The Covington leader. (Covington, Tenn.) 18??-current, 1922-06-15


lied June 10, 1887, and Mr.. Garner
Was Made Cashier.
June Is marked the completion Of
50 years Of service rendered by MIR.
John 1. Garner as a banker, and ia
compliment to him the directors and
employees Of the Upton County-Farm-
ems Union Bank, Of which he is presi-
dent, rendered him an informal re-
ception. Being spontaneous and inn
prOmptu. it was impossible to invite
all the friends and customers Of the
bank, but those who could be found
4 about the building were present to
telicltate Mr., Garner upon the anni-
versary. The officers Of the bank
had hastily provided some cooling re-
/ treshments, which were much enjoyed
4 by the guests
On June IS, 1887, the Farmers &
Merchants Bank was organized as the
first bank in Covington, Mr.. Garner
being chosen as cashier. Since that
time he was actively engaged in
the banking business as cashier of
this bank and the Upton County
Bank, into which it was merged
When the Upton County Bank and
the. Farmers Union Bank united their
strength on January 1, 1918, Mr.. Gar
ner became president of the console
dated institution and has served as
such ever sincet During an this
period OF time the banks with which
Mr.. Garner has been connected have
never failed to pay a dividend, some
thing more than half million dollars
having been paid out to stockholders
during that time.
During the nine years of existence
of the Upton County-Farmers Union
Bank it has paid to its stockholders
S212,00O in dividends, which Is
larger amount than its capital stock.
There are. something over 400 banks
in the State of Tennessee, of which
20 are branch banks. Of these 20. six
are branches of the Upton County
Farmers Union Bank, there being one
located in each of the following towns:
Stanton, Ridgely, Henning, Dresden,
Humboldt, Alamo. and all bearing
the name of Peoples Bank. The man
ayers Of these banks are largely Tip
ton county men Ed Vaughan at Hen
ming, Ed Peeler, at Stanton, Pete
Fredrlckson at Ridgely and Ernest
Byars al, Dresden.
All Of these branches, it will be OBJ
served, are in different counties, and
to large extent, the patrons of these
banks have different money crops
from the people of Upton county, to-
bacco, livestock and vegetables being
the predominant articles in some Of
these counties. This promotes elac-
ITCHY Of credit between the branches
and the parent branches hav-
ing a surplus of money at time when
its principal crop is being marketed
lending its over-supply to those
branches that at that season of the
year, due to having different crop,
are in need Of funds with which to fl
nance their various industries, and
likewise the branch that has had to
borrow being in position later on
to not only repay this loan, but to as
slst IN financing the business of the
other branches. To Mr.. Peter Fyfe,
who became connected with the bank
in 1908, and who has served as cash
Ter since 1915, is largely due the
credit for this helpful innovation,
which gives the local bank the dis
tinction of having more branhes than
any other bank in the state.
The merchants, farmers and pro-
fessIonal men are all well represent
ed on the board Of directors, several
of the members being among the most
seasoned and successful business men
OF the county, while the younger
generation is also represented by
some very aggressive young men, who
already occupy places of esteem in
the business world.
During all these years the banks
Of this county have sought to grant
every request for legitimate credit.
There have been times when, per-
laps, the applicant did not receive as
arge a loan as he desired, but in
nanv of these instances, when it had
,een found possible to conduct his
business on a small amount Of capi-
al, the borrower has been thankful
hat his plea for a large loan was
lot granted. Prosperity does not
move forward as tidal wave-there
ire short periods Of reaction neces-
airy that the gains may be assimi-
ated. But should the finances Of
he people Of this county be charted
yer a period of the past IS years
hey would show almost steady up
yard curve
Banks have very vital part to
lay in the development of the COM
lunity. Their officers are usually
len Of wide experience, deep insight
nd broad vision. They do not be-
ONE wildly optimistic when things
re going good, or down in the. mouth
Then things break badly.
These institutions are indicative Of
he solidity and great strength Of
his territory. They show that III
ur scheme Of commerce and bust
ess the fibres are strong. that the
nchor posts are more reliable and
rat our foundations are becoming
lore stable; that our reople are get
ng a steadier grin on themselves as
le years 90 by ana that they are
.ronger in their efforts to take care
themselves and t. prosper their