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Federal Reserve Bank of St. Louis
S T LOUIS
August, 1927
IN T H IS ISSUE
Have You Taken Your Vacation?
Page 7
Celestial Bankers Association
Convenes in Eternal City
B y R oscoe M a cy
Page 9
The Law Concerning W ills
B y the Legal E ditor
Page 10
Proper Diversification of a Bank’s
Secondary Reserve Account
Page 29
News of Banks and Bankers
Mid-Continent Banker
E
__ j v e r y b a n k ’ s b o n d a c c o u n t
needs an occasional readjustment
for even the best of bonds undergo
changes. Bonds may be affected by
business and financial conditions,
— their marketability lessened or
enhanced by legislative en act
ments. Prices may change at times
for no apparent reason, at least
not perceptible to one w ho is not
a student o f investments.
For these and many other reasons,
it is advisable for banks to have
the bonds of their investment ac
count appraised and revaluated
periodically, in order that their
true value may be known at all
times. Only in this way can safety
o f principal, m arketability and
maximum interest return be as
sured.
rin
■TO,^'• ^
«
J, /hr-.
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Federal Reserve Bank of St. Louis
The revaluation o f a bank’s bond
accou n t should be referred to
those who are familiar with the
bankers’ needs and whose special
ized experience qualifies them to
know and to interpret conditions
w hich govern A ctiv e Invest
ments.
The First National Company is
in a most favorable position to
render analytical service. A s the
Investment Division o f the First
National Bank in St. Louis, it is
frequently requested by corres
pondent banks to analyze and re
appraise their bond holdings and
has gained a reputation for han
dling investment accounts satis
factorily.
This service is gratis if you wish
to avail yourself o f it.
■*3
St. Louis, August, 1927
Chequing
the
American
Traveler
at home
or
abroad
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Federal Reserve Bank of St. Louis
N o t with the little brass or cardboard tags
that go on luggage— but with the magical sk yblue “ Cheques” with which travelers, who know
how to travel, always “ Cheque” themselves for
Personal Service, and their travel funds for
Safety, before they start on a journey anywhere.
16,000 o f the m ost progressive Banks in this
country are local “ Chequing” Stations. It’s a p er
sonal service these Banks render their traveling
depositors, since this kind of “ Chequing” assures
their depositors of the most necessary of all travel
requisites— safe and usable money, and Personal
Service, everywhere.
Every train that pulls out of your town, this sum
mer, will carry one or more of your depositors
away on a vacation. W herever they go, in this
country quite as much as abroad, they need, will
appreciate, and are sure to have— safe m o n ey
and “ The Helpful Hand o f a Great S ervice,” if
your Bank “Cheques” them, before they start, with
American Express Travelers Cheques
4
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Federal Reserve Bank of St. Louis
Mid-Continent Banker
ST. LOUISIts N ew Building Construction
M odern business buildings costing millions are rearing their towers in the dow n
town district o f St. Louis. The structures illustrated above show the type o f this new
construction. Immense factories are going up in the industrial sections. A tremendous
building program o f new homes has simplified the housing problem. The growth o f
St. Louis has been steady and along sound lines.
The M ercantile Trust C om p a n y has been closely associated with the growth o f
St. Louis. For twenty-seven years we have been actively identified with the develop
ment o f the city and its trade territory through various departments— Banking, Real
Estate Loan, Bond, C orporation Finance, etc. W e have financed m any industrial,
business, church, school and institutional buildings.
Our thorough understanding of Local conditions
enables us to render a valuable service to bankers
and banks, corporations and business men.
Mercantile TwisfCompatiy
Member Federa/
R eserve Jysdeni
EIGHTH AND LOCUST
-TO
S A IN T LO U IS
Capitald Surplus
Ten Million Dollars
ST. CHARLES
5
St. Louis, August, 1927
IN D E X T O
A D V E R T IS E R S
Abraham Lincoln Life Insurance Com
pany, Springfield, 111.................................
Aliyn & Company, A. C., Chicago..........
American Banks, Nashville, T e m i . . . . . .
American Exchange Irving Trust Com
pany, New York............................................
American Express Company, New York
Anderson & Company, Lorenzo E., St.
Louis .................................
Anderson & Company, Oliver J., St.
Louis ................................................................
Augustine & Company, St. L o u i s . . . . . . .
Baker, Kellogg & Company, C h icago ...
Bankers Trust Company, New Y o r k ....
Bank of New South Wales, A u stralia..
Bartlett & Gordon, Inc., Chicago..............
Bell
Telephone
Securities
Company,
New York ......................................................
Berkowitz Envelope Company, Kansas
City ...................................................................
Boatmen’s National Bank, St. L o u is ...
Bradermann Company, M. W ., New
York ..................................................................
Brookmire Economic Service, New York
Burr & Company, George H., St. Louis.
Caldwell & Company, Nashville................
Camp, Thorne & Company, Inc., Chi
cago ..................................................................
Chapman & Company, P. W ., Chicago.
Chase National Bank, New York............
Chemical National Bank, New Y o r k .. . .
Commerce Trust Company, Kansas City
Continental & Commercial Banks, Chi
cago ..................................................................
Dawes, Maynard & Company, Chicago.
D ’Oench, Duhme & Co., St. Louis..........
Equitable Bond & Mortgage Company,
Chicago ............................................................
Equitable Trust Company, New Y o r k ..
Federal Surety Company, Davenport,
Iowa ..................................................................
Fidelity Bond & Mortgage Company,
St. Louis ........................................................
First National Bank, Chicago....................
First National Company, St. Louis..........
Fletcher American Company, Louisville.
Foreman Banks, Chicago............................
Francis Bro. & Company..............................
General Motors Acceptance Corp., New
York ................................................................
Grant State Bank, St. Louis......................
Guaranty Trust Company, New Y o r k ...
Hibernia Bank & Trust Company, New
Orleans .......................................................... .
Hoagland-Allum & Company, Chicago..
Hotel Knickerbocker, New Y ork..............
Howe, Snow & Bertles, Inc., Chicago..
Illinois Honor Roll Banks............................
Illinois Merchants Trust Company, Chi
cago ..................................................................
Industrial Acceptance Corp., New York
Knight, Dysart & Gamble, St. L o u is .. .
Krenn & Dato, Chicago................................
Lacy Company, L. D., St. Louis..............
Liberty Central Trust Company, St.
Louis ................................................................
Liberty Insurance Bank, Louisville........
Marine Bank & Trust Company, New
Orleans ............................................................
McClintock Company, Oj. B., Minne
apolis ................................................................
Mercantile Trust Company..........................
Mercnants Laclede National Bank, St.
Louis ................................................................
Midland Bank, London, England............
Mississippi Valley Trust Company, St.
Louis ...............................................................
Missouri Honor Roll Banks........................
Morrison Hotel, Chicago..............................
Mortgage & Securities Company, New
OEeans ............................................................
National Bank of Commerce, St. Louis.
National City Company, New Y ork ........
National Park Bank, New Y ork..............
Northern Bank Note Company, Chicago
Northern Trust Company, Chicago........
Philadelphia - Girard
National
Bank,
Philadelphia ..................................................
Potter, Kauffman & Company, St. Louis
Rogers Park Hotel, Chicago......................
Ross-Gould Company, St. Louis..............
Ruppert & Company, H. L., St. L ou is..
St. Louis Bank Equipment Com pany...
Smith, Moore & Company, St. Louis. . . .
Steinberg & Company, Mark C., St.
Louis ................................................................
Stern & Company, Lawrence, Chicago..
Steurer Publishing Company, New York
Stickney, Denyven & Company, St.
Louis ................................................................
Todd Company, Philadelphia......................
Trego Radio Manufacturing Company,
Kansas City ..................................................
Union & Planters Bank & Trust Com
pany, Memphis ............................................
Union Trust Company, Chicago................
Union Trust Company, E. St. L o u is ....
W alker & Company, G. H,., St. L ou is..
W essling Services, Lytton, Iow a..............
W hitney Central Banks, New Orleans..
Willson & Company, James C„ Louis
ville .............
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Federal Reserve Bank of St. Louis
13
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The Financial Magazine of the Mississippi Valley
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20
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C L I F F O R D D E P U Y , Publisher
D O N ALD H. CLAR K
Editor and Manager
J A M E S J. W E N G E R T
Associate Editor
W IL L IA M H . M A A S
Vice-President
ST. L O U I S
AUG., 192 7
V O L 23
N o. 8
M anager Chicago Office
1221 First N a t ’l B ank Bldg.
Telephone, Central 3591
64
57
23
64
23
24
18
30
36
41
17
12
30
37
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59
43
37
40
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4
CONTENTS FOR AUGUST
Page
Have You Taken Your Vacation?...... ........... ...................................... 7
The Spirit of “ Co-oppy-ray-shun”—By Hollis C. Franklin............... 8
Celestial Bankers Association Convenes in Eternal City—
By Roscoe Macy.................. ............................................................ 9
The Law Concerning Wills—By The Legal Editor............................ 10
Cheer Up—The Sun Has Not Gone Out of Business—
By Geo. T. McCandless................................................................... 11
Interesting Men in the Banking Field............................ ..................... 13
Grant State Bank Has Sixth Anniversary.......................................... 15
Survey of Bonded Indebtedness of States.......................................... 40
News and Views of the Banking World—By Clifford De Puy.... . 41
3400 Customers Call This Their Bank................................................. 45
BOND AND INVESTMENT SECTION
Commercial Paper Vs. Collateral Loans—By Roy A. Foulke..........
A Partial List of Current Offerings....,.................................................
St. Louis Stock Exchange Quotations..................................................
Proper Diversification of a Bank’s Secondary Reserve Account......
Along La Salle Street—By Wm. H. Maas .......................................
The Business Outlook for the Last Half of 1927................................
19
22
26
29
36
38
STATE NEWS SECTIONS
Page
Illinois .................. __ ______ 48
Indiana ..... ............ _________ 55
Kentucky _____ __ ................. 55
Tennessee ________________ 59
Oklahoma ............. _____ ___ 60
Page
Arkansas .............. ................ 61
Mississippi
....... ................ 62
Louisiana ________ ................ 63
Missouri _________ ................. 64
Kansas ................... ...... ......... 66
61
56
66
66
49
33
68
34
61
s
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46
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Published by the Commerce Publishing Company, 408 Olive Street, St. Louis, Mo.
Clifford D ePuy. President: James J. W engert, Vice-President; W m . H . Maas, VicePresident: D onald H . Clark, Secretary-Treasurer. Telephone G A rfleld 2138.
M E M B E R A U D IT B U R E A U O F C IR C U L A T IO N S ,
F IN A N C IA L A D V E R T IS E R S ’ A S S O C IA T IO N
D E P U Y P U B L IC A T IO N S A N D T H E IR T E R R IT O R Y
M id-Continent Banker
St. Louis
Northwestern Banker
Des Moines
Trans-M ississippi Banker
K ansas C ity
Southwestern Bankers Journal
Fort W orth
Life Insurance Selling
St. Louis
Underwriters Review
D es Moines
Insurance M agazine
Kansas C ity
N ew Y o rk office: Frank P. Sym s, 25 W est 45th St.
Chicago office: W m . H . Maas, 1221 First National Bank Bldg., phone Central 3591
Kansas C ity office: G . D . M athew s, 405 Ridge B ldg., phone Victor 5254
Fort W orth office: Lawson Hetherwick, 409 F. 8s M . Bidg. Phone 2— 2513.
Des Moines Office: Clifford D ePuy, 555 Seventh St., phone W alnu t 2201
M inneapolis Office: Frank S. Lewis, 840 Lum ber Exchange
Entered as second-class matter at the St. Louis post office.
Subscription rates $3.00 a yea r; 35 cents a copy
6
Mid-Continent Banker
Depositors
look for this m ore personal protection
in modern banking service
T
he
thoughtful service of providing deposi
tors with Super-Safety Checks for protection
of Super-Safety paper is guarded as the G ov
ernment guards banknote paper.
against check alteration is an evidence of inter
Many leading banks supply depositors with
est that extends heyond the formal walls of the
Super-Safety checks and distinctive binders of
Antique Moorish.
banking institution to the personal protection
of a client’s funds.
Antique Moorish Savings and Commercial
Super-Safety Checks are the safest and most
beautiful checks supplied by banks todaj^. The
Pass Books, Pocket Check Covers, Ring-bound
intricately tinted paper exposes immediately
plete standardized line of handsome supplies
any attempt at check altering or tampering. A
available in pleasing shades of brown, green,
glaring white spot appears if knife, ink-eradi-
red, blue and fawn. W ith your bank building
cator or rubber eraser is used to change the
check. There is further protection in the fact
or seal embossed on the cover, these Pass Books
and Check Covers carry abroad the most favor
that Super-Safety Checks are never sold in
able impression of dignity and good taste.
blank sheets— they are made only to individual
order. To prevent counterfeiting, each sheet
Customer Check Covers and Fillers are a com
N o matter what kind of checks and binders
you are using at present, or how large your
stock is, it will be to your advantage to learn
more of the business - building qualities of
Super-Safety Checks and Antique Moorish
Binders. A Todd representative will be glad
to discuss them with you at your convenience,
or we will send information and samples by
mail. Send us the coupon. W e ’ll answer
promptly.
Todd
Bankers’ Supply Division,
Company, Rochester,
Chicago,
York, St. Paul, Denver, Dallas.
Trade v Mark
Bankers’ Supply Division, T he T odd C o m p a n y
8-27
State and 60th Sts., Chicago, 111.; 33 Thirty-fourth St., Brooklyn,
N . Y . ; 1200 Lawrence St., Denver, C o l.; 2021 Jackson St., Dallas, Texas.
(Address nearest office)
Send m e m ore inform ation
A n tique Moorish supplies.
about
Super-Safety
Checks
and
N am e of B ank_______________________________________________________________
N am e o f Officer_____________________________________________________________
Street--------------------------------------------------------------------------------------------------------------T ow n_____________________________________________________________________ :__
State_________________________________________________________________________
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Federal Reserve Bank of St. Louis
be piled in a convenient form.
The
New
Have You Taken Your Vacation?
The Mid-Continent Banker Is Offering Twenty-Five
Dollars in Prizes for the Best Vacation Pictures
HOSE of us who have taken our
vacations for this year can’t get a
great deal of enjoyment from lis
tening to the plans of the far-sighted
bankers who decided to take their vaca
tions in August.
However, we can get an idea of what
constitutes an enjoyable vacation from
the bankers who are now “ back at the
mines” following two or three weeks of
golf, fishing, hunting or motoring.
T
E. E. Crab tree, president of th e F a r
rell State Bank, Jacksonville, Illinois,
says:
“ My idea of a banker’s vacation is
anything that might be an agreeable
change from usual activities to anything
that is recreation, and an absolute
change from his business. One man
might find it in golf, another in fishing
and another in reading. I know a
banker whose pleasure and whose vaca
tion is gardening. It would be a dead
one to me. Personally, I can get a vaca
tion or a kick out of almost any kind
of a change. This summer it happened
to be my good fortune to attend the
International Rotary Convention at Ostend. I was gone for six weeks and
every moment of the time was a vaca
tion. I can enjoy myself and have a
real vacation at a bankers’ convention
or playing golf, or many other things,
but I must have activity; sitting in a
hammock reading a book is no vacation
for me.”
Geo. C. Kopp, vice-president of T he
City Bank of Kansas City, says:
“Last year we made a trip to Minne
sota and were so favorably impressed
that we went there again this year. We
found a resort about fifty miles north
of St. Paul, known as the Dahl House,
where the accommodations, surround
ings and everything else necessary to
make a good vacation are found.
“If you are ever asked for ideas or
suggestions for a summer vacation
where one desires to dance, fish, swim,
play tennis or golf and find good meals
and enjoy real hospitality, I am quite
sure you can without any hesitancy
recommend the Dahl House of Chisago
City. I believe that after one has spent
a vacation at this resort they will feel
as I do about it.”
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Federal Reserve Bank of St. Louis
C. A. Beutel, cashier of T h e Bank of
Am erica, Chicago, says:
“I am thinking about a little trip to
Rainy River, Ontario, where a speed
boat awaits to traverse the distance of
about eighty miles to Warren’s Island,
where a camp is located. The cabins
$25.00
FOR
P IC T U R E S .
The M id-Continent B anker is of
fering $25.00 in prizes to the b an k
ers who send in the best pictures
taken w hile on th e ir vacations.
F irst prize is $10.00, and the next
three prizes are $5.00 each.
Con
test closes Septem ber 20th, and all
pictures must be at the office of the
M id-Continent Banker, 408 Olive
street, St. Louis, by th a t date.
Maybe you got a good picture of
th a t big fish tha t you landed; may
be it’s a picture of the Grand
Canon or one of th a t lake up in the
No rth woods; or it may be a pic
tur e of t h a t long putt on the eight
eenth green; or maybe it’s a pic
tur e o? the gang at the nineteenth
hole.
W e w a n t to publish all the pic
tures we can get, regardless of
w h e th e r or not they w in prizes,
A N D W E W A N T A F U L L D E
S C R IP T IO N OF EAC H P IC T U R E ,
IN C L U D IN G T H E N A M E S AND
T I T L E S O F A N Y P E O P L E IN T H E
P IC T U R E .
Send ’em in— w h a te v e r they are.
Yours may win first prize.
are surrounded by large virgin pines,
which fill the air with their scent and
the only noise is the whelping of the
wolves, probably expressing their anxie
ty as to the successful pursuit of a deer.
The next day or two is put in doing
some real musky fishing. After this, for
a change of scenery, a three-hour trip
is taken in the speed boat to the first
portage. This portage of a half mile
brings you to Crow Lake, where in a
home-made boat with a Ford engine you
travel seventeen miles to one of the
most beautiful lakes in the world. At
the end of this trip you encounter an
other portage of a mile, and after pack
ing a 100-pound sack this distance you
do not care whether you can deliver a
message for your correspondent in the
locker room of the golf club or whether
your billion items handled in transit
represent the largest activity in your
center.
“ Calvert Lake is then crossed in a
canoe and you are confronted with a
further portage of five and one-half
miles through a wood over an old lum
ber trail. Upon the completion of this
hike you finally reach Brooks Lake and
camp—which really represents quite a
small village in spite of the fact that it
is located one hundred miles from any
railroad and no cabins, within fifty miles.
After a few weeks of the exercise, good,
wholesome food and air that goes with
a trip of this kind you are again ready
to battle the banking elements.
“ I recommend that you utilize your
vacation some time on this trip.”
C. O. Holmes, vice-president of the
Ind iana Bankers Association, and presi
dent of the South Side T r u s t and Sav
ings Bank of Gary, Indiana, says:
“ My idea of a real vacation is a Great
Lakes boat trip of ten days, with an
armload of books, a few side-trip hikes,
no telephones, no messages, no appoint
ments and no alarm clocks—let alone
Pullman jumps.”
Guaranty Trust Statement
Shows Big Gain
The condensed statement of condition
of the Guaranty Trust Company of New
York, as of June 30,1927, shows total re
sources of $754,713,355.30, deposits of
$602,482,645.54, and a total for capital,
surplus and undivided profits of $62,839,229.54. Total resources, as of the
June 30, 1927, statement, represents a
gain of $110,210,596.50 over the figures
as of the corresponding date last year.
Deposits are $82,495,120.58 greater than
on June 30, 1926.
Justice is exalted, strengthened and
honored by the judicious praise of
merit.—Winter.
8
Mid-Continent Banker
The Spirit of ‘Co-oppy-ray-shun'
Maybe us Bankers Ort to Get Somebody Like this here
Aaron—Now, by George, W h a t Is that Feller’s Name?
WAS sittin’ half-dozin’ in my cheer
at the bank ’tother day wonderin’
how in the dickens and Tom Walker
I could get Sam Tarnish to pay up his
interest on that note which he’s been
owin’ me since July 16, 1911, when in
walked two sprightly lookin’ young
bucks, who at first looked to me like
they might be bank robbers. You know
how us country bank folks is always
lookin’ at strangers thinking as how
they might be bank robbers?
Both of these here young fellers was
all dressed up fit to kill, like they was
goin’ to a bankers’ meetin’ or a funeral
and I wasn’t goin’ to take no chances
on gettin’ helt up if I could help it. So
I mosied around to the back part of the
bank so’s that I could get out or in
pretty easy, an’ just waited to see what
they was goin’ to say to Bill.
Now, Bill’s my son who is cashier of
the bank. He’s been away to college
and has got a lot o’ fool notions about
some things and I never know just what
Bill’s going to say or do next. But even
if I am nigh on to seventy I ain’t goin’
to set in no easy chair and let Bill get
shot if I can hep it, ’cause Bill, even if
he has got fool notions some times, is
the only boy I got, and he’s a right good
banker, too.
You know that there’s, just one class
o’ folks, that folks that work in banks
hate worse’n bank robbers, and they are
these here bond salesmen that somehow
or other manage to git hold of the
names and addresses of your best cus
tomers—men and wimmen who have
saved up a few thousand dollars and
who never check on that account—but
who when one of these bond bandits
vacinnate ’em with this bond dope, are
never satisfied until they’ve checked
out every penny of that money which
you have watched ’em get together all
these years. Then, too, this bond busi
ness is ketchin’ just like the measles or
the whoppin’ cough. First thing you
know you run out of safety deposit boxes
and your total deposits, column gets
lighter and lighter.
But I’m gittin’ off’n the subject. I
heard one of these fellers introduce hisself to Bill and say somethin’ about
Spearment Station and I knowed right
there that he wasn’t no bank robber.
He couldn’t get inside a bank with freshgreased keys for every door. Then I
heard him begin to talk to Bill about
co-operation. Now, if there’s one word
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B y Hollis C. Franklin
Assistant Cashier, Farmers Bank 85
Trust Co., Marion, Kentucky
that these here present-day agricultur
ists are long on it sure is. co-operation.
And you just orter hear how they rare
back when they pernounce it. “ Co-oppyray-shun,” just like that. I’ve been to
several of these here bankers’ conven
tions and here lately it seems that the
whole bunch had gond nuts about the
thing.
I cain’t see just what they’re drivin’
at. I know I can calculate the interest
on a note at 8 per cent jest as good as
anybody, but when some of these here
high-collared special bankers co-opera
tion speakers get up and tell us about
this here co-operation with the farmers,
I feel all as muddle as Lindenburg must
have been when he got back home to
St. Louis, but there’s this here differ
ence in me and Lindy—he could smile
and know just the right thing to say
and I can’t grin a darn bit and I don’t
know what in the devil to say.
Maybe it’s all right. I aint sayin’ it
aint. All I’m sayin’ is that I don’t know
what the whole thing’s about. I will say
this, that the first time on of these here
spearmint station men can tell me any
thing I can do to hep the farmers get on
their feet—and the farmers aint goin’
to get on their feet again by sellin’
there cars, as I heard one of these
would-be witty speakers say either
cause the farmer’s got the same privi
lege and the same right to ride in a car
as you or me—then I’m fer it. An’ I
know some of you ’uns is goin’ to say
I’m selfish—and maybe I am—when I
say that by farmers I mean the farmers
that live down close to me. You know
I’m sort of a “home mission” banker.
I’ve jest noticed that most of this here
farm relief stuff when it fails, is blamed
on to the farmers, and when it gits put
over some of these here high-falutin’
agriculture schools or directors of vacational activities, as I think the’re called,
comes along and says, “I killed cock
Robin.”
Maybe us bankers ort to get some
body like this here Aaron—now, by
George, what is that feller’s name?
Anyhow you know who I’m talkin’ about.
He’s the feller that sued Henry Ford
fer some sort of an accident they had
when they wuz both takin’ a vaccashun
somwhere—maybe up in the Black Hills.
Anyhow, we need an Aaron of some
kind now to hold up somebody’s hands
in this here matter of co-operation.
An’ speakin’ for me and mine if you’ll
show me how I can help and can con
vince me that my helpin’ll do any good
then count me in.
W om an Starts Bank Run After Being
Told There W a s “ No Funds T oday”
There are three banks in Morrisonville, Illinois, and at one of these, not
so many days ago, a woman presented
a check for $3.50 and asked for cash.
In the account on which the check
had been written there were insufficient
funds and the bank clerk said, simply:
“No funds today.”
The woman walked out, believing that
he had meant that there were no funds
in the bank at all. Whereupon she be
gan to circulate the report. It was. not
long before depositors had begun a run
on the bank.
No amount of persuasion on the part
of the directors of the bank, who were
summoned, could alter the situation,
and it was not long before a near panic
occurred.
When all available local funds were
pressed into use, and the run contin-
ued, a telephone call was put in for a
large bank in Decatur, and the situation
described. Within a few minutes a
plane was circling in the air from the
landing field west of Decatur and not
many minutes later had landed near
Morrisonville with funds which pre
vented a shut-down of that bank and
probably serious trouble.
The bank now has all of that money
that was withdrawn back on deposit
and, since it is a strong bank, has the
confidence of its patrons. Not many
months ago a New York bank, capital
stock of which was far into the mil
lions, closed because a run had been
started which could not be stopped. The
head of the bank soon died of grief.
The moral back of it all seems to be:
“Be careful in the way you explain
things in refusing to cash a check.”
9
St. Louis, August, 1927
Celestial Bankers Association
Convenes in Eternal City
H ow to act, when, as, and
if, you happen to get there
B y ROSCOE M A C Y
HE other night,
I had a most
p e c u l i a r
dream. I dreamed
that I had died and
gone to heaven. (No,
no, little Alphonse,
that is not the pe
culiar part of my
dream.)
T
I established my
residence in one of
the attractive sub
urbs, and registered
to vote in the com
ing primaries. After
a few days, I began
to find time hanging
rather heavily on
my hands; I never
was much of a mu
sician, anyway, and
the daily grind of sit
ting about on little
cloudlets, p la y in g
my harp and sing
ing chorals, began
to grow monotonous.
Finally I decided
to set myself up in
business. The only
game I knew any
thing
about was
banking, and, upon
inquiry in the neigh
borhood, I learned that there were ex
ceptionally good openings in that line.
It seemed that the proportion of ex
perienced bankers in the population was
only about one in 225,000, or something
like that, so I started me a little sub
urban bank.
Business was good from the very first
day. At the end of a month, deposits
had grown to such an extent that there
remained no doubt as to the success of
my enterprise; I therefore deposited
some of my own funds without further
uneasiness. It was clear that our prin
cipal difficulty would be to find an out
let for loanable funds. In the begin
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ning, I thought to
build up our busi
ness by instituting
some of the free
services we had
been rendering to
depositors down in
Blakesburg, but the
blank looks of de
positors when I of
fered to do some
thing for them ex
traneous to o u r
banking business
set me thinking,
and I finally re
membered that I
was now in heaven,
where justice was
supposed to pre
vail, and bankers
were expected, dur
ing business hours, to confine them
selves to the business of banking.
A short time after we opened up for
business, I received a letter inviting me
to attend the annual meeting of the Ce
lestial Bankers Association, which was
to convene in Eternal City on the 15th.
The program sounded quite interesting,
and I was anxious to see what sort of
shindig the bankers up there would put
on, anyway, so I decided to go.
So, on the morning of the 15th, I
donned my flowingest robe and strapped
on my Sunday wings, and flapped my
way across to Eternal City, where I
soared about for an hour or so seeing
the sights and try
ing to decide where
the best landing
place was. Believe
me, boys, that’s some
burg!
It seemed
to me that there was
a needless
glare
from the gold pave
ment, which was a
bit hard on my eyes,
but aside from that
I couldn’t have made
a single suggestion
to the Chamber of
Commerce for the
improvement of the
city.
Finally, I alighted
Z7 an open space, and inquired my way
to the convention hall. Sometime be
fore I reached the meeting place, a
strange, loud rustling and rattling be
gan to assail my ears, growing louder
and louder as I approached the hall.
Upon my arrival I learned that this
noise was issuing from the cloak room,
where the delegates to the convention
were hanging up their wings and haloes.
There was a halo hook for each halo,
and an individual hanger for each pair
of wings. And such haloes! Say, boy!
These bankers up here sure put on the
dog for a convention. Nearly all the
haloes were of platinum and set with
all kinds of precious stones, so that 1
was glad to find a hook ’way off in one
corner for my plain gold band.
The program, like those I was accus
tomed to down below, opened with
music. There was an angels’ choir that
would just knock your eye out—I
thought I recognized one or two of the
soloists that used to entertain us at our
St. Louis meetings. Then, there was a
trumpet solo by a bird named Gabriel
Something-or-Other, and all I’ve got to
say about that is that Gabriel certainly
knows his trumps.
There was a little surprise in store
for me at the opening of the main pro
gram. The chairman rose, and calling
me by name, asked me to come to the
platform, where he made a little speech
introducing me as the first banker to
come to heaven since 1915; he then pre
sented me with a handsome medal com
memorating my arrival, and expressed
the hope of the convention that I would
like my heavenly home and the associa
tions I would find there.
10
I was too badly flustered to hear much
of the first speech on the program, but
as nearly as I could understand it, the
speaker was advocating the extension
of the privilege of immortality to mort
gaged domestic animals. He read off a
string of statistics which proved that the
ratio of premature deaths among mort
gaged animals is something like thirteen
times that of brutes which are clear of
encumbrance. His plan seemed to go
over big with the audience, and a com
mittee was appointed to take the mat
ter up with the Immortality Commis
sion at once.
The secretary of the association was
then called upon for his annual report,
and he made a big hit with the boys by
unfolding an embossed poster which was
being distributed to all the member
banks, to be displayed in all bank lob
bies; it read:
POSITIVELY NO CREAM CHECKS
CASHED HERE.
He also reported the activities of the
Mid-Continent Banker
vigilance committees during the past
year, and explained how they were deal
ing with the birds who persisted in
writing checks even after their balances
dropped below $5,000, and wilfully ig
nored the notices sent them by their
banks asking that they cease this prac
tice.
There was reported, too, the case of
the bad customer who walked into a
member bank in an outlying district,
and said to the cashier, “ Say, you! Why
didn’t you call me up before you turned
down that $35 check of mine? I’ve had
the money in my pocket for a week to
take care of that check. It’s getting
so a fellow can’t get any accommoda
tion at all out of a bank!” The cashier
immediately turned in the alarm, and
the renegade was apprehended by the
vigilance committee before he could get
out of the county. He was speedily
brought to trial and found guilty of
felonious check-beating in the first de
gree. The court, in pronouncing sen-
fence, used these words: “I feel, as do
bankers all over the country, that no
punishment would be too severe for this
miscreant. In passing sentence, I am
therefore adopting the suggestion of
the banker whom he wronged, which
was: ‘Let him go to hell, is what I
say!’ ” And so they sent him down for
99 years.
There followed a round-table discus
sion, opening with the subject of sav
ings accounts. In announcing the dis
cussion, the chairman suggested that
the newest member (meaning me)
might have a few thoughts on this topic.
Remembering the conventions I had at
tended down below, I thought I would
be on the safe side to point out the ad
visability of reducing interest on time
deposits, and I directed particular at
tention to the danger of paying exces
sive interest on savings accounts by
using erroneous methods of computing
interest. I noticed while I was talking
(Continued on Page 27)
The Law
WILL is a legal instrument by
which you convey property after
death, and even though executed
during life it has no legal effect until
after the death of the person named
therein as testator. At common law
only real estate was devised or dis
posed of by will, and personal property
was bequeathed or disposed of by an
instrument called a testament, hence
the common expression of last will and
testament. In order to be valid a will
must be executed according to all the
formalities required by law in the par
ticular state in which it is to become
operative, that is, the domicile of the
testator, and the states in which he
owns property to be disposed of there
in. It must usually be in writing, and
signed by the testator in the presence
of two or more disinterested witnesses,
who, at the request of the testator, in
his presence and in the presence of
each other, must sign the same as at
testing witnesses. A deed which pro
vides that the title to property shall
not pass or become vested in the gran
tee until the death of the grantor, is
testamentary in form and will not be
valid or effective unless executed with
the formalities required by law for
wills.
Only property owned by the testator
in his own right at the date of his death
can be disposed of by last will and tes
tament. This does not include prop
erty owned by him as trustee for an
other, or owned by him jointly with
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Federal Reserve Bank of St. Louis
B y the Legal E ditor
another as a joint tenancy or as tenants
by the entirety, for the jointly owned
property passes to the survivor under
the deed or instrument creating the
joint estate, and not under the will. It
does not include insurance payable to a
specific beneficiary under the insurance
policy.
A will must contain operative words
of conveyance, that is, words indicating
the clear intention of the testator to
convey his property, such as “I here
by give and bequeath,” or “hereby give
and devise,” certain property unto my
son, John, etc. A will should also name
an executor, and a will is valid if it
does nothing more than to name an
executor, and a will is also valid if it
does not name an executor, for the
court will appoint an administrator,
with the will annexed.
A will should also generally contain
a “residuary” clause, disposing of all
the rest, residue and remainder of the
testator’s estate, for there is generally
property not specifically mentioned in
the will, and property acquired after
the execution of the will, which will be
disposed of as intestate property unless
the will contains a residuary clause.
The property and beneficiaries must be
clearly named and identified in the will.
A will disposing of all of the testa
tor’s property outright at the date of
C on cern in g
W IL L S
his death is comparatively simple, if
the ordinary formalities are complied
with, but the more complicated wills
are the ones which create testamentary
trusts. In order to have a trust it is
necessary to have a trustee and to con
vey to the trustee the trust estate and
the powers of the trustee should be de
fined very clearly, for a trustee has only
the powers conferred upon him by the
trust instrument. The income from
the trust estate should be disposed of,
and the trust should have a definite ter
mination, at which time the corpus or
principal of the trust estate should also
be disposed of. The trust is generally
during the life or lives of certain bene
ficiaries, but every trust must termi
nate at some time in the future, not
more distant than twenty-one years,
after the death of one or more persons
living at the date of the testator’s death
—this is called the “Rule Against Per
petuities,” and any trust which violates
this rule is absolutely void. A will
must be valid according to the laws, of
the testator’s domicile, so far as his
personal estate is concerned, and must
be valid according to the laws of each
state in which he owns real estate.
Where there are assets in different
states, the will is usually first probated
at the domicile where the principal ad
ministration is had and then authenti
cated copies are probated in the other
states where ancillary administration
is had, and administration is generally
closed finally at the domicile.
St. Louis, August, 1927
11
Cheer Up— The Sun Has Not Gone
Out of Business
WONDER why it is the other fellow’s
grass always seems greener. You
all remember the picture of the two
eows at the fence, each one leaning over
and eating the grass in the other’s pas
ture. I was talking to a banker the
other day whose son had just graduated
at a large college, and asked him if the
boy was going to follow in the footsteps
of the illustrious Dad, and he replied:
“No, Charles doesn’t seem to hanker for
it and I’m trying to get him into the
mercantile business—too much grief in
a bank.”
A few days later I was talking to our
leading lumber dealer, whose son had
just returned from college. I said to
him: “Well, I suppose you will take the
boy in your yard and make a lumber
king out of him,” ana he replied, “ No,
Charles thinks he’d like to go in a bank
and work up, so I guess I’ll let him—
the lumber business is all shot up any
way. There used to be good money in
it, but not now, and I notice the banks
all seem to be making nice dividends
and they sure have nice hours.”
The next man I saw was the doctor.
I asked about his boy—if he was going
to be a doctor. “No,” was the answer,
“he is going into an aviation school.
Says he gets quite a kick out of it as
a passenger and hopes to make a hop
from New York to Cape of Good Hope.”
To a certain extent I am inclined to
favor the custom in the old country of
the boy succeeding to his father’s busi
ness. It stands to reason he will suc
ceed. The mere fact that “Armour was
identical with beef” helped the boys con
tinue a successful business in that line.
And the Pinkham boys (if such there
were) undoubtedly made a success of
Lydia’s compound. The outstanding
successes are made by the office boys
who grow up literally in the business.
My advice to the High School boy of to
day would be: Pick the line that you
really like; start at the bottom; plug
along; be patient and thorough; study
all you can to perfect yourself and suc
cess is bound to come.
I notice in a recent bank magazine
that several bankers have been resign
ing to go into other business. If their
new duties cover investments or insur
ance, well and good, but the banker who
knows nothing but banking had better
beware or he’ll burn his fingers. Bet
ter stick to the little old bank and re
member that interest goes on day and
night and holidays.. Bankers tear their
hair about branch banking, but how
I
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Federal Reserve Bank of St. Louis
B y Geo. T . M cCandless
“ The Man Behind the Counter”
about chain stores and the small inde
pendent dealer? Where is he going to
alight? And when we have freight-by-air
and 200 miles per hour passenger planes
what’s going to happen to the street car
lines and railroads?
The ice man looks with suspicion and
interest on the refrigerating machine
and wonders how soon he will junk his
ice house. I often think of life as a
procession—we must keep moving if we
are in line, but if we step out of line for
a moment we are left behind.
To be successful we must concen
trate. At my first experience picking
corn, I took in a territory of twelve
rows and wore myself pretty well out
before I had gone far. We are in too
much of a hurry to get rich and many
of us end up back of the starting line.
In Oregon one of the best paying crops
is English Walnuts—but it takes ten
years for the trees to come into full
bearing and Mr. Average American says,
“Too long to wait” and puts in a quicker
crop. At the end of ten years he kicks
himself for not planting the walnuts.
The saddest thing in the world is re
gret—for deeds done and left undone
and the biggest word is “ If.” Let the
past serve only as a spur to greater
things. Today and tomorrow we can
control to a certain extent, but yester
day is gone forever.
I bought a house a few days ago and
paid too much for it. Am I sorry? Sure,
but I’ll take my loss and do better next
time. Being sorry isn’t going to help
any. I saw a motto the other day that
struck my fancy. It read, “Cheer up.
The Sun has not gone out of business.”
Liberty Bank Stages
Flag D ay Contest
of school children and their
C ROWDS
parents, together with friends ana
customers of the bank, filled the lobby
of the Liberty Insurance Bank of Louis
ville on Flag Day to witness the unveil-
ing of a beautiful life-sized pastel of
Betsy Ross, the maker of the first Amer
ican flag, and to receive the announce
ment of winners of the Liberty Bank’s
flag questionnaire contest.
School children who participated in unveiling of Betsy Ross portrait in lobby of Liberty
Insurance Bank, Louisville, on Flag Day, June 14th. Dr. R. M. Kendall, the man in the center
and a well-known authority on the history of the flag, gave a short talk on this subject.
12
Mid-Continent Banker
For Your
Foreign Business
The bank used local newspapers to
publish a questionnaire on the American
flag, offering $75 in prizes for the best
answers. The advertisements stated
that the announcement of prize winners
would be made at a Flag Day celebra
tion to be held in the lobby of the bank.
As a part of the celebration, everyone
entering the bank was given a miniature
flag. There was a short program in
which school children took part, and
Dr. R. M. Kendall, a well-known author!
ty on the American flag, gave a short
address in which he traced the history
of the flag.
After Dr. Kendall’s talk, little June
Dunlap, a pupil at the Emmett Field
School, and the daughter of W. Frazier
Dunlap, assistant cashier, pulled the
string which unveiled the portrait of
This is an American bank.
But Americans do business
the world over. A n d to ex
pedite such business, this
i n s t i t u t i o n has its ow n
London representative and
maintains banking relations
with 21,979 foreig n banks
Pastel portrait of Betsy Ross unveiled June
14th in the lobby of the Liberty Insurance
Bank. Louisville.
<Ihe CONTINENTALW
COMMERCIAL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKS
CHICAGO
Re so ur c e s H
alf
a
Bil
l io n
—a
n d
m o r e
Betsy Ross. A great burst of applause
greeted the first sight of the picture,
which is considered the masterpiece of
Knowles Hare, the well-known artist.
The portrait will be a permanent fixture
of the bank and hangs against the front
wall in the lobby above the marble
water fountain.
Announcement was then made of the
winners in the Liberty Bank’s flag ques
tionnaire contest, and $75.00 in gold
was awarded to the winners by R. C.
Riebel, advertising manager of the bank.
Fifteen dollars in gold was awarded
each of the following classes: 1, public
grade schools; 2, parochial schools; 3,
high schools; 4, colleges and universi
ties; 5, general public.
T h e M ate ria lis t Muses.
There isn’t much to life but this:
A baby’s smile, a woman’s kiss,
A book, a pipe, a fire, a friend,
And just a little cash to spend.
—Exchange.
13
St. Louis, August, 1927
Interesting Men in Banking Field
Leroy C . Leslie
HE gentleman pictured above is
Mr. Leroy C. Leslie, cashier of the
First National B'ank of Oran, Missouri,
and a product of the late Victorian Era.
Mr. Leslie was born when whiskers
were whiskers, and not nostalgic eye
brows.
His first job was that of a railroad
telegrapher, and he stuck to it for eight
years. At the end of that time, finding
that there was. no demand for twentyyear-old railroad presidents, he decided
to leave the transportation business flat,
and with the dauntless spirit of youth
he entered upon a career of banking
and matrimony. In this connection it is
interesting to note that shortly after his
retirement from the railroad business
the Interstate Commerce Commission
was created and several railroads went
into receiverships.
At twenty-two he became cashier of
the Bank of Bertrand, and there followed
eighteen months of frugality and indus
try, during which time he saved enough
to pay for transportation to Morley,
where he got a job (accepted a position)
as cashier of the Scott County Bank.
After this Mr. Leslie insists that he
ran true to form as a small town banker
for eighteen years—Odd Fellow, Mason,
Modern Woodman, Elk, Town Treas
urer, School Treasurer, Baptist, FatherConfessor for the financial sinners of
his community—during which time he
accumulated a large family and a small
bald spot.
T
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Federal Reserve Bank of St. Louis
When
You
Leave
the
Bank
In 1925 he left the. Scott
County Bank to enter the cot
ton gin business. It must
have been the wrong kind of
gin—at any event, he quit the
cotton gin business, and after
a short time was persuaded,
by what he terms his. indigent
family, to go to work again.
A year later he entered the
banking business again—this
time as cashier of the new
First National Bank of Oran,
whereupon England agreed to
liquidate her war loans and
the Polish Zloty went to par.
During 1916-17, Mr. Leslie
served as secretary and chair
man of Group Six of the Mis
souri Bankers Association.
He was. too old for the second
draft, but tried to enlist as a
General. This didn’t work,
so he did the next best thing
and joined the Liberty Loan
Brigade and was severely
wounded in the left hip
pocket at a Liberty Loan
banquet in St. Louis in October, 1917.
He was decorated for bravery in this
fight by State Chairman Gib Hughes,
receiving the coveted Liberty Loan
medal, only to find later that exactly
18,325 of these medals were bestowed
in Missouri.
In 1926 he was again elected secretary
of Group Six of the Missouri Bankers
Association, and in spite of the fact that
four more Missouri banks closed short
ly after this, he insists that he is going
to stick to the banking business.
He says, he hopes to round out his
banking career with enough life insur
ance to fill the undertaker with kindly
thoughts and buy his widow a self-start
ing electric washer, in addition to
enough money for the erection of a
small monument bearing the classic
remark of the immortal Jim Cronin,
“He Seen His Duty and He Done It.”
Couldn’t Stand It.
today, walk right over
to the Post Office and
mail us the coupon at
the bottom of this page.
Then we will tell you
how many bank em
ployees have increased
their monthly incomes
after b a n k i n g hours.
ABRAHAM LINCOLN LIFE
INSURANCE COMPANY
H . B. H IL L , President
F. M . F E F F E R
Vice-President and Agency Director
Home Office
Springfield, Illinois
r -------------—
-------------------- - - a
Mr. Bam—“How did you like the new
washing machine I had sent out today?”
Mrs. Bam—“ Oh! it’s terrible. Every
time I tried to get in it to take my bath
the paddles hit me.”
■
1
A man’s longest purposes will be his
best purposes. It is true, life is short
and uncertain, but it is better to live on
the short arc of a large circle, than to
describe the whole circumference of a
small circle.—Parkhurst.
I
Name _________________________________ _
1
_
Bank ___________________________________
!
Town_____________________________
I
A braham Lincoln Life Ins. Co.
Springfield, Illinois
* Gentlemen:
Kindly send me information regard- I
ing your plan for bank employees:
■
I
14
Mid-Continent Banker
GRANT
STATE
BANK
GRAVOIS AVENUE AND MORGANFORD ROAD
ST. LOUIS, MO.
Established in 1921, this bank has in six years made an im portant place for
itself in serving the growing business and m anufacturing interests in its locality.
Accounts o f individuals, manufacturers, merchants and. banks solicited upon
favorable terms. Interest paid on daily balances.
O F F IC E R S A N D D IR E C T O R S
L. H . T I E M A N N , President
O T T O F. L E F F L E R
E . E . S C H O E N I N G , Vice-President
W . C D IE S E R , Vice-President
A R T H U R G . M A IE R
EDW . REM M ERS
G E O R G E A . B O Y D , Jr., Cashier
W E N D L IN SC H W A R T Z
O. H . H E M P E L M E N , Ass’t Cashier
H EN RY STEGM ANN
G E O . C . D O E R I N G , Auditor
G . B. W I N D L E R
M . C. B A R T E L S
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Federal Reserve Bank of St. Louis
Capital
.
.
.
.
$200,000
Surplus and Profits over $ 100,000
Total Resources over . $2,000,000
“ WILL SERVE YOUR EVERY BANKING NEED”
15
St. Louis, August, 1927
Grant StateBankHasSixth Anniversary
Founded in 1921, a Strong Institution Has Been Built Up to
Serve Important Business and Residential District of St. Louis
HE Grant State Bank, Gravois ave
nue and Morganford Road, St.
Louis, is celebrating its sixth an
niversary. Founded on June 11, 1921,
it has built up an excellent volume of
business, and has become an important
unit in the life of the locality it serves.
Its resources are now more than $2,000,000, with capital of $200,000, surplus and
undivided profits of more than $100,000.
Chartered on June 6, 1921, the Grant
State Bank opened for business five days
later in temporary quarters on Gravois
avenue, near Morganford road. The
bank was organized because of the in
sistent demand for a banking institu
tion in the Gravois district, and its spon
sors were more than gratified when de
posits of $80,000 were received the open
ing day. A little more than a year later,
the banks’ capital was increased to
$200,000, the surplus raised to $50,000,
and membership was secured in the
Federal Reserve System.
The growing business of the bank and
the rapid development of the Gravois
district necessitated larger banking
quarters, and on July 19, 1924, the bank
moved into its new home, one of the
finest and most complete buildings
among St. Louis outlying banks. The
new building was. particularly designed
to serve the community, and in addition
to a magnificent lobby and adequate
official and working quarters, an un
usually complete vault equipment was
installed, with safe deposit boxes, pri
vate rooms for customers and the like.
An up-to-date feature of the building is
a parking space for thirty customers’
cars at the rear of the building, reached
by a concrete driveway on each side of
the bank.
Complete banking service is furnished
by the institution. The <•
partment is perhaps the most importa^
because of the rapidly developing busi
ness interests of the Gravois community.
Interest is paid on daily balances in
excess of $500. The bank department
is under the personal direction of G. A.
Boyd, Jr., cashier, who has had many
years experience in handling country
bank business; many Missouri and Illi
nois banks carry their St. Louis ac
counts with the Grant State Bank.
The Savings Department has done
much to promote thrift in the Gravois
district. Convenient hours have been
arranged, and all departments of the
bank remain open until 8:00 o’clock p.
m. on Saturdays.
T
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Federal Reserve Bank of St. Louis
A Bond Department is maintained
and is becoming an important part of
the institution. The Insurance Depart
ment handles all lines of policies with
standard companies; the Foreign De
partment remits funds to other countries
and carries travelers’ checks. A spe
cial Service Department is maintained
for drawing up legal forms, handling
collections, etc.
Much of the success of the bank has
been due to the painstaking efforts of
the officers and an unusually capable
and active board of directors. L. H.
Tiemann has been president of the bank
since its founding, and has been ably
assisted by George A. Boyd, Jr., cashier.
E. E. Schoening and W. C. Lieser are
vice-presidents; O. H. Hempelman is
assistant cashier; Geo. C. Doering,
auditor; Norman Blette and Robert
Webb Boyd are tellers, and August
Dolejsi, Elizabeth Deckert and Alvarah
Heitmann are bookkeepers.
The directors include President Tie
mann, Cashier Boyd and the following
Officers and Directors
E .E . SCHOENING
L.H T I E M A N N
VICE PRES.-DIRECTOR
PRESIDENT-DIRECTOR
O.H.HEMPELMEN
W .C . L IE S E R
VICE PRES-D1RECTOR
GEO.C.DOERING
ASST. CASHIER
A U D IT O R
MX.BARTELS
O T T O F. L E F F L E R
D IR E C T O R
D IR E C T O R
EDW. REMMERS
W E N D LIN SCHWARTZ,
D IR E C T O R
D IR E C T O R
ARTHUR G.MAIER
D IR E C T O R
HENRY STEGMANN
D IR E C T O R
G.B.WINDLER
D IR E C T O R
Mid-Continent Banker
16
American Exchange
Irving Trust
Company
N E W YORK
Statement o f Condition,]une 30,19 27
R eso urces
Cash on Hand and Due from Banks $126,683,989.49
Exchanges for Clearing House..........
94,515,448.78
Call Loans, Commercial Paper and
Loans eligible for Re-discount
with Federal Reserve Bank . . .
10 7 ,12 3 ,0 12 .0 5
United States Obligations..............
64,083,183.79
Short Term Securities......................
44,262,797.36
Loans due on demand and within
30 d ays...........................................
84,741,994.90
Loans due 30 to 90 days..................
64,272,438.68
Loans due 90 to 180 days................
59,833,108.32
Loans due after 180 days................
3,503,370.42
Customers’ Liability for Acceptances
(anticipated $2,674,052.21)
41,732,505.93
Bonds and Other Securities...........
12,343,349.69
New Y ork C ity M ortgages...........
8,903,924.68
Bank Buildings......... .......................
3 >534>973 -01
M ain View Entérina Bank
leading business men of the district;
M. C. Bartels, contractor and builder;
Otto F. Leffler, attorney at law, vicepresident of Yeckel-Earickson Co., Inc.,
and director of American Home Build
ing and Loan Association; W. C. Lieser,
vice-president of the bank, who is. presi
dent of the Lieser Drug Stores; Arthur
G. Maier, president, Maier Plumbing
Company; Edw. Remmers, contractor
and builder; E. E. Schoening, vice-presi
dent of the bank and president of the
Morganford Hardware Company; Wendlin Schwartz, baker and confectioner,
trustee Bakers Aid Society; Henry
Stegmann, director Gravois Farmers
Club, and G. B. Windier, florist.
Pays to Advertise.
The codfish lays a million eggs,
The helpful hen but one;
But the codfish does not cackle
To tell us what she’s done.
And so we scorn the codfish,
The helpful hen we prize;
Which indicates to you and me,
It pays to advertise.
—Anon.
T h e Perverse Man.
When a man’s busy, why, leisure
Strikes him as wonderful pleasure;
And when at leisure once is he
Straightway he wants to be busy.
—Robert Browning.
$ 7 1 5 ,5 3 4 ,0 9 7 .1 0
L ia b il it ie s
Deposits............................ 1................ $ 5 5 1,15 1,16 9 .16
Official Checks................... ..............
53,496,077 97
Acceptances (including Accept
ances to Create Dollar E x
change).........................
44,406,558.14
Discount Collected but not Earned
1,262,228.88
Reserve for Taxes, Interest, e t c ...
2,325,586.21
Dividend Payable July 1 , 1 9 2 7
1,120,000.00
Capital Stock....................................
32,000,000.00
Surplus and Undivided Profits----
29,772,476.74
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 7 i 5 ,5 3 4 ,°9 7 .i °
Safe Deposit Vault
St. Louis, August, 1927
W m . P. O ’ Neal
Y o u will all recognize W m . P. (B illy)
O ’ Neal, vice-president of the Marine Bank and
Trust Company of New Orleans.
M r. O ’ Neal
was elected vice-president of the Louisiana
Bankers Association at the convention this
year and is heir apparent to the presidency
in 1928.
General Motors Sales Show
Substantial Increase
Commenting on the June sales of
cars, Alfred P. Sloan, Jr., president of
General Motors, said:
“ The retail sales by our dealers to
consumers in June were 159,701 cars, an
increase of 42,525 cars, or over 36 per
cent, as compared with June, 1926, at
which time such sales were 117,176.
This also compares with 75,864 cars in
June, 1925.
“In June the sales by our car divi
sions to their dealers totaled 155,525
cars, compared with 111,380 in June,
1926, an increase of 44,145 cars, or
39.6 per cent. This compares further
with 71,088 cars in June, 1925.
“The following tabulation shows
monthly sales of General Motors cars
by dealers to ultimate consumers:
1927
1926
1925
January ......... 81,010
53,698 25,593
February ........ 102,025
64,971 39,579
March .............146,275 106,051 70,594
April ............... 180,106 136,643 97,242
M a y .................. 171,364 141,651 87,488
June ................ 159,701 117,176 75,864
Six months___ 840,481 620,190 396,360
“ These figures include passenger cars
and truck sold in the United States,
Dominion of Canada and overseas by
the Chevrolet, Pontiac, Oldsmobile, Oak
land, Buick, LaSalle and Cadillac manu
facturing divisions of General Motors.”
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Federal Reserve Bank of St. Louis
17
18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mid-Continent Banker
19
St. Louis, August, 1927
Bond and Investment Section
Commercial Paper vs. Collateral Loans
New York Clearing House Association Ruling
Reduces the Net Return on Collateral Loans
NDER date of February 25, 1926,
the members of the New York
Clearing
House
Association
passed an amendment to Section 3, Ar
ticle XI of its constitution, providing for
a charge of not less than 5 per cent on
the interest received upon all collateral
loans placed in behalf of correspond
ents. This amendment became effective
March 1, 1926.
As a result of instituting this charge,
the net return on collateral loans, both
time and call loans, placed on Wall
Street by out-of-town banking institu
tions, was decreased between one-fifth
to one-fourth of 1 per cent.
The return on collateral loans, more
over, is in the form of interest, which
is generally credited to lending institu
tions on the first of the following month.
The net interest return is thus some
what below the net return which banks
receive when investing surplus funds in
commercial paper at the same rate, as
the return on commercial paper repre
sents a discount obtained at the time
of investing instead of at maturity.
The following tabulation shows the
actual net returns on these two forms
U
B y R o y A . Foulke
Manager Bank Service Department
National Credit Office
of investment, both on a yearly and six
months basis at the same rate of in
terest and discount.
Commercial Paper Collât. Loans
Rate of
Six
Yearly or
Interest or Yearly Months Six Months
Basis
Basis
Discount Basis
5.26%
5.13%
4.75%
5%
4.99
4.88
4.51
4%
4.27
4.71
4.60
4y2
4.03
4.44
4.33
4%
4
4.17
4.08
3.80
A banker investing $10,000 in com
mercial paper carrying 5 per cent and
running six months to maturity, pays
$9,750 when the note is discounted. The
return of $250 represents 5.13 per cent
on the investment of $9,750. On the
other hand, if $10,000 were placed on
call in Wall Street at an average rate
of 5 per cent, the net yield after de
ducting the charge for handling is re
duced to 4.75 per cent.
The differential in favor of six months
commercial paper ranges from three-
eighths of 1 per cent on an interest or
discount rate of 5 per cent to slightly
more than one-fourth of 1 per cent on
an interest or discount rate of 4 per
cent.
How
Banks Invest Surplus Funds.
The surplus funds of any banking in
stitution must be used to bring an in
terest-return in one or several of five
different ways. Surplus funds may be:
(1) Placed on deposit with corre
spondent city banks.
(2) Put out on the call money market.
(3) Invested in U. S. Government se
curities.
(4) Invested in state, municipal, rail
way, industrial or other bonds and se
curities.
(5) Invested in short term accept
ances and commercial paper.
The majority of bankers, particular
ly those with long successful records,
use a diversity of expedients in invest
ing the funds of their bank and seldom
depend upon one or two of the above
methods of investment for consistent
profits.
The amount of surplus, funds which
is placed in any one of these sources of
Power and Light Bonds
CAROLINA POW ER & LIGHT CO............................. .
First and Refunding- Mortgage Gold 5s
COLUMBIA GAS & ELECTRIC CORPORATION. .
Twenty-Five Year Gold Debenture 5s
N O RTH ERN IN D IA N A PUBLIC SERVICE C O ... .
First and Refunding Mortgage Gold, Series
“ C” 5s
GEORGIA P O W E R C O M P AN Y...................................... .
First and Refunding Mortgage Gold 5s
ASSOCIATED GAS & ELECTRIC CO........................ .
Convertible Gold Debenture 5M>s
DUE
1956
PRICE
$100.75
YIELD
4.95%
1952
100.00
5.00%
1966
98.50
5.10%
1967
97.00
5.18%
1977
95.75
5.75%
Full descriptive circulars of these issues will be sent on request
P
o t t e r
,K
a u f f m a n
-------------------------cin c o r p o r a te d
511 Locust Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saint Louis
& Co.
“
GArfield 7460
Bonds selected with the advice of a reliable investmenl banker are essential to the strength and stability of any bank
20
Mid-Continent Banker
WE RECOMMEND:
UNITED RAILWAYS 4 % BONDS, DUE 1934
Listed on St. Louis Stock Exchange
St. Louis Stock Exchange Quotation Sheet mailed daily on request
AUGUSTINE & CO.
608 SECURITY BLDG.
ST. LOUIS, MO.
Member St. Louis Stock Exchange
Telephone, G A rfield 6270- 1 - 2 ; Long Distance, 32
Conservative Securities
Iowa Public Service Co. 1st Mtg. 5% Bonds,
due 6/1/57 @ 97.50 to yield 5.16%.
Barnhart Bros. & Spindler Serial 6% Notes,
due 4/1/32—4/1/35 @ 101.50 to yield 5.70%
to 5.75%.
investment at any particular time de
pends (1) partly upon the seasonal or
the problematic need of the individual
bank for funds in the immediate future,
and (2) partly upon the conservatism
of its financial policy. It is necessary
at all times to keep funds on deposit
with city correspondents. Many banks,
especially those in central reserve
cities, keep substantial investments in
United States Government securities.
Both of these forms of investment bring
a relatively low interest-return, but the
opportunity for loss is negligible.
With a greater average yield on In
vestments in high grade state, munic
ipal, railway, industrial and public util
ity bonds, and commercial paper, the
question as to which source will give
a maximum interest-return consistent
with safe banking investment policies,
is a practical one and comes up for care
ful consideration—daily.
In brief, the welfare of a bank is
based upon its ingenuity in obtaining
workable funds.—deposits—but its actual
progress is shown by employing these
funds wisely from four angles, (1) the
return of the amounts put out, (2) the
time of return, (3) the profit earned,
and (4) the indirect profit. Commercial
paper covers these four objectives ef
fectively.
Advantages of Comm ercial Paper.
Cities Service Gas Co. 1st Mtg. 5/ 2% Bonds,
due 5/1/42 @ 96.25 to yield 5.80%.
Utilities Power & Light Co. 5/4% Debentures,
due 6/1/47 @ 94.25 to yield 6%.
Federal Public Service Co. one year 6% Notes,
due 6/1/28 @ 100 to yield 6%.
Detroit Reduction Co. 1st Mtg. 6% Bonds,
due 6/1/34 @ 100 to yield 6%.
CONCESSIONS TO BANKS
O fferin g s subject to p r io r sa le a n d change in p r ic e .
Ba r t l e t t & G o r d o n
IN C O R P O R A T E D
FIRST NATIONAL BANK BUILDING
C H IC A G O
FIRST WISCONSIN NATIONAL BANK BUILDING
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IL W A U K E E
If all commercial paper names were
purchased
indiscriminately
without
credit investigation, buying banks would
not lose in normal years in excess of
twenty cents on every $1,000 invested—
and during the past five years an aver
age of but nineteen cents on each $1,000
put out.
A loss of nineteen cents is practically
nil compared with an average interestreturn of $48.80 per $1,000 invested per
annum, amounting to less than one-half
of 1 per cent of the yield and about onefiftieth of 1 per cent of the investment.
From present available facts, the loss
for 1926 will not exceed six cents per
$1,000 invested.
With reasonable credit supervision
and average judgment, the losses are
even less, while the losses where credit
supervision is excellent are absolutely
negligible—particularly over a period of
years.
Bankers intelligently investing in com
mercial paper may judiciously spread
their risk by buying the paper of widely
diversified lines of industry in different
sections of the country.
No bank in the United States has
ever become insolvent, or even tem
porarily embarrassed financially through
the default of notes purchased in the
open market.
Second only to the certainty of the
return of the funds invested in open
21
St. Louis, August, 1927
market paper is. the clocklike precision
with which it is paid at maturity, irre
spective of the economic conditions ex
isting at the time. There is no obliga
tion to renew commercial paper. It is
automatically paid when due and paid
at par. Whether money is tight or free,
whether business is good or bad, there
is no depreciation.
Should a banker have unexpected re
quirements for funds before the ma
turity of his paper, it may be redis
counted instantly at the current rate of
discount with corresponding banks, or
ninety days before maturity with Fed
eral Reserve banks as the credit stand
ing of open market names is known na
tionally.
S u ita b le
In v e s tm e n ts
fo r B a n k s
Important Ruling Affects
Income Tax Returns
Bond houses and other financial insti
tutions may not deduct in their income
tax returns an annual allowance to
amortize premiums on bonds, nor need
they report as income the pro rata
amount of discount on bonds, under an
important ruling just announced by the
Board of Tax Appeals, according to M.
L. Seidman, tax expert of Seidman &
Seidman, certified public accountants.
“ This decision,” Mr. Seidman re
marked, “sets at rest a point about
which there has been a great deal of
controversy. Many financial houses fol
lowed the practice of deducting annual
charge-offs for premiums, using recog
nized bond tables, for the purpose.
Where the bonds were bought at a dis
count, on the other hand, the income
was increased by annual write-ups suf
ficient to eliminate the discount by the
time the bond matured.
“ The Income Tax Department con
tended that there was no warrant in the
law for such method of reporting in
come, and that premiums and discounts
were to be ignored until the bonds were
sold or matured, and at that time were
to be considered as part of the profit
or loss. The taxpayers, on the other
hand, insisted that the method outlined
was in accordance with accepted ac
counting practice, and also that the net
result in the long run was the same as
that used by the Income Tax Depart
ment. The board has sustained the In
come Tax Department, holding that the
amortization of neither bonds, premi
ums nor discounts have any place in
income tax returns.”
Cut Rate Barber-
Commercial Traveler—“ You’ve nicked
my face in a dozen places. How much
do I owe you?”
“ Sixty cents.”
“ Sixty cents?”
“ Cut rate, sir—cut rate!”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Our investment list includes bonds
of counties, cities, districts and of
industrial, railroad
and public
service
corporations.
Each
security we offer has been pur
chased outright for the investment
of our own funds and is offered
with our recommendation.
Our fifty-one years of experience
assures careful selection of invest
ments; careful selection means not
only inherent security and adequate
yield, but also suitableness for the
exacting requirements of a bank’s
bond account.
Write or wire for our
current offering list.
I
x
i o
a
T if i ’s t C o m
o r Ea s t S t.Lo u is
Member Federal Reserve System
p
a
n
y
22
Mid-Continent Banker
A P A R T I A L L IST OF C U R R E N T O F F E R IN G S
O tis & Co.
H a ls e y , S tu a r t & Co.
M a rs h a ll F ie ld , G lo re, W a r d & Co.
L e h m a n B ro th e rs .
R ed m o n d & Co.
F ir s t N a tio n a l C o m p a n y o f D e tr o it.
Offering- $7,500,000 Detroit City Gas Com
pany First Mortgage Gold Bonds, Series
B 5%. Dated October 1, 1925. Due Oc
tober 1, 1950. Price 100 and accrued in
terest to yield 5%.
Coffin & B u r r,
Spencer T ra s k
H a r r is , F o rb es
S e c u r ity T r u s t
F ir s t N a tio n a l
B a n k e rs T r u s t
O tis & Co.
In c.
& Co.
& Co.
C om pany.
C o m p a n y o f D e tr o it.
C om pany.
&
A.
G.
B ecker &
Co.
Offering 87,500 shares Auto Strop Safety
Razor Company, Inc.
Convertible Class
-‘A ” Stock.
Price $43 per share (plus
accrued dividend) to yield about 7%.
Offering $20,000,000 The Detroit Edison
Company General and Refunding Mortgage
Gold Bonds, Series C, 5% due 1962. Price
10214 and interest, yielding over 4.85%.
A m e s , E m e ric h & Co.
S tru p p
Bonds. Dated July 1, 1927. Due January
1, 1953. Price 95 and interest, to yieldi
6.40’%.
M a rs h a ll F ie ld , G lo re, W a r d & Co.
B a k e r, K e llo g g & Co.
Offering $2,000,000 Municipality of Cali
(Republic of Colombia) Twenty-Year 7%
Secured Sinking Fund Gold Bonds. Due
May 1, 1947. Price 93 and accrued inter
est, to yield about 7.70%.
Co.
Offering $3,000,000 City of Saarbruecken
Six Per Cent External Sinking Fund Gold
D illo n , R ead & Co.
H a r r is T r u s t <& S a v in g s B a n k .
S p e n c e r T r a s k & Co.
G. H . W a lk e r & Co.
Offering $10,000,000 Union Electric Light
and Power Company (Missouri; General
Mortgage Gold Bonds, 5%, Series B. To be
dated August 1, 1927. Due August 1, 19'67.
Price 102% and accrued interest, to yield
over 4.85%.
Lee, H ig g in s o n & Co.
B odell & Co.
W h it e , W e ld & Co.
W e s t & Co.
Offering $3,600,000 Springfield Gas and
Electric Company (Springfield, Missouri)
First Mortgage Gold Bonds, Series A, 5%.
Due June 1, 1957. Price 97% and interest,
yielding over 5.15%.
Lehm an
B ro th e rs .
Offering $5,500,000 Collins & Aikman
Corporation
7%
Cumulative
Preferred
Stock. Price $103 per share and accrued
dividend.
O liv e r J. A n d e rso n & Co.
T a u s s ig ,
D ay,
F a ir b a n k &
Co.
Offering $600,000 Platte Valley Telephone
Corporation First Mortgage 6% Gold Bonds,
Series “ A ” . Due July 1, 1947. Price 100
and interest, yielding 6%.
W h it n e y C e n tra l B a n k s .
M a r k C. S te in b e rg & Co.
Offering $1,860,000 Foster Creek Lumber
and Manufacturing Company First Mort
gage 6% Serial and Sinking Fund Gold
Bonds. Due serially July 1, 1928-39. Price
98% to 100, according to maturity.
P. W . C h a p m a n & C o., In c.
G’K/jT'ORE than 2,000 banks o f the Urated
0 v States purchase these notes for prime,
short-term investment.
Checkings available in any financial center
and complete credit data on request.
Offering $1,500,000 Pennsylvania State
W ater Corporation First Lien 5.50% Gold
Bonds, Series “A ” . Due March 1, 1952.
Price 98 and interest, to yield about 5.66%.
H a y d e n , S ton e & Co.
Offering $1,600,000 National Manufacture1
and Stores Corporation 7% Convertible
First Preferred Stock.
Price 100 and
dividend to yield 7%.
W a ld h e im , P la t t & Co.
Offering $200,000 Sefton National Fibre
Can Company 7% Cumulative Prior Pre
ferred Stock. Par value $100’. Price 100
and accrued dividend.
B la ir &
Co.
Offering $4,000,000 Hanover State Credit
Institute 3% Year First Mortgage 6% Col
lateral Gold Notes to mature January 15,
19<31. Price 98 and interest, to yield 6.65%.
T h e N a tio n a l C ity C o m p a n y .
H a r r is T r u s t & S a v in g s B a n k .
Lee, H ig g in s o n & Co.
Industrial
A cc ep tan c e
Corporation
D E A L E R S E X C L U S IV E L Y
FINANCING S T U D E B A K E R
Collateral
Gold
Trust
Notes
( T H E N A T I O N A L C I T Y B A N K OF N E W Y O R K , T
Offering $30,000,000 Central Bank for
Agriculture, Germany, Deutsche Rentenbank - Kreditanstalt Landwirtschaftliche
Zentralbank, Farm Loan Secured 6% Gold
Sinking Fund Bonds. Due July 15, 1960.
Price 95 and interest, yielding over 6.36%.
F ir s t
N a tio n a l C o m p a n y .
Offering $450,000 First Mortgage Serial
5% % Real Estate Gold Bonds of R. M.
Waggoner, W ichita Falls, Texas, secured
by first mortgage on the Bob W aggoner
Building, W ichita Falls, Texas. Priced to
yield 5.25% to 5.50%, according to matur
ity.
Driscoll Now
Branch Manager.
Francis A. Driscoll, formerly con
nected with the real estate department
of the Liberty Insurance Bank, Louis
ville, Ky., has been made manager of
the bank’s branch at Seventh and Hill
streets. Mr. Driscoll, who is 31 years
old, went to the Liberty Insurance Bank
four years ago as bookkeeper in the
commercial department.
rustee)
W inston Now
W it h F ir st Na tional.
Executive Offices
GRAYBAR
BUILDING,
NEW
YORK
[Lexington Avenue at 43rd Street]
Commercial Paper Offices
NEW YORK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
?
DALLAS
/
M IN N E A P O L IS
1
C H IC A G O f 10 5 South La Salle Street
S T . L O U IS 1 Boatmen’ s Bank Building
SAN F R A N C ISC O
J. Dudley Winston, vice-president of
the Louisville National Bank, Louisville,
Ky., in charge of branch banks, will go
with the First National Bank of Louis
ville in the same capacity. Mr. Win
ston began his banking career in the
old Columbia Trust Company. When
this institution was merged with the
Fidelity he retained an official capacity
in the consolidated institution. In 1919
Mr. Winston went with the Louisville
National Bank.
23
St. Louis, August, 1927
M oney Hath Wings
(With apologies to Robert W. Service.)
So you want to invest in some oil
stocks?
Well, Buddie, you’re new to the game.
And I’m plumb cleaned out, down to
bed rock
Not a red copper cent to my name.
My first thousand went to buy leases;
A sure thing, so says my friend Jim.
He showed me the way, but the deal
didn’t pay
And I learned about oil stock from
him.
I took what was left of my savings
And buttoned it tight in my belt;
Had enough to live on and my cravings
To be rich for a time were not felt.
Then along came a man with a wildcat
And some little kitten she were.
We drilled us a well that went clean to
hell
And I learned about oil stocks from
her.
We got us a wonderful duster;
The driller, he quit on the job,
I moaned and I groaned and cussed
her
Same as the rest of the mob.
But that never brought back my money.
I’m trimmed just as clean as can be.
So be warned by my lot, which I know
you will not,
And learn about oil stocks from me.
— (From Wichita EagleA
TRY
T H IS
ONE
ON
CUSTOMERS.
They are often of vital
i m p o r t a n c e to t h e
banker... compiled, as
you request them, by
ex perien ced in vest
ment men in our Sta
t i s t i c al Dept» Y o u
are invited to ma k e
use o f these facilities.
id i
A R egu la r D e t a i l o f
Our Investment Service
GEO. H. BURR & CO.
Investm ent Securities
506 Olive St.
St. Louis
YOUR
Wood Rainwater, president of
the Rainwater Bank and Trust
Company of Morrillton, Arkansas,
doesn’t believe in allowing golf to
interfere with business, or, rather
business to interfere with golf, as
is indicated by the following let
ter sent by Mr. Rainwater to all
of his customers:
“ Dear Customer:
During the
sum mer, commencing June 1, we
w ill open at 9 a. m. and close at
3 p. m.; also half hour close for
lunch, except on S aturd ays. Ev e ry
T hu rs da y the bank w ill close at
noon fo r half holiday till Septem
ber 10.
If any of our customers
need money a fte r 3 o’clock w e ’d
be glad to give you a key to the
bank, but you’ ll have to fix your
own note, and count the money
yourself— key w ill cost you 50
cents.
(Signed)
“ R A IN W A T E R B A N K .”
“ P. S.-— If you w a n t a key, put
in your order at once.
W . R.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
Special Reports on
Specific Securities
A Brokerage Service
In Real Estate Bonds
T o Banins, D ea lers and
Institutions
Issues o f Standard Houses Bought, Sold and Quoted
M-W.
B
raderm ann
IN C O R P O R A T E D
170 Broadway, New York
Co.
Tel. Cortland 6240
24
Mid-Continent Banker
m
Efficient Buying
W ell-organized buying departments bring to
Caldwell clients the most desirable securities.
Weeks and sometimes months of intensive in
vestigation are often necessary before the issue
is included are our listing, each security being
accepted and offered only after careful consid
eration as to its safety and desirability. M u
nicipal, public utility, industrial, and foreign
government bonds are all included in our cur
rent circular.
M a y we send you a copy?
C a l d w e l l &
C o m p a n y
Southern Securities
117 N O R TH FO U R T H STR EET
Offices
in
BUILT-IN
Principal
S T . LO U IS, M O .
Cities
SECURITY
Assures Safety of Principal
and Stability of Income
X A C T I N G and thorough methods characterize each bond issue underwritten by
Krenn & Dato, Inc.
Every step in the conservative financing and construction of
properties is carried out within this organization. The need for a building, its com
pleted value and earning power are determined by our own experts— verified by competent
independent authorities. Our architects and engineers check plans and specifications, and
rigidly inspect every step in construction.
Upon completion our Management Department
maintains close supervision over each property.
E
Security is actually built-in each Krenn & Dato issue by the skill, the resourcefulness
and the experience of this complete investment organization.
For your own funds, for
the funds of your customers, such bonds assure permanent safety of principal and stabil
ity of income.
Circulars describing current offerings will be sent upon request
K R E N N & D A T O , Inc.
Exclusive Agent for Edith Rockefeller McCormick Trust
111 Broadway
39 S. LaSalle Street
916 W a ln u t Street
NEW Y O R K
C H IC A G O
K A N S A S C IT Y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
State
and
Municipal Bonds
Based on partially incomplete reports,
State and municipal bond flotations dur
ing the first half of the year aggregated
$828,545,606, according to “ The Daily
Bond Buyer’’ of New York. This figure
is within $2,000,000 of the record estab
lished in 1924 when the first six months’
total was $830,779,456, but this slight
margin will probably be wiped out as
delayed reports of sales scheduled for
the latter part of June are tabulated.
June was a normal month with sales
of $152,234,995 and showed a substantial
reduction from the May figure of $210,387,710.
At the close of the half year period
it is estimated that the floating supply
of bonds in the hands of bond dealers
is greater than at any other date in the
history of the municipal bond business.
The following table prepared by “The
Daily Bond Buyer” of New York shows
sales of State and municipal bonds in
June and the six months ended June
30th for ten years:
6 mos. ending
June
June 30
1927.............. $152,234,995 $828,545,606
1926..............
145,616,332
743,313,662
144,688,715
749,907,851
1925..............
1924..............
286,507,401
830,779,456
1923..............
171,261,681
616,308,620
1922..............
169,748,241
734,157,276
1921..............
125,976,321
508,092,311
1920..............
45,031,274
348,981,991
1919..............
92,338,475
308,888,442
1918..............
21,366,792
134,133,084
T en Rules for Success.
Otto H. Kahn, in a recent interview in
“ The Daily Princetonian,” recommends
the field of banking to college men and
offers ten rules for success. His rules,
though formulated primarily for young
men about to enter business, are of no
less value to those already engaged in
the banking business. Here are the ten;
check them over against yourself:
1. Eliminate from your vocabulary the
word “perfunctory.”
2. Think—exercise your brain as you
do your muscles.
3. The most serviceable of all assets is
reputation.
4. Use your imagination.
5. Know how to bide your time and
to “ sit tight.”
6. Be neighborly. Be a good sport.
Remember you can’t lift yourself by
downing others.
7. Work hard—it won’t hurt you.
8. Take an active interest in public
affairs.
9. Meet your fellow man frankly and
fairly. You don’t have to go through
business armed to the teeth.
10. If you are successful, be patient,
courteous and conciliatory. Avoid osten
tation.
25
St. Louis, August, 1927
Municipal Bond Election
Results During June
The total of new State and municipal
bond issues authorized by the voters of
146 communities located in 35 States
during the month of June this year is
more than double the figure for June,
1926, according to reports published in
“ The Daily Bond Buyer” of New York.
Last month’s authorizations totaled
$73,185,000, while the amount of bonds
sanctioned in June, 1926, was $39,174,119.
However, the taxpayers in 70 other
municipalities in 24 States refused to
authorize the issuance of securities ag
gregating $58,478,758. The reason for
this large total is due to the defeat of
an issue of $44,700,000 by the city and
county of San Francisco, Cal. The total
of bonds defeated during the same
period for 1926 was $19,845,260.
Among the larger issues approved
were: $18,500,000, Chicago, 111., Park Dis
tricts; $15,000,000, Cook County, 111.;
$5,400,000, San Francisco, Cal.; $2,690,000, Navarro County, Tex., Road Dis
trict No. 1; $2,200,000, Los Angeles, Cal.,
School Districts; $2,000,000, Harrison
County, la.; $1,500,000, Webster Coun
ty, la.; $1,448,000, Lee County, Tex.;
$1,250,000, Durham, N. C.; $1,250,000,
Hutchinson County, Tex.; $1,225,000,
Caddo County, Okla., and $1,000,000,
Washington County, la. The following
large issues were defeated: $44,700,000,
San Francisco, Cal.; $2,000,000, Cher
okee County, Tex.; $1,600,000, Sioux
County, Iowa;
$1,500,000, Webster
County, la.; $1,250,000, Golaid County,
Tex.; and $1,000,000 Hardin County, la.
A tabulation of the total amount of
bonds approved by the voters during
the first six months of 1927 and during
the corresponding period of 1926 is
given below:
1927
1926
January ....... $ 11,909,900 $ 5,506,000
February....... 15,326,500
22,296,212
March ........... 23,615,072
44,250,900
April .............. 75,778,049
76,399,404
May ............... 79,033,200
106,793,070
June ............... 73,185,000
39,174,119
Totals ....... $278,847,721
$294,419,705
The New Home
of the
Equitable Bond &Mortgage Co.
L ocated at 180 W est W ashington
Street, Chicago, is rapidly nearing
com pletion.
p
It is now expected our new home
will be fully com pleted on or before
September 1, 1927.
CURRENT
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OFFER IN GS
Security.
The Ambassador Apartments First Mtg. Fee
— Louisville ............................................................
Edgewater Plaza Apartments First Mtg. Fee
— Chicago ...............................................................
180 W est Washington Building First Mtg.
Leasehold— Chicago ..................................
The Oxford Apartments First Mtg. Fee— Chi
cago .........................................................................
The Mozart Apartments First Mtg. Fee— Chi
cago .........................................................................
The Southland Apartments First Mtg. Fee—
Louisville ..............................................................
The Traemour Apt. Hotel First Mtg. Fee—
Chicago ..................................................................
Tudor Manor Apartments First Mtg. Fee—
Chicago ..................................................................
ite
1937
Yield
Price
Maturi ty
6V2
-C
100
6 .5 0 %
7
1933
M -D -C
100
7.00%
6y2
1944
M -D -C
100
6 .5 0 %
6y2
1934
M -D -C
100
6 .5 0 %
1 9 3 4 -3 6
M -D -C
100
7.00%
1933
M -D -C
100
6 .5 0 %
7
1 9 3 0 -3 7
M -D -C
100
7 .0 0 %
7
1932-34 M -D -C
100
7 .0 0 %
7
6 y2
Secured Collateral Trust Gold Notes
Series A ............................................................. 5% -6 1 yr. 6 mo. M -D -C 100 5.50-0%
£pttahle,
BOND & MORTGAGE CO.
Ranh Floor. 110 N. DEARBORN STREET.
C H IC A G O
R E P R E S E N T A T I V E S IN 20 P R I N C I P A L C IT I E S
Short Term Paper
Out of Luck.
“ Talking about dry towns, have you
ever been in Leavenworth, Kansas?”
asked the commercial traveler in the
smoking car. “No? Well, that’s a ‘dry’
town for you, all right.”
“ They can’t sell liquor at all there?”
asked one of the men.
“ Only if you have been bitten by a
snake,” said the traveler. “They have
only one snake in town, and when I got
to it the other day, after standing in line
for nearly half a day, it was too tired to
bite.”—Evening Wisconsin.
Th e confidence which has been
placed in this com pany b y our
rapidly growing clientele has made
this expansion both possible and
necessary.
for
Bank Investment
FletelieT American Compariti
Affiliated with T
INDIANAPOLIS
he
F letch er A
m e r ic a n
N
a t io n a l
LOUISVILLE
B a n k o f I n d ia n a p o l is
DETROIT
26
Mid-Continent Banker
St. Louis Stock Exchange
OFFICIAL QUOTATIONS
ESTABLISHED 1877
LISTED
BONDS
We cure prepared to
furnish accurate quo
tations, and prompt
executions of buying
or selling orders for
listed bonds.
The experience
acquired during our
forty-seven years in
the investment field
is also at the disposal
of our clients.
Francis, Bro. & Co.
INVESTMENT SECURITIES
214-18 N. Fourth St.
Kennedy Building
S T . L O U IS
TULSA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Par
Bank Stocks
Value
First National B ank.................
100
N at’l Bank of Commerce..................
100
American Trust ..................................
100
Mercantile Trust ................................
100
Mississippi Valley T rust....................
100
St. Louis Union Trust......................
100
Street Railway Stocks
St. Louis Public Service Com........ No Par
Miscellaneous Stocks
American Credit Indemnity............
25
20
A. S. Aloe Co., Com..........................
A. S. Aloe Co., P fd ............................
100
Baer, Sternberg & Cohen, C o m ... No Par
Best Clym.er Company...................... No Par
Boyd-W elsh Shoe .............................. No Par
Brown Shoe, P fd ..................................
100
Brown Shoe, Com................................
100
Certain-teed Products 1st P fd ___
100
Century Electric Co..........................
100
Chicago Ry. Equip., Com ...............
25
Chicago Ry. Equip., P fd .................
25
Coca-Cola Bottling Sec....................
1.00
Eisenstadt Manufacturing, P f d . . .
100
E, L. Bruce, Com .............................. No Par
B. L. Bruce, P fd ..................................
100
Elder Mfg., 1st P fd ........ ....................
100
Emerson Electric, P fd ......................
100
Ely & W alker Dry Goods, 1st Pfd.
100
Ely & Walker Dry Goods, 2nd Pfd.
100
Ely & W alker Dry Goods, C om ..
25
No Par
Elder Mfg., Com .................................
Elder Mfg., “ A ” ..................................
100
Fred Medart Mfg., P fd ....................
100
Fulton Iron Works, P fd ..................
100
Fulton Iron Works, Com................ No Par
F. Burkart Co., “ Units” .................. No Par
Globe-Democrat, Pfd..........................
100
25
Hamilton-Brown Shoe ....................
Kussman Refr., Com ........................ No Par
100
Huttig S. & D., P fd ..........................
Huttig S. & D., Com........................ No Par
Hydraulic Press Brick, P fd ............
100
Hydraulic Press Brick, Com ..........
100
Independent Packing, P fd ..............
100
Independent Packing, C o m . . . . . . .
No Par
International Shoe, P fd ....................
100
International Shoe, Com.................. No Par
Johansen Shoe ........ ........................... No Par
Johnson-S. & S. Shoe...................... No Par
Laclede Gas Light, P fd ..................
100
Laclede Steel C o..................................
100
Mo-IUs Stores, P fd ..............................
100
M o-Ills Stores, Com..........................
No Par
Mo. Portland Cement........................
25
Mo. Portland Cement 20% Paid. .
25
Moloney, El., P fd ................................
100
Nat. Candy, Com................................
100
Pedigo-Weber Shoe .......................... No Par
Planters Realty, P fd ........................
100
Polar W ave I. & F., “ A ” .............. No Par
Rice-Stix Dry Goods, 1st P f d . . . .
100
Rice-Stix Dry Goods, 2nd P f d . . . .
100
Rice-Stix Dry Goods, Com .............. No Par
Scru ggs-V.-B. D. G., 1st P fd ........
100
25
Scru ggs-V.-B . D. G., Com.............
Scullin Steel, P ref.............................. No Par
Securities Inv., Com.......................... No Par
Sheffield Steel, Com............................ No Par
Skouras Bros., “A ” ........................ . No Par
Southern Acid & Su’phur, Com. . No Par
Southwestern Bell Tel., P fd ..........
100
St. Louis Amusement “ A ” ............ No Par
St. Louis Car, Com ..........................
10
St. Louis Car, P fd ..............................
100
Stix-Baer-Fu ler, C o m . . . . .............. No Par
W agner Electric, Com...................... No Par
Wagner Electric Corp., P fd ..........
100
W m . W altke & Co., Com ................ No Par
W m . W altke & Co., P fd ..................
100
Wabash Tel., 2nd P fd ........................
100
Union Biscuit, P fd .............................
100
Mining Stocks
Granite Bi-Metallic .................
10
Consolidated l ead & Zinc Co.,
“ A ” .................................. ................... No Par
July 20 Month’ s Price Range
Low
High
Sale Price
273
275
150
152
164
164
430
427
285
290
370
370
Sales June 20
to July 20
Shares
87
617
3
28
114
5
30%
25
30%
4646
35%
57
35
60
35%
104
21%
28
39%
118%
38
40
1230
57
170
102%
110
30 %
101
29%
35
101%.
20%
27
38 y8
118
34%
110
120
19
21
15%
100%
■10%
100%
29
115
33%
30
96%
24
74
4%
36%
31%
35
116%
100
105
35%
93%
31
108
99
19%
77
18
35
34%
26%
39
36
116%
43
17%
100
34
77
26
31%
S7
70
111%
105
105
210
10
16%
35
97
107
109
60
13%
29%
115
36%
32
99
25
76
4%
111)
21%
109%
181%
26
58
107%
165
108
13%
41
38
20
9
107
494
100%
112
110
21
166
109V2
110
120%
21%
22
35
97
105
107%
111%
87
30%
18%
64
101
57
11
120
525
So
58
435
60
135
73
45
84
611
472
280
87%
32
19%.
67
101
2
64
850
626
5
1080
76
223
405
220
615
lo
65
165
1292
300
110
195
28%
58
107%
166
109%
14 %
42%
40
101%
107%
37
93%
32%
108
99
20%
77
19%
37
35
27
40
36
117%
44
17%
100%
27
36
20
5
85
88
1021
543
5li>
138
680
1850
30
718
15
35
405
40
353
408
130
445
90
200
444
95
10
12
295
1253
314
914
4
431
88
77%
111%
106
105
10
35 cts.
35 cts.
300
12
12%
902
Co.
STICKNEY-DENYVEN &
MSM*
SECURITY B L D G \ 2 / ST. L O U IS , MO.
G a r f i e l d 3 1 40
27
St. Louis, August, 1927
Celestial Bankers Convene in
Eternal City
(Continued from page 10.)
that many faces in the audiences wore
a sort of blank look, ana, after I finished,
the chairman arose and apologized for
having forgotten the progress recently
made by heavenly bankers in this re
spect; and he explained to me very
courteously that the injustice to deposi
tors of using so many different methods
for interest computations had led the
member banks of the association, years
ago, to discontinue the practice of pay
ing interest on time deposits; that the
only question before the convention to
day was whether or not to institute a
service charge on savings accounts.
Another delegate had an idea for sim
plifying the payment of dividends to
stockholders. It seemed that the bank
ing business in heaven had become so
standardized that all banks were paying
4 per cent monthly, and it was pointed
out that a central office for the sending
out of dividend checks would eliminate
a lot of unnecessary duplication of ef
fort.
The commissioner of banking was
called upon for a few remarks, and he
observed that there had been a great
deal of justifiable criticism directed
against the practice of giving only ten
days’ advance notice of the coming ex
aminer; he was glad to be able to re
port that this had now been extended to
thirty days, and that they were work
ing on a plan to do away with examina
tions altogether.
Just as the next speaker was introduc
ing a resolution advocating a threemonths’ vacation annually for all execu
tive officers, there was a commotion off
stage, and a couple of uniformed angels
entered from the wings and beckoned
to me to follow them. I went out, to
confront a fellow in the uniform of a
captain of the Angelic Police Force.
“There seems to have been an unfor
tunate error in passing on your creden
tials,” he informed me. “It seems that
when we were looking up your record in
connection with your application for ad
mission, a couple of pages in the book
got stuck together in some way, and we
missed an important entry. We now
find that on December 20, 1926, you
acted as chairman of the examining
committee of the board of directors of
your bank. The record of that exami
nation contained this question:
“ ‘Please list below all doubtful paper
on the bank’s books.’
“Did you or did you not write the
answer, ‘NONE?’ ”
“Why, er—Mr. Angel—I mean, cap
tain—I suppose I did, but—”
“That’s all,” he said, and at a signal
from him, the two officers grasped my
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Knight, Dysart & G a m b l e
Investment Securities
CORPORATION
PUBLIC UTILITY
RAILROAD
MUNICIPAL
401 Olive Street
St. Louis
GA rfield 7790
BO N D S
M EM BERS
N E W Y O R K STOCK E X C H A N G E
S T . L O U IS S T O C K E X C H A N G E
UR sh orts term
obligations haue^ been p u r
chased by more thans y o o o
banks in the U nited States.
G eneral M otors
A cceptance C o r po r atio n
Executive Office * 2-^0 WEST 57™ ST- r New York City
Capital, Surplus & Undivided
Profits • $ 36, 4x 8,000.00
28
Mid-Continent Banker
Looking Ahead with
the Public Utilities
N December of 1926 a new production peak was reached by the Public Utility
I
companies
of
the
country,
while
during last
year
investors
increased
shoulders and began to shake me vigor
ously. And then, I suddenly realized
that it was my wife who was shaking
me, and hissing in my ear:
“Say! What in the world did you
eat for supper? You’ve been groaning
and muttering about bankers’ conven
tions and angels for the last hour. Now,
what I want to know is, what connection
is there between the two—and I want to
know it right this minute, too!”
their
U tility holdings by nearly one billion dollars.
Birthdays of the Month
—Send ’em a Card
Six factors pointing toward a continuation of the advances made in the prosperity
of Public Utility companies are: increased industrial business, greater industrial
diversification, wider adoption by
country districts, increased urban use, advance
of electro-chemical processes and extended railroad electrification.
Utility
bonds
can be
counted upon to
J.
display marked firmness in the face of
adverse market conditions.
Capital
Missis
s i p p i ............................................ August 3rd
A s specialists in public service corporations with a broad experience of
many years we would be pleased to offer information and suggestions re
garding present and future investment possibilities.
Especially attractive
H O W E , S N O W C& B E R T L E S
Incorporated
C H IC A G O
S A N F R A N C IS C O
G R A N D R A P ID S
M IN N E A P O L IS
Lyle M. Schoeneck, assistant cashier,
Keystone State Bank, Chicago.
...................................................... August 6th
E lm e r A. Keuthan, assistant secretarytreasurer, Chouteau T ru s t Company,
St. L o u is ................................. August 17th
Utility securities are described in our circular G-70.
NEW YORK
Blake Lowe, vice-president,
National
Bank,
Jackson,
D E T R O IT
Ernest R. Shuey, cashier, V illa Grove
State Bank, V illa Grove, Illinois.
......................................................August 18th
E. F. Jacobs, cashier, State Bank of
Lima, Lima, Ill i n o i s ........... August 22nd
ST . LO U IS
Bank Will Provide Garage for
Use of Customers
Selected Bonds
for Safe Investment
Due
Rate
Yield
1957
5.50%
Iowa Southern Utilities Co. . . 5|s 1950
5.50%
Consolidated Telephone Co.
of Wisconsin ........................5is
1942
5.75%
Federated Utilities, Inc.............5^s
1957
5.90%
Detroit City Service Co............6|s
1937
6.50%
Community Power & Light Co. 5s
Circulars on Request
H
oagland,
A
l LUM
&
Co.
Incorporated
14 S. La Salle St.
C H IC A G O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
34 Pine S t
NEW YORK
Plans for a 25-story addition to the
First National Bank building in Detroit
have been completed and contracts are
now being let for its construction. The
addition will augment the bank’s pres
ent Cadillac Square frontage by 60 feet,
making a total of 247 feet on Cadillac
Square, 66 feet on Bates street and 143
feet on Congress street, with entrances
on all three streets.
The First National Bank group’s plan
to provide parking space for bank cus
tomers and tenants of the building has
created widespread interest because of
the great and growing inconvenience of
downtown parking. The new addition
when completed, will make it possible
for customers of the bank and tenants
of the building to drive into this private
garage, leave their cars with attendants,
and either pass directly into the bank’s
business quarters or take an elevator
direct from the garage to any floor in
the building. Space will be provided
for approximately 800 cars.
The First National Company of De
troit, the Investment Division of the
group, will have its executive offices on
the second floor and its general offices
on the third and fourth floors of the
Cadillac Square section. The Central
Savings Bank will continue to occupy
the entire ground floor and basement as
well as similar space in the addition.
St. Louis, August, 1927
29
Proper Diversification of a Bank’s
Secondary Reserve Account
Jl
Winners of “Honorable Mention”
B y Winston Jones—St. Louis
In planning a bond account for sec
ondary reserve purposes the bank in
question must decide what its require
ments are as to liquidity or market
ability. No two banks have the same
problem in this respect. A bank with
large demand deposits needs more mar
ketability than a bank which has most
of its deposits in the form of Certificate
of Deposits Savings or Time Deposits.
Let us assume that a hypothetical
bank has deposits of $1,000,000, $300,000
time deposits and $700,000 demand de
posits. This bank should have a pri
mary reserve of approximately $250,000
represented by cash, exchange and gov
ernment securities.
The secondary
reserve would total approximately 35
per cent or $350,000, the balance to be
represented by loans or discounts. Of
the $350,000 to be invested in bonds,
at least 50 per cent or $175,000, should
be in those securities which are listed
on the New York Stock Exchange or
which enjoy a large market in some
financial center. The remaining 50 per
cent to be less marketable but should
enjoy a large market through several
investment banking houses at reason
able spreads.
Now that we have defined what we
want in the way of marketability, let
us see how this can best be accom
plished, keeping at the same time a
well balanced list for safety and in
come purposes. 20 per cent of our
$350,000 should go in railroad bonds.
This would call for investing $70,000 in
rail bonds, or in other words, the pur
chase of fourteen different rail bonds
T he articles on this and fo llo w
ing pages are w in n e rs of “ hon
orable m ention” in the contest re
cently held by the M id-Continent
Banker, St. Louis, and the N o rth
western Banker of Des Moines,
on the subject, “ Proper Diversifi
cation of a B a n k ’s Secondary Re
serve.”
A rticles w inn ing first, second,
and third prizes, were published
in M ay and June.
W in n e rs of “ honorable mention”
are :
H. R. Bailey, Kansas City;
John Thomas, St. Louis; Charles
E. How ard, Evansville, Indiana;
Guy Redman, St. Louis; F ra n k E.
Sm ith, Kansas City; E. L. Zoernig, St. Louis; Winston Jones, St.
Louis, H. H. Jones, Indianapolis,
and A r t h u r M. Idler, St. Louis.
No a tte m p t is made to ran k
the “ honorable m e n tio n ” essays,
as all are given equal mention by
the judges.
in $5,000 blocks. Carrying diversifica
tion a little further, $25,000 high-grade
rails can be bought, $25,000 mediumgrade rails and $20,000 low-grade rails.
This should give an average yield of
around 5 per cent. Rails, in their
class, are very marketable so this an
swers our requirements on that point.
The next big subdivision of our
schedule is industrials. 25 per cent of
our funds, or $87,500 should be in
vested in this group in blocks of $5,000
each. Of the $87,500 at least one-half,
or $44,000, should be bonds listed on
the New York Stock Exchange, or on
some exchange where the voiume of
trading is large enough to give real
marketability. This group should be
further divided as to type of industry
and location of principal offices and
markets.
T he
Next
Group
The next group is public utilities
which should make up 30 per cent of
our investment list or, in figures,
$105,000. This group must include, be
side light and power companies, con
cerns furnishing telephone, gas and
water service. Very few utility bonds
are listed on the New York Stock Ex
change so in making our purchases of
this group, we will only buy $35,000
which are listed. The remaining bonds
will be of the class which enjoys a
large “over the counter” market in New
York, Chicago and St. Louis. This
group should be diversified internally
as to location of the companies and the
class of consumers served. Not more
than 75 per cent of the group should
be light and power concerns.
Foreign bonds are next and they
S mith, Moore & C o .
For many years we have been successfully serving banks
and institutions in:
Building up liquid secondary
sound bonds.
reserves, consisting
of
Maintenance of bond accounts at the peak of efficiency.
The partners will be pleased to give the benefit of their
long experience in this field to your investment problems.
J. Herndon Smith
509 Olive Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Chas. W. Moore
Wm. H. Burg
W. C. Morehead
St. Louis, Mo.
Mid-Continent Banker
30
Banks Are Buying
Water Company Bonds
Why?
1.
2.
3.
4.
5.
6.
Because in this field o f public utility investment
it is possible to purchase, at unusually attractive
prices, securities which represent the senior
financing o f established companies.
Because water companies supply the most essen
tial o f all public utility services.
Because changing business conditions do not
easily affect water companies’ earnings.
Because water company properties are subject
to a minim um o f depreciation, a large propor
tion o f their equipment being in cast iron pipe.
Because their rates are generally under the juris
diction o f public utility commissions— which
allow a reasonable return on fair property value.
Because water is used by every individual in a
community without exception.
W e offer an attractive
list o f Water Company
Securities Yielding
5 .1 5 to 5 .6 5 %
A
P.W.CHAPMAN SCO..INC.
170 W . M onroe St.
42 Cedar Street
C H IC A G O
N EW YORK
ST.
1103
L O U IS
B o a tm e n ’s
O F F IC E
B a n k B u i ld in g
T e le p h o n e , G A r f i e ld 3480
aw es
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
, M
aynard
$
Co
m pany
111 WEST MONROE STREET
CHICAGO
B y John R . Thom as
W m . R . Compton C o., St. Louis
The space allotted is entirely too
small for a complete discussion of this
problem, so for brevity’s sake, I am as
suming an ordinary bank situated in an
agricultural section with the following
statement:
Assets
Loans .................. . . .$475,000 (6%)
Real estate loans. . . . 100,000 (6%)
Bonds, investment . .. 100,000 (4&%)
Secondary reserve .. . 300,000 (4.87%)
Cash, reserve . . . . . . . 100,000 (1%)
$1,075,000
Liabilities
Capital .................................... $ 50,000
Surplus, and undivided profits
50,000
Time deposits .......................
475,000
Demand deposits ................... 500,000
Securities for Investment
D
should be on our list 15 per cent strong.
Almost everyone nowadays concedes
that economic conditions in most for
eign countries are getting stabilized.
This group offers a high degree of mar
ketability and a good yield, both of
which must be had in a bond account.
As a safety measure it would be well
to coniine our purchases to blocks of
$3,000 and it is also well to buy bonds
of foreign municipalities as well as
foreign state and government bonds.
The last group is classed as miscel
laneous securities which includes real
estate bonds. This group will not have
a great degree of marketabilty and
should be kept in short maturities for
that reason.
In listed bonds, maturity is not an
essential point, therefore, no attention
should be given to it. In that part of
our list which is not on any recognized
exchange, one-third should be due in
from one to five years, one-third in
from five to fifteen years and one-third
may be due after fifteen years.
Summing up, we find that we have
$201,000 invested in securities classed
as quickly marketable and $149,000 in
securities which enjoy a market to a
lesser degree. This gives our bank the
grand total of $451,000 in quick liquid
paper, and $149,000 in bonds which can
be sold within a short time, if the
necessity arises.
$1,075,000
In the asset column I have marked
what should be approximately the re
turn on the above investments. The
time is the present, and the conditions
theoretically similar to those of some
good town in Missouri or Illinois. It
should be noticed that the asset column
includes no building or furniture and
fixture account, thus the average gross
return is 5.23 per cent, or approxi
mately $55,000.00. The $100,000 in in-
31
St. Louis, August, 1927
vestment bonds are high or medium
grade securities of only fair market
ability, mainly municipal, thus giving
roughly, $4,750.00 yearly income tax ex
empt. $100,000 cash on hand and with
other banks is ample, if the bank car
ries a good secondary reserve, as it
amounts to 20 per cent of the demand
deposits. Incidentally the real reason
for a secondary reserve, after safety,
is to enable the bank to earn more
money on its invested capital, and it
loses half its purpose if this is denied
by the bank’s officers.
The secondary reserve is divided as
follows:
1 16.6% Government securi
ties ........................... $ 50,000.00
2. 33.4% Short time, various
bonds maturing 1 to 6
years ......................... 100,000.00
3 50.0% listed or active
market stuff ............. 150,000.00
$300,000.00
Taking the items in the order given
above: $50,000.00 or 16.6 per cent gov
ernments, consisting of 4th Liberty 4%
per cent, due 1938, optional 1933, or the
long time treasury certificates, yielding
about 3.60 per cent. The best market
stuff obtainable and unquestionable col
lateral.
$100,000 or 33.4 per cent short time
various bonds maturing in one to six
years. A safe maxim is “A short ma
turity is the best market.” You depend
on no one for this market and should
obtain approximately 4.75 per cent on
this capital. A large percentage of this
fund can be municipals adding to the
bank’s tax exemptions. After the fund
is started, bonds can be bought in 5
and 6-year maturity, always replacing
those maturing.
$150,000 or 50 per cent listed or ac
tive market bonds divided as follows:
26.7% Industrial $40,000 yielding 5.25%
26.7% Foreign
40,000 yielding 6.25%
26.6% Railroad
40,000 yielding 4.90%
20.0% Pub. Util. 30,000 yielding 5.00%
100.%
$150,000 averages 5.37%
Industrials with good marketability,
well diversified as to industry can be
obtained to yield an average of at
least 5.25 per cent—not over $4,000 of
one issue should be purchased.
Foreigns in blocks of $4,000 of both
European and South American Govern
ments obligation. They are possibly
the best “buy” in the present market
where long time non-callable bonds can
be obtained.
Railroads, our greatest industry; se
curities which as a class contain good
stability of market as well as mark
etability. Diversify as to location and
type of road, with not over $4,000 of
each issue.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Public utilities are not limited to less
than the other classes without reason.
The market is filled with many utilities
issues selling, because of the demand,
at prices not justified by their actual
worth when compared with other types
of securities.
This gives us $50,000 governments,
plus $150,000 listed bonds or $200,000
quick market stuff phis $15,000 bonds
of less than one year maturity and in
addition $85,000 two to six-year bonds
with $100,000 investment bonds for col
lateral purposes, or a total of $400,000.
This is ample reserve for the bank.
Possibly the above can be criticised
from many angles but I believe it can
... ................ ~
be worked out. I have estimated the
expense of such a bank as well as the
earnings and the net return is good.
Any intelligent thought however on
secondary reserve and its proper di
versification would be a big step for
ward from what is frequently haphaz
ard buying with interest the prime
motive.
B y Frank E . Smith, Kansas C ity
To apply fixed standards to the
proper diversification of a bank’s sec
ondary reserve, irrespective of its size,
location, and the character of its busi
ness, is as impossible as to insist that
the food of all men be the same, irre-
" '
~____A1
L O R E N Z O
A N D E R S O N
E .
& CO.
Investment Securities
M E M B E R S
N
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Y ork
C otton
N
ew
Y
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C
h ic a g o
St . L
Stock
ork
ork
ouis
B
urb
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Stock
A
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xchange
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xchange
ssociation
of
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xchange
*8 ?
711 S T . C H A R L E S S T .
ST. L O U IS
32
Mid-Continent Banker
spective of age, climate, health and
occupation. There is no blanket rule
applicable to all banks and the solution
of individual problems can only be
reached by a careful examination of the
needs of the bank in question. How
ever, certain general principles should
be observed.
Safety, interest rate, marketability,
and diversity are the essentials of a
sound secondary reserve. In the past,
bankers have given little consideration
to a proper diversification of these in
vestments according to maturity and
marketability, and the location and
character of enterprises involved; all
of which are not only highly advan
tageous but often vital factors as in
the case of a bank that is dependent
upon a single industry. With this in
mind, the following general plan has
been devised:
50 per cent government, and munic
ipal bonds.
20 per cent industrial bonds and
commercial paper.
10-15 per cent railroad bonds.
10-15 per cent public utility bonds.
5 per cent foreign government and
industrials.
5 per cent real estate mortgages and
bonds.
with only 5 per cent of the total
amount in any one issue.
The diversification as to maturities
should be:
30 per cent maturing within 3 years.
15 per cent maturing within 3 to 5
years.
50,000,000 Miles
of Wire Now Ser
vice the Nation’s
Telephones
N O U G H wire to encircle the
earth m ore than 2,000 times
is on e o f the important factors
making possible the 73,000,000
daily conversations over the Bell
Telephone System. M ore than
3 3,0 00 ,0 00 miles o f it is under
ground— representing an invest
ment o f m ore than half a billion
dollars in conduits and c a b l e s .
This nation-wide plant and the
service given by it is the basis o f
Bell System Securities.
E
The stock o f A . T. <Sl T ., parent Company
o f the Bell System, can be bought in the
open market totyield a good return. W rite
for booklet, “ Some Financial Facts.”
ELL TELEPHONE |
SECURITIES CO. he
D.F. Houston, President
195 Broadway
N EW Y O R K
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“ The People’s
Messenger”
15 per cent maturing within 5 to 10
years.
40 per cent maturing after 10 years.
As to marketability:
30 per cent very active market.
30 per cent active market.
40 per cent fairly active market.
The government and municipal bonds
will give the high degree of safety
with the consequently low yield. This
is augmented by the high degree of
marketability in the government bonds
and by the tax exemption feature of
each.
Industrial bonds and commercial
paper have unlimited possibilities of
diversification in character and location
of industry, commercial paper supply
ing that great essential of liquidity by
short maturities.
Due to a better understanding be
tween capital, labor, and the consum
ing public, brought about by capable and
farsighted executives, railroad bonds
occupy a very favorable position for
investment. 'In fact, the stability of
railroad earnings insures both a stable
and active market and a fair rate of
return.
High Degree of Safety
Public utility bonds occupy nearly
the same position as rails in the stabil
ity of earnings. The degree of safety
is high in the underlying bond and a
very good return can be obtained by
selection of bonds with a fairly active
to active market.
Real estate mortgages and bonds may
be highly diversified as to location and
class of security. These securities are
primarily an investment to maturity,
the main reason for their greater yield
which more than offsets the absence of
an active market.
No class of securities has increased
in favor as rapidly as foreign bonds.
Few appreciate how broad a diversifi
cation is offered in this field. It is
characterized by safety, a high return,
excellent marketability, and many op
portunities for substantial appreciation.
The nature of the banking business
makes it practically impossible for a
banker to buy all of his bonds at the
low swing of the market but with a
diversification of maturities through a
period of years, there will be bonds
maturing at such intervals that the re
investment of funds when bonds are
high will be equalized with the rein
vestment when bonds are low, produc
ing general stability of yield.
In the diversification for market
ability, the individual conditions of
banks enters to a greater degree than
in any other case, but the tendency is
to bonds of a more active market than
is necessary. Safety and security in
many cases are sacrificed for a listed
bond with a high rate.
St. Louis, August, 1927
The fundamentals of diversification
are necessary for the secondary reserve
but the selection of each security is a
matter of the utmost importance. The
banker must not only select his list
with the greatest care but after buying
them must constantly watch and study
the influences which may alter the
value of his investment. This is a
matter of importance to his depositors
and the community as well as to his
bank. This requires careful study and
until the banker is fully capable or able
to select or judge investments, it is
very desirable that he take counsel
with reliable investment houses.
B y Charles E . Howard
Manager Bond Department, Citizens
National Bank, Evansville, Ind.
HE average investment banker
prefers to look upon his client,
whether it be an individual in
vestor or an institution, much as a
doctor would look upon his patient re
quiring professional service.
The kind of investment to be recom
mended for a bank’s secondary reserve
can be determined only after a careful
diagnosis and analysis of the bank.
That a secondary reserve is a very im
portant division of a bank’s resources
will never be questioned, but it has
varying degrees of importance with
different banks.
The secondary reserve being that
part of the bank’s resources consid
ered most liquid after cash, should be
invested in one or all of the following:
1. Demand or Call Loans.
2.
Out-of-town Commercial Paper
and Bank Acceptances.
3. Marketable Bonds.
First it would be well to decide
what characteristics we wish to find
in this secondary reserve. Of first im
portance is security; second, market
ability; third, and always to be con
sidered last, interest return.
Demand and Call Loans, as well as
Commercial Paper and Bank Accept
ances, on account of their short maturity and non-fluctuating value, make very
desirable investments for commercial
banks with large fluctuating accounts.
On the other hand, savings banks who
have large interest payments to make
on steady balances of savings, cannot
afford to buy such low rate paper and
neither do they require any short ma
turities.
Investment bonds, listed on ex
changes or enjoying a very broad and
active over-the-counter market, when
carefully selected, make a most desir
able investment for the secondary re
serve.
Here, can be had security,
marketability, and a commensurate re
turn, such as can be found in no other
form of investment.
33
Diversification
The cardinal principle of investing is
diversification. Authorities differ on
the proportionate distribution of the
bonds in a bank’s bond account. How
ever, I believe little fault can be found
with the following plan.
Diversification as to:
I Type:
1 U. S. Government, Municipal
and LandBank......................... 25%
2. Public Utility ........................ 30%
3. Railroad ................................. 20%
4. Foreign ................................... 15%
5. Industrial ..............................10%
It is necessary to give some atten
tion to further diversification within
each type. The first (U. S. Govern
ment, Municipal and Land Bank) about
equal parts of each, although the case
of the particular bank should regulate
this. Utilities should go into light and
power, gas, water and telephone and
telegraph issues. The railroads, about
a third to a half in standard equip
ments and the balance securities “close
to the rails” and terminal properties
of important trunk-line systems. With
foreign bonds, in addition to geograph
ical diversification, it should be remem
bered that good Utilities, Rails and
Industrials may often be had that are
equally as attractive as the Govern
ments. The fifth type should be diver
sified according to the different indus
tries, and special care taken to not
invest too much in any one industry.
If bonds of one or more companies
T
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Performing a Double Service^
AdvancingCommerceandAidingInvestors
Ji'OR. twenty-two years we have
been a go-between advancing
the interests of commerce and in
vestors.
Reputable concerns desiring to bor
row money upon sound business
property for expansion have often
been financed through us on first
mortgage underwritings. These we
have offered for sale in the form of
bonds. And they make attractive
investments of the type careful in
vestors seek
First mortgage bonds are the most
attractive form of safe investment.
A fact to which three hundred and
eighty-five banks and insurance
companies throughout America—
that regularly purchase our secureties— attest.
Write for our current list of offerings.
M ortg a g e
S e c u r it ie s Co.
O^Cew Orleans ■* S aint JAouisj
B H B B B nB I
Mid-Continent Banker
34
within, any industry are to be bought it
is best to stay with the leaders in that
industry. Any real estate bonds in the
account should be classed with indus
trials.. The reason for carrying such
a small amount in this type is on ac
count of the uncertainty of industrial
cycles; and if anything is as important
as security in a bank’s secondary re
serve. it is market stabilization.
II. M atu rity.
yield from 4% to 6% per cent. This
is determined by the money market. It
is, therefore, well to have a good num
ber of bonds maturing each year, then
if there occurs a low priced bond mar
ket there will at least be the funds
from the maturing bonds to invest.
Also if there is a cheap money market
and bonds are high there will not be
a great amount coming due to he re
invested. This would affect the income
from the bond account materially.
Average maturity entire list some
where between eight and twelve years.
This is advisable because it is not pos
sible to look very far into the future
and a bank must avoid being caught
in a market depression with many long
term bonds.
Bonds of the highest
grade may fluctuate over the years to
A general geographical diversification
of domestic securities should be made
so as not to feel the effect of regional
depressions. In regard to the foreign
issues this form of diversification
should be carried out religiously, to
Ill
Geographical.
In touch
w ith the Bond Market
A
T a National City office in
your district sits an operator
in touch through our private
wires with our offices in over
fifty in vestment centers. Back
and forth flash orders for securities, bond
quotations, investment queries and infor
mation. You are but a few seconds from
"everywhere.”
National City investment service means
quick service jrom any point to any point.
It is available through the telephone at
your elbow.
The National City Company
National City Bank Building, New York
Offices in more than 50 leading cities throughout the world
BONDS
1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SHORT
TERM NOTES
<
ACCEPTANCES
avoid getting too much invested on any
one continent or in any one country
The difference in the kind of second
ary reserve that banks must have
should be determined largely by
whether they are a savings bank, being
able to use longer term investments
with higher interest return; or a com
mercial bank requiring shorter term
and liquid investments, but able to
afford lower interest rates on account
of their interest charges in turn being
lower.
A bank’s good earnings so that it
can pay dividends to stockholders is of
minor importance compared with the
need for good earnings so that a sur
plus and various reserves may be
established. One reserve that should
not be overlooked, and can be estab
lished from profits taken out of the
bond account, is a contingent reserve
amounting eventually to 10 per cent or
15 per cent of the entire holdings in
bonds. This would offset market fluc
tuations, and place the bank in a very
comfortable position in regard to its
secondary reserve.
Some bankers fail to regard listed
bonds as so much cash available within
two or three days. This kind of a
reserve, kept in a city where the market
is located, can be liquidated within
twenty-four hours and if necessary the
money available for exchange the same
day. In this connection we should not
lose sight of the collateral value of the
secondary reserve.
In the last few years investment
banking has developed to where men
have studied carefully and thoroughly
this important matter of a bank’s sec
ondary reserve, and no banker, regard
less of how remote his bank might be,
need do without this expert advice if
he will put himself in touch with these
men or their writings.
Miss Mary Shelley Married
to C. La Moine M ott
Announcement has been received of
the marriage of Miss Mary Shelley of
Louisville, Kentucky, to C. LaMoine
Mott, representative of the Federal Re
serve Bank of St. Louis in Kentucky,
Indiana, Tennessee, Mississippi and
Arkansas. The wedding occurred in St.
Louis on the afternoon of June 24th.
Mrs. Mott is a graduate of the Louis
ville Normal School. Mr. Mott is a
graduate of Washington University and
has a large number of banker friends in
the Mid-Continent territory. He has
been with the Federal Reserve Bank for
the past ten years.
The newly married couple are now at
home to friends at their home at 3140
South Grand avenue, St. Louis.
35
St. Louis, August, 1927
Annual A. I. B. Convention
The twenty-fifth annual convention
of the American Institute of Banking,
held in Detroit July 11 to 15, was with
out doubt the best in the entire history
of the organization.
The institute has shown a steady
growth since its inception, hence it is
but natural that its conventions should
keep the pace. There has been, how
ever, within the past three or four
years, a marked improvement in the
departmental conferences, due to a
greater range of subjects and a more
efficient organization of this phase of
the work. The departmentals have in
deed become the heart of the A. I. B.
conventions.
In the regular annual ejection held on
July 15, the following officers were
chosen: President, P. R. Williams,
Los Angeles; vice-president, Frank M.
Totton, New York; members of the
Executive Committee (to serve for three
years): Paul Angell, Birmingham; Carl
E. Lindquist, Tacoma; Joel R. Parrish,
Salt Lake City, and W. E. Richards,
Pittsburgh.
Dale Graham of St. Louis, W. J. Evan
of Dallas, and Ben B'. Aley of Denver,
were also brought forward by their re
spective chapters as candidates for the
office of vice-president, subject to the
election in 1928.
Philadelphia was unanimously chosen
as the convention city for 1928.
Detroit has exceptional facilities for
the handling of a convention so large as
that of the American Institute of Bank
ing. The bankers and the civic authori
ties of the city labored long and well in
their preparations, and they have set a
high standard for the hosts of the suc
ceeding years.
Ya le
Ï
C O L O M B IA
I
A r e You A w a r e That
the main factors responsible for the great progress in recent
years of the econ om ic grow th o f C olom bia are :
1 . Sound and progressive governm ent with balanced
budgets.
2 . Stable currency with a banking system patterned
after our Federal R eserve Banks.
3. Intensive railroad, high w ay and port developm ent.
4. T he proxim ity o f C olom bian ports to the Panama
Canal.
5. A w orld demand for its coffee, petroleum , gold,
platinum, emeralds and other products.
We recommend the following Colombian securities:
Mortgage Bank of Colombia 7s— 1946 to yield approx..... 7.25%
City of Bogota 6V2S— 1947 to yield approx....... ..................7.36%
City of Cali 7s— 1947 to yield approx......................... .........7.70%
Department of Cauca Valley 7I/2S—1946 to yield approx._..7.77%
BAKER, KELLOGG & C O ., Inc.
International Investment Bankers
111 West Monroe Street
CHICAGO
A Specialized Service for Banks and Dealers
D E T R O IT
LONDON
N EW YORK
B U E N O S A IR E S
Correspondents Throughout the World
Locks.
Edison says: “ The ignorance of the
average college graduate is amazing.”
To verify this opinion the columnist
calls our attention to an incident that
is said to have occurred at a commence
ment in California. Two fellow-gradu
ates were seated for the last ordeal.
The speaker’s row was opposite.
Said one: “Who is that fellow with
the long, curly hair?”
Said the other: “ He’s a fellow from
Yale.”
Said the one, thoughtfully: “ Oh, I’ve
often heard of those Yale locks.”
Lawrence Stern and Company
231 South La Salle Street
BO ARD
OF
Chicago
D IR E C T O R S
W I L L IA M W R IG L E Y , JR., Chairman of
the Board of William Wrigley Jr. Company
J O H N H E R T Z , Chairman of the Board of
Yellow Truck A Coach Manufacturing Co.
A L B E R T D . L A S K E R , Chairman of the
Board of Lord A Thomas and Logan
H E R B E R T L. S T E R N , President of
Balaban A Katz Corporation
STUYVESANT PEABODY,
of Peabody Coal Company
President
A L F R E D E T T L IN G E R , Vice President
JO SE P H J. R IC E , Vice President
Handicapped.
“ Children,’ said a teacher, “be dili
gent and steadfast, and you will succeed.
Take the case of George Washington.
Do you remember my telling you of the
great difficulty George Washington had
to contend with?”
“Yes, ma’am,” said a little boy. “ He
couldn’t tell a lie.” —Kreolite News.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H A R L E S A . M c C U L L O C H , President
of The Parmelee Company
L A W R E N C E S T E R N , President
This company conducts a general securities business, originating
and participating in high-grade investment issues
¿6
Mid-Continent Banker
A lo n g L a Salle Street
B y W m . H . M aas, Chicago, Vice-Pres. Th e M id-C on tinen t Banker
Here is an idea th a t comes to us fro m
the vice-president of a large Chicago
bank: The Financial Advertisers As
sociation, steadily making its. influence
felt among bankers in all parts of the
country, might wisely arrange to have
the annual conventions of that organiza
tion held each year in the same city and
at the same time the American Bank
ers Association holds forth in annual
conference, There are still a few exec
utive officers of banKs who are not
completely “ sold” on advertising and
this would give them an opportunity to
study the work of the F. A. A.
—M. C. B.—
Financial
advertising
can
do
many
things for a bank besides the all im
portant job of increasing deposits. Tt
can build good will for an institution
and its officers in spots where phases
of public sentiment are adverse. Dur
ing the recent Illinois Bankers Conven
tion in Danville, a radical business man
had this to say on a large blackboard in
his shop window on the main street of
the city: “ One thousand tightwads are
guests of our fair city this week.” Ad
vertising might even change his mind.
T his
w rite r
Reeve
The girl-brides, happy over the thrill
of being the wives of bank robbers,
seemed to enjoy their novel experience,
and to while the time away, were hum
ming the following lines: “ Sitting in
the jail house, our face to the wall, our
bank-robbing daddies were the cause of
it all.”
—M. C. B.—
If you like figures, read this,
taken
from the Service Station News of the
Continental and Commercial Banks:
“In Chicago there is. one bank for every
13,492 persons. The total number of
banks on January 1, 1927, was 222.
Twenty-one banks were located in the
Loop. These 222 banks had deposits
in excess of two billion dollars. If this
G. H . W A L K E R & C O .
BONDS
a
interviewed
Thomas and Orville Ritter in the Ver
million County jail following their rob
bery of the Farmers & Merchants State
Bank of Bismarck, 111. We also talked
with their fifteen-year-old brides, in
carcerated in another section of the
jail. The men told us that many banks
ought to be robbed because they do not
have proper protection.
Government,
Municipal,
Public Utility,
Railway,
, Corporation
Direct private wires to a ll p rin c ip a l markets
enable us to render prompt and efficient service
in buying and selling listed bonds, y y y y y y
money were divided equally among the
people of Chicago each would have
more than $867.
“The position Chicago holds as a
financial center is indicated by the fact
that there are but four states, in which
the total deposits of all banks exceeds
total deposits of Chicago banks. Those
states are New York, Pennsylvania,
Massachusetts and California. One dol
lar out of every five on deposit in Chi
cago banks is. deposited with the Con
tinental & Commercial Banks.”
—M. C. B.—
W h ile we are talk in g about bank de
posits and such in Chicago, it is inter
esting to note that the State Bank of
Chicago stock recently soared to a new
high level of 826. On this basis of $826
a share, stockholders are to receive a
“melon” with a total value of more than
$9,000,000.00. This is one of the largest
gifts, ever distributed by a Chicago bank.
—M. C. B.—
The
passing of Ralph
Van
Vechten,
one of the best loved bankers in the
Middle West, is being mourned by thou
sands of personal friends which he won
by the human kindness he showed in his
banking relationships. Numerous busi
ness men owe their present prosperity
to credit he gave them in times of stress,
and it is asserted he never turned down
Œfje Cijaôe J^attonal i^anfe
of the City of New York
57 B R O A D W A Y
C a p i t a l ............................................. $ 4 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s a n d P r o fits
. . .
3 9 ,6 9 7 ,1 4 6 .1 6
D e p o s it s (J u n e 3 0 , 1927) . .
9 1 9 ,6 0 8 ,5 2 5 .2 3
O F F IC E R S
John McHugh
President
Albert H. W iggin
Chairman of the Board
Robert L. Clarkson
Vice-Chairman of the Board
Vice-Presidents
Samuel H. Miller
George E. Warren
Carl J. Schmidlapp
George D. Graves
Reeve Schley
Frank O. Roe
Sherrill Smith
Harry H. Pond
Henry Ollesheimer
Samuel S. Campbell
Alfred C. Andrews
William E. Lake
Robert I. Barr
M. G. B. Whelpley
William P. Holly
Vice-President and Cashier
Second Vice-Presidents
M E M B E R S N E W Y O R K , S T L O U IS A N D
C H IC A G O S T O C K E X C H A N G E S
B R O A D W A Y a n d L O C U ST
S t . L o u is, M o.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Frederick W . Gehle
Edwin A. Lee
William E. Purdy
George H. Saylor
M. Hadden Howell
Alfred W . Hudson
James L. Miller
Joseph C. Rovensky
Benjamin E, Smythe
Joseph Pulvermacher
Leon H. Johnston
Franklin H. Gates
Arthur M. Aiken
Thomas Ritchie
Comptroller
Foreign an d Trust D epartm ent Facilities
St. Louis, August, 1927
37
S U P E R IO R
S E C U R IT Y
S E R V IC E T O
BANKS
B A N K E R S and
BROKERS
D IR E C T T IC K E R SERVIC E
for listed bond quotations
F A S T T H R O U G H W IR E S
to New York and every
other important market
A C T IV E T R A D IN G D EPT.
to furnish prompt quota
tions on any security
S T A T IS T IC A L D E P A R T M E N T
to furnish latest data on
any security or company
M O N T H L Y Q U O T A T IO N SH EET
to list markets on many
inactive stocks and bonds
Y our inquiries incited
Mark C.
Steinberg
& Co.
GTOOK-
i jitii 8
¡jji!
MEMBERS .©
Fidelity First
Mortgage
61/2% Bonds
Triple - secured b y ample
real estate; b y a p olicy o f
conservatism ; and b y F i
d elity’s g u a r a n t e e that
principal and interest will
be paid when due.
D enom in ations $ 1 0 0 , $ 5 0 0 and $ 1 0 0 0
W rite fo r list o f issues
f iBOD
EmY
ND^MORTGAGE CO.JL
i>j
INCORPORATED 1913
H om e Office, 651 Chemical Bldg , St. Louis
Chicago— Denver
Fidelity Guarantees Every Bond
Mailing Lists
Will help you increase sales
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Federal Reserve Bank of St. Louis
According to a recent issue of Credit
Craft, the magazine of the Chicago As
sociation of Credit Men, the day of the
“hard-boiled” banker is gone. Banks of
today offer more service and co-opera
tion, are less high-handed in their atti
tude, and at the same time have pre
served all their old-time elements of
strength, according to an analysis of
banking trends in the magazine. Among
the bankers telling of the sphere of
service which the banker must furnish
were: Arthur Reynolds, president, Con
tinental and Commercial National
Banks; Frank 0. Wetmore, chairman of
the board, First National Bank, and
George Woodruff, vice-chairman, Na
tional Bank of the Republic.
Here
O liv e 4600
B o a tm e n ’ s B ank
H o te l
B ld g .
J e f fe r s o n
ST . L O U IS
M em bers N ew York Stock E xchange
M em bers St. L o u is Stock E xchange
\J.UMENTEER.Prpsjdinf-
a man whose character and whose busi
ness were worthy of his confidence.
—M. C. B.—
Send for FREE catalog giving
counts and prices on classified
names of your best prospective
customers — National, State
and Local — Individuals, Pro
fessions, Business Concerns.
ARKANSAS
ROAD BONDS
The primary and secondary high
ways have been taken over by the
State and the road bond issues
now
outstanding against these
road improvement districts aggre
gate $58,000,000.00. The interest and
principal of these bonds is now
being paid by the State from auto
mobile licenses and fees, gasolina
and motor oil taxes.
In our opinion, it makes these
bonds practically State obligations.
W e offer $100,000.00 of these bonds,
interest rate 5%, various issues
and maturities, subject to prior
sale, at 100 and accrued interest.
Is Some Good Advice.
Given by John W. MacGregor, who is
a member of the board of governors of
the Investment Bankers Association of
America:
1. Buy life insurance.
2. Make regular additions to savings
accounts.
3. Own a home.
4. Invest in sound securities.
While members of the Investment
B'ankers Association of America are pri
marily interested in investment securi
ties, they realize and they urge the pub
lic to appreciate that life insurance is
one of the best investments, and that
it affords the surest and safest protec
tion yet devised for the public good. In
the sound economic plan of any indi
vidual, life insurance fills a place no
other investment satisfies. Savings ac
counts come first because they supply a
more immediate incentive to work and
save, and because they supply the means
of realizing the greatest investments,
life insurance, homes and sound invest
ment securities.
Home
ownership
comes third because of family comfort
and protection and its incentive to get
ahead.
Last of the four, after the individual
has obtained adequate life insurance and
a home, come sound investment securi
ties.— (General Selling Arguments) —
John Hancock Signature.
Reason fo r W a itin g .
Nurse—“Whom are you operating on
today?”
Surgeon: “A fellow who had a golf
ball knocked down his throat at the
links.”
Nurse: “And who’s the man waiting
so nervously in the hall? A relative?”
Surgeon—“No, that’s the golfer—a
Scotch gentleman. He’s waiting for his
ball.”
C ir c u la r s o n R e q u e s t
D ’ Oench, Duhme &
Company, Inc.
507 Locust Street
S T . LO U IS, M O .
Telephone GArfield 6940
A
S E A S O N E D per
sonnel, a complete
service for investors in
stocks and bonds.
■■■
M em bers
Neu) York. Stock E xchange
S t. L o u is Stock Exchange
OLIVER J. ANDERSON & CO.
ST. LOUIS
E ig h th Floor
Am bassador B uilding
ENVELOPES— f o r E v e r y P u r p o s e
HECO — C H IC A G O
NEED
ENVELOPES? W r i t e
HECO — C H IC A G O
38
Mid-Continent Banker
High-Grade
Investm ent
Securities
Send for our current list
We specialize in locating
markets for unlisted se
curities.
H. L. RUPPERT & CO.
(IN C O R P O R A T E D )
ST. LOUIS, MO.
402 Pine Street
M A in 1082
Member St. Louis Stock Exchange
— e v e r y Bank Official should
have a copy of the
MAY-JUNE, 1927, ISSUE
American Bank Reporter
DESK EDITION
on his desk, for constant reference
Price $8.00 Delivered
CONTENTS:
A complete list of Banks, Bankers, Sav
ings Banks, Principal Loan, investment,
Safe Deposit and Trust Companies in the
United States and Canada, with names of
Officers,
Capital,
Surplus, Undivided
Profits, Loans, Deposits, Principal Cor
respondents,
Financial
Corporations,
Dealers in Investment Securities, Bank
ers and Brokers.
The Business Outlook for
the Last Half of 1927
'TiAKING all in all, the favorable facI tors in the present business sit
uation more than offset the unfavorable
factors, and business may face the next
ninety days with equanimity and confi
dence,” declared F. H. Rawson, chair
man of the Board of the Union Trust
Company, Chicago, in a recent inter
view. Mr. Rawson continued: “Not
withstanding very abnormal floods in
the South, the unprecedented overpro
duction of oil, the coal strike, excessive
rains in some sections, and lack of suf
ficient sun heat in the Northwest and
Middle West, we have reason to be very
well satisfied with the first six months
or this year, and I see nothing in under
lying conditions to cause uneasiness in
the near future.
“ Cotton prices are 25 per cent, to 30
per cent above the low point with a fair
crop in prospect. Corn has, been over
a dollar and is not far below that figure
now. Wheat is higher than it has been
for some time. The production of au
tomobiles may have a seasonable de
cline, as it usually does in the summer
and fall. Money conditions are easy
and are likely to remain so. Building
in large cities is fairly active, but by
and large it is declining, and is now
back to 1924 levels or a little below.
In 500 cities building permits totaling
$1,662,000,000 were issued since Janu
ary 1st, compared with $1,816.000,000
last year. With the single exception of
February, 1927, building permit figures
have been on a steadily descending
scale since last June. In a special
group of 25 cities where the greatest
volume of building is in progress, May
of this year fell 3 per cent below the
same month last year, and 10 per cent
below 1925, and showed only a slight
gain over 1924.
“Wholesale prices continue to shrink,”
Mr. Rawson asserted, “which tends to
reduce the cost of living for the con
sumer, but makes it more difficult for
manufacturers to maintain satisfactory
profits. For the past few years manu
facturing costs have kept pace with re
duced prices by the constant advance in
the use of machinery and in the
efficiency of labor. Larger production
per man has thus far offset the drop in
prices, so that profits have remained
fairly satisfactory. However, there is
a limit to this process, and unless man
ufacturing costs can be further reduced,
there will be meager profits for those
manufacturers who are not operating at
the highest efficiency.
“As long as autoombile production
and building activity do not slump any
more,” Mr. Rawson said, “we may, ex
pect a continuation of prosperity. In
my judgment, the best barometers of
business conditions are the automobile
and building industries, both of which
are large employers of labor, and ex
tensive users of steel and hundreds of
other commodities. In all our financial
history there has never been a serious
depression when building was active.”
The I ndispensable Office Assistant
ORDER
YOUR COPY
STEURER
TODAY
P U B L IS H IN G
CO.
149th Street end Bergen Avenue
New York City
W e underwrite and distribute Public
Utility, Industrial and Municipal Bonds.
Safety Pay Envelopes
Special service to Banks in bonds
fo r investment or re-sale6
HECO—C H IC A G O
S ta te m e n t Envelopes
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Full details on request.
A .C . A L L Y N and COMPANY
National Bank of Commerce Bldg., St. Louis
C H IC A G O
D E T R O IT
O B M c C L IN T O C K C O M P A N Y
M IN N E A P O L IS ,
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Federal Reserve Bank of St. Louis
-
4
- M I A At.
N EW YORK
M IL W A U K E E
BOSTON
M IN N E A P O L IS
P H I L A D E L P H IA
S A N F R A N C IS C O
39
St. Louis, August, 1927
CURRENT
Q U O TA TIO N S
On a representative list of H IG H G R A D E R A IL R O A D , PUBLIC
U T IL IT Y , IN D U ST R IA L , C A N A D IA N and F O R E IG N BONDS
Furnished by C A M P , T H O R N E & C O ., Inc , 29 South La Salle Street, Chicago
Security
B id
Security
B id A sk ed
D a lla s Pw r. &, Lt. Co., 5s, 1 9 5 2 .. 9 9 %
A b itib i Pr. & Pap. Co., L td ., 6s,
D an ish Con.
Mun. Loan,
5% s,
1928 ..............................................................10014
100%
1955 ............................................................ 98%
A d iron d ack E lec. Pr. Co., 5s, 1962.10114
101%
D ayton Gas Co., 5s, 1 9 3 0 .................100%
A la b a m a Pr. Co., 5s, 1 9 5 1 .................100%
101
D ayton L tg . Co., 5s, 1 9 3 7 ..................101%
A lb e rta (C a n a d a ), 4 % s , 1 9 5 6 ........... 97%
98
D elaw are & H udson Co., 4s, 1943. 93%
A m er. Chain Co., 6s, 1 9 3 3 .............
1 03% 103%
D enm ark , 5 % s , 1 9 5 5 ..............................1 01%
A m er. R oll. M ills C o.,. 6s, 1 9 3 8 .. . 103%
104
D enm ark, K in g d o m of, 6s, 1 9 4 2 ..1 0 4 %
A m e r. Sm elt. & R ef. C'o., 5s, 1947.101%
101%
D enver G. & E. Lt. Co., 5s, 1 9 5 1 .. 99 %
A m er. Sugar R efg. Co., 6s, 1 9 3 7 ..1 0 4 %
104%
D et. & Suburb. Gas Co., 5s, 1 9 2 8 .. 99%
A m er. Tel. & Tel. Co., 5s, I 9 6 0 ..1 0 3 %
103%
D et. C ity Gas Co., 5s, 1 9 4 7 ............ 99%
A m er. T h read Co., 6s, 1 9 2 8 ............ 101
101%
D etroit E dison Co., 5s, 1 9 4 9 ...........1 03%
Am er. T obacco Co., 4s, 1 9 5 1 . . . . . 89%
90
D om in ican Republic, 5 % s , 1942 . . . 9 8 %
A n acon d a Cop. M in. Co., 6s, 1953.104
104%
D equesne Lt. Co., 4 % s , 1 9 6 7 .......... 9 6 %
A n g lo -A m e r . Oil Co., L td ., 4 % s ,
D u tch E a st Indies, 6s, 1 9 4 7 .............104
1929 ............................................................ 99%
99%
Edison Elec. 111. Co., 4 % s , 1 9 2 8 ..1 0 0
A p p alach ian Pr. Oo., 5s, 1 9 4 1 .. .. 1 0 1 %
102
E d m on ton (C a n a d a ), 5s, 1 9 3 4 . . . . 97
A rgentine, 6s, 1958 .................................. 9 8 %
98%
Elec. Pr. Corp. (G e rm a n y ), 6 % s,
A sso ciated Oil Co., 6s, 1 9 3 5 ..............102%
102%
. 1950 . . .....................
97%
A tch ., Top. & S. Fe R y ., 4 % s ,
Equit.
Gas Lt.
Co., 5s, 1 9 2 9 .............100
1962 ............................................................ 9 8 %
99
Erie R. R ., Eq.
6s, 1 9 3 2 ................. 4 .9 0 %
A tl. Coast Line R. R ., 4 % s , 1 9 2 9 .. 99%
100
A tl. Coast Lin e R. R .,
4s, 1 9 5 2 .. . 96 % 96% F ield (M a rsh a ll) & Co., 4 % s ,
1928-46 .....................................................5 .0 0 %
1 02%
Au strian. 7s, 1943 .............................. 102 %
Fla.. Pr. & Lt. Co., 1st 5s, 1 9 5 4 .. . 93%
A u stralia , 5s, 1 9 5 5 ............ ..................... 98
98%
Florid
a W e s t Shore R y., 5s, 1934. 93%
B ald . Loco. W k s ., 5s, 1 9 4 0 .................1 06%
107
Ft. W o r th Pr. & Lt. Co., 5s, 1931. 99%
B. & O. R. R ., 5s, 2 0 0 0 ....................... 102%
102%
France,
7s, 1 9 4 9 .......................................105%
B & O. R. R ., E q ., 6s, 1 9 3 4 ............ 5 .0 0 % 4 .9 0 %
F ru it G row ers Express Co., 6s,
B a ta v ia n Pet. Co., 4 % s , 1942 ------ 92%
93
1928
B a v a ria , G erm any, 6 % s , 1 9 4 5 . . . . 98
98%
General Elec. Co., 3 % s , 1942 ......... 92 %
B elg iu m , 6s, 1955 .................................... 9 7 %
97%
Gen. M otors A cc. Corp., 5s, 1928 .10 0
B ell Tèi. Co., C anada, 5s, 1 9 5 5 ...1 0 1 %
101%
G eneral Pet. Corp., 5s, 19 4 0 .............. 1 00%
B ell Tel. Co., Penn., 5s, 1 9 4 8 .. .. 1 0 3 %
104
Ga. & A la b a m a R y., 5s,1 9 4 5 . . . . 99
B erlin (G e rm a n y ), 6 % s . 1 9 5 0 . . . . 99
99%
G eorgia P. Co., 5s, 1 9 6 7 .................... 96
B erlin B. E. & Und. R ys., 6 % s,
G eorgia R y. & El. Co., 5s, 1 9 3 2 ..1 0 0 %
1956 ............................................................ 95%
96
G
erm an, 7s, 1 9 4 9 .....................................1 06%
99%
B eth . Steel Corp., 5s, 1936 .............. 99%
G erm an Con. A g r. B k ., 7s, 1 9 5 0 ..1 0 0 %
B irm in g h a m W . W k s ., 5s, 1 9 5 4 .. 99
99%
G
erm an Con. Mun. Loan, 7s, 1947. 99%
B razil, 6 % s, 1957 .................................... 91%
91%
G erm an Ge. Elec. Co., 6 % s , 1 9 4 0 .1 2 4 %
B rem en (G e rm a n y ), 7s, 1 9 3 5 ..........1 02%
102%
Grand
Trunk W e s t. R y ., 4s, 1950. 87
B rier H ill Steel Co., 5 % s , 1 9 4 2 ..1 0 4 %
105
G reat F a lls Pr. Co., 5s, 1 9 4 0 ......... 104
B ritish C olum bia, 4 % s , 1 9 5 1 .......... 9 7 %
98
Grt.
Nor.
R y. Co., 4 % s , 1976 ......... 96 %
B rook lyn B orou g h Gas, 5s, 1 9 6 7 .. 1 01%
101%
Gt. Nor. R y ., C anada, 4s, 1 9 3 4 .. . 92%
B rook lyn E dison, 5s, 1 9 4 9 ................105%
105%
G
reat
W
estern
Pr. Co., 5s, 1 9 4 6 .. 99%
B rook lyn U nion Gas, 6s. 1 9 4 7 .. .. 1 1 5
115%
G ulf Oil Corp., P a., 5s, 1 9 4 7 ......... 99%
B uenos A ires, 6 % s, 1 9 5 5 .....................1 00%
100%
G
ulf
Oil
Corp.,
P a., 5 % s , 1928 ------ 1 00%
Buenos Aires, Prov., 7s, 1 9 5 2 . . . . 96%
96%
G ulf Term in al R y. Co., 4s, 1 9 5 7 .. 88
B uffalo Gen. Elec. Co:, 5s, 1 9 3 9 ..1 0 5
105%
H a iti, Republic, 6s, 1 9 5 2 ,................. 99%
B u sh T erm in al B ld g ., 5s, 1 9 6 0 .. . 100%
100%
H am bu rg, G erm any, 6s, 1946 ........ 96%
Calif. G. & E. Co.. 5s, 1 9 3 7 ............. 101%
101%
H ershey Choc. Co., 5 % s , 1 9 4 0 .. .. 1 0 1 %
96%
C alif. Pet. Corp., 5 % s , 1 9 3 8 ............ 96%
H
ock. V a l. R y., Eq. 6s, 1935 . . . . 4 .8 0 %
Canada, 4 % s , 1936 ............................... 99%
99%
H udson C ounty Gas Co., 5s, 1 949 .10 3
Canad. N a t’ l. R y. Co., 4 % s , 1 930 .10 0
1 00%
H
u m b le Oil & R efg . Co., 5 % s ,
Can ad. N a t ’ l. R y. Co., E q ., 4 % s ,
1932
.................................................. . . . 1 0 2
1939 ........................ ...................................97%
98%
H
u
n g ary, K in gd om , 7 % s . 1 9 4 4 ...1 0 3 %
Canad. Pacific R ys., 4 % s , 1 9 4 6 .. . 97%
97%
111.
B
ell
Tel. Co., 5s, 1 9 5 6 .............. 103%
Car. C linch. & O. R y., E q ., 6s,
R y., 4 % s , 1966 ................. 99%
1930
4 .8 0111.
% 4 .7Cent.
0%
111.
Cent.
R. R ., Equip. 5s, 1 9 3 4 ..4 .9 0 %
Cent, of Ga. R y., 6s, 1 9 2 9 .................. 102%
102%
111. Steel Co., 4 % s , 1940 ................... 98%
Cent, of Ga. R y., 5s, 1 9 4 5 ................104%
1 04%
Ind. Pr. & Lt. Co., 5s, 1 9 5 7 ............ 97%
Cent. 111. Lt. Co., 5s, 1 9 4 3 ................1 01%
101%
In g e rso ll-R a n d Co., 5s, 1 9 3 5 ............ 100
Cent. M aine Pw r. Co., 5s, 1 9 3 9 ..1 0 3 %
104
Inland Steel Co., 5 % s , 1 9 4 5 ............103 %
Cent. N. T . Gas &, E . Co., 5s,
Intern at. P aper C'o., 5s, 19 4 7 .......... 98%
1941 ........................................................... 1 0 0 %
101%
Intern
at. Silver Co., 6s, 1 9 4 8 . . . . . 1 0 8
Cent. Pacific R y., 5s, 1 9 6 0 ................1 03%
103%
In terstate Pr. C’o ., 5s, 1957 ............ 95%
UP
C. & O. R y. Co., 5s, 1 9 2 9 .................. 1 0 " %
Italy, 7s, 1951 .......................................... 94%
C. & O. R v. Co., E q ., 5s, 1 9 3 0 ------- 1 00%
100%
Jones & Laugh . Steel, 5s, 1 9 3 9 ...1 0 3 %
C., B & Q. R. R ., 4s, 1 9 4 9 . . . . . . 96%
96 %
K . C. Pr. & Lt. Co., 5s, 1952 ------ 104
C. C. C. &
St. L. R. R ., 6s, 1 9 2 9 ..1 0 2 %
102%
K . C. Southern R y. Co,, 5s, 1 9 5 0 .. 100%
C C C &
St. L. R. R ., 5s, 1 9 2 9 ..1 0 0
100%
K a n sa s Elec. Pr. Co., 5s, 1 9 5 1 . . . . 96%
C C C &
St L. R . R ., 5s, 1 9 6 3 ..1 0 3 %
103%
L aclede Gas L t. Co.. 5s, 1 9 3 4 .. .. 1 0 0 %
Ch Gas L.
& Coke Co., 5s, 1 9 3 7 .1 0 2 %
102%
L a Salle H otel Co., 5 % s , 1 9 3 0 . . . . 99
C hvo. M em . & G ulf R. R -, 5s,
L
eh igh V a lle y R. R ., 4 % s , 2 0 0 3 ..
98%
1940
‘ ................................................ 96%
96%
L igg . & M yers Tob. Co., 5s, 1 9 5 1 .. 1 0 3 %
C. M il. & St. P. R y. Co., 4s, 1989. 86
86%
L o n g Islan d R . R ., Eq. 6s, 1 9 3 2 ..4 .8 0 %
C' & Nor. W e s. R y ., 4 % s . 2 0 3 7 .. 98%
98%
L & N. R. R. Co., 4s, 1 9 4 0 ............ 96%
C. R. I. & P. R- R-. 5s, 1 9 2 9 .. . . . 1 0 0
100%
L. & N. R. R. Co., E q. 6 % s, 1 9 3 3 .4 .6 5 %
Chgo. U nion Sta., 4 % s , 1962 .......... 99%
99%
Louisville G. & E. Co., 5s, 1 9 5 2 .. 1 01%
Childs Com pany, 5s, 1930 ................. 99%
100
L ouisville L ig h tin g Co., 5s. 1 9 4 3 .1 0 2 ,
Chile, 6s, 1 9 6 0 ........................................... 89%
89%
M aine Cent. R. R., 4 % s . 1935 ------ 95
Chile M tge. B a n k of, 6 % s , 1 9 5 7 .. 94
94%
M an itoba Pow er Co., 5 % s , 1 9 5 1 .. 99%
Cincinn. G. & E . Co., 5s, 1956. . . .102
102%
M ark M fg. Co., 6s, 1 9 2 7 - 3 9 . . . . . ; 102 %
M
ass. Gas Co., 4 % s , 19 3 1 ................. 9 9 %
Cincinn. G. & E. Co., 5 % s , 1 9 6 1 ..1 0 4 %
104%
M ich. Cent. R. R. Co., 5s, 1 9 3 1 ..1 0 0 %
Clev. U nion T erm . 5s, 19.73............. 1 04%
104%
Mid. Steel & Ord. Co., 5s, 1 9 3 6 .. 99%
Cologne (G e rm a n y ), 6 % s , 1 9 5 0 .. 98%
98%
M ilw au kee Gas Lt. Co., 4 % s , 1967. 9 5 %
Colorado Pr. Co., 5s, 1 9 5 3 .................. 1 00%
100%
M inn., St. P. & S. S. M. R y ., 4s,
Col. R y ., Pr. & L t. Co., 5s, 1 9 4 0 .. 9 9 %
100
1938 ............ .............................................. 87%,
C om onw ealth Ed. Co., 4 % s , 1956. 96%
96%
M iss. R iv. Pr. Co., 5s, 1 9 5 1 ............ 101%
Cons. Gas, B a lt., 4 % s , 1954 ............ 9 9 %
100
M o., K a s. & T. R. R ., 4s, 1 9 9 0 .. . 87%
Cons. Gas, N . Y ., 5 % s , 1 9 4 5 ......... 1 08
106%
Mo. Pac. R. R ., E q. 5s, 1 9 3 6 -4 0 ... 4 .7 0 %
Consum ers Pr. Co., 5s, 1 9 3 6 ........ 102%
102%
Mo. Pac. R. R ., 5s, 1977 ................. 98%
Cont. G. & El. Corp., 5s, 1 9 2 7 ---------100
100%
M obile Elec. Co., 5s, 1946 .............. 99%
C openhagen (D e n m a rk ), 5 % s ,
M ontana Power Co., 5s, 1 9 4 3 ..........102%
1944 ............................
100%
100%
M ontivideo (U r u g u a y ), 7s, 1 9 5 2 ..1 0 2 %
Corn Prod. R ef. Coi, 5s, 1 9 3 4 . . . . 101%
102
M ontreal (C a n a d a ), 4 % s , 1 9 4 6 .. . 98
Costa R ica, 7s, 1951 ............................ 93%
94
M orris & Co., 4 % s , 1 9 3 9 . . . . : . . . . 84%
Cuba R ailroad, 5s, 1952 .................... 96 %
96%
M utual F u el Gas Co., 5s, 1 9 4 7 .. . 101%
Cudahy Pac. Co,, 5s, 1 946 .............. 99%
99%
N atio n al Press B ld g ., 6s, 1 8 5 9 .. . 100
C zechoslovak, 7 % s , 1 9 4 5 ...................105
105 %
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Security
B id
N atio n al Tube Co., 5s, 1 9 5 2 ..........1 04%
N etherlan ds, 6s, 1 9 5 4 .......................... 103%
N ew B runsw ick (C a n .), 4 % s , 1936.100%
98%
N ew E ng. Tel. & Tel. C’o ., 4 % s ,
100%
1961 ............................................................ 96%
101%
N ew found land, 5 % s , 1 9 4 2 .................104
93%
N. O rleans Term . Co., 4s, 1 9 5 3 .. . 8 8 %
101%
N. Y . Cent., Eq. 4 % s , 1 9 2 9 ............ 4 .6 5 %
104%
N. Y. Cent. Lines, 4 % s , 2 0 1 3 ____ 99%
99%
N. Y. Chgo. & St. L., Eq. 5s, 1931. 4 .6 0
100%
N. Y . Tel. Co., 4 % s , 19 3 9 .............. 98%
100
N ia g a ra F a lls Pr. Co., 5s, 1 9 3 2 ..1 0 2
103%
N or. Ind. G. & E. Co., 5s, 1 9 2 9 ..1 0 0 %
98%
N or. Pac. R y. Co., 4s, 1 9 9 7 ............ 93%
97
N orthern States Power, 5s, 1 9 4 1 .1 0 0 %
104%
N orw ay, K in g d o m of, 5 % s , 1965. 99%
100%
O gden Gas Co., 5s, 1 9 4 5 .......................100%
97%
Ohio Pr. Co., 5s, 1 9 5 2 ........................ 98%
Ohio Riv. Edison Co., 5s, 1 9 5 1 .. 98%
97%
Ontario, Prov. of, 4 % s , 1 9 3 1 . . . . 99%
100%
Ontario Power Co., 5s, 1 9 4 3 ...........102%
4 .8 0 %
O regon Sht. Line R. R ., 4s, 1929. 99%
Oslo, N orw ay, 5 % s , 1946 ................. 97%
4 .9 0 %
Pacifi. Coast Pr. Co., 5s, 1 9 4 0 . . . . 1 01%
93%
Pacifi. Fruit E x p ., Eq. 7s, 1 9 2 9 .. 4 .7 0 %
93%
99%
Pacifi. Gas & E lec. Co., 5s, 1 9 5 5 .. 1 01%
105%
Pacifi. Pr. & L t. Co., 5s, 1930 ____ 100%
Pacifi. Tel. & Tel. Co., 5s, 1 9 5 2 ..1 0 2 %
n.6
am
a, 5 % s , 1 9 5 3 ................................ 102%
4 .7 0P%a 4
0%
Penn. R. R. Co., 5s, 1 9 6 4 .................103%
92%
Penney, J. C., 5 % s , 1 9 4 5 . . . . . . . . 99%
100%
101
Penn. R. R. Co., Equip. 6s, 1 9 3 1 .4 .5 5 %
Penn. Ohio & D et. R. R ., 4 % s ,
99%
1977 ............................................................ 96%
% 96%
100%
Peoples Gas Lt. & Coke Co., 5s,
1947 ............................................................ 102 %
106%
101
Pere M arqu ette R y., 5s, 1 9 5 6 .. .. 1 0 5 %
99%
Peru, 7 % s, 1956 ...................................... 99%
Ph ila. Elec. Co. ( P a .), 4s, 1 9 6 6 .. 91
.1 2 4 %
P illbsury
F lou r
M ills Co.,
6s,
87%
1943 ............................................................104%
104%
96% .
Pressed Steel Car Co., 5s, 1933 . . . 94%
Prussia (G e rm a n y ), 6 % s, 1 9 5 1 .. . 98%
92%
Pub. Service Co., O kla., 5s, 1961. 95%
100
99%
Queensland (A u str a lia ), 7s, 1 9 4 1 .1 1 3 %
100%
Rio Grande Do Sul, 7s, 1966 .......... 96%
Rio de Janeiro, 8s, 1 9 4 7 .................... 104%
88%
100
R ock ford Elec.
Co., 5s, 19 3 9 ...............101
96%
R otterd am (H o lla n d ), 6s,1 9 6 4 .. . 104%
St. L., Ir. M t. & So. R y., 5s, 1 9 3 1 .1 0 1 %
102
4 .7 0 %
St. L. & San Fran. R. R ., 6s, 1928.101%
St. Paul Gas Lt. Co., 5s, 1 9 4 4 ...1 0 1
103%
St. P aul U nion Stk. Yd s. Co., 5s,
102%
1946 ....................................................... ..1 0 0 %
103%
Salvador, 8s, 1948 ..............
108%
San Paulo, City, 8s, 1 9 5 2 ................... 112%
103%
99%
San Paulo, State, 8s, 1 9 3 6 .................105%
4.80%
Saskatchew an, Prov., 5s, 1 9 4 3 .. .. 1 0 2 %
98%
Sauda. F a lls Co., 5s, 1 9 5 5 . . . ............ 100%
97%
Saxon Pub. W k s ., „7s, 1 9 4 5 ...............101%
100%
Seaboard
A ir
Line,
E q.
4% s,
103%
1936
...................................................... . .4 . 7 0 %
98%
Seattle Elec. Co.,- 5s. 1 9 2 9 .............. 100
108%
Sherm an H otel Co., 5 % s , 1 9 3 0 .. . 98%
95%
Siem ens & H alsk e, A. G., 7s, 1936.103%
94%
Sine. Crd. Oil Pur. Co., 6s, 1 9 2 8 ..1 0 0
104
Sioux
C ity Stk. Yd s. Co., 5s, 1930.100
104%
61 B road w ay B ld g ., 5 % s , 1 9 5 0 .. 99%
100%
96%
So. Car. &, Ga. R y., 5 % s , 1 9 2 9 ...1 0 1
100%
Southern C alif. E dison Co., 5s,
100
1951 ............................................................ 9 9 %
99
So. Pac. R y., E q. 5s, 1 9 3 2 .............. 4 .5 0 %
1 03%
So. Pac. R y., 4s, 19 2 9 ........................ 98%
4.70%
Southern Pr. Co., 5s, 19 3 0 ................100%
96%
Southern R y. Equip., 6s, 1935 . . . . 4 .9 5 %
4.55%
Southw est B ell Tel., 5s. 1 9 5 4 .. .. 1 0 3 %
101%
Spring R iver Pr. Co., 5s, 1 9 3 0 .. . 100%
102% .
Stand. Oil Co., N. Y ., 4 % s , 1951. 94%
95%
Stand. M ill. Co., 5s, 19 3 0 .................. 100%
99%
Sun Oil Co., 5 % s , 193 9 .......................100%
102%
Sw edish Govt., 5 % s , 1 9 5 4 ........... . . . 1 0 4 %
100
S w ift & Co., 5s, 1 9 4 4 ........................... 102%
101
Sw iss G ovt., 5 % s , 1 9 4 6 ......................... 104%
99%
Toronto, C anada, os, 193 4 ................101%
95%
U nion Oil Co., C alif., 5s, 1 9 3 5 .. . 96%
U nion Pac. R. R ., 4s, 1 9 4 7 ............ 97
87%
U. K . Gt. B r. Island, 5 % s, 1 9 3 7 ..1 0 4 %
101%
U ruguay, 6s, 1 9 6 0 . . . .......................... 95%
87%
W a r d (M on tgom ery) & Co., 5s,
4.60%
1946 ............................................................ 98 %
98%
W e ste rn E lectric Co., 5s, 1 9 4 4 ...1 0 2 %
100
W estern Pacifi. R. R ., 5s, 1 9 4 6 .. . 99%
102%
W e ste rn
U nion
Tel.
Co.,
4% s,
102%
1950 ............................................................ 96%
98%
W èsth se, Elec. & M fg. Co., 5s,
85
1944
102%
102
W in n ip e g (C a n a d a ), 4 % s, 1 9 4 6 .. 97%
100%
A sk ed
100%
Asked
104%
103%
101%
97
104%
88%
4.55%
100
4 .5 0
99
102%
100%
93%
100%
100
100%
98%
98%
99%
102%
99%
98
101%
4.60%
101%
100%
103
102%
104
98%
4.45%
96%
102%
105%
100
91%
105
94%
98%
95%
114
96%
104%
101%
105
101%
101%
101%
100%
108%
113
105%
103%
100%
101%
4.60%
100%
100
103%
100%
100%
99%
101%
9934
4.40%
99
100%
4. 85%
103%
100%
94%
100%
100%
105
102%
104%
102
96%
97%
104%
95%
98%
102%
99%
97
1029Í
98
40
Mid-Continent Banker
Publish Survey of Bonded
Indebtedness of States
T 'H B bonded debt of the state governments of the United States has in
creased $287,371,144.04 in the past two
years, and every man, woman and child
in the country now owes on an average
of $15.75.
These facts are brought out in a na
tion-wide survey just completed by The
Bank of America, New York, which re
veals that the state governments of the
United States have a total bonded debt
of $1,846,113,577.72, or $15.75 per capita.
Nearly half this huge outstanding
debt has been incurred within the past
five years and in the past two years
alone more than $355,000,000 worth of
new bonds have been issued, while some
$68,000,000 worth have been retired.
Highways and bridge construction is
responsible for 45.2 per cent of the total
indebtedness, The Bank of America
statisticians have found. Actually $834,467,058 worth of bonds outstanding
have been issued for this purpose, which
is significant in view of the comparative
ly recent large-scale building of roads.
Soldiers’ bonuses account for $271,528,000, or 14.7 per cent of the total out
standing debt, while waterways and
harbors comes third in the list of pur
poses for bond issues with a total of
$222,508,800, or 12.1 per cent. Only 1.9
per cent of the total debt represents
expenditure for educational purposes.
A Specialized Service
for Banks and Bankers, which is the result of
more than sixty years of experience, is offered by
New York State’s debt of $341,059,000
is the largest of any state in the Union.
North Carolina ranks second with a
debt of $143,392,600, and Illinois third
with $137,212,500. Florida, Nebraska,
Kentucky and Wisconsin have no
bonded debt.
The highest per capita debt of any
state in the Union is that of South Da
kota, amounting to $85.15, or nearly five
and a half times the average for the
nation. Oregon is second with $72.49
per capita, North Carolina third with
$50.17, North Dakota fourth with $48.12,
and Delaware fifth with a per capita
debt of $45.45.
The Pacific group, comprising Wash
ington, Oregon and California, have the
highest per capita debt of any section,
The Bank of America finds in grouping
its figures according to the geographical
areas of the country. Its debt per in
habitant is $25.93, more than one and a
half times the average for the nation.
At the opposite end of the country, New
England ranks second, having a per
capita debt of $22.31. The West North
Central division, Minnesota, Iowa, Mis
souri, North Dakota, South Dakota, Ne
braska and Kansas, has a per capita
debt of $22.24, while the Middle and
South Atlantic states have a debt per
person of $20.98 and $18.14, respectively.
Below the average for the country as
a whole are the Mountain states, having
a debt of $11.09, the East North Central
$9.77, East South Central $7.32, and
West South Central with $5.22. All but
two of the geographical groups in
creased their debts within the past two
years, decreases being recorded only by
the West South Central and Mountain
divisions.
An Innocent Tip.
The First National
B a n k of C h ic a g o
and the First Trust
and Savings Bank
and provides complete facilities for active and
inactive accounts, collections, B /L ’s, investments,
letters of credit and foreign exchange transactions
FR A N K O. W E T M O R E
C h airm an
M E LVIN A. T R A Y L O R
President
Combined Resources Exceed $ 4 5 0 , 0 0 0 ,0 0 0
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Pointing out to his court that a wit
ness was not necessarily to be regarded
as untruthful because he altered a state
ment that he had made previously, a
magistrate said:
“For instance, when I entered this
court today I could have sworn that I
had my watch in my pocket. But then
I remembered I had left it in the bath
room at home.”
When he reached home that evening
the magistrates’ wife demanded, “ My
dear, why all this fuss about your watch
—sending four or five men for it?”
“Good heavens,” gasped the learned
jurist. “I didn’t send anyone! What
did you do?”
“ I gave it to the first one who came;
he knew just where it was.”
Reputation is in itself a farthingcandle, of wavering and uncertain flame,
and easily blown out, but it is the light
by which the world looks for and finds
merit.—Lowell.
St. Louis, August, 192',
41
^ews Skew 's
T h e B a n k in g W o r ld
B y C / if-fo r d D e D u y
P u b lish er De Puy Banking Publications
A t this tim e o f the y e a r when many
of you are touring the country, perhaps
the following lines will not be inap
propriate:
“He heard the toot, but tried to scoot
And beat the choo-choo to it;
The poor galoot now twangs a lute—
Take heed and don’t you do it.”
—$—
John M cH ug h now heads a billiondollar institution in the Chase Na
tional of New York, which, according to
the statement of condition made at the
close of business on June 30th, had
actual resources of $1,042,513,993. This
makes the Chase National the second
billion-dollar financial institution in the
United States. The distinction of be
coming a billion-dollar banking institu
tion, which it now shares with the Na
tional City Bhnk of New York, coincides
with the fiftieth anniversary of the
Chase National, which it is celebrating
this year in September.
—$—
Ralph Van Vechten, one of the best
loved bankers in Chicago, and a figure
of international importance in finance,
died on June 28th at his home in Chi
cago, following an illness of several
months.
; Tl
Mr. Van Vechten was a picturesque
figure in LaSalle street, where he won
thousands of personal friendships by the
human kindliness he showed in his bank
ing relationships.
The initial experience in banking was
obtained by Mr. Van Vechten with the
Cedar Rapids National Bank, of which
institution he was chosen cashier in
1887. In 1905 he became a vice-presi
dent of the Commercial National Bank
of Chicago, which institution was suc
ceeded by the Continental and Com
mercial. Mr. Van Vechten served this
institution for seventeen years. In
1926 he was elected president of the
State Bank of Chicago, which position
he occupied at the time of his death.
Mr. Van Vechten also retained his con
nection with the Cedar Rapids National
as director and chairman of the Board
at the time of his death.
—$—
T h e Bank of America, Ne w Y o rk , has
just completed a recent survey of the
bonded debts of the state governments
of the United States, and this survey
indicates that the state governments of
the United States have a total bonded
debt of $1,846,113,577.72, or $15.75 per
capita.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nearly half of this huge outstanding
debt has been incurred within the past
five years, with highways and bridge
construction responsible for 45.2 per
cent of the total.
The highest per capita debt of any
state in the Union is that of South Da
kota, amounting to $85.15, or nearly five
and a half times the average for the
nation. Oregon is second with $72.49
per capita, North Carolina third with
$50.17, and North Dakota fourth with
$48.12.
The Pacific group, comprising Wash
ington, Oregon and California, have the
highest per capita debt of any section,
the Bank of America finds in grouping
its figures according to geographical
areas. Its debt per inhabitant is $25.93.
New England ranks, second, having per
capita debt of $22.31. The west North
Central division, including Minnesota,
Iowa, Missouri, North Dakota, South
Dakota, Nebraska and Kansas, has a
per capita debt of $22.24, while the Mid
dle and South Atlantic states have a
debt per person of $29.98 and $18.14, re
spectively.
—$—
J. F. Owens, vice-president and gen
eral manager of the Oklahoma Gas and
STA T E M E N T O F C O N D IT IO N
Ac the close o f business, June 3 0 , 1 9 2 7
ASSETS
Loans and D isc o u n ts........................................$117,296,228.69
U. S. Bonds and C e r tific a te s .....................
6,299 932.82
Other Bonds and Investments.........................
19,477,879.68
Banking H o u s e ...............................................
1,500,000.00
A c c ep ta n c es....................................................
6,579,251.17
Cash and Due from Banks..............................
46,518,105.28
Other A s s e t s ....................................................
658,183.34
$198,329,580.98
L IA B IL IT IE S
Capital S to ck ............................ $5,000,000.00
S u r p lu s................................
Undivided Profits
.
.
17,500,000.00
.
1,245,590.19
$23,745,590.19
Reserved: Taxes, Interest, etc........................
817 239.48
C i r c u la t i o n ....................................................
3 4 9 9 97
A ccep ta n ces..........................................................
8,830,102.58
Bills P a y a b le .....................................................
Other Liabilities
8,500,000.00
..........................................
iQl 357.37
Deposits:
Individuals . . . .
$120,190,710.16
Banks .................
35,794,583.70
155,985,293.86
$198,329,580.98
C h e m ical
N
A
T
I O
N
A
BANK
L
OF NEW YORK
Paramount Building
B roadw ay and 44th Street
Mid-Continent Banker
42
J. M. Easton, advertising manager of
the Northern Trust Co., Chicago, attend
ing the Financial Advertisers’ Conven
tion in Denver, has the distinction of
being the only financial advertising man
to succeed in improving hotel restau
rant service. Anyone visiting Denver
may now obtain bulky sandwiches fas
tened with safety pins—thanks to Mr.
Easton’s ingenuity.
—$—
Charles G. Dawes, Vice-President of
the United States, accompanied by Jo
seph E. Otis, president of the Central
Trust Company of Illinois, together with
a number of others, formed a party
which went to Cimarron, New Mexico,,
recently for a two weeks’ trout fishing
trip.
While in New Mexico the party was
the guest of Waite Phillips, Tulsa, Okla
homa, oil magnate, on his 150,000-acre
Electric Co., and recently appointed na
tional chairman of the public relations
section, National Electric Light Asso
ciation, in addressing the general ses
sion of the International Advertising
Association convention at Denver on
the subject, “ Business Is Good in Amer
ica; Why Change It,” explains why the
utility industry believes in advertising,
and sounded a warning note against pa
ternalistic and bureaucratic propaganda,
ivhich would lure government and busi
ness in America away from the foster
ing of individual initiative and enter
prise. He said: “Last year the elec
tric light and power industry, accord
ing to a report of the advertising com
mittee of the National Electric Light As
sociation, made at the recent conven
tion in Atlantic City, spent approximate
ly $10,000,000, or six-tenths of one pei
nent of its gross income, in advertising.”
Building
fo r Permanence
In constructing the bridge between banker
and patron, Wessling Services have built for
the future. It is a permanent, not temporary
relation which Wessling Services create.
Every idea, every method used in a Wess
ling program is tested in actual experience in
one of the banks operated by Mr. Wessling.
Then it is forged at the “Idea Factory” at
Lytton into a girder that will stand the test
of time.
The “ idea fa c to r y ” is unlike,
a n y other place in the world.
It is a s “ individual” asW essling Services themselves. A u
tomatic m achinery does much
o f the worf^. yet in handling,
cla ssifyin g and applyin g the
hundreds o f new ideas the
unique guild o f W essling cow orkers work with an am az
ing system .
Bankers using the Wessling way to the
patron’s heart are eager to renew the serv
ice whenever a contract expires.
T V q s s lin c r
S
PLANNERS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AND
E
ranch, where all of the streams are
stocked to capacity with many kinds of
trout.
-$ John D. Ro ckefeller celebrated re
cently his eighty-eighth birthday by
playing his usual game of golf. On the
eventful day, Mr. Rockefeller said: “ I
am happy to spend my eighty-eighth
birthday in perfect health, full of hope
and cheer and gratitude and with good
will to everybody.”
—$—
H e n r y A. Haugen, chairman of the
board of the State Bank of Chicago, has
denied that there are any plans under
way for a merger of the State Bank of
Chicago with any other Chicago institu
tion. Two years ago there were active
negotiations with the Central Trust Co.
of Illinois for consolidation, but at the
present time no such plans are under
way, according to Mr. Haugen.
—$—
S ir Josiah Stamp, the eminent English
economist, believes that the meeting in
New York recently between the heads
of four of the world’s greatest banking
institutions, was one of the most im
portant conferences, in the history of
industry. He believes that the confer
ence will work out a plan which will
prevent the present automatic flow of
gold to the United States.
—$—
J. Scofield Rowe, president of the
Metropolitan Casualty Insurance Co.,
believes that insurance companies in
their advertising should follow the ex
ample of the First National Bank of
Boston, which has reversed the old ad
monition to “ Save for a Rainy Day” to
read, “ Save for Sunny Day.”
“This right-about-face,” said
Mr.
Rowe, “from the picture of weeping
skies, mournful winds and a black land
scape, has the simplicity, which char
acterizes so many important and benef
icent discoveries. The idea appeals to
me because I believe that insurance ad
vertising would benefit correspondingly
by a sun bath.”
R
V
CREATORS
OF
I
C
E
O R IG IN A L
fr o m
S
BANK
S E R V IC E S
IO W A
at L Y T T O N
T a k e One Off for Bobby.
The teacher was giving the youngsters
a mental drill. “Now, B'obby, tell me
which month has twenty-eight days
in it.”
Bobby had forgotten. After a mo
ment he had the answer. “ They all
have.”
A drone bee has 13,800 eyes, it is
stated. At that it does not see as much
as a little country neighborhood, if we
may credit the testimony in a county
seat court case in which the conduct of
a man does not seem to have been ex
actly as good as it might have been.
43
St. Louis, August, 1927
Customer Ownership
W. H. Hodge, manager of the adver
tising department of Byllesby Engineer
ing and Management Corporation in an
article on customer ownership in the
National Electric Light Association con
vention number of “ Electric Light and
Power’’ magazine, says:
“The truth is that every additional
stockholder gives a public utility admin
istration an added master. Dealing day
by day with public relations problems
of all dimensions, a utility executive
seeks to minimize the possibility of irri
tating contacts and the possibilities of
public dissatisfaction. His own success
and the success of his company rest un
avoidably on public sufferance or good
will. When many of his customers are
also stockholders in his company, look
ing to him not only for good service at a
reasonable price, but to uninterrupted
financial returns at a reasonable rate,
the utility executive is keenly aware of
a multiplication of his responsibilities.
If a utility management is reliable and
efficient before customer ownership it
becomes doubly so after it has taken on
this additional burden. Under these cir
cumstances I believe that customer own
ership will be with us a long time and
continue to identify worth-while inter
ests of the people and the electric light
and power companies.”
Acme of T h r if t .
A Scotch farmer had agreed to de
liver 20 hens to the local market. Only
19, however, were sent, and it was al
most evening before the twentieth bird
was brought in by the farmer.
“ Man,” said the butcher, “you’re late
with this one!”
“Aye,” agreed the other, “but, ye see,
she didna lay until this afternoon.”—
Progressive Grocer.
BAN K STRUCTURES
Built by specialists wbo coniine tbeir
efforts to tins one line should be tbe
most suited to tbe needs of tbe banker
and to tbe comfort of bis customers.
S en d fo r our booklet, “ D istinctive Bank. B u ild in gs” ,
It will tell y o u about Our Service
L. D. L A C Y C O M P A N Y
SYN DICATE TRUST BUILDING
ST. LOUIS, M O .
To Play Safe.
Sandy was gradually slipping over to
his nearest seatmate at the movie until
he was able to nudge his arm. Then he
whispered, “I say, meester, will ye tickle
me when the funny picture comes on?’
“What’s the idea?” asked the sur
prised neighbor.
“I’ll no’ hae it said a Scotsman has
nae sense of humor.”-—Tit-Bits.
Do business with this strong company,
which has gained a country-wide reputa
tion as a “ National Institution of Serv
ice.”
The Federal Surety Company is managed
by experienced underwriters, and has
from its conception built for STRENGTH
rather than size.
Backed by Federal Service, these lines
are written— Accident and Health, Auto
mobile, Burglary, Plate Glass, Public
Liability and W orkmen's Compensation
Insurance, and Surety Bonds.
Shakespeareana.
“My niece is quite theatrical,” re
marked old Mrs. Blunderby. “Next week
she is taking part in a Shakespeare play
at college.”
“Which of his plays is it?” her caller
asked.
“Edith mentioned the name of it, but
I’m not sure whether it’s ‘If You Like It
That Way’ or ‘Nothing Much Doing.’ ”—
Boston Transcript.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FED E R A L SU RETY COM PANY
CASUALTY IN SU RAN CE
SURETY BONDS
W . L. T A Y L O R , Vice-President and General Manager
H O M E O F F IC E
D A V E N P O R T , IO W A
44
Mid-Continent, Banker
Announce Plans for New
Bank Building
Detailed plans and the architect’s
drawing of the new thirty-eight story
home which the Chase National Bank
of the City of New York will build in
the heart of the downtown financial dis
trict have been made public by Albert
H. Wiggin, chairman of the Board of
Directors. The erection of this, new
home, which will be the sixth since the
founding of the Chase National Bank,
marks the fiftieth anniversary of the in
stitution.
Progress of the organization which is
the second largest banking institution
in the United States, both from the
standpoint of capital and resources, has
resulted in the bank outgrowing five
homes in the last half century. The
new building, however, has been
planned to solve the problem of space
for many years to come. Of the thirtyeight stories, the bank will occupy the
first twelve stories above the street
level, in addition to the entire building
80 feet below the street level and two
floors, in the tower.
The exterior of the building gains its
distinctiveness by boldness of concep
'T'HIS advertisement will appear during August in the Saturday
± Evening Post, Literary Digest, Life, Time, New Yorker, Vogue,
National Geographic, Harpers, Atlantic Monthly, Review of
Reviews, Asia, Travel, Country Life, American Hebrew, American
Legion Monthly and Army & Navy Journal.
It will be seen by nearly 7,000,000 families, including a large
number of your depositors.
For the utmost safety and convenience in traveling advise your
customers to carry A B A Certified Cheques. If they are going abroad,
give them a complimentary copy of “All About Going Abroad”
when they buy their cheques.
A ’ B ’A a
TRAVEL
cheques
MONEY
AGENTS: B A N K E R S
TRUST
C O M P A N Y
16 W A L L ST. , N E W Y O R K C I T Y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tion, the artistic use of long sweeping
lines, and the pleasing proportions of
the component parts. These features
in combination create an impression of
strength and solidity suitable to the
home of a great bank.
The main banking room and officers’
platform will be raised five feet above
the level of the street and will be of
impressive proportions—one hundred
and thirty-four feet in length, sixty-five
feet in width, and twenty-nine feet in
height. Just below this room will be
located the paying and receiving tellers,
customers’ securities, brokers’ loan and
other departments which must be of
Architect’ s drawing of the new thirty-eight
story home which the Chase National Bank will
build in the heart of New Y o rk’s financial
district.
easy access to the public. The three
floors directly below this will be de
voted to extensive vaults, which will be
constructed and equipped with the most
modern safeguards and will be built to
resist every known method of attack.
In addition to the vault space necessary
to conducting the business of the bank
a vault will be reserved for customers
of the Chase Safe Deposit Company.
Coupon booths and committee rooms,
as well as private vaults and individual
boxes, will be provided in an installa
tion planned for the greatest possible
convenience to the public. The re
mainder of the basement floors will be
occupied by storage and mechanical fa-
St. Louis, August, 1927
cilities, which will take up the entire
volume of the property down into the
natural rock eighty feet below the level
of the street. Nineteen modern ele
vators will be installed to furnish rapid
transportation within the building.
The directors room and senior execu
tive offices will be located on the fourth
floor, and the trust department with its
own vault facilities and reception rooms
will occupy the two floors immediately
above. The next few floors will be de
voted to the Foreign Department and
the Chase Securities Corporation. The
balance of the first 12 floors will in all
probability he required for the clerical
force of the bank, which is organized
into some fifty departments.
At the sixteenth floor there occurs the
first setback, and space in this and the
floors above will be rented for general
commercial use. The thirty-fifth and
thirty-sixth floors near the top of the
building will be reserved for dining
rooms for the officers of the bank. These
rooms, as well as those of the upper
portion of the building, will afford a
magnificent view of New York harbor
and vicinity.
The little building at 104 Broadway,
shown in the accompanying photograph,
in contrast to the new home of the bank,
suggests the remarkable growth which
the Chase National Bank has enjoyed
during its fifty years of corporate ex
istence. The increase in total resources
of the bank during the past half century
has been approximately from one mil
lion dollars to one billion dollars.
General Motors Acceptance
Increases Capital Stock
C. C. Cooper, president of General
Motors Acceptance Corporation, an
nounces that the corporation has sold
to General Motors. Corporation an addi
tional 100,000 shares of its capital stock
at $125.00 per share, making a total ad
dition to capital funds of $12,500,000.
With this increase the Acceptance
Corporation now has total capital funds
in excess of $50,000,000. All the capital
stock is owned by General Motors Cor
poration.
Since its organization in 1919, the Ac
ceptance Corporation, which was formed
to finance wholesale and retail sales of
General Motors products, has granted
about $2,000,000,000 of credit, with total
credit losses of less, than one-tenth of
1 per cent. The corporation started in
1919 with capital funds of $2,500,000,
but General Motors Corporation has
subscribed additional capital from year
to year as the business has expanded.
The Acceptance Corporation, which
is. the largest institution of its kind in
the world, operates a credit service for
the exclusive benefit of General Motors
dealers and retail purchasers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45
3400 Customers Call This
Their Bank.
“Hire the best people in the world to
work for your bank, and they’ll build
up your deposits!”
This is the simple rule given by Jabe
B. Gibson, president of the Nebraska
State Bank of Norfolk and it appears
to have done well in that bank, admit
tedly one of the strongest state banks
in Nebraska.
The Nebraska State opened in 1913.
In 1919 it had $593,000 in deposits, in
1924, $1,232,000 and the first of April,
this year, its deposits amounted to the
princely sum of $2,197,466. Quite a
growth, for a fact, and still rapidly in
creasing.
As the Nebraska State says in the
advertisement reproduced on the next
page, “Thirty-four hundred satisfied cus
tomers made this wonderful growth pos
sible.” The next question is, “Who
made it possible to have 3,400 satisfied
First National Bank
C ^ o
the banker to see just what
his building will look like, both inside
e n a b le
and out, and to know exactly how much it
will cost, is the purpose of our preliminary
service, rendered entirely without obliga
tion. It is fully explained in our booklet,
“ Preliminary Service for Contemplated Bank
Buildings.”
M a y we send you a copy?
t.
Louis Ba n k B u il d in g
S N in th a n d S i d n e y S t r e e t s
* * * * * S A IN T
L O U IS , U . S. A .
---------— —— ,— -----------— — 4»|
Mid-Continent Banker
46
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
customers?” President Gibson answers,
“ Our Employes.”
To analyze a bit more closely the Ne
braska State has every indication of
being a young bank with very young
ideas.
To quote President Gibson:
“Ideas are the one commodity in the
world that are free, yet priceless.” He
confesses that the excellent advertise
ment reproduced on this page contains
ideas which he didn’t originate, but
merely applied to his bank’s own pub
licity.
Mr. Gibson says the advertisement
THE NEBRASKA STATE SANK = 1
lia
sums
U. S. GOVERNMENT DEPOSITORY FOR THE ROSEBUD, SOUTH DAKOTA, INDIAN AGENCY
Thirty-four Hundred
Satisfied Customer»
Have Made This
Wonderful
Growth
THE NEBRASKA STATE BANK
W e W a n t Y o u r F riendship
> Friendly, Consenrative and Obliging Bank
W e W a n t Y o u r Business
One o f the advertisements used by
The Nebraska State Bank
depicting the growth of deposits of the
Nebraska State Bank is without doubt
the best attention-getter ever sent out
by his institution. Friends and custom
ers of the bank had little difficulty in
visualizing the fine growth of the
twelve-year-old institution when they
gazed at the sturdy mountains repre
senting the deposits. The picture fea
ture got across in good shape, too,
where the bank used the sacks to
depict their deposits.
Not only the bank’s customers, but
scores of other Nebraska banks were
interested in the advertising shown on
this page. Mr. Gibson says he received
letters from a hundred bankers asking
for copies. The bank feels that it has
made a splendid growth and that the
public is entitled to know about it. The
bank sends out about three thousand
of these circulars four times a year,
and has followed this practice for
eight years.
Mr. Gibson believes that the em-
St. Louis, August, 1927
ployes of a bank should represent every
interest in the city, as far as possible.
“ Our employes, for example, represent
every church in Norfolk,” he says. “In
addition we have a very wealthy hoard
of directors and I ofttimes feel that
they comprise our hardest competition.
“We try to clerk every farm sale we
possibly can. We get out among our
farm customers and analyze their prob
lems. We attempt no special cam
paigns among them to secure new busi
ness but we do try to get as close to
their problems as possible.”
47
G u ara n ty T ru st C om p an y
o f N ew Y o r k
140 B roa d w a y
LON DO N
P A R IS
A Collection Stunt.
Complaining to a broker that he could
not collect a loan of $500 from a debtor,
the man was advised to sue, but the un
lucky creditor had to confess that he
had no note or other written acknowl
edgment of the debt.
“Write to him,” said the financier,
“ and tell him that you must have the
$1,000 at once.”
“But it was only $500,” objected the
man.
“Exactly,” replied the money wizard;
“he will write back, and then you will
have your acknowledgment.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L IV E R P O O L
H AVRE
ANTWERP
C on d en sed S ta te m e n t, J u n e 30, 1927
General Motors Executives
Visit Foreign Countries
Alfred H. Swayne, vice-president of
General Motors, sailed recently on the
S. S. “ Olympic” for a business trip to
England, France, Germany, Belgium,
Norway, Sweden and Denmark. Upon
arrival overseas he will be joined by a
group of General Motors executives who
will make a study of business conditions
and a survey of the General Motors ex
port operations in these countries.. Sub
sequently the General Motors party will
sail from England to study conditions
in South America and look into General
Motors operations in those countries.
When interviewed on the outlook for
business in this country, Mr. Swayne
said, in part:
“Although we had a very backward
spring, with unfavorable weather in
many sections of the country, trade has
been in good volume, and most indus
tries have been operating at a pretty
satisfactory rate. We have now en
tered the summer period of seasonal
quiet, and not much change in the level
of general business is. likely to occur
during the next month or two.
“ The outlook for the latter part of the
year will, of course, be affected to an
important degree by the crops and by
autumn developments in the building
situation, and it is too early to make
predictions regarding either of these.
For the immediate future, however, no
radical change in the general business
trend seems to be in prospect.”
BRU SSELS
RESOURCES
Cash on Hand, in Federal Reserve Bank and
Due from Banks and Bankers..................................... $185,281,239.82
U. S. Government Bonds and C ertificates.................. 26,677,069.78
Public S ecurities................................................................. 23,929,540.36
Other Securities................................................................... 26,535,851.80
Loans and Bills Purchased ............................................. 423,476,303.25
Real Estate Bonds and Mortgages ...............................
2,477,913.33
Items in Transit with Foreign Branches......................
4,688,994.1 1
Credits Granted on Acceptances ................................... 47,888,799.12
Real Estate...........................................................................
7,472,502.75
Accrued Interest and Accounts R e ce iv a b le ................
6,285,140.98
$754,713,355.30
LIABILITIES
Capital .................................................................................. $30,000,000.00
Surplus F u n d ....................................................................... 30,000,000.00
Undivided Profits ..............................................................
2,839,229.54
$62,839,229.54
Accrued Interest, Reserve for Taxes, etc.......................
7,931,010.78
Acceptances .................................
47,888,799.12
Outstanding Treasurer’s C hecks..................................... 33,571.670.32
Deposits ............................................................................... 602,482,645.54
$754,713,355.30
Your Home
A w ay
Hom e
You intensify the pleasure
o f your stay in Chicago
when you select the Rogers
Park Hotel as your abode.
Located on world famous Sheridan Road,
it offers you every service that a thought
ful, efficient management can devise for your
comfort, convenience and pleasure.
All rooms are outside rooms—large, airy
and cheerful; some with kitchen where you
Single Room s as low as $ 3 .0 0
per day. Larger suites corre
spondingly low. W rite or wire
for information and i ates.
may prepare your own
meals. Yet dining room
serviceis excellent. Abeautiful park slopes down to
a wide, sandy beach— and just beyond it,
Lake Michigan. Nowhere is there a finer
panorama of its sparkling waters.
La Salle Street and the busy, noisy Loop
are but 22 minutes removed—with splen
did transportation service 24 hours daily.
ROGERS PA R K H O TE L
SHERIDAN ROAD AND PRATT BOULEVARD
CHICAGO
Mid-Continent Banker
48
Illinois Bank N ew s
O F F IC E R S I L L I N O I S B A N K E R S A S S O C IA T IO N :
J. M . Appel, Highland Park, Presi
dent: Omar H . W right, Belvidere, Vice-President; John H . Crocker, M aroa, Treasurer;
M . A . Graettinger, Chicago, Secretary; Olive S. Jennings, Chicago, Assistant Secretary.
G R O U P C H A I R M E N : I — E . F. Anson, Kew anee; I I — G . K . Slough, Abingdon; I I I — H . H .
Badger, A m b oy; I V — A. K . Foreman, Chicago; V — C. A . Mueller, K ankakee, V I — E . E.
Core, Robinson; V I I — E . B . Appleton, Litchfield; V I I I — J. C . Whitefield, Q uincy; I X — L.
G . Gee, Lawrenceville; X — Earl Karraker, M ound C ity.
J M. App>l
G R O U P S E C R E T A R I E S : I —C . D . DePauw , K ew anee; I I — John B. Fleming, Peoria; I I I —
F . P . Baker, Stillman Valley; I V —W . M . Givler, Naperville; V — W . D . Kitchell, Danvers;
V I — G . H . Baker, U rbana; V I I — J. E . M cD avid , R aym ond ; V I I I — George D yson, Rushville; I X — Henry Eversm an, Effingham; X — B . G . Gulledge, M arion.
V e rn o r Now
A t Lebanon.
Charles D. Vernor, for the past ten
years assistant cashier of the First Na
tional Bank of East St. Louis, 111., has
resigned his position with that institu
tion to become cashier of the First Na
tional Bank at Lebanon, Illinois. The
new position comes to Mr. Vernor in
the form of a promotion, as Dr. J. F.
Reid, chairman of the board of directors
of the First National Bank of East St.
Louis, is president of the bank at Leb
anon.
H o m e r Ye ck
Succeeds H. L. Schaeffer.
Homer Yeck, for the past nineteen
years cashier of the State Bank at
Browning, 111,, has accepted a position
as cashier of the People’s. State Bank
of Astoria, 111. He succeeds Howard L.
Schaeffer, who, after seventeen years
as cashier of the Peoples State Bank,
has resigned to devote his entire time
to his personal interests.
T w o Findlay
Banks Consolidate.
The First National Bank and the
Farmers State Bank of Findlay, Illinois,
have consolidated and in the future will
operate as one institution under the
name of the First National Bank. Cleve
Askins, cashier of the Farmers State
Bank, will serve as cashier of the newly
consolidated institutions.
O. S. Brown
Elected Cashier.
O. S. Brown, who has been vice-presi
dent of the First National Bank of West
Frankfort, Illinois, has been named
cashier of that institution to fill the
vacancy caused by the recent death of
W. R. Todd. Mr. Brown has been con
nected with the bank since 1913. There
has been a general advancement of the
employes in the bank, each automatical
ly advancing a step when the appoint
ment of Mr. Brown was made.
County Bankers
Elect Officers.
At the semi-annual meeting of the
Randolph County Bankers Association,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
held recently at Red Bud, Illinois, W.
R. Preston of Baldwin was. elected pres
ident of the association; A. L. Schuette
of Red Bud, vice-president, and Victor
Guebert of Red Bud, secretary and treas
urer.
Kansas National
Opens Fine Ne w Home.
The Kansas National Bank, Kansas,
Illinois, has formally opened its new
home to the public. It is a commodious,
and substantial two-story structure of
brick, stone, steel and concrete. The
gray stone front and four large orna
mental doors, surmounted by great iron
lanterns, give the building an imposing
appearance.
A rest room for ladies, a large com
mittee room, a writing room, a telephone
booth, tables and standing desks fur
nish every possible convenience for pa
trons and give the bank an atmosphere
of welcome.
The history of the banks of Kansas,
now united as the Kansas National
Bank, is the history of fifty-five years
of service to the people of that com
munity.
Hillsdale Bank
Occupies N e w Quarters.
The Farmers and Merchants State
Bank of Hillsdale, Illinois, has moved
into its new building, which was
acquired from the Hillsdale State Bank
by consolidation with that institution
last December. The building has been
remodeled and the interior redecorated
and now affords a commodious and com
fortable home for the consolidated in
stitutions.
Highland Bank Buys
A lh a m b r a Bank Assets.
Arrangements have been completed
whereby the Farmers and Merchants
Bank of Highland, Illinois., acquire the
assets of the State Bank of Alhambra,
which was closed several weeks ago.
Under the terms of the agreement the
depositors and stockholders of the bank
will be paid in full. Assets of the High
land Bank have been increased to ap
proximately $1,200,000 as a result of
the transaction.
M . A. Graettinger, Sec’ y
12,000 Vis it Bank
On Opening Days.
Twelve thousand people visited the
new home of the State Bank and Trust
Company of Evanston, Illinois, during
the few days when officers of the bank
held open house for friends and cus
tomers of the institution.
Guides escorted visitors through the
building, first taking them to the
officers’ space, directors’ room, and then
back of the cages surrounding the main
lobby. Next they were shown the vault
and the coupon booths in the basement,
and then they were taken to the third
floor, where they were shown the trust
and advertising departments.
The architectural beauty of the lobby
was augmented by floral decorations, a
hundred baskets or more, gifts of other
banks and of friends and customers.
Christm as Savings
Show Big Gain.
Jumping from $12,000 to $50,000 in
Christmas savings accounts in one year,
and from $50,000 to $112,000 the next
year, is a record that has been estab
lished by the State B'ank and Trust
Company of Downers Grove, Illinois.
Aubrey S. Jones., secretary of the
State Bank and Trust Company, in tell
ing of this unusual gain, says that it
was accomplished with very little diffi
culty by dividing the sixteen employes
into two teams the first year and three
teams the second year.
Each team had a captain and there
were individual cash prizes for the con
testants, as well as team prizes.
Roy C. Toombs, who recently pur
chased control of the International Life
Insurance Company of St. Louis, is pres
ident of the bank.
Resources No w
O ver $12,066,900.
The recent statement of condition of
the National Stock Yards National Bank
National Stock Yards, Illinois, shows
total resources of $12,066.989.35, with
deposits of more than $11,100,000. Cap
ital is $750,000 and undivided profits
amount to $70,975.77.
49
St. Louis, August, 1927
Citizens State Bank
Is F orty Years Old.
The Citizens State Bank of Peotone,
Illinois, has celebrated its fortieth anni
versary. It was opened for business on
July 1, 1887, having been established by
the late H. L. Linebarger. The Citizens
B'ank and the Bank of Peotone were
merged and incorporated as the Citizens
State Bank in 1921, and since that time
there has been no change in the per
sonnel of the management, which is now
as follows: President, Paul M. Collins;
vice-president, Edward H. Fedde; cash
ier, Herman P. Yung, and assistant
cashier, Frank J. Hinrichs.
Chicago Ba nk
Opens N e w Home.
The North Town State Bank, Chicago,
has opened its new banking quarters on
Devon avenue just east of Western ave
nue. Most modern equipment has been
installed in the new location, some of
the principal features being new safety
deposit vaults and a night depositary.
Officers, of the bank are O. A. Chris
tensen, president, who is also president
of the Capital State Savings Bank;
Ralph L. Peck and Harry E. Koeber,
vice-presidents; Walter
T. Larsen,
cashier, and Victor H. Eckersall, as
sistant cashier.
The bank was organized during the
latter part of 1926 and commenced busi
ness in temporary quarters on Decem
ber 1, 1926, at 2252 Devon avenue. De
posits of the new institution as of July
1. 1927, were in excess of $375,000.00.
Chicago Bank
Promotes T h r e e Men.
Richard Wagner was elected second
vice-president of the Continental and
Commercial National Bank at a recent
meeting of the Board of Directors. Mr.
Wagner has been in the bank since 1910
and since 1915 has been secretary to
Arthur Reynolds.
Thurman S. Robinson and John T.
Gallagher were elected assistant cash
iers.
Increase Surplus
To $200,000.00.
The board of directors of the Division
State Bank, Chicago, have voted to
transfer $50,000.00
from undivided
profits to surplus account, making the
surplus $200,000.00. The bank’s capital
is $200,000.00 and the resources at the
present time over $3,000,000.00.
O. B. Gorin, president of the M illik in
National Bank of Decatur, Illinois, re
cently celebrated the sixty-second an
niversary of his connection with that
institution. Mr. Gorin started out as
janitor and errand boy for the bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The N e w M o rr iso n , when completed, w ill be the w orld’s
largest and tallest hotel, 4 6 stories high, with 3 ,4 0 0 room s
W hen in CHICAGO
Enjoy your stay—at the superb new
MORRISON
HOTEL
M adison and Clark Streets
The Tallest Hotel in the World
Forty-six Stories High
Closest in the city to offices, theatres, stores and
railroad stations
Home of the Boston Oyster House
1944 Rooms
^
Lowest Rates
A L L , room s are outside, each with bath, running ice water,
A X , bed head lamp and Servidor. A housekeeper is stationed
on each floor. All guests en joy garage service. T h e famous
Terrace Garden provides good food, sparkling entertainment
and sprightly dance music.
Write or Wire for Reservations
50
Mid-Continent Banker
Charles S. Hoots has accepted a po
What Do You Want?
— tell us and we will help you find it. W e have created this
new classified ad departm ent as a free service to subscribers.
I f you have something- to buy or som ething to sell, or if you
want anything, you can make it know n to the bankers in the
M id-C ontinent territory w ithout cost. If you are not a sub
scriber, you r check for $3 w ill pay for a year’s subscription
and entitle you to free use o f the want ad colum ns.
Po sit io n W a n t e d by experienced
banker now employed as assistant
cashier and director of a bank in
a small Illinois city. Prefer posi
tion in larger country bank with
opportunity for advancement. Have
had normal school and legal train
ing and experience as a teacher in
addition to eight years banking
experience.
Address RLG, The
Mid-Continent Banker— 6.
B a n k Officers and E m p lo y e s may
add to their income by writing
life insurance for one of the strong
est old line companies, with low
net rates.
Openings in eastern
Missouri and southern Illinois. For
full details, write F. S., The MidContinent Banker— 9.
F o r S a le :
Fine set marble and
mahogany fixtures’, officers’ quar
ters, 5 cages, savings cage, cus
tomers’ room and telephone booth,
marble wainscoting.
Address A r
kansas Valley Trust Company, Fort
Smith, Arkansas.
Pos ition
W anted
as assistant
cashier in medium size bank by
young man twenty-eight years old.
College graduate, four years bank
ing experience. Also enrolled with
the LaSalle Extension University,
Chicago, in Law.
Address V-12,
M. C. B .— 7.
S t u d e n t of F i n a n c e wishes con
nection in St. Louis. Twenty-four
years of age; graduate of Ameri
can Institute of Banking and A c
credited High School. Four years
of responsibility as assistant cash
ier of National bank; good c o r
respondent; interested in credits.
Has studied accountancy! now em
ployed.
Address S. G. M., care
Mid-Continent Banker— 7.
W anted:
Position in bank or as
bond salesman by married man,
age 38, protestant, Mason Former
ly assistant cashier of state bank
in Colorado, for past six years
cashier of National bank in Illinois
town of 1600.
Have had experi
ence in selling- bonds.
Best of
references.
Address W . A . W .,
care Mid-Continent Banker.
F o r S a le : Controlling interest in
a money-making, clean little bank
in a town of 500— thirty-five miles
from Kansas City.
Good High
School and Churches. $20,000 will
handle. Capital and surplus, $13.000; deposits $120,000— all checking
except $25,000.
Good reason for
selling.
Investment will make
$5,000 per year. W rite E. R. R.,
care Mid-Continent Banker.
Position as cashier in
good country bank or assistant
cashier
in
medium-size
bank.
Thirty-five years of age.
College
graduate.
Graduate of La Salle
Extension University in banking
and finance.
Enrolled as student
of law in same school— two years
completed.
Thirteen years’ bank
ing experience. Can furnish high
est grade references. W rite J. P.
G., care Mid-Continent Banker.
W anted:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n k e r , age 36, at present receiv
ing a salary of $230 per month as
cashier of a national bank in an
Illinois town of 4,000, desires to
make change where there will be
greater opportunity for advance
ment. Prefers position in growing
bank in a town of from 5,000 to
15,000 population.
Total footings
of bank of which he is now cashier
have increased from $160,000 to
$350,000 in past four years.
Best
of references and more detailed in
formation furnished on request.
Address A. F. B., c-o Mid-Conti
nent Banker.
B a n k e r , with nine years experiience as cashier of two state banks
in Illinois and more than year’s ex
perience as an assistant state
bank examiner desires connection
with
larger bank.
Thirty-four
years of age, married, two sons,
Mason.
Also secretary of local
chamber of commerce.
Highest
references.
Address F. M. S..
care Mid-Continent Banker, 403
Olive St., St. Louis— 10.
B a n k e r , married, age 36, uni
versity
graduate.
Over
fifteen
years experience in banking, the
past ten years as cashier and only
active officer of good sized country
bank, has sold interest in present
bank and desires to change. Splen
did record as a business builder
and good on credits. Prefers county
seat town or city. Best references.
Can invest.
Address J. A. B.,
c-o Mid-Continent Banker.
F o r Sale:
159 Safety Deposit
Boxes in good condition, and split
up in convenient nests so same
may be stacked laterally or verti
cally.
For particulars and terms
write us.
Fairbury Bank, Fairbury, Illinois— 6.
W anted: Young man to help in
small city bank.
Party wanted
must know how to operate a post
ing machine and make statements
for customers.
Salary, $75.00 a
month to start with chance for
advancement. Can room and board
at home of assistant cashier of
the bank, for $7.50 a week. A d
dress T. A. W ., Mid-Continent
Banker— 6.
F i x t u r e s f o r Sale:
Marble and
bronze screen surrounding Lobby,
72x20 feet.
Ten cages with thir
teen wickets and other equipment.
Special
selected
English
vein
Italian marble.
Very attractive.
Also several sets of money chests.
Available at once.
Removal to
new building necessitates sale. In
quiries solicited.
Price very rea
sonable. Address Commercial N a
tional Bank, Peoria. 111.
W o u l d L i k e to purchase control
ling interest in a good bank in a
town of 1,000 to 4.000 in South
west Missouri or Northern Arkan
sas. W rite A. C. T., care Mid-Con
tinent Banker.
sition as cashier of the Citizens State
Bank of Windsor, Illinois.
Forty-five special deputy sheriffs have
been appointed to act as guards for
Kane County, Illinois, banks under the
home guard plan recently adopted by
the bankers federations of Kane and
Kendall counties.
The
Builders
and
Merchants
State
Bank of Chicago has increased its cap
ital from $200,000 to $300,000.
E.
F.
Northup
has
been
appointed
cashier of the State Bank of Burnside,
Illinois, to succeed F. J. Reu, who has
been made president of the Hancock
County National Bank at Carthage.
Alvin
O. E c k e rt and Charles P. Ha-
mill have been added to the board of di
rectors of the St. Clair National B'ank,
Belleville, Illinois. They succeed Louis
Wolfort, deceased, and H. F. Fix, who
has moved to St. Louis.
H e rb e rt Kaser, f*or the past ten years
assistant cashier at the LaFayette State
Bank, LaFayette, Illinois, has resigned
to accept a similar position with a
bank at Riverside, Illinois.
W illiam
McCredie, a resident of E l
gin, Illinois, and vicinity for the past
fifty years, died recently at his home
in Elgin. Mr. McCredie was a director
of the First National Bank of Elgin and
vice-president of the Elgin City Bank
ing Company at the time of his death.
Fred W . Sauer, fo r m e r cashier of the
Rutland State B'ank, has entered the
insurance and investment business at
La Salle, Illinois, in partnership with
Frank H. Richards.
T he F ir s t Na tional Bank of Robinson,
Illinois, has erected a large electric
sign on the front of its building.
T he recent s tatem en t of condition of
the First Bank and Trust Company of
Cairo, Illinois, shows total resources of
more than $2,900,000. Deposits are ap
proximately $2,500,000.
T h e recent sta te m e n t of condition of
the Farmers State Bank of Medora, Illi
nois, shows total resources of $361,165.92. Deposits are more than $307,000.
Independence
State
Bank,
Chicago,
declared the regular dividend of 1y2 per
cent and an extra dividend of 1 per cent
for the second quarter of the year 1927.
St. Louis, August, 1927
Announcem ent
has
been
51
made
by
Arnold H. Sass that the Barrington
Bank and Trust Company is to be es
tablished soon at Barrington, llinois,
with a capital of $100,000.
Wm.
Desmond, Jr., has been elected
cashier of the American National Bank
at Woodstock, Illinois. He succeeds
Chas. L. Quinlan, who has been elected
vice-president of the county seat bank
ing institution long known as the Mur
phy Bank.
T he
Fisher Sta te
Bank,
Fisher,
Illi
nois, closed since early April, has been
reopened with Ernest Vennum of Cham
paign taking the cashiership formerly
occupied by W. L. Davis.
“ ROLL of HONOR” BANKS
IN ILLINOIS
It is an honor to be listed among the Honor Roll Ranks of
Illinois. It indicates that the bank has Surplus and Undivided
Profits equal to or greater than its capital!
Such distinction is accorded to the banks listed on this page.
By careful banking and sound management they have achieved
this enviable position.
These banks will be especially glad to handle any collections,
special credit reports or other business in their communities which
you may entrust to them.
Correspondence is invited.
People’s Stock Ya rds State Bank, Ch i
cago, has voted to transfer $100,000.00
from undivided profits to surplus ac
count, making a total surplus of $500,000.00.
Charles
D. V e r n o r of Nashville,
I lli
nois, has accepted a position as assist
ant cashier of the First National Bank
in East St. Louis.
“ The Other Fellow”
No one man ever made a baseball
ceam, and no one man ever carried on
a successful business by himself. City
carpenters and plumbers may think
they have little interest in the farmer.
The man handling freight on a city
delivery truck or the timekeeper pay
ing off a bunch of stevedores on a sea
port dock, may say: “What do w'e
care about the farmer’s problems?”
But the majority of carpenters se
cure employment from individuals or
corporations, who, in turn, are depend
ent for the business they do upon the
sale or manufacture of products de
rived from some farm crop. A large
part of the business of the city dray
man and the waterfront stevedore will
be handling farm crops, either in their
fresh state, canned, or in the shape of
sugar, flour, cured meats, etc. The man
who says he is not interested in agri
culture lacks good sense.
Lack of tariff protection on crops,
where it is necessary, simply cuts off
the jobs of thousands of workmen in
other lines of industry besides farm
ing. What good does it do the labor
ing man if he can buy butter, eggs or
sugar for a few cents less each month,
if unrestricted foreign competition
causes him to lose his job? The sooner
we all learn that we have an interest
in each other’s problems, the sooner
will industrial and agricultural stabil
ity be assured.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Surplus
City
Bank
Capital
and Profits
Abington...... __First National....... ...............$
75,000 $ 175,000
Alexander__ ... Alexander State...................
25,000
50.000
Assumption.... ... Illinois State.......................
25,000
65.000
Beardstown... ..„.First State............................
100,000
180,000
Berwick....... ... Farmers State... ...................
30,000
35.000
Bloomington. ... American State.....................
100,000
336.000
Bloomington. ......Corn Belt State.....................
100,000
255.000
Canton........ . ......Canton National...................
125,000
175.000
Chapin.......... .....Chapin State...............................
25,000
56.000
Chicago........ ... Central Mfg. District...........
500,000
670.000
Chicago........ ... Cont. & Com. Tr. & Svg.... 5,000,000
11.377.000
Chicago........ ...Drovers Tr. and Svg............
250,000
517.000
Chicago........ ...First Tr. and Svg.................. 6,250,000
10.534.000
Chicago........ ...First National....................... 12,500,000
17.956.000
Chicago........ ...Foreman National................. 4,000,000
4.588.000
Chicago......... ...Harris Tr. and Svg........ ..... 3,000,000
4.874.000
Chicago........ ... Illinois Merchants............... 15,000,000
35.231.000
Chicago........ ...Northern Trust Co.............. 2,000,000
5.347.000
Chicago........ ..... State Bank of Chicago....... 2,500,000
6.563.000
Chicago........ ... Union Trust Company....... 3,000,000
3.923.000
De Kalb........ ... First National........... .... .......
100,000
160.000
Downers Gr. State Bank & Trust Co......
100,000
122,000
Flora............. ... First National.......................
50,000
75.000
Freeport....... ... First National.......................
150,000
430.000
Grand Ridge. ... First National.......................
25,000
33.000
30.000
Greenfield..... __Farmers State.......................
25,000
Joliet............. __First National ............
400,000
950.000
Joliet............. ... Joliet National.......................
150,000
650.000
Joliet............. .Joliet Trust and Savings Bank. 100,000
119,633
La Salle............ La Salle NationalBank..........
200,000
330.000
Murphysboro.. City National ........................
50,000
62.000
Mt. Vernon......Third National ....................
125,000
200.000
New Athens.....State Bank of NewAthens
25,000
45.000
Rushville..........Rushville State.....................
100,000
105,000
Tiskilwa............First State....-- .....*............. .
25,000
30.000
Urbana............. First National....................
50,000
60.000
95,000
Warren.............State Bank.............................
75,000
52
Mid-Continent Banker
Directors Recommend Large
Increase in Capital Stock
Directors of the State Bank of Chi
cago have adopted a resolution recom
mending an increase in the capital stock
of the bank from $2,500,000, its present
capital, to $5,000,000. A meeting of all
the shareholders will be held on Au
gust 16 to vote upon this proposition.
It will be suggested that the increase
of $2,500,000 be offered the stockhold
ers at par.
This proposed action has really been
under consideration for some time, but
has been held in abeyance until the
building program was well under way.
Early the coming year the bank expects
to be in its new quarters, in the build
ing now being erected at LaSalle and
Monroe streets. Anticipating as the di
rectors do an expansion in business, it
seems advisable to increase the capital
sufficiently to meet the requirements of
its customers.
It is hoped to maintain on the in
creased capital the usual dividend of 4
per cent quarterly or 16 per cent per
annum.
From its organization the bank has
shown good earnings in excess of the
dividends paid, until now it has accumu
lated a comparatively large surplus and
undivided profits account, all earned,
which it is believed fully warrants this
increase in capital and on such terms
as will mean favorable rights to the
stockholders.
St. Louis Mutual Life
Enters Illinois
Under the proposed plan the bank
will have a capital stock of $5,000,000
and surplus and undivided profits of over
$8,000,000, besides valuable equity in its
bank premises.
H is M essage
C o u ld N o t W a it
O T O R M S were sweeping the East when this
banker entrusted an important message to the
Union Trust Company, as his Chicago correspond
ent, for immediate delivery in New York. Direct
connections, including our own private wire sys
tem, were temporarily cut off. By special arrange
ments, the message was transmitted via San Fran
cisco, Vancouver, Montreal and Boston, and was
delivered in New York in less than twenty min
utes after we had received it.
Fidelity and resourcefulness in small matters indicate the
spirit which m ay be expected in m ore important affairs.
M a y we consult with you on som e genuine p roblem you
fa ce in connection with you r collections, bill o f lading
business, investments or other correspondent m atters?
1927
F r e d er ic k H . R a w s o n
Chairman of the Board
H a r r y A . W heeler
President
C r a ig B. H a z l e w o o d
V ice-President
U N IO N TR U ST
COMPANY
C H IC A G O
A. Thoroughly Satisfactory Chicago Correspondent
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The St. Louis Mutual Life Insurance
Company of St. Louis has recently been
licensed to write business in the State
of Illinois. The company commenced
business in 1858, and is the oldest insur
ance company in the west. With a com
plete line of policies, low net cost and
conservative management, the St. Louis
Mutual has made an excellent record.
The company now has more than $10,000,000 insurance in force and assets of
$2,561,500. During 1926 the gain in
assets was $173,642.
F. H. Kreismann is president, and J.
C. Harvey is. general manager. The
trustees, in addition to Mr. Kreismann
and Mr. Harvey, include Louis E. Den
ning, president Independent Packing
Co.; Wm. Lieneman, president Lowell
Bank; Dr. John Green, Washington Uni
versity School of Medicine; Dr. Eugene
F. Hauck, medical director; A. J. Nulsen, Reinholdt & Co.; Julius T. Muench,
attorney; Jos. Griesedieck, president
Falstaff corporation; Louis Nolte, Comp
troller of St. Louis; James M. Rohan,
president St. Louis. County Land Title
Co.; Emil N. Tolkacz, Missouri Boiler
and Sheet Iron Works; William C.
Uhri, capitalist; Judge Robert F. Walker
of the Supreme Court of Missouri; Lam
bert E. Walther, attorney; Cleveland H.
Shutt, physician.
Chester
R.
Ewins,
president of
the
Farmers State Bank at Danvers, Illi
nois, died recently.
L. E. Jones, for the past tw o years
assistant cashier of the Astoria State
Bank, Astoria, Illinois, has resigned to
accept a position as clerk of the Board
of Review at Lewistown.
T r u ly
Masculine
“ Hair cut?” asked the barber in a
Western town.
“ Yeah,” grunted the hard-boiled cow
boy. “ Girlish bob.”-—American Legion
Monthly.
H isto ry Repeats Itself.
A passenger on a southern train, look
ing under his berth one morning, found
one black shoe and one tan, and sum
moned a porter.
The porter scratched his head in be
wilderment. “Well, if dat don’t beat
all!” he said, “ dat’s de second time dis
mawin’ dat mistake happened!”
St. Louis, August, 1927
Almon G. Danforth, Pioneer
Illinois Banker, Is Dead
Almon G. Danforth, one of the oldest
and best known bankers in Central Illi
nois, and a lifelong resident of Wash
ington, Illinois, died recently at his home
in that city at the age of 86.
Mr. Danforth was president of the
Danforth Banking Company of Wash
ington at the time of his death, his father
having organized the first bank in that
community in 1848. This original bank,
which was a bank of issue, was known
as the Prairie State Bank. It was later
discontinued, and in 1858 was succeeded
by a private bank known as Danforth,
Snow & Co.
After Mr. Snow’s withdrawal the busi-
53
joyed a wide reputation with unusual
prosperity.
He was always interested in scientific
agriculture and for many years main
tained a 1,200-acre stock farm a few
miles from Washington.
Equitable Trust Steelwork
Completed With Gold Rivet
Completion of steel work in the new
Equitable Trust Company building on
Broad and Wall streets, New York,
was celebrated recently when Arthur
W. Doasby, president, drove home the
last rivet, a gold one, on the thirtyeighth and top floor of the skyscraper.
Under a huge American flag flying 600
feet above the sidewalks of Wall Street,
Mr. Doasby was handed a rivet of gold
by Mr. Horowitz, president of the
Thompson - Starrett
Company.
Mr.
Rhoades acted as “ bucker-up” holding
the rivet in place. As the head was
driven on the assembled guests, cheered
wildly. Mr. Loasby then received the
congratulations of the trustees and
officers and shook hands all around.
Not until May of next year will the
Equitable’s new home be ready for oc
cupancy. Rising 546 feet above the street
level from a base covering a ground
area of 25,000 square feet, the building
will have 38 stories above ground and
four below. A massive stepped structure
crowning the building will contain an
observation gallery, together with tanks,
ventilating apparatus and storage space.
Now you have feathered your nest.-—
Congreve.
Alm on G. Danforth.
ness was continued under the name of
A. G. Danforth & Co. until statutory reg
ulations forced all private banks under
state regulation, since which time it has
continued under the name of the Dan
forth Banking Co.
Mr. Almon G. Danforth was cashier of
the Prairie State B'ank in 1857, which
position he held until 1862, when he
went into the mercantile business as a
member of the firm of A. H. Danforth
& Co. In 1872 he again returned to the
banking business at the time of the or
ganization of the private bank of Dan
forth, Snow & Co.
Mr. Danforth lived in Danforth, Illi
nois, for a short time in 1861, when he
looked after the banking and land in
terests of his father and uncle. He also
assisted in the organization of the Dan
forth Bank at Minonk.
Mr. Danforth was probably better
known through his operations in the
farm mortgage loan field. After the in
corporation of his bank in 1920, the farm
loan business was continued under the
name of A. G. Danforth & Co., and en-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Meeting the banking needs
o f modern business
Business today demands banking facilities on an unprece
dented scale. The ability and willingness to meet these de
mands of business characterize the service of the Illinois
Merchants Trust Company. Its specialized facilities for
commercial banking, foreign banking, investment banking,
savings, and trusts are attuned to present day requirements.
Banks, investment houses, manufacturers, public utilities,
merchants, importers and exporters— all are accustomed to
having their widely varying requirements met adequately
and satisfactorily by this m odern banking institution.
I l l in o is M e r c h a n t s
Tru st Co m pan y
Capital & Surplus
45 ¿M illion Dollars
CHICAGO
54
Mid-Continent Banker
Big Shooting Contest to Be
Held at Camp Logan
A big shooting contest is being ar
ranged for Camp Logan at an early date
in which various kinds of guns will be
used. The men who will take part in
this contest are all deputy sheriffs, es
pecially appointed for protecting Illinois
banks and other business houses against
the bandits that used to carry away so
much loot in their daylight raids in this
state.
These volunteer “ Town Guard’’ or
ganizations are found well established
in 70 counties in Illinois. There are
2,854 business and professional men
armed with sawed-off shotguns, rifles
and revolvers, and they have enough
ammunition to carry on a real battle.
They have been drilling with these guns
to perfect their marksmanship and the
state shooting contest is to award the
highest honors for straight shooting.
These men are in earnest as the bandits
found out months ago.
The Illinois “ Town Guard” is only a
little more than two years old.
During the 15 months before it was
organized, bandits carried away nearly
$600,000 from banks in this state. The
Illinois Bankers Association got busy
then and started their campaign to drive
the hold-up men from the state. How
well they have succeeded is told in the
figures—less than $50,000 stolen in 17
months after the “ Town Guards” were
set in motion.
With the coming of hard roads in this
YVBANK//Ytröst-An®1 1
Personal Service
/^ \ U R wide facilities, not only
here, but in more than
ioo foreign countries, make this
an ideal connection for you— one
characterised by the personal note
which is never lacking at this
friendly big bank.
The Foreman National Bank
The Foreman Trust and Savings Bank
state, the bandit found it a very fine
place for his work because he could
make his get-away so quickly. But he
does not like to work when he is sur
rounded with men so well armed for his
destruction, so he is. looking for other
and safer places.
First National Bank Now
Occupies New Quarters
The new executive offices of the First
National Bank of Chicago at the Mon
roe and Clark street corner of the
building, were opened on July 25th. This
marks the first move by the bank’s offi
cial staff in more than twenty years and
the second since 1882, when the bank
moved from State and Washington
streets to a new building at Dearborn
and Monroe. The opening of the
Clark street section is the latest devel
opment in a program of building, In
volving the expenditure of over $7,000,000, which has been in progress since
January 1, 1925.
The main banking room with an area
of 52,000 square feet extends 321 feet
from Clark to Dearborn street, on which
the building has a frontage of 191 feet.
All of the space on the first three floors
is occupied by the First National and
First Trust and Savings Banks, with
the latter’s Trust Department on the
fourth floor. New safe deposit vaults
have been installed in the basement
and considerable space on the upper
floors is occupied by the banks..
The First National Bank of Chicago
was the eighth bank chartered by the
Federal Government and has been in
continuous operation under that title
since July 1, 1863. In 1900, the Union
National and in 1902 the Metropolitan
National Bank, both prominent institu
tions of their day, were consolidated
with the First National Bank, and in
1903 the First Trust and Savings Bank
was organized. The two banks are
owned by the same stockholders., and on
June 30th, this year, had deposits of
$373,612,000, with total resources of
$451,513,000.
T h e appoin tm ent of the Alexander W .
Watjen Bank Agency to represent the
Guaranty Trust Company and the Guar
anty Company of New York in Berlin
has been announced. Mr. Watjen has
had wide experience in the foreign bank
ing field, having been associated since
1903 with various financial institutions
in Europe and the United States.
La Salle and W ashington Streets, Chicago
Camp, T h o rn e & Co., Inc., investment
RESOURCES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
EXCEED
IOO
MILLION
DOLLARS
bonds, have announced the opening of
an office in New York at 30 Pine street.
The company already maintains offices
in Chicago, Minneapolis, St. Louis, Mil
waukee and San Francisco.
St. Louis, August, 1927
Indiana Notes
55
raiso National Bank, has been elected
vice-president of the united banks.
T he Batesville Bank, Batesville, Ind.,
Haas Heads
Merged Institutions.
Charles S. Haas, former president of
the Farmers and Merchants National
Bank, Wabash, Ind., has been elected to
head the new Farmers and Wabash Na
tional Bank, brought about by the merg
ing of the Farmers and the Wabash Na
tional Bank. The capital stock of the
combined bank was increased from
$150,000.00 to an amount not in excess
of $200,000.00, the new stock to be al
lotted to Wabash National stockhold
ers.
M erlin Dunbar
Now Vice-President.
Merlin M.. Dunbar has been elected
vice-president of the Union Trust Com
pany, Indianapolis, Ind. Mr. Dunbar
has been assistant trust officer of the
Union Trust Company for the last seven
years.
F. W . Alpen
Named Vice-President.
F. W. Alpen, formerly president of tne
Citizens’ Savings and Trust Company,
which on June 1st merged with the
older financial institution, the Valpa
has opened an insurance department.
The bank will write fire, casualty, tor
nado and automobile insurance.
Moses. M. Lauer, president of that insti
tution, to fill the vacancy made by the
death of Harley A. Logan. J. F. Appleman of Plymouth, and Alfred A. Huff
of Argos, were named first and second
vice-presidents, respectively.
Clarence
The
Jefferson
County
Bank at
Dep
uty, Ind., has. effected a reorganization,
including a change of the name to the
Deputy State Bank. The reorganiza
tion capitalizes the bank at $25,000.00.
Heads Noble County
Bankers Association.
Mayor Leland Calbeck of the Citizens
Bank, Ligonier, Ind., has been elected
president of the Noble County Bankers
Association for the coming year. Floyd
Gause, of the Farmers and Merchants
Bank, LaOtto, has. been elected vicepresident, and Arthur Larson of the
Albion National Bank, secretary-treas
urer.
E. E. M ille r, fo r m e rly connected w ith
the National Bank of Monticello, Ind.,
has returned to the bank as assistant
cashier.
M. M. Lauer
Elected President.
The directors of the First National
Bank of Plymouth, Ind., have elected
E very item o f business fo r
w a rd e d to us fo r y o u r a c
E.
Alleman,
individual treatm ent.
T h e Galveston State Bank, Galveston,
Sam Anderson has been elected cash
ier of the Citizens National Bank, Tell
City, Ind., to succeed Louis Stamp.
W illiam
R.
Herron, 84, a Civil
W a l t e r Snider
Elected Cashier.
Frank E. Vinson has resigned as. cash
ier of the National Bank of Monticello,
Ind., and has been succeeded by Walter
Snider. Mr. Vinson will retain his in
terest in the bank and will continue to
act in an advisory capacity with the
other officials of the bank.
Complete
Investment Service
□
□
Capital, Surplus and Undivided
Profits Over $7,500,000
W e invite inquiries by wire at
our expense.
□
Ja m e s C.W il l s o n & Co.
IS O S O U T H T I T T H
Northw est Corner LaSalle and M onroe Sts.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHICAGO
W ar
veteran, and for many years president
of the First National Bank, Crawfordsville, Ind., died recently.
Especial Attention Given
Investment Accounts o f
Country Banks and their
Clients.
THE NORTHERN
TRUST COMPANY
vice-presi
Ind., has been reorganized under the
name of the Citizens’ State Bank or
Galveston.
cou n t is given painstaking
and
66,
dent of the First National Bank of
Argos, Ind., died recently.
STREET
LOUISVILLE. KENTU
V^NVr«iTMEfSpt-ZZC§EcVJRn'r6§-^'
56
Mid-Continent Banker
Kentucky Notes
Winston Now Vice-President
o f Louisville Bank
Dudley Winston has, been elected
vice-president of the First National
Bank of Louisville, Kentucky, according
to an announcement made by Embry
L. Swearingen, president.
Mr. Winston was born and educated
in Louisville and has been in the bank
ing business since his graduation from
high school. When the World War
broke out, he was, assistant treasurer
of the Fidelity and Columbia Trust
Company, leaving that position to
enter the service as first lieutenant
in the finance department. He was
stationed at Camp Knox.
On his discharge from the army, Mr.
Winston went with the Louisville Na
tional Bank to he in charge of the new
business department. At the time of
his resignation he was a vice-president.
Mr. Winston established the first
branch banks in Louisville. He is a
member of the Financial Advertisers’
Association, and has, a wide acquain
tance among Kentucky bankers.
The
Harg is
Commercial
Bank
and
Trust Company, Jackson, Ky., has in
creased its capital from $75,000.00 to
$100,000.00 and has changed its, name to
the Hargis Bank and Trust Company.
BANK OF NEW SOUTH WALES, Australia
Paid-Up Capital . . $34,375,000
Reserve Fund . . . 23.750.000
Reserve Liability of
Proprietors . . „ 34.375.000
$92,500,000
Aggregate Assets \
30th SEPT. 1926 J
E S T A B L I S H E D 1817
H ead O ffice]
..w ry ,.
G E O R G E S T ., S Y D N E Y ,
New Sou th W ale*
L o n d o n Offices
TH R EAD N EED LE S T .,
E. C.
$410,975,720
Federal Fidelity Company
Leases Office Quarters
The Federal Fidelity Company, Louis
ville, Kentucky, has leased and now oc
cupies the quarters at 217 South Fifth
street, Louisville, formerly occupied by
the Equitable Bond and Mortgage Com
pany.
The company will conduct a general
first mortgage, real estate and industrial
loan business. Capital is $100,000.00.
Officers of the company are: Judge
John P. Haswell, chairman of the board
of directors; Paul Compton, president;
J. C. Rosskopf, vice-president; E. W.
Braitling, secretary. All officers are di
rectors of the corporation in addition to
W. R. R. LaVeille, sole owner and man
ager of the Neill-LaVeille Supply Com
pany.
Judge Haswell is one of Louisville’s
prominent attorneys; Mr. Compton is a
banker with years of experience in
Louisville and the South; Mr. Rosskopf
was formerly connected with the Trus
tees System of Louisville and Chicago,
and Mr. Braitling is an officer and stock
holder of the Commercial Lithographing
Company of Louisville.
O S C A R L IN E S , G e n e r a l M a n a g e r
513 B r a n c h e s a n d A g e n c ie s , 190 B r a n c h e s in N e w S o u t h W a l e s , 55 B r a n c h e s i n V i c t o r i a , 52
B r a n c h e s in Q u e e n s l a n d , 7 B r a n c h e s i n S o u t h A u s t r a l i a ; 58 B r a n c h e s in W e s t e r n A u s t r a l i a ,
3 B r a n c h e s in T a s m a n ia , 1 B r a n c h in F e d e r a l T e r r i t o r y , 61 B r a n c h e s in N e w Z e a l a n d , 3
B r a n c h e s in F i j i , 2 B r a n c h e s in P a p u a , 1 B r a n c h i n M a n d a t e d T e r r i t o r y o f N e w G u in e a ,
1 B r a n c h in L o n d o n .
A U S T R A L IA
P o p u l a t i o n , 6 ,1 0 0 ,0 0 0 ; A r e a , 2,974,581 s q u a r e m i l e s ; S h e e p , 9 3 ,2 0 0 ,0 0 0 ; C a t t l e , 1 3 ,3 0 9 ,0 0 0 ;
H o r s e s , 2 ,2 9 2 .0 0 0 ; I m p o r t s , $ 7 5 7 ,2 2 7 ,3 6 5 ; E x p o r t s , $ 7 4 2,35 1,7 85.
A n n u a l V a lu e o f A u s t r a lia ’ s P r o d u c ts
A g r i c u l t u r e , $ 5 3 5 ,4 8 2 ,0 0 0 : P a s t o r a l , $609,4 5 5 ,000; D a ir y i n g , $ 2 2 5 ,9 4 8 ,0 0 0 ; M i n i n g , $ 1 2 3 ,2 2 9 ,570 ; M a n u f a c t u r i n g , $ 1 ,9 0 4 ,2 1 9 ,9 3 0 ; T o t a l $3,398 ,3 3 4 ,5 0 0 .
513 B r a n c h e s a n d A g e n c ie s i n a ll A u s t r a l i a n S t a t e s , N e w Z e a l a n d , F i j i , P a p u a ; M a n d a t e d
T e r r i t o r y o f N e w G u in e a a n d L o n d o n .
F O R E I G N B I L L S C O L L E C T E D — C a b le r e m i t t a n c e s m a d e t o , a n d d r a f t s d r a w n o n F o r e i g n
p l a c e s D I R E C T . C i r c u l a r n o t e s is s u e d . N E G O T I A B L E T H R O U G H O U T T H E W O R L D
S t. Louis A g en ts: N A T IO N A L B AN K OF C O M M E R C E
Richard
Randolph,
cashier
of
the
Bank of Shelbyville, Ky., has resigned.
T h e capital stock of the People’s Bank
of Olive Hill, Ky., has been increased
from $15,000.00 to $50,000.00.
Leslie
B. Samuels
has been elected
president of the People’s Bank at Bardstown, Ky., to succeed Judge John S.
Kelly, who resigned.
G. E. T a b e r has been promoted fro m
the position of assistant cashier to
cashier of the First-Hardin National
Bank, Elizabethtown, Ky. C. Hotopp
Cates is the new assistant cashier. •
i !
1111î i # ü
E. D. Shrout, assistant cashier of the
A Complete Banking Service
The Midland Bank offers exceptional facilities for the transaction
of banking business of every description. Together with its
affiliations it operates nearly 2 4 0 0 branches in Great Britain
and Northern Ireland, and has agents and correspondents in
all parts of the world. The Bank has Offices in the Atlantic
Liners A qu ita n ia , Berengaria and M a u reta n ia , and a foreign
branch office at 1 9 6 Piccadilly, London, specially equipped for
the use and convenience of visitors in London.
M ID L A N D
BANK
L IM IT E D
HEAD OFFICE :
5
THREADNEEDLE STREET, LONDON, E.C. 2
Affiliated Banks : Belfast Banking C o . L td ., N o rth ern Ir e la n d ; T h e
Clydesdale Bank L t d ., and N o rth o f Scotland Bank L t d ., Scotland.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Deposit Bank of Maysville, Ky., for the
past two or three years,, has resigned
and has been succeeded by Blaine
Lathram.
T h e June 30th statement of condition
of the First National Bank of Chatta
nooga, Tenn., shows total resources of
more than $23,478,000, with deposits of
more than $19,690,000.
Horton
P.
Kennedy
has
been
ap
pointed acting assistant secretary at the
London Office of the Guaranty Trust
Company of New York, and Wilfred G.
Soltau has been appointed acting as
sistant secretary at the company’s office
in Havre, France. B!oth appointments
were made at a meting of the Board of
Directors, held in New York City,
July 5th.
St. Louis, August, 1927
Serving
the Fourth
Generation
A complete up-to-theminute bank, offering
every modern banking
service
LIB E R TY
57
The
B o a tm e n ’s N ation al
B an k
of St. Louis
OLDEST B A N K IN M ISSO U R I
Founded in 1847
For E igh ty Years
LOUISVILLE
The “Boatmen s” has grown with
St. Louis and the Southwest, and
during all of this time it has been
closely associated with the com
mercial, industrial and financial
activities of this territory.
R E SO U R C E S O VER $28,000,000
We solicit your St. Louis account.
INSURANCE
BANK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O F F IC E R S :
J U L IU S W . R E I N H O L D T , President
L E R O Y C . B R Y A N . V ice -P re s id e n t and C ashier
A A R O N W A L D H E IM
B. F. B U S H ,
V ice-P resid en t
V ice -P re sid e n t
EDGAR L . TAYLOR,
J. H U G O G R I M M .
V ice -P re sid e n t and
V ice -P re sid e n t and
T ru st O fficer
C ou nsel
A L B E R T W A G E N F U E H R , F. L E E M A JO R .
V ice -P re sid e n t
V ice -P re sid e n t
C. C . H A M M E R S T E I N .
RU D O L PH FELSCH ,
A ssistant Cashier
A ssistant Cashier
H . A L F R E D B R ID G E S .
O L IV E R W . K N IP P E N B E R G .
A ssistant Cashier
A ssistant Cashier
RESOU RC ES:
Over $25,000,000.00
Mid-Continent Banker
58
J. C. Willson C&, Co. Open
New Home to Public
The first floor is given over to con
duct the firm’s investment business,
where the public is received. The sec
ond floor is taken up with private wires
and clerical facilities. The private
wire connections of James C. Willson &
Co. keeps the house in touch with more
than 100 bond firms and investment in
stitutions in approximately sixty cities.
James C. Willson, who is. head of the
company and who organized the firm
in 1912, has been a member of the board
of governors of the Investment Bankers
Association of America and is now a
member of the Committee on Ethics, and
Business Practice of the Mississippi
Valley Group of the association. Other
members of the firm include Robert J.
McBryde and Henry T. Short.
Otto C. Ruth, Jr., is manager of the
trading department. Asa W. Fuller is
manager of the statistical department;
Miss Mary Agnes Willson, office man
ager; Howard T. Gaines, Jr., cashier,
and E. Sayre Courtney conducts the
Lexington, Ky., office.
Salesmen include Winthrop N. Breed,
Interior o f the new home of James C. W illson & C o., at Louisville, K entucky
AMES C. WILLSON & CO., invest
ment security dealers, Louisville,
Kentucky, are now located in their
splendid new home at 130 South Fifth
street, adjacent to the Federal Reserve
Bank branch, and the new home has
been formally opened to the public.
The building, of stone front and three
full stories in height, has been under
construction for more than six months
and its completion gives Louisville one
of the most elaborate bond investment
J
homes in the South.
The architecture is designed along
the lines of the Italian renaissance pe
riod, with all ornaments true to this pe
riod and executed by capable crafts
men. Grill work is of solid cast bronze.
There is a tile floor, walls are of Traver
tine stone and all fixtures are con
structed of solid American walnut.
Pecky cypress beam ceilings give the
interior an outstanding touch of mas
siveness.
In Nashville—
The Best Bank for You
ife lilS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ew home of James C. W illson & Co.
Louisville, K y .
Is one with — An honorable record o f many
years experience, yet vigorously serving active
business.
Strong capital and management with active
directorate of successful business men. Bredth
o f prideful service with modern facilities and
a vision.
A record o f leadership, yet w ith a cordial
human personality.
The American is such a bank and, as such, in
vites your business.
(A
G)
(¡Another reason why
you should bank here
Henry Christman, Jr., Newton T. Ya
ger, Jr., F. Lamar Dupree, J. Bradford
Hambrich, Robert L. Brown.
H. A. Doll Company, general contrac
tors, built the new Willson home. Jo
seph and Joseph were the architects.
T h e Rosemark Bank and T r u s t Com
pany and the Barretville Bank and Trust
Company, Barretville, Tenn., have been
merged under the name of the latter.
(A
(p
" A Greater Batik, for Greater Nashville
^ A m e r ic a n B a n k s
N A S H V IL L E
„
------
American' National Company
(AFFILIATED)
..__
■
a******
Twelfth
of a Series
T he combined sta te m e n t of the H a m
ilton National Bank and the Hamilton
Trust and Savings Bank, Chattanooga,
Tenn., as of June 30th, shows resources
of $23,728,301.47, with deposits of $19,138,771.87.
St. Louis, August, 1927
59
T he
Bank
of
Tennessee,
J. P. Norfleet
Now C hairm an of Board.
The
J. P. Norfleet, capitalist, planter and
head of the cotton firm of Sledge & Nor
fleet Company, was. elected chairman of
the Board of Directors of the Liberty
Savings Bank and Trust Company,
Memphis, Tenn., at its reorganization
meeting. J. R. Buchignani was elected
president, and John M. Fox, Jr., vicepresident and cashier.
C. A. Craig
Elected Chairman.
C. A. Craig, president of the National
Life and Accident Insurance Company,
Nashville, Tenn., has been elected
chairman of the Board of Directors of
the new Third National Bank of Nash
ville at the bank’s organization meeting.
Watkins Crockett was elected presi
dent; N. A. Crockett, honorary vicepresident, and F. M. Farris, executive
vice-president.
John M .J a c k s o n
Now at Brownsville.
John M. Jackson, for six and a half
years, cashier of the Stanton Bank,
Stanton, Tenn., has been elected cash
ier of the Brownsville Bank, Browns
ville, Tenn. He fills the place made
vacant several weeks ago by the death
of S. F. Thomas.
N e w Bank
A t Chattanooga.
A new banking institution is being or
ganized at Chattanooga, Tenn. Appli
cation for a charter for the Industrial
Credit Union Bank has been filed. H.
P. Campion, David Gravel, Sherman
Gamble, L. J. Wilhoite, B. P. Green, J.
E. Wood and Fred B. Frazier are the in
corporators.
Bank of Grand Junction, Tenn.,
has been organized with capital of $25,000.00.
American Trust Votes 100 Per
Cent Stock Dividend
Stockholders of the American Trust
Company, youngest trust company in
Nashville, Tennessee, have voted a
stock dividend of 100 per cent, there
by increasing the capital stock from
$500,000 to $1,000,000. The dividend
was the largest ever declared by a Nash
ville bank.
B. Long, 76 years old, vice-
president of the Union Bank, Pulaski,
Tenn., died recently.
The
Merchants
and
Planters
Bank,
Newport, Tenn., has increased its cap
ital stock from $50,000.00 to $100,000.00.
S. S. McConnell, state superin tendent
of banking since 1918, has resigned in
order to become vice-president and cash
ier of the newly organized Central Na
tional Bank of Nashville.
The
F ir st
Natio nal
Bank,
Selmer,
Tenn., has resources of $527,426.98, with
deposits of $446,516.67, according to its
June 30th statement.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Formed in January, 1920, following
the consolidation of the American Na
tional Bank and the Cumberland Valley
National Bank and the removal of the
American National Bank to its present
offices in the Stahlman building, the
American Trust Company has grown
rapidly, a comparison of statements
shows.
The company was. organized with a
capital stock of $500,000 seven years
ago. According to a recent statement,
the company now has resources totaling
$5,999,270.34, with surplus and profits
of $322,966.65, and deposits of $4,860,551.54.
Since its organization, the American
Trust Company has each year paid a
dividend of 8 per cent.
y
T o o ffic e r s o f
c o r p o r a tio n s
The Equitable acts
in the following cor
porate trust capaci
ties:
1. As trustee under mort
gages and deeds o f trust,
securing bonds o f rail
road, public utility and
industrial corporations.
2. As transfer agent and
registrar o f stock. {In the
transfer of even a single
share of stock there are
thirty-five separate steps.
Each one of them is vital
to a proper transfer; if a
single error is made, confu
sion, loss of time and expe:ise will result. )
3. As depositary under
protective agreements or
under plans o f reorgani
zation o f railroad, public
utility and industrial cor
porations.
4. As agent and deposi
W illiam
Nashville,
has increased its capital stock from
$200,000.00 to $500,000.00.
Tennessee Notes
tary for voting trustees.
5. As assignee or receiver
for corporations under
action for the protection
o f creditors.
W h e n corp ora tion s
list their stock on the
N e w Y o rk S tock E xch a n ge
One o f the requirements o f listing is the
appointm ent o f a N ew Y ork Transfer
Agent.
The highly organized corporate trust
service o f The Equitable assures the proper
execution o f this phase o f business for your
customers and depositors. It is available
to local banks wishing to amplify their own
services. Read the column at the le ft . . .
then send for our booklet, The Equitable
Trust Company of New York, Transfer
Agent.
T1Ç EQUITABLE
TRUST COM PANY
6.
As fiscal agent for the
payment o f bonds, and
coupons o f states, munic
ipalities and corporations.
W ithout incurring
any obligation, con
sult the nearest office
of T h e E q u i t a b l e
with regard to any of
the services rendered
by our C orporate
Trust Department.
OF N E W Y O R K
37 W A L L STREET
C
h ic a g o :
105 S o u th L a S a lle S tr e e t
Telephone : State 8312
D is t r ic t R e p r e s e n t a t iv e s
B AL T IM O RE
P H IL A D E L P H IA
SAN F R A N C IS C O
ATLANTA
F o r e ig n O f f ic e s
LONDON
PARIS
M E X IC O C IT Y
H o m e O f f i c e : 37 W all St., N ew Y o r k , con n ected by
direct private w ire with C h ica go office.
Total resources more than $500,000.000
© E. T. C. o f N. Y.,JQ
27
/
60
Mid-Continent Banker
Oklahoma Notes
%
H e rb e rt Ray
Elected Cashier.
son is president; H. C. Hughes, and W.
A. Wise, vice-presidents; G. L. Berry,
cashier, and R. B. Thrift, assistant cash
ier.
T w o Purcell
Banks Consolidate.
Herbert Ray has. been appointed by
the directors of the First State Bank,
Ketchum, Okla., as cashier to fill the
vacancy caused by the death of H. E.
Robinson.
The Chickasaw National Bank of Pur
cell, Okla., has been absorbed by the
McClain County National Bank of Pur
cell.
Resources No w
O ver $1,480,000.
N e w Bank
At Hartshorne.
The American National Bank, Sapulpa, Okla., has resources of $1,481,915.02,
and deposits of $1,291,000.36, according
to its June 30th statement. L. B. Jack
The new Hartshorne National Bank,
Hartshorne, Okla., is being organized.
M. L. Harris, president of the First State
Bank of Wister, Okla., will be president
and T. Dallins., assistant cashier of the
First State Bank of Wilburton, cashier.
T h e Am eric a n
First T ru s t Company,
Oklahoma City, Okla., has increased its
capital stock from $250,000.00 to $500,000.00.
The
Capitol
State
Bank,
Oklahoma
City, Okla., has moved into its new home
at 228 West C avenue.
T h e Keota State Bank, Keota, Okla.,
has been chartered with $15,000.00 cap
ital by Claude Cason, J. A. Upchurch
and B. L. Scott.
The
McC lain
County
Natio nal
Bank
of Purcell, Okla., has. been authorized
to increase its capital from $30,000.00
to $50,000.00.
Picken Writes New Book on
Direct Mail Selling
27 M illio n s fo r B o n n e t s
^ T h a t ’s th e su m
th a t the fa ir sex
o f the Nation sends
StLouis every year
fo r m illin ery a n d
la ce g o o d s alon e.
LIBERTY CENTRAL TRUST CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Southwest corner Broadway and Olive
James H. Picken, M. A., lecturer in ad
vertising, Northwestern University, and
counselor in direct mail advertising, is
the author of a new book on direct mail
selling: “Principles of Selling by Mail.”
The A. W. Shaw Company, Cass, Huron
and Erie streets, Chicago, are publish
ers. of this new book.
The book tells not only how to write
master letters, but also how to use them
successfully. Step by step the book un
folds a wealth of successful sales,
strategy. It runs the whole gamut of
building a business by mail—definite
rules and formulas for writing resultful
letters; proven plans, for using them
most effectively.
Clearly, concisely, is the art of profit
ably using the mails portrayed so that
anyone can quickly master the strategy
of building new business by mail. There
are formulas for making adjustments.
There are rules for collections, for writ
ing “openers”
that flag attention,
“ closers” that clinch and draw orders.
Specific directions based on the methods
which have built up the most successful
mail concerns in the country enable
others to write sales letters that really
sell—letters that are interesting, per
suasive, action compelling, sparkling
with personality—booklets, broadsides,
catalogues, circulars, house organs that
accomplish the work you want them
to do.
With a wealth of significant facts and
figures, hereto unpublished. Picken out
lines the campaign strategy that he nas
collected during years of careful experi
ment and diligent observation—cam
paigns. to customers, to dealers, for
building good-will, to reinforce adver
tising. Appeals, copy, color, size, the
factors in belief and persuasion, mail
ings—their frequency, returns and rec
ords; the compiling and care of lists—
all are discussed in the light of years of
successful experience in direct mail
effort.
St. Louis, August, 1927
61
Arkansas Notes
Arkansas Bankers Elect New
Association Officials
Art T. Lewis, president of the First
National Bank of Fayetteville, was
elected president of the Arkansas Bank
ers Association at the one-day conven
tion held July 7th at the Marion Hotel
in Little Rock.
Other officers were elected as fol
lows: Vice-president, Wm. Nichol, vicepresident of the Simmons National
Bank of Pine Bluff; treasurer, J. F. Carson, president of the Citizens Bank of
Yellville; and secretary, Robert E. Wait
of Little Rock.
The convention was well attended
and in addition to a cordial address of
welcome by M. L. Altheimer and Presi
dent Bob Neill’s annual address., there
was a splendid address by Arkansas’
own United States Senator Joe T. Rob
inson, who spoke on “Flood Control.”
president W. B. Worthen Co., bankers,
Little Rock; and Merlin Fisher, Deputy
State Auditor.
Charles S. McCain, vice-president of
the National Park Bank, which is New
York fiscal agent of the State of Arkan
sas, was formerly president of the
Bankers Trust Company of Little Rock.
National Park Bank is Host
to Arkansas Officials
A number of prominent citizens of
Arkansas were in New York recently
to attend to the signature and delivery
of $13,000,000 in Arkansas State High
way Bonds and while there were guests
at a luncheon given in their honor by
the officers of the National Park Bank
of New York.
Guests at the luncheon included the
Honorable John E. Martlneau, Governor
of Arkansas; H. C. Couch, president of
the Arkansas Power and Light Com
pany; J. Carroll Cone, auditor, State of
Arkansas; Jim B. Higgins, Secretary of
State; Dwight H. Blackwood, State
Highway Commissioner; Ralph Koonce,
State Treasurer; B'. T. Hoff, Assistant
Secretary of State; S. M. Garwood, vice
Resources Now
O v e r $9,100,000.100.
The recent statement of condition of
the Bankers Trust Company of Little
Rock, Arkansas, shows total resources
of $9,124,897.87, with deposits, of $8,645,350.08. Capital stock is $300,000, and
surplus and undivided profits are $160,714.87.
He who pays without confidence can
not hope that his prayers will be
granted.—Fenelon.
Elected Cashier.
A. W. Harville, assistant cashier of
the Exchange National Bank for the
past two years, has been elected cashier
to succeed E. M. Harrington, who re
signed some time ago.
Bank of Doniphan
Elects N e w Officers.
Faithfully serving tlie n eeds o f
Industrial St, Louis for the past 65
years, qualifies this hank to e x
tend its depositors experienced
financial co-op eration .
Capital
Surpl us
Undivided
Profits
$3,500,000
At the last monthly meeting of the
Board of Directors of the Citizens Bank
of Doniphan, Ark., L. P. Whitwell, who
has been president of the bank since its
organization, presented his resignation
as president. Ben Edwards, vice-presi
dent of the institution, was elected preSr
ident, and John J. Kennon was elected
vice-president.
The Merchants Laclede National Bank
of
St. L o uis
G. C. Coffman, cashier of the F ir s t N a
tional Bank, Harrison, Ark., has been
elected president of the Harrison Lions
Club for 1927-28.
Lee M. G a m m ill has resigned as as
sistant cashier of the Farmers National
Bank, Clarksville, Ark.
Tho m as H. F a u lk n e r has resigned as
vice-president of the
Bank, Helena, Ark.
First
National
TH E
N A T IO N A L
PARK
B A N K
of N E W Y O R K
Established 1856
214 B R O A D W A Y
Uptown Offices:
P ark A v e n u e and 4 6 th S treet— S ev en th A v e n u e an d 3 2 n d S treet
D IR E C T O R S
Charles Scribner
Richard Dela.field
Francis R. Appleton
Cornelius Vanderbilt
Gilbert G. Thorne
Thomas F. Vietor
John G. Milburn
William Vincent Astor
Joseph D. Oliver
Lewis Cass Ledyard, Jr.
David M. Goodrich
Eugenius H. Outerbridge
Kenneth P. Budd
John H. Fulton
Frank L. Polk
Benjamin Joy
Georgp M. Moffett
B anking in all its branches
A t a meeting of the Board of Directors
of the First National B'ank, Gentry,
Ark., J. B. Butte, a director, was unani
mously chosen to succeed the late T. H.
Faulkner as vice-president.
ENVELOPES—For Every Purpose
HECO — C H IC A G O
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Federal Reserve Bank of St. Louis
Commercial and Travelers’ Credit issued.
Correspondents in all
principal Cities in the World. Foreign Exchange bought and sold.
Corporate and Personal Trusts; Safekeeping of Securities; Collec
tion of Income. Investment Service for Customers. Safes in our
Safe Deposit Vaults at moderate rental.
C apital, Surplus and U nd ivid ed P rofits $34,000,000
Mid-Continent Banker
62
Mississippi Notes
New Officers of
Mississippi Association.
New officers of the Mississippi Bank
ers Association include A. D. Simpson
of the First National Bank of Meridian,
president; F. H. Parker, of the Canton
Exchange Bank, vice-president; and B.
F. Ellis of the Okolona Banking Com
pany, treasurer. Geo. B. Power of Jackson was re-elected secretary.
M em bers of- the Executive Co mm ittee
include A. S. McClendon, of the B'ank
of Hickory; T. W. Milner, Bank of Richton; P. C. Williams, Bank of Yazoo City;
Jos. W. Sanders, Booneville Banking
Company; J. A. Smallwood, Guaranty
Bank and Trust Co., Oxford; O. C.
Leigh, Bank of Eupora; A. L. Rogers,
Bank of Commerce, New Albany; S. L.
Burwell, Bank of Lexington; M. R. Beltzhoover, Britton & Koontz National Bank,
Natchez; and ex-officio members as fol
lows: A. D. Simpson, F. H. Parker,
O. B. Taylor, J. B. Sterling and B. F.
Ellis.
A p prox im a te ly fou r hundred bankers
assembled for the convention, and after
discussing banking for a few minutes,
spent two days discussing Mississippi
The program revolved around the agri
cultural and industrial development of
the state, and leaders in banking, indus
try and agriculture contributed their
thought and experience to the cause of
Mississippi.
was glorified by figure, fact and senti
ment to the end that Mississippi may
capitalize her neglected opportunities
and realize the rich rewards of a multi
plied prosperity.
Hibernia Bank’s Deposits
Show Good Increase
Pio neer Am ory
Banker Is Dead.
Ellie Davidson Gillmore, founder and
former president of the Bank of Amory,
Miss., died recently at his home in
Amory following an illness of several
months. Mr. Gillmore was a prominent
capitalist and philanthropist. He was
the founder of the Bank of Amory, an
institution which today has total re
sources of more than a million dollars.
Heads Jackson
Ch ap ter of A. I. B.
Miss Ava Woodham, teller of the
savings department of the First Na
tional Bank of Jackson, Miss., has been
unanimously elected president of the
Jackson Chapter of the American In
stitute of Banking. During the past
year Miss Woodham has served the
chapter as vice-president. The Jackson
Chaper is now five years old and is the
only chapter in Mississippi.
Resources Are
O ver $1,850.1000.
According to the June 30th statement,
Columbus National Bank, Columbus,
Miss., has total resources of $1,853,814.98, with deposits of $1,610,112.52. L.
Marx is president; Jno. W. Slaughter,
vice-president; Geo. P. Waller, Jr., cash
ier; E. R. Hopkins, trust officer; H. Y.
Wingfield and T. E. Patton, assistant
cashiers.
T h e cow, the hen, the hog w ere eulo
gized. The industrial unfolding of the
state, touched by hydro-electric power
and tapped by improved transportation
facilities by rail, by road and water,
F o r m e r Governor
No w Bank President.
Lee M. Russell, formerly Governor of
the state of Mississippi, has been elected
L. M . POOL, President
J. A. B A N D I, Vice-President
W . T. M A R F IE L D , Vice-President
JOHN D A N E , Vice-President
F R E D BRENCHLEY,Vice-President
W . P. O’N EAL, Vice-President
president of the Pass Christian Bank,
Pass Christian, Miss., succeeding Cap
tain S. L. McGlathery, who has with
drawn from office.
The semi-annual statement of the Hi
bernia Bank and Trust Company ot
New Orleans as of June 30, exhibits
total deposits of $51,119,000, which in
spite of disastrous flood conditions that
prevailed for three months during the
planting and growing season in Louisi
ana and Mississippi, is an actual In
crease over the deposits one year ago
when they stood at $50,700,000. The
Board of Directors declared the usual
quarterly dividend of 4% per cent out
of the earnings, of the last quarter on
the capital stock of the company, and
also the usual quarterly dividend on the
salaries of all employes. The capital
ot the bank is $2,000,000, surplus $2,500,000, undivided profits and other reserves
$417,000. Total resources are $58,800,000.
It is interesting to note that the de
posits of all the New Orleans banks on
June 30th, despite the unfavorable con
ditions existing in the flooded areas up
the river, actually show a slight in
crease over the deposits of June 30,
1926. The figures this, year total $235,242.592.00, and those of last year $235,207.660.00. This significant fact, plus
the report from the Collector of Cus
toms at New Orleans, that federal cus
toms collections at the Port of New
Orleans for the fiscal year just ended
exceeded by 18 per cent the total col
lection for the fiscal year ended June
30, 1926, and were the greatest this year
in the history of the Port, is a most im
pressive tribute to the stability of the
industry, commerce and finance of New
Orleans.
W . J. PILLO W , Cashier
A. J. C R O ZAT, Assistant Cashier
G. J. F R U T H A L E R , Assistant Cashier
W . N. LOUQUE, Assistant Cashier
W . D . K IN G S T O N , Trust Officer
J. H. W E IL , Ass’t Bond Officer
R .W . B R A D Y , Ass’t-Mgr.Foreign Dept.
T h e M arin e B an k & Trust C o m p a n y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEW ORLEANS, LA.
R esou rces O v e r Thirty M illion D ollars
AC C O UN TS OF B A N K S A N D B A N K E R S IN V IT E D
YO U R IN TE R E STS W IL L R E C E IV E PER SO N AL A T T E N T IO N OF OUR OFFICERS
ZXKT2.
St. Louis, August, 1927
63
Louisiana Notes
R a yville Bank
Plans N e w Building.
The Commercial Bank of Rayville,
Louisiana, is considering plans for a new
bank building with terra cotta front,
marble floors and fixtures. The build
ing is to cost about $50,000.00. C. M.
Purvis has succeeded R. S. McKnight
as cashier of the bank. T. J. Coenen
is president, and H. J. Coenen, vicepresident.
The Commercial Bank was opened for
business October 6th, 1926, and obtained
three hundred accounts the first two
weeks,
Charles Collins
Now Vice-President.
Charles Collins, assistant cashier of
the Canal Bank and Trust Company,
New Orleans, La., has been promoted
to assistant vice-president of the bank.
Resources Are
Over $2,578,000.
The statement of the Bank of Com
merce and Trust Company, Mansfield,
La., at the close of business, June 30,
1927, shows resources, of $2,578,622.55
with deposits of over $2,000,000.00.
Resources Now
O ver $74,000,000.00.
The recent combined statements, of
the Whitney-Central Banks of New
Orleans show total resources of $74,647,876.40, with deposits of $60,802,904.81. Capital and surplus amount to
$7,250,000.00 and undivided profits
amount to $1,011,975.66.
Houston Elected Director
o f New York Bank
David F. Houston has been elected a
director of the International Acceptance
B'ank, Inc., succeeding the late John T.
Pratt. Mr. Houston, who was Secretary
of Agriculture, and later Secretary of
the Treasury during the Wilson admin
istration, was recently elected president
of the Mutual Life Insurance Company
of New York, to succeed Charles A.
Peabody, resigned. He is at present
vice-president of the American Tele
phone and Telegraph Co., and presi
dent of the Bell Telephone Securities
Corporation.
Transit by Taxicab
Just to give you an idea of the speedy
methods used in our Transit Department:
It opens every day at 7 a. m .5 Sundays and
holidays included, and all items make early
train connections by taxicab delivery.
U
n io n
&P
lan ters
BANK &. TRUST COMPANY
MEMPHIS, TENNESSEE
F o r w a r d
w ith
M e m p h i s
—
S in c e
’ 69
The
W hitney-Central Banks
New Orleans, La.
F. P. Fiske, f o r m e rly assistant vice-
president, has been appointed vice-presi
dent of the Guaranty Company of New
York, and Karl Weisheit has been ap
pointed manager of the Foreign Divi
sion; F. P. Shepard, manager of the In
dustrial Division; J. N. Land, manager
of the Public Utility Division, and
Raleigh Rife, Economist of the com
pany.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
We invite correspondence regarding the
far-reaching service we have to offer.
Capital, Surplus and Profits over $ 8 ,0 0 0 ,0 0 0 .0 0
Mid-Continent Banker
64
MISSOURI
Edward
Buder,
Pres.
BANK
NEW S
O F F I C E R S M I S S O U R I B A N K E R S ’ A S S O C I A T I O N : President, Edward Buder, vice
president-treasurer Mercantile Trust Company, St. L o u is; Vice-President, E. B.
Jacobs, cashier First National Bank, Carthage; Secretary, W . F. Keyser, Sedalia;
Assistant Secretary, E. P. Neef, Sedalia; Treasurer, F. B. Brady, vice-president
Commerce Trust Company, Kansas City.
GRO U P C H A IR M E N :
1— Gus Delaney, cashier Hurdland State Bank, H urdland;
2— E. O. W elch , cashier Citizens’ National Bank, Chillicothe; 3— R. W . H olt, presi
dent Heaton Bank, C raig; 4— F. W . Pendleton, vice-president Bank of Independence,
Independence; 5— A . A . Speer, president First National Bank, Jefferson Cicy; 6— Geo.
U . Shelby, vice-president Charleston-Mississippi County Bank, Charleston; 7— C. H ,
W h ite, cashier Bank of Seymour, Seym our; 8— E. C. W illiam s, president Bank of
N oel, Noel.
G R O U P S E C R E T A R IE S :
1— W . L. Weaver, cashier Hannibal National Bank, Hanni
bal ; 2— E. C. Brownlee, cashier Brownlee Banking Company, B rookfield; 3— O. S.
Berndt, cashier Farmers State Bank, Stanberry; 4— F. C. Barnhill, cashier W o o d &
Huston Bank, M arshall; 5— N . S. Magruder, president Savings Trust Company, St.
l o u i s ; 6— L. C. Leslie, cashier First National Bank, O ran; 7'— Chas. F. Ellis, cashier
Citizens’ Bank, Marshfield; 8— O tto W . Croy, vice-president Conqueror Trust Com
pany, Joplin.
W e b ste r County
Bankers Elect Officers.
A meeting of the Webster County
Bankers Association was held at Marsh
field, Mo., June 28th. A banquet was
served by the Citizens Bank of Marsh
field, and following an interesting pro
gram, S. A. Killian, president of the
Farmers’ Exchange Bank of Marshfield,
was elected president; O. M. Toppass,
cashier of the Bank of Fordland, vicepresident, and Chas. F. Ellis, cashier of
the Citizens Bank of Marshfield, secre
tary-treasurer.
Lewiston Bank
Opened for Business.
The Lewis County Exchange Bank,
Lewistown, Mo., is again open for busi
ness. Geo. W. Wallace has been elected
president; August Thaïe, first vice-pres
ident; Alfred Sellers, second vice-presi
dent; Frank H. Conrad, secretary; Wal
ter C. Hume, cashier, and Mrs. Margaret
Dieker, assistant cashier.
Heads St. Joseph
Clearing House Association.
Hill, Mo., making the capital stock $20,000.00.
Eugene H. Zimmerman, vice-president
of the Tootle-Lacy National Bank, St.
Joseph, Mo., has been elected president
of the St. Joseph Clearing House Asso
ciation. Charles. E. Wright, president
of the Empire Trust Company, has been
elected vice-president, and W. A. P. Mc
Donald was re-elected secretary-man
ager.
dent in charge of the Mortgage loan de
partment of the People’s Trust Com
pany, Kansas City, Mo., has been elected
president of the institution.
Ne w Bank
At Cape Girardeau.
^
HOTEL
Knickerbocker
^ ■ W E W Y O B K ,;
W E S T 4 5 ^ STREET
Just East o f B ro a d w a y
Times Square
heart oP
Dheatrical and Shopping District
ENVELOPES FO R BAN KS
HECO ENVELOPE COMPANY
C h ic a g o , I llin o is
HECO ENVELOPE COMPANY
C h ic a g o , I ll i n o i s
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Federal Reserve Bank of St. Louis
A. O. Thompson has been elected pres
ident of the Union State Bank, Kansas
City, Mo., succeeding W. C. Barron, who
has retired.
Farmers and Merchants Bank at Fen
ton, Mo., and vice-president of the Park
Savings Trust Company of Hi-Pointe,
Mo., died recently.
An additional $10,000.00 in stock has
dent of the Citizens Bank of Doniphan,
Mo., and has been succeeded by Ben
Edwards.
Peter
S.
Heutel,
president
of
the
L. P. W h i tw e l l has resigned as presi
I£ You Can
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— and answer them correctly your
investment profits will show im
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(1) Is the trend of stock prices up—
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The coupon is for your convenience
in securing authoritative informa
tion. If the answers to these ques
tions interest you clip it now. There
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ECONOMIC SERVICE, Inc.
15 W est 45th Sh, New York
Please send
Registered M ail Envelopes
Wilson D. Wood, fo r m e rly vice-presi
The Bank of Southeast Missouri is
Cape Girardeau’s newest financial in
stitution, according to an announcement
made by A. L. Harty, president of the
Southeast Missouri Trust Company,
Cape Girardeau, Mo. The new bank has
a capital stock of $100,000.00 and a
paid-in surplus of $100,000.00.
been subscribed for the Bank of Rush
A MAGNIFICENTNEW HOTEL
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B a n k e r s S a f e t y E n v e lo p e s
HECO ENVELOPE COMPANY
C h i c a g o . I ll i n o i s
65
St. Louis, August, 1927
Resources Pass
M illio n D o lla r M a rk .
The recent statement of condition of
the First National Bank of West Plains,
Missouri, shows total resources of $1,074,941.55, with deposits of $976,082.96.
This is the first time that a bank in
Howell County has. gone above the mil
lion dollar mark. J. P. Harlin is presi
dent of the bank; H. C. Kellet is vicepresident, and W. T. Harlin is cashier.
Resources Now
O ver $4,850,000.
According to its statement of June
30th, the First National Bank, Jefferson
City, Missouri, has total resources of
$4,857,880.23, with deposits of $4,306,079.95. There has been a gain of $2,851,772.05 in the deposits of the bank
during the last ten years.
M issouri G rou p M eeting Cities
Cities in which the annual group meetings of the Missouri Bankers
Association will be held this year have been announced by Edward
Buder, president of the Association and vice-president of the Mercantile
Trust Company of St. Louis, as follows:
Group 1 . . . . Moberly
Group 5 . . . Jefferson City
Group 2
Chillicothe
Group 6 .
Charleston
Group 3
. . .
St. Joseph
Group 7 . . .
Springfield
Group 4
. . . .
Sedalia
Group 8 . . . .
Carthage
The meetings will be held from October 4th to October 7th, and
from October 11th to October 14th. Definite dates for each group
will be announced later.
Com bined Resources
M ore T h a n $9,600,000.00.
The recent combined statement of the
“ First” banks of St. Joseph, Missouri,
shows total resources of $9,693,290.60,
with deposits of more than $8,260,000.
Capital is $700,000 and surplus and
profits amount to more than $683,000.
Herring-Hall-Marvin Safe Co.
Opens St. Louis Office
The Herring-Hall-Marvin Safe Co.,
manufacturers of safes and bank vaults
and night depository safes, have opened
a St. Louis office at 306-308 North Fourth
street, in charge of S. EL Castator, spe
cial bank vault representative.
Mr. Castator has been with the com
pany since 1904. He was in the Chicago
office for some time, and after that was
manager of the Birmingham branch
office. Later he was assistant general
sales manager at the factory in Hamil
ton, Ohio, and for the past twelve years
he has been New England manager, with
headquarters in Boston.
The Herring-Hall-Marvin Safe Co.
have a large number of bank vault in
stallations in St. Louis and the St. Louis
territory. Some of these include the
First National Bank in St. Louis, Liber
ty Central Trust Company, Savings
Trust Company, Merchants-Laclede Na
tional Bank, Mississippi Valley Trust
Company, and the LaFayette-South Side
Bank. One of the most recent installa
tions is the one for the First National
Bank of East St. Louis.
T h e recen t s ta te m e n t of condition of
the Hanover National Bank of New York
shows total resources of $235,001,966.78,
with deposits of more than $202,000,000.00. Capital and surplus amount to
$20,000,000.00 and undivided profits are
more than $11,000,000.00.
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Federal Reserve Bank of St. Louis
T5he
Mississippi V alley
Trust Company
of St. Louis
Solicits
Your Account on the
Merits of its
Strength
and its Reputation
for the
Intelligent Handling of
Correspondents’
Business
I
•
W
-*Cf
:.
66
Mid-Continent Banker
K ansas Notes
“ ROLL of HONOR” BANKS
in MISSOURI
It is an honor to be listed among the Honor Roll banks.
It
indicates that the bank has surplus and undivided profits equal to
or greater than its capital. Such distinction is accorded to the
banks listed on this page.
By careful management and sound
banking they have achieved this enviable position.
The banks will be especially glad to handle any collections,
special credit reports or other business in their communities which
you may entrust to them.
Correspondence is invited.
Capital and Profits
Bank
City
Agency............ Farmers Bank.................. .......$ 10,000 $ 10,000
Bank of Augusta............... .......
20,000
26,000
Augusta
31,667
25,000
Buffalo............ ...O’Bannon Banking Co.... .......
First National..........................
50,000
55,000
Cameron
200,000
75,000
Columbia........ Boone County Trust Co..........
50,000
52,000
Concordia Savings........... .......
Concordia
20,000
10,000
Bank of Dalton................. .......
Dalton
25,000
55,000
Bank of Everton......................
Everton
125,000
50,000
Farmington.... Bank of Farmington....... .......
30,000
25,000
Gilman City.... _Gilman Bank.....................
87,000
75,000
Bank of Hardin................. .......
Hardin.....
26,471
20,000
Hayti ............. ..Bank of Hayti................... .......
21,000
10,000
Iron County Bank........... .......
Ironton
175,000
100,000
Joplin............... ..Miners Bank...................... .......
3,470,000
First National.......................... 1,000,000
Kansas City
35,000
30,000
Lebanon.......... ..State Bank........................ .......
35,000
20,000
Maitland............Peoples Bank.................... .......
85,000
.......
50,000
First
National...................
Neosho
75,000
50,000
Bank of Odessa................ ......
Odessa
50,000
.......
25,000
Perry............... Peoples Bank....................
10,000
27,000
Raymore......... ..Bank of Raymore............. .......
100,000
143,334
St. Joseph..........First Trust Co................. .......
252,000
St. Louis ....... Jefferson Bank................. ....... 200,000
8,377,530
St. Louis......... Mercantile Trust Co................ 3,000,000
290,000
100,000
Citizens National............. .......
Sedalia
14,900
10,000
South Gifford... Bank of Gifford................. .......
82,000
10,000
Bank of Sullivan............... .......
Sullivan
30,000
25,000
First National..........................
Steelville
22,000
15,000
Stover................Stover Bank...................... .......
32,000
20,000
Tarkio............. ..Farmers Bank..........................
50,000
115,000
Troy................ Peoples Bank.................... .......
.Bank of Union................... .......
15,000
Union
55,000
Farmers Bank..........................
10,000
Walker
12,000
First National.................. .......
100,000
Wellston
146,900
40,000
Windsor.......... ..Citizens Bank...................
60,000
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T h e Com m ercial S tate Bank, Kansas
City, Kansas., has been consolidated
with the Commercial National Bank of
Kansas City.
F. O. L ak in , vice-president of the W a r
ren Mortgage Company, Emporia, Kan
sas, died recently.
J. H. Moore of the Oketo S tate Bank,
Oketo, Kansas, has been elected presi
dent of the Marshall County Bankers’
Association, and B. E. Long of Oketo
has. been elected secretary.
T h e Hutchinson S tate Bank, H u tc h in
son, Kansas, has issued its initial divi
dend of 2y2 per cent, increasing its sur
plus $1,000.00 and leaving a substantial
sum in undivided profits.
Robert H a rp e r, president of the Meade
State B'ank, Meade, Kansas, died re
cently.
A. A. Schulte of M ary s v ille , Kansas,
has purchased the assets of the defunct
First National Bank of Marysville.
Chase National Resources Pass
Billion Dollar Mark
Total resources of the Chase National
Bank of the City of New York have
passed the billion dollar mark, accord
ing to its statement of condition at the
close of business on June 30, thus, mak
ing it the second billion dollar financial
institution in the United States. Ac
tual resources shown in the bank’s
statement are $1,042,513,993, an increase
of $159,679,888 compared with its last
previous, statement as of March 23,
1927.
The distinction of becoming a billion
dollar banking institution, which it now
shares with the 115-year-old National
City Bank of New York, coincides with
the fiftieth anniversary of the Chase
National Bank which it is celebrating
this year in September.
Record breaking deposits of $919,608,525 are listed in the bank’s state
ment of June 30, an increase of nearly
$175,000,000 over deposits on March 23.
Capital and surplus remain at $40,000,000 and $25,000,000, respectively, but the
undivided profit account has expanded
from $13,742,735 to $14,697,146.
Daniel C. K erckhoff, president of the
Pevely Dairy Company, has been elected
a director of the National Bank of Com
merce in St. Louis. Mr. Kerckhoff, be
sides his dairy interests, is prominent
in St. Louis civic and business affairs.
67
St. Louis, August, 1927
71
fl
DANCING
U LNJU=i BOAT RIDES
«
MOTOR TRIPS
OFFKEvBOflE
TAKING AW AY TO SCHOOL
T rego
D eLuxe
0
$ 17.50
There are m any portables on the m arket but ju s t one is found
E a st to W e s t and from Canada to the G ulf that will give you the
standard of value. It is the T rego D eL u xe. It sets the pace.
NEW
TREGO
P O R T A B L E S TH R ILL D EALER S
Dealers and Agents Wanted
E X C L U S IV E T E R R I T O R Y G IVE N
Trego, Jr. $10.50
To quickly introduce these two wonderful new 1927 port
able phonographs we are offering for a short time a big
reduction, way below retail prices, on the first Trego port
able phonographs placed in each community. Don’t wait,
be the first in your locality and mail the coupon or post card
today for our free catalog, special discount offers and full
particulars. Don’t forget that we give exclusive agencies
to the right parties. This will protect you from anyone
infringing on your rights.
$ 5 0 to $ 1 0 0 a W e e k ---- E a s y ---- F u l l o r S p a r e t i m e
<5
^
o. <0.
No home is com plete w ithout a good portable phonograph.
M illions will be sold this sum m er and fall. Get a Trego
portable phonograph on 30 days free trial— use as a dem
onstrator and get your share o f the p ro fits. D em on
b .
strate to your neighbors and friends and see how
beautiful in appearance, simple construction, w on
■
derful perform ance and rem arkably low price. Show
\
the Trego m odels, m ake them sell on sight. Your
. A Y- N.
m oney will be gladly refunded in 30 days if
<Kyr t A a \
everyth in g is not exactly as we claim.
FREE SA M PLE O FFER
O. </* fy
O*
W e also have a plan w hereby you can put
the Trego portable phonograph in your
hom e on 30 days trial and m ake enough
dem onstration in your spare tim e to
get your own phonograph w ithout
cost before the trial period is up.
X
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
\ '& A
",
■».
Trego portables are the best in the portable lines.
It m eans better buying, m ore efficient production, lower
cost to m ake and to sell. H ave m any exclusive ad vant
ages for you, a thorough tested, even running m otor,
an excellent reproducer, full round tone arm involving
new principles, self contained record album , special
speed regulator, double nickeled hardware throughout,
strong three ply veneer case, genuine cow -hide carrying
handle, finished in genuine D uP ont Fabrikoid, (colors,
blue, black, red, brown and g ra y ,) artistically em bossed
and decorated in striking colors.
TREGO RADIO MFG. CO.
1427
CH ESTN UT
K AN SAS
C IT Y ,
ST.
MO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in F inancial L eadership
and Industrial Advancement
ORRESPONDENT banks are
making ever-increasing use
of the facilities and services of this
institution—-a leader in financial
and industrial achievement. QIA
vast fund of knowledge in 900
different lines of business at the
disposal of correspondent banks,
in addition to a comprehensive
advertising service without cost.
C
@FedFRASER