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THE CHICAGO BANKER
October 9, /pop]
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
FRANK C. OSBURN,
Attorney-at-Law EDWARD B. TAYLOR,
Vice-Pres. Penna. Co. FRANK S. WILLOCK, .
of Westmoreland Brick Co.
l. l. McClelland,
Secretary J. S. & W. S. Kuhn, Inc.
WM. M. KENNEDY,
Commonwealth Trust Co. JAS. S. KUHN,
Pres. Pgh. Bank for Savings WM. McCONWAY,
of McConway & Torley Co. WM. L. CURRY,
McKeesport Tin Plate Co.
HENRY C. BUGHMAN,
President
ROBERT D. ELWOOD,
of R. D. Elwood & Co. CHAS. W, FRIEND,
Clinton Iron & Steel Co. THOS. D. CHANTLER,
Chantier & McClung
Accounts Solicited—Our facilities insure prompt attention
National Bank of 1	1 lV^ * Pittsburgh, Pa.
THE advantages of Pittsburgh as a reserve city, and the inducements for keeping reserve accounts of banks with the First National Bank of Pittsburgh, will be cheerfully discussed in person or by correspondence, by officers of this institution.
Capital, Surplus and Profits, :	$3,197,764.28
Deposits, :	:	:	24,296,502.69
Resources,	:	:	:	28,494,266.97
JAMES S. KUHN, President
WILLIAM S. KUHN, Vice-President	F. H. RICHARD, Cashier
J. L. DAWSON SPEER, Vice-President	T. C. GRIGGS, Asst. Cash.
ALEXANDER MURDOCH. Asst. Cash.	WM. McK. REED, Asst. Cash.
New National Banks Formed in September
Washington, October 2.—The monthly report of the comptroller’s office on the organization of the national banks indicates that Comptroller of the Currency Murray is adhering to his announcement of policy of scrutinizing carefully all applications to organize national banks.
During September forty applications to organize national banks were received. Of these pending thirty-one were approved and nine rejected. In the same month twenty-four banks, with a total capital of $2,025,000, were authorized to begin business, of which number fourteen, with capital of $350,000, had individual capital of less than $50,000, and ten, with capital of $1,675.000, individual capital of $50,000 or over.
The total number of national banks organized is 9,550, of which 2,538 have discontinued business, leaving in existence 7,012 banks, with authorized capital of $963,201,925 and circulation outstanding secured by bonds of $676,031,393. The total amount of national bank circulation outstanding is $702,807,459, of which $26,776,-066 is covered by lawful money, a like amount deposited with the treasurer of the United States on account of liquidating and insolvent national banks and associations which have reduced their circulation.	^
Bandits Rob Bank of $10,000
Glenwood Springs, Colo., September 30.— Two men entered the Citizens’ National in broad daylight here on Wednesday, and, after holding up two clerks, robbed the safe and escaped on horseback with $10,000. Selecting a time when Vice-President E. E. Drach and other officials were absent, the men entered as if they were customers. While one man covered the clerks the other leisurely robbed the safe and cash drawer.
Power City Bank
The Power City (Tex.) Bank has filed articles of organization, with a capital of $30,000. H. A. Power, F. M. Power, Jr., Frank Kell and others are promoters.
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New Officers Elected
Herbert R. Dennis has been elected to the presidency, Joseph V. Groff and A. B. Clandon, vice-presidents and J. B. Muller, Jr., assistant cashier of the First National of East Peoria, 111.
Coffeeville Bank
The directors of the Coffeeville (Miss.) Bank have elected the following officers for the ensuing year: B. B. Sayle, president; C. V. Beadles, vice-president; J. F. Provine, cashier. Directors: W. A. Morrison, A. A. Bryant, H. W. Durrani, W. L. Stone.
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Farmers and Fruitgrowers Bank
The Farmers & Fruitgrowers Bank of Medford, Ore., has been organized with a capital of $50,000. G. L. Davis is president; L. E. Wakefield, cashier and L. Weidermier, vice-president. The institution will be started about Novem-
Negaunee State Bank
The new Negaunee (Mich.) State Bank has elected the following officers :	Frank A. Bell,
president ; Thomas Pellow, vice-president, and Thomas Pascoe, cashier. Directors include officers mentioned and John W. Elliott, Thomas Connors and John Hubtala.
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Alma Commercial Bank
The new Alma (Ark.) Commercial Bank, with a capital of $25,000, has elected the following officers :	J. H. Cole, president ; J. T. Richards,
vice-president; O. B. Regan, cashier, and W. M. Jones, assistant cashier.
DESIGNED AND ENGRAVED BY
SCHAUM ENGRAVING & PRINTING CO
SUCCESSORS TO
CLARK ENGRAVING & PRINTING CO.
Designers, Printers, Engravers ADVERTISING AGENTS MILWAUKEE
National Bank of Turkey
In a previous report Consul General _ G. Bie Ravndal, of Beirut, made allusion to various organizations formed in and outside of Turkey, with a view to assisting in Turkey’s agricultural, industrial and commercial development. Among these was mentioned the Ottoman National Bank which at that time was being organized at Constantinople by Sir Ernest Cassel. Mr. Ravndal now sends the following abstract from a Levantine journal regarding the enterprise:
The official announcement of Sir Henry Bab-ington Smith, the secretary of the postoffice, has, at the request of the British government, accepted the the position of president of the new National Bank of Turkey is of much greater importance than might appear at first sight, for its true meaning is that British influence is to be paramount not only in the management of the bank, but also in the work of developing the vast industrial and commercial resources of the Ottoman empire under the new progressive regime.
The board, it is understood, is to be composed of six members, three Ottoman subjects—one of the latter to be a Greek or an Armenian. The new institution (which is to have an initial capital of $13,200,000 in 270,000 ordinary shares of $44 each, and 30,000 preference shares of $44 each, with power to increase the capital to $44,-000,000) will find plenty of scope for operation. Embracing, as they will, the financing of all kinds of industrial and commercial projects and schemes connected with land development, the functions of the bank will be very comprehensive, and in this connection it must be remembered that Turkish industrial and commercial affairs are in very embryo state, indeed; the country’s resources are enormous, but the ground, figuratively speaking, has scarcely been scratched as yet. A striking illustration of what can be done by such an institution is to be seen in the work done and being done by the various land-mortgage and industrial banks in Egypt, and Turkey’s possibilities are immensely greater than those of the Jand of the Pharaohs. Now that the bank has become an accomplished fact, we shall no doubt witness a great awakening in the fiscal centers of the Sultan’s empire, and a recognized and reliable channel for the introduction of foreign capital into the country having been established, the British investor will not be likely to show reluctance in placing money in sound concerns. There is already evidence of a revival. Recently the Porte has granted a considerable number of mining and other concessions.