Smyrna times., 1902-02-26
FRUIT growers NATIONAL BANK
SMYRNA, DEL, Feb. 25th. 1oC
To the Stockholders and Depostos of the Fruit Grov
National Bank of Smyrna.

4NAtonaI DanK OF SnlYrna'
For several years this Bank has been handira,o,
by holding among its assets securities and had ah
lutely earning power. Promises most positive and 20
assuring character have been made from time time that the
Bank would realize these suspended assets and
in this hope since this condition affairs came to the n
management inheritance have continued to nav div
dends confidently expecting the fflmen promises made
and the prevention of loss Stockholders We were con-
oned with the fact however, these non ear
assets become losses capital would be impaired assess
ment would be ordered by Comptroller of the Cur
renCy To avert this contingency the Board of Directors de-
cided after mature and deliberate consideration meeting
OF the stockholders to vote the question of reducing the
capital of the Bank
We have abundant precedent for this course notably that
of neighbor and friend the First National Bank of Dover
Delaware.
Our business is steadily growing The past six months
shows marked increase in deposits and profits the CORE
spending SIX months of last and the past months an
larger increase in deposits and profits preceding
year. This increase in earnings been accomplished DESPITE
the inactive capital above referred must therefore com
mend itself Stockholders that eliminate this inactive or
dead capital wise only desirable be rid of
this dead wood, but it is equally prudent TO have a good
healthy surplus And this end the Directors at their
regular meeting February 25th 1902 unanimously passed
resolution reduce the capital $4,000 and at once
increase it to $4,000.
This will give the Bank ample capital for all its needs and
at good healthy surplus, increase bookvaue of its
stock and place her stronger position than she already
holds both at home and abroad 1t must be maney
Stockholders that this not involve anv greater
loss to them than would their and has
the redeeming quality of being voluntary rather COM
pusOry action For all of the liberated capital not required
eliminating these inactive will be carried surplus and
the opportunity to these suspended
open to just the resulting in still further
assets by much shall be addition to this the
Bank at by of its larger surplus undivided
profits takes high rank among strong financial
institutions of the State.
Our contemplated has placed before the
Comptroller of the Currency and has his hearty approval and
commendatOn and only his but also several prom
nent bankers and fnance in Philadelphia and elsewhere
gratifying know that have standing offer from one
who entirely familiar with both past present history
take the entire issue of the proposed par
part of it, if any, as may not be subscribed here.
To the deposors would say no question in
the minds of either the authorities Washington or in our
minds of the entire solvency of the institution we and
officers heartily thank you all for your confidence past and
that in the future will continue everything
in power to make your relations with the
satisfactory than they been according to YOU all the
facilities and accommodation consistent with safe banking and
the uniform courtesy which yon have always expe
rienced fom Bank
Very truly yours,
w. o. HOFFECKER President
S. G. WILDS, Cashier.
A. L. HUDSON, EDW C. WALLS
DR.. E. G. CLARK w. O. HOFFECKER
JAMES P HOFFECKER, JAS. R. CLEMENTS
H. P. HALL.