The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-03-09

Yesterday at IL o'clock the regular
annual meeting of the stockholders of
the Wilmington Savins and Trust Com
pany was held. Out of a total OF 500
shares. 443 were represented either in
person or by proxy. The number of
stockholders present was large and
they appeared to be highly pleased at
what had been done during the past
year.
President J. ". Norwood submitted
the following report:
The statements published from time
to time disclose to stockholders The
true conditions of your company.
At the close of business on March l,
1906, the surplus amounted to SILL
364.27, an increase over the preced-
ing year or S20,062. In addition 10
these profits, the company has paid
in dividends to stockholders 81, 300
within the past year and added a snug
sum to the depositors' interest reserve
fund.
deposits are now $1,52S, 6O1. "A, an
increase over the same time last year
of 1901 1889. Within the year we
have paid out in interest t o depositors
over $40, 900; 1,735 new accounts have
been opened during the year, which
is a handsome increase over the pre-
ceding year.
THE net profits for the past year
amount to 80.3 per cent on origi-
aal capital. but when we consider that
our capital and accumulated profits
at the beginning of our past business
year amounted to exceeding four times
original capital. The net earnings
for the year were Is per cent on cap
ttal and surplus. The policy Of the
directors of your company in the past
has always been to pay only small
dividends to stockholders in proper
ton to earnings. We have added to
our surplus each year for the past few
years over so per cent of the capital
of the bank. Our directors feel that
all other considerations should be Sec
ondary to the security we offer our de-
positors. Thoughtful people VIII have
money to deposit on time will always,
other things being equal, seek the
strongest bank. It is therefore import
ant for us to continue to increase our
surplus very much larger than any 9th
er savings bank in North Carolina.
"The stock in your company (Which
is the security to depository will now
sell for more than twice as much in
proportion to par value as stock in
any other bank in the state-natiOnal,
state or savings.
I'VE have made no loss during the
past year, nor is there any doubtful
or past due notes among Our assets.
Some officers of the bank would un-
hestiatingly take without on
the bank any note now held by the
latter"
This institution has shown remarka-
BILE growth during the past few years
and the assets are now over $780,
900, which is larger than any savings
bank in the state. The stock sells for
more than $500 which is said to be
the highest, with one exception, of any
savings bank stock in the southern
states. Such an institution is a credit
to any town. The report of President
Norwood for the year just ended was
most gratifying to the stockholders.
Since the last annual meeting the
Wilmington Savings and Trust Com
pany has moved from the small build
ing on Princess street to cOmmOdious
and we'll appointed quarters on Front
street. 1t is doubted very seriously
if there is another savings bank in the
state with such handsome fixtures.
After the presidents report was re-
received the stockholders proceeded to
elect the following directors:
Harry Walters, J. V. Granger, N. Il.
Rankin, H. l.. VOllers, D. OConner
J. w. Yates, Donald MacRae. J. w.
Norwood and C.. E. Taylor, Jr.
After the adjournment of the stock
holders the directors met and elected
the following:
President-J. w. Norwood.
Vice President-Harry Walters.
Cashier-Charles E. Taylor, Jr.
Assistant Cashier-A. L. Mills.
Will Visit Florida Fruit Growing Dis