Madison Journal - Tallulah Banks in mid-1932. Date submitted: June 8, 2014 Submitted by: Richard P. Sevier USGenWeb NOTICE: All documents placed in the USGenWeb remain the property of the contributors, who retain publication rights in accordance with US Copyright Laws and Regulations. In keeping with our policy of providing free information on the Internet, these documents may be used by anyone for their personal research. They may be used by non-commercial entities, when written permission is obtained from the contributor, so long as all notices and submitter information are included. These electronic pages may NOT be reproduced in any format for profit. Any other use, including copying files to other sites, requires permission from the contributors PRIOR to uploading to the other sites. ************************************************************************************************ Copyright. All rights reserved. ************************************************************************************************ Madison Journal July 15, 1932 Mid-Year Statement of Banks Show $53 in Loans for S100 Resources The mid-year condition statements of the two Tallulah banks indicate that the institutions have loans and discounts of about $53 of every $100 they have in resources. This is a decrease of $4 as last summer they had loans at the rate of $57 of each $100. The five leading New York Wall Street banks-Chase National, National City, Guaranty Trust, Bankers Trust and Irving Trust---report $43 for this summer in loans as against $47 last summer. On a percentage basis the loans are somewhat less than one year ago, the bankers of New York say this is due principally to the death of loan requests from corporations to which they would willingly loan money, in view of the low value of business activity and the small amount of credit needed to carry it on. Aggregate resources of the Madison National Bank and the Tallulah State Bank & Trust Company stand at $743,387.43, having a shrinkage from $903,637.95, as compared to that of the New York banks from $7,885,000,00 to $5,747,000,000 that reflects the general process of deflation. Collateral loans have been deflated; many straight commercial loans have been paid off and not renewed, according to Wall Street. Generally by the comparison of figures you see that this action has caused a decline in deposits. When a bank loans money to an individual, he ordinarily pays the money out and the person to whom he pays, be it his butcher, his landlord or any other one owed, immediately deposits the money in a bank. So when banks extend credit, bank deposits increase. As funds are used to pay off loans, bank deposits increase. First Bank Built in 1902 The Tallulah State Bank & Trust Company was organized in 1902 and opened for business in September of that year. It was organized with a capital of $26,000 and that amount has gradually increased to $85,000 today. At present the bank has $40,000 surplus and profits. W. S. Craig, now president of the bank, was cashier when it opened for business. He was educated at Chamberlin Hunt Academy and was at the University of Mississippi for sometime before becoming connected with the Bank of Port Gibson. It was from there that he came to Tallulah to serve as cashier until 1924 when he succeeded J. T. McClellan as president. He has served as treasurer of Madison Parish for 22 years and is one of the parish's most esteemed business men. W. P. Sevier, Jr., is now cashier of the Tallulah State Bank & Trust Company. Madison National Six Years Old It was almost a year before the Madison National Bank opened on November 2, 1926, for business that the organizers began to make plans for what they believed to be the need of additional banking facilities in Tallulah and the surrounding territory. In the planning of the building it was attempted to provide every convenience for the patrons of the bank. The inside of the building is bright and airy, thus being more inviting. Both banks have vaults of ample strength for protection. The vault of the Madison National Bank has no burglar alarm but the vault door is provided with a safety lock so that any attempt to burn off the door with a torch releases the lock, making it necessary to burn all the bolts holding the door. But before this can be done, there would be released gas bombs containing smoke gas, tear gas and mustard gas, thus making it impossible for anyone to continue work under such conditions. The door is also provided with the usual time lock. After the vault is closed it will not allow the doors to open until after a specified time. Officers of the Madison National Bank are L. M. Spencer, president; M. R. Beltzhoover, vice-president; E. A. Buckner, cashier. Mr. Beltzhoover is a resident of Natchez, Miss., and is connected with Britton & Koontz National Bank of that city. Mr. Buckner is a native of Tensas Parish and received his first experience with the St. Joseph Bank & Trust Company of St. Joseph. He was connected with the bank at Mer Rouge before coming to Tallulah.