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Correspondent for Banks, Bankers and Trust Companies. Send us your items on Baltimore and vicinit Securities held on deposit for out of town corporations and persons.

JOHN GILL of R., Chairman of the Board

A. H. S. POST, President
WILTON SNOWDEN, Vice-President
J. R. WALKER, 2nd Vice-President

Trust Company a Successful Receiver

The Detroit Trust Company of Detroit, Michigan, which was appointed receiver of the Clough and Warren Company in 1909, has mailed a 30 per cent. cash distribution to the creditors of this corporation and applied to the courts for a discharge. Through the successful administration of this receivership by the trust company, the corporation has paid off almost $400,000, and arrangements are under way for a reorganization of the company and the resumption of business.

Miscellaneous

Articles of incorporation of the La Crosse Trust Company of Ia Crosse. Wis., have been approved by the State commissioner of banking. The capital is $100,000 and the incorporators are L. C. Coleman, George H. Gordon, John M. Holley and others.

On application of Attorney General Gray of Delaware, Chancellor Curtis has appointed L. Scott Townsend receiver for the North American Bank and Trust Company, which was recently taken in charge by Insurance Commissioner Maul.

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The State Trust Company of New Jersey. under date of June 29, 1912, reports deposits of $485.773. This company began bus ness on September 16, 1910, and its deposits have been built up in less than two years, a very creditable showing. The company has a capital of $100,000 and a surplus and profits of $48,530. The officers of the company are, R. Henry Depew, president; E. F. Feickert and M. C. Van Arsdale, vice-presidents and Frederic Coriell, secretary and treasurer.

The statement of condition at the close of business June 14, 1912, of the International Trust Company of Denver, Colorado, shows total resources of $7,321,711. The surplus and undivided profits aggregate $744,071, while the deposits have reached $6,154,917.

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Pillsburgh

Special Correspondence

Steel Industry Creates New Records

In the midst of the general uncertainty and agitation caused by the pending presidential campaign, it is the part of wisdom to study actual industrial and trade conditions. A view of the steel industry gives actual basis for the assertion that this country is once more upon the eve of a great advance. The steel trade is always the first to give the signal for prosperous eras, and it is the last to shake off the effects of depression. It is therefore significant that the iron output is now the largest in two years; that the unfilled tonnage orders of the United States Steel Corporation is now at its highest point since December 31, 1909; that prices for products are advancing and the mills are physically unable to fill the orders; that in the Allegheny and Sharon districts the amount of money paid in wages to workmen exceeds the high records made in times of acknowledged prosperity.

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The orders come from railways, large manufacturing corporations, bridge builders, public service corporations and from miscellaneous consumers. They reflect a vival of extension and construction which is most reassuring in view of the political and general business outlook. There exists no apprehension as to the negative results of the administration policy toward "trusts" and the question of tariff reform is definitely postponed until the next session of Congress. In this city the business and banking situation is stronger than it has been for several years. There is increased demand for funds, and banking institutions are fairly well loaned up. In fact, the prevailing sentiment which is expressed by the officers of our leading banks and trust companies is decidedly cheerful, despite the political mix-up. Labor troubles have been tided over, and savings banks report marked gains in deposits. The trust companies which conduct bond and investment departments report a well-sustained absorption of securities offered.

At the session of the Ohio Bankers' Association at Cedarpoint, the bankers reasserted their approval of the currency program outlined by the National Monetary Commission, as amended by the American Bankers Association

The American Water Works and Guarantee Company

The capital stock of the American Water Works and Guarantee Company of this city has been increased from $10,000,000 to $20,000,000 by an issue of $10,000,00 six per cent. cumulative participating preferred stock. The new stock has been subscribed mostly by Paris, London, Brussels and Amsterdam bankers. The issuing company is one of the largest general public utility corporations in the United States. It controls and operates plants supplying water to over 1.250.000 people in 82 different cities. It also controls and operates extensive inter-urban traction and lighting systems and hydroelectric companies. besides coal mines and irrigation development enterprises.

C. E. Willock Resigns

Charles E. Willock, who has for the past twenty-two years been connected with the Fidelity Title & Trust Company, having risen from a messenger boy to treasurer, resigned recently to devote his time to other business enterprises with which he is connected. Mr. Willock is well known among financial men in Pittsburgh, and is one of the foremost bankers in this city. The trust company has elected to fill the vacancy, caused by the resignation of Mr. Willock, Eugene Murray, who for a number of years has been assistant secretary and treasurer.

Pittsburgh Brevities

The South Side Trust Company has been appointed receiver for the firm of Henry Sproul & Company which failed recently. This firm held memberships in the New York, Chicago and Pittsburgh stock exchanges.

W. S. Kuhn has been elected president of the National Bank of Pittsburgh, succeeding H. C. Bughman who resigned on account of impaired health.

The Edgar Thompson Steel Works at Braddock, Pa., have appropriated $10,000,000 for enlargement of its plant.

Trust Company Dividends

Quarterly dividends have been declared by trust companies as follows: Central Trust Company, 14 per cent.; Washington Trust Company, 2 per cent.; Workingmen's Savings Bank & Trust Company, 4 per cent.; Allegheny Trust Company, 2 per cent.; the Safe Deposit & Trust Company, 4 per cent. semi-annually.

Million Dollar Trust Company for Waco, Texas

One of the largest trust companies which will organize in Central Texas is the Continental Trust Company, capitalized for $1,000,000. This company will be a valuable addition to Waco's financial institutions. It is well known that there is an increase of $1.000.000 in property values annually. This fact of itself warrants the continuance of trust company activities in this rapidly developing State. The size of Texas alone is sufficient to justify the remarkable trust company growth which has been going on in that State for the past few months.

The Continental Trust Company is backed by some of the best known financiers in Central Texas, and its valuable connections will give it a wide field for business development. Judge Sam R. Scott, one of the most able members of the Waco bar, has been elected president of this new company. G. R. Reynolds, who is now vicepresident of the Colonial Trust Company of Hillsboro, is one of the vice-presidents. L. D. Ross of New York City who is well known throughout railroad circles in the United States has also been elected a vicepresident.

Michigan Bankers Association Convention

An exceptionally interesting program of addresses was observed at the annual convention of the Michigan Bankers' Association held at Kalamazoo, June 11, 12 and 13. Hal H. Smith spoke on "Taxation of Bank Stocks and Deposits"; J. L. Snyder on "Agricultural Development and Vocational Education and Prof. J. Lawrence Laughlin on "The Country Banks' Interest in Banking Reform." George E. Allen, Educational Director of the American Institute of Banking, was also among the speakers.

New York Laws Governing Trust Fund Investments

Redmond & Company have issued a valuable booklet describing the laws of New York State governing investments of savings banks and trustee. The booklet also presents a list of railroad bonds complying with legal requirements and gives the substance of the laws applying to tax-exempt securities in New York State. The booklet will be sent upon request to Redmond & Co., 33 Pine Street, New York City.

New Trust Company for Pittsburgh

The Dominion Trust Company is the name of a new banking institution for Pittsburgh. This succeeds the Guardian Savyings & Trust Company organized in 1993. The new company has an authorized capital of $500.000, and this will be increased to $1,000,000 in the near future. The offcers of the new company are George E Reynolds, président, and O. S. Decher, first vice-president and chairman of the board of directors. A new feature will be the keeping of the banking department open until 5 p.m. each business day and 9 p.m. on Saturdays. The trust department wil be

under the management of Samuel L. Dille, former trust officer of the Guarantee Title & Trust Company of Pittsburgh. The foundations laid by this company indicate a prosperous future.

The banking condition in Cleveland remains consistent. There is an abundance of money to loan, and conditions are satisfactory. Clearings for the first half of the present year exceed those for the same period of last year by $47,000,000. According to present indications, the bilion dollar mark will be passed, and a new level for exchanges created. Money rates remain unchanged.

The Interstate Trust & Banking Company of New Orleans and the City Bank & Trust Company of Mobile, with their financial associates, have purchased $13.000.oco of first mortgage and collateral trust 5 per cent. twenty year sinking fund bonds of the International Agricultural Corporation.

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State Bankers' Convention Dates Wisconsin-Milwaukee, July 24 and Secretary, George D. Bartlett, Milwaukee. American Institute of Banking-Salt Lake City, Utah, August 21, 22 and 23; Secretary, A. C. Dorris, Nashville, Tenn. American Bankers' Association-Detroit, week of September 9-14; Secretary, Fred E. Farnsworth, 11 Pine Street, New York City. Illinois-Peoria, September 25 and 26; Secretary, R. L. Crampton, Chicago. Indiana-Indianapolis, October 16 and 17; Secretary, Andrew Smith, Indianapolis. Arizona-Tucson, October 18 and 19; Secretary, Morris Goldwater, Prescott.

SPECIAL DIRECTORY OF COLLECTION BANKS AND TRUST COMPANIES

NOTICE-The banks and trust companies in this list have exceptional facilities for col lections in their respective cities.

Birmingham

Mobile.....~

Augusta

Boise..

Louisville..

Baltimore..

Boston

Springfield.....

Battle Creek.........

Detroit.........

Kansas City

Buffalo............

Syracuse.....

ALABAMA

Birmingham Trust and Savings Co.-Capital $500,000. Surplus
$450,000. Arthur W. Smith, President; Tom O. Smith, Vice-Presi-
dent; Wm. H. Manly, Cashier. The very best facilities for hand-

ling collections.
City Bank and Trust Company.-Capital $500,000. Surplus and
Undivided Profits over $500,000. E J. Buck, President; A. C.
Tonsmeire, Cashier. Up-to-date Collection Departments.

GEORGIA

The National Bank of Augusta-Capital $250,000. Surplus $50,000.
Undivided profi $125,000. L. C. Hayne, President; F. G. Ford,
Cashier. Correspondence solicited.

IDAHO

Surplus and

.The Boise City National Bank.-Capital $100,000.00.
profits, $175,000.00. U. S. Depositary. F. R. Coffin, President, and
J. E. Clinton, Jr., Cashier.

KENTUCKY

..National Bank of Commerce of Louisville, Ky., with ample capital
and surplus, and unparalleled advantages for collecting over the
Ohio valley, tenders its services to the bankers of the country.
Samuel Cassedy, President.

MARYLAND

First National Bank-Capital $1,000,000. Surplus and Profit. $550,000. Deposits $6,500,000. H. B. Wilcox, President; Wm. S. Hammond, Cashier. Send us your Maryland business if you want prompt and satisfactory service on reasonable terms.

MASSACHUSETTS

The Eliot National Bank-Capital $1,000,000. Surplus and profits
$1,000,000. Harry L. Burrage, President; Garrard Comly, Vice-
l'resident.
The Third National Bank-Capital and Surplus $1,100,000. For quick
service on collections in Western Massachusetts, send to us. Low
rates and best service guaranteed.

MICHIGAN

The Old National Bank.-Capital $150,000. Surplus and profits
$57,378. Deposits $2,340,000. Edwin C. Nichols, President; L.
J. Karcher, Cashier.
The People's State Bank.-Capital and surplus, $3,000,000.00. Geo
H. Russel, President: Austin E. Wing, Cashier; H. P. Bergman.
Cashier Savings Department.

MISSOURI

Commerce Trust Company-Capital $1,000,000. Surplus and undiv. ided profits $350,000.00. W. T. Kemper, President; J. Z. Miller, Jr., Vice-President; H.C. Schwitzgebel, Secretary; Richard C. Menefee, Treasurer; J. C. Simpson, Ass't. Sec'y. Collections promptly made and remitted for. Write us for terms.

NEW YORK

The Peoples Bank. - Capital $300,000.00. Surplus and Profits
$400,000.00. Deposits $5,800,000.00. A. D. Bissell, President,
E. J. Newell, Cashier. Send us your Buffalo collections and you
will receive prompt returns at low rates.

Commercial National Bank of Syracuse.-Capital $500,000. Sur-
plus and undivided profits $257,698. H. S. Holden, President
Anthony Lamb, Cashier. Designated Reserve Depository for Trust
Companies of New York State."

Cincinnati......

Hamilton.

Toledo............

Philadelphia....

York.......

Providence....

Dallas....................

Seattle.........

Milwaukee......

Toronto...

ONTARIO

Toronto (10 offices)

Allandale

OHIO

The Union Savings Bank and Trust Company-Capital $1,000,000
Surplus $2,000,000. J. G. Schmidlapp, Chairman of the Board, and
C. B. Wright, President.

The Second National Bank.—Capital $100,000.00. Surplus $250,000.
Charles E. Heiser, President; George P. Sohngen, Vice-President;
John E. Heiser, Cashier. Collections a specialty.

The Ohio Savings Bank and Trust Co.-Capital $850,000. Surplus
$425,000. Jas. J. Robison, President; E. H. Cady, Cashier.

PENNSYLVANIA

Farmers & Mechanics National Bank-Organized 1807. Capital $2, 000,000. Surplus $1,300,000. Deposits $15,000,000. Active and reserve accounts of Trust Companies and Banks invited. Howard W. Lewis, President; H. B. Bartow, Cashier.

York Trust Co.-Capital, $250,000. Surplus $60.000. W. H. Lanius, President; Smyser Williams, Vice President; Ellis S. Lewis, Treasurer. Transacts a general banking, trust and real estate busines

RHODE ISLAND

.Atlantic National Bank—Capital $225,000. Surplus $112,000. Deposits three million. Direct connections with all towns in Rhode Island.

TEXAS

Dallas Trust and Savings Bank-Capital $200,000; surplus and undivided profits $106,000; stockholders' liability $200,000. H. A. Kahler, President; F. A. Singler, Secretary. Special collection facilities.

.Northwest

WASHINGTON

Trust and Safe Deposit Co.-Capital $70,000. E. Shorrock, President and Manager; Alexander Myers, Secretary and Treasurer. Special facilities for collections.

WISCONSIN

Milwaukee National Bank of Wisconsin.-Capital $450,000. Surplus $100,000. George W. Strohmeyer, President; W. F. Filter, Cashier. Invites your business upon liberal terms and guarantee of prompt service. Correspondence invited.

TORONTO

The Bank of Toronto.-Capital $5,000,000. Reserve $6,000,000

Hastings

Havelock

Keene

Kingston

London (4 offices)

Lyndhurst

Barrie

Berlin

Bradford

Brantford

Brockville

Burford

Milton

Cardinal

Cobalt

Cobourg

Colborne
Coldwater
Collingwood
Copper Clift
Creemore
Dorchester
Elmvale

Galt

Gananoque

Millbrook

Newmarket

Norwood
Oakville
Oil Springs
Omemee
Ottawa
Parry Sound
Penetanguishene
Peterboro

Petrolia

Porcupine

Port Hope

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The collection of commercial bills receives prompt attention.
We have a complete list of correspondents throughout Canada.

Aldergrove
Merritt

New Westminster

QUEBEC

Montreal

(5 offices)

Maisonneuve

Point St. Charles
Gaspe

St. Lambert

Manitoba

Winnipeg

Benito

Cartwright

Pilot Mound

Portage la Prairie

Rossburn

Swan River

Transcona.

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