Full text of Mid-Continent Banker : The Financial Magazine of the Mississippi Valley and Southwest : November 1935, Volume 31, No. 11

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Mid-Continent
Banker
The Financial M agazine o f the


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Federal Reserve Bank of St. Louis

ST. LOUIS

NOVEMBER
1935

M is s is s ip p i V a lle y

In Th is Issue

Government and Municipal
Bonds
Page Four

Many Prominent Speakers
on A . B. A . Program
Page Five

V
IN TR O D U C IN G
Page Seven

▼
Ten Legal Questions
Page Eleven

Some Recent Changes
in Country Banking
Page Twelve

Legal Tender — Official
Publication St. Louis
Chapter A . I. B.
Page Forty

The Cover
The O ld and the New as
It Can Be Found O nly
in New Orleans

2

M id -C ontinen t B anker

November, 1935

DEPENDABLE
"THROUGH THE YEARS"
The First National Bank in St. Louis
has achieved a reputation "through the
years,” for serving its correspondents
faithfully and well.

The bank’s territorial officers have a
thorough

knowledge

of

rural

bank

problems and always apply this knowl­
edge— in a spirit o f helpfulness.

FI RST NATI ONAL BANK
I N ST. L O U I S
Broadway

R E S O U R C E S


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*

Locust

O V E R

*

Olive

2 0 0

M I L L I O N

T he Power o f Prayer
That prayers are not only answered
but are fulfilled to the letter is demon­
strated by a recent occurrence in re­
liable Kentucky banking circles.
While going through a ledger re­
cently, E. A. Davis, president of the
W oodford Bank and Trust Company,
Versailles, Kentucky, noticed several
old accounts of depositors who had
died or moved away, and he made an
effort to give these balances to their
rightful owners.
“Among others was one in the name
of Harrison Phillips, an old Negro, who
had an account prior to 1928,” Mr. Da­
vis goes on to say. “Knowing that he

l ^ i i d - C

i o n l i i i e n t

B

a n k e r

T h e F in a n c ia l M a g a z i n e o f t h e M is s is s ip p i V a l l e y

V o l. 31

No. 11

CONTENTS for NOVEMBER, 1935
Government and Municipal Bonds— a S u r v e y .................................. 4
Many Prominent Speakers on A. B. A. P r o g r a m .............................5
Introducing Leslie K. Curry and Aristo Brizzolara, Jr.......................7
The Missouri Group M e e tin g s ..................................................................... 8
Snapshots of the St. Charles Group M e e t i n g .................................. 9
Ten Legal Questions— Charles H. W a g e r ........................................11
Recent Changes in Country B an k in g........................................................ 12
News of the Banking W o r l d ................................................................... 14
Municipal Bond News S e c tio n ................................................................... 36
Current Quotations— Edward D. Jones & Co........................................38
St. Louis Stock Exchange T r a n s a ctio n s .................................................. 38
Foreign Briefs— Walter W . C r u t t e n d e n ..............................................39
Legal Tender— Official Publication, St. Louis Chapter, A. I. B. . . 40
Answers to Legal Q u e s t i o n s ................................................................... 44

“Documentary Proof.”

still had a son, Grand Phillips, living
in the county, I sent for him to come
get the balance.
“He arrived greatly excited and con­
fided that the Lord had answered his
prayers for some means with which
to pay his life insurance which was
due. He asked what the balance was,
and when it was $6.21, exclaimed that
it was the exact amount he had been
praying for, and produced the pre­
mium notice to substantiate his state­
ment.”
For those who are skeptical as to
the truth of this story, Mr. Davis pro­
duces the ledger sheet, premium notice
and the canceled check as proof.
{[ The Terminal National Bank, Chi­
cago, has put into effect a plan to mail
monthly commutation tickets to its
patrons who ride the Chicago and
Northwestern Railroad. The tickets
will be sent out a few days before the
end of each month, and the customer’s
account charged with the net cost of
transportation.


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STATE NEWS SECTIONS
M is s o u r i.......................................18 A r k a n s a s .................................. 30
T e n n e s s e e ................................. 20 O k l a h o m a .................................. 31
I l l i n o i s .......................................27 L o u i s i a n a .................................. 32
I n d i a n a .......................................28 M is s is s ip p i.................................. 33
K e n t u c k y ................................. 29 K a n s a s ........................................34
T e x a s ........................................ 35

T he M i d -C o n t in e n t B a n k e r is published monthly by the Commerce Publishing Co.
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H . J. H o f f m a n , C ircu la tion M a n a ger

408 Olive Street, St. Louis, Missouri
Telephone GArfield 2138
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C l a r k P u b l i c a t io n s : Mid-Continent Banker, Life Insurance Selling, The Local Agent,

Mid-Western Banker.

WHAT BANKERS THINK ABOUT

uoyernment
and
COMPOSITE pic­
m
u n i c i p a l
ture of how banks
in the Kansas City ter­
r it o r y r e g a r d th e ir
bond holdings is pre­
s e n te d in a s u r v e y
made recently by the
C ity N a tio n a l B an k
and Trust C o m p a n y ,
Kansas City Missouri.
As Indicated by a Survey Made
F o r m a n y m on th s
I by the C ity National Bank and
c o r r e s p o n d e n t s and
V, Trust Company/ Kansas C ity, M o.
friends of the bank had
asked for the advice
and opinion of its offi­
cers concerning the market on Gov­ long terms, 18 per cent contemplate no
ernment and Municipal bonds. The change.
Question 4: In your opinion what
bank felt that markets are usually an
expression in figures of the opinion of will be the trend of the Government
individuals and corporations dealing bond market during 1936?
Answer: 4 per cent thought trend
in a particular commodity, so Crosby
Kemper, president of the bank, de­ woidd he higher, 73 per cent thought
cided to find out what bankers in the trend xvould he lower, 23 per cent
Kansas City territory had to say about thought trend would he about the
same.
Government and Municipal bonds.
Question 5: In your opinion on the
Accordingly the bank sent over one
thousand letters to bankers in the Mid­ present market should high grade Mu­
west, principally in the states of Mis­ nicipal bonds be purchased, sold or
souri, Kansas and Oklahoma, asking retained?
Answer: 10 per cent advised pur­
their opinion on the future prices of
Government and Municipal bonds, and chase, 38 per cent advised sale, 52 per
their prediction as to the business cent advised retention.
Question 6: Do you think business
trend during 1936. Replies were re­
ceived from more than 90 per cent of in your community will show an im­
the bankers who received letters, and provement during 1936?
Answer: 92 per cent replied YES, 8
though individual replies have been
kept confidential by the bank, the re­ per cent replied NO.
Many interesting letters of comment
sults have been made available to our
accompanied the answers to the survey
readers as follows:
Question 1: W hat percentage of letters. Excerpts from these letters
your deposits are invested in U. S. have been made available to our
Government and Government guaran­ readers by the City National Bank and
Trust Company as follows:
teed notes and bonds?
“I will be frank to say that I expect
Answer: The average was 19 per
to see breaks in the long term Govern­
cent.
Question 2: W hat percentage of ments, and if the proper breaks come,
your Government bond account ma­ in my opinion I will be buying long
terms. I believe the boys with the long
tures during 1940 or earlier?
Answer: The average was 34 per terms will see much lower markets,
but will be the winners in the long run.
cent.
Question 3: Do you intend to in­ This may not be the case with many,
crease or decrease your Government as I am short on long terms against my
bond holdings during the balance of general investment in Governments,
and what I can afford to buy and ride
the year?
Answer: 32 per cent will increase out.”
“It is my feeling that the government
short terms, 10 per cent will increase
long terms, 8 per cent will decrease will continue to withdraw from the re­
short terms, 32 per cent will decrease lief problem which necessitates munic­
 4

A

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Bonds

ipalities is s u in g addi­
t io n a l b o n d s to ta k e
care of their local situ­
ation, and the expan­
sion of their bonded in­
debtedness may affect
their ability to borrow
at th e p r e s e n t lo w
rates, and if this tran­
spires, it would put the
present low rate bonds
of such municipalities
at a d is a d v a n ta g e in
the market.”
“We have been afraid
of the bond market for the past twelve
months and have sold the greater part
of our bonds and have been carrying
quite a bit of idle funds for the reason
that we have been afraid to invest it,
and we are just as badly lost today on
the question as we have been for the
past twelve months.”
“ Conditions in our State and all over
the country are unquestionably better
than they were a year ago. This has
been brought about largely, it is be­
lieved, by governmental expenditures.
The total amount given out in “made
work” and otherwise by the Gov­
ernment is a very large amount and
as a result many people have ob­
tained work that were heretofore idle.
Farmers are receiving much more for
their products than for some years but
we cannot have reliable prosperity
until business resumes and when this
will happen depends on many circum­
stances. When capital is again em­
ployed in business enterprises then it
would be natural to conclude that low
rate bonds will sell for less and pros­
perity should return without very
much further delay.”
“I believe the interest rate would
materially increase particularly on
United States Government securities
if banks would cease to be competitive
bidders in running these interest rates
down. I do not see how anyone can
make money off of 90-day stuff at less
than one-half of one per cent. This
condition is brought about by the
larger banks of the United States mak­
ing monkeys out of themselves, accord­
ing to the writer’s personal opinion.”
“With increased spending of the
(Continued on page 17)

IV I « n

i y

Prominent Speakers on
A. B. A. Program

ENATOR Carter Glass of Virginia,
who played a major part in for­
mulating the Banking Act of 1935, will
be the first speaker at the opening gen­
eral session of the American Bankers
Association convention at New Or­
leans, Louisiana, November 12, follow­
ing the annual address of the president
of the association, R. S. Hecht, chair­
man of the board of the Hibernia Na­
tional Bank, New Orleans.
Senator Glass will speak on the topic
“ Banking Legislation.” The conven­
tion, with general and divisional meet­
ings running from November 11 to 14,
will give the attending bankers an op­
portunity to discuss thoroughly the
new legislation and the results follow­
ing from it, it is stated by Mr. Hecht in
making public the program.
The other general session speakers
will be Leo T. Crowley, chairman of
the Federal Deposit Insurance Corpo­
ration and Major L. L. B. Angas on the
first day; J. F. T. O’Connor, Comp­
troller of the Currency, Lewis H.
Brown, president of the Johns Manville Corporation, New York City, and
Jesse H. Jones, chairman of the Recon­
struction Finance Corporation, on the
second day; and Harper Sibley, presi­
dent of the Chamber of Commerce of
the United States and Marriner S.
Eccles, governor of the Federal Re­
serve Board on the third day.
“The sixty-first annual convention of
the American Bankers Association to
be held in New Orleans, November 1114, will give our members the oppor­

tunity to discuss thoroughly the farreaching changes brought to banking
operations by the Banking Act of 1935
and the many new rules and regula­
tions affecting banking practice to be
formulated pursuant to it,” Mr. Hecht
says in his announcement. “ Complete
reports will be rendered and frank dis­
cussions will be had on all phases of
the new banking picture which we are
now facing.
“The convention will be addressed
by outstanding financial, business and
legislative leaders. All of them will
bring to our members authoritative
and challenging messages concerning
industry, taxation, economic condi­
tions and Federal legislation which
will be of specific interest to every
banker in America.
“The association is the accepted or­
ganized voice of the banking profes­
sion. The annual convention is the na­
tional clinic where major functions are
examined and analyzed, where our re­
lationships with the business and eco­
nomic community are frankly consid­
ered, and where successful executives
from other walks of life are invited to
tell us very candidly just what they
think of us. This year’s convention
probably will be as important and farreaching as any of the sixty that have
preceded it, and I have earnestly urged
every association member who pos­
sibly can do so to make arrangements
to attend.”
The convention headquarters at New
Orleans will be the Roosevelt Hotel.

Advance registrations indicate that
several thousand bankers will attend
the meetings and a number of special
trains from various sections have been
organized. It was announced that the
programs of the various division and
section meetings, which will be held in
morning and afternoon sessions on No­
vember 11 and in afternoon sessions on
November 12 and 13, will be made pub­
lic later.
The detailed program of the general
sessions, which will be held at the
Orpheum Theatre, is as follows:
Tuesday, November 12, 1935. 9:45
a. m., Music. 10:00 a. m., Call to order,
President Hecht. I n v o c a t io n . A d­
dress of President Hecht. Report, Offi­
cial Acts and Proceedings of Executive
Council. Appointment of Resolutions
Committee. Address, “Banking Legis­
lation,” Carter Glass, United States
Senator from Virginia. Address, “The
Banks and FDIC; Some of Their Mu­
tual Interests,” Leo T. Crowley, Chair­
man Federal Deposit Insurance Corpo­
ration. Address, “ Crucial Economic
Problems,” Major L. L. B. Angas, Com­
munications. Announcements.
Wednesday, November 13, 1935. 9:45
a. m., Music. 10:00 a. m., Call to order,
President Hecht. Invocation. Address,
J. F. T. O’Connor, Comptroller of the
Currency. Address, “ Business, Indus­
try, and Taxation,” Lewis H. Brown,
President Johns Manville Corporation,
New York City. Address, “Railroads,”
Jesse H. Jones, Chairman Reconstruc-

R. S. HECHT

ROBERT V. FLEMING

TOM K. SMITH

S


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(Continued on page 6)

5

M id -C ontinen t B anker

6

N in e K a n s a s G r o u p s H o l d
A n n u a l M e e t in g s
HE nine regional groups of the
Kansas Bankers Association held
their annual Fall meetings last month
at V a lle y F a lls , L in c o ln , Sharon
Springs, Hays, Pleasanton, Anthony,
Dodge City, Kinsley and Parsons. A t­
tendance at the meetings was good, and
bankers exhibited keen interest in the
discussions of various subjects on the
programs—particularly the discussions
of the Banking Act of 1935.
M. R. Diggs, Washington, D. C.,
spoke at each of the meetings on the
subject, “ The New FDIC Rulings and
Features.” Mr. Diggs, who is execu­
tive assistant to the Comptroller of the
Currency, explained many of the tech­
nicalities of recent FDIC regulations,
defining deposit liabilities and showing
how to figure the assessment base.
M. W. E. Park of the Kansas City Fed­
eral Reserve Bank also spoke at each
meeting. His talk dealt with Title II
of the Banking Act of 1935. Titles I

T

and III of the new law were discussed
by different speakers at the various
meetings.
Harry A. Bryant, president of the
Association, George M. Husser, man­
ager of the Better Business Bureau of
Kansas City, and Dudley Doolittle,
General Agent of the Farm Credit A d­
ministration at Wichita, Kansas, were
also featured speakers at each of the
meetings.
Another feature of the
meetings was the discussion of the
better bank management program of
the Association. Speakers who had
charge of the discussion of this topic
were members of the Association’s
Committee on Banking Education.
New officers of the various groups
were elected at the meetings as
follows:
Group 1: chairman, A. C. Ellis, pres­
ident, Citizens State Bank, Hiawatha;
secretary, C. G. Jones, cashier, Morrill
and Janes Bank, Hiawatha.

N ew O r le a n s — C o n v e n t i o n C it y
below
P ICTURED
Canal Street in

is a view of
New Orleans,
Louisiana, where the American Bank­
ers Association will hold its annual
convention, November 11-14. Modern
New Orleans is shown on the left and
ancient New Orleans on the right.
Canal Street is one of the world’s
most famous thoroughfares. It was
rebuilt in 1928 at a cost of $3,500,000.
It is 171 feet wide and extends five


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and one-half miles from Eads Plaze
on the Mississippi River to the Lakefront Park on Lake Pontchartrain.
A unique feature is that this street
has the only tieless car tracks in the
world, laid on asphalt cushions. Bril­
liantly illuminated with more than a
million candlepower, this street on
Mardi Gras Day is filled by a solid
mass of reveling humanity.

Canal Street, New Orleans, Louisiana.

November, 1935
Group 2: chairman, C. V. Morris, as­
sistant vice president, Citizens Na­
tional Bank, Emporia; secretary, W. G.
Price, assistant cashier, Lyon County
State Bank, Emporia.
Group 3: chairman, Mark J. Sample,
president, First National Bank, To­
ronto; secretary, W. L. Gunnels, cash­
ier, State Exchange Bank, Yates
Center.
Group 4: chairman, I. C. Rush, cash­
ier, First National Bank, Washington;
secretary, A. W. Soller, cashier, Wash­
ington National Bank, Washington.
Group 5: chairman, R. H. Kilgore,
cashier, Citizens State Bank, Eldorado;
secretary, D. F. Burlin, cashier, Eldo­
rado National Bank, Eldorado.
Group 6: chairman, W. F. Hughes,
president, Stockton National Bank,
Stockton; secretary, Vanda Bruton,
cashier, Rooks County State Bank,
Woodston.
Group 7: chairman, E. E. Bloom,
president, Hutchinson State Bank,
Hutchinson; secretary, Guy W. Astle,
assistant cashier, First National Bank,
Hutchinson.
Group 8: chairman, A. M. Shatzell,
cashier, Hoxie State Bank, Hoxie; sec­
retary, John E. Borah, cashier, Grinnell State Bank, Grinnell.
Group 9: chairman, R. N. Downie,
vice president and cashier, Fidelity
State Bank, Garden City; secretary,
O. D. Newman, vice president and
cashier, Garden National Bank, Gar­
den City.

Many Prominent Speakers
on A . B. A . Program
(Continued from page 5)

tion Finance Corporation. Report of
Nominating Committee and election
of officers.
Communications.
An­
nouncements.
Thursday, November 14, 1935. 9:45
a. m., Music. 10: 00 a. m., Call to order,
President Hecht. I n v o c a t io n . A d­
dress, “A Business Viewpoint on the
Course of Federal Legislation,” Harper
Sibley, President Chamber of Com­
merce of U. S. A. Address, Marriner
S. Eccles, Governor Federal Reserve
Board. Report of Resolutions Com­
mittee. Unfinished business. Com­
munications. New business. Instal­
lation of officers.
Announcements.
Adjournment.
([ Peltason, Tenenbaum & Harris,
Inc., St. Louis investment firm, has just
completed enlargement of its quarters
in the Boatmen’s Bank Building. The
quarters, on the seventh floor of the
building, have been expanded to take
care of increased activities of the house
in developing markets on all types of
securities.

IN T R O D U C IN G
ville. The next year he was made as­
sistant cashier. He remained with the
T IS remarkable how many banker’s bank until May of 1933, acquiring his
b io g r a p h ie s appearing in these valuable background of familiarity
pages have started out with the fact with the entire field of rural credits.
that “he was born in a country town”
Mr. Curry then came to St. Louis
—there have been so many that the with the Federal Land Bank where he
value of an early rural environment helped to organize and became the
should by now be readily apparent to chief of the examining division of the
our readers. In any event, here is an­ appraisal department— a long title for
other, for Leslie K. Curry, representa­ which he apologizes.
tive of the correspondent bank division
In May, 1934, he became an admin­
of Mercantile-Commerce in St. Louis, istrative assistant in charge of the loan
and reviewing committee. Later he
was made assistant to the president of
the Land Bank which position he held
until he joined the correspondent staff
of Mercantile-Commerce in May of this
year.
Mr. Curry’s territory at present is
the state of Missouri and many
bankers have doubtless met him in his
travels or at the recent Group Meet­
ings of the Missouri Bankers Associa­
tion which he attended.
When asked concerning his hobbies
he said that he played “ at” golf, and
was something of a numismatist, which
means that he has an extensive collec­
tion of rare coins, a mighty appropri­
ate hobby for a banker, we think.
However, Mr. Curry’s real hobby is his
daughter, 11 years old. And with that
very sound statement we introduce
you to one of the newer members in
the ranks of correspondent men in the
LESLIE K. CURRY
state of Missouri.

A M an from St. Louis

I

was born on a farm in Adair County,
Missouri, May 2, 1899. In fact it was
a dairy farm, and Mr. Curry states in
no uncertain terms that he certainly
learned how to milk cows—he had to!
When he was 16, Leslie moved to
Kirksville, Missouri, where he at­
tended the public schools and gradu­
ated from High School in 1918. He
next saw a term of service in the army,
and following that, studied at the
Kirksville State Teachers College for a
year. In 1919 two momentous events
occurred in his life, he got his first job
and was married. His job was with
the Kirksville Farmer’s Exchange as a
bookkeeper, but he was soon made as­
sistant manager.
In 1924 he made his entrance into
the world of finance by becoming an
employe of the National Bank of Kirks-

A M an from Little Rock
RISTO BRIZZOLARA, JR., vice
president and cashier of the
Union National Bank, Little Rock, A r­
kansas, and one of the officers of that
institution who takes a prominent part
in the bank’s correspondent activities,
is a native of Arkansas, having been
born in Little Rock, December 14,1893.
He attended school in Little Rock,
later attending Little Rock College,
and in 1913 he received his LL.B. de­
gree from Notre Dame University.
Following this he returned to Little
Rock, passed his State Bar examina­
tions and entered the law office of
Colonel W. L. Terry to continue his
studies.
But Mr. Brizzolara did not practice
law very long. The following year he

A

. . .

secured a position with the Mercantile
Trust Company of Little Rock.
In 1919 his efforts were rewarded
with the title of assistant secretary, and
later that year, when the bank merged
with the Union Trust Company, he be­
came an assistant secretary of the
Union Trust Company. Subsequently
he became cashier of the bank and in
1927 he was elected vice president and
cashier.
He has served as vice president and
cashier of the Union National Bank of

ARISTO BRIZZOLARA, JR.

Little Rock since its organization in
1913.
Mr. Brizzolara is well known to A r­
kansas bankers. Since 1926 he has de­
voted a large part of his time to cor­
respondent bank activities, and at least
twice a year he makes a trip over his
territory, calling upon correspondent
banks and prospective customers of
the Union National. In addition to
this, he has charge of the bank’s large
cotton business and has found time to
take an active part in the affairs of the
Arkansas Bankers Association. He
has served on many of the Associa­
tion’s committees and he also has
served as treasurer of the Little Rock
Chamber of Commerce and as secre­
tary of the Little Rock Clearing House
Association.
(Continued on page 17)

This is th e tw enty-first of a series of articles introducing rep resen ta tives of th e
Bank divisions of city hanks to readers of th e M id-Continent B anker. The
tw en ty-secon d of the series will appear in th e D e cem b er issue.

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Federal Reserve Bank of St. Louis

7

Tlie Missouri (»roup Meetings
annual Fall meetings of the
T HE
eight regional groups of the Mis­

Louis, whose subject was “ Govern­
ment Loan Agencies and Their Rela­
tionship to Commercial Banks.” Mr.
Netherland made the point that gov­
ernment lending agencies have ren-

souri Bankers Association were held
last month at St. Joseph, Kansas City,
Neosho, Springfield, Cape Girardeau,
St. Charles, Fayette and Chillicothe.
Fine programs and discussions of par­
ticularly important banking problems
were arranged for each of the meet­
ings, but attendance in most cases was
disappointing.
Carl W. Allendoerfer, president of
the Association and vice president of
the First National Bank, Kansas City,
was a featured speaker at each of the
meetings. In his address he reviewed
the various activities of the Associa­
tion and commented briefly on parts
of the new Banking Act of 1933. He
also pointed out the fact that it is un­
usual for banks to hold so large a
percentage of the total government
bonded indebtedness and that it would
be well for bankers to give some con­
sideration to the problem of eventually
getting government bonds back into
the hands of individual investors.
CARL W. ALLENDOERFER
F.
Lee Major, vice president of the
Association and vice president of the Vice President, First National Bank, Kan­
Boatmen’s National Bank, St. Louis, sas City, and President of the Missouri
Bankers Association.
led an intensely practical discussion at
each of the meetings on “The Banking
Act of 1935.” Mr. Major commented dered a distinct service to banking and
briefly on Titles II and III of the new the financial structure through the de­
law and then gave a more lengthy dis­ pression period, but that these agen­
cussion of Title I and its various provi­ cies should now retire from the field
sions dealing with the FDIC and the and return the banking business to
methods of figuring assessments, the private instrumentalities.
Various other speakers had impor­
forms necessary for individual banks
tant places on the programs at the dif­
to keep for this purpose, etc.
Another featured speaker at each of ferent meetings. J. F. Schmidt, cash­
the meetings was Wood Netherland, ier of the First National Bank, Water­
vice president of the Mercantile-Com­ loo, Illinois, made a very interesting
merce Bank and Trust Company, St. talk at the St. Charles meeting on the

subject “Recent Necessary Changes in
Country Banking.” At the Fayette
meeting, Dr. E. P. Puckett, Dean of
Central College and Professor of His­
tory and Economics, was a featured
speaker. His subject was “The Com­
munity-Banker Relationship.”
New group officers to take office fol­
lowing the annual convention next
May, and meeting places for the groups
next year were selected as follows:
Group 1: Chairman, L. W. Jacobs,
Jr., president of the Commercial Trust
Company, Fayette; secretary, J. A.
Ihrig, assistant cashier of the Hannibal
National Bank, Hannibal. Place of
meeting— Hannibal.
Group 2: Chairman, C. A. Dovenspike, vice president of the First Bank
and Trust Company, Hamilton; secre­
tary, G. F. Ledford, cashier of the Peo­
ples State Bank, Spickard. Place of
meeting— Chillicothe.
Group 3: Chairman, C. E. Linville,
cashier of the Bank of Skidmore, Skid­
more; C. C. DeShon, president of the
First National Bank, Cameron. Place
of meeting— St. Joseph.
Group 4: Chairman, F. R. Duncan,
president of the Banking House of J. S.
Hughes & Company, Richmond; secre­
tary, E. H. Cravens, vice president and
cashier of the Clay County State Bank,
Excelsior Springs. Place of meeting—
Boonville.
Group 5: Chairman, R. E. Dallmeyer, assistant cashier of the Ex­
change National Bank, Jefferson City;
secretary, G. R. Frederick, vice presi­
dent and cashier of the Southwest
Bank, St. Louis. Place of meeting—
Mexico.
Group 6: Chairman, W. H. Ober(Continued on page 10)

Group photograph of the hankers who attended the meeting at Lindenwood College, St. Charles, Missouri.
Copies of this photograph may he obtained from A. Ruth, Jr., Gossler Building, St. Charles, Missouri.

 8
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Federal Reserve Bank of St. Louis

S n a p p e d a i iK e S f . C h a r le s G r o u p M e e t in g
By JAMES J. WENGERT
A s s o c ia te P u b lis h e r , M id -C o n tin e n t B a n k e r

ilW

B8gEßK£iV

mBBBi t£v
ffefSSiiUÜII«5^

of voiro^1i% ^« fr o i,
r^ii ^
Bank St. Louis, and vice president of the Missouri Bankers Association, poses with a group
H e ^ n w i w ^ tf
?1d -C^1ffieg^ _-Conchlta^ Sution,JD^ ver’ Col°.rado; Dorothy Randall, Steeleville, Illinois; Ruth Pinnell, Kansas, Illinois;
w ^ r J ltw
1^ ka^1TS-’ Missouri, Effie Reinemer, Overland, Missouri. 2. Harold Colbert associate editor of the M id -C o n t in e n t B a n k e r is seen
^
f L™.denwood girls— Miss Reichart, New York City; Carolyn Mueller, Danville, Illinois; M arjory Spearing, Cimarron, KansasScroggin,0,ak, Nebraska; Marian Moreland, Detroit, Michigan. 3. Three Lindenwood girls— Katherine’
Hill, Council Bluffs, Iowa, Billie Hahn, Mt. Pulaski, Illinois; Dorothy Fullerton, Lincoln, Illinois. 4. Miss Conchita Sutton Denver, Colorado, and
FRASER
(Continued on page 44)

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10

M id -C o ntinent B anker

In d ia n a G r o u p s O p p o s e d to
P o s t a l S a v in g s S y s te m
a d o p te d lg s t
month at the twenty-sixth an­
nual meetings of the various regional
groups of the Indiana Bankers Associ­
ation advocated continuation of the
American system of banking and pres­
ervation of the dual and unit system of
banking as against nation-wide branch
banking. Resolutions also asked for
the gradual elimination of the Postal
Savings System, elimination of double
liability on stockholders in state banks,
and elimination of the state income tax
on banks which cannot be lawfully col­
lected from national banks.
The meetings, which were very wellattended, were held at Fort Wayne,
La Porte, Marion, Greensburg, Turkey
Run State Park, Lebanon, Tell City
and Evansville. B. D. Mitchell, presi­
dent of the Association and president
of the Union Bank and Trust Com-

R

e s o l u t io n s

pany, Kokomo, was a featured speaker
at each meeting.
New officers of the various regional
groups were elected at the meetings as
follows:
Region One: president, Donnelly P.
McDonald, secretary, Peoples Trust
and Savings Company, Fort Wayne;
vice president, Fred J. Tangeman,
president, Farmers and Merchants
Bank, Bluffton; secretary-treasurer,
E. B. Funk, vice president, Lake City
Bank, Warsaw.
Region Two: president, Percy Smith,
president, First National Bank, Roch­
ester; vice president, F. L. Lough, pres­
ident, State Bank of Remington, Rem­
ington; secretary-treasurer, F. W. Van
Antwerp, vice president, First Bank
and Trust Company, South Bend.
Region Three: president, Thomas G.
Wilson, president, Marion National

T e n n e s s e e B a n k e r s H o ld
A n n u a l G r o u p M e e t in g s
HE Tennessee Bankers Associa­ vice president and cashier, Bank of
tion held its fourteenth annual Knoxville, Knoxville; secretary, W. A.
series of group meetings last month Dance, cashier, Union-Peoples Bank,
at Morristown, Norris, Red Boiling Clinton.
Group Three: chairman, Dib Dinges,
Springs, Dayton, Manchester, Clarks­
ville, McKenzie and Jackson. The cashier, Alexandria Bank and Trust
meeting at Clarksville marked the Co., Alexandria; secretary, John Tay­
forty-fifth anniversary of the Tennes­ lor, cashier, Pickett County Bank and
see Bankers Association, the Associa­ Trust, Byrdstown.
Group Four: chairman, J. E. Quisention having been founded on October
berry, president and cashier, Hiwassee
22, 1890.
E.
E. Murrey, president of the As­ Bank, Charleston; secretary, C. E. Bu­
sociation and vice president of the chanan, cashier, Meigs County Bank,
Southern Trust Company, Nashville, Decatur.
Group Five: chairman, E. I. Hitt,
was a featured speaker at each of the
meetings. Another highlight of each president, Traders National Bank, Tulof the meetings was the address of lahoma; secretary, M. W. Hickerson,
James E. Markham, assistant general cashier, First National Bank, Man­
counsel of the FDIC, whose subject chester.
Group Six: chairman, W. P. Bryant,
was, “ The Banking Act of 1935.”
Other subjects discussed at the va­ cashier, First National Bank, Springrious meetings included, investments, field; secretary, Ralph Patterson, cash­
banker-farmer relations, real estate ier, Bank of Lobelville, Lobelville.
Group Seven: chairman, J. G. Fauloans, new state banking laws, insured
cett, cashier, Bank of Commerce,
mortgage loans, etc.
New officers of the groups were Trenton; secretary, W. D. Felts,
cashier, McKenzie Banking Company,
elected as follows:
Group One: chairman, R. R. Wise- McKenzie.
Group Eight: chairman, Frank B.
carver, president, Mosheim Bank, Mosheim; secretary, W. P. Britton, man­ Caldwell, cashier, Second National
ager, Citizens Union Bank, Church Bank, Jackson; secretary, Ed. W.
Peeler, manager, Peoples Bank, Stan­
Hill.
Group Two: chairman, John C. Cox, ton.

T


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November, 1935
Bank, Marion; vice president, Paul C.
Jaqua, cashier, Citizens Bank, Port­
land; secretary-treasurer, G. C. Miller,
secretary, Peru Trust Company, Peru.
Region Four: president, M. R. Wil­
son, cashier, National Bank of Mar­
tinsville, Martinsville; vice-president,
C. G. Pike, cashier, First National
Bank, Plainfield; secretary-treasurer,
William C. Grauel, cashier, Merchants
National Bank, Indianapolis.
Region Five: president, Cecil B.
Reed, assistant vice president, Terre
Haute First National Bank, Terre
Haute; vice president, Walter S.
Weaver, cashier, Farmers State Bank,
Mulberry; secretary-treasurer, Will L.
Stump, secretary, Elston Bank and
Trust Company, Crawfordsville.
Region Six: president, Carlos E.
Harrison, president, Union Trust Com­
pany, Greensburg; vice president,
C. F. Dehmer, president, First National
Bank, Columbus; secretary-treasurer,
C. V. Crockett, vice president, Farmers
National Bank, Shelbyville.
Region Seven: president, George
C. Simler, president, Corydon State
Bank, Corydon; vice president, Ira
F. Wilcox, cashier, Union National
Bank, New Albany; secretary-treas­
urer, H. C. Clegg, president, Henryville State Bank, Henryville.
Region Eight: president, Albert J.
Wedeking, cashier, Dale State Bank,
Dale; vice president, Oscar E. Lamble,
cashier, Old National Bank, Evans­
ville; secretary-treasurer, Ralph Craig,
cashier, Otwell State Bank, Otwell.

Missouri Group Meetings
(Continued from page 8)

heide, assistant cashier of the Farmers
and Merchants Bank, Cape Girardeau;
secretary, W. E. Smith, cashier of
the First State Bank, Caruthersville.
Place of meeting— Caruthersville.
Group 7: Chairman, H. C. Kellett,
vice president and cashier of the First
National Bank, West Plains; secretary,
C. F. Knox, cashier of the Union Na­
tional Bank, Springfield. Place of
meeting— Springfield.
Group 8: Chairman, R. A. Evans, as­
sistant cashier of the First National
Bank, Joplin; secretary, R. L. Brown,
cashier of the Aurora Bank, Aurora.
Place of meeting— Carthage.
Lawyer (to c o l o r e d prisoner):
“Well, Rastus, so you want me to de­
fend you? Have you any m oney?”
Rastus: “ No, suh, I hain’t got no
money, but I got 1922 model Fo’d cah.”
Lawyer: “Well, you can raise some
money on that. Now let’s see—just
what do they accuse you of stealing?”
Rastus: “ A 1922 Fo’d cah.”

Can If ou Answer

a
Correct answers to
these questions w ill
be found on page
44 of th is issue.

By CHARLES H. WAGER
A tt o r n e y a l L a w , S t. L o u is

An Iowa corporation issued cer- and that after the payments were
o tain bonds secured by a mort­ made, the bank would issue to him a
gage on real estate belonging to it in deed to the property. The contract
that state. The mortgage provided further provided that if Jordan failed
that the directors and officers were re­
to make the payments when due, the
leased from any personal liability on
contract and all earlier payments
the bonds. The bonds defaulted. Gil­
would
be forfeited to the bank. Jor­
lespie sued the directors and officers
dan
made
several payments and then
claiming they were personally liable.
The bonds that had been issued simply defaulted. The bank retained the pay­
provided that they were subject to the ments made, and sought to sue him for
terms of the mortgage and that the damages because he breached the con­
purchaser of the bonds agreed to the tract. Can it do so?
mortgage provisions in accepting the
bonds. The mortgage instrument was
Gentry applies for certain credit
available to the bondholders for exam­
• insurance on a business con­
ination at all times. If the release ducted by him. In his application, he
clause in the mortgage was sufficient to stated in good faith, that his total “out­
keep personal liability from attaching standings” were approximately $150,to the directors and officers, did it op­ 000, of which approximately $40,000
erate to do so here, inasmuch as the was due from a certain customer. The
bonds themselves did not specifically insurance was issued. Gentry sus­
refer to the release?
tained a loss, and sought to recover
from the credit insurance company. It
In taking a mortgage on real developed that Gentry’s “ outstand­
• estate it is customary to require ings” amounted to about $155,000, of
that the property be insured and to which about $44,000 was due from
further require that a “union” or the customer previously referred to.
“standard” mortgage clause be at­ The credit insurance company asserted
tached to the insurance policy. Such that because of this there was a mis­
clauses have the effect of insuring the representation by Gentry that avoided
mortgagee’s interest in the property. the policy. Should Gentry recover?
They provide that the insurance as
to the mortgagee shall not be invali­
Anderson, a banker, was also in
dated by the mortgagor’s acts or neg­
® the construction business. A cor­
lect. Do these clauses protect mort­ poration controlled by him obtained a
gagees against the acts and neglects federal dam construction contract in a
of mortgagors before the mortgage state other than the one in which it
clauses are attached to the policies? generally operated, and commenced
construction work. The state in which
An Ohio bank created a trust. the dam was being constructed, by law,
• It sold mortgages and other se­ imposed an excise tax of 5 per cent on
curities to the trust, was itself the trus­ the net income of all corporations re­
tee, and in turn sold participation cer­ ceived there for the privilege of doing
tificates in the trust to the public. business in the state. The only income
There were no statutes permitting the that Anderson’s corporation had from
formation of such trusts. Was the that state was the income from its con­
undertaking a valid one?
tract. The corporation resisted the im­
position of the tax on its business on
A bank entered into a land con- the theory that it was a tax upon a
• tract with Jordan, which pro­ function of the federal government.
vided that he would pay the bank so Should the state be permitted to
much per month for a period of time, collect?

I

5

2

6

3

4


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Federal Reserve Bank of St. Louis

Some years back, a group of men
« entered into a transaction where­
by certain national bank stock was
conveyed to a trustee and the trustee,
in turn, issued to them certificates
showing an interest in the trust. As
certificate holders they received divi­
dends and matters went merrily along
for a considerable period of time.
Later, the bank failed and the question
arose of whether the certificate holders
were liable for the stockholders’ as­
sessment made by the receiver under
the law which was then in effect. Are
the certificate holders liable for the
assessments?

7

A subdivision to a city was laid
• out. The survey was inaccurate
and there was an extra 5-foot strip in
one of the blocks. Later the excess
strip was discovered. A bank, through
a mortgage foreclosure, came to own
property in the block. Is it entitled to
a share in this extra strip?

8

Upton executed and delivered to
® a Missouri bank his promissory
note. The cashier of the bank re­
quested that the brother of Upton sign
the note for the accommodation of the
bank. Can the bank collect from the
brother?

9

A state bank of Arkansas,

JL V • which had a lien on certain
lands of a corporation, agreed with
a national bank of Louisiana that it
would waive its prior lien on those
lands in favor of the Louisiana bank if
the Louisiana bank would lend stated
sums to the corporation. The Louisi­
ana bank loaned the money. Upon the
bankruptcy of the corporation, the
Louisiana bank sought to enforce a
first lien against the real estate. Could
it do so?
A traveling evangelist was due to
deliver a sermon at a church in To­
ronto, Canada. A r r i v i n g at the
church, he paused to read the sign in
front, which said:
“ Subject for this Sunday: Do You
Know What Hell Is? Come and hear
our new organist.”
11

Recent Changes
■n
Country Banking
By J. F. SCHMIDT
C a s h ie r , F ir s t N a tio n a l B a n k , W a t e r lo o , I llin o is

J. F. SCHMIDT

end of the bank moratorium
T HE
and the enactment of the Banking
Act of 1933 marked a new epoch in
banking and have been the cause of
many necessary changes in country
banking.
Perhaps the first necessary change
was the order calling for the deposit of
all gold with the Treasury Department.
This required change brought out the
fact that hoarding of gold was a matter
of insignificant consequence so far as
rural communities and country banks
were concerned. Many patrons of
country banks were reluctant to com­
ply with this order and will never quite
understand why they were forced to
give up treasured gold coins which had
been in their families as remembrances
for many years.
A second necessary change has been
the establishment of compensating
service charges. Reduced earnings
finally convinced bankers that some­
thing had to be done to meet overhead
expenses, and service charges were the
result. While there are still some
bankers who are trying to get by with­
out adopting schedules of compensat­
ing charges for services rendered, most
of them are now convinced that this is
a necessity.
Reduction of interest rates and com­
petition of government lending agen­
cies were two leading factors causing
the reduced earnings of banks which
made service charges necessary. In
my own county, which is one of the
smaller counties of Illinois, the records
show that in excess of $300,000 in loans
has been taken away from the six
banks of the county by government
agencies. And the newspaper propa­
ganda which created the impression
that banks arbitrarily refused to enter­
tain applications for loans was entirely
without foundation so far as country
banks are concerned. I venture to say
that no application for a sound loan
was ever turned down by any bank in

12
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Federal Reserve Bank of St. Louis

my county. This propaganda that
banks would not make loans was
strengthened by occasional official ex­
pressions from those in charge of the
Treasury Department, and at the same
time, country banks were carrying
in their assets government bonds in
amounts many times their capital
structure.
Senator Glass is authority for the
statement that a 10 point drop in the
market for Government bonds would
wipe out the capital and surplus of
most of the banks in the country. His
figure is only an approximation, but
his estimate seems sound. It is reason­
able to assume that as business re­
covers, interest rates will stiffen, and
as interest rates rise, the market price
of fixed-interest securities will drop.
If the public should then become
alarmed for the safety of its deposits in
banks, the results might be appalling.
The market could not absorb the offer­
ings of Government bonds from banks,
and if the banks converted their Gov­
ernment paper into cash at the Federal
Reserve Banks we would be menaced
by a vast inflation of the currency ac­
companied by complete illiquidity of
reserves.
The first step toward breaking this
vicious circle is to free commercial and
savings banks of the country from
Treasury domination. As long as the
Government is a substantial owner of
bank stock it is in a position to domi­
nate bank policy and force banks to
absorb Government loans. This power
to direct the use of bank funds has not
been exerted to its full extent as yet,
but as the strain on the Government’s
credit increases, the temptation to res­
cue the Treasury at the expense of de­
positors will become irresistible. The
idle talk about the government taking
over the banks and telling them when
to lend and when not to lend cannot be
construed as being economically sound.
Political employees sitting at desks in

Washington could not put their hearts
and souls into the business of sound
banking and do as good a job as some
of us country bankers have done and
will continue to do. Credit is a mighty
thing, and banking is and should be a
human institution belonging to the
people and not to a political organiza­
tion controlled by politicians. Loans
and votes speak an entirely different
language.
Since service charges are quite gen­
erally considered a necessity, and since
they have been adopted by a majority
of both country and city banks, it is to
be regretted that the President of the
United States, through the Treasury
Department, should ask that checks
drawn on the Treasurer of the United
States should be cashed at par. Since
the time of the War, banks have been
imposed upon by the Government for
free service, and compliance with the
most recent request that checks issued
in connection with the Federal public
works program be handled without
cost will have a tendency to undo a
great deal of what has been accom­
plished in the matter of establishing
necessary service charges.
In my
opinion it would be most unwise to
comply with this request.
A third necessary change in banking
has been brought about by the estab­
lishment of the Federal Deposit Insur­
ance Corporation. No matter what
our personal opinions are in this
matter, Federal deposit insurance is
with us and it is reasonable to assume
that it is with us to stay. Although de­
posit insurance has failed in many
states where it has been tried, it is my
opinion that Federal deposit insurance
can and will prevail if due caution is
exercised in the management of the af­
fairs of its members and nothing but
sound banking is permitted.
By regulations emanating from this
institution interest rates on deposits
(Continued on page 19)

N ovem b er, 1935

13

M id -C ontinen t B anker

OIL INDUSTRY

OUR DIRECTORS
B. F. B A R N E T T
V ic e P re sid en t
M . M. D O A N
Oil I n v e stm en ts
F. L. DU N N
E x e c u t iv e V ic e P resid en t
A . L. F A R M E R
F a rm er and D u ra n, In v e stm en ts
H. N. G R E IS
O il P r o d u c e r
JOH N D . M A Y O
M a y o s ’, In co r p o ra ted
R . O TIS M cC L IN T O C K
P resid en t
F . B. P A R R IO T T
O il In v e stm en ts
W A IT E P H IL L IP S
I n v e stm en ts
W . G. S K E L L Y
P re sid en t, S k e lly O il C om p a n y
E L M O T H O M PSO N
V ic e P re sid en t

The oil industry began
with the Drake W e ll in
1 8 5 9 — o n ly 7 6 y ea rs
ago. Y e t The First N a­
tional Bank and Trust
Company of Tulsa has a
board of directors with a
cumulative 2 0 0 years of
actual field experience
directing the far-flung

activities of their com­
panies.
» » » « « «

Call upon this bank for
data helpful in determin­
ing the acceptability of
o il lo a n s o f f e r e d y o u
anywhere in the M idContinent area.

T he F irst N a t io n a l Ba n k
AND TRUST COMPANY
OF TU LSA
M E M B E R


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Federal Reserve Bank of St. Louis

F E D E R A L

D E P O S I T

I N S U R A N C E

C O R P O R A T I O N

November, 1935

M id -C ontinent B anker

14

I^lews of the B an kin g
C Commercial National Bank, Brad­
ford, Pennsylvania, is the twenty-fifth
FDIC failure, and the first under the
permanent fund. It was the fifth na­
tional bank member of the FDIC to
close, and the largest of any closed
bank in FDIC history.
❖
❖
❖
C The Federal debt increased $1,646,752,000 during the year ending June
30, 1935, and of this amount banks
took approximately $1,500,000,000, or
91 per cent of the increase, according
to figures compiled by the American
Banker. On the same date, banks of
the country held 53.44 per cent of the
total U. S. Debt of $28,700,893,000. On
June 30, 1934, banks held only 51.18
per cent of the U. S. debt. In 1920
banks held only 15.34 per cent of the
total U. S. debt of $27,053,141,000.
❖
❖
❖
A. Tilney, chairman of the
board of the Bankers Trust Company,
New York, has been elected president
of the New York Clearing House As­
sociation. Henry C. Stevens, vice pres­
ident of the Guaranty Trust Company,
has been elected secretary.

c. Albert

C HOLC mortgage assumptions now
total more than $2,761,999,000, secured
by 914,449 urban homes in the U. S.
valued at $4,026,000,000. As of Sep­
tember 1, $75,692,935 of the $213,378,566
due had not been paid. More than 1,600 foreclosure proceedings had been
started by the middle of September.
C The statement of condition of Man­
ufacturers Trust Company, New York,
as of September 30, 1935, shows de­
posits of $528,025,014.32, which is the
highest in the history of the bank, and
represents an increase of more than
$50,000,000 over the deposits shown on
June 29. Resources, too, are at a new
high record, being $633,239,941.99 as
against $579,807,681.65 three months
ago. Cash is listed at $104,122,877.71,
up over $40,000,000 from the last quar­
ter. United States Government Se­
curities show a slight decline from
$222,593,872.26 to $216,778,572.08. Cap­
ital, and Surplus and Undivided Profits
remain unchanged and are shown re­
spectively at $32,935,000 and $10,297,483.19.
Stock of Federal Reserve
Bank, which heretofore was included

oriel

in Other Securities, is shown for the
first time as a separate item, and is
given as $1,936,050. An interesting
feature of the statement is the increase
in Loans and Bills Purchased, which
is given at $168,050,945.01 against $152,557,432.24 on the mid-year statement.
❖

❖

❖

4 The Comptroller of the Currency,
J. F. T. O’Connor, has announced the
completion of the liquidation of 18 re­
ceiverships during September, 1935,
making a total of 144 receiverships
finally closed or restored to solvency
since his last annual report to Congress
dated October 31, 1934. Total dis­
bursements, including offsets allowed,
to depositors and other creditors of
these institutions exclusive of 11 re­
ceiverships restored to solvency, ag­
gregated $33,720,608.00, or an average
return of 72.56 per cent of total liabili­
ties, while unsecured depositors re­
ceived dividends amounting to an av­
erage of 61.05 per cent of their claims.
♦> ♦> ♦>

c

The statement of condition of the
Guaranty Trust Company of New York
as of September 30, 1935, shows de-

BONDS
Federal Farm Mortgage Corporation (G td)
Federal Land Bank

Bank with the American National
☆

Home Owners7 Loan Corporation (G td)

# O f the 73 National and 2 5 5 State banks

Joint Stock Land Bank

in Tennessee, 184 or 5 6% bank with the
American National.

Governments

Municipals

Bankers
K N O W

Banks

BOUGHT, SOLD & QUOTED

This preference by bankers, w h o
banks,

is

a strong

k now

endorsement o f the

sound policies, able m anagem ent and the
quality o f service rendered.
T h e broad contacts, including the majority
o f the banks in T e n n e sse e , p laces the
American N ational in position to render
an unexcelled service to its customers.

BOND DEPARTMENT

Y o u are invited to enjoy the same facilities
for the handling o f your business, that has
w on the preference o f 5 6% o f all banks
in Tennessee.

(oinmerce'[rusf (qmpariy*


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Established 1865

☆

^A merican N ational Ban k
NASHVILLE

KANSAS C IT Y , MISSOURI

Charter M em b er F ederal Reserve System

CAPITAL

SEVEN

MILLION

DOLLARS

N ovem b er, 1935
posits of $1,462,789,373.49, the largest
in the history of the Company. De­
posits were $1,412,601,413.97 on June
30, 1935, and $1,181,095,181.51 a year
ago. The Company’s total resources
are $1,779,579,553.48, as compared with
$1,730,209,418.50 on June 30, 1935, and
$1,497,373,747.52 a year ago. The state­
ment shows capital and surplus of
$90,000,000 and $170,000,000, respec­
tively, and undivided profits of $6,598,517.06, giving total capital funds of
$266,598,517.06.
d The Trust D ivision, A m e r ic a n
Bankers Association, has inaugurated
a new service for its members through
adaptation of the “Trust Bulletin” as a
general channel of communication be­
tween the division and its membership
on trust matters, it is announced by
Leon M. Little, president of the divi­
sion. Its scope will include items of
current interest to trust men, results
of division studies and surveys, im­
portant addresses delivered at trust
conferences and similar material. The
bulletin, formerly a part of the trust
advertising service and dealing mainly
with the suggestions and information
in that field, will be published at inter­
vals of about a month and one copy
will be sent without charge to all mem­
ber institutions of the division. It will
also replace various reports and pro­
ceedings previously published by the
division.
❖
❖
❖

15

M id -C ontinen t B anker

tional Bank for September 30, 1935,
shows deposits of $1,854,625,000, and
certified and cashier’s checks of $96,907.000, the sum of which, $1,951,532.000, compares with $1,760,129,000
on June 29, 1935, and $1,488,962,000
on September 29, 1934. Total re­
sources of the bank on September 30,
amounted to $2,220,542,000, as com­
pared with $2,027,704,000 on June 29,
1935, and $1,774,890,000 on September
29, 1934; cash in the bank’s vaults and
on deposit with the Federal Reserve
Bank and other banks, $667,598,000, as
compared with $528,863,000 and $318,001,000; investments in United States
Government securities, $620,305,000,

compared with $573,664,000 and $491,819,000; securities maturing within two
years, $112,087,000 as compared with
$86,017,000 and $90,740,000.
♦♦♦
CT The board of directors of the Fed­
eral Reserve Bank of St. Louis held
their regular meeting in Little Rock,
October 16. It was the first time in
many years that the members had met
outside of St. Louis, resuming a former
practice of visiting the various branch
banks in the eighth district.
Meetings were also held with the
members of the Little Rock Branch
of the bank. Following the meetings
members of the board were guests at

([ Chemical Bank and Trust Com­
pany, in its condensed statement of
condition as of September 30, 1935, re­
ports deposits of $486,384,381 as com­
pared with $475,751,324 on June 29,
1935. U. S. Government Securities
amounted to $189,853,709 compared
w ith $173,390,229 th r e e m on th s
earlier. Surplus and Undivided Profits
amounted to $49,606,666, an increase
over $48,725,062 on June 29, and total
resources amounted to $574,111,764 as
compared with $563,203,978 on the
earlier statement.
([ A sharp downward trend in crimes
against banks is reported by the Pro­
tective Committee of the American
Bankers Association in its current bul­
letin for October. In the year ended
August 31, 1935, there were 326 bank
robberies as compared with 422 in the
corresponding period a year earlier,
James E. Baum, manager of the Pro­
tective Department of the Association,
says in presenting the figures, with the
comment that criminal attacks upon
banks have been reduced 50 per cent
in the past three years.
❖
❖
♦>
C The statement of The Chase Na­

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MISSISSIPPI VALLEY TRUST COMPANY
*

S AI NT LOUI S

★

16

November, 1935

M id -C o ntinent B anker

“Peaceful V alley/’ famous summer
home of John G. Lonsdale, chairman
of the Mercantile-Commerce Bank and
Trust Company,, St. Louis, himself a
director of the Eighth Federal R e­
serve District and a former Arkansan.
Among the group of well known men
who were entertained at the Lonsdale
estate near Hot Springs were J. J.
Thomas, vice chairman of the board of
governors, Federal Reserve System,
Washington; William McC. Martin,
governor of the St. Louis Federal R e­
serve Bank; Senator K. D. McKeller of
Tennessee, and Col. James Hammond,
publisher of the Memphis Commer­
cial-Appeal.
❖
*
❖
C! St. Louis has been selected by the
advisory administration of the Na-

tional Safe Deposit Association as the
meeting place for its next convention
in 1936. The dates are May 21, 22, and
23. It will be the twentieth annual
Safe Deposit gathering of national
scope, and celebrates the twenty-first
anniversary of the St. Louis Safe De­
posit Association which was organized
in 1915.
♦> ♦> ♦>
I ’ Robert W. Cordon has been named
southern representative for Manufac­
turers Trust Company of New York.
He will make his headquarters in Dur­
ham, North Carolina.
Mr. Cordon was born in Washington,
North Carolina, and was graduated
from New York University. He has

A CUSTOM
OF THE FOUNDERS

been with the Manufacturers Trust
Company for the past six years.
❖

❖

❖

C Tracy M. Purse, public relations ex­
pert for banks, 305 East 45th Street,
New York City, has offered a selected
list of 1,500 banks an unusual demon­
stration offer of a complete public re­
lations program designed to capitalize
current conditions. The complete pro­
gram has been used profitably by a
large number of banks. It includes
newspaper advertising, direct mail and
printed literature, and is designed to
develop available sources of bank in­
come, stimulate loan applications, in­
crease present balances, secure new
deposits, explain the advantages of in­
dependent banking, promote public
understanding of banking and sound
bank practice, broaden the bank’s po­
sition and influence and obtain more
complete cooperation from customers.
Descriptive literature concerning the
campaign may be obtained from Mr.
Purse.

W h o ’s W h o in the M . B. A .

GUIDES ALL
OUR CLIENT
CONTACTS TODAY
★

From the bank’s fou n d in g...
more than four decades ago
. . . officers and personnel o f
The Northern Trust Company
have given close attention to
the problem s o f individual
customers. Through years o f
steady growth this concept
o f service has remained un­
changed. O ut-of-tow n banks
which have selected this in­
stitution as C h ica go corre­
spondent find definite value
in friendly, personal contacts.

THE NORTHERN
TRUST COMPANY
N O R T H W E S T CORNER L A S A L L E A N D MONROE STREETS, CH ICAGO


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

IRA JAMES

to the illness of Ira James,
D UEpresident
of the Bank of Osborn,
Osborn, Missouri, we were unable to
secure from him the facts concerning
his banking career which were to have
appeared in the story “Who’s Who in
the Missouri Bankers Association” as
it appeared in the October issue of the
M

id

-C

o n t in e n t

B

a n k e r

.

For several weeks prior to the Mis­
souri group meetings last month, Mr.
James was confined to a hospital. We
are glad to report, however, that he is
now back at the bank and that he was
able to preside at the St. Joseph group
meeting last month in his official capac-

November, 1935
ity as chairman of Group Three of the
Missouri Bankers Association. Now
that he is back on the job at the bank,
we are able to present these facts con­
cerning his banking career.
Mr. James is a native Missourian,
having been born at Dawn, Missouri,
in 1881. He attended Missouri pub­
lic schools and is a graduate of the
Commercial College at Chillicothe,
Missouri.
His first experience with banking be­
gan in 1903 when he entered the First
National Bank at Braymer as a clerk.
Before long he was assistant cashier,
and in 1918 he was elected cashier of
the Clinton County Trust Company,
Plattsburg, Missouri, which he helped
to organize.
Mr. James was appointed state bank
examiner in 1922 and served in this
capacity for four years. In 1926, he
was made vice president of the Bank
of Osborn, and later was elected presi­
dent, which position he still holds.
Mr. James is a member of the Ma­
sonic Lodge, and if he has a hobby, it
must be his interest in the activities of
the Missouri Bankers Association.

W h at Bankers Think About
Government Bonds
(Continued from page 4)

United States Government, States and
Municipalities for relief and unneeded
projects, large issues of new taxexempt bonds are just around the cor­
ner. I look for lower prices on Gov­
ernment and Municipal bonds. It is
only by taxes that debts can be serv­
iced and paid. The tax burden in
future years will be terrific and should
drain the past, present and future pro­
ductivity of the people. How can times
be better unless we call a halt?”
“At present every deficit of govern­
mental units becomes at once an in­
crease in bonded debt. Unless we
cease creating deficits and balance the
budget, I do not see how the Nation’s
credit can be maintained, and accord­
ingly look for lower bond prices.”
“No doubt this bond market is too
high, and in my opinion the only thing
that is keeping it up is the fact that
people as a whole as well as banks are
wondering what to put their money in­
to to get at least a small return as well
as have their principal safe. Also we
find a good many people carrying
United States Government bonds to
get away from local taxation, which in
many instances are high. If present in­
dications as to business recovery are
not temporary, local capital soon will
go back into industrial ventures.”
“With tremendous bank reserves

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Federal Reserve Bank of St. Louis

17

M id -C ontinen t B anker

and all probability of easy money for
some time, I cannot see how Govern­
ments can drop materially or suddenly,
but do think that during 1936 they will
ease off.”
“Municipals are too high with easy
money, increasing indebtedness and,
incidentally, taxes. We have run our
municipals down to about 8 per cent
of deposits, and 75 per cent of them
mature in about five years, with ex­
pectation of riding them out.”
“I do not think that commercial
banks should hold a larger amount in
government securities or high grade
municipal bonds than they can afford
to carry to maturity and remain in a
comfortable position.”
“I do not regard three-, four- and

five-year notes and bonds as ‘short
term securities.’ Too many things can
happen in the next four or five years.”
“Unfortunately, our gazing globe
got broken quite some time back.”

Introducing
(Continued from page 7)

Mr. Brizzolara is married and the
father of five children—two boys and
three girls (a full house)— and if he
has any hobbies, aside from the bank­
ing business and his family, they would
be golf and hunting and fishing.
Though he doesn’t claim to be a cham­
pionship golf player, we know that he
shoots a consistently good game in the
middle “ eighties.”

An
I

n d e p e n d e n t

B

a n k

C en tral H a n ov er is an in d ep en d en t
bank and trust com pany, free from
external control, thinking first of the
interests of its customers— in banking,
as well as in the administration
of its trusts.

Central

H anover

BANK AN D TRU ST COM PANY
NEW YO RK

18

November, 1935

M id -C ontinen t B anker

M

i s s o u r i

B a n k

M e w s

OFFICERS MISSOURI BANKERS ASSO C IA TIO N : President, C. W . Allendoerfer,
executive vice president, First National Bank, Kansas City; vice president,
F. Lee Major, vice president, Boatmen’s National Bank, St. Louis; treasurer,
C. A . Wisdom, cashier, Farmers and Merchants Bank, Green Ridge; secretary,
W . F. Keyser, Sedalia; assistant secretary, E. P. Neef, Sedalia.
GROUP CH AIR M EN: 1. H. B. Young, vice president, Bank of Kirksville, Kirksville; 2. Charles Hemry, president, First National Bank, Gallatin; 3. Ira James,
president, Bank of Osborn, Osborn; 4. W . R. Courtney, cashier, Sedalia Bank
and Trust Company, Sedalia; 5. E. W . Kleinschmidt, assistant vice president,
Mississippi Valley Trust Company, St. Louis; 6. H. R. Phillips, cashier, Bank of
Perryville, Perry ville; 7. Russell Foster, cashier, Camden County Bank, Camdenton; 8. W . C. Davis, cashier, Sac River Valley Bank, Stockton.

C. W . A llendoerfer
President

GROUP SECRETARIES: 1. L. W . Jacobs, Jr., president, Commercial Trust Com­
pany, Fayette; 2. C. A . Dovenspike, vice president, First Bank and Trust Com­
pany, Hamilton; 3. C. E. Linville, cashier, Bank of Skidmore; 4. F. R. Duncan,
president, Banking House of J. S. Hughes & Company, Richmond; 5. R. E. Dallmeyer, assistant cashier, Exchange National Bank, Jefferson City; 6. W . H.
Oberheide, assistant cashier, Farmers and Merchants Bank, Cape Girardeau;
7. H. C. Kellett, vice president and cashier, First National Bank, West Plains;
8. R. A . Evans, assistant cashier, First National Bank, Joplin.

C Canton State Bank has been organ­
ized at Canton, Missouri, with a capital
stock of $25,000 and surplus of $5,000.
Officers are: President, W. A. Haw­
kins; vice president, Calle Mayes;
cashier, N. S. Norman.
C An addition to the rear of the build­
ing of the United Bank of Union,
Union, Missouri, is now under way.
When the construction work is com­
pleted, the building will be remodeled
and new fixtures installed.
C R. N. Dean was recently elected to
the board of directors of the Citizens
Bank, Norborne, Missouri. He also
has been selected to fill the place of
G. D. Viles, cashier, who died recently.

C The capital of the Union Savings
Bank, Sedalia, Missouri, has been in­
creased from $12,500 to $35,000, it be­
ing subscribed to locally.
C Guy A. Thompson, president of the
Peoples State Bank, Spickard, Mis­
souri, died recently at the age of 52
years. He had been suffering from
heart trouble for some time. His place
as president of the bank has not as yet
been filled.
C Bank of O’Fallon, O’Fallon, Mis­
souri, is doing something unusual in
public relations work. It takes care of
potted plants for its customers during
the winter months! N. B. Schwendeman, cashier of the bank, tells how
this unusual service was started sev­
eral years ago. A lady customer was
impressed by the atmosphere of the
bank’s lobby and decided it would be a
fine place for her large fern to spend
the winter. She asked Mr. Schwendeman about it and that was the begin­
ning. Now the bank lobby harbors a
number of ferns, a cactus plant, bego­
nias and a large rubber plant and the
display of plants and flowers brings a
large number of visitors to the bank.
c Jesse Reynolds, o r g a n iz e r and

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Federal Reserve Bank of St. Louis

former president of the liquidated
Butler County Bank, Poplar Bluff,
Missouri, died recently at the age of 75
years.

c

Callaway County Bankers Associa­
tion elected the following officers at a
recent meeting in Fulton, Missouri:
President, Jesse F. McCreery, cashier,
Farmers Bank, at Mokane, Missouri;
vice president, J. M. Motley, president,
Security Bank at Auxvasse; secretary,
J. Morris Davis, assistant cashier of the
Callaway Bank at Fulton, Missouri.
4 Herman E. Schultz, vice president
of the Tower Grove Bank and Trust
Company, St. Louis, died recently at
the age of 69. He was also a success­
ful merchant and manufacturer of the
city.
C Officers of the newly organized
bank of Troy, Troy, Missouri, are:
President, I. L. Russell; vice presi­
dents, W. E. Axdelott and Dr. B. L.
Nubeiser; cashier, B. H. Brown; as­
sistant cashier, Mrs. Golda Brown.
C Its 81st year of business in the state
capital was recently begun by the Ex­
change National Bank of Jefferson
City, Missouri. W. A. Dallmeyer is
president, and O. W. Raithel is cashier.
Hugh Stephens is chairman of the
board.

C F. E. Marshall has succeeded N. B.
Marshall as head of the Marshall Na­
tional Bank, Unionville, Missouri.
H Paul H. Lehman, cashier of the Cit­
izens State Bank, Windsor, Missouri,
resigned October 15, to accept a posi-

THE E X C H A N G E
N A T IO N A L B A N K
OF

JEFFERSON

CITY,

MO.

Send Us Your Collections

W . F. K e yser
Secretary

tion in the Carrol Exchange Bank, Carrolton, Missouri.
C John A. Humphreys of Humphreys,
Missouri, a prominent banker, stock
raiser and farmer of the community,
died recently at the Simpson Sana­
torium in Kansas City.
C Fifty-five thousand dollars is being
paid to the depositors of the old First
Bank and Trust Company, Macon, Mis­
souri, according to W. J. Dearing, spe­
cial deputy commissioner of finance in
charge of liquidation of the bank.
d Newly elected officers of the TriCounty Bankers A s s o c ia t io n , com­
posed of members from Worth, Harri­
son and Gentry Counties, are: presi­
dent, Vesper L. Shelby, assistant cash­
ier of the Gentry County Bank; vice
president from Worth County, C. A.
Jackson, cashier of the Farmers Bank
at Sheridan, Missouri; vice president
from Harrison County, H. F. McGill,
cashier of the Farmers Bank, Ridge­
way, Missouri; vice president from
Gentry County, D. B. Oliver, cashier
of the First State Bank, King City,
Missouri. J. S. Nall, treasurer of the
Bethany Trust Company was elected
secretary-treasurer.
C The Industrial Bank and Trust
Company, St. Louis, Missouri, has
leased the floor above its ground floor
quarters at the corner of Ninth Street
and Washington Avenue.
c Lewis Scofield Haslam, trust officer
and counsel of the Mutual Bank and
Trust Company, St. Louis, died re­
cently at St. Luke’s Hospital of heart
disease.
C[ J. L. Moeckel of the MercantileCommerce Bank and Trust Company
has been elected president of the St.
Louis Chapter of the Robert Morris
Associates, an organization of bank
credit men, succeeding F. R. von Windegger, president of Plaza Bank.

November, 1935

M id -C ontinen t B anker

19

Others elected are: G. J. Rothweiler
of the Mississippi Valley Trust Com­
pany, vice president, and William
Moeller of the First National Bank,
secretary and treasurer.
H Charles Smallwood, Jr., special
deputy finance c o m m is s io n e r , in
charge of the Bank of St. James, St.
James, Missouri, announces a 10 per
cent dividend was recently paid to the
depositors.

N A TIO N A L BANK OF DETROIT
DETROIT, MICHIGAN

C The recently organized United
Bank of Chamois, Chamois, Missouri,
will occupy the building formerly used
by the Bank of Chamois.
A. A.
Schmudde and R. H. Mahmeier, cash­
ier and assistant cashier of the Bank of
Chamois, have been retained to act in
the same capacity at the new bank.

ESTABLISHED MARCH 24, 1933 ☆

St. Louis Bank Stocks
W e make firm bids and offerings on the follow ing:

Some Recent Changes in
Country Banking

Boatmen's National Bank
First National Bank
Mercantile-Commerce Bank & Trust
Mississippi Valley Trust
St. Louis Union Trust

(Continued from page 12)

have been reduced to a maximum not
exceeding 21/2 per cent. This has
accomplished something that many
banks have hesitated to do because of
the fear of a serious loss of deposits.
Yet, if present conditions continue,
further reductions are inevitable and
should be made without delay. And
the strongest argument to be given de­
positors in justifying the reduction in
rates of interest paid is that deposits
are now insured up to $5,000, thereby
eliminating all possibility of loss; that
this insurance is paid for by the banks
and that this expense must be ab­
sorbed, in part at least, by the deposi­
tors who are the direct beneficiaries.
These are a few of the recent neces­
sary changes in country banking. Let
us not try to make ourselves believe
that our troubles and problems are
definitely and finally solved. I cannot
make myself believe that sound nor­
mal prosperity can again smile upon us
so long as our government continues to
deal with deficits running into billions
of dollars; so long as no effort is made
to balance the budget and return to
sound living and economic govern­
ment. The Supreme Court is the
savior of this nation and any propa­
ganda tending towards its curtailment
or possible elimination is un-American
and unsound. The nation is still sound
and it is to be hoped that the sane sub­
stantial citizens of the country will
perpetuate its existence. We bankers
have been doing the best we can under
existing conditions, and in conclusion
my advice is, in the words of the im­
mortal author of the Psalm of Life:
Let us then be up and doing
With a heart for any fate,
Still achieving, still pursuing
Learn to labor and to wait.

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Federal Reserve Bank of St. Louis

RESOURCES EXCEED $300,000,000

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$ 600,000
ST. LOUIS UNIVERSITY and SISTERS OF ST. MARY
St. Louis, Mo.

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20

M id -C ontinent B anker

new corporate name will be Jackson
Finance & Trust Company.

TE NNE S S E E N O T E S
E Gordon O. Tucker, of the book­
keeping department of the Commerce
Union Bank, Nashville, Tennessee, has
been promoted to the position of assist­
ant cashier.

E The newly organized Greenfield
Banking Company, Greenfield, Ten­
nessee, has come forth with a $90,000
statement after a few weeks’ operation.
Officers of the bank are: president,
former state senator Selden L. Maiden;
vice president, J. B. Maness; cashier,
John B. Williams; assistant cashier,
Miss Stella May Brasfield.
e Granville B. Bourne has recently
been appointed assistant secretary of
the Nashville Trust Company, Nash­
ville, Tennessee. He was formerly
manager of the travel department, but
left the institution to become head of
the Bourne Travel Company.

E A change of name is the substance
of an amendment to the charter of the
Jackson Bank & Trust Company. The

E Herbert S. Walters, president of the
Hamblen National Bank, Morristown,
Tennessee, has presented his resigna­
tion as highway commissioner to Gov­
ernor Hill McAlister, because his per­
sonal business requires his entire at­
tention. Mr. Walters is also head of
Walters Prater Construction Company
of Morristown.
E Four promotions were given offi­
cers of the Harpeth National Bank,
Franklin, Tennessee, recently. John
A. Jordan, formerly cashier, is now
executive vice president; F. J. Hyde,
former assistant cashier, has been ad­
vanced to vice president; J. W. Greer,
another assistant cashier, has become
cashier; Joe Pinkerton, former teller,
has been made an assistant cashier.

E Bank deposits in Memphis have
reached a new all-time high of $104,000,000.

E The Commerce Union Bank, Nash­
ville, Tennessee, has raised its quar­
terly dividend from 6 to 8 per cent,

As Your New England
Correspondent. . .
we

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equipped to render rapid and
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THE

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40

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• BOSTON

M W H O T E L E A N K E R S H IM
“WhereIM
ewMeansIM
ew"

S

W

^\,y0
lo
s


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Federal Reserve Bank of St. Louis

f

NEW RATES!
Rooms Wifh Bath . . .
$2.00 . . $2.50 . . $3.00
I win Beds . . . . $3.00
These rates are for one or tw o
persons occupying the
same room.

Frank R. Wishon. Operator
AllenJ. Pedersen, Res. Mgr.

November, 1935
according to an announcement by
Edward Potter, president. This was
made possible by the continued in­
crease in deposits and business.

E E. R. Moore, active vice president
of the Murfreesboro Bank and Trust
Company, Murfreesboro, Tennessee,
since February, 1934, is now active vice
president of the Home Bank and Trust
Company of Winchester, Tennessee.
E Photography is the hobby of Gilmer
Winston, president, Union Planters Na­
tional Bank and Trust Company, Mem­
phis, Tennessee. Recently he enter­
tained the officers and employes of the
bank and its branches with a showing
of many of his large collection of
photographs.
E An unusual deposit received re­
cently by the Merchants Bank, Cleve­
land, Tennessee, was a “missionary
quilt,” presented for credit by a local
church. What appeared to be a bed­
spread proved to be a unique money
bag, the pennies having been sewn into
the quilt. When the quilt was unmade
to ascertain the amount of the deposit,
there were 4,971 pennies.
E The convention city in 1936 for the
Financial Advertisers Association, a
national organization of banking and
advertising executives, will be Nash­
ville, Tennessee.
E Raymond J. Bottoms, manager of
the transit department of the Third
National Bank, Nashville, Tennessee,
since 1930, was recently elected to the
position of assistant cashier. He is a
past president of the Nashville chapter
of A. I. B.
E Announcement was made October
8 of the merger of the Clarksville Na­
tional Bank and the First National
Bank, both of Clarksville, Tennessee,
giving the town one of the largest
country banks in the state. Archer
Howell, president of the Clarksville
National, will become vice president of
the First National.
E A report of the progress of the
Hamilton National Bank, Chattanooga,
Tennessee, which observed its 30th an­
niversary October 10, shows the orig­
inal capital stock to have been $250,000
and the present capital to be $3,000,000.
In 1905 the personnel consisted of only
fourteen officers and employes; now
there are 128 officers and employes in
the organization. The total deposits
of the bank are now over 32 millions,
and the resources over 36 millions.
Professor: “ Can you give me an ex­
ample of a commercial appliance used
in ancient times?”
Student: “Yes, sir, the loose-leaf
system used in the Garden of Eden.”

CURRENT
QUOTATIONS

NOVEMBER
1935

WfíLDHEIM, PLfìTT & CO.

CEntral 8400

30 8

NO

EIGHTH

STREET

ST. LOUIS

MEMBERS:
New York Stock Exchange
New York Curb (Associate)
Chicago Stock Exchange
St. Louis Stock Exchange

Private Wires to New York, Chicago, Philadelphia, Baltimore, Boston, Cleveland, Cincinnati, Kansas City, Minneapolis, Pittsburgh,
Tulsa, Washington

UNLISTED STOCKS

UNLISTED BONDS
ISSUE

Due

American Service, 6’s........................................1944
Arkansas Missouri Power Co., 6’s_________ 1953
Associated Motor Terminal Land Tr. Ctfs.............
Associated Simmons Hdw. Co. 6%’s (C/D)_1933
Atlantic City Elect., 5’s.___________________ 1938
Bloomington, Decatur & Cham., 5’s_________ 1940

Butler Bros, 5’s....
Central Arkansas Public Service, 5’s..
Central States Util., 6’s..

Cities Service Co., 5’s..

E. St. L. Lt. & Power, 5’s—..
Falstaff Brewing, 1st 6’s____
Green, A. P., Fire Brick, 6’s...

Iowa Elec. Lt. & Pwr.. 7’s__________

Landis Machine, 5%’s..

1942
1939
1Q36.41
..... 1939
1937
___ 1942
......1949
......1943
..... 1948
.....1943
1938
......1956
d)..1943
1940
......1958
..... 1952
......1937
..... 1933-41
1940
1939
......1943
1947
193*
..... 1936
1939
___1944
’S....1948
___1962
___1942
___1951
___ 1947
___1947
..... 1962
1943
......1953

Lewis & Clark Bridge, Inc., 4’s..
Long Bell Lumber Co., 6’s..

Missouri Gas & Electric, 5’s..

New State Ice, 6’s..

St. Clair County Gas. & Elec., 5’s..


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

___ 1968
......1935-38
......1942-46
1946
___ 1942
1934
____1943
’s_1947
£’s..l935-39
......1957
......1946
......1958
......1947
......1944
......1953
____1933-43
.......1943
____1947
____1948
......1943
___ 1950
......1947
.......1948
____1959
......1951
____1951
___ 1951
......1950
1946
____1957
___ 1957
...... 1957
......1935

Bld

Asked

7%f

8F
69F

68F
33F
30y2F
107%
86
4F
108%
95
101
96
70
25F
93
107y
21
45

102
101%
98
71
27% F
94
108%
46

32F
59y2
73
95%
74F
105
100
91 y.
38
100
20F
92
31F
96
104
115
32
47 y2
101 y;
8 IF

52
60%
75
96%

92%
22F
97
105
116
33
102
83F

99

85F
94
81
65
26F
12F
98 y
99%
86 “
98%
96
57
65
IO214
57% F
86
86
86%
77'"
96%
89%
102%
16%F
96
69%
105%
90 "
106
78
24% F
61
100
104%
105%
11F

88F
97
82
27F
99%

70
58 % F
87
88
97%
90%
17% F
70%

81
25 % F

105%
106%

ISSUE
American Stove Co____ __ _____________________ ...
Anheuser-Busch, Inc. _________________________ __
Arkansas Power & Light Co., 7% Preferred____ ___
Birmingham Electric Co., 7% Preferred___________
Brauer Bros. Shoe Co____________________________
E. L. Bruce Co., Preferred________ ____ __________
Central Arkansas Public Service Co., 7% Preferred_
Central 111. Light Co., 6% Preferred______________
Central 111. Light Co., 7% Preferred........ ........... ......
Central Indiana Power Co., 7% Preferred_________
Central Power & Light Co., 7% Preferred.................
Central States Power & Light, 7% Prefered...............
Commonwealth Steel Co., Liq. Ctfs________________
Commonwealth Utilities Co., 6% Preferred.................
Community Power & Light Co., 6% Preferred______
Community Water Service Co., 7% Preferred______
Consolidated Coal Co. of St. Louis, Common_____ __ _
Consolidated Retail Stores, 8% Preferred___________
Dallas Power & Light Co., 7% Preferred__________
Dallas Power & Light Co., 6% Preferred___ _______
East St. Louis and Interurban Water Co., 6% Pfd.
East St. Louis and Interurban Water Co., 7% Pfd.....
Edison Bros. Stores, 5% Preferred..............................
Farm and Home Stock Certificates, Nevada, Mo____
General Steel Castings Co., Common.
Godchaux Sugar Co., Inc., 7% PreferredGreyhound Corp., 7% Preferred________
Griesedieck-Westem Brewing Co________
Hyde Park Brewing Co..
Illinois Commercial Tel. Co., 6% Preferred__
Illinois Power & Light Corp., $6 Preferred___
Illinois Power & Light Corp., 6% Preferred__
Indiana General Service Co., 1% Preferred....
Indianapolis Power & Light, 6%% PreferredInterstate Power Corp., 7% Preferred_______
Iowa Elec. Lt. & Pwr., 7% Preferred.............
Iowa Power and Light Co., 6% Preferred..
Iowa Public Service Co., 6% Preferred.......... ............ .
Kansas City Stock Yards.............................................
Kansas Electric Power, 7% Preferred..
Kansas Gas & Electric Co., 7% Preferred_____
Kansas Power & Light Co., 6% Preferred......... .
Katz Drug Co., Preferred_____________ _______ _
Laclede Gas Light Co., 5% Preferred......... .......
Lexington Utilities Co., 6l/2% Preferred.............
Memphis Power & Light Co., 7% Preferred___
Michigan-Davis Co., Common.
Mississippi Power & Light Co., 6% Preferred............
Mississippi River Power Co., 6% Preferred________
Missouri Power & Light Co., 6% Preferred...............
Nebraska Power Co., 7% Preferred__ _____ ______
North American Light & Power Co., $6 Preferred__
Northern Indiana Public Service Co., 7% Preferred..
Oklahoma Gas & Electric Co., 7% Preferred..............
Oklahoma Nat’l Stock Yards._____________________
Pet Milk Co., 7% Preferred.................. ................. _...
Public Service Co. of Oklahoma, 7% Preferred____
Ralston Purina Co., 7% Preferred._________ _______
Ralston Purina Co., Common...................................... .
St. Louis County Water Co., $6 Cum. Pfd_____ ___
St. Louis National League Baseball Club__________
St. Louis National Stock Yards Co___ ____________
St. Louis Ref. & Cold Storage Co., 6% Preferred___
Schott Brew. Co., Class A Common______________
Shapleigh Hardware Co., Common________________
Southern Acid and Sulphur, Common.................... .....
Star-Peerless Brewing Co..
Tennessee Brewing Co., Inc______________________
Tennessee Electric Power, 7% Preferred_____ ___ _
Texas Power & Light Co., 7% Preferred...................
Union Electric Light & Power Co. of El., 6% Pfd.....
Union Elec. Light & Power Co. of Mo., 6% Pfd____
Union Elec. Light & Power Co. of Mo., 7% Pfd____
Utilities Power & Light Corp., 7% Pfd___________
Western Cartridge Co., 6% Preferred______________
Western Cartridge Co., Common__________________

Quotations Contained Herein Subject to Change Without Notice

Bid

.
.
.
.
•

55
92
84
61
%

. 60
. 85
.106
.106%
■ 14%
. 39
• 7%
.

Asked

60
96
86
63
1%
88
107
15%
40
«y

1

• 72%
. 15
. 22
2%
86
112
108
85
89%
112
62
3
100
208
8%
. 15%
62
34
. 33%
. 87%
86
18%
. 68%
94
80
89
. 97%
107
97
102%
. 35%
. 79%
81
7
52
. 106%
. 90%
112
37
77
98
50
.110
- 91%
110
29
. 103%
70
. 74%
99
. 2%
34
27
. 2
. 69
■ 96%
. 106%
.107%
. 110%
. 13%
. 99%
. 200

74
16%
23
5
99%
90
92%
114%
102
9%
16%

35
35
87
20
70
95
82
92
99
98
104%
37%
81
83
54
108
92
38
78
99%
120
93%
31
77
4%
Vï

2%
70
97%

14%
100%

WALDHEIM, PLATT & CO,

CURRENT QUOTATIONS

308 NO. EIGHTH STREET
ST. LOUIS

November 1, 1935

ARKANSAS MUNICIPAL BONDS
ISSUE___________________________ App. Val.
Arkadelphia Spec. School____________________________________
76F
Arkansas, 3’s, 1949____ ___ _________________________________
72%
Arkansas General Obligation 5’s (dated 1931) due 1942 or earlier 100
Arkansas Highway, 41/4’s, Ref. A_____________________________
80
Arkansas Highway, B 3% ’s.________________ ___ ______________
73
84
Arkansas Highway, 4%’s, Ref. A_____________________________
Arkansas Highway, 5’s, (Old).................................................... ....
96F
Arkansas Pension, 4%’s_____________________________________ 5.00%
Arkansas Pension, 5’s (Short Maturities)_____________________
100
Arkansas Pension, 5’s (Long Maturities)_____________________
98
Arkansas Revolving School Fund, 4%’s-5’s (Short)____________ 5.25%
Arkansas Road Districts (Old)_____________________ ____ ___
81F
83%
Arkansas Toll Bridge, 4%’s, Ref. A................................................
Arkansas Toll Bridge, 5’s, Ref. A...................................................
84%
Batesville Schools (Past Due)________________________________
80F
55F
Batesville St. Imp. Dist. No. 5, 5%’s (Short Maturities)----------Beebe School Dist., 6’s_____________________________________ _
65F
Benton Water Works Imp. Dist. No. 1, 6’s.____________________
92%F
Blytheville City Hall, 4%’s.__________________________________
72F
70F
Blytheville Paving Dists. 2 & 3_______________________________
Blytheville Sewer Imp. Dist. No. 1, 6’s (Short Maturities)_____
90
Boone Co. Fundings________ _________________________________
91
Chicot Co. Dermott Special School Dist., 5’s (Short Maturities)—
65F
Chicot Co. Drainage Dist., 5%’s (Future)_____________________
32F
Chicot Co. Drainage Dist., 5%’s (Past Due)__________________
32F
Chicot Co. Drainage Dist. No. 3, 5%’s (Past Due)_____________
28%F
Chicot Co. Eudora Western Drainage Dist., 5%’s.______________
15F
Chicot Co. Lakeside Spec. School Dist., 5’s (Short Maturities)__
75F
Chicot Co. Sewer Imp. Dist. No. 3, 5%’s (Past Due)__________
28%F
35F
Clark Co. Ross Drainage District, 5%’s_______________________
Clarksville Spec. Sch. (Past Due)___________________________
75F
Clay Co. Central Clay D. D. (Past Due or Near Future)_______
83F
Clay Co. Western Clay D. D. No. 1, 6’s (Past Due)____________
85F
Clay Co. Western Clay D. D. No. 2 & 4, 6’s (Past Due)________
35F
85F
Clay Co. Western Clay D. D. No. 3, 6’s (Past Due)____________
Clay Co. Western Clay D. D. No. 5, 6’s (Past Due)-----------------18F
Clay & Greene Cos. Big Gum. D. D., 5%’s (1934 & PastDue)—
45F
Clay & Greene Cos. St. Francis D. D., 5%’s-6’s (Past Due)_____
65F
55F
Clay & Greene Cos. St. Francis D. D., 5%’s (Future)--------------Columbia Co. Courthouse & Jail_____________________________
88
Conway Co. Bridge District, 5%’s.____________________________
84
Conway Co. Courthouse, 5’s_________________________________
85
Conway School
Dist., 5’s _________________________________
75
Conway Sewer Dist. No. 2, 5%’s._____________________________
70
Conway WaterWorks Dist.__________________________________
90
Corning Water Works Dist. No. 1 (Past Due)________________
72F
Craighead Co. D. D. No. 9, 6’s (Past Due)___________________
75
58F
Craighead Co. D. D. No. 18, 5%’s (Past Due)________________
Craighead Co. Cane Island D. D. No. 26, 6’s__________________
35F
Craighead, Jackson, Lawrence Cos. Cache River D. D., 5%’s P. D.
16F
Crawford Co. Levee Imp. Dist. No. 1, 6’s (Past Due or Near Fut.)
75F
Crawfordsville School ______________________________________
85F
Crittenden Co. D. D. No. 3 and No. 6 (Past Due), 5’s & 6’s_____
72F
Crittenden Co. D. D. No. 4 and No. 8 (Past Due), 5’s & 6’s..........
58F
Crittenden Co. D. D. No. 7 (Past Due), 6’s---------------------------72F
Crittenden Co. Road Maintenance Dist. No. 1, 5’s (Past Due)__
50F
Crittenden, Cross & St. Francis Cos. Tri-Co. D. D. (P.D.), 6’s___
70F
Crittenden, Cross & St. Francis Cos. Council Chute D. D., 5%’s....
56F
Dardanelle Spec. School Dist., 5%’s---------------------------------------62F
De Vails School Dist., 5%’s---------------------------------------------------50F
De Witt Spec. Sch. Dist------------------------------------------------------87F
De Witt Sewer Imp. Dist. No. 1, 6’s---------------------------------------65
Des Arc Sch. Dist., 5’s---------------------------------------------------------53F
Drew Co. Courthouse & Funding, 5’s.--------------------------------------- 100
Dumas School _______________________________ _____________
75F
Earle School Dist., 6’s --------- -----------------------------------------------57F
Earle Sidewalk & Curb No. 1 and No. 2, 6’s----------------------------85
El Dorado School Dist. No. 15,5’s-----------------------------------------80
E] Dorado Sewer Dist., 5’s--------------------------------------------------95
Eudora Special School Dist., 5’s-------------------------------------------76
Faulkner Co. Levee Dist------------------------------------------------------65
Foreman School Dist., 6’s ----------------------------------------------------32F
Fordyce Spec. School, 5’s, 5%’s and 6’s-------------------------------- 47F
Forrest City Spec. School Dist. No. 7, 5’s._____________ ____ __
87
Forrest City St. Imp. Dist. No. 5, 5%’s----------------------------------98
Forrest City Water & Light Imp. Dist------------------------------------97
Greene & Lawrence D. D___________________________________
58F
Greene & Randolph Cos. Cache River D. D. (Past Due)______....
10F
Hamburg Schools --------- -------- ------------ -------------------------------75F
Harrison Water Works Imp. Dist. No. 1, 6’s________________ ___
100
Hazen Street & Sidewalk Dist. No. 1, 6’s______________________
75F
Heber Springs Schools---------------------------------------------------------42F
Heber Springs Water Works Imp. Dist., 6’s___________________
88F
Helena
Schools (Short Mat.)______ __ __ ____________________
91

Helena St. Imp. Dist. No. 16 and 18 (Past Due), 4%’s_________
68F
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Inquiries Solicited on All

ISSUE

App. Val.

Helena St. Imp. Dist. No. 20____________________________ ___
68F
Hope Imp. Dist. No. 7, 5’s.__________________________ ______ _
86F
96
Independence Co. Bridge Dist_________________ __________ ___
Jackson Co. Cook Slough D. D. (Past Due)_________.. .............
45F
Jackson Co. D. D. No. 8 (Past Due)_________________________
37F
Jackson Co. Maple Slough D. D. (Past Due)_________________
45F
Jefferson Co. Bridge Dist. No. 1, 5’s.__________________________
84F
Jefferson Co. Cousart Bayou D. D., 5’s------------------------ ----------75F
Jefferson Co.
D. D.
No. 3(Past
Due),
6’s.______ ______________
Jefferson Co.
D. D.
No. 5(Past
Due),
6’s.__
75F

1

Jefferson Co. Flat Bayou D. D. (Past Due)__________________
Jefferson Co.
Plum
BayouD. D.
(Past
Due)_
Jefferson Co.
Sewer
Dist.No. 1,
6’s.-----------------Jefferson Co. Tucker Lake D. D___________ --------------------------- !
Jefferson & Ark. Cos. Farelly Lake Levee Dist. (Acts. &C.D.’s)..
Jefferson & Ark. Cos. Salt Bayou D. D., 5%’s, 1930.......................
Jefferson & Ark. Pulaski Cos. Pocket Cypress D. D., 5%’s______
Lawrence Co. Black Spice D. D. (Past Due), 6’s_____________
Lawrence Co. Fundings (Past Due)__________________________
Lawrence Co. Village Creek D. D., 5’s & 6’s (Past Due)_______
Lee Co. Black Swamp D. D., 5%’s (Past Due)________________
Lee Co. Funding, 5’s.____________________________________ ___
Lee Co. Larkins Creek D. D., 5’s (Past Due)_________________
Lee & Phillips Cos. Hog Tush D. D., 5%’s (Past Due)________
Lee & Phillips Cos. Lee Phillips D. D., 5’s____________________
Leslie Special School, 6’s.____________________________________
Lincoln Co. Funding, 5%’s (Near Futures)___________________
Little Rock Airport, 5’s _____________________________________
Little Rock Fire Department, 5’a._____________________________
Little Rock Funding, 4%’s-5’s _______________________________
Little Rock School, 4%’s-5’s__________________________________
Little Rock Sewer Imp. Dist. No. 104, 4%’s (Near Future)____
Logan Co. Fundings____________________________________ __ _
Magnolia School Dist., 5’s.___________________________________
Malvern Paving Dist. No. 1__________________________________
Malvern Spec. School, 6’s ___________________________________
Marianna Water Works Imp. Dist. No. 2, 6’s (Past Due)______
Marion School Dist., 6’s._____________________ ________________
McCrory School, 5%’s_____________ ___________________ ______
McGehee Schools __________________________________________
Mena Funding (Series of 1925), 5’s__________________________
Mena School Dist., 4%’a.____________________________________
Mena Water Works Dist. No. 2.______________________________
Miller Co. Levee Dist. No. 2_________________________________
Mississippi Co. Sub. Dist. No. 3, of No. 9, 5’s.________________
Mississippi Co. D. D. No. 9, 5%’s.___________________________
Mississippi Co. D. D. No. 13, 5%’s___________________________
Mississippi Co. D. D. No. 16, 6’s.____________________________
Mississippi Co. D. D. No. 17, 5’s & 6’s_______________________
Monticello Spec. School Dist., 5’s____________________________
Newport Levee Dist., 5’s & 6’s (Past Due)____________ ________
Newport St. Imp. Dist. No. 11, 5’s.____________________ __ ___
Newport School Dist.___ ___________________________________
North Little Rock Viaduct Dist. No. 1, 5’s.____________________
Ola Special School Dist., 5’s.___________________________ ____
Osceola Sewer No. 5_________________________________ ______ _
Paragould St. Imp. Dist. No. 3 (Past Due),5’s_______________
Paragould Waterworks Dist., 5%’s___________________ ________
Phillips Co. Beaver Bayou D. D., 5*8___________ _______ ______
Phillips Co. Cotton Belt Levee Dist. No. 1_____ __ ____________
Phillips Co. D. D. No. 1____________________________________
Phillips Co. Laconia D. D., 6’s______________________________
Phillips Co. Little Cypress D. D. (Past Due)_________________
Pine Bluff School Dist., 5’s, 1936................... ...............................
Pine Bluff School Dist., 5’s (Long Maturities)________________
Pine Bluff Sewer Imp. Dist. No. 106._________________________
Pulaski Co. Broadway Main St., Bridge Dist., 5%’s.___________
Pulaski Co. Funding, 4%’s-5’s________________________________
Rector St. Imp. Dist. No. 1, 6’s.......................... ............................
Ravenden Schools __________________________________________
Rogers, Ark., Schools_______________________________________
Russellville School Dist., 6’s_________________________________
St. Francis Levee Dist., 5%’s 1954______________________ _____
Searcy Street Imp. Dist. No. 6, 5’s--------------------------- -------- _...
Siloam Springs Spec. School Dist., 6’s________________________
Stuttgart School Dist., 5’s____________________________________
Texarkana Funding, 4%’s.___________________________________
Texarkana Paving Imp. Dist. No. 20__________________ __ _____
Texarkana Spec. School, 5’s-6’s_______________________________
Ulm School Dist. No. 52, 5%’s.______________________________
Van Buren Water Works Imp. Dist No. 1, 5%’s.______________
Walnut Ridge Schools_______________________________________
Warren Spec. School Dist., 6’s_______________________________
Woodruff,
Cross & Jackson
Cos. Bayou De View D. D__________
Listed
and Unlisted
Securities
Wynne Water Works Dist___________________________________
Yell & Pope Cos. Bridge Dist., 4%’s (Near Future)___________

60F
74F
25F
30F
20F
50F
65F
30F
80
32F
72F
90F
65F
50F
68F
60F
92F
jqO
jqO

93
93
98
82

90
97p
61F

94F
91
75
76
92F
75p
92
75p
50F
goF

4,0F
75p
32F
jqO

75p
93
80
113F
57F
62
85

99
67F
75F
6%F
20F
25F

90
80
65F
103

100
84

75F
78F
78F
100%
95

75
80
80

95
70F
72F

95
46F
85F
42F
99F
84

WALDHEIM, PLATT & CO

CURRENT QUOTATIONS

308 NO. EIGHTH STREET
ST. LOUIS

November 1, 1935

MISSOURI MUNICIPAL BONDS

TEXAS MUNICIPALS

__________________________ ISSUE___________________________ App. Val.
Bloomfield, Mo., W. W. 5’s._____________________ __ _______
22F
Bollinger Co. Road, 5’s, 1938______________________________ 4.90%
Bonne Terre School, 5’s__________________________________ 4.75%
Cape Girardeau, Mo., Schools_____________________________ 4.00%
Fomfelt Street Impt. (Past Due)________________________
75F
Harrison-Mercer Cos. Drainage Dist. 6’s, 1934______________
83F
Harrison-Mercer Cos. Drainage Dist. 6’s, 1935-38___________
63F-75F
Jackson County 4’s, 1943_________________________________
1071/4
Jackson, Mo., Schools, 4%’s_______________________________ 4.25% less 1
Kansas City, 4% ’s, 1942____________________ ______________
10914

Macon Water..............................................

4.25% less 1

Madison Co., Mo., Road, 5’s______________________________ 4.90%
New Madrid Co., Mo., D. D. No. 12 (Past Due)_____________
45F
New Madrid Co., Mo., D. D. No. 29 (Past Due).____________
30F
New Madrid Co., Mo., D. D. No. 32......................
45F
New Madrid Co., Mo., D. D.Nos. 22, 37 & 38 (Past Due)____
45F
New Madrid Co., Mo., Road, 5’s (1933-1940)______________
82F
Pemiscot Co., Mo., D. D. No. 6 (Past Due)_______ _____ __
62F
Perryville, Mo., D. O., 5%’s______________________________ 5.25% less 1
Portageville School, 6’s, 1935_____________________________
73F
Sandy Creek D. D., 6’s (Lincoln Co., Mo.)__________ ______
19F
St. Francis Levee Dist. of Mo. (Past Due)..............................
54F
St. Joseph, Mo., Sch. 4’s—Avg. Mat_______________________
104
115
St. Louis, City of, 4’s, 1948.......................................................
St. Louis County, 4Vi’s, 1943_____________________________
110%
Scott Co. Roads__________________________________________
96
Stoddard Co. D. D. No.17 (Past Due)____________________
64F
Stoddard Co. D. D. No. 23______________________
68F
49F
Stoddard Co. D. D. No. 26_______________________________
Stoddard Co. D. D. No. 27___________________
49F
Stoddard Co. D. D. No. 28.................
48F
Stoddard Co. D. D. No. 33.......................
60F
Stoddard Co. D. D. No. 36..............
75F
Stoddard Co. D. D. No. 37_______________________________
73F
Stoddard Co. D. D. No. 38______
75F
Stoddard Co. Duck Creek Twp. Rd. Dist.______________ ___
87

MISSISSIPPI MUNICIPAL BONDS
ISSUE
Alcorn Co___ ______________________________
Attala County, 5Vi’s_________________________
Biloxi, City of, ¿Vi’s------------------------------------Canton, City of, 5’s_________________________
Carroll County, 6’s__________________________
Choctaw Co. ___________ ____________________
Clarksdale, City of, 5’s______________________
Claiborne Co_______________________________

...

App. Val.
102

97
82F
97
_

100

91
100

..5.50%
„5.25%
_______ 4.60%
_______ 4.85%
_______ 5.00%
_______ 5.25%
_______ 4.75%
_______ 4.40%
_______ 5.25%

_________________________ ISSUE_______________________ App. Val.
Abbott______________________________________________
97
Abilene______________________________________________
92
Alamo Heights-------------------------------------------------------------5.25%less 2
6.00% less 2%
Albany_____ ______
Amarillo Independent School___________________________
98
Anderson Co, Road Bridge, 5’s---------------------------------------4.25% less 1
Anderson County, 5%’s.------------------------------------------------ 4.40% less 1
Andrews County---------------------------------------------------------- 4.85% less 1
Atascasa Road Dist, 2 & 4_____________________________
95
Austin Co. Warrants___________________________________4.75% less 1
Austin Co. Road Districts, 3, 4 & 6______________________4.25% less2
Austin, City of.------------------------------------------------------------ 4.10% less 1
Ballinger, City of-------------------------------------------------------- 4.50% less 2
Bastrop Co. Road Dist_________________________________
99
Bastrop, City of, School________________________________5.50% less2
Brady, City of________________________________________
95
Brazoria Co. Bridge, 4’s________________________________
96
Brazoria Co. D. D., 2, 4, 6, 8___________________________
97%
Brazoria Co. R. D. No. 1, 5’s,__________________________
100
Brenham, City of, School______________________________ 4.75% less 2
Brewster County______________________________________ 5.00% less %
73F
Briscoe R. D. No. 7___________________________________
Brownwood, City of.___________________________________
97
Bryan, City of.________________________________________4.75% less 1
Burleson Co__________________________________________
93
Burnet Co____________________________________________4.75% less 1%
Caldwell, City of______________________________________
95
Caldwell Co. Roads___________________________________
97
Calhoun Co. Road Dist________________________________
97
Calvert, City of_______________________________________
73F
Cameron, City of._____________________________________
98
Canadian, City of._____________________________________
97
Canton, City of._______________________________________
90
95
Canyon, City of_______________________________________
Carson County.________________________________________4.50% less 1
Cass Co. Cons. R. I. D. No. 1, 5’s___ __________________
100
Castro County________________________________________
92%
Cherokee Co. R. D. No. 1, 5’s._________________________
97
Clay Co. R. D. No. 1_________________________________
93%
Clay Co. R. D. No. 2_________________________________
98
Cleburne, City of._____________________________________6.00% less 2
Clifton, City of._______________________________________
87%
Collin Co. R. D., 4’s.__________________________________4.35% less 2
Comanche County_____________________________________
95
Concho County._______________________________________ 5.00% less 2
Coryell County____________________________________
4.75% less 1
Culberson Co. Spec. Road, 5’s__________________________ 4.75% less 2
Dallas Co. D. O______________________________________ 2.00%-4.00%
Dallas Co. Road Bridge, 4’s.____________________________ 4.00% less 1
Dallas Co. Road Dist. No. I, 5%’s______________________4.00% less 1
Dallas, City of.____________________________________ __ 1.75%-3.75%
Dawson County_______________________________________
95
Denison, City of.______________________________________ 4.40% less 1
Denton, City of_________________________________
4.50% less 2
Denton County D. O_____________________________
4.50% less 1
DeWitt County D. O.__________________________________
98
Ellis Co. D. O.________________________________________4.60% less 1
El Paso, City of, D. O_________________________________ 4.50% less 2
El Paso County._______________________________________4.50% less 1
Ennis Ind. School Dist.________________________________
90
Falls Co. D. O________________________________________
97
Fort Worth, City of, D. O_____________________________ 4.00% less 1
Galveston, City of, D. O_______________________________ 4.00% less 1
Galveston Co_________________________________________ 4.00% less 2
Gatesville, City of_____________________________________
98
Harris Co------------------------------------------------------------------- 3.85% less 1
Hillsboro, City of._____________________________________
98
Irion County D. O------------------------------------------------------- 4.50% less 2
Jones Co. R. D. No. 1_________________________________ 4.30% less 2
LaGrange, City of.____________________________________
98
Lee County___________________________________________
98
Marlin, City of_______________________________________
98%
Mason, City of------------------------------------------------------------ 6.00% less 1
Mason County.-------------------------------------------------------------4.60% less 2
Navarro County.---------------------------------------------------------- 4.75% less 1
Navasota, City of.-------------------------------------------------------- 5.00% less 2
Palestine, City of--------------------------------------------------------- 4.50% less 2
Regan County._________________
97
Rockdale, City of .........
----------------------------------97%
Runnels County.---------------------------------------------------------- 4.75% less 2
San Angelo, City of----------------------------------------------------- 4.75% less 1%
Shackelford Co------------------------------------------------------------5.00% less 2
Schulenberg, City of-----------------------------------------------------5.50% less 2
Taylor Co., 5%’s.--------------------------------------------------------- 4.35% less 1
Taylor, City of----------------------------------------------------------- 4.50% less 2
Waco, City of--------------------------------------------------------------3.80% less 1

Columbus, City of, 4%’s____________________
Corinth, City of, 5Vi’s______________________
Forest County, 5’s__________________________
George County, 5’s________ _____ ____________
Greenville, City of..
Greenwood, City of, 5%’s_
Grenada Co. ___________
Gulfport, City of, 5’s________ ____________
_______
101
Harrison Co., Road & Bridge, 5Vi’s_______
_______ 5.00%
Hattiesburg, City of, 5%’s________________
_______ 5.10%
Hinds Co., 4%’s...
_______ 3.50%
Jackson, City of, 5%’s___
_______ 5.00%
Laudendale County, 5%’s..
_______ 5.00%
Lee Co. Supervisors Dist. No. 3, 5%’s....
„4.35%
Leflore C o ._________________________
„4.25%
Madison County, 5*s_
„5.00%
Marshall County, 6’s..
„5.15%
Meridian, City of, 5% ’s..
„4.50%
Mississippi Banking, 5%’s..
m%
Mississippi, State of, Gold 5Vi’s, 1945________
__ ____ 4.00%
Mississippi, State of, Hos. Rem., 4%’s, 1946-36..
______ 3.85%
Mississippi, State of, Rehab. 4%’s, 10-1-39____
______ 3.20%
Montgomery Co.
______ 4.50%
Philadelphia, City of.__
______
75
Prentiss County, 5%'s______ 5.25%
Rankin Co.__________
_____ 100
Scott Co.____________
______ 5.15%
Starkville, City of..
................ . . .
100
............5.00%
Tate County, 5’s..
Tate County Thyatira School Dist___
______ 5.15%
Vicksburg, Pub. Imp., 4%’s_________
_______4.10%
Walthall County, 5’s...
........ „...4.75%
Warren County Bridge, 5%’s..
______ 4.25%
Washington County, 5’s____
______ 4.50%
West Point, City of.________
______ 4.90%
Winona, City of..
______ 5.25%
DigitizedYazoo
for FRASER
Co. School Dist. No. 3. 5Vi’s~
______ 4.10%
https://fraser.stlouisfed.org
Quotations
Contained
Herein Subject to Change Without Notice
Federal Reserve Bank of St. Louis

WALDHEIM, PLATT & CO.

CURRENT QUOTATIONS

308 NO. EIGHTH STREET
ST. LOUIS

November 1, IS35

FLORIDA MUNICIPALS
ISSUE

N. & S. CAROLINA MUNICIPALS
App. Value

Alachua Co. Hospital-----------------------------------------------------Alachua Co. Road Bridge No. 1__________________________
Arcadia City.----------------------------------------------------------------Baker Co. Road Bridge No. 1____________________________
Broward County Highway__________________
Bradenton, City of______________________________________
Brooksville, City of______________________________________
Clermont, City of_______________________________________
Crescent City.__________________________________________
Dade County Highway__________________________________
Dade County School Dist. No. 2, 5’a.______________________
Dade County School Dist. No. 12, 6’s........ .................... ......
Dade County School Dist. No. 14..................... .........................
Dixie County D. O............................................ .........................
Dundee, City of._____________________________
Everglades Drainage Dist__________________________
Eustes, City of_________________________________________
Florida Inland Navigation, 4’s____________________________
Fort Meade, City of__________________________________
Gadsden Co. Highway____________________________________
Gainesville, City of_______________________________
Green Cove Springs, City of_____________________________
Gulfport, City of.______________________
Gulf County D. O_______________________________________
Haines City------------------------------------------------------------------Hendry Co. Roads.-------------------------------------------------- ------Hollywood, City of_________________________________
Homestead, City of.___________________________________
Jacksonville, City of____________________________________
Kissimmee, City of............................................... ....................
Lake Co. Road Bridge No. 10____________________________
Lake Co. Road Bridge No. 6--------------------------------- --------Lake Maitland____________________________________ _____
Miami, City of (old)___________________________ ________
Miami Beach, City of, 5%’s______________________________
Miami Beach, City of, 5%’s_____________________________
Miami Beach, City of, 5%’s_______________________
Miami Beach, City of, 6’s_______________________________
Orange Co. Road, 1944 or earlier__________________________
Orange County Schools_________________________ ________
Orange Co. Roads, 1945/50______________________________
Orlando, City of, Ref. 5’s,1952____________________________
Orlando, City of, Water and Light, 5%’s.__________________
Orlando, City of, Short Term_______________________ _____
Osceola Co. D. O_______________________________________
Polk Co. Schools________________________________________
Seminole Co. Roads____________________________________
Seminole Co. School No. 1_______________________________
Tallahassee, City of______________________________________

93
80
27F
100%
42F
53F
45F
10F
75F
95
85
101
103
96
28F
18F
25F
95

18F
12F
80
28F
93
40F
32F
3.00%
80F
65
”0
701
76F
4.40%
4.50%
4.55%
4.60%
101
95
99%
97
103%
103%
61F
85
85
86%
103

Winter Garden, City of__________________________________
Winter Park, City of____________________________________

45F
60F

103

LOUISIANA MUNICIPALS
ISSUE

Bid

ISSUE

App. Value

Abbeville Co., S. C., Highway____ _______________________
Anderson Co., S. C., Highway____________________________
Beaufort, N. C_________________________________________
Beaufort Co., S. C., Road________________________________
Charleston, S. C., Paving.________________________________
Charleston, S. C., Port Util______________________
Cherokee Co., S. C., School Dist.................. ........... .............
Dunn, N. C____________________________________________
Durham, N. C__________________________________________
Easely, S. C., Water & Sewer.___________________________
Edgefield County, S. C., School Dist. 8___________________
Florence, S. C., School No. 1_________________________ __
Forest City, N. C_______________________________________
Greensboro, N. C._______________________________________
Greater Greenville Sewer Dist., S. C.______________________
Greenville, S. C., School_____________________________ ___
Greenville, S. C.,Water.__________________________________
Greenville Co., S. C__ ___ _____________ __ __ ________ __
Greenwood Co., S. C., Highway__________________________
40
Hendersonville, N. C____________________________________
103 High Point, N. C_______________________________________
Kingstree, S. C____________________________ ___________ _
Lenoir, N. C..___________________________________________
Liberty, N. C._____ __
Liberty, S. C., Sewer._________________________________
Lynchburg, S. C., School_________________________________
j Marion, N. C___________________________________________
Marlboro Co., S. C., Road__________ __________________ __
Newberry, S. C., Imp........................ ......................................
I North Wilkesboro, N. C____________________________
Orangeburg Co., S.C.,Bridge....................................................
Richland Co., S. C., School Dist__________________________
Rutherfordtown, N. C................................._....................... ....
Saluda Co., S. C_____________________________________ ....
Shelby, N. C____________________________________
Spartanburg Co., S. C., Road_____________________________
Taylersville, N. C______________________________________
Williamsburg County, S. C., School Dist----------------- ----------

102%
3.75%
93
4.00%
4.00%
4.00%
3.90%
77
3.80%
103
99
93
82
97
4.00%
3.90%
3.90%
3.90%
3.90%
35F
86F
97
90F
76F
104
100
5.00%
103
4.40%
103
3.90%
4.00%
6.50% less 1
103
4.75%
4.00%
54F
102%

UNITED STATES GOVERNMENT BONDS
ISSUE
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.
U.

Due

S. Treasury, 2%’s------------ ____ 1947-45
S. Treasury, 4%’s________ ____ 1947-52
S. Treasury, 4’s._....................... 1944-54
S. Treasury, 3%’s.„........ ....____1946-56
S. Treasury, 3%’s________ ____1943-47
S. Treasury, 3%’s.________.........1941-43
S. Treasury, 3%’s________ ........1940-43
S. Treasury, 3’s__________ ____ 1951-55
S. Treasury, 3%’s------------ ____ 1941
S. Treasury, 3%’s________ ____ 1943-45
S. Treasury, 3’s._.......................1946-48
S. Treasury, 3%’s________ ____ 1949-52
S. Treasury, 2%% Notes....___ 4/15/36
S. Treasury, 3%% Notes—____ 8/1/36
S. Treasury, 3% Notes.-----___ 4/15/37
S. Treasury, 2%% Notes....____ 2/1/38
S. Treasury, 2%% Notes---- ___ 6/15/38
S. Treasury, 1%% Notes---- ___ 9/15/36
S. Treasury, 2%% Notes—____ 9/1/38
S. Treasury, 3%% Notes—. .... 9/15/37
S. Treasury, 2% % Notes—____6/15/39
S. Treasury, 1%% Notes—........6/15/40

Bid
100.24
114.25
110.15
108.24
106.7
107.10
107.7
102.21
107.20
105.1
102.16
103.8
100
102.14
104.1
104.16
105.7
101.8
104.9
105.8
102.25
100.19

Asked
100.27
114.29
110.19
108.29
106.11
107.14
107.11
102.24
107.23
105.5
102.20
103.12
100.3
102.16
104.3
104.18
105.9
101.10
104.11
105.10
102.27
100.21

State of Louisiana, Highway, 4%’s------------------------------ 102%
City of New Orleans, Imp., 4’s-----------------------------------101%
Orleans Levee District_________________________________
96
LaFourche Basin Levee District___________________
97
Acadia Parish Road Districts___________________________
90
Avoyelles Parish School Districts_______________________
80
Bossier Parish Road Districts---------------------------------------96%
Calcasieu Navigation 5%’s, 1938/45-------------------------------100
Calcasieu Parish Lake Charles Harbor & Terminal Dist. 5’s
4.50%
Cameron Parish Road Districts-------------------------------------94
Catahoula Parish Road District No. 2, 5’s-----------------------91F
Claiborne Parish, Wide Road, 5’s----------------------------------99
FEDERAL FARM LOAN BONDS
DeSoto Parish Consolidated Road District----------------------98
East Baton Rouge Parish---------------------------------------------- 101%
East Carroll Parish--------------------------------------------------------97
Due
RATE
Franklin Parish Road District No. 1, 5’s-----------------------88
3’s
...........................................................
7/1/55-45
Iberia Parish (all issues)---------------------------------------------94
3%’s ............................................................
5/1/55-45
Lafayette Parish (all issues)----------------------------------------98
4’s ...................
11/1/57-37
LaFourche Parish (all issues)---------------------------------------75
4’s ........................................................
5/1/58-38
Madison Parish, Wide Road, 5’s------------------------------------- 101
4%%_____
6/1/56-36
Morehouse Parish Road District No. 1, 5’s----------------------90
4% % _________________________________
5/1/57-37
Ouachita Parish_______________________________________ 107
4% % _________________________________
1/1/57-37
Plaquemines Parish------------------------------------------------------ 100
4% % _________________________________
11/1/58-38
Rapides Parish, Wide Road, 5’s------------------------------------90
4% % _________________________________
5/1/42-32
St. Landry Parish-------------------------------------------------------97
4% % _________________________________
1/1/56-36
Tensas Parish-------------------------------------------------------------99
4% Consolidated Loan--------------------------7/1/46-44
100
Terrebonne Parish------------------------------------------------------Home Owners Loan Gtd., 3’s-----------------1952-44
Vermilion
97
Parish---------------------------------------------------------Home Owners Loan Corp. Gtd., 2%’s------------------ 8/1/49-39
Washington Parish------------------------------------------------97
https://fraser.stlouisfed.org
inquiries Solicited on All Listed and Unlisted Securities
Federal Reserve Bank of St. Louis

Yield
2.66
2.79
2.69
2.76
2.46
1.93
1.87
2.78
1.80
2.54
2.72
2.83
2.86
0.20
0.59
0.85
0.97
0.40
1.32
1.36

Bid

Asked

99%
101%
103%
104%
1023%
103%
103%
105%
102%
101%
107%
100%
99%

99%
101%
104%
105%
102%
104%
104%
106%
103%
101%
107%
101
99%

WALDHEIM, PLATT & CO.

CURRENT QUOTATIONS

308 NO. EIGHTH STREET
ST. LOUIS

November I, 1935

REAL ESTATE BONDS

REAL ESTATE BONDS— Cont.

Due

ISSUE
Adams Franklin Bldg., 1st 5’s........
Adlon Apts., 6%’s (C/D)------------Ambassador Hotel, 6’s----------------American Furniture Mart, 6’s____

..1933-37
..1943
..1946
..1945

„ __

Bankers’ Bldg., 5%’s, L. T. C..
Baylor University, 6’s...
Beaumont Medical Bldg., 6’s...

..1933-34
..1934-43
..1934
..1934-40
-1940
..1937
1949

Blackstone Hotel, Omaha, 5%’s~.
Brown Hotel, Louisville, 5’s..

__

Cecil Apartments (Chase Hotel) 7’s.
Central Properties, Inc., 5’s W. £ ___
Chain Store Depot, 1st 6*s__________
Chicago Post Office, 5%’s._______________
Chrysler Building, 6’s__________________
Cigar Stores Realty, 5%’s (C/D)-----------Clifton Office Bldg. (C/D), 6’s------------ —
Congress & Senate, 6%’s.------------------------Consolidated Investment, 5’s------------------Consolidated P. 0. Station, 5%’s_________

Ellsworth Apt. (C/D)..................
Embassy Apartments, 6*4’s---------

..1933
..1932-41
..1940
..1939
193f>
..1948
..1949
..1934-36
..1938
...1936
..1937
..1936
-1939
..1943
..1937
..1934-38
...1937
1951
. 1935
...1934
...1946

Ferry Station P. O., 6’s..
Forest Park Hotel (Stock).

Gatesworth Hotel, 6*4’s-------------

Hotel
Hotel
Hotel
Hotel
Hotel

Coronado, 6%’s-----------------------Coronado Annex, 6%’s.------------Cosmopolitan (C/D), Denver, 6’
Lennox, 6’s---------------------------Sherman, Chicago, 1st 5%’s------

...1936
..1934-41
..1934-41
...1958
...1932
..1942
..1934-37
..1931-38
...1947
...1940-41
...1938
...1936
I..1943
...1940
...1934-41
...1941
...1931-42
...1931-40
..1934-46
..1934-40
..1936
..1950
...1934-40
...1947
..1938
..1949
..1950

La Salle Wacker Bldg., Units..
Lindell Tower Bldg., 6’s..
Loews Theatre & Realty Co., 6’s—

National Candy, 5’s____________
Press Bldg., 5*4’s------Digitized National
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

...1940-43
...1963
...1940
..1934-37
...1939
...1947
..1934-37
..1934-41
..1934-40
..1933-34
..1947
..1940
-1941
...1942
..1934-35
..1934-37
..1934-35
..1935
„1940
...1950
-1934-42

Bid
64F
54F
48F
59
76
96%
44F
100
14F
65
21%F
19F
94%
158
9F
34
91
100%
_____
89
95F
32F
38F
99
34
100
73%
68
23
33F
33%
25F
_____
24%F
19F
39F
68
87
32F
50
64%
59%
15%F
55F
16%F
42
100
95%
101
48F
32F
14F
14F
25F
27F
21F
72F
101
2434F
55F
45% F
31F
52F
8F
29%F
100
57%
36F
75
102
91
80
50
21% F
61F
10%F
99
39F
10F
40F
62
23F
47% F
102%
60F
46F

Asked
65*4F
49F
60
"97%“

22*4F
21F
11F

38
91
96F

76
70

27F
36*4;
26*4F
41F
72

65%
60%
16%F

49% F
34F
14%F
14%F
28F
21%F

31F

92

41F
42F

ISSUE

Due

Bid

..... 1946
. . 1935
___ 1944
___1938-43
___1945
___1945
___ 1936
......1940
___ 1936
......1933
.......1934-40
103R
____1941
1041
» 1940
Robert E. Lee Hotel, 6’s.---------------------- ___ 1942
St. Joseph Home & Hospital, 5’s.— ........ ..... 1934-46
St. Louis A. & P., 6’s--------------------------- ..... 1938
1043
St. Louis Chain Store, 6’s._____________
___ 1938
St. Louis P. O., 5%’s.
St. Louis Properties, 7’s___________________ 1934-38
St. Mary’s Hospital, E. St. Louis, 5’s..............1936
Scruggs, Vandervoort & Barney, 7’s________ 1934-39
Six Twenty Five Skinker, 6’s______________ 1934-41
Smith-Young Tower, San Antonio, 6’s.____ 1939
South Shore Tower, 6’s___________________ 1940
333 North Michigan Ave. Bldg., 6’s............... 1942
Tourain Hotel, 6%’s.........................................1941
United Post Office Corp., Indianapolis, 5%’s._1935
Westmoreland Apartments, 6%’s (C/D)____ 1934-38
Wiltshire Apartments, 6%’s----------------- ----- 1934-36

New York Athletic Club, 5’s________
Norman Apartments (Denver), 6%’s~.
Nugent Realty Co., 6’s..
Omaha Bee News Pub. Co., 6’s..
Paramount Theatre ( Filed
Allied Owners, 6’s ( Unfiled
Park Edge Apartments, 6%’s_
Park Castle, Kansas City, Mo.,
Park Royal Apartments, 6’s.__
Paxton Hotel, 6’s.____________
Plaza Olive Building, 6’s._____

28%F
38F
22F
94%
85
85
15F
21%F
33F*
43
55
33F
40%
35
36F
22F
96
63
50F
25F
7*4F
96%
93%
67% F
19F
25F

25F
97
86
86
21F

65

98

95

26F
35F
28F
38F
49F

JOINT STOCK LAND BANK BONDS
ISSUE
“
Atlanta, Atlanta, Ga., 5’s..
Atlantic, Raleigh, N. C., 5’s.__
Burlington, Burlington, Iowa, 5’s_______
California, San Francisco, Cal., 5’s._____
Central Illinois, Greenville, 111., 5’s (Rec<
Central Iowa, Des Moines, Iowa, 4%’s.—
Chicago, Chicago, 111., 4%’s (Receiver’s
Dallas, Dallas, Texas, 5’s..
Denver, Denver, Colo., 5’s------------------------------Des Moines, Des Moines, Iowa, 4%’s----------------First Fort Wayne, Ind., 5’s------------------------- ----

Bid
....... 99%
......100%
......100

.......100

...... 49F
....
99
...... 19F
___ 100
----- 94%
___ 100
......100
----- 93%
___ 97
....... 97%
___ 99
......100
......100
Fletcher, Indianapolis, Ind., 5’s______________ ___ -----100
Fremont, Fremont, Nebr., 5’s._______________ __ _ ___ 97
Greenbrier, Covington, Va., 5’s...... .......... ~ .... ....... ......100
___100
Illinois, Monticello, 111., 4’s—
___ 99
....... 93%
___ 100
Iowa, Sioux City, Iowa, 5’s__________ __ _____
___ 100
Kentucky, Lexington, Ky., 5’s_________ ______ _
Lafayette, Lafayette, Ind., 5’s_______ _________
...... 98
...... 97
Louisville, Louisville, Ky., 5’s-----------____100
......100
.......320
...... 99%
...... 99%
New York, N. Y., 5’s..
........ 98%
____ 98
....... 97
......100
Pacific Coast, San Francisco, Cal., 5’s—
....... 99%
Pacific Coast, Portland, Ore., 5’s----------......100
Pacific Coast, Salt Lake City, Utah, 5’s...
...... 99%
......103
Potomac, Washington, D. C., 5’s..
...... 99%
____ 46F
____ 49F
____100
San Antonio, San Antonio, Texas, 5’s..
Southern Minnesota, j Bondholders <
___ 33% F
___ 33% F

___ 92
62F
47F

Asked
29%F

Tennessee, Memphis, Tenn., 5’s____________
Union, Detroit, Mich., 5’s__________________
Virginia-Carolina, Norfolk, Va., 5’s.................
Union, Louisville, Ky., 5’s_________________

Quotations Contained Herein Subject to Change Without Notice

......100
...... 98

Asked

100%
102
102
102
51F
______
20F
101%
95%
100 %

102
95%
98%
99
100%

102
102
101
99

102
101%
100 %

95

101
100
98%

101
102
350

101
100%
100
99%
98%

102

100 %

102
101
105
100 %

47% F
51F

102
34F
35F
94
101%

99%

......100

101%

___ 100

101

WALDHEIM, PLATT & CO.

CURRENT QUOTATIONS

308 NO. EIGHTH STREET
ST. LOUIS

November 1, 1935

ST. LOUIS STOCK EXCHANGE
___________________ STOCKS__________________________ Bid
A. S. Aloe Co., Common___________________________ 15
Brown Shoe, Preferred____________________________ 121%
Brown Shoe, Common______________________________
59
32
Burkart Manufacturing, Preferred__________________
Coco Cola Bottling Co., Common___________
46
Curtis Manufacturing, Common______________
9
Dr. Pepper, Common...... .............................................
20%
13
Elder Mfg. Co., Common__________________________
Ely & Walker, Common___________________________
19
Ely & Walker, 1st Preferred______________
114
Falstaff Brewing Co., Common_____________________
3%
112%
Globe-Democrat Publishing, Preferred________
Hamilton Brown Shoe_____________________________
2
Hydraulic Press Brick, Preferred_____________
2%
International Shoe, Common____________________ __
47%
Johnson-Stephens-Shinkle._______________________ __
9%
Laclede Steel________________________________
57
McQuay-Norris Manufacturing, Common____________
Meyer Blanke Co., Common____________________
12%
Missouri Portland Cement_________________
8
Moloney Electric Co., Class A_______________
30
National Candy, Common.......... ..................................................
Rice-Stix Dry Goods, First Preferred_________________ 114
Rice-Stix Dry Goods, Second Preferred....................... ...............
Rice-Stix Dry Goods, Common........................... ............ 10%
Scullin Steel, Preference_____________
%
Southwestern Bell, Preferred_______________________ 121
Stix, Baer & Fuller, Common______________________
10
25%
Wagner Electric, Common_____________________ ___
Wagner Electric, Preferred..........................

WATER COM PANY SECURITIES
Asked
..........
121%
60
33
..........
9%
21
15
..........
..........
3%
.......
2%
_____
48
10
23
59
_____
8%
..........
12
115
11%
11
..........
121%
10%
26%
113

ISSUE
Alabama Water Service Company 5’s______
Alton Water Company 5’s_________________
Arkansas Water Company 5’s.____________
California Water Service, 5’s..... ...................
Community Water Service Company 5%’s...
East St. Louis & Interurban Water Co. 6’s.
East St. Louis & Interurban Water Co. 5’s...
Illinois Water Service Co. 5’s________ ___
Joplin Water Works Company 5’s________
Lexington Water Company 5%’s._____ ____
Ohio Cities Water Corporation 5%’s______
Pennsylvania State Water Corp. 5%’s.........
Peoria Water Works Co. 5’s._____________
Roanoke Water Works Co. 5’s________ ___
Scranton Gas & Water, 4%’s........................
Scranton Spring Brook Water, 5’s........ ........
Sedalia Water Company 5%’s.________ ____
Springfield City Water Company 5’s.______
Terre Haute Water Works Corp. 5’s...........
Texarkana Water Corp. 5’s______________
Westmoreland Water Company 5’s.______
Wichita Water Company 5’s._____________

Due
__ 1957
__ 1956
......1956
.....1958
.....1946
.....1942
.....1960
.....1952
.....1957
......1940
......1953
1952
__ 1950
.....1950
.....1958
.....1967
__ 1947
.....1956
.....1956
1958
......1952
__ 1960

Bid
94
105
103%
105%
60
104
102
102
104%
102
80%
99%
98%
87%
102%
91
101%
102%
102%
99%
100%
104%

Asked
95
104%
106%
61
103
103
........
103
82
100%
99%
88%
103%
92

101%

INSURANCE STOCKS

___________________ ISSUE________________________ Div.
Bid Asked
Aetna Fire Insurance Co.__________________________
55
57
Aetna Life Insurance Co_______________________
$0.60
30
32
American Druggist Fire Insurance Co_______________ 2.50
49% .......
.50
47
48%
American Surety Co______________________________
Baltimore American Insurance Co____________
10
6%
7%
_______________ BONDS_____________________ Due
Bid Asked
Central States Life InsuranceCo. (St. Louis)...........................
1
2
City & Suburban Pub. Serv. “A” 5’s_________ 1934
25F
27F
1
Continental Life Ins. Co. (St. Louis)________________
_______
103
105
Moloney Electric, Deb. 5%’s_________________ 1943
Firemen’s Insurance Co__________________________
10
11
National Bearing Metals 6’s.___________ _____ 1947 107%
..........
General American Life Ins. Co_____________________ ___
44
......
Scullin Steel Co. 6’s (Stamped)_____________ 1941
..........
26F
Globe & Rutgers Ins. Co_________________________
35
38
St. Louis Car Co. 6’s.---------------------------- ----- 1935
33F
38F
Great American Insurance Co______________________ 1.00
26
27%
United Railways 4’s................... .........................1934
..........
26%
37
39
Hanover Fire Insurance Co________________________ 1.60
Home Insurance Co_______________________________ 1.00
34
35
Kansas City Life Insurance Co____________________
16.00 450 475
ST. LOUIS BANK STOCKS
Lincoln Fire Insurance Co_____________________ _________
3%
3%
Maryland Casualty Co________________________________2%
3
ISSUE
B kT AskedT
8% 8%
Merchants
& Manufacturers Insurance Co___________ ___
Boatmen’s NationaL. _______________________
43
45
Missouri State Life Insurance Co_____________ _____ ___
%
%
First National------------------------------------------------2930
20
7%
8%
National Liberty Insurance Co.......................
Mercantile Commerce Bank & Trust_____________________
111
H3
New World Life Insurance...............
40
6%
7%
Mercantile Commerce Beneficial Ctfs................... ............
5%
5y8
Phoenix Insurance Co_________________________
2.00
89
91
Mississippi Valley Trust Co__________________________
112%115
Sun Life Insurance Co____________________
415 440
St. Louis Union Trust Co_______________________________
44
46
Travelers Insurance Co________________________
16.00595 610
Security National Bank & Trust_________________________
135
U. S. Fidelity and Guaranty Co........................
11
12
United Bank & Trust___________________________________
62

INVESTMENT TRUST SHARES

NEW YORK BANK STOCKS
___________________ ISSUE___________________________ Bid
Asked
Bankers Trust----------------------------------------------------------58%
59%
Bank of Manhattan---------------------------------------------------26%
27%
Brooklyn Trust______________________________________
90
93
445
455
Bank of New York & Trust___________________________
Central Hanover_____________________________________
111
112
Chase National Bank________________________________
34%
34%
Chemical National-------- ------- -------------------------------------50%
50%
Commercial National_________________________
160
165
Continental Bank_____________________________ ______
17
17%
Com Exchange.______ __ ____________________________
56%
57%
Empire Trust-----------------------------------------------------------19%
20%
First National_____________________________
1765
1775
Irving Trust__________________________________ ______
15
15%
Manufacturers Trust_____________________ ____________
35%
36%
National City.----------------------------------------------------------31%
32%
New York Trust-------------------------------------------------------113%
114%
Public Bank_________________________________________
36%
37%
Title Guaranty._______________________________
283
286
U. S. Trust_________________________________________
1920
1950

___________________ ISSUE______________________________ Bid A»k«d
Corporate Trust Shares “AA” Mod------------$2.35
.......
Corporate Trust Shares “ACC” Unmod.________________
2.82
Cumulative Trust Shares (1950)_______________________
4.95
Diversified Trustee Shares “C”._______________________
3.80
Diversified Trustee Shares “D”_ ... ______________
5.87$6750
Equity Trust Shares.................................................
3.503.85
National Trust Shares (1950) Modified_________________
4.00
.......
Nationwide Securities “B”__________________________
3.96 7
North American Bond Trust Certificates._______________
79.75 83.50
North American Trust Shares, 1955____________________
2.93
.......
North American Trust Shares, 1956.___________________
2.90
___
Representative Trust Shares---------------------------------------10.59 11.09
Selected Cumulative Shares (1951)____________________
8.24
......
Super-Corporations of America “AA”__________________
2.54
......
Super-Corporations of America “B”____________________
3.93
___
Super-Corporations of America “BB”_____________ _____
2.56
.......
Super-Corporations of America “C”____________________
7.06
......
Trust Shares of America (1940)_________________________
3.60 3.70
Trustee Standard Investment Shares “C”_______________
2.61
.......
USELPS “B”_______________________________________
2.57 ........

in addition to our private wires, we may be reached b y direct Western Union Telegraph Typewriter ( “ W U X ” )
or by American Telephone & Telegraph, Teletype number St. Louis 2 99 .
CEntral 8400


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Federal Reserve Bank of St. Louis

WHLDHEIM, PLHTT & CO.
308 No. EIGHTH STREET

S T . L O U IS

Any information tendered or any opinion expressed herein is drawn from sources believed reliable
but is not guaranteed by us, nor do tea assume responsibility fo r Us accuracy

MEMBERS:
New York Stock Exchange
New York Curb (Associate)
Chicago Stock Exchange
St. Louis Stock Exchange

November, 1935

*

*

27

M id -C ontinen t B anker

IL L IN O IS

C Deposits of all Chicago banks de­
creased $9,341,000 during the third
quarter of 1935, and loans and dis­
counts decreased slightly more than
$20,000,000 during the same period.
Total loans and discounts of all Chi­
cago banks on September 30, 1935,
amounted to approximately $526,052,000—a record low since composite re­
ports were instituted fifteen years ago.
Total deposits of all Chicago banks on
September 30, 1935, amounted to ap­
proximately $2,617,591,000.

E Edwin D. Brooks, vice president of
the Continental National Bank and
Trust Company, Chicago, died October
10, at the age of 54 years.
E A weekly radio broadcast by musi­
cians of outstanding reputation is be­
ing sponsored by the Springfield Ma­
rine Bank, Springfield, Illinois, as a
cultural venture to bring the best in
music talent to radio enthusiasts of the
city.

E L. E. Rockwood, former president
of the First National Bank, Gibson
City, died recently at the age of 78
years. Almost all of Mr. Lockwood’s
business career had been in banking.
He was cashier for many years for the
private bank of Mattinson, Wilson and
Company.
E The deposits of the West McHenry
State Bank, McHenry, Illinois, have
been insured by the FDIC.
E The capital stock of the Central
Trust and Savings Bank, Sterling, Illi­
nois, has been increased from $100,000
to $150,000.
E Frederick Tudor Haskell, banker
and well-known philanthropist, died
recently at his home in Chicago at the
age of 81 years. He was a director of

N EW S

IT E M S

the Continental Illinois National Bank
and Trust Company, Chicago, until the
time of his retirement in 1934.
C The Maquon State Bank, Maquon,
Illinois, has planned to change its place
of business to the former location of
the First National Bank.

E George M. Peck, vice president of
the First National Bank, Elgin, Illi­
nois, died recently at the age of 92.
He was formerly president of the bank,
and headed many important business
enterprises in the city for many years.
E Clarence R. Preiss and William H.
Ellet, Jr., have been elected assistant
trust officers of the Oak Park Trust and
Savings Bank, Oak Park, Illinois.
C The 40th Illinois conference of
social service, held in East St. Louis,
Illinois, last month was arranged under
the chairmanship of A. G. Elam, presi­
dent of the First National Bank, East
St. Louis, Illinois.

E John T. Buck, cashier of the
Farmers State Bank, Hey worth, Illi­
nois, died recently while riding on
a streetcar. Mr. Buck had suffered
strokes of apoplexy previously.

*

year. These figures include the sav­
ings deposits which have grown in that
period from $600,769 to $707,737. Bank
deposits have grown from $14,560,000
to $16,118,000 during the same period.

E A newly organized bank is the New
Chicago Heights National Bank, Chi­
cago Heights, Illinois, capitalized at
$130,000, which opened its doors Sep­
tember 30. The bank is located in the
former First National Bank building,
which has been remodeled to accom­
modate the new organization. Officers
are: president, Dr. N. C. Eberly; vice
president, F. W. Logan; cashier, Fred
Landsea; assistant cashier, Oscar Fox.
E A national charter has been granted
for a new bank on Chicago’s west side.
The new institution, organized by the
Garfield Park Business Men’s Associa­
tion, will be known as the MadisonCrawford National Bank of Chicago,
and will be opened within a short time.
The bank will have a capital stock of
$200,000, with a surplus of $50,000 and
reserves of $50,000.

E T. Jerrold Bryce, who until re­
cently was vice president of the Con­
tinental Illinois National Bank and
Trust Company, Chicago, has become
associated with Clark, Dodge and
Company in charge of their investment
business.

E George F. Spaulding, vice president
in the bond department of The North­
ern Trust Company, Chicago, Illinois,
has been elected chairman of the cen­
tral states group of I. B. A. for the year
1935-36. Irvin L. Porter, vice president
in the bond department of the First
National Bank, Chicago, was elected
vice chairman.

E Better business conditions in De­
catur are shown by the 11 per cent in­
crease in deposits in Decatur banks
and the postal savings department of
the postoffice since a year ago.
All deposits have grown from $15,161,260 as of October 4, 1934, to a total
of $16,826,466 as of the same date this

E Citizens of Forest Park, Illinois, are
making an enthusiastic effort to estab­
lish a new bank in that city. They
plan to capitalize the bank at $130,000
and a substantial portion of that
amount had been raised early in Oc­
tober. Seven committees have been
appointed to canvass the community.

BONDS FOR BANKS
Inquiries Invited

G. H. WALKER & CO.
M em bers N ew

York,

C h ic a g o a n d S t. L o u i s

S to c k E x c h a n g e s

New York Office
No. 1 W a ll Street

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

*

B R O A D W A Y A N D LOCUST «
T e le p h o n e C E n t r a l 0 8 3 8

«

ST. LOUIS

28

November, 1935

M id -C o ntinent B anker

I N D I A N A

cer of the Southern Michigan National
Bank at Coldwater, Michigan.

N O T E S

CL The North Madison State Bank,

Madison, Indiana, has opened a fire in­
surance and bonding agency, which
will be operated in connection with the
bank.
CL Banking operations was the subject
of a talk recently given before the Rotarians of Mitchell, Indiana, by L. B.
Sanders, cashier of the First National
Bank of that city.
01 Bank deposits increased from $517,000,000 to $649,000,000 in the 520 banks
of Indiana from July 1, 1934, to July 1,
1935. This is an increase of $1,250,000
to the county. Loans have decreased
from 213 to 208 millions.
01 The Dale State Bank opened a
branch bank at Grandview, Indiana,
October 1. Albert J. Wedeking, cash­
ier of the bank at Dale, is acting as
cashier of the new branch.
c The Farmers State Bank, Wingate,
Indiana, was recently admitted to
membership in the Federal Deposit In­
surance Corporation.

CL Howard K. Snyder, former resi­
dent of Monticello, Indiana, has been
selected vice president and trust offi­

Fortieth Anniversary

C[ The novel warning, “Beware of
G-Men,” will be posted in all Indiana
banks insured by the FDIC, accord­
ing to a recent announcement by
Don Warrick, secretary of the Indiana
Bankers’ Association.
C F. W. Bryant of Kokomo, Indiana,
receiver for the Citizens National, the
Howard National and the Russiaville
National banks, resigned September
30, because of his desire to resume pri­
vate business. James W. Carpenter
of Connersville, receiver for another
bank, will succeed him.

CL Jesse Harvey, 68-year-old banker
and business man of Huntington, In­
diana, died recently of heart disease.
CL The Social Security Act was the
subject of a recent address given by
F. D. Rose, president of the Merchants
Trust and Savings Company, Muncie,
Indiana, before the local P. T. A.
CL Dr. Charles P. Bacon, vice presi­
dent of the Citizens National Bank,
Evansville, Indiana, for several years,
is well on his way toward his 100th
year. He recently celebrated his 99th
birthday in Evansville, his home city
since 1878.

Correspondents

GWYNNE F. PATTERSON
Vice president of the Indiana National
Bank, Indianapolis, who recently observed
the fortieth anniversary of his connection
with that bank. Mr. Patterson started his
banking career as a messenger in 1885.
He became cashier of the Indiana National
in 1912, and has served as vice president
of the bank since 1925. He has also served
as treasurer of the Indiana Bankers As­
sociation, and as a member of the Execu­
tive Council of the A. B. A.

Kentucky Bankers Find
at the

W H O DESIRE INTERESTED
PERSONAL ATTENTION TO

First N ational Bank

THEIR PROBLEMS A N D RE­

of Louisville

QUESTS, IN A D D ITIO N TO
SPE E D Y

AND

HAN DLING

OF

PR O PE R
ROUTINE

/C O R R E S P O N D E N T service as helpful

MATTERS, WILL FIND HERE

and understanding as if we planned

A BANK FULFILLING THEIR
EVERY REQUIREMENT

it with them over their own desk. W e
invite you

to join those who enjoy

pleasant and profitable depository and
correspondent relationships here.

LIBERTY NATIONAL BANK
AND

TRUST

COMPANY
★

LOUISVILLE
Member Federal
Reserve System


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Federal Reserve Bank of St. Louis

.

Deposits Insured as
Required by Law

rf The Oldeft National Bank in the South ”

November, 1935

M id -C ontinent B anker

KENTUCKY

NOTES

C Lawrence W . M anning, former
managing director of the Federal R e­
serve Bank branch at Cincinnati, Ohio,
died October 6 at the age of 58. He
was a secretary to William Howard
Taft, while the former President was
governor-general of the P h ilip p in e
Islands.
C The capital stock of the Bank of
Fordsville, Fordsville, Kentucky, will
be increased from $15,000 to $25,000.
C The merger of the Sanders De­
posit Bank, Sanders, Kentucky, and
the Sparta State Bank, Sparta, was
approved by the state banking de­
partment on October 2. The new
institution will be known as the
Sparta-Sanders Bank and will have its
headquarters at Sparta. The bank is
capitalized at $15,000, and the officers
are: president, T. S. Slaughter; vice
president, C. M. Gullion.
C Roland Garner, youthful cashier of
the Crab Orchard Banking Company,
Crab Orchard, Kentucky, died recently
after an attack of appendicitis.
C John E. Newman, vice president of
Wilson and Muir, Bankers, Bardstown,
Kentucky, has been appointed to suc-

ceed L. P. Hubbard as United States
Commissioner at Bardstown.
U The state banking report declares
the banks of the state “ are in a very
satisfactory condition.” A total of
$162,141,237.08 was on deposit in the
347 open banks of Kentucky at the
last of June. No banks in the state
have closed since August, 1934.
C At the September dinner meeting
of the Louisville Association of Bank
Auditors, C. A. Schacht, cashier of
the Federal Reserve Bank, Louisville,
Kentucky, conducted a round-table
discussion on 1935 legislation affecting
the Federal Reserve Act.
The new officers of the Louisville as­
sociation are: president, Joseph Allil;
vice president, Robert Wakefield; sec­
retary-treasurer, T. J. Cox.
C The voluntary liquidation of the
Citizens Bank, South Carrollton, Muh­
lenberg County, has been approved by
the state banking department.
C The Citizens Bank of South Carroll­
ton, which was organized in 1902, has
sold its assets to the First National
Bank, Central City, Kentucky. Irvin
Barnes, former vice president and
cashier of the South Carrollton bank,
is now connected with the First Na­
tional Bank. The merger of the two

Dspitauty
ST. LOU IS
You feel a t home away from home
when you stay a t this fin e centrally
located h o tel. You enjoy com fort
and lu xu ry a t low cost - and you
w il I surely like th e fin e food in the
Dinincj Room and the Coffee Shop
E xcellent G arage fa c ilitie s ------

Manager

4 0 0

c The Farmers Trust Company of
Harrodsburg, Kentucky, is going into
voluntary liquidation, and James Isham, and J. E. Stagg, secretary and
treasurer, have been named to settle
up the affairs of the company. Mr.
Stagg said that the institution is per­
fectly solvent, explaining the company
has decided to dissolve the business.
C Louis A. Duane, of the Citizens
Union National Bank, Louisville, Ken­
tucky, has been appointed one of the
fifty-two “associates to executive councilrnen” from forty-two states to carry
on the field activities of the American
Institute of Banking in his state.
c C. A. Gilliam, cashier of the
Farmers National Bank, Scottsville,
Kentucky, has been appointed treas­
urer of the Allen county school board.
C F. L. Kerr, recently elected vicepresident of the Production Credit
Corporation, Louisville, Kentucky, has
assumed his new duties. Prior to his
present position, Mr. Kerr, had served
for a year and a half as assistant to the
president of the Federal Land Bank of
Louisville, and had been in the employ
of the land bank since 1931.

0 W ill Write More New Business
if it uses the tested sales ideas featured
each month in T h e L o c a l A g e n t .

0 W ill Keep More O ld Business
if it employs the "service” methods o f
successful insurance agencies explained
in T h e L o c a l A g e n t .

0 W ill Be More Profitable
if it reads this up-to-the-minute maga­
zine whose only purpose is to help agen­
cies make more money.

ONLY $1.00 FOR TWO YEARS

ROOM S

W ITH BATH
FROM

*

21°

MELBOURNE
M m S W & k , LINDCLL AT GRAND


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Federal Reserve Bank of St. Louis

banks will place the First National
among the larger financial institutions
of western Kentucky.

Your Insurance Department —

Like Visiting on O ld Friend in

O. P GREATHOUSE

29

H O TEL

T h e Lo c a l A g e n t ,

Date............................

408 Olive St., St. Louis, Mo.
Gentlemen: Please send us T h e L o c a l A g e n t
years. Enclosed is our dollar (bill, check).

for

two

Name .....................................................................................
Address

.................................................................................

30

November, 1935

M id -C ontinent B anker

ARKANSAS

NOTES

C The Bank of Atkins, Atkins, Arkan­
sas, observed its fortieth anniversary
on September 18. J. M. Barker, who
is the president of the bank, formerly
served as president of the Arkansas
Bankers Association.
c R. H. Dickenhorst, president of the
First State Bank, Morriltown, Arkan­
sas, and a director of the Union Na­
tional Bank, Little Rock, Arkansas,
has been re-elected a director of the
Arkansas Power and Light Company.
He is also vice president for Arkansas
of the American Bankers Association.
C It’s news when a banker turns
author. E. T. Cashion, cashier of the

Eudora Bank, Eudora, Arkansas, is the
writer of “The History of Eudora,”
now running serially in the local news­
paper. Mr. Cashion’s literary career
began when he was helping his small
son prepare a brief history of the town
as a class assignment. Mr. Cashion be­
came interested in the subject and has
just completed a manuscript of 30,000
words.
C Dix Ham, for many years president
of the Bank of Mulberry, Mulberry,
Arkansas, died recently at the age of
81. He helped organized the bank in
1902.
H L. F. Hutt, active vice president
of the Simmons National Bank, Pine
Bluff, Arkansas, and J. W. Bellamy,
Jr., assistant cashier, have been elected

president and secretary respectively
of the Pine Bluff Clearing House As­
sociation. Mr. Bellamy is also presi­
dent of the Junior Bankers’ Section of
the State Bankers Association.

c

Mississippi County Bank, Osceola,
Arkansas, originally capitalized at $25,000 will double its capital stock not
later than December 1, according to
L. L. McDearman, cashier of the bank,
who also states that it will not be neces­
sary to borrow the money from RFC.
C A certificate of incorporation was
submitted recently by the Lake City
Banking Company, Lake City, Arkan­
sas, a cooperative institution organized
under Act 632 of 1921.
H Charles A. Gordon, cashier of the
Simmons National Bank, Pine Bluff,
Arkansas, who has served sixteen
years as city councilman, recently
made the announcement that he will
not be a candidate for re-election, be­
cause he wishes to be free this year of
the responsibilities entailed with the
position.
Cl John E. Osborne, former Little
Rock resident, and officer of the Mer­
cantile Trust Company banking insti­
tution, Little Rock, Arkansas, before
its merger with the Union Trust Com­
pany, died recently in California.

c W. W. Campbell, president of the
National Bank of Eastern Arkansas,
Forrest City, Arkansas, has been ap­
pointed by Governor J. M. Futrell to
serve with a committee on plans for a
bridge over the Mississippi River at
Helena. Application for a loan and
grant will be made to PWA.

A M odem Correspondent S erv ice
Constantly e n d e a v o r i n g to provide the
banks of the Mid-South Empire with an
intelligent, time-saving collection service,
and a friendly personalized helpfulness in
the many complicated phases of modern
banking.

U nion P lanters

N A T IO N A L
BANK

TRUST CO.

O N E O F THE G R E A T B A N K S O F THE S O U T H


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

c A new banking company has
opened for business at Lake City, A r­
kansas, headed by H. B. McVay, presi­
dent; Joe Clay Young, vice president;
and Fred Carter, secretary and treas­
urer. The building formerly occupied
by the Bank of Lake City will be used
by the new concern.

LITTLE ROCK, ARKANSAS
«404 Louisiana St.
Offerings
Wanted

A RKA N SAS
M U N ICIPA LS

MEMPHIS, TENN.

★

CT The Farmers Bank, Greenwood,
Arkansas, has moved into the building
formerly occupied by the First Na­
tional Bank. The two Greenwood
banks, the Farmers Bank and the First
National Bank, merged last August,
and the Farmers Bank building has
been sold to L. S. Dason.

★

ST. LOUIS, MISSOURI
Boatmen’s Bank Bldg.

November, 1935

OKLAHOMA

31

M id -C ontinen t B anker

MOTES

{[ An average of $1,750,000 in new
loans per month to 2,024 firms and in­
dividuals, or $14,679,084 in the past
eight months, has been made by the
National Bank of Tulsa, Tulsa, Okla­
homa, formerly the Exchange National
Bank. Thirty-seven per cent of the de­
posits are now employed in useful
trade channels, the bank states.
C A new vacation plan for employees
is being put into practice by the Lib­
erty National Bank, Oklahoma City,
Oklahoma, whereby employees are
given 30 days’ vacation with full pay.
W. F. Haven, active vice president of
the bank, believes that this will add to
the efficiency and good will of all em­
ployees of the bank.
c Frank Pearson Johnson, president
of the First National Bank and Trust
Company, Oklahoma City, Oklahoma,
died at his home, October 5, of heart
disease. He was 63 years old. In 1901
he established the Oklahoma City
Savings Bank, which after several
mergers, developed into the First Na­
tional Bank and Trust Company, Okla­
homa’s largest bank.
{[ An analysis of the financial record
of city of Tulsa, recently completed by
Falkner C. Broach, assistant cashier of
the National Bank of Tulsa, shows its
condition to be the best in the history
of the local government.

Now W ith Tulsa Bank

the Community State Bank, Bristow,
Oklahoma, to accept the position in
Coalgate.

C C. M. Holliday, president and chair­
man of the board of directors of the
First National Bank, Washington, Ok­
lahoma, has filed an application for a
state charter for reorganization of the
bank as the First State Bank of Pur­
cell. Mr. Holliday proposes to move
the bank to Purcell, Oklahoma, and to
take over the assets of the Purcell
bank.

flf Citizens of Sterling, Oklahoma, re­
cently celebrated the opening of the
new Farmers State Bank there. E. W.
Dilling is president of the new institu­
tion. Vice presidents are F. M. Col­
lier, Ardmore, Oklahoma, and C. W.
McKeehen, Oklahoma City.

C The First National Bank, Coalgate,
Oklahoma, is now under new manage­
ment. Now officers are as follows:
president, Fred Zweigel; active vice
president, W. G. Hudspeth; cashier,
Lillian O’Connel. Mr. Hudspeth re­
cently resigned as assistant cashier of

C Tulsa bankers who will attend the
annual convention of the A. B. A. in
New Orleans this month include J. P.
Byrd, Jr., vice president of the First
National Bank and Trust Company,
and Schell Harmon, vice president of
the National Bank of Tulsa.

APPRAISING BOND VALUES

in a
CHANGING MARKET
TT H E factors that enter into the
determination of security values are subject to
continuous change. Improved business condi­
tions, the emergence of new industries, pending
legislation, or the threat of war between nations,
creates situations which may result in radical
revision of security evaluations.
T he Bank I n v e s t me n t S e r v i c e of
Manufacturers Trust Company is based on full
recognition of these diverse influences. Every
week this service brings you a comprehensive
picture of the listed bond market, in a con­
venient form which makes for quick and easy
reference.
Numerous banks throughout the country
have found this service invaluable. Financial
institutions are invited to utilize it in the solu­
tion of their daily investment problems.

MANUFACTURERS
TRUST

COMPANY

HEAD OFFICE, 55 BROAD ST., NEW YORK

CHARLES A. SMOOT

Formerly assistant cashier of the First Na­
tional Bank, Bartlesville, Oklahoma, who
has joined the staff of the National Bank
of Tulsa as an assistant cashier in the cor­
respondent hank division.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Member Federal Reserve System
Member New York Clearing House Association

32

LOUISIANA

M id -C ontinen t B anker

NOTES

C The interior of the Caldwell Bank
and Trust Company, Columbia, Lou­
isiana, has recently been completely
remodeled.
C Leasing of quarters by the Louis­
iana Savings Bank and Trust Company
at 222 Carondelet Street, New Or­
leans, Louisiana, was announced re­
cently by Charles Gussman, president.
The move is being made because of ex­
panding business. The present quar­
ters are at 301 Baronne Street, where
the bank opened in October, 1933.
C With the announcement by the
president of the New Orleans Federal
Land Bank, New Orleans, Louisiana,
the retention of the bank in this city
was apparently assured. It was stated
that the board of directors had sanc­
tioned plans for additions to the main
building to accommodate the four
units of the Farm Credit Administra­
tion for the Fifth District, which in­
cludes Louisiana, Alabama, and Mis­
sissippi. New construction will in­
volve from $400,000 to $500,000.
CE As regards the A. B. A. convention
to be held in New Orleans this month,
the convention list early in October
showed hotel reservations for more
than 1,600 people.
C The new full schedule of service
charges recently introduced by the
Calcasieu-Marine National Bank of
Lake Charles, the Citizens National
Bank of Morgan City, and the First
National Bank of Jeanerette, has
proved to be very satisfactory—both
the customers and the banks like it.
C Two sugar plantations along the
Mississippi River below Donaldsonville, Louisiana, were sold during the
month of September for $73,000 by the
Federal Land Bank of New Orleans,
the sale being attributed to interest in
oil developments in that section. The
properties sold were the 1,331-acre
Lauderdale plantation for $50,000, and
the 1,012-acre Stella plantation for
$23,000.
CT More farms were sold during the
first seven months of 1935 by the New
Orleans Federal Land Bank, New Or­
leans, than by any other of the twelve
land banks.
d The recently appointed vice presi­
dent of the Shreveport Chamber of
Commerce, in charge of the member­
ship division, is Allen O. Graves, as­
sistant vice president of the Commer­
cial National Bank of Shreveport.

c New Orleans members of

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

the Re-

serve City Bankers Association are
completing arrangements for their an­
nual dinner to be held the Sunday eve­
ning prior to the A. B. A. convention.
The dinner will be attended by mem­
bers of the Reserve City group who are
also A. B. A. delegates.

November, 1935

Thomas W . Sweatt Dies
in Louisville

d A vigorous statewide campaign for
better bank management was launched
at a recent meeting of the Southwest
Louisiana Regional Clearinghouse As­
sociation at Lafayette, Louisiana. This
conference was the first step in the
plan for a standard uniform schedule
of services charges and operating rules
throughout the state, a plan, sponsored
by William B. Gladney, president of
the Louisiana Bankers Association,
also vice president of the Bastrop
Bank and Trust Company, Bastrop,
Louisiana.

d An interesting and educational
pamphlet, published last year by the
Whitney National Bank, New Orleans,
which presented a clear picture of the
debt structures of the state and city of
New Orleans, has been revised as of
June 30, 1935, and re-issued. Claude
Rives, vice president of the bank and
head of the department, prepared the
survey.
d Charles de B. Claiborne, vice presi­
dent of the Whitney National Bank,
New Orleans, served as toastmaster
at the recent annual banquet of the
New Orleans Chapter of the American
Institute of Banking. The banquet
was held at the Embassy Club.

Convention Calendar
Nov. 11-13— National Association of
Bank Auditors and Comptrol­
lers, Hotel New Orleans, New
Orleans, Louisiana.
Nov. 11-14—American Bankers Asso­
ciation, Roosevelt Hotel, New
Orleans.
Nov.

11-14— A s s o c ia t io n of Bank
Women, Hotel Jung, New Or­
leans, La.

Nov. 21-22— New Jersey Bankers A s­
sociation Mid-Winter Confer­
en ce, A l e x a n d e r Hamilton
Hotel, Paterson.
Nov. 22-23—Arizona Bankers Associa­
tion, Phoenix.
Nov. 22-23—Florida Bankers Associa­
tion, M i a m i - B i l t m o r e Hotel,
Coral Gables.
“ Oh, Fred, the baby has swallowed
the matches. What shall I d o?”
“Here, use my cigarette lighter.”

THOMAS W. SWEATT

Thomas W. Sweatt, vice president of
the Lincoln Bank and Trust Company,
Louisville, Kentucky, and an officer of
that bank since 1926, died last month at
his home in Louisville. Death was
caused by apoplexy. He had been in
ill health for several months.
Mr. Sweatt was born on a farm near
Rochester, Kentucky, and his first
banking experience was with the Mor­
gantown Deposit Bank, Morgantown,
Kentucky. Later he served as County
Clerk of Butler County and as chief
deputy in the Louisville office of the
Collector of Customs.
In 1921 Mr. Sweatt went to Green­
ville, Kentucky, to become cashier of
the Farmers State Bank and in 1924
he returned to Louisville to become a
solicitor in the bank division of the Lin­
coln Bank and Trust Company. He
was elected assistant cashier of the
bank two years later and became vice
president of the bank in 1929.
Through his work in the correspond­
ent bank division of the Lincoln Bank
and Trust Company, Mr. Sweatt came
to know hundreds of bankers in
Kentucky, Indiana and Tennessee.

MISSISSIPPI and LOUISIANA
MUNICIPALS
BOUGHT

::

SOLD

::

QUOTED

Scharff L Jones
cSnVestmenl (Securities
WHITNEY BANK SLOG.

TELEPHONE RAYMOND 1169

JVew Orleans

33

M id -C ontinen t B anker

November, 1935

cr d . U. Maddox, vice president of
the Commercial National Bank and
Trust Company, Laurel, Mississippi,
has been elected president of the Pine
Burr Area Boy Scout Council for the
coming year.

d Finishing touches are being put on
the building built for the Monticello
branch of the New Hebron State Bank,
Monticello, Mississippi. The office for­
merly occupied the old Bank of Monti­
cello building.

d The Statement Sheet, publication
of the Jackson, Mississippi, A. I. B.
chapter, is an interesting although
inexpensive chapter organ. It has
proved so successful that several chap­
ters who have received copies plan to
follow the Mississippi chapter’s ex­
ample, and publish a mimeographed
sheet of their own.

d The thirtieth birthday of the Bank

1 Another banking home nears com­
pletion. The new headquarters of the
Security Bank, Corinth, Mississippi,
will be ready for occupancy about De­
cember 1. The bank is temporarily
housed in the old First National Bank
building.

d The master of ceremonies at the
queen’s pageant during the recent
Delta Cotton festival, Clarksdale, Mis­
sissippi, was C. G. Smith, vice presi­
dent of the Coahoma County Bank
and Trust Company of the city.

MISSISSIPPI

NOTES

of Commerce, New Albany, Missis­
sippi, was celebrated recently. The
bank has resources of nearly $1,000,00.
R. L. Smallwood is president, the bank
having had only two presidents during
its entire career. Mr. Smallwood was
formerly vice president and succeeded
to the presidency when the late W. P.
Wiseman resigned. Other officers of
the bank are: vice presidents, T. H.
Hamilton and W. E. Fife; cashier, A. L.
Rogers, who has been with the institu­
tion since its founding. Out of the 300
depositors listed by the bank on the
day of its opening, 52 are still living.

and for two terms was on the executive
council of the American Bankers
Association.

d Frank W. Foote, president of the
First National Bank, Hattiesburg, Mis­
sissippi, has been recommended by
United States Senators Pat Harrison
and Theodore Bilbo for appointment
as a member of the Federal Reserve

A C O M M E R C IA L

BANK

THAT AFFORDS

ITS C O R RESPO N DEN TS C LO SE C O N TAC T
W IT H

EVERY

IM P O R T A N T

IN D U S T R Y

FRANK W. FOOTE

Board. He is endorsed primarily as a
representative of the country banks
and of rural industry as a whole.
Mr. Foote began his banking career
as a runner at the age of 13 years and
has served in every capacity to that of
president. He was one of the members
of the first board of the Federal Re­
serve Bank of Atlanta, and was later
selected as a member of the New Or­
leans branch of the Reserve Bank of
Atlanta. He has served as president
of the Mississippi Bankers Association,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C o n t in e n t a l I l l in o is
NATIONAL BANK AND
TRUST COMPANY
OF CHICAGO

34

M id -C ontinent B anker

KANSAS

NOTES

d Larned, Kansas, boasts the only
Kansas woman bank president. She
is Mrs. A. H. Moffett, who recently
took over the duties of her late hus­
band, as president of the First National
Bank.
d Nine Kansas banks have accepted
the provisions of the Federal Deposit
Insurance Corporation, within the past
month. Fifty per cent of the Kansas
banks are now members of the organ­
ization.
d

c. A.

Williams, assistant cashier,

G MAC

November, 1935

who had been affiliated with the State
Bank of Bentley, Bentley, Kansas, for
the past eleven years in various capac­
ities, has become a representative of
Lathrop-Hawk-Herrick Company, in­
vestment house of Wichita, Kansas.
d The public and customer relations
committee of the Kansas Bankers As­
sociation is requesting county associa­
tions to arrange monthly one-hour dis­
cussion meetings on customer relations
to be attended by all bank employees,
a bank executive to lead the meetings.

d New officers of the Wilson County
Bankers Association are: president,
C. A. McCullough; vice president, T. C.
Babb; secretary, Raymond Laher. The
election meeting was held at Hotel
Brown in Neodesha, Kansas.

c L. C. Kelley, vice president of the

d The Stock Exchange Bank of Cald­
well, Kansas, was formally opened
recently.

Fourth National Bank, Wichita, Kan­
sas, was elected president of the Wich-

SHORT T E R M

KOTES

d An “After Hours Depository” is be­
ing installed at the City State Bank,
Fort Scott, Kansas, by the O. B.
McClintock Company of Minneapolis.

u p o n req u est

G eneral M
cceptance

d Anthony A. Griffiths, president of
the Citizens State Bank, Gridley, Kan­
sas, died there recently at the age of
70. He organized the bank in 1911.

o to r s

c G. T. Emmens is the new cashier of
the Farmers State Bank, Bucklin, Kan­
sas, succeeding Paul Taylor. Mr. Em­
mens resigned as cashier of the Cope­
land State Bank, Copeland, Kansas, to
accept this new position.

C orporation

Executive Office " Broadway at 57th Street - Kew T or\, N- Y.
OFFICES

IN

P R I N C I P A L

CITIES

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Î

A U S T R A L A S IA and N E W Z E A L A N D

I Ban

k

of

N

ew

So

u th

l

W

ales

S

E ST A B L IS H E D 1817
(with which are amalgamated The W estern Australian Bank and
The Australian Bank of Commerce Limited)
. £A.

E

P a id -u p

E

R e se r v e F u n d

E

R e se r v e L ia b ilit y o f P r o p rie to rs

E

A g g re g a te

8,780,000
6.150.000
8.780.000
£ A. 23,710,000
£116,995,000

C ap ital

A ssets

3 0 th

S e p t.,

1934

:

A . C . D A V I D S O N , G eneral M an ager

E

723 B R A N C H E S and A G E N C IE S in all the States of Australia, in New Zealand, Fiji,
Papua, Mandated Territory of New Guinea, and London. T he Bank transacts every
description of Australasian Banking Business. W ool and other Produce Credits arranged,

E
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Head Office:
[ GEORGE STREET, SYDNEY
E

=

London Office:
29, THREADNEEDLE STREET, E.C. 2.

Agents and Correspondents Throughout the World


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

d A 40 per cent dividend is being paid
to the stockholders of the closed Ogden
Bank, Ogden, Kansas, by Elmor Jones,
who has been acting as trustee for the
stockholders.
d Hr. O. E. Harmon, president of the
First National Bank, Kiowa, Kansas,
died in that city recently.

availa ble in lim ite d a m o u n ts

A

ita Clearing House Association re­
cently. Dale Ainsworth will continue
as secretary. Other officers are: D. H.
Boone of the Union Stockyards Na­
tional Bank, vice president; W. B. Har­
rison of the Union National Bank,
secretary.

=
=
È
=
I

5
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i
jj

\
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c William Henry Uhlenhop, at one
time president of the Leonardville
State Bank, Leonardville, Kansas, died
recently. He was a director of the
bank at the time of his death.

d Harry A. Funke, assistant cashier,
The Fourth National Bank, Wichita,
Kansas, has been appointed as one of
the fifty-two representatives in fortytwo states to carry on the field activi­
ties of the American Institute of Bank­
ing for his state.
d Henry Viets was recently promoted
from assistant cashier to cashier of the
First National Bank, Girard, Kansas,
to fill the vacancy occasioned by the
death of W. B. Millington. G. W.
Colean is now assistant cashier.
d The Wichita chapter of the Amer­
ican Institute of Banking held their
annual banquet at the Allis Hotel
recently.
d Hercule Bessemier of St. Marys,
Kansas, has applied for a state bank
charter. Hereafter his bank will be
known as the St. Marys State Bank, in­
stead of St. Marys (private) Bank.

TEXAS

35

M id -C ontinen t B anker

November, 1935

NOTES

d C. A. Miles has been elected execu­
tive vice president and cashier of the
First State Bank of Liberty, Texas.
He succeeds A. P. Bailio, who retired
due to ill health.
d James E. Wither, vice president of
the Security State Bank and Trust
Company of Beaumont, Texas, died
recently at the age of 69 years.
d A barbecue for depositors and cus­
tomers commemorated the 25th birth­
day of the Lytle State Bank, Lytle,
Texas. W. P. Riley, now over 80 years
of age, and first president of the bank,
Dr. R. B. Touchstone, present presi­
dent, and A. J. Gidley, cashier, all orig­
inal organizers of the bank, were pres­
ent at the celebration.

d The “forget-me-not sale” for the
Buddies’ Chapter, Disabled American
Veterans of the World War, is being
headed in Dallas this year by Nathan
Adams, president of the First National
Bank there.
d D. F. Ford, one-time county audi­
tor, has been made vice president and
director of the Graham National Bank,
Graham, Texas. At one time he was
with the Continental National Bank at
Fort Worth, Texas.
d Byrd Throp has been elected cash­
ier of the First National Bank, Throckmorten, Texas, and succeeds Gar­
land Eubank, who resigned recently.
Newly chosen assistant cashiers are:
Edgar McDonald and Harris Thomas.

d Frank E. Hood, vice president of
the Citizens State Bank, Houston,
Texas, is leaving the institution to go
into the general insurance business.
He will remain as a director of the
bank.
d T. E. Graham, assistant cashier of
the First National Bank, Fort Worth,
Texas, has been named as one of the
fifty-two “associates to executive councilmen” from forty-two states for the
1935-36 year by the president of the
American Institute of Banking. He
will represent northern Texas. H. T.
Hebdon, assistant cashier of the Frost
National Bank, San Antonio, Texas,
has been named to represent the south­
ern section of the state.

d A $200,000 new home is being
planned for the First National Bank,
Beaumont, Texas. The building will
be two stories high, of reinforced con­
crete and steel on wood piling, and
limestone facing with granite base.
d W. Raymond Goode is the new as­
sistant trust officer at the First Na­
tional Bank, Dallas, Texas. He has
been with the bank since 1929.
d Announcement of the appointment
of F. C. Branson as chief deputy com­
missioner has been made at Austin,
Texas, by Irvin McCreary, who re­
cently took office as State Banking
Commissioner. Mr. Branson was for­
merly with the HOLC at Dallas. He
succeeds R. F. Siddons as chief deputy.

d Loans to individuals buying new
automobiles have been included in the
personal loan department of the Bexar
County National Bank, San Antonio,
Texas, according to announcement by
Walter C. Sparks, president.

A m e r ic a n s

are

proud o f the industrial achieve­
ments that have made their
hrawn, courage and ingenuity

d Bennett L. Gill, Sr., chairman of the
board of the American National Bank,
Terrell, Texas, died on September 30
at the age of 73. He was prominent in
banking activities of the state.

world fam ous. T h e chief dis­

d Moody Burnett recently succeeded
the late Charles M. Castles as assistant
cashier of the First National Bank,
Albany, Texas.

tween the ages o f 1 5 and 4 5 .

d For the 40th consecutive time,

ease which threatens that su­
premacy is tuberculosis. It is
the greatest cause o f death b e­

H elp

protect A m erican m an

power fr o m this enem y by p u r­
chasing

the

Christmas

Seals

George E. Webb has been re-elected
president of the First National Bank,
San Angelo, Texas. Mr. Webb came to
San Angelo 53 years ago, and seven
years later became identified with the
bank.

that fight it all year round.

d John M. Wynne, secretary and
treasurer of the Colonial Trust Com­
pany, Hillsboro, Texas, died recently
at the age of 42 years.

B U Y


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Federal Reserve Bank of St. Louis

T h e seals you buy today m ay
save your life tom orrow .

CH RISTM AS

SEALS

The National, State and Local
Tuberculosis Associations of the
United States

36

M id -C ontinent B anker

Tennessee Municipal Bonds

MUNICIPAL BOND
Oklahoma Municipals

Bought— Sold— Quoted

E Q U I T A B L E
SECURITIES
C O R P O R A T IO N
Equitable Building, 404 Union St.
N A S H V IL L E , T E N N .
K n oxville

M e m p h is

N ew Y ork

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Arkansas Municipals
We have excellent facilities and
connections for executing orders to
buy and sell all classes of Arkansas
municipal bonds.

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E S T A B L IS H E D

1877

Investment Securities
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Kennedy Bldg.
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Offerings Invited from Dealers

R. J. EDWARDS, Inc.
ESTABLISHED 1892

Oklahoma City, Oklahoma


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Federal Reserve Bank of St. Louis

N o v em b er, 1935

HE bond department of the Mer­
cantile-Commerce Bank and Trust
Company, St. Louis, has received in­
formation to the effect that the City of
Tulsa, Oklahoma, has approximately
$1,500,000 cash on hand in the Sinking
Fund, which is more than sufficient to
take care of all 1935-36 principal and
interest requirements and leaves a bal­
ance for the 1936-37 requirements, ac­
cording to I. A. Long, vice president of
the bank. This is without the collec­
tion of any 1936-37 taxes as this year’s
levy is not yet due.
The City of Tulsa recently defeated
a bond proposal calling for the issu­
ance of approximately $600,000 Sewer
bonds, which is a constructive develop­
ment and indicative of a conservative
trend.

T

Tennessee Municipals
N increasingly better tone has
characterized the market for
Tennessee Municipal bonds during the
past few weeks. Especially during the
last week this underlying strength has
translated itself into improved trading
activity and more active bidding on the
part of dealers. Prices have firmed
considerably from a month ago, and in
some cases there have been slight
mark-ups over the prevailing Septem­
ber prices. Underlying favorable do­
mestic conditions of abundant cheap
money and an improving business out­
look have asserted themselves over
the uncertainty relating to the Euro­
pean situation.
Commissioner Dancey Fort of the
State Department of Finance and Tax­
ation has recently announced the con­
solidation of the previous 14 units of
his department into six main divisions.
Observers believe that the department
is now more compact than at any time
since its organization in 1923.
Commissioner Fort believes that his
State Highway Patrolmen are demon­
strating their efficiency as tax collec­
tors, as well as peace officers, in their
cooperation with county court clerks
and other county officers in the col­
lection of privilege taxes. Thus far,
this year the State Highway Patrol
has added 3,593 new privilege license
payers in 51 counties, and has collected
$223,820.76 in new taxes.
State of Tennessee bonds due after
1940 are now selling to yield from 2.90
per cent to 3.70 per cent depending on
maturity. High grade obligations of
the larger cities and counties are quite
scarce and command good prices.

A

Memphis bonds are quoted to yield
3.25 per cent to 3.60 per cent, according
to coupon rate and maturity; Shelby
County bonds at a 3.10 per cent to 3.40
per cent price basis; Davidson County
long-term bonds on a 2.85 per cent
basis; Nashville long-term obligations
priced to yield 3.00 per cent to 3.25 per
cent; and Knox and Hamilton Counties
due in the ’50’s at a price to yield 3.90
per cent.

Kentucky Municipals
HE Kentucky municipal picture
was clarified somewhat during Oc­
tober, but it will be impossible to tell
the exact future until after the election
in November.
Kentucky State Institutional War­
rants of current datings have improved
from 100 bid to 10212 bid. Approxi­
mately $1,000,000 Kentucky State Road
Warrants were issued during October,
on which the market is quoted 101%
bid 101% asked.
The various issues of Kentucky
Bridge Revenue bonds are stronger
and a great deal of interest is being
manifested in the new issue of Ken­
tucky Bridge No. 10’s. The Highway
Department has announced that ten­
ders will be asked January 1 on:
$60,000 Kentucky Bridge Rev. No. 1.
$36,000 Kentucky Bridge Rev. No. 3.
$100,000 Kentucky Bridge Rev. No. 8.
They will either be called by lot or
tenders asked under the call price.
The market on high-grade county
and city bonds has held very well, but
the third and fourth grade county is­
sues have been inactive and offered at
substantial price concessions. The Re­
construction Finance Corporation sold
to the local syndicate $72,000 Eliza­
bethtown Sewer Revenue 4s which
were disposed of within a short period.

T

Louisiana Municipals
the article appearing in these col­
INumns
last month in commenting
upon the probable effect of the death
of Senator Long on Louisiana bonds,
the following statement was made:
“ The consensus of opinion is that Lou­
isiana bonds will enhance in value.”
On September 25 an issue of $5,000,000
State of Louisana Highway 5 per cent
bonds was awarded to a syndicate of
New Orleans and New York dealers.
That afternoon the bonds were offered
verbally at 103.50 and before noon
of the following day all of the bonds
had been taken down from the syndi­
cate manager and active trading in

NEWS SECTION
the bonds was had between dealers
both within and without the syndicate,
at prices slightly under the retail of­
fering. It is reliably reported that
one of the large Mid-Western life in­
surance companies purchased $1,000,000 of these bonds for permanent
investment.
Other state bonds have increased in
market value in proportion and at this
time 5 per cent Highway bonds eligible
for Postal Savings Deposits are being
traded at from 104 to 104.50. The 4%
per cent Highway bonds are trading at
from 100.50 to 101.25.
The syndicate, which was composed
of five New Orleans dealers, has re­
tailed the last of the $2,000,000 issue of
Louisiana 5 per cent Pension bonds.
As the L o u i s i a n a B a n k e r states, this is
the first time anywhere in the south
that such a large issue of bonds has
been purchased and handled without
the aid or participation of Eastern
banks.
City of New Orleans and other city
and parish bonds continue firm with a
scarcity of offerings.

Illinois Municipals
INCE the passage of various fund­
ing and refunding laws at the
last session of the Illinois Legislature,
interest in Illinois bond circles has
shifted to numerous outstate issues
which have been offered within the
past two months. During this period
new issues were sold by such counties
as Cass, Clark, Randolph, St. Clair,
Saline, Sangamon, Scott, and Winne­
bago.
School issues included Rock Island,
Mt. Vernon, Cicero, Bloomington and
Lyons Township. Water or Water and
Sewer issues included Springfield,
Maywood and Sullivan. City Funding
issues included Kewanee and Kenil­
worth. St. Clair County announced
the sale of an issue of Bridge Revenue
Bonds.
Numerous smaller issues including
many Gravel Road District Bonds have
come into the market.
Affecting bonds in the Chicago area
is the announcement that approxi­
mately 90 per cent of outstanding Chi­
cago Sanitary District Bonds have
agreed to the refunding plan, and it is
expected that a new issue in excess
of $20,000,000 Refunding 4s, proceeds
from which will be used to pay up Chi­
cago Sanitary Bonds in default as of
January 1, 1936, will be sold shortly.
No definite refunding plan for Cook
County has been announced at this
writing.


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Federal Reserve Bank of St. Louis

37

M id -C ontinen t B anker

November, 1935

During the recent market decline,
City of Chicago and Chicago Board of
Education—optional 3X
/2S, which were
offered originally on a 3.05-3.15 basis
declined, and are currently offered to
yield approximately 3.30-3.40 per cent
to the option date.

Mississippi Municipals
HE extra session of the Legisla­
ture called by Governor Conner
has caused a decline in prices of State
of Mississippi bonds resulting in an in­
crease in yield of from .10 to .20. Many
investors are of the opinion that the
Governor would include in his pro­
gram the issuance of approximately
$16,000,000 of State bonds for highway
construction purposes. At this time it
does not appear probable that the pro­
gram of road construction will be con­
sidered by the extraordinary session
and during the past few days there has
been a revival of interest on the buy­
ing side in Mississippi state obligations.
Several of the better counties have
recently marketed bonds bearing 4 per
cent interest and the retail demand for
these bonds has exceeded the supply.
This is an indication of lower interest
rates in Mississippi county financing.
A scarcity of new issues in Mississippi
still exists, practically the only activity
at this time being a few scattered re­
funding operations.
The outlook is for no further decline
in price of State obligations but there
is no immediate prospect of the bonds
regaining the high prices they enjoyed
some few months ago.

T

State and Municipal Financing
TATE and municipal financing for
the month of September totalled
$108,256,703 as compared with the re­
vised total of $53,130,044 for August of
this year and $39,667,162 in September,
1934. The total for the first nine
months of this year is $857,839,141, in­
cluding all PW A and RFC financing as
compared with $901,523,266 for the
same period of 1934. PW A and RFC
financing for S e p te m b e r totaled
$12,217,000 compared with $2,803,880
in September, 1934. The combined
financing by these Federal Govern­
mental units during August of this
year was only $1,130,626 as compared
with $25,373,980 during August of last
year.
-------- — -------Another nice thing about being a
bald-headed man is that in order to
get ready to receive unexpected call­
ers all he has to do is straighten his
necktie.

GOVERNMENT
MUNICIPAL
C O R P O R A T IO N
BONDS
Bought — Sold — Quoted

Callender - BurIce
& MacDonald
Fidelity Bank Building
K A N S A S C I T Y , M ISSO U RI

Missouri Municipals
We solicit orders to buy or sell is­
sues of the State, Counties, Cities
and Districts.

Francis, Bro. 8C Co.
E S T A B L IS H E D

1877

Investment Securities
Fourth & Olive Sts.
Kennedy Bldg.

St. Louis
Tulsa

W e Invite Your Inquires On

Illinois Municipal Bonds
G. H . W ALKER 8c CO.
M em bers
S t.

N ew

L o u is

Y ork ,
S tock

C h icago

an d

E xchanges

503 Locust Street
S T . L O U IS , M O .
T e le p h o n e — C en tral 0 8 3 8

T E X A S
Municipal Securities
Bought — Sold — Quoted

A . W . SNYDER 8c CO.
P hon es: C ap itol 2 2 0 3 ; L o n g D istance 4 0 0

San Jacinto Bank Bldg., Houston, Texas

38

M id -C o ntinent B anker

A Clearing House

S i. L o u is S to ck E xch an ge
T ra n sa cfio n s
LSum m ary o f Sales S ep te m b e r 26 to O cto b e r 25, 1935]

for Securities
Local — National
International
Authentic markets in listed and
unlisted issues created out of
actual supply and demand.
Your use of our facilities assures
you of dependable, alert and ac­
curate service.
Inquiries from Bankers and
Dealers are invited.

fU L L C R , C ftU T T E N DEN
■& C o m p a n y
MEMBERS
Chicago Stock Exchange, Chicago Board of Trade

120 South LaSalle Street - C H IC A G O
Boatmen’s Bank Building - ST. LOUIS
Kansas City, Mo., Representative
RAY L. HADEN
insurance Exchange Building

N o v em b er, 1935

H igh
96
40
12
121 y4
62
30
25
45
3
10%
20
54%
13%
116
97
19%
67%
4%
2%
2
16
48%
10
5%
5
5
23
21%
57%
13
8%
29%
21
100
118
102
12
13%
2
113
101%
9%
10c
5c
10
3%
1%
125
9%
112%
29

A . S. A lo e , P f d .........
A m e r. C red. In d . ..
A m e r. In v ., “ B ” . . .
B ro w n Shoe, P fd . .
B ro w n Shoe, C om .
B urkart, C o m ............
C en tu ry El., C om . .
C oca C ola .................
C olu m b ia B re w . . . .
C urtis M fg ., C om . .
Dr. P ep p er, C om . ..
E ld er M fg ., “ A ” . . .
E ld er M fg ., C om . . .
E ly -W alk er, 1st
E ly -W alk er, 2nd . . .
E ly -W alk er, C om . .
E m erson El., P fd . .
F a lsta ff B r., C om . .
H a m ilto n -B ro w n . . .
H u ttig S. D., C om . .
H y d e P ark, C om . ..
I n t’l S hoe, C om . . . .
Johnson-S -S .............
K e y C o., C o m ............
K n ap p -M on ., C om .
L a cled e -C h risty
L a cled e Steel, C om .
L andis M ach ., C om .
M cQ u a y-N orris
M ey er-B lk e , C om . .
M o. P ortla n d ...........
M o lo n e y El., “ A ” .
N at’l B . M „ C om . ..
N at’l B. M., P fd . . . .
N a t’l C an dy, 1st . . .
N at’l C an d y, 2nd ..
N at’l C an d y, C om . .
N at’l Oats, C om . . .
P e d ig o -L a k e S h oe .
R ice-S tix , 1 s t ...........
R ice-S tix , 2nd ........
R ice-S tix , C om . . . .
St. L ou is P. S., P fd .
St. L o u is P. S., C om .
S cru ggs-V -B , 2nd . .
S cru ggs-V -B , C om .
S cu llin , P f d ...............
S. W . B ell, P fd . .. .
S tix -B a e r-F u lle r . . .
W a g n er El., P fd . ..
W a g n er El., C om . .

L ow
96
35
11
121%
60
22%
25
42%
3
10
17%
54%
13
115
95
19
67%
3%
2
2
15%
45%
9
5
5
5
22%
21%
56
13
8
16%
20
98
117%
102
11
11
1%
112%
101
9
10c
5c
10
3%
1%
120%
9
112%
18%

Last
’ Ì2

’ éi

' 20
’ 13%

' ' '3 %

’ 48 %

’ 23

8%
29%
21

ii%

ió i%
9%
' ' 5c

Ì 2 Ì%
9%
112%
28%

T otal Sale
5
175
281
6
532
371
73
359
1410
80
30
25
75
70
55
130
10
1165
785
10
300
1256
110
385
5
310
372
5
30
27
355
280
25
200
44
15
1185
66
300
115
100
259
55
400
2
80
100
726
80
182
3311

THE COMING

MOTOR BOOM

CURRENT Q U O T A T IO N S
O n 100 U n listed B o n d s as o f O c to b e r 28, 1935

AND SUBSEQUENT SLUMP

B y L. L B . A n g a s
In this com plete 16-page
B r o o k m i r e Bulletin M ajor
A ngas surveys the probabili­
ties for grow th in the M otor
I n d u s t r y a nd p r o j e c t s his
forecast for the next three
years. T h e analysis is replete
w ith graphs and statistics.
C o p i e s of this a n a ly sis
have been reserved for dis­
tribution at $1 each. Send for
your cop y today.
Write today for Bulletin M-23,
enclosing one dollar.

BROOKMIRE
C orporation

F ound ed

1904

I n v e s tm e n t C o u n sello rs a n d
A d m in is tr a tiv e

E c o n o m ists

551 F i f t h A v e n u e , S le w Y o r k


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B id
A la b a m a W ater S e rv ice , 5s, 1 95 7 .. 94
A lto n R a ilw a y Gas & E lec., 5s, 1939 10312
A lto n W ater, 5s, 1956 ....................... 105
A m e r ic a n L a F ra n ce, 5% s, 1936 ..
A m e r. W a te rw o rk s & E lec., 5s, 1975
A n a co n d a C op per, 4 ! 2s, 1950 ___ 9814
A riz o n a E d ison C o., 5s, 1948 _____ 6 6%
A rk a n sas M issou ri P o w e r, 6s, 1953 69
A rm o u r & C o., 4s. 1955 ................... 95y2
A ssocia te d Gas & E lec., 3y2s, 1978 29y2
B a ltim o re & O h io, P rio r L ien , 4s,
1941 ....................................................... 97 y2
B eth le h e m Steel, 4y4s, 1960 ...........101 y2
B oston & A lb a n y R . R ., 4y2s, 1943 96y4
B ro a d w a y M o to r B ld g ., 6s, 1948 . .
B r o w n C om p a n y , 5y2s, 1946.......... 28y2
B ro w n P a p er M ills D eb., 6s, 193 9 .. 101
B ro w n S hoe, 3 % s, 1950....................102y2
B u tte A n a co n d a & P a cific, 5s, 1944 102 y2
C entral A rk . P u b lic S erv., 5s, 1948 92
C entral Gas & E lec., 5y2s, 1946___ 67
C entral Ind ia n a P o w e r , 6s, 1947.. 80
C entral W est P u b . S erv., 5y2s, 1956 42
C h ry sle r B ld g., 6s, 1948 ............... 88
C ities S e rv ice , 5s, 1958 ................... 59%
C ity L ig h t & T ra ctio n , 5s, 1 9 5 2 .... 73
C om m o n w e a lth E dison, 3 % s, 1965 102%
C om m u n ity P u b . S e rv ice , 5s, 1960 92
C on solid a te d E lec. & Gas, 5-6s, 1962 37%
C on su m ers P o w e r, 3% s, 1960___ 102y2
C on tin en tal R o ll & Steel, 6s, 1940 67
C o sg ro v e M eeh an C oal, 6y2s, 1945 17F
B ro w n C o rk & Seal, 4s, 1950...........102
C u d a h y P a ck in g , 3 % s, 1955 ........... 99%
D a y to n P o w e r & L igh t, 3 % s, 1960. .101
D etroit E dison, 4s, 1965 ................. 106
D o m in io n Gas & E lec., 6 % s, 1945.. 83
D u q u e sn e L igh tin g , 3y2s, 1 9 6 5 .... 103
East St. L ou is & In te ru rb a n W ater,
5s, 1942 ...............................................102
East St. L o u is & In te ru rb a n W ater,
5s, 1960 ...............................................102
E d ison E lec. Illu m in a tin g o f B os­
ton, 3 % s .............................................102%

A sk ed
95
105y2
106y2
3133
8183
99
67y2
70
96y4
30y2
98
102 y2
97y4
48 50
30
102
103y2
103 y2
94
69
82
44
92
60%
75
103%
93%
3 8 y2
103
68
18F
103
100
101%
107
84
104
103%
103
103

B id
A sk e d
F e d e ra te d U tilities, 5y2s, 1957 . . 61
62
F lo rid a P o w e r C orp ., 5 % s, 1956 . . 95
9 6 !2
F lo u r M ills o f A m e r ic a , 6 % s, 1946 90
91
F o x St. L o u is T heatre, 6y2s, 1942.. 15y2
16y2
G e o rg ia P o w e r, 5s, 1967 ................. 97
98
G rah am P aige, 6s, 1938
................. 55%
57
G u lf P u b lic S e rv ice , 6s, 1945 . . . . 91
93
H ou ston Gas S ecu rities, 5s,1952. . 94
96
Illin o is B e ll T ele p h o n e , 3y2s, 1970 102% 103
111. C o m m e rcia l T ele p h o n e , 5s, 1960 95
97
I llin o is W ater S e rv ice , 5s, 1952 ..10 2
103
In d ia n a p o lis W a terw ork s, 5s, 1958 93
95
22F
In tern a tion a l M atch, 5s, 1941 ___ 21F
Interstate T e le p h o n e , 5s, 1961 . . . . 97
99
Io w a S ou th ern U tilities, 5y2s, 1950 97 %
98%
K ansas C ity P u b . S erv., 3s, 1951.. 32y2 33!2
K ansas O k la h om a & G u lf, 5s, 1978 99
100 y2
K e y sto n e T e le h o n e , 6s, 1951 . . . . 1 0 0 % 101 y2
L a n e B ryant, 6s, 1940 ......................... 93
95
L e w is & C la rk B rid g e In co m e , 4s,
1953 ....................................................... 85F
87F
L e w is & C la rk B rid g e F irst M tge.,
5s, 1953 ............................................... 95
97
L e x in g to n W ater, 5s, 1968 ............... 80
82
L o e w ’s T h ea tre & R e a lty, 6s, 1947 90%
91 %
L o n g B e ll L u m b er, 6s, 1942 ___ 2 4% F 25% F
L u k en s Steel, 5s, 1955 ................... 86
88
M em p h is P o w e r & L igh t, 4y2s, 1978 96
98
M ich ig a n Gas & E lec., 5s, 195 6 .. 81
83
M inn . & O n ta rio P aper, 6s S e ria l 15F
17F
M ou n ta in States P o w e r, 6s, 1938. . 89
90
N a tion a l L u m b e r & C reosotin g ,
5 % s S erial ........................................ 86F 90F
N orth ern U tilities, 6s, 1943 ........... 55
56
O h io C entral T ele p h o n e , 6s, 194 7 .. 87%
89
O h io W ater S e rv ice , 5s, 1958 ........... 87
89
O k la h om a R a ilw a y , 5s, 1941
. . . . 38
40
O re g o n W a sh in g ton W ater, 5s, 1957 84
85
P a cific Gas & E lec., 4s, 1964 ........... 103
104
P e n n sy lv a n ia T ele p h o n e , 4s, 1965.. 102% 103
P o rtla n d E lec. Pr., 6s, 1950........... 13%
15
P ub. S erv. o f C o lo ra d o , 5y2s, 1954 103y2 104%
P u b lic S e rv ice o f N orth ern Illin ois,
4 % s, 1981 ........................................... 99% 100 y2

Foreiqn Briefs
By W ALTER W . CRLTTENDEN
P a r tn e r , F u lle r , C r u tle n d e n &
C h ic a g o

IX Holders of German Serial bonds
which mature 1933-1934-1935 should
communicate with the trustees of these
issues with respect to an exchange of­
fer now being made. An option to ex­
tend the maturities or to receive re­
demption marks is given these holders.
In view of the market existing for re­
demption marks, it is to the advantage
of holders to accept this option. Cer­
tain issues which have been called for
payment during the past 2V2 years, but
which have not been paid due to for­
eign exchange conditions, are now be­
ing exchanged at the trustee’s office
for uncalled bonds of the same issues.
c In order to receive interest due
December 1 on German 5% ’s, 1965,
owners of bonds must execute a dec­
laration to the effect that the bonds
were held in this country on October
1, 1935. These forms may be obtained
from J. P. Morgan and Company.
♦♦♦ ***
4J The recent Canadian elections
which resulted in a decisive victory for
the Liberal Party is considered favor­
able. Canadian securities as a class
have had a fair advance in price since
the election.
<♦ ♦>
C Sharp advances in the market for
Lautaro Nitrate and Anglo Chilean
Cons Nitrate bonds are a reflection of
improvements in general business con­
ditions and in farm prices resulting in
an increased demand for fertilizer.
Further, the war situation in Europe
has increased the demand on the part
of munition makers. It has been esti­
mated that earnings applicable to these
bonds would permit some payments
next year on account of interest.
Whether or not such payments will be
made is entirely problematical, but it
is understood that a sum sufficient to
pay between 3 and 4 per cent will be
available for Lautaro Nitrates. Lon­
don is reported to have bought large
amounts recently.
«$♦ «$♦ ♦$>
L City of Tucuman 7’s, 1951, have
moved from 53 to 75 during the past
thirty days. There has been no public
information available to account for
this rapid advance although a new
plan for interest is expected to be is­


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Federal Reserve Bank of St. Louis

39

M id C ontinen t B anker

November, 1935

Com pany

sued before December 1 which is the
next interest date. Other Argentine
bonds of similar character have hardly
fluctuated during the same period of
time.
L The entire outstanding serial notes
of the Hamburg American Line have
been called for payment December 1
at 101.
V

A

V

A

V

C Customs collections in the Domin­
ican Republic and in Cuba show de­
clines as compared with a year ago.
The Republic of Panama announces a
■surplus for the first six months of 1935.
❖
❖
❖
U October 15, 1935, coupons of Pan­
ama 5’s, 1963, are being paid at the rate
of $16.67 in cash and a 5 per cent ar­
rears certificate in the amount of $33.33
per 1M bond. This is applicable only
to assented bonds of this issue.
❖
❖
The proposed new treaty between
the United States and Panama pro­
vides for an increase in the Canal Zone
rental from $250,000 annually to about
$423,000 in effect the value of gold dol­
lars, and Panama has indicated that it
will continue to apply this payment to
external debt service.
♦> ♦> ❖
c The Securities and Exchange Com­
mission has announced that it will
hold hearings concerning Republic of
El Salvador’s default on its external
debt. Salvador 7’s, 1957, quoted 22-23,
are about unchanged since this an­
nouncement.
♦♦♦ ♦% ♦V
♦♦
V

C

A bill was recently introduced
into the Colombian senate containing
among other provisions the following:
“The Government will proceed to ne­
gotiate the conversion of the foreign
debt on the basis of taking over for its
account the entire departmental and
municipal debt and making a single
bond issue with interest at less than 6
per cent per annum, for the purpose of
taking up, at a price of not less than 30
per cent, the bonds of the debt of the
Nation, the Departments, and the Mu­
nicipalities, substituting itself for the
last 2 entities and assuming the char­
acter of principal and sole payer. The
(C o n tin u e d o n p a ge 44)

Short
T erm
N o te s
Rates and Maturities
Upon Request

Com m ercial
Credit
Company
B a ltim o r e
Sales Office
lO O E a s t 4 2 n d S t r e e t
XEW YORK

A TIME SAVER
FOR BROKERS
A N D BANKERS
W hen you are asked to find a buyer for
an unlisted security, save time by putting
our trading department on the jo b !
If the investment is not already on our
regular quotation list, our traders can
locate the best market for you quickly
. whether it is here or across the
continent.
W e have direct wires to Brokerage
Houses and Financial institutions in
St. Louis and direct lines of communica­
tion to all the principal markets through­
out the country.
For quotations on any unlisted security
write, wire or telephone!

T
EDWARD D. JONES & C O .
810 BOATMEN’S BANK BUILDING
MEMBERS

St. Louis Stock Exchange
New York Curb Exchange Associate
St. Louis

CEntral 7600

40

M

id

-C

o n t in e n t

B

LEGAL TENDER
Volume 2 0

N O V E M B E R , 1935

Official Publication

St. Louis Chapter
American Institute of Banking

Number 11

EDITORIAL BOARD
HUGH S. HAUCK, Editor
Boatmen’s National Bank

N otices in te n d e d fo r p u b lica tio n sh o u ld b e in the
han d s o f the E d ito r the fifte e n th o f ea ch m on th .
W rite o n o n ly on e sid e o f p a p e r an d d o u b le space.

A S S O C IA T E E D IT O R S
O pal S w eazea

M ildred R u do lph

C harles R . B ren n an , J r.
C hester C . H a m m o n d

D e w e y D a n ie l S h e a
K e n n e th A . S t a r k

J ohn J. F o x

O r v il le M . S t r e iff

L o u is M c F a r l a n d

A r th u r F . B oettcher

First Dance of Season
St. Louis Chapter, under the capable
direction of the Entertainment Com­
mittee, has announced its initial social
event of the season. It is to be an
Armistice Dance in the spacious Gold
Room of the New Hotel Jefferson on
the evening of November 9. Remem­
ber this date— Saturday night, Novem­
ber 9.
The announcement states that danc­
ing will be “tolerated” from 9:00 until
????, with Buddy Duddy and his orch­
estra doing the rhythm making.
Tickets for this occasion may be ob­
tained from your Consul, members of
the Board of Governors, or any mem­
ber of the Entertainment Committee.
This latter group consists of: Winston
Ettling, c h a i r m a n , Mercantile-Com­
merce Bank and Trust Company;
Louis Hay, M e r c a n t i l e - C o m m e r c e
Bank and Trust Company; E. W.
Kubik, Mississippi Valley Trust Com­
pany; Mildred Rudolph, St. Louis
Union Trust Company; James Bowles,
Federal Reserve Bank; Larry Bren­
nan, First National Bank; R. M. Fox,
The Plaza Bank; E. Marty Kleinsorge,
Southwest Bank.

W e Have a Library!
It has often been said there is noth­
ing knew under the sun. Right or
wrong, this statement certainly does
not intend to convey the idea that there
is no longer any need for learning. On
the contrary, knowledge gained from
books and reading are a requisite
toward acquiring a thorough back­
ground in any subject.
May we call to your attention the
fact that the St. Louis Chapter is en­
dowed with a reference library con­
taining some four hundred books. The
material covered in these books is pri­
marily in the field of banking and busi­

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N ovem b er, 1935

an ker

Chapter Headquarters 316-324 Merchants Laclede Bldg.
CHestnut 9280.
L E G A L TE N D E R is p u b lish e d to p ro m o te g o o d f e l ­
lo w s h ip a m o n g C hapter m em b ers, to r e c o r d the
a ctiv itie s o f the C h ap ter g en era lly , an d to m ain ta in
the h ig h id eals o f the A m e r ic a n Institute o f B a n k in g
a lo n g ed u ca tio n a l lin es o f en d e a v o r.

ness law, however, there are several
volumes dealing in interrelated sub­
jects. The books in this library are for
your benefit and enjoyment. Make
use of them, as you will find them help­
ful in your work. The Executive Sec­
retary is the librarian, and he will be
pleased to serve you at any time you
may desire to call.

A W ord of W elcom e

D o Y o u Know—
d That the number of bank robberies
for the year ending August 31, 1935,
was the lowest since 1926, 326 rob­
beries having been committed during
the past year compared with 422 for
the previous twelve-month period?

d That on August 27, 1935, a mem­
ber of the Harrisburg, Pennsylvania,
Clearing House Association brought in
checks on other banks amounting to
$18,822.68 and received from other
banks, checks on it totaling exactly
the same amount? An investigation
by the Association staff of the Ameri­
can Bankers Association, the Federal
Reserve Bank of New York, and the
Commercial and Financial Chronicle
failed to reveal another similar ex­
ample of an exact balance of clearings.

T is with a certain degree of pride
that I take this opportunity to ex­
tend a most cordial welcome to the
four hundred and sixty-four new mem­
bers who have joined the Chapter dur­
ing the past few weeks, and to renew
the welcome to those who were with
us last year.
Realization that education is a con­
❖
❖
❖
tinuous process has been indicated
more perhaps during the past decade d That only t w e n t y - f i v e i n s u r e d
than at any time in history; and the banks have failed since the FDIC be­
accomplishments of the American In­ gan operations, and in twenty-three of
stitute of Banking have played no these, depositors were paid 95.4 per
small part in the development of this cent of their money within ten days
fundamentally sound idea. Students after receivership became final?
of adult educational problems have
♦> ♦> ♦>
been generous in their praise of Insti­
d That when Josiah Boy den died at
tute ideals and methods.
The officers and members of the Conway, Massachusetts, in 1927, he
Board of Governors are anxious that left a trust fund of $1,000, the income
you make use of all of the facilities of of which was to be used to buy an ice
the St. Louis Chapter. We sincerely cream cone for every child attending
hope the benefits that will accrue from the local Sunday school the fourteen
your association with the Chapter will Sundays of each summer season? This
go far toward building your own summer forty-four children have had
future and will help to instill a genuine a perfect record and each received
responsibility in the profesison you fourteen ice cream cones.
have chosen.

I

d That foreign trade of the United
States declined more heavily than that
of any other country in the world dur­
ing the depression, its share of the
world total dropping from 14 per cent
to 9.5 per cent between 1929 and 1934?

$[ That during the first part of the
year, there was a billion and a half of
new financing, and the average coupon
rate was 4.2 per cent?
❖
❖
❖
C That of the total of 102 issues of
financing above mentioned, 29 were
utilities with average maturities of 21
years; 13 were rails with average ma­
turities of 18 years; 33 were industrials
of 11 years average maturities, and 27
were miscellaneous issues?

F. C. A . Players Present
"T h e Animal Kingdom”
The F. C. A. Players of the Farm
Credit Administration presented “The
Animal Kingdom,” the second of a se­
ries of plays, Friday evening, October
18, at the St. Louis University Audi­
torium.
The cast of nine, all employes of the
Farm Credit Administration, as well
as other members of the club, are
largely A. I. B. Students. Genial John
Halpin, Federal Land Bank counsel
and delegate to the National Conven­
tion held in Omaha last June, and first
president of the Players’ Club, was a
member of the cast portraying the part
of a red-headed butler—AND WHAT
A BUTLER! Moreover, John was

41

M id -C ontinen t B anker

November, 1935

cept while in preparation for a public
offering, it earnestly studies the vari­
ous branches of work relative to stage
production. Poise, personality and
speech, receiving special attention and
development.
Preparations are under way for the
selection of a play to be given some
time in January, 1936.

tion of the words “ deposit liabilities”
was stressed, inasmuch as this figure
determines the basis of each bank’s as­
sessment. “What shall be termed de­
posits, and how to figure the assess­
ment base, is the problem of each bank,
which is a member of the FIDC, and its
operating department,” said Mr. Major.

First Forum Meeting
a Success
Under the joint leadership of Messrs.
F. Lee Major, vice president of The
Boatmen’s National Bank of St. Louis,
and C. M. Stewart, secretary and as­
sistant Federal Reserve agent of the
Federal Reserve Bank of St. Louis, the
first meeting of the Current EventsForum group was successfully inaugu­
rated. The meeting was held at the
Statler Hotel at 5:00 o’clock on the
evening of October 23, with chairman
Ed Mulholland in charge.
The involved “Banking Act of 1935”
was the subject of discussion before
this group of two hundred bank men
and women. Mr. Major, who has spent
much of his time during the past
two months capably leading discus­
sion groups among Missouri bankers,
limited his talk to Title I of the Act,
which is devoted to new laws govern­
ing the Federal Deposit Insurance.
Section C of Title I, involving a defini-

C. M. STEWART

The response of the bankers present
in asking questions cleared up the
many technical points of determining
float items, outstanding checks, etc.,

Enrollm ent Figures
IGURES have just been released
showing the enrollments in the va­
rious classes for the coming year. Sig­
nificant and eventful it is that the fig­
ures indicate the highest enrollment in
the history of the St. Louis Chapter,
a total of 754 persons attending 884
classes. It is noted that these 754 per­
sons represent more than 75 per cent
of the total membership, indicating the
wide appeal of the courses offered.

F

Subject
JOHN HALPIN

quite adept in extracting $5.00 bills
from ordinary lemons. He says that
he only does this on the stage, and not
for private exploitation.
Miss Mary Sarsfield as the leading
lady, and S. J. Peterson (newly mar­
ried), thrilled the audience to convul­
sions at both appropriate and inappro­
priate moments with their scenes of
affection.
The club meets twice a week and
presents three plays each year. Ex
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank Organization and Operation
Commercial Law
Negotiable Instruments
Economics
Money and Banking
Credit Management
Bank Management
Investments I
Trust Business II
Farm Credit Administration
Agricultural Economics
Real Property Law
Public Speaking
English
Accounting

Interesting it is that the number of
women attending school is almost
double the entire number of women
members of last year, while the num­
ber of men and women enrollments,
who were not members during 19341935, constitute about 52 per cent of the
total. The subjects offered and the en­
rollments in the various classes are as
follows:

New
New
Enrollments Enrollments Enrollments
of Men
Enrollments of Women of Women

4

1

9
7
4
2
48
7

7
5
2
1
43
7

78
50
35
16
7
20
11
13
5
8
24
30
5
13
33

170

116

348

139
101
100
68
30
65
21
33
25
18
48
49
27
82
78

44
14
18
11

884

27
8
8
7

2

42

M id -C o n t in e n t B a n k e r

in accordance with the present inter­
pretations.
Mr. Stewart continued the discus­
sion and dealt entirely with Titles II
and III of the Act. He briefly stated
the important dates in our financial
history so as to realize better the
changes that have taken place and the
need for revision. Title II contains the

cers of the banks, who realize the im­
portance of the Institute’s work, this
increase could not have been obtained.
One hundred ninety-three officers of
banks are St. Louis Chapter members,
66 of whom are new this year. Legal
Tender takes pleasure in publishing
the list of officers who are 100 per cent
A. I. B. members in their respective
banks. In subsequent issues, lists
will be printed of any other banks
that have accomplished this result
among the official staff.

Legal Tendier Notes
Outlying Banks
d First National Bank of Clayton is a
100 per cent A. I. B. institution. And
exactly 90 per cent of this 100 per cent
are attending the Institute courses.
Honors to President Boland for his
splendid work!

d Gravois Bank of St. Louis County
boasts an increase in A. I. B. member­
ship of from three last year to seven
this year.
All active
officers are
members.
F. LEE MAJOR

principal amendments to the Federal
Reserve Act, and Title III deals with
the various technical amendments to
the National Banking Laws. These
amendments under the Act involve a
large number of changes, and Mr.
Stewart had carefully prepared a syn­
opsis of Titles II and III. In this way
he covered the Act and was able to
give special emphasis to certain con­
siderations, such as the Open Market
Operations and the broadening of the
discount powers of the Federal Re­
serve Banks.
This meeting was the first of a series
to be presented throughout the year.

♦♦♦
V

♦♦♦
V

November, 1935

CL A group of fellow workers
vited to attend an informal
the home of Charlie Hill’s
Needless to say, a good time
by all.
❖
❖
❖

were in­
party at
mother.
was had

d The third dinner and pinochle
party of the year given by the First
National Bank Club, Thursday, Oc­
tober 17, at the Missouri Athletic Club,
was well attended.
♦%
V

♦%

V

V

d Larry F. Brennan as consul to the
First National Bank, has more than
fulfilled his promise made at the mem­
bership dinner at the Mark Twain
Hotel. His drive for members has
been very successful.
❖
❖
❖
d William Larkin has taken over Bob
Donohue’s work in the Bookkeeping
Department. We know he has some
big shoes to fill. You can take this last
figuratively or literally and still be
correct.

Opal Sweazea Heads Women’s
Advertising Club

♦♦♦

V

d O. S. Heinecke, vice
cashier of the Jefferson
of St. Louis, attended a
vention at St. Charles,
tober 16,1935.

president and
Gravois Bank
Bankers’ Con­
Missouri, Oc­

d Miss Judith Healey and Miss Mar­
garet Jahn, both of the Webster Groves
TrustCompany, were
married this
month. Miss Healey became Mrs. Lee
J. DeZutter on October 10, and Miss
Jahn became Mrs. Arthur F. A lex­
ander, October 19.
d South Side National Bank is also a
100 per center in A. I. B. activities.

Boatmen’s National
Chapter Membership Now
Over 1,000 Mark
Although the official membership
figures are not given out until January
1, we have obtained the latest statis­
tics available. As this edition goes to
press, the St. Louis Chapter of the
American Institute of Banking has a
membership of 1,063 persons, an in­
crease of 40 per cent over the official
figures of last year. Messrs. David L.
Colby and Francis J. Beilmann, effi­
cient chairmen of the Membership and
Educational Committees, respectively,
and the personnel of their committees
deserve much credit for this fine show­
ing. Also, were it not for the support
and cooperation rendered by the offi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

d Emmett Kennebeck and Chester
Phelps have recently received ad­
vancements in the Transit Department
of Boatmen’s. Emmett and Chester
are new members in the Chapter this
year.

First National
d J* Robert Donohue has been trans­
ferred to the Discount Department.
Bob entered the banking business in
1918 with the St. Louis Union Trust
Company. He has worked in prac­
tically every other department in the
bank, and, although the work of the
Discount Department is new to him,
judging by his past record, we are sure
that he will acquit himself creditably
in his new assignment.

MISS OPAL SWEAZEA

Opal Sweazea, advertising manager
of the Mississippi Valley Trust Com­
pany, is the newly elected president of
the Women’s Advertising Club of St.
Louis. Miss Sweazea is a member of
the National Women’s Committee of
the American Institute of Banking, a
member of the Women’s Committee of
St. Louis Chapter and associate vice
president of St. Louis Chapter. She is
also a member of the editorial board of
Legal Tender.
d William A. Sharp, president of the
Bank of Craig, Craig, Missouri, died
recently.

43

M id -C ontinen t B anker

November, 1935

Set of Books Presented
to St. Louis Chapter
The St. Louis Chapter of the Amer­
ican Institute of Banking has received
from Miss Irene L. Fricke, 7144 Water­
man Avenue, St. Louis, a set of books
entitled “Modern Business,” to be
added to the Chapter Library. The
work consists of eleven handsomely
bound volumes. Each volume is a
treatise on a particular phase of busi­
ness, dwelling principally on the sub­
jects of banking, law, economics, and
accounting.
Miss Fricke has graciously given
these books to the Chapter in memory
of her father, Louis W. Fricke, who
died in 1913. Mr. Fricke was assistant
secretary of the Mississippi Valley
Trust Company at the time of his
death.
Throughout his banking career, Mr.
Fricke was keenly interested and ac­
tive in Institute affairs. A charter
member of the St. Louis Chapter,
American Institute of Bank Clerks
(which name later was changed to the
American Institute of Banking), its
Secretary and Treasurer, and finally
its President, such was his record. A s­
sociates of Mr. Fricke recall his fond­
ness for minstrel shows and the many
entertainments that were conducted by
the Chapter. The present Chapter is
indebted to him in that he gave gen­
erously of his faculties to further its
support and growth.
S T A T E M E N T O F THE O W N E R S H IP, M A N ­
A G E M E N T , C IR C U L A T IO N , ETC., RE
Q U IR E D B Y THE A C T O F C O N ­
G R E SS O F A U G U S T 24, 1912.
O f M id C o n t in e n t B a n k e r p u b lish e d m on th ly
at St. L ou is, M issou ri, f o r O c to b e r 1, 1935.
State o f M issouri, C ity o f St. L ou is— ss.
B e fo r e m e, a n o ta ry p u b lic, in an d fo r the
state an d co u n ty a foresa id , p e rs o n a lly a p ­
p e a re d J am es J. W en gert, w h o , h a v in g b een
d u ly s w o rn a cco r d in g to la w , d ep oses a n d says
that h e is th e a ssocia te p u b lish e r o f M id -C o n ­
t in e n t B a n k e r , an d that th e fo llo w in g is, to
the b est o f h is k n o w le d g e a n d b e lie f, a tru e
sta tem en t o f th e ow n ersh ip , m an ag em en t, etc.,
o f th e a fo re s a id p u b lica tio n .
1. T h a t th e n a m es a n d addresses o f th e p u b ­
lish er, ed itor, m a n a g in g ed itor, a n d b u sin ess
m an ag ers a re :
P u b lish er, D on a ld H . C lark, 408 O liv e S treet,
St. L ouis, M issou ri.
E d itor, D o n a ld H. C lark , 408 O liv e S treet,
St. L ou is, M issou ri.
A ss o cia te P u b lish er, Jam es J. W en gert, 408
O liv e S treet, St. L ou is, M issouri.
A ss ocia te E d itor, H a rold R . C olb ert, 408 O liv e
S treet, St. L ou is, M issou ri.
2. T h a t th e o w n e r is : C o m m erce P u b lish in g
C o m p a n y : D o n a ld H. C lark , 408 O liv e S treet,
St. L ou is, M issou ri; J am es J. W en gert, 408
O liv e S treet, St. L ou is, M issou ri; H a rold R .
C olb ert, 408 O liv e S treet, St. L ou is, M issou ri;
H o w a rd W . C lark , 110 E. W isco n sin A v e n u e ,
M ilw a u k ee, W iscon sin .

lOO

Per Cent M em bership

Mercantile-Commerce Bank and Trust Company
John G. Lonsdale,
Chairman of the Board

Geo. W. Wilson,
Chairman Executive Committee
W. L. Hemingway, President

BANKING DEPARTMENT
Commercial
G. M. Telle, Assistant Vice President
E. J. Mudd, Vice President
E. M. Durham, III, Ass’t Vice President
E. L. Black, Vice President
H. W. Kroening, Assistant Vice President
Walter L. Rehfeld, Vice President
James M. Decker, Ass’t Vice President
Val A. Prevallet, Vice President
Wood Netherland, Vice President
Fred J. Paro, Vice President

Banks
Leo D. Kelly, Vice President
J. C. Walker, Vice President

General Operation and Service
Joseph H. Kruse, Assistant Cashier
A. L. Weissenborn, Vice President
W. H. H. Schaefer, Assistant Cashier
R. J. Kunz, Assistant Vice President
E. F. Kallemeier, Assistant Cashier
Ralph D. Griffin, Ass’t Vice President
R. T. Olshausen, Assistant Cashier
F. W. Heuermann, Cashier and Treasurer
Arthur B. Sullivan, Assistant Cashier
Public Relations
Oliver F. Richards, Vice President
Trust Department
Thomas C. Hennings, Vice President
Joseph W. White, Trust Officer
Jos. A. McCarthy, Associate Trust Officer
Personal Trust Division
John J. Rabbitt, Assistant Trust Officer
Douglas C. Sachse, Ass’t Trust Officer
Thomas R. Evans, Assistant Trust Officer
Geo. F. Torrey, Assistant Trust Officer
John P. Butler, Assistant Trust Officer
John P. Newell, Assistant Trust Officer
Edward M. Monahan, Ass’t Trust Officer
J. G. Houlihan, Assistant Trust Officer
George O. Wolf, Insurance Trust Officer
Wm. H. Lawrence, Assistant Trust Officer
Corporate Division
J. J. Farrell, Secretary
J. A. Noonan, Assistant Secretary
A. A. Van Nest, Assistant Secretary
C. R. Jolley, Assistant Secretary
O. E. Kaiser, Assistant Secretary
Savings Department
H. H. Reinhard, Vice President
Pierce J. Dooley, Manager
L. E. Donahue, Assistant Manager
I. A. Long Vice President
J. J. Reynolds, Manager

Bond Department
R. C. Obermann, Vice President
Safe Deposit Department
August Roeder, Assistant Manager
Real Estate Department
Dewey J. Schmoll, Manager
Comptroller
Oscar G. Schalk
Statistician
Hale Towne

First National Bank of Clayton
John L. Boland, President
Carl Brinkman, Cashier
Harold Wittemeyer, Assistant Cashier
James T. O’Donnell, Assistant Cashier

J a m e s J. W eng ert ,

A ss o cia te P u b lish er.
S w o rn to an d su b scr ib e d b e fo r e m e this 27th
d a y o f S ep tem b er, 1935.
(S e a l.)
C a t h e r in e M . B a r r e t t ,
N ota ry P u b lic.
(M y co m m is s io n e x p ire s J a n u a ry 23, 1938.)

C H. L. Petty of Arkadelphia, Arkan­
sas, recently assumed his duties as
cashier of the Planters Bank and Trust
Company of Forrest City, Arkansas.

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Federal Reserve Bank of St. Louis

South Side National Bank
Frank J. Wiget, President
Adolph Etling, Cashier
C. W. Sydow, Vice President
W. R. Shery, Trust Officer
Frederick E. Heilmann, Assistant Cashier

Mercantile-Commerce National Bank
Guy N. Hitchcock, Vice President
A. H. Hanser, Cashier and Ass’t Tr. Officer

G. H. Kleinschmidt, Vice President
Wm. F. Hucke, Assistant Cashier

44

M id -C ontinent B anker

A n sw e r s lo L e g a l Q u e s tio n s
o n P a g e E leven
Yes. Gillespie cannot recover.
© A corporate bondholder is bound
by a release of the officers and direc­
tors in the mortgage under which the
bonds were issued although such re­
lease is not specifically set out in the
bonds themselves. The bonds referred
to the mortgage, a copy of which could
have been secured by any bondholder,
and recited that all the provisions
thereof were assented to by the bond­
holder. Because of this the bond­
holders were bound by the provisions
of the mortgage.

I

Yes, as a general rule. The
• weight of authority is to the ef­
fect that the so-called “union” or
“ standard” mortgage clause, which
stipulates that the insurance as to the
interest of the mortgagee shall not be
invalidated by the mortgagor’s acts or
neglect, protects the mortgagee against
any act or neglect of the mortgagor at
the inception of the policy or before
the mortgage clause is attached there­
to. The holder of the mortgage is en­
titled to assume that the insurance is
valid when the special clause is issued
to him.

2

No. Such undertakings are op« posed to sound public policy and
are invalid. The Ohio Supreme Court
so held early this year. A decision
somewhat to the contrary was reached
in Kentucky in 1932. The implications
of both holdings are left to the reader.
No. If a land contract validly
© provides that upon default of the
purchaser the seller may retain or re­
ceive certain money as liquidated dam­
ages, the seller cannot ordinarily main­
tain an action for other and further
damages. Where a contract by its
clear terms validly provides what the
damages shall be in the case of a
breach of its provisions by the vendee,
the vendor is limited thereby.
Yes. The statement by an appli© cant for credit insurance in his
application that his total “outstand­
ings” were approximately $150,000, of
which approximately $40,000 was due
from a certain customer, when, in fact,
the “ outstandings” amounted to about
$155,000, of which about $44,000 was
due from such customer, is not such
misrepresentation as will avoid the pol­
icy, if the statement was made in good
faith. In situations similar to the one

5


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

outlined, there are quite often state
statutes and policy provisions that con­
trol. If, under the state law or under
the policy, it had been provided here
that the representations of the appli­
cant were strict warranties, a different
result might have been obtained.
Yes. The imposition by a state
• of an excise tax of 5 per cent on
the net income of a corportion for the
privilege of doing business within the
state, does not constitute an unwar­
ranted tax upon the functions of the
federal government, as applied to a
corporation of another state whose
only net income within the State is de­
rived from a contract by it with the
federal government to furnish labor
and material for the construction of a
dam. Anderson’s corporation did not,
in entering into the contract, become
a part of or an instrumentality of the
United States Government. Its prop­
erty and right to conduct business
within the state are not immune from
taxation by the state in performing the
contract.

7

Yes. The holders of the certifi« cates were the real owners of the
stock and subject to the statutory lia­
bility of a stockholder. Such owners
are, whether or not their names appear
on the records as shareholders, subject
to this liability. The receiver can re­
cover from them.
Yes. Where a tract of land is
© subdivided into parcels or lots,
the title to which becomes vested in
different persons, none of the grantees
is entitled to any preference over the
others on the discovery of an excess or
deficiency in the quantity of land con­
tained in the original tract and the ex­
cess must be divided among, or the de­
ficiency must be borne by, all of the
parcels or lots in proportion to their
area.

8

No. Since the note was signed
by Upton’s brother for the ac­
commodation of the bank there was no
consideration to support his promise to
pay and the bank could not collect
from the brother.
It could not. There was no
consideration moving from it
to the Arkansas bank to support the
waiver of the Arkansas bank of its
rights in the real estate. The Arkan­

November, 1935
sas bank received no substantial bene­
fit from the loan made by the Louisiana
bank, and it could not, either under its
charter or the laws of Arkansas, under
which it received its charter, contract
away its right except for proper bank­
ing purposes and for the strict further­
ance of the business objects and finan­
cial prosperity of the bank. The Lou­
isiana bank would be charged with
knowledge of the limitations of the
Arkansas bank, so contained in the
charter and state laws, and, hence, it
did not have a valid first lien against
the real estate.

Foreign Briefs
(C o n tin u e d fr o m p a ge 39)

entities mentioned (the Departments
and Municipalities) will obligate them­
selves to pay to the Nation periodically
the respective quotas of their debts
with the guarantee of their revenues.”
t[ It is expected that in the near future
the Norwegian Government will exer­
cise its call option on various dollar
bonds now outstanding in this market.
The method of refinancing has not been
disclosed, but it would seem reasonable
to expect that it will be done partly
through the sale of internal securities
at home and short term notes in this
market.

St. Charles Snapshots
(C o n tin u e d fr o m p a ge 9)
J. F. R au ch , p re s id e n t o f the U n io n S avings
B an k, St. C harles, M issou ri. 5. M iss R eich a rt,
N e w Y o r k C ity ; M a x C arter, A . G . E d w a rd s
an d Sons, St. L o u is ; M a rjo rie S pea rin g, C im a r­
ron , K ansas; A . J. M o e rsch e l, assistant ca sh ier
o f the F irst N a tion a l B an k, St. C harles, M is­
sou ri.
6. V e rn o n Jones, C h e m ica l B an k and
T ru st C om p a n y , N ew Y o r k ; J o h n W ilk in son ,
M e rca n tile -C o m m e rce B an k an d T ru st C o m ­
p a n y, St. L o u is; Ed D ail, M o o re , D a il and B akew e ll, St. L o u is; R . A . S h o n in g e r, G ig e r and
C om p a n y , St. L o u is ; H a rry T heis, A lb e rt T heis
and Sons, St. L o u is; J o h n T hom as, D a ily and
C raib, St. L o u is ; A . J. M o e rsch e l, assistant ca sh ­
ier, F irst N a tion a l B ank, St. C harles; S herm an
S enne, St. L o u is In v e stm e n t C o rp o ra tio n , St.
L ou is.
7. B a ck r o w — R u th D en ton , B utler,
M issou ri; R a ch e l H inm an , S a n d w ich , Illin o is;
A d e le C ote, O m aha, N eb ra sk a ; Jan e B au rm an ,
G reat F alls, M on ta n a ; M iss G reen , J o h n son
C ity, I llin o is ; H e le n K e ith ly , O ’F a llon , M is­
s o u ri; G e n e v ie v e C hapel, M an ch ester, I o w a ;
M arian M orela n d , D etroit, M ich ig a n . F ron t
ro w — D o r o th y B ota n n i, St. C harles, M issou ri;
Sarah D avis, K ansas C ity, M issou ri; J an et
S cro g g in , O ak, N e b ra sk a ; S y lv ia L ip p , P h ila ­
d e lp h ia ; M a rg aret W righ t, S ilv e r C ity, N ew
M e x ic o ; E rn estin e T h ro, St. C harles. 8. T he
K e lly tw in s ( ? ) C lem ( le ft ) o f the B o a tm e n ’s
N ational, St. L ou is, and L e o D., v ic e p re sid e n t
o f the M e rca n tile C o m m e rce , St. L ouis, w ith
M iss C a ro ly n J an e M u e lle r o f D a n v ille , Illin o is.
9. T h e trea su rer o f the A sso cia tio n , C harlie
W isd om , ca sh ier o f the F a rm ers an d M erchants
B an k, G re e n R id g e , p oses f o r h is p ictu re b e ­
fo r e g e ttin g an e a rly start f o r the m e e tin g
at F a yette. 10. T h e y o u n g la d ies w h o re g is ­
tered the v is itin g b an k ers— M iss P oh lm a n , M iss
S ch n e id e r an d M iss S an d h a m o f the F irst N a­
tio n a l B an k, St. C h a rles; M iss L e n ch a n o f the
St. C harles S av in gs B a n k ; M rs. C. Z e isle r o f
L in d e n w o o d C o lle g e .

c Bank of Hazelhurst, Hazelhurst,
Mississippi, now has deposits of more
than $1,257,000 and total resources of
more than $1,413,000.

N o v em b er, 1935


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

45

M id -C ontinen t B anker

THE CHASE
NATIONAL BANK
OF THE C I T Y OF N E W Y O R K
Statement o f Condition, September

3 0 , 1935

RESOURCES
Cash and D ue from Ba n k s ...................................................................$ 667,598,265.43
U. S. G overnment Obligations, direct and fully guaranteed

620,305,385.54

State and M unicipal Securities maturing wit h in two years

87,682,279.00

Other State and M unicipal Se c u r i t i e s ........................................

26,310,816.80

O ther Securities maturing w it h in two y e a r s ...........................

24,404,989.86

Federal R eserve Ban k St o c k ............................................................

6,008,100.00

O ther B onds and Se c u r i t i e s ............................................................

100,297,748.05

L oans, D iscounts and Bankers ’ A c c e p t a n c e s ...........................

613,239,691.62

Banking H o u s e s .......................................................................................

39,168,471.41

O ther R eal E s t a t e ................................................................................

4,057,446.16

M o r t g a g e s ..................................

1,980,375.80

I tems in T ransit w it h Br a n c h e s ......................................................

1,062,080.77

Customers’ A cceptance L i a b i l i t y ......................................................

20,407,211.20

Other A s s e t s ..............................................................................................

8,018,190.42
$2,220,541,052.06

LIABILITIES
Capital— Pr e f e r r e d ................................................................................ $

50,000,000.00

Capital— C o m m o n .......................................................................................

100,270,000.00

Su r p l u s ...........................................................................................................

50,000,000.00

U ndivided Pr o f it s .......................................................................................

18,946,651.19

R eserve for Co n t in g e n c ie s ...................................................................

18,479,500.24

R eserve for T axes , I nterest, etc .........................................................

795,854.13

D e p o s i t s ....................................................................................................

1,854,624,740.59

Certified and Cashier ’s C h e c k s ......................................................

96,907,351.11

A cceptances O u t s t a n d i n g ...................................................................

22,292,031.05

L iability as E ndorser on A cceptances andF oreign B ills .

.

O ther L ia b il it ie s .......................................................................................

3,878,283.66
4,346,640.09
$2,220,541,052.06

United States Government and other securities carried at $170,396,896.14 are pledged to secure
public and trust deposits and for other purposes as required or permitted by law.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

St. Louis

y> y>

A L O G IC A L P L A C E
for Y O U R ACC O LAT
Business has long recognized the value
and im portance of St. L ouis’ strategic, cen­
tral location. T hrough this city flows a
m ighty stream of tra d e and finance . . .
converging h ere from all p arts of the coun­
try. It is the com m ercial gatew ay to the
great south and southw est.
Ju st as this tide of com m erce runs through
St. Louis, so do the financial transactions
w hich m ake this com m erce possible. B anks
and b an k ers have found this a logical city in
w hich to have an account, and a great m any
of them have selected M erc an tile -C o m ­
m erce as th eir St. Louis correspondent.

Mercantile^Commerce
B a n k an d Trust Com pany
Locust Eighth-- St. Charles
St. Louis