[Volume XXVII
THE CHICAGO BANKER
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STATE BANK OF CHICAGO			THE FARMERS' AND MECHANICS' NATIONAL BANK OF PHILADELPHIA, PA. 427 CHESTNUT STREET Capital $2,000,000.00 ־ ־ ־ Surplus and Profits 1,348,000.00 ORGANIZED JANUARY 17, 1807 Dividends Paid - $12,847,000.00 OFFICERS Howard W. Lewis, President Henry B. Bartow, Cashier John Mason, Transfer Officer Oscar E. Weiss, Assistant Cashier ACCOUNTS Of INDIVIDUALS, FIRMS, AND CORPORATIONS SOLICITED PRESENT NUMBER OF STOCKHOLDERS 930
ESTABLISHED 1879 S. E. Corner La Salle and Washington Streets Capital - - $1,500,000 ־ Surplus and profits (earned) 1,500,000 Deposits over - - 20,000,000 OFFICERS L. A. GODDARD, President FRANK I. PACKARD, Asst Cashier JOHN R. LINDGREN, Vice-President C. EDWARD CARLSON, Asst. Cashier HENRY A. HAUGAN, Vice-President SAMUEL E. KNECHT, Secretary HENRY S. HENSCHEN, Cashier WILLIAM C. MILLER, Asst. Secretary			
YOUR CHICAGO BUSINESS RESPECTFULLY INVITED			
			
jäk. IN CINCINNATI jlk With Resources of TWENTY-ONE MILLION DOLLARS «®SET And every facility for the satisfactory handling of Bank Accounts CORRESPONDENCE INVITED			
Banking Conditions in Kentucky
personal interest on behalf of the individual banker in the association work. There has been too much jealousy displayed between bankers of the same community and section, due to a lack of personal acquaintanceship and a consequent deficiency of co-operation.
I am a great believer in the honesty and good intentions of the average human being. Bankers are, in my estimation, much above the average, and I believe are entitled to the benefit of the doubt in nearly every instance. Abuses will creep in where bankers are suspicious one of the other which can practically be eliminated by closer personal contact, by a striking of hands in an attempt to correct existing evils and to ward off impending ones, by a disposition to get on with one another instead of attempting to take from our neighbor seemingly desirable business at a sacrifice of conscience and of profits, or to unload upon him some of the undesirable kind without forewarning.
It has been my pleasure to be present at, and to assist in the organization of six groups, as follows: Sixth District, at Covington on May 4th; Seventh District, at Frankfort on May 28th; Third District, at Bowling Green on June 4th; First District, at Paducah on June 14th; Ninth District, at Maysville on July 8th, and Eighth District at Danville on September 2d.
At each and every one of these meetings the attendance has been large, the interest manifested has been gratifying, and the papers read and discussed of great concern to all present. It has been a liberal education to me personally and I feel I am better able to discharge my duty to my own institution by reason of the knowledge gleaned. The bankers of the respective cities where these meetings have been held proved delightful hosts and in each and every instance deserved the thanks so gratefully voted by the visiting members. Especial thanks are due to the vice-presidents of these districts, Messrs. Lee, Manning, Harris, Rieke, Heflin, and Crooke for
President J. R. Downing to the bankers at the Louisville convention
J. R. DOWNING Georgetown
ginning of a new era in the history of the Kentucky Bankers Association, an era of fellowship between banks that are neighbors, an era of
HORNBLOWER & WEEKS
5Bankers and 5Brokers
Members of New York and Boston Stock Exchanges 3rd FLOOR, 152 MONROE ST. ־ CHICAGO
The past year has not been an eventful one in the annals of banking generally, save that it witnessed the final passing of the panic of 1907-8 for which we are duly grateful. There has been no session of the state legislature and in the national congress financial legislation of interest to banks primarily was without significance. The corporation tax measure as a rider to the tariff bill which passed during the closing days of the special session called by President Taft, affects banks in general with other corporations.
While of course this new burden falls upon a comparatively small percentage of our membership, yet taken in conjunction with the already large share of the public expenditures we, as a class, are called upon to provide for, it is not to be dismissed as of no moment. Had it not been for the timely and wise action of the federal legislative committee of the American Bankers Association and of our own committee on banking jurisprudence and information in calling the attention of members of congress to the inequalities which would have been suffered by banks in not being allowed to deduct the full amount of interest paid out from gross earnings in order to arrive at net earnings, the amount to be contributed by some of our members would have been onerous indeed. Especial thanks are due to these two committees for this evidence of interest in our work and for their forehandedness.
In our own state while as stated in the outset we have had no session of the legislature ; yet the year has been a momentous one in the work of our association.
One thing of course stands out in bold relief as the fruit of the year’s labor. The inauguration of the group system as provided for by resolution at the Lexington convention. I have always been an enthusiast upon this proposition and was prepared in a way to discount its good effects; yet I am glad to confess that the actual working out of the proposition has far exceeded my fondest hopes. I believe it marks the be-