The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-12
NORTH CARONAS BANKING INSTITUTIONS STATES PROGRESS

Section 27.--All contracts, checks,
drafts, etc, shall be signed by the
president or cashier or assistant
cashier.
Section 2S.-There shall be appoint
ell by the Board Of Directors annually
committee Of two members thereon,
with authority to call in the aid Of
one or more experts whose duty 1t
shall be TO examine the affairs of this
bank at least once each year: TO count
its cash and compare its assets and
liabilities with the accounts of the
general ledger ascertain whether
these accounts and all others are cor
rectly kept, whether the condition of,
the bank corresponds Herewith, and
whether the bank is in a sound and
solvent cond ton. and to recommend
TO the board such changes in the
manner Of doing business as shall
seem to be desirable, the results OF
which examination shall be reported
to the board at the next regular meet
ing thereafter.
| Section ga majority Of the Di-
rectors including the presiding officer
shall be a quorum to do business.
Section 30.-The Board of Direc-
tors of this bank shall not consist OF
less than five (5) nor more than
eighteen GS) members.
Section S1.-The president, cashier
| OT any SdIdIISu Object VI lHiS OSbiih
! shall not be allowed to speculate. buy
N.ocks, grain, provisions, cotton or
any class Of merchandise or property
on margins.
Section 32.-No salaried officer OF
this bank shall be allowed to dis
! count his paper or endorse tho paper
| Of any one else at this bank.
! Section GA copy of the by-laws
Of this bank as in force shall be ke9t
In a convenient place in the bank to
| which any stockholder shall have free
access during the regular hours Of
business.
Section 34.--The bylaws may be
] changed or amended by vote of two
thirds of the directors.
Wilmington the Banking Centre.
The readiness of such large
number Of the best bus ness men in
Wilmington and other cities to join liz
| an organization Of another bank for
that city, and one with greater capita
and moro extensive facilities for
handling the volume of business Of
that SCI ton, is only another evidence
of the frequently asserted fact that
! Wilmington is an ideal banking centre
and the country was ready for just
such u great institution as tho South
icrn National Bank. Wilmington's
superior location for taking care of
ness gives additional opportunity for
this bank to perform a most valuable
service and prove wonderful success.
1t is asserted by Knowing ones that
no city in the South has made more
substantial progress than Wilmington,
and one of the most prominent capt.
taliSts Of the South declared two years
ago that he was ready to wager that
the population of Wilmington would.
NO 1n1nI &c
would pass fifty thousand, within five
years. The statement is generally ac-
ceptcd as a wise prophecy, now that
it is known that Wilmington's increase
during the past two years has been
about seven thousand.
Business interests of the most desir-
able character are being established
at Wilmington and in its vicinity.
Nothing affords a better key to the
fcondition of a town and the extent of
its progress SO we'll as the receipts of
tits street railway company and the
character of improvements that cleo
trio railway companies make when
Ethey have dcstinies of cities in their
hands At Wilmington the suburban
lines of the electric road are fast be-
ing followed by residences, which arc
owned by people of the good, sub
stantial sort and who are going to
lprove almost important factor in the
a future of the city.
The trucking interests, fish, game
! and oyster industry. and various lines
Of manufacturing arc on the increase,
while the export business OF the port
has made great strides forward as IS
shown by the official reports The
coastwise business given additional
, impetus by the new and favorable
pilotagc laws, has greatly increased,
! and both the Seaboard Air Line and
Atlantic Coast Line give reports of
enormous increase in the freight and
! passenger business TO and from Will
mington.
F., The fact that all of these interests
( are developing so rapidly now and that
+ the entire section is moving forward
! with the stride Of success makes il
r an assured fact that the Southern
Y National Bank, with it's methods and
system arranged for the best interest
: of banks patrons and clients, has
' arrived at just the opportune moment
K and will be the factor its promoters
G desire in the upbuilding of the section
in the capital of which it has cast its
lot.