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MID CONTINENT
F I BANKER
The Financial Magazine of the M ississippi Valley
I»
ST. LOUIS
N ovember , 1928
%
I N T H I S IS S U E
Preston Urges the Establishment of an International
Bankers Association
Page Seven
Is Your Bank Giving Away “ A Pair of Suspenders W ith
Every Suit?”
Page Nine
The Bankers’ Candidate Announces His Platform—
Things Look Bad for A1 and Herbert
Page Eleven
I
Diagnosing the Case of “ Mrs. Bank Depositor”
Page Fourteen
I. B. A . Holds Seventeenth Annual Meeting
I
k
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Federal Reserve Bank of St. Louis
Page Thirty-N ine
BOND A N D IN V EST M EN T SEC TIO N
Page 33
2
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Federal Reserve Bank of St. Louis
November, 1928
M id-Continent B anker
for Banks
and Investment Houses
Ä
mong
the conservative securities which w e offer
to the investment public are first mortgage real
estate b on d s having th e following characteristics:
an independent trustee. . . serial maturities increasing
th e m a rg in o f s a fe ty t h r o u g h o u t th e te rm o f
indebtedness . . . con serv ativ e appraisals o f the
physical se cu rity .. . limitation o f the loan to 6 0 % of
the appraised v a lu e.. .adequate earnings...satisfactory
financial responsibility o f the borrower, and the main'
tenance o f an active market for all issues— 'all o f which
features insure a particularly high standard o f safety
for this type o f secu rity. ( ( W e w elcom e inquiries
from banks and investm en t houses seeking
securities suitable for the investment o f the
s e c o n d a r y r e s e r v e , as w e ll as for
their custom ers1 requirem ents.
NATIONAL
COMPANY
NATIONAL
COMPANY
INVESTMENT D IV IS IO N
o f the
-in. st. louis
FIRST NATIONAL B A N K
BROADWAY-IOCUST-OIIVE
SAINT LOUIS, MO.
November, 1928
M id-C ontinent B anker
3
U ntil a few
years ago
no banker could
answer “Yes” to
this question
“ D o you know that the entry made on your de
positor’s passbook and on your card or ledger in
the bank are exa ctly the same and cannot be
changed or m isread?”
O n ly w h e re N a tio n a l B a n k -P o s tin g M a c h in e s a te used
can a b an k er k n o w th a t his record and th e d e p o sito r ’s
are th e sa m e and th a t n eith er th e p a ssb o o k n or th e le d g e r
card can be ch a n g ed .
N a tio n a l B a n k -P o s tin g M a c h in e s p rin t b o th y o u r record
and th e d e p o sito r ’s record at th e sa m e op era tio n .
T h ere
can be no d iffe re n ce , fo r th e y are m a d e at e x a c tly the
sa m e tim e .
T h e r e can be no m isre a d in g , for ev e ry fig u re
is in p lain ty p e .
T h e r e can be no c h a n g in g , fo r every
fig u re is p rin te d in in delible ink.
U n til th e d e v e lo p m e n t o f th is m a ch in e a fe w y e a rs a g o
th is p ro te c tio n w a s n o t availab le in a n y fo r m .
Today
h u n d red s o f th e m o s t p ro m in e n t b an k s in th e c o u n try
h ave g a in e d th is p ro te c tio n th r o u g h th e in sta lla tio n o f
N a tio n a l B a n k -P o s tin g M a c h in e s.
National Bank*Posting Machines
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Federal Reserve Bank of St. Louis
Product of The National Cash Register Company
D a y to n , O h io
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Federal Reserve Bank of St. Louis
M id-Continent B anker
T h e traffic pours along the city streets . . . long lines are pu nctu ated
here and there b y a policem an’ s w histled period . . . m arked spots at
corners are called Safety Z on es . . . zones o f protection. . . .
O u tsid e our door in L o cu st Street there is a Traffic S a fe ty Zon e. . . .
A n d , inside the M erca n tile ’ s m assive colu m n ed entrance is y e t a n
other zone o f safety , recognized b y the people o f S t. L ouis and b y the
ban k s and bankers o f all this region as a safe place to do business.
Surely this m ass endorsem ent o f “ M erca n tile Service” is its best
recom m endation.
MefcantileTfjust Company
iTEN M il.M O N DOLLARS
CAPITAL a n d SURPLUS
“TO ST. CHARLES
EIGHTH and LOCUST
ST. LOUIS
November, 1928
M id-Continent B anker
November, 1928
5
G . B. Cortelyou Goes to N ew
Y ork for Chicago Bank
Central Trust Company of Illinois,
Chicago, has appointed George B.
Cortelyou, Jr., as its eastern repre
sentative.
Mr. Cortelyou opened his eastern o f
fice in the new Chase National Bank
Building, 20 Pine Street, New York,
October 11. A direct wire connects it
with the bank in Chicago.
Although Mr. Cortelyou has lived in
Chicago for many years, he is well
known in eastern banking circles. He
is a son of George B. Cortelyou, former
Secretary of the Treasury and now
president of the Consolidated Gas
Company of New York.
Clearing H ou se Section
Elects Officers
W. F. Augustine, vice-president of
National Shawmut Bank, Boston,
Mass., was elected president o f the
Clearinghouse Section of the American
Bankers Association at its meeting in
Philadelphia. H. Y. Lemon, vicepresident of Commerce Trust Com
pany, Kansas City, Mo., was elected
vice-president; and G. H. Mueller,
vice-president of Fletcher American
National Bank, Indianapolis, Ind., and
Clark G. Mitchell, president of Den
ver National Bank, Denver, Colo.,
were elected members of the Executive
Committee.
T h e Financial M a g a zin e o f the Mississippi 'V a lley
D O N A L D H. CLARK, Editor and Publisher
JAM ES J. W E N G E R T and W IL L IA M H. M AAS, Associate Editors
P A U L E D W AR D S, Assistant Editor
V O L . 24
N o. 11
N O V E M B E R , 1928
CONTENTS FOR NOVEM BER
Page
St. Louis Bankers and Their Families ................................................................. 6
Preston U rges the Establishment of an International Bankers A s
sociation .................
7
Is Y ou r Bank Giving Aw ay “ A Pair of Suspenders W ith Every Suit?”
— By Paul Edwards ................................................................................................
The Bankers’ Candidate Announces H is Platform — Things L ook Bad
for A1 and Herbert— By Roscoe M a c y ..........................................................
Trusts and Trust Estates— By the Legal E d ito r.............................................
International Live Stock Exposition to Be H eld in Chicago, D ecem
ber 1 to 8
..................................................................................................................
Diagnosing the Case of “ M rs. Bank Depositor” ............................................
Public Is Primarily Interested in Safe Banks— By A . J. V e ig e l.............
Banks Should Be Living and Breathing Parts of the Communities in
W h ich T hey Are Located— By Russell Raymond V o o rh ee s.............
W ellston Trust Company Completes Remodeling and Improvements
to Its Bank Building ..................................................................................................
9
11
12
13
14
15
18
21
N ews and View s of the Banking W o rld — By Clifford D e P u y .................. 23
Insure Yourself Against L oss by Carrying a Check Alteration and
Forgery Policy— By F. J. P a rry ....................................................................... 65
Legal Tender Section ...................................................................................................... 68
B O N D A N D I N V E S T M E N T S E C T IO N
A N ew Investment Policy for a N ew Econom ic Era— By Leonard P.
Ayres .............................................................................................................................. 33
Guaranty Trust o f N ew Y ork
Deposits $ 6 2 4 ,0 0 0 ,0 0 0
I. B. A . Holds Seventeenth Annual M eeting— By W m . H . M a a s........... 39
Investment Trusts Offer Small Investors a Chance to Diversify Their
H oldings— By John Randolph Calhoun........................................................... 43
The statement of condition as of
September 28 of the Guaranty Trust
Company of New York, shows total re
sources of over $838,000,000 and total
deposits of more than $624,000,000. Cap
ital stock is $40,000,000 and surplus and
undivided profits more than $60,000,000.
Officers of the bank are: Charles H.
Sabin, chairman; William C. Potter,
president; W. Palen Conway, Eugene
W. Stetson and Joseph R. Swan, vicepresidents; Robert L. Garner, treas
urer; James D. Orr, credit manager.
Many Banks Invest in Guaranteed M ortgages— By Cyril H . B u rd ett..
A long La Salle Street— By W m . H . M a a s..........................................................
St. Louis Stock Exchange Transactions.................................................................
Current Quotations ......................................................................................................
Page
Illinois ................................................. 70
In d ia n a ................................................. 76
Kentucky ............................................. 78
Mississippi ........................................ 79
Arkansas ............................................. 80
S T R E E T , S T . L O U I S , M IS S O U R I
Telephone GA rfield 2138
CH ICAGO O F F IC E 1221 First National Bank Building, Telephone Central 3591
William H. Maas, Vice-President
Subscription price $3.00 a year, 35 cents a copy
Entered at the St. Louis postoffice as second class matter.
second class matter at Fulton, Mo.
Additional entry as
M EM BER DE PU Y P U B L IC A T IO N S , A U D IT BU REAU OF C IR C U LA T IO N S ,
F IN A N C IA L A D V E R T IS E R S A S S O C IA T IO N
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Federal Reserve Bank of St. Louis
58
63
S T A T E N E W S S E C T IO N S
The Mid-Continent Banker is published monthly by the Commerce Publishing Com
pany. Donald H. Clark, President; Clifford DePuy, Vice-President; William H.
Maas, Vice-President; James J. Wengert, Secretary and Treasurer
408 O L I V E
47
50
Tennessee
Oklahoma
Louisiana
Missouri
Page
.......................................... 81
.......................................... 82
........................................... 83
............................................. 84
Kansas .......................................
The Mid-Continent Banker Territory
88
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Federal Reserve Bank of St. Louis
November, 1928
M id-Continent B anker
ltd
.«*
i f.
J
,
■*♦*'■* j
1. C. E. French, vice-president of the LafayetteSouth Side Bank and Trust Company, and
Mrs. French.
2. George A. Nies, secretary, Laclede Trust Com
pany, Jane Etta and Mrs. Nies.
3. Chas. A. Mudd, cashier, First National Bank
of St. Charles, Mo., and his family (left to
right, standing), Mary' Jane, J. Robert, (sit
ting, left to right) John, Betty and Mrs. Mudd.
4. Mr. and Mrs. George A. Lubeley and their
family, (left to right) Joan, Elizabeth, Richard,
Mary, George, Jr., and Mrs. Lubeley, Mr.
Lubeley is vice-president and cashier of the
Natural Bridge Bank.
Preston Urges the Establishment o f an International
Bankers Association
ELEGATES to the annual conven
tion of the American Bankers As
sociation held last month at Philadel
phia got down to a consideration of
important problems at the very start
of the convention when Louis T. Mc
Fadden, chairman of the Committee on
Banking and Currency of the House of
Representatives, declared that Amer
ica ’s aid to Europe, through the ship
ment of some $500,000,000 of our gold
abroad, had been at the cost of this
country being thrown into a specula
tive frenzy.
Mr. McFadden said that the “ Ap
parent efforts of the Federal Reserve
management to restrict the speculative
position have proven unsuccessful,”
and that because of the part which the
investment of independent money oc
cupies in brokers’ loans, it may become
necessary to place the supervision of
the future granting of brokers’ loans
under the Federal Reserve System.”
These statements met with enthu
siastic response from the delegates,
who apparently looked gravely upon
the disproportion of the country’s
credit being employed in purely spec
ulative ventures.
“ The Federal Reserve System is
charged with a grave responsibility in
dealing with this situation,” declared
Mr. McFadden, “ because it would be
easy for them to produce a business
slump without intending to do so.
“ Our central banking system as
now operated by the Federal Reserve
is necessary in order that we may
maintain a gold standard and finance
our domestic and international trade,
as well as our own government and
financial transactions. If this system
is to function in the discharge of its
full duty, it must occupy a command
ing position over the credit situation
in the United States and in order to
do this it must be placed in a position
where it can control all the elements
that enter into this credit situation.”
JOHN G. LO NSDALE
ROME C. STEPHENSON
President of the National Bank of Com
merce in St. Louis and First Vice-Presi
dent of the A. B. A.
President, St. Joseph Loan and Trust
Company, South Bend, Ind., and Second
Vice-President of the A. B. A.
D
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Federal Reserve Bank of St. Louis
HARLES H. MYLANDER, secre
tary of the Ohio Bankers Associa
tion, was another of the speakers on
the first day’s program, and he de
clared that an equitable tax system
for banks must be worked out, or else
banks may be forced to cease opera
tions. He compared the taxation of
banks with quasi banks, the latter be
ing competing financial institutions,
which in a great many states enjoy
most of the privileges of banks, but
are taxed on a much lower scale.
‘ ‘ Some of these quasi-banking in
stitutions that compete with banks are
investment bankers, building and loan
associations, so-called finance compa
nies, real estate mortgage companies
and investment trusts,” said Mr.
Mylander.
“ In summing up the entire question
of discrimination Ave can say that bank
shares are taxed in most states at the
highest possible rate and at the source,
while quasi-banks, either through be
ing placed in a different class or
through preferential methods of as-
C
CRAIG B. H AZLEW O OD
Vice-President, Union Trust Company,
Chicago, and President of the A. B. A.
7
8
sessment or levy, are taxed at much
lower rates, if indeed they are taxed
at all.”
Thomas R. Preston, retiring presi
dent of the Association, spoke against
the concentration of power by means
of bureaus in Washington, and urged
the formation of an international as
sociation of bankers.
” 1 would recommend the forming
of an International Bankers Asso
ciation,” said Mr. Preston. “ It seems
to me it would be impractical to have
any other kind of an association ex
cept a delegated one. Such an asso
ciation would not only help us to solve
financial and industrial problems, but
would bring to the world a better un
derstanding of the problems and diffi
culties which beset every country, and
would undoubtedly make for a more
cordial and sympathetic understanding
among the countries of the world.”
L
November, 1928
M id-Continent B anker
EONARD P. AYRES, vice-presi
dent of the Cleveland Trust Com-
pany, Cleveland, Ohio, declared that
America’s “ golden age of business”
which began with the opening of the
World War, has come to an end. His
entire address, “ A New Investment
Policy for a New Economic Era,” is
printed elsewhere in this issue.
Craig B. Hazlewood, vice-president
of the Union Trust Company, Chicago,
brought out the point that business is
entering a new era in which a high
degree of management, genius and
closer attention to the element of
profits will be of paramount impor
tance. He also declared that big mer
gers are not necessarily a panacea for
business ills.
Roy A. Young, governor of the Fed
eral Reserve Board, told the delegates
that the loss of gold during the last
year to the rest of the world has re
moved from foreign trade the risks
arising from an unstable exchange and
disorganized conditions among our for
eign customers. He said that it is not
M erged Terre H aute Banks in
New H om e
as yet known whether the United
States will lose additional gold to the
world, but that the gold reserves of
the country at the present time are
$1,000,000,000 in excess of the legal
requirements.
FFICERS o f the Association for
the coming year were elected as
follow s:
President: Craig B. Hazlewood, vicepresident of the Union Trust Com
pany, Chicago.
First vice-president: John G. Lons
dale, president of the National Bank
of Commerce in St. Louis.
Second vice-president: Rome C. Ste
phenson, president of the St. Joseph
Loan and Trust Company, South Bend,
Indiana.
President of National Bank division:
Edgar H. Sensenich, president of the
West Coast National Bank, Portland,
Oregon.
Vice-president of the National Bank
division: John Mecliem, vice-president
of the First Trust and Savings Bank,
Chicago.
President of the State Bank divi
sion: S. J. High, president of the Peo
ples Bank and Trust Company, Tupelo,
Mississippi.
Vice-president of the State Bank di
vision: Dan V. Stephens, president of
the Fremont State Bank, Fremont, Ne
braska.
O
Ignorance Was Bliss on
This Legal Decision
O
NE of the outstanding bank build
ings in Indiana is the newly re
modeled home of the Terre Haute Na
tional Bank and Trust Company. This
is a newly organized bank, combining
the Terre Haute National Bank and
the United States Trust Company. The
assets of the two institutions have been
merged and the new bank has total
resources of more than $13,000,000,
and a surplus and undivided profits of
$1,250,000, making it one of the strong
est banks in Indiana.
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Federal Reserve Bank of St. Louis
The front of the new building is of
classic detail, with a large circular
window. The decorations throughout
are of ornamental cast iron. The main
banking room has seventeen cages in
addition to room for six officers and
two private rooms.
Officers of the bank are: Wilson
Naylor Cox, president; Win. Iv. Ham
ilton, B. F. Bailey, and B. V. Mar
shall, vice-presidents; E. C. Fisbeck,
and R. E. Llewellyn, second vice-pres
idents; W. A. Wilson, cashier.
The following legal decision, handed
down by the Federal Courts of the
United States, should be o f interest to
all bankers.
A customer pushed a stack of bills
through the wicket o f a South Dakota
bank.
“ Credit, please,” the customer said—
and the deposit was $13,000.
About two weeks later the customer
checked out $7,000 of this deposit, but
the balance of $6,000 remained in the
hands of the bank, for the good and suf
ficient reason that the bank failed.
The winding-up officials of the bank
promptly demanded the return of the
$7,000.
“ At the time the withdrawal was
made, the bank was insolvent and its of
ficers knew it,” the bank contended.
“ Probably, but they knew more than
I did. The money was paid out in the
regular course of business,” the cus
tomer replied, and the Federal Courts
decided in his favor.
No matter what his rank or posi
tion may be, the lover of books is the
richest and the happiest of the chil
dren of men.— Langfrod.
Is Y ou r Bank (jiving A w a y " A Pair o f Suspenders
W ith E very Suit?”
I
N' days gone by it was the practice
of retail merchants to give a bonus
with every purchase of any size. All
of us can remember when a man buy
ing a suit of clothes was presented
with a necktie or a pair of suspenders.
Today, you get just a suit—merchants
have discontinued giving things away
—merchandising has been put on a
sound and business-like basis.
Bankers like to feel that they, too,
have put things on a business-like ba
sis, but have they ? Are they not
“ giving a pair of suspenders with each
suit” ? As an example, a survey con
ducted by W. R. Morehouse, vice-pres
ident of the Security Trust and Sav
ings Bank of Los Angeles, brought out
the fact that some banks are actually
giving away 260 days of free interest.
In the popular program of cutting
down operating costs by installing
service charges, cutting down interest
rates, revising interest figuring meth
ods, etc., one important means of
lessening expenses has been generally
overlooked. This is the charging back
of interest to the first of the month
on deposits made during the month—
“ giving away a pair of suspenders
with every suit.”
In writing of his survey, Mr. More
house said, “ Apparently the most
popular schedule of free interest is
as follows: 1Deposits made on or be
fore the 10th of January, April, July
and October and on or before the 5th
of the other eight months shall earn
interest from the first of the month.’
“ Let us analyze this and see what
its possibilities of expansion are. In
H o rw
30
By P A U L E D W A R D S
iiiitiiiiiiiiiim m iiiiiiiiiiiiiiiim iiiiiiiiiim iiiiiM iiiiiiiiM iiiiiiiiiii
This is one of a series of articles in
which the Mid-Continent Banker has
been publishing the opinions of bank
ers throughout the Mississippi Valley
on various methods of cutting down
bank operating costs. Discussion and
opinion have been invited from hun
dreds of bankers on the subject of in
terest rates, service charges, methods
of figuring interest, the relative merits
of 3% or 4% and many other prob
lems. Everyone is invited to partici
pate and contribute their opinions and
problems— or their successful methods
of reducing their own operating costs.
—Editor’s Note.
« m u ........ ..................................................... m i n ............................................ ■
the first place, it provides for 68 days
each year in which deposits can be
made and the interest dated back. As
all savings deposits made on or before
the 10th of January, April, July and
October earn interest from the first
of these months, then all deposits made
on the 2nd, 3rd, 4th, 5th, 6th, 7tli,
8th, 9th and 10th of these months draw
interest from the first, and as all de
posits made on the 2nd, 3rd, 4th and
5th of the other eight months draw
interest from the first, if only one de
posit was made a day it would mean
giving away 260 days of interest.
Multiply this by the number of de
posits made on these bonus days and
the results are alarming.”
I
F some bankers were told that ac
cording to the rules of their banks
there were as many as 168 days in a
year in which interest can be dated
back they would no doubt be inclined
to discredit the statement, but such is
the fact. They allow interest on de
posits made on or before the 15th of
the month from the first of the month,
which means that they have twelve
times fourteen days when interest is
given away, or 168 days—more than
half o f the business year!
Another group of bankers allow de
posits made on or before the 15th of
January and July and deposits made
on or before the 10th of the other ten
months to draw interest as of the first
of the month. This provides for 118
days of free interest.
A third group which allows interest
from the first of the month on deposits
made before the 10th of any month
gives away 108 days of free interest.
Another group gives away 68 days by
allowing interest as of the first on
deposits made by the 15th of the two
interest paying months and by the 5th
of the other ten months. Still another
group which allows interest from the
first on deposits made before the 3rd
of all months gives away 24 days of
free interest during the year.
Anyone may figure how much in
terest his bank gives away by con
sulting the rules of his bank in regard
to this.
Recently the M id -C o n t in e n t B a n k e r
sent out a number of letters to bank
ers throughout the Mississippi Valley
in which they were asked what the
Representative Banks Figure Interest
2 paid interest quarterly
1 allowed interest as of the first on all deposits made on or before the 5th of all months.
1 allowed no free days of interest.
28 paid interest semi-annually
1 allowed interest as of the first on all deposits made on or before 15th of
months and 10th of other months.
6 allowed interest as of the first on all deposits made on or before 10th of
months and 5th of other months.
3 allowed
interest as of the first on all deposits made on or before10th of
11 allowed interest as of the first on all deposits made on or before 5th of
2 allowed interest as of the first on all deposits made on or before 3rd of
1 allowed
interest as of the first on all deposits made on or before 2nd of
3 paid interest on actual number of days money was on deposit.
1 paid on actual number of days on deposits remaining over six months.
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Federal Reserve Bank of St. Louis
interest paying
interest paying
all months.
all months.
all months.
all months.
9
10
M id-Continent B anker
rules of their banks were and their
own personal opinion of the problem.
From the many answers received 30
have been picked at random and the
figures from these form the basis for
the chart accompanying this article.
With regard to the question asking
what each one’s personal opinion was
there were several very interesting re
plies.
An Indiana banker writes: “ We do
not allow interest from the first of the
month on deposits made during the
month. To receive interest from the
first a deposit must be made on the
first. Neither do we allow any extra
‘ days of grace’ on deposits made dur
ing the interest paying months.
“ As to our opinion, it is an estab
lished fact that bankers paying 4%
on savings are paying more than
sound banking practice can afford.
There seems to be no good reason why
bankers should pay interest for a pe
riod of ten days when they have had
no use of the money for that period.
In some cases the interest payments
for the first ten days of the two or
four interest periods per year are off
set by the deposits made between in-
'D ault D o o r
in
terest periods on which no interest is
paid. The general public is not familiar
with that practice and as the system to
my mind is unsound it would seem to de
stroy the confidence of the public when
it knows about it.
“ We have tried to overcome this by
figuring interest on savings deposits
the first of each month following the
deposit. However, the public in this
locality is educated to expect interest
from the first of January, first of
April, first of July and the first of
October if the deposit is made during
the first ten days of those months.
When a new account is opened with
us we make that exception and inform
them of our practice and follow it
afterwards. ’ ’
Another Indiana banker writes:
“ We allow interest on savings deposits
as o f the first on any deposits made on
or before the fifth of the month. We
make no exception to the rule as to
any particular month of the year. I
do not know of any particular reason
for allowing this number of days of
free interest, but the people here have
(Continued on page 25)
Tow er G ro v e Bank
Is M ore Than Two Feet Thick
HE splendid new vaults in the
Tower Grove Bank of St. Louis
take rank among the strongest and
most complete that have been installed
in that city. In weight, size and pro
tective equipment they are fully in
T
keeping with the most advanced re
quirements of present day banking.
The safe deposit vault is approxi
mately seventeen feet wide by more
than thirty feet deep. The entrance
is through a circular vestibule which
Herring-Hall-Marvin vault installation in new home of
Tower Grove Bank, St. Louis
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Federal Reserve Bank of St. Louis
November, 1928
is closed by means of an immense
round cast steel door. Data about
vault doors is always of interest. This
one of special construction presents
sixteen inches of solid metal in thick
ness and is more than two feet thick
over the bolt work. It is locked by
means of twenty-four great tool steel
bolts. These bolts are checked by a
special arrangement of combination
locks, as well as by a four movement
time lock.
The door is formed of a single steel
casting into the heart of which is cast
a mass of torch proof metal which will
withstand attack by means of the cut
ting burner. Drill proof steel incor
porated in this casting also makes it
impossible to penetrate the door with
tools, so that the entrance affords full
resistance to all known methods of
attack by burglars. The walls of this
vault are lined with over five thousand
safe deposit boxes, access to which is
safeguarded by a staff of attendants
and by a system of identification
which precludes any approach by
wrong parties. The ceiling of the
vault is made up of polished steel
plates divided into panels. The ex
posed surfaces of the walls which are
not covered with boxes consist of pan
eled steel plates and mirrors.
The thick concrete walls of the
vault are built after the strongest
manner known to modern construc
tion, with an intricate system o f steel
reenforcement that insures a balance
of strength between the walls and the
door. A number of new and special
protective features are embodied in
the vault including the latest type of
electric protection.
At the rear of the safe deposit vault
is located the security vault which is
reserved for the bank’s own use. The
entrance to this is closed by a mas
sive rectangular steel door locked by
means of twenty-four large bolts. A
similar arrangement of combination
and time locks safeguards the opera
tion of the bolt work. Inside this
vault are the steel safes in which are
placed not only the securities and
money of the bank but also many of
its valuable records. Complete venti
lation of both vaults is secured by
means of two powerful exhaust fans.
The new vault work for this bank
was manufactured and installed by
the Herring-Hall-Marvin Safe Co., of
Hamilton, Ohio, whose office in St.
Louis is located at 308 North 4th
Street. The installation was made
under the inspection of the St. Louis
Bank Building and Equipment Com
pany who designed and erected the
new building in which it is located.
T he Bankers’ Candidate Announces H is Platform
— Things Look B ad fo r A l and H erbert
A
T the earnest and unanimous in
sistence of my friends, I have at
last consented to offer myself as the
candidate of the Bankers’ Equity
Party for the presidency of these
United States. Having frequently of
fered my services to the public in the
past, only to discover when the election
returns came in that but few voters
seemed to have learned of my candi
dacy, I have naturally been rather re
luctant to take this step. If only one—
or even two— of my friends had urged
me to reenter politics, I might prob
ably have resisted the call, but when
all three of them unite in the request,
it is conclusive evidence, to me, of a
widespread dissatisfaction with the
nominees of the major parties.
My record in public service is the
basis upon which I solicit your sup
port. Upon that I am willing to stand
or fall, if it is necessary to do either.
1 have served as Notary Public under
three different state administrations,
and barring unforeseen economic dis
turbances, I ’ll have my seal paid for
by the time my present commission ex
pires in 1930 A. D.
It is true that the time is short, and
since it will not be possible to have my
name printed on the ballot, it will have
to be written in by my faithful con
stituents. There may be little hope of
winning this election, but even if I
%
ROSCOE M A C Y
public that the bankers of this great
nation must be reckoned with in the
future, and steps will be taken, who
ever is elected, to obtain justice for
our profession.
Fellow-bankers and countrymen, I
bespeak *your votes upon my public
record and upon the platform of the
Bankers’ Equity Party, hereinafter set
forth, as follows, to-wit:
Preamble: We, the members of the
Bankers’ Equity Party, in convention
assembled, and being at this time of
sound and disposing mind and mem
ory, do adopt the following platform,
hereby revoking any and all former
platforms or planks thereof by us at
any time adopted. We recognize the
existence of a banking problem, and
we deplore the failure of opposing
political parties to solve that problem.
To the prompt enactment of the fol
lowing measures, destined to alleviate
the major distresses of the banking
profession today, we pledge ourselves
and t h e candid a t e s of our
party. We also
pledge our chat
tels and choses in
action, w ith ou t
consideration.
Farm Relief:
f a v o r the
taking of imme^ diate steps to re
lieve c o u n t r y
banks of t h e i r
farms.
Foreign Pol
icy: We strongly
a d v o c a t e the
adoption by the
United States of
a foreign policy,
if it be in any
way possible so
to do.
Depleted R e
serves:
We
recognize the fact
that many of our
banks are find
ing difficulty in
keeping up their
reserves, and we
pledge our party
to the enactment
Candidate advocates a long open season on Calendar Salesmen
Blue Sky birds, Whisper birds, etc.
of legislation to
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Federal Reserve Bank of St. Louis
build up bank reserves. We concur
heartily in the belief of leading econ
omists that the salvation of the situa
tion lies in the immediate adoption of
a higher tariff scale.
Army and Navy: We favor the im
mediate resumption of athletic rela
tions between the Army and Navy.
Currency Orders: We advocate in
behalf of country banks a currency
moratorium on one day of each week,
to correct the periodical scarcity of
currency, due to the fact that the
cashier has neglected to order a replenishing supply. Choice of day shall
be left to the individual bank.
Cigar Box Menace: We view with
alarm the growing menace to the
soundness of our banking system which
is inherent in the practice of customers
of offering for deposit cigar boxes filled
with pennies, nickels and dimes. We
advocate the passage of a law requir
ing that all cigar boxes be non-refillable.
National Bank Janitor Service: We
firmly believe that the integrity of our
banking system depends largely upon
the preservation of the dignity of bank
cashiers. This dignity is threatened
by the economic situation which ren
ders it necessary for so many cashiers
of small banks to push stubby brooms
half-heartedly across certain sections
of the bank floor every two or three
weeks. We promise to call a conference,
immediately after election, to discuss
the formation of a nation-wide bank
janitor service, the expense of same to
be defrayed by a tax on rubber boots.
Interior Waterways: We heartily
favor interior waterways for banks,
11
12
November, 1928
M id-Continent B anker
especially in cold weather.
Conduct of Depositors: Believing
with the prophet that “ It is more
blessed to put in than to take out,” we
advocate legislation which will reduce
withdrawals and increase d e p o s i t
transactions. We deplore nervousness
in bank depositors, and favor heavy
legal penalties upon those participat
ing in “ runs.”
Religious Freedom: We favor the
immediate distribution of coin-wrap
pers to treasurers of Sunday schools,
churches, and religious societies, re
gardless of denomination.
Game Laws: We advocate amend
ment of the Federal Migratory Bird
Law, to permit the shooting of the fol
lowing migratory birds, between the
dates stated, with no daily bag limit:
Calendar salesmen—December 1st to
September 1st.
Blue-sky birds—December 26tli to
December 24th, inclusive. (Not to be
hunted with bird dogs.)
Whisper birds— (Recognizable b y
their mating call, “ Do you really think
the Farmers State Bank is safe?” ).
Same as above.
Cash-and-carry birds— (They cash a
check for a carload of cattle and carry
the money home)— No closed season.
Closing Ordinances: It has- been re-
peatedly demonstrated by leading offi
cials and economists that no bank need
ever be closed except to permit the
help to eat and sleep. Yet the present
administration has suffered m a n y
banks to be closed for months, and
even years. This is unjustifiable un
less the force has tape-worm or sleep
ing sickness. We pledge the enactment
of stringent legislation to prevent the
summary closing of banks.
Subscribed and sworn to before me
this 1st day of November, 1928.
(Great Seal.) Roscoe Macy, Notary
Public and Candidate
for President.
Trusts and Trust Estates
T h e T ru stee H a s N o Pow ers E x c e p t S u c h A s M a y
B e C o n fe rre d o n H i m
trust is said to be a confidence
reposed in another to deal with
property according to such confidence,
and for the benefit of another. The
trust is the legal relation of the par
ties to one another, and the trust es
tate is the property concerning which
the trust is created. The trust may
be created under the provisions of a
last will and testament, or a deed or
conveyance executed by the person cre
ating the trust during his lifetime.
In order to create a valid trust it
is necessary that there shall be a trust
estate, and that the legal title to the
trust estate or property shall be con
veyed to a trustee. The person cre
ating the trust is known as the settlor,
trustor or donor. The person to whom
the trust property is conveyed is
known as the trustee, and the person
for whose benefit the trust is created
is known as the cestui que trust, or
beneficiary. The legal title to the
trust property is vested in the trustee,
but the beneficial use and enjoyment
of the trust property is vested in the
beneficiary of the trust.
The trustee is generally required
under the terms and provisions of the
trust instrument to manage and con
trol the trust estate for the benefit of
the beneficiary of the trust. He has
no powers except such as may be con
ferred upon him by the terms of the
trust instrument. The trust inden
ture or trust document should there
fore accurately define the duties of
the trustee, and confer upon him such
powers and authority as might ordi
narily be necessary and requisite in
the administration of the trust estate.
He should be given power and autlior-
A
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Federal Reserve Bank of St. Louis
b y th e T e r m s o f th e T ru st
By the LEGAL ED ITO R
Questions of interest to bankers are
discussed by the Legal Editor each
month. Any subscriber has the privi
lege of writing for information and
advice on legal subjects and will re
ceive 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 re
ply, and address “ Legal Editor, MidContinent Banker, 408 Olive Street,
St. Louis.”
ity to sell or dispose of the trust as
sets and to invest and reinvest all
funds coming into his possession in a
certain class of securities, or in such
securities or property as he may con
sider desirable investments for the
trust estate. The trust instrument
should then provide for a distribution
of the income from the trust estate,
stating to whom it should be paid,
when, and for what length of time.
It should also provide for the definite
termination of the trust, and for a
distribution of the corpus or capital
of the trust estate.
HE rule against perpetuities ap
plies to trust estates, and it is
therefore necessary that every trust
shall terminate at a period of time in
the future not more remote than a
life or lives in being at the date of
the creation of the trust, and twentyone years thereafter. I f the trust is
created under the provisions of a
T
last will and testament, the life or
lives in being must be in being at
the death of the testator, but if the
trust is created by means of a deed or
conveyance executed by a person during
his lifetime, then the life or lives must
be in being at the date o f the execution
of the trust indenture. Most of the
large fortunes in this country have
been preserved intact by the use of
trust conveyances. It would not be
possible to create a trust which ac
cording to the terms of the trust in
strument should continue and endure
for one hundred years, but it might
be possible to create a trust estate for
the use and benefit of all of the de
scendants of a person living at the
date of his death which might con
tinue and endure for one hundred
years. It is necessary that the period
of suspension or that the duration of
the trust be created with respect to
the life or lives of persons in being
at the time of the creation of the trust,
to which period of time twenty-one
years may be added, and in appropri
ate cases other short periods of time
may be added. The longest period of
time for which a trust might be cre
ated where it does not involve the life
or lives of persons in being at the cre
ation of the trust, is for twenty-one
years. The only exception to the
above mentioned rule relating to the
termination of a trust within the pe
riod of time specified is a trust cre
ated for charitable purposes. Such a
trust may continue and endure forever,
but it is essential that the trust shall
be charitable in its nature. There are
many private benevolences which are
not considered charitable.
International L iv e Stock Exposition to B e H eld
in Chicago, Decem ber 1 to 8
HE eyes of the country will be
centered upon Chicago next De
cember 1 to 8, when the products of
American farming will be on display
at the International Live Stock Expo
sition there.
The mid-west in general, and the
northern Mississippi valley in partic
ular, are most intimately concerned
with this colossal exhibition of fat
cattle and field products.
However, despite the International’s
serving each year as a mirror of the
best that there is in middle western
farming, it is rightly named an inter
national event. There is no distance
too far away, apparently, to be dis
couraged from taking part.
In the huge grain and hay show—
one of the principal departments of
the International—products of the
fields of Saskatchewan will be seen
along those from Australia and New
South Wales, and will vie for the at
tention of the visitor along with those
from farms in Illinois, Indiana, and
Missouri. Advance information as to
entries in this 1928 event, leads the
management to believe that over 5,000
samples of crops will be exhibited in
this section of the show.
Testimony to the good work being
done by the young people of today in
agriculture will be seen in the Boys’
and Girls’ Club Congress, which is
T
the annual national gathering of jun
ior livestockmen and youthful home
makers. These young men and women
of the farm represent the cream of
each year’s crop of the on-coming
rural generation. Most of them at
tend on the basis of trips won in re
ward of some particular line of 4-H
Club work wherein they excelled in
their home state and county fair
shows.
Judging contests will be held in sev
eral of the important divisions of the
show. These will include both colle
giate and non-collegiate contestants.
Livestock judging by both college and
high school students, grain judging and
meat scoring competitions among the
students of different state agricultural
colleges will all be prominent on the
program of the opening day of the ex
position, December 1.
The state agricultural experiment
stations and the United States Depart
ment of Agriculture are planning fur
ther extensive exhibits as sequels to
the splendid ones shown in this quar
ter last year. These farm educational
displays seem of like interest to both
visitors from town and the farm.
A
NOTHER exhibition that attracts
a good many is the “ Meat Shop
pe,” instituted at the 1924 Interna
tional. It serves the valuable purpose
of directing the spot light upon the
various cuts of beef, sheep, and swine
carcasses, together with the compara
tive grades of each. Several different
associations, organized for the pur
pose of extending the production and
consumption of meats on the basis of
improved quality, are cooperating with
the International in arranging this in
teresting and at the same time highly
educational exhibit.
It is considered a notable addition
to the educational function of the In
ternational, since the visitor is now
shown not only what top-notch quality
of beef, lamb, and pork looks like on
the hoof, hut on the hooks, as well—
and as a third step—on the butcher’s
counter. It all works back towards
being a stimulus to the breeder and
feeder of livestock to produce better
animals, the superior cuts of which
bring a better market with the retail
trade.
Price soaring auctions of the choic
est bullocks of the year are among the
many high lights of the exposition.
Bids of from $45 to $55 a hundred
weight on carload lot winners, and
$3.60 a pound on steer champions
have been received in these sales.
Hotels, packers, railroads, and others
bid highly against one another in or
der to obtain their share of this super
quality beef.
Grand Champions of the 1927 International Live Stock Show— Aberdeen-Angus
E. P. Hall, of Mechanicsburg, Illinois.
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Federal Reserve Bank of St. Louis
yearlings,
fed
and
shown by
.13
14
Since with the fatted steer on the
hoof, the judge’s opinion is subjected
to the exacting test as to how well his
various placements appear on the
block after slaughtering and dressing,
the work of judging the steer classes
is considered to belong only to the
most expert. Distance is no factor in
obtaining this authoritative opinion,
as witnessed by the fact that foreign
countries are frequently drawn upon
to send judges to the International.
M id-Continent B anker
As always in the past, so in the
coming show, the same key-note of
progress will be sounded, with the
heralding of the first Wool Show ever
to be held in connection with the ex
position. It is designed to encourage
the production of better wool, as well
as its proper preparation for the mar
ket, and also to single out the best
fleeces of the various breeds of sheep
to show how they grade commercially.
Twenty-eight different classes are
November, 1928
open to entrants in this new section.
Probably the event which is most
crowning in its interest to the aver
age visitor is the close and climax of
each day’s program, in the form of
the International Horse Show. The
prize mounts and fancy harness horses
from the country’s leading stables
make this event the most brilliant at
traction of the entire exposition.
Added to this feature are nightly pa
rades of livestock, led by kilted Scotch
pipers.
Diagnosing the Case o f "M r s . Bank D epositor
A
T the meeting of the Association
of Bank Women, held in connec
tion with the annual convention of the
American B a n k e r s Association in
Philadelphia, a Financial Clinic was
held, and the case of Mrs. Bank De
positor was diagnosed. Mrs. L. D.
Sultzer, Manager of the Savings De
partment of the Mercantile Trust Com
pany of St. Louis, who acted as the
surgeon in the case, discussed Capital
Operations informally, as follow s:
“ As you see from the diagnosis this
is a case for a specialist and a sur
geon—not the Community Doctor or
the well-meaning friend with the oldfashioned and dangerous home reme
dies. The X-ray and examination show
that our patient is active and ap
parently healthful.
She is entirely
free from the repressions found in so
many women, which seem to cloud the
case rather than help correct it.
“ However, this case is interesting
because the diagnosis proves very
clearly that, while apparently healthy
the patient is in a highly nervous con
dition. A neurotic condition further
more, which is not traceable to any of
the errors commonly found to be the
cause of nervous disorders.
“ Her condition is due to a chronic
trouble which neither she nor her fam
ily ever suspected. In recent years
scientists have discovered that every
adult has a gland known as the Specula
Gland—named from the Latin word
Speculate, meaning to risk. This gland
is located midway between the muscles
that control the grasping fingers and
the crazy bone. Under normal con
ditions the gland causes no trouble,
but acts as a mild stimulant as well as
providing a certain zestful balance in
money matters.
“ However, it is frequently found
that in persons who are active in ac
cumulating and investing money in
small or large amounts, this gland be
comes enlarged and troublesome. When
that happens it develops and gives out
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Federal Reserve Bank of St. Louis
a semi-poisonous urge which imme
diately affects the nervous condition of
the patient and has a harmful effect
upon the reasoning power and finally
destroys completely the patient’s fi
nancial standing in her community.
“ Some of the most common symp
toms of patients suffering from this
Speculative Complex are: Unwilling
ness to investigate the security behind
MRS. L. D. SULTZER
Manager, Savings Department, Mercan
tile Trust Co., St. Louis, Mo.
stocks and bonds; an almost insane
craving for a higher interest return;
and an unnatural hatred for conserva
tive investments.
“ The discovery of this gland is one
of the outstanding feats of this decade.
It was discovered by a noted psychia
trist who made a study of the symp
toms of Specula sufferers. He found
that the germs were prevalent among
men as far back in history as anything
was known about money. He carried
his experiments down to the present
time and found that women had, in
their newer freedom, begun to develop
the same symptoms as the men, in
other words, the Speculation Complex.
“ In spite of the fact that so little is
known about this gland it is a very
important one.
When functioning
properly it diverts the individual from
the path of ultra - conservativeness,
which as you all know leads to hiding
money in teapots, whatnots, and clocks,
and gives out just enough Specula urge
to encourage the individual to intrust
money to others at interest. It is be
cause of this that surgeons often re
fuse to operate, particularly financial
surgeons.
“ I f the gland is removed the patient
may hold over enough reasoning power
to deposit money in a savings account,
but nothing with the element of more
risk will be considered. However, and
here is the danger, in the weakened
condition following the operation the
patient is apt to develop a nervous re
vulsion for all investments, savings ac
counts, etc., and secrete her money in a
safe deposit box.
“ The gland can be removed only by
the cruel knife called financial loss
and we in the medical profession do
not recommend it and will not use it.
Often the gland can be treated suc
cessfully by injecting a serum called
financial advice, allowing the patient
to recover mental health and invest in
non-speculative bonds and stocks, thus
saving the patient much mental dis
order and protecting monetary sta
bility in general.
“ In the case of Mrs. Bank Deposi
tor there are two courses to pursue.
Have the gland removed, which is
dangerous to all concerned, or start
regular treatments of financial advice
serum, at the same time draining the
investment channels and feeding them
secure bonds. Unless unforeseen com
plications set in we shall pursue the
latter method, and start treatments at
once. ’ ’
Public Is Primarily Interested in Safe Banks
B an ks C a n n o t A ffo r d to P a y A s
M u c h A s T h e y D id
D u r in g
and Im m e d ia te ly A ft e r th e W a r — E arn in gs M u s t E x ce e d E x p en se
HE interest rate which a bank
pays for the use of money bears
a direct relationship to the interest
rates received by it on bonds and bills
receivable. As such rates are con
tinually changing, it follows that the
rate paid on time deposits should al
so be changed to meet the existing
conditions of the money market.
Banks now can not afford to pay as
much as they did during and imme
diately after the war.
The public is more interested in hav
ing safe banks than they are in free
services or high interest rates.
In the long run, a bank must have
earnings above expenses to be safe.
Most banks have now decided that
they are not charitable institutions.
There is no good reason why banks
should not charge for all services ren
dered, the same as every other busi
ness is doing.
The income of banks has been re
duced because they now get much less
in exchange, practically no commis
sions on mortgage loans, the interest
received on bills receivable and bonds
is less, and in many cases the volume
is less.
On the other hand, their expenses
for salaries, taxes, supplies, etc., are
more.
Little can be done in the smaller
banks to reduce expenses, because in
most cases the salaries are now inad
equate. To balance their budget and
show a profit, it is, therefore, neces
sary to increase the earnings by reduc
ing the rate of interest paid on de
posits.
Some additional earnings can be ob
tained by service charges of all kinds
and banks should not hesitate to col
lect them, but the place where banks
can save more money than everything
else put together, is to reduce rates
paid on time deposits. A reduction
o f 1 per cent in Minnesota would make
about $3,000,000. That 1 per cent sav
ing would place on a paying basis
many banks which have not made any
money in the last few years. It would
undoubtedly save some banks from
closing in the future.
Keeping in mind the undisputed
fact that the public is primarily in
terested in safe banks and everything
else is secondary, also the fact that
T
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By A . J. VEIGEL
Minnesota State Commissioner of Banks,
St. Paul, Minnesota
Taken from an address before the American Bankers
Association Convention at Philadelphia
m i
ill
m i
11 m i
......................................... m i n i ................... m i
“ Keeping in mind the undisputed
fact that the public is primarily in
terested in safe banks and everything
else is secondary, also the fact that
banks must in the long run make
money to be safe, it is then squarely
up to the banks to do whatever is
necessary to show a profit.”
banks must in the long run make
money in order to be safe, it is then
squarely up to the banks to do what
ever is necessary to show a profit.
About the only place left to enable
many banks to make the necessary
profits is to reduce interest rates on
time deposits. Then why hesitate?
We realize that many would like to
reduce the rates, if all other bankers
would do likewise. It is perhaps too
much to expect of human nature that
all bankers should agree. We all know
that if certain key banks in any given
territory would reduce, there would be
no trouble, but from a practical stand
point, that seems to be impossible. It
is, therefore, necessary in many cases
for banks to reduce without waiting
for all banks to do likewise.
The experience in Minnesota has
been that banks which reduced first
are usually the more conservative
banks. A thinking public knows that
such banks are safer because of such
reductions and in those cases they have
not lost deposits and in many cases
they have gained deposits.
I am a strong believer in our inde
pendent banking system, in spite of
all of its faults. The United States
has a larger so-called middle class than
any other country in the world. There
in lies its strength. I firmly believe
that the independent banking system
has been the prime factor in giving
us this large independent class of citi
zens who are fairly well off.
We should, therefore, do everything
possible to preserve our independent
banks, and to do so, it is necessary
that bankers themselves take whatever
action is necessary to prevent in the
future the numerous bank failures
which have occurred in the recent past.
In my opinion, cooperation among
independent bankers is now the most
important thing to preserve our pres
ent system. I f the majority of the
bankers in any given group or terri
tory decides it is necessary to have
credit bureaus, regional clearinghouses,
make service charges, reduce interest
rates, etc., the minority should join
whole-heartedly with the majority. By
doing so, they not only improve their
OAvn condition, but materially help the
general situation. Cooperation, print
ed in italics, should be the slogan of
independent bankers at the present
time.
Mississippi Valley Trust
Official Dies
Jesse H. Keebaugh, 55, trust officer
of the Mississippi Valley Trust Com
pany, St. Louis, in whose employ he
had been for thirty-four years, died
October 21 from heart disease, after
JESSE H. KEEBAUGH
an illness of six months, at his home
in that city.
Mr. Keebaugh was one of the best
known and best liked of the officials of
the Mississippi Valley Trust Company.
His friends will remember him as a
man of very striking and genial per
sonality.
15
16
M id-Continent B anker
November, 1928
T erre H a u te B ank In stalls O u tside
Joseph R. M urphy N ow With
Corn Exchange National
T e lle r ’s W in d o w
The Corn Exchange National Bank
and Trust Company, Philadelphia, has
announced the appointment of Joseph
R. Murphy as their traveling repre
sentative. Mr. M u r p h y , prior to
October 1, was business manager of
The Southern Banker and assistant
secretary of the Georgia Bankers As
sociation.
The duties of Mr. Murphy will be
chiefly that of contact with banker cus
tomers of Corn Exchange.
During his tenure of office with The
Southern Banker, Mr. Murphy has been
a familiar figure at the annual bankers’
conventions and group m e e t i n g s
throughout the South.
His travels
through this territory have endeared him
to hundreds of bankers on account of
his anxiety to see the most modern meth
ods and practices used by the banks of
the territory he served.
In his new work he will be given the
opportunity to continue this service. He
will likely concentrate on the territory
around Philadelphia but occasional trips
will enable him to renew his friendships
through the South and Middle West.
In his acquisition the Corn Exchange
is exemplifying the modern idea of
“ service first” to those banks with whom
they have been associated and to those
for whose business they will bid.
Joe, as he was familiarly known, was
an active figure in Atlanta chapter of
the American Institute of Banking.
A recent graduate of that chapter, he
gave o f his time in editing the chapter
publication and served for two terms as
chairman of the publicity committee.
During the past year he was a member
of the National publicity committee of
the A. I. B. and was one of eight young
men from different sections of the
United States, who competed for the
A.P.Giannini prize in Public Speaking.
Before his road duties became so
heavy he was active in the Atlanta
Junior Chamber of Commerce, serving
on several important committees. Hav
ing received his college education at
Oglethorpe University he proved his
loyalty to his Alma Mater by serving
the Alumni Association in various ca
pacities, two years as graduate manager
of athletics, three years as secretary of
the Alumni Association, president of
the Alumni Association in 1925 and at
the death of Dr. J. Cheston King, he
was honored with the secretaryship of
the Board o f Pounders of Oglethorpe
University, which he resigned recently
on account of his new duties. In addi
tion to his numerous other affiliations
with Oglethorpe University he is a char
ter member of the Alpha Lambda Club
which is now the nationally known
Alpha Lambda Tau Fraternity.
Customers of the Citizens National Bank and Trust Company of Terre Haute, Ind.,
can make deposits without leaving their automobiles
HE problem of parking space has
suggested a new and unique bank
ing service to the Citizens National
Bank and Trust Company of Terre
Haute, Indiana. It has installed an
outside cage whereby customers of the
bank may transact their business with
out leaving their automobiles.
In speaking of the outside teller’s
cage, D. Russ Wood, president of the
bank, said: “ Although our new plan
has been in use but a short time, we
find that each day the number of cus
tomers availing themselves of this serv
ice increases. Not all banks have a
cage and a window arrangement such
as ours and in many instances it would
no doubt be impossible for a bank to
install this service in a practical, work
able manner.
T
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“ The rear of our teller’s cages are
toward the windows. By removing
one of the large pieces of glass in
the window, and installing in its place
a teller’s wicket equipped with a small
door, we had quite as convenient a
place to transact banking business as
existed at any teller’s window inside
the bank.
‘ 1There is no sidewalk along this
side of our building, which enables
motorists to drive their cars very
close to this teller’s window, and
transact their business by merely roll
ing down the window in the door of
their cars. ’ ’
Poverty, when it is voluntary, is
never despicable, but takes an heroical
aspect.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H E Continental National Bank and Trust Company
T
and the Illinois Merchants Trust Company soon will
be consolidated as the Continental Illinois Bank and
Trust Company. T h e consolidated bank will have capital o f 75
million dollars, surplus o f 65 million and reserves o f 10 million.
Deposits will be approximately 900 million and resources will
exceed one billion. George M . Reynolds will be chairman o f the
executive committee. Arthur Reynolds will be chairman o f the
board. Eugene M . Stevens will be president. Correspondents
o f both banks will be able to transact their business at the
consolidated bank with officers who are now serving them.
T h e united bank will have direct relations with more banks
in the United States than any other bank, and its foreign
bank connections will run into the thousands. It is planned
that the consolidated bank will be a member o f the Federal
Reserve System. Affiliated with the consolidated bank will
be an investment securities company— the Continental Illinois
Company. It will have a capitalization o f 20 million dollars
CONTINENTAL
N ATIO N AL BANK
& TRUST COMPANY
OF CHICAGO
c.Banks Should B e Living and Breathing Parts o f
the Communities in W hich T h ey A re Located
HE old idea that a bank was only
a financial institution and that a
banker was only a financier is rapidly
passing out, if it hasn’t already made its
exit. A new line of thought and, con
sequently, a new line of action has made
its appearance. Banks are no longer
the cold proposition they once were.
On the contrary they have taken on
flesh and blood and are really living and
breathing parts of the community in
which they are located.
And those
banks that have become the most human
are those that have made the most
progress and are the most firmly en
trenched in the community.
For ex
ample let’s take the case of the Cleve
land National Bank, at Cleveland, Tenn.
Better still, let’s take the case of Frank
J. Harle, cashier of the Cleveland Na
tional Bank, because any discussion of
this Cleveland Bank must be largely a
discussion of Mr. Harle and his bank
ing ideals. Here is one of those flesh
and blood banks. Here is one of those
intensely human bankers. Here is a
bank that is more than a bank and a
banker who is more than just a banker.
In order to not get the cart before
the horse, let’s start at the very begin
ning, which is the only proper place to
start. Frank J. Harle was born in
Cleveland, Tenn., on the same lot where
is located his present home. His fath
er’s and mother’s home stood on that
lot. Later it was removed and a new
home built there. After attending the
city schools in Cleveland, young Harle
went to Poughkeepsie, N. Y., where he
entered the Eastman Business College.
In January of the year 1891, the
Cleveland National Bank, at Cleveland,
Tenn., needed a general flunky and Mr.
Harle, by this time, needed a job, so it
struck him as being an opportunity to
satisfy both needs. An uncle of his was
a director in the bank, and, of course,
uncle like, he spoke a good word for the
young man. He got the job and began
to do everything around the bank that
others didn’t want to do. It wasn’t
long before people around the bank be
gan to notice this so-called general
flunky. The fact of the whole matter
is that he was making good. Promotion
began to come his way, just a step at
first, to be sure. However, in the course
of time and it didn’t seem such a long
time at that, he was made assistant
cashier. After that it wasn’t such a
long jump to be made cashier, which po-
T
18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B y R u s s e l l Ra
ym o n d
V
oorhees
— from an interview written for the
Tennessee Banker
sition he has held for the past eighteen
years. That is the position that he is
holding today to the entire satisfaction
of everybody, including the rank and
file of the people of Cleveland vicinity.
That is, in brief, the life story of this
young man. Back of these bare facts,
however, there are ideas and ideals that
mean much more than just the state
ment of facts of birth, early education
and successive jobs.
“ I hadn’t been in the bank very long
before the thought struck me that if a
FRANK J. HARLE
bank really did the things it should do,
it would become the center in the com
munity around which everything re
volved,” said Mr. Harle, in discussing
some of these ideals and ideas of his.
“ The old idea of a bank, just a financial
institution, I saw, was passing out, and
a new kind of bank was taking its place.
With this in mind I began to take a
deep interest in everything in the entire
community. Of course, I was young at
the time and I wasn’t prominent but I
did put a lot of thought and time study
ing conditions and improvements needed
and such things.
“ As I grew older and was promoted
to be assistant cashier and later cashier,
I began to put these ideals and ideas of
mine into actual execution. I carried
the one thought with me that the Cleve
land National Bank was going to be the
best bank in that section and was going
to serve the people more than any other
bank. There is a lot of legitimate pro
moting that can be done in almost any
community and I believe the banks
should lead in that work. I am happy
to say that there hasn’t been an industry
that came to Cleveland that wasn’t en
couraged at the very beginning by the
bank with which I have the pleasure to
be connected. This institution has al
ways taken the lead in bringing new
industries and people to Cleveland and
vicinity. We have a fine new hotel go
ing up now and we led the movement to
bring it here. I say this not with a
boastful spirit but with the right sort
of pride in the fact that the Cleveland
National Bank is really serving the peo
ple. I say it with the right sort of
pride in the fact that I am able to serve
the people I love and live among.”
R. HARLE won’t tell you this but
it is a fact that he and the Cleve
land National Bank have been largely
responsible for the growth of the city
and community. No one will ever know
the many things he and the bank have
done to encourage enterprises.
Not
only that, but he has worked among the
schoolboys and girls, not for business
reasons, but just because he believed it
was a part of the bank’s job. For in
stance, if the high school students are
going to have something such as an ath
letic contest, they just naturally come
to Mr. Harle and he sees to it that the
bank donates a cup or something like
that. He does it, not because it is good
business, although it is, but because he
thinks a bank should do it. In fact, he
doesn’t think much of a bank that
doesn’t do these things.
The question that naturally thrusts
itself on one at this time is whether the
helping to promote new enterprises
doesn’t result in losses to the bank.
That, of course, is important. Let’s see
what Mr. Harle has to say about it.
“ It is seldom that we lose anything
on new enterprises. To be sure we do
not back things that are not right but
when they are right and have the right
men behind them, we feel that the
chances are so great for success that we
can hardly lose. And that is the way
it works out. The losses we have are
limited and rare. The advantages are
so much greater that it isn’t worth con
sidering the other side of the picture.
I would say that the advantages offset
the losses a hundred times.”
Now let’s see what happens when a
bank follows this modern course. In the
case of the Cleveland National Bank
the deposits have grown from about
$150,000, when Mr. Harle became cash
ier, to $1,500,000, which is the figure for
M
19
M id-Continent B anker
November, 1928
today. The assets have increased from
about $300,000, to close onto $2,000,000,
during the same period. I f a statement
of ideals and ideas doesn’t tell the story,
figures certainly do. All of this leader
ship in other matters is giving the bank
a leadership in its own sphere, banking,
with the result that the bank does the
largest portion of the community’s
business. It is understood that some of
the other banks are now beginning to do
likewise, but even though they do, it is
still a fact that the early bird gets the
worm.
Mr. Harle married Miss Mary L.
Knox, of Cleveland, and has three chil
dren; a daughter, Miss Louise, and two
sons, Frank Knox, who is secretarytreasurer of the Cleveland Milling Com
pany, and Luke Lea, now a student in
the University of Tennessee.
Mr. Harle says he has had no time for
a hobby. His work has taken his time
completely and judging from the suc
cess with which he has met one cannot
doubt that statement. He does admit a
love for horses and baseball, which
proves him to be quite human even
though a banker. He is a member of
the Kiwanis Club and the Chamber of
Commerce. The Cumberland Presby
terian Church holds his Sunday inter
ests. As a diversion he teaches a Sun
day school class of young men. The
fact that he is now serving as president
of the Tennessee Bankers Association
is sufficient proof of the high regard in
which he is held by his fellow-bankers
throughout the state.
“ Just say this, if you would,” said
Mr. Harle, in parting, “ I consider the
success of a bank lies in getting behind
everything in the entire community.
That is what we are trying to do here
and I believe that what success we have
had has been a result of this idea.”
There is no doubt of either statement.
•
»H
W
Y the C o u t
pany a5 our correspondent
.— a bank president
B
ECAUSE
Heads
tk e
Li
policies o f tins Company make lor
direct action, prompt decisions, an
avoidance of red tape. A n d Lack
of tkese lies a wide experience m
every
pliase
o f a N ew Y o r k
correspondent s duties.
C en tra l U n io n
TRUST C O M P A N Y
Dem ing
r
OT N E W
YO R K
Mackinac
Island State Bank
Pual H. Deming, director of the
Union Trust Company of Detroit, is
president of the recently organized
Mackinac Island State Bank, the first
bank ever to be established at that
favorite vacation resort. The bank is
capitalized at $30,000. Frank Doher
ty, president of the Municipal Light
and Power Company at Mackinac Is
land, is vice-president and cashier of
the new bank, and E. H. Doherty is
also a vice-president.
The bank will occupy its own build
ing which Mr. Frank Doherty erected
for it. These banking facilities will be
a great convenience to the thousands
of visitors who spend the summer sea
son at the Island each year.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TRUSTS
B A N K IN G
4 2 n d S treet O ffice:
P la za O ffice:
Fifth Avenue
at 60th iSt.
80 B R O A D W A Y
Atadison Avenue
at 42nd St.
N O S E C U R IT IE S F O R SALE
Capital, Surplus and Undivided Profits Over 50 Aiillion Dollars
20
M id-Continent B anker
November, 1928
The Officers and Directors
o f the
Wellston Trust Company
Wellston, Missouri
Announce the Opening of Their
New Banking Rooms
The Opening of Our New Banking Quarters Places Facilities of an
Exceptional Character at the* Disposal of
Our Friends and Depositors
The accounts of firms, individuals and corporations are solicited
Safety Deposit Boxes for Rent
M o r e than
$ 1,366 ,000.00
in Resources
O F F IC E R S
E d. M ays ................................................................
F. C. Stille ............................................................
H enry G. S c h a e f e r .............................................
O. H. H e n t s c h e l .................................................
L eroy L ane ............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.............. President
........ Vice-President
.............. Secretary
.................Treasurer
Assistant-T reasurer
W ell§lon Trust Qompany Qompletes Remodeling
and Im provem ents to Its Building
HE Wellston Trust Company,
6212 Easton Avenue, Wellston,
Missouri, has formally opened its re
modeled and improved banking quar
ters, after having installed one of the
most complete and up-to-date bandit
and bullet-proof fixtures and equipment
of any bank in the country.
T
Teller’ s cage in newly remodeled
Wellston Trust Company
Entrance to the newly remodeled
quarters is from Easton Avenue direct
ly into the main banking rooms. Officers’
quarters are located on the right as you
enter, and are followed by a row of
teller’s cages which extend to the safe
deposit lobby in the rear. The entire
left side of the room is given over to
lobby space with three large customers’
desks located along the left wall.
A high steel grille extends across the
back of the room guarding the entrance
to the vault and coupon booths. The
door through which customers gain ac
cess to the vault and coupon booths, is
controlled by an electric lock with push
buttons located inside the teller’s cages.
The vault itself is guarded by a heavy
door with a time lock and burglar
alarm. Coupon booths have automatic
locks. The doors have electric switches
which control lights and electric fans
in the booths.
The teller’s cages in the main banking
room are perfectly protected against
daylight hold-ups. The tops of the cages
and the sides exposed to the lobby are
protected by a heavy bullet-proof wire
screen mesh. In place of the usual
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
steel grille, which has been used in the
past for teller’s windows, there is now
bullet-proof glass with specially design
ed and patented combination amplifier
and gun port, affording the teller abso
lute protection by use of the gun port.
The glass which is used for the teller’s
windows extends from the top of the
cornice down to the deal plate, and de
posits are made in thq, usual manner
through solid bronze and patented bul
let-proof deal trays which are counter
sunk flush with the deal plate, and arc
a new device, affording complete protec
tion. For pay rolls there is a specially
designed bronze pass tray through the
face of the counter, and this operates in
the same manner as a night depository.
The cages are further protected by a
steel picket railing arranged along the
top of cornice, and by tear gas guns
concealed at strategic points throughout
the main banking room.
These various safety devices make the
teller’s cages entirely bullet and banditproof, but in so doing nothing has been
detracted from their beauty. Hand
chased bronze and glass form the top
part of the cages which have marble
base and counters. The ornamental
steel framing for the glass is decorated
in colors, and is very attractive.
The marble floors and wainseott of
the main banking room with the walls
and plaster cornice finished in Craftex
in panel effect, give it an exceptionally
pleasing tone and harmonious effect.
The basement of the building is used
for storage, and the second floor has
been remodeled and is now being used
for the bookkeeping and real estate de
partments. A new book vault has been
added on this floor.
All of the fixtures were designed and
installed by The J. H. Wise Company,
Inc., bank builders, who also had charge
of all remodeling.
The Wellston Trust Company was or
ganized in November, 1910, with a cap
ital of $50,000. In 1914 it was moved
to its present location, resources at that
time totalling $192,000.
In 1918, $50,000 capital was added,
bringing the total capital stock to $100,000. Total resources are now approxi
mately $1,500,000 with a capital and
surplus of $215,000, making it one of
Missouri’s honor roll banks; undivided
profits $17,000 and deposits of more than
$1,240,000. Ed. Mays is president;
Fred C. Stille, vice-president; Henry
G. Schaefer, secretary; O. H. Hentschel,
treasurer; Leroy Lane, assistant treas
urer.
Directors of the Wellston Trust Com
pany are: A. B. Garvin, Fred C. Stille,
Henry L. Belile, Henry G. Schaefer,
Henry C. Krueger, Henry W. Driemeyer, C. E. Hussman, Anton Haarmann,
Geo. L. Pleitsch, F. W. Imholz, Ed.
Mays.
PÖUI PPi
fVF </ H I
SZLOVfS
Lobby of the newly remodeled Wellston Trust Company
21
22
November, 1928
M id-Continent B anker
Cowen Is H on or Guest at
Dinner at Racquet Club
William B. Cowen, senior vice-pres
ident and director of the National Bank
of Commerce in St. Louis, was the
honor guest on the evening of October
16, at a dinner given by fellow officers
at the Racquet Club in celebration of
Cowen’s fifty years of continuous serv
ice at the bank. A group of thirtynine persons, made up chiefly of the
bank’s officers and its directors were
present. Mr. John G. Lonsdale, pres
ident of the bank, was toastmaster.
After a number of speeches in which
high praise was bestowed upon the
honored guest, he was presented by
the bank’s officers with a silver service
set, lined with gold, and a smoking
stand and reading lamp by the direc
tors. A large book containing letters
of congratulations from scores of lead
ers in many lines of business and pro
fessions also was presented to him.
There were letters from the Comp
troller of the Currency, St. Louis
Clearing House Association, Federal
Reserve Bank of St. Louis, Archbishop
Glennon, Monsignor Tannrath, Bishop
Gilfillan and numerous others from
bankers and business heads throughout
the nation as well as in St. Louis.
C ody Trust Com pany Appoints
N ew Trust Officer
The appointment of Gordon H. Mc
Collum as sales manager by the direc
tors of Cody Trust Company, recog
nizes his ability to obtain new custom
ers while serving old ones to their
satisfaction. His success is attrib
uted, in part, to frankness and sin
cerity in all his dealings, coupled with
a thorough knowledge of his security.
D r.
C.
W.
Bowen
Again
Elected President
100% Bandit and Bullet Proof
Protection:
FOR Y O U R B A N K
A hold-up man will not attempt to
rob a bank that makes it difficult for
him to do s o ; he will take the least
resistance. Protect the life of your
self and employees.
Remove the
hazzard.
Reduce your insurance.
The moral effect and the confidence
o f your customers is well worth the
cost. One or more cages equipped
if desired.
Ask the Wellston Trust Co., St.
Louis, Mo., their opinion of our
installation.
f li 1 1 '
i
!
«
Write us for full information and
details.
The J. H. Wise Company, Inc.
Bank’ Builders and Interior Equipment
Syndicate Trust Bldg.
St. Louis, Mo.
CPHIS is the season of the Year when your customers start
for Southern California.
---- ----------I f you will pro
vide them with
cards or letters of
introduction to
this Bank, they
will receive spec
ial consideration
at any one of the
5 4 offices and
Branches of the Bank, covering
the entire Los Angeles Metropolitan Area.
Besides complete Banking
facilities, we have unusual
You will find these special intro
duction cards a convenience. A
handy book of them sent on request.
ly well developed arrange
ments, with in fo rm a tio n
desk, maps, literature &c for
making their stay in South
ern California pleasant.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
At a meeting of the stockholders and
the board of directors of the Bank of
Brunswick at Brunswick, Missouri,
held October 8, Dr. C. W. Bowen for
the eleventh time was chosen president
of the bank. Other officers elected
were : L. A. Kinkhorst and L. H. Halli
burton, vice-presidents; E. W. House,
cashier; J. H. Knight, secretary; W. G.
Goll, assistant cashier; L. W. Cuddy,
bookkeeper.
The Bank of Brunswick is the young
est bank in Chariton County and has
C B G U R I T Y
t r u s t
^ &SAViyGS B A N K
Resources over $250,000,000
Los Angeles
DR. C. W. BOWEN
been in successful operation for the
past eleven years. It was chartered
with $20,000 capital and no dividends
were declared until a $20,000 surplus
was accumulated. At present the capi
tal, surplus and undivided profits are
approximately $50,000. The bank is
owned largely by active farmers and
business men of Brunswick and vi
cinity.
Directors of the bank are : J. H.
Ivnight, Homer Brown, H. J. Virts, P.
C. Mauzey, J. F. Kincaid, Marx
Rhowedder, L. A. Kinkhorst, L. H.
Halliburton, Wm. Richardson, Dr. C.
W. Bowen and J. W. Bachtel.
23
M id-Continent B anker
November, 1928
The
W o rld '
B y C !if -f o r d D e F*uy
Publisher’
De Pay Banking Publications
iibl
not apply however to the currency
used by the inhabitants of Yap, a small
island in the Pacific, whose currency
is the strongest in the world and is
made of stone. The coins are some
times 12 feet in diameter and weigh
many hundreds of pounds. The stones
are not circulated but stand in front
of the man’s doorstep as evidence of
his accumulated wealth.
Evan Randolph, vice-president of the
Philadelphia N a t i o n a l Bank, com
menced his career as a financial expert
by selling bonds.
Wallace T. Perkins, vice-president stock if such a plan can be worked out
of the Chatham Phenix National Bank and certainly it is worthy of considera
and Trust Co., of New York, told me tion.
when I was in his office recently that
A one dollar bill, in circulation, is
his institution now has over 12,000 cor worn out in eight months. This does
respondent banks situated throughout
the world. The total number of cus
tomers including firms and individuals
number over 125,000, and indicates the
wonderful record which this bank is
making.
The last statement of the bank shows
that they have deposits of over $227,000,000.
Charles W. Collins, a former deputy
comptroller of the currency and now
an attorney residing in Washington,
D. C., in discussing the branch bank
question, says ‘ ‘ Sound banking re
quires a diversification of loans and
investments. This principle is basic.
for
Yet it is impossible for the small
country bank to meet it for the reason
that as a rule country banks are so
situated, that they serve a one crop or
a one industry community.”
Mr. Collins is correct when he says
Through a special division, handling ex
many communities are dependent upon
clusively the accounts of banks, a serv
one crop or one industry, but this is
no reason why a bank should loan all
ice is offered which is complete, efficient
of its funds on the single crop or on
and distinctive. This division, in charge
the one industry. Part of its funds
should be invested in high grade se
of four officers, is co-ordinated by the of
curities and the balance used for the
ficers with other divisions and depart
development of the community. Unit
ments of the two banks. Our service
banking can be made just as sound and
safe as branch banking if the right
for banks and bankers, developed since
business management is used in con
1863, is completely outlined in a book
ducting its affairs.
let which bankers have found helpful.
E.
H. H. Simmons, president of the
New York Stock Exchange, in address
W e will gladly mail you a copy on re
ing the annual convention of the Ne
quest.
braska Bankers Association said that a
closer relationship between the securi
ties markets and American agriculture
should be established and if so, that it
might assist agriculture in many ways.
Mr. Simmons emphasized this point
by saying, “ The gradual development
A ffiliated
of cooperative marketing in this coun
try may sooner or later take the form
of stock corporations, and if it does
the way lies open through our estab
lished stock exchanges to direct capi
tal into agriculture just as in the past
it has been directed into commerce and
Resources Exceed
Frank O. W etm ore, Chairman
manufacturing. ’ ’
$450,000,000.00
M elvin A . Traylor, President
The farmer needs more partners and
fewer creditors. He needs to stop is
suing mortgages and start issuing
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Federal Reserve Bank of St. Louis
A Distinctive Service
Banks and Bankers
F IR S T N A T IO N A L
B A N K ofCHICAGO
FIRST TRUST AND
SAVINGS BANK
24
M id-Continent B anker
His first experience in the bond
business was in 1912 and since that
time Mr. Randolph has progressed
steadily until he has become one of
the leading bankers of Philadelphia.
1‘ On January 1, 1912, two young
Philadelphians, joined forces and put
out their shingle to sell bonds,” ac
cording to a recent article in an East
ern newspaper.
“ They were Evan
Randolph and Herbert W. Goodall, and
their capital consisted in part of smil
ing faces and winning personalities.
Today both of the former bond part
ners, still young men, sit behind execu
tive desks in two of the city’s largest
financial institutions. They were of
the substance which big business needs.
Evan Randolph was the first to turn
from a seller to a buyer of securities,
being elected a vice-president of the
Girard National Bank in July, 1914.
“ His institution later merged with
the Philadelphia National Bank, and
these two this year merged with
Franklin Fourth Street National Bank
into enlarged Philadelphia National
Bank ranking as one of the largest
and most influential banks in the coun
try. Mr. Randolph is a vice-president
of the enlarged bank.
‘Hanking room o f
restrained modern
design, in colors o f
harmonizing tones.
Fixtures o f marble
and w aln u t with
glass and bronze
top screen.
First N ation al
W
' ellston,M o.
Bank^''
beauty achieved in this building
T HE
is the result of combining the best in
modern construction with the simplicity
and strength of modern design.
SAay we send you a copy of our latest
booklet, “ P relim in a ry Service for
C ontem plated Bank B u ild in g s ’ 7
It . L o u i s B a n k B u i l d i n g
SAINT
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LOUIS
' * *
CH ICAGO
* * *
MEMPHIS
November, 1928
“ Four years later his old partner,
who had continued in the bond busi
ness, was elected vice-president of the
Guaranty Trust and Safe Deposit
Company, becoming its president in
1926, and last month effecting a con
solidation with the Tradesmen Nation
al Bank into the proposed Tradesmen
National Bank and Trust Company of
which institution he will be president.
They are among the most popular offiers in the City of Brotherly Love. ’ ’
Thomas R. Preston, past president of
the American Bankers Association, in
commenting on the business outlook,
said “ I believe the nation is eco
nomically sound in virtually all depart
ments.
Agricultural prospects are
good ; industry and employment, except
in one or two lines are active and com
merce is vigorous. Inventories of goods
are not swollen; and although prices
generally are somewhat higher than a
year ago, I do not think they have
reached the point of inflation.”
Mr. Preston’s analysis corresponds
with practically every other business
leader today, all of whom believe that
our present period of prosperity will
continue during 1929.
Rome C. Stephenson, vice-president
of the St. Louis County Savings Bank,
and president of the St. Joseph Loan
and Trust Co. of South Bend, Ind.,
will be president of the American
Bankers Association in 1930 as he was
elected second vice-president of the As
sociation at the Philadelphia meeting.
Mr. Stephenson is one of the most
popular bankers in the country, and
has long been active in the affairs of
the association. His popularity in his
own state is attested by the fact that
he was asked to run for Governor of
Indiana, but declined the honor in
order to confine himself to the bank
ing business.
Charles B. Dickey, of Brown Broth
ers & Co., was chairman of a commit
tee which reported on investment
trusts at the Investment Bankers As
sociation Convention. In discussing
the subject Mr. Brown said that the
term “ investment trust” was a mis
nomer, and that in the future these
would be referred to as “ investment
companies” by the association.
Commenting further on this subject,
Mr. Dickey said, “ generally speaking
your committee feels that the growth
has been sound and healthy; and that
for the most part the managements are
made up of men of integrity and ability,
trained in the field of investment and
from a study of the type of invest
ments made, it would seem that these
men recognize the responsibilities they
have assumed.”
November, 1928
Investment companies have grown
so rapidly in the United States that
every precaution must be taken to elim
inate the undesirable organizations,
and in turn to strengthen those which
are being operated on a sound business
basis.
O. Howard Wolfe, cashier of the
Philadelphia National Bank, and past
president of the Clearing House sec
tion of the American Bankers Associa
tion, points out that, “ Banks do not
fail over night, nor generally through
defalcation or embezzlement. Failures
are rather due to a long succession of
errors due to mismanagement included
among which must be mentioned that
form of mismanagement which permits
new banks to be organized where ad
ditional bank f a c i l i t i e s are not
needed. ’ ’
Mr. W olfe believes that bankers
themselves must take voluntary action
to improve the quality of bank ex
aminations, and that if this is done
many of the present evils will be
eliminated.
In case you may not know who
Craig B. Hazlewood is, and the events
which led up to his election as presi
dent of the American Bankers Asso
ciation, the following facts may be of
interest:
Born May 7, 1883, East Aurora, New
York. Attended Lewis Institute and
University of Chicago. Started bank
ing career as messenger in the Com
mercial National Bank of Chicago.
Joined the Union Trust Co. as its first
advertising manager, and later organ
ized the bank’s new business depart
ment.
Beginning January, 1910, lie filled
successively the offices of assistant
secretary and assistant to the presi
dent. In 1917, he was elected to a
vice-presidency and in January, 1921,
was made a director of the company.
He is also chairman of the board of the
Lake Shore Trust and Savings Bank
of Chicago.
P. S.—He usually takes your money
away from you when jmu play golf
with him.
Having attended three conventions
in the last thirty days, I read with
interest the editorial in Printed Sales
manship entitled “ Convention Bunk
and Bustle. ’ ’ In this article it pointed
out that we are being conventioned to
death.
New associations are being
started, giving more secretaries posi
tions.
“ Life is just one damn convention
after another,”
according to this
article.
“ The waste of time and
money is not all. Conventions these
days are divided into two camps—
those who set up the drinks, and those
who lap up the set-ups. Competition
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
25
M id-C ontinent B anker
is such to make any noise at all at a
big convention you have to operate a
private bar. It means long hours of
drinking alleged liquor in stuffy rooms
trying to be pleasant to people you
would never recognize were it not for
business necessity. ’ ’
There is no doubting the fact that
the average American business man
is organized to death, and as a result
of all of these organizations, he is
forced to attend hundreds of conven
tions. We are rapidly developing a
new disease in this country which for
want of a better name, should be called
‘ ‘ Conventionitis. ’ ’
H ow Much Interest Does
Your Bank Give Aw ay?
(Continued from page 10)
been educated to this practice and they
expect it. My personal opinion is that
it is a vicious practice and not war
ranted. For my part I would be glad
if it could be dispensed with. We do
not allow any free days of interest on
our certificates of deposit and I see
no reason why it should be allowed on
savings deposits.”
A Mississippi banker writes: “ I
Guaranty Trust Company
of New York
1 4 0 B road w ay
LO N D O N
PA RIS
BRUSSELS L IV E R P O O L
HAVRE
ANTW ERP
Condensed Statement, September 28, 1928
RESOURCES
Cash on Hand, in Federal Reserve Bank
and Due from Banks and Bankers....................$197,351,749.11
U . S. Government Bonds and
Certificates............
87,266,811.38
Public Securities ...................................................................
7,481,017.31
Other Securities ...................................................................
20,344,390.07
Loans and Bills Purchased............................................... 435,651,572.83
1,732,126.66
Real Estate Bonds and M o rtg ag es..................
3,929,189.47
Item s in Transit with Foreign B ra n c h e s...
69,468,103.90
Credits Granted on A cceptances........................
7,273,992.75
Real Estate ...................................................................
7,630,714.69
Accrued Interest and Accounts Receivable.
$838,129,668.17
L IA B IL IT IE S
Capital ............................................................ $40,000,000.00
Surplus Fund ............................................. 50,000,000.00
Undivided Profits .................................... 10,479,367.18
$100,479,367.18
Accrued Dividend .................................................................
Outstanding Bills ..............................................................
Accrued Interest, Reserve for Taxes, etc.................
Acceptances ...........................................................................
Deposits ..................................................... $624,358,077.93
Outstanding Checks .............................
1,563,000.00
2,498,938.00
6,476,982.42
69,468,103.90
33,285,198.74
657,643,276.67
$838,129,668.17
26
M id-Continent B anker
have been interested in the program
the Mid-Continent Banker has been
following in presenting methods where
by banks can cut down operating costs.
However, since there is no cooperation
between the two banks in our town
it has not been possible for us to
adopt some of the plans that have
proven successful elsewhere.
“ With regard to charging back of
interest on savings accounts, it is the
policy of this bank to allow a full
month’s interest on deposits made on
or before the 10th of each month, ex
cepting in January and July. In
these months a full month’s interest
is allowed if deposits are made on or
before the 15th. Deposits made after
dates above referred to begin to draw
interest on the first of the following
month. ’ ’
An Illinois banker writes: “ We pay
interest on savings accounts semi
annually, on January 1 and July 1.
Deposits made before the 10th of these
two months are allowed interest from
the first of the month. In all other
months deposits made on or before the
5th of the month are allowed interest
from the first of the month. I f made
after these dates the interest begins
with the first of the next month.
“ We do not know of any better
way to handle the savings account in
terest than this, and with this method
we give away 70 days of free interest.”
Another Indiana banker writes:
“ Deposits must be made on or before
the first five business days of the
MORE
THAN PROTECTION
.. .faster,
more economical,
more efficien t methods of
check preparation
T h e Todd System has long been
recognized as the most thorough de
fense against check alteration. The
deeply shredded, indelible imprint of
the Protectograph daily guards the
amount line on millions of checks. Todd
Greenbac Checks, with their famous
self-canceling feature, are used by
thousands of business firms for protec
tion against alteration or counterfeit
ing. The most nearly non-counterfeitable signature known, the signature of
the Todd Check Signer, is fast becom
ing the accepted signature of every
modern business issuing pay-roll
checks, dividend checks or other checks
in quantities.
But there is another reason for the
'h
wide use of the Todd System, a very
important reason— speed! Todd ma
chines operate with extraordinary
speed. They are savers of time. They
reduce the cost of labor. They intro
duce worth-while new economies into
routine procedure. With the Todd
System it is possible not only to pre
pare checks thoroughly protected, more
easily legible, and more distinguished
in appearance, but to prepare these
checks in a fraction of the time neces
sary by hand methods. The Todd Com
pany, Protectograph Division. (Estab
lished 1899.) i 151 University Avenue,
Rochester, N. Y . Sole makers of the
Protectograph, Super-Safety Checks,
and Todd Greenbac Checks.
TODD SYSTEM OF CHECK PROTECTION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November, 1928
month for interest to be allowed dur
ing that month, exceptions being dur
ing the interest-computing months of
January and July, when deposits made
during the first ten business days
draw interest for the current month
of deposit. There is no especial rea
son for allowing these free interest
days for deposits, excepting that some
one started it and we followed suit.
My personal opinion is that there
should be none whatever allowed as it
causes us to pay for something we do
not have and which the depositor is
not entitled to.”
An Arkansas banker writes: “ We
allow interest from the first if deposits
are made by the fifth. At times we
allow until the tenth at the interest
periods of January and July, but only
occasionally. We know of no reason
why we allow these extra days other
than the fact that the rules of our sav
ings department were adopted in 1906
and have never been changed. My
opinion is that the practice should be
stopped, but like a great many other
things it is hard to do this unless the
banks get together and all do it at the
same time. ’ ’
Another Arkansas banker writes:
“ I have been reading the articles in
your publication with reference to cut
ting operating costs and have found
them very helpful.
“ We allow interest from the first
of the month on any amounts depos
ited between the first and fifth days of
the month. We credit interest semi
annually on the first day of July and
January respectively. We do not al
low any other days of grace except
these for the reason that we feel that
we are only fooling ourselves when we
do it. The idea of a savings account
is to educate the customer to a regu
lar and systematic saving up of funds
for the ‘rainy day’ and we find that
the first five days of the month are
the most convenient for the customer
to get his deposit into the bank. The
few extra days of grace only mean
more work in figuring interest and do
not attract enough more in deposits
to pay for the trouble.”
A Missouri banker writes: “ We fig
ure interest semi-annually from the
exact date of deposit. No extra days
are given. It may be justifiable to
give a few days at the beginning o f the
month from an advertising standpoint.
However, giving extra days to any ex
tent would appear to us like giving a
larger interest rate to one depositor
than to the other and paying more
than the regular rate. ’ ’
A Louisiana banker writes: “ Inter
est at the rate of 4%, compounded
quarterly, is allowed in our savings ac-
November, 1928
counts, on any amount left on deposit
with us for three full months. A de
posit made before the fifth of the
month draws credit for the entire
month, but if made later than the fifth
receives no credit for that month.
“ You ask why we allow this num
ber of days, and we might state that
it is due more to custom than any
other reason, but inasmuch as no in
terest is granted for the days after the
fifth of the month, we feel that we can
allow a few days grace on the de
posit.”
An Illinois banker writes that his
bank allows interest as of the first on
deposits made before the 10th of Jan
uary and July and before the 5th of
the other eight months. He writes:
“ We make this allowance, especially
the ten-day grace period, in order that
our customers may have sufficient time
to bring in their pass-books and have
the interest payment credited therein.
At the same time we find that a num
ber of depositors wish to add addi
tional funds to make their bank bal
ances even amounts. This latter prac
tice greatly facilitates the handling of
the account.”
Another Illinois banker writes: “ We
pay interest on savings accounts semi
annually. Deposits made on or before
the fifth day of the month draw inter
est as of the first.
“ This item of interest paid is an
account that is abused by many banks
and is one reason why stockholders are
not receiving more dividends. We be
lieve in paying interest on accounts
that are entitled to the interest.”
Another Illinois banker writes: “ In
our bank to receive interest from the
first deposits must be made on or be
fore the 5th of the month. No change
is made in this method for the first
month of the interest period.
“ The practice of allowing additional
days of grace during the first month
of the interest period is, in my opin
ion, a needless expense to the bank
and, while it may bring in a few de
posits, I believe that a careful analy
sis will disclose that the income de
rived from these deposits is not com
mensurate with the cost.
“ Bankers are quick to condemn un
ethical methods on the part of mer
chants and other business men, yet
Avhile so doing they engage in such
practices as ‘giving away’ ten or
more days interest quarterly or semi
annually. It seems to me that this
practice should be stamped as being
both unethical and economically un
sound. ’ ’
It is the breathing time of day with
me.— Shakespeare.
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Federal Reserve Bank of St. Louis
27
M id-C ontinent B anker
Northern Trust, Chicago , Has
$ 7 3 ,0 0 0 ,0 0 0 Resources
Nelson, cashier; Harold H. Rockwell,
secretary; John M. Meikle, auditor.
The statement of condition as of
October 3, of the Northern Trust Com
pany at Chicago shows total resources
of over $73,000,000. Deposits are over
$61,000,000. Capital stock is $2,000,000
and surplus and undivided profits are
over $6,000,000, making it an honor
roll bank.
Officers of the bank are: Solomon
A. Smith, president; Howard O. Ed
monds, Fred A. Cuscaden, Laurence B.
Robbins, William S. Miller, Harold IT.
Rockwell, K. I. Fosdick and Andrew
B. Caswell, vice-presidents; Charles M.
R. S. Crawford Is N ow With
National Republic Co.
Robert S. Crawford, who during re
cent years has made a special study of
investment securities from the country
banker’s standpoint, has joined the
staff of The National Republic Com
pany of Chicago. Mr. Crawford will
be in charge o f the Banks and Bankers
Division of the Company and will spe
cialize in assisting banks to analyze and
obtain the most out of their bond ac
counts.
What is Group Banking?
G
R O U P Banking is the operation
o f a num ber of banks in affilia
tion with a central organization,
which maintains highly specialized
departments working in harm ony
with each bank in order that the
bank may render to its customers
and com m unity greater service than
it could individually supply.
Group
banking does not necessitate any
c h a n g e in th e i n d iv id u a lit y or
p erson n el o f an affilia ted b a n k .
A brochure of Questions and Answers
regarding the nation-wide group
banking program of this
organization available
upon request.
[
A
T h e t e r m “ G r o u p B a n k in g ” w as o r ig in a t e d
a n d fir s t u s e d b y A m e r ic a n F in a n c ia l C o r p o
r a t io n o f N ew Y o r k .
L ik e w is e , t h e d e t a ils o f
o p e r a t i o n o f a G r o u p B a n k in g p r o g r a m w e re
fir s t c l e a r ly set f o r t h b y th is C o r p o r a t io n .
m e r ic a n
E
n a n c ia l
Of N
5 0 Br o a d w a y
© 1928, A. F. C. of N. Y.
e w
C
o r p o r a t io n
Y o r k .
Ne
w
Yo
rk
,
28
M id-Continent B anker
W h a t the Çuaranty o f Deposits Law
W ill Cost the People o f North Dakota
HE following editorial which ap
peared in a recent issue of the
Financial Age, New York, under the
heading “ Paying for Folly in North
Dakota,” will go a long ways toward
discouraging advocates of the Guaranty
of Deposits law.
The editorial tells its own story in a
convincing manner. It reads:
“ In our issue of May 12 last appear
ed a story o f the Guaranty of Deposits
system of North Dakota, in which it
was stated that ‘a movement is on foot
now to submit to the voters of the state
T
the question of a bond issue to pay off
the depositors in closed banks, and at
the present writing indications are that
it will be favorably reported.’
“ It required 20,000 names on the pe
tition to have it recognized, and now
24,000 signatures have been obtained,
insuring that the proposal to bond the
state for $25,000,000 to pay the unpaid
depositors in the closed banks of North
Dakota will be submited to the voters
at the next election in November.
“ The North Dakota Bank Guaranty
Law which was adopted by what is
t he E q u it a b l e
T rust c o m p a n y
OF
N E W
YO RK
Condition a t the Close o f Business, September 2 8 , 1 ^ 2 8
{ induding Foreign Offices }
A S S E T S
Cash on Hand and in B a n k s ..................... $39,962,789.42
Exchanges for Clearing H o u s e ..................... 32,497,242.46
Due from Foreign B a n k s ................................ 11,743,310.16
Bonds and M o r t g a g e s .....................................
5,760,640.00
Public S e c u r it ie s ................................................ 30,553,227.40
Other Stocks and B o n d s ................................ 22,856,198.70
Demand L o a n s ..................................................... 78,429,366.61
Time L o a n s .......................................................... 102,613,843.21
Bills D i s c o u n t e d ................................................ 132,642,261.86
Customers’ Liability on Acceptances
(Less A n ticip ation s)................................ 47,116,972.13
Real E s t a t e ..........................................................
17,120,500.13
Due from Foreign O ffic e s................................
993,776.02
Accrued Interest Receivable and Other
Assets
...........................................................
9,044,136.24
$531,336,264.34
L IA B IL I T IE S
C a p ita l.....................................................................$30,000,000.00
Surplus and Undivided P r o fits ...................... 26,216,424.09
Accrued Dividend Payable September 29th
900,000.00
D e p o s i t s ................................................................ 404,224,386.53
Acceptances (Less in P o rtfo lio )...................... 48,531,791.55
Notes P a y a b l e ..................................................... 13,217,950.00
Accrued Interest Payable, Reserve for
Taxes and Other Liabilities.....................
8,245,712.17
$531,336,264.34
11 B R O A D S T R E E T , N E W Y O R K
C H I C A G O : 1 0 5 S o u th L a S a l l e S treet
('Telephone: State 8 3 1 2 )
DISTRICT REPRESENTATIVES: Philadelphia: Packard Bldg.
Baltimore: Keyser Bldg., Calvert and Redwood Sts.
San Francisco: Financial Center Bldg.; Atlanta: Healey Building
LONDON
• PARTS
• MEXI CO CITY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
© K. T. C. of N.Y.,/Q28
.... _
November, 1928
known as the ‘farmers’ legislature’ and
became effective July 1, 1917, eohrpelled
every state bank to become a member
of the system and by December 31,
1927, according to the state bank exam
iner, 291 banks had closed, with deposits
of $35,053,223.
“ The proposed amendment to the con
stitution of North Dakota provides for
‘the payment by the state of deposits in
state Jianks which became insolvent and
closed between January 1, 1919, and
May 15, 1928, to 80,000 depositors, who
have lost more than $25,000,000 over
and above the amount of the reserves of
the closed institutions.
“ Referring again to our issue of May
12, we find that in December, 1926, O. B.
Lund, public auditor and accountant,
made a report to Governor A. G. Sorlie,
in which he stated that ‘assuming that
55 per cent of all deposits in banks
closed to date are a claim on the De
positors’ Guaranty Fund, it would be
safe to say that it will require 90 years
to pay off this liability on the basis of
the present net income to the fund.’
“ Well, ninety years is a long time to
wait for payment, and so the amend
ment to the state constitution is suggest
ed. I f the amendment is adopted and
the bonds sold, the depositors will re
ceive their money, but at the expense of
all of the people in the state, who will
thus pay for electing lawmakers who
knew nothing of economics and who
fondly believed that they could institute
a machine which would take the place
of honesty, integrity and ability.
“ The experiment has been tried so
many times and under many conditions
and has always failed. Banking is no
different from any other kind o f busi
ness. To be successful it requires a cer
tain kind of ability, absolute integrity
and honesty which cannot be lured by
hopes of large profits which may or may
not materialize.
“ Now the failure of a bank does not
necessarily mean that the officers are al
ways dishonest, but statistics show that
a very large percentage of failures are
caused by utter incompetence and there
is a question as to whether it were better
to have a known knave in a position
than to unknowingly have a fool guid
ing the business.
“ It is a pretty safe bet that if the
people o f North Dakota vote to pay the
$25,000,000 they will hereafter keep a
pretty close watch on the legislature to
scotch any bills of a socialistic or com
munistic nature which are introduced.”
Precisely
“ Do you think autos are ruining
the younger generation ? ’ ’
“ No; I think the younger genera
tion is ruining the autos.”
29
M id-C ontinent B anker
November, 1928
Pigs, Qhickens and Jersey Qows
P
IGS, poultry and cows on every
farm and more cotton on less
acres” is the slogan which is being car
ried out by the Peoples Bank and Trust
Company of Tupelo, Mississippi.
Under the direction o f S. J. High,
president of the Peoples Bank and
Trust Company, this bank, cooperating
with the Lee County Bankers Associa
tion, has been the leader in the agricul
tural development of Lee County, Mis
sissippi. Under this leadership Lee
County has become one of the leading
agricultural and dairying centers of the
south.
Foreseeing the fact that diversifica
tion of farming activities was the salva
tion of the cotton farmer, the Lee Coun
ty Bankers Association, under Mr.
High’s leadership, started a campaign
several years ago to educate the farm
ers of that county along these lines.
Mr. High says, “ There is no crop in
the south that will equal cotton at 25
cents, but it is absolutely unsafe under
present conditions for a farmer to de
pend altogether on cotton—it is too uncertain. It is never a good idea to put
all your eggs in one basket, no matter
how strong the basket or how plentiful
the eggs.
“ In looking over the situation in Lee
County, the bankers and business men
believed that ‘Pigs, poultry and Jersey
cows in connection with corn and cotton,’
was the safe and sane plan of farming.
For this reason the banks have employ
ed Sam B. Durham, a dairy expert, to
go about through the county getting the
farmers to milk more and better cows,
assist them in getting good pastures and
more feed and, in other words, be their
adviser in regard to all dairy operations.
The plan has been quite successful and
the banks have found that constructive
cooperation is more helpful than destructive competition.
“ The banks have put up a budget of
over $5,000 per year. Some of the
banks in the county before adopting
this plan were spending their part of
the budget in distributing calendars and
they now consider this a better service
to the community. Lee County is the
first county in the United States to put
on a proposition of this kind and we believe that Lee County is in better financial condition now than ever before in
its history. Tupelo claims to have the
largest bank deposits of any town of its
size in the South.”
Here is the “ Agricultural Creed” of
the Peoples Bank and Trust Company.
We believe in the farmer—the
man engaged in the fundamental industry of furnishing food and cloth-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ing to the world.
We believe in spreading the gos
pel of safe and sane farming, espe
cially cotton, corn, chickens and
cows.
We believe in assisting in supply
ing our customers with good cows,
sows and chickens.
We believe in the growing of a
year-round supply of food for
home consumption and a little to
sell.
We believe in growing plenty of
food for live stock and having
plenty o f live stock to eat it.
We believe in selling cream and
eggs every week in the year; they
help finance your crop and keep up
the family automobile.
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We believe Lee, Pontotoc and
Itawamba Counties offer good op
portunities for the farmer who
wants to farm on a safe and sane
plan.
Total Resources $ 4 2 ,9 4 8 ,4 5 8
The statement of condition as of
October 3 of the Fourth National Bank
at Atlanta, Georgia, shows total re
sources of over $42,000,000. Deposits
are $37,506,345.61. The bank is cap
italized at $1,200,000 and has a sur
plus and undivided profits of over $2,800,000, making it one of Georgia’s
honor roll banks.
Officers of the bank are: John Iv.
Ottley, president; Charles I. Ryan,
James D. Robinson, Robert Strickland,
Jr., Stewart McGinty and R. Clyde
Williams, vice-presidents; Wm. T.
Perkerson, vice-president and trust of
ficer; Frank M. Berry, cashier.
BANK
E Q U IP M E N T
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A M E R IC A N
F IX T U R E
KANSAS CITY, MO.
CO.
30
M id-Continent B anker
Bank o f Commerce and Trust Company
to Build M illion Dollar H om e
Outstanding among the building
projects of the early fall in Memphis,
is the new million dollar home of the
Bank o f Commerce & Trust Company,
at Second Street and Monroe Avenue.
This new home for Memphis’ largest
bank is made necessary by reason of
the fact that the Bank of Commerce
& Trust Company has outgrown its
present quarters. It will be the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
largest building in the South, used ex
clusively for banking purposes, and
one of the largest in the country.
Hanker and Cairns, architects, have
turned over the plans of the building
to the contractors and construction
will start early in September. The
price paid for the site ran well in ex
cess of three-quarters of a million dol
lars. This with the cost of the build
ST. L O U IS
The
lo g ic a l c a p i t o l
o f th e
c o m in g " A i r A g e ” . . .
an old
c ity w ith y o u n g id e a s . . .
a
w e a lt h y , c o n s e r v a t iv e c o m
m u n ity im b u e d w ith th e w ill
to d om in ate the N a tio n a l trend
to w a rd s th e S o u t h a n d W e s t .
L IB E R T Y C E N T R A L
TRUST COM PANY
Broadway & Olive
St . L o u i s
,
November 1928
ing and its equipment and furnishings
will represent an investment of $2,000,000. The new bank building will oc
cupy an entire quarter of a block.
The building is to be 150 feet square
and will include three stories and base
ment with the set-back type of archi
tecture used. It will provide 75,000
square feet of working space.
The exterior of the building will be
of polished granite with heavy orna
mental bronze doors for both the Sec
ond Street and the Monroe Avenue
entrances. All exterior windows and
frames will be o f cast iron, steel and
plate glass.
The first floor plan provides for a
public lobby 56 x 90 feet with a 48
foot ceiling, and a skylight 40 x 80.
There will be office space for executive
officers of the banking and trust de
partments and the Commerce Securities
Company.
Radiating around the lobby will be
some thirty cages for tellers and in
dividual bookkeepers with approxi
mately 5,000 square feet of work space
provided. Separate cages and work
space will be provided for the cotton
department and the school savings de
partment with a special lobby for each.
The first floor will be equipped with
book vaults.
The bank vault will be the largest
in the country, 25 x 90 feet, with cash
and securities departments. There will
be one circular door 84 inches in di
ameter and 24 inches thick and one
rectangular door 48 inches wide, 84
inches high and 12 inches thick. The
vault wall will be 27 inches thick of
reenforced concrete with steel lining.
The impressive beauty of the ex
terior of the building will be repeated
in the interior. On the first floor and
in the basement, marble floors will be
used in all public spaces, with cork
tiled floors in all work spaces.
The wall treatment of the first floor
will be o f marble with marble columns
and pilasters. All doors, elevator en
closures and bank screens will be of
bronze and jilate glass.
“ The Bank of Commerce & Trust
Company is a Memphis institution and
so far as possible Memphis and Ten
nessee products will be used in con
struction of our new building,” R.
Brinkley Snowden, vice-president and
chairman of the board of directors
states.
The Bank o f Commerce & Trust
Company is among the largest and
strongest banks of the South. It has
been identified with the progress and
prosperity of Memphis for over half a
century. It was established more than
fifty-five years ago.
November, 1928
M id -C o n t in e n t
Its capital investment is in excess
of $5,000,000 including the bank cap
ital of $3,000,000 and real estate and
other holdings amounting to more than
$2,000,000. Included in these holdings
is the Bank of Commerce and Trust
Building on Main Street between Madi
son and Monroe, where the bank quar
ters are now located.
The bank includes commercial and
savings department, trust department,
title department, cotton department,
school savings department with over
30,000 individual depositors. Owner
ship of the Memphis Abstract Com
pany is* vested in the Bank of Com
merce, which also owns the Commerce
Securities Company, the Mississippi
Joint Stock Land Bank, and the Ten
nessee Joint Stock Land Bank.
“ We do an international business,”
T. O. Vinton, bank president, says.
“ Nationally we handle deposits and
trust funds for individuals and firms
from Maine to Florida and California.”
The officers are T. 0. Vinton, presi
dent, S. J. Shepherd, vice-president
and general counsel, R. Brinkley
Snowden, vice-president, L. A. Thorn
ton, vice-president, A. B. Lewis, vicepresident, R. B. Barton, vice-president,
A. C. Burchett, cashier, Lew Price,
John T. Wilkerson, Frank F. Sturm,
H. D. Burkett, E. C. Lewis, A. Y.
Forbes, assistant cashiers, James H.
Fisher, secretary, J. R. Pipes, treas
urer, T. W. Vinton, trust officer, J. L.
Ross, assistant trust officer, L. E. W it
tenberg, auditor.
Reynolds &
Co. Dispose o f
Brokerage Business
Charles D. Barney & Co., New York,
have bought the brokerage business of
Reynolds & Co., Louisville, Kentucky,
and have ownership of the Louisville
concern, according to an announcement
made by Leo A. Meagher, an official of
the latter firm.
The New York Stock Exchange has
approved disposal of the business, and
it was announced that Mr. Meagher
will become manager and other officers
of the Reynolds firm will continue in
charge of the Barney company here.
A letter sent to clients of the Rey
nolds concern said this is the first time
a New York Stock Exchange firm has
established offices of this kind in Louis
ville.
Bert Stansbury, vice-president and
partner of the Reynolds company, will
be in charge of the bond and stock de
partment of the Louisville office.
Mrs. Ora M. Ferguson continues as
manager of the bond department at
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Federal Reserve Bank of St. Louis
31
B anker
the Main and Fifth Street office in
Louisville.
The letter also said that “ before de
ciding to relinquish this part of our
business, we gave considerable thought
to the responsibility and deep sense
of obligation we feel toward you.
Therefore, we wish to explain that in
the future we will be compelled to de
vote more of our time to the super
vision of our varied interests and to
additional underwritings in connection
therewith. ’ ’
The Reynolds company retained its
membership in the New York Stock
Exchange.
General M otors September
Sales Show Increase
During the month of September Gen
eral Motors dealers delivered to con
sumers 148,784 cars according to an
announcement from the office o f Alfred
P. Sloan, Jr., president. This com
pares with 132,596 for the correspond
ing month last year, a gain of 16,188
cars, or 12.2%.
Sales by General Motors Divisions
to dealers totaled 167,460 cars, an out
put of almost 7800 cars per working
day, as compared with 140,607 for Sep
tember, 1927, a gain of 26,853 cars, or
19.1%.
■
->
«« <
r■.■
.-,,
M en o f Outstanding A bility
a n d Prominence
Charles Scribner
Richard Delafield
Francis R. Appleton
Cornelius Vanderbilt
Gilbert G. Thorne
Thomas F. Victor
John G. Milburn
William Vincent Astor
Joseph D. Oliver
Lewis Cass Ledyard, Jr.
David M. Goodrich
Eugenius H. Outerbridge
Kenneth P. Budd
Frank L. Polk
George M. Moffett
James Forrestal
Charles S. McCain
Thomas I. Parkinson
Couch
.
mm
1H11
:
National
i w
m em m
u_
______ ___ ______ i
32
November, 1928
M id-C ontinent B anker
C am p, T h o rn e &
CHICAGO
Co., i n c .
NEW YORK
INVESTMENT BONDS
Main Office 29 South La Salle Street, Chicago
LATIN AMERICAN AND EUROPEAN SERVICES
AND BUYING OFFICE
30 Pine Street, New York City
SAN FRANCISCO
ST. LOUIS
BAY CITY MICH.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS
MILWAUKEE
JANESVILLE, WIS.
SEATTLE
DAVENPORT
WEST FRANKFORT, ILL.
DES MOINES
LaSALLE, ILL.
BOND and INVESTMENT SECTION
qA
New Investment Policy
fo r a
P
ROBABLY the most important busiand banking fact of 1928 is that we
have lost half a billion of our monetary
gold. This is about one-ninth of our total
gold stock. Only once before in our his
tory have we had a loss of gold compar
able with this one, and that was in 1919
and 1920 when gold exports amounted to
almost as much as they have this time.
On that occasion, however, the loss was
speedily made up by a return flow of
gold, and this time it seems unlikely
that anything of that sort will happen.
It seems more probable that most of this
loss will prove to be relatively perma
nent.
I f this proves to be the case, the year
1928 may well turn out to be the end
of one economic era in this country, and
the beginning of another. The era which
it will bring to a close will be the four
teen-year period from the outbreak of
the World War up to this present year,
which has been for the most part a time
of great credit expansion based on huge
gold imports. No one can foresee what
the next few years will be like in a
business way, but it is safe to say that
they will be very different from those
that are just behind us.
The fourteen years that have elapsed
since the outbreak of the World War
have been in reality, as well as figura
tively, the golden age of American busi
ness. When the great war began we
bad in this country something less than
two billion dollars of monetary gold,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sm
it h
New Economic Era
By L E O N A R D P. A Y R E S
Vice-President, Cleveland Trust Co.,
Cleveland, Ohio
iiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiimiiimiiiiiiiii
“ If anyone questions the importance
of gold imports and exports as related
to the prosperity of the country, he
will do well to seek in the reports of
the Comptroller of the Currency the
figures showing our gold holdings, and
the amounts of the deposits in all
American banks from 1914 up to the
present time. He will find that dur
ing that entire period the volume of
bank deposits has been about ten times
as great as the amount of our gold
holdings. This means that every time
one dollar of gold has been imported
someone has shortly thereafter had ten
dollars more deposited to his credit in
some bank than he had before.”
................................................................................mum
which constituted then, as it does now,
the basis of the credit supply with
which we do business. During the first
few months after the declaration of war
in 1914 gold flowed out from this coun
try, so that by the end of that year we
had lost some four per cent of our hold
ings. At the same time we experienced
a severe business depression.
Then gold began to flow in again, and
this continued until in a little more than
two years our gold stock had increased
by over 70 per cent. War orders came
, M
o o re
in also, and there ensued a period of
business activity and industrial prosper
ity such as neither this country, nor any
other country, had ever before experi
enced. Industrial profits rose to un
dreamed-of heights, our national income
doubled, and our national wealth in
creased prodigiously.
The gold that-came in during The war
is mostly still here. We lost some of
it in the price inflation period of 1919
and 1920, and that loss was again close
ly followed by a severe business depres
sion. However, the tide turned prompt
ly, and in the four years following 1920
we gained more gold than our entire
national holdings had been when the
war began. This increase was in addi
tion to most of the tremendous imports
of 1915 and 1916 before our own en
trance into the conflict.
D
URING these years since the out
break of the war our gold hold
ings increased about two and a half
times. The volume of credit extended
by our banks advanced in closely simi
lar proportion. The interest and divi
dend payments of our corporations in
creased about two and a half times. Our
national wealth per capita also in
creased about two and a half times. It
is apparent that there has been a close
relationship between the rapid increase
in our gold holdings, the consequent
rapid growth in our volume o f bank
credit in use, and finally the vigor and
& Co.
For many years we have been successfully serving banks
and institutions in:
Building up liquid secondary reserves, consisting of
sound bonds.
M aintenance of bon d accounts at the peak of efficiency.
T h e partners will be pleased to give the benefit of their
long experience in this field to your investment problems.
Chas. W. M oore
W m . H . Burg
509 Olive Street
W. C. Morehead
R . B. Smith
N . R . Dutson
St. Louis, Mo.
33
November, 1928
M id-Continent B anker
34
rapidity of the growth of our national
wealth and prosperity.
It was inevitable that the great gold
imports should enormously increase our
prosperity, and our business and indus
trial activity. Gold is the basis of our
credit system. When an importation
of gold enters this country it is received
by one of the commercial banks, which
promptly deposits it with a Federal
Reserve bank, and gets a credit for the
amount which it adds to its reserves. This
addition enables the commercial bank to
increase its loans, and very shortly each
newly arrived dollar of gold has
brought into existence ten dollars or
more of that new credit which we com
monly refer to as money. It is not to
be wondered at that we have been pros
perous since the outbreak of the war,
nor is it astonishing that our prosper
ity was sharply interrupted when we
temporarily lost some four hundred and
fifty millions of gold in 1919 and 1920.
I
F anyone questions the importance of
gold imports and exports as related
to the prosperity of the country, he
will do well to seek in the reports of the
Comptroller of the Currency the figures
showing our gold holdings, and the
amounts of the deposits in all American
banks from 1914 up to the present time.
He will find that during that entire
period the volume of bank deposits has
been about ten times as great as the
amount of our gold holdings. This
means that every time one dollar of
Winning
New deposi tors
through Bonds
People like to deal with a bank which
helps its depositors invest their money.
By using The National City Company
as a source of supply you can offer your
depositors a broad range of desirable
bond investments— this without main
taining an expensive bond department,
or carrying a burdensome bond port
folio.
Our special Bankers' List offers a
wide choice of issues suitable alike for
your bank’s own funds and for the sur
plus funds of your customers. It will be
sent to you regularly upon request.
T h e N a tio n a l City C om p an y
National City Bank Building, New York
Offices in more than 50 leading cities throughout the world
BONDS
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Federal Reserve Bank of St. Louis
-
SHORT
TERM
NOTES
'
ACCEPTANCES
gold has been imported someone has
shortly thereafter had ten dollars more
deposited to his credit in some bank
than he had before. Moreover since
bank loans and investments are consid
erably larger in amount than bank de
posits, the arrival of each new dollar
of gold has meant that bank credit in
use has promptly expanded by about
twelve dollars.
Moreover an examination of these
same two columns of figures in the
Comptroller’s reports, showing our gold
holdings and the totals of deposits in
our banks, reveals another fact that ar
rests the attention. It is that our gold
holdings decreased by 300 millions from
the middle of 1919 to the summer of
1920, and then that bank deposits de
creased by about two and a half bil
lions from the middle of 1920 to the
summer of 1921. This means that on
that occasion every time one dollar of
gold was exported someone shortly
thereafter had about eight dollars less
in his bank deposit than he had before.
The expansion of bank credit through
gold imports is pleasant, and produces
contentment. Its contraction following
gold exports is painful, and results in
discontent.
A
NOTHER fundamentally important
factor besides gold movements has
been shaping our business and financial
history during these same fourteen
years. The Federal Reserve System
came into existence the year that the
great war began. Under its leadership
our banking and fiscal systems passed
successfully through the stresses and
strains of the war period. Even if
there had been no war the advent of the
Reserve System would have operated to
increase the credit resources of this
country, because the system made our
gold reserves more efficient than they
had been under the former banking
system. What actually did happen was
that two sets of factors combined to in
crease American credit resources. In
the first place we received from abroad
huge and unexpected increases to our
stock o f money gold, and in addition to
that we changed our banking system so
as to use those swollen gold reserves
more efficiently than ever could have
been done under our pre-war banking
system.
During 1927 and 1928 we have lost
about half a billion dollars of our gold,
or about one-ninth of our entire stock.
All that gold had been used as the basis
of banking credit which is still outstand
ing. The half billion that is gone was
used while it was here to support per
haps six or seven billion dollars of bank
loans. I f it had not been for our Fed
eral Reserve System its departure
would have brought about a severe
November, 1928
business crisis. But one of the func
tions of the system is to meet emergen
cies, and it has effectively done so this
time.
The bank credit is still outstanding,
but while it was formerly based on the
gold, it is now supported by an equal
amount of loans that the member banks
have secured from the Federal Reserve
Banks. How these loans are to be paid
off is a serious question which must be
answered in the main by the bankers
who have received them. Perhaps they
will be reduced in part by the receipt
of new importations of gold, but that
does not appear likely to happen on a
large scale. Possibly member banks
will continue in debt to the Reserve
System in larger amounts than those to
which they have been accustomed in the
past, but that does not seem either prob
able or desirable. It may be that the
Reserve Banks will increase their hold
ings of securities, and so by their open
market operations enable member banks
to reduce their indebtedness. Perhaps
a deflation of outstanding credit is im
pending. It seems probable that all
four of these developments will take
place.
However this may prove to be, the
fact that has the most important bear
ing on the future prospects of bank
ing and business in this country is
that heavy and regular imports of
gold seem to be things of the past.
During more than two-thirds of all the
months from the beginning of 1915 to
the end of 1927 our stock of mone
tary gold increased, and most of that
increase came from imports. The rest
of the world was shipping its gold
to us, and making us rich. These im
ports have now ceased, and heavy ex
ports have taken place. The present
prospects are that we shall be com
pelled to earn the future increases in
our gold reserves by working and sav
ing in full competition with the other
nations.
I f this turns out to be the case it
means that important changes are
coming in American life. During the
past four years this country has en
joyed a redundant credit supply such
as no other country ever had. We
have been able to finance simulta
neously a business boom, a building
boom, a Florida boom, and a stock
boom without the slightest trace of
a credit stringency. Our Federal Re
serve System has probably been the
only central bank that has for years at
a time had no need to take precau
tions looking to the safeguarding of its
reserves, and has only needed to con
cern itself lest credit should be used
unwisely.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
35
M id-Continent B anker
Now at last all this has changed,
but the transition to a new and more
sober era is not going to be easy. The
American people are in a mood of
invincible optimism. Three years ago
they were speculating in Florida land,
and finally that bubble burst. Then
they speculated in urban real estate,
and now they are finding that the
rents that are obtainable will not jus
tify the prices to which property had
been bid up, and as a result city real
estate prices are rapidly coming down.
Now they have turned to the stock
market where prices of the stocks of
mail order houses, chain stores, motor
companies, and soft drink firms are sell
ing on a basis to yield half as much
as the obligations of the United States
Government. Probably it can be mathmatically demonstrated that on a yield
basis the prices of representative
groups of industrial stocks are now
selling at prices literally twice as high
as similar stocks have ever sold be
fore at the top of the most excited
of previous bull markets.
S
TOCKS are now selling on expec
tation rather than on avalization.
All the experience of the past points
clearly to the conclusion that prices
are too high, and must come down.
The public appears to be mistaking the
past for the future, and confidently
believing that the credit inflation
based on the gold that is gone will
somehow suffice to support the mar-
W h ere the Paths
of Commerce Cross
O u r 5V2% G uaranteed
F irst M ortgage C ertificates represent participa
tion in choice selected first
mortgages on property in
New York City, Westchester
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This guaranteed investment
is ideal for both institutions
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stability of the country’s chief financial and com
mercial center.
The Certificates are available in any amount from
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W r ite for our booklet
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ew
it l e a n d
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om pany
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M id-Continent B anker
36
ket prices for their stock equities un
til something else can take its place.
No conclusion is more safe than that
the speculative markets in their presest mood would promptly sop up for
stock margins any additional credit
that the Reserve System might make
available, if it should attempt to ease
off the present credit stringency.
However, our concern here and now
is not about what may happen in the
stock market. We know that all ex
ceptional waves of speculative fever
ultimately run their course and flat
ten out. Our concern relates rather
to the problems involved in shaping
a bank’s investment policy for the
new economic era which we appear to
be entering. It is safest to assume
that this new era will be one in which
gold imports and exports will be small
er in volume than those of the years
since 1914. Probably they will mostly
result from the normal transactions of
international trade, instead of being
caused by the collapse and rehabilita
tion of the fiscal systems of foreign
nations. It is likely too that future
waves of exports and imports will in
general more nearly counterbalance
one another than they have in the re
cent past.
Our Offerings CarejutlyJudged
by aJury ofInvestment Censors
W hen a bond issue is contemplated by this company
every question of law, of valuation, and scores of
other important details, is considered from the bond
holder’s angle— not by one man alone, but by a jury
of ten investment bankers whose life work it is to
make investment safe for you and other investors who
demand safety with maximum profits— and get it here.
Our method based on twenty-three years—
without loss— is worth investigating.
W rite Dept. F ll.
Mortgage
Securities Co.
SNCew Orleans *
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Federal Reserve Bank of St. Louis
<SaintJs>ouisj
November, 1928
I f this type of development takes
place, we shall probably enter upon a
period in which bond yields and short
term money rates will once more have
relationships something like those that
maintained in the years before the war.
The old records, as far back as one may
care to follow them, conform to one
simple rule which probably embodies
the basal principle which should guide
the bank in shaping its own policy for
the investment of its secondary re
serve funds. That rule is that it is
profitable to shift funds into short
term paper when the discount rates
on that paper are higher than the
yields available from high-grade bonds,
and to get out of the short-term paper,
and repurchase high-grade bonds, when
bond yields are above short-term paper
yields.
This rule, when stated that way,
sounds almost too simple to warrant
much discussion. It is merely to shift
funds from bonds to paper, and from
paper back to bonds, whenever the
published yields show that the shift
would be profitable. Nevertheless, the
rule, if followed, is likely to save the
bank from important losses in its bond
account. The reason for this is that
bond prices tend to fall during the pe
riod that the short-term paper rates are
higher than the bond yields, and they
tend to rise during the time that bond
yields are above the paper rates. If
the shifts are made when the two
classes of yields cross one another, the
bank will get the advantage of the
advances in bond prices at times when
they are rising, and avoid the losses
when they are declining.
Probably the easiest way to apply
this rule is through watching the data
supplied monthly in the reports of the
Standard Statistics Co. The change
in policy should be put into effect when
the rate on four to six months prime
commercial paper crosses the rate on
the
Standard 60 high-grade bonds.
The last time the commercial paper
rate fell below the bond yield was in
December of 1923. I f typical highgrade bonds had been purchased at that
time, and held until February of this
year, when the yields next crossed, the
yield on the bonds would have been
at the rate of over five per cent during
the four-year period, and the appre
ciation in their price would have been
nearly 20 per cent. I f the proceeds
had then been put into short-time pa
per or call loans, the yields so far
this year would have been of the sorts
you know all about, and a shrinkage
of about three per cent in the bond
prices so far would have been avoided.
November, 1928
A
NOTHER method for convenient
ly following the yields of highgrade bonds is to look in the Wall
Street Journal about the middle of
each month for their index of 40 bonds.
This index is simply the bond yield
capitalized at four per cent, so that
the easy way to find out what the
yield was is to divide the number 400
by their index number. This will give
the bond yield figure. The commer
cial paper rates may be taken from
the same source.
The point that I have been attempt
ing to make is that we appear to be
entering a new economic era in which
business can no longer depend on hav
ing the stimulus of successive large in
creases in the national credit supply
due to heavy imports of gold. We ap
pear to be leaving behind us the won
derful golden age that we have en
joyed most of the time since the de
pression of 1921, during which pros
perity has promised to be perpetual,
the old-fashioned business cycles with
their recurrent booms and depression
have been in abeyance, and the trend
of stock prices has been almost con
stantly upward.
We may look forward to the longer
future with confidence, for we still
have a larger gold supply in propor
tion to our needs than has any other
country, and we have a central bank
ing system that is probably more ef
fective and efficient than that of any
other country. A period of readjust
ment to new conditions probably lies
ahead, and it may be expected to pre
sent important difficulties, but we
shall surmount them. The great re
wards of business and banking during
the next decade will probably go to
the plodders rather than to the plot
ters, to the calculators instead of to
the speculators, to the thrifty and not
to the shifty. It may even be that the
hour of the old-fashioned virtues in
business life is about to strike.
(Taken from an address delivered
before the State Bank Section of the
A. B. A. at the recent convention at
Philadelphia.)
Bankers Trust Forms "Bankers
Com pany o f N ew Y ork”
The Bankers Trust Company, New
York, has announced the formation of
a securities company to be styled
“ Bankers Company of New York,” all
the capital stock of which will be
owned by the parent company. The
new corporation takes over the busi
ness heretofore conducted by the se
curities department of Bankers Trust
Company.
A. A. Tilney, president of Bankers
Trust Company, is chairman of the
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Federal Reserve Bank of St. Louis
M id-C ontinent B anker
37
board o f directors of the new company,
and B. A. Tompkins, who has been
vice-president of the bank in charge
of its securities operations, is presi
dent. The board of directors will be
the same as that of the bank. The
executive committee will consist of
Messrs. W. S. Ewing, Landon K.
Thorne, George E. Murnane, P. N. B.
Close, Seward Prosser, A. A. Tilney
and B. A. Tompkins. The vice-presi
dents will be S. C. Hogan, R. H. Ful
lerton, C. L. Stacy, Paul Sims, W. J.
Lippincott and Henri Fischer.
Headquarters of the new company
will be in the Bankers Trust Company
building at 16 Wall Street. It will
engage in the underwriting and dis
tribution of all classes of investment
securities; government, state, munici
pal, railroad, public utility and indus
trial. Fourteen out of town offices
will be maintained, extending from
Boston and Baltimore on the east to
Minneapolis, Chicago and St. Louis on
the west and to Atlanta and New Or
leans on the south.
All Debits
Cashier: Does your wife take to
bridge ?
Teller: Yes, she takes to it more
than she brings back.
Need banks
buy “ high” and sell “ low” ?
1G o v e rn m e n t\\M u n ic ip a l
T
F a rm L o an . ,
1
T H ^T M V F ^
V . ,
t
A
u
1
! l Public U tility //"R e al E state / / I n d u s t n a L II J
m
J
H E comment is sometimes made that banks as a class invest
most heavily in securities when money is plentiful and bond
prices high, with a tendency to liquidate when money tightens and
prices are low. T o a limited extent, this may be true, and justified by
exigencies — abundance of money and limited opportunities for in
vestment in the one situation, and the advantage o f being able to liqui
date even at some loss when funds are urgently needed, in the other.
But with banks that have evolved a sound policy o f bond buying,
this is much less likely to happen and certainly less necessary than for
banks that buy without a plan. A bond reserve is not “ fair weather”
baggage; it is a valuable aid at all times— helpful in equalizing the
load and in stabilizing profits. A well-constructed secondary reserve
o f sound, marketable bonds may be almost as permanent a part of a
bank’ s financial set-up as loans and discounts.
A consistent investment policy, providing a strong secondary re
serve, calls for an analysis of deposits and borrowing demands and
their fluctuation as affected by the character and needs o f the com
munity. It requires a classification— kept up-to-date— of local loans
and discounts, o f quick assets, a comprehensive survey, in fact, of
the entire financial structure. W e have been able to serve many
banks in working out this problem. Perhaps you too can benefit from
our experience.
H A L S E Y , INCORPORATED
S T U A R T & CO.
CHICAGO 201 South L a Salle St.
new YORK 35 W a ll St.
Ph ila d e l ph ia i l l South F ifteenth St. Detroit 601 G risw old St. Cleveland 925 Euclid A v e .
ST. LOUIS 319 North Fourth St. BOSTON 85 D evonshire St. MILWAUKEE 425 E ast W a te r St.
PITTSBURGH 307 F ifth A v e .
MINNEAPOLIS 608 Second A v e S o u t h
Every Thursday Evening
Hear the “ Old Counsellor” and his orchestra, on the Halsey-Stuart Hour
A unique radio program featuring helpful advice on how to invest your money
W-E-A-F and 3 0 stations associated with the National Broadcasting Company
1 0 p. m . Eastern Standard Time
9 p. m . Central Standard Time
8 p. m . Mountain Standard Time
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Federal Reserve Bank
38 of St. Louis
Snapped at the I. B . A . Comention at e Atlantic City
I . B . A . H o ld s Seventeenth A n n u a l M eetin g
W . O . C h a n u te K ille d , P liny Jewell Seriou sly In ju re d in Plane
C ra sh ; A ld e n L ittle a n d T h o m a s N . D y sa r t N o t Seriously H u r t
T
HAT the flood tide of rising finan
cial interest is growing in leaps
and bounds in every city, town and
hamlet of the United States was re
flected in various reports before the
seventeenth annual meeting of the In
vestment Bankers Association of Am
erica at Atlantic City when it was re
vealed that there are at the present
time more than 15,000,000 holders of
securities in Americh. Especial signifi
cance was attached to a report showing
that in dozens of villages of a thou
sand to fifteen hundred inhabitants
throughout the Middle West monthly
investments of $10,000 to $25,000 are
being made with one investment house.
It was pointed out that the large in
dustrial centers of the East do not re
alize how hugely the agricultural cen
ters of the Middle West and Southwest
have developed in an investment way
in the last twenty years. “ It is true,’ ’
said Jesse V. Craig, Lincoln, Nebr.,
president of the National Association
of Securities Commissioners, to this
writer, “ that agriculture has been
called the step-child of prosperity for
several years and that a more whole
some economic setup, in relation to
farming, is urgent. Nevertheless, even
under uneconomic conditions the al
falfa is going into meat and dairy
products, the corn into pork and
various industrial products, and are,
for example, creating surpluses until
thousands of villages of Nebraska,
Kansas, Missouri, Iowa and a score
more of states west of the Alleghanies
have amazingly large surpluses to in
vest or otherwise employ in creating
new wealth.”
The attendance at the convention,
which exceeded all previous annual
meetings, was approximately 1 1 0 0 .
Newspapers and magazines from New
York to San Francisco sent 78 report -
% W M . H. M AAS
ers and special feature writers to re
port the proceedings of the convention
for their readers.
Officers elected were as follows:
President: Rollin A. Wilbur, The
Herrick Company, Cleveland.
Executive Vice-President: Alden H.
Little, 33 South Clark Street, Chicago.
Vice-Presidents: Prank M. Gordon,
First Trust and Savings Bank, Chica
go; Jerome J. ITanauer, Kuhn, Loeb &
Co., New York City; Joseph L. Seybold, Wells-Dickey Co., Minneapolis;
Joseph ft. Swan, Guaranty Company
of New York, New York City; Carroll
J. Waddell, Drexel & Co., Philadelphia.
Treasurer: Robert A. G a r d n e r ,
Mitchell, Hutchins & Co., Chicago.
Secretary: Clayton G. Scliray, 33 S.
Clark Street, Chicago.
I
NTIMATION of a belief in the
scaling down of war debts to the
United States was given to the mem
bership at the meeting. The subject
arose in the course of a report deliver
ed by the Foreign Securities Committee
in which German reparations were dis
cussed. Joseph R. Swan, vice-presi
dent of the Guaranty Company, as
chairman of the committee read the re
port and although prefacing his re
marks with the statement that it was
not expedient for the association to take
any position in connection with the
question lie declared the committee did
not hesitate to advocate “ that the
members of the association for their
own interest, and the interests of their
clients and of the country, take a leni
ent position toward the rigid enforce
ment of our claims against the nations
of the world.” The report added that
until the questions of German repara
tions and interallied debts are settled
— and settled generously with due re
gard for the welfare of the creditor
nations, they will continue to be a men
ace to the economic structure of the
world.
The investment bankers have a dif
ferent procedure than is usually fol
lowed m conventions in that they do
not permit speeches but confine the
business of the day to the delivering of
reports of the various standing com
mittees who work throughout the year
on the numerous problems of interest
to the investment banking fraternity
and then render their conclusions and
findings as well as a review of the de
velopments.
The report of Mr. Swan for the
foreign securities committee was one of
the livest subjects before the bond men
because of the tremendous growth of
foreign financing and its varying form.
The committee pointed out that in the
first nine months of this year $1,330,0 0 0 ,0 0 0 in foreign securities were is
sued in the American market exceeding
all previous records of the period, and
of which 2 2 .2 per cent went for refund
ing purposes compared with but 11.9
per cent in corresponding period of
last year.
“ The general purposes for which
capital has been advanced to foreign
countries, ’ ’ the report continued, ‘ ‘ have
changed materially since America be
gan its career as a world banker. Re
construction financing following the
war may be said to have been com
pleted, with the possible exception of
loans to Germany, which may very
probably be expected to continue for
this purpose for a further period.
“ There has been a marked increase
in borrowing for public works which
we believe, in general, is of productive
character and tends towards the de
velopment and opening up of hitherto
Those in the picture on the opposite page are, left to right: 1. Atkins Nickerson, of Hale, Waters & Co. Boston, B. F.
Lewis, of Minton, Lampert & Co., Chicago; Harry C. Champlm, Bartlett & Gordon, Inc., Chicago. 3
*
gt
er American Co., Indianapolis; Natt Wagner, Eldredge & Co., New York. 3. J. S. McCourtney, Mark C. Sternberg & Co., S .
Louis; Sidney Maestre, Mercantile Trust Co., St. Louis. 4. Victor W . Eleming, Chicago; S. A. Trangott, New York, A. M.
Chambers, New York, F. J. Lisman & Co.; M. M. Manesse, New York. 5. Rudolph Guenther, Rudolph Guenther-Russell Law
Advertising Agency, New York; Fred A. Yard, Merrill Lynch & Co.; Harry E. Lowery, Manufacturers Trust Co., New York
J G Berens New York American. 6. John W . Clarke, Brokaw & Co., Chicago; J. Hugh Powers, Mercantile Trust Co., St.
Louis; Chas.’ W . Moore, Smith, Moore & Co., St. Louis. 7. James J. Willson, James C. Willson & Co. Louisville; Geo V. Rotan,
Neuhaus & Co., Houston. 8. Morton Boyd, United States Trust Co., Louisville; J. D. Van Hooser, Security Trust Co., L
g
ton. 9. Raymond C. Bond, Liberty Central Trust Co., St. Louis; William H . Maas, Chicago Vice-President Mid-Contii e
er. 10. Gerald Parker, Commerce Trust Co., Kansas City. 11. Edward Kelly, Babcock Rushton & Co., Chicago. 12. Miller
H. Pontius, G. L. Ohrstrom & Co., Chicago. 13. H. F. Clippinger, Fletcher Savings and Trust Co
Indianapolis
l^. A
H.
Kauffman, Lorenzo E. Anderson & Co., St. Louis; Sigmund Stern, Stern Bros. & Co., Kansas City. 15. Mr. and Mrs. E. I . Cow
gill Metcalf, Cowgill & Co., Des Moines. 16. C. G. Brown, Henry L. Doherty & Co., New York. 17. Mr. and Mrs. Walker D.
Hanna, W . D. Hanna & Co., Burlington. 18. George C. Forrey, Jr., Fletcher American Company, Indianapolis.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
40
M id-Continent B anker
backward countries and undeveloped
areas. A very substantial part of our
foreign financing to date has been
through loans, but there is a growing
tendency for American capital to seek
ownership interests in privately owned
enterprises. As we are becoming more
experienced in foreign investment, we
are seeking to share in the growth and
development of our countries as we did
in the growth and development of our
own. I f the history of other countries
in overseas investment points the way
to us, we may prepare ourselves for
increased ownership participation in
foreign enterprises until we find our
selves joining international groups in
the development of a Cape to Cairo
railway or a Belgian Congo.”
This matter of foreign financing was
given a prominent part also in the
president’s address to the convention
delivered by Henry R. Hayes, who is
vice-president of Stone & Webster and
Blodget, Inc. Mr. Hayes declared that
the United States still is the largest
single lender in the international
money market but said that England
and France are becoming increasing
financial competitors. He added that
with the stabilization of currencies
and the balancing of budgets, govern
ment financing will decline and cor
porate financing will increase, which
makes it incumbent upon American
bankers to widen their knowledge of
foreign corporate finance to meet these
new conditions.
November, 1928
panies Committee it was pointed out
that the term “ Investment Trust” is a
misnomer. The members were asked
in the report to avoid, whenever pos
sible, the term “ Investment Trust.”
“ We need hardly point out,” the re
port explained, “ that the term ‘ invest
ment trust’ came to us because of its
use in Great Britain and on the Conti
nent in Europe over a period of some
forty years and that it was not de
liberately picked out in order to in
spire public confidence or to imply any
thing analagous to trust companies or
trust funds as we generally speak of
them. We are concerned with com
panies organized to invest and rein
vest money and let us therefore repre
N a lengthy report on “ Investment sent them at face value and call them
Trusts” by the Investment Com ‘ investment companies. ’
“ During the period covered by this
report there has been continued growth
and development of the Investment
Company as a factor in the financial
world. Hardly a week goes by with
SHORT
TERM
IN VESTM EN TS
FOR
BANKS
out either the organization of a new
one or the offering of some securities
to facilitate the expansion of those al
ready in existence. Generally speak
ing, your committee feels that the
growth has been sound and healthy;
that for the most part the manage
ments are made up of men of integrity
and ability, trained in the field of in
vestment, and from a study of the
type of investments made it would
seem that these men recognize the re
sponsibilities they have assumed. The
signs are indeed encouraging but they
are indicative only of a general trend
and are not sufficient to permit this
committee to make a report without re
peating emphatically that an Invest
ment Company is no better than its
management and this management
must be scrutinized from the point of
view of both character and ability.”
Other important reports included re
views by the following committees
‘ ‘ Foreign S e c u r i t i e s Committee,’ ’
‘ ‘ Sub-Committee on I n v e s t m e n t
Trends,” “ Public Service Securities
Committee,” and “ Taxation Commit
tee.”
The convention was brought to a
close on Friday morning a few minutes
after the formal opening of last day’s
session due to the grief cast over the
members and the organization follow
ing the air plane accident in which Mr.
W . Octave Chanute, of Denver, was
killed and several other prominent
Executive Office y B R O A D W A Y at 57 JH ST * N ew York City
members were injured.
The injured were:
Capital, Surplus & Undivided
Pliny Jewell, thirty-five years old;
Profits . $52,156,000
vice-president of Coffin & Burr, Inc., of
Boston and former president of the In
vestment Bankers Association; frac
tured skull; condition serious.
Thomas N. Dysart, forty-eight years
I
UR
term
obligations h a v e .b e e n p u r
chased by more
6,000
banks in the U n ited States.
G en era l M otors
A cceptance C orporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November, 1928
old; president, Knight, Dysart & Gam
ble, St. Louis, and also former presi
dent of the Investment Bankers Asso
ciation; broken ribs, internal injuries
and broken left wrist ; condition
serious.
Henry L. Drier, thirty-five years old,
of W. W. Lanahan & Co., Baltimore,
shock and minor injuries.
Alden H. Little, thirty-five years old,
of Chicago, executive secretary of the
Investment Bankers Association ; cuts
and bruises.
George King, thirty-four years old,
of Garden City, L. I., pilot of the
plane; possible fractured leg.
Ferdinand Eble, thirty-five, 127 N.
Portland Avenue, Atlantic City, stu
dent flyer; possible broken right leg
and shock.
Ralph Somers, nineteen, of Absecon,
N. J., shock.
S T A T E M E N T O F T H E O W N E R S H IP ,
M AN AG EM EN T, C IR C U L A T IO N , ETC.,
R E Q U IR E D BY T H E A C T OF CON
GRESS OF AU GU ST 24, 1912.
Of M id -C o n t in e n t B a n k e r published monthly
at St. Louis, Missouri for October 1, 1928.
State of Missouri, City of St. Louis— ss.
Before me, a notary public in and for the
State and county aforesaid, personally appeared
Donald H. Clark, who, having been duly sworn
according to law, deposes and says that he is
the publisher of the M id -C o n t in e n t B a n k e r
and that the following is, to the best o f his
knowledge and belief, a true statement o f the
ownership, management (and if a daily paper,
the circulation), etc., of the aforesaid publica
tion for the date shown in the above caption,
required by the Act of August 24, 1912, em
bodied in section 411, Postal Laws and Regula
tions, printed on the reverse of this form, towit:
1. That the names and addresses o f the pub
lisher, editor, managing editor, and business
managers are:
Publisher, Donald H. Clark, 408 Olive Street,
St. Louis, Mo.
Editor, Donald H. Clark, 408 Olive Street,
St. Louis, Mo.
Managing Editor, none.
Business manager, James J. Wengert, 408
Olive Street, St. Louis, Mo.
2. That the owner is: (I f owned by a cor
poration, its name and address must he stated
and also immediately thereunder the names and
addresses of stockholders owning or holding
one per cent or more of total amount of stock.
I f not owned by a corporation, the names and
addresses of the individual owners must be
given. I f owned by a firm, company, or other
unincorporated concern, its name and address,
as well as those of each individual member,
must be given.)
Commerce Publishing Company, St. Louis,
Mo., stockholders: Donald H. Clark, 408 Olive
Street, St. Louis, M o.; James J. Wengert, 408
Olive Street, St. Louis, M o.; Clifford DePuy,
555 Seventh Street, Des Moines,. Iowa; Wm. H.
Maas, 1221 First National Bank Bldg., Chicago,
111.; G. D. Mathews, 405 Ridge Bldg., Kansas
City, Mo.
3. That the known bondholders, mortgagees,
and other security holders owning or holding 1
per cent or more of total amount of bonds,
mortgages, or other securities are: None.
4. That the two paragraphs next above, giving
the names of the owners, stockholders and se
curity holders, if any, contain not only the list
of stockholders and security holders as they
appear upon the books of the company but also
in cases where the stockholder or security hold
er appears upon the books of the company as
trustee or in any other fiduciary relation, the
name of the person or corporation for whom
such trustee is acting, is given; also that the
said two paragraphs contain statements embrac
ing affiant’s full knowledge and belief as to the
circumstances and conditions under which stock
holders and security holders who do not appear
upon the books o f the company as trustees hold
stock and securities in a capacity other than
that o f a bona fide owner; and this affiant has
no reason to believe that any other person, as
sociation, or corporation has any interest direct
or indirect in the said stock, bonds, or other
securities than as so stated by him.
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Federal Reserve Bank of St. Louis
41
M id-C ontinent B anker
5. That the average number of copies of each
issue of this publication sold or distributed,
through the mails or otherwise, to paid sub
scribers during the six months preceding the
date shown above is .............. (This information
is required from daily publications only.)
D on ald H. C l a r k , P u b l i s h e r .
Sworn to and subscribed before me this 25th
day of September, 1928.
(Seal.)
C a t h e r in e M. B a r r e t t .
(M y commission expires January 25, 1930.)
Emulsified Culture
Yes, she assured him that she was
passionately fond of literature.
“ Then you must have read Scott,”
he said.
“ I think he’s just delightful,” she
exclaimed.
“ Isn’t the ‘ Lady of the Lake’ ex
quisite?” he asked.
“ Perfectly lovely!” was her ardent
reply. “ I have read it a dozen
times ! ’ ’
“ And ‘ Marmion’ and ‘ Peveril of the
Peak?’ ”
“ I just dote on both of them,” she
said.
“ And Scott’s ‘ Emulsion’ ? ”
he
asked, getting somewhat suspicious.
“ I think,” she said, “ that it ’s th(
best thing Scott ever w rote!”
Too Hard
Overweight Woman: “ Doctor, what
will I do to reduce?”
Doctor: “ Take proper kind of exer
cise. ’ ’ ’
Overweight Woman: “ What kind of
exercise would you recommend?”
Doctor: “ Push yourself away from
the table three times a day.”
nvesitnenis
J
nvesim enl
C?Jerince
K is s e l , K innicutt &
Co.
ROBERT S T E V E N S ON
RESIDENT PARTNER
MEMBER NEW YORK STOCK EX CH AN GE
M E M B E R C HI C A G O STOCK E X C H A N G E
120
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WEST
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CHICAGO
ST.
7100
42
M id-Continent B anker
Municipal Bonds
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W r ite f o r offerings and B ank D iscounts
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M U N IC IP A L B O N D ?
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In keeping with the modern
trend, we have recently installed a
comprehensive wire service, en
abling us to furnish fast, accurate
quotations from the more impor
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both listed and unlisted securities.
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DETROIT
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The
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Government,
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M id -C o n t in e n t
43
B anker
Investment TruSts Offer Small Investors a Chance
to ‘D iversify Their Holdings
I
F you have fair conception of the
insurance business, life, fire or
casualty, you now have a fair knowl
edge of the investment trust. After
five hundred years of successful opera
tion in Europe, followed by our Ameri
can experience of a century, insurance
companies have proved in the wide di
versification of their securities that
they are veritable investment trusts in
themselves—many having a thousand
different securities under their own
management. Mind you now— ‘ ‘ their
own management. ’ ’ There is a story
to tell there—a story of success that
has astounded the investment world—
and the pith of that success story is
management.
Security experts have
carefully selected insurance company
investments, and thoroughly expe
rienced in security analysis and re
search, as these experts are, they super
vise and constantly watch those in
vestments and change the portfolio
only to better it. The confidence of
the public in ably managed, well estab-
ByJ O H N R A N D O L P H C A L H O U N
Wichita, Kansas
“ The far-sighted American investor
must revise his program, both to pro
tect himself, and to take advantage of
the varying movements in the security
markets, and it is practically impos
sible for the average investor to keep
in touch with constantly changing
conditions. The present situation em
phasizes the importance of the invest
ment trust as a medium for investing
funds in whatever in this nation or
abroad may seem to offer the best op
portunities.”
lished insurance companies is constant
ly growing and there is never the de
sire to change a proved management
nor to ever narrow their investment
operations.
The only thing new about this branch
F IX E D
N. L. ROGERS
of investment is the name. The prin
ciple is centuries old. In the group
holding of common stocks there is an
insurance factor of safety which oper
ates in the underwriting of life, fire
and casualty risks. Through experi
ence and actuarial charts insurance
companies reduce this factor to a
mathematical certainty.
With an
amazing degree of accuracy they know
how much of each dollar will be used
for sales expense, operation and pay
ment of claims. The loss ratios within
certain limits are predictable and cor
rect rates chargeable therefor.
This principle of diversification ap
plied to group ownership of securities
has brought forth a new name not a
new principle—it is centuries old.
So we have many forms of invest
ment trusts and the major types being
offered on the American market, are
(1) The Fixed Type, referred to often
as the Rigid Type— lacking in all dis
cretionary powers of management.
TRUST
SH ARES
Issued by
andCOMPANY
T he Equitable Trust Com pany
(IN C O R PO R ATED )
OF N EW Y O R K
T rustee
IN V E S T M E N T
S E C U R IT IE S
O A N K E R S throughout the country are recognizing the
merits of Fixed Trust Shares and are recommending
them wholeheartedly for investment. Some o f the outstand
ing reasons are:
Scientific Diversification— Earning Power o f 30 great
American Basic Industries provides generous income. A v
erage yield for past six years over 7 per cent on today’s price.
Marketability— Absolute marketability through trustee of
any number of shares in addition to a national syndicate
market.
Reserve Fund for Stabilizing Dividends— Obviates ulti
mate investor dissatisfaction arising from excessive divi
dends one year and lean the next— a condition unsuited to
the needs of most investors.
W r ite fo r
d e ta ils o f
o u r p la n f o r y o u
to y o u r
to s e ll th e s e
cu sto m e r s
Knight, Dysart & Gamble
Underwriters and
P E O R IA
D istrib u tors o f
Bonds and Stocks
DECATUR
401 O L I V E S T .
DANVILLE
M e m b e r s N e w Y o r k , C h ic a g o , S t . L o u is S t o c k E x c h a n g e s
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In vestm ent Securities
S T . L O U IS
44
November, 1928
M id-Continent B anker
Should an excellent opportunity pre very similar in make-up to the fixed
vail for substantal appreciation and type, except that under certain condi
growth in aviation or aeronautics or tions the management of the trust is
in changed European conditions, the permitted to make changes in the list
Fixed Type of trust precludes any possi of underlying stocks. If the indenture
bility of sharing in changing condi is properly drawn and the proper trust
tions, no matter how valuable they company or bank acts as trustee, no
may be nor how effective its manage changes can be made in the trust ex
cept for its betterment. Is this wise?
ment. Yet the portfolio of the Fixed
Type trust includes basic industries Is it wise to hold any security that pro
whose principal factor for safety and fessional investment counsel, thorough
growth is dependent upon capable ly experienced in security analysis and
management, and these basic industries research decides, and which statistical
are picked because capable manage organization and records prove, is at
ment has made their success possible. the peak of a market and for which
(2)
The Semi-Fixed or Limited Man corrective reactionary methods portend
a decline ? I f it is not wise from
agement type. The semi-fixed type is
Bankers and Investors conslderin§
th e
pur
chase of Foreign bonds should have a general
knowledge of the offering government, its
political and industrial history, and the place
it holds in the commercial and diplomatic
world.
To secure this information, the investor must
either spend a great deal of time and effort in
careful research, or rely upon expert opinion.
That is one of the functions of Baker, Kellogg
& Company, Inc., to furnish, without obliga
tion, expert advice on all phases of Foreign
bond investment.
Our highly trained staff will be glad
to answer any inquiry relative to
Foreign bonds.
BAKER, KELLOGG
qA
8i
CO., Inc.
Specialized Service in Foreign Securities fo r
BANKS
and
INVESTORS
111 W e s t M o n ro e Street
C H IC A G O
Telephone Randolph 0415
N EW Y O R K
LON DON
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOGOTA
BUENOS A IR E S
whom shall the investing public seek
advice?
Why investment bankers?
Why investment counsel? Why sta
tistical organizations? Why schools of
commerce? Why any science of finance,
if it is not to be used?
(3)
The Management or Discretionary
type. In this type, management is a
prime factor. Its success depends up
on the skill of the management. The
principles upon which a discretionary
trust is organized are thoroughly sound
and the success of this type strongly
hinges on the honesty, ability and ex
perience of its management, just as all
basic industries, banks, insurance and
other financial institutions of a gen
eral fiduciary nature hinge— on man
agement. This writer contends that
such managements exist in America
and should not be limited. The crux
of the matter is to pick carefully your
funds.
T
HERE are many factors which
indicate that the next ten years
will be a period of great commercial
activity and prosperity throughout the
world. In general, economic history
indicates that a disastrous war is fol
lowed by a period of rather chaotic
readjustment, which is succeeded in
turn by years of extraordinary econom
ic progress. As a case in point, we
have the 30 years of England’s great
est prosperity following the Napoleonic
wars of a hundred years ago. It is to
be noted that this was the period of
England’s greatest growth and pros
perity— it being coincident with the
famous “ industrial revolution” of the
Nineteenth Century; a revolution in
industry and wealth producing meth
ods which are being duplicated on an
immensely higher scale in America to
day.
The leading commercial nations have
only recently completed the establish
ment of their currencies on a gold
basis, a step which was essential to the
full development of international trade
and which has already brought about a
c o n s i d e r a b l e readjustment of the
world’s gold supply.
There are of course, many differences
of opinion as to which countries will
prosper most and in which security
markets such prosperity will be first
reflected. Some markets may be ad
versely affected by the very factor
which caused advances in others. It is
highly probable that there will be no
simultaneous b u r s t of prosperity
throughout the world, but that it will
occur first in one country and then in
another.
This means that security
markets in the leading centers will
have widely varying movements; how
ever being decidedly upward over a
period of years.
November, 1928
All this means that the far-sighted
American investor must revise his
program, both to protect himself and
to take advantage of the varying move
ments in the security markets, and it is
practically impossible for the average
investor to keep in touch with cons t a n 1 1y changing conditions. The
present situation emphasizes the im
portance of the investment trust as a
medium for investing funds in what
ever in this nation or abroad may
seem to offer the best opportunities.
The investment trust combines the
funds of many investors, and its exten
sive facilities build opportunity for
careful investigation and analysis, and
places these funds in a wide diversity
of securities wherever opportunities
are greatest. Not only is the original
investment of such funds made with
greater care and much wider diversifi
cation than is possible for the indi
vidual, but thereafter the progress of
the investment is continuously scru
tinized and changes made whenever
conditions warrant in the discretion
ary type trust.
T
HE greater the experience of the
investment adviser, the more
loudly he preaches the gospel of diver
sification. Experience proves that any
one security may at any time move
contrary to the trend of the market or
of general business, but a well diversi
fied list never moves contrary. As in
an investment trust, a group of securi
ties should be bought as a whole and
held as a whole, but what ones? Cer
tainly the individual investor has
neither the experience nor the facilities
to make the same careful analysis and
research that is at all times at the
call of professional investment coun
sel or management. As manifest is the
inability of the individual investor to
make a careful analysis and research
of his contemplated investments. He
sometimes goes ahead, unaided, think
ing he is right, not knowing he is
wrong, until the hard hand of adversity
strikes him and his investment. Sure
ly the wise and shrewd investor should
and always does seek the advice of
professional investment counsel or
management.
Instead of putting all of one’s funds
into a single security, it has become
recognized as a safer practice; to spread
the investment over a group of se
curities, thereby lessening the risk in
any one case.
In principle this is obvior.sly sound,
but in practice it has not heretofore
been easy to accomplish. To the large
investor it will appeal immediately, as
he usually has ample funds at his com
mand and does not find it a hardship
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Federal Reserve Bank of St. Louis
45
M id-Continent B anker
to purchase shares or bonds in a num
ber of properties at one time; but if
one has only $1,000, or $5,000, or
$1 0 ,0 0 0 available for investment it is
not easy to obtain a wide diversifica
tion, except through the investment
trust.
In the present highly organized con
dition of industry, few investors have
either the time or the facilities to se
cure the information necessary to en
sure a wise choice of securities, and
of course their difficulties are multi
plied when they attempt to make a
wide number of selections, and it has
been conclusively proved through all
ages that there are but few heirs cap
able o f handling a fortune, big or lit
tle; therefore, they should not be call
ed upon to do a thing they are not fit
ted to do, for investments or reinvest
ments, in the hands of the inexperi
enced, are a constant menace. Invest
ment trusts combine all the requisite
elements that go to make them safe,
profitable, lasting, “ Investments That
Grow” ; investments that will not have
to be readjusted from time to time, in
vestments that the dependents will have
no desire to change.
B RO K A W
AND COMPANY
105 South L a Salle Street, Chicago
General Trading Department
Specializing in Packing House,
Canadian, E q u ip m en t T ru st
and Pacific Coast Securities.
Direct W ire to Edward B . Smith & Co.
N ew Y o rk
-
Philadelphia
-
Boston
IL L IN O IS R E P R E S E N T A T IV E :
Eugene T . Hastings
Manager of Trading Service Departm ent:
Thom as F. Ford
M id-Continent B anker
46
Morris
Plan
Banks
Re-elect
Bonnell and Pitman
The ninth annual convention of Mor
ris Plan Banks and Companies, which
was held at Richmond, Va., resulted in
the re-election of Robert 0. Bonnell,
REPRESENTATIVES
IN
vice-president of the Industrial Sav
ings Trust Company of St. Louis, as
the association president for the bal
ance of 1928-29. Other officers are:
Eugene W. Lewis, of Detroit, first vicepresident, and F. S. Webber, of Holy
oke, Mass., second vice-president. R.
W. Pitman was re-elected secretary-
21
PRINCIPAL
November, 1928
treasurer. The association headquar
ters will remain in St. Louis.
More than 200 delegates were in
Richmond, many accompanied by their
wives. They came from points as far
west as San Francisco and Los An
geles and as far east as Maine.
CITIES
R. O. BONNELL
In defining this form of banking,
Mr. Bonnell said : ‘ ‘ Industrial banking
is the type of banking which meets all
average requirements. It is a system
of making loans which can run as long
as twelve months on a basis which sup-
Investment Confidence
A good indication of the soundness of
Equitable first mortgage real estate bonds
is their steady growth in popularity. In
creased confidence has brought a steady
increase in the demand for these bonds.
You may be puzzled to know how several
hundred people can be co-owners of a first
mortgage. There is nothing mysterious
about it. May we send you a copy of our
booklet “The A B C of First Mortgage
Real Estate Bonds” which explains how
this ingenious financing is managed? You
will have a new appreciation of the care
we exercise in protecting Equitable bonds.
U n d e r w r ite r s a n d d istribu tors o f first m o r tg a g e
r e a l e s ta te bon d s p a y in g 6% a n d 6 V2«
^ q u ita b lL
BOND & MORTGAGE C O .
EQUITABLE B U ILD IN G * 180 W . W A S H IN G T O N ST.
C H IC A G O
T O D D B U ILD IN G - FO U R T H A N D M A R K E T STS.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LOUISVILLE, KENTUCKY
E, W. PITMAN
plies the borrower with the machinery
of saving out of income sufficient to
meet the loan at maturity. It also has
a savings plan which emphasizes li
quidity, safety, and a reasonable rate
of interest.”
Given the books of a man, it is not
difficult, I think, to detect therein the
personality of the man, and the sta
tion in life to which he was born.—
Stoddard.
47
M id-Continent B anker
November, 1928
M a n y Banks In v est in G u a ra n teed M o rtg a g es
P
ROGRESS is the adaptation of ex
perience—tested methods to mod
ern conditions.
The principles of
flight have long been understood in es
sence but became practical only when
light, powerful, internal combustion
engines were available. So in invest
ment policies, the newest are some
times essentially the oldest.
A mortgage is the first form of se
curity of which we have any record,
dating back to the earliest times. The
principles of insurance have long been
understood and applied. Ground is
made valuable by population. Insur
ance spreads risks over a very large
area. The two combined in the form
of guaranteed mortgages or, one step
further, in guaranteed mortgage cer
tificates are a fairly modern type of
investment and one which is becoming
more and more popular.
A guaranteed mortgage is like a cer
tified check, secured by the value of the
property, always conservatively ap
praised, since the issuing company
risks its own funds; the bond of the
borrower, and the guaranty of the
lending institution that provides this
investment. A guaranteed mortgage
certificate is a participation in a mort
gage or group of mortgages, coordinate
with all other participations.
These
types of investment, at present, pay
5y2%.
In New York State, guaranteed mort
gages on New York City property are
extensively held by savings banks, na-
By C Y R I L H . B U R D E T T
Vice-President, American Trust Co.,
New York
tional banks, state banks and trust
companies.
Savings banks and na
tional banks come under particular
$10,000,000,000.
CYRIL H. BURDETT
Vice-President American Trust Company
provisions of the law ; the latest de
velopment for national banks being
the McFadden Law, which enlarges
the scope of real estate investment for
o A B on d H ouse fo r
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Federal Reserve Bank of St. Louis
T h e r e q u ir e m e n ts o f b a n k s are
g iv e n
sp e c ia l
them, confining them to their Reserve
District or a 100-mile radius. Many
banks in New York State are heavy in
vestors in guaranteed mortgage cer
tificates, which they carry for their
capital account and resell to those of
their depositors, who desire this type
of investment. Outside of New York
State, there seems to be no reason why,
in many states, state banks and trust
companies may not buy guaranteed
mortgages on New York real estate for
their capital account, and a study of
the laws of various states would seem
to warrant a general statement that
what a bank buys for its capital ac
count, it may, in turn, sell to its own
clients.
The return on guaranteed mortgages
of by<i% is from one to one-and-a-half
points higher than that on most other
forms of investments which enjoy the
same rating.
It is estimated that $3,000,000,000
of mortgage investments are being held
by banks, and the amount held by in
surance companies brings the total to
c o n sid e ra tio n
The history of mortgage guaranty
companies is impressive. In New York
City, it is estimated that about $3,000,0 0 0 ,0 0 0 of this type of security has
been sold in the last twenty years,
without a loss to any investor. Of
what other type of security can this be
said? A further point to the advan
tage of mortgage certificates is that
they may be bought in odd amounts
BAN KERS
w h ic h e x p r e sse s its sin c ere desire
by
to se r v e in a v e r y ta n g ib le w a y .
th is c o m p a n y .
O u r lis ts in c lu d e sh o r t te r m in
d e sir
v e s t m e n t s as w e ll as lo n g term ,
a b ility o f issu e s r e c o m m e n d e d b y
h ig h ly m a r k e ta b le issu e s su ita b le
u s,
fo r y o u r se c o n d a r y re se rv e .
B e h in d
th ere
th e
is
s a fe ty
an
507 L O C U S T S T R E E T
and
o r g a n iz a tio n
ST. L O U IS , M O .
48
M id-Continent B anker
JVe Offer
SOUND
BONDS
E FFIC IE N T SERVICE
RELIABLE
IN FO R M A TIO N
FERD W. HEMKER
JAMES P. SHANNON
NOBLE HEMKEE
KERM IT HEMKER
Ferd W. H emker & C ompany
INVESTMENT SE C U R IT IE S
314
NORTH
B R O A D W A Y , ST. L O U IS , M O .
D I S T R I B U T O R S
Background
A
R E A L E s ta te L o a n re p u ta tio n e x te n d
ing- back to 184 8 g iv e s the C o d y T r u s t
C o m p a n y an en viable b a c k g ro u n d o f h o n o r
able co n n e ctio n s and u n u su a lly su ccessfu l
a cc o m p lish m e n t.
T h is
exp erien ce, th ese
co n n e ctio n s and this p roven in te g r ity a s
sure y o u profitable service.
CODY TRUST COMPANY
105 S o u th La Salle Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Corner o f M o n r o e
Telephone, Randolph 6600
FirSl M o rtg a g e R ea l Estate Bonds
C hicago
November, 1928
and that the delay, consequent upon
offering a particular mortgage and hav
ing it passed upon by a lending com
mittee, is obviated in this instance.
It should also be borne in mind that,
under the laws of most states, a mort
gage guaranty company is subject to
the state insurance laws, and also that
in the case of those companies which
offer their own securities, one may be
certain they have exercised the greatest
care and have used the most modern
equipment in making real estate ap
praisals that are fair.
Under present conditions, the spread
between the revenue a bank secures on
the money it invests and the interest it
pays on deposits is becoming less; and
this differential is still more drastically
reduced by the increasing cost of do
ing business. Competition demands
better quarters, the fact-gathering ma
chinery of finance, without Avhich no
bank can prosper, is complicated and
costly. Every safe source of revenue
must be utilized. Also, it must be rem e m b e r e d that most banks have
“ thrift” departments and that these
deposits may be properly protected by
a mortgage background.
Mortgages, on the other hand, must
be invested in with discrimination.
Nothing will embarrass a bank’s ac
tivities more quickly than unwise real
estate loans.
Frozen assets do not
lend themselves to profitable banking.
Guaranteed first mortgage certificates,
as usually issued, normally mature in
ten years and are callable by the hold
er at any interest date after three
years, to be paid from the proceeds of
maturing mortgages.
As to the security of conservatively
appraised real estate as an investment,
there can be little doubt. The recent
tentative assessment of taxable real
estate, in the five boroughs of New
York City for 1929, amounts to $16,788,821,645, an increase of $1,443,835,050 over the final assessments for
1928. During the present year, 31,218
new buildings have been in the course
of erection.
Property values follow population.
New York City enjoys the concentrated
prosperity of the country. Because of
the diversity of its interests, it is not
affected by seasonal or regional dis
turbances. Values are constant.
S p e a k i n g generally, guaranteed
mortgages or certificates are secured by
apartment houses or private homes.
The companies, which guarantee their
mortgages, make it a rule not to lend
on specialities and secure men to act
on their lending committees of ripe ex
perience and proven ability in this line.
November, 1928
49
M id-Continent B anker
M ervyn J. Warren N ow W ith
G . W . Thom pson & Co.
Mervyn J. Warren, formerly with
Lorenzo E. Anderson & Company, of
St. Louis, has opened a St. Louis office
for G. W. Thompson & Company, Inc.,
of Chicago. Mr. Warren has been
traveling the State of Illinois for the
last year and intends to continue for the
new company, as well as look after the
St. Louis office.
G. W. Thomj)son & Company, of Chi
cago, is being operated by men long ex
perienced in the investment business,
Federal Public Service
Corporation
A sound, rapidly-growing company
whose securities we recommend to
careful investors. The operating
subsidiaries furnish several forms
of public utility service in a group
of central and mid-western states.
H oagland , A llum &
( b .
IN C O R PO R A TE D
14 S. La Salle S t
C H IC A G O
MERVYN J. WARREN
and along with the general list of mar
ket bonds, originates and distributes
public utility, industrial, and real es
tate financing.
Mr. "Warren’s St. Louis office is lo
cated at 409 Liberty Central Trust
Building, St. Louis, Mo.
C. F. Berry Addresses Two
Meetings in Philadelphia
Clinton P. Berry, vice-president of
the Union Trust Company of Detroit,
spoke before two national advertising
groups in Philadelphia during October.
On Tuesday, October 16, Mr. Berry, as
one of the vice-presidents of the Inter
national Advertising Association, ad
dressed the second district of that or
ganization. On October 18, Mr. Berry
was the only speaker from Detroit to
address the Financial Advertising De
partment of the Direct Mail Adver
tising Association, holding its conven
tion in Philadelphia, on the subject of
“ ILow a Trust Company Uses Direct
Mail to Obtain Business.”
Mr. Berry is a well known speaker
on financial advertising matters and
served during the past year as President
of the Financial Advertisers’ Associa
tion.
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Federal Reserve Bank of St. Louis
34 Pine S t
N E W YORK
BUY
Equipment Trust Certificates
Issued Under Philadelphia Plan
E quipm ent obligations of all kinds have been
pronounced the strongest of corporate obliga
tions. T h ey have a remarkable record o f safety,
accord in g to financial writers of accepted
authority.
N ever, except in one case som e 50 years ago,
has the holder of a railroad equipm ent security
o f w hich record is obtainable lost on his invest
ment. T h e contract is perhaps m ore nearly
standardized in these issues than for any other
type o f corporation security.
Send f o r Circular
First Illinois Company
Chicago
New York
M id-C ontinent B anker
50
....................................................................................................... .....
i i i i i i i i i i i i i i i i i i i i i i i ............. ............ ............................i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i ..........
A LO N G LA SA L L E ST R E E T
By Wm. H . M aas, Chicago, Vice-President, The Mid-Continent Banker
Citizens of Illinois are warned
against strangers who attempt to sell
securities by long distance telephone
calls. The Investors Protective Bu
reau, Inc., Chicago, is conducting a
newspaper campaign with an urge to
the private investor to “ investigate
before you invest.”
This campaign is being conducted
with the approval of the following co
operating agencies : Chicago Associa
tion of Commerce, Illinois Chamber of
Commerce, Investment Bankers Asso
ciation of America (Central States
Group), Chicago and Cook County
Bankers Association, Chicago Associa
tion of Stock Exchange Firms, Illi
nois Bankers Association, and Chicago
Mortgage Bankers Association.
Public utilities of the nation have
not nearly reached the limit of their
usefulness to the public, according to
John J. O ’Brien, president of H. M.
Byllesby & Co., leaders in the finan
cing of public utilities of the country.
“ New uses for the services supplied
by electric and gas companies are be
ing developed constantly, both for
the home and industry in general, and
great progress is being made in the
extension of electric service to rural
communities and farms. ’ ’
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Federal Reserve Bank of St. Louis
Relics of historic value are being
found nearly every day by the workers
who are digging for the foundations
of the Merchandise mart, which is to
be the world’s largest business build
ing.
One of the latest' to be discovered by
the caisson diggers was a United States
gold coin of the year 1803—just 125
years old. On one side is a face of
a woman and thirteen stars around
her head. On the other side is the
American eagle, also surrounded by
thirteen stars. No denomination is
discernible on the coin. The wording
is “ United States of America, E. Pluribus Unum—1803.” A penny of 1804
was found a few weeks ago.
Directors of the Peoples Trust and
Savings Bank voted to recommend to
stockholders an increase in the capital
stock from $1,000,000 to $2,500,000, the
new stock to be offered to stockholders
in the ratio of one-half shares for
each share of stock they now own at
$ 2 0 0 a share.
A1 Foreman, popular vice-president
of the Foreman Banks, Chicago, and
whose friends are numerous among the
banking interests of the Middle West,
is to be the recipient of added honors.
The Foremans and their associates
November, 1928
have acquired an interest in the North
western Trust and Savings Bank and
will be represented by Al K. Fore
man, who will become a member of
the directorate at the annual meeting
in January. Frank E. Lackowski,
president of the Second Northwestern
State Bank and nephew of the late
J. F. Smulski, has been elected chair
man of the Northwestern and Walter
J. Raymer has become chairman of
the executive committee. There will
be no further changes in the personnel
or policy of the bank, it is announced.
La Salle Street and the Chicago
financial district was deeply grieved
last month upon the death of Mr.
Clarence W. Barron, well known finan
cial publisher. He was president of
Dow, Jones & Company, publisher of
the Wall Street Journal and head of
the well known financial advertising
agency, Doremus & Company. He was
a pioneer writer in the financial field
and his opinions were widely sought
by bankers and financial men. The
M id-C ontinent B anker joins in ex
tending sincere condolence to his fam
ily and business associates.
With but two months remaining of
1928, a number of pessimistic prog
nosticators of business are going to
be badly disappointed as to the annual
business situation. Predictions had
been made that 1928 would be a de
cidedly lean year, following along the
“ every seventh year,” a “ panic year”
„■
J ^
------------
Complete Investment
Service
Private telephone and telegraph wires to all important
financial markets
Fletolier American Comparuf
Affiliated with T
DETROIT
he
F l e t c h e r A m e r ic a n N a t io n a l B a n k
IN D IA N A P O L IS
LOUISVILLE
»
November, 1928
51
M id-C ontinent B anker
idea, having in mind the bad years of
1907, 1914, and 1921.
The Digest of Trade Conditions, Oc
tober, 1928, issued by the Central
Trust Company of Illinois, reflects a
decidedly optimistic review of condi
tions during the past ten months and
as concerns the early future. We
quote several paragraphs as follow s:
“ Not since accurate records of gen
eral business operations have been kept
has there been a summer season com
parable to the one just closed. From
the earliest days of summer, improve
ment has been gradual, but constant,
and, in the majority of activities, July
recorded improvements over June; Au
gust bettered July; and the early days
of September gave good promise that
the last three weeks of official summer
would witness even further improve
ment.
“ Shares traded on the New York
Stock Exchange during August to
taled 67,160 thousand shares compared
with 39,994 thousand shares the month
before and 50,649 thousand shares in
August of last year. The increase in
trading over a year ago was 33% and
the total for the month was a new
peak in trading on the New York
Stock Exchange for the month of Au
gust. Bond sales on the Exchange
were slightly under 184 million dol
lars compared with 209 million dollars
the month before and 304 million dol
lars a year ago. Sales of corporation
bonds gained over the previous month
but Liberty and foreign government
loans declined. Sales for the month
show declines from a year ago on Libertys of 24%, corporation bonds of
40% and foreign government loans of
41%.
“ Dividend and interest disburse
ments for September amounting to
409 million dollars is a gain of 4%
over a year ago, dividends recording
a 3% increase amounting to four mil
lion dollars with interest payments 5%
heavier, the increase amounting to
more than 12 million dollars. Dis
bursements for the month will be more
than 16 million dollars larger than for
September of last year.”
Chicago and the Middle West is
again due for congratulations on rec
ognition given bankers by the Amer
ican Bankers Association. A strong
triumvirate is comprised in the names
of Messrs. Craig Hazlewood, Chicago,
president, John J. Lonsdale, first vicepresident, and Rome C. Stephenson,
second vice-president. Mr. Hazlewood
was born in East Aurora, New York,
and at an early age left with his fam
ily for Chicago where he started as a
bank messenger. John Lonsdale got
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Complete Investment Service
—PRIVATE WIRES to New York and
to all other important security markets
in the United States and Canada.
—TRADING DEPARTMENT to ob
tain current quotations on any listed
or unlisted security.
—BOND BOARD listing actual sales as
they take place on the New York
Stock Exchange.
—SOUND SECURITIES R E V I E W
giving summaries of the more impor
tant recent bond issues together with
an accurate list of called bonds. Send
for a copy.
Telephone or wire your orders
at our expense
711 S t. Charles S t.
S T . L O U IS
Central 3 0 0 0
M em bers New Y o rk Stock E x c h a n g e
............................. .........................................................
BAN K OF N EW
SOUTH
W A L E S , A U S T R A L IA
E S T A B L IS H E D 1817
Head Office:
GEORGE ST., SYDNEY
New South Wales
Paid-Up C a p ita l...$ 37,500,000
Reserve F u n d ........ 28,250,000
Reserve Liability
of P rop rietors... 37,500,000
Aggregate Assets
30th Sept., 1927
London Office:
THREADNEEDLE ST.,
E. C.
OSCAR LINES, General Manager
$103,250,000
.
$438,905,640
518 Branches and Agencies, 192 Branches in New South Wales, 55 Branches in Victoria,
51 Branches in Queensland, 7 Branches in South Australia, 65 Branches in Western
Australia, 3 Branches in Tasmania, 1 Branch in Federal Territory, 61 Branches in New
Zealand, 3 Branches in Fiji, 2 Branches in Papua, 2 Branches in Mandated Territory of
New Guinea, 1 Branch in London.
AUSTRALIA
Population, 6,200,000; Area, 2,974,581 square miles; Sheep, 103,600,000; Cattle, 13,300,000;
Horses, 2,250,000; Imports, $824,000,000; Exports, $724,400,000.
Annual Value of Australia’s Products
Agriculture, $446,500,000; Pastoral, $566,750,000; Dairying, $236,000,000; Mining, $120,000,000; Manufacturing, $2,001,750,000; Total, $3,371,000,000.
518 Branches and Agencies in all Australian States, New Zealand, Fiji, Papua, Mandated
Territory of New Guinea, and London.
F O R E IG N B IL L S C O L LE C T E D — Cable remittances made to, and drafts drawn on Foreign
places DIR E C T. Circular notes issued. N E G O T IA B L E T H R O U G H O U T T H E W O R LD .
S t. L o u is A g e n t s : N A T I O N A L B A N K O F C O M M E R C E
52
M id-Continent B anker
W e Recommend
The Palmer Corporation
o f L o u isia n a
First Mortgage 6% Sinking Fund Gold Bonds
D ue June 1, 1938
As unusual securities for
the conservative investor
These bonds carry the following essential
elements of a sound investment:
S E C U R IT Y OF P R IN C IP A L — Appraised
present sound value of the com pany’s proper
ties after accrued depreciation, is $11,046,620
or almost 3 times these $4,000,000 bonds, an
unusually high ratio for a public utility com
pany. Net tangible assets are $12,452,021 or
more than $3,100 for each $1,000 bond.
C E R T A IN ! Y OF IN C O M E — Earnings
available for interest in 1927 were $589,755, over
2 times the $240,000 interest requirements on
this issue. 1928 income results show earnings
at rate of 3 times interest.
M A R K E T A B IL IT Y — The company is re
quired to purchase in the open market sufficient
of these bonds to retire $3,200,000 by maturity,
an average of over $320,000 per annum. The
bonds are also listed on the Chicago Stock
Exchange.
Owing to the many attractive features listed
in part above, and the attractive yield of 6.13 %
returned by them at their current price of 9 9 ,
we anticipate a quick sale of the small block
that remains available.
November, 1928
his start riding a pony and laying out
small railroads in Arkansas. That
fine old Roman, Rome C. Stephenson,
was also interested in railroading as
a youth. The three men are all suc
cesses by their own right and literally
worked their way from an humble
start in life to the high position that
they now hold and the esteem in which
they are held by their colleagues in
the banking world.
In the elevation of Mr. Hazlewood
to the presidency of the highest gift
within the power of the American
bankers, it seems to us that financial
advertising has scored a big point. It
seems but a short while ago that Mr.
Hazlewood was advertising manager
of the Union Trust Company of Chi
cago. Only a few years ago, certain
minor officials, who were entrusted to
the handling of advertising for banks
felt that if by any chance they were
promoted they would then “ have to
live down the fact that they had once
been advertising managers.” Accord
ing to our observations these men
never receive many promotions to more
responsible positions. We feel sure
that Craig Hazlewood is proud of his
early days as advertising manager of
that splendid institution, the Union
Trust Company of Chicago. He was
one of the first to sense the importance
and give full credit to financial adver
tising in America.
Mr. Basil Irving Peterson, vice-pres
ident of the Stock Yards National
Bank, Chicago, has been a recipient
during the past month of congratula
tions from his banker friends, the oc
casion being the arrival at his home
of a bouncing baby boy, weight nine
and a half pounds. “ Pete,” in com
pany with his popular president, C. N.
Stanton, represented their institution
at the A. B. A. Convention.
Hanover National Has Total
Resources o f $ 2 2 9 ,0 0 0 ,0 0 0
Your inquiry will be appreciated
TRUE SECURITIES CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
231 South La Salle Street
Telephone Central 6556
C H IC A G O
The statement of condition of the
Hanover National Bank of the City of
New York, at the close of business on
October 3, shows total resources of
over $229,000,000. Capital stock is
listed at $5,000,000 and surplus and un
divided profits are over $26,000,000.
Officers of the bank are: William
Woodward, president; E. Hayward
Ferry, vice-president; Henry P. Turnbull, Joseph Byrne, William H. Suydam, Joseph S. Lovering, James P.
Gardner, Gordon H. Balch, Frank
Hammond and William J. Logan, vicepresidents; William E. Cable, Jr., vicepresident and comptroller; Frederick
A. Thomas, cashier; Elton E. Ogg,
trust manager.
M id-Continent B anker
November, 1928
Augustine
Heads
53
Clearing
H ou se Section o f A . B. A .
William, F. Augustine, vice-president
of the National Shawmut Bank, Boston,
was elected president of the Clearing
House section of the American Bankers
Association at the annual convention
held last month in Philadelphia.
Mr. Augustine became a vice-presi
dent of the National Shawmut Bank in
the spring of 1927 when he resigned as
vice-president of the First and Mer
chants National Bank of Richmond,
Virginia, to accept the new position in
Boston. While in Virginia he served
as secretary of the Virginia Bankers
Association and as secretary of the
A . B. Leach & Co., Inc.
Underwriters and Distributors
of Investment Securities
Government
Municipal
Public Utility
Industrial
Private Wire Connections to Principal Cities
Security Building, St. Louis
CHICAGO
SA N FRANCISCO
N E W YORK
WILLIAM F. AUGUSTINE
Clearing House Association of Rich
mond. He was at one time president of
the State Secretaries section of the
A. B. A. and has also served as chair
man of the executive committee of the
Clearing House section of the A. B. A.
He is a graduate of the University of
Richmond and a member of Phi Kappa
Sigma fraternity.
WRITE fo r
FREE SAMPLES
of our Steel Die
Total
Deposits
$ 3 1 ,0 6 7 ,5 1 9
The statement of condition as of
October 3 of the South Texas Commer
cial National Bank at Houston, Texas,
shows total resources of more than
$36,000,000. Deposits are $31,067,519.73 and capital stock is listed at $1,500,000.
Officers of the bank are: Jas. A.
Baker, chairman of the board; S. M.
MeAshen, president; Jno. M. Dorrance, F. A. Heitmann, E. F. Gossett,
Goe. Ellis, Jr., and R. H. Hanna, vicepresidents; Wm. S. Patton, vice-pres
ident and trust officer; Jno. Ereaper,
vice-president and assistant trust offi
cer; E. P. Stallings, cashier.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Embossed Stationery for
BANKS
Looks far better and
costs no more
A postal brings Samples and Prices
oA rt
Craft Shops £o.
If You Can
Answ er
These Questions
— and answer them correctly your invest
ment profits will show immediate im
provement.
(1) Is the trend of stock prices up— or
down?
(2) Is this a time to buy or to sell
stocks; what stocks?
(3) Are long or short term bonds the
best investment now?
The coupon is for your convenience in
securing authoritative information.
If
the answers to these questions interest
you clip it now. There is no obligation.
BROOKMIRE
ECONOMIC SERVICE, Inc.
t5 W e s t 45th S c, N «w York
1525 Olive Street
Please send free Bulletin M.B.
St. Louis, M o.
Name ..............................................................
Address ..........................................................
54
M id-Continent B anker
November, 1928
cBusiness Is V ita lly A ffe c te d by the
P o licy o f F ed era l R eserve
By D R . W . F. G E P H A R T
Vice-President of the First National Bank at St. Louis
B
ANKING systems and banking
laws are peculiarly subject to at
tack by demagogues. The less a poli
tician knows about the fundamentals
of economics and finance, the more
likely be is to have a cure-all panacea
for a credit maladjustment or currency
problem. A banking system which is
semi-governmental in its nature is es
pecially likely to be enbroiled in poli
tics and hampered by regulations and
restrictions imposed by those with axes
to grind.
The history of the First Bank of the
United States and the Second Bank
of the United States is well known.
The Federal Reserve System, too, has
not been free from political attack.
There have been, and are, criticisms
of federal reserve practice and policy.
Some of it is friendly criticism, per
haps justified; some of it is misdirected
and likely to do positive mischief.
The Federal Reserve Act is prob
ably the first important piece of bank
ing legislation in this country in which
business men took an active interest
and played an important part in fram
ing. Organized business as well as
volunteer groups studied the provi
sions of the Glass-Owen Bill, and in
many instances influenced the word
ing of the various sections. The
Chamber of Commerce o f the United
States was one of those organizations.
One of our first referenda had to do
with the content of the proposed Fed
eral reserve legislation.
No criticism could be so vital, no
defect could be so glaring that any
one should even dream of sacrificing
the system itself. Amendment per
haps— abandonment n e v e r . T h u s ,
while some of the friendly critics, in
cluding organizations of bankers them
selves, were insisting that change and
amendment must precede recharter,
and indeed be the price of recharter,
this organization of business men came
out clearly and definitely for recharter
first and amendment, if necessary,
later.
Following the annual meeting of the
Chamber of Commerce of the United
States in May, 1925, the board of di
rectors authorized a comprehensive
study of the Federal Reserve System
and its developments. During the
year following the preliminaries o f the
project were investigated, the general
set-up was planned, study of some of
the individual problems was begun,
and a canvass of available personnel
was made.
The study was not inspired by any
feeling that the Federal Reserve Sys
tem was deficient in serving American
business or that fundamental changes
in law or practice were needed. It
was more that the system had become
indispensable to business progress and
that business therefore had a vital in
terest in being in a position to endorse
its perpetuation, at the same time in
dicating, if possible, ways in which
even better cooperation between bank
ing and business might be developed.
Following the conference the report
of the committee was again gone over
by the committee in the light of the
suggestions made and criticisms o f
fered and made even more representa
tive of business thought than it had
formerly been. We may now safely
say that practically every criticism
which has been made of the system and
Playing Its Part in
Getting Things Done
T h is
S h aw - W a lk e r
W o r k e r ’s
to
C h a ir
con serve
c o m fo r ta b le
d e e p -c u t
fo r m
to
is
C le ric a l
d e sig n e d
e n e r g y .
cu rved
sa d d le
body
Insured Bonds
The
back
se a t
lin e s,
an d
con
a s s u r in g
National Distributors of Guar
anteed First M ortgage Real Es
tate Bonds yielding 6 per cent.
W e l l c o n str u c te d .
These bonds are indorsed by
Surety Companies whose names
appear on the Government A p
proved list.
Choice of
Oak, Mahogany or Walnut Finish
Bank
invited.
n a tu ra l
p o stu r e .
$
0 . 5 0
and
Dealer Inquiries
H . S M IT H
S hawWalker
No. 932J4
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
307 N . 4th Street
ST. LOUIS, M O .
8C
CO.
The Bankers Building
105 West Adams St.
C H IC A G O
November, 1928
every suggestion which has been of
fered for its improvement have re
ceived earnest study by not only rep
resentative but outstanding business
men and by those who have made it
their business to study the workings
of the system; and that a definite, con
sidered recommendation or finding can
be offered for each.
We have seen, particularly in recent
months, however, or at least it has
been brought home to us in a more
effective way, that business is vitally
and intimately affected by the policy
and operations of the Federal Reserve
System. One of the obligations of
that banking system is to furnish to
industry and commerce an adequate
supply of credit so that there may be
a healthy expansion in its activity.
I f there are counter currents which
take funds away from legitimate busi
ness interests and transfer them to
speculative fields and nothing is done
by the authorities of the Federal Re
serve to counteract that cross-current,
business has a right to question that
inactivity. The amount of money
which you can borrow for temporary
use, the amount of money which you
can attract to permanent investment
in your enterprise, the rate at which
you can borrow, the prosperity of your
customers and their ability to purchase
your goods and pay for them prompt
ly, are all tied up closely with the
operations of our central banking sys
tem. This does not mean at all that
they are in control of credit and bank
ing, but it does mean that they can
here and there influence credit condi
tions for the benefit of business. It
behooves business men to know
the workings of the system and
to have an intelligent understanding
of the steps taken by its officials in
the day to day transactions which
pump credit throughout the length and
breadth of our land.
55
M id-Continent B anker
Where Do You
Obtain Information
On Investments?
Wide-spread public interest in invest
ments requires every bank to have a
ready source of information.
Y o u can obtain accurate reports on
individual companies and their stocks
and b on d s, fro m o rig in a l sources,
through the co-operation of our D e
partment of Economics and Surveys.
O n market quotations, sales and pur
chases, our Trading Department in the
principal financial centers, connected by
private wires, will give you prompt and
reliable service.
A ll without cost or obligation.
For fu ller information
send fo r our booklet
"A Valuable Aid to Banks
and Investors
Ask fo r A H -9
A .C .A LLY N ™ C O M P A N Y
INCORPORATED
I n v e s tm e n t S e c u r itie s
N ational Bank of Commerce B uilding
ST. LOUIS
CHICAGO
D E T R O IT
NEW Y O R K
M IL W A U K E E
BOSTON
M IN N E A P O L IS
P H IL A D E L P H IA
SAN FRANCISCO
pw i
m
State Secretaries Section
Elects N ew Officers
Frank Warner, secretary of the
Iowa Bankers Association, was elected
president of the State Secretaries Sec
tion of the American Bankers Associa
tion at the Association’s convention in
Philadelphia.
Other officers chosen were M. A.
Graettinger, secretary of the Illinois
Bankers Association, first vice-presi
dent ; H. G. Huddleston, secretary,
Tennessee Bankers Association, second
vice-president.
East Coast Utilities Company
7% Cumulative Preferred Stock.
Net earnings increased over 30% in past seven months. Company serv
ing about 115 cities and towns in Virginia, Maryland and North Carolina
with diversified utility service. Assets over $350 per share. Dividend
earned more than four times.
Full information on request.
Elliott R. Couden Syndicate
S T . L O U IS , M IS S O U R I
Poverty is relative, and, therefore,
not ignoble.—Bulwer-Lytton.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1602-1603 Landreth Bldg.
Phone Garfield 3993.
56
M id-Continent B anker
November, 1928
having served one institution for a
JV. B. Cowen
H as Been W ith National
half century.
Bank o f Commerce Fifty Years
W
HEN William B. Cowen, senior
vice-president and director of
the National Bank of Commerce in St.
Louis, arrived at his desk recently he
found an informal reception commit
tee of his old associates waiting to
slap him vigorously on the back and
shake his hand in celebration of his
fiftieth year of service at ‘ ‘ Commerce. ’ ’
His desk, too, was so bedecked with
flowers and other decorations that he
began to wonder at first whether he
had not wandered into the wrong bank.
Throughout the day he was kept
busy receiving congratulations from the
scores of friends who came in to greet
him and from others who sent him
telegrams.
It is believed that no other St. Louis
banker can claim the distinction of
Meeting the Demand
for Bonds
On October 1, 1878, Mr. Cowen, at
the age of 17, began work at what was
then the Bank of Commerce at the
northwest corner of Fourth and Olive
Streets.
He started as a helper in the pass
book department, where in addition to
making out passbook statements he
assisted in filing checks. From this
work he passed on through various
stages of advancement including col
lector, assistant discount clerk and
discount clerk. In 1898 he was pro
moted to assistant cashier and in 1908,
he became a vice-president in the Com
mercial Department, a position which
he now holds.
In the fifty years he has been at
“ Commerce,” Mr. Cowen has won an
enviable reputation for business fore-
Forward-looking bankers in the smaller
cities, towns, and rural sections, as well as
in larger cities, are meeting the increased
demand for bonds.
Prosperity has stimulated interest in in
vesting; and this interest, together with
widespread publicity, has advanced bond
buying to new pinnacles.
The growing popularity o f bond invest
ment is attested by the number o f bankers
in smaller communities who are finding a
profitable source o f income in retailing
bonds. A t the same time they are draw
ing valuable patronage in other banking
services and adding the security o f bonds
to their own bank investments.
Let ns send you our list of
current offerings, with special
price concessions to banks.
C aldw ell & C o m pa n y
Southern Securities
117 NORTH FOURTH STREET, ST. LOUIS, MO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Offices in Principal Cities
W . B. COWEN
Vice-President cf the National Bank of Com
merce in St. Louis, surrounded by some of the
flowers he received on the occasion of his
fiftieth anniversary with that institution
sight and for keen analytical judgment
and his advice is sought daily by busi
ness men. Tempting offers have come
from other banks on many occasions,
but he has remained steadfastly loyal
to the institution that gave him his
first job.
Interviewed at his home 5964 W.
Cabanne Place, where he lives with an
only sister, Mr. Cowen, with a merry
twinkle in his eyes and with actions
and gestures that belie his age of 67
years, discussed many of the develop
ments observed in his half century of
service.
“ In the period that has passed since
1878,” said Mr. Cowen, “ there nat
urally have been many changes in
banking methods and practices. When
I began work, all figures and records
were written laboriously with pen and
ink. What a gigantic task it would
be for a large bank like ‘ Commerce’
to do that now. The modern, quick
working typewriters, adding machines
and other inventions that are almost
human, afford a striking contrast to
the pen and ink days and are much
more accurate.
“ When I began, ‘ Commerce’ had
November, 1928
just twenty-two employes, besides o f
ficers and only one main department,
the commercial. Since that time our
employees have grown to 400 and there
are now eight departments.
“ There also have been drastic
changes in the method of extending
credits. Fifty years ago an audit was
not thought of in connection with cred
it, money being lent to firms and in
dividuals on their previous records
and on their honesty. Now all firms
that ask for credit must have an audit
made to show their present financial
standing.
“ Nowadays there are five times as
many borrowers as there were years
ago. It has become the fashion to buy
bonds and stocks and borrow from
banks on margin, using the bonds as
collateral.
“ The most constructive thing that
has happened in the banking field with
in my fifty years, I can say without
question is the Federal Reserve Bank
ing System. We couldn’t have gone
through the World War without it.
As soon as it was passed in 1914 and
began to function, member banks at
once began to feel relief from the
strain under which they were operat
ing. I was opposed to the bill at first,
but it didn’t take me long to see the
wisdom of its provisions. It is one of
the greatest financial feats ever accom
plished by the United States.”
In the fifty years lie has spent at
The National Bank of Commerce, there
have been six presidents of the insti
tution, C. B. Burnham, W. H. Thomp
son, J. C. Van Blarcom, B. F. Ed
wards, Tom Randolph and John G.
Lonsdale, the present head of the bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the East to look after the growing in
terests of the First National Company
and to be in closer contact with the
financial center of the country.
associated with the National City Bank
of New York, and was with that insti
tution for a number of years. He also
spent a year and a half as an official
in the National Bank of the Republic,
Port Au Prince, Hayti. Since his con
nection with the First National Bank in
1919, Mr. Lucas has traveled extensive
ly in the southeastern section of the
country, having had charge of this ter
ritory for the bank. Mr. Lucas is mar
ried and resides with his wife and
daughter in the Chesterfield Apart
ments.
The purpose of the New York office,
is to have an official representative in
Discouraging
“ Mamma,” said 5-year-old Fred,
who was tired of staying in the house,
“ come out in the back yard and play
ball with me.”
“ I can’t play, dear,” replied the
mother.
1‘ Huh! ’ ’ exclaimed the little fellow
scornfully, “ that’s what comes of hav
ing a woman for a mother.”
How much W A T E R
do you use?
Average daily consumption of water in
different cities is from 55 to 250 gallons per
individual. Even in smaller cities water
pumped daily amounts to millions of gal
lons, controlled and directed to the ever
present need of mankind for water.
In New York City over one billion gal
lons are used daily, an amount which would
fill a huge tank 30 feet in diameter to a
height of over 35 miles.
The Community Water Service Com
pany, through its subsidiary and affiliated
companies, furnishes over one hundred mil
lion gallons of water daily to a population
of over 1,000,000. The Company is soundly
financed and conservatively and ably man
aged. Its earnings are steadily increasing.
Its properties have been in successful opera
tion for periods up to 75 years.
First National Com pany to
O pen N ew Y ork Office
The First National Company, the in
vestment division of the First National
Bank, St. Louis, has announced its pur
pose to open a New York office as of
January 1, 1929, which will be in charge
of Oliver G. Lucas, vice-president of the
bank, who was elected vice-president of
the company at a meeting of the direc
tors Friday, October 12.
Mr. Lucas is one of the most promi
nent young bankers in the country, and
well known in the New York territory
having been formerly connected with
the National City Bank of New York,
before joining the First National Bank
in St. Louis. He is 38 years old, born
in St. Louis and educated here and
abroad.
He began his business career as a
bank runner for the Citizens National
Bank in New York. Later he became
57
M id-Continent B anker
W e recommend the securities of the Com
munity Water Service Company and of its
subsidiaries as attractive public utility in
vestments.
F ull in form ation upon request
A
P. W. CHAPMAN & CO.. ING.
C H IC A G O
N EW
YORK
St. Louis Office
1103 BOATMEN’S BANK BLDG.
BOSTON
ALBANY
M IN N E A P O L IS
NEW ARK
M IL W A U K E E
S E A TTLE
ST .LO U IS
NEW O R LE AN S
P O R TL A N D
SAN FRANCISCO
58
M id-C ontinent B anker
November, 1928
S t. L o u is S to c k E x c h a n g e
OFFICIAL QUOTATIONS
Listed
Bonds
We
are
prep ared
to
fu rn ish accu rate q u o ta
tions, a n d p r o m p t e x e c u
tio n s o f b u y in g - or se ll
in g
ord ers
fo r
listed
bonds.
T h e exp erien ce acq uired
d u rin g o u r fifty y ea rs in
the
also
in v e stm e n t
a t the
field
is
d isp osal
of
our clients.
Francis, Bro,
& Co.
In v e s tm e n t S e cu ritie s
F o u r th
& O liv e S tr e e ts
Bank Stocks
Boatmen’s Nat’l Bank......................
First National Bank..........................
Lafayette-South Side Bank..............
Merchants-Laclede Nat’l ..................
Nat’l Bank of Commerce..................
State National Bank..........................
Trust Company Stocks
Franklin-American Trust ................
Mercantile Trust ..............................
Mississippi Valley Trust....................
St. Louis Union Trust......................
Miscellaneous Stocks
A. S. Aloe Co., P fd ..........................
A. S. Aloe Co., Com..........................
Baer, Sternberg & Cohen, 1st P fd ..
Baer, Sternberg & Cohen, 2d P f d ..
Bentley Chain Stores, P re f..............
Bentley Chain Stores, Com..............
Best Clymer Company......................
Boyd-Welsh Shoe ..............................
Brown Shoe, P fd ................................
Brown Shoe, Com......................
Bruce (E. L .), P fd ................
Bruce (E. L .), Com............
....
Burkart Mfg., P re f........................
Burkart Mfg., Com............ ..
Century Electric C o................
Champion Shoe Mach., P fd ............
Chicago Ry. Equip., Com................
Coca-Cola Bottling, S ec....................
Consolidated Lead & Zinc, “ A ” . . .
Crunden-Martin Mfg. Co., Pfd. ! ’ *
Elder Mfg., 1st P fd ..............
Elder Mfg., “ A ” ....................
Elder Mfg., Com.......... ..
.!..!
Emerson Electric, P fd ___ . . . . . . . .
Ely & Walker Dry Goods, 1st Pfd.’ ."
Ely & Walker Dry Goods, C om ..
Fulton Iron Works, P fd ..................
Granite Bi-Metallic ..........................
Hamilton-Brown Shoe ............ .
Hussmann Refr., C om ..
Huttig S. & D., P fd ..............
Huttig S. & D., Com..........................
Hydraulic Press Brick, Pfd
Hydraulic Press Brick, Com............
Independent Packing, P fd ..............
Independent Packing, Com..............
Income Leasehold, Com................ "
International Shoe, P fd ..........
International Shoe, Com
Johansen Shoe ....................
Johnson-S. & S. S h o e ....’ ! ! ” ! ’ .’ .''
Koplar Co., P re f....................... !!'.'.'.
Laclede Gas Light, P f d . . . ! ! ! ! ! ! ! !
Laclede Steel C o........................... Ü !
Landis Machine, Com.......... ! ! ! ! ! ! !
McQuay-Norris ..................... ! '.'.!'.!!
Mahoney-Ryan Aircraft . ! ! ! ! ! ! ! ! !
Moloney Electric, “ A ” ............ ! ! ! ! !
Mo-Ills Stores, Com..........................
Mo. Portland •Cement........ ! ! ! ! ! ! ! !
Marathon Shoe Com........
Nat. Candy, 1st P fd ........
Nat. Candy, 2nd P fd ................. Ü Ü
Nat. Candy, Com ........................
Pedigo-Weber Shoe ........... ! ! ! ! . ! ! !
Pickrel Walnut ......................! . ! ! ! ! !
Rice-Stix Dry Goods, 1st P fd . . . .
Rice-Stix Dry Goods, 2nd P fd ........
Rice-Stix Dry Goods, Com........
Scruggs-V.-B. D. G., 2nd P fd ..........
Scruggs-V.-B. D. G., Com................
Scullin Steel, P ref..............................
Securities Inv., P fd ..................! . ! ! !
Securities Inv., Com.....................Ü !
Sedalia Water, P fd ..........! ! ! ! ! ! ! ! !
Sheffield Steel, Com.......................Ü
Sieloff Packing, Com........................
Skouras Bros., “ A ” ............................
Southern Acid & Sulphur, C o m !.’. ’.
Southwestern Bell Tel., P fd ............
Stix, Baer & Fuller, Com ___ ! ! ! ! ! !
St. Louis Amusement “ A ” ..............
St. Louis Car, P fd ............................
St. Louis Car, Com...........................!
St. Louis Public Serv., Pfd. “ X ” !
St. Louis Pub. Serv., Com................
St. Louis Screw & B olt....................
Wagner Electric, Com............... ! . . ’.
Wagner Electric, P fd ........................
Par
Value
100
100
100
100
100
100
100
100
100
100
100
20
100
100
No Par
No Par
No Par
No Par
100
100
100
No Par
No Par
No Par
100
100
25
$1.00
No Par
100
100
100
No Par
100
100
25
100
10
25
No Par
100
No Par
100
100
100
No Par
25
100
No Par
No Par
No Par
No Par
100
100
25
No Par
5
No Par
No Par
25
25
100
100
No Par
No Par
No Par
100
100
No Par
100
25
No Par
100
No Par
100
No Par
No Par
No Par
No Par
100
No Par
No Par
100
10
No Par
No Par
25
No Par
100
Sept. 20 to
Oct. 20
Sale Price
167
545
47
16
19%
60
78
94 J4
65
10
74 ^
67y2
51 J4
Month’s Range Price
Low
High
175
185
329
330
350
400
306
302*4
165
178
180
18254
200
544
332
475
200
550
340
490
103
33
94
95
4514
22
16
40
118J4
49
98 J4
45
193^
10
121
98
6
55
11
100
110
75
30
108
1.14
28%
80
40c
20
27
94
20
78 54
4
65
10
24
IIO54
743^
35
59
5154
102
300
104
34
94
95
47
2854
16
40
120
54
101
45
21
1254
125
100
6
62
13
100
110
78
31
108
114
2954
85
45c
24
32
95
44VZ
4214
58
19
19
35
36 J4
52
119
37
125%
50
1854
55 •
34
4254
58
108
99
19
37
23
108
97
19
80
19
3454
105
32
101
64%
18
46
44
118%
35
20
101
20
82
25
24
116
103%
221/2
8054
41/2
65
17
24
I I I 54
78
3654
69
52
102
300
4454
51
23
56%
36
46
6054
10854
IOO54
2054
40
2454
10854
991/2
2054
80
21
36%
105
36%
IO2 54
87
18
54
45
12 0 5 4
38%
24
IOI54
20
85
251/2
24
127
106
Sales
for
Month
157
17
41
16
594
2
10
91
37
46
80
165
125
35
1677
4077
10
275
35
680
156
175
247
139
5
445
14
765
1003
90
10
153
181
10
20
1625
171
500
375
335
19
585
125
345
10
470
40
166
5732
180
3230
392
5
12
65
70
2222
4123
2974
3146
1710
30
56
681
728
2255
150
150
2480
137
1683
1374
8
420
75
226
10
1195
295
737
4069
5
95
100
722
1382
95
11021
159
ST. L O U IS
g
K ennedy
B u ild in g
Advertise
in the
TULSA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M ID -C O N T IN E N T
BANKER
P O S IT IO N
W ANTED
Capable bank executive desires to make
change. 36 years old with 17 years ex
perience. A-No. 1 Credit man and accountant. Write Box A. C. I. Mid-Con
tinent Banker, 408 Olive Street, St. Louis.
November, 1928
M
id - C o n t i n e n t
B
H . L. Parsons N ow
S U P E R IO R
S E C U R IT Y
S E R V IC E T O
BANKS
for
FAST
listed
bond
S E R V IC E
quotations
THROUGH
W IR E S
to New York and every
other
important
market
A C T IV E T R A D IN G D E P T .
to
furnish
tations
on
prompt
quo
any security
S T A T IS T IC A L D E P A R T M E N T
to furnish latest
any security or
data on
company
M O N T H L Y Q U O T A T IO N SH E E T
to list markets on many
inactive stocks and bonds
H. L. Ruppert & Company, Inc., mem
bers of the St. Louis Stock Exchange,
have announced that H. L. Parsons has
become associated with the sales organ
ization of the company. Mr. Parsons,
who was formerly with George H. Burr
& Company, will call on country banks
in Missouri and Illinois.
Ruppert & Company recently in
stalled direct wire connections with
New York and other important mar
kets throughout the country, and have
completed extensive alterations to
their office quarters at 402 Pine Street.
Floor space hasi been doubled and mar
ble and walnut fixtures have been in
stalled. Remodelling was done by the
St. Louis Bank Building and Equip
ment Company.
Y ou r inquiries invited
M ark C.
Steinberg
Co.
Garfield 4600
Boatmen’ s Bank
Hotel
Bldg.
Jefferson
ST. LO U IS
Members New York Stock Exchange
Members St. Louis Stock Exchange
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W ith
Ruppert & Company
B A N K E R S and
BROKERS
D IR E C T T IC K E R
59
anker
Hotel
Hotel
Hotel
Hotel
Hotel
Hotel
Fontenelle, Omaha
Rome, Omaha
Logan, Omaha
Lincoln, Lincoln
Capital, Lincoln
Norfolk, Norfolk
IOWA
Hotel
Hotel
Hotel
Hotel
Chieftain, Council Bluffs
Martin, Sioux City
Montrose, Cedar Rapids
Magnus, Cedar Rapids
SOUTH
DAKOTA
Hotel Carpenter, Sioux Falls
Hotel Cataract, Sioux Falls
C A L IF O R N IA
Hotel Alexandria, Los Angeles
Savings Bank Division
Elects Officers
All are
Taylor Durham, vice-president, Chat
tanooga Savings Bank and Trust Co.,
Chattanooga, Tenn., was elected pres
ident of the Savings Bank Division of
the American Bankers Association at
the annual convention in Philadelphia.
Other officers chosen were: vice-presi
dent, Austin McLanahan, president,
Savings Bank of Baltimore.
Hotels
Official
OPERATED
BY
Ep p l e y H o t e l s Gb.
E . C .EP PL EY- P R E S I D E N T
E XE CU TIVE OF F IC ES O M A H A
ew Y o r k s
A djacent To Every A ctivity
Bri6-mt S unlit Room,
Each With Bath, -Electric
aw® Fa n , Ice Water
S
Ro
in g l e
o m
'S
Ba
t h
$ 3 —
Double Rodm^ fBath $4 Ex
c e p t io n a l
« « A
W
Lu
n d
A
ir e
t
a w ffo R
%%1 W e it
R
R
e s t a u r a n t
n c h e o n e t t e
O
u r
-E x
e s e r v a t io n s
4 5 « St. at ('w ay - N e w / o r l
f . l l . S O V IE L *
M a im u m c
Dm.
«*
p e n s e
« »
60
M id -C o n t in e n t
November, 1928
B anker
M ortgage and Securities Co.
Promotes Two M en
At a recent meeting of the. board of
directors of the Mortgage and Securities
Company, New Orleans and St. Louis,
Fred N. Ogden was raised to the posi
tion of vice-president and E. J. Appolonio was made treasurer.
Mr. Ogden is a native of New Or
leans, having received his early educa
tion in the public schools of that city.
He later entered Tulane University,
where his studies were interrupted by
the World War. After service in the
United States army, he resumed his
education at the University of Virginia
and graduated with a B.S. degree.
After a brief journalistic career, he
What is a
“Satisfied Investor” ?
f I 'HERE are several factors that go to make an
investor satisfied— but the important thing
is safety. Knowledge that principal is protected
— that its security is sound and ample— breeds
peace of mind in high degree. And this satisfaction is essential to the investments of institutions
and individuals alike.
Robert S. Strauss
Company is in a position to
offer investors a selection of high grade first
mortgage real estate bonds secured by well
located income^producing properties in the City
of Chicago. The safety of these bonds is
assured. A list of current offerings will be sent
upon request.
RobertS.Stmhss R Co
Investment Bonds— First Mortgages
105 W est M onroe St.
C H IC A G O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
150 B roadw ay
FEED N. OGDEN
N EW YORK
Offices in Other Cities
The Largest Hotel in Kansas City
offers the Lowest Rates of Any
Hotel of its Class in America.
45 Rooms . . . . $5 and $6
85 Sample Rooms $4 to $7
or, i f y o u desire,
a lu x u rio u s suite.
A Postcard will
¿3 » Assure Y our
R eservation .
KANSAS
c/ 1 ■ ■
ifTA luljlu®
D I R E C T G ARA GE
CONNECTIONS
CITY, ^M ISSO U R I
1 '
'
ftV
entered the employ of the Mortgage
and Securities Company in July, 1923.
He was appointed associate manager
of its bond department in May, 1925,
and nine months later was promoted to
the position of manager. He retains
executive control of the company’s
bond department, where his duties con
stitute direction of sales, supervision
of advertising and statistician work.
He is a Kappa Alpha, member of the
Phi Beta Kappa honorary fraternity,
and of the New Orleans Country Club.
Mr. Appolonio is a native of New
Orleans, having been educated in the
city’s public schools. Upon entering
his business career, he was connected
with New Orleans railroads until the
outbreak of the war, when he left for
service in the army. When the war
ended he associated himself with J. Iv.
Byrne, C. P. A. and has been active in
the auditing profession ever since, be
ing now a certified public accountant.
In July, 1925, he came to the Mortgage
and Securities Company, and his pro
motion to the position of treasurer fills
a vacancy that has existed for five
years.
November, 1928
M id -C o n t i n e n t B a n k e r
Seneca Plan Will Deal in Oil
Com pany Royalties
The organization of the Seneca Plan
Corporation as a general holding and
management corporation is announced.
The organizers are business men and
bankers, including George T. Webb,
former vice-president the Empire Trust
Company, president; Arlington W.
Porter, former executive of the E. I.
du Pont de Nemours Company and re
cently salesmanager of the United
States Shares Corporation, vice-presi
dent; Eugene L. Garey, senior member
of Garey, Crowlev & Carey, secretary,
and Walter Tallmadge Arndt, who
served as a member of Attorney Gen
eral Ottinger’s advisory committee in
his investigation of investment trusts
last year, treasurer. Directors include
0. R. McLain, director of the Chrysler
Corporation; Conrad H. Liebenfrost,
investment banker, president of Liebensfrost, Evans & Co.; Harry P. Brewer,
banker and vice-president and director
of the Mariner’s Harbor National Bank,
and E. S. Barclay, president First Na
tional Bank, Cranbury, N. J.
In addition to the usual activities of
a holding corporation, the corporation
has devised a new method which en
ables small investors to invest in oil
royalties in much the same manner as
they invest in investment trusts, accord
ing to the announcement. The royal
ties will be deposited with a trustee un
der the terms of an indenture and trust
certificate issued thereon. The net in
come is paid to the certificate holders
until they have received back 1 0 0 per
cent of their investment, with interest.
Thereafter they continue to participate
in all profits of the trust.
The New Morrison, when completed, will be the world’s
largest and tallest hotel— 45 stories high, with 3,400 rooms
C h icag o ’s
MORRISON
HOTEL
Corner Madison and Clark Streets
George F. Par ton N ow W ith
Plaza Trust Company
George F. Parton, assistant manager
of the foreign department of the Guar
anty Trust Company, has been elected
secretary and treasurer of the recently
organized Plaza Trust Company, which
will open for business at Fifth Avenue
and Fifty-Second Street, New York,
about December 1st. He has resigned
from the Guaranty Trust Company and
will take over his new offices imme
diately.
Mr. Parton has been 25 years in the
banking business in this country and
in Canada. A native of Yonkers, he
first entered the New York office of
the Canadian Bank of Commerce, and
after spending several years with that
institution in Canada returned to New
York to become Assistant Secretary of
the Park Union Foreign Banking Cor
poration. He later held the same o f
fice in the Asia Banking Corporation,
a former subsidiary of the Guaranty
Trust Company.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Tallest H o te l in the W o r ld , 4 6 Stories H ig h
C losest in the C ity to Stores, O ffices, Theaters and Railroad
1944 Rooms, $2.50 U p
— all outside, with bath, running ice water, telephone, bed-head lamp, and
Servidor.
A housekeeper on every floor. All guests enjoy garage
privileges.
JVrite or wire fo r reservations
TERRACE G A R D E N , M O R R ISO N H O T E L
61
62
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November, 1928
M id -C o n t i n e n t B a n k e r
W. H. Y O U N G & BROS., Inc.
7 0 5 O liv e Street
St. Louis, M o .
Investment Securities
Specializing in Municipal Bonds
and Insurance Stocks
B R A N C H O F F IC E S
Kansas City, M o.
Commerce Bldg.
St. Joseph, M o.
312 Corby Bldg.
Joplin, M o.
202 Joplin Natl. Bk. Bldg.
Marshall, M o.
Farm ers’ Savings Bk. Bldg.
Hannibal, M o.
208 Broadway
Sedalia, M o.
Bothwell H otel Bldg.
Jefferson City, M o.
Central Trust Bldg.
Denver, Colo.
758 United States Nat. Bk. Bldg.
Topeka, Kansas
209 Kresge Bldg.
Columbia, M o.
Exchange Nat. Bk. Bldg.
W ichita, Kansas
First Natl. Bank Bldg.
Lexington, M o.
Traders Bank Bldg.
November, 1928
M id -C o n t i n e n t B
63
anker
........................... ................... .........................................................................................................illinium,H,,m,
CURRENT QUOTATIONS
.
11il 11■■Iim
111111111111■111111il
il ■Iil 111im 1111li I■1111
On a representative list of H IG H G R A D E
in
R A IL R O A D ,
P U B L IC
U T I L I T Y , IN D U S T R IA L , C A N A D IA N and F O R E IG N B O N D S
Furnished by CAMP, T H O R N E & CO., Inc., 29 South La Salle Street, Chicago
Security
Bid
Asked
Alabama Pr. Co., Ss, 1951.............. 100%
100%
97
Alberta (Canada), 4%s, 1956.......... 95
Amer. Chain Co., 6s, 1933.............. 9974 100
American Radiator, 4%s, 1947. . . . 9874 99
Amer. Roll. Mills Co., 5s, 1 9 4 8 .... 9674 97
Amer. Smelt. & Refg. Co., 5s, 1947.100% 100)4
Amer. Sugar Refg. Co., 6s, 1937...103)4 103%
Amer. Tel. & Tel., 4s, 1929............ 99
99%
Amer. Tel. & Tel. Co., 5s, 19 60... 10474 105
Amer. Tobacco Co., 4s, 1951.......... 90)4
91
Anaconda Cop. Min. Co., 6s, 1953..105% 105%
Appalachian Elec. Pr. Co., 5s, 1956 97%
98
Appalachian Pr. Co., 5s, 1941..........103
103%
Argentine, 6s, 1958............................100
100%
102%
Associated Oil Co., 6s, 1935............102%
Atch. Top. & S. Fe Ry., 4% s, 1962 9974 100
Atl. Coast Line R. R., 4s, 1 9 52... 94% 9474
Australia, 5s, 19 55 ............................ 95 74 96
Austrian, 7s, 1943..............................102%
102%
Baden Consol. Mun., 7s, 1951........ 9 7 74 98
Bald. Loco. Wks., 5s, 1940..............10674 107
B. & O. R. R „ 5s, 2000.....................102% 102%
B. & O. R. R., 4%s, 1933................ 98%
98%
Batavian Pet. Co., 4%s, 1942............93 74 94
Bavaria, Germany, 6%s, 1945........ 9774 98
Belgium, 6s, 1955...............................100% 100%
Bell Tel. Co., Canada, 5s, 1955___ 102%
102%
Bell Tel. Co., Penn., 5s, 1948........10 5 74 106
Berlin (Germany), 6%s, 1950........ 99%
99%
Berlin E.,E. & Und. Rys.„ 6%s, 1956 94%
94%
Beth. Steel Corp., 5s, 1936............101%
101%
Birmingham Ry. Lt. & Pr. 4%s, 1954 93%
94
Birmingham W. Wks., 5s, 19 5 4 ... 96
96%
96%
Brazil, 6%s, 1957.............................. 96%
Bremen (Germany), 7s, 193 5 ........10 1 74 102
Brisbane, Australia, 5s, 1957.......... 92%
92%
British Columbia, 4%s, 1951.......... 95% 97
Brooklyn Borough Gas, 5s, 1967...102% 102%
Brooklyn Edison, 5s, 1949............... 104% 104%
Brooklyn Union Gas, 6s, 1947........11674 117
Buenos Aires, 6%s, 1955.................... 100
100%
Buenos Aires, Prov., 7s, 19 52 ........ 99 74 100
Buffalo Gen. Elec. Co., 5s, 1939... 103% 103%
Bush Terminal Bldg., 5s, 1960 ........10 1 74 102
Butte Electric Pr. Co., 5s, 1 9 5 1 ....1 0 4
104%
Calif. G. & E. Co., 5s, 1937............. 103% 103%
Calif. Pet. Corp., 5%s, 19 38 ..........102 74 103
98%
Canada, 4%s, 1936............................ 98%
Canad. Nat’l Ry. Co., 4% s, 1930. . 99
99%
Canad. Pacific Rys., 4%s, 1 9 4 6 .... 98%
98%
Carolina Pr. & Lt. Co., 5s, 1 9 56... 101% 101%
Cent, o f Ga. Ry., 6s, 1929............... 100% 100%
Cent, o f Ga. Ry., 5s, 1945................. 103% 103%
Cent. 111. Lt. Co., 5s, 1943................ 101
101%
Cent. 111. Pub. Serv., 5s, 1956......... 99
99%
Cent. New Eng. Ry., 4s, 1961........ 83%
83 74
Cent. Pacific Ry., 5s, 1960............... 103% 103%
Cent. Pr. & Lt. Co., 5s, 1956.......... 97%
97%
C. & O. Ry Co., 5s, 1929.................... 105
105%
C. B. & Q. R. R., 4s, 1949.............. 96%
96%
C. C. C. & St. L. R. R „ 6s, 1929.. 100
100%
C. C. C. & St. L. R. R., 5s, 1929.. 99% 100
C. C. C. & St. L. R. R., 5s, 1963...103% 103%
Chgo., Mem. & Gulf R. R., 5s, 1940 95%
95%
C „ Mil. & St. PI Ry. Co., 4s, 1 9 8 9 ... 87%
87%
C. & Nor. Wes. Ry., 4% s, 2037 . . . 97 74
98
C. R. I. & P. R. R., 4s, 19 34 .......... 94 74
95
Chgo. Union Stat., 4% s, 1963......... 100% 100%
Chile, 6s, 1960.................................... 93%
93%
Chile Mtge. Bank of, 6%s, 1 9 57... 97%
97%
Cincinn. St. Ry., 5%s, 1952............ 98%
98%
Cities Service Co., 5s, 1966.............. 9274
93
Clev. Union Term., 5s, 1973.............104% 104%
Cologne (Germany), 6%s, 19 50... 97%
97%
Colombia, Rep. of, 6s, 1961.............. 91
91%
Colorado Pr. Co., 5s, 1953.............. 99%
99%
Columbia Gas & Elec., 5s, 19 52. . . . 10 0 74 101
Columbus Ry. Lt. & Pr., 4%s, 1957 93%
93%
Commonwealth Ed. Co., 4% s, 1956 99%
99%
Connecticut Lt. & Pr. Co. 4%s, 1956.100% 100%
Cons. Gas, N. Y., 5%s, 1945........... 105% 105%
Consol. Hydro- El. U. Wurt., 7s,/1956 97%
97%
Consumers Pr. Co., 5s, 1952.............103% 10374
Copenhagen (Denmark),5s, 19 52 .. 95 74
96
Costa Rica, 7s, 1951.......................... 96
96%
Cuba Railroad, 5s, 1952.................... 96%
96%
Cudahy Pack. Co., 5s, 1946............. 100% 100%
Cumberland Co*. P,r. & Lt. 4i%q, 1956 93'%
94
Czechoslovak, 8s, 1951....................... 109% 109%
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Security
Bid
Danish Con. Mun. Loan, 5%s, 19 55 9 8 74
Delaware & Hudson Co., 4s, 1943.. 91 74
Denmark, 5%s, 19 55 ........................ 99 74
Denmark, King of 6s, 1942..............10474
Denver G. &. E. Lt. Co., 5s1, 1951. . . . 98 74
Det. City Gas Co., 5s, 1950.............. 100%
Detroit Edison Co., 5s, 1949.......... 103%
Dominican Republic, 5%s, 19 4 2 ... 99%
Duquesne Lt. Co., 4%s, 19 67............ 100 74
Dutch East Indies, 6s, 1947.............. 103%
Edison Elec. Ilium., 4%s, 1 9 3 0 .... 99
Elec. Pr. Corp. (Germany) 6%s, 1950 96%
Finland, Rep. of, 6s, 1945................ 97%
Fla. Pr. & Lt. Co., 1st 5s, 1954___ 92%
Ft. Worth Pr. & Lt. Co., 5s, 1931.. 99%
France, 7s, 1949................................. 108%
General Elec. Co., 3%s, 1942........ 94%
Gen. Motors Acc. Corp., 5s, 1929.. 99%
General Pet. Corp., 5s, 1940.............. 10074
Ga. & Alabama Ry., 5s, 1945.......... 9174
Georgia P. Co., 5s, 1967.................. 9774
Georgia Ry. & El. Co., 5s, 1932___ 99%
German, 7s, 1949............................... 10674
German Cen. Agr. Bk., 7s, 1 9 50... 99%
German Con. Mun. Loan, 7s, 1947. 9774
German Ge. Elec. Co., 6 % s, 1940.. 118%
Goodyear T. & R., 5s, 19 57 ............ 92 74
Grand Trunk West. Ry., 6s, 1936.. 106%
Grt. Nor. Ry. Co., 4%s, 1976.......... 98%
Great Western Pr. Co., 5s, 1 9 46... 101%
Greek Gov’t, 7s, 1964........................ 98%
Gulf Oil Corp., Pa., 5s, 1947...........1003%
Haiti, Republic, 6s, 1952..................... 100%
Hamburg, Germany, 6s. 1946.......... 97%
Hocking Valley R. R., 4%s, 1999..100%
Hudson County Gas Co., 5s, 1949..10374
Humble Oil & Refg. Co., 5%s, 1932.101%
Hungary, Kingdom, 7% s, 1944___ 10174
Hungary Municipal, 7% s, 1945___ 98%
Idaho Power Co., 5s, 1947.............. 100
111. Bell Tel. Co., 5s, 1956.......... 104
111. Cent. Ry., 4% s, 1966................ 9974
111. Pr. & Lt. Co., 5s, 1956.............. 95%
111. Steel Co., 4%s, 1940.................. 98%
Ind. Mich. Elec. Co., 5s, 1957......... 101%
Ind. Pr. & Lt. Co., 5s, 1957.......... 99%
Inland Steel Co., 4%s, 1978............ 92%
Internat. Paper Co., 5s, 1947.......... 97
Internaci Ry. C. A., 6y2s, 19 47... 97%
Interstate Pr. Co., 5s, 1957............ 95%
Iowa Pub. Serv. Co., 5s, 1 9 5 7 .... 96%
Italy, 7s, 1951.................................... 96 74
Japanese Gov’t, 6%s, 1954.............. 10074
Jones & Laugh. Steel, 5s, 1 9 3 9 .... 104
K. C. Pr. & Lt. Co., 5s, 1952........... 104%
K. C. Southern Ry. Co., 5s, 1950.. 99%
Kansas Elec. Pr. Co., 5s, 1951_____95%
Laclede Gas Lt. Co., 5s, 1934.......... 100%
Lehigh Valley R. R., 4%s, 2 0 0 3 ... 98%
Ligg. & Myers Tob. Co., 5s, 1951.. 101%
Lorillard Co., 5s, 1951...................... 86%
L. & N. R. R. Co., 4s, 1940............ 95%
Louisville G. & E. Co., 5s, 1952... 103%
Louisville Lighting Co., 5s, 1953..101
Lyons, City of, 6s, 1934.................. 99%
Maine Cent. R. R., 4%s, 1935........ 94%
Manitoba Power Co., 5%s, 1951... 101%
Mass. Gas Co., 4% s, 1931.............. 98%
Mich. Cent. R. R. Co., 5s, 1 9 31... 99%
Mid. Steel & Ord. Co., 5s, 1 9 36... 99%
Milwaukee Gas Lt. Co., 4%s, 1967.100%
Minnesota Pr. & Lt. Co., 5s, 1955.. 99%
Minn., St. P. & S. S. M. Ry. 4s, 1938 88%
Miss. Riv. Pr. Co., 5s, 1951.............101%
Mo., Kas. & T. R. R., 4s, 1990_____87%
Mo. Pac. R. R., 5s, 1977.................. 99
Montana Power Co., 5s, 1943......... 103%
Montevideo (Uruguay), 7s, 1952..102%
Montreal (Canada), 4%s, 1 9 4 6 .... 96%
Morris & Co., 4% s, 1939................ 86%
Mutual Fuel Gas Co., 5s, 1 9 4 7 .... 100%
Narragansett Co., 5s, 1957.............. 99%
National Press Bldg., 5%s, 1 9 50... 99%
National Tube Co., 5s, 1952............ 103%
Netherlands, 6s, 1954......................... 100%
New Brunswick (Can.), 4% s, 1936 98%
New Eng. G. & E. Co., 5s, 19 4 7 ... 95%
New Eng. Tel. & Tel. Co. 4%s, 1961.100%
Newfoundland, 5%s, 1942............... 102%
Asked
99
92
100
105
99
100%
103%
99%
101
103%
99%
96%
97%
92%
99%
108%
94%
100
101
92
98
99%
107
99%
98
118%
93
106%
98%
101%
98%
100%
100%
97%
100%
104
101%
102
98%
100%
104%
100
95%
98%
101%
99%
9274
97%
9774
9574
97
97
101
104%
104%
99%
95%
101.
99
101%
87
95%
103%
101%
100
95
101%
99
100%
99%
100%
100
89
101%
87y2
99%
103%
103
98%
87
100%
99%
100
104
100%
100
95%
101
103
Security
Bid
N. Orleans Term. Co., 4s, 19 53... 89%
New South Wales, 5s, 1958............ 94
N. Y. Cent. Lines, 4%s, 2013........100%
New York Edison Co., 5s, 1 9 4 4 .... 104%
New York Pr. & Lt. Co., 4%s, 1967.. 93%
N. Y. Tel. Co., 4% s, 1939............... 100%
Niagara Falls Pr. Co., 5s, 1932____101%
Nor. Ind. G. & E. Co* ¡5s, 19,29.......... 99
Nor. Pac. Ry. Co., 4s, 1997............ 91%
Nor. States Pr. Co., 5s, 1941.......... 99%
Norway, Kingdom of, 5%s, 1 9 65... 100%
Nuremburg, City of, 6s, 1952........ 90%
Ohio Pr. Co., 5s, 1952....................... 100%
Ohio Riv. Edison Co., 5s, 1 9 5 1 .... 99%
Ontario, Prov. of, 4%s, 1931........ 98%
Ontario Power Co., 5s, 1943............. 102
Oregon Sht. Line R. R., 4s, 1929.. 98%
Oslo, Norway, 5%s, 1946................ 99%
Pacif. Coast Pi. Co., 5s, 1940......... 100%
Pacif. Gas & Elec. Co., 5s, 1955.. 102%
Pacif. Tel. & Tel. Co., 5s, 1952.. .104%
Panama, 5%s, 1953...........................102%
Penn. Edison Co., 5s, 1946.............. 101
Penn. R. R. Co., 5s, 1964.............. 103%
Penn., Ohio &!Det. R.R., 4%s, 1977. 98%
Penn. Pr. & Lt. Co., 5s, 1953......... 101%
Peoples Gas Lt. & Coke Co. 5s, 1947.105%
Pere Marquette Ry., 5s, 1956........... 103%
Peru, 6s, 1960.................................... 90%
Phila. Elec. Co. (P a.), 4%s, 1967..100%
Pillsbury Flour Mills Co. 6s, 1943 . . .104%
Potomac Edison Co., 5s, 1956........ 98%
Pressed Steel Car Co., 5s, 1 9 3 3 .... 96%
Prussia (Germany), 6%s, 1 9 5 1 .... 96%
Pub. Service Co., Okla., 5s, 1961.. 95%
Queensland (Australia), 7s, 1941..112%
Republic Iron & Steel, 5s, 1 9 40... 100%
Rhine-West. Elec. Pr., 7s, 1 9 5 0 .... 100%
Rio Grande Do Sul, 7s, 1966.......... 99%
Rio de Janeiro, 8s, 1946...................106%
Rotterdam, (Holland), 6s, 1964...102%
St. L.,/Ir. Mt. & So. Ry. 5s, 1931.. . .100%
St. Paul Gas Lt. Co., 5s, 1944......... 100%
St. Paul Union Stk. Yds. Co. 5s, 1946.100%
Salvador, 8s, 1948............................. 111%
San Joaquin Lt. & Pr., 5s, 1957. . . . 100%
San Paulo, City, 8s, 1952................. 115%
San Paulo, State, 8s, 1936............... 105%
Saskatchewan, Prov., 5s, 1943......... 100%
Sauda Falls Co., Ss, 1955............... 100%
Saxon Pub. Wks., 7s, 1945.............. 99%
Shawinigan W tr.& Pr. Co. 4%s, 1967 95%
Shell Union Oil, 5s, 1947................ 97%
Sherman Hotel Co., 5%s, 1 9 3 0 .... 99%
Siemens & Halske, A. G., 7s, 1936.. 100%
Sinclair Pipe, 5s, 1942...................... 94%
Sixty-one'Broadway Bldg. 5%s 1950.100%
Solvay Amer. Inv., 5s, 1942............. 99
So. Car. & Ga. Ry., 5%s, 1929.......... 100
Southern Cal. Edison Co., 5s, 1951.101%
So. Pac. Ry., 4s, 1929...................... 99
Southern Ry Co., 4s, 1956.............. 88%
Southwest Bell Tel., 5s, 1954............ 104
Stand. Oil Co., N. Y., 4%s, 1951.. 96%
Stand. Mill. Co., 5s, 1930.................. 100
Sun Oil Co., 5%s, 1939.................... 101
Swedish Gov’t, 5%s, 1954................. 103%
Swift & Co., 5s, 1944......................... 101%
Swiss Gov’t, 5%s, 1946.....................103%
Texas Pr. & Lt. Co., 5s, 1937........ 100%
Toronto, Canada, 5s, 1934..............100
Union Oil Co., Calif., 5s, 1 9 3 5 .... 98%
Union Pac. R. R., 4s, 1947.............. 94%
U. K. Gt. Br., 5%s, 1937.................. 104%
United Steel Wks., 6%s,19.51..........92%
Uruguay, 6s, 1960.............................. 97%
Utah Lt. & Tr. Co., 5s 1944,............ 96%
Va. Ry. & Pr. Co., 5s, 1934............ 100%
Wabash Ry., 5s, 1975.......................100%
Ward (Montgomery) & Co. 5s, 1946.101%
West Penn. Pr. Co., 5s, 1946........ 101%
Western Electric Co., 5s, 1944........ 102%
Western Md. Ry., 4s, 1952............ 80%
Western Pacif. R. R., 5s, 1 9 4 6 .... 99%
Western Union TeJ. Co., 4>%s, 19501. 98%
Westhse. Eleç. & Mfg. Co., 5s,11944.103%
Winnipeg (Canada), 4%s, 1 9 4 6 .... 95%
Yadkin River Pr. Co., 5s, 1 9 41... 100%
Youngstown Sheet & Tube 5s, 1978.100%
Asked
90
94%
100%
104%
93%
100%
101%
99%
91%
100
101
90%
101
100
99%
102%
98%
99%
101
102%
104%
102%
101%
103%
98%
101%
105%
104
91
101
105
98%
96%
96%
96
112%
101
100%
99%
107
102%
100%
100%
100%
112
101
116
106
101
101
99%
95%
98
99%
101
94%
100%
99%
100%
101%
99%
88%
104%
96%
100%
101%
103%
102
103%
100%
100%
98%
94%
104%
92%
97%
96%
100%
100%
101%
102
102%
81
99%
99
103%
96%
100%
100%
64
M id - C o n t i n e n t
November, 1928
B anker
A.
SEVEN ( 7 ) POINT FULL COVERAGE
AUTOMOBILE POLICY
¿If you are interested
in ClilmmtciQ'esfcn
Ifowsef^jnnsider
What the Republic Has to Offer—
1.
A chance fo r a g e n ts to share p rofits w ith
the C o m p a n y .
2.
3.
4.
5.
A h a n d y c o m b in ed A u to m o b ile In s u r
ance P o lic y , b ro a d in co v e ra g e , and 100
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A fair an d squ are deal fo r a g e n ts.
Service fr o m C h ic a g o w ith o u t d e la y , a l
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P r o m p t p a y m e n t o f cla im s.
V . M orton
Heads
Trust
Company Division
Arthur V. Morton, vice-president of
the Pennsylvania Company, Philadel
phia, was elected president of the
Trust Company Division of the Amer
ican Bankers Association at its meet
ing in Philadelphia. John C. Mecliem,
vice-president of the First Trust and
Savings Bank, Chicago, was elected
vice-president.
Group
Three
Meeting,
Carthage, Tennessee, Oct. 1 6
Group Three of the Tennessee Bank
ers Association met at Carthage, Ten
nessee, October 16. Robert P. East,
cashier of the Peoples Bank at Dixon
Springs, is chairman and J. S. Dudney,
cashier of the Bank of Whitleyville,
is secretary.
H. Grady Muddleston, secretary of
the Tennessee Bankers Association,
gave a short address, followed by
L. A. Ligon, of Carthage, who spoke on
“ The Bank and the Community. ”
Gilmer Wilston, president of the Union
and Planters Bank at Memphis and
¡^resident of the Tennessee Bankers
A ssociation, also gave a short ad
dress. In the afternoon a round table
discussion of banking problems was
held.
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A
N in su ra n ce c o m p a n y lias offe re d
By F. J. P A R R Y
a n u m b er o f su g g e s tio n s w h ich
m a y a id in r e d u c in g th e n u m b er o f
losses d u e to f o r g e r y
N e v e r ca sh a c h e c k
I t is b e tte r to lose a
an d th en th an to ta k e
a n d a lte r a tio n :
f o r a stra n g er.
sm all sale n ow
ch a n ces ca sh in g
ch e ck s f o r p e rso n s u n k n ow n to you .
N e v e r a c c e p t a c h e c k b eca u se it lo o k s
b u sin e ss-lik e . C ro o k s are n o w . c o u n
te r fe it in g ch eck s o f w e ll-k n o w n c o n
cern s.
N e v e r assu m e th a t a b a n k c e r t ific a
tio n stam p m a k es a c h e ck s a fe . T h ese
c e rtific a tio n s are b e in g c o u n te r fe ite d
b y cro o k s .
N e v e r assu m e th a t a w ritte n ch e ck
is n e ce s s a r ily in the a m ou n t f o r w h ich
it w a s o r ig in a lly w ritte n . M a ch in es
c a n n o t p r e v e n t a lte r a tio n o r fo r g e r y .
in
N e v e r d o w h a t a s tra n g e r su g gests
o r d e r to id e n t ify him . H e p r o b
a b ly has an a c c o m p lice at th e oth e r
end o f th e lin e to g iv e y o u th e in
fo r m a t io n y o u desire.
N e v e r sig n a c h e ck in b la n k o r m ake
it o u t p a y a b le to ‘ ‘ Cash ” ox “ B ea rer. ’ ’
Vice-President, American
Surety Company
In th e a r ticle on th is page, w h ich is
b a sed on an a d d ress d e liv e re d a t th e
rece n t c o n v e n tio n o f th e S ou th D a k o ta
B a n k ers A s s o c ia tio n , M r. P a r r y states
th a t th e gen era l p u b lic is ig n o ra n t o f
th e fa c t s b u t th a t it is n everth eless
tru e th a t loss o f p r o p e r t y fr o m crim es
o f f o r g e r y a n d ch eck a lte r a tio n e x
ce e d s b y m a n y tim es th e loss o f p r o p
erty, oth e r th a n a ccid e n ta l, th rou g h
su ch av en u es as b u rg la ry , ro b b e r y , etc.
T h e la st p a r t o f his a r ticle dea ls w ith
th e lia b ilit y o f b a n k s in ca se o f f o r
g e r y o r ch eck a lte ra tio n , a n d is o f
p a r tic u la r in te re s t to e v e r y b a n k er.—
E d i t o r ’ s N ote.
N e v e r let a n y on e else ch e ck u p y o u r
b a n k b o o k w ith ca n ce le d v o u ch e rs re
tu rn ed b y th e ba nk. T h is is th e on e
jo b th a t e v e ry b u sin ess m a n sh ou ld d o
p e rso n a lly . A lw a y s w rite y o u r ch eck s
c a r e fu lly w ith in k , ty p e w r ite r o r ch e ck w riter. B e g in ea ch lin e at the le ft h an d sid e an d lea ve n o sp a ce b etw een
th e w o rd s . A lw a y s h ave a s a fe p la ce
f o r d e liv e r y o f y o u r m ail. D o n o t d e
p e n d u p on th e ty p e b o x th a t ca n be
e a s ily o p e n e d b y a c ro o k .
F in a lly , in su re y o u r s e lf a g a in st loss
b y c a r r y in g a ch e ck a lte ra tio n a n d f o r
g e r y p o lic y o f a d eq u a te size.
F
ORGERY
in su ra n ce
has b een
a n y sta n d a rd n e g o tia b le p a p e r issu ed
o r p u r p o r tin g to h ave b e e n issu ed b y
th e a ssu red an d r e su ltin g in a su b se
q u en t d e b it a g a in st his b a n k a cco u n t.
N e v e r lea ve y o u r c h e ck b o o k o r c a n
ce le d v o u ch e rs w h ere a n y o n e else ca n
g et h o ld o f them .
T h ere are v a rio u s fo r m s o f p o licie s
u n d er w h ich th is p r o te c tio n m a y be
p u rch a sed . T he severa l fo r m s are ar-
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de
fined as a c o n t r a c t g u a ra n te e in g
th e rep la ce m e n t o f loss ca u sed b y the
fo r g in g , r a is in g o r oth e r a lte ra tio n o f
65
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Federal Reserve Bank of St. Louis
November, 1928
M id -C o n t i n e n t B a n k e r
66
ra n g e d to su it th e n eeds o f th e p u r
ch a sers.
F or
th e
m erch a n ts,
p r o fe s
sio n a l and o th e r b u sin ess m en w e h ave
th e d e p o s it o r s ’ an d co m m e rcia l fo r m s
c o v e r in g th e a ssu red an d th e b a n k as
th e ir re s p e c tiv e in terests m a y ap p ear.
T h e d e p o s it o r s ’ fo r m
c o v e r s th e f o r
g e r y o r a lte ra tio n o f ch eck s an d v a
T h e benefits o f rapid m a il, rail or
air, m a y be h a m p ered b y dela y s
riou s o th e r sp ecified in stru m e n ts issu ed
by
th e
w h ich
w ith in a bank.
assu red .
The
co m m e rcia l,
in
a d d itio n to th e fo r e g o in g , c o v e r s ch eck s
m a y b e re ce iv e d
o r ex ch a n g e d
f o r m e rch a n d ise o r s e rv ice s b y th e a s
su red.
To
o v erco m e
th o se
d e la y s,
the
m ore
T h e d e p o s it o r s ’ , w h ich is the
lim ite d
fo r m ,
g ra n ts
c o v e ra g e
o n ly in on e d ir e c tio n an d is sold f o r
C o m m e rc e establish ed
a less p rem iu m th a n is th e co m m e rcia l
w h ich g ra n ts c o v e r a g e b o th as to is
sues a n d receip ts.
24
Hour
Transit
F o r th e b a n k in g in te re sts w e have
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in g a g a in st fo r g e r y o r a lte r a tio n o f
ch eck s an d o th e r sp ecified in stru m en ts
issu ed b y o r ce rtified b y th e b a n k , in
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an d
a lte r a tio n
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T h e p o lic y c o v e r s e v e ry th in g th a t is
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th e e x ce p tio n o f sa v in g s a cco u n t w ith
d ra w a l ord e rs , b u t in a d d itio n it in
dem nifies f o r th e f o r g in g o f a ch e ck
o f a d e p o s ito r w h ich m a y b e p a id b y
th e b a n k th ro u g h a n y e x ch a n g e o r
c le a r in g h o u s e ; f o r th e fo r g e d e n d o rs e
m en t o f a n y d e p o s ito r o f th e b a n k on
th e stre n g th o f w h ich fo r g e d e n d o rs e
m en t th e b a n k has p a id th e ch eck , an d
f o r a n y f o r g e d n o te m a de p a y a b le at
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ba nk.
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KANSAS
100
C IT Y
Millions
T
HERE
is a n o th e r f o r m
o f cover
age w h ich is issu ed an d k n o w n as
th e f o r g e d secu rities p o lic y . I t is the
b r o a d e s t issu ed a n d fu rn is h e s in d e m
n ity f o r s e cu ritie s an d o th e r sp ecified
in stru m en ts w h ich h ave b e e n fo r g e d
o r a ltered , o r em b ezzled , o r lo s t o r
s to le n f r o m th e ow n er. B y th e p a y
m en t o f an a d d itio n a l p re m iu m th is
in su ra n ce m a y b e e x te n d e d to c o v e r
o th e r in stru m en ts. L ik e w is e , b y the
p a y m en t o f a lesser p rem iu m th e in
su ra n ce ca n b e lim ite d to ce rta in c o n
tin g e n cie s on ly . T h e f o r g e d se cu ritie s
p o lic y is p u rch a se d n o t o n ly b y b a n k
in g in terests b u t b y in s titu tio n s w h ich
d ea l in an d h a n d le s e cu ritie s a n d o th e r
in stru m en ts re p re s e n tin g va lu e. T he
p r o te c tio n fu rn is h e d b y th e first f o u r
fo r m s o f fo r g e r y p o lic ie s en u m era ted
c o v e r s p r a c t ic a lly e v e ry av en u e th ro u g h
w h ich th e in d iv id u a l, th e m erch a n t,
November, 1928
M id - C o n t i n e n t B
p r o fe s s io n a l, o r b u sin ess m an, o r in
s titu tio n m a y su ffer loss e x ce p t in th e
ca se
of
n o tes
w h ich
a re
d is co u n te d ,
p u rch a se d o r ta k en as c o lla t e r a l; bu t
ev e n in su ra n ce on th ese in stru m en ts
ca n b e p u rch a sed u n d er th e f o r g e d se
cu r itie s p o lic y , w h ich , h ow ev er, d oes
n o t c o v e r n o te s s ecu red b y sig n ed a c
co u n ts o r b y m o rtg a g e s o r b y lien s
u p o n p e rs o n a l p r o p e r t y o r c o n d itio n a l
sa le c o n tra cts , tru st a g reem en ts o r lease
a g reem en ts c o v e r in g p e rs o n a l p r o p e rty .
T h e co m p a n ie s issu e a n u m b er o f fo r m s
o f b la n k e t b o n d s w h ich in d e m n ify
a g a in s t losses o f th e v a rio u s k in d s to
w h ich th e b a n k s are e x p o se d , an d in
c lu d e d in se v era l o f th e b la n k et b o n d
fo r m s is a f o r g e r y c o v e ra g e f o r m —
som e m o re lib era l th a n oth ers.
I
T is a p r e v a le n t o p in io n th a t b a n k s
are lia b le f o r a n y fo r g e d o r a ltered
in stru m e n t w h ich th e y m a y p a y . N e v
e rth eless, th ere h ave b een n u m erou s
in sta n ce s w h ere th e c o u r ts h ave held
th a t b a n k s are n ot lia b le. B e th a t
as it m a y, w h en ev er a f o r g e r y o c cu rs
th e loss m u st fa ll eith er u p o n the b a n k
o r th e d e p o s ito r .
W h ile th e q u estion
o f lia b ilit y is b e in g d iscu ssed , th e c r e d
it
of
th e
d e p o s ito r
m ay
b eco m e
im
p a ir e d ; c h e c k in g o n th e b a la n ce o f his
a c c o u n t m igh t b e sto p p e d . I f lit ig a
tio n is r e s o rte d to th e p r o ce d u r e is
c o s tly . T h e re la tio n s h ip b etw e e n the
b a n k a n d its d e p o s ito r is lik e ly to b e
co m e stra in e d . I f th e b a n k f o r b u si
n ess re a so n s o r f o r th e p u rp o s e o f c o n
tin u in g its re la tio n s w ith a su b s ta n
tia l d e p o s ito r d e cid e s to assu m e the
lia b ility , it is p la c in g a lo a d u p o n its
b u sin ess w h ich w as n e v e r c o n te m p la te d
an d w h ich in fa ir n e s s to its s to ck
h o ld e rs an d o th e r d e p o s ito r s sh ou ld n ot
b e b o rn e . F o r g e r y is a h a za rd in ci-
d en ta l
to
th e
conduct
67
anker
of
a
b a n k in g
b u sin ess a n d is an in su ra b le on e w ith
in, o f co u rse, ce rta in lim its. I f a b a n k
in su res ce rta in h a za rd s w h ich are in
cid e n ta l to its b u sin ess, h ow ca n it
c o n s is te n tly f o r e g o in s u rin g a g a in st
fo r g e r y w h ich is an in cid e n ta l and
v ita l h a za rd a l s o 1? I n o r d e r to g iv e
you
an
id e a
as to
h ow
th is
h azard
m a n ife s ts it s e lf, I w ill g iv e y o u b rie fly
an in sta n ce ta k en fr o m th e files o f m y
com p a n y .
A f o r g e r o b ta in e d a ccess to th e o f
fice o f a su b sta n tia ] d e p o s ito r in on e
o f o u r la rg e b a n k s an d s to le a la rg e
n u m b er o f b la n k ch eck s ou t o f th e d e
p o s it o r ’ s c h e ck b o o k . O ne o f th ese
ch eck s w a s m a de p a y a b le to a fictitio u s
p a y e e b y th e fo r g e r . O n th e se co n d o f
J u ly , w h ich w a s a S a tu rd a y , he op en ed
an a cco u n t w ith th is ch e ck in a n oth er
b a n k in th e sam e c ity . T h is a c c o u n t
w as o p e n e d in the n am e o f th e ficti
tio u s p a yee. O n th e m o r n in g o f the
5th
of
J u ly
th e
fo r g e r
a p p e a re d
Who Speaks. . •
SOW S
Who Listens. . .
REAPS
Through the
p r i n t e d word we
“ Speak and Sow” and
those who “ Listen”
. . . are “ Reaping”
Commissions with . . .
at
th e b a n k in w h ich he h ad op e n e d the
a c c o u n t an d a sk ed it to issu e to him
$ 6 ,0 00
w o rth
of
ex p ress
tra v e le rs
ch eck s, g iv in g as an e x cu se f o r the
n e ce s s ity o f o b ta in in g th em q u ic k ly
th at he w as a b o u t to sa il f o r E u ro p e
a lm ost
im m ed ia tely . A lth o u g h
th e
c h e c k h ad n ot clea red , an e m p lo y e o f
th e b a n k d e liv e re d to th e fo r g e r s ix ty
$ 1 0 0 ex p ress ch eck s at five m in u tes to
ten in th e m orn in g . T h e in su ra n ce c o m
p a n ies p a id th e loss. I t is in te re stin g
to p o in t o u t th a t th e fo r g e r op e n e d th e
a c c o u n t on a S a tu rd a y p r e ce d in g the
F o u r t h o f J u ly an d a p p e a re d at the
b a n k on th e m o rn in g o f th e fifth a ft e r
a th re e -d a y h o lid a y w h en th e em
p lo y e s o f th e in s titu tio n w ere u n u su a l
ly b u sy .— F r o m a d d ress b e fo r e S ou th
D a k o ta B a n k ers A s s o c ia tio n .
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Non-Medical
Monthly Premium
Juvenile Policies
Payor Insurance
Salary Savings
Participating
Non-Participating
Sub-Standard
Female Insurance
Sales Promotion Dept.
Educational Course
Direct Mail Advertising
Salesman’ s Folio
School for General Agents
Accident and Health
A b r a h a m L in coln L ife
Insurance C o.
Home Office
Do business with this strong company, which
has gained a country-wide reputation as a
“ National Institution of Service.”
The Federal Surety Company is managed by
experienced underwriters, and has from its
conception built for STRENGTH rather than
size.
Backed by Federal Service, these lines are
written—Accident and Health, Automobile,
Burglary, Plate Glass, Public Liability and
Workmen’s Compensation Insurance, and Sure
ty Bonds.
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W . L . T A Y L O R , Vice-President and General Manager
H O M E O F F IC E
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Federal Reserve Bank of St. Louis
D A V E N P O R T, IO W A
Springfield, Illinois
H . B. H IL L , President
68
M id -C o n t in e n t B a n k e r
November, 1928
jARfea-r-:___ -__ —__
L E G
Official Publication of the St Louis Chapter
?
^AMERICAN INSTITUTE °f BANKING
N O V E M B E R , 1928
VOLUM E
-
NUM BER
A. C. RIEDELL, Editor, National Bank of Commerce. R. N. ARTHUR, President, Mississippi Valley Trust Co. MISS
MARGARET S. COONS, Associate Editor, 1st National Bank. LOUIS E. WALTER, Executive Secretary, 316-324 Merchants
Laclede Bldg.
Notices_intended for publication should be in the hands of the Editor or the Executive Secretary the fifteenth of each
month. Write on only one side of paper and double space. Chapter Headquarters, 316-324 Merchants Laclede Bldg. CHestnut 9280.
LEGAL TENDER is published to promote good fellowship among Chapter members, to record the activities of the Chapter
generally, and to maintain the high ideals of the American Institute of Banking along educational lines of endeavor.
Chapter
Enrollment
Shows
Gain o f Eight Per Cent
M E M B E R S H IP A H E A D
The following tabulated statement
shows the standing of the various
banks in St. Louis and vicinity, as to
memberships and enrollments, for the
years 1927-28 and 1928-29.
C O M P A R A T IV E
STATEM EN T
OF
M E M B E R S H IP S A N D E N R O L L
M E N T S F O R 1927-28 A N D
1928-29
1928-1929
1927-1928
Mem- Enroll- Mem- Enrollbers ments bers ments
Franklin Bank....
Amer. Trust Co.
Franklin-Americ an
Trust Co............ 21
Boatmen’s Bank. . 38
First Nat’l Bank..129
National City Bank 1
United States Bk. 2
L iberty Central
Trust Co............ 39
Merchants-Lacle’d e
National Bank.. 5
Mercantile Trust
Co....................... 69
Mississippi Valley
Trust Co......... 126
National Bank of
Commerce......... 80
Lafayette S o u t h
Side Bank........ 34
State Nat’l Bank 9
St. Louis Union
Trust ............... 12
Federal Reserve. .. 55
10
0
24
13
23
27
64
0
0
111
2
2
18
40
14
57
31
14
17
729
6
1
0
28
94
47
59
127
50
46
40
24
10
5
29
7
5
13
36
55
3
37
13
14
2
East St. Louis Bar
First Nat’l Bank.. 17
National S t o c k
Yards National. 7
Southern Illinois
National............ 2
Union Trust Co. . . 1
18
5
10
0
0
0
0
Associated Banks (Outlying)
American Exchange
National............
Baden Bank..........
Bremen Bank.......
Broadway Savings
Trust Co...........
Cass Avenue Bank
Cherokee National
Chippewa Trust Co
Fidelity Bank &
Trust Co............
E a s t o n-Taytl o,r
Trust Co............
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Farmers & Merchants Trust Co. 4
Grand Nat’l Bank 1
Grant State Bank 7
Jefferson Bank... 3
J e ff dr s on-Gravois
Bank ................
1
Laclede Trust Co. 8
Lindell Trust Co.. 1
Lowell Bank......... 17
Manchester Bank.. 0
Mound City Trust
Co....................... 0
Natural B r i d g e
Bank.................
0
North St. Louis
Savings Tr. Co.. 3
Northwestern Trust
Co....................... 14
St. Louis National
Bank ................ 10
0
1
9
0
1
1
1
2
10
1
3
0
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
4
0
0
0
2
1
2
2
1
5
1
5
2
2
0
0
2
5
8
0
5
14
3
0
0
0
0
0
0
0
3
0
3
3
4
7
12
4
2
10
3
0
2
359
715
2
1
1
2
4
0
0
347
1928-1929
1927-1928
Mem- Enroll- Mem- Enrollbers ments
bers
ments
Totals of precedmg page 1........729
Savings Trust Co.. 12
Scruggs, Vandervoort & Barney
Bank ................. 10
Shaw Bank............ 5
Sou. Com’l & Savings Bank.........
4
Southwest Bank... 0
South Side Trust
Co....................... 1
Tower Grove Bank 6
12th Street Nat’l
Bank ...............
0
Vandeventer Trust
Co....................... 0
Water Tower Bank 0
West St. Louis
Trust Co............ 11
359
7
715
0
347
0
10
0
3
17
0
0
2
0
4
0
0
0
2
2
1
1
12
1
11
0
1
1
0
0
0
0
0
0
1
11
0
2
1
4
10
10
4
0
3
3
0
6
0
0
1
0
2
1
0
1
0
0
0
0
0
0
0
1
0
1
Miscellaneous Banks
Bank of Maplewood ................. 5
Bank of University
City .................
3
Chouteau Trust Co. 5
Citizens Bank of
Maplewood ....... 3
Citizens National,
Alton, 111........... 2
Clayton National.. 0
Federal Land Bank 4
F i r s t National
Clayton.............. 0
F i r s t Nat ional,
Granite City. . . . 1
5
0
5
2
1
0
2
0
0
0
0
2
0
1
3
0
2
0
0
0
0
0
0
0
0
0
0
0
0
1
0
2
0
0
0
0
0
0
0
13
8
19
10
0
2
0
1
0
4
1
0
4
1
1
1
1
1
1
1
1
7
9
0
0
2
20
15
4
18
19
0
47
9
0
28
10
460
875
445
0
2
2
0
3
1
1
0
877
1928-1929
Associate Members of Clearing House
Webster Gr o v e s
Trust Co............
F i r s t National,
O’Fallon, 111...
F i r s t National,
Wellston ...........
Granite City Nat’l
Granite City Trust
& Savings Bank
Gravois Bank........
Hamilton S t a t e
Bank .................
Hodiamont Bank. .
Kirkwood Trust Co
Park Savings Trust
Co.......................
Pine Lawn Bank
St. Louis County
Bank ...............
S ecurity National
Bank .................
T e 1 e g r aphe r ’ s
National............
Wellston Trust Co.
West End Bank.
Peoples Bank, St.
Charles...............
Union Savings, St.
Charles .............
Union-Easton Trust
Co.......................
Midland Savings
Bank .................
'Outside’ Members
Bond Houses.........
5
1927-1928
Mem- Enroll- Mem- Enrollbers ments bers ments
Totals of preced
ing page 2 ........ 877
460
875
445
Belleville Bank &
Tr. Co............... 4
3
0
0
Belleville Savings
Bank.................
8
13
0
0
F i r s t Nat ional,
Belleville........... 2
2
Alton National. . . . 2
2
0
0
F a r m e r s Bank,
Trenton ............ 1
1
1
2
First State Bank,
O ’Fallon .......... 1
0
0
0
Salem National.. . . 1
0
1
0
Nat’l Park Bank,
N. Y ................... 1
0
0
0
State & Trust Bk.,
Highland .......... 1
1
1
1
F i r s t National,
Webster.........
0
0
1
1
Insurance Bank. . . 0
0
1
0
North Side Bank.. 0
0
2
2
Old Orchard State
Bank.................
1
0
1
0
P e o p l e s Bank,
Maplewood........ 1
0
1
1
Clearing House.... 1
0
1
0
November, 1928
M id - C o n t in e n t
T r i-C i t y State
Bank, Madison. .
F i r s t Nat ional,
Lebanon ............
St. Louis Joint
Stock Land Bk.
St. Clair National
Belleville, 111....
0
0
1
3
1
1
1
1
1
1
1
2
904
488
887
456
OF
C O M P A R A T IV E
STATEM ENT
EN RO LLM EN TS B Y CLASSES
Subject
1927-28
456
486
W hat the W om en o f the St.
Louis Chapter A re Doing
T h e w o m en o f th e St. L o u is A . I. B.
C h a p te r s ta rte d th e w in te r sea son w ith
a b r id g e b u n co lu n ch eon at th e F o r e s t
P a r k H o t e l on S a tu rd a y , O cto b e r 13.
A f t e r a m ost d e licio u s lu n ch eon , b r id g e
an d b u n co w ere p la y e d . T h e g ir l w ith
th e h igh sco re at each ta b le r e ce iv e d
a s ilv e r fr ie n d s h ip p in as th e re w a rd
f o r h er sk ill at th e gam e.
M iss L o u is e B ru egg em a n ,
of
the
S cru g g s , V a n d e r v o o r t & B a rn e y B a n k ,
d re w th e a tten d a n ce p r iz e , a b e a u tifu l
c lo c k c o n trib u te d b y th e L a fa y e t te
S o u th S id e B a n k .
D u r in g th e a ft e r n o o n o u r p resid en t,
M r. R o b e r t A r th u r, w a s a w e lco m e v is
it o r an d m a d e an in fo r m a l ta lk c o n g ra t
u la tin g us on th e w o r k b e in g d on e b y
th e w o m e n o f th e in stitu te.
A w o m e n ’ s a th le tic co m m itte e w ith
M iss S elm a B re w e r, o f th e M iss is s ip p i
V a lle y T ru st Co. as ch a irm a n , has
fo r m e d a g y m n a siu m cla ss w h ich m eets
e v e ry W e d n e s d a y e v e n in g at th e Y . W .
C. A .
T h ere h ave b een sev era l requ ests
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a
M onday
sw im m in g
class,
ev en in g
an d
class,
th ese
a lso
w ill
a
W m . Sassm an, F e d e r a l R e s e rv e B a n k .
be
s ta rte d as s o o n as th e en rollm en t ju s
tifies them . T h e Y . W . C. A . has m a de
a v e r y rea so n a b le ra te to m em b ers o f
th e A . I. B. w h o jo in th ese classes.
T h e m em b ers o f th e g y m n a s tic cla ss
are m os t en th u sia stic an d h op e th e ir
n u m b er w ill b e g r e a tly in cre a s e d as
th e w in te r g o e s on.
1928-29
Banking Fun
76
65
damentals
78
Commercial Law 49
Standard Bank
41
ing
60
34
35
Economics
Negotiable In46
44
ments
12
24
Investments
Business L e t
16
Not being given
ters
Public Speak
32
ing
31
Accounting I
35
31
12
Accounting II
15
Accounting III 10 Included in AI & A ll
I n c o m e Tax
12
15
Procedure
Statement An
31 Not being conducted
alysis
42 Not being conducted
Real Estate
Business Forecast
24
ing not conducted
Cred16
its not conducted
Trust Fune56
tions not conducted
Totals
fo r
69
B anker
B a sses
E llio tt B e ck e tt, M e rca n tile T ru st Co.
E m il B o d e , G eo. M . F o rm a n & Co.
H e r b e r t H e il, M is s is s ip p i V a lle y T ru st
Co.
A l. H e rth e l, M is s is s ip p i V a lle y T ru st
Co.
E d. P . H oelin , F e d e r a l R e s e rv e B ank .
F r a n k S. P a rk e r, F e d e r a l R e s e rv e
B ank.
T h e G lee C lub h as a w a itin g list,
an d i f y o u d esire to jo in , r e g is te r y o u r
T h e e v e n in g o f D e ce m b e r 12 has
nam e an d v o ic e w ith L. E . W a lte r , e x e
b een s e lected as th e d a te o f th e glee
cu tiv e s e cre ta ry , 324 M e rch a n ts L a
clu b e n terta in m en t an d d a n ce.
cled e B u ild in g , an d as so o n as th ere is
T h e A lh a m b r a G r o tto is th e scen e,
a v a c a n c y in th e se ctio n in w h ich y o u
8 :30 th e tim e, an d tick e ts are n o w on
sin g, y o u w ill b e g iv e n a tr y -o u t.
sale b y th e v a r io u s con su ls in th e
T h e G lee C lub w ill a lso b e assisted
b a n k s at on e d o lla r each , w h ich in
b y E rn e stin e M o o re , o f th e S cru g gs,
clu d es a d m ission to th e m in s trel, the
V a n d e r v o o r t & B a rn e y B a n k , an d
v a u d e v ille , an d th e da nce.
M in n ie S m ith , o f th e F e d e r a l R e s e rv e
C.
J. P r in c e , v ice -p r e s id e n t o f the
B a n k , as w ell as sev e ra l o th e r artists
S cru g gs,
V a n d ervoort
& Ba rney
in th e v a u d e v ille se ctio n o f th e p e r
B a n k w ill b e th e in te r lo c u to r, and the
fo r m a n c e .
en d m en, E m il B o d e an d R a y B o n ifa c e ,
C h eck ro o m fa c ilit ie s are p r o v id e d ,
w ill b e su p p lem en ted an d a ssisted b y
an d e v e ry a rra n gem e n t w ill be c o m
H e r b e r t H e il an d B la ze E . G oelz.
p le te d to m a ke th e e v e n in g e n jo y a b le .
S p e cia l son gs h ave b een w ritte n f o r
T h e h all a ccom m od a te s a b o u t 1,100,
th e g le e clu b , as w e ll as sp ecia l a r
an d at th e co n c lu s io n o f th e v a u d e
ra n gem en ts
of
o ld
tim e fa v o r ite s .
v ille , th e ch a irs w ill be cle a re d an d the
S om e o f th e sn a p p iest son g s rig h t
im m en se h all g iv e n o v e r to d a n cin g.
d o w n to d a te are also to b e used.
A sp e cia l fe a t u r e o f th e M in s tre l
T h e p e rso n n e l o f th e G lee C lub i s :
w ill be the G ra n d O p e ra M e d le y (o n
S o p ra n o s
ly five m in u tes, h ow ev er, f o r th o se o f
C a th erin e B o llh o r s t, F e d e r a l R e s e rv e
y o u w h o d o n o t ca re f o r G ra n d O p e ra ).
Bank.
T h is is an a rra n gem en t, in tr ic a te in
L o u ise B ru egg em a n n , S cru g g s , V a n d e r
d esign , an d co m p e llin g in its ap p eal,
v o o r t & B a rn e y B a n k .
f o r s ix in d e p e n d e n t so lo v o ice s , and
N e ll W a lk e r D u n ca n , F e d e r a l R e s e rv e
tw o ch oru ses.
B ank.
I t is im p o ss ib le to d is clo se all th e
H a z e l H u rs t, N o rth w e s te rn T ru st Co.
fe a tu r e s w h ich w ill b e o ffe re d f o r y o u r
A n n a M a e G ro lo c k , S cru g g s, V a n d e r
d e le cta tio n , b u t w e fe e l secu re in a s
v o o r t & B a rn e y B a n k .
su rin g y o u th a t y o u w ill re g r e t it i f
L illia n R e in h a rt, L ib e r t y C en tra l T ru st
y o u d o n o t atten d.
Co.
A lt o s
The Glee Club Entertainment
R u th B ra u ro th , F e d e r a l R e s e rv e B a n k .
M rs. A . S. B r o o k s , L ib e r t y C en tral
T ru s t Co.
E liz a b e th H a w k en .
E r n a J a n u a ry , G ra h a m P a p e r Co.
E v e ly n M enke.
M a rth a N a ll, W a s h in g to n U n iv e rs ity .
T en ors
B la ze E . G oelz, S ou th e rn I llin o is N a
tio n a l B a n k .
H e r b e r t G ra hl, M e rca n tile T ru s t Co.
E d g a r IL a n ft, F e d e r a l R e s e rv e B a n k .
R o b t. D . K e r r , L ib e r t y C en tra l T ru st
Co.
R ic h a r d R . K le in ,
N a tio n a l B a n k .
M e rch a n ts -L a cle d e
Heavy
Enrollment
Makes
Room Changes Necessary
D u e to th e la rg e size o f th e F u n
d a m en ta ls o f B a n k in g cla ss on T u e s
d a y ev en in g s an d th e C o m m e rcia l L a w
cla ss on F r id a y s , it w a s fo u n d n e ce s
s a ry to m ov e th e lib r a r y an d re a d in g
ro o m a cro ss th e h all to ro o m 316, and
c o n v e rt r o o m 322-323 in to a cla ss room .
T h e ch a n ge ov e rco m e s th e c ro w d e d co n
d itio n th a t e x iste d in th ose tw o classes.
N ew lig h ts h ave been in sta lle d in ro o m
323, an d w ith th e g re a te r n u m b er o f
w in d o w s , b e tte r lig h t and v e n tila tio n
are thus o b ta in ed , in a d d itio n to m ore
sp ace.
70
M id -C o n t in e n t
November, 1928
B a n k er,
Illinois ‘Hank Ne<ws
O FF IC E R S IL L IN O IS B A N KERS A S S O C IA T IO N : Omar H. Wright, president,
Second National Bank, Belvidere, president; Lyon Karr, president, First State
Bank, Wenona, vice-president; William B. Dorris, cashier, First National Bank,
O ’ Fallon, treasurer; M. A. Graettinger, Chicago, secretary; Olive S. Jennings,
Chicago, assistant secretary.
GROUP C H A IR M E N : 1. C. D. Tedrow, cashier, Citizens National Bank, Princeton;
2. E. L. Parks, president, Bank of Farmington; 3. G. R. Haas, cashier, Ogle
County State Bank, O regon; 4. Wm. M. Givler, cashier, First National Bank,
Naperville; S. W. D. Kitchell, cashier, Farmers State Bank, Danvers; 6. J. C.
Brydon, cashier, First National Bank, Martinsville; 7. T. A. Scott, cashier, Scott
State Bank, Bethany; 8. George Dyson, president, Rushville State Bank; 9. Henry
Eversmann, cashier, Effingham State Bank; 10. B. Glenn Gulledge, assistant cashier,
Marion State & Savings Bank, Marion; 11. P. E. Zimmerman, president, Oak
Park Trust & Savings Bank.
GROU P S E C R E T A R IE S : 1. Glenn Sheesley, cashier, Farmers National Bank, V iola;
2. John B. Fleming, cashier, Bank of Peoria; 3. F. C. Baker, cashier, Stillman
Valley Bank; 4. Frank W. Reed, president, First National Bank, Lake Forest;
5. J. C. Corbett, president, Commercial National Bank, Chatsworth; 6. J. D.
Morse, cashier, Morse State Bank, Gifford; 7. C. R. Hill, cashier, First National
Bank, Sullivan; 8. R. R. Wallace, cashier, First National Bank, Hamilton; 9.
Arthur Eidmann, cashier, St. Clair National Bank, Belleville; 10. L. K. McAlpin,
cashier, First National Bank, Metropolis; 11. Wm. F. Graupner, cashier, Des
Plaines State Bank.
L a rg e G ain
In B a n k D e p o sits.
T h e co m b in e d sta tem en t o f th e six
b a n k s o f E lg in , I llin o is , sh ow s an in
cre a se in d e p o s its o f $324,754.50 d u rin g
th e la st th ree m on th s. L o a n s an d d is
co u n ts h ave a lso in cre a s e d $637,191.74
sin ce D e ce m b e r 31, 1927.
T o ta l loa n s, d is co u n ts an d b o n d s o f
th e b a n k s are $12,714,030.91 an d to ta l
d e p o s its are $13,511,759.23.
In cre a s e s
C a p ita l S to ck .
An
in cre a s e
in
c a p ita liz a tio n
to
$1,000,000 and a 5 0 % s to ck d is tr ib u
tio n h as b een o rd e re d b y th e b o a rd o f
d ir e c to r s o f th e F ir s t N a tio n a l B a n k
at J o lie t, Illin o is .
A t th e sam e tim e th e b o a rd v o te d to
c o n s o lid a te
C om pany
th e
w ith
W o o d r u ff
th e
F ir s t
S e c u ritie s
N a tio n a l
Bank.
T h e s e cu ritie s
c o m p a n y is
c a p ita liz e d at $1,000,000. T h e in cre a s e
in ca p ita l s to ck o f th e b a n k fr o m
$400,000 to $1,000,000 w ill a llo w th e
d is tr ib u tio n o f a b on u s o f $ 2 0 0 ,0 0 0 in
s to ck to th e 180 sto ck h o ld e r s o f th e
bank.
F.
W . W o o d r u ff w h o is p re sid e n t o f
th e b a n k is a lso th e p r e s id e n t o f th e
s e cu ritie s com p a n y .
G en eseo B a n ks
In s ta ll S e r v ice F ees.
T h e b a n k s o f G eneseo, Illin o is , h ave
a d o p te d a 5 0 c s e rv ice ch a rg e on a c
cou n ts u n d e r
$50.
O th er
ch a rg es
a d o p te d a r e : A u to m o b ile lice n se a p
p lic a tio n s , 2 5 c ; t r a v e le r s ’ ch eck s, y2
o f 1 % ; d r a ft s on C h ica g o and N ew
Y o r k b a n k s, 5c m in im u m e a c h ; p r in te d
c u s to m e r ’ s ch eck s, a ctu a l c o st o f p r in t
in g.
® f it Cfjase üattonal tarife
of
the C ity o f cN[e'w Y o r k
P in e S treet C o rn e r o f N assau
C a p i t a l ......................................... $ 6 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s a n d P r o fit s
7 8 ,8 0 7 ,3 4 3 .0 6
D e p o s i t s ( O c t o b e r 3, 1 9 2 8 )
8 9 2 ,3 8 8 ,8 5 8 .5 4
O F F IC E R S
A l b e r t H . W ig g in
C h a irm a n
of
th e
B oa rd
R obert L. C l ar k so n
J o h n M cH u g h
C h a irm a n o f th e E x e c u t i v e C o m m it te e
P r e sid e n t
V IC E -P R E S ID E N T S
Samuel H. Miller
Harry H. Pond
Carl J. Schmidlapp
Samuel S. Campbell
Reeve Schley
William E. Lake
Sherrill Smith
Charles A. Sackett
Henry Ollesheimer
Hugh N. Kirkland
Alfred C. Andrews
James H. Gannon
Robert I. Barr
William E. Purdy
George E. Warren
George H. Saylor
George D. Graves
M. Hadden Howell
Frank O. Roe
Joseph C. Rovensky
V ic e -P r e s id e n t
and
C a sh ie r
W i l l i a m P. H ol l y
SECOND V IC E -P R E S ID E N T S
Frederick W. Gehle
William H. Moorhead
Edwin A. Lee
Harold L. Van Kleeck
Alfred W. Hudson
T. Arthur Pyterman
James L. Miller
Ambrose E. Impey
Joseph Pulvermacher
Robert J. Kiesling
Leon H. Johnston
Lynde Selden
Franklin H. Gates
Thomas B. Nichols
Arthur M. Aiken
George S. Schaeffer
S. Frederick Telleen
J. Sperry Kane
Otis Everett
George A. Kinney
C o m p tr o lle r
T ho m as R it c h ie
Foreign and T ru st D ep a rtm en t Facilities
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
X X X II
S o u th e rn Y ac h t C lub
N ew O rlean s, b o rd erin g on the S o u th
ern sh o re o f L a k e P on tc h artrain , e asily
a c c e s s i b l e b y w ater to t h e G u l f o f
M exico, is id e a lly lo c ated for p le asu re
b o atin g a n d y a c h tin g . T h e S o u t h e r n
Y ac h t C lub (p ictu red a b o v e) h a s a m em
b e rsh ip o f 1,500 an d a fleet o f m ore th an
500 y a c h ts. T h e C lub a c ts a s h o st to
n u m ero u s re g attas, in c lu d in g the L ip to n
T r o p h y R a c e s.
H ib e r n ia B a n k a n d T r u s t C o .
N ew O rlean s, U . S. A.
November, 1928
M id-Continent B anker
71
H . L. W ils o n
E le cte d C ashier.
T h e G a r y -W h e a to n B a n k at W h e a t
on, Illin o is , w h ich h as b een w ith o u t a
p e rm a n en t v ice -p r e s id e n t and ca sh ier
sin ce th e an n u a l e le c tio n o f officers
la st s p rin g h as e le cte d H a r o ld L. W i l
son, o f V a lle y C ity , N . D ., to th a t p o s i
tion .
M r. W ils o n en tered u p o n liis n ew
d u tie s O cto b e r 1.
N ew B a n k
O pen s in C h ica g o.
Y our
Jo b
Is
A n a k in ’s #
Y o u r R e sp o n sib ility
as a banker is to defeat the bandit,
day and night. Little as you may
relish it, this is a burden placed
upon your shoulders which you
cannot evade or sidestep.
B u t 8 ,7 4 6 B a n k s
have successfully solved the ques
tion of night burglary by install
ing famous Anakin Locks and Gas.
That 133 banks have been saved
from the attack of the skilled bank
burglar.
A n d N o w A n a k in
is ready to
assume guardianship
against
D a lite H o l d -U p
as a fitting companion protection.
JU ST A
PO ST
CARD
will secure particulars
T h e R id g e S ta te B a n k at 7048 W e s t
ern A v e n u e , C h ica g o, o p en ed f o r b u s i
n ess O cto b e r 6 . I t is h ea d ed b y J oh n
B a in , ch a irm a n o f th e b o a rd o f th e
C h ica g o L a w n S ta te B a n k , h ea d o f
elev en sim ila r in s titu tio n s in C h ica g o,
an d h is a ssocia tes.
O fficers o f th e n ew b a n k a r e : W i l
lia m H . F is h e r, p r e s id e n t ; J o h n H .
B a in , v ice -p r e s id e n t and c a s h ie r ; W i l
lia m S. L eslie, v ic e -p r e s id e n t ; A n d r e w
M o rd e n , a ssista n t c a s h ie r ; E rn e st L.
S in c la ir, a ssista n t ca sh ier an d loa n
m a n a g e r ; C h a rles Z o fk ie and A . D u n
ca n P a ca u d , a ssista n t cash iers.
C h arles R ittg e r R es ig n s
A s C a sh ier at M o rr is o n v ille .
C h a rles R ittg e r , f o r m a n y y e a r s th e
ca sh ie r o f th e F a rm e rs S ta te B a n k at
M o rr is o n v ille , Illin o is , r e sig n e d fr o m
th a t p o s itio n on O cto b e r 1. T h e b oa rd
o f d ir e c to rs h a v e e le cte d
H arry L.
V a n c il as M r. R i t t g e r ’ s su ccessor.
M r. R it t g e r is on e o f th e b a n k ’ s
h e a v ie st sto ck h o ld e r s and he s till h old s
h is p o s itio n as a d ir e c to r.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ILLINOIS
ust
M
be prompt
and c o m p e
tent, of course, but
we add something
— a personal inter
est which assures
s a t i s f a c t i o n and
indefinite continu«»
ation o f the rela
T h e F o re m a n s and th e ir a ssocia tes
h a v e a cq u ire d an in te re s t in th e N o r th
w e ste rn T ru s t an d S a v in g s B a n k , C h i
ca g o, an d w ill b e re p re s e n te d b y A l
fr e d K . F o re m a n , v ice -p r e s id e n t o f th e
F o re m a n B a n k s, w h o w ill b e co m e a
m em b er o f th e d ir e c to ra te at th e n ex t
an n ua l m eetin g.
T h e d e c is io n to ele ct M r. F o re m a n a
d ir e c to r w a s a g reed u p o n at a m eetin g
h eld re ce n tly . A t th e sam e tim e F r a n k
E. L a c h o w s k i, p r e s id e n t o f th e S econ d
N o rth w e s te rn S ta te B a n k an d n ep h ew
o f th e la te J o h n F . S m u lsk i, w a s
e le cte d ch a irm a n o f th e b o a rd .
The
re la tio n s h ip o f th e tw o b a n k s w ill be
m o re c lo s e ly cem en ted b y M r. L a c k ow sk i b e c o m in g a d ir e c to r o f th e F o r e
tionship.
L o o g o o te e
B a n k C on solid a tes.
CHICAGO
To Banks
F orem a n s A c q u ir e
In te r e s t in A n o th e r B ank.
m a n B a n k s.
The Anakin Co.
A Bank’s Service
T h e S ta te B a n k o f L o o g o o te e , I l l i
n ois, h as b een c o n s o lid a te d w ith th e
F a rm e rs an d M e rch a n ts S ta te B a n k o f
St. P e te r, Illin o is , th e la tte r a ssu m in g
th e lia b ilitie s an d re so u rce s, e x ce p t th e
b a n k in g h ou se, fu r n itu r e an d fixtu res.
I
On these terms
we invite your business
C H IC A G O
TR U ST
C O M PA N Y
LUCIUS TETER
JOHN W . O’LEARY
President
Vice-President
CHICAGO
72
A l l b u sin e ss w ill b e tra n s a cte d in th e
B a n k a t St. P e te r u n d e r th e n am e o f
th e F a rm e rs an d M e rch a n ts
S ta te
B a n k o f St. P e te r.
B a n k D e p o s its
S h o w L a rg e In cre a s e.
A g a in o f a p p r o x im a te ly $500,000 in
d e p o s its sin ce J u n e 30 w a s sh ow n b y
five J o lie t b a n k s in th e ir com b in ed
sta tem en t at th e close o f b u sin ess on
O cto b e r 3.
R e p o r ts sh ow t o t a l d e
p o s its o f $29,705,152.88.
T o ta l d e p o s its on J u n e 30 w ere
$29,237,207.92.
N ew B ank
A t F lo s sm o o r.
T h e F lo s s m o o r S ta te B a n k , F lo s s
m o o r, Illin o is , o p e n ed its d o o r s f o r
bu sin ess
in
its
n ew
b u ild in g
on
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November, 1928
M id -C o n t i n e n t B a n k e r
O cto b e r 27. T h e b a n k is u n d e r sta te
su p e rv isio n . I t h as a c a p ita l s to ck o f
$25,000 an d a su rp lu s an d c o n tin g e n t
fu n d o f $12,500.
J oh n A . C a rro ll, p re sid e n t o f th e
H y d e P a r k N a tio n a l B a n k an d ch a ir
m a n o f th e b o a rd s o f th e J a ck s o n
P a r k N a tio n a l B a n k an d S o u th S h ore
S ta te B a n k , is ch a irm a n o f th e b o a rd
o f th e n ew b a n k .
O th er officers a r e :
D . J . B ru m le y , p r e s id e n t ; A lb e r t W .
T a tg e, ca sh ier.
E liz a b e th B a n k
S h ow s G o o d S ta tem en t.
T h e sta tem en t o f c o n d itio n as o f
O cto b e r 3, o f th e E liz a b e th S ta te B a n k ,
E liz a b e th , Illin o is , sh ow s t o t a l r e
so u rces o f o v e r $780,000 an d d e p o s its
o f o v e r $680,000.
C a p ita l is $40,000
an d su rp lu s an d u n d iv id e d p ro fits are
o v e r $55,000, m a k in g it on e o f I ll in o i s ’
h o n o r r o ll ba n k s.
O fficers o f th e b a n k a r e :
J a co b
B e rts ch , p r e s id e n t ; B ern h . D ittm a r,
v ic e -p r e s id e n t ; L o is E . N a sh , c a s h ie r ;
C. O. D a n iel, a ssista n t ca sh ier.
T o ta l D ep osits
A r e O ver $400,000.
T h e sta tem en t o f c o n d itio n o f th e
C r o ck e r & C o., B a n k ers, M a ro a , I l l i
n ois, as o f O cto b e r 3 sh ow s to t a l re
so u rces o f o v e r $550,000. D e p o s its are
a p p r o x im a te ly $425,000 an d it h as a
c a p ita l o f $ 1 0 0 ,0 0 0 .
O fficers o f th e b a n k a r e : J . C ro ck e r,
p r e s id e n t ; J. H . C ro ck e r, v ic e -p r e s i
d e n t ; G eorg e C on ov er, ca sh ier.
T o ta l R e s o u rce s
A r e O ver $13,000,000.
T h e sta tem en t o f c o n d itio n as o f
O cto b e r 3, o f th e C e n tra l M a n u fa c t u r
in g D is t r ic t B a n k o f C h ica g o , I llin o is ,
sh ow s to ta l r e so u rce s o f $13,571,758.51.
D e p o s its are lis te d at $11,001,758.51.
C a p ita l is $500,000 an d su rp lu s an d u n
d iv id e d p ro fits a re o v e r $800,000, m a k
in g it an h o n o r r o ll ba nk.
O fficers o f th e b a n k a r e :
N e ls o n L.
B u ck , ch a irm a n o f th e b o a r d ; W m . R .
J a rn a g in ,
an d
F.
H.
p r e s id e n t ;
E.
P o r o m to ,
F ran k
L. W ebb
v ic e -p r e s id e n t s ;
C. H o e b e l, a s sista n t v ic e -p r e s id e n t ;
W a lt e r R . C o s te llo , c a s h ie r ; J. R . R o lle y an d S. M . G o ld b e rg , a ssista n t ca sh
iers ; G e a ry Y . S tib g e n , tr u s t officer.
T o ta l R e s o u rce s
O ver $340,000,000.
T h e sta tem en t o f c o n d itio n at th e
c lo se o f bu sin ess on O cto b e r 3, o f the
F ir s t N a tio n a l B a n k o f C h ica g o , sh ow s
to ta l r e so u rce s o f o v e r $340,000,000.
D e p o s its are o v e r $280,000,000. C a p i
ta l s to ck an d su rp lu s a re b o th $15,0 0 0 , 0 0 0 , m a k in g it an h o n o r r o ll ba nk .
G en era l officers o f th e b a n k a r e :
F r a n k 0 . W e tm o re , ch a irm a n o f th e
b o a r d ; M e lv in A . T r a y lo r , p r e s id e n t ;
E d w a rd s E . B r o w n an d J o h n P . O leson , v ice -p re s id e n ts .
T o ta l R e s o u rce s
O ver $140,000,000.
T h e sta tem en t o f c o n d itio n as o f
O cto b e r 3, o f th e F ir s t T ru s t an d S a v
in g s B a n k o f C h ica g o, sh ow s to t a l r e
so u rce s o f o v e r $140,000,000. D e p o s its
a re a p p ro x im a te ly $120,000,000. C a p i
ta l s t o c k an d su rp lu s are b o t h $7,500,0 0 0 , m a k in g it an h o n o r r o ll ba nk .
O fficers o f th e b a n k a r e : F r a n k 0 .
W e tm o re , ch a irm a n o f th e b o a r d ; M e l
v in A . T r a y lo r, p r e s id e n t ; A r la n W .
C on v erse, v ice -p r e s id e n t an d c a s h ie r ;
R o b e r t D . F o r g a n , tr e a s u r e r ; J o s e p h
R . J u lin , secre ta ry .
November, 1928
C a iro B a n k
S h ow s G o o d S ta tem en t.
T h e sta te m en t
73
M id -C o n t i n e n t B a n k e r
of
c o n d itio n
as o f
O cto b e r 3, o f th e F ir s t B a n k an d T ru st
C o m p a n y , o f C a iro, Illin o is , sh ow s t o
ta l r e so u rce s o f o v e r $2,900,000. D e
p o s its a re a p p r o x im a te ly
$2,500,000
an d c a p ita l s t o c k is $250,000.
O fficers o f th e b a n k a r e :
R eed
G reen , p r e s id e n t ; W . H . W o o d an d
O. B . H a s tin g s , v ic e -p r e s id e n t s ; H . S.
A is th r o p e , c a sh ie r an d s e c r e t a r y ; H . C.
S tein el, H . E . E m e rs o n an d V . M .
B r o w n , a ssista n t ca sh iers.
C o m b in e d S ta tem en t
O f T w o C h ica g o B a n k s.
T h e c o m b in e d sta tem en t o f c o n d i
tio n o f th e D ro v e r s N a tio n a l B a n k
an d th e D r o v e r s T ru s t an d S a v in g s
B a n k o f C h ica g o on O cto b e r 3 sh ow s
to t a l r e so u rce s o f o v e r $32,000,000.
D e p o s its a re o v e r $28,000,000. C a p ita l
s t o c k is $1,350,000 an d su rp lu s and
p r o fits o v e r $1,400,000, p la c in g th e
c o m b in e d b a n k s on th e h o n o r roll.
O fficers o f th e D r o v e r s N a tio n a l
Bank
are:
W illia m
C. C u m m in gs,
p r e s id e n t ; F r e d e r ic k N . M e rc e r and
Gates
A . R y th e r , v ic e -p r e s id e n t s ;
G e o rg e A . M a lco m , v ice -p r e s id e n t and
c a s h ie r ; D a le E . C h a m b erla in , v ice p r e s id e n t ; F r a n k M . C o v e rt, a ssista n t
ca sh ier.
O fficers o f th e D r o v e r s T ru s t and
S a v in g s B a n k a r e : W illia m C. C u m
m in g s, p r e s id e n t ; F r e d e r ic k N . M e rc e r
an d C h a rles S. B r in tn a ll, v ic e -p r e s i
d e n ts ; M u r ra y M . O tsto tt, v ic e -p r e s i
d en t an d c a s h ie r ; C. A . N ew m a n , a s
B a n k an d w ill h a v e a c a p ita l s to ck o f
$25,000. O fficers o f th e n ew b a n k a r e :
A . M . S m ith , p r e s id e n t ; W . R . M cG a th y , v ic e -p r e s id e n t ; D . E . B ra n ste tter, ca sh ier.
The
R iv e r
F orest
S ta te
B ank
at
R iv e r F o r e s t, Illin o is , w ill m o v e in to
its n ew b a n k in g q u a rters in D ecem b er.
T h e D o rc h e s te r S ta te B a n k h as b een
re o rg a n iz e d . O fficers o f th e n ew b a n k
are A . H . B a u er, p r e s id e n t ; W m . B .
R u s t, v ic e -p r e s id e n t ; W m . H e n rich s ,
ca sh ier.
W illia m J o h n M cB r o o m , 69, v ice p r e s id e n t o f th e F ir s t N a tio n a l B a n k
o f G en eseo, Illin o is , d ie d O cto b e r 6 at
h is h om e in th a t c ity .
G eorg e
H a n lo n
h as
su cce e d e d
T h e m erg ed F ir s t N a tio n a l an d F ir s t
S ta te B a n k at A b in g d o n , I llin o is , is to
h ave a n ew b a n k in g b u ild in g .
G eorg e R . B o y le s has b e e n e le cte d
p re sid e n t o f th e L a k e V ie w S ta te
B a n k , C h ica g o . M r. B o y le s w a s an e x
a m in er o f th e C h ica g o C le a rin g H o u se
f o r seven y e a rs an d b e fo r e th a t w as
w ith th e F ir s t N a tio n a l B a n k in
C h ica g o.
M y r o n O. B row n , o f E v a n sv ille , I lli-
10% in 10 Days!
O rd in a rily , a c it y b a n k is n o t ch a rg ed w it h
th e r e sp o n sib ility o f aiding its c o rr e s p o n d '
en ts t o in crea se th e ir lo ca l deposits. B u t here
at th e R e p u b lic w e a cce p t th a t ob lig a tion .
sista n t ca sh ier.
A r t h u r J. S ch n eid er, ca sh ie r o f th e
S ta te B a n k o f N a u v o o , Illin o is , d ied r e
c e n tly at h is h om e in th a t c ity .
He
h a d b e e n c a s h ie r o f th e b a n k f o r 18
y ea rs.
T h e S o u th S h ore S ta te B a n k , C h ica
g o , o fficia lly o p e n e d its n ew b a n k in g
h o m e O cto b e r 1. S in ce 1914 th is b a n k
h as in cr e a s e d its t o t a l d e p o s its fr o m
$86,000 to o v e r $2,500,000 in r e so u rce s
to d a y .
A . L . R o g e r s h as b e e n e le cte d ca sh ie r
o f th e C itize n s S ta te B a n k at G len coe,
L ast m on th , fo r in stan ce, on e o f o u r c o r '
resp on d en ts w a s a b o u t t o cele b ra te its 50 th
A n n iv e r s a r y . T h e y ca m e to o u r S e r v ice
D e p a r t m e n t f o r s u g g e s t io n s . W e
took
charge, laid o u t a c o m p le te cam p aign, w r o t e
th e c o p y , i n je c t e d s o m e n e w id e a s a n d
s u p e r in t e n d e d th e e n t ir e jo b . A n d as a
d ire ct result, th a t b a n k
deposits
io°Jo
in
10
increased its total
days!
A n d i f y o u are in terested in a C h ic a g o c o r '
re sp o n d e n t o f th is ty p e , m erely address —
I llin o is .
T h e sta te m en t o f c o n d itio n o f th e
B a n k o f F a r m in g to n , F a r m in g to n , I l l i
n o is, o n O cto b e r 3 sh ow s to t a l r e
so u rce s o f o v e r $475,000.
F r e d L o v e ll, ca sh ie r an d v ic e -p r e s i
d en t o f th e F ir s t N a tio n a l B a n k o f L a G ra n g e, Illin o is , h as b een e le cte d p r e s i
d e n t o f th e L a G ra n g e K iw a n is C lub.
A n ew b a n k is b e in g s ta rte d at W in
n e b a g o , I llin o is , to re p la c e th e d e fu n c t
W in n e b a g o S ta te B a n k . T h e n ew b a n k
w ill b e k n o w n as th e P e o p le s S ta te
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Service Department
The National Bank o f the
R E P U B L I C
• • OF
his
fa t h e r , th e la te W . H . H a n lo n , as a d i
r e c t o r o f th e G ra n ite C ity N a tio n a l
Bank.
T. D . G ra d in a ro ff, a ssista n t
ca sh ier, h as b een e le cte d a d ir e c to r to
su cce e d th e la te C. H . Ivun n em an n .
CHICAGO
* *
Office o f New York Representative, No. 1 Wall St.
Office o f Pacific Coast Representative, Citizens National Bank Bldg., Los Angeles
Office o f London Representative, 8 King William St., London E. C* 4
© N . B . R . 1923
74
M id - C o n t i n e n t
n o is, lias a c c e p te d a p o s itio n w ith th e
F ir s t N a tio n a l B a n k at B r id g e p o r t,
Illin o is , s u cce e d in g S. 0 . B eam .
L e slie L u n d g re n has b een elected
c a s h ie r o f th e B a n k o f E sm on d , I ll i
n o is, s u cce e d in g C h arles G reen w ood ,
w h o g o e s to a b a n k at E ld rid g e , I ll i
n ois.
R u th G ates, p u b lic it y m a n a ger o f th e
November, 1928
B anker
th e F a rm e rs N a tio n a l B a n k at W in
field, Io w a , r e c e n tly a c c e p te d th e ca sh ie rs h ip o f th e S ta te S a v in g s B a n k at
K e w a n e e , Illin o is .
M . D. H a th a w a y , on e o f th e fo u n d
ers o f th e P e o p le s L o a n an d T ru st
C o m p a n y at R o c h e lle , Illin o is , d ie d r e
c e n tly at h is h om e in th a t city .
G. H . R eh r, f o r th e p a s t tw o y ea rs
S ta te B a n k an d T ru s t C o m p a n y at
E v a n sto n , I llin o is , is th e n ew p re sid e n t
o f th e A s s o c ia t io n o f C h ica g o B a n k
W om en.
an d a h a lf ca sh ier o f th e S ta te B a n k
at K ir k la n d , Illin o is , h as g o n e to th e
F o r e s t C ity N a tio n a l B a n k .
P a u l E. H e rsch e l, Jr., h as b een e le c t
H a r o ld A . W illa r d h as resig n ed as
ca sh ie r o f th e P e o p le s B a n k at B e lv i-
ed to fill th e v a c a n c y on th e b o a rd o f
d ir e c to r s o f th e C om m ercia l N a tio n a l
B a n k at P e o r ia , I llin o is , ca u sed b y th e
dea th o f h is fa th e r , P a u l E. H e rsch e l,
Sr.
0 . L. K a rs te n , h e r e t o fo r e ca sh ier o f
T h e b a n k ers o f G a lla tin C ou n ty, I ll i
n ois, r e c e n tly o rg a n iz e d th e G a lla tin
C o u n ty B a n k ers A s s o c ia t io n w ith W .
H . B r in k le y , p re sid e n t, and H u g h M cIv e llig o tt, s e c r e ta r y an d trea su re r.
E d. J. S h u n ick , a ssista n t ca sh ie r o f
th e M o n m o u th
T ru s t
and
S a v in g s
B a n k at M o n m ou th , Illin o is , re sig n e d
O cto b e r 1 fr o m th a t p o s itio n .
B ern a rd W e r n s in g h as re sig n e d as
a ssista n t ca sh ie r o f th e F ir s t N a tio n a l
B a n k at E ffin gham , Illin o is , an d P a u l
K o b o ld t h as b een e le cte d to su cce e d
him .
d ere, Illin o is .
A r th u r
S ch n eid er,
ca sh ie r
of
th e
N a u v o o S ta te B a n k at N a u v o o , I ll i
n ois, d ie d r e c e n tly at h is h om e in th a t
city .
O F F E R IN G E V E R Y
B A N K IN G F A C IL IT Y
State
Bank
Division
Elects Officers
S. J. H ig h , p re sid e n t, P e o p le s B a n k
an d T ru s t C o m p a n y o f T u p e lo , M iss.,
w a s e le cte d p r e s id e n t o f th e S ta te
B a n k D iv is io n o f th e A m e rica n B a n k
ers A s s o c ia t io n at th e c o n v e n tio n in
P h ila d e lp h ia . D a n V . S tep h en s, p r e s
id en t, F r e m o n t S ta te B a n k , F re m o n t,
N e b ra sk a , w a s ch osen v ice -p re sid e n t.
G. W . Wells Is N ew Secretary
Northwestern National Life
NORTH W EST C O R N E R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L A S A L L E 6c M O N R O E STREETS C H IC A G O
G e o rg e W . W e lls , J r., sta te in su r
an ce com m ission er, has a c c e p te d an
a p p o in tm e n t as se c r e ta r y o f the N o r th
w estern N a tio n a l L if e In su ra n ce C om
p a n y o f M in n e a p o lis to su cceed M a u
r ic e V . Jen n ess, r e c e n tly resig n ed , a c
c o r d in g to an a n n ou n cem en t b y 0 . J.
A r n o ld , p r e s id e n t o f th e co m p a n y .
M r. W e lls , w h o is a lso sta te fire m a r
shal an d a m em b er o f th e sta te se c u ri
ties co m m ission , w ill relin q u ish all his
sta te d u ties as s o o n as he can be r e
lie v e d to assum e his n ew p o s itio n .
H is term o f office as in su ra n ce c o m
m issio n e r w o u ld h ave e x p ir e d F e b r u
a r y 28, 1929.
M r. Jen n ess, w h om M r. W e lls su c
ceed s as s e cre ta ry , con tin u e s h is a s so
c ia tio n w ith th e co m p a n y b u t in th e
a g e n cy field as a l i f e u n d e rw rite r. H e
w ill sp e cia liz e in b u sin ess in su ra n ce
an d lif e estates, o p e r a tin g th ro u g h the
W h it e & O d ell A g e n c y , I n c., state
agen ts f o r M in n esota . M r. J en n e ss is
m a k in g th is ch a n g e w ith th e e x p e cta
tio n th a t th e g re a te r fr e e d o m an d o u t
d o o r lif e w h ich he w ill e n jo y in th e
p e r fo r m a n c e o f his n e w d u ties w ill im
p r o v e his h ealth, w h ich has n o t b een
g o o d f o r the p a s t tw o y ea rs.
M r. W e lls en tered the se rv ice o f the
sta te in su ra n ce d e p a rtm e n t in A p r il,
1921, as an ex a m in er an d w a s la te r
a p p o in te d d e p u ty in su ra n ce c o m m is
sion er. P r e v io u s ly he h ad b een a t
t o r n e y f o r th e sta te s e cu ritie s c o m m is
sion.
November, 1928
75
M id -C o n t i n e n t B a n k e r
T w o L a rge N ew
Y ork
A d vertisin g
A g en cies C onsolidate
NNOUNCEM ENT
lias b een m a de
o f th e c o n s o lid a tio n o f G e o rg e
B a tte n C o m p a n y , In c. an d B a rto n ,
D n rstin e & O sb orn , In c., tw o o f th e
la rg e st an d b es t k n o w n n a tio n a l a d
v e rtis in g a g en cies, w ith h ea d q u a rters
in N e w Y o r k C ity .
B r u ce B a rto n , p r e s id e n t o f th e la t
ter, is to b e ch a irm a n o f th e b o a rd
o f th e n ew co m p a n y . W illia m
H.
J o h n s, p r e s id e n t o f G e o rg e B a tte n
C o m p a n y , I n c., w ill b e p re sid e n t o f
th e c o n s o lid a te d a g e n cy an d R o y S.
D u rstin e , s e c r e ta r y an d tre a s u re r o f
B a rto n , D u rstin e & O sb orn , In c., w ill
b e v ice -p r e s id e n t an d g en era l m a n
ager. T h e n ew firm w ill b e B a tten ,
B a rto n ,
D u rs tin e
&
O sb orn ,
In c.
B r a n c h offices w ill also b e c o n s o lid a te d
g iv in g th e n ew c o m p a n y e n la rg ed f a
cilitie s in C h ica g o, B u ffa lo and B o s to n .
T h e d ir e c to rs o f th e co n s o lid a te d
c o m p a n y are to b e : C h arles J. B a b
c o ck , B ru ce B a rto n , R o y S. D u rstin e,
N . W . E m e rs on , F . R . F e la n d , G eorg e
F . G ou g e, R . J. H a y w a r d , W illia m H .
J o h n s, A le x F . O sb orn , R u ss e ll O s
b o rn . O th er
officers
b es id e s
th ose
a lre a d y m e n tio n e d a r e : F . R . F e la n d ,
v ic e -p r e s id e n t ; A le x F . O sb orn , v ic e p re sid e n t ; Chas. J. B a b c o ck , v ic e p re s id e n t ; P a u l M . H o llis te r , v ice p re sid e n t ; N . W . E m e rs o n , v ic e -p r e s
id e n t ; C. F . D a v is, v ic e -p r e s id e n t ; S.
H . B u sser, v ic e -p r e s id e n t ; F . G. H u b
b a rd , v ic e -p r e s id e n t ; A . D . C h ip u oin e,
J r., v ic e -p r e s id e n t ; F . M . L a w ren ce,
s e c r e t a r y ; C h ester E . H a r in g , a s sist
an t s e c r e ta r y ; R . J . H a y w a r d , tr e a s
u r e r ; T. A r n o ld R a u , a ssista n t tr e a s
urer.
T h e C h ica g o b u sin ess o f th e p r e s
en t G e o rg e B a tte n C o r p o r a tio n , G e o rg e
B a tte n
C om pan y,
In c.
an d
B a rto n ,
D u rs tin e & O sb orn , In c. w ill b e c o m
b in e d
B a rto n ,
r a tio n
under
th e
D u rstin e
of
I llin o is
n am e
&
of
O sb orn
of
w h ich
B a tte n ,
C orpo
B ru ce
ters in th e sam e b u ild in g at 383 M a d
is o n A v e n u e , N ew Y o r k C ity . G eorg e
B a tte n C om p a n y , In c. w a s fo u n d e d in
1892 an d B a rto n , D u rstin e & O sb orn ,
In c . in 1919. T h e c o n s o lid a te d c o m
pany
w ill
h ave
a p e rso n n e l o f
m ore
th a n 600 e x ecu tiv es an d em p loyees.
I n a jo in t sta tem en t c o n c e rn in g the
c o n s o lid a tio n M essrs. J o h n s an d D u r
stin e
G eorg e
say:
‘ 1T he
B a tte n
c o n s o lid a tio n
C om p a n y ,
In c.
of
and
o f ex e cu tiv e s h o ld in g th e sam e sta n d
a rd s o f a g e n cy eth ics an d efficien cy.
I t p ro d u ce s a s tron g , u n ified co m p a n y
to m eet th e r a p id ly e x p a n d in g and
c o n s ta n tly ch a n g in g d e v e lo p m e n ts o f
a d v e rtis in g . T h e
s tro n g e st q u a lities
o f each a g e n cy co m p lem e n t an d su p p le
m en t th ose o f th e o t h e r .”
F a th e r
S a id N o
ta b le m a n n e r s ; y o u ’ re a re g u la r little
p ig at
D eep
fa th e r ,
a d d ed ,
th e t a b le .”
silen ce on J im m y ’ s p a rt. So
in o r d e r to im p ress h im m ore,
“ I say, J im m y , d o y o u k n o w
B a rto n , D u rstin e & O sb orn , In c. b r in g s
w h a t a p ig i s ? ”
“ Y e s, s i r ,” re p lie d
in to on e en la rg ed
“ i t ’s
a g e n cy tw o g ro u p s
M o re
“ J im m y , I w ish y o u ’ d lea rn b e tte r
a
h og’s
little
J im m y m eek ly,
b o y .”
Fundamentals
I N T H E many contacts between your bank
and your Chicago correspondent there
arise numerous situations that only a prop'
erly^equipped bank can handle.
T he fundamentals necessary to intelligent
service are present at this bank. Y o u will find a
connection here o f everdncreasing advantage.
B a rto n is ch a irm a n o f th e b o a rd , R .
L . H u rs t, p r e s id e n t ; W illia m H . J oh n s,
v ic e -p r e s id e n t ; R o y S. D u rstin e, v ic e p r e s id e n t ; Chas. D . M itch e ll, v ice p r e s id e n t ; F . R . F e la n d , s e c r e ta r y ;
an d R . J. H a y w a r d , trea su rer.
T h e c o n s o lid a tio n b rin g s to g e th e r in
an e x p a n d in g bu sin ess a s s o c ia tio n som e
o f th e fo r e m o s t lea d ers in th e a d v e r
tis in g field. B o t h M r. J o h n s an d M r.
D u rs tin e are fo r m e r p re s id e n ts o f the
A m e rica n A s s o c ia t io n o f A d v e r tis in g
A g e n cie s . T h e tw o firm s are a m on g
th e la rg e st in th e c o u n tr y an d f o r sev
e ra l y e a rs h a v e m a in ta in e d h ea d q u a r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Foreman National Bank
The Foreman Trust And Savings Bank
La Salle and Washington Streets, Chicago
RESOURCES
EXCEED
100
MILLION
DOLLARS
76
M id - C o n t i n e n t B
.............................................................
I N D I A N A
N O T E S
November, 1928
anker
In d ia n a N a tio n a l B a n k at th e close o f
b u sin ess
O cto b e r
3
sh ow s
to t a l
re
.......
so u rces o f $31,882,023.96. D e p o s its are
T. D . S ca le s
E le cte d D ire c to r .
ta liz e d at $ 2 , 0 0 0 ,0 0 0 an d su rp lu s and
over
A c c o r d in g to a n n ou n cem en t o f W m .
M cC . M a rtin , ch a irm a n o f th e b o a rd o f
th e F e d e r a l R e s e rv e B a n k o f St. L ou is,
th e p a re n t b a n k h as e lected T. D .
S ca le s, p r e s id e n t o f th e F ir s t N a tio n a l
B a n k o f B o o n v ille , In d ., as a d ir e c to r
o f th e L o u is v ille B ra n ch , f o r th e u n e x
p ir e d te rm o f H e n r y E. J e w e tt, w h o
d ie d on J u ly 21, 1928.
In d ia n a B a n k
S h ow s G o o d S ta tem en t.
The
sta tem en t o f
c o n d itio n
of
th e
$26,000,000.
The
bank
is
c a p i
u n d iv id e d p ro fits are o v e r $2,500,000,
m a k in g it on e o f th e h o n o r r o ll b a n k s
o f In d ia n a .
O fficers o f th e b a n k a r e : F r a n k D .
S ta ln a k er,
p r e s id e n t ; H e n r y
E ite l,
G w y n n F . P a tte r s o n , E d w a rd D . M o o re
and T h om a s H . K a y lo r ,
v ic e -p r e s i
d e n ts ; R . M a lo t t F le tch e r, c a s h ie r ;
H e r b e r t S. W o o d , J o h n F . K u rfis s,
R o b e r t B . M a llo ch , J a m es L . F is h an d
H a r r y H . M a a g , a ssista n t c a s h ie r s ;
C. M e rle B r o ck w a y , a u d itor.
T h e ch a rte r o f th e
B a n k at M ille rsb u rg ,
n ew ed la st m on th b y
b o a rd . T h e b a n k h as
$25,000.
M ille rs b u rg S ta te
In d ia n a , w a s r e
th e sta te c h a rte r
a ca p ita l s to ck o f
T h e d ir e c to r s o f th e W a lto n Cass
C o u n ty B a n k at W a lto n , In d ia n a , h a v e
e le cte d th e f o llo w in g officers f o r th e
c o m in g y e a r :
O. P . E rb a u g h , p r e s i
d e n t ; C. W . Z ollm a n , v ic e -p r e s id e n t ;
J. E . E v a n s, c a s h ie r ; K e n d e ll P r ic e , as
sista n t ca sh ier.
C a rl E. B e tz n e r is p r e s id e n t and
J a m es Y o u n g is c a s h ie r o f th e n ew
B u n k e r H ill S ta te B a n k at B u n k e r
H ill, In d ia n a . T h e b a n k is ca p ita liz e d
at $25,000 an d ta k es th e p la c e o f th e
d e fu n c t F a rm e rs S ta te B a n k w h ich
clo s e d a b ou t a y e a r ago.
C e c il B a ch te n k irch e r, f o r th e p a st
e ig h t y e a rs ca sh ie r o f th e U n io n B a n k
an d T ru st C om p a n y at W in a m a c , I n d i
ana, h as r e sig n e d fr o m th a t p o s itio n
b eca u se o f ill h ealth .
J. R a n s o m G ord a n h as re sig n e d as
ca sh ie r o f th e A u b u r n S ta te B a n k at
A u b u r n , In d ia n a , to g o in to th e in
su ra n ce bu sin ess.
L a s t m on th th e M id -C o n tin e n t B a n k
er ca r rie d an a n n ou n cem en t o f th e c o n
so lid a tio n o f th e C ity N a tio n a l and th e
F a rm e rs an d M e rch a n ts N a t i o n a l
B a n k s o f B o o n v ille , In d ia n a .
O fficers
o f th e n ew b a n k , w h ich is k n o w n as
th e F ir s t N a tio n a l B a n k , a r e : D r. T.
D.
S ca les, p r e s id e n t ;
K e n n e th W .
W e y e r b a c h e r an d D o r s e y R e e d , v ice p r e s id e n t s ; V e r n o n S u llen g er, c a s h ie r ;
J o h n M . K o h lm e y e r , a ssista n t cash ier.
T h e n ew b a n k op e n e d f o r bu sin ess
O cto b e r 1.
T h e S ta te B a n k o f R e m in g to n , I n d i
ana, h as b een re ch a r te r e d w ith a c a p i
ta l s t o c k o f $30,000.
w
A Complete Banking Service
T h e M id la n d B ank o ffe r s e x ce p tio n a l fa cilities fo r th e tran sa ction
o f b a n k in g bu sin ess o f ev e ry d e s cr ip tio n . T o g e t h e r w ith its
affiliations it operates o v e r 2 4 0 0 b ra n ch es in G re a t B ritain
an d N o r th e r n Ire la n d , a n d has agents a n d c o rr e s p o n d e n ts in
all parts o f th e w o r ld . T h e B ank has offices in th e A tla n tic
L in e rs Aquitania, Berengaria a n d Mauretania , a n d a fo r e ig n
b r a n c h o ffice at 196 P ic ca d illy , L o n d o n , sp e cia lly e q u ip p e d fo r
th e u se an d c o n v e n ie n c e o f v isitors in L o n d o n .
AMERICAN DEPARTMENT : POULTRY, LONDON, E.C.2
M IDLAN D B A N K
LIMITED
H EAD O F F IC E : 5 T H R E A D N E E D L E STR EET, L O N D O N , E .C .2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T h e N a tio n a l B a n k o f S u lliv a n and
th e P e o p le s S ta te B a n k , b o th o f S u lli
van , In d ia n a , h a v e m erg ed an d w ill be
k n ow n as th e P e o p le s N a tio n a l B a n k
an d T ru s t C om p a n y .
T h e n ew b a n k
w ill h a v e to t a l r e so u rce s o f m o re th an
$3,500,000 an d a c a p ita l s to ck o f
$150,000.
J o h n H a g g e r ty has b e e n e le cte d a s
sista n t ca sh ier o f th e A u b u r n S ta te
B a n k to su cce e d J . R a n s o m G o rd o n
w h o r e c e n tly resig n ed .
E n c o u r a g e d b y th e su cce ss o f its
C h ristm a s sa vin g s ch ib p la n , th e C iti
zen s L o a n an d T ru s t C o m p a n y o f
B lo o m in g to n , In d ia n a , h as a n n o u n ce d
th e in a u g u ra tio n o f th e “ a n y p u rp o s e
sa vin g s c lu b .”
B y th is p la n , m em b ers
m a y s ta rt a n y tim e an d fin a n ce th e m
selves f o r a n y p u rp o s e , ca rd s t o m a tu re
f if t y w eek s la ter. B y th is p la n , m em
b ers sa ve f o r v a ca tio n s , lif e in su ra n ce
November, 1928
77
M id -C o n t i n e n t B a n k e r
c e e d in g the la te W illia m K ir k p a tr ic k .
G eorg e H u lsm an , w h o h as b een a s
an d o th e r p u rp o s e s. T h e u su a l classes
fr o m 5 0 c to $10 p e r w e e k h a v e b een
s ta rte d an d 4 % in te r e s t is a d d ed i f all
p a y m e n ts are m a d e r e g u la r ly in a d
v a n ce.
C h arles E . S m ith , ca sh ier o f
S ta te B a n k o f C h alm ers, In d ia n a ,
b een e lected te m p o ra ry ca sh ier o f
M ille r s b u r g S ta te B a n k to su cceed
the
has
th e
the
F o r m a tio n o f a $2,000,000 h a n k in g
c o n c e r n has r e su lte d f r o m th e m erg er
o f th e C ity N a tio n a l B a n k an d th e
F a r m e r s an d M e rch a n ts B a n k , b o th
o f B o o n v ille , In d ia n a . T h e C ity N a
tio n a l B a n k w a s e sta b lis h ed in 1878
an d th e F a rm e rs a n d M e rch a n ts B a n k
w as fo u n d e d in 1902. T h e b a n k in g
firm r e s u ltin g f r o m th is m e rg er w ill
be k n o w n as th e F ir s t N a tio n a l B a n k.
T h e n ew in s titu tio n w ill b e th e la rg est
b a n k in W a r w ic k C o u n ty a n d on e o f
th e la rg e st b a n k s in sou th ern In d ia n a .
D r. T. D . S ca les w a s p r e s id e n t o f b o th
in stitu tio n s .
E . A . C lick , w h o has b een co n n e cte d
w ith th e F ir s t N a tio n a l B a n k at W a r
ren , In d ia n a , f o r m ore th a n ten y ea rs,
an d sin ce th e d ea th o f J. W . C u n n in g
ham , has b een ca sh ier, h as resig n ed
f r o m th a t p o s itio n . H a r r y B on ifield
has b een e le cte d to ta k e M r. C l ic k ’ s
la te H a r r y A . B eck .
p la ce in th e ba nk.
M iss A n n e Sm ith , f o r n in eteen y e a rs
a b o o k k e e p e r in th e C orn E x ch a n g e
B a n k at N ew R o c h m o n d , In d ia n a , has
b een e le cte d ca sh ier o f th e b a n k , su c
sista n t m a n a ger o f th e T h ir tie th S treet
B ra n ch o f th e F le t c h e r S a v in g s an d
T ru s t C om p a n y , In d ia n a p o lis , h as been
p r o m o te d to th e p o s itio n o f m a n a ger.
Reynolds on Speaking Tour
in Western States
J o h n A . R e y n o ld s , v ice -p r e s id e n t o f
th e U n io n T ru st C o m p a n y o f D e tr o it,
has le f t on a sp e a k in g tou r, d u rin g the
co u rse o f w h ich he w ill a d d ress fidu
c ia r y a s so cia tio n s in S ea ttle, W a s h in g
t o n ; P o r tla n d , O r e g o n ; S a lt L a k e C ity ,
U ta h ; D e n v er, C o lo r a d o ; an d L o s A n
geles,
C a lifo r n ia .
T h e d ir e c to r s o f th e F ir s t N a tio n a l
B a n k o f M a rtin s v ille , In d ia n a , re ce n t
ly p la c e d J o h n S. W h ita k e r in ch a rge
o f th e b a n k , fo llo w in g th e d ea th o f
D r. H . C. R o b in s o n , fo r m e r p re sid e n t
o f th e b a n k . M r. W h ita k e r is n o w
th e c re d it m a n an d in g e n e ra l ch a rge.
D r. E . M . S w eet is v ice -p r e s id e n t an d
a u to m a tica lly b e com es p resid en t.
T h e C a rro l C o u n ty L o a n a n d T ru s t
C o m p a n y h as b een re o p e n e d at D elp h i,
In d ia n a . Y a n tis W e lls has resig n e d
as p r e s id e n t a n d H . B . W ils o n has
b een
e le cte d to s u cceed him . M r.
W e lls w as e le cte d se co n d v ic e -p r e s i
den t. O th er officers an d d ir e c to r s o f
th e b a n k a r e : W illia m G oslee, first
v ic e -p r e s id e n t ; H a r r y R e e d , s e cre ta ry
an d tr e a s u r e r ; J o h n H a m lin g , W a lt e r
D o b b in s , R o y M a r tin , J a m es W e id n e r
an d H e n r y P e te rs, d ir e c to rs .
T e d C a m p b ell has b een a p p o in te d
ca sh ie r o f th e I r v in g to n S ta te B a n k
an d T ru s t C om p a n y , In d ia n a p o lis , I n
d ia n a . T h is b a n k w a s a cq u ire d b y
th e F le t c h e r T ru s t a n d S a v in g s C o m
p a n y la st A p r il as its s ev en th n e ig h
b o r h o o d b a n k . M r. C a m p b ell has b een
m a n a g e r o f th e 3 0 th S tre e t b ra n ch
o f th e C o m p a n y sin ce 1924. H e su c
ce e d s C le m e n t E . Iv e lle y w h o resig n ed .
G e o rg e H u lsm a n , w h o has serv ed as
a ssista n t m a n a g er o f th e 30 th S treet
B r a n c h w ill s u cceed M r. C a m p b ell as
m a n a ger.
S a fe t y d e p o s it b o x e s in G a r y ’ s n ew
o n e an d o n e -h a lf m illio n d o lla r sta te
b a n k b u ild in g w ill b e p r o te c te d b y
seven m iles o f w ire , p a r t o f a m od ern
b u r g la r a la rm system . T h e sy stem is
so a ccu ra te , b a n k officia ls sa y, th a t
even th e to u c h o f a n eed le o r sm all
d r ill o n th e w ire s w ill set o ff th e alarm .
T h e C itize n s T ru s t C om p a n y B a n k
o f F o r t W a y n e , In d ia n a , is r e m o d e lin g
th e in sid e o f th e ir b a n k b u ild in g .
C a geless co u n te rs are b e in g in sta lled .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The New
H otel Kings-Way
' T 'H E expenditure of nearly a half million dollars
A has transformed a traditionally famous hostelry
into the m odern, efficient, expertly managed H o te l
K in g s -W a y , situated in St. L ou is’ exclusive W e s t
E nd residential section.
Refurnished, refitted and redecorated thruout—
a hotel perfectly suited to the needs of residential
or transient guests.
Single room and bath from $65.00 per month— $75.00 for two
persons. Two room suites— bed room and large living room
from $140.00. Daily rate, room and bath from $2.50. Phone
Delmar 5820.
Hotel
K IX C S W
A V
K I N G S H I G H W A Y AT W E S T P I N E
U n d e r S a m e M a n a g e m e n t as
HOTEL
M A Y F A IR
S t. L o u is
78
M id -C o n t in e n t
Kentucky
B a rd w e ll B a n k
S h o w s G o o d Statem en t.
T h e sta tem en t o f c o n d itio n o f th e
F ir s t N a tio n a l B a n k at B a rd w e ll, K e n
tu ck y , at th e c lo se o f b u sin ess O cto b e r
3 sh ow s to ta l re so u rce s o f o v e r $430,000 and d e p o s its o f o v e r $340,000. T h e
b a n k is c a p ita liz e d at $25,000 an d has
a su rp lu s and u n d iv id e d p ro fits o f o v er
$36,000, m a k in g it on e o f th e h o n o r
r o ll b a n k s o f K e n tu c k y .
O fficers o f th e b a n k a r e : E . P . F is h
er, p r e s id e n t ; D r. G. W . P a y n e and
L . B. J o n e s, v ic e -p r e s id e n t s ; H .
C.
T a n k e rsle y , c a s h ie r ; G e rtru d e M oss,
a ssista n t cash ier.
T h e B a n k o f L e w is p o rt, K e n tu c k y , is
to h a v e a n ew b a n k in g h om e.
Two
n ew d ir e c to rs , J. B . T a y lo r , Sr., and
C. W . T a y lo r , h ave b een a d d ed to th e
b o a rd .
J. D u d le y W in s to n , v ice -p r e s id e n t o f
th e F ir s t N a tio n a l B a n k at L o u is v ille ,
d ie d at h is h om e in th a t c it y on
O cto b e r 8 .
G e o rg e P. S treet, 80, co n n e cte d w ith
th e B a n k o f E lk to n , K e n t u c k y , d ied at
his h om e in th a t c it y on O cto b e r 4.
T h e B u llit C o u n ty B a n k at S h ep h e rd s v ille , K e n t u c k y , h as b een g ra n ted
Bank
November, 1928
B anker
C h arles G. N a lle, v ic e -p r e s id e n t o f
th e N a tio n a l D e p o s it B a n k at O w en sb u rg , K e n t u c k y , h as r e sig n e d fr o m th at
p o s itio n . M r. N a lle lias b een w ith th is
b a n k f o r 27 y ea rs.
N ew s
ren ew a l o f its ch a rte r f o r a n o th e r 25
y ea rs.
The
banks
of
C la rk
C ou n ty,
K en
tu ck y , sp o n s o re d a b a n k e r -fa r m e r to u r
o f th a t c o u n ty w h ich w a s h eld O c t o
b e r 3.
T h e fo r m a l o p e n in g o f th e n ew h om e
o f th e K e n t u c k y N a tio n a l B a n k at
A s h la n d , K e n t u c k y , w a s h eld S a tu rd a y ,
O cto b e r 13.
T h e B a n k o f B e n to n at B en ton , K e n
tu c k y , r e c e n tly ce le b ra te d its th ir tie th
a n n iv ersa ry .
W . T. C h a p in h as b een e le cte d v ice p r e s id e n t o f th e L in c o ln B a n k and
T ru st C o m p a n y at L o u is v ille .
A t a m eetin g on O cto b e r 3 o f th e
b o a rd o f d ir e c to r s o f th e C itizen s N a
tio n a l B a n k at C o v in g to n , K e n t u c k y ,
M . L. IL arbeson , fo r m e r ju d g e o f th e
K e n t o n C o u n ty C ircu it C ou rt, w a s
e lected to th e b o a rd o f d ir e c to rs to su c
ceed th e la te C h a rles J. D a v is. A s s e ts
o f th e C itizen s N a tio n a l B a n k are lis t
ed at o v e r $3,000,000.
M . B. C a m pb ell, a d ir e c to r o f th e
B a n k o f M cC r e a r y C o u n ty , at S tea rn s,
K e n t u c k y , d ied re ce n tly .
Complete
Investment Service
D eroy
S c o tt h as b een
p r o m o te d to
th e p o s itio n o f a ssista n t ca sh ie r o f th e
L ib e r t y B a n k an d T ru s t C o m p a n y at
L o u is v ille .
T h e F ir s t N a tio n a l B a n k at P a ris,
K e n t u c k y , h as in sta lle d a m o d e rn n ig h t
d e p o s ito r y f o r th e co n v e n ie n ce o f th e ir
cu stom ers.
J o h n H . W e lc h h as resig n e d as p r e s i
d en t o f th e F a rm e rs E x ch a n g e B a n k
o f N ic h o la s v ille , K e n t u c k y , an d J o s e p h
J. R o b b h as b een p r o m o te d fr o m v ic e p re s id e n t to p re sid e n t. R o b e r t L . B r o n a u gh h as b een e le cte d v ice -p r e s id e n t
to s u cceed M r. R o b b .
First National o f Cincinnati
Has $ 4 3 ,0 0 0 ,0 0 0 Deposits
T h e sta tem en t o f c o n d itio n as o f
O cto b e r 3 o f th e F ir s t N a tio n a l B a n k
o f C in cin n a ti, sh ow s d e p o s its o f o v e r
$43,000,000. T o ta l r e s o u rce s are m o re
th a n $58,000,000 an d ca p ita l s to ck is
$ 6 ,0 0 0 , 0 0 0 , w ith su rp lu s and u n d iv id e d
p ro fits o f n e a r ly $ 6 , 0 0 0 , 0 0 0 .
O fficers o f th e b a n k a r e : W . S. R o w s ,
p r e s id e n t ; T. J. D a v is , J o h n J. R o w e ,
R o b e r t M c E v ille y an d P . E. K lin e ,
v ic e -p r e s id e n t s ; A . R . L u tliy , cash ier.
EVERY M ODERN
BANKING
SERVICE
L IB E R T Y B A N K
and
Our nationwide investment wire system en
ables us to offer our Bank clients the best
buying and selling prices on securities in
any recognised market. W e invite you to
make use o f this service.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T R U ST COMPANY
L O U IS V IL L E
November, 1928
79
M id -C o n t i n e n t B a n k e r
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M I S S I S S I P P I
iiiiiiiiiiiii
.............. i i i i i i i i i i i i i i i
N O T E S
They
S
M
u
ilFind It
Worth While
in i n
K . P a lm e r L a n n ea u , v ice -p r e s id e n t
o f th e B a n k o f C om m erce at N a tch ez,
M is s is s ip p i, and s e c r e ta r y and tr e a s
u re r o f th e P e o p le s S a v in g s B a n k , d ied
r e c e n tly a ft e r an e x te n d e d illn ess.
In these days of sharp competition, few cus
tomers “ stick” because of sentiment or habit.
It is therefore very gratifying that hundreds
of banks throughout the country have kept
continuous accounts with the Shawmut for 20,
30, 50 years and more. The same obliging,
practical aid which holds these other Shaw
mut customers, is courteously offered to you.
R. V . P o lla r d h as b een e le cte d p r e s i
d en t and C. A . P it c h f o r d h as been
e le cte d v ice -p r e s id e n t o f th e S e c u rity
B a n k an d T ru s t C o m p a n y at G reen
w o o d , M iss iss ip p i.
J. M . M a ck , v ic e -p r e s id e n t o f th e
C itize n s B a n k an d T ru s t C o m p a n y at
M a rk s , M iss iss ip p i, d ie d at h is h om e
in th a t city .
T H E
N
A
T
I
O
N
S h a w m u t
Hibernia Bank Issues October
"Foreign News and Comments”
•a n k
40 Water Street, B O S T O N , M A S S .
T h e O cto b e r n u m b er o f “ F o r e ig n
N ew s an d C o m m e n ts ,” p u b lish e d b y
th e H ib e rn ia B a n k an d T ru st C om p a n y,
N e w O rlea n s, fe a tu r e s an in te r e s tin g
a r tic le o n th e o y s te r in d u s tr y in th e
S ta te o f L o u isia n a . T h e b u lle tin d is
cusses th e s u b je ct f r o m th e s ta n d p o in t
o f g r o w in g an d ca n n in g oy ste rs, and
g iv e s c o m p le te s ta tis tics u p to 1928.
I n a d d itio n , a c le a r e x p la n a tio n is
Whitney-Central
g iv e n o f th e im p o rta n t u ses fo u n d f o r
o y s te r shells.
A c c o r d in g to th is a r ticle o y ste rs are
co n su m e d in la rg e q u a n titie s in L o u is
ia n a an d M is s is s ip p i as an o r d in a r y
a r ticle o f d ie t, b u t are re g a rd e d as
lu x u rie s in m os t oth e r states. O n ly
2 0 % o f the to t a l c r o p is a p p a r e n tly
con su m ed in L o u isia n a , th e b a la n ce b e
in g ca n n e d an d sh ip p ed to all p a rts
o f th e U n io n an d t o C anada.
I n a d d itio n to d is cu ss in g L o u isia n a
o y ste rs, th e b u lle tin ca rries com m en ts
o n b u sin ess c o n d itio n s in A u s tria ,
G reece, A u s tra lia an d N ew Z ea la n d .
the Only N A T IO N A L
Bank in N ew O rleans
N ew Orleans’
W elco m es the O pportunity
O ldest ‘B an k
cu sto m e rs at the p o rt o f
to
serve
banks
and their
N ew Orleans
Established 1831
i*
B
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CANAL
a n k
a n d
T
r u s t
o f< N (ew O r le a n s
C
o
.
November, 1928
M id -C o n t i n e n t B a n k e r
80
'i ii iim m iiiiiiiiiiiiiiiiiiiiiim iiiiiiiiiiiiim iim m m im m iim iiiii
A R K A N SA S
N O T E S
M o rris.
“ n ew
b u s in e s s ”
ca m p a ig n
w ith
th e g o a l set at $ 1 , 00 0 ,0 0 0 h as b een
sta rte d b y B a n k e rs T ru s t C om p a n y at
L it tle R o c k , A rk a n sa s, a c c o r d in g to an
an n o u n ce m e n t m a de b y R . O. Ir v in e ,
v ice -p r e s id e n t an d ca sh ier o f th e b a n k .
S e b a s tia n
S tra u b ,
v ice -p r e s id e n t
of
th e
54,
at
H elen a ,
A rk a n sa s,
d ied at h is h om e in th a t city .
P la n s h a v e b een a n n ou n ced f o r a
n ew b u ild in g f o r th e W . B . W o r th e n
C o m p a n y , a b a n k at L ittle R o c k ,
A rk a n sa s, b y th e p resid en t, E m m et
A
P la n te rs B a n k
d ir e c to r
an d
M e rch a n ts
and
J o h n E. L ittle , 70, m a jo r ity s t o c k
h o ld e r an d v ice -p r e s id e n t o f th e F a u lk
n er C o u n ty B a n k an d T ru s t C om p a n y,
C on w a y , A rk a n sa s, d ied r e c e n tly at h is
h om e in C on w a y .
A n n o u n ce m e n t h as b een m ade th a t
th e S im m on s N a tio n a l B a n k at P in e
B lu ff, A rk a n sa s, w ill b u ild a n ew c o m
b in a tio n b a n k an d office b u ild in g o f
elev en stories.
T h e U n io n T ru s t C om p a n y o f L ittle
R o c k , A rk a n sa s, is to h a v e a n ew b a n k
b u ild in g w ith in th e n e x t fe w m on th s.
A t th e p resen t tim e b a n k in g o p e r a tio n s
o f th e b a n k are c a rrie d on u n d e r th ree
sep a ra te r o o fs .
T h e F ir s t N a tio n a l B a n k o f P a ris ,
A rk a n sa s, w a s o rg a n iz e d f o r b u sin e ss
S e p te m b e r 1, 1891, w ith a p a id u p
ca p ita l o f $25,000. I t n ow has a c a p i
ta l o f $80,000, su rp lu s an d u n d iv id e d
p ro fits o f a p p r o x im a te ly $50,000. T o ta l
r e so u rce s are a p p ro x im a te ly $875,000
an d d e p o s its are a p p r o x im a te ly $665,000. L. B. C ren sh a w is p re s id e n t, C o n
ra d E lsk in an d I. H . N a k d im e n are
v ice -p r e s id e n ts an d L e w is C. S a d le r is
th e cash ier.
T h e A m e rica n B a n k an d T ru s t C om
p a n y at P a r is , A rk a n sa s, h as to t a l r e
so u rce s o f a p p r o x im a te ly th re e q u a r
ters o f a m illio n d o lla rs an d d e p o s its
o f a b ou t a h a lf m illio n d o lla rs. C a p i
ta l s to ck is $50,000 an d su rp lu s an d u n
d iv id e d p ro fits are o v e r $53,000, m a k
in g it on e o f th e h o n o r r o ll b a n k s o f
A rk a n sa s. T h e p r e s id e n t o f th e b a n k
is J. J. S m ith , W . B . R y n e a n d P r a n k
S tru w e are v ice -p r e s id e n ts , an d B. C.
R e e d is th e cash ier.
A n am en d m en t to th e a r ticle s o f in
c o r p o r a t io n p e r m ittin g th e C r a w fo r d
C o u n ty B a n k at V a n B u ren , A rk a n sa s,
to d o a g e n e ra l tru st co m p a n y b u s i
n ess has b een filed. T h e b a n k n ow b e
com es th e C r a w fo r d C o u n ty B a n k and
T ru s t C om p a n y.
J o h n J. Iz a r d is
p r e s id e n t o f th e b a n k an d E d g a r C o v e y
is th e ca sh ier.
J a m es P a r k Coffin, 90, A r k a n s a s ’
o ld e s t a c tiv e b a n k e r, an d ch a irm a n o f
th e b o a rd o f d ir e c to r s o f th e F ir s t N a
tio n a l B a n k at B a te s v ille , A rk a n sa s,
c e le b ra te d h is n in e tie th b irth d a y re
c e n tly b y p e r fo r m in g h is d a ily d u ties
at h is desk.
M r. C offin h as b een
a c tiv e ly en g a g ed in th e a ffa irs o f th e
F ir s t N a tio n a l B a n k sin ce 1891.
For
m o re
h ig h e st
th a n
55
cap ita lize d
y ea rs
the
and
m ost
M id -S o u t h ’s
reso u rcefu l
bank h as been a su c c essfu l in stitu tio n .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D e cla rin g th a t c o tto n has a g a in f a i l
ed th e fa r m e r s o f F a u lk n e r C o u n ty as
a d ep e n d a b le rev en u e p r o d u c e r , the
F a rm e rs S ta te B a n k at C on w a y , A r k a n
sas, has sta rte d a ca m p a ig n to e d u ca te
th e fa r m e r s o f th a t c o u n ty th a t th e
“ co w , sow an d h e n ,” co m b in e d w ith
co tto n , o ffe rs a m o re ce rta in ro a d to
p r o s p e r ity .
Bank °fCommerce
andTrust Company
CAPITAL,SURPLUS AND UNDIVIDED PROFITS
$ 5 ,0 0 0 , OOO. OO
C a lla n E. E n g la n d h as re sig n e d h is
p o s itio n as a ssista n t s e c r e ta r y o f th e
U n ion T ru s t C om p a n y at L it tle R o c k ,
A rk a n sa s, to a c c e p t on e w ith th e A s s o
c ia te d D r y G o o d s C o m p a n y at N ew
Y o r k C ity .
P la n s are b e in g m a de at H o p e ,
A rk a n sa s, f o r th e r e o rg a n iz a tio n o f
th e H e m p s te a d C o u n ty B a n k e rs A s
s o cia tio n .
R . L. D eal, o f M o rr ilto n , A rk a n sa s,
h as b een se le cte d b y th e d ir e c to r s o f
November, 1928
M id -C o n t i n e n t B a n k e r
th e M e rch a n ts an d P la n te rs B a n k in
th a t c it y to serv e as v ice -p r e s id e n t and
ca sh ier.
W it h th e cre a tio n o f a tru st d e p a r t
m en t in th e M c E lr o y B a n k in g C om
p a n y , F a y e tte v ille , A rk a n sa s, th e nam e
o f th e c o n c e rn has b een ch a n g e d to
th e M c E lr o y B a n k an d T ru st C om p a n y.
T h e n ew d e p a rtm en t w ill b e in ch a rg e
o f M a r io n W a s s o n , fo r m e r ly o f G en
try , A rk a n sa s.
81
B a n k an d T ru s t C om p a n y , M em p h is,
T en nessee. T h e M a n h a tta n
S a v in g s
B a n k an d T ru s t C o m p a n y is th e nam e
o f th e b a n k fo r m e d fo llo w in g th e m er
g e r o f M a n h a tta n S a v in g s B a n k w ith
in g th e b a n k as p re sid e n t f o r 20 y ea rs.
th e C ity S a v in g s B a n k an d th e F id e lit y
h old ers o f th e B a n k o f In d ia n M ou n d ,
S a v in g s
Bank
an d
T ru st
C om p a n y.
f o r 33 y ea rs.
He
is
th e so n
of
the
la te W . T. N els on , w h o d ie d a f t e r serv
A t th e an n ua l m eetin g o f th e s t o c k
T en n essee,
W.
C. H o w e ll
and
R.
E.
T h is b a n k has an in v e s te d ca p ita l o f
M a n n w ere a d d ed to th e b o a rd o f d i
$750,000 an d d e p o s its o f a p p ro x im a te ly
recto rs .
$9,000,000.
R . B. G ray, w h o has been cash ier o f
W . D. N e ls o n has b een elected p r e s
th e
F ir s t
N a tio n a l
Bank
at
K e n to n ,
J. M . T h o m p s on , o f F o r d y c e , A r k a n
id en t o f th e S e co n d N a tio n a l B a n k at
sas, has b een se le cte d as th e ca sh ie r
o f th e B a n k o f H a r r is b u r g , H a r r is
bu rg, A rk a n sa s.
J a ck s o n , T en nessee, to s u cceed th e la te
has
T h om a s P o lk .
w ill b e s u cceed ed b y C leve H o llo m a n ,
co n n e cte d
w ith
M r.
th e
N e ls o n
has
S e co n d
b een
N a tio n a l
T en n essee, f o r th e p a st tw e lv e y e a rs,
resig n e d
a ssista n t
fr o m
th a t p o s itio n
cash ier.
T h e B o o n e -N e w to n C o u n ty B a n k ers
A s s o c ia t io n , A rk a n s a s , has b een r e o r
g a n iz e d w ith J. M . W a g le y as p r e s
id e n t an d C. C. A le x a n d e r as se cre
ta ry -tre a s u re r.
i i i i i i i i i i i i i i ...........m
u m i i m i i i ......... m u ........................... ........................... m i m i
T E N N E S S E E
N O T E S
.......... ................................................................................................................... m u ......... m i n i '
Show s G ood
Speed— W ith Something
Always in Reserve
B a n k S ta tem en t.
T h e sta tem en t o f c o n d itio n as o f O c
to b e r 3 o f th e F ir s t N a tio n a l B a n k o f
C h a tta n o o g a , T en n essee, sh ow s to ta l
re so u rce s o f m o re th an $23,000,000.
D e p o s its are a lm ost $19,000,000 and
as th e su rp lu s an d u n d iv id e d p r o fits e x
ce e d th e c a p ita l s t o c k o f $1,250,000, it
is on e o f T e n n e s s e e ’ s h o n o r r o ll ba nks.
O fficers o f th e b a n k a r e : J. P . H o s
k in s, p r e s id e n t ; C. C. N o ttin g h a m , Z.
C. P a tte n an d J. T. L u p to n , v ic e -p r e s
id e n ts ; W . H . D e W it t , cash ier.
C o m b in e d S ta tem en t
Two
C h a tta n o o g a B anks.
ThCi c o n s o lid a te d sta tem en t as o f
O cto b e r 3 o f th e H a m ilto n N a tio n a l
B a n k an d the H a m ilto n T ru s t an d S a v
in g s B a n k o f C h a tta n oog a , T en n essee,
sh ow s to t a l re so u rce s o f a lm ost $25,000,000. D e p o s its are a p p ro x im a te ly
$19,000,000 an d th e y h a v e a co m b in ed
c a p ita l o f $ 2 , 0 0 0 , 0 0 0 .
O fficers o f th e H a m ilto n N a tio n a l
B a n k a r e : T. R . P r e s to n , p r e s id e n t ;
C. M . P r e s to n , J. B. P . L o w ry , P . L.
U n d e r w o o d an d D . B . H a r r is , a ctiv e
v ic e -p r e s id e n t s ; W . E . H a r r e ll, cash ier.
O fficers o f th e H a m ilto n T ru s t an d
S a v in g s B a n k a r e : T. R . P r e s to n , p r e s
id e n t ; C. M . P r e s to n , L. M . S to n g and
W . E . T o m lin so n , v ic e -p r e s id e n t s ; P .
L . U n d e r w o o d , v ice -p r e s id e n t an d tru st
o ffic e r; J a m es E . H a r r is , c a s h ie r ; J . P .
G a rd n e r, a ssista n t ca sh ier in ch a rg e o f
th e R o s s v ille B r a n c h ; G. L . R ic e , a s
sista n t ca sh ier in ch a rg e o f th e E a st
C h a tta n o o g a B ra n ch .
W . H . H u r t has b een elected a v ice p r e s id e n t o f th e M a n h a tta n S a v in g s
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8C
P correspondent service is normally
geared for speed. But when you require
extra prom pt a d io n on any Tri-State Region
con tad ,
you
can count
on getting it, for we al
ways have som ething
in r e s e r v e fo r
speed
on
th e
"h o m e stretch.”
Forward
with (¿Memphis —
Since ’69
Union & P lanters
b a n k
&.
t r u st
c o m pa n y
M E M P H IS , T E N N .
and
82
M id -C o n t in e n t
.................................................... .................................mm
O K L A H O M A NOTES
lllllllllllllllllllllllllllll■lllll■■l■■■mllllllllllllllllllllllll(lll■■lll■lll
p o s its o f b o th b a n k s a m ou n ts to $51,891,681.30 an d th e c o m b in e d ca p ita l,
su rp lu s and u n d iv id e d p ro fits is $5,342,512.43.
S ta te m e n t
O f T u lsa B anks.
T h e sta tem en t o f co n d itio n as o f
O cto b e r 3 o f th e E x ch a n g e N a tio n a l
B a n k at T ulsa, O k lah om a , sh ow s to ta l
re so u rce s o f m o re th a n $53,000,000 and
to t a l d e p o s its are m ore th a n $48,000,000. I t has a ca p ita l o f $2,000,000 and
su rp lu s and u n d iv id e d p ro fits o f m ore
th a n $ 2 ,0 0 0 , 0 0 0 , m a k in g it an h o n o r
r o ll b a n k .
O fficers o f th e b a n k a r e :
H a r r y H . R o g e rs , p r e s id e n t ; W . A .
B ro w n le e , e x e cu tiv e v ic e -p r e s id e n t ; H .
J. G reen , ca sh ier.
T h e sta tem en t o f th e E x ch a n g e T ru st
C o m p a n y at T u lsa sh ow s to t a l r e
so u rce s o f o v e r $7,500,000 and d e p o s it s '
o f o v e r $3,000,000. T h e com b in e d d e
N orm a n B a n k
H a s N ew O fficers.
A s a resu lt o f th e p u rch a se o f a la rg e
b lo c k o f th e s to ck o f th e F ir s t N a tio n a l
B a n k o f N orm a n , O k la h om a , a n u m b er
o f ch a n g es h ave b een m a d e in th e
e x e cu tiv e staff. P . C. K id d , w h o has
been v ice -p r e s id e n t f o r 15 y e a rs, has
b een e le cte d p re sid e n t. T h e n ew v ice p re sid ents
are E . H . S tu b lem a n ,
C h a rles S. S m ith and S. G. A m b ris te r.
J. D . M cG u ire , a d ir e c to r f o r m a n y
y ea rs, b e co m e s ch a irm a n o f th e b o a rd
an d W . L . H e th e r in g to n ,
a ssista n t
ca sh ier, b eco m e s ca sh ier.
P r e s id e n t
K id d h as serv ed at v a r io u s tim es on
th e e x e cu tiv e com m itte e o f th e O k la-
h om a B a n k ers A s s o c ia tio n , as s e cre ta ry
o f G rou p T h ree o f th e a s so cia tio n , and
is n ow ch a irm a n o f th a t g ro u p .
N ew B a n k
A t M ou n ds.
A ch a rte r h as been issu ed b y th e
sta te b a n k d ep a rtm en t to th e F ir s t
S ta te B a n k at M o u n d s,
O k la h om a ,
w h ich h as ta k en o v e r th e assets o f th e
F ir s t N a tio n a l B a n k . T h e officers, d i
r e c t o r s and s to ck h o ld e rs o f th e F ir s t
S ta te B a n k are th e sam e as th o se o f
th e o ld F ir s t N a tio n a l B a n k . W illa r d
J o h n sto n , p re sid e n t, is also p re sid e n t
o f th e D u s tin N a tio n a l B a n k , w h ich re
c e n tly ch a n g ed to sta te s u p erv isio n . I n
th e F ir s t S ta te B a n k a ch a n g e in ca sh
ie r s w ill b e m a d e as soon as a s u cce s
so r to F r e d B ra w n e r, p re se n t ca sh ier,
is n am ed.
S ta tem en t o f
S a p u lp a B ank.
T h e sta tem en t o f th e A m e rica n N a
tio n a l B a n k at S a p u lp a , O k lah om a , as
o f O cto b e r 3, sh ow s to ta l r e s o u rce s o f
m ore th a n $1,500,000. D e p o s its are
SERVICE
Capital
Surplus
Undivided
Profits
$3,500,000
November, 1928
B anker
o v e r $1,300,000.
Faithfully serving the needs of InI dustrial St. Louis for the past 65
j f years, qualifies this bank to extend
its depositors experienced financial
1^ cooperation.
7
O fficers o f th e b a n k a r e : L . B . J a ck son , p r e s id e n t ; H . C. H u g h e s an d W . A .
W is e , v ic e -p r e s id e n t s ; G. L. B e rry ,
c a s h ie r ; R . B . T h r ift , a ssista n t ca sh ier.
T h e F ir s t N a tio n a l B a n k at T u lsa,
O k lah om a , h as op en ed u p u n d e r its n ew
n am e, th e F ir s t N a tio n a l B a n k and
T ru st C om p a n y. R . P . B r e w e r is ch a ir
m a n o f th e b o a rd an d R . O tis M cC lin t o c k is th e p resid en t.
The Merchants Laclede National Bank
o f Saint Louis
D. L. M e a g h e r h as re sig n e d as
ca sh ie r o f th e F a rm e rs B a n k o f O rla n
d o, O k lah om a , and Ir a T. J o n e s has
b een e le cte d to su cceed him .
C. W . B e n e d ic t h as jo in e d th e staff
o f th e P r o d u c e r s N a tio n a l B a n k at
T u lsa , O k la h om a , as a v ice -p re sid e n t.
Your Home
S in gle R o o m s a s lo w a s $3.00
p e r d a y . L a rg e r su ites corre«
s p o n d in g ly lo w . W r it e or w ir e
f o r in fo r m a tio n a n d ra tes.
Away from
Home
Y o u intensify the pleasure
o f y o u r stay in C h ica go
when you select the Rogers
Park H otel as your abode.
Located on w orld famous Sheridan Road,
it offers you every service that a thought
ful, efficient management can devise for y our
com fort, convenience and pleasure.
A ll room s are outside room s— large, airy
and cheerful; some with kitchen where you
may prepare y ou r o w n
meals, T7et d in in g r o o m
_______________ service is excellent. A beau
tiful park slopes dow n to
a wide, sandy beach— and just beyond it,
Lake Michigan. Now here is there a finer
panorama o f its sparkling waters.
La Salle Street and the busy, noisy L oop
are but 22 minutes rem oved— with splen
did transportation service 24 hours daily.
ROGERS PARK HOTEL
SH E R ID A N R O A D
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AND
PRATT BO ULEVARD
•
C H IC A G O
G eorg e M ilb u rn ,
th e C itizen s S ta te
h om a, f o r th e p a s t
ed h is co n n e ctio n s
w h o h as b een w ith
B a n k at V ic i, O k la
10 y ea rs, h as se v e r
w ith th a t bank .
H u g h A d a m s , p re sid e n t o f th e F ir s t
N a tio n a l B a n k at G o ltr y , O k lah om a ,
h as b een e le cte d p r e s id e n t o f th e F a r m
ers an d M e rch a n ts B a n k at L o g a n ,
O k lah om a , su c ce e d in g A r n o B e y e r, w h o
d ied r e ce n tly .
T h e M o rr is P la n C om p a n y o f O k la
h om a, w ith offices in s ix O k la h om a
cities , on S ep tem b er 17 op e n e d an o f
fice in A r d m o r e , O k lah om a . H . M .
A r c h e r is p r e s id e n t o f th e co m p a n y .
R a y m o n d H . Sh in e, se c r e ta r y o f th e
R e ta il M e rch a n ts A s s o c ia t io n o f A r d
m ore, w ill b e th e m a n a g er o f th e n ew
office.
T h e B a n k o f Chelsea, Chelsea, O k la
h om a, has d ecre a se d its c a p ita l s to ck
f r o m $50,000 t o $28,000.
November, 1928
L O U I S I A N A
N O T E S
..................................................................... ■11111111111111111
M a n sfield B a n k
S h ow s G o o d S ta tem en t.
T h e sta te m en t o f c o n d itio n o f th e
B a n k o f C o m m erce an d T ru st C om
p a n y o f M a n sfield , L o u isia n a , at th e
clo se o f b u sin ess O cto b e r 3 sh ow s to ta l
r e so u rce s o f m ore th a n $3 ,1 0 0 ,0 0 0 ; d e
p o s its are o v e r $2,300,000 an d ca p ita l
s to ck is $ 2 0 0 , 0 0 0 .
O fficers o f th e b a n k a r e : B en J o h n
son , p r e s id e n t ; R . T. M o o re , G. F .
P r o v o s t an d F r a n k H u n te r, v ic e -p r e s i
d e n ts ; W . F . M o o re , c a s h ie r ; J. C.
C o y le an d H a ll P e y to n , a ssista n t ca sh
iers.
L o u isia n a
B a n k s M erge.
T h e B a n k o f S a rep ta , L ou isia n a , has
b e e n p u rch a se d b y th e B a n k o f S p rin g
H ill, L o u isia n a . B o th in s titu tio n s are
lo c a te d in W e b s t e r p a ris h w ith in a
fe w m iles o f ea ch oth er.
A ll d e p o s its in th e S a re p ta B a n k
w ill b e re m o ved to th e S p rin g H ill in s t i
tu tio n , w h e re th e co m b in e d b u sin ess
w ill be ca r rie d on. C a p ita l s to ck o f th e
fo r m e r w a s $15,000 w h ile th e ca p ita l
s to ck o f th e la tte r w a s $50,000.
J. F . G iles w ill rem a in as p re s id e n t
o f th e B a n k o f S p rin g H ill u n d e r th e
co m b in a tio n .
J. A . R o b in s o n
w as
p r e s id e n t o f th e B a n k o f S a re p ta and
L e s te r T h o m a s w a s th e ca sh ier. R . A .
S m ith is ca sh ier o f th e B a n k o f S p rin g
H ill.
G e o rg e P a r k e r L on g , v ice -p r e s id e n t
o f th e B a n k o f W in n fie ld at W in n fie ld ,
L o u isia n a , d ied r e c e n tly at h is h om e in
th a t city .
J a m es S. B a rtee w h o has b een ca sh
ie r o f th e E x ch a n g e N a tio n a l B a n k and
th e E x ch a n g e B a n k an d T ru s t C om
p a n y , b o th o f S h re v e p o rt, L o u isia n a ,
sin ce 1925, h as b een p r o m o te d to v ice p r e s id e n t o f th e E x ch a n g e N a tio n a l
B a n k an d v ice -p r e s id e n t an d tru st
officer o f th e E x ch a n g e B a n k an d T ru st
C o m p a n y , a c c o r d in g to M in o r M e r i
w e th e r, p r e s id e n t o f b o th in stitu tio n s .
A n in cre a s e o f $600,000 in th e c a p i
ta l s t o c k o f th e M o rtg a g e an d S e c u ri
tie s C o m p a n y o f N ew O rlea n s h as b een
a u th o riz e d b y th e s to ck h o ld e rs . U n d er
an am en d m en t to th e ch a rte r, th e c a p i
ta l w ill b e in cre a s e d fr o m $ 1 , 0 0 0 ,0 0 0 to
$1,600,000, o f w h ich $400,000 w ill be
issu e d im m e d ia te ly in th e sh ap e o f 7%
cu m u la tiv e p r e fe r r e d .
T h e M e rch a n ts an d F a rm e rs B a n k o f
L e e sv ille , L o u isia n a , op en ed f o r b u s i
n ess O cto b e r 6 . E . D . B o o n e is p r e s i
d e n t an d ca sh ie r an d C olu m b u s P it r e
is v ice -p r e s id e n t.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
83
M id -C o n t i n e n t B a n k e r
T h e G a lca sieu
N a tio n a l B a n k o f
S ou th w est L ou is ia n a h eld a fo r m a l
o p e n in g o f its n ew b a n k in g room s
S a tu rd a y , O cto b e r 28.
W a lte r A . A m a k er, 46, p re sid e n t o f
th e B a n k o f K e n t w o o d , K e n t w o o d , L a.,
is dead.
N ew N ew Y ork Bank Building
Has Unique Architrave
The h istorica l p ictu re o f the coin a ge
o f the w orld , ex ten d in g fr o m the tim e
o f the ea rly G reeks an d R om an s to
1921, w hen the A m e rica n p ea ce d olla r
w as m inted, is ou tlin ed o n the arch itra ve
o f the new Chase N a tion a l B a n k b u ild
in g in N ew Y o rk .
C a rved m a rb le re p lica s o f the tw en ty three rep resen ta tive coin s o f the p r in
cip a l n ations o f the w o rld , selected f o r
th eir h istorica l im p orta n ce and inherent
beauty, are rep ro d u ce d on the arch itra ve
w h ich fra m es the im p o sin g en tran ce to
the bank. O cc u p y in g the k eyston e p o
sition is the pea ce dollar, f o r the r e p r o
d u ction o f w hich it w as n ecessary to o b
ta in sp ecia l p erm ission fr o m the treas
u ry depa rtm en t at W a sh in g to n .
A n attractive b ook let has been sent
ou t b y Chase N a tion a l B a n k w hich tells
the story o f each o f the coin s r e p r o
du ced o n the a rchitra ve.
LOUISIANA
cD id You Know That
Louisiana is the leading state in the production o f furs and pelts?
Louisiana is the largest producer o f denatured alcohol?
Louisiana has the largest and purest salt deposits?
Louisiana is the second largest lumber producing state and leads
in the production o f pine lumber?
Louisiana is the largest producer o f mahogany lumber products?
Louisiana produces 98% o f the sugar cane in the United States?
Louisiana produces approximately 50% o f the rice grown in the
United States?
Louisiana produces 73% o f the carbon black made from natural
gas in the United States?
Louisiana has some o f the largest pulp and paper mills in the
United States?
Louisiana is the only state in the Union where perique tobacco
is produced and manufactured?
Louisiana is the home o f the largest syrup manufacturing plant
in America?
Louisiana has the largest factory for manufacturing men’s sum
mer clothes, located in the United States?
Louisiana is the home o f the largest oil refinery in the world?
Louisiana has the largest single unit sugar refinery in the world?
Louisiana has the largest saw mill in the world?
Louisiana is the home o f the largest cypress lumber producing
company in the United States?
Louisiana has the largest and most modern rice mill in the
United States?
Louisiana is one o f the largest producers o f turpentine and
naval stores products?
Louisiana has one o f the largest plate and sheet glass plants in
the United States?
Louisiana harbors the second largest port in the United States?
Louisiana ranks seventh as an oil producing state and, with re
cently discovered fields, will soon outrank other states?
A s Louisiana’s largest bank, outside the City of
N ew Orleans, we are proud of our state and stand
ready to do our part toward the development of
these great resources.
Commercial National Bank
SHREVEPORT, LOUISIANA
Since 1886
November, 1928
M id -C o n tin e n t B a n k e r
84
iMissouri Bank N ew s
OFFICERS M ISSOURI BANKERS A SSO C IATIO N : President, A. A. Speer, presi
dent, First National Bank, Jefferson City; vice-president, F. B. Brady, vice-president,
Commerce Trust Company, Kansas City; treasurer, E. N. Van Horne, cashier,
American National Bank, St. Joseph; secretary, W. F. Keyser, Sedalia; assistant
secretary, E. P. Neef, Sedalia.
GROUP CH AIRM EN : 1— W. L. Weaver, cashier, Hannibal National Bank, Hannibal;
2— E. C. Brownlee, cashier, Brownlee Banking Company, Brookfield: 3— C. S.
Beradt, cashier, Farmers State Bank, Stanberry; A— F. C. Barnhill, cashier, W ood &
Huston Bank, Marshall; 5— L. L. Will, assistant cashier, Lowell Bank, St. Louis;
6— L. C. Leslie, cashier, First National Bank, Oran; 7— Chas. F. Ellis, cashier,
Citizens’ Bank, Marshfield; 8— H. A. Richardson, vice-president, Conqueror First
National Bank, Joplin.
GROUP SECRETARIES: 1— V. J. Howell, cashier, Kirksville Savings Bank, Kirksville;
2— James M. Smith, cashier, Osgood Banking Company, Osgood; 3—J. E. Barnes,
cashier, Round Prairie Bank, Fillmore; 4—J. E. Hurley, cashier, Sedalia National
Bank, Sedalia; 5—J. J. Gowman, president, Peoples Bank, Bonne Terre; 6—John M.
Himmelberger, secretary, Morehouse Trust Company, Morehouse; 7— W. S. Pettit,
vice-president, Union National Bank, Springfield; 8— O. H. Keran, cashier, Farmers
State Bank, Lockwood.
A . Q. C a rte r N o w
W it h S tu rd iv a n t B ank.
St. L o u is office at 306 N o rth F o u rth
S treet, h as a n n ou n ced th a t H e r rin g -
A . Q. C a rte r has s u cceed ed J . F . L il
ly as v ice -p r e s id e n t an d ca sh ier o f th e
S tu rd iv a n t B a n k , C a pe G ira rd ea u , M is
sou ri. M r. L illy re sig n e d to b e co m e a
n a tio n a l b a n k e x a m in er f o r th e St.
L o u is d is tr ic t.
M r. C a rte r is w e ll k n ow n th rou g h ou t
S o u th e a st M iss o u ri, h a v in g b een c o n
n e cte d w ith th e F ir s t N a tio n a l B a n k o f
D e x te r, M iss o u ri, sin ce 1896. H e w a s
in stru m e n ta l in n a tio n a liz in g th e B a n k
o f D e x t e r in 1919, it b e in g th e old est
b a n k in S to d d a rd C ou n ty .
T h e S tu rd iv a n t B a n k , w ith w h ich
M r. C a rte r is n o w co n n e cte d , is the
o ld e s t b a n k in S ou th ea st M iss ou ri,
h a v in g b e e n e sta b lis h ed in 1866.
It
h as to t a l re so u rce s o f a p p ro x im a te ly
$850,000. A l f r e d L . H a r t y is p re sid e n t
o f th e ba nk .
H a ll-M a r v in
T h e en tire c a p ita l s to ck o f th e F a r m
ers and M e rch a n ts B a n k , at th e sou th
east c o rn e r o f G ra n d B o u le v a r d and
G ra v o is A v e n u e , St. L o u is, h as b een
p u rch a sed b y C ol. B en . G. B rin k m a n .
T h e c o n s id e r a tio n w a s $1,600,000, or
$400 a share.
T h e c a p ita l o f th e F a rm e rs an d M e r
ch a n ts B a n k is $400,000 an d th e su r
p lu s is a p p ro x im a te ly $ 1 , 0 0 0 , 0 0 0 .
W il l In s ta ll
N ew V a u lt W o r k .
N ew O fficers
O f U n ion B ank.
S. E . C a sta to r, sp e cia l b a n k va u lt
r e p re s e n ta tiv e o f th e H e r r in g -H a llM a r v in S a fe C o m p a n y, in ch a rg e o f th e
A t a re ce n t m eetin g o f th e b o a rd o f
d ir e c to r s o f th e B a n k o f U n io n at
U n ion , M iss o u ri, L . C. A lle rs m e y e r,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
v a u lt
eq u ip m en t is
soon
to be in sta lle d in th e n ew h om e o f th e
M em p h is b ra n ch o f th e F e d e r a l R e
serve B a n k o f St. L ou is. A n o th e r in s t a l l a t i o n o f H e r rin g -H a ll-M a r v in
v a u lt w o r k is to b e m a de at th e K ir k
w o o d B a n k , K ir k w o o d , M iss ou ri.
w h o h as b een ca sh ier o f th e b a n k f o r
m a n y y ea rs, w a s n a m ed a ctiv e p r e s i
d en t an d F . H . M u en sterm a n n , w h o
h as b een a ssista n t ca sh ier f o r sev era l
y ea rs, w a s n a m ed ca sh ie r to su cceed
M r. A lle rs m e y e r.
D r. E. A . S tie rg e rg er, fo r m e r p re sid e n t o f th e b a n k , w as
n am ed ch a irm a n o f th e b o a rd o f d i
recto rs .
H . A . G a rd n er
E le cte d P resid en t.
B u y s S to ck
O f St. L o u is B ank.
A
W. F. K eyser
Secretary
new
ty p e
v e s tib u le .
of
The
T h e d ir e c to rs o f th e M o n e tt S tate
B a n k at M o n e tt, M iss ou ri, h a v e e le c t
ed H . A . G a rd n er, an a tto r n e y at
M o n e tt, as p re sid e n t o f th e in s titu tio n .
M r. G a rd n er ta k es th e p la ce o f F . M .
S h riv e r, w h o h as re sig n e d as p r e s i
den t.
St. L o u is B a n k to
B eco m e a N a tio n a l B ank.
T h e S ou th S id e
T ru st
C om p a n y,
n ow lo c a te d at S ou th B r o a d w a y and
P e s ta lo z z i S treet, St. L o u is, w ill b e r e
o rg a n iz e d in to a n a tio n a l b a n k w h en
it m ov es in to its n ew $500,000, 1 0 -sto ry
b u ild in g , n ow u n d e r co n s tr u c tio n at
G ra n d B o u le v a r d an d G ra v o is A v e n u e ,
v a u lt
e n tra n ce
r e in fo r c in g
w ith
rods
of
in te r lo c k in g
th e
con crete
w a l l e x t e n d i n t o t h e m a s s iv e c h a n n e l s h a p e d v e s t i
b u le
c a s tin g
and
are
tie d
th rou g h
it s
heavy
r ib s .
W h e n t h e c o n c r e t e is p o u r e d t h e v e s t i b u l e b e c o m e s
a p a r t o f th e w a ll it s e lf.
Manufactured and installed by
Herring - Hall - Marvin Safe Co.
Hamilton, Ohio
J T ---------- ---- " ...
...
The Herring-Hall-Marvin Safe Co. for nearly a century has
built and will always continue to build the same undeviating
quality into its products.
November, 1928
85
M id -C o n tin e n t B a n k e r
a c c o r d in g to an a n n ou n cem en t m ade
r e c e n tly b y th e p re sid e n t, A . C. F .
M e y e r.
T h e S o u th S id e T ru st C om p a n y n ow
h as a ca p ita l an d su rp lu s o f $350,000
*
i
and r e so u rce s o f m ore th a n $3,000,000.
T h e n ew n a tio n a l b a n k w ill b e c o n t r o ll
ed b y th e officia ls o f th e L a fa y e t te
S o u th S id e B a n k as is th e S ou th S id e
T ru s t C o m p a n y at th e p re se n t tim e.
J o h n E. L a u er has b e e n a d d ed to th e
b o a rd o f d ir e c to r s o f th e B a n k o f
A m e ricu s at R h in e la n d , M iss ou ri.
The
sto ck h o ld e r s o f th e C itizen s
B a n k at G ra n ite C ity , M iss o u ri, h ave
d e c id e d to re d u ce th e c a p ita l s to ck o f
th e b a n k f r o m $80,000 to $50,000.
J a ck E v a n s H og a n , f o r 17 y e a rs c o n
n e cte d w ith th e W e s t P la in s B a n k at
W e s t P la in s, M iss ou ri, d ied su d d en ly
at h is h om e in th a t c it y fr o m a h e m o r
rh a ge o f th e b ra in .
A t th e an n u a l m eetin g o f th e s t o c k
h o ld e rs o f th e B a n k o f Illm o , Illm o ,
M iss o u ri, h eld re ce n tly , a 6 % d iv id e n d
w a s d e cla re d
su rp lu s fu n d .
and $500
a d d ed to
th e
T h o m a s J. W o lla n d , p r e s id e n t o f the
R a y C o u n ty S a v in g s B a n k , R ich m o n d ,
M iss o u ri, d ie d r e c e n tly at h is h om e in
th a t city .
F ra n k W . F e u erb a ch er, 78, p re sid e n t
o f th e S o u th e rn C o m m e rcia l S a v in g s
B a n k , St. L o u is, d ie d at h is h om e in
th a t c it y la st m on th .
'i
A t a m e etin g o f th e b o a rd o f d i
r e cto rs o f th e G e n try C o u n ty B a n k , A l
b a n y , M iss o u ri, G. W . R e e d w a s elected
v ice -p r e s id e n t o f th a t in s titu tio n to
ta k e th e p la ce o f Jas. O ’ M a ra , d e
ceased .
F e lix E. G oerlich , a ssista n t s e cre ta ry
o f th e F r a n k lin -A m e r ic a n T ru s t C om
p a n y , St. L o u is, d ied r e ce n tly at his
h om e in th a t c ity .
F irs t H o m e o f th e B o a tm e n ’ s B ank
N o . 16 L o c u s t S treet
O R E than 80 years ago the B O A T M E N ’ S S A V
INGS IN ST IT U T IO N opened its doors for
business, having received its charter from the State of
Missouri on the 16th day of February, 1847.
M
That small institution with only a handful of depositors
has survived every crisis— and today serves the needs
of a great city and a great trade territory.
The record of the bank is a part of the history of St.
Louis and it may he opened at any page without fear of
what that page may reveal.
As your St. Louis correspondent, the Boatmen's Na
tional Bank will serve you faithfully and serve you well.
W e solicit your business on our record.
OFFICERS
JULIUS W. REINHOLDT,
LE ROY C. BRVAN,
AARON W ALDH EIM
V ic e -P r e s id e n t
J.
ALBE R T
and
W AGENFUEHR
A c c o r d in g to th e la st sta tem en t o f
c o n d itio n issu ed b y th e C itizen s B a n k
o f M a rsh field , M iss ou ri, th e b a n k has
to t a l re so u rce s o f $742,802.67. D e
p o s its are $676,917.84 an d it is c a p
ita liz e d at $50,000. O fficers o f th e
C itize n s B a n k a r e : R o y N elson , p r e s
id e n t ; B. F . J u lia n an d W . P . M cK n ig h t, v ic e -p r e s id e n t s ; C h a rles F . E l
lis, c a s h ie r ; W . B . M ille r a n d G. W .
D a ile y , a ssista n t cash iers.
O fficers o f th e W o o d an d H u sto n
B a n k at M a rsh a ll, M iss o u ri, a r e : L. D .
M u rre ll, p r e s id e n t ; C. M . B u ck n er,
v ic e -p r e s id e n t ; F . C. B a rn h ill, c a s h ie r ;
C a ry H u s to n an d J. C. L a m k in , a ssist-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H. ALFRED BRIDGES
A ssista n t
F.
C ou n sel
V ic e -P r e s id e n t
T h e St. L o u is C ou n ty L o a n a n d I n
v e stm e n t C o m p a n y , C la y to n , M iss ou ri,
has a n n o u n ce d an in cre a s e o f $40,000
in ca p ita l. T h is b rin g s th e ca p ita l o f
th e c o m p a n y to $ 1 0 0 , 0 0 0 .
and
C a sh ie r
EDGAR L. TA YLO R
V ic e -P r e s id e n t a nd
T r u st O ffic e r
HUGO GRIMM
V ic e -P r e s id e n t
P r e sid e n t
V ic e -P r e s id e n t
C a sh ie r
LEE MAJOR
V ic e -P r e s id e n t
C. C. HAM M ERSTEIN
A ssista n t
C a sh ie r
RUDOLPH FELSCH
A ssista n t
C a sh ie r
OLIVER W. KNIPPENBERG
A ssista n t
C a sh ie r
C A P IT A L A N D SURPLUS
$2,750,000.00
86
an t ca sh iers. T h e la st statem en t o f
c q n d itio n o f th e b a n k sh ow s th a t th e y
h ave to t a l re so u rce s o f o v e r $1,800,000.
D e p o s its are $1,547,342.35. T h e b a n k
has a ca p ita l o f $ 10 0 ,0 0 0 an d a su r
p lu s an d u n d iv id e d p ro fits o f o v er
$218,000, g iv in g th em th e m u ch c o v
ete d h o n o r o f b e in g on e o f M is s o u r i’ s
h o n o r r o ll banks.
A new
L e w is to n ,
L e w is to n
p re s id e n t
ca sh ier.
November, 1928
M id -C o n tin e n t B a n k e r
b a n k has b een fo r m e d a t
M iss o u ri, to b e k n ow n as the
S ta te B a n k . P . 1ST. D a y is
and L o r e n z o H . G n u se is the
F lo y d T a y lo r w a s e le cte d as a d ire c-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to r o f th e B a n k o f S p ick a rd v ille , S p ick a rd v ille , M iss o u ri, at a r e ce n t m eetin g
o f th e b o a r d o f d ire cto rs . H e w as
e lected to ta k e th e p la ce le f t v a ca n t
b y th e d ea th o f M a r ia W o lz B ed a rd .
T h e sta tem en t o f th e P e o p le s B a n k
o f B o n n e T erre, M iss o u ri, as o f A u
g u st 16, sh ow s th a t it has to ta l r e
so u rces o f o v e r $800,000. I t is an
h o n o r ro ll b a n k , h a v in g a ca p ita l o f
$25,000 an d a su rplu s an d u n d iv id e d
p ro fits o f o v e r $33,000. O fficers o f the
b a n k a r e : J. J . B ow m a n , p r e s id e n t ;
A lb e r t M a rsh a ll, v ic e -p r e s id e n t ; P . L.
B en h am , c a s h ie r ; C. F . D in w id d ie , a s
sista n t ca sh ier.
B o o n e C o u n ty N a tio n a l B a n k ,
C olu m bia , M o.
T h e la st sta tem en t o f th e B o o n e
C o u n ty N a tio n a l B a n k sh ow s th a t it
has to ta l r e so u rce s o f $2,065,205.59.
C a p ita l is $100,000 an d su rp lu s an d
p ro fits , $270,166.88, m a k in g it on e o f
M is s o u r i’ s h o n o r r o ll b a n k s. D e p o sits
are o v e r $1,400,000.
T he B o o n e C o u n ty N a tio n a l B a n k is
71 y e a rs o ld an d th e first n a tio n a l b a n k
in M iss o u ri, as w e ll as b e in g th e first
b a n k in M is s o u r i to b e a d m itte d to
th e fe d e r a l reserv e system .
O fficers o f th e b a n k a r e : R . B . P r ic e ,
p r e s id e n t ; C. B. C ollin s, v ic e -p r e s id e n t ;
A . G. S p e n ce r, c a s h ie r ; J. R . L is co m b
an d E . S. D y s a rt, a ssista n t cash iers.
C o n le y -M e y e rs B a n k ,
C olu m bia , M o .
T h e la st sta tem en t o f th e C o n le y M e y e rs B a n k at C olu m b ia , M isso u ri,
sh ow s th at it has t o t a l re so u rce s o f
o v e r $470,000. I t is th e y o u n g e s t b a n k
in C olu m b ia , b e in g o rg a n iz e d w ith a
ca p ita l o f $20,000 in 1912. S in ce th a t
tim e it has in cre a s e d its c a p ita l o u t
o f its ea rn in g s u n til ca p ita l, su rplu s
an d u n d iv id e d p ro fits n o w e x ce e d $140,-
000.
T h is b a n k h as g o n e c o n t r a r y to th e
p r a c tic e o f m ost b a n k s in th a t it dea ls
a lm ost e x clu s iv e ly in first m o rtg a g e
rea l esta te loa n s on im p ro v e d p r o p
e r ty in th e c it y o f C olu m bia .
O fficers o f th e b a n k a r e : W . T. C o n
ley , p r e s id e n t ; G. B . S a p p , v ic e -p r e s i
d e n t ; S. M . M e y e rs, c a s h ie r ; M iss
D u lc y C rea sy, a ssista n t cash ier.
C olu m b ia S a v in g s B a n k ,
C olu m b ia , M o.
T h e la st sta tem en t o f c o n d itio n o f
th e C o lu m b ia S a v in g s B a n k , C o lu m b ia ,
M iss o u ri, sh ow s th a t it has to t a l re
so u rce s o f $696,617.01. I t h as a c a p
ita l o f $ 1 0 0 ,0 0 0 an d d e p o s its o f o v e r
$500,000.
O fficers o f th e b a n k a r e : H . H .
B a n k s, p r e s id e n t ; T. W . W h itt le , v ice p r e s id e n t ; B. C. H u n t, c a s h ie r ; M . G.
B a n k s, a ssista n t cash ier.
E x ch a n g e N a tio n a l B ank ,
C olu m bia , M o.
T h e la st sta tem en t o f c o n d itio n o f
th e E x ch a n g e N a tio n a l B a n k o f C o lu m
b ia , M iss o u ri, sh ow s th a t it h as to ta l
r e so u rce s o f $1,234,886.18. I t h as d e
p o s its o f o v e r $800,000 an d ca sh o n
h an d an d d em a n d e x ch a n g e, $273,239.20. I t is an h o n o r r o ll b a n k , h a v in g a
c a p it a l o f $ 1 0 0 ,0 0 0 an d su rp lu s an d
u n d iv id e d p ro fits o f $162,294.19.
O fficers o f th e b a n k a r e : C. B . B o w l
in g, p r e s id e n t ; J. L . L y n es , v ic e -p r e s
id e n t ; W . E . S m ith , c a s h ie r ; M . F .
T h u rston , a ssista n t cash ier.
Ì
November, 1928
87
M id -C o n t in e n t B a n k e r
T h e S tu r d iv a n t B a n k ,
C a pe G ira rd ea u , M o.
T h e la st sta tem en t o f th e S tu rd iv a n t
B a n k at C a pe G ira rd ea u sh ow s th at
it h as to t a l re so u rce s o f o v e r $825,000 an d d e p o s its o f
a p p ro x im a te ly
$650,000. I t is c a p ita liz e d at $100,000. O fficers o f th e b a n k are : A lf r e d
A . H a r d y , p re sid e n t ; A . Q. C a rter,
v ice -p r e s id e n t an d c a s h ie r ; B la n ch e
H a r r e ll and R . L . B eck m a n , assista n t
cash iers.
Money Earning
and
Money Saving
Bank Equipment
Complete Electrical Bank Protection
Electrical Chime Clock Systems
The Automatic After Hour Depository
The Vault Ventilator
M a d e by
M A S T E R B U IL D E R S
in t h e fa c t o r ie s o f
O. B. McCLINTOCK CO.
T h e L argest a n d M o s t C o m p le te
O r g a n iz a tio n o f its K in d in t h e W o rld
MINNEAPOLIS, MINN.
T h e F ir s t N a tio n a l B ank,
C a pe G ira rd eau , M o.
T h e la st sta tem en t o f c o n d itio n o f
th e F ir s t N a tio n a l B a n k at C a p e G i
ra rd ea u sh ow s th a t it h as to t a l r e
so u rces o f o v e r $1,250,000 an d to ta l
d e p o s its o f o v e r $1,000,000. C a p ita l
s to ck is $100,000. O fficers o f th e b a n k
are : C ly d e D . H a r r is , p re sid e n t ; W .
O. B ow m a n , v ic e -p r e s id e n t ; H . B re m
erm an n , c a s h ie r ; M esie A s th o lz , as
sista n t ca sh ier.
M in ers
B a n k o f J o p lin ,
J o p lin , M o.
T h e M in e rs B a n k o f J o p lin is the
o ld e s t b a n k in J o p lin an d th e lea d
an d zin c d is tr ic t o f M iss o u ri. I t s la st
sta tem en t o f c o n d itio n sh ow s th a t it
has to ta l re so u rce s o f o v e r $2,520,000.
I t is an h o n o r r o ll b a n k , h a v in g a c a p
ita l o f $ 1 0 0 ,0 0 0 an d su rplu s an d u n d i
v id e d p ro fits o f o v e r $118,000. D e
p o s its are o v e r $2,000,000. O fficers o f
the b a n k a r e : H o w a r d C. M u rp h y ,
ch a irm a n o f th e b o a r d ; D e lm a r C.
W is e , p r e s id e n t ; V i c t o r L . Y o u n g an d
W illia m H . L a n d reth , v ic e -p r e s id e n t s ;
V ir g il H . B o a rd , c a s h ie r ; W illia m F .
F a n n in g , M ilfo r d R . H e r r o n an d S h er
m a n A . S m ith , a ssista n t cash iers.
"A mighty good bank
to do business with”
T h a t’ s what they
say of us, and we
are sure y o u ’ ll
find it is tr u e —
T r y us.
¥
Capital, Surplus an d Profits
$.380,000.00
^ j îi Tennessee
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ashville is the stragetic center
for you r banking business.
R esou rces $ 5 , 0 0 0 , 0 0 0 . 0 0
In Nashville—
T h e d ire ct routing facilities o f the
Am erican Banks speed the presenta
tion and realization o f your business.
T h e bank where more one-third o f all Tennessee T g
Bankers bank is a good bank for your business. JP
B an k s
erigän
Amoricm Naüom l
N ASM VILLE
American National Company
(AFFILIATED)
‘
'
Largest Bank in Missouri in a
City of L ess Than 32,000
Population
M id -C o n tin e n t B a n k e r
November, 1928
111111111111111111111111111111111111111111111111111111111111111111111111111111111
What Do You Want?
—
—tell us and we will help you find it. W e have created this new
classified ad department as a free service to subscribers. If you have
something to buy or something to sell, or if you want anything, you
can make it known to the bankers in the Mid-Continent territory
without cost. If you are not a subscriber, your check for $3 will
pay for a year’s subscription and entitle you to free use of the want
ad columns.
An organization with fifteen years definite
accomplishment and with a wonderful
future program has an opening in St.
Louis and territory for a mature developed
sales executive whose past record shows
earnings in excess of $8,000 a year. The
line is protective equipment and the per
sonal sales of the man wanted will be large
ly to banks although other salesmen under
his control will sell every class of store
and business. Apply by letter only to the
Anakin Company, Chicago, Illinois.
Additional Capital: St. Louis Invest
ment House, expanding business, invites
the association of men of means, active
or inactive basis. Address C. R. E. care
of Mid-Continent Banker, 12-28.
W anted: Seasoned banker 34 years of
age— 12 years experience, desires to pur
chase substantial or controlling interest in
bank in good town of 1,000 population up.
Any territory considered.
L. W ., care
Mid-Continent Banker, 408 Olive Street,
St. Louis, Mo., 10-28.
W ould like to purchase controlling inter
est in a good bank in a town of 1,000 to
4,000 in Southwest Missouri or Northern
Arkansas. Write A. C. T., care MidContinent Banker, K -ll.
Opportunity for two bond salesmen: Na
tionally known bond and investment house
with branch offices in St. L o jis has very
desirable openings for two experienced
bond salesmen.
Only experienced bond
salesmen need apply.
Address C. S. B.,
care Mid-Continent Banker, 7.
Connection desired about January or
February, 1929, by young man, 26 years
of age, member of Missouri Bar, a high
school graduate, graduate of the American
Institute of Banking, five years financial
experience as assistant cashier of National
Bank. Address A. A. S., care Mid-Con
tinent Banker, 11-28.
Country Bank is on lookout for concern
that will handle ten or twenty-year farm
loans and also make loans on brick build
ings in towns of two to three thousand
population.
Large insurance company
will not make such loans in towns of less
than 10,000 and there is opportunity here
for someone. Address T. J. C., care MidContinent Banker, 7.
Man, of all-round banking experience,
having sold his former holdings, now
wishes to make new connection. Wants to
buy interest in a bank carrying official
position.
Can furnish A1 references.
Give full details of what you have to
offer. Address M. M., care Mid-Continent
Banker, 10-28.
W anted: Coupon booth.
Give details
and price.
Address GDM, care MidContinent Banker, 6-28.
Capable Bank Executive desires to make
change. 36 years old, 17 years experience.
A-No. 1 Credit man and accountant. A d
dress Box A. C. I., Mid-Continent Bank
er, 2-29.
Banker-Lawyer wants connection with
bank, trust company or loan company.
Seven years a country banker as cashier,
three years practicing law.
Thirty-one
years of age, married. Salary open. Now
in small town. Available at once. A d
dress X-2, Mid-Continent Banker, 6-28.
Reorganization : Experienced bank man
with good record, offering his services
with investment in stock, desires to cor
respond with bank in a good town, which
is considering a reorganization. Address
W. J. C., care Mid-Continent Banker, 8.
W anted: Position as cashier or active
officer in bank in town of not less than
1,000 population with good schools, church
and social conditions, and the community
not dependent upon any one crop for its
support. Have had 25 years bank experi
ence from janitor to vice-president, can
furnish best of references, now connected
with bank more than half million dollar
resources. Would be interested in organ
izing bank in town that has not had bank
or where bank may have closed and the
citizens desire reorganization and they
would take half to three-fourths of stock.
Address S. P. C., care Mid-Continent
Banker, 11-28.
W anted: Revolving door for bank. Oak
finish preferred. Address W. V. M., care
Mid-Continent Banker, 11-28.
W anted: Experienced and well qualified
banker wants to buy control or less
amount in some good bank carrying posi
tion.
Prefer Kentucky or Tennessee, but
will consider any other location.
Now
employed but desire larger field and better
town with good living conditions. Able
to handle large proposition. Let me know
what you have. Address G. B., care MidContinent Banker, 6-28.
W anted: Position with a farm depart
ment or farm problem to work out on good
credits. Have studied farm situation and
am qualified to meet farmers and help in
solving their problems. Would consider
right kind of insurance company or loan
association. Address H. M. L., care MidContinent Banker, 6-28.
For Sale: Illinois National bank. Only
bank in a modern town of S00 people.
Chicago territory. All denominations of
churches.
An exceptionally good, clean
and profitable bank. Capital $25,000. De
posits $300,000, of which 70 per cent is
checking. No “ other real1 estate.” Large
reserve. Salary of cashier $3,000. Large
surplus and undivided profits. Bare con
trolling interest offered at book value. In
vestment of about $30,000 could be ma
terially reduced by distribution of un
divided profits. Address A. E. D., care
Mid-Continent Banker, 11-28.
Bond Salesmen: An established St. Louis
bond house is expanding its Missouri and
Southern Illinois territory and will receive
applications from energetic and ambitious
salesmen. Preference will be given to ex
perienced bond salesmen with clientele, but
consideration will be given to bankers who
are desirous of learning the bond business,
and who have a large acquaintance with
prospective bond buyers.
Give us full
particulars concerning yourself in your
first letter which will be held in confidence.
Address J. J. W., care Mid-Continent
Banker, 7.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
KANSAS NOTES
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiim iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiaiii
M . H . E g g ert, o f P an a m a, h as been
e lected ca sh ier o f the B a n k o f S y r a
cuse, K a n sa s, and w ill su cce e d M . II.
R o d g e r s w h o resig n e d t o en ter th e in
su ra n ce field.
F o r r e t B u tts, ca sh ier o f th e P r o
te c tio n S ta te B a n k , P r o te c tio n , K a n
sas, an d f o r 15 y e a rs p ro m in e n t in
fin a n cia l c irc le s o f th e S ou th w e st, d ied
r e c e n tly at his h om e in th a t city .
J u liu s H ilt, d ir e c to r an d v ice -p r e s
id en t o f th e S ta te B a n k o f B e rn , K a n
sas, d ie d r e c e n tly at his h om e in th a t
city .
T h e F ir s t N a tio n a l B a n k o f T o n g a n o x ie , K a n sa s, is p la n n in g to e re ct a
n ew b a n k b u ild in g in th e n e a r fu tu re .
A n ew b u r g la r alarm sy stem has been
in sta lle d b y th e F ir s t N a tio n a l B a n k o f
P r a tt , K a n sa s.
A t a recen t m eetin g o f th e d ir e c to rs
o f th e F a rm e rs an d M e rch a n ts B a n k ,
O x fo r d , K a n sa s, A lb e r t W a tk in s , as
sista n t ca sh ier f o r th e la st tw o y ea rs,
w as e lected cash ier, to fill th e v a c a n c y
ca u sed b y th e re s ig n a tio n o f J. 0 .
W ils o n .
P a u l G-rouning, o f L eh igh , K a n sa s,
has a ccep ted a p o s itio n in the L a n g don State B ank, su cceed in g K e n t R e y
nolds, w ho recen tly resigned.
W . W . W e lls has resig n ed as ca sh ier
o f the F o r d State B ank, F o r d , K an sas.
W illia m Sm ith , p re sid e n t o f th e C o r
bin State B a n k , C orbin , K an sa s, died
recen tly at his hom e in that city.
A t a re ce n t m eetin g o f th e s t o c k
h olders o f the F irs t N a tion a l B a n k at
G ard en C ity, K an sa s, C on ra d G abriel
w as e lected p re sid e n t, J a m es A . D u n n ,
v ice -p r e s id e n t, C. V . C h a lfo n t, v ice p resid en t, C. A . F u lto n , ca sh ier, R a y
M cB e th , a ssista n t ca sh ier, M rs. I. N.
M cB eth , d ir e c to r an d W . B . G e o rg e as
ch a irm a n o f th e b o a r d o f d ire cto rs .
W illia m T. L ille y , 70, p re sid e n t o f
th e M erch a n ts K a n s a s C ity B a n k , K a n
sas C ity , K a n sa s, d ied r e c e n tly at his
h om e in K a n sa s C ity .
E . R . W a r d , p re sid e n t o f th e F ir s t
N a tio n a l B a n k o f W e t m o r e an d v ice p re sid e n t o f th e G offs N a tio n a l B a n k ,
died at his hom e in W etm ore .
A . B. E van s, p re sid e n t o f th e C iti
zens S ta te B a n k at R e p u b lic , K a n sa s,
d ie d at h is h om e in th a t c it y last
m on th .
F o r e s t B ro w n has b een e le cte d c a sh
ie r o f th e F a rm e rs S ta te B a n k at
S to ck d a le , K a n sa s.
O rrin W . S p ro u se has re sig n e d as
ca sh ier o f th e C om m ercia l S ta te B a n k
at L e a v e n w o rth , K a n sa s.
— and its b a lm y , su m m er
w e a th er in m idw in ter.
In te rn a tio n a lly F a m o u s
HOTEL
ALEXANDRIA
L os Angeles
will win your hearty approval
with Eppley service, central lo
cation and famous cuisine.
R a te s p er da y— S in gle,
E u ro p e a n
75 rooms, private toilet, $2 to $3
380 rooms with bath, $3 to $4
245 rooms with bath, $5 to $8
For two persons, $3 up
Special Rates for Families and Parties
Convenient parking and
garage accommodations.
Reservations can be made through any
Eppley Hotel.
A le x a n d ria H o t e l C o .
E. C. Eppley, President
Charles B. Hamilton, Managing Director
— in gas guns built into your bank to
conform to the style o f architecture and
concealed in walls and partitions at
strategic points; in messenger bags; in
police billies; and in revolver cartridges.
Banks everywhere— m ore than 3 0 0 0 —
are using Federal G as f o r
daylight Protection.
W rite for T h is B o o k le t:
“ Beating the B a n d it”
— which tells you all about this marvelous,
scientific method of protecting your life and
property.
FEDERAL LABORATORIES, I n c .
1631 L ib e rty A v e n u e , P itts b u rg h , Pa.
Branches in Principal Cities
0
•
.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Y' ' ‘ ' '
89
M id -C o n tin e n t B a n k e r
November, 1928
;
‘
A D V E R T IS IN G IN D E X
Abraham Lincoln Life Insurance Company
Springfield, 111.................................................. 67
Alexandria Hotel, Los Angeles, Cal.............. 89
Allyn & Company, A. C., Chicago.................. 55
American Financial Corporation of New York 27
American Fixture Company, Kansas C it y .... 29
American Banks, Nashville .............................. 87
Anakin Company, Chicago................................... 71
Anderson & Co., Lorenzo E., St. Louis.......... 51
Art Craft Shops, Inc., St. Louis...................... 53
Baker, Kellogg & Company, Chicago.............. 44
Bank of Commerce & Trust Co., M em phis... 80
Bank of New South Wales, Sydney, Australia 51
Berkowitz Envelope Company, Kansas City. . 60
Boatmen’s National Bank, St. Louis.............. 85
Brokaw & Company, Chicago............................ 45
Brookmire Economic Service. New York. . . . 53
Caldwell & Company, Nashville......................... 56
Canal Bank & Trust Company, New Orleans 79
Camp, Thorne & Company, Chicago................ 32
Central Union Trust Company, New Y o r k ... 19
Chapman & Company, P. W ., Chicago............ 57
Chase National Bank, New Y ork.................... 70
Chicago Trust Company, Chicago.................... 71
Cody Trust Company, Chicago.............
48
Commerce Trust Company, Kansas City........ 66
Commercial National Bank, Shreveport, La. . 83
Continental National Bank & Trust Company
Chicago ............................................................... 17
Couden Syndicate, Elliott R., St. Louis........ 55
Davis, Smith & McAnulty, Springfield.......... 42
D ’ Oench, Duhme & Co., Inc., St. Louis........ 47
Elms Hotel, Excelsior Springs, M o................ 89
Eppley Hotels Company, Omaha, Neb.............. 59
Equitable Bond & Mortgage Co., C h ic a g o.... 46
Equitable Trust Company, New Y ork............ 28
Federal Laboratories, Inc., Pittsburgh............ 89
Federal Surety Company, Davenport, Iowa. . 67
First Illinois Company, Chicago...................... 49
First National Bank, Chicago............................ 23
First National Bank, Jefferson City................ 87
First National Company, St. L ouis.................. 2
Fletcher American Company, Indianapolis. . . 50
Foreman Banks, Chicago.................................... 75
Francis, Bro. & Company, St. Louis................ 58
General Motors Accep. Corp., New Y o r k .... 40
Guaranty Trust Company, New Y ork............ 25
Halsey, Stuart & Company, Chicago................ 37
Hanchett Bond Company, Chicago.................. 42
Hanover National Bank, New Y ork ................ 42
Hemker & Company, Ferd W ., St. Louis. . . . 48
Herring-Hall-Marvin Safe Co., H a m ilton .... 84
Hibernia Bank & Trust Co., New O rleans... 70
Hoagland-Allum & Company, Chicago..............*49
Hotel Baltimore, Kansas City............................ 60
Hotel Empire, New Y ork..................................... 65
Hotel Kingsway, St. L ou is... .......................... 77
Hotel President, New Y ork................................ 65
Illinois Merchants Tx-ust Co., Chicago............ 91
Kissel, Kinnicutt & Company, Chicago.......... 41
Knight, Dysart & Gamble, St. Louis.............. 43
Leach & Company, A. B., Chicago................... 53
Liberty Central Trust Company, St. Louis. . . 30
Liberty Bank & Trust Company, Louisville. . 78
McClintock Company, O. B., M inneapolis... 87
Mercantile Trust Company, St. Louis............ 4
Merchants Laclede National Bank, St. Louis 82
Midland Bank, London, England..................... 76
Mississippi Valley Trust Co., St. Louis.......... 86
Morrison Hotel, C hicago................................... 61
Mortgage & Securities Company, St. Louis. . 36
National Bank of Commerce, St. Louis.......... 92
National Bank of the Republic, Chicago........ 73
National Cash Register Co., Dayton, O h io ... 3
National City Company, New Y ork................ 34
National Park Bank, New Y ork........................ 31
National Shawmut Bank, Boston, Mass.......... 79
New York Title & Mortgage Co., New York 35
Northern Bank Note Company, Chicago........ 76
Northern Trust Company, Chicago.................. 74
Piccadilly Hotel, New Y ork.............................. 59
Republic Casualty & Surety Co., C h ic a g o .... 64
Rogers & Company, N. L., Peoria, 111.......... 43
Rogers Park Hotel, Chicago.............................. 82
Ruppert & Company, H. L., St. Louis.......... 53
St. Louis Bank Building & Equipment Com
pany, St. Louis .........................................
24
Security Trust & Savings Bank, Los Angeles,
California ........................................................... 22
Shaw-Walker Company, St. L ouis.................. 54
Smith & Company, H., Chicago...................... 54
Smith, Moore & Company, St. Louis.............. 33
Steinberg & Company, Mark C., St. L ou is.. 59
Steurer Publishing Company, New Y ork........ 64
Strauss & Company, Robert S., Chicago........ 60
Todd Company, Rochester, New Y ork .............26
True Securities Company, Chicago.................. 52
Union & Planters Bank & Trust Company,
Memphis ............................................................. 81
Union Trust Company, Chicago...................... 72
Walker & Company, G. H., St. Louis.............. 42
Want Ad Page ................................................... 88
Wellston Trust Company, St. Louis................ 20
Whitney Central Banks, New Orleans............ 79
Willson & Company, James C., L ou isville... 78
Wise Company, The J. H., Inc., St. L ouis.. 22
Young & Bros., Inc., W. H., St. Louis........ 62
Where Y o u Can Enjoy
NATURE’S GREATEST
HEALTH WATERS
Visitors to this finely appoint
ed, luxurious hotel acclaim it
one o f the finest resort hotels
in America. Refurnished, re
decorated and equipped with
unsurpassed elegance,The Elms
will appeal to the most fastid
ious or most critical geust.
Here you can tone up your
system, regain your health with
our world famous mineral wa
ters and baths and if you wish,
enjoy all the pleasures o f resort
life, golfing, swimming, horse
back riding, boating, tennis,
etc. For reservations or beauti
fully done book, fully illustrat
ing the beauties o f The Elms
and Excelsior Springs, write,
wire or phone F. F. Hagel,
Managing Director.
T h e Elm s is on ly 2 8 m iles fro m K a n sa s
City, nestlin g am id surroundings o f
n a tu ra l beau ty,
w ith p a v e d
h igh w a ys lea d in g in a ll d irec
tion s .
One of thelÀfortiLsMóst
fam ous Mineral
Springs Ttesorts!
Advertise
in the
Mid-Continent
Banker
90
M id -C o n tin e n t B a n k e r
Hibernia Magazine in 23rd
f o r use d u rin g
those
hours
w hen the d oors o f the ba nk are closed.
This a p p a ra tu s, k n ow n as a n igh t sa fe,
Year o f Publication
T h e H ib e rn ia “ R a b b it ,’ ’ p u b lish ed
q u a rte rly b y th e H ib e rn ia B a n k C lub,
an o r g a n iz a tio n o f th e officers an d em
p lo y e e s o f th e H ib e rn ia B a n k and
T ru st C o., N ew O rlea n s, has m a de its
O cto b e r a p p e a ra n ce.
T h is issu e o f th e “ R a b b i t ”
availab le
November, 1928
ca rries
as its fe a t u r e a r ticle th e a d d ress d e
liv e re d b y R . S. H e c h t, p re sid e n t o f
th e H ib e rn ia B a n k , b e fo r e th e A m e r i
ca n B a n k e rs A s s o c ia t io n at its an n ual
c o n v e n tio n h eld in P h ila d e lp h ia .
In
th is a d d re ss M r. H e c h t em p h a sized th e
d a n g e rs o f “ c h a in ” b a n k in g an d th e
n eed o f p r e s e r v in g th e n a t io n ’ s p resen t
sy stem o f u n it b a n k in g .
T h e “ R a b b it ”
a lso co n ta in s an
a r ticle c o m m e m o ra tin g th e sig n in g o f
th e a rm istice w h ich te rm in a te d th e
W o r ld W a r in N o v e m b e r, 1918. T h is
a r ticle te lls o f th e p a rt p la y e d b y th e
H ib e r n ia B a n k d u rin g th e w a r an d in
clu d e s som e v e r y in te r e s tin g r e p r o
d u ctio n s o f w a r tim e p o s te rs. A n o th e r
a r ticle te lls o f th e resu lts o f th e a n
n u a l e le c tio n o f th e H ib e r n ia B a n k
C lu b ’ s officers an d d ir e c to rs . T h ere is
a lso a b r ie f su m m a ry o f th e r e p o r t on
th e c o n d itio n o f th e S ta te B a n k s o f
th e c o u n tr y p re p a r e d a n n u a lly b y R . N .
Sim s, v ice -p r e s id e n t o f th e H ib e rn ia
B a n k an d se c r e ta r y -tre a s u re r o f th e
N a tio n a l A s s o c ia t io n o f S ta te B a n k in g
S u p e rv iso rs. T h is r e p o r t o f M r. S im s ’
is co m p a ra b le to th e an n u a l r e p o r t o f
th e C o m p tr o lle r o f th e C u rre n cy on N a
tio n a l B a nk s.
T h is issu e o f th e “ R a b b it ” m a rk s
its 23d y e a r o f p u b lica tio n , it h a v in g
b e e n e sta b lis h e d in O cto b e r, 1905. I t
is on e o f th e o ld e s t b a n k h ou se orga n s
in A m e rica .
Midland Bank Installs Night
Depository Safe
T he M id la n d B ank, L on d on , is a d d in g
fu rth e r to the list o f services available
to the custom ers o f a m od ern bank.
M an agers o f theatres, cinem as an d res
ta urants, sh opk eepers, an d in
fa c t
trad ers g e n e ra lly w ho con d u ct business
a fte r the usual lo ca l b a n k in g h ours have
alw a ys had to retain in th eir p ossession
con sid era b le quan tities o f cash ov er
n igh t o r d u rin g w eek-ends o r h olid a y
p eriod s. T h is th ey have had to do u n
is a lrea d y in op era tion at the M id la n d
B a n k ’s b ran ch at 20 and 22 K in g Street,
H am m ersm ith, L on d on , and is also in
cou rse o f in stallation at a n um ber o f o f
fices in oth er m e tro p o lita n d istrict and
at several p ro v in c ia l branches. I f fo u n d
g e n e ra lly a ccep ta b le the system m ay be
exten ded to ad d ition a l bran ches in b u sy
s h o p p in g and tra d in g centers.
The n igh t sa fe itse lf, w h ich is co n
stru cted b y T he C h a tw ood S a fe Co.,
L td ., is inside the ba n k b u ild in g and is
conn ected, b y m eans o f a chute, w ith a
fittin g b u ilt in to the ou tside w a ll o f the
bank. A cces s to the nigh t sa fe is g a in
ed b y a r e v o lv in g d o o r in this fittin g,
the d o o r b ein g c o n tro lle d b y a sp ecia l
key p ro v id e d b y the bank. T he custom
er is also fu rn ish ed w ith a lea th er w allet
in w hich he p la ces cash, cheques, etc.
The w a llet bears a distin ctive num ber
and is fa sten ed w ith a lock w h ich m ay
be o p en ed o n ly b y m eans o f a secon d
sp ecia l key. A f t e r u n lock in g and o p e n
in g the re v o lv in g d o o r on the outside
w all o f the ba nk the cu stom er p la ces the
w allet on a sm all p la tfo r m Avhich r o
tates as the d o o r closes, thus p erm ittin g
the w a llet to travel b y w a y o f the chute
in to the n igh t sa fe.
H ere
it rem ains
until the custom er o r his represen tative
calls som e tim e d u rin g b a n k in g h ours
f o r the w allet to be d elivered to him.
One o f the term s u n d er w h ich the cus
tom er m a y avail h im s elf o f
cula ted to assure the m axim u m o f sa fety
fa c ilit y is that the w a llet m a y be used
com b in ed Avith convenience.
so le ly f o r the p u rp o s e o f p la cin g there
this new
in articles in ten ded f o r the cred it o f his
p ro v id e f o r such cases as these, n ot b y
accou n t.
exten d in g the h ours o f b a n k in g business
have receiv ed f o r the cred it o f a p a rtic
bu t b y m eans o f a m ech an ical a p p a ra tu s
u la r a ccou n t a n y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Chase
National
Shows
Increase
T o ta l re so u rce s o f th e Chase N a
tion a l B a n k o f th e C ity o f N e w Y o r k
esta b lish ed a n ew h igh r e c o r d f o r th e
b a n k o f $1,156,340,254 as o f O cto b e r
3, a c c o r d in g to the sta tem en t o f c o n
d itio n p u b lish e d on th a t da te in re
sp on se to th e ca ll o f th e C o m p tro lle r
o f th e C u rren cy . T h is re p re se n ts a
g a in o f $52,598,193 o v e r th e p re v io u s
r e c o r d o f $1,103,742,061 r e p o rte d as
o f J u n e 30, 1928. A y e a r a g o on the
c o rr e s p o n d in g ca ll, w h ich w as as o f
O cto b e r 10, th e b a n k r e p o rte d to t a l re
so u rces o f $1,004,088,104.
T h e cu rren t sta tem en t is th e first
issu ed b y th e b a n k sin ce th e $40,000,000 o f n ew c a p ita l p a id in as o f J u ly
der co n d itio n s p e rh a p s n ot alw a ys ca l
The presen t in n o v a tion is design ed to
p la ced in the Avallet u n til the custom er
or his rep resen tative has op en e d the w a l
let and p a id in the contents to the credit
o f the accoun t.
The ba n k
is n ot
cash,
deem ed to
cheques,
etc.,
2, o f w h ich to ta l $30,000,000 w as p a id
in to th e b a n k ’ s ca p ita l an d su rplu s,
an d $10,000,000 w a s a d d ed to th e c a p
ita l fu n d s o f th e
C hase S e cu ritie s
C o rp o ra tio n . A s a resu lt o f th e a d
d itio n o f th is n ew ca p ita l th e b a n k
n o w has $60,000,000 o f c a p ita l and
$60,000,000 su rplu s. U n d iv id e d p r o f
its as o f O cto b e r 3, to ta le d $18,807,343
a g a in st $17,472,702 on J u n e 30, 1928,
an d $15,811,628 r e p o rte d o n O cto b e r
10, 1927.
A g g r e g a te d e p o s its o f th e b a n k also
sh ow ed a la rg e g a in co m p a re d w ith
th e p r e v io u s sta tem en t, th e to t a l b e
in g a little s h ort o f th e $900,000,000
m a rk . T o ta l d e p o s its o f O cto b e r 3,
to ta le d $892,388,858, r e p re s e n tin g an
in crea s e o f $48,644,192 co m p a re d w ith
th e to ta l o f $843,744,666 re p o rte d
on J u n e 30, 1928.
Total Resources $ 3 9 ,9 9 1 ,2 9 1
T h e sta tem en t o f c o n d itio n as o f
O cto b e r 3 o f th e U n io n N a tio n a l B a n k
o f P itts b u rg h sh ow s to ta l re so u rce s o f
$39,991,291.47. D e p o s its are o v e r $27,000,000 an d as the su rp lu s e x ce e d s the
ca p ita l o f $2,000,000 b y $3,000,000, it
is an h o n o r r o ll ba nk.
O fficers o f th e b a n k a r e : C. D . A r m
s tron g , ch a irm a n o f th e b o a r d ; L lo y d
W . S m ith , p r e s id e n t ; E. S. E g g e r and
L a w re n ce
S.
B ell,
v ic e -p r e s id e n ts ;
J o h n W . T h om p s on , v ice -p r e s id e n t and
tru st o ffic e r; R . H . B e a tty , cash ier.
T h e P ilg r im th e y la id in a la rg e u p
p e r ch a m ber, w h ose w in d o w o p en ed
to w a r d th e s u n -r is in g ; th e nam e o f the
ch a m b er w as P e a ce , Avhere he sle p t till
b r e a k o f d a y , an d th en he a w o k e and
sa n g.— B u n ya n .
91
M id-Continent B anker
November, 1928
T H E
A P P R O A C H I N G
C O N S O L I D A T I O N . . .
. . (
treatingA
NEW B A NK
o f nation-wide importance in si^e and service
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T
he
approaching con
solidation o f Illinois
M e rc h a n ts T r u s t
Company and Conti
nental National Bank
_________ and Trust Company
o f Chicago under the name C o n t i
nental
I llinois B ank a n d T rust
C o m p a n y will unite Chicago’s two
largest banks to form a banking
house o f nation-wide and interna
tional importance.
In size, C o n t i n e n t a l I l l i n o i s
B a n k a n d T r u s t C o m p a n y , with
its resources o f more than a billion
dollars, will rank with the foremost
banking houses of the world.
The new institution will serve
more banks in this country and
I
United States.
It is planned that the consoli
dated bank will be a m ember o f
the Federal Reserve System.
T h e uniting o f our Bond Depart
ment and Continental National Com
pany to form C o n t i n e n t a l I l l i n o i s
C o m p a n y will not only create a
$ 20,000,000 securities company,
but will bring together two organi
zations of unusual experience and
equipment in the investment field.
T o our customers and to all
those interested in the enlarged
service facilities to be offered by
the new bank, we extend a cordial
invitation to communicate with our
officers.
Mer
C om
l l i n o i s
T
abroad than any other bank in the
rust
‘R esou rces O v e r
45 °
c h a n t s
pan y
dMdllion ‘D ollars
CHICAGO
One
o f America's
Great Banks
L ;ong
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
regarded as one of the
Great Banks of America, The
National Bank of Commerce
in St. Louis is splendidly
equipped to give corre
spondents the sort of
service they like. ? Use
o f the air mail and
other m odern methods o f
speeding up collections
and other banking bus
iness h a v e brought
"C o m m e rc e ” a host
of
w e ll-p le a s e d
co rre sp o n d e n ts.
] When
you
need service m
S t. L o u is , let
s
prove
to you our
a b ility .
National
Bank o f Com m erce
and------------------------------------------------------ in St Louis
federal Com m erce Trust Company
BROADWAY
OLIVE TO PINE
@FedFRASER