Virginia citizen. (Irvington, Va.) 1891-1921, 1905-04-14
BIG CAPITAL
OF new BANK.
Southern Interstate Bank BEING
Organized by Richmond
Business Man.
From che kIchmond News I.eaderl

sNhu'ouu 10 10 nave before the
eud OF the present year, bank with
an authorized capital of 81 ,OOO, 900.
The promoters of the enterprise
propose to make it a popular insti-
tuition, the price of the shares of the
stock being 81 each, in order tn at
people of limited means may become
shareholders on an equal footing
with capitalists and people with
large means.
s. Galeskl, of this city, known to
the business world by his connection
with the optical company which
bears his name, also al president of
the Provident Savings bank, and
supreme secretary of the American
Guild, a beneficial organization, is
chairman of the committee of organ
izstion. The other members of the
committee are ID. A. Richie, private
secretary to Governor Montague. and
ID. L. Gates, of the wholesale grocery
firm of E. w. Gates Sons Company.
DIR. Galeski was seen today and
asked regarding the formation of the
Southern Interstate bank, which is
to be the name of the new institu-
ton. and said:
cit is an acknowledged fact that
as an investment nothing is safer,
more desirable or more readily con-
verified into cash than the stock of a
well-conducted bank, and itcan be ad-
ded with propriety that few propo-
sitions on a safe and legitimate basis
prove more profitable than the orig
inal subscriptions to large bank in
course of formation.
ave propose to organize the
Southern Interstate bank with prin-
cipal offices in this city, with an
authorized capital of $1,000, 900.
and in doing 30 we propose to dis
tribute the holdings and place the
par value of the stock at 81 q share
so as to create ownership as we'll as
friendship among the masses. which
is always of great value alike to the
stockholders and the bank. While
this bank proposes to do general
banking business, it will be one of
its aims to in every legitimate way
aid and encourage the great and i'm
portant interests of the agriculturists
mechanics and men of moderate
means.
100000 ALREADY SUBSCRIBED.
Inaugurated less than month
ago, subscriptions to the capital
stock amounting to about 100000
have been received, and are being
received in daily increasing numbers
from every section Of the country.
The subscriptions are not only con-
tined to this State, but come from
California, Indiana, Pennsylvania
and nearly every State in the Union.
"One of the features noticeable
In the organization is the way in
which farmers and truckers in all
parts OF the State are becoming in
terested, and are sending in their
names as stockholders. No stock
holder is permitted to take less than
ten shares nor more than five thous-
and, and in this way it is the inten-
ton of the promoters to have the
stock distributed as widely as posi-
BILE throughout the United States.
the idea being to popularize the bank
aud to have friends IN all sections Of
the country"
GREAT GB0wTH IN VALUES.
DIR. Galeski illustrated the value
OF bank stock by referring to q long
list of institutions which have been
In business for'years, beginning with
investments of 800, and he showed
the present value of the banks to be:
German Savings and Loan bank, San
Francisco, originals Investment of
300 now worth $4,000; Merchants
National bank of Richmond. origin
al investment of 800 now worth
$500; Farmers bank of Nansemond.
Va, original investment of
SiOO now worth $4,000.
alt is the intention to organize
the bank and begin actual operation
as soon as one-half of the capt. al
stock has been subscribed" added
Dr. Galesxi; aud at the ratio at
which the subscriptions are being
received and the popularity with
which the proposition seems to meet |
t is likely that il will be done with
he advent of early fall"