Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1917-01-18
President Mumford' )
Report.

To the Stockholders of the First Ma.
ticnal Bank OF st. Nary. Leonard
town, Md.
I Chairman and Gentlemen lin sub.
hitting this fourteenth annual re-
port of the work committed to our
oversight as your servants. 1t is fitting.
first Of all to give expression to our
gratitude to the Eternal One for His
Astounding and manifold mercies to us,
The old year has been an exception 70
the several previous years as the shad
ows Of death have not fallen on any
home Of our official family or Of the Di
rectorate. While this Is true Of our
immediate family there is. however. a
sorrowful event for as to chronicle. the
death Of the late Hon. Robert G. Combs,
our first legal adviser. Eulogies have
been pronounced on the life Of Mr..
Combs by those better acquainted with
him than myself. and anything we
might say here seems superogatory.
Although we had but limited acquain-
lance with him, we were in common
with all who came in contact with him.
greatly impressed with those sterling
qualities OF heart and which make for
true manhood. The high esteem In
which Mr. Combs WINS held BY members
of HE profession, as well az by those
whose good fortune II was 10 know him,
entities him 10 permanent place
among those distinguished for unusual
intellectual ability. legal learning and
beauty Of character. IN his demise our
Instilu Ion win greatly mics lis
sane and wise counsel. The st. Mary's
Bar. his home town, his county and
State have sustained an irreparsble loss
Our prayer Is that the New Year upon
which we have entered, have IN store
for each stakeholder and depositor con-
tinued blessing Of health and prosperity
and realizing sense Of Gods goodness
In all things. We include IN our greet
ings. deposltors. for we a. stockhold.
ers should not forget the debt Of grati.
tude that we owe the aforesaid: IS
without the patronage Of these friends.
bank stock would not be profitable.
Each passing year enlnrgea our Dor.
ders. and increases the bonds OF friend
ship that exists between the members
Of our large family circle and ourselves
For after all, we are Just one biz family.
There 10 a mutnalisy Of aims and in.
terests which eonduees 20 enthusiasm
and success.
Our deposits have continued 70 climb
ard whilst the mark reached one year
ago was thought difficult to exceed. yet
we are highly gratlfcd 10 state that
they have gone beyond the boundary ard
deposits now register $3.50, a47 65. ex-
ceeding last years figures tls4. 0O2.ei.
EEw QUARTERS
In our twelfth annual report. We sgg
gested. and indeed recommended that
more desirabh sits be purchased and
an up.to.datc banking house erected
thereon. Your worthy Cashier. Under
date OF Dec. q. 1914. wrote us IN part.
that the business haa outgrOwa the
banking house, and there 10 great need
Of more rom, either by going upa story
or going TO ths side. !"
We desire 10 reHsate the imp0FtAncs
Of more room and We think Tho stock
holders should take definite action.
either 10 cHlaFge or to erect res
building. We do not think any person
that Is familiar with the insdequacy Of
the present building will dispute our ~
scrtion. II lie manlfestly inconvcniens
ard under pize and we should have
house near our proportions and needs
and one that would prove convenient
and acceptable to onr faithful and Ia.
tustriai clerical staff.
FEDERAL RESERVE noARD AND WAR
LOANS.
War prices for our produce have made
our farmers and other business con
Germs flush and good paper during the
the year has been difficult 10 procure.
This am afraid has caused some bank.
ers 10 accep: questionable loans. With
admirable timeliness and convincing
logic the Federal Reserve Board has
issued a warning to banks and private
investors against the war loans Of for
eign governments that arr now being
fIoated here. This gives official emphs-
els 20 the yiewa many times expressed
by the writer on the subject Tho Re
serve Board points out that funds In
vested In these loans are liable 10 be
tied up for long period. While the
war lasts, liquidation will be almost I'm.
possible. and the process Of commercial
rcadiuatment abroad may prove te.
iions one. before normal conditions can
be restored. While discIaiming any in.
tention Of rejecting upon the financial
soundness Of any nation. the Board iE
It's statement gays Il feels that Mem
Der banks should pursue a policy OF
keeping themselves liquid Of not loan
ing down to the legal limit, but OF
maintaining an excess Of reserves not
with reserve agents. where their bal.
ances are loaned out and constitute no
actual reserve. but in their own vaults
or preferably with their Federal Re-
serve banks The Board believes that
at this time banks should proceed with