The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1907-03-15
OF THE ONE-CENT SAVINGS
BANK
REGULAR MONTHLY MEETING ED.
MUCH BUSINESS TRANSACTED
INSTITUTION IN PROSPEROUS
CONDITIONAL SIX PER CENT
DIVIDEND DECLARED SPECIAL
COMMITTEE MAKES REPORT.

This is the action taken by the di- |
rectors of the One Cent Savings Bank |
n their monthly meeting held Mon
lay evening at o'clock in the room of
The directors in the bank building. A |
notice had been mailed to all direc-
ors to be present at this meeting, as
some very important business was to
be transacted. In response to the
roll call by Mr. G. N Langston,
the efficient teller, the following
directors answered to their names:
r. H. Boyd, ]. W. Bostic, ]. G. Napier,
7. W. Grant w. ID. Chappelle, T. G.
Ewing, E. B. Jefferson, j. B. Bosley,
Henry A. Boyd, VIM. Beckham, by
oroxy, r. f. Boyd, proxy, Louis Win
ter, proxy j. Cullum, proxy. The
President declared, after the roll call,
that a quorum was present. Rev. w.
D. Chappelle led in prayer and the
meeting was opened for business.
Mr. j. C. Napier, the cashier, read
report which showed the condition
Of the bank for the months of January
md February, together with a review
of the total earnings of the bank
since it's organization. He dwelt at
length upon the investments in stocks
md 'bon1s as we'll as the substantial
investment made in real estate by the
bank. He said, that, as cashier, he
had been as conservative as possible
in letting out other peoples money,
end that only when gilt-edged secur-
ity was offered did he attempt to
make a loan Continuing, he said that
the bank had turned down many loans
that might have been made but he
supposed it was on account of his be-
ing responsible for other peoples mon
ey that he did not care to take any
risks whatever. He recommended
! that a 6 per cent dividend be declared
On all paid up stock subscribed on
Or before December 81 1906. A mo-
ton TO adopt this report was arrest
ed and discussed fully one hour and
a half, after which it was decided, that
while the net earnings of the bank
justified a large dividend, it would be
20 the advantage of the bank to in
crease it's surplus and undivided prof
it's. Hence the per cent dividend
was the better policy to pursue. This
was declared and is to be prorated
and credited on the amount of stock
subscribed by each stockholder A
total dividend of Is per cent has been
declared on all money invested in
stock in the One Cent Savings Bank
during the three years of its exis
tence. While paid up capital has not
been exhausted, such confidence has
been created in the institution that
the capital stock remaining unsolc
could be disposed of very readily, but
the officers of the bank, as well as
the board of directors, have been slow
to throw it on the market in order tC
restrict the stockholders to residents
of Nashville, as well as to desirable
purchasers.
The directors meeting Monday
evening was by far the most lengthy
and one of the most interesting evel
held. The special committee in the
person of Mr.. T. G. Ewing, who was
appointed about six months ago to re
port on the plan of disposing OF un
sold shares of stock, made typewrit
ten report, which was lengthy ant
very instructive. This report was re
ceived and filed by the action of tht
, board for further consideration.
) In considering other important mat
: ters, the matter of the promptness o
I attendance upon each director wa
I urged. The cashier set forth the fac
T that this has been the first fully al
| tended meeting since the annual meet
. ing was held in January Several az
plications for increase in stock wer
presented by members of the boar
from residents outside Of Nashville
n This was referred to the Finance Con
n mittee, who will make some recon
s mendations and report to the next d
It rectors meeting
= REV. w. G. PARKS.