The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-18
MEMPHIS BANKERS
SUBSCRIBE QUOTA
TO- EXPORT BANK
Go Over Top With Full 100
Per Cent-West Tennessee
Bankers Will Meet >at the
ChiSca Next Wednesday.


Memphis banks got behind the Fed
eral International Banking company
with 100 per cent subscription to
thee stock, of the company at the
meeting Of the Clearing House asso-
citation Wednesday afternoon. The
entire 100000 represented by three
per cent of the capital and surplus
Of Memphis banks was subscribed.
Following this enthusiastic support
Of the Memphis banks. a meeting of
West Tennessee Bankers has been
called for next Wednesday at 10
o'clock am. at Hotel Chisca, when
the mater Of subscriptions by bank
ers in West Tennessee outside of
Memphis will be discussed,
~. j. Alexander, president of the
tennessee Bankers association, has
notified Dwight M. Armstrong, vice.
president OF the commercial Trust
and Savings bank, that be WI cal
a meeting Of Middle Tennessee bank
ers as soon after the West TENNESSEE
meeting as practicable. A suggestion
has been made that the meeting for
Eastern and Middle Tennessee be
consolidated N one meeting at NASH
vile and this plan will probably be
followed.
With Memphis over the top, there
no longer appears any doubt put INA,
Tennessee will subscribe her tul
quota and Indications are getting
stronger daily that the quota viii be
exceeded. This disposition to exceed
uuctas is becoming gene.al throush
out the South, and such is the en-
thusiasm of leading bankers III the
South that predictions are being con-
fidently made that the minimHm VIII
be greatly exceeded by Dec. 10, the
date set for closing SubscriptloI
books previous to permanent orgam-
cation.
Profits Are Large.
rs. ]. High vice president of the
Peoples Bank and Trust company
az Tupelo, Miss, and member OF the
board of directors of the information
al banking corporation, was at lne
clearing house meeting here Wed-
nesday and he stated that the quota
of Mississippi banks was IN slsht
and would probably be announced as
completed within few days. Ar
kansas is already within some $40,o0O
of it's quota. Word from Georgia
Thursday morning stated ehat tne
Quota of that state would probably
he over subscribed. The telegram to
r. Brinkley Snowden, vice. president
of the Bank Of Commerce and Trust
company, was signed by Robert f.
Maddox, president of the atlanta
National bank. and state chairman
of the campaign committee Tor
Georgia. =,
Next Wednesdays meeting is be-
ing called by V, J. Alexander as
president of the Tennessee Bankers
association, T. X. Preston. state
campaign chairman for the Federal
International Banking company, ana
a committee from the Memphis
clearing house, made up OF d. M.
Armstrong, Fred Collins. r, S. Polk,
C. II. Craig and Il. T. Crenshaw.
The profits to be gained from the
operation of an international bank
have played little part in featuring
the advantages of such an institu-
ton, but examination of statements
from the Foreign Credit corporation
domiciled in New York city show
that this feature of the operation Is
by no means to be overlooked. This
company is capitalized at $4,000, 600
and for the first nine months of OPP
GRAFTON the corporation shows undi-
vided profits of $4,000. approx
mately 10 per cent.
these International banks Is also
shown in the case of the New York
concern. which has on its list Of
stockholders many of the largest
banks in the country. The same
will be true of the Southern con.
cern, as the men backing it come
from the ranks Of the leading bank
ers OF the South.