[Volume XXVII THE CHICAGO BANKER 24 The Audit Company Marshall & Ilsley Bank of Illinois Milwaukee, Wis. ESTABLISHED 1847 1439-42 First National Bank Building, Chicago Capital $500,000 Surplus $370,000 Specialists in Auditing» and System׳“ Oldest Bank in the Northwest Conservative Prodressive atising Public Service Corporations We take pleasure in placing our facilities at your disposal and should be pleased to have you write us If you are contemplating opening either an active or a C. W. KNISELY, C. P. A. reserve account in Milwaukee. : President—Manager OFFICERS AND DIRECTORS REFERENCES: JAMES K. ILSLEY, President JOHN CAMPBELL, Vice-President HARRY J. PAINE, Asst. Cashier JOHN H. PUELICHER, Cashier G. A. REUSS, Mir. South Side Branch SAMUEL H. MARSHALL J. H. TWEEDY, Jr. Leading Bond Houses dealing in Gas, Electric and Railway Securities ROBERT N. McMYNN C. C. YAWKEY GUSTAV REUSS terest and bear five per cent interest. The issue is $2,500,000 secured by property rated as worth more than $9,000,000. The bonds are redeemable after 1912 at 105, and the sinking fund provisions provide that $50,000 of the issue be retired each six months. First National Open for Business The First National of Leesport, Pa., opened for business on August 16th. The capital stock of the new bank is $25,000, divided into 250 shares, which are held by 51 stockholders. S. M. Beck is the cashier of the new bank, and he was assisted in the business the first day by W. D. Renninger, cashier of the Collegeville National. Mr. Renninger is a native of Berks and has been cashier of the Collegeville institution since it was opened. The directors of the new bank are as follows: Albert F. Mogel, merchant, Leesport, president; Charles Dunkel, retired, Temple, first vice-president; Daniel H. Reeser, retired, West Leesport, second vice-president; Jacob Bagenstosse, retired, West Leesport, third vice-president; Dr. O. C. Collins, veterinary surgeon. West Leesport, secretary; S. M. Deck, West Leesport, cashier; O. A. Keim, manager of the Leesport Furnace Company; J. R. Keim, merchant, Shoe-makersville; L. A. Miller, grain dealer, Calcium; J. D. Naftzinger, undertaker, Centerport; James A. Rieser, grain dealer, Bern township; M. S. Rentschler, merchant, Centerport; P. S. Shap-pell, farmer, Perry; James H. Wagner, manufacturer, Mohrsville; Jas. R. Weisner, justice of the peace, Leesport. Norristown Trust Company The Norristown Trust Co. of Norristown is one of the strong banking institutions of the state. Although not the oldest banking institution of the city, it has one of the most commendable records of the banks in the eastern part of the state. Montgomery Evans, president of the Trust Company, is a well known banker, not only in his community but over the country as well. Mr. Evans is chairman of Group Two of the Pennsylvania Bankers Association, and is an active worker in the association. The bank has $400,000 capital, $845,982 surplus and profits; $386,100 circulation; deposits of $1,730,000, and total resources of $3,357,467. Has a Handsome Home The Wyoming Valley Trust Co. of Wilkes Barre is one of the strong trust companies of Eastern Pennsylvania. Its capital stock is $350,-000 and it has now a surplus and undivided profit account of over $600,000. The home of the bank, located in the public square, is one of the handsomest and best arranged banking structures in the state. Elected to Executive Position J. N. Davidson, president of the Second National of Allegheny, has been elected vice-president of the Dollar Savings Fund and Trust Company. Mr. Davidson, who is among the best known bankers of Pittsburgh, has been a director of the trust company for some time, and was elected to an executive position to take the place of C. H. Voight. Young Pittsburgh Banker Dead Robert C. Young, transfer clerk at the First National of Pittsburgh, is dead. He contracted diphtheria while on his vacation and died within a week. Mr. Young was a member of one of the oldest families in Pittsburgh, and since boyhood was connected with various banks in the city. Among the family are his brothers, James M. Young, cashier of the Second National of Pittsburgh; Frank D. Young, of the Bank of Pittsburgh National Association, and Harry B. Young, of the Farmers Deposit National. Now Occupying New Home The old building of the First National of Wilkes Barre will be turned into a theater. The First National now occupying its new home, which is located in the public square, adjoining the old structure. Selling Bonds The Mellon National of Pittsburgh is having a nice sale of the issue of $2,500,000 bonds of the Pittsburgh-Buffalo Company, which it purchased from the Union Trust Co., and is now offering. The bonds are being sold at par and accrued in- The new banking commissioner of Pennsylvania, William H. Smith, when asked whether there was a tendency among the banks to pay unwise rates of interest on deposits, said: “That is a matter concerning the individual conduct of banks, which I cannot discuss. The banking department is organized to protect the depositor, and as long as his interests are not jeopardized we are content. I should say that an institution is not in danger while it is turning its money over at a healthy rate of interest.” Auditor Changes Position John G. Vollmen, who has been for a number of years auditor of the Colonial Trust Company and its affiliated banks, has resigned his position and accepted a position as auditor of the Jennings Producing Company, of which E. H. Jennings is president. Mr. Vollmer will divide his time between Pittsburgh and the! various oil fields in the West in which his company is interested. Now in Temporary Quarters The banking room of the new Seven Valleys National of Seven Valleys is about ready for the institution to open, where it will transact business until its new building is completed. This bank has just received its charter with $25,000 authorized capital. H. I. Gladfelter is president; G. M. Ficker and J. K. Shaffer, vice-presidents, and J. M. Sheibley, cashier. Farmers National of Reading The Farmers National of Reading is one of the old banks of the state. The bank was chartered in 1814. The par value of its stock is $30.00 and the last quotation was $108.25 bid. The bank pays an annual dividend of 12 per cent. At present the bank building is undergoing extensive alterations and additions. A considerable sum will be expended in the improvements, and, when completed, the bank will have one of the handsomest homes of the many commodious banking houses of Berks county. The officers of the bank are: Calvin K. Whitner, president; John Barbey, vice-president; Warren L. Davis, cashier, and Randolph S. Meek, assistant cashier.