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4. District meetings held in twenâ€" tyâ€"nine group subdivisions. 5. Installation of free advertising service through Devlin, Merrill, Price and Bennett, Inc. 6. Employment of Beard, Foy and company as general publicity counselâ€" 3. Distribution of banks of electroâ€" cuts showing membership in the assoâ€" ciation®to be used on checks, staâ€" tionery and statements. on the function and accomplishments of the warious committees and the departments to which they are atâ€" tached. 1. Appointment of committee on distress and relief. 2. Adoption of general ledger layâ€" out, approved by the auditor of pubâ€" lic accounts. Activities During his official year nothing novel, spectacular or revolutionary was attempted by your president. On the contrary policies inaugurated and tasks begun by able predecessors were followed and continued â€"full speed was maintained in the office organizaâ€" tionâ€"committees met and worked enâ€" thusiastically, resulting in substantial progress in the fixed lines of endeavor. With some pride your president points to what may be accepted as a reâ€" liable index to the membership‘s inâ€" terest during the year in the associaâ€" tion‘s affairs, namely, a gratifying upkeep in membership and record breaking attendance both at the midâ€" winter dinner and at the group meetâ€" ings. Before the preparation of this message, the reports of the various committees (upon which about 100 bankers are serving) were read with much care and interest. Because these reports have been mailec and are now in members‘ hands, it will not be necâ€" essary to dwell in detail, at this time, However, among the new activities of the year the following may be worthy of mention: In your organization custom has decreed and justly so, that annually, chose clothed with official authority must report on their stewardship, that he who for a term of twelve months has held the reins must tell a story of the ride. Here let me assure you that the "ride" in my case has been a most interesting one; interesting beâ€" éause of the duties and problems enâ€" countered,interesting because of your friendly coâ€"operation and response, interesting because of the splendid support and valued service of our able vice president, of the executive counâ€" cil, of the various committees, of the heads of departments and notably and particularly of our faithful and efficâ€" ient secretary? "The past at least is secure." Those of you who have raised a family, who have built a business or established a reputation in a profession or in pubâ€" lic life, those of you must find joy and comfort in these historic words. Applying them to the Illinois Bankâ€" ers association, echoing from Galena to Cairo, from Quincy to Danville, without one discordant note, these historic words bring and carry a speâ€" cial appeal, a ‘deep ~signi@ficance, a cause for rejoicing to one who has been privileged to serve for a quarâ€" ter of a century and who retires on tomorrow from the highest office in the gift of the membership. Members of the Illinois Bankers as~ sociation, friends, ladies and gentle~ men: PRES. APPEL SPEAKS ) .$ TO STATE BANKERS AT ANNUAL CONVENTION Address of Head of Illinois Bankers Association â€" at Yearly Meeting at 7. Contract entered into with the ink Safe an# Lock Co. for vault 1928 Oldsmobile Sedan to Be â€" Given Away July 4th July 3rd and 4th Spend July 4th in Highland Park!! AT THE STREET DANCE and CARNIVAL | j d under the auspices of N Dumaresqâ€"Spencer Post 145â€"American Legion | C DANCING, MUSIC and FUN for THE WHOLE FAMILY Human frailties and good business demand the bonding of the association officersâ€"an annual audit of the assoâ€" ciation‘s affairs by reliable accountâ€" ants and the publication of the reâ€" port in the "Bulletin." Income for the year ending June 1, 1928 is $104,â€" 307.93. 32 per cent of this sum was disbursed in the Protective departâ€" ment. An unexpended balance will | augment the Association‘s surplus to | $26,452.65, the greater part of which | is safely invested in marketable seâ€" | curities. Economies were effected in. | two notable directions, viz, reducing: the number of administrative comâ€" | mittee meetings from twelve to six | and cutting down the space in the | Chicago office, the latter resulting in a savings of over $300.00 a month. Legislation J |\_In the matter of Federal Legislaâ€" tion, the association encountered two disappointments. Through the execuâ€" tive council it went on record as enâ€" | dorsing the McNaryâ€"Haugen Farm | Relief measure which was passed by additional Group eleven. |__14. _ Adoption of comprehensiveâ€" | platform setting forth the associaâ€" | tion‘s aims and objectives. | fllinois Banks | _ About 1,814 banks are operating in Illinois. Today 1,704 have memberâ€" | ship in the association. The resources ;of all the banks are approximately four and three quarter billion dollars, | placing lllinois third in the nation. During the year ending June 1, 1928, nineteen banks were organized, fiftyâ€" ; four banks retired from business vither by faifure, confsolidation or | liquidation. Generally speakirtg earnâ€" ings in the agricultural districts by the smaller banks were unsatisfactory. iThe contrary is true in the larger | cities. Ten of the leading loop banks | in Chicago, counting them as one unit, show a rate of earnings of 13.78 per j cent on the average capital investâ€" \ ment. Authorities on banking agree that while the independent banking |system is to be maintained in our “ state, there should be an increase in strength rather than in numbers and that unprofitable banks should be iolimmaled. because sooner or later| they are bound to prove a menace rather than a benefit to the commuâ€", nity. | congress the second time and again sufered the‘veto of the president. That has cast a gloom over the agriâ€" cultural section. Allowing for Ronest difference of opinion upon this proâ€" posed legisiation, there must be merit in its provisions, in view of the reeâ€" ord made in both houses of congress. Again the association used its influâ€" ence towards reducing the income tax on corporations fm-ilS%towpw cent. The newly fratmed measure shows a reduction of only 1% points. The important position held in the nation by Illinois banks, is again demâ€" onstrated in the high honor to be conâ€" ferred on this state next fall, by adâ€" vancing â€"to the presidency of the American Bankers association, or dis~ tinguished fellowâ€"member, Craig B. Hazelwood, vice president of the Union Trust Company of Chicago. What becomes of the money? You have a right to know. You are enâ€" titled to an accounting. The investâ€" ment of twenty cents in four ice cream cones get little Benny Goldâ€" stein into trouble. At the end of the third week of his business career, he handed the pay envelope to his father. Locating the discrepancy, the parent exclaimed, "Benny, you are short. I must have an accounting. Maybe, yes, you are playing the stockmarket." 10. Representation on Iilinois Tax conference, followed by election of our vice president, Omer Wright, to the presidency of the same. 13. Separating Cook county from Group four and organizing it into the additional Group eleven. 14. _ Adoption of comprehensiveâ€" Tt Aerrragen; "You can lead a horse to water, but yo-e-gfln.h-hi-drhk'h-@'n\ old saying in southern Hlinois. It apâ€" plies to many members of the asâ€" Continued on page 3 Ing up, on cases reported and has shown good results." The opinion is justified that next in importance is the problem of regâ€" ional Clearing Houses and Credit Bureaus. Progress has been made in the latter with most gratifying reâ€" sults. Referring to the former a definite plan has been outlined by the committee which will probably be inâ€" stailed in group ten at a very early date. Instead of independent examiâ€" nations the plan contemplates coâ€" operation between the local organiâ€" zation of bankers and the supervisâ€" ing departments, it provides for the Appointment of examiners by the state department and the comptrol~ ler‘s office to certain districtsâ€"such examiners receiving the benefit of, and working with, the credit bureau maintained by the local Clearing House associations. _ The developâ€" ment of this plan will be watched PRESSâ€"19 ‘ with great interest and its ultimate success is hoped for. 1 Under this caption it is proper to refer to a surprise sprung recently on the Banking Fraternity of the State. Jointly, the Hlinois State Bar association and the Chicago Bar assoâ€" ciation have asked the Supreme court for leave to file a petition praying that one of our member banks be i1) enjoined from engaging in the practice of law and (2) punished for contempt of court for having been so engaged. Leave has been granted by the court. in order to protect the "interests of our membership we have joined the Forporatg; .Eiduciaries asâ€" sociation in praying the Supreme court for permission,to file a brief on the question ‘at issue. In your president‘s .editorial letter for May, commenting on the subject. he saw fit to say "The bankers of Illinois have no desire to encroach upon the legal profession. They welcome a definition of the practice of law by our Supreme court and their only reâ€" gret is that in seeking it. a more charitable and friendly method could not have been devised." Important Subjects In point of money and energy exâ€" pended and results achieved, the Proâ€" tective department stands out conâ€" spicuously. The hope was expressed ment has been kept very busy checkâ€" at the beginning of the year that beâ€" fore its close the Town Guard organâ€" ization in the state might be comâ€" plete. Disappointment in this respect was not due to lack of effort. Perâ€" mit me to quote from the commitâ€" tee‘s report: "The Town Guard organization has now been effected in eighty counties, which means that there are approxâ€" imately 3,500 citizens commissioned as additional deputy sheriffs, fully armed, ready to aid in the enforceâ€" ment of the law in the event of major crimes committed in these counties." Again, "We cannot emphasize too strongly the need for continued vigilâ€" ance. No matter how great the efâ€" fort of the officers of your associaâ€" tion and your committee and the work of the men in the Protective departâ€" ment, the most important factor in apprehending bank burglars and robâ€" bers is the cabtion and preparedness on the part of the bankers themâ€" selves." Again, "In the matter of forgeries and swindlers, the departâ€" 60 Piece Drum and Bugle Corps of Board of Trade Post, American â€" Legion, will open the Carnival FINEST DISPLAY OF MEMORIALS 5751 RAVENSWOOD AVE. Phone Long Reach 4646 §111. Waveland Ave. PROGRESS TILE CO. 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