Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1936-01-15
National Bank EARNINGS
Last Year Over 80 Prct.
Stockholders and Directors Hear Glowing Report from
X. q. HARRISON Executive Vice-President; All Old
Directors and Officer Reelected for 1886

Earnings in excess Cf 30 percent in
the most successful year the First
National Bank III Henderson ever had
were reported TO the annual meeting
Of the Stockholders Tuesday after
noon At the bank The report which
covered the year 1888, was submitted
h T. G.. Harrison, executive vice
president Of the institution, who has
been directly IN charge of the bank
since it's establishment, reported that
"our general business and deposits
have increased very rapidly all dur
ing the Year.
All of directors and officers were
reelected for the year 1896. The stock
holders reelected the following di-
rectors: l.. X. Gooch. S. r. Harris
.Jr I. w. McCracken, r G. Har-
rison. Jasper T.. Hicks. r G. s
Davis. A A. Bum, d. c Loughlin
In :. \; Watson. The directors re-
elected the following officers: JASPER
= Hicks president; R G. Harrison.
executive vice-president; F. b. Rob
ards vicc-prcsident and cashier. ]
c Gardner, vice-president
The bank had resources of 81 3l9
cenlber 81. 1893, Of which cash and
marketable securities amounted to
S9s6. SOS. I.Oans and discounts were
S.;0lGl.2%. The capital stock consists
Of SloDuoO c0nlman and 600 pre-
lrrrcd. with 4 $500 surplus ON
hand together with $ol5792 in I'M.
divided profits. Deposits were given
rs SI13974123.
The $3O.37 per share net earnings
for 1899 were after paying expenses.
Of all kinds. Mr.. Harrison reported.
Ou Of that a cash dividend of six
percent was paid DUNG the year, $l2
Per share set aside for stock dividend
and 81 per share added to the surplus
for ne teal $23 per share paid out
ana leaving $737 Fer share in undivid-
"a profits.
The $4,000 preferred stock CT the
Reconstruction Finance Corporation
has been cut from $4,000 to $4,000
by payments made, and $4,000 more
IN reserve for similar payments Feb
ruary l.
In his report. Mr. Harrison declar-
ed that business is bound to be good
regardless of the disposition of the
MIRA. the AAA and all other concerns
OF the alphabet" He said the I'M
pclus Of the upward swing is now
such that. barring worldwide caIami-
tie it will continue to move upward,
even in Il year of political turmoil
such as 1886 gives evidence o. icing"
The executive quoted Jesse II. Jones
chairman of the REC. as saying Am
erica is out Of the depression right
now. We have just the aftermath to
clean up"
Mr. Harrisons report to the stock
holders follows in full:
TO the Stockholders of the First
National Bank in Henderson, Hender-
SON n c.
We beg TO submit herewith our re-
pct Of your taHk Cor the year 1895.
which has been the most successful
year in its history. Our general bust
mss and deposits have increased very
rapidly all during the year. After pay
~" expenses of all kinds we have
earned for each share of stock the
nirn sum Of $30.37 during The year
1879 Ey order Of your Board Of hi
ItcjpfS you nave bcen phIl ON Oh
these earnings a cash dividend Of
% per share, 5000 per share has
been SCI aside for a stock dividend
ana $500 per share added to your
surplus fund. making a total Of $1,000
pei share paid out and set aside leav-
iH% 7.37 per share IN undivided pro-
fits
W. have already paid the Recon
sruction Finance Corporation $40
10000 and reduced the amount Of the
preferred stock from 100000 to
1i0Do00 and have reserved $5000.00
more to pay that company on Feb
fmtfy l. 1886. which will leave only
@@p0o0OO due them.