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THE CHICAGO BANKER
October ¡I, iço8]
given directs that such banks shall in future when converting into national system be called upon to place their assets in a condition conforming to the requirements of the national bank act and that in the event of failure to do this they shall not be admitted into the national system.
It is believed that as the result of the new requirements the number of state banks converting into national will be considerably decreased, since the trouble and cost of changing over will be materially added to. The effect will, however, be wholesome, in the opinion of numerous observers, because it will no longer be possible for banks to point to the fact that others receive greater toleration as to the form of their investments merely because they have started as state
Merchants and Planters Bank of Martin-dale
The Merchants and Planters Bank of Martin-dale, Tex., reports capital of $10,000; surplus $5,000; undivided profits, $5,000, and deposits of $87,000. J. B. Martindale is president; R. N. Martindale, vice-president, and F. P. Johnson, cashier.
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First National of Carroll
The First National of Carroll, Iowa, was placed in charge of a receiver, on October 21st.
State Bank Conversions
Washington, October 25.—Comptroller Murray has decided to strengthen one of the weak points in the national banking system by directing that state banks which convert into national shall be in a stronger and more satisfactory position than heretofore at the time of their conversion.
During the past few years there has been a considerable number of such conversions and scrutiny of the conditions of the banks has revealed that in many instances defective conditions found in national banks had survived from the time when they were organized under state laws. It has been the practice whenever a state bank wished to convert into national system to permit it to come in with the assets it had on hand whether these conformed to the national banking act or not.
In many instances they have come in with large volumes of real estate or with overloans of considerable amount and have promptly found themselves open to criticism from the office in Washington, notwithstanding that their condition was known when they were allowed to enter the system and notwithstanding that they were accepted by the authorities on the basis of the assets they then owned. The order which has just been
Chairman of Group
7 for Amendment
in approved banking theory and practice. They provide for a stricter qualification for directors, for a greater authority to the state authorities in the manner of refusing bank charters to unfit applicants, for restriction of the bank’s ability to loan money to those concerned in its management and for a greater improvement in the methods of protecting stockholders and depositors in the appointment of receivers.
There is a clause in the constitution of the state of Illinois which requires that all bank laws should be submitted to the people for ratification before they become live statutes. It is under this requirement that the amendments are put on the “little ballot” for November 3d.
While we have no state bank in our city we deem the amendments of sufficient import to the people of the state in general that we desire to call the attention of the voters to them.
A limited number of copies of the proposed amendments may be had by applying to the undersigned. W. E. Turner, Chairman Group Seven of the Bankers Association of Illinois.
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The Deposit Bank
The Deposit Bank at Bethlehem, Ky., on account of the new ruling for branch banks in Kentucky, has discontinued operation. It was a branch of the Deposit Bank of Pleasureville, Ky.
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First National of Stonington
The directors of the First National of Stonington, 111., have elected Cornelius Drake as president to succeed the late O. Z. Housley.
Taylorville, 111., Oct. 27.—At the coming election November 3d there is a little ballot to be voted, calling for changes in the state banking laws, and in order that voters may know what the changes are and be better enlightened upon the subject, W. E. Turner, cashier of the Farmers National, in this city, submits the Daily Courier the following communication:
Editor Courier—In our political campaign we see and hear a great deal about banks, the guaranty of bank deposits, etc., etc. I wish, in a non-partisan way, to call the attention of the voter to the opportunity he has at the coming election to amend some of the laws in reference to banking.
At the meeting of the Bankers’ Association of the state of Illinois in Springfield in 1906, the association formed a committee to help to have certain changes put on the statute books and to investigate the advisability of making other changes.
When the general assembly convened the popular demand for banking reform led to the introduction of a number of bills. The committee of the bankers’ association decided to work merely for reforms, the need of which had become universally evident through recent bank failures, such as the Stensland, Walsh and Smith, bank failures. Legislative opinion also inclined to this line of action, and as a result the amendments to be voted on were passed by both houses on a non-partisan vote and were signed by Gov. Deneen.
In the main the amendments merely strengthen the state bank law, introducing no innovations
State Convention Dates
Date	Association	Place	Secretary	Address
November 11, 12....Indiana............Indianapolis..........Andrew Smith......Indianapolis..
November 20, 21....Arizona............Bisbee...............Morris Goldwater---Prescott....
The offices of the American Bankers Association, Eleven Pine Street, have been fitted up especially for the accommodation and comfort of its members, who are u ged to call and use same when in New York.
of character or influence cannot hope to get bank
patronage at card rates.
A word about portraits. Many banks have kept a scrap book of all of the ten thousand portraits printed in The Banker. It was first in the illustrated field of financial journalism and never yet has printed a portrait “in consideration” of anything but the importance of the subject.
Our gallery is the largest in the world and practically all of them—97 per cent— are paid subscribers. Aside from the artistic social value of newspaper portraiture there is a human interest which ever links it to our inner self, for the art of portraiture, portraiture in the broad sense, touches us more nearly than any other art. It brings us face to face with those who lived, loved, and are silent “in the old time before us.”
Are we not better acquainted with “imperial Caesar dead and turned to clay” because we have a counterfeit presentment of him in durable marble? And can we not better read those passions stamped on the lifeless stone, in the frown and wrinkled lip and sneer of cold command of the great Rameses, the Napoleon of ancient Egypt? What human interest clusters around that shattered visage as it lies in the bare and level sands of the desert?
What would history be without the personality of those kings and captains, who like Alexander moulded the destiny of nations?
The question has aptly been asked, Is it possible to realize what difference it would make to us if one possessed no likeness whatever of Shakespeare? We are all as familiar with his massive English head, and intellectual cast of features, as if the great poet were still amongst us, and we appreciate this rather robust, unideal image at Stratford far more than the poetic representation of Roubelac. What a personal affection we feel for this clumsy sculptured Stratford bust, and how eagerly we accept the scanty data which is brought forward to authenticate the celebrated death mask of the great English dramatist simply because like a realistic photograph it is a presentation of the man, the touch of nature which makes the whole world kin.
So with the banker. Every other banker who is familiar with his signature likes to see the likeness as well. It makes them acquainted at sight upon meeting at a convention or upon a train. We know of hundreds of instances. Note the handsome face, “with honor writ broadly upon it,” on our front page to-day. He is a leader in Illinois banking circles and it is “in consideration” (we hate to quote this bad English so often) of this and for the other reason that all the bankers of America wish to know the face of the new head of the council for the great Illinois Bankers Association. We fancy if pictures would secure bank advertising our contemporar}' would revel in both.
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The Merchants and Planters Bank
The new Merchants and Planters Bank of Waynesboro, Miss., has elected the following officers:	G. T. Heard, of Brooksville, presi-
dent ; E. Cahn, of Meridian, vice-president; W. B. McMorries, of Brooksville, cashier; F. M. Gray, of Waynesboro, assistant cashier. G. T. Heard, E. Cahn, G. W. Cunningham, F. M. Gray and J. A. Ramey were elected directors. The capital stock of the bank is $50,000.