Smyrna times., 1902-04-02
CAPITAL FRUIT GROWERS
NATIONAL BANK REDUCED
HARMONIOUS MEETING OF STOCKHOLD'
ERS AT BANKING HOUSE YESTERDAY.
Resolutions Almost Unanimously Passed Re-
ducing Capital Stock to $4,000 and I'm
mediately Increasing to $4,000.

me0lately increasing tO SJO,OOU.
la meeting of the stockholders of
the Fruit Growers National Bank of
Smyrna, yesterday afternoon, at the
Banking House, it was almost unani-
mously carried to reduce the capital
stock of said bank, from $SO,OO0 to
SAC, 900, and then increase it to $780,
900. This movement was the result
of a recent action of the Board of Di
rectors, advising hat steps be taken to
eliminate the inactive or dead capital, |
the bank has been carrying for years.
The meeting was entirely harmonious,
and splendid compliment to the Pres |
ident and Board of Directors, for the
ability they have shown, in bringing
the matter to a successful issue. The
business men of Smyrna and vicinity,
have given hearty support and encour-
agement to the movement, and the
consensus of opinion is, that with a
"cleen house" the bank is in a posi-
tion to do business, and is on the eve
of a bright and prosperous future. All
the shares were represented, with the
exception of thirty nine. The meeting
organized by making Mr.. James w.
Anthony chairman, and MIR. }. r.
Clements secretary. President Walter
o, Hoffecker, stated the object of the
meeting, after which Mr.. Edward G.
Walls introduced this resolution:
4bn Of
section 5143 United States Revised Statutes,
and of the law mandatory thereof, the capi-
tai stock of this ASSOCIATION be reduced III
the sum of SAC, 900, leaving the total capi-
tai after said reduction $4,000,
A stock vote was taken on the above
resolution which was almost carried
unanimously, being 736 yeas and 20
nays. The above vote was represen-
ted by 81 shareholders personally, and
the balance by SO proxies. This much
being accomplished, Mr.. Hervey z.
Hall offered the following resolution:
Resolved, That the Board of Directors be
and they are hereby authorized to charge
off and eliminate from the assets of the
Bank, which in their report ON the condition
of the Bank, are regarded as losses. amount
ing in sum Total S33, ,684. 80, and that the re-
mainder be carried as undivided prohts:
That the Banking property also be reduced
$4,000, making the total reduction $33,-
684.33.
Before the question was put, Attor'
ney George M. Jones made state
ment, followed by a few remarks
from President Hofiecker, after which
the Hall resolution was acted upon anC
carried unanimously. MIR. E. g. Clarl
offered the following resolution:
Resolved That under the provision of ac
of Nav /, 1886 the capital stock OF this as
sociation, be increased i'll the sum of $40,
900, making the total capital after said IN
crease, $50, 1000.
The resolution was carried unani
mously. Mr.. J. R. Clements fOllOwe'
this up with another resolution whicl
caused some little discussion, in whic
Mr.. w. Denney HAZEL, Mr.. V. c
Walker, James p. Hoffecker, DR.. Fran
L. Grier, Mr.. E. &. Walls, DIR. j. c
Dirrickson and H. W. Taylor, Pres.
dent Hoffecker and Attorney Jone
participated. Mr.. Walls finally offere
an amendment, and the resolution a
amended was carried with but 10 di'
senting votes. The resolution follows
Resolved, That the Cashier of this banl
be and is hereby instructed to issue motto
to the shareholders thereof, of the redu'
ton of the capital stock of said Bank
Forty Thousand Dollars, and request IL
shareholders to Immediately surrender the
certificates of stock to the Bank, so that ne
Certificates for one-half of their prese
holdings NAV be issued to them in lieu
the certificates so surrendered.
Resolved, That the Board of Directors
and they are hereby authorized and er
powered to allot and appOrtion the one hu
dred shares of new stock ordered this da
to be issued among respective Shareholde
of said Bank, in proportion to the numb
of shares held by the said shareholders,
the price of One Hundred and Iwen
Dollars per share, and that notification
at once issued to each shareholder OF sa
allotment specifying the number OF shar
or fractional part thereof, to which ea
shareholder is entitled and the price /
share thereof; that each shareholder
given until the fifteenth day of April, to
cept or refuse said allotment, that In case
acceptance, said shareholders VIII De e
pected to pay Twenty five Dollars per shf
on account of said allotment upon the
ceptance, and the remainder or the 81
purchase price ON or before the twenty 81
ond day of April 1902 the said amount
paid to be forfeited upon failure to pay
remaining part thereof, and in case of II
ure to accept the allotment, ana pay IWen
five dollars per share on account there
on or before the fifteenth day of April,
be considered as a refusal on the part
the said shareholder to accept said all
ment
Resolved, That any stock so allotted
aforesaid which shall not be accepted,
the first installment thereon paid Wit
the time hereinbefore prescribed by
said shareholders shall be disposed of
the Board of Directors in such manner,
at such price as in their judgement and
erection will best serve the interest of
Bank.
NJ Amendment offered by Mr.. Walls and
III cepted was as follows: That if any
ton of this Ten Thousand Dollars
stock should be sold by the Directors