The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1892-04-13
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SSl,S31 80

This bank was opened two years ago by frfs-
ident w. IL. Parker with something like Sl0..
00J OF paid-up capital, though nearly
fifty thousand dollars had been subscribed in
hundred dollar shares, payable on the install
ment plan-SO cash and the remaining $50 TO
be paid In four equal annual instaimeiis.
At the beginning, about four hundred per-
sons made subscriptions to the capital stock
bnt many Of the shares were not paid or else
they were sold 10 other shareholders who de-
sired IAN increase of their stock.
AT the meeting in January, 1891, the
stockholders instructed the directors To dis
COD tinue selling stock on the ins!ulnent
plan. hut authorized the sale OF s2O.0W worth
for cash. which was promptly taken.
On the 2Dth of February OF last year the
number Of stock holders had been reduced TO
about 275 and the capital stock paid ia had
been increased to SIS0OO.
On the 10th of February 1892. the number OF
shareholders had been reduced to 2Vl and ihe
paid in capital had been increased to $5s.OO0.
By the time OF the next annual meeting, no
doubt the paid up capital stock In this bank
wi ~ approximate the limit $40 600.
The career of this bank is not less remark
able than its history has been interesting.
The Alliance organized this bank, refusing z
to let outsiders subscribe more than small
per cent OF the capital Even Stockholders who
might desire To sell, were restricted In max.
ing their sales, so that the bank might ever
be under the control OF the Alliance. .,,
The result has been that when tn" 80 OOJ of
stock was put upon the market ready buyers
took IT all.
While the Alliance still holds majority Of
the subscribers 10 the capital stock, yet IT. Is
a fact that the 'ouisidprs" have from the very
beginning had more money in II than had
been contributed by the Alliancemen.
Fora year all restriction as 10 the sale of
stock has been removed, and a large number
| of the shareholders have disposed OF their
stock. the DRIFT being toward Abheville. Al
the time of The tax return some S2O,O00 or the
stock had gravitated toward the village, and
during the last SIX weeks much more OF IT
has come this way. The transfer has been
| constant. and there has never been time
when our people have not been ready 10 buy
| ii. Owing To the large amount which has
heen offered and owing 10 the scarcity of
| money, II Is hard TO sell at par, though those
who choose to make slight discount have
not failed TO find buyer as far as we have
heard.
The stock ia really worth par. and no one
who can hold it should seIl ut any price.
The instalment feature has been of I'M
mense benefit 10 our people in furnishing
them a safe place to invest small amounts at
different times. Many who would never
have had stock at al-if they had been re-
quired To pay all cash-now have one or more
shares from which reasonable income wiz
| be realized twice year.
Another good feature OF the Farmers Bank
| lies In the savings department., and many lit
| tie safes have been let out To persons who de-
| sire to make an effort TO save something.
THE NATIONAL BANK.
Another advantage which has cnme to our
people from the agitation Of the banking sys.
| tenn is In the increased deposits 10 be found
in the vaults of the banks at Abbeville. In
stead OF loc6ing up their money at home as a
premium TO robbers they now take their mon
ey to the banks, and instead Of lying idle. the
| banks loan it out 10 these who may be need
| ing ii. The depostor has his money In n
place Of safety. where he can get 1t amy
moment. and by depositing In the bank he
| naturally learns to set Il value on his ready
cash. and Is slower TO spend 1t than ne other
wise would be.
| The National Bank at Abbeville does q
large business, and Its field Of usefulness. like
| its surplus fund, increases as IT. grows older,
and 81 good dividend is paid twice a year to its
stock lders. This bank is more prosperous
than ever before. Mr. J. Allen Smith. It's
President and Mr.. B s. Barnwell, the Cash.
| Ter, and Mr.. Lewis Perrin, the assistant Cash
Ter, are men to inspire public confidence
| in whatever they undertake.
The National Bank has been conservative
| In its business, and at no time In its history
did 1t stand as high in public esteem as 1t
does now. The stock of this bank is held by
only few shareholders who took 1t as safe
and sure source Of income, and they have
| never been disappointed.