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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST. LOUIS F eb ru a ry , 1925 IN THIS ISSUE DEPOSIT-BUILDING IDEAS 4100 New Savers in Five-Weeks Drive A Real Farm Extension Program Advertising the Whole Community WHAT IS GOOD M ANAGEM ENT? The Views of R. F. Chapin Geo. W. Ward J. A. Spehenhicr News of Banks and Bankers in Ten States 2 Mid-Continent Banker c i IN ST. L O U I S -in C apital and Surplus NATIONAL ^ _ BANK 15 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 St. Louis, February, 1925 Federal Surety Company Davenport, Iowa FIFTH ANNUAL STATEMENT December 31, 1924 ASSETS Cash in Office and B an ks............................................................ $ 343,258.28 Cash in Hands of Agents ....................................................... 301,002.45 Liberty B o n d s ............................................................................ 139,438.22 Loans (Secured by Property Worth $ 1 ,8 2 0 ,5 7 5 ).................... 728,230.00 Other Stocks, Bonds and In v e s tm e n ts ................................... 308,102.23 Accrued I n t e r e s t ....................................................................... 25,835.29 $1,845,866.47 LIABILITIES Cash C a p ita l.............................. RESERVES and Other Liabilities Surplus (Net) ......................... $ 1 , 000 , 000.00 685,296.85 160,569.62 $1,845,866.47 GROWTH IN SURPLUS TO POLICYHOLDERS GROWTH IN RESERVES 1920 1920 $35,929 $622,279 1921 1921 $ 719,554 $ 212,623 1922 1922 $900,818 $336,050 1923 1923 $903,416 $599,374 1924 1924 $ 1, 160,569 $ 685,296 F ID E L ITY — SURETY BONDS CASUALTY INSURANCE W. L. TAYLOR Vice President and General Manager Agents wanted for unoccupied territory. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Correspondence solicited. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1925 is the 26 th year during w h ich the M erca n tile Trust Company has been a forceful factor in the civic advancement of St. Louis. During that entire period the Mercantile has always been closely identified w ith every m ovem ent tending toward m unic ipal progress and betterment. This close association with St. Louis affairs and thorough understanding of local con ditions qualify us to handle St. Louis busi ness for banks, trust companies and indi viduals to best possible advantage. MemberFedera/ R eserve Jysdem E IG H T H AND L O C U S T -T O SAINT LOUIS CapitaldJuip/us Ten Million dollars ST. C H A R L E S 5 Si. Louis, February, 1925 Complaints are vain; we will try to do better another time. Tomorrow and tomorrow. A few designs and a few failures, and the time of designing is past.—Johnson. --------------------------- The Financial Magazine of the Mississippi Valley «' Our deeds are like children born to us: they live and act apart from our own will. Children may be strangled, but deeds never.—Eliot. Friendship is the most pleasant of all things, and nothing more gladdens the heart of man.—Plutarch. Position as Auditor of a bank. Ten years experience as State and National Bank Examiner. References. Can Invest. Address Box 35 WANTED Care M id -C o n tin e n t Banker FOR SALE Complete Bank Fixtures, including vault equipment and triple timer safe, all in excellent condition. For partic ulars, address Merchants State Bank of Centralia, 111. D O N A LD H. C LA RK E ditor and M anager SAINT LOUIS February, 192 5 Vol. 21 No. 2 W M . H. M AAS Associate E ditor C O N T E N T S 4100 New Christmas Savers Secured in Five W eeks— By Jewett E. Ricker, Jr............................................................................—................. A Real Farm Extension P rogram for a Country Bank— By O. C. Jones ....................-......................-.................. ..................... ........................... A dvertising the Bank by Advertising the Com m unity— By B. J. Bleakley ......................................................... ......... ................................... W hat Is G ood Bank M anagem ent?..---- ------ ------------------ ------------- -----Interesting M en in the Banking F ield........................................................... Increased Business Causes B oatm en’s to Enlarge Banking Q uar ters— By W m . H. M aas_____ ....___ _____ _______ ____ _________ 1925 Convention Calendar .............. ....................... ......................................... Insurance Trusts Created to Pay Estate and Inheritance Taxes— B y the L egal E d itor.................................. ................................................ Bank o f Clarkson in Fine N ew H om e— By Mrs. Sallie Graham Stice Prom otions at First National o f C h icago.... ................................ ............. News and V iew s— By Clifford D eP u y ----- ------- -------- -----Illinois Bankers H old M id-W in ter Conference ..... ............................... B O N D A N D I N V E S T M E N T S E C T IO N Public Utility O bligations Favored— By E. E. Quantrell....... ......... Should Country Bank Invest in Com m ercial Paper?— By Earl B. Smythe .... ....................................................—............................................ --T w o N ew V ice-Presidents for Federal Com m erce T rust---------- ------S T A T E N E W S S E C T IO N S M issouri ..................................... . 24 Tennessee ......... Kansas ..... ................................... 28 Louisiana ..... Illinois _________ ____________ 46 M ississippi ....................... Indiana ........................................ 49 Arkansas ........................ ........... K entucky ____________________ 49____ Oklahoma 7 9 11 12’ 13 14 15 16 21 22 29 47 35 37 44 51 54 55 56 58 Published b y the C om m erce Publishing C om pany, 408 Olive Street, St. Louis, M o . Clifford D eP u y, President; R . F ullerton Place, V ice-P resident; D on ald H . Clark, Secretary-Treasurer. C H IC A G O office, W m . H . M aas, 1148 First N ational Bank B uilding; Phone, D earborn 6063. N E W Y O R K office, P hilip J. Sym s, 150 Nassau Street; Phone, Beekm an 4836. K A N S A S C I T Y office, G . D . M athew s, 405 Palace B uilding; Phone, H arrison 5857. D E S M O IN E S office, Clifford D eP u y, 555 Seventh Street; Phone, W alnut 1844. M em ber A udit Bureau o f Circulations, Financial Advertisers A ssociation, Financial Publishers Association. E n tered as seco n d class m a tte r at th e S t . L o u is Postoffice S u b scrip tio n rates $3.00 a y e a r; 35 ce n ts a copy FEDERAL TRUST COM PANY KANSAS CITY’S NEWEST BANK W e have kept our old friends because through years o f active service the in stitution has proved itself worthy o f their loyalty. A nd we have established new friendships because financial in stitutions the country over find here a thoroughly modern banking service, alert and in keeping with their re quirements. ONE-ONE-ONE-EAST TENTH Between Grand and Walnut North Entrance Gates Building In the Heart of the Financial District IN V ITES the accounts of discrimi nating patrons who appreciate the special personal consideration and added individual courtesy possible in a moderate sized bank. O F F IC E R S M A R T I N F . R Y A N , C h airm an P . E. L A U G H L I N , P residen t E . L E E W I L L I A M S , V .-P re s. J O H N J . R A F F E R T Y , S e cy . M . M . F A Y , A sst. S e c y . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Established 1856 THE NATIONAL PARK BANK OF N E W Y O R K 2 /4 Broadway 6 Mid-Continent Banker 55gW W W W W m W 5gW 5aH M 5H M 5ZW W W W W W W W W JpW 5ZW W 5gW W 5gW 55W W W 5Zg5E W W W W W W ^ N ew Building of the C itizen s’ State B a n k of STURGIS M IC H IG A N Formally opened to the puhlie Saturday, D ecem ber 27th, 1924. W e quote from their opening announcem ent — U R new building and interior is the final achievement o f an ideal that was formed years ago in the minds o f our directors and which has at last reached a splendid realization. A s a result Sturgis now has a banking home as fine as can be found in Michigan and not surpassed in any city o f similar size in the United States. Its unostentatious beauty o f design, its splendid business facilities and its many conveniences for the public—all testify to the good taste, sound judgment and practical ideas o f the St. Louis Bank Equipment Company, who designed, built and completely equipped the build ing under their single contract method.” O ST. LOUIS B A N K EQUIPM ENT CO. Bank Builders ST. LOUIS, U . S. A . I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We will, without obligation, furnish photographs, plans, cost data, and other 'll information to any banker who may be interested in ban\ building or equipment If 4100 New Christmas Savers Secured in Five W eeks OUR thousand one hundred new Christmas Savings Club accounts in five weeks, is the record that has been made by our employes in a New Business Contest. This means a potential total business of $210,000, provided all the members complete their club payments. This is a particularly good showing, we believe, when it is remembered that Joliet is a city of only 38,442, and that there are five good sized banks con stantly competing for this business. In fact, the city has been so well combed for Christmas Savings business that many of our friends believed it would be impossible for us to secure any con siderable number of new members in our 1925 clubs. Of course, we have held numerous employes’ contests for new business in the past—many of them proving very successful—but this is the first time that we have confined our efforts to the securing of new members in our Christmas Savings Clubs. The unique part of the contest, how ever, is found in the fact that it is not being held in the form of a race, which is usual in such cases, but in the form of a series of Post-Season Football Games for the American Cham pionship. As a result all of the thrills of the great gridiron sport are inject ed into the contest, even to the extent of “holding for downs” on the 1-yard line as happened in one of the first week’s games. F S ix “ E le v e n s ” Formed. When we decided to hold an em ployes’ contest for Christmas Savings B y Jewett E. Ricker, Jr. First National Bank of Joliet, Joliet, 111. Club business, we divided our employes into six teams of eleven players each. These teams were very equally divided as to strength, as the personnel of the teams was based upon the records Post«Season Football Series for the Christmas Savings Club CHAMPIONSHIP of AMERICA T he Poster A nnouncem ent o f the C ontest made by our employes in an Automo bile Race for new business, which we held a little less than two years ago. The six captains selected for the foot ball teams were the six employes who had secured the most business in the former contest. Officers of the bank were not permitted to participate in FIRST PRIZE W INNER the contest, but each team was assigned an officer, who was given the job of coach. The duty of these coaches was to advise with the captains on all mat ters pertaining to the contest, in so far as they related to the running of the respective teams. An Arbitration Committee—composed of an Umpire, Referee and Head Linesman—was also appointed to adjust all points in dis pute. Except for the captains and new business department, no one knew that a contest was contemplated until an nouncement was made at a dinner ten dered to the employes by the bank. At this dinner—for which specially pre pared invitations had been issued to the employes—the contest was formally announced and each employe was given all the literature and material neces sary for the soliciting of Christmas Savings Clubs. In seating the employes at this din ner, it was arranged to have the cap tain and his ten players seated at the same table, miniature footballs—with place cards attached—having been dis tributed to each plate. U n iv e rs it y Y e l ls Instill “ Pep.” After the details of the contest had been explained to the organization the captains were called to the speaker’s table and requested to draw lots for the university they were to represent. This drawing created a lot of interest and enthusiasm and had the effect of instilling a tremendous amount of “team spirit” into the affair. As soon as a university was drawn the pennant of that particular institution was 'Our Best Deposit Building Plan”— $75.00 for Letters The three articles on this and the following pages win first, second and third prizes in the Mid-Continent Banker contest on “ Our B'est Deposit Building Plan.” The winners are: First prize, $25.00—Jewett El Ricker, Jr., director Publicity and Service De partment, First National Bank of Joliet, Joliet, 111. Second prize, $15.00—O. C. Jones, cashier, the Geo. W. Brown & Son State Bank, Augusta, Kansas. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Third prize, $10.00—B. J. Bleakley, cashier, Central Illinois Trust and Sav ings Bank, Mattoon, Illinois. Five prizes of $5.00 each, including “honorable mention,” were awarded also, the prize winning letters to be pub lished in the March and April issues. These winners are not listed in order of merit, as they are awarded equal place by the judges: John M. Jackson, cashier, the Stan ton Bank, Stanton, Tenn. Ruth H. Mayhew, secretary to the president, First National Bank, Murphysboro, 111. W. B. Wisdom, publicity manager, Hibernia Bank and Trust Co., New Or leans, La. Edward Auten, Jr., cashier, Home State Bank of Prir.ceville, Princeville, Peoria Co., Illinois. Allen T. Smith, manager, Special Service Department, Industrial Sav ings Bank, Flint, Mich. Mid-Continent Banker “ flown” from the table where its team was seated. The dinner was held on Monday eve ning, December 1st, the banquet room having been decorated in Christmas colors blended with the colors of the various universities that were chosen to compete in the Post-Season Cham pionship. As the contest was to begin on the following morning, President F. W. Woodruff offered to give “the biggest turkey in Joliet” to the employe who secured the greatest number of orders the first day. This special prize had the effect of getting the teams off to a “flying start.” A young lady teller— Miss Edna Eklund—carried off the tur key with approximately 72 Christmas Savings Clubs to her credit. The six universities chosen to com pete in the contest were Notre Dame, Yale, Chicago, Pennsylvania, Illinois and Stanford—all of which teams, with the exception of Illinois, completed their regular gridiron schedules unde feated. Technically speaking, Dart mouth or California should have taken the place of Illinois, but because of the intense interest taken in the Illinois state university by the people of Joliet it was felt that “ Red” Grange’s team should be represented. Schedule In cl udes Games Each Week. As each game lasted one week—and three games were always being played https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In addition to the team prizes there were several individual prizes. The individual prizes were based on the total yardage gained during the entire contest (all five games) by the indi vidual player. The same system of counting was employed in computing the individual score as in computing the team score. That is, a Christmas Savings Club of any size scored 1 yard; a $1.00 club an additional 3 yards; a $2.00 club an additional 5 yards, and a Each new Christmas Savings Club secured (of any size) scored one yard gain. Therefore, it took a net gain of fifty clubs (or yards) to score a touch down. Only net gains were counted on the gridirons, that is, the gain over and above the yardage scored by the opposing team. In addition to the one yard granted for each new account, the following bonus scores were awarded: A 3-yard gain for each $1.00 club. A 5-yard gain for each $2.00 club. A 10-yard gain for each $5.00 club. A field goal (3 points) for each team bringing in over twenty-two accounts in any1 one day. Touchdowns counted 6 points, but there was no goal kick or extra point allowed following a touchdown. All Christmas savings accounts se $5,00 club an additional 10 yards. A player was not, however, entitled to any individual prize nor permitted to share in the team prize, who did not score at least 20 yards during the fiveweek period. The starting whistle, opening the contest, was sounded on Tuesday morning, December 2nd, and the final pistol terminating the contest, was fired on Saturday, January 3rd, 1925, at 3 p. m. Accounts were not solicited in the bank building. Otherwise, there were no restrictions as to when and where they might be solicited. Each new Christmas Savings Club had to be accompanied by the first payment and by a signature card signed in person by the club member. The contest was strictly for new busi- cured in any one day must be turned in by 9 o’clock a. m. of the following morning, and the positions of the teams on the field and the scores were posted following the close of business in the afternoon. Prizes Given to Players. 15 Games. A schedule was drawn up providing a series of fifteen games. In this way every team in the contest played every other team—the final standing of the teams was determined by the percent ages of games won and lost during the five weeks’ period. The team prizes were therefore determined by this standing. In addition, individual prizes were given for the greatest number of “yards” gained by the individual players, each new account scoring a certain number of yards. In order that the progress of the teams might be clearly shown, three large gridirons were erected in the rear of the bank lobby. On these grid irons the teams were moved each day, following the close of business. And much cheering and “rah, rahing” was done by the members of these teams as their squads were rushed down the field. Very often it happened that one team would be forced back to the shadow of its own goal posts when the final “yardage” was counted. Then fol lowed a lot of intensive work the next day to secure enough “ yards” (new accounts) to win back the ball and force the opposing team down the field. Thre e simultaneously—there was plenty of rivalry between the teams. As in foot ball itself, some teams preferred to score as many touchdowns as possible early in the game, while others fol lowed the Knute Rockne system of holding back their “ Horsemen” until the time had come to fight. This hap pened the first week when the “ Chi cago” eleven held back its points until the last day of the game, thus surpris ing “Pennsylvania”—its opponent on this occasion—by tying the game at 18—18. Each game began by placing the ball in play at the center of the field (50yard line). E'ach of the contesting teams then endeavored to cross the opposing team’s goal line by pushing the opponents back. 9 St. Louis, F ebruary, 1925 ness, and no person having had a 'dub in our bank during 1924 was eligible for solicitation. A commission of 50 cents was paid for each new Christmas Savings Club secured, irrespective of size. This is a large commission—particularly on 25-cent clubs—but we believe it is a good investment because it is worth 50 cents to us to secure a new cus tomer for the bank, particularly when it is remembered that these new cus tomers are obliged to call in at the bank 50 times during the coming year. Also, the commission was made lib eral because all of the money goes to our own employes and helps to make them even more loyal to the bank. T h e G rand Prizes W e r e a s F ollow s: Individual. To the person scoring the great est number of yards during the five-week period....................... $ 50.00 secure; second, they are the very best To the person scoring the sec ond greatest number of yards. 25.00 “ feeders” we know of for general bank ing business, as they get people into To the person scoring the third the habit of coming to y our bank fifty greatest number of yards................... 15.00 times a year; third, under the system T earns. we employ (our own, by the way) they To the team having the best per are the easiest business to handle from centage of games won at the conclusion of the contest........ $100.00 a clerical standpoint. Christmas Savings Clubs themselves To the team having the second are, as a rule, a losing venture. But, best percentage of games................... 50.00 according to our experience, they are To the team having the third best percentage of games...................25.00 the very best magnet it is possible to secure to draw business into the bank. The six teams in the contest finished the schedule as follows: If, out of 4,100 new' customers, we can Won Lost Tied Per Cent not secure enough real, permanent 0 1000 business to make these accounts well Stanford . . . . .. 5 0 750 worth while then we feel that we our 1 Chicago ...... . . 3 1 1 500 selves are to blame. 2 Pennsylvania .. 2 400 3 0 Of course, in addition to the Christ Illinois ........ . . 2 200 mas Savings Clubs secured in this way 4 Notre Dame. .. 1 O' 4 200 we received our usual number of ac 0 Yale ............. . . 1 Now why, you may ask, are we con- counts from our past customers and centrating on Christmas Savings Clubs. are, as a matter of fact, still opening a considerable number of new Christ The reasons are three in number: First, such clubs are fairly easy to mas Savings Clubs each day. Real Farm Extension Pro gram for a Country Bank “Bank Employs a Farm Co-operator.” “ * * * Bank Publishes Magazine.” “ * * * Bank Has Fine Calf Club.” “Annual Movie Show Increases Bank’s Deposits.” “ How We Interest Our Community in Poultry.” “Live * * * Bank Sponsors Enthu siastic Calf Club.” “ * * * Bank Purchases Cows to En courage Dairy Industry.” Although but the first of the aboveentitled activities—quoted from the ‘ What Is Your Bank Doing for Your Community?” page in the November Mid-Continent Banker—was of the Geo. W. Brown & Son State Bank, all seven of the titles might have referred to activities of this bank. Since the article, “ Bank Employs a Farm Co-operator,” was published of us in the Mid-Continent Banker, now almost a year has elapsed. During this twelve-month period we have at differ ent times engaged in all of the aboveentitled activities as a part of our farm extension program. One of the first efforts of our farm ■co-operator was to interest the farmer and the housewife in the culling of poultry flocks, that they might become the more profitable. Early last spring we fostered a poultry standardization project whereby we furnished from one to four settings of eggs from cer tified flocks, in return for which we https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By O. C. Jones Cashier The Geo. W. Brown & Son State Bank, Augusta, Kansas receive back in the fall a well-marked cockerel for each setting supplied. During the winter months we organ ized a Holstein Dairy Calf Club com posed of twelve members, furnishing each with a pure-bred heifer calf, tak ing therefor each member’s individual obligation. At the County Kaffir Korn Karnival this fall these calves cap tured every blue ribbon but one awarded in their class. In the late spring we started the publication of “The Brown Bank Cooperator,” a multigraphed four-page paper filled with inspirational mes sages, notes on our farm extension and community activities, and generally carrying a copy of our last “called” statement. This winter we are carrying on a “movie” campaign, showing pictures in the interest of dairying at the vari ous country schoolhouses throughout our territory. We have helped a number of our customers to the purchase of dairy cows, and last January, at the Kansas National Live Stock Show held in Wichita, Kan., we purchased the prize yearling Holstein bull—“King Parthenea Homestead”—bringing him into our community for the encouragement SECOND PRIZE W IN NER and use of farmers becoming inter ested in dairying, but yet lacking the nerve or the finances to possess them selves of so high priced an animal. Although any one of the above ac tivities might be worthy of mention as an individual effort, yet they are all just a part of our farm extension pro gram carried on under the direction of a paid farm co-operator. We have now had a year to judge of the worthwhile ness of this project. Although it has cost us considerable to carry on, yet as a builder of good will it has been a vital force, and gives every evidence of being in the nature of “ casting our bread upon the waters,” and, as time goes on, we, together with our com munity, must profit manyfold. Our farm co-operator, in the period of but a year’s time, has come to be one of the most indispensable men about the bank. Here is a letter used to announce one of our banker-farmer meetings: Dear Sir: The Brown Bank wants you and your family to come to a “GetAcquainted” meeting we are planning for your community, to be held at ............................. .................... ......... The main purpose of the meeting is to become better acquainted and to talk over some of our local problems. We also want you to meet our farm co-operator, Mr. Bacheller, and to learn of his work and our purpose in bring ing him here, and also to get your idea 10 Mid-Continent Banker T H E Dane Co ., Wls., has' more dairy cows than people. B R O W N B A N K Prepare to get your share of the ■coming prosperity C 0-0 P E R A T O R Volume 1 Augusta, Kans., Sept. 1924 Number 2 D A IR Y M E E T IN G S P L A N N E D CLUB SHO W AT ELDO RADO SEPT. 16, 17, 18. OCT. 8-, 9, 10, On the above--aates we have ar ranged - to have the moving-picture film of the .Wisconsin Dairy Tour, which-was made in July, by Bankers, farmers, and Business men of. Kan sas, Oklahoma, and Missouri. In connection with the KAFFIR KORN KARNIVAL at Eldorado, the boys and girls’ in club work- will exhibit their stock, poultry, etc., which they have- been handling in their' projects., You sure want to see this pic ture. We are planning other inter esting films, and features, and will hold evening meetings as foll ows :-Tues. 16th, at the Haverhill School; Wed. 17th, at the Brown Town School; and Thursday 18th, at the Bloomington Church. Take the whole family and go to the nearest place. We have seven boys and five girls in the club work, and four teen girls in the poultry work. They are all working hard to get their calves neady for the show,, a n d ’expect to carry off some of the ribbons.‘ How much good - will wheat at $1.10 per bushel do the farmers who haven't any,o.r have raised but from six to twelve bushels per. acre? 'Round about Augusta just simply isn't wheat country. The sooner,we realize this and adapt ourselves to lines of endeavor that.wlll pay-the sooner we will have prosperity and the greater it will be. We must grow ..into better stock arid must therefore breed to better slrieis. We want to remind you of the fine Holstein Bull we have at John Hyde's, under his care,/' and urge you to make use. of the except ional opportunity, to breed your eows*to a good sire1 . Four.things make a successful dairy country— DAIRY" CROPS, DAIRY MARKETS, DAIRY CATTLE, arid DAIRY MEN & WOMEN. at once the number of settings wanted, the breed, and about the time you wish to set the eggs. GE'O. W. BROWN & SON STATE BANK, By H. S. Bhcheller, Farm Co-operator. Friends Toss A1 Foreman’s Hat in the Ring Following the urgent demand of nu merous friends throughout the state, Alfred K. Foreman, vice-president of the Foreman National Bank of Chi cago, has found himself a candidate for vice-president of the Illinois Bankers Association. A1 Foreman is not only popular on La Salle street, but has a large follow ing of friends among the bankers in every section of Illinois. His friends ¡Our club,work' is progressing nicely, and we expect a large en rollment of new members next year. September and- October are the best POULTRY CULLING months. We are aiming to hold, demonstrations, in every community within our,ter ritory, thereby giving every one an opportunity to learn to cull. It pays to cull. It takes two good hens to pay the board of one LOAFER. PLAN NOW to have a demon stration at . your place and call on us AT ONCE. As predicted in the May issue of this "family medium“ ‘the:, turn for/ the better, in the farm situat ion has set in. We -will venture a further prediction at this tlme:Tho next three/, years..will see ‘the farmer have -his inning, while many of the "city fellers" will be com ing -back 'to the farm looking for Jobs. The Publication Issued Each M on th b y the G eo. W . B row n & Son Bank as to some of the ways in which he can be of greatest benefit to the com munity. There will be no long-winded speeches, just a pleasant evening with a little program of music and readings, some rousing community singing, a good lunch, and visiting together. Remember, this is our treat. We want you to be sure and come, and bring your family, your sweetheart and your neighbor. Very truly yours, O. C. JONES, Cashier. Here are the details of the Brown Bank poultry standardization project and the rules and regulations: The Brown Bank, wishing to assist through some constructive method in the improvement and standardization of the farm flocks in this section, plan to distribute settings of eggs from standard-bred, certified flocks among the farmers in the following manner: Two breeds have been chosen, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis namely, single-comb Rhode Island Reds and White Leghorns, as being the most practical and popular of the farm flocks in this section. The bank agrees to purchase eggs from the best flocks possible for the money, and sell at cost. The farmer, boy or girl, either pays cash for the eggs or signs an agreement to return to the bank in the fall one mature, healthy cockerel, well marked, for each setting of eggs received. We ad vise taking two or more settings, so as to have a fair-sized flock of pullets in the fall. Birds hatched from these eggs should receive the best care possible and be the foundation for a standard-bred flock on the farm in the future. By making the pullets and exercising care in selection, mating and keeping rec ords it will be possible to become a certified breeder. The bank will give assistance next fall in disposing of all the surplus, well-marked birds you may desire to sell. Kindly let the farm co-operator know Alfred K . Forem an suggest that, in addition to being able to devote sufficient time to association interests, he is well qualified through past affiliation with organization ac tivities. He is now serving as secretary of Group 4, and during the recent Ameri can Bankers Association convention in Chicago was an active member of five committees which planned and handled the meeting. A man who, in the struggles of life, has no home to retire to, in fact or in memory, is without life’s best rewards and life’s best defenses.—Titcomb. 11 St. Louis, F ebruary, 1925 Advertising- the Bank by Ad vertising the Community TH IRD PRIZE W INNER the marvelous development of trans NASMUCH as a bank has no bar By B. J. Bleakley portation in this country. The rail gain days or special prices to offer, Cashier Central Illinois Trust and Savings roads have been the major cause of Bank, M attoon, 111. there is a sameness to the services that modern phenomenon, the city, and offered by the different banks in the Station WQAL, Industrial Roofing industrial and commercial center. Cut the railroad communication of Mattoon same community, which condition Company, Mattoon Packing Company, makes bank advertising difficult, so we Mattoon Ice Cream and Dairy Com and in four weeks the city would starve, first the babies, then the re have to cast about for an idea that pany, Inc.; W'adley Company, Mattoon maining population. will put the name of our bank so def Implement and Buggy Company, City This is food for reflection for the citizens of our city, and any movement initely in the minds of the public that of Mattoon Water Department and when they think of a bank they think Mattoon Clear Water Company, Cen which should bring to pass the break ing of this structure would be cause of our bank. The idea that we used tral Illinois Public Service Company, for dismay, and any movement for its occasioned the comment of many of Mattoon Building and Loan Associaconstruction and development should be hailed with delight. our townspeople, a great percentage of The monthly expenditures in wages them not being customers of our insti paid to employes of the Big Four Rail tution, so we were assured in this A Better Understanding of a Better Mattoon way residing in Mattoon are: way that our message was being read 80,000 (OÛR SCHOOLS) .. Transportation Department....! „„ „„„ and appreciated, therefore putting the n. «ta* «i M attoon»„.«tu«., gre„ wort.h.P„he,™a*, ¡sM £ Mechanical Department........... 63,000 ft Maintenance Department......... 13,000 name of our bank into the minds of ÎÆmttKoTÆ.«¡Îlpo7i..‘"c.nTcha5dÎtn«id™“; p P*3,100 Stores Department. attack oï tne cnua upon xunaaiueiutu siuuieo, uy mm « " y g u mv the public in an agreeable and a favor DC inevitable of tue eustomary academio subjects which lead to graduation from high school; or from paper box to the completed, constructed desk, or table. In this workship the quar X ths terly school paper is composed and edited. Here, too, even classic drama finds a place, able light. $159,100 while every adjunct of its presentation are of times produced by the students as a reêult of applied instruction in the home economics, art and mechanical departments. Total daily freight movement of vari The plan we used was a series of The magnificent support of public education in Mattoon is recognized by teachers and all other employes asMmposing -almost a sacred obligation upon the entire depart ous classes, 43,000 tons. see that adequate returns are jmade upon this great investment. ads in our local paper, each ad being mentAtoreview of the ^chools is hardly complète without figure facts, such as those givTotal number of employes residing about three columns wide and approxi ‘ Enroll nient S cto ol Year 1922-1923 Grade Buildings ............................8 in Mattoon, 1,400. Number in Grades.....................2324 High S c h ool"........................................ 1 mately 9 inches long. The illustra Total monthly consumption of fuel, Number in High S ch ool. . . . . . 1536 $132,000. tion on this page will give you a good 2860 T o ta l«.................... Teachers and S u p erv isors........... 81 In 1922 there was completed the ex idea of the setup. Each and every ad Stenographer and Attendance Officer .......... 2 tension of Mattoon yards, costing was headed “A Better Understanding Janitprs . .......................................... 8 M $100,000. V A LU E O F SCHOOL P R O P E R T Y of a Better Mattoon” and ended always Building Equipmint The Mechanical Department has Longfellow ............... ...............9159,090.00 9 2,500.00 with the same paragraph. These ads added twenty-five men to the payroll Hawthorne ............................... 175,000.00 8,000.00 Lincoln ...................................... 100,000.00 1,800.00 since the first of January. were run three days in each week with Bennett ..................................... 100,000.00 2,250.00 Washington ........................ 110,000.00 2,000.00 A great number of improvements a new setup each week, each setup Lowell ............. 150,000.00 2,250.00 have been recommended for this year H igh S c h o o l.............................. 200,000.00 20,000.00 Columbian 10,000.00 900.00 dealing with some industry or civic in the Mechanical Department which Braden .......................... 2,500.00 250.00 enterprise in our town. will involve an outlay of thousands of $997,500.00 9 35,050.00 We drew no lines with respect to Approximate salaries of supervisors and teachers and janitors for ten U d o l l a r s . ... ., $100,400.00 oï An nnïi nft Approximate nnwivinmto expense bond interest,HPV» rv months, interest,•eonipment, eqmpment, fu el •• The Central Illinois Trust and Sav and repairs, cdc., $23,000.00. Total bonds outstanding, $186,000.00. 1387 whether the concerns we wrote up pupils Lave $12,900 in school savings accounts. • ings Bank, with its excellent organi Tbe business of turning out goQ<J citizens; the business o f developing were customers of ours or not. We b e human zation and adequate resources, believes initiative and helpful endeavor, of creating a higher type o f civil ization, is the business in Y(hich the public and private SCHOOLS o f Matwent to them with our proposition and in Mattoon and stands back of MatTne'Central Illinois Trust and Savings Bank with its excel- i i toon’s business and industry, they were glad to give us the informa lent organization and adequate resources believes in MatCENTRAL ILLINOIS TRUST l back o f MoHAnn’e 1 __ .4________ tion and statistics about their business toon and stands Mattoon’ s biuinAflo business and and industry. industry. AND SAVINGS BANK. which would be interesting and infor Central Illinois Trust and Savings Bank mative to the general public. Of — x Ma tt oon B u ild in g and Loan A sso c iacourse, the entire expense of prepar 24 ÎC 24¿C 24ÎC tion; Natio nal B u ild in g and Loan One o f the Advertisem ents o f the Series ing and publishing these ads was borne A sso c ia t io n ; Okaw Bu ild in g tion, National Building and Loan Asso by us. a;nd Lo an A ssociation . Although we are in a small town of ciation and Okaw Building and Loan Civic pride is more pronounced and approximately 15,000 population, one Association, Illinois Central Freight apparent in a city of home owners. Mattoon enjoys an enviable position would be surprised at the interesting Office and Big Four Freight Office, in the advantage that is offered to her things which you can find out about American Railway Express, Utterback’s people through our building and loan the enterprises that go to make up Business College, Mattoon Title and associations to own their own homes. your town. Wherever one or more in Trust Company, Mattoon Journal Com Mattoon is made up chiefly of working people of moderate means who are stitutions were competitive and very pany, Our City Churches, Our Schools, given exceptional opportunities to buy similar, we wrote them up as a group; Public Library. their own home and pay for it almost for instance, the building and loan as easily as paying rent. To show the interesting information Our building and loan associations associations. that can be secured for such a series named above have $3,211,844.06 loaned The series of advertisements in of advertisements, here is the copy on real estate in Mattoon. This cluded the following industries and used for several: amount is divided among 2,110 bor concerns: Illinois Central Railroad, rowers, averaging $1,522.22 each. Their B i g Fou r R ailw ay. increase in loans during the past year Big Four Railroad, Chuse Engine and No brief is required to establish the was approximately $400,000. Manufacturing Company, J. D. An Them soundness is reflected in their drews Lumber Company, H. W, Clark advantages of the efficient transporta published financial statement of con tion of the Indianapolis Division of the Company, I. O. O. F. Home, Hulman dition. above-named railroad. Their affairs are ably managed by & Co., wholesale general merchandise; Nothing has contributed to our pros well-known and capable secretaries, Methodist Memorial Hospital, Radio perity and progress so much as lias https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . I h a 12 M id-Continent B anker each of whom has been in his position years. That their borrowers in Mattoon are people of good faith is evidenced by the fact that none of these associations has any real estate on hand which has been taken on account of arrearages in payments. Pu blic Library. The first Public Library in Mattoon was instituted in August, 1893, through the organized efforts of its first board of directors—James W. Craig, Frank Kern, Abram Spitler, E, P. Rose, J. A. McF'all, W. B. Dunlap, G. W. Shaw, Mrs. E1. Jennings and Miss Louise Beall. The library at that time was located on the second floor of a small room in the old Robert Holmes Building on the present site of the Plaza Hotel. Mrs. Laura Shaw was elected libra rian with a library of 170 books, all of which were donated by friends. Thus from a small beginning has it grown to its present wonderful propor tions. The present beautiful library was built at a cost of $27,500, of which sum $25,000 was given by Mr. Andrew Car negie and $2,500 by the city. It was occupied in August, 1903, with Miss Blanche Gray as librarian. Its last published report for the year ending April 30, 1922, shows 11,400 volumes in the library. Volumes added during the year, 551, of which number 502 were purchased and 49 donated. Volumes lost, 250. Volumes worn out, 114; lost, 34, which were paid for, and 23 lost, not paid for; 68,311 books and periodicals were issued for home use. One of the prominent features which is deserving of great merit is the inau guration of five branch libraries in our public schools with a permanent col lection of 1,000 volumes. The expense of operation for the year ending April, 1922, was $4,879.58. The financial condition of the library is excellent, due to the careful busi ness management of its past and pres ent board of directors by investing its surplus funds in first-class securities. We are proud of this institution as reflecting our city’s pride along edu cational and intellectual lines of pro gressive thought. What Is Good Bank Management? Banker Helps to Create Com munity Consciousness By R. F. Chapin Vice-President and Secretary Union Trust Company of Chicago ANKING today is on quite a dif ferent plane than that in vogue forty years ago, when I entered the business. A bank’s transactions are not merely confined to its four walls, a routine of paying, receiving, collect ing, loaning, investing and transmit ting, but reach out into the highways and byways in a service most compre hensive. The old-time banker was rather a pitiable character. Dignity was his long suit. He- was chary of making friends. It seemed to be his aim to be both irreproachable and unap proachable. He may have been the richest man in town—a fact which he never forgot himself or allowed others to forget. Today he may still be the wealthiest and most influential man in town, but he has come to learn that wealth and influence bring with them their complement of a commensurate responsibility. It is a part of good bank manage ment that the banker today enter into the spirit of the upbuilding of IBs town and in helping to create a com munity consciousness, for the growth and prosperity of the bank is linked inseparably with the growth and pros perity of the town. So it is distinctly a part of good bank management, that the directing head of a bank takes a leading part in all that pertains to the upbuilding and industrial growth of his commu nity. Today the good banker joins the local Chamber of Commerce, en courages and participates in civic movements, seeks admission into such organizations as Rotary and Kiwanis, B https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis identifies himself with a church or lodge and meets and mixes with men. And he must not merely content him self with meeting men—he must make friends of them. Bank With No Losses Is Over-Conservative By Geo. W. Ward Cashier First National Bank Christopher, 111. W J HAT are the essentials of good VV bank management? It seems to me that if one is given the definition of what is termed a good banker, that from this definition, which would cover to some extent the function of a good bank and the serv ice rendered in its management by its officers and employes, the question would be answered in part at least. Good bank management is a result or production from the efforts of good bank men, the officers as a rule hav ing the larger share in such manage ment, this applying to country banks in particular, since that is the kind of bank the writer is experienced in. It means that good, honest, hard work on the part of all connected with the bank, the co-operation of shareholders and good will of customers, is neces sary to acquire the stamp of a wellmanaged bank, and these are a natu ral consequence of good bank manage ment. A good bank man realizes that banking is a dignified calling worthy of any man; that it is a field of ex ceeding usefulness to community, state and country, and that high motives and a kindly heart are essentials, as well as hard work, alertness, study and the spending of spare time along definite, constructive lines. The question of what are the real reasons that one bank grows, pros pers, makes money for its stockhold ers, plays an important part in the life of its community, while another bank, perhaps almost as well located in the same place, barely gets along, is an swered, I believe, in few words—that is, the prospering bank is the outcome or result of good bank management, while the other bank is the result of bad. Conservatism is a good thing in banking if not carried to extremes, but to be overconservative will lose good business for a bank and it should not reach a place where it would interfere with the good use of the knowledge of its officers in the management, good advertising methods and mediums, as well as a progressive spirit among the bank family. The bank that has no losses, gener ally speaking, would likely come under the classification of an overconserva tive bank, and it is better to have a few losses and serve your community than to have none, resulting in the bank’s customers and community not getting the benefits justly expected of a bank. Old Banking Methods Have Gone, Like Old Beards By J. A. Spekenhier Vice-President First State Bank & Trust Co. Bogalusa, La. ISUALIZE that eighteen years ago, down in this section of Dixieland, where the tall pines grow, nothing but a vast primitive forest spread over the landscape where the bank now stands. Had we practiced calculated conserv atism, we would not have been an institution of a million and one-half in resources; the city would not have had forty-five miles of hard-surfaced streets V 13 St. Louis, February, 1925 and the entire community would have been correspondingly retarded. Con servatism, of course, is very neces sary, but confidence is more neces sary. Old banking methods have gone the way of the fringe on the face of the old-type banker and the Galways un der the face of the old-time Irishman, as depicted in the movies. We measure our clients in the fol lowing order: 1. Character. 2. Moral risk. 3. Financial responsibility. When they have passed this test, we give them our confidence, and our in terests are then mutual. A Bishop comes in and we get out the old church loan and show him that it is being slowly but steadily re duced. The bootlegger wails the loss of his boat, confiscated by the authori ties. We ask him if it is possible for him to repurchase it, or buy another. We picked out a gambler noted for his square dealing and made a successful realtor out of him, and now he has been granted a credit line of 15 per cent of our capital stock. Bankers should at least register interest along with ringing up interest on the cash register. When a loan is declined, the applicant feels sorry for us in that we are unable to make it. A few winters ago when the manufac turer was rather hard-pressed for ready cash and the northern market was slug gish in a popular make automobile, the local agent was swamped with carload lots and the bank flooded with sight drafts, bills of lading attached. We met the emergency, however, and had confidence in our ability to move the cars on which we took a chattel mort gage, at no loss to us no matter what happened. Louisiana has fifty-eight varieties of snakes—nosing Heinz out by one—but we were an accessory after the fact in introducing another rattler in this Parish when this accumulation of automobiles was turned loose. We retain a copy of every advertise ment put out by us and we check up to ascertain if it pulls. Two words are taboo with us: “ Closed” and “Don’t,” and we adhere strictly to this rule in our advertisement and banking routine. A friend brought back from St. Louis a clever advertising plan of one of the big banks. We followed it in part and we are plastering the city and painting our road signs with: pend less ave 10% of your alary each week S It pulls. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Interesting Men in the Banking Field Meet C. L. Boye of the Foreman National Bank 'E submit hereon a new picture of C. L. Boye, second vicepresident of the Foreman National Bank of Chicago. The gentleman is personally known, quite possibly, to a larger number of bankers in Chicago and St. Louis territory than is any other individual in the business—the reason being that he has personally visited almost every banking town in such sections. He was previously an officer in another Chicago bank and, yet earlier, a representative of a St. W ered. To make a short tale of It, the experience all but floored him. The two most unsatisfactory years of his life, he declares, were the two years he tried to enjoy loafing. So he got back into the game again, and has been happy ever since. More power to you, Charley! Oklahoma Association Presi dent Has Model Bank n . W il s o n , president of the Oklahoma Bankers Asso ciation, was born in Crystal Springs, Miss., April 18, 1879, and was educated in the University of Mississippi. After completing his education he moved to Durant, Okla., in 1903, and two years later identified himself with the Farm ers National Bank of Durant as assist ant cashier. He remained with this bank for four years, severing his con nection to accept a more lucrative po sition with the First State Bank of that city as cashier. He disposed of his interest there and moved to Bok chito, Okla., in 1911, and organized the First State Bank of Bokchito, of which he was made cashier. He has served H arvey C . L . B oye Louis institution, both of which lost their identity through mergers. His many friends will be glad to hear of his promotion, which occurred re cently, from the assistant cashiership to vice-president. When questioned as to any hobbies which he might be riding, he an nounced the conviction that, beyond ties of family and friendship, there is no material joy in life equal to that of congenial work. In short, that he has no special hobby, unless it be the pleasure of accomplishment. And thereby hangs this tale: About three years ago, when the Fort Dearborn was taken over by the Continental Commercial, he decided to abandon work indefinitely, as a pro cedure not necessarily ideal, yet not unworthy of a trial, everything consid in the same capacity for the past thir teen years. The First State Bank of Bokchito is recognized over the State as a model banking institution. 14 Mid-Continent Banker Increased Business Causes Boatmen’s to Enlarge Banking Quarters B y Wm. H. Maas Associate Editor, Mid-Continent Banker E dw ards W hitaker President B oatm en ’s Bank has been made by officers of the Boatmen’s Bank of St. Louis of plans for an extensive transformation and enlarge ment of its present banking quarters at the northeast corner of Broadway and Olive streets. The proposed addi tions, which contemplate an increase of some 3,000 feet of floor space, to gether with interior improvements and decorations, will give the old institu tion a leading place among the most modern banking homes in the United States. The work of remodeling is expected to take approximately six months. Con tracts for the alterations have been let to the St. Louis Bank Equipment Com pany. The main entrance to the bank proper, which is now located almost on the corner of Broadway and Olive street, is to be moved to the center of the bank on the Broadway side. An entrance on Olive street, now open, will be closed, while the entrance lead ing from the bank building lobby will remain. Officers’ quarters, now on the Olive street side, will be on both sides of the main entrance. The tellers’ cages will circle the rest of the space to the entrance leading from the build ing lobby. The tellers’ cage will be of marble and bronze. Like the well-known make of silver ware bearing the date of that year as ft trade-mark, “ Boatmen’s, 1847,” has A nnouncement https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis long been a household word in St. Louis and the surrounding territory. Rich in tradition and achievement, it has ever been a constructive force for the upbuilding of the city and state. Evidence of this fact might be gained in various incidents gleaned from a perusal of the bank’s history. In Jan uary, 1872, for instance, we find that the “ Stockholders voted a $50,000.00 subscription to the St. Louis Chamber of Commerce Association.” The institution received its charter from the state of Missouri on the six teenth day of February, 1847. At that time, the city of St. Louis had a popu lation of 55,000 inhabitants, with John M. Krum as mayor. The plan for or ganizing an institution on the savings bank plan was credited to George K. Budd, who came to St. Louis from Philadelphia in the spring of 1836. His plan was to model the institution after one then existing in Philadelphia, which had proved a success. In the further ance of his ideas he enlisted the co operation of a few other prominent and philanthropic citizens of the then young St. Louis, who adopted his plans, having chiefly in view the fostering of thrift on the part of steamboat men, Adam L . M ills First President B oatm en ’s Bank who at that time largely constituted the laboring element of the community. Adam L. Mills was the first president of the bank. The institution, according to a recent financial statement, has a capital of $2,000,000.00 and surplus and undivided profits of $1,162,157.00. Deposits total $23,386,640.09. During its career of seventy-six First H om e o f the B oatm en’ s B ank, O ctober 18, 1847, at N o. 16 L ocu st Street, St. Louis. T he M o n th ly R ental was $12.50 15 St. Louis, February, 1925 years it has had but four presidents. Mr. Edwards Whitaker, the present in cumbent, has been associated with the bank as director, vice-president and president since January 26, 1880, when he was elected a director. In February, 1910, he became president, succeeding the late Rufus J. Lackland, who served as president of the institution for forty years. The late William H. Thompson was cashier of the bank for over fifty years. The bank moved to its present lo cation in 1914 after a fire had destroyed its building at Fourth street and Wash ington. When the new quarters were acquired, the officers believed that the space leased would be sufficient for at least twenty years, but the enormous increase of business in the past ten years made it necessary to obtain larger floor space and facilities. The officers, besides Mr. Whitaker, are: Murray Carleton, vice-president; Aaron Waldheim, vice-president; Julius W. Reinholdt, vice-president and cash ier; Edgar L. Taylor, vice-president; Leroy C. Bryan, vice-president; Ches ter C. Hammerstein, Albert Wagenfuehr, H. Alfred Bridges and Rudolph Felsch, assistant cashiers. The board of directors are composed of Murray Carleton, Sam D. Capen, Julius Glaser, Joseph R. Matthews, Julius W. Rein holdt, F. E. Sheldon, W. K. Standard, Albert T. Terry, Aaron Waldheim, Ed wards Whitaker and Maurice Wright. A BOVE all else, the Seaboard is a bank ^ which seeks to do business only with sound, aggiessive concerns. To such clients the Seaboard proves itself the staunchest kind of all-weather partner on well-planned voyages for the discovery of more business and better business. The Seaboard National Bank of the City of New York M a in OFFICE: Broad and Beaver Streets Mercantile Branch 115 Broadway Uptown Branch 24 East 45th Street at Cedar Street near Madison Avenue The W hitney-Central Banks New Orleans, La. We invite correspondence regarding the far-reaching service we have to offer. 1925 Convention Dates State C onventions. Georgia—April 23-25, Macon. T e n ne sse e— M a y 6-7, Na sh ville. North Carolina—May 7-9, Pinehurst. Capital and Surplus, $6,000,000.00 M i s s i s s i p p i — M a y 12-13, Jackson. Texas—May 12-14, Houston. M i s s o u r i — M a y 19-20, St. Louis. K a n s a s — M a y 20-22, Topeka, Kan s. California—May bara. O k la h o m a — M a y 20-23, Santa Bar 26-27, Tulsa. Iowa—June 15-17, Dubuque. New York—June 22-24, Ithaca. Ill in ois— June Ot her 18-19, Peoria. Con ve ntions. Spring Meeting Executive Council of American Bhnkers Association—April 20-23, Augusta, Ga. Association of Reserve City Bankers —May 6-8, Brown Hotel, Louisville, Ky. American Bankers Association— September 28-October 1, Atlantic City. To furnish a quality of service that will merit leadership. T o furnish satisfactory credit and banking facilities to a host of customers. T o provide specialized departments for serving a large clientele with every phase of high-class financial ser vice. T o protect and advance the interests of the territory served. This is the responsibility thaf rests on this institution. How well it meets its responsibilities is evi denced by its growth and service to over 30,000 banks, businesses, and individuals of the Cen tral South. ‘A Greater Barili fo r Greater N a sh v ille" See deep enough, and you see musi cally; the heart of nature- being every where music, if you can only reach it. —Carlyle. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis me ri gam B anks «esseJS*0—• NASHVILLE * v -ÀimepictufNational (Jmpnny ■ (AFPILIATED) ... — ..... 16 Mid-Continent Banker Insurance Trusts Created to Pay Estate and Inheritance T axes HERE are inheritance tax laws now in force in all of the United States, except Alabama and Flor ida, and all of such states having such laws impose such taxes upon the in heritances received by decedent’s widow, widower, children and other lineal descendants, except the states of Iowa, Maryland and Texas, which con fine the imposition of the tax to col lateral relatives and strangers in blood to the decedent. In addition to the state laws, there is the Federal Estate Tax Act, which imposes a tax upon decedent’s net estate in excess of $50,000.00. T Under the state inheritance tax laws, and the federal estate tax act, if the insurance is payable to the de cedent’s estate, it is subject to the in heritance and estate taxes, but if it is payable to a specific beneficiary or a trustee for such beneficiary, then such insurance is not subject to the inher itance and estate taxes, except that un der the Federal act, all insurance in excess of $40,000.00, payable to specific beneficiaries, is to be included as a part of decedent’s gross estate, from which a $50,000.00 exemption is allowed to resident decedents of the United States. The inheritance and state taxes are a lien upon decedent's estate until such taxes are paid. The inheritance tax is primarily the obligation of the beneficiary and is computed upon the net value of the estate which he will inherit. The federal estate tax is a tax upon the value of decedent’s net estate and must be paid by the execu tor out of the assets of the estate. If there are not sufficient funds on hand in the decedent’s estate at the time of his death, for the payment of such taxes, it is usually necessary for the executor to sell assets belonging to the estate, for the purpose of raising such taxes, and such sales usually result in a loss to the estate, and if any such securities are sold by the executor or administrator during the period of administration, for prices in excess of the appraised value of such property as determined for the purpose of imposing the federal estate tax, then any such excess proceeds of sale will be taxed as income to the decedent’s estate, as proceeds realized upon the sale of as sets, and such taxes, together with other expenses and losses incident to such forced sales of assets for the pur https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By The Legal Editor Questions of interest to bankers are discussed by the Legal Editor each month. Any subscriber has the privilege of writing for infor mation and advice on legal sub jects, and will receive a direct reply from our attorney, without fee or expense. A brief of any subject involving research in a complete law library will be furnished for $10. In writing for information, kindly inclose a 2-cent stamp for reply, and address “ Legal Editor, Mid-Continent Banker, 408 Olive Street, St. Louis.” pose of producing revenue for the pay ment of inheritance and estate taxes will entail considerable loss upon the ultimate beneficiaries of the estate. For this reason, many persons have realized the necessity and advantage of procuring life insurance for the payment of such taxes. If such poli cies of insurance taken out for the pur poses aforesaid, are made payable to the estate, the insurance will also be subject to estate and inheritance taxes, probate fees and other such ex penses and at the higher rate imposed under such laws, as the additional in surance procurred for such purposes will be taxed at the highest rate pay able upon decedent’s other estate ac cording to its value. If, however, such insurance policies are made payable to a trustee, with a discretionary power in such trustee to apply such proceeds of insurance in payment of any portion of decedent’s estate or inheritance taxes, which will ultimately be charged against any of the shares of the beneficiaries of the trust, then such insurance will not be subject to the estate and inheritance taxes, unless under the rules of the Treasury Department, the trustee is under the legal obligation to use the proceeds of such insurance in the pay ment of such taxes. Under the Federal estate tax act, it is provided that the decedent’s gross estate shall include the amount of in surance receivable by the executor as insurance under policies taken out by decedent upon his own life, and to the extent of the excess over $40,000.00, of all such insurance receivable by all other beneficiaries as insurance under policies taken out by the decedent upon his own life. If the insurance is not taken out by the decedent upon his own life, although he be the insured under such policy, the insurance will not be included as a part of the dece dent’s gross estate, for the purpose of the imposition of the Federal estate tax. It is considered by the Treasury Department, that the decedent has taken out insurance upon his own life, when he pays the premiums directly or indirectly, whether or not he made the application for such insurance. The rules also provide that even though the insured does make application for the insurance, that such insurance shall not be included as a part of the estate, if the premiums are actually paid by some other person or corporation, from funds not belonging to nor advanced by the decedent. Where the decedent assigns a policy and retains no inter est therein, and thereafter pays no part of the premiums the insurance will not be considered in determining whether there is a taxable excess over $40,000.00 to be included as a part of decedent’s gross estate, for the impo sition of the estate tax. Thus it will be noticed that there are various methods of imposing the inheritance and estate taxes, and that under some circum stances, insurance will be included as a part of the decedent’s gross estate, and under other circumstances will not be so included, and that if insurance is taken out by the decedent, payable to a trustee for the purpose of pro viding funds for the payment of inher itance taxes, that even such insurance will be subject to the inheritance tax, if there is any obligation upon the trustee legally binding upon it to use such insurance in the payment of such taxes. There are crowds who trample a flower into the dust without once thinking that they have one of the sweetest thoughts of God under their heel.—Titcomb. The aggregate happiness of society, which is best promoted by the practice of a virtuous policy, is, or ought to be, the end of all government.—Washing ton. A little neglect may breed great mis chief. For want of a nail the shoe was lost; for want of a shoe the horse was lost; and for want of a horse the rider was lost, being overtaken and slain by the enemy; all for want of a little care about a horse-shoe nail.—Franklin. 17 St. Louis, F ebruary, 1925 U N IO N T R U S T B U IL D IN G M A D IS O N A N D D E A R B O R N STRE ETS For a H a lf Century I , ip a Thoroughly Satisfactory I I $ Commercial Banking II Connection We Invite Correspondent Bank Business on Our Record 1869 H arry A . W heeler President UNION TRUST i COMPANY C H IC A G O R E S O U R C E S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M O R E T H A N I I I 1 1925 * Fr e d e r ic k H . R a w s o n Chairman of the Board I $ 7 5 , 0 0 0 , 0 0 0 18 Mid-Continent Banker Railroad Executives at Gateway Dinner T. LOUIS railroad executives were honor guests at the “ St. Louis Gateway” dinner given in that city Monday evening, January 12, by John G. Lonsdale, president of the National Bank of Commerce in St. Louis. The 200 guests included the banking interests of the city, while the outstanding theme was transportation, and all of the speeches dwelt upon the welfare of the roads and the future of St. Louis as the “gateway of the great Southwest.” The banquet hall of the St. Louis Club was, for the time being, a bustling railroad yard, with tracks, interlocking switch towers, bridges and semaphores, and there was also a large-sized work ing model of a locomotive which chugged and performed its part of the entertainment in a most satisfactory manner. As each railroad president was called by Toastmaster Lonsdale, in his ca pacity as “ call boy,” the block system gave the speaker the clear signal. Then, as the speaker proceeded, mov ing scenery showed the section of country served by his line. S The subject and speakers were: “Dean of the Profession,” C. E. Schaff, president, Missouri-Kansas-Texas Lines, who was represented by C. N. Whitehead, executive vice-president; “Red, Yellow or Green,” Daniel Upthegrove, president, St. Louis Southwestern (Cot ton Belt); “No. 1925 on Time,” L. W. Baldwin, president, Missouri Pacific R. R. Co.; “Head In, Back Out,” Henry Miller, president, Terminal Railroad Association of St. Louis; “Giving the Southwest the ‘Highball’,” J. M. Kurn, president, St. Louis-San Francisco Rail way Co.; “Keep Your Eye on the Board,” J. E. Taussig, president Wa bash Railway Co., and “All Aboard, Let’s Go!” W. Frank Carter, former president of the St. Louis Chamber of Commerce. A telegram of felicitation from Pres ident Coolidge, in response to an in vitation to attend the dinner, was read by Mr. Lonsdale and evoked much ap plause. The telegram read as fol lows: “I am glad to extend to those gathered at the Gateway Dinner my good wishes. Such a meeting has wide The year 1925 with its new opportunities is before bankers. Optimism, which has been such a vital requirement in rebuilding the morale and the status of the people during the last few years, should now be expressed by everyone. Indications everywhere speak for a great year for business during 1925. The banks are the financial barometers of every community, and the height of the mercury will be determined by the advantage each banker is taking of this oncoming prosperity. W ESSLING SERVICES have helped many a banker and many a financial institution, during the past year to stabilize conditions in his community. The coming year will see many more bankers taking advantage of this Personal Service so that they may share in the O PPO R TU N ITIES 1925 offers. Write for complete information and let us submit our plan to you. W E S S L IN G S E R V IC E S FROM IOW A AT LYTTON D. . W E S S L IN G , P R E S . A . R . W O L F , V IC E -P R E S . “ Planners and Creators of Original Bank Services” Bank Art-Window and Lobby Displays— Classified Programs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis opportunities to promote the interests of the public, as well as of those more intimately concerned as shippers or carriers, and I trust it will prove the gateway to a wider comprehension of the problems to be faced, the difficul ties to be overcome and the common concern all must feel in their solution.” In his opening address, Mr. Lonsdale alluded to the projected consolidation of railroad properties and warned the city not to be caught “asleep at the switch.” “Will we see some St. Louis road,” he asked, “with its executive headquarters here, tagged onto another system and moving its quarters away from here, making this city a way sta tion instead of a railroad metropolis?” His theme was co-operation with the roads by the financial and industrial in terests and the hearty response of his hearers indicated no division of sen timent on that score. The railroad executives were gen erally in an optimistic mood and pre dicted a prosperous year if the lines were not harassed by over-regulation by the various agencies seeking to wreck the Transportation Act. There was much attention given to the mount ing tax bills and other heavy increases in the cost of furnishing transporta tion, but, despite all this, the railroad chieftains looked for continued pros perity. “The train order board,” said J. E. Taussig, president of the Wabash, “is set for ‘clear’ at this, the commence ment of 1925, a year which opens up full of promise for sensible and con servative prosperity for all industrial and transportation enterprises. We railroad men have great hopes as to the financial and business outlook for 1925. While we do not expect any great boom such as we have had in some pre vious years, we believe that we are en tering an era of reasonable and sensi ble prosperity in all business enter prises in this country.” James M. Kurn, president of the Frisco Lines, struck an optimistic note when he declared: “The future as portrayed by conditions existing within our territory justifies the statement that we are again at the threshold of an era of real prosperity. Our inven tory reflects that the great oil indus try of Oklahoma, Texas and Kansas is rapidly recovering from conditions which have confronted it for several years past.” L. W. Baldwin, president of the Mis souri Pacific, was also convinced that a period of sane progress confronts the country. Mr. Baldwin has just been elected a member of the Board of Di rectors of the National Bank of Com merce in St. Louis. 19 St, Louis, February, 1925 B O A T M E N ’S BANK OLDEST BANK Founded IN M ISSOU RI in 184-7 E SOLICIT YOUR W business on our record of seventy-seven years of c o n s e r v a t i v e banking O F F IC E R S E D W A R D S W H I T A K E R , President M U R R A Y C A R L E T O N , Vice-President A A R O N W A L D H E IM , Vice-President JU LIU S W . R E IN H O L D T , V .-P . and Cashier E D G A R L. T A Y L O R , Vice-President L E R O Y C. B R Y A N , Vice-President C H E S T E R C . H A M M E R S T E I N , Assistant Cashier A L B E R T W A G E N F U E H R , Assistant Cashier H. A L F R E D B R ID G E S , Assistant Cashier R U D O L P H F L E S C H , Assistant Cashier "W e need a N e w Y ork connection” By supplementing your own facilities with a New York ac count with The Equitable, you can have facilities for tak ing care of practically every requirement that may arise. For instance, The Equitable can purchase securities in all local or foreign markets for the investment of reserve funds, and your larger depositors can have the advantages of our highly specialized credit and business information service. THE EQUITABLE TRUST C O M P A N Y OF N E W Y O R K 37 W A L L STREET C h ic a g o O f f i c e : 105 South LaSalle Street D O N A LD L . D E G O LY E R , M anager District Representatives Lan d Title Building Calvert and Redwood Sts. P H IL A D E L P H IA : B A L T IM O R E : Sa n F r a n c is c o : 485 C a lifo r n ia St. RESO U RCES: $ 2 5 ,0 0 0 ,0 0 0 .0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LONDON PA R IS M EX IC O C IT Y Total Resources over $450,000,000 20 Mid-Continent Banker The fastest growing life insurance company ¡INTERNATIONAL! LIFE BU ILD IN G rA O B E S /n the Mississippi Valley." W. F. J. R . P A IS L E Y , P resid en t W . lv. W H I T F IE L D , V ice -P re s id e n t G R A N T O E S , V ice -P re s id e n t a n d G eneral M gr. o f A g e n cie s A Source of Profit to Your Bank A Service to Your Community Walter W. Head, ex-president of the American Bankers cently said of life insurance: Association, re “The banker who does not recognize the importance of this great insti tution, wno does not realize its community of interest with his own busi ness, is indeed blind to one of the great constructive agencies for the ad vancement of his community and his country.” The International Life Insurance Company has a plan of banker co-opera tion which includes both the elements of profit for your bank and service from this Company. It calls for— 1. A direct profit to eligible banks from the deposit placed in the bank. 2. A profitable commission contract. 3. A complete and up-to-date line of life insurance contracts, both standard and sub-standard. This plan is further strengthened by “ helpful co-operation” from the “ Fastest growing life insurance company in the Mississippi Valley” — a com pany of proven strength and stability. Secure full information without obligation from J n lm ia ito n a i 3 fc5iyurauc€ Co. Si. Louis, Mo. C. S. W H ITFIELD , 425 Liberty Building, Des Moines, la. T H O M A S F. BOURKE, 716 Omaha National Bank Bldg., Omaha https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GUY A. COLLARD, 402 California Building, Denver, Colo. L. A. ALEXANDER, 536 New England Bldg., Topeka, Kan. 21 St. Louis, February, 1925 Bank of Clarkson in Fine New Home Remarkable Growth of This Institution in Small Kentucky Town Shows Possibilities of a Bank’s Service to Its Community LARKSON, Kentucky, is a mere hamlet. Back in 1904, when a few audacious souls began to prospect around to see what might be done about a bank, the crepe hangers all said “ It couldn’t be done” (but they did it). These mourning souls had some grounds for their belief, too—there were already four banks encircling the community. There was a strip of “ No Man’s Land” running back of the town, a distance of twenty-five or thirty miles, “But what’s it worth to a bank?” they said scornfully. C A t the opening o f the new hom e o f the B ank o f Clarkson. L eft to right: Q. M . H a m ill, farm er; C . K . B ratcher, Assistant Cashier, Bank o f C lark son; Ernest K eller, Cashier, Bank o f C larkson; T hos. L . Sweat, L incoln B ank and T ru st C o., L ouisville; F. C . D orsey, V ice-President, L ib erty Insurance B ank, L ouisville; H arry C . Sm ith, S ec retary, K en tu ck y Bankers A ssociation; T hos. T erry, P resident, B ank o f Clarkson. B y Mrs. Sallie Graham Stice paying off the war debt to Germany back in 1870. It was astonishing how much there was. The territory began to develop and expand. The farmers started coming to town in Tin Lizzies and even more am bitious cars. And Clarkson, maybe the bank wasn’t the cause of it, but the town took on new life. The churches began to look more cheerful, the old ramshackle school building was razed and a nice new building took its place and a community house went up. Everybody began to perk up—say our town; a community spirit was born. All this time the bank was growing and last year it completely outgrew its place of habitation. The bank officials put their heads together. They must have a new home and it must be in keeping with the spirit of the town. To their everlast ing credit, the vote was practically unanimous to build and equip a plant “as is.” They did and the new home is a beauty. The numerous customers, now com posed of doctors, lawyers, merchants, chiefs, rich men, poor men—but no beggar men or thieves—received a very special invitation to the house warming. And such a nice house warming it was. In the first place the weather man be haved most decently—the sun shone even brighter than usual on this new Kentucky home and Robin Redbreast was an honored guest. He was not the only guest of honor. The president of the Kentucky Bank ers’ Association was there in great power and glory. With him were of ficials from the big banks in Louis ville with lovely floral offerings. There was much merrymaking; an orchestra and high school children to sing, this to the accompaniment of many marching feet as the folks from all over the country walked around and took in the fine points of the bank’s new home. They were all there—the fine points —beautiful woodwork of American wal nut, burnished grilles, shining name plates, artistic droplights, soft tan shades and draperies, consultation rooms, “loafing” rooms, and a ladies’ rest room finished in rose and tan with tapestry and overstuffed wicker furnishings. An interesting point was, of course, the vault, a very modern steel rein- The audacious ones went ahead, though, and raised the $15,000.00 neces sary for capital stock. They put up a little brick building, opened up, and the bank paid dividends from the very first. Now, to some big captain of in dustry that may not sound like much, but there’s at least one country bank of the same age and a hundred times more resources in Kentucky that is not paying a n y dividends yet. This one is now paying 10 per cent semi-annually; it has a capital stock of $25,000, a sur plus of $20,000.00, and a half million in deposits. But we are getting ahead of the story. Anyway, the denizens of the beleaguered territory mentioned as No Man’s Land were pleased to have a bank of their very own, and made haste to let the bank know it. The old socks, broken sugar bowls, powder pouches, old tin boxes and the like were brought from their hiding places—put in jeans pockets and carried over to our bank— considerably like the French people https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bank o f Clarkson, Clarkson, K en tu cky 22 Mid-Continent Banker forced concrete tomb, with a door of the most approved design, which made you think of the burglar in O. Henry’s story and hope most devoutly that if anybody happened to get locked in he’d show up—not otherwise though. A great time was had by all. In their meanderings the guests came into a sort of shrine wherein were souvenirs—a punch bowl remindful of the days of good King Wenseslas, most lovely cake, all graciously served by ladies quite as winsome and charming as ever gladdened the heart of the Good King, which about concludes this narrative. Not quite—no history of this suc cessful endeavor is complete without speaking about the men who stand at the helm of this staunch ship of finance. “Tom” Terry, president; Ernest Keller, cashier, and W. C. Kel ler, vice-president, form a triumvirate well nigh invincible. Captain, first mate and pilot in the order named— they have steered their ship into the Port of Success. Promotions at First National, Chicago Frank O. Wetmore Becomes Chairman and Melvin A. Tray lor, President; Bank W ill Enlarge and Remodel Building HAT banking history in Chicago is still in the making is evidenced by the new developments, both in personnel and physical properties, in the First National Bank and the First Trust and Savings Bank as the year opens. At the annual meeting, Frank O. Wetmore was elected chairman of the boards and Melvin A. Traylor presi dent of the banks, Mr. Wetmore having been president of the First National Bank and Mr. Traylor president of the First Trust and Savings Bank. Other promotions in the First Na tional Bank were: Harry Salinger was made vice-president in charge of the Foreign Banking department which succeeds the Foreign Exchange depart ment of which he was manager; Frank M. Gordon, vice-president of the First Trust, in charge of the Bond depart ment, was elected to the same position in the National Bank, retaining his title in the Savings Bank. In the Bond department of the latter, Irving L. Porter was promoted from assistant vice-president to vice-president, and John H. Grier and James P. Feeley were made assistant cashiers; in the Banking department W. Potter Holst was appointed assistant cashier, and in the (Real Estate Loan department C. B. Jennett and George Hill were made assistant managers. C. Edward Dahlin was appointed assistant attorney of both banks and William Rosbe assistant manager of the Discount and Collateral department of the First National Bank. The careers of the men who now jointly head these two banks present a marked contrast. Frank O. Wetmore was born at Kalamazoo, Michigan, No vember 12, 1867. Shortly thereafter his parents moved to Adrian, in the same state, where he attended school. He began his business career by work ing after school hours in his father’s hardware store. In 1886 he went to Chicago and since that time has been continuously connected with the First National Bank of Chicago. After serv T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ing as messenger and bookkeeper he was appointed general man and mas tered the detail of banking by working in every department. In 1897 he was appointed: auditor, reporting on the bank’s loans to the board of directors. His rise in the bank from that time was rapid. In 1904 he was elected as sistant cashier, and the next year cashier, of the bank. In 1907 he be came vice-president and a year later the chief assistant of Mr. Forgan in the supervision of all the credits of the bank. Since 1910 Mr. Wetmore has been a director of both the First Na tional and the First Trust and Sav ings Bank, and on January 11, 1916, was elected president of the former. Mr. Wetmore has just been elected a member of the Federal Advisory Coun cil of the Federal Reserve Board, rep resenting the seventh district. First N ational Bank Building, Chicago Frank O. W etm ore M elvin A. T raylor 23 St. Louis, February, 1925 Mr. Wetmore’s election to the chair manship of the Boards of Directors does not in any sense mean a retire ment from active duty, but the con tinuation under a common leadership of the First National and First Trust and Savings Banks. Melvin A. Traylor is a comparatively young man to hold so important a posi tion in the banking world, having been born in Kentucky in 1878. At twenty years of age went to Hillsboro, Texas, where he worked in a grocery store and studied law at night. Soon after being admitted to the bar in 1901 he was elected City Clerk of Hillsboro, and subsequently Assistant County Attorney of Hill County, Texas, which office he held until 1905. He began his banking career in that year as cashier of the Bank of Malone, Texas. Two years later, he was made cashier of the Citizens National Bank of Ballinger, Texas, and a year later vice-president of that institution. In August, 1909, the Citizens National Bank took over the First National Bank, and Mr. Traylor became presi dent of the consolidated institution, then capitlized at $200,000. In 1911 he went to St. Louis to become vicepresident of the National Stock Yards National Bank of East St. Louis. After three years oi service there he went to Chicago in September, 1914, as vicepresident, and in January, 191G, was elected president of the Live Stock Ex change National Bank, now the Stock Yards National. In October of 1918, Mr. Traylor was elected president of the First Trust and Savings Bank and vice-president of the First National Bank of Chicago and was made a director of both insti tutions. He assumed his new duties on January 1st of the following year and has since been an active factor in the development of the two banks of which he now becomes president. He has taken an active interest in banking or ganizations, and was president of the Illinois Bankers Association, 1923-24. For several years he served as chair man of the Economic Policy Commis sion of the American Bankers Associa tion, and in 1924 was elected second vice-president of the association, which is indicative of election to the presi dency in 1926. Coincident with these changes in personnel, plans for the extension and unification of the First National Bank and the First Trust and Savings Bank buildings at Dearborn, Monroe and Clark streets, have been completed and demolition work immediately north of the present building on Clark street has been started. On this site will now be erected an eighteen-story addi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion to the existing buildings of both institutions. The frontage comprises 321 feet on Monroe street, 191 on Dearborn and 173 feet 10 inches on Clark. The First National Bank of Chicago and the First Trust and Savings Bank had at the close of 1924 combined de posits of $373,916,608 as compared with $87,590,241, the deposits of the First National when its building was com pleted in 1903. Earnings of the banks for the year 1924 were $3,961,099, from which dividends of 22% on the stock of the national bank amounting to $2,750,000 were paid. Due to this steady growth the problem of adequate bank ing rooms has been continuous and the comprehensive plan of making addi tions and alterations that would insure ample facilities for some years to come seemed imperative as well as logical. Promotions Announced by Chemical National Bank of New York At the annual meeting of the direc tors of the Chemical National Bank of New York for the election of officers the following promotions were made: Barret Montfort, formerly assistant vice-president, was made vice-president and trust officer. Charles E. Kimball and Carleton L. Marsh were made as sistant trust officers. Mr. Montfort is a graduate of Harvard and of the Uni versity of Virginia, and has made rapid progress at the bank since he joined the staff 'of the Chemical Bank five years ago. Mr. Kimball is a graduate of Princeton, class of 1913, and Mr. Marsh is a graduate of Yale, class of 1914, and of the Yale Law School, class of 1917. 1925 1810 A Distinctive Service For Your New York Business TH E M e c h a n ic s & M e t a l s Na t io n a l b a n k OF THE CITY OF N E W Y O R K DEPOSITS, DECEMBER 31, 1925, $293,000,000 G . W . M cG A R R A H , C h a ir m a n of th e B oard JO H N M c H U G H , P re sid e n t 24 Mid-Continent Banker president of the Boone County National Bank of Columbia, Mo., at a meeting of the board of directors, to succeed his grandfather, the late R. B. Price. Mr. Price was born March 9, 1882, in Hannibal, Mo. He received his ed ucation in the Columbia schools, being graduated from the high school there, and in 1904 receiving a degree from the School of Law at the University of Missouri. Missouri M . R . Sturtevant, Pres. O F F IC E R S M IS S O U R I B A N K E R S ASSC C IA T IO N : M . R . Sturtevant, St. Louis President; E. E. A m ick, Kansas C ity V ice-President; W . W . Pollock, M exico Treasurer; W . F. Keyser, Sedalia, Secrt tary; E . P. N eef, Sedalia, Asst. Secretary G R O U P C H A I R M E N : I—G . P. Eddings M ob erly; II—K . M . Blanchard, Chilli coth e; I I I —C. G H ooper, M a itiand ; IV — Jas. A. W alker, M arshall; V—V. T . M o berly, St. Louis; V I—H . A. Buschm ann Poplar B lu ff; V II—H. D . Silsby, Jr. S pringfield;V III—W .E . C arter,C arthage F irst National, Clayton, H a s Profitable Year. F. J. Hollocher, vice-president of the First National Bank of Clayton, Mo., announced the declaration by that bank of an eighteen per cent semi-annual dividend for the second half of the current year. A twelve per cent divi dend was paid at the first half of the year, making a total of thirty per cent for the year distributed to the stock holders. W . F . K eyser. Secretary The Trust Company of St. Louis County, an affiliated institution under the same management, but a distinct corporation, paid sixteen per cent in dividends during the year. R. B. Price, Jr., H ea ds Boone Cou nty National. From an inconsequential position to president of a $2,000,000 banking insti tution in 21 years is the achievement of R. B. Price, Jr., who was elected After being graduated from the Uni versity, Mr. Price was connected with the National Bank of Commerce in St. Louis for a year. He left St. Louis in 1903 for the Boone County National Bank and has been connected with it ever since. He worked his way up through the various departments of the hank, being elected vice-president in 1910 when he was but 28 years old. The death of his grandfather, R. B. Price, Sr., November 31, 1924, vacated the office of president, and Mr. Price was elected president of the bank a week or so later. Mr. Price’s father, grandfather and great grandfather were all bankers. Mr. Price, who> is also treasurer of the University of Mis souri, takes an active part in life of this community, and has always taken an active part in any movement fur thering its progress. He is a member of the Round Table Club, The Elks and the Columbia Country Club. Bre nn an Heads Sta te B a n k of Web ster. Complete Correspondent Service OFFER our facilities to out-of-town banks and bank ers desiring a complete Chicago correspondent service in domestic and foreign banking. A n oppor tunity to explain the benefits of both our service and a strong banking connection is desired. Capital and Surplus $9,000,000 CentralTrust COMPANY OF ILLINOIS C H IC A G O E V E R Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B A N K I N G S E R V I C E At the annual election of officers of the State Bank of Webster Groves, Mo., January 13, 1925, W. Vincent Bren nan, former second vice-president of the bank and a member of the firm of the William J. Brem^an Grocery Company, was elected president for the ensuing year. Other officers elected were; George L. Zollman and S. H. Wallace, vice-presidents; John W. Wenom, cashier, and D. W. Driver, as sistant cashier. The State Bank of Webster Groves was organized about two years ago and reports a very steady growth since the time of organ ization. Stu m p e Is Vice -Pre side nt W a s h i n g t o n Bank. Robert W. Stumpe of Kauffman, Smith & Co. has been elected vicepresident of the Washington Bank at Washington, Mo. Death of H a r r y Meyers. Harry Meyers, cashier of the Farm ers and Traders’ Bank of Auxvasse, Mo., for the past ten years, died sud denly. 25 St. Louis, February, 1925 Farmers’ Exchange Bank of Silex, Mo., shows resources of $201,558.10 and de posits of $167,000.00. Bu e ck in g Is N o w Missouri Notes Vice -Pre side nt and Cashier. Thornton Cooke, president of the Co lumbia National Bank, Kansas City, Mo., announces that George H. Bueck ing, who has been vice-president of the bank since its organization in 1919, has been given the additional duties of the cashiership, with the title of vicepresident and cashier. Mr. Buecking and Mr. Cooke have been banking associates in Kansas City, with a few intervals, for more than twenty years, Mr. Buecking having been one of the messengers of the Fi delity Trust Company when Mr. Cooke T he D r o v e r s ’ Natio nal B a n k of K a n T h e F a r m e r s and M e r c h a n t s ’ B a n k of sas City, Mo., has total resources of $14,437,595.10, and deposits of $13,226,369.73, according to their statement of December 31, 1924. Linneus, Mo., has resources of $245,572.43, and deposits of $175,727.51, ac cording to their statement of Decem ber 31, 1924. T he Carter County Sta te Bank T he of T he T h e R ic hla nd B a n k of Morriso n, Mo., J an u a r y 8th statem ent of Exchange Bank, Cape Bank of Gentry, Mo., has re sources of $286,063.03 and deposits of $233,205.31, according to their state ment of December 31st. has resources of $221,916.10 and de posits of $186,000.00, according to their statement of December 31st. The Cape Girardeau, Mo., has resources of $348,169.05 and deposits totaling $281,916.33. Van Buren, Mo., has total resources of $86,014.80 and deposits of approximate ly $70,000.00, according to their last statement. The combined statem ent of the F irst National Bank and the First Trust Company of St. Joseph, Mo., shows re- the I HIBERNIA BANK & T R U S T CO. NEW ORLEANS, U. S. A. Statement o f Condition at the Close o f Business December J l, 19 24 R E SO U R C E S Loans and Discounts U . S. Government Bonds and Treasury Certificates Other Bonds and Stocks 37>432>352-84 ^ 483 , 405.95 4 , 889, 865.96 3 , 392 , 705.98 5 16 , 616.97 2 , 560, 877.15 ^ , 585 , 054.92 $ 67 , 860, 879.77 - Investment in Hibernia Bank Building G eo. E . Buecking $ Branch Banking Houses and Other Real Estate joined that organization as assistant treasurer in 1902. Mr. Buecking was afterwards secretary of the Citizens’ Savings Trust Company, and still later was cashier of the Central Exchange Bank, organized by himself and Sidney K. Cooke, now vice-president of the Co lumbia National Bank. Fred F. Todd, who was cashier of the Columbia from its organization un til December 1, is now engaged with very strong associates in the market ing of petroleum products at Nevada, Mo., and surrounding points, and the Columbia officials speak of the pros pects of his success as assured. Customers’ Liability on Acceptances F ulk e r so n Pr om oted Liability on Letters o f Credit, Issued But Not Drawn Against Cash on Hand and W ith Banks L IA B IL IT IE S Capital Surplus - - Undivided Profits - - - - - - $ 2 , 000, 000.00 - - 2 , 500, 000.00 - i 6i , i 95- 33 - Discount Collefted But N ot Earned Reserved for Interest, Taxes and Contingencies Quarterly Dividend Payable January 2 , 1925 Acceptances Sold with our Endorsement Liability on Acceptances - - - - D E P O S IT S ....................................... & 96, 296.24 169 , 9 1 1 . 1 1 90, 000.00 1 , 5 1 2 , 844.27 3 , 546, 814.53 57, 783, 818.29 567, 860, 879.77 $ 1,5 17 , 619.64 B y Natio nal C it y C om p an y. The St. Louis office of the National City Company has been notified from New York that W!. N. Fulkerson, for merly located in St. Louis, has been promoted to assistant cashier of the National City Bank of New York, in charge of the Seventy-second street branch. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H R. S. H E C H T , A . P. Howard, Vice-President P r e s id b n t Fred W . Ellsworth, Vice-President Paul Villere, Vice-President R. N . Sims, Vice-President Jas. H . Kepper, Vice-President W . B. Machado, Cashier 26 Mid-Continent Banker sources of over $ 12 ,000,000.00 and de posits of $11,137,696.53. T he F ir s t Natio nal B a n k of Caruth- ersville, Mo., has resources of $761,542.07, and total deposits of $619,980.13, according to their December 31st state ment. Chas. A. Tistadt is president of the institution; Jas. J. Long, vice-presi dent and cashier; R. L. Ward, vicepresident, and Elizabeth E. Browning, G. E. Michie and J. R. Farrow, assist ant cashiers. T h e Decembe r 31st statem ent of the Boone County National Bank of Co lumbia, Mo., shows resources of $2,065,789.76 and deposits of $1,435,293.91. T he C it izen s B a n k of Marshfield, Mo., has resources of $735,782.29, with ap proximately $663,000.00 in deposits, ac cording to their last statement. M e y e r s N o w W it h Rese rve Bank. Glenn B. Meyers, formerly assistant cashier of the Pike County Bank, at Bowling Green, Mo., has accepted ap pointment from Washington as an as sistant in the office of John S. Wood, chief National Bank Examiner of the Eighth Federal District. W ilson Heads " M e r c a n t i li a n s . ” George W. Wilson, vice-president of the Mercantile Trust Company, St. Louis, Mo., and president of the St. Louis Clearing House Association, was elected president of the “ Mercantilians” at the annual election. Wilson succeeds Oliver F. Richards. Other officers elected were: Adelaide Walsh, secretary; W. Reilly, treasurer; F. J. Oltman, vice-president. E n g le w ood B a n k Opens Real Estate Loan Dept. The Citizens’ Security Bank of En glewood, Mo., has established a real estate and mortgage loans department in charge of Novus Reed of Marshall, Mo. M i s s M a b le Fly Is C a s h ie r at Purdy. At a meeting of the board of di rectors of the First National Bank of Purdy, Mo., Miss Mabel Fly was named cashier to succeed Chas. A. Rose, who severed his connection with that bank ing institution to assume the cashiership of the Monett State Bank. G u a ra n ty Trust C o m p a n y o f N ew Y ork NEW YO RK LONDON PARIS BRU SSELS LIVERPOOL HAVRE ANTW ERP Condensed Statement, December 31, 1924 RESOURCES Cash on Hand, in Federal Reserve Bank and Due from Banks and Bankers $194,648,819.37 U. S. Government Bonds and Certificates 56,808,529.69 Public Securities 21,788,242.92 Other Securities............. 33,562,625.38 Loans and Bills Purchased 390,453,243.37 Real Estate Bonds and Mortgages 1,772,500.00 Items in Transit in Foreign Branches 814,772.59 Credits Granted on Acceptances 37,856,498.72 Real Estate 8,088,446.04 Accrued Interest and Accounts Receivable 7,437,603.02 $753,231,281.10 M abel Fly- In 1904 Miss Fly began work without pay for the Purdy State Bank, which was converted in 1912 into the First National Bank of Purdy. In 1905 she went on the regular pay roll of the Purdy State Bank, and in 1906 was elected assistant cashier of the bank, and held that position until December of last year when she was elected cashier. LIABILITIES Capital Surplus Fund Undivided Profits Accrued Interest, Reserve for Taxes, etc Acceptances Outstanding Dividend Checks Outstanding Treasurer’s Checks Deposits................................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $25,000,000.00 15,000,000.00 4,366,386.15 $44,366,386.15 4,793,563.91 37,856,498.72 676,047,00 44,113,394.59 621,425,390.73 $753,231.281.10 F ou r N e w D irec tors for Fir st Natio nal, St. Louis. At the annual meeting of the stock holders of the First National Bank in St. Louis, January 13, four new direc tors were elected to fill the vacancies on the board during the past year: Isaac H. Orr, Sydney M. Shoenberg, R. S. Hawes, W. W. Smith. Mr. Hawes and Mr. Smith are vice-presidents of the bank. Mr. Isaac H. Orr is presi dent of the St. Louis Union Trust Com pany, affiliated with the First National Bank. 27 St. Louis, F ebruary, 1925 At the meeting of the board of direc tors, F. O. Hicks, formerly connected with the bank, was elected vice-presi dent. All other officers were re-elected. In his annnual report to sharehold ers, President Watts stated that the bank had earned 15.47 per cent on its capital stock, 13 per cent of which was paid out in dividends, with a substan tial sum added to surplus. The report also showed that the deposits of the bank in 1924 had shown a not increase of $28,565,000 over the previous year, which is a record for all times for a St. Louis bank. The First National Bank’s total de posits at the close of business Decem ber 31 were over $143,000,000. Total resources were over $162,000,000. J. A. lowing were elected to serve as direc tors for the periods indicated: To serve for three years: James F. Ballard, L. Ray Carter, Joseph D. Bascom, Theron E. Catlin, Samuel C. Davis, William H. Danforth, Benjamin Gratz, E. W. Grove, Jackson Johnson, Isaac H. Orr, John F. Shepley. To serve for two years: John I. Beggs, E. D. Nims, A. J. Siegel, M. E. Singleton. To serve for one year: W. C. Ar thurs, Wallace D. Simmons. The additional directors were: James F. Ballard, L. Ray Carter, E. W. Grove, John I. Beggs, A. J. Siegel, M. E. Singleton, W. C. Arthurs. E. D. Nims was a newly elected di rector to fill the unexpired term of Charles W. Whitelaw, deceased; W. H. Danforth was elected to fill the va cancy caused by the death of John Fowler, and Wallace D. Simmons was elected to fill the unexpired term of G. W. Simmons, who resigned. The statement of tide St. Louis Union Trust Company shows resources of $11,792,711. The company is affiliated with the First National Bank in St. Louis. T h e Fir st Natio nal B a n k of Florence, Colo., has resources of $1,207,131.86 and deposits of $1,452,693.01, accord ing to their statement of December 31, 1924. L e w is N o w W it h F r a n k l in Bank. J. A. Lewis, formerly vice-president and cashier of the National Bank of Commerce, also vice-president of the Irving National Bank of New York, and more recently president of the Re- FROM COAST TO COAST T E P H E N G I R A R D , m his day, traded with th e len gth o f the A tla n tic se a b o a rd , and his ships w ere as w ell kn ow n m N e w O rle a n s and C h arlesto n as m P h iladelph ia, N e w Y o rk , or B o sto n . S J. A. Lewis public Bank of St. Louis, has been added to the official staff of the Frank lin Bank of St. Louis. Leo Fuller of the firm of Stix, Baer & Fhller Dry Goods Company, has been added to the board of directors. T o d a y T h e G irard N a tio n a l d o es a b u sin e ss w hich ex ten d s fro m coast to c o a s t; it is kn ow n m P o rt lan d, O re g o n , as w ell as P ortlan d, M a m e , and n u m b e rs its corresp o n d en ts m all th e financial cen ters of the U n ited S ta te s. W h e t h e r y o u r b a n k b e E a st, W e s t , N o r t h o r S o u t h , le t u s s e r v e y o u a s y o u r P h ila d e lp h ia co r re sp o n d e n t. St. Louis Union Trust Co. Increases Directorate At the annual meeting of the stock holders of the St. Louis Union Trust Company, held January 8, the number of directors was increased from twenty-five to thirty-two, and the fol https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T he G irard N ational B ank PHILADELPHIA 28 Mid-Continent Banker K a n s as Notes B a n k s Conso lidate at Lawrence. The Citizens State Bank of Law rence, Kan., consolidated the 1st of January with the Merchants National Bank of Lawrence, Kan. The new board of directors will be made up from the boards of directors of the two banks, and A. F. McClannahan, vice-president of the Citizens State Bank, becomes vice-president of the Merchants National Bank. The bank will retain the name of the Merchants National Bank and will be the largest bank in Lawrence. The combined deposits will total $1,750,000. The Merchants National Bank was organized in 1877 and is now the old est and largest bank in Douglas County. The Citizens State Bank has increased its deposits 300 per cent in three and a half years. W ilson Buys Interest at Hartford. Gail Wilson has purchased the in terest of Charles A, Johnson In the Hartford National Bank of Hartford, Kan. Mr. Johnson has resigned as president of the institution. Mr. Wilson is a graduate of Kansas University, having completed a busi ness and law course. He has been connected with the Bank of Beloit, Kan., the Western Exchange Bank of Kansas City, Mo., and the Farmers State Bank of Hartford, Kan. The Hartford National Bank has a capital of $25,000, surplus of $7,700, with deposits of approximately $173,000. M c C a ll Is C a s h ie r at Claudell. W. B. McCall has succeeded Harold Thomas as cashier of the Claudell Bank of Claudell, Kan. Mr. McCall was formerly connected with the First National Bank of Edmond, Kan. Prior to that time he was on the examining division of the Federal Reserve Bank, and has held responsible positions with two of the largest Kansas City hanks. Open C itizens B a n k of Florence. The Citizens Bank of Florence, Kan., has been opened with a capital of $25,000 and a surplus of $2,500. F. G. Wal ter is president and I. J. Quinn cash ier. Mu tua l Sta te O p en s at K a n s a s City. The Mutual State Bank of Kansas City, Kan., opened for business on January 15 with $10,000 capital and $2,500 surplus. The officers of this new institution are: E. W. Greenlee, president; George Imhoff, vice-presi dent; Lloyd E. Hoke, cashier. The A S p ecia lized S ervice for Banks and Bankers, which is the result of more than sixty years of experience, is offered by and letters of credit and foreign exchange transactions of W ilso n , Goe rn a nd t Is N e w A s s i s t a n t Cashier. The Farmers State Blank and the Plains State Bank of Plains, Kan., have been consolidated under the name of the Plains State Bank. The merged institution will have a capital of $30,000 and a surplus of $10,000, with deposits of $335,000. J. H. Collingwood is president; J. A. Collingwood, vice-president, and Wm. P. Elliott, cashier. Con cordia B a n k In cr e ase s Capital. MELVIN A. TRAYLOR President Combined Resources Exceed $ 4 0 0 ,0 0 0 ,0 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bank P la i n s B a n k s H a v e Consolidated. inactive accounts, collections, B /L ’s, investments, FRANK O. WETMORE Chairman State E. F. Goernandt has succeeded Dale Ainsworth as assistant cashier of the Ames Bank, Ames, Kan. The First National Bank of C h ica g o and the First Trust and Savings Bank and provides complete facilities for active W i l son Kan., has resources totaling $70'4,941.70 and deposits of $573,667.78, according to their statement of December 26, 1924. The Farmers & Merchants State Bank of Concordia, Kan., has in creased its capital stock from $25,000 to $100,000. The January 3 statement of this bank shows total resources of $835,316.38 and deposits of $684,635.38. 29 St. Louis, February, 1925 oldest bank in Missouri, is due for a lot of congratulations this month. This solid old institution, originally started to serve Mississippi River boatmen in the early days, received its charter from the State of Missouri on the 16th day of February, 1847. By way of ob serving the seventy-eighth anniversary, Mr. Whitaker has announced plans for a huge transformation, adding some 3,000 feet of extra banking room, thereby making the already fine home The Banking World By Clifford De Puy P u blisher De Puy Banking Publications A t la n tic C it y ha s been chosen as the meeting place for the A. B. A. conven tion, which convenes September 28 to October 1. Many bankers have told us that they “ consider the A. B. A. con vention a fine chance to play golf for four days.” Atlantic City ought to fill this re quirement and furnish many other fea tures of distraction to keep the dele gates away from the regular sessions. Since everything has become “ cut and dried” and delegates have about as much “say” in managing the affairs of the association as they would in talk ing back to a radio announcer, who can blame them for enjoying themselves? O f course, Joseph W ay n e , Jr., presi dent of the Girard National Bank of Philadelphia, would make an excellent vice-president for the A. B. A. He has original ideas and wouldn’t let past A. B. A. “rules and regulations” prevent him from suggesting new ones that might be better. C alic o-chewing caused George Dr e w of the R epublic in C h i cago has departmentized his bank’s ad vertising a la Marshall Field. All you do now, when you enter the bank, is to “press the button” and you get checks cashed, babies parked, your home-town paper furnished you, balloon tires filled, neckties remodeled and luncheon served while you wait. It is a great idea. Everything from bonds to bonbons. The men’s clothing department is in charge of George Woodruff, the fashion plate of the crowd. — I — Napoleon said: “There are no A l p s / Forward, march!” That’s a sentence for bankers to remember when their tasks seem heavy and their financial obstacles look big. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis House Association of St. Louis and of the Boatmen’s Bank, the SEEKING N E W BUSINESS ON O U R RECORD S T A T E M E N T O F C O N D IT IO N At the close of business, December 31 , 1924 ASSETS Loans and Discounts . * ............................$112,534,538.05 U. S. Bonds and C e r t ific a t e s .................... 6,552,200.00 Other Bonds and Investments.................... 11,682,602.54 Banking H o u s e ............................................ 1,500,000.00 Customers’ Liability account o f Acceptances 9,547,719.02 Cash due from Banks and U. S. Treasurer . 49,653,020.90 Interest e a r n e d ............................................ 333,468.04 Other A s s e t s ................................................. 335,275.00 $192,138,823.55 M. Reynolds to change his plans from be coming a “merchant prince” to one of being a “big banker.” When a boy Mr. Reynolds was a clerk in a country store at Panora, la., and had to “chew the calico” to show the customers that the colors would not run. His stomach wouldn’t stand the strain, so he entered the banking business, where “rag chewing” is still a valuable asset, but usually not so distasteful. — $— Harry E d w a r d s W h it a k e r , president of the Clearing LIABILITIES Capital S t o c k ....................$ 4,500,000.00 S u r p lu s ............................. 15,500,000.00 Undivided Profits . . . 1,524,108.49 21,524,108.49 Reserved: Taxes, Interest, etc....................... 522,935.73 C i r c u l a t i o n ................................................. 349,997.50 A c c e p ta n c e s ................................................. 9,874,135.27 Bankers’ Acceptances and Foreign Bills . 4,165,986.69 U. S. Securities Sold under Repurchase A greem en t................................................. 3,903,500.00 Other Liabilities............................................ 98,766.25 Deposits, viz.: Individuals . . . . $111,296,068.84 B a n k s ........................ 40,005,024.78 United States . . . 398,300.00 151,699,393.62 $192,138,823.55 /-"I TH E C h e m ic a ,l n a t i o n a l b a n k OF N E W YO R K. B R O A D W A Y A T CHAMBERS, FACING CITY HALL FIFTH AVENUE OFFICE A T 29th STREET M ADISON AVENUE OFFICE A T 46th STREET 30 Mid-C o ntin ent Banker into one of the most modern in country. Row, Boatmen, row! the T he genial bachelor, R. F. Chapin, vice- president and secretary of the Union Trust of Chicago, has just rounded out forty years as a banker with that in stitution. Several years ago “R. F.,” who by the way is one of the original members of Rotary International, con tributed a worthy treatise to the North western Banker on “What it means to be a big brother to every line of busi ness.” He knows and lives brother hood in all that the term implies. He was born on the famous Rush Street in Chicago, and today lives on Rush Street. Success started in “rushing” him when he was young and is still at it. H e n r y C arpente r has ju st completed one-half a century with the Monticello State Bank of Monticello, Iowa. That’s a fine record for a fine man. The directors gave him a banquet, a Swiss watch and a gold-headed cane. Just why the cane we don’t know. If it had been a driving iron it would have been more useful. advertisement sent out by California tourist chasers. No, it can’t be put into words if it was it would describe the changeable climate, the rainy weather, the over abundance of flivvers and flees and prove by weather reports that many cities have more sunshine days in a year than does Los Angeles. M iss is sip p i, m a gn o lia of the S o u th land, will hold forth in annual con vention at Jackson, May 12 and 13, according to announcement made by that genial association secretary, George B. Power. Festu s J. Wade, president or director of more than a score of business and financial institutions, including the Mer cantile Trust Company of St. Louis, commenting on future conditions the other day, said that “It doesn’t take a pair of rose-colored spactaeles to see good business ahead.” The fact that Mr. Wade is usually right in his pre dictions makes this statement worth thinking about when you perchance meet with a pessimistic neighbor. — $ — “C a lif orn ia s im p ly c a n ’t be put into words” is the opening paragraph of an T hursday evening, Feb ru ary 19th, is the time, Hotel Commodore, New York City, the place, for the fourteenth an nual dinner of the Trust Companies of the United States. The speakers, Sir Henry Thornton, chairman, and prexy Canadian National Railways, and Pres ident Ernest Martin Hopkins of Dart mouth College. The board of directors of the com bined First Trust and Savings and the F'irst National Banks of Chicago, did the logical thing last month when they ele vated Frank Wetmore to the position of chairman of the board, to succeed the late James B. Forgan, and like wise making Melvin Traylor president of. the First National in addition to the same berth which he occupied with the First Trust. T he nation ’s wealth increased 72.2% from 1912 to 1922. Our present wealth is $320,803,862,000, according to the cen sus bureau, as compared with $186, 299,664,000 in 1912. A ban ke r friend of ours, who is fond of red neckties, received an especially beautiful one from two of his vicepresidents. On the card they wrote: “ To the Chief. Down through the pages of his tory, since the time when America was TEXAS AND THE ROYAL UN The Lone Star State The name Texas came from the “Tejas” Indians. The first explorers of Texas territory were Spaniardsi—Cabezade Vace, 1528-36, and Francisco Vasquez de Coronado, 1540-42. The real history of Texas begins in 1821, for in that year Mexico finished her war of independence begun ten years before with Spain. Thousands of Americans came to Texas during the next 15 years and they played an heroic part in the defeat of Santa Anna, the Mexican Dictator. Texas thereafter for 9 years—1836-1845—was virtually an independent republic. Texas was annexed to the United States in 1845. The last battle of the Civil War was fought in Texas near Palo Alto, May 13, 1865. There is almost as much territory within the boundaries of Texas as the original 13 states. Paid to Policyholders, Over $17,000,000.00 Royal Union Life Insurance Co. Dallas, Texas, Office: R. F. LEE, Manager Branch Office, 2101-2 Magnolia Bldg. C. A. TUCKER, Cashier Insurance in Force, Over $118,000,000.00 rF;ViViVi,v,lYtyiViVlv ,i'vtv ly lv , v lv,v,v,y?Y ,Y iY lV)lYi'yrv,îYiViVi.Ÿiyrv . v lv.v .v .v lv ,v lv , v lViV,ViV,v,v,v,ViVlViV,vlv,vlY,v,vr7: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31 St. Louis, February, 1925 an Indian reservation, the color red has been linked closely with the nation’s march of progress. In each age “redmen” have played leading roles. So here’s a red ‘neckie’ to our ‘red man.’ ” The president replied in appropriate verse as follows: “Give me a wild tie, brother, One with the cosmic urge! A tie that will swear, and rip and tear When it sees my old blue serge. In some cases they are. It might apply in states where bankers have de liberately wrecked their banks and let the guarantee fund pay the depositors if it could. T w e lv e da y s at less than “ten bucks C h ic a g o banks con tribute ann u all y $25,000.00 to the work of the Chicago chapter of the American Institute of Banking. What are your banks doing for this cause? — $ — “Give me a wild tie, brother, One with a lot of sins, A tie that will blaze in a hectic haze Down where the vest begins.” U n der a n ew sp aper picture of his daughter and himself, Alanson B. Houghton, of New York, who has been selected as our new Ambassador to Great Britain, it said, “A. B. Houghton, present envoy to Germany, selected for Kellogg’s Post by Coolidge, and his daughters.” That was nice of Houghton’s daugh ters to help Cal. out in making the choice. the First National Bank at Boston. The Governor will find that there is still plenty of politics in banking to keep him interested. M a rtin Graettinger, secretary of the Illinois Bankers Association, is back at his desk after a well-earned vacation, spent at Galveston. He tells us that their membership list has now reached 1,869, nearly 100 per cent. a day” totaling $115 is the way W. A. Philpott, Jr., secretary of the Texas Bankers Association, announces the group swing of the flying squadron during the seven district meetings of the association; February 12 to 23. The rate is low, the quality of the program high, and with the Pullman rate for “uppers” lower and for “low ers” higher, everything should be fine, although Phil, says, “We do not believe in berth control.” — $ — T he C h a t ta n o o g a C le a r in g H o u se has Geo rge H. Richards, for m a n y years secretary of the Minnesota Bankers Association, died recently of heart fail ure. He was a fine secretary, a real gentleman and an ardent worker for every good banking reform. He will be greatly missed. W h e n a ba n k f a i ls in C h in a the offi invited the Executive Council to stop over on its way south for the spring meeting at Augusta, Ga.. April 20 to 23. In describing the beauties of Chat tanooga one financial journal said, “A view of the winding river country over every foot of which civil war soldiers fought for months at a time, is a sight seeing tour.” Some tour! cials are put to death. That might help in this country—provided the officials were to blame. has been elected a vice president of — $ — G overn or C. H. Cox, of Mass a chusetts, Every em ploye of the M ercantile Bank and Trust Co. of Dallas, is now a stockholder, according to R. L. Thorn ton, president. This is a fine idea. More banks should follow it and by so doing make IIV .V V V .V .V .V .y.V .V ,V .V .V ,V .V .V .V :V V .V .V .V ,V .V .V .V ,V ,V .V ,V ,V ,V V .V .V ,V ,V .V .,y:V ,V .V V V V .V .V ,V ,V ,V .V ;y,V ,V V .V V .V .V V ,V ,t;; )N BELIEVE IN EACH OTHER The Royal Union believes in the present and future greatness of Texas because of its rich ness of soil, natural resources, and a verile, intelligent citizenship. Texas has shown her belief in the Royal Union by the steady increase in the amount of life insurance this company has in force upon the lives of its progressive people. “ Cotton” is the greatest wealth-producing crop in Texas— for it practically equals in value all other crops. Texas produces 1/3 of the cotton grown in the United States and 1/6 of the w orld’s production. Texas ranks first in cattle and sheep, raises large quantities of corn, wheat, oats, rice, pos sesses great timber tracts and petroleum fields. Life Underwriters find business is good in T exas— for this has been a “ good year” for the “ Lone Star State,” also for the Royal Union. R O Y A L U N I O N LIFE INSURANCE COMPANY Des Moines, Iowa A. C. Tucker, President W m . Koch, Vice-President D. C. Costello, Secretary ^,v,v\>,v;iv;vlvlv,vlv,v,v,v,v,v,v,v,v,v,vlv.vlvlv,v;v,v^;v;viv;v,v,v,vtvwv,vlv,lv,vlv,v,Y,v,v1YJyJY . .Y^i,yivllv .Ylv ^,1Yivly lY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 M id-Continent B anker their employes feel that they are vit ally interested in the success of their institution. — $— T h e C O N T IN E N T A L Banks C O M M E R C IA L t> A X T V O U A 1 N I V vZ> C H IC A G O Statements o f Condition December 31,1924 CONTINENTAL W COM M ERCIAL NATIONAL BANK o f CHICAGO R esou rces T im e Loans ............................... D em and Loans .......................... A c c e p t a n c e s ............................ Bonds, Securities, etc. . . . . . 19,871,126.45 U. S. Bonds and Treasury N o t e s ................................ . Stock o f Federal Reserve Bank . . . ............................. Bank Premises (Equity) . . . Customers’ Liability on Letters o f Credit . ................ Customers’ Liability on Acceptances (as per Contra) O verdrafts................................ Cash and Due from Banks . . Liabilities C apital...................................... Surplus......................................... U ndivided P r o f it s ................... Reserved for T ax es. . . . . . . C irc u la tio n ................................ Liability on Letters o f Credit . Liability on Acceptances. . . ) In ual............. Bad nivid kg...................... Deposits deposits ; have for y ea rs taken the names of industries as a basis for their bank names, such as “Coal and Iron” ; “ Mechanics and Metals” ; “ Shoe and Leather” ; “Manufacturers” ; “ Corn Ex change,” etc. Isn’t it about time for someone to start an “Auto and Flivver National Bank?” One new inner-tube could be given away with every new account of $25 or more. Officers could furnish the “ free air.” The N e w Y o r k Federal Rese rve B a n k $ 2 77 ,4 40 ,0 34 .3 9 47,787,390.81 1 , 200 ,000.00 7,9 00,00 0.00 6,2 32,20 4.52 1,094,266.04 34 ,993 .2 6 13 3,125,923.69 $4 74,814,812.71 $ 25 ,000 ,0 00 .0 0 15,000,000.00 5,7 14,734.88 2,1 73,40 5.29 50 ,000.00 6,8 78,47 0.10 1,697,756.11 . . $260,447,265.11 418,300,446.33 $474,814,812.71 CONTINENTAL WCOMMERCIAL TRUST andSAVINGS BANK incurred a deficit from operation in 1924 of $1,179,677 after the payment of dividends. They won’t be able to put so many gold door knobs on the new building for a while yet. Too bad. Cheap money rates was the cause, but then the bank a few years ago made 100 per cent and more, so why worry ? — When $— it co mes to foreign financing we are artists. We, as individuals, furnish the money and J. P. Morgan & Co. acts as agents for the deals. The Ftench loan of $100,000,000 cost France 7 per cent interest on the bonds and $11,000,000 “ commission” to have the loan put across. France got only $89,000,000 in actual cash. Certainly a nice deal for the House R esou rces Dem and Loans . . . . . . . . . *U. S. G ov’ t Bonds and Treasury N o t e s ................ ... *Bonds due in 1925 to 1927 ine lu siv e ................................... *Other B o n d s ......................... Cash and Due from Banks . . Tim e L o a n s ................................ JA S L. FORD, JR., President 18 ,131,158.06 *Adjusted to cost or market price whichever is lower. $92,123,335.52 19,531,921.69 $1 11,655,257.21 Total Deposits . . * Total Resources . . . Invested Capital over https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * J. L. HAUK, Cashier JOHN H. SILLS. Vice-President F. WM. WIBBING. Assistant Cashier Franklin Bank L iabilities Capital ...................................... . . $ 5,0 0 0 ,0 0 0 .0 0 S u r p lu s ...................................... U ndivided P r o f it s ................... 1,013,914.08 Reserved for Taxes, Interest and Dividends................................ D em and D e p o s it s ................ ... 29,390,110.52 Tim e Deposits . . . . . . . . . Special D e p o s it s ............. ... . . C H. DUNCKFR Vice President 4-11 of St. Louis, Mo. M e m b e r Fe d e ra l R eserve S y s te m $1 7,63 2,52 7.90 94,022,729.31 $111,655,257,21 ..................... $ 5 1 2 ,3 2 3 ,1 7 5 5 8 6 ,4 7 0 ,0 6 9 6 1 ,0 0 0 ,0 0 0 Capital $1,000,000.00 Solicits Accounts of Firms and Individuals SAFE DEPOSIT VAULTS 33 St. Louis, February, 1925 of J. P., which has nothing invested— has secured a big profit and we hold bonds which we hope will be paid when due. How France can stand such a stag gering carrying charge is more than many bankers can understand. Hibernia Bank and Trust Co. Makes Big Gain in Deposits The Hibernia Bank and Trust Com pany of New Orleans in its annual statement of December 31, 1924, shows deposits of $57,783,818, which is the largest total this bank ever has had in its fifty-four years of existence. Since the close of the war in 1918 this bank has grown in deposits from $29,504,381 to the present figure of $57,783,818, a gain of nearly 100 per cent. This growth of the Hibernia Bank, however, is but indicative of the tre mendous development that New Or leans has enjoyed during the last six years as reflected in the total resources of the eight banks of this city—grow ing from $226,000,000 in 1918 to $300,000,000 in 1924. True morality scorns morality; that is, the morality of the judgment scorns the morality of the mind, which is without rules.—Pascal. T he above is a photograph o f the Christm as and R a d io display installed in the center lo b b y o f the L ib erty Central T rust C om pany, St. Louis, in con nection w ith the Christm as C lub and R ad io-B an k cam paigns. T he display occupies the m iddle o f the m ain lo b b y . T he outside o f the center portrayed a snow -like effect, while the Christm as tree was set on the inside. T he R adio-B an ks were on dem onstra tion at the center. Inset shows the R ad io-B an k , w hich is a com bin ation crystal set and bank. It receives all stations within a range o f tw enty-five to fo rty miles. T he R a d io operates independent o f the bank. T W O REASONS W H Y you should maintain an account with the National Stock Yards National Bank. Credit and interest on the proceeds of Live Stock Shipments from the ac tual date of sale, while a 15-minute messenger service to the St. Louis Federal Reserve Bank, of which we are a member, provides a thoroughly efficient St. Louis connection. The National Stock Yards National Bank ST. LOUIS N A T IO N A L ST O C K Y A R D S , ILL. WIRT WRIGHT, President OWEN J. SULLIVAN, Vice-President WALTER H. LAND, Assistant Cashier HAROLD W. KRAMER, Vice-President JOHN W. MINTON, Assistant Cashier ROBT. D. GARVIN, Cashier OKEY MILLER, Assistant Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34 Mid-Continent Banker Illinois i r a n d Corporation The Value o f Faith UTTING the broad public faith in Illinois Power and Light Corporation at its lowest plane, the imagination cannot possibly measure its value. It is indicated by the rapidly growing number of its customer-stockholders and in the physical and financial strength of the Company as an Institution. Frankly, Illinois Power and Light Corporation has grown because it has merited growth by capably absorbing the responsibilities of large Public Utility Service. From this has sprung the faith and good-will of more than a million cus tomers in 3 10 progressive communities. Business men who have felt the influence of Illinois Power and Light Corporation in their behalf ; individuals who have profited in new comforts and happiness through its unfailing Service, have been made to realize that there is behind Illinois Power and Light Corporation a serious purpose that may hardly be defined. Just as we would be less than human if we were not proud of the present status of this Company, so would we be less than sane if we did not protect it. And for these reasons the uncom monly high standards, which have always governed the administration of every department of this Company’s activ ities, must, and will, prevail in the future just as they have in the past. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35 St. Louis, F ebruary, 1925 Bond and Investment Section Public Utility Obligations Favored T h e s e B o n d s T o ta le d O n e B illio n D o lla r s in 1 9 2 4 I s s u e s , W i t h A n o t h e r H a l f B illio n in P r e fe r r e d a n d C o m m o n S to c k HEN the books for 1924 finan cial operations were closed and the totals added, it was found that between one-fifth and one-sixth of the interest-bearing securities, includ ing both long and short term bonds, absorbed by American investors during the year, were public utility obliga tions. Our public utilities were borrowers to the extent of $1 ,000,000,000 during 1924 as compared with approximately $877,000,000 for 1923. It is only when one compares this enormous total of $1,000,000,000 for 1924 public utility flo tations with the total distribution of all interest-bearing securities of ap proximately $5,500,000,000 that its true significance can be appreciated. W H a l f Billion M o re in Stocks. But even this huge total of utility borrowings in 1924 does not adequately reflect the increased growth of these enterprises. In addition to interestbearing securities, an approximate to tal of $500,000,000 of junior securities, largely in the form of common and preferred stocks, were issued and dis tributed during 1924. We solicit inquiries from Bankers on Government Municipal Public Utility Industrial Bonds S e n d f o r ou r cu rren t list little 4 M o o re In v e stm e n t B o n d s 4-o8 O live St S t .L o u is B ell L on g D istance P h one P osta l L on g D istance P h one https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B y E. E. Quantrell Vice-President Halsey, Stuart 8s Co. Close examination of these totals of financial operations in the utility field for 1924 yields a basis for at least two pertinent conclusions. First, the utili ties were borrowers on short-term obli gations to the extent of more than $130,000,000 during the year. This fact reflects temporary finances of consoli dations wherein greater economies are sought through central station serv ices. Secondly, the ability of the utili ties to issue and successfully distrib ute a half billion dollars’ worth of stock not only indicates that proper relationships in capital structure are being maintained, but also indicates that the utilities were able to demon strate a satisfactory earning capacity at the present time and an equally sat isfactory record of past earnings in most cases which they could present to the scrutiny of investors. Ten years ago the aggregate of all public utility financing, both stocks and bonds, in one year amounted only to $450,000,000—about one-third of the 1924 total. The increased importance of public utilities in the money mar kets, as shown by the billion-and-a-halfdollar figure for 1924, serves to reflect the increase in capital development in these enterprises, however. In that ten-year period the capital invested in the power and light industries alone has more than doubled to a total well in excess of $6,000,000,000. Conserva tive authorities believe that it will more than double again in the next ten years. Today there is more money invested in the electric light and power and in the gas properties alone than in the steel and iron industries, includ ing rolling mills. The capitalization of all public utilities is exceeded only by agriculture and the railroads. B o n d s Purchase d by B<anks. As the year 1924 progressed, publicutility bonds came to be held in in creasingly greater regard by investors generally, and this attitude toward these securities was particularly dem onstrated in the case of purchase by banks, insurance companies, corpora tions and other institutional buyers. Toward the close of the year the popu larity of public utility bonds came to be reflected in a marked degree in the market for stocks of the better utility companies. There were many big days in the New York Stock Exchange when securities of the better known public utilities were the feature of the day’s trading operations. It is a self-evident fact that such popularity of public utility securities is based upon confidence. In analyzing the elements contributing to such a de gree of confidence among investments, however, one finds salient facts mat are pertinent to any discussion of these securities. Back of every new addition to public utility capitalization, either through the formation of new companies or the extension of old ones which requires the sale of common and preferred stocks, and back of every in crease in bonded indebtedness, there have been developed hundreds and thousands of new investors in these securities. B o n d s GOVERNMENT MUNICIPAL RAI L ROAD CORPORATION Forgan, Gray & Co. Incorporated Investment Bankers 105 S. La Salle St. C H I C A G O Phone Dearborn 7363 36 M id-Continent Banker While we may be sure that every public-spirited citizen in cities and pro gressive rural communities is inter ested in modern lighting and heating, the development of local industries and all of the other advantages which ac crue from public utilities, we may be sure that new investors in public util ity securities are not entirely pur chasers of such holdings because of community co-operation. Selfish inter est is a predominating factor in the great majority of all investments, and rightly so. Public-spiritedness, un doubtedly, incites interest in a local public utility project, but public-spirit edness alone—no matter how great—■ will not induce banks, trust officers, insurance companies or very many in dividual investors to buy securities. | | Conviction with reference to certain principles of safe investment and con fidence in the particular project that is being financed are necessarily associ ated with every sale. Stop to consider, then, that such conviction and confidence with refer ence to public utilities was measured in our country last year in terms of approximately one and one-half billion dollars, and one can begin to appreci ate how much serious thought and con sideration is being given to public util ities in our national industrial and financial structure. S a f e t y — and A ssu r e d Income. Confidence in any investment rests upon the two cardinal fundamentals of safety of principal and assurance of income. The safety of the principal | | ^TpHE obligations of this institution A are selected as appropriate and sound mediums for short term investment by a large banking clientele. They may be obtained in convenient denominations and suitable maturities. | j j | | | | | | Full information may be secured through usual banking channels, or by addressing Financial Sales Department at any of our offices. | j | | amount of funded indebtedness is well secured through most utility compa nies by plants, equipment, transmission lines, etc., conservatively valued at amounts largely in excess of outstand ing bonds. Few investors would put their money in the bonds or notes of a public utility or any other corporate enterprise, however, no matter how great an equity secured the safety of the principal, if foreclosure and receiv ership were regarded as a likely possi bility. The mortgage feature of the bond is the pound of flesh in the event the unexpected happens. The experienced investor scrutinizes a proposed investment more particu larly from the standpoint of assurance of income and ample margin of earn ings that will assure prompt payments of interest and principal requirements. In this respect the present popularity and confidence in the utilities is justi fied by their records over a long period of years. There have been some ex ceptions in the street railway field, but the conditions that brought these situ ations about are being eliminated and several recent offerings of street and urban railway bonds have been well received. The more important factors which contribute to a satisfactory and con sistent rate of earnings, combined with stability, are worthy of brief mention. U tilitie s A re Public | | G A M e n e r a l c c e p t a n c e C o t o r s o r p o r a t io n I | Ej Executive Offices: = | 224 West 57th Street, New York City I Branch Offices: Atlanta Boston Buffalo Charlotte Chicago Cincinnati Cleveland Dallas Dayton https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Denver Detroit Kansas City Los Angeles Memphis Minneapolis New York Omaha Philadelphia Pittsburgh Portland, Ore. St. Louis San Francisco Washington London, England Toronto, Canada = = = 5 = = = Necessities. Gas, electric, water, telephone and other public utilities are absolute pub lic necessities of the everyday routine of our modern civilization. Further more, if bills are not paid promptly, service may be discontinued and ac cordingly bad debts are reduced to a minimum. Public utilities, moreover, particularly those companies which supply electricity, can suffer only com paratively slight inventory losses. Just as inventories are small, so also is the labor turnover, in practically every public utility except the street rail ways. The number of laborers em ployed, too, as compared with capital investment is relatively small and, therefore, mounting labor costs which proved to be a source of trouble in many industries during the recent war, affected most public utilities very lit tle. Another fact contributing to the stability and constancy of the earning capacity of public utilities is the lack of destructive competition. Rate-mak ing bodies today, too, are more favor able to maintaining the stability of earning capacity of public utilities than were the iron-bound rates for merly included in franchises; because rate-making bodies can adjust rates to meet conditions unforeseen at the time a franchise might have been given. 37 St. Louis, February, 1925 Should Country Bank Invest in Commercial Paper? B y Earl B. Smythe President First National Bank, Mart, Texas The answer to the question of whether country banks should pur chase commercial paper is so obvious as to hardly necessitate a reply. No sensible banker would contend that the purchase of commercial paper would be unwise or an unsafe policy for city banks. Therefore, I would say unhesitatingly if such be desirable for city banks, in periods of seasonal pros perity and correspondingly large re serves, it is quite as proper that coun try banks should also invest a reason able portion of their available funds in so-called industrial or commercial notes. The same general principles under lying banking prevail in the country as in the city. There are in reality but two large and well-defined classes of bankers—the one including the country banker who has moved to the city, and the other class including that large group of us, yet in the country, but who would like to move to the city. There are some brief observa tions I would make as to the proper safeguarding of this policy in country banks. It is particularly desirable that coun try banks should leave the selection of their paper to the discretion and con servatism of their city correspondents. Country bankers do not have the credit data and facilities at their command as is available in the cities, nor are they as qualified for the correct analysis of credit statements as the more experi enced city bankers. The latter, because of their constant touch with big busi ness, are naturally in much better po sition to select for the country bank the more desirable and secure offer ings of commercial paper. The con fidence thus reposed in the city banker should impel care and prudence on his part. On the other hand, country bank ers should realize that large commer cial houses can fail just as smaller mercantile establishments, and they should be fortified for such an emer gency, should it ever arise. The rela tion of the country bank to the city bank should be a very close and inti mate one, entailing much obligation on the part of each. The country banker should not be unduly desirous of large profits to the neglect of the proper conservatism and precaution. Consequently, he should https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis be particularly careful of the offerings of paper at an attractive discount rate. The matter of a careful and safe in vestment should be the paramount con sideration. Profits on the transaction should be secondary. Paper quoted at the higher rates is usually the most insecure and the least desirable from an investment standpoint. The excep tion is rare. The offerings of well-rated and finan cially strong institutions are quickly taken by the investing public, which condition usually makes such offerings quoted at a relatively low rate. It fol lows, therefore, as a general rule, that the paper quoted at the higher rates is not the paper of the strongest firms. The best policy for the country banker to pursue is to satisfy himself with reasonable profits on secure invest ments, rather than to take unnecessary risks for greater earnings. Although conservatism is essential in safe banking, there is an ultra-con servatism that may prove hurtful to the community where it is practised. Every country banker should realize his obligation and responsibility to the community in which he resides for the lending of funds for the proper and Intelligent Investment Service Thought and exactness are nec essary to intelligent selection of investment securities. Anything short of accurate in formation is a dangerous guide. The First National Company, with its complete investment service, pos sesses facilities for obtaining accu rate, timely and specific information about investment securities. It also maintains a diversified list of the bet ter bonds in eachclass of investments. Your Correspondence is Solicited FIRST N A TIO N A L COM PANY INVESTMENT DIVISION OF THE FIRST NATIONAL BANK B R O A D W A Y , O LIV E A N D L O C U S T ST. LO U IS , M O . F. O. W A T T S President HENRY T . FERRISS Vice-President 38 orderly conduct of business. It is nei ther good for the bank nor the com munity for a large part of the bank’s reserve to be placed in call loans and commercial paper investments to the neglect of the reasonable and essential credit requirements of that locality. The happy medium is for the country banker to be mindful and considerate of the need of credit for the activities of his own locality, and fortunate is he to be affiliated with an institution that has a surplus of funds that can be invested periodically in secure com mercial paper. The latter offers an ex https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M id-Continent Banker cellent investment opportunity in pe riods of prosperity and easy money. A. B. A. Regional Conference Will Be in Minneapolis February 26 and 27 have been desig nated as the dates for the annual twoday savings conference sponsored by the Savings Division of the American Bankers Association and which will be held in Minneapolis. The conference is a regional one, and bankers from Missouri, Illinois, Iowa, Nebraska, North and South Da kota, Michigan, Wisconsin and Minne sota are expected to attend. Those who attended the conference held in Chicago last March are famil iar with the value and importance of this meeting, for the two-day program will cover practically every angle of savings as a department of banking, from forms, methods, promotion, devel opment to advertising. Among the subjects on the program are: “What Savings Banks Mean to a Community.” “Ehcouraging Savings for Homes.” “ Modern Methods on Savings Bank Operation.” “The Bank in the Smaller Town.” “ Gaining the Customer’s Good Will.” “ How Banks Can Invest Savings Funds.” “Forum of Advertising.” “ School Savings.” “Industrial Savings.” “ Backing Up the Advertising.” “ Clubs for Farmer Boys and Girls.” Headquarters for the conference will be at the Radisson Hotel. Hotel res ervations may be made by writing di rect to Thomas F. Wallace, vice-presi dent, Savings Bank Division, A. B. A., care of the Farmers and Mechanics Savings Bfank, Minneapolis, Minn. S U P E R IO R S E C U R IT Y SE R V IC E T O BANKS BAN K ER S and BROKERS D IR E C T T IC K E R SERVICE for listed bond quotations FA 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 ST A T IS T IC A L D E PA R TM E N T to furnish latest data on any security or company M O N T H L Y Q U O TATIO N SHEET to list markets on many inactive stocks and bonds Y our inquiries invited Mark C. Steinberg & Co. O live 4600 B o a ts m e n ’ s B a n k B ld g . H o te l J efferson S T . L O U IS M em bers N ew York. Stock E xchange M em bers St. L ou is Stock E xchange 39 St. Louis, February, 1925 Tw o Missouri Joint Stock Land Banks Are Merged Announcement is made by L. L. Beavers, president of the St. Louis Joint Stock Land Bank, that plans have been perfected and approved by the merger of the Southeast Missouri Joint Stock Land Bank of Cape Girardeau, Mo., with the St. Louis Joint Stock Land Bank of St. Louis, which will take over all the assets and assume the outstanding liabilities of the South* east Missouri Joint Stock Land Bank, which will surrender its charter. The growth of the St. Louis Joint Stock Land Bank has been phenom enally successful, and has contributed largely to the rehabilitation of the- ag ricultural conditions in the two states in which it operates, which is material to the business interest of St. Louis generally as well as at large to the territory affected. Ample funds and unexcelled facilities for promptly clos ing loans has permitted the bank to render the farm land owner a service that has enabled him to come back. The interest rate upon his farm mort gage indebtedness is low and he does not face a definite maturity, which places him in position to gradually pay off current indebtedness to the local banker and merchant, thereby solving the most serious difficulty that has con fronted the agricultural sections. The St. Louis Joint Stock Land Bank was incorporated in March, 1922, by William R. Compton of the Wm. R. Compton Company and president of the American Trust Company, and a group of St. Louis capitalists who will continue to maintain their original own ership. Since its organization the in stitution has confined its loans to the best agricultural sections of Missouri and Arkansas and its loans are appor tioned about equally between the two states. The bank operates under super vision of the Federal Farm Loan Board and, under the provisions of the Farm. Loan Act, its bonds are deemed instru mentalities of the United States Gov ernment and are tax exempt. Loans se cured by highly developed farm land are made upon the amortization plan for agricultural purposes. The St. Louis Joint Stock Land Bank will immediately increase its capitaliza tion to $800,000.00 with a permanent reserve of $100,000.00 and a substan tial undivided profit account. Its pres ent volume of loans is approximately $9,000,000.00, to which will be added $1 ,000,000.00 of loans made by the Southeast Missouri Joint Stock Land A n Investment Service for Bankers H E R E ’S a world of difference between selling bonds of an underwriting house that offers no service and one that does. Even though the securities of both houses are high grade, the bonds of the one will invariably outsell the bonds of the other by a big margin. T The investment service we offer to bankers includes Statistical and Trading Departm ents Selling and Advertising Services BONDS Public Utility Industrial First Mortgage Real Estate W e have in our organization a number of ex perienced bank bond men who will gladly cooperate with bankers in the efficient man agement of their bond departments and all bankers are invited to avail themselves of their services. W rite for our pamphlet outlining the scope o f our Investm ent Service for hankers. B A N K S E R V IC E D E P A R T M E N T Y ield 6% to 7% Hyney, Emerson & Co» 39 South La Salle Street, Chicago GARARD & CO. 1st W ise. Nat’ l Bank Bldg. 39 South LaSalle Street Chicago M IL W A U K E E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 118-120 B urdick Arcade K ALAM AZOO 40 M id-Continent Banker Bank principally in Southeast Missouri, which will give it an aggregate volume of loans of $10 ,000,000.00 with total re sources of more than $1 1 ,000,000.00. E S T A B L IS H E D 1877 LISTED BONDS W e are 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. The arrangements have been per fected for the maintenance of a branch office of the St. Louis Joint Stock Land Bank at Cape Girardeau, Missouri, which will be under the management of C. A. Vandivort, who was secretarytreasurer of the Southeast Missouri Joint Stock Land Bank. C. L. Harri son, of the Harrison Securities, Inc., of Cape Girardeau, Missouri, will become a director of the St. Louis Joint Stock Land Bank and a block of its stock has been apportioned to a group of in fluential and wealthy stockholders of the Southeast Missouri Joint Stock Land Bank. With the exception of the addition of Harrison to its board of directors at its annual meeting in March, no change of management of the St. Louis Joint Stock Land Bank is anticipated. The personnel of its officers are William R, Compton, chairman of the board; L. L. Beavers, president; T. N. Dysart, vice-president; H. H. Hopkins, vicepresident; Ben S. Lang, vice-president; D. M. Hardy, secretary-treasurer; E. R. Bruce, assistant treasurer; W. R. Compton, Jr., assistant secretary. Curlee, Hill and Company Open Bond Offices Curlee, Hill & Co., investment bank ers, have opened offices at 411 Olive street, to deal in bonds and other highgrade securities. The partners of the new concern include J. N. Curlee, Maury Hill and Wayman Allen. rfr Francis, Bro. & Co. INVESTMENT SECURITIES 2 14 -18 N. Fourth St. Kennedy Building S T . L O U IS TU LSA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The St. Louis Joint Stock Land Bank is assuming significant propor tions among St. Louis financial institu tions, Beavers continued, and by reason of its careful selection of loans and its relation with a group of investment bankers headed by the William ,R. Compton Company, it has at all times and will in the future, be in position to sell its bonds advantageously upon the market as recently indicated by an offering of one million dollars of its 4*6 per cent bonds dated January 1, 1925, which were readily sold. J. N. Curlee has been connected with the Liberty-Central Trust Company for the past six years and is assistant vice-president of that bank. Maury Hill is the son of the late Walker Hill and has been connected with Smith, Moore & Co. Wayman Allen has been asso ciated with the St. Louis office of the National City Company of New York and with Daly-Seddon Company. A Record That Inspires Confidence Since 1876 the men actually directing the affairs of the Union Trust Company have invested Hundreds of Millions of dollars. This experience of 48 years, supported by the study of investments, is free to guide you in the safe in vestment of your funds. We wish to emphasize the fact that the Union Trust Com pany has purchased for the investment of its own funds, the bonds we offer for sale. And, after first having care fully studied the bonds in the light of current events, we purchased outright, own and offer the bonds with our rec ommendation. Our files contain reliable de scriptions of all standard in vestments. Our wire service reports all sales of bonds on the New York Exchange. We offer Bankers an up-todate service, backed by 48 years experience and relia bility. Consult us without obligation. L n io k Tr u s Co m p a n y of t E a s t S t .L o u i s Member Federal Reserve System St. Louis, F ebru ary, 1925 41 Hawes and Company Organized Richard S. Hawes, Jr., has been named as active head of the newly or ganized investment house to be known as Hawes & Co., with offices at 411 Olive street, St. Louis. Hawes is a son of Richard S. Hawes, vice-president of the First National Bank in St. Louis. He has a wide ac quaintance in bond circles, having been associated with a number of na tionally known houses during the past several years. Associated with him on the Board of Directors are a group of young men identified with leading business interests of the city, includ ing J. R. Bemis, D. C. Bixby, James A. Dacey, Jr., A. W. Dehlendorf, L. Busch Faust, S. L. Geisinger, L. A. Hager, Jr., C. M. Huttig, Martin Lammert III, Warren B. Lammert, Clarence E. Maloy, F. P. Murphy, J. Andrew Strauch, Joseph L. Werner. Southwest Power Company First Mortgage Gold Bonds, Series “ B ” 6 % Sinking Fund Dated November 1, 1924 Due May 1, 1944 Price: 95 V2 and Accrued Interest, to Yield over 6.40% Fully descriptive circular on request. A.GALLYN*™ COMPANY ESTABLISHED s*M 71 W. Monroe Street NEW YORK CHICAGO M ILW A U K E E Phone State 6440 M IN N E A PO LIS BOSTON Admit New Partners Carroll H. Bbbb and James H. Mon roe have been admitted as partners to the investment firm of Watson, Wil liams & Co. of New Orleans. The an nouncement was made on the first of the year. Gay With First National Sam Gay, who has been connected with Little & Moore since 1922, has joined the St. Louis sales organization of the First National Company of St. Louis. Financial Advertising Men Form New Chicago Agency Announcement has been made of the organization of the Maurice H. Need ham Company as a general advertising agency, with headquarters in the Lon don Guarantee Building, 360 North Michigan avenue, Chicago. The new company started operation as of Janu ary 1, 1925. Maurice H. Needham, who has been elected president, is favorably known as an authority on financial advertis ing. Melvin Brorby is secretary of the company. The board of directors in cludes in its personnel a group of men prominent in the banking and manu facturing world. John E. Blunt, Jr., vice-president and member of the man aging committee of the Illinois Mer chants Trust Company, will serve as financial adviser. Some of the clients of the new or ganization include the Illinois Mer chants Trust Company, Peoples Trust & Savings Bank, Eagle-Picher Lead Company, Barrett-Cravens Company, Kaestner & Hecht Company and the Hedman Manufacturing Company. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sh ort T erm Bank for P aper Investment F L E T C H E R A M E R IC A N COMPANY A ffilia te d W ith F le t c h e r A m e r ic a n N a tio n a l B a n k o f In d ia n a p o lis L O U IS V IL L E —511 I n t e r -S o u t h e r n B u ild in g C H IC A G O IN D IAN APO LIS D ET R O IT SO U TH BEND 42 Mid-Continent Banker Your Investment Needs T h is n a tio n a l o r g a n iz a t io n is t h o r o u g h l y e quipp ed to give service for all of th e in v e s t m e n t needs of y o u r b an k. C o m m e r c i a l paper a n d s h o r t t e r m b o n d s f o r t h e b a n k ’s f u n d s . H IG H G R A D E INVESTM ENTS In v e s t m e n t S e c u r itie s fo r y o u r c u s to m e r s : M u n ic ip a l , I n d u s tria l a n d P u b lic U t il i t y B o n d s. GEORGE H. BURR & CO. ST. L O U IS N EW Y O R K BOSTON H ARTFORD C H IC A G O FEDERAL COMMERCE TRUST CO. S A N F R A N C IS C O LOS ANG ELES SEATTLE CLEVELAND ATLANTA P H IL A D E L P H IA P IT T S B U R G H For the Banker— The Compton List of Bonds STOCKHOLDERS On the desks of leading bankers through out the United States, where its value as an investment reference is fully recog nized, you will find the Compton List of Bonds. OF T lie National Bank »/Commerce Fed eral Com m erce Trust Com pany https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HE banker, in serving the invest ment demands of his clients or in stitution, is in a position of trust and responsibility that is reflected by the care he takes in choosing securities. In many cases his own judgment is strengthened by strict legal requirements. T OW NED BY in StLcmis Broadway and Pine To every experienced investor, the fun damental appeal of this list is in the com bined safety, diversification and invest ment value of its recommendations. Telephone OLIVE 3720 William R.fompton (ompany IN V E S T M E N T B ON DS ST. LOUIS NEW YORK - CHICAGO • BOSTON - CINCINNATI NEW ORLEANS GR806 43 St. Louis, F ebruary, 1925 and bonds of corporations owning prop erty in other states, and like consid erations, the Halsey, Stuart & Co. booklet shows how one hypothetical investor might save his estate 20 per cent of such taxes by changes in his security investments. Inheritance Taxation and the Investor Few, if any, of the more common methods employed by persons who make an effort to leave an estate liable for only the minimum of taxes under inheritance tax laws are wholly effec tive or satisfactory, according to J. L. Sayler, tax attorney for Halsey, Stuart & Co., Inc., who discusses the involved problems of inheritance taxation, aris ing out of the complexity of Federal and State legislation, in a new book, “Inheritance Taxation From the Stand point of the Investor,” copies of which are available for distribution among interested investors. “After thorough consideration of the effect upon liability under such laws that can be brought about by change of residence, gifts, incorporation of personal holding companies, trusts and joint ownership of securities, one is forced,” says this authority, “to the conclusion that the best way to accom plish the very natural desire of every one to hold his taxes down to the law ful minimum is to adjust investment holdings to such types of securities as will prove least burdensome to an es tate.” By proper observance of inher itance taxes applicable in states of residence, in other states, to stocks “ While bonds have some advantage over stocks from an inheritance tax standpoint, it likewise is true that there is practically as much difference between types of bonds as there is be tween stocks and bonds,” this author ity says. Stocks, bonds of domestic corporations and tax-exempt securities, bonds of foreign governments and mu nicipalities, unsecured notes, open ac counts, real estate holdings, insurance and other classes of property are dis cussed from the standpoint of inher itance taxes. In order to enable the individual in vestor to make a general analysis of his estate with reference to inherit ance tax laws, the appendix of the book includes a table for estimating the estate tax under the Revenue Act of 1924 and the taxes applicable under the laws of several representative states. Evil often triumphs, but never con quers.-—Roux. The sleeping ocean lay like a wav ing and glittering mirror, smooth and polished on its surface.—Cooper. Hope is like the sun, which, as we journey towards it, casts the shadow of our burden behind us.— Samuel Smiles. COMMERCIAL PAPER INVESTMENT RONDS COLLATERAL TRUST NOTES R. C. L o n g & C o m p a n y 418 O live S treet S T . L O U IS High-Grade Corporation Bonds are appropriate for investment of bank funds because— They yield an attractive return. They furnish a safe investment for your funds. They are reserve which pays a handsome profit. They can be sold quickly for cash, or used as collateral for borrowing. W r i t e f o r o u r list Bond Department (ommerccjrust (ompany Marketability The ever-present possibility of withdrawal of deposits prompts the far-seeing banker to buy bonds for his secondary reserve from the house which affords the quickest and most generous repurchase market. For twenty years we have consistently furnished such a market to our extensive bank clientele throughout the country. We shall be pleased to send you our latest list of offerings on request. “ Twenty-first Year—Never a Loss to a Client” M ORTGAGE & R E C U R iT T E S 3 C o m pany KANSAS C IT Y S e c u r it y B u il d in g S t . Loui s Capital and Surplus $8,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST. LOUIS N EW ORLEANS 44 M id-Continent Banker Two New Vice-Presidents for Federal Commerce Trust Company the bond department of the National Bank of Commerce four years ago, and aided in organizing the Federal Com merce Trust Company, which is owned by the stockholders of the bank. Two new vice-presidents of the Fed eral Commerce Trust Company were elected at the board of directors’ meeting following the annual meeting of stockholders. W. W. Ainsworth, treasurer, was elected vice-president and treasurer, and E. T. Tobey of Mem phis, Tenn., was elected a vice-presi dent. The following officers were re elected: There should be an exceptionally heavy effective demand for capital dur ing 1925, declares Dudley F. Fowler, of the Bank of America in a pre-survey of the money market during the year. But these calls for capital will be made upon a money market which will be plentifully supplied from sources which today possess greater latent power than ever before as is concretely evi denced by the greater amount of time deposits in our financial institutions, by the larger accounts in our savings banks and by the bigger resources of our insurance companies. “The volume of borrowing to be ex pected on the part of industries is sub ject to much uncertainty at this time,” says The Bank of America survey. “The prosperous business conditions which are now being generally enjoyed—the increased purchasing power of the farmer resulting from high prices ob tained from his products, and the prev alence of cheap money would tend to stimulate expansion; but many of these industries have already developed a plant capacity in excess of their nor mal needs while other of our basic in dustries possess sufficient resources of their own to finance such increased operations as may arise at least for a year to come. Likewise, the building industry, which since the war has been the backbone of industrial activity, will in 1925 be a less important bor rower in the money market, for the housing shortage has to a large ex tent been overcome. Although build ing contracts continue at a high figure, an analysis of these figures shows that they are being sustained by the erec tion of commercial buildings and fac tories rather than homes. In the case of public utilities, vast sums will be required in carrying out super-power programs which are well beyond the visionary stage. The elec trification of railroads may well be expected to stimulate this movement. It is not possible to form a definite es timate of the sums which will be re quired during 1925, but last year more than $1,400,000,000 was raised and it is not unreasonable to expect at least a repetition of this program during the current year. Especially is this prob able in view of the excellent credit po sition enjoyed by this group as a re sult of good earnings during recent years.” nent in the affairs of the Tennessee Realtors Association. He takes up his new position immediately. John G. Lonsdale, chairman of the board; W. L. Hemingway, president; David Sommers, vice-president; J. A. McCarthy, secretary; W. A. Bell, as sistant secretary; J. C. Walker, assist ant treasurer; R. J. Whitfield, assistant treasurer. With the coming of E. T. Tobey, the Federal Commerce Trust Company will enter more extensively into the real estate mortgage business, as he will head that department. He comes from the firm of Marx & Bensdorf, Memphis, one of the strongest real estate organi zations in the South. Tobey organized and was manager of the real estate department of the firm, and was promi E. T . T ob y W. W. Ainsworth, the other new vice-president, began as manager of W e are pleased to announce that Mr. Thomas F. Ford, formerly Assistant Cashier of The Northern Trust Company Chicago has joined our organization. Mr. Ford will have charge of out of town accounts in the M iddle Western States, W h it e , W e l d & C o . 134 S O U T H L A S A L L E S T R E E T C H IC A G O NEW Y O R K https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BO STO N Heavy Demand for Capital Expected in 1925 45 St. Louis, February, 1925 Promotions Announced byUnion Trust at Luncheon With several hundred stockholders as luncheon guests the Union Trust Company, of Chicago, reversed the usual custom of holding the annual stockholders’ meeting by proxy in the bank. A majority of the institution’s 550 shareholders attended the unique luncheon in the Crystal Room of the Blackstone Hotel, where the business of the annual meeting was later trans acted. Frederick H. Rawson, chairman of the board, and Harry A. Wheeler, pres ident, were the principal speakers. The stockholders voted to increase the cap ital stock from $2,000,000 to $3,000,000 the capital stock to be offered at par, $100 a share, to stockholders of record April 2 in the ratio of one new share for each two shares held. The bank’s surplus and undivided profits will be $4,000,000. George Pick, of George Pick & Com pany, was elected as a new member of the board, while all the former mem bers were re-elected. Mr. Pick is also treasurer of Bernard Hewitt & Com pany and a director of the American Radiator Company. At a meeting of the directors imme diately following the stockholders’ meeting several important promotions in the official staff were made as fol lows: H. Lindsay Wheeler, assistant vice-president from cashier; R. Kings ley O’Hara, assistant vice-president from assistant cashier; John J. Anton, cashier from assistant cashier, and Chester E. Herrod, assistant cashier from auditor. “The increase in our capital is nec essary in order to maintain the proper ratio of capital to deposits,” said Mr. Rawson. “Our deposits now are about $63,000,000.00 and had been consider ably higher during the year. They were $55,000,000.00 at the end of 1923. “The event of outstanding importance in the bank during 1924 was the dis tribution of several thousand shares to nearly 400 new stockholders. It be came evident the Union Trust Com pany had reached a point in its rela tion to the financial life of Chicago and the Middle West when its progress could be accelerated by a wider distri bution of its stock. Under this con viction I proposed to my associates that I would release a part of my hold ings if by so doing it could be proved that our customers were desirous of becoming actual partners in the bank and if the results desired would be ac tually achieved.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y o u r Bond Investments W e buy and sell Municipal, Industrial, Public Utility and Foreign Government Bonds. W e are in a position to give you and your bank prompt and ade quate service. P o t t e r , K auf fman & Co. Chamber of Commerce Bldg., 511 Locust St. Telephone, Olive 7460 SAINT LOUIS DEPENDABLE SERVICE INVESTMENT SECURITIES G. H. WALKER & CO. BRO ADW AY AND LOCUST ST. L O U IS , m o . THE Hanover National Bank OF THE CITY OF NEW YORK Corner Nassau and Pine Streets E S T A B L ISH E D 1851 C apital . . S urp lus and Profits . . $5,000,000 $23,000,000 W IL L IA M W O O D W A R D , P re sid e n t E. H A Y W O O D F E R R Y , V ic e -P re s id e n t J. N IE M A N N , A ss’ t C ashier H E N R Y P . T U R N B U L L , V ic e -P re s id e n t W IL L IA M D O N A L D , A ss’ t C ash ier S A M U E L W O O L V E R T O N , V ic e -P re s id e n t G E O R G E E. L E W IS , A ss’ t C ash ier JO SE P H B Y R N E , V ic e -P re s id e n t F R E D E R IC K A . T H O M A S , A ss’ t C ash ier C H A R L E S H . H A M P T O N , V ic e -P re s id e n t W A L T E R G . N ELSO N , A ss’ t C ash ier JO S E P H S . L O V E R IN G , V ic e -P re s id e n t C H A R L E S B . C A M P B E L L , A ss’ t C ash ier J A M E S P . G A R D N E R , V ic e -P re s id e n t W IL L IA M B . S M IT H , A ss ’ t C ashier W IL L IA M E. C A B L E , J r., C ash ier W IL L IA M H . A L L E N , A ss’ t C ash ier F O R E IG N D E P A R T M E N T W IL L IA M H . S U Y D A M , V ic e -P r e s id e n t a n d M a n a g e r R O B E R T N E IL L E Y , A ss’ t M a n a ger F R E D E R IC A . B U C K , A ss’ t M a n a ge r 46 M id-Continent Banker given the name of the National Trust Bank, with Mr. Shubert as president. The bank some months ago moved into its handsome new quarters at Sixth and Monroe streets, where it continues to be a power in the financial circles of the county. At this time the bank has resources of over $2,000,000. Niota Sta te B a n k H a s Good Year. T h o m a s Is Elected V ic e -Pre side nt and Cashier. Joseph L. Thomas, who was elected cashier of the Quincy-Ricker National Bank and Trust Company, Quincy, 111., on December 12, 1924, to fill out the unexpired term of his brother, W. H. L. Thomas, who died, was elected vicepresident-cashier of the bank on Jan uary 13 for the ensuing year. He first engaged in the banking business Au gust 15, 1920, as vice-president of the Quincy National Bank; his brother, who organized the F'armers State Bank of Menden, Illinois, May 1, 1914, was cashier of the Quincy National. A merger of the Quincy National Bank and the Ricker National Bank was effected on December 12, 1922. Prior to the time he engaged in the banking business he was with the United States Government in the in come and excess profits tax service, having assisted in the reorganization of that department in December of 1918, and prior to that time was a newspa per reporter on the Quincy Daily Her ald. W. H. S h u b e r t R e s i g n s at Charleston. W. H. Shubert has resigned as presi dent of the National Trust Bank of Charleston, 111. Mr. Shubert moved to Charleston m 1910, and was associated with the Charleston State Bank. In 1911 he or ganized the Charleston Trust and Sav ings Bank, which was merged with the Second National Bank in 1919, and Characterized— by helpful official attention to the financial needs of their correspondents, and by thoughtful handling of small as well as large daily transactions for banks throughout the great Middle West; these institutions cordially invite the fullest use of their facilities. RESOURCES T H IR T Y MILLIONS TH E STO C K YA R D S NATIONAL B A N K THE STOCK YARDS TRUST& SAVINGS BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis o / C H IC A G O The Niota State Bank of Niota, 111., held their fifth annual stockholders meeting on January 12th. Geo. F. Brasfield, cashier, made a general report of the past year’s business, which showed a steady growth of this insti tution, and declared an 8 per cent divi dend, which is the largest since the bank’s organization in 1920. The bank has total resources of $85,000.00, with deposits of $60,000.00. It is capitalized at $15,000.00, with sur plus and undivided profits of $6,500.00. The new board of directors consists of the following for the ensuing year: J. M. Fisher, president of the Nauvoo State Bank, Nauvoo, 111.; A. J. Schnei der, cashier of the Nauvoo State Bank; Jno. Jackson, H. Pollmiller; L. M. Kaser, retired capitalist, and W. J. Singleton, president of the Illinois State Bank of Quincy. John Jackson has been elected president for the coming year; L. M. Kaser, vice-president, and Geo. F. Brasfield, cashier. Mr. Brasfield has been cashier of the Niota State B’ank for the past three years, but has been in the banking business for twenty-five years. He is a native of Tennessee and was formerly connected with the Cotton Exchange Bank and the Bank of Kennett, Kennett, Mo. S ta te m e n t of Cen tral Trust, Chicago. The Central Trust Company of Chi cago, 111., has resources amounting to $109,090,850.37, and deposits of $97,692,037.48, according to their statement of December 31st. Sta te m en t of S to c k Y a r d s Ba nks. The combined resources of the Stock Yards National Bank and the Stock Yards Trust and Savings Bank of Chi cago is $32,465,688.67, according to their last statement. The combined de posits are $29,547,323.81. N e w H om e for C um b e rlan d C ou n ty National. The new home of the Cumberland County National Bank of Neoga, 111., has been formally opened for business. On entering the building one is im pressed by the warm, comfortable ef fects caused by the color tone of the 47 8t. Louis, February, 1925 decorations and the convenient, sys tematically arranged fixtures. The window lighting is excellent and there are accessible and roomy customers' desks. The arrangement of the cages and windows is modern. There is a special window for building and loan payments. The safety deposit vault is built of eighteen-inchi reinforced concrete and is equipped with a triple time lock. The door alone weighs 10,000 pounds. The money chest of the vault is separated from the safety deposit department by metal grill. A modern burglar alarm system has been installed. Aside from the customers’ safety deposit vault there is another one for the bank’s own papers and books. To the east of the cage is the officers’ room with desks conveniently arranged for conference with cus tomers. There is a connecting pas sage with the directors’ room. The bank officials considerately and courte ously afford the use of this meeting place for the village civic societies. The floor of the bank lobby is of Terazi, while the officers and cus tomers’ rooms are of oak flooring, and the working spaces have cork carpet. The Cumberland County National Bank has thirty stockholders, twelve of whom are women and eighteen are men. The officers are: F. M. Welshimer, president; A. F. Wilson, vicepresident; T. W. Higgins, cashier; R. E. Strohm, assistant cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Illinois Bankers Hold MidW inter Conference By Wm. H. Maas Associate Editor Mid-Continent Banker the close of the most successful year in the history of the Illinois Bankers Association, 750 bankers from every county in the state gathered in Chicago last month to par ticipate in the annual midwinter din ner and county federation conference at Hotel La Salle. Evidence of appre ciation of the constructive program be ing carried out under the leadership of Wayne Hummer, president, and Martin Graettinger, secretary, was borne out in the demand for reservations at the dinner. F o l l o w in g In addition to the bankers present from throughout the state, numerous Chicago banks also had large table res ervations, with the result that the crowd fairly taxed the capacity of the big ballroom, the largest of its kind in Chicago. The principal speakers were John Moody, president, Moody’s Inves tors Service, New York, who spoke on “ The Business Outlook at Home and Abroad,’’ and Floyd E. Thompson, chief justice of the Supreme Court of Illi nois, who took as his theme “Law Enforcement.” Business activities of the association which came up for discussion, on the program the day following the dinner, included protection, agriculture, legis lation, education and county credit bureaus. Words of praise by Presi dent Hummer were showered on county chairmen present for their co operation with association plans. Wirt Wright was chosen as chairman of a special committee to devise ways and means for increased dues, to be based on resources instead of upon capital as at present. In the discussion of education, Dr. Walter Lichtenstein, nationally known economist, executive secretary of the First National Bank, Chicago, made the principal presentation. Harry J. Cooper presided at the farm session, and Prof. H. C. M. Case of the University of Illinois delivered a talk on farm work in the state. W. E. Carter, president, Jasper County Credit Bureau, Car thage, Mo., told how county credit bu reaus work in Missouri. Charles W. Boyden led in the discussion on state legislation. R. C. Saunders of the Iowa Bankers Association told about the Iowa plan of vigilance work. 48 M id-Continent Banker Thomas J. Nolen, vice-president of the First National Bank of Morris, 111., died. He has been succeeded by H. B. Hagner. has accepted the position of cashier of The People’s Bank of Clinton, Clinton, 111. He will still continue as president of the Farmers’ State Bank of Kenney, expecting to give a part of his time there. E. J. Bradford Ma de A s s i s t a n t Cashier. F ir s t Sta te of M a tt oon W il l Remodel. E. J. Bradford, son of J. S. Brad ford, president' of the Bradford Na tional Bank of Greenville, 111., has been elected assistant cashier of that institution. The First State Bank of Mattoon, 111., is making plans for remodeling of its banking rooms and the installation of new fixtures of marble and bronze. H. B. H a g n e r Is Vice-President. A. N. Row e Is C a s h ie r at Clinton. Arthur N. Rowe, president of the Farmers’ State Bank of Kenney, 111., Barnett Is Vice-P resident Fairfield National. Ulla Bhrnett, formerly connected with the First National Bank of En field, 111., has accepted a position as vice-president with the Fairfield Na tional Bank, Fairfield, 111. N o w the S e y m o u r State. The Dighton and Hetishee State 'Bank of Seymour, 111., has changed its name to the Seymour State Bank of Seymour, 111. Death of E. D. W aldron . Geo. Corle y E. D. Waldron, president of the Home Trust and Savings Bank of Elgin, 111., died. Geo. Corley, assistant cashier of the First National Bank of Carbondale, 111., resigned. R e s i g n s at Carbo nd ale. G r a h a m Is Ne w A s s i s t a n t Cashier. jll ff VJ The National Bank o f the R E P U B L I C ♦ * O F C H IC A G O * * J ohn A . Lynch , Chairm an o f the B oard David R. F organ , V ice-C hairm an G eorge W oodruff , Vice-Chairm an H ugo E. Ott e , President "THE BANKERS’ SERVICE IN CE before the days o f th e W o r ld ’ s Fair th e “ R epublic” has been stead ily extending the length and breadth o f its service to its c o r r e s p o n d e n t ba n k s — originating new and useful services — developing and p e r fe c tin g th e o ld o n e s. “ Republic” service o f today STATION ” is the direct result o f m ore than 34 years o f untiring effort in this direction—an effort to render m ore and better service—to render it m ore prom ptly, accurately a n d c o u r te o u s ly . B e lo w y ou w ill find a few new features w hich w e w ill be glad to explain in detail. S "A a Ai” Copyrighted When you come to Chicago you usually want hotel accom modations, Pullman reserva tions, theater and railroad tickets. Possibly you may desire some appointments ar ranged with busy executives, or perhaps your wife or daughter would like some assistance with her shopping. As a Special Service to our Correspondents our Service Department is prepared to ar range for all in advance—and isn’t this a worth-while ser vice? We invite you to test it. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Commercial Paper Rating Service I f you buy Com m ercial Paper you w ill be particularly inter ested in this service. Each re port “ rates” the credit risk in nine different directions. It in cludes a com plete history o f the borrow in g com pany and at least three com parative state ments. A “ R epublic” rating on a com m ercial paper nam e is as dependable as a M ood y rating on bonds. W e shall be glad to send you a sample. W ilso n Is New President Olne y Trust. George McGahey, president of the Olney Trust and Banking Company of Olney, 111., died. He has been suc ceeded by James P. Wilson. C apita l Sta te Opens Bond Department. The Capital State Savings Bank of Chicago, 111., recently announced the opening of a bond department to be in charge of James M. Gray, formerly of Hill, Joiner & Co. Cl ¡thero H e a d s Garfield Bank. The "R epublic’s” The"Republic’s” Personal Service Bureau J. W. Graham has been elected as sistant cashier of the Central Trust and Savings Bank of Rock Island, 111. The"Republic’ s” Rapid Transit Service The “ R e p u b lic ” m akes a practice o f crediting all “ cash item s” draw n on banks throughout the U. S. A. at par, in return fo r a compen sating balance. And it does more than that—for every item is routed to its destina tion over the shortest, safest and swiftest route, by an or ganization o f trained transit experts. When you clear your country checks through the “ Republic” you are sure o f “ rapid transit” service. We shall be glad to tell you all about it. The " Republic’s ” Free Advertising Service to Correspondent Banks H elping correspondent banks increase their business ordinarily is not a duty o f a city bank. H ere at the “ Republic, how ever, it is a Special S ervice—a service rendered without charge to co r respondents. It is com plete in every detail. It is the same ser vice that has enabled us to double and treble our ow n deposits. W e shall be pleased to send descriptive booklet. Frank A. Alden has resigned as pres ident of the Garfield Bank of Chicago, 111., and has been succeeded by Delbert A. Clithero. A. A. Marquart is first vice-president of this institution; J. Li. Simmons, second vice-president; J. H. Kenna, cashier; Wm. A. McClelland and Loy Ella Woodruff, assistant cash iers, and E. J. Johnson, assistant cash ier and trust officer. Organ ize H a y m a r k e t Natio nal of Chicago. The Haymarket National Bank of Chicago, 111., is being organized with capital stock of $200,000.00. S ta te m e n t of Fir st National, Christopher. The First National Bank of Chris topher, 111., has total resources of $1,265,658.22 and deposits of $1,095,187.33, according to their December 31st statement. 49 St. Louis, February, 1925 S ta te m e n t of E x c h a n g e Na tio nal, Polo. K entucky The Exchange National Bank of Polo, 111., has resources amounting to $987,402.95 and deposits of approxi mately $775,000.00. Indiana Notes W m . E. Holton, pre sident of the Mt. Vernon National Bank, Mt. Vernon, Ind., died. J. E. O l m a r t has been elected active vice-president of the Farmers’ State Bank of Portland, Ind. T he C it izen s Sta te B a n k of Newport, Ind., has been reorganized with a cap ital of $50,000.00. W. M. Hegarty is president and Victor N. Asbury cashier. R a n k in R. Revill, deposits of $986,897.63, according to their statement of December 31st. Notes form e rly of T h e L a to nia Deposit B a n k of C o v i n g the National Bank of Commerce of New York, has assumed his new duties as cashier of the Ashland National Bank. Mr. Revill has for several years been southern representative for the Na tional Bank of Commerce of New York City. This brought him in touch with all the banks of the South and es pecially in Kentucky. Previous to this he was a teller in the First, National Bank of Cincinnati and was later dep uty banking commissioner of Ken tucky. ton, Ky., has installed an Anakin Gas lock in its vault. At the annual election held on January 13th the same officers and directors were re-elected for the ensuing year. The bank has resources of $673,722.53, and deposits of $610,667.10. E. P. Campbell, president of the R a venna State Bank, Ravenna, Ky., died. He has been succeeded by R. L. McLemore. Fred G. Fran klin, president of T he S e c u r ity Sta te B a n k of Corbin, Falmou th, Ky., has increased its capital from $25,000.00 to $30,000.00. Ky., has resources of $1,135,949.92 and A c c o r d in g to the Decembe r 31, 1924, T he Pend leton Bank of S a m W a t so n , cas h ie r of the B a n k of Waverly, Ind., died. N. C. Gray, president Gosport State Bank, died at the age of 75. The S tu d a b a k e r of the Olde Gosport, Ind., Bank of Bluffton, Ind., has resources of $2,092,630.47 and deposits of $1,736,320.83, according to their statement of December 31, 1924. C h a r le s H. Brow nell, for m e rly presi dent of the Citizens’ National Bank of Peru, Ind., died. E lm e r M. Matt hew s, for m e rly con nected with the trust department of the F'armers’ Trust and Savings Bank of Kokomo, Ind., has been made head of the real estate and mortgage loan department of the American Trust Company of Kokomo. Samuel W a t so n , cas hie r of Meeting the Requirements of Out-of-town Banks the Waverly Bank, Waverly, Ind., died, hav ing been accidentally shot. W. H. B r u n er has been W ITH a clientele embracing every line of business and a board of directors composed of leaders in every branch of commerce and industry, the Illinois Merchants Trust Company has an unusually intimate contact with modern American business. Our officers consequently have a wide experience and are peculiarly fitted to give effective and intelli gent attentionto the needs of our correspondent banks. Inquiries regarding our services and our ability to meet your particular requirements are welcome and incur no obligation. appointed manager of the insurance department of the St. Joseph Valley Bank of Elk hart, Ind., succeeding Joseph H. Noe. Harry A. Swain has resigned as cashier of the Union State Bank of Morristown, Ind. His successor has not been named. H. O. Stewart, cas h ie r of the First National Bank of Montpelier, Ind., re signed. He has been succeeded by H. D. Thornburg. The Mt. Vern on Natio nal Bank, Mt. Capital and Surplus Vernon, Ind., has total resources of $698,846.89 and deposits of $587,748.40, according to their December 31st state ment. Eugene H. Führer is president of the institution; Harry C. Ford, vicepresident, and Otto C. Klein, cashier. Felix L. Schneide r, connected https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Il l in o is Tr qA with the Dubois County State Bank for twenty-six years and its cashier for eleven years, died. His successor has not been named. the Farmers’ R'ank of White Plains, Ken tucky, died. LA ■> Forty-Five Million Dollars M er ch an ts u st c o m p a n y consolidation o f the Illinois Trust & Savings Tank, The ¿Merchants Loan & Trust Company and The Corn Exchange T^ational Tank SALLE, JACK SO N , CLARK AND Q U IN C Y STREETS - C H IC A G O 50 M id-Continent Banker statement, the Anderson National Bank of Lawrenceburg, Ky., has resources of $1,147,587.90 and deposits of $801,527.59. The) Fir st Natio nal Bank of Bard- well, Ky., has total resources amount ing to $323,548.90 and deposits of $244,032.69, according to their last state ment. The F r a n k lin Title and Trust Com pany of Louisville, Ky., has been or ganized with a capital of $200,000.00 and is now open for business. Albert C. Dulaney is president; Adolph Reutlinger, vice-president; J. L. Burch, sec retary, and Jas. P. Thompson, treas urer. Theodore Harris, president of the Harris-Seller Banking Company of Ver sailles, Ky., died. John H. Berryman has been elected to succeed Mr. Harris. Roy G. Williams succeeds Mr. Berry man as vice-president and cashier, and John T. Graves has been elected as sistant cashier. Liberty Insura nce B a n k Pr om otions. At the first meeting in the new year the board of directors of the Liberty Insurance Bank, Louisville, announced the following promotions on the bank staff: Edw. F. Kohnhorst, cashier, was made vice-president; W. Scowden Kohnhorst, assistant cashier, becomes cashier, and A. H. Frenke, manager of the travel department, was elected an assistant cashier. The Kohnhorst brothers are widely C o o p e r ^C a r l t o n h o tel, „vît ¡iP pi# The Cooper-Carlton is delightfully situated on the shore o f Lake Michigan, overlooking East End Park (on Route 42). It is quiet and restful, away from the noise and congestion o f the “ Loop,” yet only ten minutes by Illinois Central Suburban, or twenty minutes by motor from the business and shopping center o f Chicago. The Cooper-Carlton is surrounded by a O ur ow n garage thousand acres o f public parks, and is con but a block away veniently located near fine beaches and wellmaintained golf courses, where all sports, such as boating, bathing, golf, tennis, horse back riding, etc., may be enjoyed. The large, airy, com fortab le room s are lu xu riou sly furnished. R e a s o n a b l e R a te s Single Double Suites $3.00 per day and up. 4.00 per day and up. 6.00 per day and up. The dining room is unsurpassed— either a la carte, or table d’hote— at very moderate prices. If you come by motor, Route 42 passes our door. If by train, get off at the 53rd St. Station o f the Illinois Central, Michigan Central or Big Four—two short blocks away. If on the N. Y. Central, Penn., Rock Island or Nickel Plate, get off at the Englewood 63rd St. Station and taxi a short distance through the parks. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Chicago M otor Club Tourist Bureau in our M ain Lobby. Rates and Reservations guaranteed. W ire reservation at our expense. FREE BOOKLET O N REQUEST C o o per-C a r lto n H otel H yde Park Boulevard at 53rd Street - Phone H yd e Park 9600 C H IC A G O known in Louisville, and in banking circles, having been identified with the Liberty Insurance Bank for over twen ty-five years. Mr. “Ed” Kohnhorst started with the bank in 1893 as mes senger boy at the time when the wellbeloved Joe Fisher was president of the bank. He rose steadily in the ranks, was elected an officer in 1916, and cashier in 1919. Mr. Scowden Kohnhorst joined the bank staff also as messenger in 1899. Working from the bottom he passed through all de partments. Through fourteen years ex perience as paying teller he became widely known as an authority on coins and counterfeit currency and as a sig nature expert. The Kohnhorsts’ long connection with the Liberty Bank has made them known personally to the great major ity of the bank’s customers. They are members of the Preston Lodge, Masons, Elks, Louisville Turners, Liederkranz and other soceities. Mr. Frenke has been identified with the Liberty Bank as manager of the Foreign Trade and Travel Department for the past three years. Mr. F'renke is a graduate of the University of Inns bruck, Austria, and a linguist versed in French, Italian, German and Span ish. He is a member of the local coun cil of the Knights of Columbus. He will retain his present duties as man ager of the Foreign Trade and Travel Department. The officers re-elected for the year were: A. P. Winkler, president; J. E. Huhn, first vice-president; R. M. Fible, Jr., vice-president; F. C. Dorsey, vicepresident; R. G. Bickel, Jos. W. Wrocklage, W. A. Millican, Otto C. Ernst, W. L. Borgerding, W. Frazer Dunlap, D. J. Moriarty, assistant cashiers; F. H. Strobel, auditor; W. S. Kämmerer, trust officer. Sol Levy will fill the vacancy in the board of directors made by the death of Mr. Joe Sabel. The follow ing directors were re-elected at the meeting of the stockholders held yes terday: Henry Almstedt, Fred Forcht, J. E. Huhn, Fred W. Keisker, Edw. F. Peter, Charles Scholtz, Jr., O. H. Wathen, A. P. Winkler. The Liberty Insurance Bank has opened a Trust Department as an ad dition to its facilities and services. The opening of the new department, according to John E. Huhn, vice-prasident, was the result of an insistent demand on the part of the bank’s cus tomers and friends. With the addition of trust powers the Liberty B'ank now renders an absolutely complete bank ing service. Wm. S. Kämmerer will be the officer in charge of the new department. Mr. Kämmerer is a well known lawyer. 51 St. Louis, February, 1925 Ste phe nso n Is C a s h ie r H a rp eth V a lle y Bank. H. K. Stephenson, who has been elected cashier of the Harpeth Valley Bank, Kingston Springs, Tenn., is a native of Weakley County, Tenn., hav ing lived there on a farm until the war. He graduated from Draughon College, Nashville, in 1920, and entered the service of the L>. & N. Railroad. Later he accepted a position in the office of the law agent of the Nashville Ter minal Company, and from there was promoted to a position in the office of the vice-president of the Nashville, Chattanooga & St. Louis Railway. He later became connected with the Ala bama Trust & Savings Bank of Flor ence, Ala. The Harpeth Valley Bank is a new H . K . Stephenson institution at Kingston Springs and is making excellent progress in spite of the keen competition and general de pression which at present prevails in that section. G r e e n la w Is Pr om oted B y C o lu m b ia Bank. J. P. Greenlaw has been promoted to the position of cashier of the Columbia Bank and Trust Company of Columbia, Tenn. Mr. Greenlaw started in with the Columbia Bank and Trust Company in 1910 as bookkeeper, working in the afternoons after school and on Satur days until he finished school. Then he was given a regular job and worked at different things, getting more famil iar with all the details of the bank. In 1918 he was given a furlough to get in a training camp, which he ac cepted, and was given a Second Lieu tenancy. He went overseas, was wounded, and later promoted to First Lieutenant. After the war he returned to his old job at the bank and was made assistant cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T en n essee T hos. D . B rabson, Pres. O F F IC E R S T E N N E S S E E B A N K E R S A S S O C I A T I O N : T hos. D . Brabson, Greenville, President; R . B. G ray, K e n ton, V ice-President; J. E . Huffm an, Shelbyville, V ice-President; W . F. Smith, Bristol, V ice-P resident; Sam. C. Baird, Jellico, Treasurer; H. G rady H uddleston, 1015 Independent Life Building, N ash ville, Secretary; L. C. Humes, M em phis, Chairman E xecutive Council. G R O U P C H A IR M E N : I—A. D . B ro ck man, K ingsport; I I —M . H . Irwin, Coal Creek; I I I —C ol. S. B . A nderson, C ook e ville; IV —A. P . H aggard, D a y to n ; V— J. H . P otter, Sparta; V I—C . W . Bailey, C larksville; V II—J. N . Parker, Dyersburg; V I II —R . M . Cham bliss, B row ns ville H . G . H uddleston, Sec. A lle n Is C ash ie r Cen tral National. K n o x v i ll e B a n k In N e w Home. William J. Allen, who for two years has been assistant cashier of the Cen tral National Bank, Nashville, Tenn., was elected cashier at a meeting of the board of directors to succeed Allen B. Cummings, who resigned to accept the city treasurership. Mr. Allen entered the banking busi ness soon after graduating from the public schools, nearly twenty years ago, and has steadily advanced to promi nence in his chosen life work. He was first connected with the Union Bank and Trust Company in a minor capacity. One of his associates in that institution was Watkins Crock ett, now president of the Central Na tional. Young Allen combined intelli gence, ambition and character and promotion came steadily. He went to the American National when that in stitution took; over the Union Bank and Trust Co., and was with it and later the American Trust Company for seventeen years. He was assistant secretary of the trust company when, two years ago, he accepted an as sistant cashiership of the Central Na tional. ______ The recently organized Commercial Bank and Trust Company of Knoxville, Tenn., is now doing business in their new home located on Wall avenue. The building is 25x140 feet, and is so ar ranged that all the offices of the ex ecutives, the main banking room and the various other departments occupy the entire first floor. The front of the building is of white »terra cotta. A Donsteel vault, abso lutely fire and burglar proof, has been installed by the Mosler Safe Company of Hamilton, Ohio, and is one of the largest in any bank in the state. J. W. Williams is president of the institution; N. Giles Carter and Robert Freed H e a d s B a n k of Trenton. John T. Hale, president of the Bank of Trenton and Trust Company of Trenton, Tenn., died. He has been succeeded by Sylvane Freed, formerly vice-president and cashier of this in stitution. Mr. Freed has been con nected with the bank for nineteen years. _____ Bowers Is Vice -P re side nt at Johns on City. Carman S. Bowers has been elected active vice-president of the Tennessee Trust Company of Johnson City, Tenn. S ta te m e n t of the A m e r ic a n Ba nks. The American Banks of Nashville, Tenn., have combined resources of $28,410,768.93 and deposits of $23,603,138.35. C om m ercial Bank and T rust C om pany L. Huff, vice-presidents; Willis H. Fowle, trust officer; J. H. Fowle is in charge of the public relations depart ment, and Henry N. Camp, Jr., is in charge of the title abstract department. B a n k of Com m erce M a k e s 13 Pe r Cent Gain. The B'ank of Commerce of Jackson, 52 Mid-Con tine nt Bank e r Term., has resources of $1,221,327.12 and deposits of $1,063,418.51, according to their statement of December 31, 1924. The deposits show a gain of $120,000.00, or 13 per cent, as compared with a year ago. S ec urity B a n k Opens at Centerville. The Security Bank and Trust Com pany of Centerville, Tenn., has been or ganized with capital of $25,000.00, and is now open for business. Stanley C. Broome is president of the new insti tution; Thos. M. Huddleston, cashier, and C. D. Sargent and Will H. Nunnelly, vice-presidents. Compassion will cure more sins than condemnation.—Beecher. Fidelity and Southern National in New Home Friday, January 2, was a notable day for the Fidelity Bank and Trust Com pany, Memphis, for two reasons. First, it was the first day in their new home, the fifteen-story office build ing purchased from the Union & Plant ers Bank and vacated by the U. & P. on the 1st of December. Second, it meant an increase in the total figures of the Fidelity Bank to $6,000,000, caused by the absorption of the Southern National Blank, which took effect on the same day. The Southern National was organized about eighteen months ago and had deposits of approximately $1 ,000,000. Steven H. Butler, president of the An. Uninterrupted Dividend Record 1906 1908 1910 1912 1914 1916 1918 1920 Southern National, retired to give at tention to his commercial interests. John D. McDowell is president of the Fidelity, being one of the organizers and president since organization about six months ago. Mr. McDowell for many years was an executive of the Union & Planters Bank & Trust Company, prior to the organization. He has been in the bank ing business in Memphis for more than thirty-five years, and for many years has also been manager of the Mem phis Clearing House Association. The Fidelity Bank has enjoyed an unusual degree of success for a young institution, its deposits being approxi mately $4,500,000, capital $1,000,000, and surplus and undivided profits, $108,145.61. Among the score of Mem phis hanking institutions it ranks fifth. Opening day in the new building was a most auspicious event, notable if 1923 N E T E A R N IN G S P E R S H A R E O F A .T . & T . S T O C K A V A IL A B L E F O R D IV ID E N D S F OR the past 4 2 years, the A. T. 6 ? T. Company and its predecessors have paid not less than $7 .5 0 a share per year, which each year has been earned with a margin o f safety. A substantial surplus has thus been accumulated and kept in the business, increasing the equity of the individual stockholder while increasing the usefulness o f the entire Bell System. This financial record not only reflects the stability of the Company but accounts for the remarkable steadiness o f the stock’s market price. It also accounts for the fact that today there are more than 34 3 ,0 0 0 stockholders. A. T. & T. Stock pays 9% dividends. It can be bought in the open market to yield about 7%. Write for pamphlet, “Some Financial Facts." LL TELEPHONE SECURITIES CO.lm D.F. Houston, President iQ5 Broadway NEW YO RK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ The P e o p le ’ s Messenger” for the numerous beautiful floral to kens received from friends and wellw'ishers in Memphis and the four cor ners of the country. All day the pub lic visited the quarters of the bank, which have been most beautifully ren ovated. Pretty girls from the bank’s force pinned carnations on the visitors, which numbered, in the estimation of the officers, 10,000 or more. The officers of the Fideiity Bank are:| John D. McDowell,; presideht; John T. Fisher, chairman of the board; J. T. Russell and John M. Dean, vicepresidents; D. D. Robertson, cashier; S. N. Castle, W. M. Daniel and E. D. Caldwell, assistant cashiers. It has an unusually well-balanced board of directors, comprising forty of the bestknown business and professional lead ers in Memphis. The calm sea says more to the thoughtful soul than the same sea in storm and tumult.—Amiel. St. Louis, F ebruary, 1925 53 W h o ’s W h o in Tennessee Bankers Association R alph Parlette ’s Thrift and Trust Stories J. H . M O R A N D resden Chairm an G roup Seven SYLVANE FREED T ren ton Secretary G roup Seven W . H. H E N R Y F ountain C ity Secretary G roup T w o J. H. Moran, chairman Group 7 of the Tennessee Bankers Association, was born June 29, 1879, at Dresden, Tenn. He attended several prepara tory schools, and in 1899 entered the University of Virginia, where he studied law. Mr. Moran had his first banking ex perience with the Mechanics-American National Bank, St. Louis, leaving that institution in 1910 to organize a bank at Rutherford, Tenn. He was made president of the Dresden Bank, Dres den, Tenn., in 1912, and has occupied this position since. He i;s chairman of the Legislative Committee for the Ninth Congres sional District. He was elected to the State Legislature on a good roads plat form. His hobbies are hunting and target shooting. the public schools of Grainger County and went about five years to Maryville College, Maryville, Tenn. He taught school four years in Grainger County public schools. Mr. Henry served as trustee for Grainger County, Tenn., for four years, then worked with the Aluminum Com pany of America at Maryville, Tenn., as cashier and paymaster, about five years. He went with the Peoples Bank of Rutledge, Tenn., September 8, 1921, as assistant cashier and held this po sition until he went to Fountain City Bank, Fountain City, Tenn., as cashier, March 6, 1924. Sylvane Freed, vice-president and cashier of the Bank of Trenton and Trust Company of Trenton, Tenn., is secretary of Group 7 of the Tennessee Bankers Association. He became con nected with the Bank of Trenton and Trust Company soon after its organi zation over twenty years ago, and has served first in the capacity of assistant cashier, then as trust officer and now as vice-president and cashier. The bank has enjoyed a healthy growth since organization, being lo cated in Gibson County, one of the best counties in the state. Mr. Freed has various mercantile and farming interests in the county and is an active member of Trenton Rotary Club as well as several fra ternal and civic organizations. HE average of indus trial stocks now show a rise of 30 points from the June low, when the Brookmire Economic Service ad W. H. Henry, secretary of Group 2 of the Tennessee Bankers Association, was born in 1884 on a farm in Grainger County, Tenn. He went to school in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ILL M A K E YOUR SAVINGS ACCOUNTS TH R IV E AND YOUR TRU ST A G REEM EN TS IN CREASE PARLETTE-PADGET COMPANY W IL L IA M PA D G E T , P r e s i d e n t 122 S o . M ic h ig a n A v e. C H IC A G O The Bull Market Probable Duration andExtent T vised the purchase o f securities. Is the advance nearly completed or is there still an opportunity to make further profit by holding present commitments— is this the time to make additional pur chases? If you own stocks now— or are thinking o f accumulating them at present levels— don’ t fail to read the latest Brookmire Bulle tin which discusses these ques tions thoroughly. Free on •e quest— NOW. BECONOMIC R O 'o kSERVICE, M fMInc. E! 25 West 45th St., New York Please send me a copy ol your Bm letin MB-69—free. Reed’ s Master Plan for 1925 is ready. Territorial assignments are now being made. Critical inspection in vited and arranged by appointment. R 111 Address.. M. Banke r West »T A T I R E Washington 24*1 E D Associates gi Street C H IC A G O 54 Mid-Continent Banker Louisiana Notes T he Opelou sas-St. L a u n d r y B a n k and Trust Company, Opelousas, La., has in creased its capital from $175,000 to $200,000. The deposits of the bank amount to $3,20.5,173.27. J. M, Koonce h a s succeeded C h a r le s C. Gaspard, who resigned as secretary of the Federal Land Bank of New Or leans, La. Mr. Koonce was formerly land appraiser of this bank and after wards director under appointment from the Farm Loan Board. The December 31, 1924, statement of the Canal-Commercial Trust and Savings Bank of New Orleans, La., shows resources of $91,994,979.45 and deposits of $74,470,861.27. Rosw ell Lillie, president of the H a m mond State Bank, Hammond, La., for the past twenty years, died after an illness of nearly two years. W. T. S train was re-elected presi dent of the Bank of Simsboro, La., at the January meeting of the board of directors of the bank. R. B. Trussell was named as vice-president; G. W. Dye, vice-president, and C. W. Tatum, cashier. During the last three years cash dividends, surplus and undivided profits have equaled 64 per cent of the capital stock. The. C o m m e r cia l Bank of A rcadia, La., re-elected its present board of di rectors at the annual meeting. The official staff consists of B. R. Felts, president; J. S. Andrews, vice-presi dent; L. E. Ozley, cashier, and L. S. Caskey, Ermine Allen and Carl Durrett, assistant cashiers. H. A. S h e r m a n w a s named as presi dent of the First National Bank of Gibsland, La., at the January meeting of the stockholders. L. W. Hamner and Edwin Winlock were named as vice-presidents, and T. W. Baker, cashier. Lo u isia n a ban ke rs are actively inter ested in the movement now under way to increase truck acreage in the Atchafalaya Basin, comprising in a general way the parishes of St. Charles, As sumption, Iberville, Pointe Coupee, As cension, St. James and Lafourche. The land is well suited for the growth of nearly all vegetables, and results from the small acreage now under cultiva tion for truck have been entirely suc cessful. Bank of Alto, Alto, La., has named C. G. Pardue as president for the com For 63 years this bank has enjoyed steady growth ing year. J. A. Ball is vice-president and O. W. Wolf cashier. W. M. Deas w a s re-elected president of the First National Bank of Arcadia, La. A. Anderson, J. R. Wimberly, W. D. Trulock and J. C. Chapman com prise the rest of the official staff. A r t h u r J. O ’Keefe, vice-president of the Whitney Central National Bank of New Orleans, and Martin Behrman, vice-president of the American Bank and Trust Company and ex-Mayor of New Orleans, were selling newspapers on the street corners of New Orleans on January 7. These two prominent bankers have not resigned from their financial duties, but the event was the annual benefit for newsboys, when some of the most prominent business men of New Orleans don canvas sacks and shout the news from every corner. A copy of the New Orleans Item, it is said, was sold for $50, and lucky was he who was able to buy his afternoon paper for less than $1. Several thou sand dollars was raised for the News boys Fund. A c c o r d in g to the De cember 31 state ment, the First State Bank and Trust Company of Bogalusa, La., has re sources of $1,489,173.40 and deposits amounting to $1,363,836.82. HOTEL LINCOLN LINCOLN SQUARE Washington and Illinois Sts. INDIANAPOLIS FREE ELECTRIC FAN IN EVERY ROOM FIRE PRO O F Chicago was a prairie town when this institution was founded. T H E NEW EST Wise and conservative banking princi ples were its foundations. 400 ROOMS For 63 years it has grown steadily with the growth of Chicago. Circulating Ice Water in All Rooms Today more than $65,000,000 of com bined deposits testify to the public confidence in this old Chicago bank. "A big, friendly institution where the spirit is democratic and it is a pleasure to do business” The Foreman National Bank T H E BEST 400 BATHS One Block from Garage M any Beautiful Suites The Tourist’s Home Beautiful Dining-rooms Coffee Shop Soda, Candy and Pastry Shop A N D PR IC E S R IG H T LaSalle and Washington Sts. Chicago Once a Guest Always a Guest, Because “ You Will Feel at H o m e at t h e L i n c o l n ” Combined Capital,Surplus and Undivided Profits exceed$10,000,000 R. L. M EYER, GENERAL MANAGER The Foreman Trust and Savings Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55 St. Louis, February, 1925 Mississippi O F F IC E R S M IS S IS S IP P I B A N K E R S A S S O C IA T IO N : R . B. Clark, T upelo, President; J. B. Stirling, Jackson, VicePresident; George B. Power, Jackson, S ecretary; J. W . Slaughter, Colum bus, Treasurer. G R O U P V IC E -P R E S ID E N T S : 1—Forrest Prather, B ald w yn; 2—B. C. Adam s, G re nada; 3—D . M . R ives, D rew ; 4—L . W . Yeates, W est P oin t; 5—C . H . King, D e K alb; 6—P. C W illiam s, Y a zoo C ity ; 7— R obert L Hall, C olu m bia; 8—T . W . M il ner, R ich ton . R. B. C L A R K President C anto n E x c h a n g e in N e w Building. The new $75,000 home of the Can ton E-xchange Bank, Canton, Miss., has been opened for business. The structure is of Ionic-Classic de sign and fireproof throughout. The ex terior is finished in Bedford stone and the interior in marble. No columns are found on the interior, steel trusses sup porting the roof. The building is of two-story height, although in reality is only one and a half stories. A big lobby, 43x14 feet, extends across the front of the building, with a 12 -foot aisle running down the cen ter of the building to the huge deposit vault. On the west side of the build ing is found an official’s office, com G E O R G E B. P O W E R , Secretary modious enough, separated from the rest of the bank by a waist-high mar ble partition. Adjoining this are the four cages for the tellers, bookkeepers and other bank officials. Behind the cages are well-lighted and comfortable workrooms in addition to a private con sultation room for officials. On the east or left side of the aisles are a customers’ rest room, a ladies’ rest room, a customers’ service room, all furnished with furniture in keep ing with the decoration of the bank. A feature of the new bank is the safe deposit vault, capable of accom modating over 1,000 boxes. In the safe deposit lobby are located four open coupon booths and two private coupon booths. Near this room is a large pri vate room, designed to be used as a committee room or a private consulta tion room. On the mezzanine floor is the direc tors’ assembly room, the dead storage vault, record and supply rooms. Heat ing equipment, fuel bins and still more storage room is provided in the base ment. H. B. Greaves is president of the in stitution, which is capitalized at $80,000, with total assets of $978,017.38. De posits now total over $700,000, accord ing to statements of officers. Other officers of the bank are: Floyd H. Parker, vice-president; C. G. Bell, vice-president; H. B. Benthal, cashier, and O. F'. Garrett, assistant cashier. Brittain Is Ne w A s s i s t a n t Cashier. At the annual meeting of the stock holders and directors of the First Na tion R'ank of Meridian, Miss., the same directors and officers were re-elected, with the addition of Karl Brittain as assistant cashier. The December 31 statement of this bank shows resources of $6,825,208.07 and deposits of $6,178,941.34. Flo y M a c k e y Made A s s i s t a n t Cashier. A. D. Breland has resigned as as- Œije CijaöE National Pank When you want special advertising to attract new accounts: o f th e C ity o f New Y ork 57 B roadw ay C A P IT A L . . . . SURPLUS AN D PR O FITS D EPOSITS (Decem ber 31, 1924) . $ 20 ,000, 000.00 . 25,461,568.76 . 570,787,162.29 H OFFICERS A lb e rt H . AViggin, P resid en t V ice-P res id en ts S am uel II. M iller H en ry C arl J. S cliin id lap n A lfr e d K eeve S ch ley R obert S h errill S m ith G eorge O lleslieim er C. A n d rew s I. B a r r I). Graves A ssista n t V ice-P resid en ts E d w in A . L ee M. H a d d en H ow ell W illia m E . P u rd y A lfr e d W . H ud son G eorge H . S ay lor G eorge H a d d en J a m es L. M iller C om p troller C ashier T h om a s R itch ie W illia m P . H olly E R E ’S a program that is build ing business for banks throughout America: The powerful new step in banking service — positive protection against check raisers. Super-Safety INSURED Bank Checks give it. Made of world’s safest check paper; protected by The Wm. J. Burns International Detective Agency, In(.. Finally, bank and each depositor is insured for $1,000— in the strong Hart ford Accident & Indemnity Company—against loss through raised checks. They cost nothing extra. Plus our national advertising —•reaching monthly. DIRECTORS H en ry W . Cannon A lb e rt H . W ig g in J o h n J. M itch ell G uy E . T rip p J am es N. H ill D a n iel C. J a c k lin g C harles M . S ch w a b S am uel H . M iller E d w a rd R . T in k er E d w a rd T. N ich ols N ew com b C arlton F re d e ric k H . E ck e r E u gen e V . R . T h a y er T h om a s C arl J. S ch m id la p p G erhard M. D ahl A n d rew F le tch e r R e e v e S ch ley H . W en d ell E n d icott W illia m M . AVood J erem ia h M ilb an k H en ry O lleslieim er A rth u r G. H offm a n F . E d son W h ite A lfr e d P . Sloan. Jr. E lish a AAra lk er M a lcolm G. C liace . M cC a rter T h e n —when you w an t special a d v e rtisin g for a n y occasion, we su p p ly it free. Also a d v ertisin g for local n ew spapers. A nd m ailin g literatu re, d isp la y m aterial —a w hole list of business-building helps. F in d out abou t it to d ay. AVe IN V IT E A CC O U N TS o f B a n k s, B an k ers, C orp ora tion s, F irm s o r In d iv id u a ls o n fa v o ra b le term s, an d sh a ll be p leased to m eet o r co rresp on d w ith th ose w h o con te m p la te m a k in g ch a n ges o r o p e n in g new a ccou n ts. T h ro u g h its T ru st D ep a rtm en t, th e B a n k offers fa cilitie s a s : T ru stee u n d er C orp ora te M ortg a g es an d In d en tu res o f T ru s t: D e p o sita ry un d er reorg a n iz a tion and o th e r a g reem en ts: C ustod ian o f S ecurities and F is c a l A g e n t fo r C orp ora tion s an d I n d iv id u a ls; E x e cu to r un d er AVills and T ru stee un d er T esta m en ta ry T ru sts; T ru stee un der L ife T rusts. FOREIGN DEPARTMENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis millions THE BAN K ERS SU PPLY C O M P A N Y W o r ld ’ s L a rgest M a n u factu rers o f B an k C hecks New Y o rk C h ica g o San F ra n cisco D allas Denver 56 Mid-Continent Banker I'-imi------ = iRi ]bi -lar : : ~ : ibe B A N K S T A T E ME NT S •—in i ^THHE condition o f your bank is a matter o f considerable concern to your customer, and your Financial Statement always receives a close scrutiny. — im A Great Deal Depends on First Impressions - Our financial statements possess that distinctiveness and are so artisti cally designed that they immediately inspire confidence in the institution whose name they bear. --ini' imr= = ^ imr,-M Bu x t o n &Skinner Printing and Stationery Co. Fourth at Olive S t. L o u is, M o . Send for Samples of Special Litho graphed and Litho-Print Designs ]BE EIBE EIBE 3BE E3BI........TIBI ...— -IBEE □ BE 3Bt sistant cashier of the Peoples Bank of Crystal Springs, Miss. He has been succeeded by Floy Mackey. Death of A. C. Ervin. A. C. Ervin, formerly cashier of the Peoples Savings Bank of Starkville, Miss., died. He had been cashier of the bank for nearly thirty years. D in n e r Given by H. C. Herring. H. C. Herring, president of the Pas cagoula National Bank, Pascagoula, Miss., was host at a dinner on Decem ber 30, 1924, to the officers and em ployes of the bank, the Advertiser Pub lishing Company, the Home Oil and Gasoline Company and the Moss Point Insurance Agency. Mr. Herring is either owner, part owner or an execu tive official of each of these companies. M erg e r at Ne w Albany. The Bank of New Albany, Miss., and the Merchants and Farmers Bank of New Albany have been consolidated. The merged institution, known as the Bank of New Albany, has resources of $857,761.44 and deposits of $763,411.84. Capital Surplus Undivided Profits $3,500,000 Faithfully serving the needs of Industrial S t. Louis for the past 65 years, qualifies this hank to e x tend its depositors experienced financial co-op eration . The Merchants Laclede National Bank o f St. L o u is BANK OF NEW SOUTH WALES, Australia Paid-Up Capital $30,000,000.00 Reserve Fund - 20,750,000.00 Reserve Liability of Proprietors Aggregate Assets \ 30th Sept., 1924 / $370,242,890.00 E S T A B L I S H E D 1817 H ead O ffice I GEORGE ST., SYDNEY, New South Wales L o n d o n O ffice i THREADNEEDLE ST., E. C. O S C A R L IN E S , G en era l M an a ger 403 Branches and Agencies 182 Branches in N ew South W ales; 52 Branches in V ictoria; 52 Branches in Queensland; 7 Branches in South Australia; 13 Branches in W estern Australia; 3 Branches in T asm ania; 57 Branches in N ew Zealand; 3 Branches in F iji; 2 Branches in P apua; 1 Branch in L ondon. Australia P opulation , $6,000,000; Area, 2,974,581 square m iles; Sheep, 78,803,000; C attle, 14,350,000; Horses, 2,400,000; Im ports, $702,849,265; E x p o rts ,$597,837,035. A n n ual Value o f A u stralia’ s Products Agricultural, $420,910,000; Pastoral, $457,375,000; Dairying, $217,708,370; M in in g, $101,580,800; M anufacturing, $1,632,485,000; T otal, $2,830,059,170. 403 Branches and Agencies in all the Australian States, N ew Zealand, F iji, Papua and L ondon . F O R E IG N B IL L S C O L L E C T E D —C able rem ittances m ade to , and D rafts drawn on Foreign places D I R E C T . Letters o f Credit and Circular N otes issued, N E G O T IA B L E T H R O U G H O U T TH K W ORLD. St. Louis Agents: NATIONAL BANK OF COMMERCE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S ta te m en t of Peoples B a n k of Tupelo. The Peoples Bank & Trust Company of Tupelo, Miss., has total resources of $3,568,904.96 and deposits of $3,109,738.96, according to their statement of December 31, 1924. S m y th e Is Made Vice-President. Claude S. Smythe of Pope has been elected active vice-president of the Bank of Batesville, Miss., to fill the vacancy caused by the resignation of Walter Pipkin. E ste s R e s i g n s at Yazoo City. Chas. H. Estes, assistant cashier of the Delta National Bank, Yazoo City, Miss., has resigned on account of ill health. The Delta National Bank has resources of $2,128,038.05 and deposits of $1,870,402.06, according to their last statement. A rkansas The F ir s t Natio nal Notes B a n k of Lamar, Ark., has resources of $210,279.26 and deposits of $159,230.18, according to their last statement. The board of di rectors declared a 12 per cent dividend for the year 1924. T he December 31 Arkansas National statem ent Bank of of the Hot 57 St. Louis, February, 1925 Springs, Ark., shows resources amount ing to $2,011,506.23 and deposits of $1,-568,400.16. A ustin Moore has succeeded R. H. Smith as assistant cashier of the Bank of Osceola, Ark. Mr. Smith, who was assistant cashier of the bank for five years, resigned to accept a similar po sition with the First National Bank of Blythesville, Ark. Hagan S h iv e a ssu m e d his duties as cashier of the Farmers Bank of Plainview, Ark., on January 13. Mr. Shive began his banking career in 1918, at the age of 16, with the Bank of Cabot, Ark. In February, 1922, he went to the Citizens Bank of Beebe, Ark., as assistant cashier, and was promoted to the position of cashier in July of the same year. The Farmers Bank of Plainview is 4 years old, has a capital stock of $50,000 and total resources of $280,000. N. Harkey is president and R. L. Elliott is vice-president. T he F ir s t Natio nal No Arkansas Guaranty Law A representative proposes to intro duce a bank guaranty law in the Ar kansas Legislature similar to the Okla homa law. The Oklahoma bank guar anty law is not worth the paper it was written upon. There have been more bank failures in Oklahoma the past four years than any state we know of. At the same time there have been fewer failures in Arkansas. Owing to the wise policy of the Arkansas banking commission most of our banks are qL strong financially and show a healthy growth. They are helping develop the country, public spirited, and most of them in the hands of men who are broad visioned. They should not be hampered by silly legislation. Too many industrial, commercial and finan cial institutions are menaced by freak laws, already. If Arkansas ever devel ops as it is destined to do, we will have to give industry and commerce a chance to operate unhampered by fool laws. — Jonesboro, Ark., Daily Tribune. Banking Home 5 0 . O O O B a n k of Helena, Ark., has resources of $2 569,426.85 and deposits of $2,095,173.35, according to their December 31 statement. The bank of Ola, Ark., has been reor ganized. The former officers have sold their stock and the institution is now under the management of K. A. Nor man, president, and R. J. Lipsey, cash ier. C o m m e c c ia J. C. W hite, president of the Citizens Bank of Fayetteville, died. E. H. S a p p l l a has been elected active n k i n a vice-president of the First National Bank of Ashdown, Ark. He was for merly cashier of the F'armers and Mer chants Bank of Mena, Ark. T he F a r m e r s Sta te B a n k of R u s se ll ville, Ark., has changed its name to the Farmers Bank and Trust Company. T. E. A bingto n, form e rly a ssist a n t cashier, has succeeded Hagan Shive as cashier of the Citizens Bank of Beebe, Ark. Prior to becoming connected with this institution eighteen months ago, he was a student in the University of Arkansas, which he attended for two years. A t the annual meeting of the T e x a r kana National Bank, Texarkana, Tex., held January 13, the following changes wrere made in the official staff: H. T. Wiegel, formerly cashier, was elected vice-president; A. R. Cooney, formerly assistant cashier, was made assistant vice-president; R. M. Bone, formerly assistant cashier, cashier, and G. B. Ellis and A. J. C. Dunnam were elected assistant cashiers. Hal H. Brown, as sistant vice-president, resigned. The bank expects to complete the eightstory annex to their building about February 15. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HE Mississippi Valley Trust Company is a commercial bank. Since 1890, it has taken an active part in the industrial and commercial development o f St. Louis and the entire Mississippi Valley. T Am ong its fifty thousand customers are thousands o f individuals, firms, and cor porations engaged in nearly every line o f industry. Close contact with the commercial in terests makes the Mississippi Valley Trust Company a particularly desirable corre spondent for banks and bankers. > l 58 Mid-Continent Banker Oklahoma The De cember Notes 31, 1924, statem ent of the First National Bank of Binger, Okla., shows resources of $299,495.68 and deposits of $269,495.68. The Natio nal Bank of C om m erce and the Farmers National Bank, both of Hollis, Okla., have been consoli dated. T he A m e r ic a n Natio nal B a n k of D u rant, Okla., and the First National Bank of Bokchito, Okla., have been sold to the Durant National Bank. The Fir st Natio nal Bank of Loco, Okla,, has been converted to the First State Bank of Loco. The Fir st State B a n k of Foss, Okla., has taken over the deposits Farmers State Bank of Foss. of the E. W. W a s s o n is now connected with the Okemah National Bank of Okemah, Okla., as head bookkeeper and auditor. The E x c h a n ge Natio nal Bank wald is president; J. L. Welsh and Allen Lowery, vice-presidents; L. G. Lenker, cashier, and Arthur Tarbet, assistant cashier. S ecurity Natio nal Bank. J. M. Berry, formerly chairman of the board and first vice-president of the Central National Bank of Tulsa, Okla., has been elected president of the Security National Bank of Tulsa. Mir. Berry is one of the best known financiers in the Southwest, and it has frequently been said of him dur ing recent years that he was consulted more on financial matters than any other banker in this section of the country. Mr. Berry has a record as an active officer of successful financial in stitutions for more than forty years, beginning his business career in a very subordinate position in Cherryvale, Kan., 1881, with the Exchange Bank, of Trisa, Okla,, has resources of $36,235,148.86 and deposits of $33,482,084.44, according to their statement of Decem ber 31. The S a p u lp a State Bank, Sap ulpa, Okla., has moved into its new home in the building which was formerly occu pied by the First National B'ank. H. A. McCauley is president of the institu tion and O. B. Pickett cashier. T h e Security Natio nal B a n k of O k l a homa City, Okla., has opened a bond department under the direction of R. E. Flood. T he S li c k N a tio na l The M a dill Natio nal B a n k of Madill, Okla., has resources of $414,306.03 and deposits of $338,691.96, according to their December 31 statement. R aw so n, cas hie r Sand Springs State Springs, Okla., died. C h a r le s Bank, T he B. F irst Natio nal Bank of the Sand of Centra- homa, Okla., with capital of $25,000, has; been absorbed by the First Na tional Bank of Coalgate, Okla. H. O. Ostermeyer, vice-president and cashier of the Osage Bank of Fairfax, Okla., died. His successor has not been named. The M e r c h a n t s and P la n te rs B a n k of Porter, Okla., and the First National Bank of Porter have been merged un der the name of the First National Bank. --------Security State Op en s at Blackwell. The Security State Bank of Blackwell, Okla., has been opened for busi ness with $50,000 capital. Dave Schon https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1925 Group Me eting Dates. The 1925 group meetings of the Oklahoma B’ankers Association will be held as follows: Group No. 1—Lawton, February 23. Group No. 2—Enid, February 25. Group No. 3—Ponca City, Febru ary 26. Group No. 4—Miami, February 27. Group No. 5—Ardmore, February 24. S e llin g State P la n s Ne w Home. The Seiling State Bank of Seiling, Okla., is getting material on the ground preparatory to the erection of a new banking building on the corner of Third and Main streets. This is one of the best business locations in town. The Seiling State Bank has enjoyed a gradually increasing business since it began business at this place, and is to be congratulated on its new build ing. The active officers are: W. L. Pitt man, president, and Florence Pittman, cashier. ----- -— Reo rga niz e First Natio nal of Shidler. Bank, with capi tal of $25,000, has taken over the First National Bank of Slick, Okla. T. D. Utt is president and J. R. Humphrey is cashier. ______ one of the most active city builders of the oil capital of the world. He has contributed liberally of his time and money to the civic and social development of the city, and for many years past has been one of the out standing figures in the progressive life of Tulsa. J . M . B erry with which institution he remained un til 1887. During that year he went to the First National Bank at Oswego, Kan., in a clerical capacity, later being made cashier, and remained there until 1895, when, he went to Seneca, Mo., as cashier of the Bank of Seneca, with which institution he was connected un til 1907. Leaving Seneca, he came to Tulsa, Indian Territory, just before Oklahoma was admitted to statehood, and here organized the Central Na tional Bank. His new venture showed deposits of $85,000, under the first call, a few months after the organization. Mr. Berry was advanced from time to time in the Central National Bank until he reached the chairmanship of the board, and in active management of the institution, and when he ten dered his resignation, seventeen years after its organization, he had built the business of the Central National Bank until the deposits total $9,000,000. Mr. Berry has been not only one of the leading bankers of Tulsa, but also The First National Bank of Shidler, Okla., has been reorganized. W. C. Cantrel, cashier since the organization of the bank, has been made president, with H. D. Henson as cashier. M i s s W a l k u p Is A s s i s t a n t Cashier. Miss Clifford Walkup has been elected assistant cashier of the F'irst National Bank of Davis, Okla. This institution has resources of $512,456.20 and deposits of $401,206.93, according to their last statement. T. P. Howell is president; C. W. Hutchins, vicepresident, and Chas. Hutchins, cashier. H ow about a bank mag azine in d iv id u a lize d and named by y o u r se lf su ita b le fo r all departments of your institution, at an amaz ingly low cost? P. M . R E E D 111 W . Washington St., Chicago St. Louis, February, 1925 59 COMPARATIVE STATEMENT OF CONDITION OF TH E L iber ty C e n t r a l T r u st C o m p a n y ST. LOUIS, MISSOURI RESOURCES C A S H A N D S IG H T E X C H A N G E ................................................... L O A N S A N D D IS C O U N T S ................................................................ U N IT E D S T A T E S S E C U R I T I E S M U N I C I P A L A N D O T H E R H I G H -G R A D E B O N D S S T O C K IN F E D E R A L R E S E R V E B A N K S T O C K S A N D O T H E R S E C U R IT IE S ■ B A N K IN G H O U SE E Q U IT Y A N D O T H E R R E A L E ST A T E S A F E D E P O S IT V A U L T S C U S T O M E R S ’ L IA B IL IT Y U N D ER A C C E PTA N C E S C U S T O M E R S ’ L IA B IL IT Y U N D E R L E T T E R S O F C R E D IT OVERDRAFTS .............................................................................. O TH E R RESOURCES ................................................................. TOTAL J A N . 4, 1924 $ 7 ,2 30,305.56 22,585,096.66 9 ,3 32,106.98 4,846,596.10 120 , 000.00 496,276.66 978,370.26 125,000.00 20,3 87 .6 5 73,040.00 1,325.28 321,455.20 J A N . 5, 1925 $ 12 ,765,124.27 17,303,576.36 10,444,779.87 4,3 3 7,46 2 .1 7 $ 46,129,966.35 $47,420,052.92 120,000 00 533,616.77 1,154,588.29 113,000.00 NONE 56,826.50 28,432.24 562,646.45 L I A B I L I T IE S C A P IT A L .......................................................................................... SURPLUS .......................................................................................... U N D IV ID E D P R O F I T S A N D R E S E R V E S .......................... U N E A R N E D D I S C O U N T ................................................................ ACCEPTANCES ............................................................................. L E T T E R S O F C R E D IT U N IT E D S T A T E S S E C U R I T I E S B O R R O W E D G O V E R N M E N T B O N D D E P O S IT S BONDS SOLD UNDER REPU RCH ASE AGREEM EN T B IL L S P A Y A B L E ............................................................................. R E D IS C O U N T S ............................................................................. D E P O S IT S : C O M M E R C I A L ........................................... $24,684,261.41 BAN KS AND BANKERS 5 ,802,013.84 C E R T I F I C A T E S O F D E P O S IT 2,6 1 9,91 0 .6 7 S A V IN G S 4 ,2 2 3 ,7 8 1 .8 2 U N IT E D S T A T E S G O V E R N M E N T . 372,750.00 T O T A L D E P O S IT S .................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TOTAL 3 .0 0 0. 1.000. 000.00 000.00 237,562.04 87,3 58 .9 2 20,387.65 73,040.00 2 ,6 45,500.00 456,400.00 907,000.00 NONE NONE $ 3,00 0,00 0 .0 0 1, 000, 000.00 383,673,22 66,208.59 33,950.48 56,826.50 1,767,450.00 NONE NONE NONE NONE $25,759,133.25 7,4 7 2.41 2 ,3 9 2 ,8 60,281.48 4 ,0 71,185.14 948,931.87 37,702,717.74 41,111,944.13 $46,129,966.35 $47,420,052.92 t t ß ^ t . 'i «" : ^ 1 l r. f y % - V V 1 ' ^ t. s- ;> e m - ;w * -ja um - t* * .« If i ■f.ï-'tÆh? """••... -^ "r y lT T o U R _ ,S E R V I C E N ational BankofCommerce https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis with which is affiliated the Federal Commerce Trust Company I) in St-Louis
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