The Providence news. (Providence [R.I.]) 1891-1906, 1901-04-19

Inc }Ootn anniversary OF the rounding
OF the National Exchange Bank OF this
city. was observed at the Trocadero last
evening, with fitting ceremonies. Rhode
Islands representative business and pro-
fessional men were present In large num-
bers and with a goodiy attendance of
ladies, whose presence added a touch OF
color 20 the digniied and notable gath
ering, made II distince epoch In Rhode
Islands social annals OF the new century.
The principal address OF the evening
was delivered by Arnold Green, ana II
was a review of the bank from It's in
fancy, to its present day maturity.
Every phase OF the banks interesting
and successful career was considered with
that care and precision for which Mr..
Green rs noted and not an incident of
Importance in its history was omitted.
He was followed by William Goddard.
president OF the Providence National
Bank. who made a brief speech Offering
the congratulations OF the elder brethren
OF the Providence National Bank and eu-
losizing the officers of the National Ex-
change Bank for their successful endeav-
Crs in steering their institution on it's
waters of finance.
Mr. Nicholas Sheldon, president of the
bank, presided, and much OF the success
OF the affair can be attributed To his
foresight and energy.
An original feature OF the evening was
the securing of the autograph and oc-
cupatiQn OF each guest. Small tables
We're furnished at which were sheets OF
paper and each person was asked TO sub
tion.
These sheets will be collected. bound
and published in book form In connection
with other events OF the evening and
will be "A pleasing reminder of the Tooth
anniversary.
light luncheon was served, after which
"a reception was held
AT II o'clock good nights" were said
and as the guests filed out many well
wishes were given for another century OF
contiued prosperity.
MR.. GREENS ADDRESS.
President sheldon. introduced Arnold
Green, the brst speaker of the evening
who spoke in part as follows:
Gentlemen of the Board OF Directors
You have invited US to celebrate with you
a completed century Of successful busi-
ness.
on the skill with which the trusts of Of
flee have been administered by your pre-
decesors and by yourselves, but your In
vitation reminds us that You are the heirs
of the ages even more than you are the
grandsons Of your grandsires.
lit is not possible to tell when your
bank was organized. Your charter says
that the Constitution OF the bank was
adopted by the stockholders Jan. II, n. ID.
1901" The first entry Ia your records Is
dated Jan. ~, A. ID. 1901, and tells us that
Amos Throop was chosen president for
n year and that a meeting OF stockhold-
ers was 10 be held the next day at AM
midon's tavern TO consider the expedien-
cy OF increasing the capital stock.
ION Jan. q, A. ID. 1901, $50 900 were added
To the capital and subscriptions opened
for the addition. This was all done be-
fore the bank had been Incorporated.
The older banks In the state were uni
formIy founded thus. Detailed articles
of corporation were prepared and agreed
on.
'"rhe capital was pledged by subscrip-
tion. officers elected and then a charter
was obtained, which embodied i'm itself
the articles OF the associated sharehold-
ers Feb. IL. A. ID. 1901, James BurriIl
and Richard Jackson were made a com
mttee to obtain an act of Incorporation.
THE petition of the bank was present
ed to the General Assembly at the Feb
ruary session at East Greenwich, A. -.
1901. 1T was met by protest from the
Providence bank, which had been incor-
porated for ten years before. and was
then the only bank in Providence; was
referred TO a committee of the House and
was reported back after the committee
had made two changes In the articles of
corporation. These changes are sug-
gestive.
The first required payments for capital
stock to be made In gold or silver; the
second cancelled a provision alloting one
vote to each share of stock and substi-
tuted "A mode of voting until quite recent
~ much In vogue and which was sup
posed to prevent Injustice To owners of
small number of shares on the part of
owners of larger number.
THE act of incorporation passed the
House of Representatives Feb. 1s, A. -.
1901. I'm October A. ID. 1901 an amend
ment to the charter authorized the dl-
rectors TO postpone payments for the
capital stocks. The modern reader would
find some things I'm this charter notice.
able.
'It is not possible TO tell when and how
your capital was paid in. The original
scheme was IA capital of 100000 divided
into t00 shares OF $50 each Apparently
$50. 600 were added in January, A. ID. 1891.
The papers OF the bank show the initial
payment Of 81 per share on 1900 shares
made between Jan. 20 and March {, a. ID.
1901. The directors called March II for
81. Feb 90 A. II. 1902, for s.. June - for
g.. Sept. ~ for s., Dec. 10 for the last IN
stalment of s..
But this makes So per share only. and
Jan. /. A. -. 1902. the first dividend was
paid. sl25 per share I'm some way and
NJ some time. perhaps at the times fixed
by tho charter. the other SIS were paid
for May 9. A. ID. 1895, the bank reported
10 the general treasurer of the state "a
paid-up capital of sa5i.50o, T. e., cash and
notes t9i5. zoo real estate ss3co.
June ~. \. -. 1910. the stockholders
resolved 10 increase the capital by tli5. .oO0
the Marine Insurance company 10 take
SO. 600 az ~ per cent. premium, the Sec
ond Congregation society TO take $4,000
at the same rate. the residue 70 be sold
10y the secretary and the premium di-
vided among the present stockholders.
July 90 A. n. 1919. the directors declared
\ special dividend OF A2 per share from
the premium on stock sold and from for
mer savings.
THE dividends OF your bank began
with the second year of its existence
No dividends were declared In July. A.