The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-08-19


to time stock of the County Savings
Bank and Trust company, and the COM
mittee beg leave to report that it has
purchased for the Title company 546
shares OF County Bank stock at the price
of four hundred (s4OO) dollars per share.
This it did under authority of a resolu-
tion of your board passed on the 3rd day
| of May, 1902.
FOUR HUNDRED PER SHARE.
In the purchase of this stock, the COM
mittee has agreed to purchase any num-
ber of shares of County bank stock which
may be offered before October /, 1902 at
the price paid for it's present holdings Of
said stock, TO wit: S40O per share.
The County Savings Bank and Trust
company Is one of the most conserva-
lively and successfully managed banking
institutions in Northeastern Pennsylva-
MIA. During its long years of business. it
has built up a character for careful but
broad-guaged methods which has COM
mended itself strongly to the public.
AS is we'll known. all of the directors
of the County bank arc also directors Of
the Title Guaranty and Trust company,
so that the title company will have the
heneft of the business ability which has
crowned the County bank with success
The County bank will continue under
its present management. and the two
institutions-by reason of strong COM
munity of interests-will each be enabled
TO help the other.
When the County banks new safe de-
posit vault building and the Title COM
pany's new building adjoining it shall
have been completed, both of these in
| stitutions will present to the business and
financial interests of Northeastern Penn
sylvania unequalled facilities for the
transaction-all under one roof-of all
business relating to banking, whether it
~ x.r Is,
counts, trusteeship, suretyship, invest
ment or safe deposit vaults.
The new and substantial buildings are
so arranged and constructed as to af-
ford the business community every IA
cility along the line suggested.
MUTUAL BENEFIT.
The County bank will be enabled to
give business to the Title company. and
the Title company will be in position
to add to the strength of the County
bank. Taking 1t all together, the move
ment is in line with the trend and spirit
of the times and the committee is firm
In the opinion that the reported action
will not only inure to the distinct bene-
tit of both institutions, but that the two
institutions. by working in harmony and
accord, will give the public such service
as will be Il credit to all concerned.
1t Is proper to add that some sales of
Trust company are being made at s425
per share, and that the committee feel
justified in purchasing all the stock that
may he offered at the price above named,
to wit: S400 per share.
Respectfully submitted by executive
committee.
Signed-Abram Nesbitt, l.. A. Watres,
+. Jones, o. S. Johnson, executive COM
mittee.
The County Savings Bank and Trust
company was organized in 1873, and has
a capital stock of 100000; it has been
eminently successful from the begin
ming; and besides paying substantial
dividends to its stockholders, it has
accumulated a cash surplus and un-
divided profits of $175,000.
The Title Guaranty and Trust COM
pany was organized and began busi-
ness on April l, 1901, with a capital
stock of $150000. 1t soon became evil
dent that a larger capital was neces-
sary in order to carry on its rapidly
increasing business. In October, 1901,
the capital was increased to $500, 900,
and again in May. 1902, by unanimous
vote of the stockholders the capital
was made $750,000. Every share of the
4.500 increase was subscribed by the
former stockholders at $3.50 per share.
the premium on the stock going to cre-
ate surplus amounting to s225,OOO.
PRESIDENT OF BOTH.
Each institution will be conducted as
heretofore. Hon. L. A. Watres Is presi-
dent of both institutions, which insures
that which has characterized the his
tory OF each, viz: intelligent, able and
conservative management. The busi-
ness will be hereafter conducted so as
to conserve the best interests of each
under the following separate depart
ments. viz: General banking, title.
surety, trust, bond and safe deposit,
each under the management of COM
petent men especially selected for the
different branches OF the business to
which they have been assigned. The
safe deposit vault will be of the most
modern construction, absolutely bur-
glar and fireproof, with inside dimen-
sions of 27x9 feet, built of harveyized
armor plate steel of the finest quality.
The door is consummation of the
highest art in mechanical science, be-
ing perfectly round, Weighing "A tons.
and so finely adjusted that II can be
opened or closed by the touch Of the