Evening journal., 1912-06-14
contInued from FIrsl Page.

the cOnSolldatlon proposition mas oeen
sent
Ofier TO Wilmington
and BrandyNine Bank.
George S. Capelle, president OF the
National Bank of Wilmington and
Brandywine this morning made pub
lie the following proposition received
from the Wilmington Trust Company
Wilmington, Del, June 6. 1872
ITO the President, Directors and
Stockholders of the National Bank,
of Wilmington and Brandywine.
Gentlemen.
BY appropriate action duly taken
by its Board Of Directors, the Will,
,nington Trust Company offers to pur-
chase all of the capital stock Of your
bank at the price Of One Hundred and
Ten Dollars (S11O00) per share, sub
lect to the following provisions.
Il. The purchase OF any of your
stock is conditioned upon your abil-
ity to deliver to us at least two-thirds
in amount Of your outstanding capital
stock at the above-named price, with
Powers of Attorney properly executed
in blank on or before the 18th day Of
July, A d., 1912
80 Your stockholders are to have
the election to take in payment for
each share of the stock so deposited
either (a) One Hundred and Ten Dol
lars (S110.O0) in sh. or Oh one
share of the capital stock Of the Will
mington Trust Company Simultane-
ously with the making Of this PROPOSE
tion, a proposition is being made to
purchase the stock OF the First Ma
tional Bank of Wilmington. In the
event that the stocks of both your
bank and the First National Bank are
acquired the capital stock Of the VIII
miugton Trust Company will be Ore
Million Dollars 81 ,000,00o) In the
event that only the capital stock Of
your hank is acquired, the capital
stock Of the said Wilmington Trust
Company outstanding will be Seven
Hundred aud Fifty Thousand Dollars
(S750,OO0)
"3. No increase in your capital
stock. and no dividend or distribution
of assets of any kind. except your
usual regular semi-annusl dividend
shall be made to the stockholders OF
your bank prior to the 18th day Of
July. 1912. or prior to the delivery
to us Of the shares.
"A. This proposition is conditioned
upon the financial condition of your
bank being substantially as shown b,
its last report to the comptroller al
the close Of business on April 18th
1912
In the event of this proposition be
ing accepted and carried out, 10 is th'
desire Of our directors that our bosrC
be increased to include the directors
of both the National Bank Of vii
mington aud Brandywine and thu
First National Bank It is furthei
desired that the personnel of the Of
ficials of the Wilmington Trust Com
pany be changed as follows
4. That George S. Capelle. Esquire
accept the position Of Chairman oi
the Board Of Directors
20 That James 2. Winchester. rs
quire. accept the position Of Presiden
Of the Wilmington Trust Company.
3. That c. NJ. Steward. Esquire &C
cept position as Vice President o.
the Wilmington Trust Company
q. That Henry Bush, Esquire. &C
cept tho position Of Secretary Of the
Wilmington Trust Company.
Respectfully submitted,
Wilmington Trust Company.
BY 5. ID Townsend. Vice President.
Reasons For Fayoring II.
Mr.. Capelle. as president of the vii
mington and Brandywine Bank issue,
the following statement eXplanstorl
OF the proposition;
THE offer contained in the letter o
The Wilminton Trust Company wal
submitted to our board Of directors
and met with their unanimous approx
al for the following reasons:
The price offered. viz. $40 pc
share, is approximately S25 per share
or 80 per cent higher than the aver
age market value OF the stock of tn
National Bank of Wilmington ant
Brandywine during the past two o
three years
80. While the stockholders have tn
privilege Of accepting cash for thei
stock IN case they so desire. oppor
tunity is extended to all TO retain thei
interest in the consolidated institu
tion through the terms Of the ofel
which provide that in lieu of S11
cash the stockholder is entitled to re
ceive one share of Wilmington Trus
Company stock. par $50. underwrit
ten. S1l0. for each share of stock o
The National Bank Of Wilmington
and Brandywine. par $50.
g. The estimated income OF til
stockholders of the National Bank Q
Wilmington and Brandywine it is fai
to consider viii be increased approx
imately 80 per cent. This is derive
as follows
Dividend on one share OF viii
mington Trust Company stock,
estimate 10 per cent. ....... $50
Present dividend on one share
of National Bank of Whining
ton and Brandywine stock per
annum .......... ..,......... 80
oThe difference equals gain of
80 per cent. in income, or ..S1.4
simultaneously with the maxim
of this offer. an offer was made to pui
chase the stock of the First Nations
Bank of Wilmington. Del. which o
fer met with the unanimous apnrov'
and recommendation Of its Board {
Directors and is now being TRANSMIT
ted 70 their stockholders.
a. The consolidated institution wi
have q capital OF S1000,000, with
surplus of approximately 100000. an
estimated deposits Of approximate
$4,000, ,000."
Plans For the Future.
Mr.. Capelle supplemented the for
going with the following statemen
Wilmington, Del, June Ia, 1917
II wish to contradict a rumor,
an impression in the minds OF son
PEOPLE that the busines of The n
tionaJ Bank Of Wilmington and Bra