Pine Bluff daily graphic., 1919-06-15
WHY LOCAL BANK
 JOINED FEDERAL
 RESERVE SYSTEM
J. E. Boyce Talks About Bank ing Service, and Reasons for
 His Faith.
lRv J. H. Sorrells.)

(BV J. Ii. SOrrellS.)
 Happening into the office of the Cotton Belt Savings & Trust com pany, one day last week and finding J. E. Boyce, the president of the bank with just a few minutes in which to indulge in chat, dropped into a com fortable seat at the side of desk, and "put this one over" "just what did your bank join the Federal reserve"
 Well it was hardly fair for me to rut that question to a busy man dur ing business hours, but the question slipped out just before l know it had, principally by reason of the fact that noticing the banks recent advertis- ing, I had found that it had joined the system, and that it was the only bank in Pine Bluff, holding a state charter that had done so, and so felt that perhaps The Graphic might give it's readers some interesting dope.
 MT. Boyce was mighty considerate and spared me some time to give me the reasons that actuated the board ot his bank, in applying for the mem- bership; from his brief though suc- cinct statements, gathered the fol- lowing:
 First, from the standpoint of loy- atty to our government, the Federal Reserve system, though by no means la perfect one, has demonstrated dur ing the past four years that if was in deed and truth a financial bulwark safeguarding the vast interests of this continent; that like any other wise governmental measure, it deserves the whole-hearted support of American institutions, composed of red -blooded Amercan citizens. Next, that the Fed eral Reserve board at Washington had seen fit to honor Arkansas with one of it's branches, thereby bringing home to every Arkansas bankes the | opportunity of availing himself of its facilities.
 Second-That membership in the system affords privileges for borrow ing and re-discountng at exactly the same rates and upon the same terms to all alike; that is to say whether you are big or little it makes no diff ference.
 Third-That the disadvantage in loss of interestso on the banks reserve deposited with the Federal Reserve banks, is offset by the free service ac- cording to members in the transmits sion of silver, currency and transfer. Fourth-That membership in the system is to a bank just what mem- bership in select organization is to the citizens of every community. It lends tone and dignity. It says to the depositor in so many words that Uncle
 Sam and also the state banking de- partment are looking in here to see that every interest of the public is safeguarded. It is generally conceded that the examinations of the state banking department are more rigid than those of the national bank exam iners. Hence bank operating under 2 state charter, and with membership in the Federal Reserve system, is ev- en more thoroughly supervised than national bank " Fifth-That being stockholder in the Federal Reserve bank, this bank is bound to participate in it's profits.
 There are many lessons to be learned from the recent war;" MT. Boyce continued, whether we will take them to heart or not is another matter. In the banking world for in- stance, there is a decided change of sentiment and while the executives of all banks will strive just as hard to make a good showing to their stock holders at the end of the fiscal year as they have hitherto, they will do so with decided consciousness that though not sharing in the profits al ways, the public are vitally interested in the success or failure of every bank in the community, that they as indi- viduals are entitled to the very high est degree of service and efficiency in its performance. The very highest degree of anything is invariably brought about through cooperation ot kindred lines, and in my judgment the Federal Reserve system of the United States of America typifies the highest degree of banking co-opera- t'on. and will in due time be moulded and shaped by wise legislation into a standard of excellence unsurpassed in the universe"