December 26, iço8]	T H E C H I C A G O B A N K E R	25
			
NOW READY American Railways as Investments By CARL SNYDER Their Flistory, territory, great groups and allies, who own and run them, stability of traffic, earnings and surplus. Their capitalization, condition, recent improvements, resources, future, range of market prices, yield to the investor, etc. This is a work designed for the Investment Banker and Broker and more especially still, for the general investor himself. It is practical, not theoretical, and presents a comparative and historical analysis of nearly 100 of the important railway companies of America. Price, S3.20 net; by mail, S3.52 THE CHICAGO BANKER MONADNOCK BLOCK CHICAGO			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, Chantier 6c McClung McKeesport Tin Plate Co. Accounts Solicited—Our facilities insure prompt attention
			
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Pittsburgh Bank Clearings
For the second time this year Pittsburgh bank clearing's one day this week show an increase over the corresponding day last year. The increase amounts to about $300,000. Clearings are $7,364,078, against $7,170,305 last week, and $7,065,900 last year.
Banking Notes
Announcement was made at Altoona that the Real Estate Title and Trust Company of that city, and the Savings Title and Trust Company of Braddock, had been merged into one banking corporation, with the officers of the Altoona Company in charge. The business will be conducted under the name of the Blair County Title and Trust Company.
President Wilson A. Shaw, of the Bank of Pittsburgh, N. A., and Charles E. Willock, of the Fidelity Title and Trust, have been added to the bondholder’s committee of the Hudson River Electric Power Company. James R. Hooper is chairman of the committee.
The regular semiannual dividend of 5 per cent has been declared by the directors of the Arsenal Bank of Pittsburgh. It will be payable January 1st.
George M. Laughlin has been elected a director of the Pittsburgh Trust Company to succeed his father, the late Major George M. Laughlin.
The directors of the North Scranton Bank, of Scranton, have elected W. C. Cowles as a director to fill the vacancy of the late John A. La Barr.
Edward W. Utz has been elected a director of the Doylestown National, to take the place of John F. Shadinger.
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The Boise Title and Trust Company
The Boise (Ida.) Title & Trust Co., Ltd., reports capital of $43,000. S. H. Hays is president; C. B. Hurtt, vice-president; M. D. Lovell, secretary, and W. J. Abbs, manager.
punished, in taking into consideration that they had been dominated by their superior officer, they were not so culpable as he, and deserved clemency. These are the only cases granted during the present year.
Mrs. MacMillan and Mrs. Menzemer, wives of the prisoners, were active in securing the petitions for this clemency and the signatures of leading business men, judges, congressmen, and senators were attached to them. Both women were delighted when they heard the news as they had labored so hard for the result attained. The President delayed acting on their petitions at the time they were presented in order to not influence the cases of other national bank frauds pending in Pittsburgh.
The Union National
The Union National of Pittsburgh has declared the regular quarterly dividend of 10 per cent.
The First National
Frank S. Willock has been elected a director of the First National of Sewickley, to fill the vacancy of the late Frank Semple.
The Pittsburgh Stock Exchange
Members of the Pittsburgh Stock Exchange have placed in nomination candidates for officers for the coming year. The election will take place at the first meeting in January, which next year will be the 4th. President John W. Crawford will succeed himself, as his was the only name presented for the position, while Robert A. Orr will be vice-president, and John M. Askin will be treasurer for the same reason. There are three directors to elect, the following having been named: N. R. Evans, George K. Anderson, N. W. Stevenson, and H. J. Lotz. The arbitration committee was nominated as follows: E. Fink, H. M. Long, W. H. Watt, W. Campbell, S. F. Fritz.
The Rochester Trust Company
The newly elected board of directors of the Rochester Trust Company have reorganized by electing these officers: President, John A. Miller; first vice-president, Dr. Walter A. Rose; second vice-president, Curtis C. Noss; secretary-treasurer, Thomas C. Fry.
Announcement has been made that Joseph R. Pauli will retire as president of the Guarantee Title and Trust Company of Pittsburgh, at the completion of his term of office, January 12th next, confirming rumors that have been in circulation. Mr. Pauli’s duties as vice-president of the Bank of Pittsburgh, N. A., requires so much of his time that he is unable to give to the other position the attention he believes it should have.
The Diamond National
Directors of the Diamond National of Pittsburgh have declared the regular quarterly dividend of 5 per cent, payable January 1st to stock of record December 21st.
Directors of the Diamond Savings Bank have declared the regular quarterly dividend of 2 per cent.
The Franklin Savings and Trust Company
The annual meeting of the Franklin Savings and Trust Company of Pittsburgh was held last week, and the following directors were reelected:	President, George S. Ward; vice-
presidents, F. J. Kress, A. C. Canfield and Thomas Ward; cashier, J. M. Stoner, Jr.; H. L. Kreusler, J. B. Arthur, E. W. Moore, John McLaren, J. W. Mills, George H. Danner, R. B. Ward, C. B. Comstock, R. T. M. McCready and Joseph Speidel.
Two Bank Clerks Secure Clemency
President Roosevelt last week signed the commutation of the sentences of bank clerks Edward P. MacMillan and Charles Menzemer of the Enterprise National of Allegheny, who are serving sentences in the Western Penitentiary of six and five years, respectively, on charges of embezzlement, so that with the allowance of time for good behavior, Menzemer will get out from prison February nth next, and MacMillan will be free July 7, 1909.
“As bookkeepers, these men in the Enterprise Bank were invited by T. Lee Clark to go into speculation, giving their own checks for the same, and taking the money out of the bank. Clark agreed to make the checks good. President Roosevelt said that while he considered them guilty, and that they should be