View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

wmwmwwmMMmwmmwmmrm

»CONTINENT
BANKER
e Financial


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

ST LOUIS
October, 1927
IN THIS ISSUE

Houston W e lc o m e s M em bers of A . B. A .
in the N am e of the South
Page 7

The B an k ’s Liability in Case of Forgery
Page 9

Building Business in T ow ns of
Five to Ten Thousand
Page 11

Missouri Group Meeting Section
Page 15

Bond and Investment Section
Page 61

TENN

2

»


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

M id-Continent Banker

THE FEDERAL LAND
= and

—

INTERMEDIATE CREDIT
BANKS «/•
of St. Louis

Render a distinct service
to Agriculture in the
States of Illinois, Missouri
and Arkansas.

T otal A sse ts
M o re
Tli an
One Hundred Million Dollars

St. Louis, October, 1927

3

The open door to banking service
Individuals, commercial concerns and

The specialized facilities of this insti­

banks in all parts of the world, as well

tution for commercial banking, foreign

as our many thousands of customers

banking, investment banking, savings

here in Chicago, have come to recognize

and trus:s make the Illinois Merchants

the great colonnaded entrance of the

TrustCompany an advantageous Chicago

Illinois Merchants Trust Company as

connection for banks or business con­

the open door to banking service.

cerns, wherever they may be located.

Illinois M erchants Trust C ompany


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

Capital & Surplus

45 èMillion Dollars

C H I C A G O

Mid-Continent Banker

4

jtJX H U S
a

Round-house ofTransportation,


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

The 28 railroads which spread from

Steadily, smoothly, powerfully, St.

their St. Louis terminal an 80,000-

Louis is expanding . . in industry

mile web o f steel to every part of

. . . in commerce . . . in population,

the nation; the waterway of the

wealth and influence. Keeping pace

m ighty

with this expansion are its great

Mississippi

which

floats

St. Louis' products north to its

financial

head at M inneapolis and south to

twenty-seven years the M ercantile

the

seven

seas;

the

swiftly soaring mailplanes which have told
the world o f the Spirit

in stitu tio n s. . . . For
Trust Com pany, as one

Our thorough understanding
o f local conditions is at the
seraice o f banks, bankers,cor­
porations and business men.

of the city's outstand­
ing financial lead ers,
has b een in tim a te ly

o f St. Louis— these are

id en tifie d

with

some o f the reasons for

progress

and

St.

cerned in its welfare.

Louis' greatness!

M e r c a n t ile T ru st C o m p a n y
*CapitaldJurplur
Jen MillionDollars

MemberFédéra/
Reserve Jysdem
E IG H T H AND L O C U S T

—T O
ST. LOUIS, M O .

ST. C H A R L E S

its
con­

St Louis, October, 1927

5

IN D E X T O A D V E R T IS E R S
A b r a h a m L i n c o l n L , I. C o., S p r in g fie ld , 111. 12
A lly n & C o., A . C., C h i c a g o ............................... 78
A m e r ic a n B a n k s , N a s h v ille , T e n n ................... 21
A m e r i c a n E x c h . I r v in g
T r u s t C o., N . Y . . . . 27
A m e r i c a n E x p r e s s C o., N e w Y o r k ................. 29
A m e r i c a n F ix t u r e C o., K a n s a s C i t y ............ 58
A n d e r s o n & C o., L o r e n z o E ., St. L o u i s . . . . 82
A n d e r s o n & C o., O liv e r J ., St. L o u i s ............ 81
A r t G'jraft S h o p s , St. L o u is ..................................... 91
A u g u s t in e & C o., St. L o u i s ............ ..................... 78
B a k e r , K e l l o g g & Q o., I n c ., C h i c a g o ............ 62
B a n k o f N e w S o u t h W a le s , S y d n e y , A u s ­
t r a li a ............................................................................... 40
B a r t l e t t & G o r d o n , I n c ., C h i c a g o .................. 64
B e ll T e le p h o n e S e c u r it ie s C o., N e w Y o r k . . 77
B e r k o w i t z E n v e lo p e C o., K a n s a s C i t y .......... 42
B o a t m e n ’ s N a t io n a l B a n k , St. L o u i s ............ 95
B r a d e r m a n n C o., M. W ., N e w Y o r k .............. 75
B r o o k m i r e E c o n o m i c S e r v i c e , N e w Y o r k . . 42
B u r n e s N a t io n a l B a n k , St. J o s e p h ................. 25
65
B u r r & C o., G e o r g e H ., St. L o u i s . . . ...........
C a ld w e ll & C o., N a s h v i l l e . . . . ............................. 68
C a m p , T h o r n e & C o ., I n c ., C h i c a g o ................. 60
C a r t h a g e , M is s o u r i, B a n k s ................................... 36
C e n tr a l M is s o u r i T r u s t C o., J e f fe r s o n C it y . 18
C h a p m a n & C o., P. W ., C h i c a g o ...................... 76
C h a s e N a t io n a l B a n k , N e w Y o r k ...................... 23
C h e m ic a l N a t io n a l B a n k , N e w Y o r k ............ 53
C h ic a g o T r u s t C o., C h i c a g o .................................. 87
C o le C o u n t y B a n k , J e ffe r s o n C|ity, M o .......... 20
C o m m e r c e T r u s t C o., K a n s a s Clity, M o . . . . 26
C o n tin e n t a l & C o m m e r c ia l B a n k s , C h ic a g o 85
D a w e s , M a y n a r d & C o., C h i c a g o .................... 82
D ’ O e n c h , D u h m e & C o., St. L o u i s ................. 81
D r o v e r s N a t io n a l B a n k , K a n s a s C i t y ............ 23
E l l io t t R . C o u d e n S y n d ic a t e , St. L o u i s . . .
6
E m e r y , P e c k & R o c k w o o d C o., C h i c a g o . . . 76
E q u it a b le B o n d & M o r t g a g e C o., C h i c a g o . . 79
E q u it a b le T r u s t C o., N e w Y o r k ........................ 91
E x c h a n g e B a n k , J e ffe r s o n Q ity, M o .............. 18
F e d e r a l L a n d B a n k , St. L o u i s ...........................
2
F e d e r a l S u r e t y C o., D a v e n p o r t , I o w a ............ 41
F i d e l it y B o n d & M o r t g a g e C o., St. L o u is . . 67
F ir s t N a t io n a l B a n k , C h ic a g o ........................... 52
F ir s t
N a t io n a l B a n k , J e ffe r s o n C ity , M o . . . 16
F ir s t
N a t io n a l B a n k , P e o r ia , 111.......................... 59
F ir s t
N a t io n a l B a n k , St. J o s e p h ...................... 25
F ir s t
N a t io n a l B a n k , St. L o u is .......................... 48
F ir s t N a t io n a l C o m p a n y , St. L o u i s .............. 49
F l e t c h e r A m e r i c a n C o., L o u i s v i l l e ................... 74
F o r e m a n B a n k s , C h i c a g o ...................................... 57
F r a n c is B r o s , & C o., St. L o u i s .......................... 80
G e n e r a l M o t o r s A c c e p t a n c e Clorp., N . Y . . . . 74
H a n o v e r N a t io n a l B a n k , N e w Y o r k ................. 40
H e r r i n g - H a ll - M a r v i n S a fe C o., H a m ilt o n , O. 28
H ib e r n i a B a n k a n d T r u s t C o., N e w O r le a n s 31
H o a g l a n d - A l lu m & C o ., C h i c a g o ........................ 70
H o t e l C h a se, St. L o u i s ...................................
¿4
H o t e l K n ic k e r b o c k e r , N e w Y o r k ...................... 77
H o t e l M o r r is o n , C h i c a g o ......................................... 33
H o w e , S n o w & C o., C h i c a g o ............................... 70
I ll i n o i s H o n o r R o l l B a n k s .................................... 86
I llin o is M e r c h a n t s B a n k s , C h i c a g o .................
3
I n d u s t r ia l A c c e p t a n c e C o r p ., N e w Y o r k . . . 72
I n la n d P r i n t in g C o., S p r in g fie ld , M o ............... 31
K n ig h t , D y s a r t & G a m b le , St. L o u i s ............... 75
K r e n n & D a t o , C h i c a g o ......................................... 75
L a c y C o., L. D ., St. L o u i s .................................... 41
L i b e r t y C e n tr a l T r u s t C o., St. L o u i s ............ 56
L i b e r t y I n s u r a n c e B a n k , L o u i s v i l l e .............. 95
L o s A n g e le s - F i r s t N a t io n a l T r u s t & S a v ­
in g s B a n k , L o s A n g e l e s
55
M a r in e B a n k & T r u s t C|o., N e w O r l e a n s . . 92
M c C l in t o c k C o., O. B ., M in n e a p o l is ................. 81
M e r c a n t ile T r u s t C o., St. L o u i s ........................
4
M e r c h a n t s L a c l e d e N a t ’ l B a n k , St. L o u is . . 21
M id la n d B a n k , L o n d o n , E n g l a n d ...................... 55
M is s is s ip p i V a ll e y T r u s t C o., St. L o u i s .......... 32
M is s o u r i H o n o r R o l l B a n k s .................................. 19
M o b e r ly , M is s o u r i, B a n k s ...................................... 34
M o r t g a g e & S e c u r it ie s C o., N e w O r l e a n s . . 73
N a t io n a l B a n k o f C o m m e r c e , St. L o u i s . . . . 96
N a t io n a l C it y C o., N e w Y o r k ............................. 69
N a t io n a l P a r k B a n k , N e w Y o r k ............ ..
20
N a t io n a l S t o c k Y a r d s N a t io n a l B a n k , S t o c k
Y a r d s , 111........................................................................ 39
N o r t h e r n B a n k N o te C o., Q h ic a g o . . . . ! . . . ! 87
N o r t h e r n T r u s t C o., C h i c a g o ............................... 95
O tt m a n & C o., E. H ., C h i c a g o ........................ 78
P e o p le s T r u s t & S a v in g s B a n k , C h i c a g o . . 50
P h il a d e l p h i a - G i r a r d N a t io n a l B a n k , P h i l a ­
d e lp h ia , P a .................................................................... 93
P o t t e r , K a u f fm a n & C o., St. L o u i s ................. 61
Q u a lit y P a r k E n v e lo p e C o ., St. P a u l ............ 42
R o g e r s P a r k H o t e l, C | h icago............................... 40
R o s s - G o u ld C o., St. L o u i s ...................................... 81
R u p p e r t & C o., H . L ., St. L o u i s ............ .. Ü ! 71
St. J o s e p h L o a n & T r u s t C o., S o u t h B e n d
I n d ..............................................................................
St. L o u is B a n k E q u ip m e n t Co.', S t L o u ii .' ! 89
S e a b o a r d N a t io n a l B a n k , N e w Y o r k ............ 51
S e d a lia , M is s o u r i, B a n k s ......................
22
S m ith , M o o r e & C o., St. L o u is .
................. 66
S p r in g fie ld , M is s o u r i, B a n k s ........................
' 30
S t e in b e r g & C o., M a r k C., St. L o u i s . . ! ! ! ! 81
S te r n C o., L a w r e n c e W ., C h i c a g o ............
62
S t ic k n e y , D e n y v e n & C o., St. L o u i s . . . ! ! ! " 80
S tr a u s s & C o., R o b e r t S., C h i c a g o ................. 43
T o d d C o., P h ila d e lp h ia , P a . . ............................. 54
T o o t l e - L a c y N a t io n a l B a n k , St. J o s e p h , M o! 24
U n io n & P l a n t e r s B a n k & T r u s t C o., M e m ­
p h is , T e n n ...................................................................... 90
U n io n T r u s t C o., C h i c a g o ...............................
47
U n io n T r u s t C|o., E a s t St. L o u i s .................! ! 63
U n it e d S t a t e s S h a re s C o r p ., N e w Y o r k . . . . 81
W a l k e r & C o., G. H ., St L o u i s .......................... 71
W h i t n e y C e n tr a l B a n k s , N e w O r l e a n s ! ! ! ! 93
W i ll s o n & C o., J a m e s C., L o u i s v i l l e ............ 88


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

The Financial Magazine o f the Mississippi Valley

CLIFFO RD D E P U Y , Publisher
D O N ALD H. C LAR K
Editor and Manager

ST. L O U I S

JAMES J. W E N G E R T
Associate Editor

VOL. 23

OCT.,

1927
No. 10

W IL L IA M H. M AAS
Vice-President
Manager Chicago Office
1221 First N at’l Bank Bldg.
Telephone, Central 3591

C O N T E N T S FO R O C T O B E R

Page

Houston Welcomes Members of A. B. A ................................
Citizens National Has New Building..........................
The Bank’s Liability in Case of Forgery— By the Legal Editor.....
Mid-Continent Trust Conference Held in Minneapolis.... .
.... .
Oldest Bank in Southwest Missouri............................................
Building Business in Towns of Five to Ten Thousand—
By C. W . Bailey................................... ........................
The Economic Value of a Human Life— By H. E. Van b e Walker
Sidelights on the F. A. A . Convention— By W m . H. Maas........... .
Missouri Group Meeting Section____ ____ _______ ____
News and Views of the Banking World— By Clifford De Puy....... .
Strong Issues Statement on Federal Reserve Law__________ ___

7
g

9
10
10
jj
13
14

15
53
59

B O N D A N D IN V E S T M E N T SE C T IO N
The Recovery of Business in Europe— By Dr. Julius Klein
Low Money Rates Have Helped Make Bond Yields More
Attractive __ _____ ___
Establishing a Bank Bond Department in a Medium Size
Community ..............................
Olive Street Notes....... ............ ........................
Along La Salle Street— By W m . H. Maas... "...
" .......
St. Louis Stock Exchange Transactions............... ....................
Current Quotations.............

61
66
71
76
77
80
83

S T A T E N E W S SE C TIO N S
Page

M issouri............
Illinois .. .
Indiana ______
Kentucky
......
Arkansas ..........

— ...........
__ _______

38
84

_____________

88

..... .............. 89
.................... 90

Page

Tennessee ......
Mississippi _____
Louisiana _______
Kansas _____
Oklahoma ....... .

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

91
92
................. 93
............. . 94
..... .......... 94

Published by the Commerce Publishing Company, 408 Olive Street, St. Louis Mo
Clifford DePuy, President; James J. Wengert, Vice-President; W m . H. Maas Vice-!
President: Donald H . Clark, Secretary-Treasurer. Telephone GArfleld 2138.
M E M B E R A U D IT B U R E A U OF C IR C U L A T IO N S
F IN A N C IA L A D V E R T IS E R S ’ A S S O C IA T IO N
DE PU Y PU BLICATIO N S A N D T H E IR T E R R IT O R Y
Mid-Continent Banker
St. Louis
Northwestern Banker
Des Moines
Trans-Mississippi Banker
Kansas City
Southwestern Banker
Fort Worth
Life Insurance Selling
St. Louis
Underwriters Review
Des Moines
Insurance Magazine
Kansas City
New York office: Frank P. Syms, 25 West 45th St.
Chicago office: W m . H. Maas, 1221 First National Bank Bldg., phone Central 3591
Kansas City office: G. D. Mathews, 405 Ridge Bldg., phone Victor 5254
Fort Worth office: Lawson Hetherwick, 409 Fort Worth National Bank Bldg., Phone 2-2513
Des Moines Office: Clifford DePuy, 555 Seventh St., phone Walnut 2201
Minneapolis Office: Frank S. Lewis, 840 Lumber Exchange
Entered as second-class matter at the St. Louis post office.
Subscription rates $3.00 a year; 35 cents a copy

Mid-Continent Banker

6

Announcing


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

ELLIOTT R. COUDEN

SYNDICATE
which will deal in a general line of
In vestm en t Securities, specializing
in I N V E S T M E N T

TRUST

and

selected C om m on stock issu es

IN V E S T M E N T TR U ST shares represent a cross-section
of the basic industries and most successful businesses m
America.
Ownership of these shares constitutes a participation in the
prosperity of America.
Basically sound, the IN V E S T M E N T TR U ST presents the
most popular form of Investment before the public today.

I

W e will be pleased to supply detailed in­
formation on request. Representatives on
commission wanted in Country Banins.

SUITE 1602-1603 LANDRETH BLDG
P hone G A r fie ld 3 9 9 3

S T . L O U IS , M O .

Houston W elcomes Members of A.B. A.
in the Name of the South
HERE is a big time in store for the
in Houston for the annual convennation’s bankers when they gather
tion of the American Bankers Associa­
tion, October 24th to 27th. For not only
will one city be acting as host, but the
entire South will be standing on the
municipal doorstep of the Texas Gulf
Coast metropolis to welcome the visitors
and show them the picture of the
South’s vigorous industrial awakening.
The greeting will undoubtedly be a
surprise to many who have gathered
their notions of Texas from motion pic­
tures and novels.
They who look for an escort of yip­
ping, shooting cowboys; who think that
every Texan wears a five-gallon hat;
who expect to see graceful Mexicans
clad in bright hued blankets on the main
streets; who believe, in fact, that Texas
is still wild and wooly, are due for an
awakening.
Not so many years ago, to be sure,
such a picture was fairly near the truth.
Houston was then a cross-roads trading
post with a single muddy street flanked
by false front buildings. Groups of cowpunchers on vacation from neighbor­

T

ing ranches whooped it up in true west­
ern style and the tinkle of spurs blend­
ing with the plunking of guitars in the
hands of dark-hued senors from across
the nearby border. Six guns blazed in
those days, too, and the foundation of
modern western melodrama was laid in
blood and thunder.
But the vigorous, pioneer spirit which
produced such conditions, gradually di­
verted itself into more useful, if less
picturesque, channels. Today 270,000
persons call Houston home and 25,000
more are moving here every year.
Great industries have sprung up along
the fifty-mile waterway which leads
from the city’s heart to the Gulf of Mex­
ico. Iron and steel works, vast cotton
compresses and oil refineries, cotton
mills, flour mills, chemical factories and
scores of other activities.
During the past decade the business
district has thrust its summit more than
thirty stories into the clear southern
sky and visitors view the upflung bul­
wark of downtown Houston with almost
the amazement felt by foreign visitors
as they catch first sight of New York’s
peaks from the harbor.

Eighteen railroads center in the gulf
coast city, combing the Southwest and
the Middle West for products for the
hundreds of vessels which call at the
port for trade.
A great triple-A airport, called the
finest in the United States, is nearing
completion and soon the drone of trans­
port and mail aircraft will blend with
the sirens of boats and the roar of trains
in a medley of industrial sound.
Nor has Houston forgotten the other
sides of life in her rush for commercial
supremacy.
Thousands of beautiful homes, mostly
paid for, extend for miles in every direc­
tion. A great university, splendid
schools, a gem-like art museum, six fine
country clubs, a polo club, a gun club,
hunting lodges and many other features,
contribute to the pleasure and well-be­
ing of leisure hours.
All of these facilities will be thrown
open to the visiting bankers in October,
and Houston plans to lay aside all other
activities to assure the delegates not
only a profitable but a very pleasant
time.

Officers of the
A. B. A.
Melvin A. Traylor, retiring president
of the American Bankers Association, is
president

of

both

the

First

National

Bank and the First Trust and Savings
Bank of Chicago.
Thomas R. Preston, president of the
Hamilton

National

Bank

and

the

Hamilton Trust and Savings Bank of
Chattanooga, haa served the association
during the past year as first vice-presi­
dent and is due to be elected president
at the Houston convention.
Craig B. Hazlewood, vice-president of
the Union Trust Company of Chicago,
and chairman of the board of the Lake
Shore Trust and Savings Bank of Chi­
cago,

is slated to be advanced

from

second vice-president of the A. B. A.
to first vice-president at the Houston
convention.


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

T .P . PRESTON"

CRAIG B . HAZLEWOOD

T&ES’j D irsjr

H A M IL T O N n a t i o n a l b a n k ,
ï
C H A T T A N O O G A ,T E N N .

V/CE- TJSES/DENJ-

.M ELVIN A - T R A Y L O R PR E S ID E N T
" F IR S T T R U S T a S A V IN G S B A N K
C H IC A G O , I L L -

U N IO N T R U S T C O M P A N Y
C H IC A G O , I L L .
£

M id-Continent Banker

8
A number of side trips have been ar­
ranged to enable visitors from other
parts of the country to gain an idea of
the vast background of natural resources
which is the foundation of the South­
west’s tremendous growth in recent
years. They will ride through tens of
thousands of acres of cotton, corn, rice
and wheat fields; past prosperous herds
of many thousand cattle; by busy oil
fields; to sulphur, salt and tin mines;
through the magic region of the Rio
Grande Valley, where citrus fruits grow
sweeter than any other place in the
world and every natural product known
to man can be grown—many yielding
five or six crops a year; there, too, the
visitors will see the old world charm of
Mexico across the river, where languourous señoritas sway to the soft strum of
their caballeros’ guitars and the tinkle
of glasses is a cool note under the semi
tropic sun.
Delegates with outdoor leanings will
find Houston territory a paradise for

the display of their energies. Bay and
gulf coast beaches offer refreshing

Main Boulevard looking toward the business
district, Houston, Texas.

swims on warm, October days. Deer
and bear abound in the thickets of mesquite and chaparral, for the game hun­
ter; millions of ducks and geese darken
the skies above the rice paddies and the
salt marshes, and blacken the waters of
the bayous, the bays and the lakes; fish
of every description from fresh water
trout to six-foot leaping tarpoons prom­
ise a world of sport for the nimrods;
and championship golf courses, polo
fields and trap shooting clubs complete
a varied picture which provides ample
sport for every taste.
Already more than a thousand bank­
ers have forwarded their reservations
for the convention, and thousands more
are expected, for the bankers of the na­
tion are curious about the fast-growing
Southwest; they want to study the new
industrial empire at first hand as well
as profit from the usual benefits of a
convention and enjoy the open-handed
hospitality for which the South is fa­
mous.

Citizens National Has New BuildingThe new Citizens National Bank
building, Sedalia, Mo., is a two-story
and basement structure, situated on
the site of the original bank, estab­
lished 55 years ago.
The exterior of the building is of
Vermont granite and terra cotta, of
semi-classical design. The plan of the
banking room is somewhat unique and
a departure from the usual arrange­
ment of a “ corner” bank building, due
to the fact that the location of the
building calls for the bank entrance to
be in the longer side of the structure
facing the principal business street.
Facing east as one enters and pass­
ing through a marble vestibule into
the main bank lobby, directly in front
along the east side of lobby 50 feet in
length, is the banking screen contain­
ing seven wickets, behind which are


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

the tellers’ cages, and behind the
cages a wide space the full length of
the room for bookkeepers and clerical
workers.
At the left, or north end of the lobby,
and divided off from same by a low
marble rail, are the officers’ desks. The
location is such that officials may view
all the operations of the bank and be
conveniently accessible to customers.
The south end of the lobby is formed
by a bronze grille, having a grilled
door leading to an auxiliary lobby
known as the safe deposit lobby. Off
this lobby are the vaults, coupon
rooms, etc., an arrangement most ef­
ficiently designed to handle a growing
■safe deposit business, convenient for
customers and without conflicting with
other phases of the banking business.
A consultation room adjacent to of-

fiers’ space, a women’s rest room, tele­
phone booth and directors’ room are
located along the west side of the main
lobby to the right and left of the
vestibule entrance.
This group
of
rooms along the west wall of the build­
ing have a low ceiling height, permit­
ting light and ventilation above into
the banking room and are co-ordinated
with the bank fixtures in such a man­
ner that the whole scheme is at once
practical, efficient and beautiful.
All sides of the lobby are finished
with marble, bronze
and glass. The
standing marble (check desks, etc,) is
of Tennessee, beautifully veined,fig­
ured and matched.
The floor is of
Travertine from Italy. The four main
walls of the banking room are finished
with zenitherm, a sound-absorbent and
(Continued on page 73)

St. Louis, October, 1927

9

The bank’s liability in case of

FORGERY
HE liability for the payment of
By the Legal Editor
forged instruments is constantly
engaging the attention of banking agent and cashed upon his identification.
institutions. The forgery may be of the The agent was in the habit of identify­
signature of the maker of the check,
ing the payees of the company’s checks
the signature of the payee, or both such and of witnessing their indorsements.
signatures may be forged, or it may be In this case the bank is responsible for
a forgery of the signature of the holder the payment of the check upon the
forged indorsement, unless it could be
of a certificate of deposit who is merely
shown that the agent was acting within
a depositor of the bank. There is some
conflict of opinion among the decisions
the scope of his authority, in which case
of the courts as to the liability of vari­ the company would be estopped from as­
serting that the indorsement was a for­
ous banks, because of their payment of
such instruments upon the forged sig­ gery.
natures of some of the parties to the
Where checks bear both genuine and
instrument. And we will therefore con­ forged signatures, a bank paying such a
sider some of the decisions of the court check is liable, thus where a check is
with respect to the liability of the vari­
ous parties concerned.
A bank is bound to know the indorse­
Q u e s ti o n s of i n t e r e s t to b a n k e rs
a r e discussed by th e Le g a l E d i t o r
ment of its depositor, as payee of a cer­
each m o n t h .
A n y s u b s c r ib e r has
tificate of deposit in the same manner
th e p r iv i le g e of w r i t i n g f o r in f o r ­
as it is required to know the signature
m a t io n an d a d v ic e on leg al su b­
of its depositor upon a check drawn by
je c ts , an d w i l l re c e i v e a d i r e c t re­
pl y f r o m ou r a t t o r n e y , w i t h o u t fe e
him, and it cannot recover money paid
or expe nse . A b r i e f of a n y s u b je c t
to a bona fide holder of such a certificate
i n v o lv in g r e s e a rc h in a c o m p le te
where the indorsement of the payee in a
la w l i b r a r y w i l l be f u r n i s h e d f o r
certificate of deposit is forged. It is
$10.
In w r i t i n g f o r i n f o r m a t i o n ,
k i n d l y inclos e a 2- ce nt s t a m p f o r
said that the liability should be upon the
re p ly , an d a d d ress " L e g a l E d it o r ,
paying bank for the following reasons:
M i d - C o n t i n e n t B a n k e r , 408 O l i v a
1.
The drawee is in a better position
S t r e e t , St. L o u is .”
than the holder to judge as to the gen­
uineness of the drawer’s signature.
2.
The drawee bank should be re­ ) equired to be signed by two persons,
garded as the place of final settlement for instance, two officers of a corpora­
of the transaction of payment.
tion, if either signature is forged the
bank will be liable for the payment of
Where the signature of the maker of
a check is forged and the check is paid the check. It has been held that where
by the drawee bank, the bank cannot an instrument contained both forged and
charge check against the account of its genuine signatures it is valid in thb
depositor. A drew his check for $27.00 hands of a bona fide holder as to the
makers whose signatures are genuine.
to the order of Jones. B, a merchant,
cashed the check for a person repre­
Where payment is made by a Savings
senting himself to be Jones, and de­ Eank on a forged order to one present­
posited the check with the drawee bank
ing a depositor’s pass book, and the rule
and received credit therefor. Two days
of the bank is that payment to one pre­
later A notified the bank that the check
senting a pass book is valid, the bank
had been stolen and the indorsement a is protected if it uses reasonable care.
forgery. B claimed that it was careless­ But otherwise it may be liable for the
ness on the part of A and objects to be payment on the forged order drawn
charged with the amount. Since the against the savings account.
check was paid on a forged indorsement
As a rule there can be no recovery
it could not be charged against the where the drawee mistakes the draw­
drawer’s account and the drawee can er’s signature and pays the forged check
recover from the person receiving pay­ to a bona fide holder not guilty of negli­
ment. The amount was therefore charge­ gence. A bank paid a check upon which
able to B.
the drawer’s signature was forged and
A bank cashed a check drawn by an which was presented by a merchant who
insurance company upon an indorse­ had taken the check from another per­
ment of a fictitious payee forged by its
son. The bank can neither charge -the

T


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

amount to the drawer nor recover from
the bona fide holder who received pay­
ment.
M is s o u ri

Law.

In Missouri it has been held that a
bank cashing a check upon which the
drawer’s signature is forged, is not lia­
ble to refund the money to the drawee,
which has paid the check.
In Mississippi it was held that the
drawee of a check on which the draw­
er’s signature is forged can recover
from the payee the money paid thereon.
It was held that the payee should know
with whom he is dealing, and if the
check is a forgery he is liable to the
drawee.
A drawee bank paid six forged checks
to banks which cashed them for strang­
ers without identification. The drawee
cannot charge them to the drawer’s ac­
count, but would probably have a right
of recovery against the banks who
cashed the checks for strangers without
identification as they would be negligent
in this respect.
A witness may be liable as for a for­
gery where he witnesses the mark of a
person which mark itself is a forgery.
Thus, where a person signs his name as
witness to the signature by mark of a
person, who represents himself as
Smith, and who is not Smith, the wit­
ness is liable to the drawee bank who
passes the check in reliance upon such
signature.
Where a check on which the payee’s
indorsement is forged is cashed by a
merchant and deposited in his bank and
collected from the drawee, the latter
cannot charge payment to the drawer,
but has the right of recovery from the
bank receiving payment, which in turn
has recourse upon the merchant. Where
a bank cashes a check for a second in­
dorser, who is its customer, where the
payee’s indorsement is forged, may
charge the amount to the customer’s ac­
count.

Three Chicago Banks M ake
Increase in Capital
Three Chicago banks have increased
their capital stock recently. They are
the Schiff Trust & Savings Bank, Chi­
cago, from $500,000 to $600,000; the
Cragin State Bank, Chicago, from
$100,000 to $200,000; and the Columbia
State Savings Bank, Chicago, from
$200,000 to $300,000.

Mid-Continent Banker

10

Mid-Continent Trust Conference Is
Held in Minneapolis
More than twenty major phases of
trust banking were treated in the ses­
sions of the Third Mid-Continent Trust
Conference of the American Bankers
Association, held in Minneapolis and St.
Paul, September 1 to 2.
W. S. McLucas, vice-president Trust
Company Division and chairman of the
Board Commerce Trust Company, Kan­
sas City, in opening the sessions, said:
“ Trust matters have had an increasing
way of intruding themselves into our
business and gradually we have realized
the magnitude of their possibilities. The
staid old Blast had known the advan­
tages of trust service for a hundred
years. We of the plains were not old
enough to appreciate it, for the men of
affairs today in our part of the country
are really only the second generation.
Only with the last decade have we felt
any considerable call for trust services.

Our Fiduciary Day has dawned. Our
customers will use our trust services
just as rapidly as we give them full in­
telligence on its advantages, and I be­
lieve that this kind of meeting for the
exchange of business-building ideas is
an incubator of new profits for trust
companies.”
“Development of Trust Business” was
discussed by W. F. Hopkins, vice-presi­
dent Chicago Trust Company, who said:
“About the most valuable asset to a
trust company is the trust officer, who
usually heads the department, as he is
the keystone around whom the organ­
ization is built. No department can ever
be bigger than the trust officer, for it is
to him that associate officers and em­
ployes look for guidance.”
“Importance of Constant Review of
Trust Assets and Considerations Neces­
sary Before Sale” was presented by

Hugh B. Rose, assistant trust officer St.
Louis Union Trust Company, who said:
“In making a review of trust assets the
trustee should do so with the following
questions in mind: First, are all of the
investments suitable for the investment
of trust funds as provided for by the
laws of the state? Second, has a unit
of investment been fixed by the trustee
for the trust, and if so does any invest­
ment exceed that unit? The unit of in­
vestment should not exceed fifteen per
cent of the trust, but it is preferable to
use five per cent or even less. Third,
what percentage of the gross income
was required for tax purposes for the
preceding year, and if this was a large
item, can certain taxable investments
be converted into United States Govern­
ment bonds, municipal bonds or tax free
covenant bonds for the purpose of re(Continued on page 74)

Oldest Bank in Southwest Missouri
The Bank of Carthage, Carthage, Mis­
souri, is the oldest bank in southwest
Missouri, having accepted its first de­
posit on May 4, 1868, on the site where
the bank now stands. The photographs
below, however, will show that there is
a vast difference between the first home
of the bank and the present building
which occupies the same site.
The bank was founded by G. A. Cassill,
a young man who came to Carthage

shortly after the end of the War of the
Rebellion. The first safe for the bank
was shipped from the East to Sedalia
by rail and was brought from that point
to Carthage by wagon, a trip which en­
tailed the straining of a team of horses
for nine days.
Mr. Cassill ran the bank alone for a
while, but it soon became necessary for
him to have help, and Edwin Harper
became the first cashier of the bank.

First Home of Bank of Carthage, May 4, 1868


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

Later, in 1882, the firm of Cowgill &
Hill, millers, acquired a large interest
in the bank, Frank Hill soon becoming
president of the bank and H. C. Cowgill becoming vice-president.
Present officers of the bank include
H. S. Cowgill, president; F. B. Williams.,
vice-president; W. E. Carter, cashier,
and J. N. Marsh, assistant cashier. Re­
sources of the bank are now more than
$1,500,000 and deposits are more than
$1,300,000.

Present Home of Bank of Carthage

11

St. Louis, October, 1927

Building B U S I N E S S
m

Towns of Five to Ten Tk ousam

IERE is no more practical way to
enlarge a bank’s usefulness and
develop its business than the culti­
vation of personal contact with patrons
and prospects and the securing of ac­
curate data on which credit may be
based.

T

Believing in this method, our bank
employed a young country schoolmaster,
big of frame, awkward of movement,
but endowed with an excellent moral
character, a fine personality, a thorough
understanding of country people, and an
ability to mix with them freely.

By C. W . Bailey
President, First National Bank,
Clarksville, Tenn.
reception became as cordial as it had
been frigid. During the several years
the work has been under way he has
visited eighty per cent of the homes of
the county and a very considerable por­
tion of those in the adjoining counties,
within the natural trade territory of our
city. He has told these people about our
bank and its activities and has paved
the way for a direct effort, personal or
by mail. His work has been followed
rather closely by direct-by-mail adver­

M e t h o d s Used .

He was trained for a few months in­
side our bank, where he gained suf­
ficient knowledge of the activities of a
bank to enable him to discuss its vari­
ous services with some accuracy. He
was given a list of the property owners
of the county, which was taken from the
tax books. Notations were made on this
list of any contracts then existing, as
well as any credit information in pos­
session. His means of transportation
was a horse and buggy. His instructions
were to go to the country and stay there
as much as possible. To make as few
mistakes as he could and tell nothing
that should not be told. To gather all
the information he could wherever he
went. To visit every farm in the coun­
ty, where he should observe the appear­
ance of land crops, fences, buildings and
equipment. To talk banking in one
form or another with every man or
woman he visited and learn what he
could from each as to his or her financial
condition, in turn adroitly obtaining
from each the neighborhood reputation
of others similarly visited, but he was
cautioned to make no direct solicitation
of business, his mission being to ex­
plain what the bank could do rather
than to ask for business as he went
along. The information gathered in this
manner was to be properly noted from
time to time as he travelled so that he
could make it a part of the permanent
records of the bank, where it would be
available for use as plans developed and
the work progressed.
His reception at first was with positive
reservations. There was surprise that
a bank would send out what was termed
a drummer, and there was a good deal
of suspicion lest he be a tax assessor or
some other official in disguise. But this
aloofness was soon overcome, and his

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

T h e a r t i c l e on th is page, t a k e n
from
the

a

speec h

recent

Finan cial

d e liv e r e d

c o n v e n ti o n
A d v ertisers

be fo re
of

tio n , c o n s t it u t e s one of t h e
ideas f o r b u ild i n g

th e

A s s o c ia ­
best

b a n k busines s

t h a t e v e r has co m e to o u r a t t e n ­
tio n.

The

a u t h o r te lls of one c/r

the ad vantages

of

t h is

idea,

or

plan, as f o l l o w s :

“ W e know who

lik e us an d w h o

do n o t l ik e us,

and w h y . W e h a ve r e m o v e d m a n y
p r e ju d ic e s , o v e r c o m e a good deal
o f ig n o r a n c e , an d h a v e c r e a t e d a
b e t t e r u n d e r s t a n d i n g in t h e m in d s
of f a r m e r s c o n c e r n in g t h e mission
of b a n k s .”— E d i t o r ’s N ote.

tising in the form of educational pub­
licity and by personal contact on the
part of our officers wherever possible.
D e f i n it e R esu lt s O b ta in e d

Here is what we have accomplished:
1. We have accumulated a founda­
tion of accurate credit data on every
farmer in our trade territory. It is
built up of the tax figures, the verbal
statement of the man himself or his af­
fairs, the opinion of some successful
neighbor and the impression of our rep­
resentative.
2. We have an accurate and com­
plete mailing list from which we have
chosen departmental mailing lists of
real prospects.
3. We have been able to extend
prompt credit without tedious references
and investigations, and with but few
losses, to many hundreds of worthy
farmers, based on our credit file infor­

mation, supported by further and more
detailed statements made in person by
the borrower when applying. We are
conscious of doing a business that is
much more satisfactory and profitable
to us and of much greater usefulness to
the people we serve.
4. We have secured written finan­
cial statements from a large percent of
our farmer borrowers of larger amounts.
5. The number of our depositors and
the amount of our deposits have in­
creased during the period this work has
been carried on and this in the face of
unfavorable economic conditions, with
declining prices on farm products and
decreasing land values.
6. Our safe deposit rentals have in­
creased 35 per cent, the savings de­
partment has shown a material gain;
investors owning our mortgage loans
have increased 100 per cent in number
and amount, and our work among trust
prospects has been more accurate and
productive of much better results than
ever before.
7. In 1920 we made 4,500 loans; in
192G we made 7,100 loans.
8. We know who like us and do not
and why. We have removed many
prejudices, overcome a great deal of
ignorance and have credited a better
understanding in the minds of the farm­
ers of the mission of banks.
Men come to us to borrow money who
have not borrowed from us before. They
are somewhat surprised when they find
how much we know about their owner­
ship of lands, its location and improve­
ments and their indebtedness.
And
when we tell one of them the name of
his wife, who she was before being mar­
ried and how many children in the fam­
ily at last report, the surprise is so
gieat that he does not recall having
told all this to our representative some
months before. The prospective de­
positor and investor come along and are
pleased to find that we can talk know­
ingly of something in which they are
keenly interested themselves and their
possessions. Their pride is a bit
touched, there is no lack of a subject
and the conference usually ends satis­
factorily.
The statistical information thus avail­
able is just as effective in warding off
the unworthy who come with a veneer
of respectability which might be succeseful in obtaining what they seek.
(Continued on page 70)

12

Mid-Continent Banker

Missouri Bankers Invited
to Join Kansas Train

Why Do
They Pick
Our Com pany?

Well, there

are many reasons, of course
— but space permits us to
list just [15¡ o f

them— here

they are, read ’ em.

1. Non-M edical
2. M on th ly Premium
3. Juvenile Policies
4. Payor Insurance

Such of the Missouri bankers as find
it convenient to travel via Kansas City
to the American Bankers Association
at Houston next month have a very
cordial invitation to join the KansasOklahoma special train, which will
leave Kansas City the evening of Oc­
tober 21st and arrive in Houston the
morning of October 23rd, according to
an announcement made by W. F. Keyser, secretary of the Missouri Bankers
Association. The special train party
will be entertained at Oklahoma City,
Fort Worth, Dallas and en route. A
number of Missouri bankers have re­
served Pullman space, and any others
will be welcome. Hearty assurance to
that effect comes from the Kansas and
Oklahoma Bankers Associations.
Any Southwest Missouri bankers
that desire to pay local fare direct to
Oklahoma City and join the special
there can do so. Some of the Missouri
bankers will find it desirable to use
the St. Louis gateway, others will go
via Kansas City, while some will
doubtless go direct to Houston. This
condition makes it impracticable to as­
semble at any one point for a Missouri

special. We are very glad, however, to
be in a position to offer the facilities
of the Kansas-Oklahoma train to those
who desire to use them. For reserva­
tions, write to Mr. W. W. Bowman,
secretary Kansas Bankers Association,
Topeka.

Dollar Acceptances Show
Continued Increase
Total dollar acceptances covering ex­
ports and imports for 21 banks in this
country as of September 1, 1927, were
$329,180,590, compared with $291,479,959 for August 4, 1927, and $245,786,948 for September 2, 1926, according
to Export Trade and Finance. Accept­
ances in foreign currencies executed by
foreign banks for account of 21 banks
here totaled $29,199,190 for September
1, 1927, against $26,217,756 for August
4, 1927, and $31,717,659 for September
2, 1926.
Irrepressible

“ Hereafter don’t ask so many fool
questions and write on only one side of
the paper,” a newspaper editor ordered
a young reporter.
“ Yes, sir,” acceded the latter, “but
which side?”

5. Salary Savings
6. Participating
7. Non-Participating
8. Sub-Standard
9. Female Insurance
10. Sales Promotion D ept.
1 1. Educational Course
12. Direct M ail Advertising
13. Salesman’s Folio
14. School for General Agents
15. Accident and Health

ICc5<>i35l
The coupon below, or a letter
will bring many others to you.

Cole County Bank W as
Founded in 1912
The Cole County Bank of Jefferson
City, Missouri, one of the hosts to Group
Five bankers on October 5, was founded
in 1912 with a capital stock of $25,000.
At that time the banking rooms were lolocated at 701 Jefferson street, where
they remained until 1924 when the pres­
ent quarters were occupied.
The new banking home consists of a
large room with four tellers’ cages, a

large lobby, a private office for the cash­
ier, and desk space for the real estate
department. There is ample working
space, a convenient director’s room, sup­
ply room and a fireproof and burglarproof vault.
Capital of the bank was increased to
$50,000 in 1920 and total resources are
now approximately $1,000,000. Ernest
C. Moerschel is president; J. Wm.
Fischer, vice-president; Otto J. Busch,
cashier, and W. A. Bassman, assistant
cashier.

ABRAHAM LINCOLN LIFE
INSURANCE COMPANY
(Formerly Mutual Life of Illinois)
Hom e Office

Springfield, Illinois

H. B. HILL, President

I

F. M. FEFFER,
V ic e -P r e s id e n t— A g en cy D irector

I Abraham Lincoln Life Ins. Co.
Springfield, Illinois.
I

I

G e n t le m e n :
I a m in terested . K in d ly send m e i n fo r m a tio n
regarding
you r
B an k ers’
A g en cy co n tr a c t:

I
■

□ Illinois
□ Indiana

I

^Michigan
□ Missouri
COhio

□ Iowa

I

L -------------


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

(N am e)

(Address)

Cole County Bank, Jefferson City, Mo.

13

St. Louis, October, 192’,

L ife

Insurance

S ection

The Economic Value of a Human Life
The M an W h o Is Earning $5,000 a Year H as an
Econom ic Value at A g e 30 of More than $48,500

I

F by some miracle all adults in the
country were to immediately require
a full and complete knowledge of
what life insurance is and what benefits
it would provide for their families, for
their business, and for themselves, there
would be such a demand for life insur­
ance that it is a question as to whether
or not any agents would be needed.
Along that line an interesting specu­
lation has been worked out during the
year of 1926 as to the economic value of
a human life. Tables have been pre­
pared from age one to seventy, showing
just what a human life is worth. For
instance, it is shown that the average
man of thirty, whose maximum wage is
$2,500 a year, is worth, in terms of net
future earnings, $31,038. The $5,000 a
year man has an economic value at age
thirty of $48,562, and, as stated, similar
valuations have been worked out for all
ages on male risks.
Along this same line figures have re­
cently been compiled which show that,
of all of the life insurance in force today
in North America, if this amount, enor­
mous as it may seem, were converted
into terms of actual income as compared
with the average income of the pro­
ducers in this territory today, it would
be sufficient to last but sixty-seven
weeks.
As life value is the creator of all other
values, when we carefully consider the
above from the standpoint of an analyst,
we must admit that we have not gotten
so far after all. Capitalized at the cur­
rent rate of 5 per cent, the monetary
worth of the current earning capacity
of this nation’s thirty-five million adults
is over two trillion. This enormous total
exceeds the aggregate of all property
values in the country by about six times.
And when considered in the light of the
approximately eighty billions of life in­
surance in force, you will readily con­
cede that there is still room at the top
for the average “Knight of the rate
book.”
It is said that the only real business
asset of 95 per cent of America’s fam­
ilies consists only of the capitalized
worth of the current earning capacity of
the head of the family.

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

By H. E. Van De Walker
State Agent at Ypsilanti, Michigan,
for the Peoria Life
P ro p erty A lw a y s C apitalized.

Property is always given a monetary
expression. It is capitalized wherever
possible with evidences of worth, such
as stocks, bonds and warehouse re­
ceipts. It is subjected to the princi­
ples pertaining to depreciation, the use
of sinking funds to meet future obliga­
tions, the allotment of surplus for emer­
gency purposes, and indemnity against
loss by fire, marine disaster, and other
hazards. It is managed scientifically
from the standpoint of credit. It is
treated equally scientifically from the
standpoint of investment. It is also
safeguarded by way of conservation and
prevention of loss. And finally, in an­
ticipation of the time when control must
be relinquished because of death, its
disposition with reference to the future
is carefully formulated and safeguarded
through wills and trust arrangements.
These economic concepts, so generally
taught with reference to property val­
ues, comprise probably 80 per cent of
the outstanding literature in the science
of business. They can and should also
be applied—all down the line—to that
much greater value, the money worth of
our lives. Life insurance enables us to
accomplish that purpose thoroughly and
conveniently, if we but understand its
applications and see fit to use it ade­
quately. It represents the application
to the life value of those principles of
business management that have for
many years extended to property. Has
not the time arrived when we should
begin to be actuated by a life value
philosophy, instead of being dominated
almost exclusively by a property philoso­
phy?
N on-S peculative Investm ent.

As an evidence of this, picture the life
insurance sinking fund representing the
advantage of being a nonspeculative in­
vestment, absolutely safe, reasonably
profitable, readily convertible into cash,
convenient in its installment method,
free from all managerial troubles except
the payment of the deposits, and entire­

ly immune from the dangers of individ­
ual selection. Life insurance companies
do the investing for the depositors with
the promise that if premature death pre­
vents the complete accumulation of the
sinking fund, the uncompleted portion
will be delivered in addition to what is
already in the fund at the time of the
depositor’s death. All of these invest­
ment advantages indicate the excellence
of the life insurance sinking fund as a
means of meeting either distant future
obligations or possible emergency con­
tingencies.
Before leaving this interesting phase
of the subject of life values, may I make
the following suggestion as a business
basis for the determination of the
amount of life insurance one should
carry. In the field of business life in­
surance, no single formula for universal
use is likely ever to be found. A sep­
arate life value appraisal is therefore
necessary in each instance. Many great
and varying influences present them­
selves, such as the speculative or set­
tled character of the business, its de­
pendence upon the personal ability or
influence of the insured, the degree to
which the business constitutes the per­
sonal estate, the extent of the insured’s
interest in the enterprise, the prospect
of withdrawal of business assets upon
the insured’s death, etc. With respect
to family support, however, determina­
tion of the amount of life insurance to
be carried is comparatively simple.
Family insurance should be large
enough to meet the immediate expenses
incident to the death of the insured and
thereafter to yield an income sufficient
to replace the family’s share in the earn­
ings of the deceased, exclusive of the
insured’s own portion for self-support.
This is the ideal. Many cannot, of
course, avail themselves of this amount
of insurance because of small income.
But where current income is sufficient
this ideal should be observed.
There are many who can carry a sum
that would provide an income which
would be more nearly that of their pres­
ent earnings if the matter were pre­
sented to them in a more understand­
able way.

M id-Continent Banker

14

Sidelights on the F. A. A Convention
M o n t h s of w e l l o r g a n iz e d p l a n n in g by

officers of the association and commit­
tee chairmen resulted in a well oiled
machine which caused the general ses­
sions as well as departmental meetings
to run smoothly from start to finish. In
fact, the twelfth annual convention of
the P. A. A. might well have served as a
model for association conventions in
general. Every phase of the program,
outdoor recreation, general entertain­
ment and business sessions all seemed
to be in the hands of men who know how
to run a convention.

W h i l e no one is ab le to sa y a c c u r a t e l y

By Wm. H. Maas
bankers to the Financial Advertisers
Association. The newspaper contain­
ing the messages was delivered to the
delegates at the noon luncheon which
followed the opening session of the con­
vention on Tuesday. The De Puy Pub­
lications in addition contributed a front
page newspaper story running each day
in the Indianapolis Star during the con­
vention. Both of these efforts on the part
of financial journal publishers resulted
in hundreds of favorable comments from
members and officers of the F. A. A.

So w e l l o r g a n iz e d by m e m b e r s of t h e

entertainment committee, guests at the
Tuesday night dinner eagerly awaited
the opportunity of doing homage to a
prominent Chinese financier. The chair­
man early in the evening announced that
owing to tire trouble, “Dr. Sun Yat
Lung” would be about thirty minutes
late. His entrance to the dining hall
was the scene of a great ovation, the
guests arising and cheering. Through
the efforts of a rude intruder demanding
his laundry it was later discovered that
the Oriental resides in Indianapolis,
where he works as an employe in a
lunch room.
T h e a i r p l a n e p la y e d a p r o m i n e n t p a r t

in the convention. One of the Chicago
newspapers performed a real service for
the members each afternoon by rushing
their final edition, containing market
and financial news, in a plane which
covered the distance of 275 miles in
three hours, enabling delegates at West
Baden to have this news before dinner.
W e ll known w o m en w ho are m akin g a

mark for their sex in the financial ad­
vertising and banking world were active
participants in the sessions. Some of
these included Miss Ruth Pearse of Mil­
waukee, advertising manager of the
First Wisconsin National Bank; Miss
Minnie A. Buzbee of Little Rock, man­
ager of the business extension depart­
ment, American Southern Trust Com­
pany; Mrs. Amy Hyde, advertising man­
ager, Union Bank of Chicago; Miss Mar­
jorie Schoeffel of the Plainfield, N. J.,
Trust Co., and Miss Forba McDaniel,
secretary of the Indiana Bankers Asso­
ciation.

P r o m i n e n t d e le g a te s f r o m

M id -C on tin ent

B a n k e r an d

a ffi li ­

ated De Puy banking publications made
a “scoop” during the convention by dis­
tributing to the delegates a small news­
paper embodying the messages of more
than a score of the country’s prominent


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

N e w officers of t h e F. A. A. in c lu d e :

President, Clinton F. Berry, Union Trust
Company, Detroit; first vice-president,
C. H. Wetterau, American National
Bank, Nashville; second vice-president,
A. E. Bryson, Halsey, Stuart & Co., Chi­
cago; third vice-president, F. R. Ker­
man, Bank of Italy, San Francisco;
treasurer, E. A. Hintz, Peoples Trust
and Savings Bank, Chicago, and secre­
tary, Preston E. Reed, Chicago.
M em bers

Two

hundred

elabo rately

prepared

panels, showing the advertising cam­
paigns of some of the largest banks and
bond houses in the country, were on ex­
hibit, one vying with the other for at­
tention in success building campaigns.
C lif f o r d

De

Puy

of

Des

M o in e s

was

elected president, and Richard F. Dur­
ham of New York City, secretary of the
Financial Publishers Association at a
reorganization meeting held at the West
B'aden Springs Hotel during the F. A. A.
convention. Magazines represented in­
cluded the Northwestern Banker; MidContinent Banker; Trans-Mississippi
Banker; Southwestern Banker; Com­
mercial West; Florida Banker; Bank­
ers Monthly; Mid-Western Banker; Bur­
roughs
Clearing House;
Southern
Banker. It was voted to hold a meet­
ing each year at the same time and
place in which the F. A. A. convention is
held.
A

number

of

$25,000.00 a y e a r

of

the

B oa rd

of

D irec­

tors are: C, E. Bourne, Royal Bank of
Canada, Montreal, Quebec; W. E. Brock­
man, Minnesota Loan & Trust Com­
pany, Minneapolis, Minn.; A. M. DeBebian, Equitable Trust Company, New
York City; Frank Fuchs, First National
Bank, St. Louis, Mo.; Dale Graham, Mis­
sissippi Valley Trust Company, St. Louis,
Mo.; C. H. Handerson, Union Trust
Company, Cleveland, Ohio; Robert J.
Izant, Central National Bank, Cleve­
land, Ohio; H. Ennis Jones, Franklin
Trust Company, Philadelphia, Pa.; H.
W. Kitchell, Illinois Merchants Trust
Company, Chicago, 111.; S. A. Linnekin,
Central National Bank & Trust Co., St.
Petersburg, Fla.; H. A. Lyon, First Na­
tional Bank, Boston, Mass.; C. H. Mc­
Mahon. First National Bank, Detroit,
Michigan; Robert D. Mathias, Depositors
State Bank, Chicago, 111.; A. Douglas
Oliver, Provident Trust Company of
Philadelphia; Marjorie E. Schoeffel,
Plainfield Trust Company, Plainfield,
N. J.; Fred M. Staker, Commerce Trust
Company, Kansas City, Mo.

m en

were noted among the delegates, men
in charge of advertising for banks or
bond houses. One financial advertising
service delegate is reputed to be mak­
ing more than four times that amount
at the present time, an income that
might be pleasant for most of the bank
presidents of the United States.

Jo hn

M.

S te p h e n s ,

v i c e -p r e s id e n t

of

the First National Bank, Salem, Mo.,
died September 8th.
W . A . C h a p m a n , a s s is t a n t c a s h ie r of

not

the Farmers’ Bank of Sheridan, Mo.,
has been appointed as a State bank ex­
aminer by Finance Commissioner S. L.
Cantley, to succeed R. E. Shelby of
Stanberry, Mo.

held by men who happened to be the son
of a president of the bank or having in­
fluence and “pull.” It takes real initia­
tive and a creative and active mind to
hold down a job of advertising manager
nowadays.

been elected first vice-president and di­
rector of the New England National
Bank and Trust Company, Kansas City,
Mo.

Finan cial
The

the N o rth ­

west included C. S. Yarnell, Jr., of LanePiper-Jaffrey, Minneapolis, and W. E.
Brockman of the Minnesota Loan and
Trust Co.

the amount of money spent annually for
financial advertising in the United
States, a number of estimates are
placed at approximately $100,000,000.00.
This includes advertising of the 30,000
banks and trust companies as well as
investment security firms.

ad vertising

jo b s

are

Jo seph

R.

B ru c e

of

New

Y ork

has

M IS S O U R I G ROUP M E E T IN G S E C TIO N

W h o’s W ho Among- Missouri Bankers
George U. Shelby, chairman of Group
Six of the Missouri Bankers Associa­
tion, is vice-president and cashier of the
Charleston-Mississippi County Bank,
Charleston, where Group Six will meet
on Tuesday, October 4.

He attended school in Canton until he
was fifteen, and then entered the rail­
road business at Burlington, Iowa. Later
he married and moved to Chillicothe,
where he engaged in the mercantile
business and farming for eleven years.
When Ray McNally resigned his posi­
tion as cashier of the Citizens National
Bank of Chillicothe and came to St.
Louis to go with the National Bank of
Commerce, Mr. Welch succeeded him as
cashier of the Citizens National at Chil­
licothe and has continued in that ca­
pacity.
Mr. Welch is a member of the Chilli­
cothe Chamber of Commerce, Country
Club, Elks and Rotary. His hobby is
farming—raising pure-bred short-horn
cattle.

served on various ships and stations,
including five years in the submarine
branch of the service, half of which time
was spent as commanding officer. He
commanded the H-3 and the H-8 during
the late World War, and the R-4 after
that.

Gus Delaney, chairman of Group One
of the Missouri Bankers Association, is
cashier of the Hurdland State Bank at

Chairman

Geo. U. Shelby
Group Six, Charleston,

Mo.

Chairman

Mr. Shelby has just completed his
fourteenth year in the banking business,
part of which time was spent as repre­
sentative of the National City Bank of
St. Louis, and the remainder in Charles­
ton, the last three years of which have
been spent as vice-president and
cashier of the Charleston-Mississippi
County Bank. Mr. Shelby was cashier
of the Mississippi County Bank prior to
the consolidation three years ago.

E. O. Welch
Chairman Group Two, Chillicothe, Mo.

Mo.

After resigning from the navy in 1920
he purchased an interest in the Heaton
Bank at Craig, and has been connected
with that institution ever since, having
served as assistant cashier, vice-presi­
dent and president.

E.
O. Welch, chairman of Group Two
of the Missouri Bankers Association, is
cashier of the Citizens National Bank
Gus Delaney
Chairman Group One, Hurdland, Mo.
of Chillicothe. He was born at Atlanta,
Hurdland, Missouri. Mr. Delaney has
Georgia, and came to Missouri with his
always been active in the affairs of his
parents at the age of six.
group and in the affairs of the M. B. A.


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

R. W . Holt
Group Three, Craig,

R. W. Holt, chairman of Group Three
of the Missouri Bankers Association, is
president of the Heaton Bank of Craig.
He was born on a farm near Maryville,
Missouri, in 1890.
When four years of age he moved to
Maryville with his parents and lived
there until he was eighteen, graduating
from Maryville High School in 1908. He
immediately entered the United States
Naval Academy at Annapolis and grad­
uated from that institution in 1912.
From 1912 until 1920 he served as a
commissioned officer in the United
States Navy, reaching the rank of Lieu­
tenant Commander when he resigned to
enter the banking business in 1920.
During his time in the navy, Mr. Holl

A. A. Speer, chairman of Group Five
of the Missouri Bankers Association, is
president of the First National Bank of
Jefferson City. Mr. Speer is also a di­
rector of the Bank of Chamois, Bank of
Bonnots Mill and Bank of Osage City.
He was born in Indiana in 1858 and
entered the banking business in 1890.
He was one of the organizers of the
Bank of Chamois, became its first vice(Continued on page 57)

A. A. Speer
Chairman Group Five, Jefferson City, Mo.

16

Mid-Continent Banker

Hjiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiii^

A. A. SPEER , President
WM. BAUER,

W. E. ZUENDT,
Active Vice-President

Vice-President

E M IL SCHOTT,

JOS. H. REPHLO,

Cashier

Active Vice-President

FR E D W. JE N S,

M. R. BU ER SM EYER ,
Assistant Cashier

Assistant Cashier

Mjiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiii

Welcome, Group 5 Bankers
Each succeeding group meeting of the M is­
souri Bankers Association results in further
advancement of both progressive business
methods and sound banking principles.
While you are in Jefferson City attending
the group meeting, we hope that you will
pay us a visit and look
over our new bank:y'
ing home. All of our facilities are at your
disposal.

.

m iiim nR cSO U rC C S O V 6 f $ 4 , 8 0 O , O O O

11111

“ L a r g e s t B a n k i n the S t a t e i n a C i t y o f L e s s T h a n 3 2 , 0 0 0

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

”

17

St. Louis, October, 1927

Bankers of Group Five Will Meet at
Jefferson City, Wednesday, October 5
EFFERSON CITY, capital of Mis­
souri and county seat of Cole
County, meeting place for Group
Five bankers, Wednesday, October 5,
had its beginning a hundred and six
years ago, with the approval of Gov­
ernor Alexander McNair of a bill estab­
lishing the headquarters of state gov­
ernment at the present location. The
town was laid out in 1822; the first
Capitol being built four years later.
The original Statehouse was de­
stroyed by fire in 1837, and a more com­
modious edifice begun the same year
was completed in 1842. Bayard Taylor,
famous traveler and poet, on visiting
the city, described the site of the Cap­
itol on the bluff above the river, as the
most picturesquely beautiful enjoyed
for such a purpose by any State in the
Union.
In 1887 two wings were added. Fire
destroyed this famed structure in 1911.
The present magnificent building was
erected under the direction of a bipar­
tisan commission of four members, who
entered upon their duties October 6,
1911- and who turned over the new Capitol to the State, October 5, 1918. Dedi­
cation ceremonies, delayed by the war
were held October 6, 1924.
Paintings include Charles Hoffbauer s
“Glory of Missouri in War,” in the House
chamber; four panels by Richard E.
Miller, in the Senate; murals in the

J


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

By Elmer Talbot
Secretary-Manager, Jefferson City
Chamber of Commerce
dome by Frank Brangwyn, with paint­
ings of “Missouri in War” and “Missouri
in Peace,” by Oscar Berninghouse, Fred
G. Carpenter, N. C. Wyeth, Adolph Blonheim, Henry Reuterdahl, R. A. Kissaek,
Frank B. Nuderscher, E. H. Wuerpel,
Charles F. Galt, Ralph Chesley Ott, Tom
P. Barnett, Robert Ball, P. Humphrey
Woolrych, and in the Governor’s recep­
tion room, four panels by Gari Melchers.
Famous works of sculpture include J.
E. Fraser’s bronze statue of Thomas
Jefferson at the main entrance; Karl
Bitter’s Louisiana Purchase group, and
A. A. Weinman’s fountain bronzes.
Jefferson City is one of the fastest
growing municipalities of the Middle
West. The 1927 City Directory count
totaled 18,237. The city’s population in
1920, as shown by United States census,
was 14,490; in 1910, 11,850; and in 1900,
9,664.
In addition to the Capitol, the Su­
preme Court building and State Radio
Station WOS, Jefferson City has 24 in­
dustrial establishments, including three
large shoe factories—two of the Inter­
national Shoe Co., and that of the
Tweedie Footwear Corporation; one of
the finest color printing establishments
in the country; tire chain and wood prod­

State Capitol, Jefferson City, Missouri

ucts factories; a large milling establish­
ment; paper box and broom factories;
ice cream and beverage manufactories;
and is the headquarters and home office
of the chain of D. M. Oberman Manu­
facturing Company work clothing fac­
tories. It is also the headquarters city
of the Capital Mutual Insurance Associa­
tion. Large shops of the Missouri Pa­
cific railroad are located here, the Jef­
ferson City pay roll of the company in
1926 being $1,082,813.28.
The four banks of the city have total
resources of $10,380,365.42, with total
deposits of $9,377,607.26. Jefferson City
has nine building and loan associations.
As “ Central Gateway to the Ozarks,”
Jefferson City welcomes ever-increasing
thousands of visitors yearly, vacation­
ing in that beautiful region. Moreau
Park, two miles from the city, on the
Moreau river, is one of the nearby high
class resorts. State Park, with its swim­
ming pool, is one of the most popular
recreation spots within the city. A tour­
ist camp is maintained near the city for
motorists.
Two nine-hole golf courses—those of
the Country Club and the Municipal
Golf Association—are the scenes of
many tournaments each year, both
courses being well located and main­
tained.
Hotels include the Central, the Madi­
son and the Monroe, with the new 140-

18

Mid-Continent Banker

Welcome, Group F iv e Bankers
Our facilities are at your disposal
while you are in Jefferson City
attending the meeting of Group
Five—and at all other times.

You Will Appreciate the Friendliness
of Our Institution
□□
□□

EXCH A NGE BANK
Jefferson City, Mo.
OFFICERS
W. A DALLM EYER President
THOS. LAWSON PRICE, Vice-President
J H. DULLE, Vice-President

O. W. RAITHEL, Cashier
W. L. HAGER Assistant Cashier
PAUL BOSCH, Assistant Cashier

room, six-story Missouri Hotel, to be
opened in November.
In educational opportunities Jefferson
City has the distinction of providing
free public instruction from the kindergarden to and including a Junior Col­
lege, the college being quartered in the
new $300,000 senior high school and
junior college building.
The public school system includes six
elementary school buildings for white
children and one negro school. There
are three parochial schools—two Cath­
olic and one Lutheran. There are two
privately
owned business
training
schools. The city maintains a free pub­
lic library.
Lincoln University, located here, is
the state institution of higher education
for negroes. Other state institutions
include the Missouri Penitentiary and
women’s prison farm.
The city is the center of an important
agricultural territory; dairying, fruit
growing and poultry raising being large­
ly developed, together with grain farm­
ing and beef cattle, hog and sheep pro­
duction.
The banks of Jefferson City and Cole
County are progressive and conserva­
tively managed. Financial institutions
and bankers of Group Five are assured
a cordial welcome by their hosts, and
a most profitable time at the annual
meeting Wednesday, October 5.

We Are Anxious
to extend a friendly greeting to

all

M issouri

bankers at the time of their Group M eetin gs, and
a cordial welcom e to bankers of Group Five, who
m eet in Jefferson City, W ed n esd ay, Oct* 5th*

SAM B. COOK, President
HOWARD COOK. Vice-President
PAUL A. SCHAEFER, Treasurer
CLETUS, V. ZUBER, Vice-President
G. A. FISCHER, Secretary
L. W. W EILER, Trust Officer

A t Your Service— Alw ays

Central Missouri Trust Co.
Jefferson City, Mo*
Edward Buder

A

Service-Built Institution at Jefferson


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

City’ s

Busiest

Corner

Mr. Buder. vice-president and treasurer of
the Mercantile Trust Company of St. Louis,
and President of the Missouri Bankers Associa­
tion, will be one of the speakers at each of the
Grouo Meetings to be held this month through­
out Missouri.

19

St. Louis, October, 1927

Central Missouri Trust Co.
W a s Organized in 1902
The Central Missouri Trust Company
of Jefferson City, Missouri, was organ­
ized February 2, 1902, by Messrs. G. A.
Fischer, present vice-president-secre­
tary of the trust company; Sam B. Jeff­
ries, at that time state attorney gen­
eral, now prominent attorney of St.

“ ROLL of HONOR” BANKS
in MISSOURI
It is an honor to be listed among the Honor Roll banks.

It

indicates that the bank has surplus and undivided profits equal to
or greater than its capital.

Such distinction is accorded to the

banks listed on this page.

By careful management and sound

banking they have achieved this enviable position.
The banks will be especially glad to handle any collections,
special credit reports or other business in their communities which
you may entrust to them.

Central Missouri Trust Co., Jefferson City,
Missouri.

Louis, and Gov. Lon V. Stephens, the
late Gov. Stephens being chosen as
president. The first official statement
of the financial condition of the trust
company issued on April 30, 1902,
showed total resources of $261,043.41.
In 1905, Hon. Sam B. Cook became
president and is still serving in that
capacity.
The Central Missouri Trust Company
has enjoyed a steady growth, present
resources totaling $2,497,484.21.
In
1916 it moved from small quarters to
the present banking rooms known as
the Central Trust Building, corner High
and Madison streets, installing all new
equipment including a thoroughly mod­
ern safe deposit department with 800
boxes of four sizes, also an active insur­
ance, trust and real estate department.
Present officers of the bank include
Sam B. Cook, president; G. A. Fischer,
vice-president; Cletus Y. Zuber, vicepresident; Howard Cook, vice-president;
Paul A. Schaeffer, treasurer; Henry De
Wyl, secretary, and L. W. Weiler, trust
officer.
T h e S t a t e E x c h a n g e B a n k of M a c o n ,

Mo., has total resources of $1,446,606.87,
with deposits of $1,299,828.12, according
to their last statement.
T h e B a n k of N e c k C ity , Mo ., has been

consolidated with the Bank of Alba, Mo.
Jo se ph

D.

B r o o k s h ir e , c a s h i e r of th e

Diamond, Mo., Bank, died recently.

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

Correspondence is invited.

Surplus
Capital and Profits
Bank
City
10,000
10,000 $
Agency............. Farmers Bank...................... ..... $
26,000
20,000
Augusta........... Bank of Augusta.........................
31,667
25,000
Buffalo............. O ’Bannon Banking Co...... .......
55,000
50,000
First National...................... .......
200,000
75,000
Columbia......... Boone County Trust Co...
52,000
50,000
Concordia........ Concordia Savings............. .......
20,000
10,000
Bank
of
Dalton....................
Dalton..............
55,000
25,000
Everton............ Bank of Everton.........................
125,000
50,000
Bank
of
Farmington.........
Farmington....
30,000
25,000
Gilman City.... Gilman Bank........................ .......
87,000
.......
75,000
Hardin............. Bank of Hardin....................
26,471
20,000
Hayti .............. ..Bank of Hayti......................
21,000
.......
10,000
Iron County Bank.............
Trnntrm
175,000
100,000
Toni in
Miners Bank.......................... ... .
3,470,000
.......
1,000,000
Kansas City.... First National.....................
35,000
30,000
Lebanon........... ...State Bank............................ .......
35,000
20,000
Maitland.......... Peoples Bank.......................
85,000
50,000
First National.....................
75,000
50,000
Odessa............. Bank of Odessa.............................
50,000
25,000
Perry................ Peoples Bank.......................
27,000
10,000
Raymore.......... Bank of Raymore............... .......
143,334
100,000
St. Joseph........ First Trust Co................... .......
252,000
200,000
St Louis
Jefferson Bank...................
8,583,523
St. Louis.......... Mercantile Trust Co........... ....... 3,000,000
290,000
100,000
Sedalia.............. Citizens National............... .......
14,900
10,000
South Gifford... ..Bank of Gifford...................
82,000
10,000
Sullivan........... Bank of Sullivan................. .......
30,000
25,000
First National
..............
22,000
15,000
Stover............... ..Stover Bank..........................
32,000
.......
20,000
Tarkio
Farmers Bank.....................
115,000
.......
50,000
Peoples
Bank.......................
Troy..................
55,000
15,000
Union............... ..Bank of Union.............................
114,592
100,000
Warrensburg. Citizens Bank.............. .........
100,000
146,900
W ellston.......... First National..................... .......
40,000
60,000
Windsor.......... Citizens Bank......................

20

M id-Continent Banker

Neill A. M cM illan Dies
Suddenly Near Boston
Neill Alexander McMillan, chairman
of the Board of the First National Bank
in St. Louis, and for thirty years a figure
in St. Louis finance, died recently from
a stroke of apoplexy at a sanitarium in
Chestnut Hills, near Boston, as he was
preparing to terminate his convalescence
from a general breakdown.
Mr. McMillan was born in Coosa
County, Ala., but his friends do not
know, nor do his published biographies
reveal, in what year. In 1880, however,
he had completed his education in pri­
vate schools and commercial colleges,

and was engaged in the wholesale and
retail grocery business in Waxahachie,
Tex.
The following year he organized the
private bank of Patrick McMillan & Co.
in the same town, and in 1882 founded
the First National Bank of Waxahachie,
of which he was cashier until the end
of 1886.
January, 1887, saw him organizing
the National Exchange Bank of Dallas,
which he served as cashier until he
came to St. Louis in 1897, where he be­
came treasurer of the Union Trust Com­

W e l c o m e , Bankers o f Group Five

Cole County Bank
Jefferson City, Missouri
Capital $50,000.00

O F F IC E R S
E . C . M o e r s c h e l, P r e s id e n t
J . W . F is c h e r , V ic e -P r e s id e n t
O . J . B u s c h , C a s h ie r
W . A . B a s s m a n , A s s i s t a n t C a s h ie r

THE NATI ONAL

PARK BANK

of N E W YO R K
214 BROADW AY
Uptown Offices:
Park Avenue and 46th Street— Seventh Avenue and 32nd Street

Established 1856

DIRECTORS
Charles Scribner
Richard Deiafleld
Francis R. Appleton
Cornelius Vanderbilt
Gilbert G. Thorne
Thomas F. Vietor

John G. Milburn
William Vincent Astor
Joseph D. Oliver
Lewis Cass Ledyard, Jr.
David M. Goodrich
Eugenius H. Outerbridge

Kenneth P. Budd
John H. Pulton
Frank L. Polk
Benjamin Joy
George M. Moffett

Banking in all its branches
Commercial and Travelers’ Credit issued.
Correspondents in all
principal Cities in the World. Foreign Exchange bought and sold.
Corporate and Personal Trusts; Safekeeping of Securities; Collec­
tion of Income. Investment Service for Customers. Safes in our
Safe Deposit Vaults at moderate rental.
Capital, Surplus and Undivided Profits $34,000,000


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

pany. When this concern merged in
1902 into the St. Louis Union Trust
Company, he took a vice presidency, and
held it until his elevation to the presi­
dency in October, 1909.
When the present First National Bank
was organized in 1919, by consolidation
of the St. Louis Union Trust Company,
the Mechanics American National Bank
and the Third National Bank, McMillan,
along with Walker Hill, president of
the Mechanics American, became execu­
tive managers, and F. O. Watts, presi­
dent of the Third National, became
president.
After Hill’s death the board chose Mr.
McMillan chairman of the board. Watts
has held the presidency since the
merger.
Mr. McMillan’s several posts have in­
cluded those of director and chairman
of the board of the St. Louis Union Trust
Company, treasurer of the Bogey In­
vestment Company, director and chair­
man of the Executive Committee of the
Chicago, Milwaukee and Gary Railroad,
director and member of the Executive
Committee of the New Orleans, Texas
and Mexico Railroad, director and as­
sistant treasurer of the Marshall and
East Texas Railroad, vice president of
the West Texas Abstract and Guaranty
Company, chairman of the board of the
Texas Electric Railway and director of
the Dallas Securities Company.
He was president at one time of the
Bankers’ Club of St. Louis, and during
the war was chairman of the Finance
Committee of the St. Louis Chapter of
the American Red Cross. In the Red
Cross drives of 1917 and 1918, he was
executive chairman of the Finance Com­
mittee.
He acted as vice-chairman for the
State of Missouri in the Young Men’s
Christian Association War Council, and
as chairman of the Recruiting Commit­
tee for the Officers’ Training Camp.
War finance benefited from his work
as a member of the Capital Issues Com­
mittee of the Eighth Federal Reserve
District, chairman of the Committee to
Audit the Federal Reserve Bank of St.
Louis in 1918, and chairman of the
Bankers’ Executive Committee of the St.
Louis Liberty Loan Organization.
He also found time to serve as chair­
man of the Blewett Memorial Commit­
tee and as a member of the Advisory
Committee of the old St. Louis Civic
League. He belonged to the old St.
Louis Club and to the Racquet, St. Louis
Country, Bogey, Noonday, Round Table,
Bankers and University clubs, as well as
to the Chamber of Commerce.
Often the cockloft is empty in those
whom nature hath built many stories
high.—Fuller.

21

St. Louis, October, 1927

Exchange B ank o f Jefferson
C ity Is 63 Years Old
The Exchange Bank of Jefferson City,
Missouri, one of the hosts to Group 5
bankers, October 5, had its beginning
in 1864 as the Jefferson City Savings
Association. That institution was or­
ganized with Wm. E. Dunscomb, presi­
dent, and P. F. Miller, cashier. Total
resources were about $66,000.
In 1872 this was converted into the
National Exchange Bank, with the fol­
lowing officers: H. Clay Ewing, presi­
dent; Chris Wagner, vice-president;

ers

Program for M eeting of
Group Five
Je ff erso n

C ity ,

W ednesday,

October

5.

1 0 :0 0 A. M .— M e e t i n g c a ll e d to o r d e r
by t h e C ha ir m an ., A. A. Spee r, p r e s id e n t,

an d

ad jo u rn m e n t

of

an d

sp ecial

en ter­

1 : 3 0 P. M .— A d d re s s , “ T h e D a i r y O u t ­

A d d r e s s of w e l c o m e .
M i n u t e s of last m e e t i n g by t h e s e c re ­

lo ok

in

Missouri,”

D. C. W o o d ,

E xten­

t a r y , N. S. M a g r u d e r, p r e s id e n t, S a v in g s

sion S p e c ia lis t, S t a t e C o ll e g e of A g r i c u l ­

T r u s t C o m p a n y , St. Louis.

tu r e .
A d d re s s — Dou gla s

A n n o u n c e m e n t of c o m m it t e e s .
E ffe c t

N. V a n

A s s o c ia tio n

M a llo c h ,

C hic ago ,

“ T h e P o e t W h o M a k e s a Jo y o f L i v i n g . ”

Roll call by coun tie s.
of

C ounty

Or­

H o r n e , c a sh ie r,

D is c uss io n— Le d

by

S e le c tio n of n e x t m e e t i n g place.
N e w busines s an d r e p o rt s of c o m m i t ­
tees.

Ed­

w a r d B ud er, p r e s id e n t of M is s o u ri B an k-

E le c t io n

of* officers.

A n n o u n c e m e n t an d a d j o u r n m e n t .

Faithfully serving the needs of
Industrial St. Louis for the past 65
years, qualifies this hank to e x ­
tend its depositors experienced
financial co-op eration .

Capital
Surpl us
Undivided
Profits
$3,500,000


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

A nnouncem ents
f ir s t session.

ta inm ent.

I n v o c a ti o n .

A m e r i c a n N a t i o n a l B an k, St. Jo seph.

When you have anything to commu­
nicate that will distress the heart of
the person whom it concerns, be silent,
in order that he may hear from some
one else.—Saadi.

pany, St. Louis.

Noon— Luncheon

F i r s t N a t i o n a l B a n k , Jeffe rso n C ity .

Address— “ T h e

Phil E. Chappell, cashier, and Nick E.
Miller, assistant cashier.
In May, 1879, the Exchange Bank of
Jefferson City was organized to take
over the National Exchange Bank, ana
their statement at that time showed
total resources of approximately $219,000.
The Exchange Bank of Jefferson City
has, therefore, been doing business for
the past sixty-three years. Total re­
sources are now more than $2,154,000,
indicating the steady growth of this in­
stitution since its organization, and the
confidence and esteem in which it is
held by its patrons.
Present officers of the bank include
W. A. Dallmeyer, president; T. L, Price,
vice-president; J. H. Dulle, vice-presi­
dent; O. W. Raithel, cashier; and W. L.
Hager and Paul Bosch, assistant cash­
iers.

an d v ic e - p r e s id e n t and

A dd re ss.

9 : 0 0 A. M .— R e g is t r a t i o n .

g a n i z a t i o n , ” . E.

Exchange Bank, Jefferson City, Mo.

A s s o c ia tio n

tre a s u re r of th e M e rc a n tile T r u s t C om ­

The Merchants Laclede National Bank
of St. Louis

— that at The American Banks
there is one employee for every
hundred families in Nashville?
Quick service, courteously ren­
dered, is always the aim here.
A! Isn’t this bank the right ÌL
Akbank f o r you . . . . too?ft3
“ A Greater Batik f or Greater N ashville’

^A

m e r ic a n
^National

B

"NASHVILLE

A m erica rfN ation al Company

w

(AFFILIATED)

an ks

22

M id-Continent Banker

Come to Sedalia
You Are Expected!


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

—

— and we suggest that the President,
the Vice-Presidents, the Cashiers and
Assistant Cashiers all attend the Group
meeting—and you might even bring
the Board of Directors.
You will be genuinely welcome, and the
friendly discussion of mutual problems
will benefit every banker present.
Sedalia awaits your coming on October
14th with real pleasure—as these banks
await the opportunity of serving you
on that day— and in the future—

CITIZENS NATIONAL BANK
THIRD NATIONAL BANK
SEDALIA NATIONAL BANK
SEDALIA TRUST CO.
UNION SAVINGS BANK
SEDALIA, MISSOURI

23

St. Louis, October, 1927

Group Four Will Meet at Sedalia
EDALIA, meeting place for Group
Four bankers on Friday, October
14, is the sixth largest city in Mis­
souri. It was founded in 1868 by Gen­
eral George R. Smith, and is located
on the main lines of the Missouri Pa­
cific and Missouri, Kansas & Texas rail­
roads.
It is the county seat of Pettis County,
one of the most fertile and productive
counties in the state, and in addition to
the railway facilities is served by Fed­
eral highways providing ideal travel in
all directions.
There are fourteen public schools,
with an enrollment of over 5,000, all of
the schools being well organized and
well supervised. Recently a new mod­
ern high school was built at a cost of
$450,000 and one grade school costing
$100,000. Plans are now under way for
additional new schools to be constructed
immediately to take care of a growth
in school enrollments.
There are two parochial schools, one
of which was just recently built at a
cost of $50,000.
Central Business College, one of the
oldest and best known in this part of the
state, affords excellent opportunities for

S

those desiring to qualify in the business
world.
Sedalia and the country surrounding
it offers to the sportsman good fishing
and hunting. The small streams abound
with fish. Baseball, golf, tennis and
other sports are enjoyed during the sea­
sons. The Sedalia Country Club main­
tains an excellent nine-hole golf course.
Moving picture theatres, vaudeville,
road shows and musical entertainments
furnish amusement the year round.
The moral atmosphere in Sedalia is
as good as in any metropolis in the coun­
try and better than in most large com­
munities. There are twenty-nine Protes­
tant churches for whites, two Catholic
churches, one Jewish synagogue, and
six colored churches in the city, making
a total of thirty-nine churches having a
membership of approximately 12,000.
The Sedalia public library building,
on the outskirts of the business section,
is one of the best specimens of architec­
ture in the city. Its value at the pres­
ent time is approximately $75,000, and
it was built with funds from the endow­
ment by the late Andrew Carnegie and
a direct tax voted by the people. The
library has on its shelves a total of 25,-

000 volumes, and circulates more than
110,000 books for home use each year.
Library books are borrowed by twentyfive per cent of the population.
The hospitality of Sedalia is best dem­
onstrated by the thousands of visitors
at the State Fair each year and the
many state conventions which meet in
the city. The resolution commending
the enthusiastic spirit of Sedalia in wel­
coming strangers, adopted by numerous
conventions, are sincere expressions of
thanks and are not mere attempts at
flattery.
Sedalia is fast becoming one of the
greatest convention cities in this sec­
tion of the state. Because of its cen­
tral location, makes it accessible to dele­
gates coming from a distance, ample
hotel facilities and the hospitable spirit
of the residents, Sedalia is being chosen
for a great many large gatherings.
Occupying one of the most beautiful
spots lying just outside of the city lim­
its of Sedalia, the Missouri State Fair
Grounds of today consist of 236 acres of
ground with forty-one permanent build­
ings. The value of these buildings is
now estimated at approximately $2,000,000.

^77777777777777777^777777777777777777777777777/777777777777777777777777777777777

Œije Cijaöe J^attonal ^ a n b

W e take pleasure in

of the City of New York

announcing that

57 BROADWAY
C a p i t a l ............................................. $ 4 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s a n d P r o fits
. . .
3 9 ,6 9 7 ,1 4 6 .1 6
D e p o s it s (J u n e 3 0 , 1927) . .
9 1 9 ,6 0 8 ,5 2 5 .2 3

MR. D. K. S N Y D E R
ASSISTAN T CASHIER

O F F IC E R S

Albert H. W iggin
Chairman of the Board
John McHugh
President

Robert L. Clarkson
Vice-Chairman of the Board

Vice-Presidents
Samuel H. Miller
George E. Warren
Carl J. Schmidlapp
George D. Graves
Reeve Schley
Frank O. Roe
Sherrill Smith
Harry H. Pond
Henry Ollesheimer
Samuel S. Campbell
Alfred C. Andrews
William E. Lake
Robert I. Barr
M. G. B. Whelpley
William P. Holly
Vice-President and Cashier
Second Vice- Presidents
Frederick W . Gehle
Edwin A. Lee
William E. Purdy
George H. Saylor
M. Hadden Howell
Alfred W . Hudson
James L. Miller

Joseph C. Rovensky
Benjamin E. Smythe
Joseph Pulvermacher
Leon H. Johnston
Franklin H. Gates
Arthur M. Aiken

will attend the group meetings
o f the Missouri Bankers
Association

DROVERS NATIONAL BANK
Kansas City Stock Yards
Kansas City, Missouri

Thomas Ritchie
Comptroller

“ T he B a n k o f F r ie n d ly S erv ice*
Foreign and Trust Department Facilities


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

>/7777777777777777777777777777777777?77777777777777777777y7777777777777777777777/>

24

Mid-Continent Banker

Think o f St. Joseph and

—

Remember that the T ootle-L acy N ational Bank is ready

It is the aim of the Fair to entertain
and educate the thousands who attend
each year—to furnish a profitable week
of vacation, of pleasure and education.
The entertainment program has al­
ways been an important part of the
great exposition.

to handle your interests in St. Joseph and the sur­
rounding territory.

Remember, too, that Group 3 meets here Thursday, O cto­
ber 13, and that we are counting on the pleasure of
sharing a profitable and enjoyable program with you.
The facilities of our bank, and the services
of our officers are entirely at your disposal.

Program for M eeting of
Group Four
S e d a lia ,

F rid ay,

October

14.

9 : 0 0 A. M .— R e g is t r a t i o n .
1 0 :0 0 A. M .— M e e t i n g ca ll ed to o r d e r
by t h e C h a i r m a n , F. W . P e n d le t o n .
In v o c a tio n .
M i n u t e s of last m e e t i n g by th e se c re ­

THE T O O T L E - L A C Y N A T IO N A L B A N K

t a r y , F. C. B a r n h i l l .
A n n o u n c e m e n t of c o m m it t e e s .

ST. JOSEPH, MISSOURI

Roll call by coun ties.
Address— “ T h e

E ffe c t

g a n i z a t i o n , ” E. N. V a n

of

C o u n ty

Or­

H o r n e , c a s h ie r ,

A m e r i c a n N a t i o n a l B a n k , St. Joseph.
A s s o c ia tio n di scu ssion led by E d w a r d
B ud er,

president

of

M is s o u ri

Bankers

A sso cia ti o n .
A n n o u n c e m e n t s an d a d j o u r n m e n t .
A F T E R N O O N S E S S IO N .
A d d r e s s — “ T h e D a i r y O u tlo o k f o r M is ­
s o u r i,” D. C. W o o d , E x te n s io n S p e c ia li s t,
S t a t e C o ll e g e of A g r i c u l t u r e .
A d d re s s — D ou gla s

M a llo c h ,

C h ic a g o ,

“ T h e P o et W h o M a k e s a Jo y of L i v i n g . ”
S e le c tio n of n e x t m e e t i n g pla ce .
R e p o r ts of c o m m it t e e s .
E le c t io n of officers.

When in ST. LOUIS

A n n o u n c e m e n t s an d a d j o u r n m e n t .

Program for M eeting of
Group Three
St. Josep h, T h u r s d a y , O c t o b e r 13.

It is generally expected that you are stopping at the Hotel
Chase— where those desiring the best in hotel accommoda­
tions make their headquarters.
/ / / /

9 : 0 0 A. M .— R e g is t r a t i o n .
10 :0 0 A. M .— M e e t i n g c a ll ed to o r d e r
by th e C h a i r m a n , R. W . H o lt .
I n v o c a ti o n .
M i n u t e s of last m e e ti n g by th e S e c r e ­

Hotel Chase is ranked among the outstanding hotels of the
country.
Its quiet, unobstrusive service has made it
nationally famous.
■f 1

i

-f

On your next trip to St. Louis make the Hotel Chase your
home. Our own luxuriously appointed motor-coach will take
you to and from the downtown district.


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

t a r y , O. S. B e r n d t.
A n n o u n c e m e n t of* c o m m itt e e s .
Roll call by co un ties .
Address— “T h e
g a n i z a t i o n , ” E.
A m e ric an

E ffe c t

N. V a n

N ational

of C o u n t y

O r­

Horne, cashier,

B a n k , St. Josep h.

A s s o c ia ti o n di scu ssion led by E d w a r d
Bud er ,, p r e s i d e n t of M. B. A.
A n n o u n c e m e n t s an d a d j o u r n m e n t .
A F T E R N O O N S E S S IO N .

H O T E L CH ASE

A d d r e s s — “ T h e D a i r y O u t lo o k in M is ­
s o u r i,” D. C. W o o d , E x t e n s io n S p e c ia li s t,
S t a t e C o ll eg e o f A g r i c u l t u r e .

Lindell at Forest Park

George T. Thompson — Frederic C. Skillman
Managing Directors

A d d re s s — Dou gla s

M a llo c h ,

C hic ag o ,

“ T h e P o e t W h o M a k e s a Jo y of L i v i n g . ”
N e w business.
R e p o r ts of c o m m it t e e s .
E le c t io n

of officers.

A n n o u n c e m e n t s an d

ad jou rn m ent.

HU. Louis, October, 1927

25

Group Three Will Meet at St. Joseph

Sky Line of the Business District of St. Joseph, Missouri

By Marion E. Cox
Assistant M anaging Director, St. Joseph
Chamber of Commerce

St. Joseph, county seat of Buchanan
County, Missouri, and meeting place for
Group Three bankers, Thursday, Octo­
ber 13.
Is located in the extreme northwest
corner of Missouri, 125.2 miles west of
the geographical center of population.
It is on the Missouri river, the boun-

dary line of Missouri and Kansas, and
Iowa and Nebraska are but a few miles
away.
The progress of the city from its
early beginning up to the present time
is illustrated by its growth of popula­
tion and material wealth.
In 1845 the city had a population of
600, in 1870 20,000, in 1920 77,000, and
it has a population today of 85,733
people.

YOU are invited

at St. Joseph

to make yourself at home at the
“ First" Banks when you attend
the meeting of Group Three in
St. Joseph O CTO BER 13

October 13
OFFICERS

The First National Bank
The First Trust Company

The natural advantages of St. Joseph
have made it a point of distribution and
supply to the country around. It lies
in the center of a wealthy agricultural
and cattle-raising section, and has a
healthy and pleasing climate. Long
periods of extreme cold and hot
weather are rare in St. Joseph and vi­
cinity, the average temperature for five
years being 54 degrees. Average rain­
fall is 33.3 inches.

GEO. A. NELSON
President
CALVIN C. BURNES
Vice-Pres.
JOHN J. WALSH
Cashier
MILO L. CHUTE
Asst. Cash.
OLIVER F. ROTH
Asst. Cash.
J. W. KOST
Asst. Cash.

The annual meeting of Group
3— we bid you welcome and
assure you that every officer
of the B u r n e s National is
anxious to serve you.
W e are glad of this opportu­
nity to meet and discuss com ­
mon problems and to increase
our friendly relations with
bankers of Missouri.

F E L IX AT FOURTH

First State Bank
F E L IX AT F R E D E R IC K AVE.


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

ST. JOSEPH, MO.

THE BURNES NATIONAL BANK
ST. JOSEPH, MISSOURI

Resources Over Five Million

26


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

Mid-Continent Banker
All essentials necessary to profitable
manufacturing are to be found in St.
Joseph — capital, an ample supply of
labor, abundant water and cheap fuel.
There are more than 427 manufacturing
concerns in the city. There are 781
retail stores and 53 wholesale establish­
ments. It now stands third as a whole­
sale dry goods center, first in the manu­
facturing of candy and tenth city in the
United States in flour production. It
also stands out a leader as a jobbing
center. St. Joseph ranks as the tenth
largest primary grain market and the
fifth largest live stock market in the
United States. St. Joseph is the eighth
city in the United States as a railway
mileage center. Six roads—the C. B.
& Q., the Santa Fe, the Rock Island, the
Missouri Pacific, the Union Pacific and
the Great Western, owning 50,543 miles
of track—serve St. Joseph.
St. Joseph is in the heart of the mid­
continent fruit district. In the deep
and rich soil, on the undulating hills
that roll back from the Missouri river,
there are grown apples unsurpassed for
delicious flavor, color and keeping qual­
ities. Jonathan, Winesap, Delicious,
Black Twig, Ben Davis and Gano are
the varieties grown successfully and
extensively here.
The city maintains a well-organized
school system, with an enrollment of
more than 15,000 students. There are
nine parochial schools, two business col­
leges and one school for foreigners, and
with its excellent school system and
home life may be added another factor
in the city’s social life—the churches.
The city’s system of churches is made
up of ninety-four worshipping congre­
gations, of which number about half
own their own buildings.
823 acres of park land providing a
constant source of recreation and en­
joyment. Nature has done much for St.
Joseph in the way of beautiful spots.
Unsurpassed recreation facilities are
provided for everyone — playgrounds,
municipal tennis courts and golf links,
and a large municipal swimming pool.
St. Joseph offers many attractions to
the convention delegates.
The five
principal hotels are the Hotel Robidoux, St. Francis, Jerome, Metropole
and St. Charles. The Auditorium, seat­
ing 6,000, is spacious enough to accom­
odate all state and section gatherings
and many national conventions.
The sixteen banks of St. Joseph are
progressive financial institutions and
their 1926 record of transaction
amounts to $1,959,786,000. Clearings,
$392,705,388; bank deposits, $52,716,032.
The bankers of Group Three are as­
sured a good and profitable time at
their annual meeting of Group Three,
Thursday, October 13.

St. Louis, October, 1927

27

Jefferson City Bank
Has Fine Home
Bankers attending this year’s meet­
ing of Group Five of the Missouri Bank­
ers Association will have an opportuni­
ty to visit the fine new home of the
First National Bank of Jefferson City,
which was completed about a year ago.
The location of the building and its
beautiful exterior of Carthage stone
commands the attention of everyone ap­
proaching the Capitol and business cen­
ter of Jefferson City. The keynote of
the entire structure is effectiveness,
achieved by proportion in scale and
choice of material, rather than by or­
nateness in design and detail.
Entering through the central arch on
High street, the visitor passes through
a tessellated square lobby with marble
wainscot. Through the doors opposite
the main entrance, one passes directly
into the great banking room, the open
treatment of which gives an air of
spaciousness and rich dignity in har­
mony with the exterior design.


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

The public space paved with Carth­
age marble is flanked on either side
with the bank screen and officers’ en­
closures, while across the south end
there is a rail shutting off the main vault
and Safe Deposit Department. To coun­
ter height, the bank screen, the enclos­
ing railings and the wainscoting along
the trimming of entrance and vault
doors, and the square piers supporting
the groined arched ceiling are faced
with Tavernelle marble of a warm,
creamy tone. Above this beautiful base
the tellers’ enclosures are designed in a
simple but rich combination of bronze
and glass, while the check desks in the
center of the public space recall this
treatment through the use of the same
materials.
Above the vault, shut off by a screen
partition with access by special stair­
case, are two mezzanine floors for li­
brary, file rooms and conveniences for
(Continued on page 28)

Night and Day
T h e City Hall Station of
the NewYorkPost Office
is on Broadway, directly
opposite the Woolworth
Building, the home o f the
O ut-of-T ow n O ffice o f
American Exchange Ir­
ving Trust Company.

As each mail is sorted
at the Post Office, mes­
sengers from the Bank
collect the letters for this
Company, and, whether
by night or day, deliver
them at once to the Outof-Town Office. No time
is lost.
American Exchange
Irving T rust Company
speeds up the handling of
business o f out-of-tow n
correspondents in every
way possible. Quick action
is taken. Collections are
made without delay. The
correspondent is notified
promptly when funds are
available.
O U T - O F - T O W N OFFICE

A
I

m e r ic a n

r v in g

T

E

rust

xchange

C

o m pan y

Woolworth Building, New York

Interior, First National Bank, Jefferson City, Missouri

M id-Continent Banker

28

Chase National Celebrates
Fiftieth Anniversary
The Chase National Bank of New
York, one of the two banks in this coun­
try with total resources exceeding a
billion dollars, has just commemorated
the fiftieth anniversary of its founding.
Closing its first half century of exist­
ence, the bank has to its credit a rec­
ord of growth unparalleled in the his­
tory of American banking. Opening its
doors on September 20, 1877, the bank
was able to show total resources of $1,042,009 in its first report issued at the
close of that year. Its latest report, as
of June 30th this year, showed that its

resources had increased almot exactly
a thousand times, amounting to the im­
pressive total of $1,042,513,993.
Many illustrious names have been
identified with the history of The Chase
National Bank, which took its own name
from Lincoln’s secretary of the treasury,
Salmon P. Chase. Among those who
have played an important part in the
growth of the institution are John
Thompson, founder of the bank, George
F. Baker, James J. Hill, Henry White
Cannon, Charles M. Schwab, Gates W.
(Continued on page 86)

Jefferson C ity Bank H as Fine
H om e

first month that the bank was located
in its new home, and deposits of the
bank made an exceptional gain.
Deposits of the bank have increased
every year for the past ten years.
The bank now has resources of more
than $4,850,000, with deposits of more
than $4,300,000. Officers include: A. A.
Speer, president; Wm. Bauer, vice-pres­
ident; Jos. H. Rephlo, active vice-presi­
dent; W. E. Zuendt, active vice-presi­
dent; Emil Schott, cashier, and Fred
W. Jens and M. R. Buersmeyer, assist­
ant cashiers.
Mr. Speer is now chairman of Group
Five of the Missouri Bankers Associa­
tion. Mr. Zuendt was at one time State
Finance Commissioner for Missouri.

Of Interest to Bankers
The St. Louis office of the
Herring-Hall-Marvin Safe
Company is located at 306
North Fourth Street under
the management of Mr. S.
E. Castator.
Detailed plans and specifi­
cations of new vault work
will be furnished upon re­
quest without creating any
obligation or expense on
the part of the bank.
Bank Vaults and equip­
ment designed and built by
this company maintain the
same
undeviating
high
standard of quality as has
characterized its product
for more than.half a century.

(Continued from page 27)
the working staff, while at the front over
the lobby and consultation rooms are
located the rest rooms for women pa­
trons, and the beautifully proportioned
directors’ room.
The new building was not only a
necessity to meet the needs of the ex­
panding business of the bank, but it was
a long standing ambition of the officers
of the bank. The result has been grati­
fying; bankers from all over the coun­
try have voiced their admiration, and
the citizens of Jefferson City have also
voiced their approval—ninety new sav­
ings accounts were opened during the

Its recently perfected night
depository enables the bank
to render full twenty-four
hour service daily to its
customers. This device car­
ries the highest insurance
classification.

HERRING-HALL-MARVIN
SAFE COMPANY
306 NORTH FOURTH STREET
ST. LOUIS, MISSOURI
GA rfield 7010

Factory at Hamilton, Ohio


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

First National Bank, Jefferson City, Mo.

St. Louis, October, 1927


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

29

Safeguard Your Funds
The American Automobile Association
recommends
AMERICAN EXPRESS TRAVELERS’
CHEQUES
For Sale at Banks and Express Offices
75c for each $100

N the face of every road map issued in 1927
b y the Am erican A utom obile Association
are printed the w ords of caution, show n above.

O

A card placed under the glass table tops o f m any
important hotels read s: —
“ W e recommend that you transfer your funds into
American Express or other Travelers Cheques. You
can buy them at 22,000 banks and express offices.”

A writer in the Standard Oil C om pany’s magazine
says: —
“ One piece of luggage Eve always found useful is
a booh of Travelers Cheques.”
The sale of Am erican Express Travelers Cheques
by banks everywhere is the logical result of a wider,
more definite knowledge of the m oney safety and
personal service value of these Cheques through
extensive national advertising in magazines and
newspapers.
It is e a sy for a bank to sell Am erican Express
Travelers Cheques today, and the sale is alw ays
profitable and in the nature o f another personal
se r v ic e to y o u r depositors. Usually only a sug­
g e s tio n is n e e d e d , s u c h as “ H o w a b o u t so m e
Travelers Cheques?”

American Express Travelers Cheques

Mid-Continent Banker

30
mKHKWCB}

SPRINGFIELD
WILL WELCOME YOU


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

\ Y 7 H E N you arrive in Springfield on
* ^ the morning of Friday, October
7th, whether you climb out of your
car or off a train, you’ll find a genuine,
honest-to-goodness welcome.

Group
VII

W e ’ve planned a big meeting for you
—a profitable program — and some
new ideas in the line of entertainment
that will make you glad that you’ve
come.
A ll of your friends will be here—
ready to shake your hand and talk
over with you the important issues and
problems that bankers should meet
and discuss.
W e are already counting you “ among
those present” —see you Friday, Octo­
ber 7 th.

The Citizens Bank
Farmers and Merchants Bank
New First National Bank
McDaniel National Bank
The Peoples Bank
Queen City Bank
Southern Missouri Trust Co.
Union National Bank
SPRINGFIELD, MISSOURI

2

31

St. Louis, October, 1927

Group Seven Meets at Springfield

Sky Line of the Business District, Springfield, Missouri

Springfield, known as the “ Queen City
of the Ozarks,’’ is located at northern
gateway to the Ozark region, and is the
mecca each year of thousands of tour­
ists who either headquarter there or
stop on their way into the “Land of a
Million Smiles.” It is a modern, pro­
gressive, prosperous and growing city
of 60,000.
The surrounding country is noted for
its beautiful streams and resorts. Just
a short drive over hard-surfaced high­
ways takes one to the many beautiful
spots of the James River, famed for its
excellent fishing and opportunities for
boating and bathing.
Within the very limits of Springfield
tourists will find every opportunity for
sports. There is Phelps Grove, a mu­
nicipal park; Long’s Park, a tourist’s

camp in the very heart of the city;
Springfield Water Works Park, ideal
picnic grounds, and Sequiota Park with
its state fish hatcheries. Nearby caves
and cool sparkling springs are found in
large numbers. Hotel facilities are ideal
with swimming pools and golf courses
in connection.
But Springfield is more than a resort
city. It is the center of an industrial
and agricultural community. There are
eight banks, seven theaters, over a hun­
dred manufacturing enterprises, thirtythree wholesale houses, and more than
eleven hundred retail stores.
Among the articles manufactured in
Springfield are: Art glass, tents and
awnings, bread, brooms, candy, cigars,
clothing, shoes, cement blocks, dental
preparations, drugs, creamery products,

engravings, flour, furniture, harness and
saddles, machinery, rugs, pencils, foun­
dry products, sash and doors, overalls,
sheet metal, signs, stoves, tablets,
trunks, vehicles and other articles. Prox­
imity to abundant raw materials, cheap
hydroelectric power, a wide trade terri­
tory and excellent transportation facili­
ties makes Springfield a logical location
for factories.
Springfield is also known as an edu­
cational center, for located there are
the State Teachers College and Drury
College, with a combined enrollment of
more than 4,000. There are also thirty
public school buildings and sixty-two
churches.
The land about Springfield is fertile
and splendid crops are raised every
year. Dairying, prultry raising and

Lithographing
and Printing
for the

BANKER

A six-barge tow leaving New Orleans with
12,000 tons of freight for the upper
Mississippi Valley

New Orleans

Checks

D rafts

Letterheads

Certificates

X X V III

Loose Leaf System s
Barge Line9

Office Equipm ent

Stationery Supplies

AND
an endeavor to please, which means
SE R V IC E

to cur customers

INLAND PRINTING COMPANY

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

S P R IN G F IE L D , M O .

Situated at the gateway to South and
Central America, with 5,000 miles of
navigable waterways connecting it with
the entire Mississippi Valley, New
Orleans is strategically located as a
terminus for the Mississippi-Warrior
Service, (Federal Barge Line) which
during 1926 handled 1,043,400 tons of
cargo.

Hibernia Bank & Trust Co.
New Orleans, U. S. A.

32

M id-Continent Banker

truck farming are all very profitable and
some of the largest and best apple

orchards in Southern Missouri are ad­
jacent to the city.

Springfield welcomes the visitor, the
pleasure-seeker and the homeseeker tò
the land of fruits, flowers, fishing, swim­
ming, bathing, motoring and resting. Its
civic organizations, including the Cham­
ber of Commerce, Rotary, Lions, Kiwanis, Optimist and other clubs, will
make you feel at home.

Program for M eeting of
Group Seven
K entw ood
Buildings of State Teachers and Drury College
at Springfield

— Photographs, Courtesy Inland Printing Co.,
Springfield, Mo.

A rm s

Fishing is good in the Ozarks

— Photograph,

Courtesy

Inland

Springfield, Mo.

Printing

H o t e l, S p r in g fie ld , O c ­
t o b e r 7.

Co.,

9 : 0 0 A. M. R e g i s t r a t i o n .
1 0 :0 0 A. M .— M e e t i n g c a ll e d to o r d e r
by t h e c h a i r m a n , C ha s. H . W h i t e .
I n v o c a tio n

—

D r.

In n e s

D.

H arris ,

G r a c e M. E. C h u r c h .
A d d r e s s of W e l c o m e — S e n a t o r

F.

M.

M cD avid .
Resp on se— Chas. H. W h i t e , C h a i r m a n .
M i n u t e s of L a s t
E ll is , s e c r e t a r y .

M e e t i n g — C ha s.

F.

A n n o u n c e m e n t of C o m m i t t e e s .
Roll C a ll by C o u n ti es.
Address:
ganizaton ,”

“The

E ffe c t of C o u n t y O r-

E.

Van

N.

Horne,

c a s h ie r

A m e r i c a n N a t i o n a l B a n k , St. Jo seph.
A dd ress:

“The

D airy

M i s s o u r i , ” D. C. W o o d ,

O utlook

for

E x t e n s io n S p e ­

c ia lis t , S t a t e C o ll e g e of A g r i c u l t u r e .
A djo u rn m en t.
A F T E R N O O N S E S S IO N
1 : 3 0 P. M .— A d d r e s s by D ou gla s M a lloch, C h ic ag o ,
L i v i n g a J o y .”

“The

Poet

Who

Makes

L e g a l D isc uss io n— Le d by Ju dg e J. S.
F a rring to n.
S e le c tio n o f n e x t m e e ti n g place.
N e w busines s
m itte e s .

an d

reports

of

com­

E le c t io n of officers.
A n n o u n c e m e n t s an d a d j o u r n m e n t .
E N T E R T A IN M E N T
L u n c h e o n a t noon to v i s i t i n g b a n k e rs
— K e n t w o o d A r m s H o t e l.
O t h e r e n t e r t a i n m e n t to be f u r n i s h e d
by S p r in g f ie ld
c ia tio n .

Clearing

H o u se

A sso­

T h e Peop le s B a n k o f S p r in g fie ld , M i s ­

souri, has total resources of more than
$1,188,000, with deposits of more than
$1,100,000. J. H. B'illings is cashier.

The
Mississippi Valley Trust Company,
one of the Oldest and Strongest
Financial Institutions in St. Louis,
Offers a Broad Banking Service to
O u t-of-T ow n Bankers


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

The

r e c e n t s t a t e m e n t o f c o n d it io n of

the Citizens Bank of Springfield, Mis­
souri, shows total resources of approxi­
mately $1,500,000. Jerome O’Hara is
president; E. V. Williams, vice-presi­
dent; Tom Watkins, cashier, and E. J.
Adams and T. W. Watkins, assistant
cashiers.
Joe

M artin

of

G allatin

has

been

elected vice-president of the Trenton
National Bank, Trenton, Mo.

33

St. Louis, October, 1927

Program for M eeting of
Group Tw o
C h i l l i c o t h e , W e d n e s d a y , O c t o b e r 12.
9 : 0 0 A. M .— R e g is t r a t i o n .
1 0 :0 0 A. M .— M e e t i n g ca ll ed to o r d e r
b y t h e C h a i r m a n , E. O. W e l c h .
I n v o c a t io n .
M i n u t e s of la s t m e e t i n g by th e S e c r e ­
t a r y , E. C. B r o w n l e e .
A n n o u n c e m e n t of* c o m m it t e e s .
Roll ca ll by co u n ti es .
A dd ress— “ T h e

E ffe c t

of

g a n i z a t i o n , ” E. N. V a n
A m e ric an

N ational

C ounty

Or­

H o r n e , c a s h ie r,

B a n k , St. Jo seph.

A s s o c ia tio n disc uss io n led by E d w a r d
B ud er,, p r e s i d e n t of M . B. A.
A n n o u n c e m e n t s an d a d j o u r n m e n t .
A F T E R N O O N S E S S IO N .
A d d r e s s — “ T h e D a i r y O u t l o o k in M i s ­
s o u r i,” D. C. W o o d , E x t e n s io n S p e c ia lis t,
S t a t e C o ll e g e o f A g r i c u l t u r e .
A d d r e s s — D ou gla s

M a llo c h ,

C h ic a g o ,

“ T h e P o e t W h o M a k e s a Jo y of L i v i n g . ”
N e w bu siness.

, , , _ u GOS u S B C R B I U H u I

R e p o r ts o f c o m m i t t e e s .

t a m

E l e c t i o n of* officers.
A n n o u n c e m e n t s an d

October

9:00 A . M . — R eg istration

4.

at

the

A r­

1 0 : 0 0 A . M . — M eetin g

ca ll e d

to

order

by t h e C h a i r m a n , Geo. U. S h e l b y .
I n v o c a t i o n — R ev.
B aptist

M in utes
L e sli e ,

E. D. O w e n , p a s to r

Church,

of

Last

C h a r le s t o n .

M e e t i n g ------- L.

C.

S ecretary.

Announcement

of

C om m ittees.

R oll C a ll by C o u n ti e s .
Address— “ T h e

E ffe c t of C o u n t y

g a n i z a t i o n , ” E. N. V a n
A m e ric an

National

Or­

H o r n e , c a s h ie r,

Bank,

S t. Jo seph.

D is c u ss io n — Le d b y E d w a r d B u d e r ,
p r e s id e n t, M is s o u r i B a n k e r s A s s o c ia ­
ti o n .
Address— “S ou theast
M is s is s ip p i

i , ,

The New M orrison, when completed, will be the world’ s
largest and tallest hotel, 46 stories high, with 3,400 rooms

m ory.

First

n

ad jou rn m e nt.

Program for M eeting o f
Group Six
C h a r le s t o n ,

a m

; ;~ctl r.**■: / nimJ Ay di ;i

C ou nty ,”

M is s o u ri
Hon.

O.

H.

and
Jos-

W h en in CHICAGO
Enjoy your stay— at the superb new

MORRISON
HOTEL
Madison and Clark Streets

The Tallest Hotel in the World
Forty-six Stories High

lyn, C h a r le s t o n .
A nnouncem ents
F i r s t Session.

an d

A d j o u r n m e n t of

Closest in the city to offices, theatres, stores and
railroad stations

1 : 0 0 P . M . — L u n c h e o n an d M u s ic a l e n ­
te rta in m en t,

R us sell

H om e of the Boston Oyster House

H o t e l.

A d d r e s s — “ T h e D a i r y O u t lo o k in M i s ­
s o u r i,” D. C. W o o d ,

E x t e n s io n

Special­

ist S t a t e C o ll eg e of A g r i c u l t u r e .
A d d r e s s — D o u g la s
M a llo c h , C h ic a g o
— “ T h e P o e t W h o M a k e s L i v i n g a J o y .”
S e le c tio n of n e x t m e e t i n g place.
R e p o r ts of C o m m i t t e e s

an d

E le c t io n

of Officers.
A nnouncem ents

an d

A d jo urnm en t.

To be content with what we possess
is the greatest and most secure of riches.
•
—Cicero.

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

1944 Rooms

Lowest Rates

ALL rooms are outside, each with bath, running ice water,
A "V bed head lamp and Servidor. A housekeeper is stationed
on each floor. All guests enjoy garage service. The famous
Terrace Garden provides good food, sparkling entertainment
and sprightly dance music.
W rite or W ire for R e se r v a tio n s

Mid-Continent Banker

M oberly Welcomes Y o u


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

The Bankers of Moberly extend to you the
Bankers of Group O ne—their heartiest wel­
come in anticipation of your arrival in our
city.
You will come to a real community when
you come to Moberly—a community that is
out to make this Group Meeting a huge
success.
The banks and bankers of Moberly are
looking forward to your coming anxious to
make new friendships and renew old ones
with the hearty handclasp of good fellow­
ship. It will be a pleasure to serve you in
any way possible.
Don’t forget the date—Tuesday, Oct. 1 1th.
Come early and stay as long as you can.

B a n k o f M o b e r ly
M e c h a n ic s S avin gs B an k
M o b e r ly Trust C o m p a n y
R a n d o lp h C o u n ty Trust C o m p a n y
M O B E R L Y , M IS S O U R I

35

St. Louis, October, 1927

Group One Will Meet at Moberly

The Country Club at Moberly, Missouri

OBERLY, located in Randolph
County, Missouri, is the meeting
place for bankers of Group One
of the Missouri Bankers Association on
Tuesday, October 11. It is a city of ap­
proximately 14,000 and is served by
thirty-eight passenger trains daily.

and there is twenty miles of paved
streets intertwined with many wonder­
ful shade trees.
The schools system includes a high
school, six grade schools, a combined
high school and grade school for negroes,

It is the focus point for the Wabash
Railroad lines west of the Mississippi
with direct routes to Des Moines, Omaha,
Kansas City, Chicago and St. Louis. The
M.-K.-T. railroad provides trains to Sedalia and an outlet to the great South­
west in addition to another route to St.
Louis.

Program for M eeting of
Group One

M

Because of Moberly’s central location
in a rich trade territory and because of
the unusually good transportation facili­
ties, the city affords unusual induce­
ments to the wholesaler as well as to
the manufacturer.
The largest employer of men in Mo­
berly is the Wabash Railroad, where
more than 900 men are employed with
an equal number in the division offices
and on train crews. There is also a
large factory for the Brown Shoe Com­
pany, employing more than GOO people;
Moberly Paving Brick Company; Faessler Manufacturing Company; F. M.
Stamper Company; Moberly Foundry
Company; a corrugated culvert factory;
three ice cream factories, printing com­
panies, large coal mines and other flour­
ishing industries.
Two banks, two trust companies and a
building and loan association provide
Moberly with a strong financial back­
ground. Cheap fuel and abundant power
are inducements for new industries.
Moberly is a city of good homes, good
schools and good churches. Practically
every denomination is represented
among the churches and the public
schools are among the best in the state.
The residence districts abound in at­
tractive homes with well kept lawns,

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

M o b e r l y , O c t o b e r 11.
9 : 0 0 A. M .— R e g i s t r a t i o n a t t h e E l k s ’
C lu b .
1 0 :0 0 A . M .— M e e t i n g ca ll ed to o r d e r
by t h e c h a i r m a n , Gus D e la n e y .
In v o c a t i o n — R ev.
p a s to r

C entral

G.

C.

C h ristian

Schurm an,
Church,

Mo-

two Catholic schools and a business col­
lege. The value of the public schools
is over $500,000 and there are seventyfive teachers.
The city also has three fine hospitals,
libraries and Y. M. C. A. and Y. W. C. A.
There are two hundred and sixty acres
of city parks. There are also a number
of good hotels.
All of these advantages make any
legitimate enterprise located in Moberly
reasonably sure of success. The busi­
ness men and people generally are ever
ready to extend a hearty welcome to all
visitors and bankers attending this
year’s meeting of Group One are assured
of a good time.

b e rly .
Address
R othw ell,

of

W e lc o m e — Hon.

mayor

M inutes

of

of

R.

R.

M o b e r ly .

Last

M e etin g — W .

L.

W e a v e r, secretary.

W ill Attend G roup
M eetings

A n n o u n c e m e n t of C o m m i t t e e s .
Roll C a ll by C o u n tie s ,
A d d r e s s — ';T h e
ganization ,”
A m e ric an

E ffe c t of C o u n t y

E. N. V a n

N ational

D is c uss io n— Le d
p r e s id e n t,

O r­

H o r n e , c a s h ie r,

B a n k , St. Josep h.
by

M is s o u ri

E dw ard

B ankers

Buder,
A s s o c ia ­

tio n.
Address— “ T h e D a ir y O u tloo k fo r M is ­
s o u r i,” D. C. W o o d ,

E x t e n s io n S p e c i a l ­

ist on F a r m M a n a g e m e n t , S t a t e C oll ege
of A g r i c u l t u r e .
N o o n — L u n c h e o n a t M e r c h a n t s H o t e l.
1:30

P.

M. — M e r c h a n t s

dres s by R ev. A l l e n
C o a te s

Street

Hotel — A d ­

D u n c a n , p a sto r of

P re sb y terian

Church,

M o b erly, “ T h e D o llar M easures A ll.”
A d d r e s s — D ou gla s
“The
Poet
Living .”

Who

M a llo c h , C hic ago ,

Makes

a

Jo y

of

S e le c tio n of n e x t m e e t i n g place.
R e p o r ts o f c o m m i t t e e s an d ele cti o n of
officers.
A n n o u n c e m e n t s an d a d j o u r n m e n t .

D. K. S N Y D E R
Assistant Cashier, Drovers National Bank,
Kansas City Stock Yards

36


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

M id-Continent Banker

ABTHAGE
Welcomes
Group 8 Bankers
Carthage is ready for the big event, October 6th.
A re You?
E ach and every banker in Carthage is co-operating
and has made som e very extensive plans for the
m eeting of G roup 8 o f the M issouri Bankers A ss o ­
ciation.
Carthage bankers consider it a real pleasure to be
hosts to G roup 8 bankers. W e w ant you to have
an enjoyable time and a profitable meeting.
W e expect a 100 per cent turnout, and our plans
are being made accordingly.
M ay w e count on you ?

B A N K OF C A R T H A G E
C E N T R A L N A T IO N A L B A N K
FIR ST N A T IO N A L B A N K
U N ION T R U S T C O M P A N Y
C A R TH A G E , MISSOURI

St. Louis, October, 1927

37

Group Eight Bankers Meet at Carthage
C

ARTHAGE, county seat of Jasper throughout the country have been built the rate of 80 dozen a day. The pay roll
I County, Missouri, is the meeting of Carthage stone. The new Union Sta­ amounts to about $25,000 a month, and
— place for bankers of Group Eighttion at Chicago is another example of a more than 700 are on the pay roll. Sales
fine building constructed of Carthage last year for this company totaled $926,of the Missouri Bankers Association,
000, and sales for the first nine months
Thursday, October 6. It is known as the stone.
of 1927 are 31 per cent ahead of the
Products of the corporation include
city where nothing knocks except oppor­
same period for last year.
cut stone, sawed stone and finished
tunity. It boasts a population of 14,000.
marble under the general classifications
of “ Carthage Stone” and “ Carthage
Program for M eeting o f
Marble.” The marble has earned a
Group Eight
place for itself in the industry almost
C a r t h a g e , T h u r s d a y , O c t o b e r 6.
solely through its intrinsic merit, as lit­
tle effort has been expended to promote
9 : 0 0 A . M. — R e g is t r a t i o n — L o ga n
its sale. The quarry beds are practical­
B u il d in g , o p po sit e D r a k e H o t e l.
ly level and lie near the top of the
1 0 :0 0 A. M .— M e e t i n g ca ll ed to o r d e r
ground, so that the cost of removing the
by t h e c h a i r m a n , E. C. W i l l i a m s .
overburden is slight compared with
I n v o c a t i o n — Rev. W . W . P ie r c e , F i r s t
other sections where deposits are deeper
B a p t is t C h u r c h , C a r t h a g e .
and oftentimes located on mountain
M i n u t e s o f L a s t M e e t i n g — O. W . C ro y ,
sides where the cost of channeling is
secretary.
materially increased.
A n n o u n c e m e n t of C o m m i t t e e s .
It is well worth a trip through the
Roll C a ll by C ou nti es.
quarries to watch the channeling ma­
A d d r e s s — “ T h e E ffe c t of C o u n t y O r ­
chines cut out the stone, and it is worth
g a n i z a t i o n , ” E. N. V a n H o r n e , c a s h ie r
another trip through the plants to watch
A m e r i c a n N a t i o n a l B a n k , St. Jo seph,
the giant gang-saws cut the stone, after
Mo.
which some of it is rubbed and polished.
D is c u ss io n — Le d by E d w a r d B ud er,
K. D. Steadly is president and general
p r e s id e n t, M is s o u r i B a n k e r s A s s o c ia ­
manager of the corporation; G. J. Bustio n.
boom is vice-president, and W. E. Car­
Address— “ T h e D a iry O u tloo k fo r M is ­
ter, cashier of the Bank of Carthage, is
s o u r i,” D. C. W o o d , E x te n s io n S p e c ia lis t
treasurer. The corporation is capital­ on F a r m M a n a g e m e n t , S t a t e C o ll eg e of
Marble quarries, Carthage, Mo.
ized with $2,000,000 of preferred stock,
A g ricu ltu re.
$1,250,000 of common stock, and there
1 : 3 0 P. M. — D r a k e H o t e l — A dd re ss,
Carthage has the second largest Fair
is $1,800,000 of First Mortgage Sinking
D ou gla s M a llo c h , C h ic ag o , III., “ T h e
in the state. It is the home of Ozark Fund Gold Bonds, dated March 1, 1927,
P o et W h o M a k e s L i v i n g a J o y .”
Wesleyan College and the center of Mis­ and due March 1, 1942.
S e le c tio n of n e x t m e e t i n g place.
souri’s strawberry industry. It is a beau­
Another interesting trip while in
R e p o r ts of c o m m it t e e s .
tiful city with wonderful natural shade
Carthage is a visit to the Smith Brothers
E le c t io n of officers.
trees, good schools and good churches.
Manufacturing Company plants. This
A n n o u n c e m e n t an d a d j o u r n m e n t .
Carthage’s largest industry is the company makes men’s work clothes and
E N T E R T A IN M E N T
Carthage Marble Corporation, and a turns out overalls at the rate of 200
1 2 :3 0 — L u n c h e o n a t D r a k e H o t e l.
trip through the quarries and finishing
dozen a day, shirts at the rate of 50
3 : 0 0 P. M .— O z a r k D i s t r i c t F a i r an d
plants of that institution is well worth
dozen a day, and pants at the rate of 80
R a c e s — C o n t r i b u t i o n b e ttin g p e r m i t t e d .
while. The quarries and plants are lo­ dozen a day, in addition to play suits at
cated only a few minutes from the heart
of the city’s business district.
Holdings of the company include
about 495 acres of land, of which 229
acres are classified as “ stone land,” a
large part of which is under develop­
ment with enough stone deposits to
operate the present quarries and plants
at their productive capacity for a period
in excess of 100 years.
Carthage marble is used for both ex­
terior and interior purposes, the extent
of its use being indicated by the many
notable structures in which this stone
may be found. Missouri’s fine new State
Capitol is built entirely of Carthage
stone, and a large number of office
buildings, theaters, bank buildings,
clubs,
hospitals,
public
buildings,
schools, hotels and other buildings
A view of part of the business district at Carthage, Mo.

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

38

M id-Continent Banker

MISSOURI

Edward Buder, Pres.

BANK

NEWS

O F FICER S M ISSO U R I B A N K E R S ’ A S S O C IA T IO N : President, Edward Buder, vice­
president-treasurer Mercantile Trust Company, St. Louis; Vice-President, E. B.
Jacobs, cashier First National Bank, Carthage; Secretary, W . F. Keyser, Sedalia;
Assistant Secretary, E. P. Neef, Sedalia; Treasurer, F. B. Brady, vice-president
Commerce Trust Company, Kansas City.
GROUP C H A IR M E N :
1— Gus Delaney, cashier Hurdland State Bank, Hurdland;
2— E. O. Welch, cashier Citizens’ National Bank, Chillicothe; 3— R. W . Holt, presi­
dent Heaton Bank, Craig; 4— F. W . Pendleton, vice-president Bank of Independence,
Independence; 5— A. A. Speer, president First National Bank, Jefferson City; 6— Geo.
U. Shelby, vice-president Charleston-Mississippi County Bank, Charleston; 7— C. H,
White, cashier Bank of Seymour, Seymour; 8— E. C. Williams, president Bank of
Noel, Noel.
GROUP SE C R ET AR IES:- 1— W . L. Weaver, cashier Hannibal National Bank, Hanni­
bal; 2— E, C. Brownlee, cashier Brownlee Banking Company, Brookfield; 3— O. S.
Berndt, cashier Farmers State Bank, Stanberry; 4— F. C. Barnhill, cashier Wood &
Huston Bank, Marshall; 5— N. S. Magruder, president Savings Trust Company, St.
lo u is ; 6— L. C. Leslie, cashier First National Bank, Oran; 7— Chas. F. Ellis, cashier
Citizens’ Bank, Marshfield; 8— Otto W . Croy, vice-president Conqueror Trust Com­
pany, Joplin.

B oone C o u n ty
B a n k e r s H a v e P ic n ic .

Instead of the third quarterly meet­
ing, members of the B-oone County
Bankers Association held a picnic at the
Pinnacles, twelve miles north of Colum­
bia, Mo.
The bankers and their friends met at
the Pinnacles at noon where a picnic
luncheon was served. Following the
luncheon a short business session was
conducted, after which there were two
speeches. Miss Frances Bright of the
Boone County Trust Company was one
of the speakers. Omar D. Gray, editor
of the Sturgeon Leader, made the other
address.
E. F. S w i n n e y N o w
C h a i r m a n o f B oa rd.

After twenty-seven years as president
of the First National Bank, Kansas City,
Mo., E. F. Swinney has resigned to be­
come chairman of the board of directors,
a newly created position in that institu­
tion. He will be succeeded as president
by H. T. Abernathy, vice-president. Sid­
ney Silverman, cashier, will become a
vice-president of the First National, as
will Elias Abernathy, former vice-presi­
dent of the Gate City National Bank.
Charles D. Hayward, assistant cashier,
will become cashier.
P. J. B u r f o r d
E le c t e d P re s id e n t.

At a meeting of the stockholders of
the Doniphan State Bank, Doniphan,
Mo., P. J. Burford, vice-president of the
bank, was elected president to fill the
vacancy caused by the death of James
A. Thomas. Mr. Burford’s position as
vice-president was filled by H. E. Thaxton. Edwin Burford was elected as­
sistant cashier, and W. R. Allen of Sup­
ply was elected to the board of directors.

at Thirteenth street and Cass avenue.
The bank now is located at Fifteenth
street and Cass avenue.
The bank will occupy the entire new
building, which will have a frontage of
130 feet on Thirteenth street, facing
west, and a depth of 60 feet along Cass
avenue. The building will be of fire­
proof steel and concrete construction.
The design of the building is a modern
adaptation of the Greek classic. The
street elevations will be faced with
stone, with metal windows and orna­
mental bronze grilles.
The banking room proper will have a
ceiling 33 feet high with a mezzanine
floor at each end. The first floor will
contain officers’ spaces, private offices
and cashiers’ cages.
The vaults and safety deposit depart­
ment will be on the first floor. The
mezzanine floors will be devoted to di­
rectors’ room, committee room, dining
room and kitchen for bank employes.
The Cass Avenue Bank was founded
in 1906, and has deposits aggregating
$4,939,850. J. F. Hellrung is president,
and J. H. Rehme is cashier.
T o o tle-L acy N ational
Op ens B ond D e p a r t m e n t .

The Tootle-Lacy National Bank of St.
Joseph, Missouri, has opened a bond
department with Milton Tootle III, as­
sistant cashier, in charge of the new
department, which is handling a gen­

eral line of high grade investment bonds.
Mr. Tootle said that the new department
was started to satisfy the demand of
local customers and country banks for
sound investments.
Total resources of the Tootle-Lacy Na­
tional Bank, according to the most re­
cent statement of condition, are more
than $6,750,000. Deposits are more than
$6,300,000.
B a rry C ounty
Bankers

H o ld

M eeting.

The Barry County Bankers Associa­
tion met in regular quarterly meeting at
Purdy, Missouri, August 19th. The
meeting was presided over by P. E.
Horine, cashier of the Barry County
Bank. Raymond Brite, assistant casnier of the First National Bank at Purdy,
is secretary. There were twenty-five
present, representing all but three of
the eleven banks in the county, all
banks in the county being members.
Sam E. Trimble, vice-president and cash­
ier of the Union National Bank at
Springfield, was present and made the
principal address, which was very in­
teresting and instructive and along
practical banking lines. He also had
with him Neal Gray, also of the Union
National Bank. Frank Hunt, represent­
ing the First National Bank of St.
Louis, was present. The next quarterly
meting will be held at Monett in Octo­
ber.

N e w B u il d in g f o r
Cass A v e n u e B an k.

The Cass Avenue Bank, St. Louis,
Mo., has awarded a contract to the St.
Louis Bank Building and Equipment Co.
for the erection of a new bank building

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

Tcotle-Lacy National Bank, St. Joseph, M o.

39

St. Louis, October, 1927
R eso u r ces N o w

TW///'////////////////////////»///////////////////////////////////////////////////////////////////////////*

M o r e T h a n $413,250.

The recent statement of condition of
the Union Trust Company of Carthage,
Missouri, shows total resources in ex­
cess of $413,250. Capital is $50,000 and
surplus and profits amount to more than
$18,750. Deposits are more than $342,000. F. M. Clayton is chairman of the
board; J. D. Harris is president; Isaac
Jacobs, vice-president; J. C. Wyatt, sec­
retary and treasurer, and R. R. Wyatt,
aesistant secretary and treasurer..
C en tral N ational
R eso urces O v e r $1,148,000.

The recent statement of condition of
the Central National Bank of Carthage,
Missouri, shows total resources in ex­
cess of $1,148,000, with deposits of more

V I C E
F O R over 52 years this
A Bank has served a large
number of Country Banks
in various ways, until now
our correspondents number
over 80 0 . On the record
of our service to them, we
solicit the accounts of Banks
and Bankers.

Central National Bank, Carthage, Mo.

than $828,000. Capital is $100,000 and
the bank has the distinction of being
an honor roll bank by having surplus
and profits of more than $120,000. Sam
McReynolds is chairman of the board;
J. E. Lang is president; H. M. Boggess,
cashier, and Charles A. Scott, assistant
cashier.

O. J. S U L L IV A N ,

President
H.

C ole C o u n t y

W. KRAMER,

Vice-President

R. D . G A R V IN ,

Cashier
J. W . M I N T O N ,

Assistant Cashier

B a n k e r s E l e c t Officers.

The Cole County Bankers Association
met recently at the Chamber of Com­
merce Hall, in Jefferson City, Mo., and
elected the following officers for the
ensuing year: Henry J. Lueckenhoff,
cashier of the Bank of St. Thomas, pres­
ident; Otto J. Busch, cashier of the
Cole County Bank of Jefferson City,
Mo., first vice-president; Paul Binkley,
cashier of the Farmers Bank of Eugene,
Mo., second vice-president; Paul Schae­
fer, treasurer of the Central Missouri
Trust Co. of Jefferson City, Mo., secre­
tary.
S a n t a Rosa
B a n k s C o n s o lid a t e .

The two banks at Santa Rosa, Mo.,
have consolidated, the Farmers’ Bank
having bought and taken over the Citi­
zens Bank. The officers of the Farmers
Bank will remain the same as hereto­
fore.

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

W . H. LA N D ,

Vice-President

O K E Y M IL L E R ,

Assistant Cashier

THE NATIONAL STOCK YARDS
NATIONAL BANK
ST. LOUIS NATIONAL STOCK YARDS, ILLINOIS

40

Mid-Continent Banker
Issue C h a r t e r to
N e w Boston B an k.

THE

Hanover National Bank
OF THE C ITY OF NEW YORK
Corner Nassau and Pine Streets
E S T A B L IS H E D 1851

Capital
.
.
Surplus and Profits

.
.

$5,000,000
$26,000,000

W I L L IA M H A Y W A R D , P resid en t
E . H A Y W A R D F E R R Y , V ice -P resid en t
H E N R Y P . T U R N B U L L , V ice -P re sid e n t
F R E D E R IC K A . T H O M A S , A s s ’ t C ashier
S A M U E L W O O L V E R T O N , V ice -P re sid e n t
W A L T E R G . N E L S O N , A s s ’ t C ashier
JO SE P H B Y R N E , V ice -P re sid e n t
C H A R L E S B . C A M P B E L L . A s s ’ t C ash ier
JO SE P H S . L O V E R IN G , V ice -P resid en t
W I L L IA M B . S M I T H , A s s ’ t C ashier
J A M E S P. G A R D N E R , V ic e -P resid en t
W I L L I A M H . A L L E N , A s s ’ t C ash ier
G O R D O N H . B A L C H , V ic e -P r e s id e n t
W I L L IA M E . C A B L E , Jr., C ashier
W I L L I A M J. L O G A N , A s s ’ t C ash ier
J. N IE M A N N , A s s ’ t C ashier
F R A N K W O O L L E Y , A s s ’ t C ash ier
G E O R G E E . L E W I S , A s s ’ t C ashier
EL TO N E. O G G , T ru st M anager
F O R E IG N D E P A R T M E N T
W I L L IA M H . S U Y D A M , V ic e -P re s id e n t a n d M a n a g e r
R O B E R T N E IL L E Y , A s s ’ t M an a ger
F R E D E R IC A . B U C K , A s s ’ t M an a ger

BANK OF NEW SOUTH WALES, A ustralia
Paid-Up Capital . . $34,375,000
Reserve Fund . . . 23.750.000
Reserve Liability of
Proprietors . . . 34.375.000

E S T A B L IS H E D 1817
H ead O fficei

GEORGE ST., SYDNEY,
New South Wales
L o n d o n O fficei

$92,500,000
Aggregate Assets \
30th SEPT. 1926 J

THREADNEEDLE ST.,
E. C.

$410,975,720

O S C A R L IN E S , G en era l M an a ger
513 B ranch es an d A g en cies, 190 B ran ch es in New S o u th W a le s , 55 B ran ch es in V icto ria , 52
B ranch es in Q u een sla n d , 7 B ran ch es in S o u th A u s tr a lia ; 58 B ran ch es in W estern A u s tra lia ,
3 B ranch es in T a sm a n ia , 1 B ran ch in Federal T e rrito ry, 61 B ran ch es in N ew Z e a la n d , 3
B ranch es in F iji, 2 B ran ch es in P a p u a , 1 B ran ch in M a n d a te d T errito ry of N ew G u in e a ,
1 B ran ch in L o n d o n .

A U S T R A L IA
P o p u la tio n , 6 ,1 0 0 ,0 0 0 ; A rea, 2,974,581 square m ile s ; S h eep , 93,2 0 0 ,0 0 0 ; C a ttle , 1 3 ,309,000;
H orses, 2,2 9 2 .0 0 0 ; Im p o r ts , $757,22 7,365; E xports, $742,351,785.

A n n u a l V a lu e o f A u s tr a lia ’ s P ro d u c ts
A g ric u ltu re , $ 5 3 5 ,48 2,00 0: P a sto ral, $ 609 ,45 5,00 0; D airyin g, $225 ,94 8,00 0; M in in g , $ 1 2 3 ,2 2 9 ,570; M a n u fa c tu r in g , $ 1 ,904,219,930; T o ta l $3,398,334,500.
513 B ran ch es an d A gencies in all A u s tra lia n S ta te s , N ew Z e a la n d , F iji, P a p u a ; M a n d a te d
T e rrito ry o f New G u in ea an d L o n d o n .
F O R E IG N B IL L S C O L L E C T E D — C able r e m itta n c e s m a d e to , an d d ra fts d raw n on F o reign
p lace s D IR E C T . C irc u lar n o te s issu ed . N E G O T IA B L E T H R O U G H O U T T H E W O R L D

St. Louis Agents: NATIONAL BANK OF COMMERCE

A charter has been issued to the
Farmers Bank of New Boston, Mo.,
which will take over the business of
the Farmers State Bank of that place.
The new bank is practically a reorgan­
ization of the old. It has a capital of
$15,000, fully paid up, and its incorpo­
rators are: C. J. Amen, C. H. Jones,
Guy W. Cable, J. F. Lile, O. L. Poison,
Joseph Piedle and J. M. Dennison.
F irs t N ational
Is H o n o r R oll B an k.

The First National Bank of Carthage,
Missouri, one of the hosts to bankers of
Group Eight, October 6, is an honor roll
bank with capital of $100,000 and sur­
plus and profits of more than $101,000.
It is one of the oldest banks in Missouri,
having been founded in 1872 with Jesse
Thacker as president; J. W. Jacobs as
vice-president, and D. S. Thomas as
cashier. E. B. Jacobs, present cashier,
entered the service of the bank as a
bookkeeper in 1884 and was elected cash­
ier in 1898.
The present fine home of the bank
was completed in 1924. It is a four-story
building of Carthage stone, modern
throughout and equipped with every
banking convenience, including a fire­
proof and burglar-proof vault, mezzanine
floor, woman’s room, director’s room
and storage rooms, in addition to the
main banking room.
Present resources of the bank exceed
$1,272,000. Officers include Howard
Gray, president; W. R. Logan, vice-pres­
ident; E. B. Jacobs, cashier, and R. L.
Shaffer and Iva Cook, assistant cash­
iers.
S e d a lia N a t i o n a l
Res o urces O v e r $1,175,000.

Your Hom e
Away fr o m
Hom e

Single R o o m s a s lo w a s $ 3 .0 0
p er d a y . L a rg e r suites c o r r e ­
s p o n d in g ly lo w . W r it e o r w ir e
f o r in fo r m a tio n a n d ta te s .

The recent statement of condition of
the Sedalia National Bank, Sedalia,
Missouri, shows total resources of more
than $1,175,000, with deposits of more
than $887,000. J. E. Hurley is cashier;
C. H. Bothwell, president.
U n io n N a t i o n a l

Y o u intensify the pleasure

may prepare your ow n

Has Fine N e w Hom e.

o f your stay in Chicago

meals. Y e t d ining ro om

when you select the Rogers

service is excellent. A beau­

Bankers attending this year’s meet­
ing of Group Seven of the Missouri
Bankers Association, will notice a
change during the past year in the home
of the Union National Bank at Springfield. The building has been remodeled
completely.
The front of the building is of
Carthage stone with an entrance through
double doors. Officers quarters are lo­
cated along the left side as you enter,
with a row of cages on the right side.
Fixtures are of marble and the floor is
of inlaid rubber tile. The safe deposit

Park Hotel as your abode.

tiful park slopes down to

Located on world famous Sheridan Road,

a wide, sandy beach— and just beyond it,

it offers you every service that a thought­

Lake Michigan. Nowhere is there a finer

ful, efficient management can devise for your

panorama o f its sparkling waters.

comfort, convenience and pleasure.
A ll rooms are outside room s— large, airy
and cheerful; some with kitchen where you

La Salle Street and the busy, noisy Loop
are but 2 2 minutes removed— with splen­
did transportation service 2 4 hours daily.

ROGERS PARK HOTEL
SHERIDAN R O A D A N D PRATT BOULEVARD


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

CHICAGO

41

St. Louis, October, 1927
vault is located at the back of the main
lobby and is guarded by a ten-ton Mosler door. The cash vault, which opens
off of the deposit vault, is equipped with
individual safes for tellers. The safe
deposit vault has 1,200 boxes. It is
equipped with a McClintock alarm.
The president’s private office is lo­
cated across the lobby from the safe de­
posit vault and is elaborately furnished.
The basement contains private rooms
for employes, storage vaults and the
bookkeeping department.
Present resources of the bank are
more than $6,500,000. Sam E. Trimble,
vice-president and cashier, is a former
president of the Missouri Bankers As­
sociation.
U n io n S a v in g s
Is H o n o r Roll B a n k .

The Union Savings Bank of Sedalia,
Missouri, one of the hosts to Group Four
of the Missouri Bankers Association,
October 14, is an Honor Roll Bank, with
capital of $12,500 and surplus and profits
of $15,000. The bank is located in the
heart of the Missouri Pacific shop dis­
trict, where it is able to serve the 2,000
employes of the railroad. S. M. Wil­
liams is president of the bank and one
of the organizers. R. P. Asbury, cash­
ier, came to the bank from Salisbury
in 1914. He was formerly cashier of
the Farmers and Merchants Bank at
Salisbury.

BANK STRUCTURES
Built by specialists wbo coniine tbeir
efforts to tins one line should be tbe
most suited to tbe needs of tbe banker
and to tbe comfort of bis customers.
Send fo r our booklet, “ Distinctive Bank Buildings” >

S e d a lia T r u s t

It will tell you about Our Service

F o u n d e d in 1901.

The Sedalia Trust Company, Sedalia,
Missouri, is the successor to the old
Missouri Trust Company, which moved
to St. Louis in 1901. Chas. C. Evans,
secretary and treasurer, is one of the
founders and has been in the banking
business continuously for thirty years.
Present resources are in excess of
$659,600. Other officers include E. F.
Yancey, president; E. G. Cassidy, vicepresident; and C. L. Carter, assistant
secretary and treasurer.

K e n n e t h A. R o b e r ts o n

L. D. L A C Y C O M P A N Y
SYN DICATE TRUST BUILDING
ST. LOUIS, M O .

Do business with this strong company,
which has gained a country-wide reputa­
tion as a “ National Institution of Serv­
ice.”
The Federal Surety Company is managed
by experienced underwriters, and has
from its conception built for STRENG TH
rather than size.

has succ eed ed

Taylor S. Abernathy as cashier of the
Gate City National Bank, Kansas City,
Mo. Mr. Abernathy is now vice-presi­
dent of the First National Bank, Kan­
sas City.

The

Queen C ity

B a n k of S p r in g fie ld ,

Missouri, is an honor roll bank with cap­
ital of $25,000 and surplus and profits of
more than $27,500. The bank has total
resources of approximately $750,000 and
deposits of more than $650,000. G. A.
Watson is president and T. A. Nicholson
is cashier.

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

Backed by Federal Service, these lines
are written— Accident and Health, Auto­
mobile, Burglary, Plate Glass, Public
Liability and Workmen's Compensation
Insurance, and Surety Bonds.

FED E R A L SU R ETY COM PANY
C A S U A L T Y IN S U R A N C E

SURETY BOND S

W . L . T A Y L O R , Vice-President and General M anager

H O M E OFFICE

D AVEN PO RT, IOW A

Mid-Continent Banker

42
Randolph C ounty T ru s t
R eso u r ces O v e r $370,700.

The recent statement of condition of
the Randolph County Trust Company of
Moberly, Missouri, shows total re­
sources of more than $370,700, with de­
posits of more than $280,000. Charles
C. Hon is president of the bank and W.
W. Hall is secretary. O. O. Ash is vicepresident. Mr. Hon has been in the
banking business since 1898. He was
one of the organizers of the Randolph
County Trust Company in 1919, and
prior to that was cashier of the Citi­
zens Bank at Higbee.

H.

J. L o t t e r is

F o rm e r Group C h a irm a n .

H.
J. Lotter, vice-president of the
Moberly Trust Company, and one of the
hosts to Group One bankers when they
meet in Moberly Tuesday, October 11,
is a former chairman of Group One.
Other officers of the Moberly Trust Com­
pany are: G. O. Perry, president; J.
W. Paessler, vice-president; E. H. Lot­
ter, secretary; O. B. Elsea, assistant

secretary, and O. E. Brownfield, assist­
ant secretary. Total resources of the
Moberly Trust Company are more than
$1,025,000.
B a n k of M o b e r l y
R es our ce s O v e r $1,018,000.

The recent statement of condition of
the Bank of Moberly, Moberly, Mis­
souri, shows total resources in excess
of $1,018,000, with deposits of more than
$831,000. Capital is $100,000 and sur­
plus is $25,000. J. E. Lynch is presi­
dent; J. H. Lamb, vice-president; F. B.
Brown, cashier, and A. E. Brown, as­
sistant cashier. The bank was founded
in 1895 and deposits have shown a sub­
stantial gain every year since it was
founded.

T h e r e c e n t s t a t e m e n t of c o n d itio n of

the Burnes National Bank of St. Jo­
seph, Missouri, shows total resources of
more than $4,700,000, with deposits of
more than $4,200,000. G. A. Nelson is
president; Calvin C. Burnes, vice-presi­
dent, and John J. Walsh, cashier.

C it iz e n s N a t i o n a l
Res o urces O v e r $2,833,000.

The recent statement of condition of
the Citizens National Bank of Sedalia,
Missouri, shows total resources in ex­
cess of $2,833,000. Capital is $100,000,
and surplus and profits of $301,000 make
it an Honor Roll Bank, three times over.
Officers include: Wm. H. Powell, pres­
ident; Grant Crawford, vice-president;
R. P. Harris, cashier; and C. P. Heck
and David H. Powell, assistant cashiers.
T h ir d National
R eso urces O v e r $1,605,000.

The recent statement of condition of
the Third National Bank, Sedalia, Mis­
souri, shows total resources of more
than $1,605,000, with deposits of more
than $1,233,000. Capital is $100,000 and
surplus and profits are over $165,800,
making it an Honor Roll Bank. Officers
include H. R. Harris, president; J. S.
B'renneman, vice-president; C. L. Han­
ley, cashier, and E. P. Miller and J. W.
Reid, assistant cashiers.

W ill A tten d Missouri
Group M eetings

B A N K ENVELOPES
W e specialize on high grade Kraft and Leatheroid envelopes for
Banks and Investment Houses.
W e invite your inquiries for envelopes of all kinds, including
everything from small passbook jackets to the larger size envelopes for
mailing or filing.

Frank V. Franey, manager of sales
of the Bond Department of the Na­
tional Stock Yards National Bank of
National City, 111., will represent his
bank at the Missouri Group meetings.

Quality Park Envelope Co.
Midway

St. Paul. Minn.

If You Can
Answ er
These Questions
—and a n sw er th em correctly your
in v estm en t profits w ill show im ­
m ed iate im provem ent.
(1) Is th e trend of stock prices up—
or down?
(2; Is th is a tim e to buy or to sell
stock s; w h at stock s?
(3) Are long or sh ort term bonds
the b est in v estm en t now?
The coupon is for your con ven ien ce
in secu rin g a u th o rita tiv e in form a­
tion. If the an sw ers to th ese q u es­
tions in te rest you clip it now. There
is no obligation.

Frank V. Franey

Mr. Franey was formerly with Augus­
tine & Co., St. Louis.
H,
W. Kramer, vice-president in
charge of the Bond Department, and J.
W. Minton, assistant cashier, will also
attend the group meetings.

ECONOMIC SERVICE, Inc.
25 W e st 45th Su, N ew York
P le a se

send

free B u lletin

M.B.
B a n k e r s S a fe ty E n v e lo p e s

N am e

.

Address


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

HECO ENVELOPE COMPANY
C h ic a g o , Illin o is

I would the gods had made thee poeti­
cal.—Shakespeare.

St. Louis, October, 192?

43

The
Duty
of the Banker
to the PublicHE policy of this First Mortgage Real Estate
Bond House is in active support of the idea—*
“ Consult your banker before you invest” . T o
explain this further we have prepared literature
showing how Robert S. Strauss & Company can
assist your bank in the investment problems of your
community. We invite bank executives to mail the
request blank below for full details of this service.

T

It is the duty of your bank to be in a position to give
complete information on any security your depositors
inquire about, and to show them this data, favorable
or unfavorable, in a simple, authoritative presentation.
For the purpose of supplying banks with such data
for depositors, the Statistical Department of Robert
S. Strauss & Company is prepared at any time to
make full investigations and furnish reports. This
service is offered free to banks without further
obligation.

RobertS.Stmess &Co.
IN C O R PO R A T E D

First Mortgage Real Estate Bonds
on Chicago Properties

401 U n io n Davenport Bank
D A V E N P O R T , IO W A

Bldg.

430 M erchants National Bank Bldg.
C E D A R R A P ID S , I O W A


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

44

M id-Continent Banker

$ 1
I P

fvS
! 5:
I

1A
■i
■■/p" :
Hu 4
j y p a! z
Ji
i

L E G A L

t

T E N D E R

Official Publication o f the St. Louis Chapter 1

%: %

1

AMERICAN INSTITUTE

VOLUM E

12

B

BANKING

O C T O B E R , 1927

¡1

NUM BER;

A. C. R IE D E L L , Editor
GEO. C. D O ERIN G, Associate Editor
National Bank of Commerce
Grant State Bank
H. J. B R E N N E R , President
LO U IS E. W A L T E R , Executive Secretary
International Bank
323 Merchants Laclede Bldg.
Notices intended for publication should be in the hands of the Editor or the Executive Secretary
the twentieth of each month. Write on only one side of paper and double space.
Chapter Headquarters, 323 Merchants Laclede Bldg.

G A rfield 9540

L E G A L T E N D E R is published to promote good fellowship among Chapter members; to record
the activities of the Chapter generally, and to maintain the high ideals of the American Institute of
Banking along educational lines of endeavor.
The Public Affairs Com m ittee
By Frank Ryan, Chairman
The Public Affairs Committee is at
work on plans for a number of in­
spection trips to be offered to the mem­
bers of the A. I. B. during the coming
year. An effort is being made at pres­
ent to line up trips to plants such as
Swift & Company, Monsanto Chemical
Works, Liggett & Myers Tobacco Com­
pany, Laclede-Christy Clay Products
Company, Cupples Company’s various
plants, National Enameling and Stamp­
ing Company, and the Terminal Rail­
road Association’s locomotive-building
and repair shops.
Also a Sunday out-of-town trip sim­
ilar to the Jefferson City, Missouri, and
the Springfield, Illinois, trips is under
consideration, and if negotiations with
the railroad officials here and the Cham­
ber of Commerce officials in the city
vie contemplate visiting can be com­
pleted, the trip will be offered.
At the present time the big difficulty
in arranging Public Affairs Inspection
Trips lies in the fact that most large
Industrial plants in St. Louis and vicin­
ity close down on Saturday afternoons,
or at least suspend operations in most
of their major departments, which
means that it is impossible for the A.
I. B. members to make the trip at their
most convenient time.
However, it is possible in some in­
stances to arrange a trip on one of the
bank holidays when most industrial
plants are working. This fact has been
taken into consideration, and if it is
possible to make a suitable arrangement
of that sort, it will be done.
Due to the turnover in our member­
ship each year caused by old members
dropping out or leaving the employ of

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

banks, and new ones joining the Chap­
ter, and because our annual member­
ship campaign will not be finished until
as late as October 15, which means that
our membership list will not be com­
pleted until that time, it is necessary to
defer any contemplated trips until our
entire membership for 1927-28 can be
informed of our plans.
Everything possible will be done by
the Public Affairs Committee to provide
members of the Chapter with an inter­
esting and well-rounded schedule of in­
spection trips and tours during the com­
ing year. Any suggestions regarding a
trip or any tips or information that
might lead to one will be appreciated
and investigated.

T he Forum Program
The Forum Committee has planned a
series of meetings for the coming year
which should be of great interest, not
only to those of us who are no longer
enrolled in the various courses offered
by the Chapter, but to all who enjoy an
evening of mental exercise in pleasant
company. These sessions are not de­
signed for those who are mentally old;
rather it is our hope that we may at­
tract those who retain their intellectual
curiosity. Under these conditions we
are sure to have an excellent attend­
ance at each meeting of the year.
The first Forum dinner of the season
will be held at the City Club on Thurs­
day, October 27, at 6:30 p. m. The
speaker will be Mr. Ben Weidle, who
does not stand in need of an introduc­
tion to any gathering of St. Louisans.
We may be sure that he will make this
a memorable occasion. We cannot af­
ford to miss this meeting.
Just bring an appetite and an open
mind.

W om en
The first massed attack of the bank
women has just passed into history. The
main attack was upon chicken en cas­
serole and other delicious food carried
about in huge quantities by fleet-footed
servitors at the Forest Park Hotel. This
took place on the 24th and not the 17th,
as previously planned. It was the occa­
sion of the Bridge-Bunco party. A good
time was had by all.
There was the usual monotonous hum
of conversation between games, the
usual discomfiture in squeezing between
crowded tables to check up on the
bankerettes for honesty in scoring, and
as usual the air was pierced intermit­
tently by the lusty, blocd-curdling yells
of bunco players. But after a while the
prizes were disposed of and the long
line cleared away. Then there was
nothing to do but go wearily home.
Of course, this was a purely social
function, but it brought women of one
profession together in a way that seems
to have untold possibilities. There are
a few women in banks who have demon­
strated what can be done by taking ad­
vantage of the educational features and
general stimulation offered by the A.
I. B.
While bank women are entitled to
their little fun the same as other peo­
ple, we hope that we can have other
meetings which will do more for the
morale. More that is, to impress upon
bank women the importance and dignity
of their profession. Other business
women are working together and are
succeeding as a result. It is no longer
a question of women supporting the A.
I. B., it is rather a matter of taking the
trouble to advance with and through the
A I. B.

45

St. Louis, October, 1927

______________________________ _________

_

L E G A L
M em bers and Enrollments
At the present writing, September 20,
the membership and enrollment cam­
paign is lagging somewhat behind the
figure contemplated. With enrollments
ot approximately 350 and a membership
of less than 500, it behooves us all to
get busy and place our shoulder to the
wheel.
If you can be of any assistance to the
consul in your bank in signing up either
a member or a student, don’t hesitate
to render this service.

M ore Benedicts
From all accounts, our erstwhile
friend, Daniel J. Cupid, has been run­
ning rampant in our ranks. For just as
we go to press we hear of the wedding
of our old friend and former board mem­
ber, Carl M. Walter, of the MerchantsLaclede National. Well, well, Carl—here’s to a long and happy married life.
Hobart F. Fosher and Jules F.
Schneider of the same bank committed
a like offense recently, but have now re­
turned to their places firmly convinced
that two can live as cheaply as one.
And now we must place the sheet
back in the machine and record the
marriage at 8 a. m. September 21 of our
Chapter treasurer, John J. Lackey, of
the National Bank of Commerce.
To the above four couples LEGAL
TENDER extends its best wishes and
the hope that all your troubles may be
trifles.

Consuls and Alum ni M eet
at Tow n Club
The joint meeting of the Consuls and
the Alumni of St. Louis Chapter, held
at the Town Club on the evening of Sep­
tember 8, was a success in every way.
It was very warm, to be sure, but our
enthusiasm for the work at hand ran
so high that the temperature was
scarcely noticed. Heat and cold do not
affect the work of the A. I. B.
The Alumni Association remained in
session just long enough to adopt some
necessary amendments and to pledge all
possible assistance to the Chapter in its
educational work. It is our hope that
this year, as never before, our gradu­
ates may come to our aid in our effort
to make this the best year of our his­
tory. That is, after all, the most im­
portant function of the Alumni.
Our consuls are well organized and
are working hard. We may take it for

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

J S É 3

T E N D E R *

granted that the result of their labors,
in point of membership and enrollment,
will be highly satisfactory. It is well to
remember that in any Chapter the num­
ber of students enrolled is the true
measure of success.
Mr. W. F. Gephart, vice-president of
the First National B'ank, and Mr. Byron
Moser, president of the Security Na­
tional Bank, Savings and Trust Co.,
spoke on the advantages of the A. I. B.
We are sorry that their speeches were
not heard by every bank employee in
the city.
Mr. Gephart also presented the stand­
ard and elementary certificates that
were earned last year. The number of
these bears effective witness of the suc­
cess of Mr. Mockler’s administration.
Yes, there was dancing after we had
disposed of the program of the evening.
It was very warm, even hot, but that
does not stop our members when they
are pleasure bent. That is why the
Jacks and the Jacquelines of the A. I. B.
are not dull boys and girls.

Public Speaking and D ebate
Com m ittee Announces Plans
Mr. F. W. Schulte, the chairman of
our Public Speaking and Debate Com­
mittee, is planning a most attractive
program for the coming season. Be­
cause of certain local conditions, we of
St. Louis Chapter have never had a very
prominent part in this phase of the in­
stitute activities, but we are prepared
to remedy this fault in the near future.
There is no doubt that the ability to
speak well in public is one of the most
important accomplishments of the truly
successful business man. Those who
attempt to minimize the value of this
art are usually found to be too lazy to
learn and too slow of mind to listen.
Our Chapter has now a number of able
speakers and debaters. This is readily
apparent to one who has attended our
public meetings in the past two years,
and the reason lor this fortunate condi­
tion is not hard to find. Dr. Lippincott
has been teaching them the art in his
classes in effective speaking. He has
labored long and well, and the effects of
his efforts are now in evidence on every
hand. We believe that we are ready to
go forth to engage the friendly enemy.
It is because of this condition of pre­
paredness that our Committee on Public
Speaking and Debate is working to ar­
range for four debates during the com­
ing season, two to be held in St. Louis,

PiÈ

and two in other cities. It will be quite
an honor to be selected on the team, and
the work that is to be done will be of
great benefit to those who take part.
The places on the debating team are
entirely open to competition. Those
who are interested in this work should
see Mr. F. W. Schulte of the Boatmen’s
National Bank. The next step would be
enrollment in the class in Effective
Speaking. Speak up!

Armistice D a y Dance
The next big event of the season from
the Entertainment Committee is the
Armistice Day party and dance. It will
be held Thursday evening, November
10. As this notice goes to press far in
advance of that date, we are unable to
announce where the dance will be held.
We recommend, however, that you
hold this date, and you will be notified
of the plcae of meeting in time to get
there.
A gala event is promised. It is
planned to make it a most spectacular
and interesting occasion, and one long
to be remembered. The committee will
endeavor to make the affair the most
enjoyable, if not the most exciting, that
we have ever had.

M innigerode W ins Tennis
Tournam ent
Turner L. Minnigerode of Mercantile
Trust Company again won first place in
the Chapter’s tennis tournament, which
makes the third consecutive time he has
attained this distinction, in consequence
of which he will receive a silver loving
cup donated by the Chapter. Edwin M.
Layton is the runner up, while third
place goes to the winner of the match
between George L. Holmes of Liberty
Central Trust, and E. J. W. Lingner,
formerly of Merchants-Laclede National.
A second cup and medal will be awarded
for second and third places.

G o lf and Bowling
Tournaments Off
Due to an apparent lack of interest in
golf and bowling, the tournament in
these two sports have been called off for
this season.
I have here only made a nosegay of
culled flowers, and have brought noth­
ing of my own but the thread that ties
them together.—Montaigue.

46

M id-Continent Banker

W h o’s W ho Among* Missouri Bankers
E. C. Williams, chairman of Group
Eight of the Missouri Bankers Associ­
ation. is president of the Bank of Noel.
He was born on a farm in Oklahoma in
1896 and lived on a farm until he com­
pleted high school at the age of seven­
teen.
He then attended business college at

E. C. Williams
Chairman Group Eight, Noel,

College before entering the banking
business as assistant cashier of the
Bank of Seymour.
» He served two years in this capacity,
then attended the University of Chat­
tanooga for two years and the Univer­
sity of Missouri for two years, gradu­
ating with an A. B. degree.
After graduating from college, Mr.
White returned to Seymour, where he
has been for twelve years, first as as­
sistant cashier of the Bank of Seymour,
later as vice-president, and now as
cashier. He is also a director of the
Bank of Diggins and for some time has
been engaged in the farming and to­
mato canning business in addition to his
work at the bank.
Mr. White has served five years as
president of the Seymour Commercial
Club, three years as president of the
Seymour Fair Association, ten years as
chairman of the Red Cross, president of
the Webster County Bankers Associa­
tion, member of city council, member
of Masonic and I. O. O. F. lodges, and

F. W Pendleton
Chairman Group Four, Independence, Mo.

Mo.

Oklahoma City and after graduating
entered the employ of the Security Na­
tional Bank of that city. Later he was
connected with the Ft. Worth National
Bank at Ft. Worth, Texas.
About four years ago Mr. Williams
came to Missouri and purchased the
B'ank of Noel of which he is now presi­
dent. He immediately went to work
with the farmers of his territory, and
during the four years he has been at
Noel he has done much to build up his
community as well as the deposits of
his bank, which have doubled during
this time.
Mr. Williams is a member of the Ma­
sonic Lodge and Shrine at Waco, Tex.;
secretary of the Chamber of Commerce
at Noel; manager of the Noel Fruit
Growers’ Association, and a member of
the Noel Country Club.
He spends most of his spare time
working with his customers trying to
help them increase their incomes and
help them build up the community. He
plays golf occasionally for recreation.

United States Navy, and after the war
was engaged in the real estate and in­
surance business at Kansas City. He
came to the Bank of Independence as
vice-president in 1925.
T h e r e c e n t s t a t e m e n t of co n d it io n of

the McDaniel National Bank of Springfield, Missouri, shows total resources of
more than $5,700,000, with deposits of
more than $5,200,000. G. D. McDaniel
is president; J. S. Farrington, vice-pres­
ident; L. E. Lines, vice-president; C. W.
Moody, cashier, and J. C. McDaniel, as­
sistant cashier.

Chairman


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

C. H. White
Group Seven, Seymour,

Mo.

president of the Webster County Asso­
ciation of the University of Missouri.
He has great faith in the future of the
Ozarks and is a great booster for his
community. He keeps in condition by
playing tennis.
H en ry

Chas. H. White, chairman of Group
Seven of the Missouri Bankers Associa­
tion, is cashier of the Bank of Seymour.
He was born at Seymour and has spent
all but seven years of his life in that
city.
Mr. White was graduated from Sey­
mour High School, spent a year in a
mercantile establishment and then took
a course at the Springfield Business

F.
W. Pendleton, chairman of Group
Four of the Missouri Bankers Associa­
tion, is vice-president of the Bank of
Independence.
Mr. Pendleton was born at Independ­
ence and was graduated from the Uni­
versity of Missouri Law School in 1916.
During the World War he served in the

L. R o zie r, 78, p r e s id e n t of th e

Henry L. Rozier Bank, Ste. Genevieve,
Mo., died recently.

The

B a n k of M i l l e r ,

M iller,

Mo., has

been organized to take over the Miller
Bank, it has been announced at the
state finance department. The new
bank has a paid-up capital of $25,000.00
and surplus of $5,000.00.

T h e r e c e n t s t a t e m e n t of- co n d it io n of

the New First National Bank of Springfield, Missouri, shows total resources of
approximately $1,000,000, with deposits
of more than $660,000. J. C. Peightel is
president; H. D. Silsby, Jr., vice-presi­
dent; S. L. Eslinger, vice-president, and
D. L. Davis, cashier.
T h e r e c e n t s t a t e m e n t of c o n d itio n of

the Southern Missouri Trust Company
of Springfield, Missouri, shows total re­
sources of approximately $1,000,000. W.
L. Cowden is president; J. H. Fulbright,
vice-president, and V. H. Simon, secre­
tary-treasurer.
J. O. E w i n g has t e n d e r e d his r e s ig n a ­

tion as assistant cashier in the Gorin
Savings Bank, Gorin, Mo.

47

St. Louis, October, 1927

H is D ir e c to r s C o -o p era te
The president of a Middle Western Bank found himself
with a board of directors including several leading citizens
who were unfamiliar with banking problems and there­
fore unable to give him the assistance which may be
expected from seasoned bank directors.
Out of an experience of 58 years as counsellor in such
situations, we were able to suggest to this banker the
development of certain reports and other material, which
have given his new directors a welcome insight into
the problems of the bank and have won for him their
intelligent co-operation.
W e invite you also to utilize the broad experience and
helpful counsel which our correspondents uniformly enjoy.

Fr e d e r i c k H . R

H

aw so n

Chairman of the Board

arry

A. W

heeler

President

C

r a ig

B. H

azlew oo d

Vice-President

UNION TRUST
COMPANY
C H I C A G O
Pr ivate

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

JDircs

to

Pr inci pal

Points— Direct

BjL

and C ol l ec ti o n

Faci lities

48

Mid-Continent Banker

F IR S T
f o r

NATIONAL
BAN K

Greater Service
to Banks—in the
Mid -Continental’’
District*
What Can St. Louis’ Largest
Bank Do For You?

FIRST NATIONAL BANK

IN

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

S T . L O U IS
Reg. U. S. Pat. Off.

49

St. Louis, October, 1927


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

Additional Earnings
On Your
Secondary Reserve
it is n ecessary for the
banker to maintain a large mar­
gin o f cash and quick reserves, every
dollar of income that can safely be
earned on th e secon dary reserve
should be realized.

W

h ere

For this purpose, well known long
termmarketable bonds are frequently
better adapted for the investment of
Secondary Reserve Funds than short
term paper, because long term bonds
as a rule earn from % % to % %
more profit than short maturities.
The investment of the bank reserve
should be referred to those who are
familiar with bankers’ require­
ments and whose training and

experience qualifies them to select
bonds which not only meet these re­
quirements, but which have a ready
market and will increase the earning
power of the Secondary Reserve
without sacrificing its liquid nature.
As the Investment Division of
St. Louis’ Largest Bank, the First
National Company is frequently re­
quested by correspondent banks to
assist in investing their Secondary
Reserve. This service is complete
and thorough.
We will be pleased to discuss this
service in detail or answer inquiries
by correspondence.

IT T tlC T
■Jb

<Jk J L w

»ML.

N ATIO N AL
fendji-ll;;! INV£STM$NTDIVISION of
iii!!# the FIRSTNATIONALBANK
broadw ay- o u ve-locust

S A IN T LOUIS, MO.

M id-Continent Banker

50

M I C H I G A N

B O U L E V A R D

A T

W A S H I N G T O N

S T R E E T

•

C H I C A G O

Investm ent Service
fo r Banks
Many o f our correspondent and other banks throughout the Middle
W est find the services o f the Bond Department o f the Peoples
Trust and Savings Bank helpful in the investment o f their funds.
Our complete investment data is available to banks without
cost or obligation.
Our recommendations to banks are made only after careful con­
sideration o f the individual investment needs o f those banks.
Our w ell - diversified offerings o f sound bonds always include
many issues which are especially suitable for bank investment.
W e will be glad to send circulars and detailed information con­
cerning specific issues o f the types o f bonds in which you are
interested or to recommend a list o f bonds that will meet your
particular needs.

PEOPLES T R U S T
a n d
SAVIN GS B A N K
--------- — --------------------------------- OF C H I C A G O ------------------------------------------------


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

E A R L E H . R E Y N O L D S , ^President

St. Louis, October, 1927

51

N ew Colom bia Issue Quickly
Over-Subscribed
The rapid industrial development of
the Republic of Colombia, in which
$200,000,000 of American capital has
been invested in recent years, entered
a new phase with the offering recent­
ly of a $25,000,000 issue of the Repub­
lic’s bonds.
The fact that the issue was quickly
over-subscribed is an index to the sound
financial and governmental condition
of the Republic.
Within the short period from 19221926 Colombia more than doubled its
international trade, which in the lat­
ter year amounted to over $218,000,000.
The volume of trade with the United
States alone represents 65 per cent of
this total.
A significant feature of the 1926 for­
eign trade of the United States within
Latin America is the startling rise of
Colombia. From fourth place among
South American countries it has at­
tained a position second only to Brazil
in the value of commodities sent to
the United States. Import trade with
Colombia amounted to $90,200,000, an
increase of 42.4 per cent over 1925
imports of $63,400,000 according to De­
partment of Commerce figures.
Coffee continues to be a principal
commodity in the trade, and coffee im­
ports were about one-third larger than
in 1925, reaching a total value of $74,300.000. Imports of crude petroleum,
which were practically negligible in
earlier years, amounted to $7,264,000 in
1926. That Colombia will experience
little difficulty in further strengthen­
ing its position as an important fac­
tor in Latin American trade is evi­
denced in the announcement that oil
production for 1927 is estimated at
15.000. 000 barrels, as against the pro­
duction of only 4,000,000 last year.
Colombia is also an important pro­
ducer of gold and platinum, and at
present the chief source of the world’s
supply of emeralds. Coal, copper, iron,
sulphur, tin and many other minerals
are also found in Colombia, production
of which awaits only the development
of proper transportation facilities for
their economical exploitation.
The application of the present
$25,000,000 loan to the extension and
unification of the transportation system
should make itself felt in a general
increase in productivity throughout the
Republic.

Toward the soul which places itself
in the attitude of reception, all things
flow, for such a soul are all good gifts
fashioned in Heaven.—Titcomb.

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

Close

hand ...

at

though many miles apart
'^ /H E N

you consider the close

personal interest we take in
every customer’s problems and our
accuracy and promptness in carry­
ing out instructions — all distance
disappears.
working

Complete, s m o o th -

facilities make the Sea­

board seem close at hand to every
correspondent.

The Seaboard

National Bank
of the City of New York
MAIN

OFFICE:

BROAD

AND

BEAVER

STREETS

____________________________________________________________________ __

52

Mid-Continent B anker

¡0

I*

E A D Y cooperation and seasoned
. judgment, based upon the experi­
ence o f more than sixty years, account
in no small measure for the enduring
relationships between this bank and its
correspondents.
The comprehensive
service upon which these relationships
are based is described briefly in a book­
let, copy o f which will be mailed gladly
upon request.

R

F IR S T N ATIO N AL
B A N K o f CHICAGO
Affiliated

FIRST TRUST AND
SAVINGS BANK

Frank O . Wetm ore, Chairman
Melvin A , Traylor, President

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

Resources exceed
$ 4 5 0 ,0 0 0 ,0 0 0 .0 0

53

St. Louis, October, 1927

rggws ^ yiew s
The Banking Worl<
B y C l i f f o r d D e F*uy
P u b lish e r De Pay Banking Publications
1VI. B r i a n d ,

French

F o r e ig n

M in ister,

brought tears to the eyes of many at
the League of Nations meeting in
Geneva, Switzerland, when he said
France had been “nailed to the bloody
cross of a war, that she has no desire to
see repeated.”
Neither should any other country
wish to see another world war repeated.
Believing that peace is the fundamental
desire of the nations of the earth, it
seems strange that all of them cannot
agree to form a League of Nations
which will mutually protect all of them
from future conflicts. To be specific,
why should the United States not be a
member of such a League?
T h e U . S. C h a m b e r of C o m m e r c e at
the coming session of Congress is plan­
ning to make the following recommen­
dations as offering a basis for an im­
mediate aid to the taxpayer:
1. Reduction of the corporation in­
come tax.
2. Repeal of the Federal estate tax.
3. Repeal of the war excise taxes
levied on particular businesses.
4. Simplification of both law and ad­
ministration governing the International
Revenue System.
5. Revision of provisions of the
statute affecting the income accruing
from installment selling.
6. Establishment and maintenance
of a reasonable balance between Fed­
eral revenue and expenditures.
7. Ample facilities and opportunity
for a thoroughgoing study of all phases
of taxation administration by the joint
congressional committee.
— $—

assistant educational
director of the Investment Bankers As­
sociation of America, says: “At the
end of 192G more than 46,750,000 sav­
ings depositors in the U. S. had nearly
$24,700,000,000 in the banks and trust
companies of this country. In that year
all other bank deposits increased by
more than $1,600,000,000. During the
past year American investors placed
$7,396,567,826 in the stocks and bonds
of foreign and domestic corporations
and political divisions. A sum exceed­
ing all the money in all the banks of
this country at the beginning of this
century.”
There has been no nation on the face
of the earth which has achieved the treJo hn P. M u lle n ,


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

mendous wealth and prosperity of the
United States. The question which fu­
ture generations will ask is: “What
did we do with the money and have we
been a better nation because of it?”
— $—
M e y e r , assistant
cashier of the Guaranty National Bank
of Houston, Texas, will be the sole
hostess to the National Association of
M is s

Emma

Leah

Bank Women which convenes in Hous­
ton October 23rd to 27th, inclusive. Miss
Meyer is national chairman of the Hos­
pitality Committee and vice-chairman
of the General Convention Committee.
The association has a membership of
190 and has representatives in thirtyfive states.
Five women presidents of banks are
listed in the membership of the associ­
ation and include: Mrs. Emma Duerrwarcher, president of the Germantown
State Bank, South Germantown, Wis­
consin; Mrs. Cora A. Jipson, president
Jipson-Carter State Bank, Blissfield,
Michigan; Mrs. Flora Godfrey, presi­
dent of the Farmers State Bank of
Genoa, Genoa, Illinois; Mrs. L. B.

54

Mid-Continent Banker

H

ow well do your

( /

c p

s

^

a/ k

c h

O

u

p

S

l t O

p

l i

I ' S

e

s

E -^ ^

represent the character of your banking service?
L ook at your checks and check books.

A ntique Moorish Savings and Com ­

See if they reflect the prestige of your

mercial Pass Books, Pocket Check Cov­

bank.

ers and Bing-bound

H o w do they compare with the

Customer

Check

beautifully tinted Super-Safety Checks

Covers, a standardized line o f beautiful,

and the handsome A ntique Moorish Cov­

durable supplies, are well qualified to

ers that thousands of banks are using?

represent your bank and the high char­

Super-Safety Checks please depositors

acter of its service. W it h your bank or

with their well-made, attractive appear­

business seal embossed on the covers they

ance. A n d they further the favorable im­

are a dignified sales asset that carries

pression by carrying a “ service of protec­

a most effective advertising value and

tion” to the customer’s personal trans­

brings new customers into the bank.

actions. A glaring white spot appears on

Y o u will be interested in learning what

the intricately tinted surface the instant

S u p e r -S a fe ty

knife, ink-eradicator or eraser is used to

Moorish Binders have done toward in­

tamper with a written word or figure.

creasing the number of depositors in

Super-Safety Checks are never sold in

other banks.

Checks

and

A n tiq u e

W e are glad to tell you.

blank sheets, but are always made to your

Just mail us the coupon attached to

order.

y o u r le tt e r h e a d .

T o prevent counterfeiting every

____

_

HarrisTowifllMShänliiösHaitk'

B r o k e r s ’ S u p p ly D iv is io n ,

D iv isio n , T h e T o d d C o m p a n y , R o c h ­

G overn m en t guards

ester, C h icago, Y e w Y o r k , S t. P a u l,

bank-note paper.

Denver, D allas.

T he T odd Company

State and 60th Sts., Chicago, Hi.; 33 Thirty-fourth St., Brooklyn,
N. Y .; 1200 Lawrence St., Denver, C ol.; 2021 Jackson St., Dallas, Texas.
( Address nearest office)

Please send me full information about Super-Safety Checks and
Antique Moorish supplies.
Name of Officer

_____________ ___ _______________________ .

Name of Bank_______ ______________________________________________
Town____________________ ___________ State________ :________________


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

B a n k e r s ’ S u p p ly

sheet is guarded as the

55

St. Louis, October, 1927
Krouth, president of the Sharon State
Bank of Sharon, Oklahoma, and Mrs.
B. B. Stephens, president of the Bank
of Aline, Aline, Oklahoma.
— $—
bankers

of the United
States have their own national associa­
tion, whose members have 80 banks
wholly owned and operated by negroes,
with more than $22,000,000 in deposits.
These banks have 320,000 depositors.
The

ne gro

Rev . B i l l y S u n d a y , referring to prohi­
bition said: “If the Democrats nomi­
nate Al Smith they will find out that a
man can no more roll into the White
House on wine and beer barrels than
he can cross the Atlantic Ocean on a
grindstone.”
Perhaps Billy knows, for he has been
a pretty good political prognosticator
on previous occasions.
T h e N e w p o rt N ational

T r u st ^Savin gs Ba n k
A Consolidation of

The First National Bank of Los Angeles
Pacific-Southwest Trust & Savings Bank
S e r v i n g the principal cities of
the southern half of California.
A 24-hour transit service is so
organized as to make funds avail­
able much quicker than even under
the Federal Reserve schedule.

B a n k of N e w ­

advertises: “Four per
cent on savings. We pay the tax on
deposits. No service charge.”
Perhaps this is a new way of taking
advantage of the service charge; name­
ly to advertise that you don’t make any.
po rt ,

LosA ngeles-F ir s t National

K en tuc ky

Ranks and bankers are invited to
direct their Southern California
business to us.
Surplus
$8,000,000

Capital
$12,250,000

Profits
$7,750,000

P r e s i d e n t C oo li dg e, in d e d ic a t in g th e

Lincoln Memorial Library at the South
Dakota State College, emphasized that
the true goal of education should be the
raising of better men.
In commenting upon the president’s
address, one writer said: “ The man
who lives merely to raise more corn—
the man who exists absorbed in the
making of money or in the pursuit of
position and power, these unfortunates
miss all the glory of being. There must
be something more to life and eduoa
tion than eating, sleeping, drinking and
intensive pursuit of the materialisms
which human selfishness and desires
have exalted from the period of our
primal beginnings.”
To all of which we readily agree, and
yet how hard it is for us sometimes to
catch the real vision of what life really
means or of what it should mean if we
place a proper valuation upon our time
and efforts.
The

C o n tin ental

N ational

Bank

of

gives out the interesting in­
formation that a recent study of male
and female stockholders in ten great
corporations shows that the number of
women owners of shares exceeds that
of men by from one-half of one per cent
to 15 per cent in all but one of the com­
panies.
In business as well as in the home
men will realize that woman is still the
boss.

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

The Midland Bank offers exceptional facilities for the transaction
of banking business of every description. Together with its
affiliations it operates nearly 2400 branches in Great Britain
and Northern Ireland, and has agents and correspondents in
all parts of the world. The Bank has Offices in the Atlantic
Liners Aquitania, Berengaria and Mauretania, and a foreign
branch office at 19 6 Piccadilly, London, specially equipped for
the use and convenience of visitors in London.

MIDLAND

BANK

LIM ITED

— $—
Fort W o rth

A Complete Banking Service

HEAD O FFICE : 5 THREADNEEDLE STREET, LO N D O N , E .C . 2
Affiliated Banks : Belfast Banking Co. Ltd., Northern Ireland; The
Clydesdale Bank Ltd., and North of Scotland Bank Ltd., Scotland.

A d v e r t i s e in the

M ID -C O N TIN EN T B A N K ER

Mid-Continent B anker

56
Jo hn M c H u g h , p r e s id e n t of t h e Cha se

National Bank of New York, announced
the commemoration of the fiftieth anni­
versary of the institution last month.
The Chase National Bank is one of the
two banks in this country with total
resources exceeding a billion dollars.
The bank opened for business on Sep­
tember 20, 1877, with total resources of
$1,042,009. It now has total resources
of $1,042,513,993.
P re s to n

— $—
E. Reed , e x e c u t i v e s e c r e t a r y

of the Financial Advertisers Associa­
tion, is deserving of real credit for the

manner in which he so carefully han­
dled all of the details in connection with
the 12th annual convention of the asso­
ciation held at West B'aden, Indiana,
last month.
Among other thoughtful details which
Mr. Reed carried out for the delegates
were the instructions for drinking the
West Baden mineral waters, which he
had printed on the back of each mem­
ber’s meal ticket, and which were as
follows:
‘•BEFORE BREAKFAST—-Two to
four glasses of No. 7 hot. Ask the man
behind the bar to spike the first glass

with a wine glass of No. 7 Concentrated.
“AFTER BREAKFAST—Three or foulglasses of No. 7 Natural.
“AFTER DINNER—Three or four
glasses from No. 3 or No. 1; No. 3 be­
ing preferable in debilitated cases and
those requiring a tonic.
“NONE OF THE MINERAL WAT­
ERS should be used evenings after sup­
per, as the above routine of drinking
during the day is sufficient.
“FIFTEEN OR TWENTY MINUTES
should intervene between glasses, dur­
ing which time some mild form of exer­
cise should be taken.
“THIRTY MINUTES should elapse
before eating after drinking the last
glass.
“TWO HOURS should elapse after
meals before resuming the drinking of
the waters.
“DO NOT eat raw fruits or anything
which contains acid, as they are antago­
nistic to the waters.”
As far as we know, these instructions
were carried out to the last drop.
L a S a l i e S t r e e t , C h ic ag o , is gradually
vieing with W a l l S t r e e t in physical ap­
pearance as well as in financial domi­
nance among the great monied centers
of the world. While the huge new S t a t e
B a n k B u il d in g is gradually nearing com­
pletion, other large financial institutions
are making plans for expansion of fa­
cilities. T h e N o r t h e r n T r u s t C o m p a n y
is contemplating erecting an eight-story
addition to its present bank building at
the northwest corner of LaSalle and
Monroe streets.
— $—
One

the S o le o f S t. {o u is
CTwenty~one large Shoe
Manufacturers with annual
sales of about three hun*
dred million dollars.

LIBERTY CENTRAL TRUST CO.


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

S a i n t Lo u is

of o u r

banker

frien ds

ca lls a t ­

tention to a new club which has been
started under the name of “ T a l l M e n ’s
A s s o c ia tio n of L o n g f e l l o w C lu b s .”
It
is said that the purpose of the club will
be to inform all suffering human giraffes
that the world is to be made safe for
tall men by raising awnings, lengthening
hotel beds, and so on, so that they may
tell the world that they shall no longer
be looked upon as “ crooks.” Their ef­
forts will be dedicated to “ Tall men,
sun-crowned, who live above the fog in
public duty and in private thinking.”
They will concentrate on relentless op­
position to the following fourteen
points:
1. Low awnings.
2. Short bath tubs.
3. Low ceilings.
4. Short beds.
5. Short sheets.
6. Low mirrors.
7. Cramped theatre seats.
8. Short-tailed shirts.
9. Short socks.
10. Short cells.
11. Short Pullman berths.

St. Louis, October, 1927

57

12. Cramped automobiles.
13. Short operating tables.
14. Low tables.
Le o E. S te v e n s , formerly vice-presi­
dent of the Iowa Loan & Trust Com­
pany, Des Moines, has been appointed
manager of the Pasadena office of the
Connecticut General Life Insurance
Company of Hartford, Conn. The an­
nouncement card says that Mr. Stevens’
“many years of successful business ex­
perience in the Middle West as a bank
executive and financial advisor qualifies
him particularly for analyzing the needs
and preparing the insurance programs
of clients.”

L . C. N oel H as Been Elected
Assistant Vice-President
At the regular monthly meeting of the
board of directors, Layton C, Noel was
elected assistant vice-president of The
National Bank of the Republic of Chi­
cago. Mr. Noel will make Philadelphia
his headquarters and will act as the
representative of the “Republic” in the
States of Pennsylvania, New Jersey,
Delaware, Maryland, Virginia, West Vir­
ginia and the District of Columbia.
Mr. Noel has had many years of bank­
ing experience in the East, and in mak­
ing the announcement, George Woodruff,
vice-chairman, stated that the appoint­

ment was made to better serve the
growing clientele of the “Republic” in
that section of the country.

Credit Foncier de France
Profits Show Increase
The figures of the Credit Foncier de
France of Paris show a slight increase
in net profits, with 22,000,000 francs
against 20,000,000 francs a year ago.
The balance sheet shows expansion of
the business, and the picture which can
be drawn from the main working items
is a rather favorable one. Overhead
expenses, though kept within reason­
able limits, also show an increase.

W . W . B o w m a n , s e c r e t a r y of t h e K a n ­

sas Bankers Association, says that a
state secretary must be:
1. A crack shot.
2. A safe expert.
3. A good golfer.
4. A good story teller.
5. A good program picker.
6. A good speaker.
7. A good picker of good speakers.
8. A diplomat.
9. An arbitration expert.
10. An expert accountant.
11. A good lawyer.
12. A good organizer.
13. A good mixer—both kinds.
14. A good dancer.
15. A good Rotarian or its equivalent.

W h o ’s W h o A m ong
Bankers

(TRUST AND!
iSA V fÄ S

IAN I

Friendly Service

Missouri

(Continued from page 15)
president, and later served for twentyone years as president of that institu­
tion. Later, in 1905, he helped organize
the Bank of Bonnots Mill, and in 1915
he organized the Bank of Osage City.
In 1916 Mr. Speer came to Jefferson
City as president of the First National
Bank. Total resources of the First Na­
tional at that time were about $1,300,000.
Total resources are now more than
$4,800,000.
Mr. Speer served twice as Mayor of
Chamois; five terms in the Missouri
General Assembly; served as Speaker
of the House during the Forty-fifth Gen­
eral Assembly; served as vice-chairman
of the Missouri State Capitol Commis­
sion Board, which built Missouri’s new
Capitol.
He is a member of the Legislative
Committee of the Missouri Bankers As­
sociation; president of the Missouri As­
sociation for the Relief and Control of
Tuberculosis. He is a Knight Templar,
Shriner, Knight of Pythias and a mem­
ber of Rotary International. Governor
Baker appointed him Curator of the
State University at Columbia.

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

THE

TÖREMAN^
.NATIONAL]
BANK/

g A N K S availing themselves of
our extensive and perfected
facilities offer their depositors the
widest service possible . . . This
bank lends a personal note to all
dealings, one born o f a friendly
interest and a desire to serve.

The Foreman National Bank
The Foreman Trust and Savings Bank
La Salle and Washington Streets, Chicago
RESOURCES

EXCEED

100

MILLION

DOLLARS

ENVELOPES F O R B A N K S

B a n k e r s S a fe ty E n v e lo p e s

HECO ENVELOPE COMPANY

HECO ENVELOPE COMPANY

Chicago, Illinois

C h i c a g o , 111.

M id-Continent Banker

58

First National of Peoria in
Sixty-fourth Year
The First National Bank of Peoria
was organized in 1863 by a group of
Peoria’s leading business men of that
day. Tobias Bradley was selected as
its first president, and Wm. E. Stone,
father of the present president, was se­
lected as cashier.
This bank conducted a complete bank­
ing business in its original location at
the corner of Main and Washington
streets until 1911, when it moved into
its large, new, modern home on South
Adams street in the center of the busi­
ness district. The opening of this new
banking home brought about the estab­
lishment of Peoria’s oldest national

bank and Peoria’s oldest savings bank
under one roof. The Savings Bank of
Peoria moved into this new building and
its name was changed to the First Trust
and Savings Bank of Peoria.
The stock of the First Trust and Sav­
ings Bank is owned by the stockholders
of the First National Bank.
With one of these banks offering a
most complete commercial banking serv­
ice, including every phase of modern
banking, and the other offering a com­
plete savings investment and trust serv­
ice, this new institution offered the peo­
ple of Peoria and central Illinois the
last word in financial service.

BANK
EQUIPMENT


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

These two banks have shown a con­
stant growth since this new building
was opened and the increased patronage
has forced the leasing of additional
space in the adjoining building.
The present officers of the First Na-

W . E . Stone

tional Bank of Peoria are: William E.
Stone, president; Warren Sutliff, vicepresident; Harry C. Stone, vice-presi­
dent; George M. Bush, vice-president;
Harold L. Harsch, cashier, and William
E. Stone, Jr., assistant cashier.

AMERICAN FIXTURE CO.
KANSAS CITY, MO.
F . B . W eber

And the officers of the First Trust
and Savings Bank of Peoria are: Wil­
liam E. Stone, president; Edward H.

St. Louis, October, 1927

59

Walker, vice-president; Frank B'. Weber,
cashier; John A. Olson, assistant cash­
ier; J. B. Stone, trust officer.
These banks claim the distinction of
being “Peoria’s Oldest Financial Insti­
tution.” Their books today show a to-

Strong Issues Statement on
F ederal Reserve L aw
Congressman James G. Strong, mem­
ber of the Banking and Currency Com­
mittee of the House of Representatives,
has issued the following statement:
“The disagreement which has devel­
oped between the Federal Reserve Board
and the directors of the Federal Reserve
Banks as to the power of the Board to
order changes of rediscount rates by the
Reserve Banks is a most cogent, thougn
unexpected, demonstration of the neces­
sity for some such bill as I introduced
in Congress last year to direct the Fed­
eral Reserve System as to the policy
which it should strive for in fixing its
rediscount rates, conducting its open
market operations, and extending its
moral advice and otherwise exercising
its powers over the volume of credit in
use, and hence over the general price
level and the international value of gold.

H . L . Harsch

tal of 16,000 customers. The total re­
sources are more than $13,000,000.

“The situation now is that no definite
policy is prescribed by law. The direc­
tion in the Federal Reserve Act to fix
rediscount rates so as to ‘accommodate
business and commerce’ is so indefinite
and meaningless as to amount to no di­

rection at all. The resolution of the
Board fixing ‘regard for the general
credit situation’ as the policy to be ob­
served by the banks in conducting their
open market operations is similarly un­
satisfactory.
“What is needed is a definite policy
prescribed by law, leaving the means of
achieving the prescribed aim to those in
control of the system. This does not
mean any enlargement of powers, as the
powers already delegated are sufficient­
ly large to enable the Federal Reserve
System to influence the general price
level within wide limits in view of the
fact that the Reserve Banks hold over
one-half of the world’s monetary gold.
Their policy, during the past eighteen
months, has been one of deflation, the
price level having been reduced approxi­
mately ten per cent. They could just as
easily inflate the price level to approxi­
mately twice its present height as they
have about twice as much gold in re­
serve as the law requires.
“ Obviously the only equitable and
(Continued on page 82)

Greetings
to the

A. B. A. M E M B E R S
rom

Peoria s Oldest Banking House
One of tke Oldest
and Largest
Banking Houses
m tke
M id -W est


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

State and National
Bank Facilities
Every Banking and
Trust S ervice
Founded 1863

60


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

M id-Continent Banker

61

St. Louis, October, 1927

Bond and Investment Section
The Recovery of Business in Europe
A n E ncouraging Spirit of Determination Is N ow
Spreading in Com m ercial and Industrial Circles
UROPEAN business on the whole
has for some time been showing
convincing evidence of recovery.
Not the least important improvement
has been the gradual disappearance of
the mental hazard—the shaking off of a
“calamtiy complex” and the gradual
strengthening of business morale. An
encouraging spirit of determination is
spreading in commercial and industrial
circles, which previously had been labor­
ing under a cloud of despair. There is
a growing conviction that the problem
is one of trade dislocation rather than
downright destruction. Furthermore, it
is fully realized that the pursuit of the
phantom of “pre-war normalcy” is not
only inexpedient, but futile, that a new
economic world has come into being
since 1918, and the task involves not
“restoration” of antiquated conditions,
but adjustment to a new and vastly im­
proved business environment.

E

Director, Bureau o f Foreign and Domestic

One significant indication of this
“ mental Renaissance” was the vigor
with which a number of topics hitherto
forbidden for non-domestic discussion—
trade policies, embargos, import and ex-

port quotas, etc.—were fully and frankly
analyzed in the two large international
business conferences this summer at
Geneva and Stockholm. While it is too
early as yet to observe many definite
results from these gatherings there can
be no doubt of their helpful reactions
upon several continental trade agree­
ments and tariff schedules now in
process of formation, especially as re­
gards simplification of customs pro­
cedures and classifications, and the dura­
tion periods of international commercial
understandings. Out of one group of
180 European trade treaties drawn up
since 1920, no less than 153 were only
valid for one year or less; international
business has thus been reduced almost
to a nomad existence, living in tents,
subject to eviction on a few weeks’ or
even a few hours’ notice. This situa­
tion has led to a determination to sub­
stitute at least frame dwellings, so to
speak, for the tents; the tedency of late
has been toward longer termed agree­

T h e M e n t a l R en a is s a n c e .

By Dr. Julius Klein
Commerce, W ashington, D . C.

ments, so that business might have as­
surance of something more than onenight stands.
Tangible data on the new commercial
era in the Old World is abundant. For
example, transportation facilities have
notably improved during the past twelve
months. There has been a widespread
expansion of air traffic, not simply on
the Continent, but in definite plans for
service from European capitals to the
trade centers of Africa, the Far East,
and even for combinatoin air, rail and
ship facilities to South America. Rail
traffic has been notably expedited and
several new “luxury trains” have been
recently put on. Even shipping has re­
vived of late, especially because of the
further replacement of steam by motor
power. German tonnage, for example,
now stands at about 3y2 million tons,
largely of the latest motorized type, and,
although this is some thirty per cent be­
low its pre-war total, it is probably al­
most equal to the 1913 figure in terms
of actual carring power.
C urre ncy Stab ilization .

Particularly encouraging has been the
completion of currency and budgetary

Sound Foreign Bonds
FOREIGN SECURITIES
U.OOK GOOO TO ME

w h ic h w e r e c o m m e n d fo r i n v e s t m e n t

External Loan of 1927, Thirty-Year
Gold 5s
Twenty-Five Year Gold 5s
Y OF BUDAPEST.......................
External Sinking Fund Gold 6s
External Loan of 1927, Sinking Fund
Gold 6V 2 s

APPROX.
YIELD
5.12%

DUE
1957

PRICE
Mkt.

1952

Mkt.

5.33%

1962

Mkt.

6.85%

1952

Mkt.

7.25%

Full descriptive circulars of these issues will be sent on request

P o t t e r , K a u f f m a n & Co,
incorporated
511 Locust Street


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

Saint Louis

“
G A rfield 7460

Bonds selected with the advice of a reliable investment banker are essential to the strength and stability of any bank

Mid-Continent Banker

62

INVESTMENT TRUSTS
Similar circumstances to those which gave rise
to the development of the British Investment
Trusts from 1880 to 1890 are now obtaining in
the United States; that is, large accumulations
of capital giving rise to a lowering of interest
rates and a decreasing of yields on invest­
ments, making it desirable for capital to seek
employment in markets offering more attrac­
tive returns.
For the past half century, the British Trusts
have demonstrated that they can secure for
their shareholders, advantages unattainable by
the investor alone, due to returns available
through ample capital, broad diversification,
and skilled management which has access to
world markets that may offer attractive
sources of profit, as well as domestic markets.
It is well for bankers and investors to become
familiar with the form and principles of the
Investment Trust, which promises soon to de­
velop extensively in the United States.
W e can furnish, without obligation, interest­
ing and enlightening information concerning
Investment Trusts that should prove of value
to the banker.

BAKER, KELLOGG & CO., Inc.
A Specialized Service in Foreign Securities for
B A N K S and I N V E S T O R S

111 W est M onroe Street

L ittle U ne m p loym en t.

C H IC A G O
N EW YORK
LONDON

D E T R O IT
B U E N O S A IR E S

Telephone Randolph 0415

Lawrence Stern and Company
231 South La Salle Street

Chicago

BOARD OF DIRECTORS
W IL LIA M W RIGLEY, JR., Chairman of

JOHN HERTZ, Chairman of the Board of

the Board of W illiam W rigley Jr. Company

Y ellow T ruck & Coach Manufacturing C o.

ALBERT D . LASKER, Chairman of the

HERBERT L. STERN, President of

Board of Lord & Thomas and Logan

ST U YVESA N T PEA B O D Y ,

Balaban & Katz Corporation
President

ALFRED ETTLINGER, Vice President

o f Peabody Coal Company

JOSEPH J. RICE, Vice President
CHARLES A . M cC U LLO CH , President

L AW R EN C E STERN, President

o f T h e Parmelee Company

S

This company conducts a general securities business, originating
and participating in high-grade investment issues

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

stabilization in practically all countries.
Another financial indicator of im­
portance has been the steady advance
of savings. Their total in Germany, for
instance, on July 1, 1927, exceeded 3,718,000,000 marks, as compared with 2,154,000,000 in June, 1926—a formidable in­
crease of nearly eighty per cent.
An economic phenomenon is evident
which has appeared after every war in
modern times, namely the intensive ex­
ploitation of the resources of colonies,
dominions, and other economically
“new” lands as a solution for unemploy­
ment, and in general to redress the
havoc of warfare in the mother coun­
tries. The reactions of this movement
upon American trade have already set
in. First, in the stimulation of buying
power in the new lands, many of which
require just the type of mining ma­
chinery, farm equipment, road building
apparatus, etc., which was used in open­
ing up our own country. Secondly, how­
ever, there is evident a perfectly nat­
ural endeavor to conserve the benefits
of this new development primarily for
the parties immediately involved, es­
pecially through preferential tariffs, to
which we can take no exception unless
there be evidence of discrimination.
This has a bearing not only on our ex­
ports of manufactures to the new lands,
but also on our sales of those staples
which play so large a part in our exports
to Europe, notably cotton, cereals, pe­
troleum, lumber, etc., for the production
of which several of the mandated terri­
tories, dominions and colonies are wellfitted.
The industrial situation in the Old
World has still many unfavorable spots
in some districts or industries, but on
the whole the recovery in recent months
has been decidedly gratifying. Unem­
ployment figures have been dwindling
steadily; in the United Kingdom the de­
cline during the past twelve months has
been from about 1,600,000 down to 1,000,000, of whom about 400,000 are only
casually unemployed. Of course, this
substantial reduction was partly due to
the settlement of the coal strike, but,
coupled with this, is the striking fact
that there are today over 1,150,000 more
workers actually employed in the King­
dom than there were in 1912. In Ger­
many recovery has been even more spec­
tacular, the number of unemployed hav­
ing fallen from 1,700,000 in June, 1926,
to 541,000 in June, 1927. The decline in
France during recent months has been
at the rate of 2,009 a week. Strikes
have decreased in almost every im­
portant industry and manufacturing
center; throughout central Europe the
number of industrial disturbances has
fallen off nearly sixty per cent below

St. Louis, October, 1927
1925 figures. Industrial production gen­
erally has risen steadily. Steel exports
of Europe for 1927 will show for the first
time a substantial gain—probably about
twenty per cent—in volume over 1913.
All of this betterment will undoubted­
ly mean improved buying power on the
part not only of our leading customer
(Europe took forty-eight per cent of our
exports in the last twelve months), but
also in the oversea European dominions
and other sources of her foods, raw ma­
terials, etc. Nevertheless, the possible
implications in this recovery in terms
of more intensive competition should
not be overlooked by American indus­
try. Each of our leading trans-Atlantic
rivals is making preparations for active
drives in Latin-American and Far East­
ern markets. For this purpose they are
rapidly marshalling the aid of new gov­
ernmental trade promotive offices (such
as that of Italy), better transportation
and communication facilities (among
others, the new Berlin-Buenos Aires
radio-phone service, and the British
radio beam control to Australia), and
various governmental credit insurance
schemes, export subsidies, cartels under
official patronage, etc. The time for
watchful, aggressive initiative for Amer­
ican export is at hand.
An equally significant factor in this
economic renaissance has been the re­
covery of numerous so-called invisible
items in international transactions. For
instance, the value of middle men’s
services performed by the United King­
dom for the trade of other nations, in­
cluding interest on commercial and in­
dustrial loans, will probably exceed two
billion dollars this year. Secondly,
American tourist expenditures in Eu­
rope, which have contributed conspicu­
ously to the rehabilitation of several
countries, will this year exceed one-half
billion dollars; in fact, in some coun­
tries—France, for example—the amount
thus expended by our tourists for serv­
ices is more than that paid by America
for merchandise imports from those
countries. And the rates of profit on
the retail transactions and services that
go to make up this substantial item of
tourist traffic are far higher than those
made on exports of merchandise on a
wholesale basis. Thirdly, the control by
European capital of lucrative raw mate­
rial enterprises overseas is still evident,
especially in rubber, tin, nitrates, gold,
petroleum, vegetable oils, etc. British
capital still owns a billion dollars worth
of railroads in Argentina, a good por­
tion of whose traffic is in the wool,
hides, quebracho and other merchandise
which makes up the $83,000,000 of an­
nual imports of the United States from
Argentina.
Belgian exploitation of
Congo copper promises to be of major

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

63

The Best Banks
B uy Bonds
Eighty-eight per cent of the banks
in the 11St. Louis Territory” of
Illinois, Indiana and Missouri pur­
chased bonds for their reserve
account or for resale to customers,
according to survey made by the
Mid-Continent Banker.
M any of these banks will buy bonds
from this house, which has been
specializing in a bond and invest­
ment service to banks for fifty-one
years. As we are both bankers and
investment bankers, we understand
the requirements of a secondary
reserve account; further, we know
the types of securities preferred by
customers in various parts of Illi­
nois and Missouri.
Our experience is available for your
bank; we will be pleased to analyze
your present bond holdings and
will give you an honest expression
of our opinion. Your inquiry will
bring full information without
obligation.

Cm

o n

Tr
o

f

Co

u st
e a s t

S

t

.L

m p a n y

o f t s

M em ber Federal Reserve System

;

M id-Continent B anker

64
importance in that trade. Dutch opera­
tions in rubber are assuming major pro­
portions.
The import trade of the United States
in many of these commodities is pro­
viding a large portion of the support for
such overseas European properties. If
we select ten countries in the Far East
and Latin-America in which there are
notable European investments, it is
found that the exports of those countries
to the United States have increased 362
per cent since 1913, whereas their ex­
ports to other countries have increased
by eighty-seven per cent. Every car­
load of wool shipped from the ranches


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

of Australia and Argentina en route to
the United States contributes its share
of dividends to thousands of British
railway stock owners.
S til l Roo m f o r Im p r o v e m e n t .

It must not be inferred, of course,
that there is no room for further im­
provement in the European economic
situation. Business leaders throughout
the Old World complain that trade bar­
riers are still retarding commercial de­
velopment all over the Continent. They
point out, for example, that over eight
thousand miles of new frontiers were
set up in Europe by the Treaty of Ver­
sailles, and several of these, as well as

the older ones, have been decorated with
strands of barbed wire in the shape of
cumbersome customs procedure, multi­
plicity of tariff classifications, and in
general an all too widely prevalent ex­
cessive economic nationalism.
Those trans-Atlantic observers who
have been studying American business
conditions have commented upon the
entire absence of any comparable bar­
riers in our interstate commerce. They
have been fascinated by the picturesque
details of large scale manufacturing
made possible by such an unimpeded do­
mestic market, but in the main they
seem to have underestimated the value
of the stimulation of mass c o n s u m p tio n
rather than mass production, of en­
deavors for better distribution methods
and improvements in wages, working
conditions and buying power.
Indeed, much has been said of late in
continental circles regarding the possi­
bility of customs unions and other eco­
nomic groupings into a “ United States
of Europe,” the inference being that
there is need for a massing of business
resources and particularly of markets
somewhat comparable to the vast un­
hampered trade area within this coun­
try. This proposal seems to have dis­
tracted attention from the possibilities
of demand expansion within various
countries. In the case of Germany, for
instance, the rapid improvement in
buying power, which is increasingly evi­
dent, would seem to suggest that it
might be possible to raise the present
low consumption rate of automobiles,
which is one for every two hundred in­
habitants, as compared with one for
forty-six in the United Kingdom and one
for five in the United States.
G o v e r n m e n t C o n tr o l.

There still is a prevalent inclination
in Europe to call for government inter­
vention, control or manipulation when­
ever a trade is in momentary distress—
outright subsidies of public funds, credit
insurance devices, export bonuses, and
in several countries complete monopoli­
zation of given trades by the govern­
ment. In the main, however, the sober
opinion of responsible European leaders
seems to be mobilizing against these
rather costly devices; certainly the
views expressed at the Geneva Eco­
nomic Conference ana the International
Chamber of Commerce meeting at
Stockholm were emphatically against
all such intrusions of political agencies
into business. Every proposal at these
gatherings to set up bureaucratic
policing agencies to enforce interna­
tional regulations regarding industry,
etc., was promptly voted down, and the
resolutions adopted condemnig govern­
ment controls of trade in raw material
were unequivocal.

65

St. Louis, October, 1927
It is gratifying to note in European
business circles practically complete
absence of any bitterness or hostility
toward the United States. There is, in
fact, on the contrary a steadily increas­
ing appreciation of the need for mutual
trans-Atlantic good-will for the facilita­
tion of capital advances and the steady
increase of merchandise movements,
which have been growing regularly in
both directions. The value of American
loans has been all too keenly appre­
ciated to permit of any serious interfer­
ence through impulsive, superficial hos­
tility. Since 1924 over 800 million dol­
lars have been advanced to Germany,
which has been responsible for at least
a substantial portion of the industrial
and commercial recovery of that coun­
try, with consequent helpful reactions to
its neighbors.

Average wage earnings, the board
said, show a remarkably steady upward
trend, average earnings per worker em­
ployed in June, being even slightly
higher than they were at the begin­
ning of 1926. The average total cost
of living in the United States, as com­
puted by the board, decreased 1.6%
from the middle of June to the middle
of July, due mostly to an average de­
cline in retail food prices of 3.8%.
Contributing factors, it said, were a
slight decline in rents and retail
clothing prices.
It does not need that a poem should
be long. Every word was once a poem.
—Emerson.

Missouri Headquarters at
Rice H otel, H ouston
Room No. 306 of the Rice Hotel will
be Missouri headquarters during the
American Bankers convention at Hous­
ton October 24-27. “We want Missouri
bankers and their friends to use this
room whenever it will serve their com­
fort and convenience,” says Secretary
Keyser. “ Come in upon arrival at
Houston and register with us. We will
have an attractive ‘Missouri’ emblem
for you.”
Peace is not merely tranquility, for
tranquility may be indifference.—Duffield.

R obert Gennert M acks Form s
Own Securities C om pany
Robert G. Macks, known to many
bankers in Illinois and Indiana, has re­
cently formed his own company under
the name Robert Gennert Macks, Invest­
ment Securities, with offices at 1212 Se­
curity building, Denver, Colorado.
Mr. Macks was for four years the rep­
resentative of the American Exchange
Irving Trust Company of New York in
Illinois, Indiana, Michigan and Wiscon­
sin, leaving the bank in 1923 to repre­
sent Studebaker Corporation in south­
ern Europe, Africa and the near East.
Because of ill health he returned to the
United States and became connected
with John Nickerson Company of New
York in the Rocky Mountain district.

Dollar Purchasing Power Is
H ighest Since 1924
The purchasing value of the dollar
has increased nearly 6% since Decem­
ber, 1925, and now stands at the high­
est point since July, 1924, the National
Industrial Conference Board announced
August 28.
On the basis of living costs last
month, the board said the dollar now is
worth 61.7 cents as compared with the
1914 dollar. It was lowest in July,
1920, when its purchasing power had
shrunk to 48.9% of the pre-war dollar.
Declining living costs were given by
the board as the reason for the in­
crease in the dollar’s purchasing
power, which it is said has been steady
during 1926 and the current year. Dur­
ing this period the board said average
wage earnings have fluctuated not more
than 4% and employment has been
steady, and in these circumstances it
saw a fundamental factor auguring
well for the wholesome business con­
ditions in the immediate future.

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

G E O R G E H. B U R R

GO.

Investment Securities
506 Olive St.
NEW YO R K
BOSTON
HARTFORD
C H IC A G O

ATLANTA
P H IL A D E L P H IA
P IT T S B U R G H

Registered Mail Envelopes

HECO ENVELOPE COMPANY
C h ica g o , Illin o is

St. Louis
S A N F R A N C IS C O
LOS ANGELES
SEATTLE
CLEVELAND

ENVELOPES— For Every Purpose

H E C O — C H IC A G O

Mid-Continent Banker

66

L ow Money Rates Have Helped Make
Bond Yields More Attractive
up-trend in bond prices has
been steady, but persistent for
many months past, and, except for
a temporary congestion at the middle of
the summer, both demand and supply
have been in good volume. Recently sev­
eral new factors have contributed to the
strength of this market. The reduction
of rediscount rates at Federal Reserve
Banks has helped to establish lower in­
terest rates, thereby making present
bond yields more attractive. Also in­
terest and dividend payments are aug­
menting the supply of investment funds
in larger measure during 1927 than ever
before—this source, for the three months
ending September 1st, being $100,000,000
greater than for the same period of
1926. On the other hand, the supply of
good securities for fall investment is
somewhat less certain. The desire to
take advantage of favorable money
rates will no doubt bring a considerable
quantity of refinancing into the market
especially from those industries and
corporations which are in a credit posi­
tion to permit their refunding 5y2 and
6 per cent bonds for a y2 to 1 point
saving.
Whether new financing will continue
in the large volume of last year is the
point on which there is less general
agreement. The utilities will need cap­
ital for expansion, but may not need it
in such large volume as recently. In
many other lines, the industries in best
position to borrow have their needs
pretty well taken care of. Prime in­
vestment opportunities may thus be at

T

HE

somewhat more of a premium as the
year advances.
Business Conditions.

Business is active and there is much
evidence that it will continue so through­
out the remainder of the year. The vol­
ume of retail trade, bank check tran­
sactions, building construction, net
freight ton-miles, and other important
indices show a normal trend increase
clearly in line with our growth of pop­
ulation and development. Other so-called
T he a rtic le on this page is re­
printed fro m the September 20th
issue of the Q ua r te r ly Investment
Review, issued by Halsey, St uart
& Co. The artic le deals w ith gen­
eral business conditions and the
w a y they have affected the bond
m a rk e t.— E d ito r’s Note.

spotty situations, like automobile pro­
duction, coal, cotton and corn are what
might have been expected from casual
factors previously known. They are
plainly free from the complications of
boom or depression psychology. Auto­
mobile production is below normal prin­
cipally because one of the largest man­
ufacturers has suspended production
while making changes in his models;
coal loadings are sub-normal because of
the bituminous strike; the cotton indus­
tries are prosperous as a direct reaction
to bottom prices a year ago, and corn is
a light crop because of poor growing
weather and the Mississippi floods. The
most dependable assurance of continued

prosperity is the purchasing power of
the consumers. City workers, consider­
ing present indications of the trend of
employment and wage rates, should
have practically the same buying ability
as last year—a period of large volume
business. But the farmers are expected
to have a billion dollars more for their
crops this year than in 1926, and this
should prove an effective stimulus to
fall business in practically all lines.
Industrial Bonds.

The average investor is very conscious
of the fluctuations of industrial stocks,
and hence, not infrequently, carries over
an unwarranted feeling of uncertainty
as to the stabiltiy of industrial bonds.
It is very doubtful, however, if high
grade industrial mortgage obligations uo
fluctuate more than, if as much as, bonds
of a similar yield in other classifica­
tions. Taking net earnings as an im­
portant gauge of price stability, an
analysis was recently made of a group
of representative industrial bonds un­
derwritten by Halsey, Stuart & Co. This
list included a wide range of oils,
motors, paper, packing and lumber, and
for 1926 it showed a ratio of net earn­
ings (after taxes) to interest require­
ments of 4y2, while this “ratio of safety”
was above 4 to 1 for a five-year period.
It is becoming increasingly apparent
that the bonds of strong industrial cor­
porations in essential lines—especially
those which are large enough for great­
est economy of operation and so situ­
ated as to control their share of the mar­
ket-offer investment opportunities as

Sm it h , M o o r e &

Co.

For many years we have been successfully serving banks
and institutions in:
Building up liquid secondary
sound bonds.

reserves, consisting

of

Maintenance of bond accounts at the peak of efficiency.
The partners will be pleased to give the benefit of their
long experience in this field to your investment problems.
J.

Herndon Smith

509 Olive Street

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

Chas. W . M oore

W m . H. Burg

W. C. Morehead

St. Louis, Mo.

67

St. Louis, October, 1927
conservative as are to be found in other
lines. The breadth of this field, how­
ever, and its comparative newness to
investors as a whole, results in many in­
dustrial issues still carrying a yield
quite out of line with their investment
merit.
The public utilities have not many
new business records within recent
years, but none of them is quite so sig­
nificant as the amount of new capital ab­
sorbed in those lines of industry. Within
the last six years a total of more than
six and one-half billion dollars has been
added to the capital investment. The
electric light and power industry have
increased their capacity to serve the
public in about the same ratio. The
number of people served by electricity
has increased during this period approx­
imately 100 per cent, and the total out­
put of gas (including both natural and
manufactured gas) has also nearly
doubled.
Although decreasing rates
have resulted in gross income being
somewhat lower in proportion, improved
management has kept net income up to
a conservative ratio of safety for in­
vestors.
The utilities are soundly
financed, and their earnings and credit
records are winning for their securities
a constantly widening legal and invest­
ment market. This new demand—from
investment trusts, savings banks, insur­
ance companies, together with existing
easy money rates, etc.—appears to be
amply sufficient to maintain present
prices of utility securities, if not to in­
crease the up-trend.
Stocks of municipal bonds are un­
usually low for this season of the year
and there are no present indications of
new supplies in significant volume. Con­
sidering this fact, and the prospect that
when buyers come into the municipal
market in full strength this fall, the in­
creased demand is likely to stimulate
prices, the present seems very oppor­
tune for the purchase of municipal
bonds.
The market for Joint Stock Land
Bank securities has been adversely af­
fected by the fact that a few of the
member banks of this system have fallen
into difficulties. But there is no more
reason for presuming that the many
well-managed Joint Stock Land Banks
carry similar hazards than to rate all
commercial banks as risky because
somewhat more than the usual per cent
have failed recently in the west and
south. It is evident, therefore, that the
current prices of many joint stock bank
securities are unusually attractive.
Moreover, there is now an actual mar­
ket for farm lands, such as has not ex­
isted for several years, and the general
position of these agricultural banks is
certain of improvement.

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

R obert Morris Associates
to H old Fall M eeting
The Robert Morris Associates will
hold their annual fall meeting at Galen
Hall, Wernersville, Pa., on October 3,
4 and 5. This is one of two meetings
held each year by this organization of
bank credit executives, the other meet­
ing taking place as part of the conven­
tion of the National Association of
Credit Men.
This organization is national in
scope and has members in some 140
cities and all but thirteen states. Ar­
thur F. Barnes, vice-president of the
Mercantile Trust Company of St. Louis,
is president; A. W. Pickford, vicepresident of the Philadelphia-Girard

National Bank, Philadelphia, is first
vice-president; John J. Geddes, vicepresident of the Illinois Merchants
Trust Company of Chicago, is second
vice-president; and Alexander Wall is
the secretary-treasurer, with offices at
Lansdowne, Pa.
The advisory board is made up of a
number of nationally known bankers
and includes the following: Chairman,
Theodore Hetzler, New York, City; J.
S. Drum, San Francisco; Richard S'.
Hawes, St. Louis; Julien H. Hill, Rich­
mond; W. S. McLucas, Kansas City;
John H. Puelicher, Milwaukee; J. W.
Spangler, Seattle; Melvin A. Traylor,
Chicago; J. Harry Tregoe, New York
City, and Joseph Wayne, Jr., Phila­
delphia.

F ID E L IT Y -M E A N S -K E E P IN G -F A IT H

Autumn
L ife’s autumn years should be golden years. Y ou ’ll
help your clients make them so by recommending
Fidelity 6^2 % Bonds for their investments.
There is no more desirable security. Every issue of
Fidelity First Mortgage Bonds is safeguarded in t h r e e
ways— by ample physical property; by the conservatism
of the issuing house; by Fidelity’s Guarantee of the pay­
ment of principal and interest at maturity.
These factors are just as significant for you as you
contemplate investment of your own bank funds. Shall
we send full information about ourselves and the bonds
we offer?
D e n o m in a tio n s $100, $500 and $1000

Ei b e o t Y
.J1.U . .M BOND
¿’’MORTGAGE CO. JL
E N TE ER .Prpiidw i- c^> INCORPORATED 1913
H

Home Office: 651 Chemical Bldg., St. Louis
Chicago—Denver

LR251

FIDELITY-GUARANTEES-EVERY-BOND,

68

Mid-Continent Banker

C. O. Holmes Elected President of
Indiana Bankers Association
HOLMES, of Gary, president
of the South Side Trust & Sav* ings Bank, and widely known
for his activities in civic and community
affairs throughout Indiana, has been
elected president of the Indiana Bank­
ers Association. The election took
place at the close of the thirty-first an­
nual convention of the association,
which was attended by more than six
hundred bankers from every section of
the state. Miss Forba McDaniel was
re-elected secretary of the association.
Better government supervision, es-

G

< O.

By Wm. H. Maas
tablishment of regional examiners, bet­
ter bank administration, public educa­
tion in sound economics and banking,
and advanced training for bank officers,
was urged by Craig Hazlewood, vicepresident of the Union Trust Company
of Chicago, and vice-president of the
American B'ankers Association, speak­
ing before convention on the theme of
“Better Banks and Bankers.”
“ There is today in every line of busi­
ness a widespread movement to elimi­

Spreading Risks
The great insurance companies of the country have
built their business by spreading risks.

They have

invested their surplus funds in every state in the
Union, in practically every branch of sound industry.
By thus spreading risks they minimize loss.
The same sound principles apply to any business
and particularly to banks which are constantly in­
vesting funds.

Local businesses, by the law of

averages, must have their years of prosperity and
years of depression.
wise must vary.

Local credit conditions like­

But the far-sighted banker who

spreads his risks by means of high grade securities
usually is not seriously affected by local conditions.

O u r cu rren t o ffe r in g

lis t

c o n ta in s

s o m e s e c u r i t i e s th a t a re p a r t i c u l a r l y
W ell

a d a p te d

m en ts.

C

ba n k s’

r e q u ir e ­

M a y we sen d y o u

a cop y?

ald w ell

to

&

C

om pany

S o u th e r n S e c u r itie s
117 NORTH FOURTH STREET


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

Of f i ces

in

Pri nci pal

ST. LOUIS, MO.
Ci t i es

nate unsound practices and to bring
the conduct of business definitely in line
with those standards which long expe­
rience has established as sound and
trustworthy,” he said.
“We have found this to be an ab­
sorbingly interesting business.
We
come in contact with all lines of busi­
ness. It takes courage sometimes to
say ‘No’ when the possible loss of an
account is involved. Sometimes it
takes just as much courage to say ‘Yes’,
when, although the borrower’s position
is not absolutely ideal, he has character,
a good record and every prospect for
success.”
“Every banking customer who is an
unsecured borrower of $500 or more
should be required to place his finan­
cial statement on file. This practice
should apply to farmers, merchants,
manufacturers and jobbers. If this re­
quirement were made universal tomor­
row, so that the unsuspected facts re­
garding losses in operation, speculation,
private debts and debts to other insti­
tutions were made known, what a house
cleaning and calling of loans there
would be!
“ Perhaps we may summarize in a
few words this discussion of practical
methods we ourselves can employ to
improve the banking business.
“1. Financial statement for every
unsecured loan of $500 or more.
“ 2. Let the banker dictate the credit
terms.
“ 3. No excess loans.
“ 4. Let the loans to officers and di­
rectors be the best in the bank.
“5. Keep some slack in our line, that
is, maintain strong secondary reserves
in quickly realizable assets.
“ 6. Do not let competition force un­
profitable business upon us.
“7. Keep our investment in fixed as­
sets, such as building, real estate and
fixtures, within fifty per cent of our
capital and surplus.
“ 8. Do not make capital loans.
“ 9. Discard the idea that our compe­
titor’s financial position is of no con­
cern to ourselves.
“ 10. Co-operate with other bankers
in the common purpose of making bank­
ing a safe and more efficient business.
“Although ninety per cent of the
banks of this country are conducted on
a high plane of safety and efficiency,
there are banking institutions in each
state whose administration and policy
could be improved upon. The banks of

69

St. Louis, October, 1927
America as a whole represent the finest
banking system in the world, but weak
spots have appeared following the lax­
ity and luxury of the after-war period.
The banking profession must recognize
these faults and must insure against
them. I believe we do see them and
that we are prepared to launch a con­
structive program for banking progress.
“The American Bankers Association
is committed to such a program.
“First: In order to improve govern­
ment supervision we advocate more lib­
eral power to banking departments so
that they may be able to refuse char­
ters for unnecessary banks and insist
upon proper qualifications for directors
and officers. We urge minimum capi­
tal requirements of $25,000; we ask for
sufficient appropriations to attract first
class men as heads of our banking de­
partments, and to employ experienced
and efficient examiners without political
interference. There should be no valid
excuse for inefficiency in the banking
department of any of our states or of
the nation.
“ Second: We should also provide for
additional supervision and examination
through the Regional Examination Plan.
Under this plan bank examinations
would be far more thorough, and the
exact condition of a bank would be dis­
closed. Each examiner would have
only a small territory to cover and he
would be held fully responsible for the
banks in his district. He would be a
permanent force in the community, edu­
cating bankers and their directors in
the fundamentals of sound banking.
“Third: We stand for the highest
standards of bank administration, in­
telligent self-supervision—the constant
adherence to and maintenance of poli­
cies that have been demonstrated
through years of experience to be the
soundest and best—as quite the most
effective form of supervision that there
is. There are possibilities for improve­
ment in our banking practice.
We
must better define what we mean by
the expression “ directors must direct.”
We must pay more attention to matters
of diversification of assets, maintenance
of secondary reserves and the building
up of credit files, as well as other sound
banking practices.
“Fourth: We have mentioned the
need of better banking supervision by
the government, by district or regional
examiners and by bank management.
For the sake of the banking business
in the future we must pay attention to
education—education first of the public
in sound economics and the principles
of good banking, and secondly, educa­
tion of our younger men who are to take
positions of responsibility in the bank­

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

ing business. The advance work in
bank administration to be given by the
institute deserves the interest and sup­
port of every banker.”
Hugo C. Rothert, president of the
Huntington Bank, Huntington, Ind., re­
tiring president of the association,
urged the appointment of a Committee
on Banking Practice to “ help find ways
and means to better and more profitable
banking methods.” He reviewed the
work of the association during the past,
year and expressed appreciation of co­
operation given by the state department
of banking, the state bar association,
the state bureaus of criminal identifica­
tion and investigation, the vigilantes
and peace officers of various counties,
the legislators and executive officers of
the state.

Business Is Recovering from
Seasonal L et-D ow n
“The approach of fall,” says the bul­
letin of the National Bank of Com­
merce in St. Louis, ‘“ finds trade and
industry slowly recovering from the
summer lull after a seasonal let-down
somewhat more pronounced than that
of a year ago. But in spite of unfavor­
able reports from some fields of in­
dustry and keen competition in all
of them, the balance remains well on
the constructive side. On the basis of
business reports for the first eight
months of the year, there is little to
suggest unfavorable comparisons with
last year’s record volume.”
It’s easy to build a home of your own,
if you have a lot—and a lot more.

Digging deep for facts
B

a new issue o f bonds is un( derwritten and recommended by

efo r e

The National C ity Com pany a corps of
accou n tan ts, engineers, econom ists,
bankers and lawyers have dug deep into
the facts underlying it.
All bonds appearing on our offering
lists have withstood the acid test of in­
vestigation.

The National City Company
National City Bank Building, New York
Offices in more than 50 leading cities throughout the world

BONDS

'

SHORT TERM NOTES

i

ACCEPTANCES

Mid-Continent Banker

70

Building Business
(Continued from page 11)
How Advertising W a s

Looking Ahead with
the Public Utilities
IN

D ecem ber of 1926 a new production peak w a s reached by th e P ublic
U tility com panies of the country, w h ile during- la st y ea r in vestors
in creased their U tility h old ings by n early one billion dollars.

S ix fa cto rs poin tin g tow ard a con tinu ation of the ad van ces m ade in the
prosperity of P ub lic U tility com panies are : In creased in d u strial b u si­
ness, g reater in d u strial diversification, w ider adoption by country d is­
tricts, increased urban use, ad van ce of electro-ch em ical p rocesses and
exten d ed railroad electrification.
U tility bonds can be counted upon to d isp lay m arked firm ness in the
fa ce of a d verse m ark et conditions.
A s specialists in public service corporations w ith a broad experience
of m an y ye a rs w e would be pleased to offer inform ation and su g­
gestion s regarding p resen t and futu re in vestm en t possibilities. E s ­
pecially attractive U tility secu rities are described in our circular G -70.

H O W E , S N O W C& C O M P A N Y
Incorporated
NEW YORK

CHICAGO

SAN FRANCISCO

GRAND RAPIDS

DETROIT

MINNEAPOLIS

Safe Bonds Yielding
5.50% to 6.98%
Rate

Due

Yield

Cities Service Power & Light Co. . 5s

1967

Southern Indiana Tel. & Tel. Co. . 6s

1947 6.00%

Republic of C olom bia.................... .6s
6s

1961 6.55%

5.50%

6|s

1937 6.55%

6|s

1932 6.98%

Circulars on Request

H o a g l a n d , A l l u m & Co.
INCORPORATED

14 S. La Sa1le St
CHICAGO


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

34 Pine St
N E W YORK

Used

Our advertising, which is made up
very largely of the use of the mails, is
much more effective because it is ac­
curate in its directness. Our lists have
been carefully chosen and each one made
up with a particular purpose in mind.
Each name has been selected for the list
in which it appears as a result of our
knowledge of the affairs of that particu­
lar person.
We do some newspaper advertising,
we use a few bill boards with satisfac­
tory success and we distribute a few
calendars and souvenirs, but experience
has taught us that personal contact and
the possession of intelligent knowledge
of the affairs of the prospects are the
most effective means for producing,
holding and developing business.
When we sent our county schoolmas­
ter to blaze a trail in country bank con­
tacts there was doubt in the minds of
our board. This soon changed to toler­
ation; as it appeared unlikely that harm
would result. Finally the stamp of ap­
proval in most positive form was placed
on his activities. Today he is a sort of
pivot around which we all revolve. His
records are invaluable to us, his opin­
ions are final in many matters and he
is sought after and consulted more than
any person in our organization. Much
credit is due him for the very satisfac­
tory results obtained.
Our business has not shown any phe­
nomenal growth during these seven
years since we first instituted this pro­
gram. A period of deflation has oc­
curred throughout the country.
Our
chief crop, tobacco, has declined materi­
ally in price. Our farmers have not as
much money as they had seven years
ago. We are gratified that our depos­
its commercial and savin’gs have shown
a normal increase, that our profits have
been maintained on a par with our best
years, that our sales of mortgage loans
have increased a hundred fold and more
while the supply of mortgages was con­
stantly declining, that our safe deposit
vaults show a constantly increasing
clientele and our trust organization has
become a business of self supporting
and independent size.
We could not have accomplished these
things during these last seven years had
we not known our field so well and
through no other means than the plan
presented to you could we have gained
the information which made the knowl­
edge possible.
Associate with men of good quality,
if you would esteem your own reputa­
tion; for it is better to be alone than
in bad company.—Washington.

71

St. Louis, October, 192',

Establishing a Bank Bond Department
in a Medium Size Community
HAT a bank in a medium size com­
munity should have a Bond De­
partment is, in my opinion, above
question. The advent of the commercial
banker into the investment field is wel­
come news to the large houses of issue,
for they appreciate he has the confi­
dence of his community and that what­
ever bonds are sold to his new depart­
ment will go to the private investor.
Indeed, I would say that, ultimately, the
banker in medium size communities will
take the place now occupied by the
smaller bond houses as a retailer in his
locality, for the field is naturally his;
all it awaits is his initiative. There is
nothing unethical, nothing that scatters
conservatism or banking policies to the
four winds, through adding this im­
portant department to a bank’s activi­
ties.
The bond business is highly special­
ized, tremendous in its scope. It may
be said to be an elaboration of the loan­
ing department of a commercial bank.
Instead, however, of loaning to local
business men, manufacturers and enter­
prises, it loans to nationally and inter-

T

B y Alfred Howell
Manager Bond Department, Woodlawn
Trust & Savings Bank, Chicago
nationally known corporations and to
countries the world over. Its operations
make for growth, development, employ­

T h e ai t i d e on this page is taken
fro m an address delivered before
the Investm ent Depa rtm e nt of
the tw e lfth annual convention of
the Financial A d ve rtis e rs ’ Asso­
ciation, held at W e s t Baden, In­
diana, last month. T he author
gives a number of practical sug­
gestions as to the developm ent of
the bank bond d ep a rtm e n t and
tells of the advantages to be de­
rived fro m such a dep artment.—
Ed ito r’s note.

ment; it brings distant countries to our
doors. To keep abreast of the times, to
be able to define and discuss different
bonds intelligently, to render an intelli­
gent and specialized service, it is neces­

G. H . W A L K E R & CO.
BONDS

D irec t

p r iv a t e

e n a b le u s

w ire s

to

a ll

to r e n d e r p r o m p t

BONDS
and

SH O R T
TERM
N O TES

Government,
Municipal,
Public Utility,
Railway,
Corporation

&

sary that a B'ond Department be headed
by a trained bond man. I am referring,
throughout, to Corporation Bonds, which
so overwhelmingly constitute the invest­
ment field.
It is next necessary to secure the mer­
chandise for sale. Contacts should be
made with the large houses which syn­
dicate and wholesale bonds, and in deal­
ing with them it is vitally necessary that
good-will be builded—I mean by this a
sincere effort to place bonds with the
private investor instead of throwing
them back on the market at a ilight
profit. These houses are in position to
know when these bonds go back on the
market within a comparatively short
time after purchase, and continuation of
such practice by a banker sounds the
death knell of his Bond Department.
The Bond Department is in its in­
fancy when the sale is made. Its growth
to manly proportions will result from
careful nursing by sensible service—ad­
vice when profitable trading possibilities
present themselves, when bonds are
called for payment prior to maturity,
unbiased analyses of other offerings,

p r in c ip a l
and

m a rk ets

of conservative character to meet
the needs of banks, institutions
and private investors. A complete
list of current offerings will be
sent upon request.

effic ie n t s e r v ic e

in b u y i n g a n d s e l l i n g l i s t e d b o n d s .

/ / r / / /

M E M B E R S N E W Y O R K , S T L O U IS A N D
C H IC A G O S T O C K E X C H A N G E S

SPECIAL SER VICE TO B AN K S

H. L. RUPPERT & CO.
Incorporated
INVESTMENT

B R O A D W A Y and LO CU ST


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

S t. L o u is , M o .

SECURITIES

402 PINE ST.
ST. LOUIS, MO.
MA in 1082
POSTAL LONG DISTANCE
Member St. Louis Stock Exchange

72

M

ters brought, and bringing them to the
banker is the highest compliment of the
esteem in which he is held. It is no
strain to visualize what capital can be
made of this contact in building up a
bond department.
Every man that comes to the railing
for advice concerning securities is a
very live prospect. He has the desire—
the earliest kind of a sale. The bond
man must prescribe his diet from his
own merchandise.
Business transactions are as frequent­
ly closed in banks as in law offices, and
here again is a prospective investor, for
all the purchase money isn’t going to
stay in the bank by any means.
All these, however, are minor advan
tages. The major ones stand out bold­
ly. A heavy bank account is always a

how to make out ownership certificates
and the like.
T h e B a n k e r’s Advantage.

When it comes to selling the products
of the bond market, the commercial
banker has a tremendous advantage over
the bond house—an advantage that he
may not appreciate. The banker occu­
pies a peculiar position as the tempo­
rary custodian of the wealth of his com­
munity. His contact is direct, and he
is voluntarily sought for advice as to
whether securities or realty should be
bought, what his legal slant is on this or
that, what to give the baby for internal
disorders, why gentlemen prefer blondes,
and so on. In other words, he is the
financial, medical, legal and domestic
adviser of his depositors. To the head
of no bond house are such private mat­

(T X / f'O R E than 2,000 banks o f the United
(j t

States purchase these notes f o r prime,

short-term investment.
Checkings available in any financial center
and complete credit data on request.

Industrial
Acceptance
Corporation
DEALERS EX C LU SIV E LY

F IN AN CING S T U D E B A K E R

Collateral Trust
Gold Notes
( T H E N A T I O N A L C I T Y B A N K OF N E W Y O R K , T

rustee)

E xecutive Offices
G R A Y B A R

B U I L D I N G ,

N E W

Y O R K

[Lexington Avenue at 43 rd Street]
Com m ercial P a per Offices
NEW YORK


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

r

D AL LA S

*■

M I N N EA PO L IS

1

C H IC A G O / 105 South La Salle Street
ST. LOUIS

1

Boatmen’ s Bank Building

SAN F RA NC IS CO

id-C ont in ent Banker

real prospect, for some time the posses­
sor may decide to invest on advise of
friends and withdraw his funds. I am
acquainted with instances where, regu­
larly in January and July, bond sales­
men walk in with customers’ savings
accounts, which are withdrawn for bond
purchases.
Safety

Deposit Box Owners.

It is fair to assume that every safety
deposit box holder is the possessor of
seme securities, and regular solicitation
of these afford an excellent field for ex­
ploitation. One form of solicitation
could be a circular letter calling atten­
tion to the service which the bond de­
partment can render by reviewing se­
curities free of charge, suggesting that,
since purchase, holdings may have been
affected one way or another. Another
suggestion is that the Bond Department
will be glad to watch one’s investments,
if listed with it. In this way the depart­
ment at once possesses a list of the in­
vestor’s holdings—an invaluable asset —
knows what kind of securities are pur­
chased and, what is more, their due
date. The latter, of course, is very im­
portant because it indicates when the
investor will of necessity be in the mar­
ket.
When a depositor presents a bond as
collateral, the banker is immediately
placed in contact with an actual buyer,
and, of course, immediately knows what
specific bond he owns. Here is a se­
curity holder telling you, voluntarily,
what he has. His acquaintance should
be fostered so that the next time he
buys his banker may be able to fill his
wants.
Telle rs Can Help.

Next comes the collection teller. To
him matured bonds are often presented
for collection, and a suggestion from his
that the Bond Department may be able
to facilitate its handling may mean a
new customer. Of course, the bond man
can quickly ascertain if reinvestment
is contemplated, and in such a case the
bond can be taken in at once and a new
buyer is yours.
And Mr. Collection Teller cashes
coupons, and every coupon means a real
buyer. Of course, the bond man doesn’t
say, “I know you are a buyer because
you cash coupons,” but he can instantly
approach the prospect with an offering
of securities and so save a lot of waste
motion.
After a while it is very necessary
that salesmen be put on, for telephone
calls, letters and circulars lack the hu­
man element of a personal call. The
banker should not lose sight of the
fact that, with all the foregoing in his
possession, he is going after the in­
vestor who has made friends with bond
salesmen who have called on him in the

St. Louis, October, 1927
past, and it is personal contact only,
plus good service, that can bring the
buyer to you.
Of course, circulars, little leaflets on
building an estate, on the wonders of
compound interest, on consulting the
banker, have their place in sales promo­
tion. They all reach the investor you
may know. But how about the investor
you don’t know? The way to reach that
person is by sensible financial adver­
tising through a financial advertising
man, newspaper display, or by pamphlet.
The cost is not great, the results per­
haps slow at first but sure. Here is the
specialist in the greatest field of all—
finance—don’t forget that, and what he
gives you is the result of extensive re­
search and investigation adapted to your
own specific needs. He is rendering
you, through his own specialization, just
as great a service as you are rendering
the depositor who comes to you for
financial advice.
In conclusion, the establishment of a
Bond Department means that the bank
can buy, for its own investment account,
on a more profitable basis than other­
wise, and too, that in due course the
Bond Department can assist in building
up your Trust Department by having in­
vestors turn over their securities to it.

73
of what is known as “donsteel,” which
under the most severe tests has been
proven drill and torch-proof.
This
vault contains about 800 steel safe de­
posit boxes and steel storage lockers
accessible to customers, and a private
room or compartment known as the
“cash vault,” fitted up with steel safes,
chests and files to retain the bank’s
moneys, bonds, etc.
The deposit and cash vault has addi­
tional protection in the form of a bur­
glar alarm system operating on the
sound-wave principle.
Besides the usual boiler, coal, ash
and storage rooms, a large portion of
the basement, consisting of spacious
corridors, employes’ wash rooms, fire­
proof storage vault and supply rooms,

are plastered, painted and otherwise
completely finished for convenience
and utility, special attention having
been given to waterproofing and drain­
age to insure a dry basement.
The heating installation is worthy of
special comment in that heat is deliv­
ered into the banking room through
bronze grilles in the walls, the heat
being generated in copper heating ele­
ments known as “concealed heat cabi­
nets” built into the walls, instead of
the usual cast-iron radiators. The sys­
tem is vapor-vacuum.
Clifford H. Johnson of Sedalia was
the architect; Dean & Hancock of Se­
dalia, the contractors for the building;
George Suter of Sedalia, contractor for
heating and plumbing systems; Ameri-

Citizens N ational H as N ew
Building
(Continued from page 8)
very durable material of high quality,
resembling marble, laid up in blocks
after the manner of stone masonry.
All ceilings are finished with deco­
rated acousti-celotex, which, as the
name implies, is a material used for
perfecting the acoustical properties of
a room and will assist materially in
quieting disturbing noises originating
from without and within the building.
The floors of the various rooms and
spaces are of materials best adapted
to the purposes, including rubber tile,
cork tile, zenitherm, marble, battleship
linoleum, cork carpet, etc., all designed
for comfort, safety, quietness and dura­
bility. All finished woodwork panel­
ing., etc., is of American black walnut,
highly figured and matched.
The construction of the vaults is very
interesting, particularly that of the de­
posit and money vault, which has been
pronounced by experts to be positively
impregnable under burglarious condi­
tions. The vaults are built of excep­
tionally strong concrete and instead of
ordinary steel rods, a matrix or net­
work of steel known as “ steelcrete” is
used for reinforcement, reaching out
through all portions of the concrete.
By volume, there is nearly as much
steel reinforcement used as there is
concrete. This vault has a door made

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

Nearlya Quarterofa CenturyofService
to Southern IndustryandInvestors

I

T is surprising how money
grows when safe first mort­
gage bonds are the backbone
of your investment plan.
Our interest in an investment
does not end with the purchase
of bonds by clients. We con­
tinue in touch with con­
ditions effecting the se­
curity of bonds until they
W r i t e

are finally paid at maturity.
This supervision explains the
confidence that has been vouch­
safed us by customers all over
America. It also explains our
twenty-two years with never
a loss to a client.
We shall be pleased to
send you a copy of our
current investment list.
t o d a y !

Mortgage
Securities Co.
ONew Orleans

*■SaintJhouis

Mid-Continent Banker

74

can Fixture Co. of Kansas City, con­
tractors for banking fixtures and
marble work; Mosler Safe Co., Hamil­
ton, Ohio, contractors for vault doors
and equipment, and O. B. McClintock
Co. of Minneapolis, contractors for bur­
glar alarm and vault ventilator
systems.

M id-C ontinen t Trust C on­
ference

UR

shorts term

obligations haves been p u r­
chased by more thans y o o o
banks in the United States.

G eneral M otors
A cceptance Corporation
Executive Office * 2.50 WEST 5 7 U ST.

1 NeivYorkCity

C apital , Surplus 43" U ndivided
Profits

•• $50,616,000

Short Term Paper
fo r

Bank Investment

Affiliated with T he F letcher A m e r ic a n N a t io n a l B a n k o f I n d ia n a p o l is
INDIANAPOLIS


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

LOUISVILLE

DETROIT

* (Continued from page 10)
ducing this percentage? Fourth, does
the income tax tabulation indicate that
it would be proper for the trustee to
sell trust assets for the purpose of es­
tablishing a taxable gain or a deducta­
ble loss? Fifth, have all of the invest­
ments in the trust yielded their expected
income, and, if not, has the trustee ex­
ercised due diligence in an effort to col­
lect any income that may be delinquent?
Sixth, are there any defects in the title
to any of the trust assets? Seventh, are
any stocks of mining companies, oil
companies or leasehold companies held
in the trust which cannot be sold, and,
if so, what provision has been made for
their amortization?”
“ Principles Governing Investments”
was the subject of J. Hugo Grimm, vicepresident and counsel Boatmen’s Na­
tional Bank, St. Louis, which he dis­
cussed in part as follows: “If I were
asked to sum up in succinct form what
the courts require of a trustee, I should
say that the trustee in making invest­
ments must act honestly, exercise due
care to inform himself about the securi­
ties, and to select the investments intel­
ligently and wisely, and thereafter keep
informed about them, with the view of
conserving the trust estate so as to be
able to turn it over to the beneficiaries
at the proper time, in full and unim­
paired, in the meantime securing a fair
and reasonable return on the invest­
ments.”
“Industrial Bonds” were discussed by
John E. Blunt, Jr., vice-president Illinois
Merchants Trust Company, Chicago,
who said: “In the past there has been
a decided prejudice on the part of con­
servative people against any security
bearing the term ‘Industrial.’ The
bonds are not, as a rule, authorized in­
vestments for either trust funds or sav­
ings banks. Until a comparatively re­
cent date some investment bankers did
not handle bonds of this character; a
standard loan on the New York Stock
Exchange required at least two-thirds of
the collateral to be rails and not to ex­
ceed one-third industrials. Any loan
not conforming to these proportions was
subject to special negotiation and usual­
ly bore a higher rate of interest. One
of the reasons for this attitude, as I see
it, is the attempt to relegate into one

St. Louis, October, 1927
class a large number of more or less
unrelated industries. The railroad is
but one form of industry, but their num­
ber is sufficiently large to put them in
a separate class, and all railroads have
something in common. In the so-called
‘Industrials,’ however, we have not one,
but any number of varied industries
ranging from concerns like the U. S.
Steel Corporation or General Motors
Corporation down to a small manufac­
turing plant. Each line of industry and
each individual unit in the line has a
problem of its own, and is subject not
only to general conditions, but to the
vicissitudes of competition, of manage­
ment, of combinations and changes
which naturally come from year to year.
These have been particularly acute since
the World War, and the picture has
changed so completely in the last ten
years as to make records previous to
that date of comparatively little value.
The examination of an industrial bond,
therefore, resolves itself into a detailed
investigation of the particular security,
and it is difficult to lay down any rule
or set of rules governing this pro­
cedure.”

G uaranty Survey Com m ents
on Business Conditions
The approach of a Presidential elec­
tion year does not seem to be attended
with or indeed to warrant any particu­
lar apprehension as to the future course
of business, states the September num­
ber of the Guaranty Survey, issued by
the Guaranty Trust Co. of New York.
The relative stability of commodity
prices, the ease in the money market
and the general confidence that is felt
in the fields of both production and
consumption seem to promise a con­
tinuance of generally satisfactory busi­
ness conditions, the Survey continues.
Security markets are reflecting this
widespread feeling and while fluctua­
tions are inevitable the general out­
look justifies a reasonable optimism.
A moderate upturn in trade activity
has appeared recently although in many
branches of production and distribution
the usual mid-summer dullness is still
evident. It is significant that marked
improvement is noted in certain agri­
cultural districts, notably in the North­
west. There has been some increase
in the amount of commercial bank
loans this month; while sales by retail
establishments, reflecting the strength
of consumers’ demand, appear to have
gained measurably in recent weeks,
after having made a rather indifferent
showing in the early part of the sum­
mer. Altogether, there is ample sup­
port for the belief that the next month
'will witness the beginning of the brisk
revival that usually occurs at this
season.


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

75

Knight, Dysart & Gam ble
Investment Securities
C O R P O R A T IO N
P U B L IC U T I L I T Y
R A IL R O A D
M U N IC IP A L

401 Olive Street
St. Louis
G A rfield 7790

BONDS

M EM BERS
N E W Y O R K STOCK E X C H A N G E
S T . L O U IS S T O C K E X C H A N G E

Back o f the B a n ker
A DEPENDABLE INVESTMENT CORRESPONDENT
SERVICE AND <(SOURCE OF SUPPLY”
H E DAYS OF restricted banking service have passed. Investors in every
section are interested in securities that are far-reaching in scope.
Bankers today are called upon to give investment suggestions, supply
quotations and sell new issues of securities.

T

Back of the banker must be a “ source of supply.” Through our Chicago
New York and Kansas City offices we are in close touch with all active
markets and issues. W e are especially catering to- the banker’ s needs—
acting as Investment Correspondent. All inquiries are answered the same
day as received, either by mail or telegraph. A corps of field investment
men render an interested, personalized service.
Y ou are invited to ma\e f u ll use o f these fa cilities

Bond Department

K R E N N & D A T O , Inc.
Exclusive A gen t for Edith R ockefeller M cC orm ick Trust

111 Broadway

39 S. LaSalle Street

NEW Y O R K

916 Walnut Street

C H IC A G O

K A N S A S C IT Y

Real Estate Bonds
Many high grade issues originally offered
hy standard houses may now be pur­
chased through our Trading Department

At Market Prices
Let us know which Real Estate Bonds
are of particular interest to you.
Send coupon for complete information.
TRADING DEPARTMENT

M-W. Bradermann C o.
Incorporated

1 70 Broadway
M-W. Bradermann Co., Inc., 170 Broadway, New York:
bond quotations and other information.

N e w Y o rk
You may send me real estate

N am e........................ ..................................... ........................................................................................
A ddress......................................................................................................................................................... B -86

Mid-Continent Banker

76

O live Street N otes
James Campbell, member of the law

firm of Carter, Jones and Turney, has
recently become associated with Stifel,
Nicolaus & Company, St. Louis in­
vestment banking house. Mr. Camp­
bell has considerable experience in the
investment banking business, his law
firm having been general counsel for
Stifel, Nicolaus & Company for a num­
ber of years.
A proposal has been made to change

the name of the City Trust Company,
St. Louis, to the Fidelity Bond and
Trust Company, following the purchase
of controlling interest by a syndicate
affiliated with the Fidelity Bond &
Mortgage Company. The banking insti­

tution now serves as a depository for
funds from the bond issues floated by
the controlling company as well as
trustee. It has, in the past been a
commercial and savings bank. The
stockholders’ meeting to approve of the
change in name has been called for
October 5.
Seats

on the

New

Y o rk

Stock

Ex­

change continue to sell at new high
prices. About a year and a half ago
Carroll S. Bayne, formerly a partner
in the brokerage firm of Taylor,
Thorne & Company, disposed of his
seat on the Exchange for a price of
$145,000. Less than a month ago he
paid $230,000 for the privilege of re­

joining the Exchange. At the present
high scale of prices, a number of St.
Louis houses could realize very neat
profits should they care to dispose of
their memberships in the New York
Exchange.
L. W . Baldwin, president of the Mis­

souri Pacific Lines, points out that
freight traffic is beginning to move in
increasing volume. In August the Mis­
souri Pacific handled 137,042 cars of
revenue freight, compared with 126,912
in July.
Advance reports indicate th a t $3,491,-

405 will be paid out in October to hold­
ers of stocks listed on the St. Louis
Stock Exchange. Of this amount banks
will contribute $746,000 in dividends.
International
Shoe common
stock
heads the list with $1,645,000.
H. C. K irc hener, secretary of the St.

Com m unity
Water Service Company
C o m m u n ity W a t e r Service C o m p a n y serves,
subsidiaries, a population of about 680,000.

th rou gh

its

W i l l a r d T. G rim m is in charge of the

T h is territory includes: N e w R ochelle, N . Y ., and other sub­
urban territory in W estch e ste r County surrounding N e w
Y o r k C ity from the H u d son R iver to L o n g Island Sound,
estim ated popu lation over 92,000.
Part of
th ereto.

C am den ,

N.

J.,

and

suburban

territory

adjacent

M o re than 35 com m u n ities in P en nsylvania, including W i l ­
liam sport and U n io n to w n w ith a total estim ated p op ulation
of 190,000.
Peoria.. Illin o is, and

Cairo, Illin ois.

L e x in g to n , K e n tu ck y .
Im p ortan t suburban residential districts o f St. L ou is, M issouri,
to geth er w ith 23 m unicipalities located in St. L ou is C ou n ty
h aving a total p opulation of over 125,000.
T h e total assets of the Com pany as of M a y 31, 1927, were
reported to be in excess of $39,000,000.
T h e com bined
bonded debt of subsidiaries w as $18,843,500.
E arn in gs of
the C o m p a n y have been steadily increasing, and according
to latest rep orts are on a very satisfactory basis w ith annual
interest charges on the ou tstan din g 6 per cent debentures
o f the C o m p a n y earned over 3 tim es.
A s a result of sound financing and capable m a n agem en t this
C o m p a n y has m ade an enviable record of p ro gress. Its se ­
curities, w hich are issued fro m tim e to tim e, are sound
in vestm en ts o f the type w hich appeal to conservative investors.

A


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

newly-opened St. Louis office of the
First National Corporation of Boston,
the capital stock of which is owned by
the First National Bank of Boston.
The new St. Louis office is located in
the Boatmen’s Bank Building.
He

Believed

It

“Would you believe it? So far, that
car of mine has cost me only $50?’’
“Well, I suppose that’s one of the ad­
vantages of the deferred payment plan.”

Emery, Peck
ÔCRockwood
Company
E S T A B L I S H E D 1910

Investment
Securities
V

P.W.CHAPMAN ©CO..INC.
170 W . M onroe St.

Louis County Land & Title Company
until his election as circuit clerk of St.
Louis County five years ago, is now
associated with Stifel, Nicolaus &
Company. Mr. Kirchner has been prom­
inent in the politics of St. Louis
County for a number of years.

4 2 Cedar Street

C H IC A G O

NEW YORK

S T . L O U IS O F F IC E
1103 B o a tm e n ’ s B a n k B u ild in g
T e le p h o n e , G A r fie ld 3480

Continental and Commercial
Bank Building
C H IC A G O

Railway Exchange Building
MILWAUKEE

St. Louis, October, 1927

77

A l o n g L a Salle Street
B y Wm. H. Maas, Chicago, Vice-Pres. The Mid-Continent Banker
As we w rite these lines, tw en ty-fou r

groups of young Chicago bank men are
getting ready to begin a three-months
course of study in banking and finance.
These groups, limited to forty people
in each, will take up banking funda­
mentals, commercial law, economics, ne­
gotiable instruments under auspices of
the Chicago Chapter of the American
Institute of Banking. The membership
of the local chapter is now 1984.
— M. C. B. —
H e re is an interesting line fro m the

Chapter’s recent bulletin concerning
classes of study: “It has been decided
to admit women to the classes in Ef­
fective Speaking. There is still room
in the early class in Effective Speaking
and in English.” Our idea has been
that the average woman is an effective
speaker but then again there may be
room for improvement.

ings for the fall and winter season, at
which prominent bankers and bondmen in charge of advertising will be
the speakers.
Walter W. Weisenburger, popular vice-president of the
National Bank of Commerce in St.
Louis, will be one of the first speakers
at these meetings.

“ Business

M ur phy, well

and

undoubtedly

“We are being encouraged to expect
too much. The Federal Reserve banks
have helped this sentiment along by re­
ducing their rediscount rates from 4 to
3V2 per cent, thereby putting an actual
premium on inflationary expansion.”

— M. C. B. —
Joseph A.

is good

will continue so, but the antics of the
stock market have put us in a danger­
ous mood,” says John J. Mitchell, chair­
man of the board, Illinois Merchants
Trust Company, and dean of Chicago
bankers.

— M. C. B . —
known

and

Eugene M. Stevens, president of the

liked on La Salle Street, has recently
joined the investment house of Cammack & Company, with the title of sales
manager.

Illinois-Merchants, and H. G. P. Deans,
executive vice-president, have returned
from an extended trip abroad with
word that European bankers are anxious

— M. C. B. —
Lee Hobbs has gone back to his first

love, “the Banks and Bankers Divi­
sion” of a big bank. Hundreds of bank­
ers through the Chicago territory re­
member Lee since the days he traveled
for the Stockyards National and later
with the National Bank of the Repub­
lic. He is now on the staff of the First
National of Chicago. He attended the
Indiana Bankers Association conven­
tion along with other popular represen­
tatives of Mel Traylor’s institution.

The Bell System plant
investment is greater than the
largest railway system’s

— M. C. B. —
The

Chicago

Financial

Advertisers

Association, with J. Mills Easton of the
Northern Trust Company as chairman,
are planning a series of luncheon meet-

1

■
A MAGNIFICENT NEW HOTEL
4 0 0 Rooms with Baths
$3 —and up for One Person
$4*2 andup for Two Persons

^

HOTEL

Knickerbocker
^EW YO R K J
W E S T 4 5 ™ STR EET
J u s t E a s t of B r o a d w a y
Tim es S q u a re
h e a rt of
Dheatrical and Shopping District

NEED ENVELOPES? Write

H E C O — C H IC A G O

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

/

N its daily hajidling o f more than J J , 0 0 0 , 0 0 0 telephone
conversations, the B ell System utilizes the abilities o f more

than y 0 0 , 0 0 0 men and women, and

has an investment

in plant

facilities o f $ 3 , 0 0 0 , 0 0 0 , 0 0 0 .
In vestm en t counsellors recommend A .

T . iff T .

because:

Its business is o f an indispensable character. <1 I t— and its
predecessors — have paid dividends regularly for 4 7

years,

if Its earnings provide an ample margin o f safety above divi­
dend requirements.

Its management is far-sighted, con­

servative, and yet progressive.
work, employing 3 , 5 0 0

Its research and laboratory

people, is untiring in its quest for

means that will bring the nation’ s telephone service nearer to
perfection.

<1 It owns over 9 1 % o f the combined common

stocks of the operating companies o f the Bell System.
A . T . & T . stock can be bought in the open market to secure
a good return. Write for booklet, “ Some Financial Facts.”

BELL

TELEPHONE

SECURITIES CO
19 5

Broadway kl

New York City

Mid-Continent Banker

78

MID-CONTINENT TELEPHONE CO.
ONE Y E A R 5% GOLD NOTES
D U E: June 1, 1928

(TTHE a b o v e

PR ICE: 99%, yielding 5.60%

c o m p a n y o w n s a n d o p e r a t e s , w i t h o u t c o m p e t it i o n , t e le p h o n e p r o p e r tie s

in e a s te r n

T exas,

w e s te r n

A rk a n sas,

and

in

t h e e a s te r n

p a r t o f W is c o n s in .

T h e s e s e c t io n s c o m p r is e q u it e a v a r i e t y o f in d u s tr ie s a s s u r in g a s t e a d y a n d c o n t i n u ­
o u s ly in c r e a s in g d e m a n d fo r t e le p h o n e s e r v ic e .

The

net earnings

a v a il a b le fo r in te r e s t

a n d d e p r e c ia t io n a r e 2 .8 0 t i m e s t h e m a x i m u m in te r e s t r e q u ir e m e n t s o n th e s e n o t e s .
The

management personnel

in t h e te le p h o n e in d u s t r y .

is w e ll q u a lifie d , h a v in g b e e n id e n tifie d fo r m a n y y e a r s
M r . O t i s F . G le n n , P r e s i d e n t o f t h e

M id -C o n tin e n t

T e l e p h o n e C o m p a n y , is a ls o P r e s id e n t o f th e I llin o is S o u t h e r n T e l e p h o n e C o m p a n y ,
in w h ic h th e I llin o is B e l l T e le p h o n e C o m p a n y h a s a s u b s t a n t ia l in te r e s t.

E. H. OTTMAN & COMPANY, Inc.
105 W . A D A M S STREET

BANKERS BLDG.
CH ICAG O

that the United States lend its funds
sparingly.
“Europe,” Mr. Stevens said, “is not
fearful that the United States will not
extend her credit, but rather that it
may not always be granted wisely.
One of the foremost bankers in Eng­
land urged me that the greatest good
We could do Europe from now on is to
be economical with our credits.
“ Prior to the reduction of our Fed­
eral Reserve rediscount rate to 3%
per cent it was almost universally con­
ceded abroad that the Bank of England
would be forced to raise its rediscount
rate this autumn. That, of course,
would have worked a hardship on Brit­
ish business when encouragement was
most needed. After the New York an­
nouncement it was believed that the
need for an increase had been in­
definitely averted.”

N ational Shawmut Stock Is
N ow Selling at $377

WE RECOM M END:
U N IT E D R A IL W A Y S 4 % BONDS, D U E 1934
Listed on St. Louis Stock Exchange
St. Louis Stock Exchange Quotation Sheet mailed daily on request

A U G U S T IN E

& CO.

608 SE C U R IT Y BLDG.

ST. LOUIS. MO.

Member St. Louis Stock Exchange

Telephone, GArfield

6 2 7 0 - 1 -2 ;

Long Distance,

32

W e underwrite and distribute Public
Utility, Industrial and Municipal Bonds.

Special service to Banks in bonds
fo r investment or resale .

Full details on request.

A .C .A LLY N ANDC O M P A N Y
National Bank of Commerce Bldg., St. Louis
CH ICAG O
D E T R O IT

NEW YORK
M IL W A U K E E

Statement Envelopes

H E C O — C H IC A G O

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

BOSTON
M IN N E A P O L IS

PH ILAD ELPH IA
SAN FRANCISCO

Safety Pay Envelopes

H E C O — C H IC A G O

The rise of the stock of the National
Shawmut Bank of Boston to $377 a share
marks the most rapid growth in its
career of 91 years. It also marks one
of the fastest advances ever experienced
in the Boston bank share market.
On May 12 the stock sold “ex rights”
at 265, as compared with a low of 249
for this year. Counting in “rights” re­
cently distributed at $40, each share of
Shawmut stock has had an apprecia­
tion of $112 in four months. The $15,000,000 of capital stock has appreciated
$8,500,000.
When Walter S. Bucklin became pres­
ident of the bank in January, 1924, the
stock was selling at $185. Since then it
has been steadily bought by institutions
and individuals on the basis of yield and
expectation of expansion. Under the
Bucklin management, deposits have in­
creased 33% per cent in three and a half
years and the number of commercial
accounts has grown at the same rate.
The savings department shows an in­
crease of 300 per cent and the trust de­
partment, 600 per cent.
The yield of 3.52 per cent for Shaw­
mut Bank stock at approximate market
of $340 compares with 3.13 per cent for
First National and 2.92 per cent for Old
Colony Trust Company. The book value
of Shawmut stock is $175, which is $165
below the market.
All minds quote. Old and new make
the warp and woof of every movement.
There is no thread that is not a twist
of these two strands. . . . We quote not
only books and proverbs, but arts,
sciences, religion, customs and laws;
nay, we quote temples and houses,
tables and chairs, by imitation.—Emerson.

St. Louis, October, 1927
U . S. Shares Corporation
R apidly Expanding
The United States Shares Corpora­
tion, under the leadership of its presi­
dent, Herbert L. Rackliff, has made
rapid strides during the first few months
of its business life. The corporation
has just leased the entire thirty-third
floor of 50 Broadway, New York, in addi­
tion to the thirty-fourth floor which it
has occupied since the end of last April,
when the company was organized.
The expansion of United States Shares
Corporation has been nation-wide. The
broad merchandising experience and or­
ganizing ability of Herbert L. Rackliff
have been reflected in every step of its
growth. The investment trust business
is comparatively new in this country;
in Great Britain, where the investment
trust had its origin, the first organiza­
tion of the kind was set up in 1860.
United States Shares Corporation, if the
expansion recently announced is any
criterion, has become a leader among
the investment trusts of America.
Rather than moving with the tide, it is
creating investor interest and making
its own principles and methods of oper­
ation a standard in the investment trust
field at large.
Dealers in all sections of the country
are becoming affiliated with United
States Shares Corporation in the offer­
ing of the latter’s trust shares. Three
forms of trust have been provided—a
Common Stock Trust, in which the
shareholder has a participating interest
in the profits of one hundred leading
American corporations; a Bond Trust,
representing an interest in forty govern­
ment and corporate obligations; and a
Bank Stock Trust, consisting of two
series, one designed for the investor
who desires larger yield, the other for
the investor who seeks the large ap­
preciation for which bank stocks are
noted.
In the past several weeks arrange­
ments have been made between the cor­
poration and investment dealers and
banks as far west as the Pacific Coast
and through all sections of the east,
central west and south. United States
Shares Corporation, moreover, has its
own field representatives covering all
parts of the country. The president of
the company is regarded by many in­
vestment houses over the country as a
pioneer in sound merchandising of se­
curities. He has allied with him an
efficient staff of experts in the invest­
ment trust business, and also has the
support of a conservative board of di­
rectors, who are recognized as men of
wide experience and high standing in
corporate and financial affairs.
A metropolitan sales force, a country
retail sales organization, a wholesale

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

79
department and a bank division which
keeps in close touch with the invest­
ment demand throughout the United
States cover the field thoroughly. United
States Shares Corporation also has ex­
tensive facilities for direct-by-mail con­
tact and an expert statistical depart­
ment. A weekly news publication,
which has reached large circulation and
is attracting attention among investors
and financial institutions, is issued for
the purpose of keeping shareholders in­
formed regarding the developments in
the companies whose securities underlie
United States Shares Corporation in­
vestment trusts.
If measured by the progress which the
company has already made and by the
increasing interest which the public is
showing in its offerings, the outlook for
United States Shares Corporation ap­
pears particularly promising.

N ational Surety C om pan y’s
Earnings Increase
Earnings of the National Surety Com­
pany for the six months ending June 30,
1927, as reported to the Board of Di­
rectors, show total income $8,914,063.60;
net income and appreciation, $1,588,031.32; set aside for reserves, $635,954,36; net earnings for the six months
period, $952,076.96.
After paying $500,000 in dividends the
surplus increased $452,076,96. On Au­
gust 5th there will be paid into the com­
pany for new stock $7,500,000, which
will make the capital of the company
$15,000,000, and a surplus estimated be­
tween $10,000,000 and $11,000,000.
Even before this increase in capital
and surplus the company was the largest
surety company in existence.

The New Home
of the

Equitable Bond &Mortgage Co.
Located at 180 West Washington
Street, Chicago, is rapidly nearing
completion.
The confidence which has been
placed in this company by our
rapidly growing clientele has made
this expansion both possible and
necessary.
It is now expected our new home
will be fully completed on or before
October 1, 1927.
C U R R E N T O F F E R IN G S
Security.
.ate
The Ambassador Apartments First Mtg. Fee
— Louisville ............................................................
6%
Edgewater Plaza Apartments First Mtg. Fee
7
180 W est Washington Building First Mtg.
Leasehold— Chicago ..............................
6%
The Oxford Apartments First Mtg. Fee— Chi­
cago ..........................................................................
6V2
The Mozart Apartments First Mtg. Fee— Chi­
cago .........................................................................
7
The Southland Apartments First Mtg. Fee—
Louisville ..............................................................
6%
The Traemour Apt. Hotel First Mtg. Fee—
Chicago ..................................................................
7
Tudor Manor Apartments First Mtg. Fee—
Chicago ..................................................................
7

Maturi ty

Price

Yield

-C

100

6.50%

1933 M -D -C

100

7.00%

1937

1944 M -D -C

100

6.50%

1934 M -D -C

100

6.50%

1934-36 M -D -C

100

7.00%

1933 M -D -C

100

6.50%

1930-37 M -D -C

100

7.00%

1932-34 M -D -C

100

7.00%

Secured Collateral Trust Gold Notes
■6 1 yr. 6 mo. M -D -C 100 5,.50-6%

Suitable;
BOND & M O R T G A G E CO.
Ranh Floor. 110 N. DEARBORN STREET.

CHICAGO

REPRESENTATIVES IN 20 PRINCIPAL CITIES

Mid-Continent Banker

80

St. Louis Stock E xchange
O F F IC IA L Q U O T A T IO N S

ESTABLISHED 1877

LISTED
BONDS
W e are prepared to
furnish accurate quo­
tations, and prompt
executions of buying
or selling orders for
listed bonds.
The experience
acquired during our
f i f t y years in the
investment f i e l d is
also at the disposal
of our clients.

Francis, Bro. &

Co.

Bank Stocks
First National B ank...................,
Merchants-I.aclede N ation al.. . .
National Bank of Commerce........
State National B ank........................
Trust Company Stocks
Mercantile Trust ...................... . . .
Mississippi Valley T r u s t...............
St. Louis Union Trust.......... '........
Street Railway Stocks
St. Louis Public Service................
Miscellaneous Stocks
American Credit Indemnity..........
Aide, Com..............................................
Aloe, Pfd................................................
Baer. Sternberg & Cohen, 1st Pfd.
Baer, Sternberg- & Cohen, 2nd Bfd.
Baer, Sternberg & Cohen, C o m ...
Beck & Corbitt, Bfd...................... ..
Best Clymer Company................
Boyd-W elsh Shoe ............................
Brown Shoe, P fd ................................
Brown Shoe, Com...................... . . .
Burkart, Preference ........................
Burkart, Common..............................
Century Electric Co........................
Chicago Ry. Equip., Com..............
Chicago Ry. Equip.. P fd ................
Coca-Cola Bot., S e c ... ..................
Eisenstadt Manufacturing, P fd ..
E. L. Bruce, Com ..............................
E. L. Bruce, P fd ........................
Elder M fg., 1st Pfd ........................
Ely W alker D. G., Com..................
Elder, Com. ............ ...........................
Elder, “A ” ..........................................
Fred Medart M fg., P fd ..................
Fulton Iron W orks, P fd ..................
Fulton Iron Works. C o m .............
Hamilton-Brown Shoe ..................
Hussman Refr., C o m ....................
Huttig S. & D., P fd ..........................
Hydraidic Press Brick, P fd ..........
Hydraulic Press Brick, Com ........
Independent Packing, P fd ............
Independent Packing. Com..........
International Shoe, P fd ..................
International Shoe, Com ................
Johansen Shoe ..................................
Laclede Gas Light, P fd ..................
Laclede Steel Co................................
Mo.-Ills. Stores, P fd ........................
M o.-Ills Stores, Com......................
Mo. Portland Cement......................
Mo. Portland Cement, 40 % Paid.
Moloney Electric, P fd .......... ............
Nat. Candy, 2nd P fd ........................
Nat. Candy. Com..............................
Pedigo-W eber Shoe ........................
Polar W ave ..........................................
Rice-Stix Dry Goods, 1st P f d ....
Rice-Stix Dry Goods, 2nd P f d ...
Rice-Stix Dry Goods, Com..........
Scru ggs-V.-B . D. G., 1st P f d ....
Scru ggs-V .-B . D. G., 2nd P f d ...
Scru ggs-V .-B . D. G., Com............
Scullin Steel, P ref............................
Sheffield Steel, C om ..........................
Skouras Bros., “ A ” ..........................
Southern Acid & Sulphur. Com.
Southwestern Bell Tel., P fd ........
St. Louis Amusement, “ A ” ..........
St. Louis Car. Com..........................
St. Louis Car, P’fd ............................
Stix, Baer & Fuller..........................,
W agner Electric, Com....................
W agner Electric Corp., P fd ..........
W altke, Com.........................................
W altke, Pfd...........................................
Mining Stocks
Granite Bi-Metallic ........................
Consolidated Lead & Zinc Co. “A ”

Par
Value
100
100
100
100
100
100
100
No Par
25
20
100
100
100
No Par
ion
No Par
No Par
100
too
No Par
No Par
100
25
25
$1.00
100
No Par
100
100
25
No Par

100
100
100

No Par
25
No Par
100

Sept. 20 Month’s Price Range
High
Low
Sale Price
275
272
282
281%
154%
1541/2
151
168
168
431.

100

100
100
No Par
No Par

100
100
No Par
100
100

25
No Par
No Par
No Par
No Par

100

29%

1955

54%
95

102%
94%

60
36%
103
96
95 %
20
97%
26
41%
121
46%
24%
17
128%
17
21
17
100

243
415
25
108
30
320
10
25
160
65
1511
508
254
32
21
85
40
65
15
157
93
634
360
130
15
40
125
550
161
5
472
287
38
7
2:69
1374
375
35
5

351/4

951/4

24

i l y2
341/2
31

110%
213%
3514

103
15
3714

30%.

No Par

11

34

73
78
30
40
118

70

13%
39%
37%

15%
4134
39

101

3014

20%
72
78
16
33
26%
37
S8
115%
40
17%
97
28%
30%
37%
76

111

30c
12%

Kennedy Building

ST. LO U IS

T U L SA


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

110

24

111

101

103%
100
36
31

110
100

24%
73
78
17%
34%.
30
40
46
118
42
17%
98
30%
33
88
77

111

?>0c
12%

1596
484
225
41
53
915
301
945

121

175
5131
39

10

75
370
1405
410
365
790

120

60
37
774
1129
87
370

10

100
989

STICKNEY-DENYVEN* Co.

INVESTMENT SECURITIES
214-18 N. Fourth St.

6 6 V2

103%
60
11%
35
31%
97
82
5 74

216%
35%
104
166

991/2

231/4

3414

97
108
34
18%

31
97
76%
4%
no
21%
109
199
35
103
166

108

No Par
No Par

10

19
97%
25
401/4
119
42%
24
15
125
17
20
17
100
34
87
106%
311/2
18
06 Vs
103
58

103
98
o5

10
100

100
100

39
46
4

26%

No Par

No Par

431
301
490

29

100
100

100
No Par
100
No Par
No Par
100
100
100
No Par
25
25

428
300
400

Sales
Aug. 20
to Sept.
Share
215
27
156
2

STOCKS

BONDS

SECURITY BLDgS ä ^ S T . LO U IS, MO
G a r fie ld 3140

St. Louis, October, 1927

81

Announces Organization
o f His Own House

Share the Profits
of 31 Banks
Varied banking activities plus
constant investment and re­
investment of bank funds,
enable banks to distribute
large dividends and valuable
rights to stockholders while
substantial equities are accu­
mulated for their benefit. Re­
cent laws have further in ­
creased the money-making
scope of banks.

Elliott R. Couden, well known in in­
vestment banking circles in St. Louis
and throughout the Mid-Continent ter­
ritory, has announced the organization
of his own house which will specialize
in investment trust and selected com­
mon stock issues.
Coming to St. Louis from New York
seven years ago, to take charge of Henry
L. Doherty and Company’s office in St.
Louis, he has been exceedingly active
along civic lines, as a speaker, writer

D’Oench, Duhme & Co., Inc.
Investment
Securities
Municipal
Foreign Government
Public Utility
Corporation
Railroad

Bank Stock Trust Shares

Circulars on R equ est

Empire Trust Company,
New York, Trustee

D’ Oench, Duhme &
Company, Inc.

Give you an interest in 31
of the largest and most suc­
cessful financial institutions
in this country.
Circular N -5 1 on R equ est

M e m b e r S t. L o u is S t o c k E x c h a n g e

507 Locust Street

U n ited States Shares
C orporation
Fifty Broadw ay

I* - » - » • » - J *

ST. LOUIS, MO.

Telephone G Arfield 6940

New Y ork

M~ M.

J - JL

S U P E R IO R
S E C U R IT Y
S E R V IC E T O
BANKS
B A N K E R S and
BROKERS
DIRECT TICKER SERVICE
fo r li s t e d b o n d q u o t a t i o n s

FAST THROUGH WIRES
to N e w Y o r k an d e v e ry
o t h e r im p o r t a n t m a r k e t

ACTIVE TRADING DEPT.
t o fu rn ish p r o m p t q u o t a ­
t io n s o n
any
se c u r ity

STATISTICAL DEPARTMENT
t o fu r n is h l a t e s t d a t a o n
a n y se c u r ity o r c o m p a n y

MONTHLY QUOTATION SHEET
t o li s t m a r k e t s o n m a n y
i n a c t iv e s t o c k s a n d b o n d s
Y our inquiries incited

Elliott R. Couden

and worker. Among his many activi­
ties and associations the following may
be noted: First vice-president, St.
Louis Optimist Club; treasurer, Public
Question Club of Saint Louis; treasurer,
Missouri Society for Crippled Children.
Mr. Couden has represented Federal
Securities Corporation of Chicago, as
resident manager in St. Louis since Jan­
uary, 1923. His financial hobby is the
investment trust, of which he has made
a close study over a period of years, and
on which subject he is recognized as
an authority. An article under his au­
thorship on the development of this type
of financial corporation, was published
in the March, 1926, issue of this maga­
zine.

A

personnel w i th
years of invest­

ment experience — a
seasoned organization
rendering a complete
investment service.
HBHEBHB
T E L E P H O N E C E N T R A L 6640

OliverJ_AN D E R S O N

&c

OMPANY

IN V E S T M E N T S E C U R IT IE S
E IG H T H

Mark C.
Steinberg
& Co.
O live 4600
B o a tm e n ’ s Bank
H otel
B ld g .
Jefferson
ST . L O U IS
M em bers N ew Y ork Slock E xchange
M em bers St. L o u is Stock E xchange


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

Bonds

FLOOR AM BASSADOR BLDG.
S E V E N T H A T LO CUST

Sa i n t Lo u i s , M o .

Mailing Lists
W ill help you increase sales
Send for FREE catalog giving
counts and prices on classified
names of your best prospective
customers — National, State
and Local — Individuals, Pro­
fessions, Business Concerns.
GUARANTEED
each

Mid-Continent Banker

82

Strong Issues Statement on
Federal Reserve

BONDS
We R e co m m e n d for In vestm en t
REAL ESTATE

R ate

F irst Presbyterian C h u rc h , P h oenix,
F irst M o rtg a g e, Serial G o ld ...............
S o u th ern R ea lty C o m p a n y ,
F irst M o rtg a g e .............................................
S t. L ou is C old S to ra g e,
F irst M o rtg a g e .............................................

M a tu rity

A p p rox.
Yield

6%

1934-38

6 .0 0 %

6

1939-4G

6.00

6

1942

6.00

5

1952

5.00

5

sa
5M

1957
1935

5.13
5.38

1939

5 .75

5X

1947

6.00

6

1930

6.30

5
6

1957
1960

5.13
6.00

PUBLIC U T IL IT Y
AND IN D USTR IAL
C o lu m b ia G a s & E lectric C o rp .,
25-yea r D eben tu re 5s...............................
In d ian ap o lis Power & L ig h t C o .,
F irst Series A
Laclede G as L ig h t C o. 1 0-y ea r...............
P h illip s P e tro le u m C o . S in k in g
F u n d D e b e n tu re .........................................
U tilities Power & L ig h t C orp.
20-yea r D eb en tu re.....................................
Sinclair C o n solid ated O il C orp. 3 year First Lien C ollateral Series “ D ”

FOREIGN G O V ’ T
C o m m o n w e a lth of A u stralia , E xtern a l Loan of 1927, 3 0-y ea r G old
B o n d ..................................................................
A rg en tin e N atio n (G ov’ t of) ...................
H anover S ta te C redit In s titu te
3) ¡¡-year F irst C olla tera l.........................
S erbs, C roats & Slovenes ^K ingdom
of) Secured E xternal Series “ B ” 7s

6

1931

6.65

7

1962

8.00

6

4M

1936-44
1933-35

4.05
5.00

5

1933-69

5.00

M UN ICIPAL
K an sas C ity (M o.) Serial G o ld ...............
S t. P etersbu rg, F la ., Im p ro v e m e n t .
D ade C o u n ty , F la ., B ridge &
H ig h w a y .........................................................

Lorenzo E. Anderson& Company
M em b ers
N e w York. Stock E xchange — N e w Y ork Curb A ssocia tion
— St. L o u is Slock E xchange

C E n tra l 3000 — St. Louis — 711 St. Charles St.

(Continued from page 59)
sound policy for the Federal Reserve
System is to strive to stabilize the price
level. This should be the avowed and
mandatory aim. Then business men,
farmers, wage earners, investors and
all others who are so vitally interested
in knowing what their dollars will buy,
would have something definite to count
on and could govern their transactions
and arrangements accordingly. I am
satisfied that such a policy would do
away with ninety per cent of our labor
troubles; would go a long way toward
permitting the farmers to work out their
difficulties, and would practically abol­
ish the business cycle with its alternate
booms and slumps.
“I intend that this subject shall be ex­
haustively reviewed at the next session
of Congress.
“ The question is not who shall con­
trol the Federal Reserve System, but
how, and in whose behalf, the Federal
Reserve System shall be controlled.”

Crissinger Resigns as Governor
o f Federal Reserve
Resignation of Daniel R. Crissinger as
governor of the Federal Reserve Board
and its acceptance by President Coolidge
was announced September 15th.
Mr. Crissinger’s action was made
known on the eve of the meeting of the
advisory council of the Federal Reserve
Board, which met to investigate the re­
duction of the rediscount rate of the
Chicago Federal Reserve Bank.
Roy A. Young, governor of the Fed­
eral Reserve Bank at Minneapolis, will
be the new governor of the Federal Re­
serve Board. He was appointed a mem­
ber of the board September 21 by Pres­
ident Coolidge, and later it was said
definitely at the Treasury he would be
designated governor as soon as he quali­
fies as a member.

Kansas Bankers W ill H ave
Special Train to Texas

Securities for Investment

D aw es, M ayn ard & Com pany


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

111 W E S T M O N R O E S T R E E T

Chicago

Kansas bankers who attend the con­
vention of the American Bankers As­
sociation in Houston, Tex., October 24
to 27, will go on a special train out
of Kansas City, acccording to an an­
nouncement made by W. W. Bowman,
secretary of the Kansas Bankers As­
sociation. The train will leave Kan­
sas City over the Santa Fe the night of
October 21 and will make stops at
Emporia, Newton and Wichita to pick
up delegations.
Cheerfulness, in most cheerful people,
is the rich and satisfying result of
strenuous discipline.—Whipple.

83

Si. Louis, October, 1927

CURRENT

Q U O TATIO N S

On a representative list of H I G H G R A D E R A I L R O A D , P U B L IC
U T I L I T Y , I N D U S T R I A L , C A N A D I A N and F O R E I G N B O N D S
Furnished by CA M P , T H O R N E 8s CO., Inc., 29 South La Salle Street, Chicago
Security
B id
A sk ed
A b itibi Pr. & Pap. Co., L td ., 6s
1928 ..........................................................
100 %
%
A d iron d ack E lec. Pr. Co., 5s, 1962,.103
103 %
103 %
A la b a m a Pr. Co., 5s, 1 9 5 1 ............... .103 %
98
A lb e rta (C a n a d a ), 4 % s , 1 9 5 6 .. . . 97 %
104 %
A m er. C hain Co., 6s, 1933 ............ .1 0 4 %
104 %
A m e r. R oll. M ills C|o., 6s, 1 9 3 8 .. .104 %
102 Vi
.102 %
104 %
.104 %
104 %
.104 %
.101 %
101 %
A m er. T h read Co., 6s, 1928
. 88 %
89
A m er. Tobacco Co., 4s, 1951
104%
A n a co n d a Cop. M in. Co., 6s, 19531.104 %
A n g lo -A m e r . Oil Co., L td ., 4% s,
99 %
1929 ................................................
* 99 %
102 V2
.102 %
A p p a la ch ia n Pr. Clo., 5s, 194
99 %
A rgentine, 6s, 1953 ...................
%
.102 %
103
A sso ciated Oil Co., 6s, 1935
1 00%
A tch . Top. & S. F e R y „ 4 % s , 19621.100
100 %
A tl. C oast Lin e R. R ., 4 % s , 1929. .100
97 %
A tl. C o a st-L in e R. R ., 4s, 1 9 5 2 .. . . 97 %
97 %
A u stralia , 5s, 1 9 5 5 ............................... . 97 %
102 Vs
A u strian, 7s, 1 9 4 3 .................................. .102 %
.107 %
.104
.5 .0 0 %
. 93 %
B avaria, G erm any, 6 % s , 1 9 4 5 . . . . 9 9 %
B elg iu m ,
6s, 1 9 5 5 ................................ 9 9 %
B ell. Tel. Co., C anada, 5s, 1 9 5 5 .. 1 02%
B ell. Tel. Co., Penn., 5s 19 4 8 ____ 1 05%
B erlin, G erm any, 6 % § , 1 9 5 0 .......... 99%
B erlin E. E. & Und. R y s., 6 % s ,
1956
.......................................................... 9 7 %
B eth . Steel Corp., 5s, 1 9 3 6 ............ 1 01%
B irm in g h a m W . W k s ., 5s, 1 9 5 4 .. 99%
B razil, 6 % s , 1957 .................................. 9 3 %
B rem en (G e rm a n y ), 7s, 1 9 3 5 . . . . 1 0 3 %
B rier H ill Steel Co., 5 % s , 1 9 4 2 ..1 0 4 %
B ritish C olum bia, 4 % s , 1 9 5 1 ......... 97%
B rook lyn B orough Gas, 5s, 1 9 8 7 ..1 0 1 %
B rook lyn Edison, 5s, 1 9 4 9 .................. 105%
B rook lyn U nion Gas, 6s, 1 9 4 7 . . . . 1 15%
B uenos A ires, 6%'s, 1 9 5 5 ..................1 01%
Buenos A ires, Prov., 7s, 1 9 5 2 . . . . 96%
B uffalo Gen. E lec. Co., 5s, 1 9 3 9 .1 0 5 %
B u sh T erm in al B ld g ., 5s, I 9 6 0 ..1 0 1 %
B. & O. R. R ., 5s, 2000.

.

C alif. G. & E. Qo., 5s, 1 9 3 7 ............. 1 02%
C alif. Pet. Corp., 5 % s , 1 9 3 8 . . ____ 98%
C anada, 4 % s , 1 9 3 6 .........
99%
Canad. N a t’ l R y. Go., 4 % s , 1 9 3 0 .1 0 0 %
Canad. N a t ’ l R y. Co. E q ., 4 % s ,
1939
97%
Ganad. Pacific R y s., 4 % s , 1946 . . . . 98%
Car. Clinch & O. R y. E q ., 6s,
1930
4 .8 0 %
Cent, of Ga. R y ., 6s, 1 9 2 9 ................. 1 02%
Cent, o f Ga. R y ., 5s, 1 9 4 5 ................. 1 05%
Cent. 111. Lt.
Co., 5s,
1 9 4 3 1 01%
Gent. M aine Pw r. Co., 5s, 1 9 3 9 . . . . 1 04%
Cent. N. Y . Gas & E. Co., 5s, 1941 .10 0%
Cent. Pacific R y., 5s, 1 9 6 0 ................. 1 03%
C. & O. R y. Co., 5s, 1 9 2 9
1 01%
C. & O.
R y. Co., E q ., 5s, 1930 ..1 0 0 %
C. B . & Q. R. R ., 4s, 1 9 4 9
96%
G. C. C.
& St. L. R. R ., 6s,1 9 2 9 .1 0 2 %
C. C. C. & St. L. R. R ., 5s, 1 9 2 9 .-1 0 0 %
C. C. C. & St. L. R. R ., 5s, 1 9 6 3 ..1 0 4 %
Ch. Gas L. & Coke Co., 5s, 1 9 3 7 ..1 0 2 %
Chgo. M em . & G ulf R. R ., 5s, 1940. 97
C. M il. & St. P. R y. Co., 4s, 1989 88
C. & Nor. W e s. R y ., 4 % s , 2 0 3 7 --------1 00%
C. R. I. & P. R. R ., 5s, 1929 ____ 100%
Chgo. U nion Sta., 4 % s , 1 9 6 2 .. .. 1 0 0 %
Childs Com pany, 5s, 1 9 3 0 .................. 1 00%
Chile, 6s, 1 9 6 0 .............................. 9 1 %
Chile M tge. B a n k of, 6 % s , 1 9 5 7 .. 9 4 %
Cincinn. G. & E. Co., 5s, 1 9 5 6 ..1 0 2
Cincinn. G. & E. Co., 5 % s , 1 9 6 1 ..1 0 4 %
Clev. U nion T erm ., 5s, 1 9 7 3 ..............105%
C ologne (G e rm a n y ), 6 % s , 1 9 5 0 ..
99%
Colorado Pr. Co., 5s, 19 5 3 ................ 100%
C olum bia Gas & E lec tric Corp.,
5s, 1952 ................................................... 99
C om m onw ealth Ed. Co., 4 % s , 1956 98%
Cons. Gas, B a lt., 4 % s , 1 9 5 4 ..............100%
Cons. Gas, N. Y „ 5 % s , 1 9 4 5 ------- 1 06%
Consum ers Pr. Co., 5s, 1 9 3 6 ..........1 03%
Cont. G. & E l. Corp. 5s, 1 9 2 7 .. . .100
C openhagen
(D e n m a rk ),
5% s,
1944
1 00%
Corn Prod. R ef. Co., 5s, 1 9 3 4 .. .. 1 0 1 %
Costa R ea, 7s, 1957 ............................. 9 4 %
Cuba R a 'lro a d . 5s. 1952 ...................... 97%
C udahy Pac. Co., 5s, 1946 ................. 9 9 %
C zechoslovak, 7 % s , 1 9 4 5 .....................1 0 5 %
D a lla s Pw r. & Lt. Co., 5s, 1 9 5 2 ..1 0 0 %
D anish
Con. Mun.
Loan,
5% s,
1955
........................................................... 99%
D ayton Gas Co., 5s, 1 9 3 0 .................. 1 00%
D ayton L tg . Co., 5s, 1 9 3 7 ................. 101


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

107 %
104
4 .9 0 %
93 V2
100
99%
102%
105%
99%
97%
1 01%
100
93%
103%
104%
98
102
105%
115%
1 01%
97
105%
102
102%
99
100
100%
98%
99
4 .7 0 %
102%
106
101%
104%
100%
104
101%
101
97
102%
100%
104%
102%
97%
88%
100%
1 00%
1 00%
100%
91%
95
1 02%
1 04%
1 05%
99%
100%
99%
98%
100%
1 06%
104
100%
101
102
94%
97%
100
105%
101%
100
101
101%

Security
B id
D elaw are & H udson Co., 4s, 1943 95%
D enm ark , 5 % s , 1 9 5 5 ............................1 02%
D en m ark , K in g d o m of, 6s, 1 9 4 2 ..1 0 4 %
D enver G. & E. L t. Co., 5s, 1951. 99%
D et. & Suburb. G as Co., 5s, 1 9 2 8 ..1 0 0 %
D et. C ity Gas Co., 5s, 1 9 4 7 ............ 101
D etroit E d ison Co., 5s, 1 9 4 9 ...........1 03%
D om in ican R epublic, 5 % s , 1 9 4 2 ...1 0 0 %
D uquesne Lt. Co., 4 % s , 1 9 6 7 . . . . 9 9 %
D u tch E a st Indies, 6s, 194 7 ............. 105%

A sk ed
95%
102%
105
99%
100%
101%
103%
100%
99%
105%

E dison E lec. 111. Co., 4 % s , 1928 ..1 0 0
E d m on ton (C a n a d a ), 5s, 1 9 3 4 .. . 97
E lec. Pr. Corp. (G e rm a n y ), 6 % s ,
1950 ............................................................ 97%
Equit. Gas Lt. Co., 5s, 1 9 2 9 ............. 100%
.4 .8 0 %
Erie R. R . E q ., 6s, 1932.

1 00%
97%
97%
100%
4 .7 0 %

Field
(M a rsh a ll)
&
Co.,
4% s,
1928-46 ....................................................5 .0 0 % 4 .9 0 %
F la. Pr. & Lt. Co., 1st 5s, 1 9 5 4 .. 95%
95%
98%
F lorid a W e s t Shore R y ., 5s, 1934. . 98
101
Ft. W o r t h Pr. & L t. Co., 5s, 1 9 3 1 .1 0 0 %
106 %
.1 0 6 %
A . 70% 4 .6 0 %
General Elec. Co., 3 % s , 1942 ------. 93%
Gen. M otors A cc. Corp., 5s, 1928..1 0 0 %
G eneral Pet. Corp., 5s, 1940 ...........1 0 1 %
Ga. & A la b a m a R y ., 5s , 1 9 4 5 . . . .■ 99%
G eorgia P. Co., 5s, 1 9 6 7 .................... 98
G eorgia R y. & El. Co., 5s, 1 9 3 2 ...1 0 0 %
Germ an, 7s, 1 9 4 9 .....................................1 0 6 %
G erm an Cen. A g r. B k ., 7s, 1 9 5 0 ...101 %
G erm an Con. Mun. Loan, 7s, 1947 .10 0%
G erm an Ge. E lec. Co., 6 % s , 1940..1 2 0 %
Grand Trunk W e s t. R y., 4s, 1950.. 88
G reat F a lls Pr. Co., 5s, 1 9 4 0 . . . ..1 0 4 %
Grt. Nor. R y. Co., 4 % s , 1 9 7 6 . . . .• 98%
Gt. N or. R y ., C anada, 4s, 1934. . 92%
G reat W estern Pr. C|o., 5s, 1946 . .1 0 1 %
G ulf Oil Corp., P a., 5s, 1 9 4 7 ... . 99%
G u lf Oil Corp., P a., 5 % s , 1 9 2 8 .. . .1 0 0 %
G ulf Term in al R y. Co., 4s, 1957. . 88 3/;

93 3/8
100%
101 %
100
98%
100%
107
101%
101
121
88%
104%
98%
92 %
101%
100
100%
89

100
1952 .............. • 99%
97%
. 97%
102
.1 0 1 %
,5 .0 0 % 4 .9 0 %
.103 3/,
103%
H u m b le Oil & R efg . Co., 5 % s
102%
.1 0 2 %
1932 .............................................
102%
.102
H aiti,

R epublic,

6s,

.1 0 1 %
.10434
. 100 %
.4 .5 0 %
. 99 %
• 97%
.1 0 1 %
.1 0 3 %
. 99%
.1 0 7 %
. 95%
. 96 %

102
104%
100%
4 .4 0 %
99%
97%
101%
103%
100
108%
95 3/g
96%

.1 0 4 %

104%

K . C. Pr. & L t. Co., 5s, 1 9 5 2 .. . . 105 %
K . C. Southern R y. Co., 5s, 1950 .1 0 1 %

105%
101%

Ind. Pr. & L t. Co., 5s,
In g e rso ll-R a n d Co., 5s,

In terstate

Pr.

Co.,

5s,

1957.
1935.

1957.

97%
K a n sa s E lec. Pr. Co., 5s, 1 9 5 1 .. • 97%
101%
Laclede Gas L t. Co., 5s, 1 9 3 4 .. . .1 0 1 %
100
L a S alle H otel Co., 5 % s , 1 9 3 0 .. . . 99%
L e h igh V a lle y R. R ., 4 % s , 2003. •100 3/g 100%
103
L igg . & M yers Tob. C|o., 5s, 1951 .1 0 2 %
L o n g Islan d R . R. E q ., 6s, 1 9 3 2 ...4 .5 5 % 4 .4 5 %
98
L. & N. R. R. Co., 4s, 1940 .......... . 97%
L. & N. R. R. Co. E q ., 6 % s , 1933..4 .6 0 % 4 .5 5 %
103%
Louisville G. & E. Co., 5s, 1952. .1 0 3 %
103
Louisville L ig h tin g Co., 5s, 1943. . 102 %
M aine Cent. R. R ., 4 % s , 1 9 3 5 .. . . 97
M an itoba Pow er Co., 5 % s , 1951. .1 0 1 %
M ark M fg. Co., 6s, 1927-39 .......... .1 0 2 %
M ass. Gas Co., 4 % s , 1 9 3 1 ............... . 99 %
M 'ch . Cent. R. R. Co., 5s, 1931. .1 0 1 %
M id. Steel & Ord. Co., 5s, 1936. . 99%
M ilw au kee Gas Lt. Co., 4 % s , 1967 ■ 98%
M inn., St. P & S. S. M. R y., 4s
1938 ..........................................................
M iss. R iv. Pr. Co., 5s, 1 9 5 1 .......... .1 0 2 %
M o., K as. & T. R. R ., 4s, 1 9 9 0 .. . • 89 %
Mo. Pac. R. R. E q ., 5s, 1 9 3 6 -4 0 ...4 .7 5 %
M o. Pac. R. R ., 5s, 1 9 7 7 :............ . 99%
M obile E lec Co., 5s, 1 9 4 6 ............... .1 0 1 %
M on tan a Pow er Co., 5s, 1943 . . . .1 0 3 %
M ontevideo (U ru gu a y), 7s, 1952. . 10 3 %
M ontreal (C a n a d a ), 4 % s , 1 9 4 6 .. . 98
M orris & Co., 4 % s , 1939 ............... . 85%
M utual F u el Gas Co., 5s, 1947. .1 0 2 %

97%
1 0 1 3/4
102 %
100
102
100
98%
89
102%
89%
4 .6 5 %
99%
101 3/g
104
103 %
98%
85%
102 %

B id A sk e d
Security
100%
.10000 %
N atio n al Press B ld g ., 6s, 1 9 5 9 ...1
104 3/g
.1 0 4 %
N atio n al Tube Co., 5s, 19E
.1 0 2 %
103
N etherlan ds, 6s, 1 9 5 4 .............
N ew B ru n sw ick (C a n .), 4 % s , 1936.100
1.100%
101%
N ew E n g. Tel. & Tel. Co., 4 % s
99%
1961 ..............................................
99%
.1 0 4 %
105
N ew found land, 5 % s , 1 9 4 2 .................104%
N . O rleans Term . Co., 4s, 1 9 5 3 ..• 89%
89%
.500%% 4 .4 0 %
N. Y. Cent. E q ., 4 % s , 1 9 2 9 ............44.5
102%
N. Y . Cent. Lines, 4 % s , 2 0 1 3 ------.102
102
.4 .60 % i: 4 .5 0 %
N. Y . Chgo. & St. L. E q ., 5s, 1931.4.60%
100%
.100
N . Y . Tel. Co., 4 % s , 1939
102%
N ia g a ra F a lls Pr. Co., 5s, 1 9 3 2 ...102
102
100%
Nor. Ind. G. & E. Co., 5s. 1 9 2 9 ...100
100
95%
. 95%
N or. P ac. R y. Co., 4s, 1997
.102
102%
N orthern States Pr., 5s, 1 9 4 1 ..........102
.102
1 02%
N orw ay, K in g d o m of, 5 % s , 1965 ..1
02
.1 0 0 %
O gden Gas Co., 5s, 1 9 4 5 .. .
01%
Ohio Pr. Co. 5s, 1 9 5 2 ..........................1101%
Ohio Riv. Edison Co., 5s, 1 9 5 1 . . . ..100
100
. 99%
Ontario, Prov. of, 4 % s , 19:
.1 0 2 %
Ontario Pow er Co., 5s, 1 9 4 3 ...........102%
99%
O regon Sht. Lin e R. R ., 4s,1929. . 99%
. 99%
Oslo, N orw ay,
5 % s , 1 9 4 6 ..

100%
101%
100%
99%
102%
100
100

101%
1%
P a cif. Coast Pr. Co., 5s, 1 9 4 0 . . . ..11001%
.4 .6 5 % 4 .5 5 %
P a cif. F ru it E x p. E q ., 7s, 1 9 2 9 ..4
103%
03%
P a cif. Gas & Elec. Co., 5s, 1 9 5 5 ...1103%
101
00%
P a cif. Pr. & L t. Co., 5s, 1 9 3 0 ------.1
100%
•104
3/g 104%
P a c if. Tel. & Tel. Co., 5s, 1 9 5 2 ..1
04%
103
3/g
.1
0
3
%
P a n am a, 5 % s , 19 5 3 ..................... . . . . 1 0 3 %
•104 3/g 104%
Penn. R. R. Co., 5s, 1964.
. 98
98%
Penney, J. C.,
5 % s , 1 9 4 5 .. .
Penn. R. R. Co. E quip., 6s, 1 9 3 1 .5 .0 0 % 4 .9 0 %
Penn. Ohio &
D et. R . R ., 4 % s ,
99 %
99 %
Coke Co., 5s,
Peoples G as Lt.
103 %
M03 %
104 %
,104 %
103 %
103 %
90
89 V2
103 %
.103 %
96 %
, 96 %
99 %
99 %
96 %
, 96
Queensland

(A u s tr a lia ),

7s, 1941 .11
112
2 Vs

Rio de Janeiro, 8s, 1 9 4 7 . . . .
R ock ford Elec. Co., 5s, 1939.
R otterd am (H o lla n d ), 6s, IS

. 97 %
.104 Vs
101 %
.105 Vs

113
98
105
101 %
105%

.100 Vs 101
,101 Vs 101 %
101 %
101 %
St. P a u l U nion Stk. Y d s. Co., 5s,
M00 %
100 %
.107 3/g 107 %
114
.113 %
106 %
106 %
.102 %
103 %
.100 %
100 %
Sauda F a lls Co., 5s, 1955 .
.102 %
102 %
Saxon Pub. W k s ., 7s, 1945.
4 .7 5 % 4 .6 5 %
100 %
100 %
100
. 99 %
102 %
,102 %
.1 0 0 %
1 00%
) 99 %
100
99%
61 B ro a d w a y B ld g ., 5 % s , 1950. . 99%
10 0 3/g
So. Car. & Ga. R y ., 5 % s , 1 9 2 9 ------ 100%
Southern C alif. E dison Co., 5s,
101%
1951 ............................................................. 100%
So. Pac. R y. E q ., 5s, 1 9 3 2 .................4 .5 0 % 4 .4 0 %
99%
So. Pac. R y ., 4s, 1 9 2 9 ...................... 99%
100%
Southern Pr. Co., 5s, 1 9 3 0 ............... 1 00%
Southern R y. E q uip., 6s, 1 9 3 5 .. 4 .9 5 % 4 .8 5 %
104%
Southw est B ell Tel. Co., 5s, 1 9 5 4 ..1 0 4 %
95%
Stand. Oil Co., N. Y „ 4 % s , 1 9 5 1 .. 95%
102
Stand. M ill.
Co., 5s, 1 9 3 0 .................. 101 Vs
101
Sun Oil Co., 5 % s , 1 9 3 9 .......................100%
105%
Sw edish G ovt., 5 % s , 19 5 4 .................. 105
102%
Sw ift & Co.,
5s,1 9 4 4 .......................... 102
104%
Sw iss G ovt., 5 % s , 1 9 4 6 .......................104%
Texas Pr. & Lt. Co., 5s.1 9 3 7 ............. 101%
Toronto, C anada, 5s, 1 9 3 4 ................1 01%

101%
102

U. K . Gt. B r. Ireland, 5 % s , 1 9 3 7 .1 0 5 %
U nion Oil Co., C alif., 5s, 1935 . . . . 98%
U nion Pac. R. R ., 4s, 1 9 4 7 ............ 97%
U ruguay, 6s, 1 9 6 0 .................................... 95%

105 %
98%
97%
95%

W ard
(M on tgom ery) &. Co., 5s,
1946 ............................................................ 98%
W estern E lectric Co., 5s, 1 9 4 4 ...1 0 3 %
W estern P a cif. R. R ., 5s, 1 9 4 6 .. 99%
W estern U nion Tel. Co., 4 % s , 1950 99%
W e sth se . E lec. & M fg. Co., 5s,
1944
103%
W in n ip e g (C a n a d a ), 4 % s , 1 9 4 6 .. 97%

98%
103%
99%
99%
103%
98

84

Mid-Continent Banker

Illinois B ank N ew s
OFFICERS ILLINOIS BAN K E R S ASSO CIATIO N : J. M . Appel, Highland Park, Presi­
dent: Omar H. Wright, Belvidere, Vice-President; John H . Crocker, Maroa, Treasurer;
M . A. Graettinger, Chicago, Secretary; Olive S. Jennings, Chicago, Assistant Secretary.
GROUP C H A IR M E N : I—E. F. Anson, Kewanee; II—G. K . Slough, Abingdon; III—H. H.
Badger, Amboy; IV—A. K . Foreman, Chicago; V—C. A. Mueller, Kankakee, VI—E. E.
Core, Robinson; V II—E. B. Appleton, Litchfield; V III—J. C. Whitefield, Quincy; I X —L.
G. Gee, Lawrenceville; X —Earl Karraker, Mound City.

J. M . Appel

GROUP SECR ETAR IES: I - C . D. DePauw, Kewanee; II—John B. Fleming, Peoria; III—
F. P. Baker, Stillman Valley; IV—W . M . Givler, Naperville; V—W . D. Kitchell, Danvers;
VI—G. H . Baker, Urbana; V II—J. E. McDavid, Raymond; V III—George Dyson, Rushville; I X —Henry Eversman, Effingham; X —B. G. Gulledge, Marion.

Org anize N e w
Bank in Chicago.

Organization of the Old Colony State
Bank, to be located at 1215 N. Clark
street, Chicago, has been completed
with the election of officers and direc­
tors. Arvid L. Peterson has been
elected president, Diderich Lunde, vicepresident; Morris Jepsen, vice-presi­
dent, and Charles H. Waterman, cash­
ier.
The bank will have a capital of $200,000, surplus of $40,000 and contingent
fund of $20,000.
Organization of the bank was origin­
ally started by other interests under the
name of Clark-Division State Bank.

caused by the death of Dr. E. A. Glas­
gow.
C. H. Floyd and Dr. D, T. Brown were
chosen vice-presidents of the bank.
Both of these men have been share­
holders and directors since 1919, at
which time under the able management
of Dr. Glasgow and his associates the
growth of the business made advisable
an increase in the capital stock and the
taking on of additional shareholders.
The capital at that time was increased
from $25,000 to $40,000 and today the
capital, surplus and undivided profits
are over $60,000 and total resources are
$400,000.
T w o Abingdon

F. E. Sudlow
Elected Cashier.

F. E. Sudlow of Rock Island, a sub­
stantial stockholder in the State Bank
of Seneca, 111., was elected cashier of
that institution September 12, succeed­
ing R. L. Wiley, who has been in ill
health for some time.
Mr. Wiley presented his resignation
as cashier and it was accepted.
He
later was elected as active vice-presi­
dent of the bank.
Ralph D. Ricks
Elected Vice-President.

Ralph D. Ricks, owner of the Ricks
Motor Sales Company, Taylorville, 111.,
has accepted the vice-presidency of the
John B. Colegrove State Bank at Tay­
lorville. Mr. Ricks will become an ac­
tive officer of the bank, having resigned
the management of his sales company.
Mr. Ricks will relieve Mr. Colegrove,
president, of many duties to allow him
to attend to his real estate holdings. He
was formerly employed as cashier at
the bank, from its organization in 1908
until 1916, when he entered the auto­
mobile business. He has been a direc­
tor of the bank since its incorporation.
Roland M cK ean
Elected President.

At the regular meeting of the board
of directors of the First National Bank
of Mulberry Grove, 111., Roland McKean
was chosen president to fill the vacancy

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

Banks Consolidate.

The First National Bank of Abingdon,
111., and the First State and Savings
Bank of that city have consolidated,
making the Abingdon bank the strong­
est in Knox County outside of Gales­
burg. The new institution is known as
the First State and Savings Bank, the
former officers of that bank presiding
and occupying the same quarters. The
St. Augustine Bank, largely a subsidi­
ary of the Abingdon First National Bank
has liquidated, retiring obligations and
surrendering its charter.
Dan) D. Goodell
Elected Secretary.

Dan D. Goodell, who has been em­
ployed by the First National Bank, E.
St. Louis, 111., for the past several years,
was elected secretary of the Illinois
State Trust Company, at a recent meet­
ing of the board of directors held in the
bank.
Mr. Goodell will succeed Charles D.
Vernor, who recently resigned to take
over the management of the First Na­
tional Bank of Lebanon.
The new secretary came to the First
National in 1920 following graduation
at the local high school. He started as
a messenger and worked his way up
steadily.
Ne w Bank
A t Biggsville.

A new bank is being organized at
Biggsville, 111., to take the place of the

M. A. Graettinger, Sec’y

one forced out of business a year ago
because of carrying frozen credits. The
new bank starts out with all indications
of success, being manned by competent
and careful men. It will be known as
the First State Bank.
The following officers have been
elected: President, F. E. Abbey; first
vice-president, E. L. Werts; second vicepresident, W. C. Ivins, and cashier, A.
P. McHenry.
Kaser Returns
To L afayette.

H. A. Kaser, for the past month as­
sistant cashier at the First National
Bank of Riverside, 111., has resigned to
become cashier of the Bank of Lafay­
ette, 111., from where he came to River­
side. Shortly after he left the Lafay­
ette bank the cashier went to another
bank and Mr. Kaser has been called
back to succeed him
R. O. Coe
Now at Aledo.

R. O. Coe has been named vice-presi­
dent and cashier of the First National
Bank, Aledo, 111. For the last five
years Mr. Coe has been a national bank
examiner in the Eighth Federal Re­
serve District.
R. A. George Now
W i t h Home Savings.

Raymond A. George, formerly with
the Fairbanks-Morse Co. and PearsonsTaft Co., investment bankers of Chicago,
has been placed in charge of the bond
department of the Home Savings &
State Bank, Chicago.
Niota State
Has Good Growth.

The Niota State Bank, Niota, 111., now
has $100,000 deposits, with total re­
sources of $130,000. This bank has had
a nice increase in business for the past
three years. Geo. F. Brasfield, cashier,
has been with the bank for five years.
C. C. Re uterm an
Resigns at Madison.

C. C. Reuterman, assistant cashier of
the Tri-City State B'ank, Madison, 111.,
since 1917, will resign his position Octo-

85

St. Louis, October, 1927
ber 1 and will devote full time with
the K. Hammond Motor Company of
that city.
David A. Hill
Elected Vice-President.

At a special meeting held by the board
of directors of the Beverly State Sav­
ings Bank, Chicago, 111., David A. Hill
was elected vice-president to succeed
Charles F. Jarmuth.

A t A m erica ’s

Sw em Now
W i t h F ir s t Na tional.

P. C. Swem, for a number of years
cashier of the Peoples State Bank of
Newton, 111., has become connected with
the First National Bank of Newton, 111.,
in an official capacity.

R a ilro a d C enter

Sm ith Now
A t Crystal Lake.

C. D. Smith, assistant cashier at the
Farmers State Bank in Reynolds, 111.,
since the resignation of Frank Brown,
has resigned to accept a similar posi­
tion in the United States Bank of Crys­
tal Lake, 111.

I f your business flows to
or from Chicago, you may
find it to your advantage

E lm h u rs t Bank
Completes Ne w Building.

to use the financial insti­

Between four and five thousand peo­
ple visited the Elmhurst State Bank,
Elmhurst, 111., at the formal opening of
the first section of the new building
which that institution is erecting on
York street and Park avenue.

tution maintaining direct
banking connections with

3600

business

centers

F ra n k Gundlach, 71, vice-president of

the St. Clair National Bank, Belleville,
111., died recently.
N.

W.

Duncan,

p rom inent

La

Salle

citizen and president of the La Salle
State Bank, La Salle, 111., died recently.
Ernest

Nortru p,

who up

to

a

few

months ago was associated in an official
capacity with one of the banks at Meredosia, has accepted a position as as­
sistant cashier at the Burnside, 111.,
bank.
______
The

Malone

National

Bank,

Park

Ridge, 111., has made application for a
charter. The new bank will be capital­
ized at $100,000.
T h e W a r r e n v i l l e State Bank is being

organized at Warrenville, 111., with Al­
fred C. Hoy as president.
T he Ho w ard Avenue T ru s t & Savings

Bank, Chicago, announces the election
of five new directors: John Lenahn,
Lenahn Brick Co., Evanston; John B.
Ryan, Ryan, Ryan, Ryan Realty Co.;
Edward E. Schultz, Menke, Kaufmann &
Co.; S. R. Rabinoff and Jacob Best, who
fills a vacancy.

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

^C O N T IN E N T A L W
CO M M ERCIAL
BANKS
CHICAGO

R

e s o u r c e s

H

a l f

a

B

il l io n

-

a n d

m o r e

Mid-Continent Banker

86

Chase National Celerates
Fiftieth Anniversary

“ ROLL of HONOR” BANKS
IN ILLINOIS
It is an honor to be listed among the Honor Roll Ranks of
Illinois. It indicates that the bank has Surplus and Undivided
Profits equal to or greater than its capital!
Such distinction is accorded to the banks listed on this page.
By careful banking and sound management they have achieved
this enviable position.
These banks will be especially glad to handle any collections,
special credit reports or other business in their communities which
you may entrust to them.
Correspondence is invited.
Surplus

Bank
City
Capital
Ahington
First National...................... $
75,000
Alexander...... .. Alexander State...................
25,000
Assumption.....Illinois State..........................
25,000
Beardstown... „.First State............................
100,000
Berwick......... Farmers State
30,000
Bloomington..... .American State....................
100,000
Bloomington... ...Corn Belt State....................
100,000
Canton........ ... Canton National...................
125,000
Chapin................Chapin State..........................
25,000
Chicago............Central Mfg. District...........
500,000
Chicago............ Cont. & Com. Tr. & Svg.... 5,000,000
Chicago.......... ..Drovers Tr. and Svg............
250,000
Chicago.......... ..First Tr. and Svg.................. 6,250,000
Chicago.......... ..First National....................... 12,500,000
Chicago.......... Foreman National................. 4,000,000
Chicago............Harris Tr. and Svg.............. 3,000,000
Chicago......... Illinois Merchants
15,000,000
Chicago............Northern Trust Co.............. 2,000,000
Chicago............. State Bank of Chicago....... 2,500,000
Chicago.......... ... Union Trust Company....... 3,000,000
De Kalb......... ..First National.......................
100,000
Downers Gr. State Bank & Trust Co......
100,000
Flora.............. ..First National.......................
50,000
150,000
Freeport...........First National.......................
Grand Ridge....... First National......................
25,000
Farmer? State
25,000
Greenfield
400,000
Joliet...................First National ....................
Toliet...................Joliet National......................
150,000
Joliet.............. ..Joliet Trust and Savings Bank. 100,000
200,000
La Salle.......... ..La Salle National Bank.......
Murphysboro. .. City National .......................
50,000
125,000
Mt. Vernon... .. Third National ...................
25,000
New Athens.......State Bank of New Athens
100,000
Rnshville
Rushville State....................
25,000
First State...........................
Tiskilwa
50.000
Urbana.......... ....First National......................
75,000
Warren.......... ..State Bank.... .. ...... ..............

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

and Profits
$ 175,000
50,000
65,000
180,000
35,000
336,000
255,000
175,000
56,000
670,000
11,377,000
517,000
10,534,000
17,956,000
4,588,000
4,874,000
35,231,000
5,347,000
6,563,000
3,923,000
160,000
122,000
75,000
430,000
33,000
30,000
950,000
650,000
119,633
330,000
62,000
200,000
45,000
105,000
30,000
60,000
95,000

(Continued from page 28)
McGarrah, A. Barton Hepburn, Albert
H. Wiggin, present chairman of the
board, and John McHugh, present pres­
ident.
Only two mergers have contributed to
the expansion of the Chase bank, one
with the Metropolitan Bank in 1921 and
another with the Mechanics & Metals
National Bank in 1926. The union of
the Chase and Mechanics & Metals
banks brought together two institutions
with combined resources of more than
$900,000,000 and gave the enlarged Chase
bank, including the Chase Securities
Corporation, a capital structure of ap­
proximately $90,000,000.
Having outgrown five homes, the bank
early this year broke ground for a new
thirty-eight story building in the heart
of the financial district which is ex­
pected to meet its needs for many years
to come. Its golden anniversary year
also was marked by the opening of its
twenty-third branch, located in the
Grand Central Zone. Three of the
bank’s branches are in foreign coun­
tries.
The progress of the Chase National
Bank in its fifty years of existence is
outlined in the following table, listing
total resources at ten-year intervals:
Organized.
Total Resources.
1877 ....................................$
1,042,009
1887 ....................................
9,560,235
1897 ......................................
36,391,650
1907 ....................................
114,310,479
1917 ....................................
422,460,081
1927 (June 30).................. 1,042,513,993
The remarkable strides made by The
Chase National Bank in recent years
are reflected in the expansion of its de­
posits. When Albert H. Wiggin be­
came president of the institution in 1911,
deposits totaled $92,382,000. Five years
later they had risen to $272,000,000; at
the end of 1925 they stood at $564,000,000, and on June 30, this year they
achieved the record breaking total of
$919,608,525.
In addition to the senior officers of
the bank, the board of directors includes
the names of Henry W. Cannon, John J.
Mitchell, James N. Hill, Daniel C. Jackling, Charles M. Schwab, Edward R.
Tinker, Edward T. Nichols, Newcomb
Carlton, Frederick H. Ecker, Eugene V.
R. Thayer, Gerhard M. Dahl, H. Wendell
Endicott, Jeremiah Milbank, Arthur C.
Hoffman, F. Edson White, Alfred P.
Sloan, Jr., Elisha Walker, Malcolm G.
Chace, Thomas N. McCarter, Amos L.
Beaty, William E. S. Griswold, Henry O.
Havemeyer, William A. Jamison, L. F.
Loree, Theodore Pratt, Robert C. Pruyn,
Samuel F. Pryor and Ferdinand W.
Roebling, Jr.

87

St. Louis, October, 1927

T w o Large L os Angeles
Banks Consolidate
The consolidation of the Pacific-South­
west Trust & Savings Bank with The
First National Bank of Los Angeles, be­
came effective at the close of banking
business, September 1st. The name of
the consolidated institution, as finally
approved by Comptroller of the Curren­
cy McIntosh is Los Angeles-First Nation­
al Trust & Savings Bank.
The agreement for the consolidation
provided for a consolidated national
bank, uniting the activities of the state
and national banks, under one charter,
with a capital of $12,250,000, surplus $8,000,000, and undivided profits of not less
than $7,750,000.
Henry M. Robinson heads the Los
Angeles-First National Trust & Savings
Bank, and J. M. Elliott, dean of bankers
in the West, who has served with the
Los Angeles-First National for more
than forty-five consecutive years, is
chairman of the board.
Mr. Robinson also heads the First Se­
curities Company, which will continue
to be owned by the shareholders of the
bank, and its assets increased to a to­
tal net value of approximately $6,000,000. This means that the combined
book value per share of the bank stock
and the First Securities is $34,000,000
for 490,000 shares of new $25 par out­
standing.
The consolidated banking association,
with the approval of the comptroller, had
at first spught to use the name First
National-Consolidated Bank & Trust
Company. The First National banks in
the communities where the consolidated


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

bank has branch banks, opposed this
name with protests and litigation.
Amicable conferences between all of the
parties concerned resulted in the selec­
tion of the name Los Angeles-First Na­
tional Trust & Savings Bank and upon
this agreement, the court cases were
dismissed and the comptroller approved
the latter name.
The only point in controversy at all
times had been as to what would consti­
tute a proper title for the consolidated
association that would best avoid con­
fusion and at the same time protect the
rights of all parties interested.
The outstanding court action was that
brought in the District of Columbia Su­
preme Court, seeking to enjoin the
comptroller of the currency from author­
izing the use of the name “First Nation­
al-Consolidated Bank & Trust Com­
pany.” In making his decision, Chief
Justice McCoy cited the many statutes
enacted by Congress since the beginning
of the nation, giving the comptroller of
the currency authority to pass on the or­
ganization, consolidation and naming of
national banks. He said it was plain
that the courts have no right to inter­
fere in a purely administrative matter.

N O T the will to serve,
nor the desire, is
enough;
backed

these
up

must

be

by

capacity

and experience.

The fa­

cilities of this institution
extend to all the depart­
ments

of

banking

and

Lincoln T ru s t & Savings Bank,

into all fields of business.

Chicago, has declared the regular quar­
terly dividend of $3.00 per share, paya­
ble October 1, to stockholders of record
September 30.

all the elements that con­

T he No rth Tow n State Bank, Chicago,

W e invite the business of

The

deposits now exceed $600,000. This
bank has been in operation eight months.

W e have in full measure
stitute service.

banks and bankers who
seek particular care and
attentiveness in their Chi­
cago connection.

ChicacoTrust
Company
Lucius Tetcr

Jo h n W O'Leary

P resid en t

V ice-P resid en t

CHICAGO

88

Mid-Continent Banker

Indiana Notes
W. W. Gray
Elected President.

William W. Gray has been elected
president of the Citizens National Bank
and the Citizens Trust and Savings
Bank, Evansville, Ind. Mr. Gray, who
has been chairman of the board of the
two banks since January 1, will resume
active management in the place of Sam­
uel L. May, who died August 24th from
injuries received in an automobile acci­
dent. H. E. Beacon, vice-president and
director of the institutions for more than
a quarter of a century, succeeded Mr.
Gray as chairman of the directorate.
F o rm e r Governor
Purchases L aw rence Na tional.

James P. Goodrich, former governor
of Indiana, and his associates, have pur­
chased controlling interest in the Law­
rence National Bank of North Manches­
ter, Ind.
There will be no change in the man­
agement of the bank until after the first
of the year, it was announced.
T w o T e r r e Haute
Banks Consolidate.

Company of Terre Haute and the Na­
tional Bank of Terre Haute have been
consolidated under the title of the
Terre Haute National Bank and Trust
Company, with $600,000 capital.
James A. Houck
Elected Vice-President.

R. E. Edwards
Elected President.

Richard E. Edwards has been elected
president of the First National Bank of
Peru, Ind., to succeed his father, Rich­
ard A. Edwards, who retired after serv­
ing in that capacity for sixteen years
of his forty-six years with the bank.
The retiring president was made chair­
man of the board of directors.

ident of the Union Trust Company, Hart­
ford City, Ind., died September 11th.

The St. Joseph Loan and Trust Co.
The St. Joseph County Savings Bank

Louise

Combined Resources Over
$ 1 1 ,0 0 0 ,0 0 0 .0 0

has started

her

old Gosport State Bank, Gosport, Ind.,
died recently.
John S. T re a n o r has been elected pres­

ident of the State Bank of Monon, Ind.
T he East En terpris e State Bank has

incorporated at East Enterprise, Ind.,
with a capital stock of $25,000.00.

Deposits in Germ any Are
Again on Increase
Savings deposits in Germany have in­
creased from 2.3 to 2.5 billion marks
during the last two months, according
to statistics figures published by the
government. The increase represents
8.5%. The greater part of this increase
has been achieved by the large com­
mercial banks, but the savings insti­
tutions have profited very little by the
increase.
Nothing doth more invite a greedy
reader than an unlooked for subject.—
Johnson.

C o m p le te
In v e stm e n t

SOUTH BEND,
INDIANA

Brown

Daniel V. Sm ith, 64, president of the

James A. Houck, treasurer of the
State Savings & Trust Company of In­
dianapolis, Ind., has been elected a vicepresident of the institution. Edward
B. Funk, discount teller, was elected as­
sistant secretary.
Mr. Houck, the new vice-president,
has been connected with the company
for a number of years. He served for
four years as a member of the Indiana
State Board of Tax Commissioners.

F ra n k M. Forkner, 58 years old, pres­

The comptroller of the currency has
announced that the United States Trust

Mrs.

work as assistant cashier of the Farm­
ers State Bank at Waldron, Ind. Mrs.
Brown has been employed at the Farm­
ers State Bank in St. Paul for the past
five years.

!

S e r v ic e

□
Especial Attention Given
Investment Accounts of
Country Banks and their
Clients.

j
:

\
;
:

□

i

Our private wire connections reach
over eighty dealers and financial
institutions in forty-three cities.

i

-

i

Rom e C. Stephenson, President
St. Joseph Loan and Trust Company
Jacob W oolverton, President
St. Joseph County Savings Bank


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

J a m e s C.Wil l s o n & Co.

ISO SOUTH TITTH STREET

89

St. Louis, October, 1927

K entucky Notes
W a lto n Bank
In N e w Building.

The Equitable Bank of Walton, Ky.,
dedicated and moved into its handsome
new building on September 10. The
new home of this bank cost $50,000.
R. C. Greene is president; E. S. West,
cashier, and Hallie C. Metcalfe, assist­
ant cashier.
J. J. Wooten
Succeeds Dr. Senour.

At the regular meeting of the direc­
tors of the Campbell County Bank, Belle­
vue, Ky., J. J. Wooten was elected vicepresident succeeding the late Dr. W. E.
Senour. Mr. Wooten has been a direc­
tor in the bank since 1918.
The Campbell County Bank has re­
cently increased its capital stock to $75,000.00 and has total resources of more
than $1,000,000.00.

pointed a vice-president of the company.
Mr. Eddy has been in the investment
business in Wall Street for about twentythree years. Previous to his associa­
tion with the Equitable’s Bond Depart­
ment, Mr. Eddy spent three years with
N. W .Halsey & Company, two with Em­
manuel Parker & Company, and eight
years with Estabrook & Company.
A close student of the investment
banking business, Mr. Eddy has not only
been active in the distribution of securi­
ties, but has been closely identified with
the analysis and purchase of new issues.
Mr. Eddy is chairman of the New
York group, Investment Bankers Asso­
ciation of America.

Banker to Visit Europe on
Foreign Business
J. G. Geddes, vice-president in charge
of the Foreign Department of the Union
Trust Company, Cleveland, sailed Sep­
tember 14th on the S. S. Aquitania on a
business trip which will take him to the
cities of London, Berlin, Zurich and
Paris.
Mr. Geddes is planning to return about
the 1st of November.
In revenge, haste is criminal.—Bacon.
Peace
Cicero.

is

liberty

in

tranquility.—

N e w Bank
At Elsmere.

The Elsmere Savings Bank has been
organized at Elsmere, Ky., with capital
of $30,000.00. Stanley Chrisman, who
resigned a short time ago as trust of­
ficer of the Peoples Savings Bank and
Trust Company, Covington, is president
of the new institution; Edward Westerman is secretary, and Myles A. Murphy,
treasurer.
Elected Assistant
Secretary and Tre a s urer.

T w o

Fred J. Minderman, Jr., has been
elected assistant secretary and treas­
urer of the Peoples Savings Bank and
Trust Company at Covington, Ky. Mr.
Minderman was formerly employed, as
a teller of the First National Bank at.
Cincinnati.
R. T . Berry, 80, president and one of

the organizers of the Bank of Blaine,
Ky., died recently.
T he

Union

Central

Bank

of

Louis­

ville, Ky., has been chartered with cap­
ital of $100,000.00, and will open for
business in the Starks Building.
T he F ir s t State Bank, Stinnett,

Ky.,

has been opened for business with A. P.
Borger, president; J. T. Peyton, vicepresident, and Henry Bume, cashier.

W m . H . E d d y Appointed
to Vice-Presidency
At a meeting of the Executive Com­
mittee of the Board of Trustees of the
Equitable Trust Company of New York,
held recently, Wm. H. Eddy was ap
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

jit

5rrr

V ie w s

m

gA

o f th e

Hew Cass Avenue
St» Louis, Mo»
/ A i JR p re lim in a ry s e r v ic e en ables y o u
V J t o visu a lise y o u r fu tu re b u ild in g
ju s t as it w ill appear w h e n c o m p le te d .
T h is in su res against d isa p p o in tm e n t in
design, a r r a n g e m e n t and d e co ra tio n .
It is fu lly e x p l a i n e d in o u r b o o k le t,
“ P re lim in a ry S e rv ic e fo r C o n te m p la te d
B ank B u ild in g s .11
M a y we sen d yo u a co p y?

St . L o u i s B a n k B u i l d i n g
a n d Eq u ip m e n t C o m p a n y
SN in th a n d S id n e y ¿¿reefs * * * r r SAINT LOUIS, U . S. A .

!

90

Mid-Continent Banker

A rkan sas Notes
B. Ivie
N o w Cashier.

IE.

John A. Hill has resigned as cashier
of the Planters National Bank, Walnut
Ridge, Ark., because of ill health. As­
sistant Cashier E. B'. Ivie will assume
the duties of cashier and Chas. Mays
will be assistant cashier.
Dick Simpson
Elected Vice-President.

Dick Simpson, who has been actively
serving as secretary of the Chamber of

Commerce for several months, has re­
signed that position to accept the active
vice-presidency of the Bank of Eureka
Springs, Ark. G. E. Burson, who has
been connected with the Bank of Eu­
reka Springs for ten years, has tendered
his resignation as cashier of that insti­
tution to take effect October 1.
T o m m y Stone
Elected Cashier.

Tommy Stone, who for some months
past has held a position with the First
National Bank, Hartford, Ark., has been
selected by the board of directors of the
First National Bank of Hartford as
cashier.

New Bank
A t Eudora.

The Eudora Bank and Trust Company,
Eudora, Ark., has been organized with
capital of $50,000.00 and surplus of
$5,000.00 to take over the Bank of
Eudora, which has been closed. A. B.
Banks is president, and M. G. Lamar
cashier.
Remodel Bank
Building at Jonesboro.

Plans for the remodeling and enlarging of the bank building at the corner
of Main and Huntington, formerly occu­
pied by the Jonesboro Trust Company,
Jonesboro, Ark., for occupancy by the
American Trust Company have been
completed.
The improvement cost
$7,000.
Neill Now
Heads Arkansas National.

Robert Neill, former president of the
Arkansas Bankers Association and for

High-Speed
Correspondent Service
Covering the Entire
Tri-State Region
U n io n & P l a n t e r s
B A N K

&. T R U S T

C O M P A N Y

F orw a rd w ith M e m p h i s — S in ce ’ 69

M E M P H IS


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

TENNESSEE

■ROBERT

N E I LI__

many years first vice-president of the
Arkansas National Bank of Hot Springs,
has been elected to the presidency of
the bank to fill the vacancy caused by
the death of the late Capt. C. N. Rix.
Fred N, Rix, grandson of Captain Rix,
was elected first vice-president and trust
officer for the bank and was placed on
the board of directors, and will make
his home in Hot Springs in the future.
D. O. Simms, cashier, was elected to
the place on the board of directors made
vacant in the death a short time ago of
W. S. Sorrell.
Nature, after all, is still the grand
agent in making poets.—Carlyle.

91

St. Louis, October, 1927

Tennessee Notes
Jno. M. Jackson
Speaks at Convention.

Jno. M. Jackson, cashier of the
Brownsville Bank, Brownsville, Tenn.,
made an address before the recent con­
vention of the Financial Advertisers’
Association at West Baden, Ind., on the
subject “Building Business in Towns of
Less Than Five Thousand.”
In 1925, the Mid-Continent Banker
conducted a contest on the methods used
in building up banking business. Mr.
Jackson competed in this contest and
was one of the prize winners. It was
through the impress of the article ap­
pearing in this contest, while Mr. Jackson was cashier of the Stanton Bank,
that the invitation was extended to him.

modern of small town banking houses
in Middle Tennessee. It includes large
lobby spaces of marble, concrete and
tiling, president’s private office, a
spacious directors’ room and several
other private offices. The vault is of re­
inforced concrete and steel, weighing

Now Bank
A t Elizabethton.

Bonds both for banks and
their customers

Dr. Arthur Mothwurf, president of the
$17,500,000 American Bemberg Corpora­
tion and the $37,000,000 American
Glanzstoff Corporation, will be president
of the newly formed Elizabethton Trust
Company, at Elizabethton, Tenn., accord­
ing to E. C. Alexander, president of the
First National Bank, and Dr. J. O.
Woods, head of the Chamber of Com­
merce, who made the announcement fol­
lowing a conference held with Dr. Moth­
wurf. The new trust company is cap­
italized at $250,000, and was organized to
assist in the development of Elizabeth­
ton, which has been brought about by
the building of the mammoth Bemberg
and Glanzstoff silk plants here. Among
the organizers of the trust company are
many men prominent in the industrial
and financial circles of this section. New
York and Europe.

B

ANKS seeking suitable investments for their own funds
or to sell to local investors will be interested in The
Equitable’ s current list of offerings.
More than a list of bonds—The Equitable Security List
provides a monthly guide for advantageous purchases.
Write our nearest office for a copy of this month’s list.
Our district representative will be glad to call and consult
with you regarding any bond investment problem and
will execute orders for your account in any security market.

E q u it a b l e
TR U ST C O M P A N Y
t he

OF N E W YORK
37 W A L L

Announce Tennessee
Group Meeting Dates.

The sixth annual meetings of the
Group Organizations of the Tennessee
Bankers Association will be held as fol­
lows: Group Three, Carthage, Tuesday,
October 4; Group Six, Mt. Pleasant,
Wednesday, October 5; Group Seven,
Henderson, Thursday, October 6; Group
Eight, Reel Foot Lake, Friday, October
7; Group Four, Copperhill, Tuesday, Oc­
tober 11;
Group Two, Knoxville,
Wednesday, October 12; Group One,
Pressman’s Home, Thursday, October
13; Group Five, Sparta, Friday, Octo­
ber 14.

C h ic a g o :


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

STREET

105 South La Salle Street

Telephone: State 8312

D is t r ic t R e p r e s e n t a t i v e s : b a l t im o r e • Ph il a d e l p h i a • sa n Fr a n c is c o - At l a n t a
F o r e ig n O f f i c e s : Lo n d o n • p a r is • Me x ic o c it y
H o m e OFFICE: 37 W allstreet, New Y ork, connected by direct
private wire with Chicago office.

Total resources more than $500,000,000
I E.T.C. of N .Y ., 1 Q27

F a fake stock salesman uses engraved stationery to impress his prospects, think
of the impression that an honest name, used that way, will make.

I

G o o d S ta tio n e r y Is P ro d u c tiv e o f R e s u lts a nd

COSTS NO M O R E

Bank of Cowan
F as New Building.

The new building of the Bank of
Cowan, Tenn., has been opened for busi­
ness. The structure is one of the most

thirteen tons, and the vault door is mod­
ern and burglar-proof, weighing six and
a half tons.
The remodeling of the bank was the
result of the inability of the firm to cope
with increased business in the former
quarters.

Write for Free Samples
1525 Olive St.

A rt C raft Shops C o.

St. Louis, Mo.

92

Mid-Continent Banker
H ugh

Mississippi Notes
Brookhaven Bank
In Ne w Building.

The First National Bank of Brookhaven, Miss., has opened the doors of its
newly remodeled banking quarters. Both
interior and exterior of the building
have been completely renovated and the
building has been enlarged at a cost of
approximately $85,000.00. A. B. Furlow is president of the bank; R. E. Hig­
don, vice-president; J. Edwin Barron,
cashier, and R. L. Davis and F. K. Anding, assistant cashiers.
The First National Bank was organ­
ized in 1914 and now has deposits in ex­
cess of $1,400,000.00.
New Bank
At Merigold.

The Merigold Bank, Merigold, Miss.,
has been opened for business with cap­
ital of $15,000.00 and surplus of $15,000.00. J. R. Smith is president; Edgar
Brown, vice-president, and S. A. Rob­
erts, cashier.
Uriah Ray
Is Dead.

Uriah Ray, 77, for forty years active
in the business life of LeFlore County,
Miss., died recently. At the time of his
death he was president of the First Na­
tional Bank and a director in the First
Savings Bank, Itta B'ena, Miss.
M ake Improvements
To Security Bank Building.

The Security Bank of Amory, Miss.,
is improving its building. New fixtures
are being installed; also a new vault
door and safe deposit facilities.
Ip**-------- XKZ=TT- HKTT—~

_

M cC loskey, Prominent
Banker, Is D ead

Hon. Hugh McCloskey, who for more
than a third of a century had been
closely associated with the Hibernia
Bank & Trust Company of New Orleans,
and for the past nine years chairman
of its board, died suddenly on August
20 th while on his way home from At­
lantic City, where he had been spending
his vacation.
Mr. McCloskey was a native of Lon­
donderry, Ireland, and came to this coun­
try in 1871, making his residence in
New Orleans, where he has since lived,
and where he became one of the Cres­
cent City’s most prominent citizens. He
was the leader years ago in the reorgan­
ization of the port facilities of New Or­
leans, which resulted in the creation of
the present New Orleans Dock Board,
of which for twelve years he served as
president. He was for five years pres­
ident of the New Orleans Railway and
Light Company, and for six years pres­
ident of the American Cities Com­
pany.
Mr. McCloskey was one of the organ­
izers of the New Orleans Produce Ex­
change, and the New Orleans Board of
Trade, and for a number of years has
been a director and first, vice-president
of D. H. Holmes Co., Ltd., and Chas. A.
Kaufman Co., Ltd., two of New Orleans
largest department stores. He founded
the wholesale grocery house of McClos­
key Bros., of which he was the head,
and in the early days was intimately
affiliated with the late Philip D. Ar­
mour of Chicago, for whom Mr. McClos­
key acted as southern representative.
In spite of his varied activities, Mr.
McCloskey always had time to listen to
those who sought his counsel and ad­
>

vice; and his kindly and sympathetic
nature, his cordial and attractive per­
sonality, as well as his conspicuous
achievements in the civic and social and
industrial life of his adopted city, will
not be soon forgotten.

California Bankers Endorse
W illis D . Longyear
The California Bankers Association
has unanimously endorsed its war-time
president, Willis D. Longyear, vice-pres­
ident of the Security Trust and Savings
Bank of Los Angeles, for treasurer of
the American Bankers Association and
are boosting him for election to that
office at the Houston convention.
In addition to being active in the Cali­
fornia Bankers Association, Mr. Long­
year has for many years been prominent
in the affairs of the A. B. A., and has
been a familiar figure at its conventions
and council meetings.
When the convention was held in his
own city last year he did much to help
Los Angeles earn its well-merited repu­
tation for hospitality. At that conven­
tion he closed a service of two years as
chairman of the A. B. A. Committee on
State Legislation. He has been a mem­
ber of the Executive Council and has
likewise served three years on the Ex­
ecutive Committee of the Savings Bank
Division.
A motorist, driving from a paved
country road to the unpaved streets of
an Iowa town, was pulled up for exces­
sive speed.
“Didn’t you see that notice, ‘Dead
Slow’ ?” asked the policeman.
“ Of course I did,” said the motorist,
“but I thought it meant your town!”

?K_____________ _________________ X*C

L. M . P O O L, President

zxx------ -x k:

W . J. P IL L O W , Cashier
A . J. C R O Z A T , Assistant Cashier
G . J. F R U T H A L E R , Assistant Ca -liier
W . N . L O U Q U E , Assistant Cashier
W . D . K I N G S T O N , Trust Officer
J. H . W E I L , A ss’ t Bond Officer
R .W . B R A D Y , A ss’t-M g r. Foreign Dept-

J. A . B A N D I , Vice-President
W . T . M A R F I E L D , Vice-President
J O H N D A N E , Vice-President
F R E D B R E N C H L E Y ,V ice-P re sid e n t
W . P. O ’N E A L , Vice-President

T h e M arin e B an k & Trust C o m p a n y


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

NEW ORLEANS, LA.

R esou rces O v e r Thirty M illion D ollars
A C C O U N T S OF B A N K S A N D B A N K E R S IN V IT E D
Y O U R I N T E R E S T S W I L L R E C E I V E P E R S O N A L A T T E N T I O N O F O U R O F F IC E R S

93

St. Louis, October, 1927

Louisiana Notes

The

Visits Florida.

L. M. Pool, president of the Marine
Bank & Trust Co., of ,New Orleans, La.,
was a recent visitor in Jacksonville,
Fla. Mr. Pool told bankers that Florida
has hit the bottom and is now climbing
toward renewed prosperity. He h^d
just completed a tour of the state and
declared that every indication points to
a splendid fall and winter business in
all of the cities he visited.

W h itn ey -C e n tra l B anks
New Orleans, La.
We invite correspondence regarding the
far-reaching service we have to offer.

Hugh McCloskey
Dies Suddenly.

Hon. Hugh McCloskey, who for more
than a third of a century had been close­
ly associated with the Hibernia Bank &
Trust Company, of New Orleans, La.,
and for the past nine years chairman of
its board, died suddenly on his way
home from Atlantic City, where he had
been spending his vacation.
Mosler Safe
In Bastrop Bank.

Capital, Surplus and Profits over $ 8 , 0 0 0 , 0 0 0 . 0 0

Pharaphrased Proverbs

The Mosler Safe Company has the
vault equipment contract for the Citi­
zens State Bank & Trust Company,
Bastrop, La., recently organized. The
Calhoun Building has been remodeled to
house the bank.

Great Losses from
Little Lapses G row

Trade Balance for August
Favorable to U . S.

Be sure that your collection items are free

August merchandise exports of the
Commerce Department at $375,000,000,
while imports were set at $371,000,000,
leaving a favorable balance of 4,000, 000.

For the same month last year ex­
ports amounted to $384,449,000, and im­
ports $336,477,000. Both exports and
imports last month gained over July,
the former increasing $33,000,000, and
the latter $52,000,000.
Gold exports in August reached $1.524.000, as against $1,803,000 in July.
Incoming shipments of the metal, how­
ever, exceeded the outgoing by $6,353.000, totaling $7,877,000 last month
as against $10,738,000 in July.
Silver exports topped imports in
August by $1,101,000, amounting to
$5,590,000 as against $6,650,000 in July.
Imports totaled $4,489,000 and com­
pared with $4,288,000 in July.
Our country, whether bounded by the
St. John’s and the Sabine, or however
otherwise bounded or described, and be
the measurements more or less; still
our country, to be cherished in all our
hearts, to be defended by all our hands.
—Winthrop.

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

o f such avoidable costs as result from :

Indirect routing
Infrequent tracing
Delayed advices
Unnecessary collection service charges
Receipt of mail limited to “ banking hours”
Our continuously operating Transit and
Collection Departm ents receive and for­
ward collections

and advices both day

and night.
A ll items received at par.

THE

P H IL A D E L P H IA - G IR A R D
N A T IO N A L B A N K
P H IL A D E L P H IA , PA.
Capital, Surplus and Profits . . . .

$28,750,000

Mid-Continent Banker

94

K ansas Notes

of the Merchants National Bank, To­
peka, Kan., died recently.
Carl H. McD annald, f o r the past six

W in d o m State
Bank Changes Hands.

A. Girard, who has been president of
the Windom (Kansas) State Bank since
that institution opened in January, 1905,
has resigned his position, and has sold
his interests in the hank to W. F. Rhinehart, a director of the First National
Bank at Dodge City, E. Ellwood and E.
L. Johnson of Windom and Carl A.
Grant of the McPherson-Citizen State
Bank of Windom. The change advances
C. E. Lindell, cashier, to the position
of president. E. L. Johnson, formerly
assistant cashier, will succeed Mr. Lin­
dell as cashier. The new board of di­
rectors will be made up of E. Ellwood,
H. L. Slosson, E. L. Johnson, C. E. Lin­
dell and Carl A. Grant.
Merchants National
Promotes Officers.

years bookkeeper for the Peru State
Bank, Peru, Kan., has been promoted
to the position of cashier of that insti­
tution to fill the vacancy made by the
resignation of U. S'. Gibbs.
Roy

L.

Bone,

state

bank

com mis­

sioner, has announced that the Bank
of Commerce of Chanute, Kan., has
taken over assets of the Vilas State
Bank of Vilas. The Chanute bank
will take over all the business of the
Vilas institution.
Consolidation of the Citizens N a tio n ­

al Bank of Fort Scott, Kan., and the
Devon State Bank of Devon, has been
completed. The Fort Scott bank as­
sumed the liabilities and took over
the assets of the Devon Bank.

J.
Ernest Jones, cashier of the Mer­ U. S. Gibbs has been made cashier
of the Home National Bank, Caney,
chants National Bank, Topeka, Kan.,
Kan., to succeed Roy Smith.
for the past five and one-half years,
has been advanced to the vice-presi­
dency, succeeding the late Francis M.
Oklahom a Notes
Bonebrake, who died August 25. W. O.
Anderson, president of the W. O. An­
derson Commission Company, was
Sapulpa Bank to
elected a director to fill the vacancy
Ha ve Ne w Building.
caused by Mr. Bonebrake’s death. C. L.
W. J. Burnett has let the contract
Carlson, assistant cashier since Octo­ and work has been started on his new
ber, 1921, was elected to succeed Jones,
three-story brick building, which will
and Robert M. Bunten, assistant grace the northwest corner of Dewey
cashier, was advanced to first assistant
avenue and Main street, Sapulpa, Okla.
cashier.
The building will be 25 by 110 feet and
will be three stories in height. The en­
Wilson County
tire lower floor will be occupied by the
Bankers Elect Officers.
Farmers and Merchants Bank and will
W. J. Small, president of the Union
be fitted up to rank with the most elab­
National Bank, Fredonia, Kan., has
orate banking institutions of the
been elected to the head of the asso­ country.
ciation of Wilson County bankers for
the coming year. C. A. McCullough,
J. W. H ite Sells
cashier of the First National Bank,
Interest In Duncan Bank.
Neodesha, was elected secretary and
J.
W. Hite, assistant cashier of the
treasurer. Tom Babb of Fredonia, was
City National Bank, Duncan, Okla., has
elected vice-president.
disposed of his interest in the bank.
Ralph Small
Now at Muscotah.

Ralph Small, a bookkeeper and
teller in the Exchange National Bank,
Atchison, Kan., the last five years, has
resigned, and will become assistant
cashier of the Farmers and Merchants
Bank at Muscotah.
The

Farm e rs State

Bank of Hunne-

well, Kan., has taken over the Union
State Bank of that town. The two
banks merge with deposits exceed­
ing $360,000.
F ra n k

M.


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

Bonebrake,

vice-president

The stock has been taken over by T. J.
Waller, a former stockholder in the
bank.
F. J. Quillin
Becomes President.

F. J. Quillin of Oklahoma City, who
with L. Z. Brown and P. V. Rabb of
Ardmore and Marlow, Okla., purchased
control of the Stockyards Bank, Okla­
homa City, has assumed the presidency
of the bank, succeeding J. M. Herd.
L. Z. Brown has become vice-president,
succeeding R. R. Herd. Mrs. Beulah
Moore, who has been cashier of the
bank since its organization two years
ago, will remain in that official capacity.

S. H. Brown
Elected Cashier.

S. H. Brown, well-known national
bank examiner in the Tenth Federal
Reserve District, has purchased a sub­
stantial amount of stock in the First
National Bank of Pawhuska, Okla., and
will become cashier. Mr. Brown was
executive officer of the Elgin State
Bank of Elgin, Kansas, from 1915 to
1919, going from there to Palisades,
Colo., where he managed the Palisades
National Bank until March, 1924, when
he resigned to accept the position of
national bank examiner.
T he Exchange National Bank & T ru s t

Company, Tulsa, Okla., has let the
structural steel contract for its $1,700,000 bank and office building.
H e rb e rt Ray has been ele cte d cashier

of the First State Bank, Ketchum,
Okla., filling the vacancy caused by the
death of H. E. Robinson.
O. V. Mullendore, cashier o f the Cleve­

land National Bank, Cleveland, Okla.,
for the last 20 years, has resigned.
T h e Crom well Exchange Bank, Crom ­

well, Okla., has been taken over by the
Security State Bank, Wewoka, Okla.
The

Commercial

Bank,

W aynoka,

Okla., has been chartered with $20,000
capital by A. C. Lambe, Grace K. Lambe
and C. A. LaRue, all of Waynoka.

Millions o f Francs Given
to Reduce French D eb t
Voluntary contributions received by
France under the; finance law of March
31, 1926, up to June 30, 1927, amounted
to 294,742,435 francs.
Under this law the Minister of Fi­
nance is authorized to receive volun­
tary contributions to be carried in a
special Treasury account and to be ap­
plied exclusively to the amortization
of the short-term debt. A national com­
mittee headed by Marshal Joffre made
an official appeal to the public. At
that time the franc was on the down
grade, but since then it has improved
to the extent of 5%, as compared with
its value in July, 1928. American con­
tributions added many million francs to
the response.
Of the total, 228,084,162 francs were
in cash, including 48,193 francs from
the sale of jewelry and other precious
articles turned in. The balance was
in State rentes of a nominal capital
of 66,658,273 francs. These have been
destroyed by fire at various times with
appropriate ceremonies. At the same
time they were canceled in the ledger
of the public debt of France. Volun­
tary contributions still continue.

95

St. Louis, October, 1927

Serving
the Fourth
Generation
A complete up-to-theminute bank, offering
every modern banking
service

LIBERTY
INSURANCE

The

B o a tm e n ’s N ational
B an k
o f St. Louis
OLDEST BANK IN MISSOURI

F o u n d ed in 1 8 4 7

An
Old, Reliable
Banking House,

BANK

keeping pace with
Modern Ideas

L O U I S V I L L E

of
Helpful Service

R E S O U R C E S O V E R $ 2 8 ,0 0 0 ,0 0 0

O F F IC ER S:

Th ose w h o a p p oin t us
their Chicago correspond­
ent know a satisfaction
in the individual treatment
accorded every transaction.

JULIUS W. REINHOLDT. President
LEROY C. BRYAN. Vice-President and Cashier
AARON W ALDHEIM
EDGAR L. TAYLOR,
Vice-President
Vice-President and
J. HUGO GRIM M ,
Trust Officer
Vice-President and
F. LEE MAJOR,
Counsel
Vice-President
ALBERT WAGENFUEHR,
C. C. HAMMERSTEIN,
Vice-President
Assistant Cashier
H. ALFRED BRIDGES.
RUDOLPH FELSCH,
Assistant Cashier
Assistant Cashier
OLIVER W. KNIPPENBERG.
Assistant Cashier

THE NORTHERN
TRUST COMPANY
C a p ita l, S u rp lu s a n d U n d ivid ed
P rofits O ver $7,500,000
Northwest Corner LaSalle and Monroe Sts.

RESOURCES:

CHICAGO

O v er $ 2 5 , 0 0 0 , 0 0 0 . 0 0


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

e th e S p o k es
o f a G IA N T WHEEL

~

influence o f this p o w e rfu l ban k radiates
from St* Louis to all parts o f the United States,
w ith special emphasis o n the Great Southwest,
scene o f this year’s bankers’ convention*
he

T

A comprehensive advertising service free to each o f
our correspondents* W rite for descriptive booklet*

National Ban

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

with which is affiliated the

Fédéral Commerce Trust Company
Investments
Br o a d w a y

Commerce
in Saint Louis
Commercial, Savings, Trust, Foreign,
_
_
Safe Deposits
O l iv e t o P in t