The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1906-10-20

ELECTED = BANKS SUCCESS
HAS BEEN PHENOMENAL.
The third annual meeting of the Mer-
chants Bank was held at the banking
house on Monday evening, to which wer e
present quite number of stockholder s
in addition to the members of the board
of directors. The annual statement was
read and the figures told we'll and plain
| ly that the banks prosperity for the year
ended had been phenomenal and broke
the two preceding records. A net divi-
dend of twenty-four per cent was de-
clared, and it was voted to pay ten per
cent in cash to the stockholders and the
| balance of fourteen per cent to be pass
ed to the surplus fund, thus strengthen
ing additionally this already solid and
| fourishing business institution.
| In 1904 the net earnings Of the Mer-
chants Bank was Is per cent; in 1905,
10 per cent, and this year "A per cent.
The growth of the Merchants Bank is
better told in three columns of figures,
which will be found elsewhere in the
Echo's advertising columns,
The success of the bank has been due
to the good will and energies of every
body concerned-directors, stockholders
and other patrons, everybody pulling one
direction for success. The Merchants
Bank has about one hundred individual
stockholders, nearly all home people,
and among these its four hundred shares
of stock have been pretty we'll distribut-
| ed. To these things being, to the fact
| that Bay ST. Louis is progressing and
| growing, and to excellent management
| is the Merchants Bank success attribu-
| table. And also in large measure is
the banks popularity due to Mr.. Geo.
r. Rea, cashier, whose campaign for
business is aggressive and unceasing.
He is moving spirit, efficient, palms.
taking and the acme of urbanity; sin
cere and conscientious, and leaves no
stone unturned for the betterment of the
bank and town as well.
MIR. John B. Spotorno is the assistant
cashier, and he, too, is an indefatigable
worker, ever willing and untiring in fos-
tering the banks best interests.
The following named gentlemen were
elected by the stockholders to compose
new Board of Directors, to serve for a
| term of one year, as follows:
| Chas. L. Hopkins, capitalist, with vast
interests in Louisiana and Mississippi.
John Osoinach, owner of the Bays
Mercantile Company and OSoinach's
New Opera House.
L. M. Gex, merchant and pile con-
| tractor.
J. A. Breath, justice of the peace and
notary public.
DR.. r. de Montluzin, physician and
surgeon, president of the Board of Health.
Chas. G. Moreau, publisher of the Sea
Coast Echo.
A. L. Stokoe, owner of the Bay Saint
Louis Ice, Light and BottIing Works.
H. Fl. Gordon, vice president and gen
eral manager of the Hancock Naval
Stores Co., Ltd.
Geo. r. Rea, cashier Of the Merchants
Bank.
Joseph o. Mauffray, owner of the
Mauffray stores.
| John K. Edwards, mayor of city, and
lumber manufacturer.
This is the same board as last wear.
Before adjourning the stockholders vot-
that resolution of thanks be rendered
Mr.. John Osoinach, the retiring presi-
dent, for his untiring energies and sue
cessful efforts in behalf of the bank, and
it was further voted as a deeper mani
festion of appreciation that the commit
tee in charge have the resolution pub
lished in the local press.
Immediately after the adjournment of
this meeting the new board of directors
convened and elected the following
named officials;
President, Chas. L. Hopkins.
| First Vice President, L. NJ. Gex,
Second Vice President, DR.. Roger de
Montluzin.
Cashier, Geo. r. Rea.
Assistant Cashier, John B. Spotorno.
The different committees from mem
bers of the board of directors was ap-
pointed by the president.
| w. J. Gex is the banks attorney.
There is every indication and promise
for as good results in the future, if n OF
| better. The Merchants Bank Building
is progressing and the bank will be in
its new domicile about the 1st OF the
year.