Evening journal., 1899-01-24

Whereas. by virtue Of tie provisions
of an acs paaied on February 81, 1897,
the state subscribed for 5000 shares OF
the capital stock Of the Farmers Bank
at the par value Of $50 per share; and.
whereas, on the said 5000 shares Of
stock there has only been paid to the
said corporation by the ssate $50 per
share, aggregating slSO,OOO, and upon
which rum the state has been receiv.
ing the dividends from tsSne 20 time
declared by said corporation, and.
whereas, on the books OF said bank IL
appears that the state hs.ds (among
other stock In said corporation held by
the state) 5000 shares OF the stock
upon which only $50 per share has
been paid, now, therefore. it shall be
lawful to reduce on the books OF the
bank the number OF shares so held
from 5000 on which $50 per share has
been paid to 5000 shares on which
$50 per share has been paid. and Il
shall be further lawful for the said
corporation to call in assd cancel any
certificates OF stock which may have
been issued for the 5000 shares on
which SS6 per share only has been
paid, and, in lieu thereof. TO issue new
certificates Of stock for $500 shares
on which $50 per share has been paid
and al the provisions OF the next pre-
ceding sections OF this act shall apply
10 the said shares reduced TO the num-
Der OF 5000 as aforesaid.
When the said New Castle branch
shall be closed under the provisions
cf this act it shall thereafter be law
ful 20 deposit in the Wilmington
branch any and all moneys which by
law or resolution of the General AS
sembly OF this state may be required
to be deposited in the New Castle
branch
Before the foregoing provisions OF
this act shall take effect meeting of
the stockholders OF the said corpora
ton sha. be held al the banking
house OF the principal bank, IN Dover.
| on May l6. 1899, az II a. m. and of
which meeting due notice shall be
given by advertisements published for
at least two weeks in one newspaper
published In each Of the counties OF
this state, and az least one publication
In each week, and also by printed cir
culars sent through the mail % the
several stockholders. and al such
meeting the provisions Of this act
shall be submitted to the stockholders
for their acceptance. and If the same
shall be accepted by a vote OF two
thirds majority Of the stock Of the
whole corporation, then such accept
ance Of the provisions Of this act shall
be certified TO the governor Of this
state under the corporate seal OF the
said corporation and also under the
hands of the president, presiding Off
Ger and secretary of said meeting Of
stockholders, and Immediately thereon
the provisions Of this act shall 60 into
full force; but II at such meeting tns
| provisions OF this act shall not be ac-
copied by vote Of two-thlrds majority
Of the stock of the whole corporation.
then this act and the provisions there
Of shall be null and void At said
meeting. every stockholder shall be
entitled TO one vote for every share OF
stock held By him or her. and may
vote either in person Of by proxy. and
the stock held by the state shall be
voted by the governor or. IN case OF
! his inability 10 attend such meeting
by sickness or from any other cause,
the governor shall deputize some per
son 10 vote the stock held by the
state. Said meeting may be adjourned
to some other day. II a majority OF the
| stockholders present shall deem Il ad-
visable
The bill is accompanied by a letter.
which says IL will be Of great ad-
vantage and benefit to the stockhold-
ers OF the said corporation if the New
Castle branch should be closed. and
the capital stock should BE reduced
about Sl70000 which is the amount OF
the capital stock issued by the New
Castle branch" The letter is signed
by H. Ridgely. William Baxter,
Charles c. Stockley. James Megary
Joseph L. Carpenter. Jr.. Alexander b.
Cooper, John J. Black. David Boulden,
John p. Almond. Frank n. Diehl. John
II. Rodney william Bowe, George II.
Glldersleeve, Henry c Conrad. James
b. Anderson, William w. Lobdeil,. p.
X Meredith. Charles +. Dubell Ca.eh
s. Pennewill, Edwin r. Paynter
Charles W. McFee, Charles B. Hous-
ton. William B. Tomlinson, j. p,
Doughten. d. w Elklnton, Albert II.
Silver. James r. Eliason. John w
Casson. Joseph Mcdaniel and Elwood
Jenkins.
Il is said that the New Castle branch
is being operated at an annual loss OF
$4,000 that the Farmers Bank has
100000 on deposit in Philadelphia
which Is drawing only per cent. in
terest. that the state Is paying 4 pei
cent on b0nds and that the state, il
the New Castle branch were wound
Up. would receive three-fifths Of it'
capital stock
The bill providing for the closing OF
the New Castle branch of the State
Farmers Bank is an important meas
ure for the state and the public gener
/ ally.
The provisions give authority to th'
branch hank at Dover and the brancl
/ NJ Ernrurf.1yyu IA catf in tho anffrj