The review. [volume] (High Point, N.C.) 1908-19??, 1919-12-04
PROGRESS WITH A Big P
HIGH POINT TO HAVE BIGGEST
BANK IN COUNTY.

Commercial Bank Million Dollar One.
| Capital Stock Increased at Meet
J ing Last Week.-This is Rio News
/ for High Point
AS result of the Commercial Ma
tional Bank jumping into the million
dollar class, High Point will have
the strongest bank in Guilford county
on and after January 1, next.
At meeting of the stockholders
of the institution Tuesday afternoon
1t was unanimously voted to increase
the capital stock from $15O,OOO to
$5OO,O0 and the surplus from $3.50, 900
to $5O0,00O, this giving the bank
| $1,OOO,O4O with which to engage in.
/ its large business. Some time ago
the president of the Commercial Ma
tional, J. ElwOod Cox, announced that
it was likely that the stockholders
would vote to increase both the capi-
tai and surplus from $15O,OOO to
100000, but Tuesday the demand for
new stock from old stockholders
caused the increase to go far beyond
/ the expectation of the president
The Commercial National for the
I past years has maintained semi-an-
! nual dividends of 6 per cent, and it's
profits during the past are held to
justify the stockholders in voting the
increase of capitalization and surplus
and it is confidently expected that
the interest rate will be maintained
after the bank \gets in the million
dollar" class. With it's low capitali-
zation and surplus the bank on Novem-
Der II showed deposits of $3,578, ,040.61
and cash in vaults and due from banks
amounting to $1,212,382.41. Total re-
sources were given as $5,O25, ,585.76.
Nearly all the capital stock of the
bank was represented either by proxy
or persons at the special called meet
ing of Tuesday afternoon. Joseph A
Hoskins of Summerf1eld, was chosen
as chairman of the meeting and Chas
H. Hauser as secretary. President
Cox made a brief report and history
of the bank from it's organization in
March, 1891, to the present and ex-
planned the reasons for the increase
in capitalization and surplus as recon-
mended by the directors and the plan
agreed upon by them. 1t had been
tentatively agreed to increase the cap
ital and surplus from $15O,O0O each to
eEiginal hopaaf OF. the president.
It developed that the subscriptions
to this increase were already largely
in excess of the amount Of stock to
be placed and this too, more than
month before the increase is to take
place. After careful consideration
and a very full discussion by the
stockholders, resolution was unani-
mously passed providing for the in
crease of the capital to $50OOOO and
the surplus to $5OO,OOO, thus giving to
High Point on January 1 a million
dollar bank.
The increase in capitalization and
surplus means that the bank will be
able to be of much greater assistance
to the business men, manufacturers
and others who must of necessity. be- !
cause Of the nature of their business,
he rendered financial accommodations
The sphere of usefulness of the Com
mercial National is greatly extended
as a result, something that will be
and is appreciated by business inter
ests.
The officers of the bank are: ] FL
wood Cox, president; Charles NJ
Halser, active vice president; J, w.
Harriss, vice president; V. A. j. Idol, !
cashier: G. H. Mariner assistant
cashier; E. B. Steed, assistant
cashier: j. Elwood Cox, F. M. Pick
ett, J. w. Harris, r. r. Raglan. D. A:
Stanton, w. H. Frazier, C. M. Hauser,
DR.. Dred Peacock and J. P. HayWorth,
directors.