Wilmington daily commercial., 1876-05-06
SECOND EDITION.
smyrna Bank Election.
n tbe E,jSfo. .f fbe conagnoscsoJ

To the EdltOT oI the Commercial:
SMYRNA, DEL, May 5.
The annual election of Directors Of the
Bank of Smyrna was held yesterday. Very
unusual interest was exhibited because of
extraordinary and unheard Of efforts made
in the interest of a new party aspiring for
the ascendency and control of the lnstitu-
ton. This hitherto almost revered institu-
ton, having met reverses in the panic of q
few years ago, had during the last year
quite restored the public confidence IN her
financial ability. The sympathy was almost
universally with the old board. Sixty da ys
previous to the election a large amount of
stock had been transferred and distributed
TO different friends sympathislng with the
new party, thus increasing the franchises
of the bank from 48 to 103 stockholders
within the sixty days. To influence the or
ganization of the meeting and control the
election a novel and unprecedented means
was used. procession composed of
tenants and farm employees, 16 in
all, furnished with proxies OF transferred
stock, marched solidly TO the place of meet
ing and deposited their vote for the new
party desiring control. These, together
with the leaders and their coadiutors. sue
ceeded in disappointing the hopes of the
community and electing board adverse to
the interests which had so well controll
the institution during the year just closed
The Bank has a capital stock of 800, 600 il
1000 shares. OF these shares 1019 were yes
terday cast in the interests of the old retir
ing board of which Col. G. II. Raymond
was the Pres. Those shares represented
$50 800 The newly elected board 766 shares
or $3S, 300-2l6 shares, or $40, 800 being un-
voted. The old board represented person.
| oll he Il kabo .
300-the present aud newly elected board
i'll shares or SIS. $50 1t will be remember
ed that this institution, unlike National
Banks, provides by charter for graduated q
vote as follows
! share / vote.
shares vote.
Every 2 shares up 10 10. vote.
Every shares above 10. up 60 80. vote.
Every shares above 80 up to 60, vote,
Ev9ry shares above 60, up to 100,
vote.
Every 10 shares above 100 up to 200, !
vote.
Ne stockholder being under any circum-
stances allowed more than 30 votes. Un
der theee peculiar provisions about one
third OF the capital stock was so manipu
lated as TO enable a minority representing
$5, $40 OF the 100000 to control tie elec
tion as stated above. The transfers wer'
| Ludu6 ny Oh0 uOW u6WlN 6IuCloe
President of the board to the following
persons.
To G. W. Cummins, (brother) shares
To W. A. Cummins, (nephew) 10 shares
To DR.. VIM. Cummins, (brother) l
shares.
To Rev. Alex. G. Cummins, (brother,) /
shares.
r To VIM Polk Cummins, (son) 10 shares
To ,5rliet p Curnmins, (wife) 10 share'
D To Margaret Cummlns, (dsughter)
l,shares.
To Mary j. Cummins, (niece) 10 sharel
To ssllie A. Cummins, (niece) 10 sharei
To Ellen T. Cummins, (sister) 10 shares
To Louisa A. Cummins, (niece) 10 sharet
To Evelins W. Cummins, (sister) l
shares.
To Alphonea Black, (sister) 10 shares.
. To VIM. Polk, (ccusin) shares.
To e. r. Cochran, (cousin) shares.
h and SO other persons who we're evidentl
acquainted with the duty expected OF them
4 in order to carry into effect the revolutio
I had in view. Previous to these transfer
the stock admitted of 492 votes; on the da
I of the election the number had increase
" to 661 votes.
The prospect now seems good for Ma
tional Bank, if talk can be relied upor
coupled with the universal desire.