The Brandon news. (Brandon, Miss.) 1892-1961, 1909-01-14

Following custom and precedent
herewith submit the 9th annual report of
the Brandon Bank to its stockholders,
showing the business and condition Of
the affairs of the bank for the year 1908.
At this time in the banks history it will
not perhaps be out Of order to give brief
review Of the history Of the bank since its
organization. Organized eight years ago
with paid up cash capital of $4,000 di-
vIded into 100 shares, Of the par value
OF 500 each, the bank has proSpered
far beyond the expectations Of its
organizers at the time Of its establish
ment. The organization oftE1e bank was
due more largely to the foresight and
business jud gnnent Of that sturdy, honest
citizen, Dr. |. B. NATION, Of Elgin, Iowa,
than to any other person or persons.
After an earnest effort among local people
to secure subscriptions to the Capital
Stock sufficient for the establishment OF
forward and subscribed $4,000 to the
Capital Stock and paid for it in cash, upon
condition that Should take an equal
equal amount Of stock myself and give
the bank my personal supervision.
With $4,000 of the Capital Stockthus
secured / succeeded, by diIigent effort, in
securing $4,000 more Of the Capital
Stock in Brandon, and the balance oft
amount needed was furnished by such
far sighted business men as Hon. r. l.
Crook, Hon. .. J. SIenker, Hon. j. NJ. Phil
lips and Hon. r. |. McLaurin, of Vicks-
burg: With a Capital Stock of $4,000
paid up, the foundation was laid for the
building Of a strong and substantial in
StltutlOn. Absolute safety in the manage
nnent and conduct of the affairs Of the
bank was always foremost in the minds
Of those in charge of the banks affairs.
The brick building now occupied by the
bank was bought at moderate price,
and an absolutely fire proof vault was
constructed SO as to make sure that the
books and papers would be absolutely
safe from fire. The next move was to
purchase Mosler, screw door, time
lock, steel safe SO as to make it innpossi-
Bile for burglars to reach the money and
other vaIuabIes. Economical, but re-
spectacle, furniture was provided and the
bank ooened for business.
But before opening for business the
cashier was required to give bond in one
Of the strongest Guaranty Companies in
the United States. A burglary policy was
also obtained SO that in the event Of bur-
glary the Guaranty Company would pay
up and the Bank would lose nothing.
Being thus thoroughly safeguarded
against loss from the outside the next
thing in order was to guard against
losses from the inside. / his could be done
only by the most careful Encouragement and
attention. The Bank was successful from
the very first. People applying for accom-
mediation were politely but firmly given to
understand that the best security was ne
cessary to obtain loans. When the Bank
was about two or three years old, DR.. Mat
toondied and Mrs Nation disposed other
stock for $3.50, or $50 per share. The
stockhad already paid a cash dividend OF
!. 10 per centseach year The stockholders
have EACH year since the organization OF.
the bank received cash dividend Of from
ten to fifteen percent, and the net assets
ofthe Bank now amount to So, 10000,
making the value Of each share S378.OO.s
The business Of the Bank for the last wear.