The Farmville herald. [volume] (Farmville, Va.) 1890-1934, 1905-04-14

BIG CAPITAL OF NEW BANK.
Authorized Stock Of One Million Dollars. o.
K Promoters Seeking to Popularle ms
titution by Having Stockholders
in All Parts of Country.
/. lRielmond News-Leader. Aprn 7thl
Richmond is to have before the enc
of the present year, "A bank with al
o authorized capital of sl,0O0OOO. Tn,
0 promoters of the enterprise propose e
3 make it popular institution, the
price Of the shares of the stock being
: 81 each, in order that people Of limited
means may become shareholders on
an equal footing with capitalists and
people Of large means.
:. Galeski, Of this city, known to
the business world by his connection
with the optical company which bears
his name, also as president Of the
| Provident Savings Bank, and Supreme
secretary of the American Guild, a
beneficial organization, is chairman Of
the committee of organization. The
other members of the committee are
| ID. A. Richie priya Secretary 10
Governor Montague and II. r.. Gates,
of the wholesale grocery firm Of f. W.
Gates Sons Company.
Or. Galeski was seen today and
asked regarding the formation Of the
Southern Interstate bank. which is to
be the name Of the new institution.
and said:
at is an acknowledged fact that as
an investment nothing is safer, more
desirable or more readily converted
into cash than the stock of well con-
Quoted bank, and il can be added with
propriety that few propositions on a
safe and legitimate basis prove more
profitable than the original subscrip-
tons TO large bank i'm course Of for
nation.
eve propose 10 organize the South
ern Interstate Bank with principal Of /
fees in this city, with an authorized 4
capital Of II 10000 and in doing so
we propose 10 distribute the holdings
and place the par value of the stock at
81 share, so As 10 create ownership
as we'll as friendship among the mas
ses, which is always Of great value
alike To the stockholders and the bank.
While this bank proposes to do a gen
eral 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 agricultural
sts, mechanics and men Of moderate
means.
500, 600 ALREADY SUBSCRIBED.
'lnaugurated less than month ago.
subscriptions TO the capital stock
to about SlOO. 600 have been
eceived, and have been received in y
laily increasing numbers from every
ection Of the country. The subscrip-
ions are not only confined to this u
state, but come from California. Indi- d
ma, Pennsylvania, and nearly every
tate in the Union. y
zone Of the features noticeable i'm the u
rganization is the way in which farm
rs and truckers in all parts of the VI
tate are becoming interested, and are =,
ending in theirnames as stockholders. -
10 stakeholder is permitted TO take a."
sss than ten shares nor more than
We thousand, and in this way il is the ~
ltentiOn Of the promoters to have the
lock distributed as widely as possible
lroughOut the United States, the idea
eing TO popularize the bank, and to g.
ave friends in all sections Of the -.
,untry." =
GREAT GROWTH IN VALUES.
DIR. Galeski illustrated the value of -,
lnk stock by referring to long list =,
institutions which have been in
Isiness for years, beginning with in -,
of 500, and he showed the 40
esent value of the banks To he: Ger -
an Savings aud Loan Bank, San
'ancisco, original investment Of 500 A.
wv worth $500; Merchants National a.
lnk Of Richmond, original invest -,
ent Of 800, now worth $3.50; Farm a.,
$ Bank Of Nansemond, Suffolk, Va.
iginal investment Of 500, now ~
)rth $1,000. "
1T is the intention to organize the
nix and begin actual operation as O .
On as one-half Of the capital stock .,
S been subscribed" added DR.. Ca ioa
ii; land at the ratio at which the w,
descriptions are being received and
popularity with which the pro- MAJ
'ition seems TO meet it is likely that 81
will be done with the advent of ear ~.
fall" ''o'
nTTas No