Visitor
The financial institutions of Knoxville have a reputation all over the United States for their material strength, their wise and conservative business methods and for promptness in all their dealings. These financial institutions are her Banks, Building and Loan Associations and Fire and Life Insurance Companies.
Knoxville has, at present, twelve banks -- six National and six State banks -- [and] is the home office of eight building and loan associations, one fire insurance company and one life insurance company.
The banks are the East Tennessee National, the City National, the Mechanics National, the Third National, the Holston National, the State National, the Knoxville Savings, the Merchants, the Farmers and Traders, the Central Savings; the Knox County Bank and Trust Company, and the Associated Banking and Trust Company.
The combined banking capital is now about one million and seven hundred thousand dollars.
The officers and directors of these several institutions are among the most prominent and influential citizens of the city, men noted for their probity of character and great business ability.
These banking institutions, as a class, are, in every way, worthy of the praise they receive, far and wide, but especial mention is due several, of them. In the front rank of the State Banks is the
Knoxville Savings Bank
This staunch institution occupies the handsome building at No. 200 Gay Street, South.
Although among the list of Knoxville's younger banks, it stands among the highest in its reputation for safety and promptness in all its transactions. It was organized in January, 1888, and opened for business in the following month with a capital of $25,000, which was doubled at the end of the first year. To its present capital of $50,000 is to be added a surplus of $15,000.
The officials of this bank are among the shrewdest and most successful of Knoxville's business men. The officers are:
The directors are the above officers and Messrs.
The Knoxville Savings Bank's vaults
and safes are of the most improved pattern and are among the strongest made.
This institution has a wide correspondence and transacts a general banking
business, dealing in foreign and domestic exchange.
City National Bank
Among the many financial institutions of Knoxville, there is not one to which her citizens point with more pride than this young and powerful bank. No depository enjoys a higher reputation for the manner in which its affairs are conducted -- nor is this reputation entirely local, but extends to the various financial centers, many of its correspondents being the leading banks of the United States and of Europe.
The City National Bank began business February 23rd, 1888, and, from the date of commencement to the present, its career has been eminently successful.
Its rapid growth and position in the front rank of financial institutions is not a surprise to those who are acquainted. with the men who have directed its affairs. They are among the most successful of Knoxville's wholesale merchants and financiers, many of them being well and favorably known in the large commercial centers of the country.
The officers and directors of this bank, men noted for their skill and sagacity, are as follows:
Directors:
The policy of the City National is Firmness; its watchword, Progress.
The location of this excellent bank is 218 Gay Street, South, corner Gay and Commerce Streets. It occupies one of the handsomest bank buildings in the city, the front entrance being an array of massive marble pillars, plate glass and steel door guards of elaborate design. The interior is finished in the latest style known to the decorators' art, while the furniture is of polished hardwood of the most artistic design.
The new vaults and massive time-lock safes are of the most improved build, answering every requirement for safety.
The latest published statement of the condition of the City National, September 30th, 1892, is as follows:
| Assets | Liabilities | |||
|---|---|---|---|---|
| Loans and Discounts | $620,641.60 | Capital Stock | $100,000.00 | |
| U.S. Bonds | 25,000.00 | Surplus and Profits | 81,255.22 | |
| Premium on Bonds | 4,000.00 | Currency Outstanding | 221,500.00 | |
| Redemption Fund (U. S. Treasurer) | 1,125.00 | Deposits | 591,294.37 | |
| Furniture and Fixtures | 4,115.00 | |||
| Cash in other Banks | 70,389.60 | |||
| Cash in Vault | 61,586.08 | |||
| Overdrafts | 6,166.89 | |||
| Stocks, Securities, etc. | 2,025.42 | |||
| $795,049.59 | $795,049.59 | |||
East Tennessee National Bank
This splendid institution is the oldest banking house in Knoxville, having begun business in January, 1873, as a successor of the First National Bank of this city. It enjoys the happy distinction of being the designated State and United States depository, and in the latter capacity handles the funds of the Internal Revenue Department, those of the United States Marshal, the Postoffice and the United States Circuit Court, located in this city.
The East Tennessee National commenced business with a capital of $100,000, but capital and surplus now amount to over $400,000, and is constantly growing.
The confidence imposed in the East Tennessee National by the people of this city and the surrounding country causes it to lead all other banks here in the number and the amounts of deposits which are placed with it for safe keeping.
The vaults and safes are fire and burglar proof and were built especially for the heavy business of this institution. They are provided with the finest time-locks now used.
During the long and eminently successful career of this institution it has had four presidents:
The officers and directors of the East Tennessee are among the wealthiest and most influential citizens of Knoxville. The officers are:
The directors are Messrs.
These gentlemen are all so widely and favorably known that mention of their names is deemed the only introduction necessary here.
The East Tennessee National Bank is located on the Corner of Gay and Union Streets, South, in the heart of the wholesale and retail trade center of Knoxville.
The building is one of the most imposing
in the city, and the part devoted to the immediate use of the bank is fitted
up in handsome style, the different departments of the cashier, paying and receiving
tellers and bookkeepers being carefully guarded against all intrusion from the
outside. Besides doing a general banking business, the East Tennessee
deals in domestic and foreign exchange, selling drafts to all parts of Europe.
Very much more could be said here favorable to this excellent banking
house, but it is taken for granted that the confidence reposed in this institution
by the State of Tennessee and the Government of the United States is sufficient
guarantee of the character of one of Knoxville's first and oldest financial
institutions.
Knoxville Fire Insurance Company
Along with the banks and other monied concerns, Knoxville is the home office of one other institution which her people delight to mention. This is the Knoxville Fire Insurance Company, whose own building and place of business is shown in our illustration.
Among the large number of fire insurance companies in the United States, none bear a higher reputation than this one for conservative business methods and for promptness in adjusting the claims of their policy-holders. None can boast a better record for the amount of business done in the same number of years.
The Knoxville Fire Insurance Company was organized and began business in 1879, and up to date has paid its policy holders more than six hundred thousand dollars for fire losses. During the past thirteen years the company has written thousands of policies, covering property in all of the Southern and Western States.
One of the strongest proofs of the merits of any fire insurance company is the amount of patronage it receives at its home office, because there it is expected that its standing and merits are best known. Not only do the people of Knoxville speak of this home institution with pride, but the wealthiest and most influential of her citizens place their risks with it.
The character of the Knoxville Fire Insurance Company is that of the men who conduct its affairs. They are among the leading citizens of Knoxville, men noted for their great moral worth and financial strength. The officers of the company are:
The directors are:
The office of the Knoxville Fire Insurance Company is located at No. 520 Gay Street, South, and the building was erected especially for their business. The interior is fitted up in handsome style, the furniture and finishings being in hardwood. In the center of the main office room are large vaults and fire-proof safes, in which the records of the office are kept.
As the company's business extends over the entire South, the work necessary in the home office presents a scene of constant activity throughout the year.
Southern Building and Loan Association
The merits of Building and Loan Associations, now so numerous throughout the United States, are too well known to require comment here. The paramount question with investors is the safety, honesty and prudence of management of any company seeking patronage. To be able to speak of the Associations of this city as fully meeting these requirements is only express the plain truth, but it can also be said that Knoxville is the home office of the largest Building and Loan Association in the United States.
This great concern is the Southern Building and Loan Association, located at 409 and 411 Wall Street, South, in its own building, which the way is one of the most imposing office structures, in the city. The Southern was organized in this city January 15, 1889, its charter members being
The officers of the Association are:
Each of the above officers is also a director. Other directors are
The Eastern Department of the Southern Building and Loan Association is at Philadelphia, Pa., the Western Department is at Austin, Texas. There are besides these departments local offices in over four hundred towns and cities in the South and East. Since organization the Association has earned over 20 per cent annually. This Association has now over three million dollars of assets, and for security to its stockholders has on deposit in the Central Savings Bank and Trust Company of this city, notes and bonds -- and mortgages and deeds of trust securing the same -- the sum of $2,261,425.00, all of which is duly certified to by the officers of that institution. It has also $50,000 deposited with the State of Tennessee as required by law.
The Southern Building and Loan Association has twelve and a quarter million dollars of stock in force, 10,300 shares of which are paid up, and a cash income of $92,000 per month, during the past quarter, ending September 30, 1892. One particular feature in the Southern's management is the transfer of the surplus of the expense fund to the loan fund, of which, since organization to September 30, 1892, there has been placed to such use the sum of $107,000.
The officers and directors of this Association are among the leading citizens of this city and are widely known for their sterling moral worth, commercial standing and fine business ability.
The following general statement shows the condition of this great Association September 30, 1892:
| Assets | Liabilities | |||
|---|---|---|---|---|
| Mortgage bonds | $2,873,900.00 | Deposits on installment | $942,680.50 | |
| Real estate (Asylum St. stock property) | 29,004.38 | Deposits on paid-up stock | 478,020.00 | |
| Real estate foreclosures | 6,490.51 | Unearned premiums | 1,134,187.55 | |
| Furniture and fixtures | 1,512.91 | Advance payments | 6,023.64 | |
| Cash in branch offices | 86,371.22 | Accounts due on unfinished loans | 11,191.27 | |
| Accounts due from Collectors and Agents | 2,617.32 | Forfeited stock | 1,904.00 | |
| Interest accrued | 19,020.51 | Profits or surplus | 445,773.80 | |
| Bills receivable | 675.00 | |||
| Cash at home office | 188.91 | |||
| $3,019,780 76 | $3,019,780 76 | |||
Covenant Building and Loan Association
This excellent Building and Loan Association was organized in this city and began business December, 1889.
Its authorized capital stock is $25,000,000 in shares of $100 each. The Covenant is one of the largest associations in the South, its business having reached tremendous proportions within the past year. While embodying the leading features of all the best associations in the country, its plan embraces several others that are of especial importance to investors, and which makes the stock of the Covenant much sought after.
The laws of Tennessee require that all Building and Loan Associations doing business in the State shall deposit $50,000 worth of securities for the protection of the stockholders. This requirement has not only been complied with, but this Association has on deposit more than one hundred thousand dollars additional for the same purpose. These securities are held by the Knoxville Savings Bank, and their existence is duly authenticated by the officials of that institution.
The officials of this Association are all under heavy bonds. Further security to investors is by the strict compliance to the laws of the State, which require that only first mortgages on real estate can be accepted as security. It can, therefore, be said that the Covenant Building and Loan Association is organized and conducted upon a basis of absolute security.
In proof of the high standing of the Covenant Building and Loan Association in this city, the patronage it has received from the citizens of Knoxville alone may be instanced. Notwithstanding the fact that this city has a large number of similar associations, part of them seeking local patronage only, the Covenant has, since its organization three years ago, sold to the people of Knoxville more than $500,000 worth of its stock.
To investors at a distance, the Covenant refers with pleasure to the City National Bank, the Knoxville Savings Bank and the East Tennessee National Bank, all of this city.
The officers and directors of this Association are all men of integrity and high commercial standing, and their number comprise several of the best known and most respected citizens of this city. They are:
The directors are
The office of the Covenant Building
and Loan Association is No. 619 Gay Street, South.
Citizens Building and Loan Association
This most excellent Association has an authorized capital of $50,000,000, and its securities are held by three National Banks, the State National, City National, and Third National, all of this city. The home office and place of business is 311 Wall Street, South. The officers of this Association are:
The Citizens' Building and Loan Association has fully complied with the requirements of the State as to security deposits and is doing a large and profitable business. Its officers and directors are men of the highest standing in this community, and the plan and management of the Association has the endorsement of the leading citizens of Knoxville.
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