The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1923-01-18

The Farmers State Has Strong Coz
nections.--A Statement by Pres
idsnt P. j. Miller.

| At this time Of rather close money
and after. year or more of farm op
Grafton without adequate profit, tbs
Farmers State Bank, which is signally
an agricultural institution, feels thai
| it should give the public, and espec
|Rally its depositorsi full information
regarding its financial situation and
its future policies.
The bank has a paid up capital OF
$4,000, surplus fund of $1,000 and
undivided profits and accrued uncol
lected earnings of about $4,000, or d
total employed operating capital of
approximately $4,000. It's total line
of deposits during the past year has
ranged from $4,000 to 100000, al
though now somewhat higher than
those figures, SO that there is an
ample unimpaired capital in liberal
proportion to the deposits. It has no
liabilities whatever as endorser on
any sold Or discounted paper, and the
only money it now owes or ever has
owed during the last ten years has
been borrowed directly from the I'm
ion Securities company of Spokane,
which is its largest stockholder, and
its borrowings therefore are not only
in friendly, but in strong hands. In
addition to the loans made by the
bank from its local deposits it has
been able through funds supplied by
the Union Securities company, to car
ry about $250,0O0 in loans made di-
rectly to the people interested in and
operating in the immediate vicinity
and trading zone of Nezperce, thus
more than doubling its ability to be of
service to the community.
Many of the stockholders in the Old
National Bank of Spokane are also
stockholders in the Union Securities
company. Most of its stockholders
are men of prominence and high stand
ing in the northwest, who have gener-
ally been instrumental in developing
the country. Its board of directors
consists of the following:
D. W. Twohy, chairman of the
board, also chairman of the board of
the Old National Bank and the Union
Trust company, and a member of the
advisory council Of the Federal Re-
serve board.
j. X. Mccormack, president of the
Union Securities company and num-
ber of banks throughout the Inlanu
Empire, born on farm in the west,
and has been actively in charge of
important banking operations in the
Inland Empire for the last 35 years,
and from experience is well informed
on the needs and proper support of
farm operations.
T. J. Humbird, vicetpresident of the
Union Securities company; vice-presi
dent of the Old National Bank, presi-
lent of the Humbird Lumber company,
md the Weyerhauser sales corpora
ion, long time resident of this COM
nunity and of wide experience in both
umber and general business.
T. F. Wren, director of the Union
Securities company, and ff the Old
National Bank, formerly railroad
and now farming large
lrea of land near Grangeville, idaho.
J. P. Graves, director if the Union
Securities company &nd of the old
National Bank, with large interests in
spokane county and elsewhere, among
,thers, the Waikiki jersey dairy farm
IN the Little Spokanv.
F. T. Mccullough, director of the
Union Securities company, and of the
Did National Bank, secretary and
,reasurer of the Crystal Laundy, and
interests in other activities.
v. w. Winter, railroad contractor,
md director of the Union Securities
: Leo Greenough, director of the Un-
on Securities company, and Manager
# the Greenough Investment com
,any.
The Farmers State Bank of Nez-
'erce is managed wholly by its local
'fficers and directors. In addition it
las the advice and financial assist
nee Of the Union Securities company
It all times, and makes weekly reports
# its condition and general business
o the company, and has the benefit
f frequent competent audits in order
o insure honest and efficient manage.
nent. Conferences with that company
ave resulted in the adoption of the.
ollowing policy for the coming year.
While this is flexible at our option
ve agree that it should as general
ule be carried out.
We believe that in the past too lib
raj credit has in some cases been ex-
ended to the borrower, and that this
as been a detriment to him, instead
f benifit, and the bank must take
1t least a'small part of the blame for
he situation which has developed, and
n order to be fair we feel that we