Pine Bluff daily graphic., 1915-03-12

most serious whi.' must be handled
 by the bankers everywhere, but now that the national and state banking authorities are united in their efforts to do away with the custom, 1t Is rapidly being eliminated entirely, in every state. In Arkansas, he said, out of the thirteen banks last in syected by one of the examiners, ten had no overdrafts at all, one had cverdrafts amounting to IS cents, and the other two had overdrafts amounting 10 less than $100, which, MT. Covey claimed, is record not to he surpassed anywhere.
 Bankers Under Bond.
 Many changes made in the manner If operating banks by the banking,de partment were mentioned by MT. Covey, who urged hir hearers to call the attention of the general public to these changes and improvements, ! in their advertising in the daily papers. He cited the fact that the officers and employees of all state hanks are now under bond that di- rectors must attend meetings and transact the business of the banks; that dr ectors and stockholders are ! liable for losses sustained through the failure of the banks; told how 1 this liability is actually unlimited, so that a bank dictatorship is now a position of great responsibility; showed how some of the banks, in stead Of declaring dividends, have ! been removing bad assets, and have been incrtasing the surplus and re- ducing the book value of the bank ing house and furniture; mentioned [ that overlooking has been stopped; stated that officers of banks can not lend to themselves; and cited other customs of former times, which are l illegal now.
 In the past fourteen months, he said, 3S state banks in Arkansas have gone out of business. He stressed the point, however, that 20 of these have paid dollar for dollar, that each Of the other thirteen is now in the hands of the banking department, and that several of these are expect ed to resume business in the very near future.
 |. has always been the custom ot the state banking department to use the best men it could get. to liquidate the affairs of any unfortunate bank, MT. Coyey said, but this custom is going to be stopped, because things are getting so now that there will be no banks to fail and the -ervices of liquidators will not be needed. l MT. Covey closed with few words of praise for the staff of bank ex- aminers attached to the state depart ment, saying they are getting the r-- suits. He mentioned that five state ments of condition and two visits from the examiners will be ordered by the department during the year, these being necessary for the most satisfactory carrying out of the plans of the department.
 The address of R. H. Thompson
 cashier of the Exchange National
 Bank of Little Rock, printed else where in The Graphic this morning
 was then delivered.
 On motion of MT. Tl.ane, the chair appointed the following committees . Nominations, MT. Bloom, MT. 1'hane
 and Mr. Hollis. Reports of. officers, MT. Hyatt, Mr Ross and MT, Boyce. R. E. Wait, secretary of the statt bankers association, announced tha
 E. N. Hopkins, secretary of tnf . Profitable Farming committee, was in attendance at the meeting an, , would be glad to discuss with banker
 from the neighboring counties, thu } matter of naming county committee to carry on the pig and poultry clubs f mcvem ent, MT. Wait calling the at II tention of the bankers to the fact tha the sum of $50 appropriated by tn I state association was now being eX
 pended through this movement.
 Adjournment for luncheon wa = then taken.
 l The Afternoon Session. Col. C.. P.s Breckenridge of Nobl Lake. one of the two directors iron Arkansas for the Southern Com . mercial Congress, addressed tn l meeting at the opening of the after = noon session, extending a cordia B welcome to the members of tn, 3 group oss bankers to attend the forth . coming session of the congress, a } Muskogee, April 26 to 30 inclusive and urging that large delegation b' sent from this state. for number O reasons cited by Col Breckenridge. . The newer states of the west have outstripped the older states of thu south, in their progress and advance . ment, said Col. Breckenridge, be. cause of the cooperation which has existed among the peoples of those
 states.
 Il "We people of the South have bee, } excessive in our individualism," nc