The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1890-05-21

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Report, we wish to congratulate the
stockholders on the growth, healthy
financial condition and future prosr
poets of the Association.
From personal contact with the
officers aud directors, we feel safe IN
saying that the business will be cons
Quoted entirely in the interest of the
stockholders.
The very full and detailed informas
ton given on TINS report, enables
each stockhold r to intelligently
crlticise it and ascertain the exact
value of his shares At amy time.
Those seeking safe and prohta-
BILE investment Tor large sums are
specially iavited to examine to paid
up Sioux features OF this Association,
as isls particularly worthy OF their
altention.
| + Tue business OF this Association is
now carried on III an efii'cent, sys-
llm..,ic aud rcoaomlcal manner, and
t.ls care and vigilance exercised
over it are qua. antess that 1t Wit
DC condIc ed solely with the view oi
making il sale and profitable " the
investor. IS
Thomas Galley, Buliding anu
Loan Expert, khlladelphia, penn.6
j. X. MIiler, Cspitalls, Pul aska VI },
Va; Frank III. Porcn, U. .. Uoiisc
tor OF Customs, Bridgeton, New
j .rssy,; W. b. Baruum, Editor
''Desoe Argus" BseDe, Arkansas;
Ihos. j. Freeman, Tx supreme Judge
.; tennessee, Knoxville. Ienu.;
| ~ auditing Uonm.llse.
| Knoxville, lean January n, w.
| NOTES.
| The Southern" Of Knoxville, Is
1.-THE Oldest ard by far the largest gen
eral Association in the South. IL Is
| the third Associa. ion IN America in
point oi s.ze E~..~ zs.
/ lie has $50 branches IN Ten States.
lit has an Eastern Department In
| Pmladelpais, Penn. IL has v est
err Department in Aus.in, Texas,
II Is q league OF 2oU Locdl AssUcia'
lions. An these Aspirations must
fail before the Association can fall
Therefore, failure is impossible.
The southern" retuaed to the
profits 80 per cent OF the expeast
fund the first year No other Assoc
citation ever did so.
The running expenses for the first
year we're 81 Cen FIR each share d
stock. This is tue best record eveI
made by any Association.
The by.la is forbid the -ale, OF thu
use as collateral security vi apy VI
the SECURITIES belonging to tie AssO
| citation.
Ali securities must BE- kept on le
post with National Banks, ia tn
, name OF the Association.
UsURY LAss,
81 La sJme States the courts haVi
II dtcided tha. some Building and LOAF
II Associations have charged usuriou
rat, Of interest This refers to thOs,
I that exact interest upon the face {
the STICK held, aud deduct the pre-
9 minm from il, the borrower rtceiv
: ing IN cash much less money than b
. pays interest upon. This Is usury
uniess by special provision Of th
statutes It 10 declared otherwise. |
does not apply TO the Southern, how
ever, in aaY event, bee 4nse the Dor
: RIVER pays Interest only upon th
', cash actually obtained.
4 LAWS OF OTHER STATES.
Y Tie So Ihern has carefully inyes
y tigtted the laws Of all the States il
! winch it 10 doing busine, 3 aid -hs
! complied vi b tue provisions OF III
: lass theIeVf. In all cases the ma
\ Ter has been ~ bm.ttsd 10 the Score
= tary II State and hls directions hay
Y Dren carefully followed. Some Stat,
require nothing. The msjority ,
|" them require the fling Of the char,
and tue appointment Ut an attorne
: residing in the State on whom pr
! Cess Of law can be served: hesiden
y Of other States may depend upon /
the Association has gwen this ma
ter the most carefdI and thoroug
]. consideration, and has sought a
Il advice Of those competent and auth
= riEed TO give il, and have compile
II with such requirements n are snon
! 10 be necessary.
RIGHTS AND PkIv .LEGEs.
le It Il the desire Of the general ma
es ageineut 10 have the heart, Co opur
y tim OF all branches, and d Is espe
J. Tally desired tina: each and eve
l. member shall feel that be is in IN
y one VI the Association, with pro
'e equal to any other stockho.der, n
r a voice 10 Tie management II is a
ID fairs. All membsts may exanii
be the BOOKS, and make any inqniri
le and require any ihfygmatIon d.s.Te
D Each sIate OF stUtk I'll al, . The hold
b 10 u vOte when elecuug Dire,t
III All HIemD.Ts reeve tue same