The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1909-01-22

The most important annual meet
ing held in this city is that of the
One Cent Savings Bank. The stock
holders of this financial concern held
their fifth annual meeting in the di
rectors room of the bank on Monday
night January 18th. A large num-
ber of the stockholders were present
and took active part in the delibera
tions of the meeting. A most en-
couraging report was rendered. The
report of the cashier showed that the
institution was in splendid financial
condition. The surplus and undivid-
ed profits reported were almost equal
to the paid up capital stock. The
cashier stated that if certain inter
est that had accrued on several large
loans which are now in Chancery
were included they would bring the
surplus and undivided profits several
hundred dollars above the paid up cap
ital. Not an institution in Nashville
has enjoyed greater prosperity. The
bank has gone along for five years
steadily gaining in favor, in standing
and in importance each year. The
president of the bank, DR.. R. H. Boyd,
who has served continuously since its
organization, made his annual address
after the roll had been called and
more than two-thirds of the stock
holders were reported present. DR..
Boyd spoke as follows:
To the Vice-president, directors and
stockholders of the One Cent Saw
ings Bank and Trust Company.
Gentlemen:
On the 10th day of this month we
passed our fifth mile-post on the diff
ficult journey of banking enterprise
or financiering experiment We have
just past through twelve months of
serious financial uneasiness or strin-
gency which has caused the greatest
financial concerns and most expert
enced financiers to sit up and take
note. However, we are glad to report
that on the 91st day of December,
1908, our cashier who is the financial
custodian of this institution, was able
to make sworn statement to the
comptroller of treasury of the State
of Tennessee that our cash resources
were $44,01279 with $2,276,17 surplus
and undivided profit on hand to the
credit of the stockholders. Both the
resources and the surplus sound in
deed small for an institution that
should represent. business of such vast
magnitude or a people as thrifty as
the Negro people of Nashville have
proved to be individually; but when
we take into consideration that the
total liability is only S44,012.79 and
that the cash capital furnished the
directors by the stockholders in only
S3,790.00. it sounds to me like miracle
working that these officers should take
so small capital, meet all their eX-
penses, and show a surplus and un-
divided profit of $3,27617 feel
therefore perfectly justifable in say
ing that there is not a banking insti-
tuition in the United States whose Of
ficials have done better, and at the
same time report to their board of
directors each month anG to the comp
troller of the treasury semi-annually
that they were ready to meet each de-
positOr with 100 cents for every dollar
that has been entrusted by them to
this banking institution From year
to year we have boasted, and again
repeat that the doors of our institu-
tion have not been thrown open a
single day for business that we were
not preDared to hand to our depositors
dollar for dollar for every dollar en-
trusted to us on demand before the
closing of banking hours that day i'll
so required. Our cashier has made no
display by the Juggling Of figures,
reporting Of real estate for cash, COM