action on this enterprise, which will be of such inestimable value to the interests of the people of our great commonwealth.
Eastern Pennsylvania Wins
In the championship game of baseball Tuesday afternoon, at Bedford Springs, between the Eastern Pennsylvania Bankers, captained by Joseph Wayne, Jr., of Philadelphia, and the Western Pennsylvania Bankers, captained by IT. S. Zimmerman of Pittsburgh, the Eastern nine won by a score of 9 to 7.
New Officers of the Association
The following are the new officers of the Pennsylvania Bankers Association:
President, Eli S. Reinhold, Mahoney City; vice-president, Robert E. James, Easton; treasurer, R. J. Stoney, Jr., Pittsburgh; vice-president for Pennsylvania of the American Bankers Association, E. E. Lindemuth, Clearfield; delegates at large to the American Bankers convention, J. B. Jackson, Pittsburgh, and D. S. Kloss, Tyrone; delegates, Group One, Howard W. Lewis and Roland L. Taylor,