23
THE CHICAGO BANKER
September 5, i<?o8\
the business of the bank has tripled in amount. This, to some extent, has been the result of his energy and resourcefulness. He has some eighteen to twenty subordinates and is a strong arm for President Jones to rely upon.
The Union Bank & Trust Company has modern equipment: steel vaults for its moneys, its books and its safe deposit boxes; each automatic, triple time locked and combination locked, with all the modern helps to the best banking and every convenience for customers.
The Broadway Bank and Trust Company
The Broadway Bank & Trust Co., of Nashville, dates from July, 1906, and is a result of a movement inaugurated by A. E. Potter, the present cashier, who came to Nashville for the purpose of establishing a banking institution, after he had met with success in such undertakings at other points in the state.
That there was a great need for a bank in this locality is evidenced by the healthy growth that the institution has had since the day it opened for business a little over one and one-half years ago. It was capitalized at $50,000, but so great was its prosperity for the first year, that at the end of twelve months after beginning business, the management felt warranted in increasing the capitalization to $100,000.
The last annual statement of the bank, issued at the close of 1907, shows the healthy condition of its affairs. It has loans and discounts to the amount of $260,000. Its furniture and fixtures are valued at $4,000, and its cash on hand and with other banks aggregate $82,206. The net surplus and profits amount to $11,556, and the deposits at the close of the year were over $234,-000, and have materially increased since then. It invites a thorough inspection of its financial strength.
The One Cent Savings Bank
An institution in Nashville that deserves high praise is the One Cent Savings Bank, located at Napier Court, on Fourth Avenue, North. The bank encourages and educates those to save their earnings who heretofore have never had any dealings with banking concerns. That the venture has been successful in building up a patronage of small depositors is shown by the number of patrons and the volume of business carried on.
The One Cent Savings Bank was organized January 16, 1904, with a capital stock of $25,000. Starting with an entirely new business the list of patrons has steadily grown until now it is nearly 600. The strength of the institution is shown clearly by the annual statement issued at the close of business December 31st, last. Its business has continued to expand since that date, but at that time the resources were $41,638.32.
There has been no time in the history of the bank that it could not, upon reasonable notice, pay every depositor the full amount of his deposit if called for. The bank does the business of most of the churches of the colored people, handles the money of many of the lodges and societies and does practically all of the business for the people of the colored race who are most prominent in business and professional pursuits.
To encourage deposits among the people generally it pays three per cent interest on time deposits. The officers and directors of the bank are those who have achieved great success in their particular calling and give to the institution hearty support and close attention. The president, Dr. R. H. Boyd, is a man of business tact, experience and adaptability, and is at the head of the National Baptist Publication Board. The vice-president is J. W. Bostick, who conducts the Economical Laundry, and the cashier is J. C.
George H. Stickney & Co., bankers, have changed the title of the firm to Stickney, Taylor & Co., located at 221 East German Street, Baltimore.
big factory, mining and realty companies. It is, moreover, one of the “Big Four’’ banks that are looked to, with the best of reasons, by all citizens of Nashville and vicinity as the leaders in public enterprise and insurers of business stability.
This bank was founded in July of 1891 by its present honored president and Mr. John Hill Eakin, and since then has steadily grown in favor, in resources and in deposits. Its history has been absolutely uneventful, as placid as a fair summer sunrise and as beneficial to the community. With the city’s growth it has prospered and its well-known rule of accepting only commercial paper and collaterals for loans security and limiting them to short time has been viewed with favor by the community.
Some time ago it purchased a lot 45x88 feet at the southwest corner of Third Avenue and Union Street, a half block from its present location, and in the near future will erect thereon a magnificent home for itself. In the meantime its business has so increased that immediate steps for the enlargement of its quarters will be taken and a mezzanine floor erected over its vault in the main banking room.
From the opening of its doors to the public it has specially encouraged the individual depositor and solicited the accounts of beginners in commercial business, also the savings accounts of those starting to accumulate, and the result has been most satisfactory. Between four and five thousand depositors are now registered upon its books, and the amount paid in interest has been very large. From the first year of its existence it has paid a 2 per cent quarterly dividend, and yet has to-da)' a surplus of nearly $150,000 in hand.
Its departments are three in number—general banking, savings bank, and trust company. During the past the latter has been allowed to grow of itself without urging and without special effort, but lately V. I. Witherspoon, late of the Fidelity Trust Co., of Louisville, Ky., has been secured to take charge of this department, and as he is considered one of the best men in the business in the South this department will undoubtedly soon take high rank among its class here and elsewhere.
The board of directors of the Union Bank & Trust Company is a very strong one and constitutes the strength not alone of this bank but of many of the leading business enterprises of the city, and are looked up to as men of integrity, of business acumen and high social position. They are nine in number:	Edgar Jones, president,
and one of the original organizers; A. H. Robinson, vice-president and capitalist, vice-president of the American National Bank and president of the Maxwell House Co.; Jos. Frank, merchant; Paul Roberts, president of the Independent Life Insurance Co.; Eustice A. Hale, vice-president and capitalist; Geo. S. Parks, southern representative of the E. I. Dupont Powder Co.; J. Harry Howe, of the Howe Ice Co.; Watkins Crockett, cashier, and Dr. W. C. Dake, physician. Mr. Edgar Jones, the president of this bank, is the oldest but one in point of service of the bankers of Tennessee, beginning his lifework as clerk in that branch of the old Planters’ Bank, located in Clarksville, Tenn., and being transferred to the main office at Nashville as teller. Here he remained until July 1, 1865, when he became cashier of the Third National of this city upon its organization. In 1884 he •was made vice-president of the American National, and upon the death of Mr. John Kirkman was elected to succeed him as president. His last move was in 1891, when he took his present position, which he has since worthily occupied. His advice and aid are eagerly sought and form a source of strength and weight in the bank’s relations to the public and the banking world.
Watkins Crockett, the cashier, entered this bank at its organization as junior clerk, became clerk, worked his way up and eventually succeeded Mr. John Hill Eakin as cashier. He has occupied the position five years and in this time
its in the city, this bank’s growth in deposits represented one-third of the entire increase of deposits of all the seven state banks in Nashville. December 31, 1906, its deposits amounted to $379,738.10 and one year later, December 31, 1907, these deposits had increased to $518,687.-
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During the recent stringency this bank met every demand from its depositors, neither being forced to take advantage of the requirement of sixty days’ notice on withdrawal of deposits, nor did it call on any of its customers for payment of their notes at so inopportune a time, and its depositors recognized these facts and showed their appreciation of them. It is little to be wondered at that the First Savings Bank & Trust Co. should be proud of that record, and still less that it should be proud of its depositors, and it is— both.
This bank’s loans are limited to collaterals and first mortgages on city improved real estate. This very naturally eliminates the greater part of commercial banking patrons, but it also—and this is full compensation—enhances the value of its savings and trust departments.
This bank is fully equipped to act as executor, administrator, guardian, trustee under wills and declarations of trust, and trustee under trust deeds, securing issues of corporation bonds, transfer agents and registrar of corporation stocks and bonds, managing agent for trustees, executors, guardians, and others acting in fiduciary capacities, agent for management of real estate, investment of funds, and collections and disbursements of incomes, depository of funds under order of court, receiver and assignee of insolvent estates, custodian of conditional deposits and escrows.
Although owning no real estate, this bank buys and sells realty on commission, gives careful attention to rentals and will advise or act with its customers who desire homes of their own.
Its directorate comprises some of Nashville’s most substantial and influential business men, having the full confidence of the community, among whom may be mentioned: A. M. Shook, president and capitalist; D. C. Buntin, M. J. Smith, B. F. Wilson, Gen. G. P. Thruston, N. Baxter, Jr., and W. S. Bransford, well known capitalists; F. O. Watts, vice-president, also president of the First National Bank; W. R. Cole, vice-president, also president of the Napier Iron Works; V. E. Shwab, of G. A. Dickel & Co.; J. W. Thomas, president of N., C. & St. L. R. R.; W. FI. Howe, of Howe Ice Co.; J. E. Caldwell and T. D. Webb, respectively president and treasurer of the Cumberland Telephone & Telegraph Co.; C. F. Frizzell, insurance; T. M. Steger, attorney and judge; H. E. Palmer, president Stones River National Bank of Murfreesboro, Tenn.
P. D. Houston, cashier, and lately added to the directorate, has been seventeen years in the banking business, and came here from Lewis-burg, Tenn., when this bank was organized. He has proven himself a decided gain to Nashville, as he is a man of ideas and of sound and practical ones. M. E. Holderness, his assistant, was formerly bursar at Vanderbilt University and is well and favorably known throughout the city.
The First Savings Bank & Trust Co. fits itself to its work. It has a ladies’ waiting room, cheerful lobby, and complete modern equipment, including a large fire and burglar proof vault, with safety deposit boxes for the accommodation of its customers. It is well kept, well managed and a financial success. What more can be asked?
The Union Bank and Trust Company
The Union Bank & Trust Company of Nashville is located on Third Avenue between Union and the square, and is very centrally situated for the class of business it most affects—commercial banking and trust administration—as within its six block square are located the principal wholesale and largest retail houses and the offices of