The Birmingham age-herald., 1924-06-22

bank are in excess of $1O,000,OO0. In 1902 it was a, small commercial bank with limited resources and facilities. A recently published statement draws the parallel between the status of the institution on January 1, 1902, and on the same date 2 years later:
 On January 1, 1924, total resources were $9,S53,919.50; on January 1, 1902, total resources were $415, 5,378.93 i; gain of $9, S,540.12. On January 1, 1924, total deposits show '$8, ,243,- 725.6S; on January 1, 1902, total de- posits show $210, ,701.63; an increase of $S, ,033, ,024.00; on January 1, 1924, our surplus and undivided profits Gall earned), were $525, ,195.73; on January 1, 1902, undivided profits were $4,- 095.47; an increase of $521 ,10026.
 In addition to which $50,000 has been added from earnings to capital and dividends have been regularly paid. On January 1, 1924, we had approx imately 27,000 accounts. On January l, 1902, we had approximately 750 accounts; gain of approximately 26,- 250 accounts.
 On January 1, 1924, we have every department of a modern financial insti- tuition, including commercial, savings, safety deposit vault and safety box de- partments, foreign trade and trust de- partments and our affiliate the Mer- chants Securities corporation offering bond and investment facilities.
 New Stock Offered
 Officers and directors a few weeks ago decided to offer 1,500 shares of new stock at $225 per share. The an- nouncement appeared in the morning paper-The Register-and before noon of that day the issue had been over subscribed, making necessary an allot- ment of the stock. The capital stock now is $500,000, the surplus is $300,- 900 and undivided profits $250,0O0, with resources of over $10,000,0O0.
 One seeking the reasons behind the phenomenal success and broad public policy of the Merchants bank has but to study the personnel of its official and directorial staff to find the answer. The officers are, Ernest F. Ladd, president; George A. Michael, vice president; Wallace J. Parham, Jr, cashier; William B. Taylor, assistant cashier; J. K. McRae, assistant cashier Joseph S. Norton, assistant cashier Porter King, auditor. They are men who literally grew up with the institu- tion."
 The directors are Louis Forchhiemer, with M. Forchheimer Grocery company, one of the oldest and largest export wholesale grocery houses in the South i; Joseph M. Walsh, president of the Walsh Stevedore company, who is identified with maritime interests in a command ing way, with international affiliations for many years; David R. Dunlap, president of the AlabaIAa Dry Docks and Shipbuilding company, operating the only 10,O00-ton dock here, who has been identified with ship repair and ship building for long time Gordon Smith, past president for two terms of Ma tiOnal Bankers association, serving with Herbert Hoover during the war, owns one of the largest bakeries in the South. Mir. Smith is also past presi- dent of the Mobile Chamber of Com merce and one of the most active and influential workers for upbuilding of the port; G. Russell Ladd, of Thames and Batre, one of the largest maritime insurance businesses in the South {; R. D.. Walker, president of the R. D. Walker Lumber company, large export CTS of lumber .John T. Cochrane, presi- dent of the Alabama, Tennessee and Northern Railroad company, an author ity on transportation and port needs, broad visioned, he being the first one to turn over the state docks commission his property located in the section chosen for project No. for port development, Mir. E. F. Ladd, president, being the second owner to turn over his property to the commission Mir. Samuel Eichold, president of the Mobile Drug company, wholesale druggists; Mir. E. F. Ladd, president, and G. A. Michael, vice presi- dent.
 Mobile and the Merchants bank have