The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-12

dHu OtUCkiiotuciS UHSei poSSeu ="
Stability. Southern National Has
Established the Best Connections
Possible Throughout tie Country.
North Cardinals progress has at
tracted the attention of the world anc
no factor has been more Instrumental
in the upbuilding of the State than the
banking interests. Truly the banking
institutions of North Carolina have
set the pace for the states progress.
have given the necessary encourage
mcnt and backing to the legitimate
enterprises which have forged TO inc
front and brought the State into the
lime light of progress.
The banking capital of North Caro-
lima has steadily increased, methods
have been improved and modern la-
cihties have been established by the
financiers who have directed the for
ward movement.
Recently there has been establish
ed at Wilmington, the youngest OF the
states financial institutions which
has already taken rank among the
foremost IN the business which 1t
handles and which has set an example
for all financial institutions by the rules
and regulations by which its officers
and employees must live. The roVerh-
ment of this bank, the Southern Ma
tional, is along the most desirable
lines for the protection OF the inter-
ests of both the bank and its clients
1he story of its organization, the
character of the men who conceived
the idea, their method, all combined
make the most interesting story Tor
the banker or the depositer VINO has
funds in any financial institutions.
The Southern National begins bust
ness with $200,000.00 capital ana
100000 surplus, for all of which
there were SO many ready SUBSCRIBERS
that they could not all be accepted
and only those who could be OF Vaiuc
to the bank and its section were ac-
cepted.
me system followed in the organ
ization of this bank assures its rat
ing among the foremost banks OF the
entire country and a fit representa-
tive of southern banking in tie imam
cial world. Its president is consld-
cred one of the best business men IN
the south and is probably as wei
known to the men who control at the
money centers as any banker in the
South The cashier is acknowledge
one of the representative bankers OF
the country and is president OF the
North Carolina Bankers Association
The first vice. president is one of the
first tnanciers of the South and the
second vice-presidcnt one of the best
known business men in North Caro-
ina. The list of directors includes
the names OF men whose names are
symboac of success in every phase OF
business success.
me organization of the Southern
National Bank. of Wilmington, \. c.,
which took place on September 18th,
1905 marked a distinct innovation
in the organization of financial instl-
tons in North Carolina. Referring
10 the records of the North Carolina
Bankers Association, the fact is OBJ
tanned that while during the years OF
1903 and 1904, there were organized
i'm North Carolina seventy SIX banks,
the aggregate capital of these banks
was only $93S,000. while none OF them
received a subscription for the pro-
vision of a surplus funo. III mas aiso
been customary in the majority OF
cases. where banks are organized for
those who organize the institution,
(either a favored few or in some cases
less than five of the stock hoToers) lu
hold in their own names the cohtloI
of the capital stock, thus enaphilS
these men to dictate the policy of the
institution and at the same time des'
ignate who shall be it's officers. 1he
organization of the Southern Nationa
Bunk differed materially from th'
more popular plan. n numper "
wide-awake. successful business mel
of Wilmington headed by Mr.. Mat
j. Heyer of whom We shall spear
more fully later on. conceived th'
idea of organizing at Wilmington (thf
largest banking center in the State.
a modern National Bank, with ample
capital surplus, resources and con
neetions to equip it with every mod-
ern facility for the safe dispatch o
business, and to provide it with a hom
in MAJ lar m az
with Metropolitan banks. Thu
most important innovation however
looking at the matter from the point
Of financial success, was a determi-
nation to place the stock and contro
of the bank not in the hands of {
few. but to place it in small lots will
successful, practical, business men il
every avenue of life; men who began
life as wage-earners and have accu
muiated something by their own in.
dustry. honesty. and enterprise. Wher
il became known that Mr. Heyer ant
his friends were interested in organ
izing this bank, applications cam,
from all quarters for its stock. Eacl
application was scanned carefully. /
il came from a source from which bu
siuess could be drawn to- the Bank
the application was accepted. pro
vided the amount of stock apple,
for was a reasonable one. If. on The
other hand. the application came
from capitalists. women. and tina
clast who seek as investments goo,
bank stock without being in position
To contribute active business to tn,
bank issuing such stock. the applica
ton was PROMPTLY declined. Thus
was that the meeting hel
in Wilmington on Septembe
18th for the purpose of OF
gauizing this bank. was attende
by nearly one hundred successful blu
siness men, A Board of Directors wa