The Birmingham age-herald., 1914-01-14
ANNUAL MEETING OF
BIRMINGHAM BANKS;
Fine REPORTS MADE
American Trust and Com
mercial State Will Enter
Federal Reserve Bank
ELECTIONS RESULT
IN BUT FEW CHANGES
Merchants and Mechanics and Bir.
mingham Trust Directors Instruct
Officers to Investigate Reserve
Bank Looking to Future Action

| All of the banks in this city excep
Steiner Brcs., held their annual meeting,
yesterday.
To the American Trust and Savingi
bank and the Commercial Bank and Trus
company belong the distinction of be
coming the first state banks to talk
positive action in regard TO membership
in the National Reserve bank created
under the recent currency law.
The First National bank yesterday made
application along formal lines after hav-
ing made application by wire sometime
ago. The Traders National bank also
made application yesterday following the
Policy of national banks. The Birming-
ham Trust stockholders and directors in
strrcted their directors to subscribe Il
the fund if after investigation it seems
that such a step is best. 1T is considered
probable that this bank will participate
The Merchants and Mechanics asked its
directors to look into the proposition FOL
some later action. The Jefferson County
Savings bank announced 10 action.
First National Officers Re- Elected
The meeting at the First National re-
suaed in no changes except the election
of j. Lee Cross as auditor, succeeding r.
Wetmore deceased. The officers elected
were: w. p G. Harding, president; j. II
Woodward. vice president; J. II. Barr.
vice president: Thomas Hopkins cashier;
Tom Bowron, assistant cashier; F. 5.
Foster, assistant cashier; ]. X. Flemming,
assistant cashier; j. h. Ozburn. secretary
savings department, and NIr. Cross aud
itor The directors of the First National
are: b. F. Moore, Robert tension, Sr.,
E. NJ. Tutwiler, ErslSine Ramsey, Mr..
Harding Mr.. Barr, w. II. Hassnger.
Walker Percy, j. Ii. Woodward, William
NJ. Walker, John l.. Kaul, Culpepper
Exum. M. V. Joseph, George Gordon
Crawford A. II. Ford, DR.. George Nor
row, w. NJ Cosby, Robert Jemison, Jr..
z. G. Shook, Zach l.. Nabors, Il. L..
Brown and Crawford Johnson.
Definitely and unanimously, the stock
holders of the American Trust and Saw
ings bank voted yesterday to apply for
membership in the new federal reserve
bank for the district waich will include
birmingham.
The occasion was the regular annual
meeting of stockholders which was held
in the banking rooms at 3 o'clock p. m.
The resolution was passed following a
session at which favorable reports had
been made and the outlook for the conf
ing year viewed with optimism.
President w. w. Crawford, after the
meeting. talked freely concerning the ad-
vantages to the clients of the bank aris-
ing from this step Among these he
mentioned the double examination fea-
ture of the law, by which the bank will
have the same supervision and regulation
by the national government heretofors
given national banks, as well as the ex-
oeent supervision already in force by
the state of Alabama.
Again, the banks will have the privilege
of sc ecuring federal reserve bank notes
and credit protection as afforded by the
federal reserve act.
Crawford Believes in Act
I'VE believe" said Mr. Crawford. that
the federal reserve act will unity and
safeguard the currency and banking busi-
ness of the nation, assist commerce and
industry and increase the general pros
perity of all citizens. The conditions upon
which membership will be granted will
be subscription to the capital stock of
the federal reserve bank TO the amount
of per cent of the capital and surplus
OF this bank and compliance with the
requirements of the federal banking
statutes.
"The entry of the bank into the system
will be a matter of details now which
will be worked out as expeditiously as
the organization of the system will per-
nit
The following stockholders were elected
directors for the ensuing year: G.. r.
Mccormack, NJ. w. Bush, p. G. Shook.
Eugene Ffes A. b. Loveman, J. D. Kirk
patrick W. H. Kettig, George Gordon
y xNfC r6 T, Pndhan .IOnaS G., Moore
James Bowron II. c. Abbott. ]. II. Dean,
f. B. Fowlkes, John l.. Parker. L. SEWER
j. w. Mcqueen, Louis V. Clark, w. j.
Dangaix, Walter Moore, f. NJ. Goodall
II. e. Mccormack, II. X. Miner, w. w.
Crawford
The re solution to enter the reserve bank
reads as follows:
Reserved, That the officers of this
institution be. and are hereby authorized
to prepare papers of application under
resolution of the board of directors of this
institution for membership in the federal
reserve bank, to be located in the district
in which this bank is located, under the
recent federal reserve act passed by Con-
gress.'
After the meeting of stockholders the
new board of directors met and elected q.
b. Mccormack, chairman of the board;
W. w. Crawford, president: II. l.. Bad
ham. vice president; C. M. Williamson.
cashier Edward b. Crawford, w. C.
Hamilton and Frank Stevens, assistant
cashiers.