The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-03-20
New Banking Institution Orga-
nized at Jacksonville with Cap
ital of Quarter Million.

S JACKSONVILLE. March 1s.--Con-
pleting organization here Of the South
srn Cattle Loan company with stock
\. holders meeting for the election Of d.
I -ectors, who IN turn elected officers,
Ikhfs newest banking Institution was
started with subscribed capital of
.s250.000 and announcement was made
hat the bank win be ready for busf-
less probably about March 81.
King Heads institution.
"A, j.. G.. King, well-known catt1eman
ana banker, OF Arcadia, was chosen
president of the how institution. Other
officers include: u. II. Odom. city at
torney OF Jacksonville, president:
Arthur IT. Williams, Jacksonville, sec
rotary and treasurer; Garrett Murphy,
OF Bradentown, president OF the Flor
ida Stockmen's association and the
oldest cattleman IN the state, second
vice president. The directorate COM
prises tho following in addition to the
OFFICERS: w. B, Miller, banker and
cattleman OF Boynton; C. u. Rogers.
Consolidated Grocery company, jack
sonville; r. A. Henderson, cattleman
and banker Fort Myers; III. NJ. Ben
nett. Jacksonville. organizer of the
bank, and r. M. Blagg. president of the
United States Trust company, jack
/ sonville.
Permanent offices will be establish
-Sed by the company at 601-602 Graham
build ag. Directors will meet within
fthe next few days to name a general
manager for the company and to COM
,'plete all final details for the beginning
of operations.
(, The meeting yesterday was attended
a -.
bankers and Floridians engaged In
other lines of business, and was held
at the Hotel Mason. Stockholders in
their meeting adopted resolutions
thanking Arthur t. williams for his
activities and his sincere efforts on be-
!. half of the new institution during the
Organization period when he acted as
n trustee.
q Another set of resolutions was
adopted extending the thanks OF the
b stockholders to III. NJ. Bennett, organ
4 izer Of the company. The resolutions
y mentioned in part the fact that. in
y stead Of financing the company in
y Jacksonville Mr.. Bennett, in the face
OF a business depression that was more
Than disheartening at times, went into
Z every section of the state, interesting
cattlemen and bankers in the SOUTH
Y ern Cattle Loan company with the re-
suit that the holders of stock in the
institution are thoroughly representa-
{ tive of every part of Florida, particu-
. larly the sections where cattle raising
operations are carried on extensively.
Organization Of this bank marks a
V new era in the cattle industry in Flor
4 ida, according to seasoned cattlemen.
Heretofore there has been no bank or
other financial institution making a
speciality of cattle loans. This will be
the sole function of the Southern Cat
tie Loan company which win act as a
bulwark for the cattleman.
Through this institution cattle
ranchers will be enabled to make loans
4 direct against their livestock. The
bank viii lcperate department of ap-
4 praisai and valuation and, by reason
4 of this service, will be enabled at any
time to make loans to ranchers in ade-
quate proportion to the security offer
ed.
The functions of banks of this char
ecter have been much praised by the
federal government, and some time
ago the department of agriculture is
sued q special bulletin outlining the
work Of cattle loan banks. Heretofore
Florida ranchers desiring to borrow
money against their cattle or other
livestock nave found it necessary to
deal through banks given over to a
GENERAL commercial and banking busi-
icss. There has been no institution