[Volume XXVI]
THE CHICAGO BANKER
24
Marshall & Ilsley Bank
Milwaukee, Wis.
ESTABLISHED 1847
Capital $500,000 Surplus $370,000
Oldest Bank in the Northwest Conservative Progressive
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 reserve account in Milwaukee.
OFFICERS AND DIRECTORS JAMES K. ILSLEY, President
JOHN CAMPBELL, Vice-President HARRY J. PAINE, Asst. Cashier JOHN H. PUELICHER, Cashier	G. A. REESS, Mir. South Side Branch
SAMUEL H. MARSHALL	J. H. TWEEDY, Jr.
ROBERT N. McMYNN	C. C. YAWKEY
GUSTAV REUSS
The Audit Company of Illinois
1439-42 First National Bank Building, Chicago
Specialists in Auditing and System-atizinjl Public Service Corporations
C. W. KNISELY, C. P. A.
President—Manager REFERENCES:
Leading Bond Houses dealing in Gas, Electric and Railway Securities
bearing a lower rate. This was an adjustment which the situation clearly and imperatively demanded, but in the haste of the closing days spent on the bill the conferees failed to give to the sections covering bond authorizations as complete and satisfactory consideration as their magnitude and importance required. The result is that the authority covering another issue of Panamas, the proceeds of which might well be used to advantage now to reimburse the treasury for canal expenditures already incurred, is practically a dead letter. It is perfectly plain to all who follow the government bond situation that a Panama loan at 3 per cent without some measure of discrimination in favor of the twos already issued would send the latter below par. This is a contingency which should and no doubt will be avoided.”
Personal
D. L. Girould, cashier of the Citizens National Bank of Warren, and chairman of Group Seven Pennsylvania Bankers Association, is away on an extended vacation. Mr. Girould is a good man for chairman of the group, as is shown by the present prosperous condition of the organization.
Charles S. McLean, president of the Lincoln National of Pittsburgh, who has spent most of the summer at Saegerstown, is expected home early in September.
Charles James Rhoads, third vice-president and treasurer of the Girard Trust Company, Philadelphia, sailed on the Kaiser Wilhelm Der Grosse for a month’s trip abroad.
Vice-President A. A. Jackson of the Girard Trust Company, Philadelphia, who is president of the trust company section of the American Bankers Association, will preside at the annual meeting in Chicago on September 15th. He will reply to the address of welcome made on behalf of the trust companies of Chicago.
Edward H. Brennan, president of the Central National, Wilmineton, Del., and for many years a trustee of the Philip J. Walsh estate, died in Wernersville, Pa., Sunday night.
National and the Curwensville National effected a few months ago, giving the community a great big bank, fittingly representing on its board , and among its officers the best financial strength of the community. The bank is exceptionally strong having $100,000 capital, $109,029 surplus and profits, $98,900 circulation, and deposits of $531,970. Its officers are conservative yet progressive men as follows:	C. S. Russell, presi-
dent; Hugh M. Irvin, vice-president; L. W. Spencer, cashier; Anthony Hile, assistant cashier, to whom the strong position of this institution is mostly due. Mr. Spencer was formerly cashier of the Citizens National.
Kills Self in Directors’ Room
Standing in the sumptuously furnished directors’ room at the Metropolitan National, M. L. Ottman, Jr., for more than a decade bookkeeper at that institution, fired a bullet through the back of his head one day last week.
Ottman bade farewell to Miss Rose Myers, a stenographer at the bank, as he walked into the directors’ room in the rear.
Vice-President and Manager Robert Oster-maier and Cashier George Seebick hurried to the room and found Ottman barely breathing, on the floor. His books were in good order.
On Road to Recovery
Manley Crosby, cashier of the National of Cory, has returned from Baltimore, where he underwent an operation at the Johns Hopkins hospital. His many friends among the bankers will be pleased to know that he is on a fair way to complete recovery.
About Panama Threes
Says the September circular of the National City Bank: “In some respects the bond legislation contained in the new tariff act is disappointing, especially to the holders of $731,000,000 twos now outstanding whose equities were lost sight of by congress when authority was granted to issue $290,000,000 more Panama bonds at a rate of interest not exceeding 3 per cent, without in any manner adjusting the tax on national bank note circulation so as to protect previous issues
The Columbia National of Pittsburgh began suit against H. D. Gamble, president; John H. Mueller, vice-president, and Congressman William H. Graham, S. H. Murray, M. K. Salisbury and H. M. Preston, directors of the Luster Mining Co. The action was taken as a result of a meeting of the creditors’ committee. No definite plan of action was decided upon, as it was discovered that the outstanding debt of the company was nearer $1,000,000 than $500,000. This surprised the committee of bankers which had proposed to furnish the funds to pay $500,000 indebtedness and help to reorganize the company on a sound basis, and they were not prepared to go ahead.
W. C. Lowrie, cashier of the Columbia National, says there are notes amounting to $362,-000 which recently became due, and that all of these are signed by the company’s directors as endorsers.
Building Made Bright'and Clean
The Exchange National looks as bright and clean as the proverbial new pin. The whole interior has been thoroughly cleaned and redecorated and the rare beauty of this banking room has been brought from beneath its covering of Pittsburgh soot. Cashier Alexander Dunbar states that reports that the bank intends to erect a new banking house are unfounded.
New Bank for Enola
Enola, Pa., is to have a new national bank, to be known as the Enola National. The capital will be $50,000. The incorporators are: R. G. Cox, Harrisburg; Grant Richwine, Mechanics-burg; H. L. King, Mechanicsburg; Peter Wertz, Carlisle; Patricio Russ, Harrisburg.
New Trust Officer
J. M. Steere was appointed trust officer of the Girard Trust Co., Philadelphia, succeeding J. Snowden Rhoads, who resigned on account of health. Mr. Steere has been in the trust department for 16 years.
Great Strength in Consolidation
The Curwensville National of Curwensville, as now organized, is a consolidation of the Citizens