The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-24
WEST TENNESSEE
TAKES ITS QUOTA
INF0REIGN BANK
Roll Call Of Enthusiastic Meet
ing at Chisca Nets $751;
40, including Memphis.
Hope Other Parts Follow.

A representative gathering Of West
Tennessee bankers met at Hotel
Chisca Wednesday morning ct 10
o'cl0ek. and. after discussion which
brought out the salient points Of the
Federal international Banking COM
pany, went over the top in suhscrip-
lions to the stock of the company.
About so bankers outside Of Mem
phis, were present and th@gs we're
practically UNANIMOUS in takifw their
full quotas TO- the stock. This quota
is based on 5 per cent Of the capital
and surplus Of the various banks.
When all subscriptions were In, 1t
was found that West Tennessee, in
Guiding Memphis, had subscribed
$377, 41O. sen this amount Memphis
banks subscribed about 100000, and
there we're personal subscriptions
amounting to $1,000 included In the
total,
Casper Rowe, vice president of the
Fifth and Third National bank OF
Cincinnati, attended the meeting as
a guest of r. Brinkley Snoyden, vice
president of the Bank offCommerce
and Trust company, and Mr. Rowe
was so impressed with the Feasibility,
practicability and desirability Of the
international bank that he voluntarily
made subscription of $1,000 to its
stock. John J. Heflin, manager OF
| the local branch Of the federal re-
serve bank. made a personal sub
scriptlon. Of $500.
Enthusiasm Runs High.
Seldom has enthusiasm OF bankers
/ gone 10 a higher point than was
\ Ifieaktakested II Wednesdays meeting
lEderybody was for the proposition
and for 1t strong. Because It was
bAiisved that brmation Of the bank
tlgass working along the prpper Tines
/ to bring about the financial inue-
| pendence of the South. Those bank
/ ers present will take the good mes
] sage back to their brethren scattered
| throughout West Tennessee, and II
a a practical certainty that the sub
scription will be greatly enlarged
from banks not represented at the
meeting.
Chairmen to act for the different
counties were appointed by TIKI
Preston, of Chattanooga, who acted
as chairman for the Tennessee state
campaign committee, acted as chair
| man of the meeting. These chairmer
will be asked to round up the remain
ing banks in the territory. Most Of
the bankers at the meeting expressed
the belief that their neighbors would
fall in line behind the movement.
Will Exceed Quota.
The subscription totalcd Wednes
day is nearly so per cent of tn,
quota given to the state of Tennes
see. But bankers have grown SO en-.
thusiastic over the movement tina
there is no disposition to stop at tht
original quota. The West Tennessee,
subscription will be increased; ever
Memphis will probably add a few
thousand to her already large figures
And there remain banks of Middle
and West Tennessee to be heart
from.
1t Is expected that banks in thu
other grand divisions will respond
literally to the appeal for subscrip.
tions. Mr. Preston has called a meet.
ing of representatives Of all the
banks in Middle and East Tennessee
\ at Nashville next Monday, when /
BIS hoped that the action of Memphi:
and West Tennessee will he dupli
Gated. 1t is pointed out that while
banks in those divisions are not 81
strongly interested in cotton as thos,
in the western division, they are vi
tally interested in many other things
the financing Of which for expor
will tend to improve the commercial
conditions for banks in Middle ant
East Tennessee, as well as in tn
western division.
Visiting bankers were entertainer
at luncheon at Hotel Chisca following
the business session.