Volume 2 - ElectricCanadian.com

1901 TO 1914 257meeting to reduce the number of directors from twenty-twoto twenty, as vacancies should occur. Commencing inDecember, 1912, a semi-annual bonus of one per cent, was paidto the shareholders in addition to the regular dividend of tenper cent., and this rate of distribution continued for some years.At the beginning of 1913 the dangers of the real estatesituation received the attention of the management. Acircular was sent to the branches on January 31, pointing outthat a very large percentage of the statements of affairs(particularly of casual and farmer borrowers) which camebefore the head office revealed disproportionately large holdingsof real estate. At this period agents for the sale of westerntown-site lots were especially active both in the rural and theurban sections of eastern Canada, strong efforts being putforth to induce the unwary to purchase western real estate atenormously inflated values. Unfortunately the victims ofthese speculations numbered very manyill able to afford theirlosses. The managers of the bank were instructed to advisetheir customers against purchasing land to an extent whichwould impair working capital and to do all in their powerto prevail on customers to reduce unduly large holdings ofreal estate.In February, 1913, the disturbances in Mexico City,where the bank had a branch, reached the point where it wasnecessary for the banks to close their offices temporarily.Particulars of the manner in which the lives of the officerswere endangered are given in the next chapter, 4 and furnish aside-light on the adventurous side of service in a widelyextended institution like The Canadian Bank of Commerce.a director of the Eastern Townships Bank from 1911 until its amalgamation withThe Canadian Bank of Commerce.Frank Percy Jones (b. 1869) is a native of Brockville, Ont, and was educated atthe Royal Military College, Kingston. After several years in the employ of theNova Scotia Steel Company, New Glasgow, he entered the service of the DominionIron and Steel Company, becoming general manager in 1905. In 1910 he was appointedgeneral manager of the Canada Cement Company, Limited, of which he is now thepresident and general manager. He is also a director of the Montreal Trust Company.*Seepage 299.