Petition of Hawesville Deposit Bank

Opinion of the Court by

Commissioner Hobson—

Affirming.

The Hawesville Deposit Bank has a capital stock of $35,000, a surplus of $35,000, and undivided profits of approximately $9,000. Its deposits amount to about $550,000. Not having a local demand for the safe investment of its funds, it has for years invested a portion of its funds in first mortgage real estate bonds, executed by individuals and guaranteed by the Louisville Title Company, to an amount in excess of 30 per cent, of its capital stock and surplus. The bonds are in each instance a first mortgage on real estate situated in…