The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1892-01-30
PrlCe Five Cents.
Buried With the Alliance Funeral
Service.
; )ecial to STArs CasoS1r1~

/ S'ecial to STArs CHRONICLE
CLINTON, n. c., Jan. %. Col
John K. Beamon who died yester-
day' was buried to-day with the fu-
neral service of the National Farm
ers' Alliance and Industrial Union.
The National Bank of Raleigh.
Hon. EDWIN G. READE, Presi.
dent of the National Bank of
Raleigh, has written the follow;po
to the stockholders of the bank II
contains many wise and weighty re-
flecflons, the result of Judge Reade.s
close observation and business
sagacity:
The bank was chartered in Sen
fenber, 1885, with a paid-up cash
capital of $225,OO0.
We have never in a single in.
stance charged more than the legal
rate of interest.
We have declared a semi-annual
dividend of four per cent. and no
more; we have added balances to
the surplus and undivided profits as
the law directs, SO that rb. surnIus
and UNDIVIDED profits is now-accru.
ing not trr r i {, creased interest but
from collections, Sc.-S56,7k2
And the bank is that much stronger
now than at the beginning. and the
stock is worth a premium.
With few exceptions the officers
have remained the same. and so
nave the directors. And there have
been few changes of stockholders.
except IN cases OF death. And
am devoutly thankful for our con-
tinued health and reasonable pros
perity.
We inculcate the idea that every
director and every officer in the
bank must know his duty, and mus;
do his duty. Neither wilfnl icnor.
ance nor negligence excuses failure.
And we teach that broken trust
is, pri,na focte, crime, and needs
explanation. And every day this
bank is open for examination to any
one who is interested to know its
condition.
Nor is dividend at any time
made until the board of directors
are called together and the cashier
produces and calls over every asset
in the bank and discusses the same
and makes list in a book; the
cashier and president and all the di.
rectors sign the list, and estimate
their value and count the cash: the
bank knows the amount with which
it begins the day and closes the day.
This has been our custom for
years, and our caution is much
quickened of late since failures have
become so frequent as to reflect on
all banks, and especially as church
connections have become so COM
mon. This is doubtless not because
Christianity has become impure, for
that Is as pure as ever, but because
the cunningest wolf outside is the
cunningest wolf inside the fold
when once admitted.
We believe that if at any time a
surprise were to come upon This
bank-as sometimes surprises will
come on well managed blnks-we
could in forty-eight hours satisfy
every creditor We have, not in ac.
tual cash perhaps, but in prepara-
-lons We keep for that purpose.
When the State National Bank
allied in Raleigh few years ago,
We heard of the failure after We had
'etired. We sot up and put no
ice in the morning papers for our
creditors to meet our board in the
morning at 8 o'clock, and all was
satisfactory. SO We could do at any
ime. The security We offer our
reditors is full capital, liability
nd responsibility of our stockhol-
ers, and the integrity and prudence
f our officers.
From the increase of banks and
money institutions In our business
eighborhood We expected that our
usiness would decrease, but such
aS not heen the casa. n -: