The herald and news. [volume] (Newberry S.C.) 1903-1937, 1917-01-16

and the advantage Of having a better
building and more modern equipment.
md they will put up the buildings.
We hope that will be the result
A short while ago the Exchange
pcuk purchased the corner OF Main
and College ST. eats frorn Mr.. Geo. 8.
Mower. including three one story
brick buildings. 1t is the purpose of
'be hank to begin work on the new
building within the next thirty to
sixty days, and to have it ready for
occupancy by the first of July. We
understand that it is to be exclusive
" an Office building with all the mod
EN- conYeniences and equipments and
that all the offices have already been
engaged as soon as the building Is
ready. The bank has not yet definite
~ decided whether the building will
be three or five stories in height.
The Exchnge is the youngest OF
the four banks in the city having
been organized only about ten years
ago. For season it was prosper
Gus, and then for a year or two the
road was a little rough and stumpy.
but for the past four years it has en-
joyed marked degree of success un-
der the present management. It has
a long list of accounts and host OF
strong and loyal friends. The young
men who officer It are efficient and
good business men and always cour-
teous and polite TO the people who
have business with the bank, ant /,
is now one of the neatest and mosZ
convenient of the banks in the coun-
try. But the public spirit and the en-
terprise which it exhibits in purchas-
ing this valuable corner and erecting
q modern building on it for its bank
ing house and for Offices is to be CON-
mended, for 1t means much for the
growth and development Of the COM
nunity. And is in keeping with the
progressive spirit Of the bank.
The annual meeting Of the stock
holders was held one day last week
and the showing Of the officers was
very gratifying to the stockholders.
The bank has earned net income 10
the stockholders since its organiza-
ton of ten per cent annually includ
ing dividends and surplus Or to-
tai OF about $4,000 since is organi-
zation. The net profit for the past
year in addition to paying two SEMI
annual dividends Of per cent has
been something over $4,000. And it is
growing faster today than in its his
tory.
At the meeting of the stockholders
the following directors were re-elec:-'
ed: W. C. Brown, Geo. B. Cromer.
W. g. HouSeal, h. l.. rarr. John e.
Neel, John A. Sem, J. D. Wheeler,
NJ. l. Spearman.
The officers all reelected are:
Presidential. L. Parr.
Vice-President, w. G. Houseal.
Cashier-M. l.. Spearman
Assistant Cashier-W. B. Wallace.
bookkeeper-W. T. brown.
Attorney-Geo. B. Cromer.
The November statement which is
tle last call by tne DanK examiner
showed loan account OF s2S6, 1903. 90
and an individual deposit account of
1921 ,594.72.
President Parr is the organizer OF
the great Parr Shoals power com
pany on Broad river and that was no
small matter for a man to do. But.
he die it successfully as he does
most things that ne touches He .S
good and successful business man.
He is native of Fairfield county bur
in early life married a Newbe-ry gir!
and has been and is thoroughly iden-
tilted with the development Ct this
community.
Cashier SpeaIman is really The ac-