The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1900-01-06
A PHENOMENAL SHOWING.
The Grenada Bank Declares 10 per
cent Dividend.
Capital Stock in Futuret to be 100000 90

On Tuesday morning, January End
1900, the Directors OF Grenada Banl
met and approved the report of its Of
ficers for the past year, and transacted
other important business connected
with the Bank. In the afternoon the
stockholders of the Bank met and re.
ceived and approved the report OF 1t:
officers and directors. The report Of
the Cashier showed that the Bank had
earned "a per cent net during the pas
year. OF this amount $40, 900. 90 wa:
passed to surplus, S 4,800.00 was charg.
ed against cost Of bank building a
Alderman, Miss, leaving a balance
to undivided profits, making &
total surplus of s5O,OOO.OO and three
buildings carried at no value on books
A committee of three ere appointed
to value the buildings, which was fixed
at Sl2,6l4.00. This amour was charg-
ed to building account, and credited tc
surplus. Thus making the surplus
S66,OOO.00 Thereupon the surplus was
voted out 10 per cent cash and 25 per
cent in four equal payments, the last
being July 1st, thus making a dividend
OF one hundred and ten per cent on the
original capital stock Of $50. 10000.
This makes a total dividend since or.
%ganization nine years ago of 100 per
cent. and yet the business has been
conducted on a broad, liberal and high
toned basis.
After this dividend had been de-
clared it was decided to issue $50, co. 90
additional stock to be sold at par.
which stock will be issued by a com.
mittee especially appointed for that
purpose.
"A resolution was unanimously passed
expressing regret occasioned by the
resignation OF Mr.. Jos. Ncwburger as
Vice-Prosident, and commencing him
to the public as a man of exceptionable
business capacity, and a genial, warm
hearted gentleman.
The above showing of the Grenada
Bank is nothing short of phenomenal,
and in using the word phenomenal we
mean 1t in every sense of the word. We
know OF no Bank in this State that has
made such a magnificent record, and
but few in this broad Southland. Not.
withstandiug its great success, the
business of this Bank has always been
lone in a progressive manner-not like
many banks In small towns or
even cities, who do business in "A goup-
ing. parsamonious and crushing way.
This Bank transacts business for seven.
ty or more miles 10 every direction.
thus showing its great expansion. To
still further expand it has doubled the
capital stock, making it now 1870, OO0.-
90, which will still more rebound to
the interest Of Grenada, county and
surrounding country. 1t can Justly be
called 1.-THE pride of Grenada" For its
wonderful success the greater part of
the work can be attributed to Mr.. J.
w. Grifis, President; Mr.. j. T. Thorn
as, Cashier; Jos. Newburger, Vice.
President, aided by the efficient efforts
OF the Board of Directors and a number
Of the stockholders. AS in the past
we predict for this Bank in the future
II bright and prosperous career, as it
certainly deserves it.
The following we're elected officers
Tor n ensuing year: j. w. Grifis,
President; Edwin N%ewturger, Vice.
President; j.. T. Thomas, Cashier; o.
c. Leigh, Bookkeeper and Assistant
Cashier; H.. J, Ray, B%ookkeeper; Miss
Estelle Rollins, Stenographer.