The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1913-01-17

OJner TWO DeSluSS In6m. Anu we III
turn are hoping as directors you may
say: We'll done good and faithful
servants, thou hast been faithful over
a few things, have dominion over
many things"
/ shall not go into the minute de-
tail of financial transactions or finan-
cial dealings. l shall leave this part
of the report to the Cashier who is
the direct custodian Of the vaults and
in whose keeping the treasures of this
institution have been entrusted. We,
the directors, have had mistaken
faith in the officials, in their integri-
ty, honesty and financial ability; but
for your benefit as stockholders and
for the benefit of the many hundreds
of depositors We have shielded u
faith with substantial guaranteed
bonds, requiring each of these officials
who are the %custodians of our treas
ures to give us sufficient guaranteed
bonds to indemnify us if in case of an
unguarded moment their foot should
slip we can call upon another to make
good their losses. Our Directors
have not at all times been as pune
tual in attending meetings as some
have thought they ought to have been.
But you must take into consideration,
gentlemen, that every director elected
by you is a nan of affairs, and their
duties are named ~"legions" because
they are many. However, they have
come at the call of the President and
have rendered the assistance, in their
Judgment, that was needed in the way
of advice and cooperation.
Your Board of Directors has seen
fit during the year to make some few
needed amendments to the bylaws,
some little changes in the manage
ment, attempting thereby to throw
around the institution better and
greater safeguards. They are
amendments and changes that ex-
perience has taught us were a neces-
sity. We have made some invest
ments. Some of us think they were
wise and profitable investments.
There are those, however, who may
think they we're otherwise. Be
that as it will or may, we have done
what we could. You will notice
when you see the Cashiers report
that we have enlarged a little on
our investments, our loans and dis
counts; but we have kept a strict eye
to the needs of the depositor and
have held ourselves in readiness tC
meet the demands of every deposition
at a moments notice. There are
those who think and say, first, thai
money or loans at the One-Cent Saw
; ings Bank ought not be so exacting il
their security or collateral for the
| borrower to obtain money. But
) gentlemen, we would rather endure
: these criticisms than to cringe under
worse criticism, and the most fearful
; of all would be that the depositoi
wants his money and cannot get
: because the officials in making loanl
easy have not safeguarded none,
entrusted to them.
Financial Stability of the Institution
i Gentlemen: l want to again re
mind you that it was the firm under
e standing with the Directors at tn
8 beginning of this institution that tn
One-Cent Savings Bank was no
n launched as a m~oney-making institJ
ton, nor was it intended to prepar
employment with large salaries TO
r it's officers. l suppose there is no
d a banking institution in the Unite
o States, of any nationality, that ha
handled the same amount of money
It that had to pass through the hands
it's officials, with the small expens
d with which the affairs of the One-Cer
e Savings Bank have been conducte
o for the past nine years Of its eXis
II ence. Neither was the One-Ce1
n Savings Bank inaugurated as a paw
t. shop or loan Office for the purpos
g of grating the h~ard-earned and seal
d ty accumulations of the thousands
w%age-earners thereby collecting frol
e them from so to, 100 per cent on shol
e loans. Your Directors and Official
n have refused to loan money eXceI
20 upon the best guilt-edge %securitie
n When these securities have been fu
h nished the officials have endeavore
le to furnish to the ~wage-earner, tn
d professional man and the commercii
E. man with the needed money upon tn
n same terms and for the smalle!
is amount of interest possible so thu
a. the borrower could get value receive
for the interest paid.
II Economical Management.
IF BY the economical management
# this institution we have been alb
IS from small interest charged on none
handled to make a steady, gradual !
II crease in our undivided dividend
ID surplus and reserve fund, and at IL
10 same time, pay a stipulated annui
Z dividend to each stakeholder, If "
could have had more capital wit
which to work we could have brougl
OF you greater rewards. A great de
,k of the accumulated undivided div
dends. surplus and sinking fund
ID the accumulation of the funds TIL
Id other institutions have paid out
n salaries to their officers. We hay
not stinted or been unusually stinE
with such officers as had to give the
entire time to the work of this ban
III ing institution. For we feel that Il
TT salaries paid to our Assistant Cas-
1r Ter and his teller have reached Il
le point where they are commensura
v: with the work done and in keepiI
g. Ill -@r