Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1913-05-30

lars would cover all its losses, and
this with an annual average loan
account of over half million dol
lars.
The large percentage of cash re-
serves as related to deposits is nota-
BILE, and it has been the fixed policy
OF the bank to haYe great proper
ton of its investments in immedi-
ately convertible securities. 1t deals
largely in high class commercial
paper. Though doing a large local
business, it has always kept itself
sufficiently independent of local
conditions as to be able to take care
of local depressions when they oc-
cur instead of being handicapped
by them.
AS CAREFUL AS A NATIONAL BANK.
Although not a national bank,
and for good reason, the Merchants
and Farmers has made it a rule to
observe with strictness all the rules
and regulations the United States
statutes prescribe for national banks,
1t lays special stress on maintaining
Its reserves, and in limiting the
amount of its loans to individuals.
firms or corporations. In one re-
spect it deviates from national bank
ing laws, in that it makes loans on |
real estate. Located as it is in a |
community the basis of whose busi-
ness and wealth is agricultural
lands it could hardly serve the in
terests of its home people, if it re-
fused to recognize land as loan Sc
curity. How well its judgment in
this connection has been vindicated
appears above. 1t has not lost
1ollar on loans to farmers. Though
is earnings have been large it has
leyer resorted to usurious rates OIL
interest, but has always loaned
money for legitimate uses at fair in
crest rates If it has a hobby, it is
o discourage accommodation en-
lorsements and overdrafts. |
OFFICERS AND EMPLOYEES.
The first president of the bank
vas W. H. Boyle. Judge H. w. :
'oote succeeded him, and the pres q
Mt president, N. H. Harrison, sue S
eeded Judge Foote in 1896. E.V. Y
,ates, cashier, started with the
ank in 1892, was made assistant .
asher in 1896 and cashier in 1902. b
us Mcleod was made assistant v
asher in 1904 and H. A. Minor Jr., n
fter managing the Shuqualak a
ranch, was transferred to Macon and "
nee 1910 has been active assistant n
asher. Besides r. W. Jones, Jr., C,
ther graduates from this bank have
lade regulations in banking circles :,
sewhere, notably Frank w. Foote, v
,tive head of the First National
ank of Commerce at Hattiesburg, Sc
udolph Hauenstein, Walter P. l.
,nes, j. S. Love, R. A. Foote, Heath
lambliss and others. u VI
sHUQUALAK BRANCH.
In 1906 the bank bought out the .,
Bank and established a a,
anch bank there which is an inn Oh
'rtant adjunct to its main business. 5l
is now under the management of y
'ngstreet Minor, MANAGER. =, y,
OFFICERS AND DIRECTORS. ~ ~.
The directors of the Merchants & '"
rmers Bank have always been m
refully chosen. The qualifica- dc
ms demanded have been that ar
ey shonld be good business men, vi
crested in the financial life of the
unity and identified with the COM
srcial, financial or agricultural in
est of the community. In addi-
n they must be men of standing
d have a substantial interest in
bank itself, and they are not
They are faithful in
endance at directors meetings, ,
d in the performance of their du- mu
5, and are familiar with every :.
N made by the bank and with mic
cry other item and feature Of the up
siness of the bank. The present /
GERS arei reg
" II ll6ftisgn, President. ira tr
i n Ainesl Vlesgi'Fsgidentl bel