Staunton Vindicator: January 14, 1870Go To Page : 1 | 2 | 3 | 4 |
(Column 01)Summary: The paper reports on the activities of local banks and denounces the stockholders for raising bank employee salaries to unreasonably high levels.
Full Text of Article:
We felt it our duty, last week, to call attention to the operation of National Banks in the South, and regret that circumstances force us to continue the subject in this issue and that a little nearer home.
The meeting of Stockholders of the National Banks here were advertised to be held on Tuesday last, at which time Boards of Directors were to be elected. The National Valley held its meetings and re-elected the old Board of Directors. The First National failed to hold its meeting of Stockholders, because the proxies of about 40 per cent of the whole stock were sent to the Bank and filled with the cashier's name. The U. S. Banking Law positively prohibits any officer from acting as proxy, and hence no quorum being present, the necessity of adjourning the meeting till February 17th, notice of which was ordered to be published.
Before this meeting of the Stockholders was to be held, a meeting of the Directors took place, and the salary of the casheir was raised from $2,500 to $3,000, just 6 per cent on one half the capital stock of the Bank.
Considering that the capital stock of our Banks are the same, and that the Deposites at the First National average from $100,000 to $110,000, while those of the National Valley average from $130,000 to $140,000 and that the cashier's salary of the latter is only $1,800, with no effort made to increase the same, it seems strange that the Directors of the First National should increase their cashier's salary to $3,000--Were they aware that the cashier held proxies representing 40 per cent of the whole stock of the Bank, and that, if they failed to increase his salary, he had it in his power to re-organize the Board to suit himself? Whether they were intimidated or not, they have, by increasing the cashier's salary to $3,000, virtually said to him, "you have made us large profits during the past year off of the necessities of our patrons and we give you $500 more as an inducement to fleece them to a greater extent than heretofore. The people in this locality are in an extremity and will need much assistance during the next year, see to it that you shave--aye slice them in proportion." In this and in no other light can we view your action, Messrs. Directors. Are you entirely oblivious of the circumstances which surround you? Do you forget that the very existence of your Bank depends upon the will of the public? If they refuse to deposite their funds in your hands, for fear that you will use them to skin their neighbors, or will not offer to borrow for fear you will extort, as the unprecedented increase of your cashier's salary, on account of the large profits he has made out of the patrons of your Bank, seems to warn them, will you not cease to be able to pay even the salaries of officers, much less derive a dividend? Indeed, may not your Bank from that cause be compelled to cease operation entirely? Then we hope you will consider this matter and place yourselves and your Bank square before the public--make it promise a benefit to community, instead of holding over our heads the threat of extortion, which your late action forces as the only conclusion upon one and all.
We are unwilling to believe that the foreign Stockholders, many of whom are Baltimoreans, and who have endeavored to assist our people by aiding in the establishment of Banks here, and otherwise, would, for the mere profit to be derived directly therefrom, place the very institutions, intended as a benefit to an impoverished people, in the attitude of a detriment and a damage.
This is the attitude of the First National at present, but there is yet time to repair the error made. The deferred meeting of Stockholders is to take place on Feb. 17th. Let them then elect a Board of Directors who will favor only fair salaries and be content with fair profits. If their cashier is unwilling to serve for a fair compensation, then appoint some other person. There is no lack of Banking talent, experience and long tried, in this community, which can be secured at a fair compensation, say from $1500 to $2000. (We allude here to talent for legitimate banking--first rate shavers can be secured at much lower rates--say $1000 per annum.)
Stockholders see to this at your deferred meeting, and remove the odium which attaches to the unprecedented salary just granted your cashier, simply on the ground that he has made large profits at the expense and out of the necessities of our people. The future popularity and consequent prosperity and efficiency of your Bank depends largely on your action in this matter.
(Column 01)Summary: The paper reports that 34 African American men left Staunton on Friday to move further south, and many others plan to go.[No Title]
(Column 01)Summary: A brick dwelling and frame kitchen on the farm of B. T. Bagby burned on Thursday night. The fire destroyed $600 worth of furniture and did $3,000 worth of total damage. Bagby was insured for only $1,700.[No Title]
(Names in announcement: B. T. Bagby)
(Column 01)Summary: La Rue's "celebrated corps of eighteen distinguished minstrels" will perform in Staunton at the Town Hall on Friday and Saturday. The troop won rave reviews in Richmond.[No Title]
(Column 01)Summary: The Rev. W. T. Richardson is stepping down as the pastor of the Presbyterian Church of Waynesboro and is leaving the congregation to take a post in Warrenton. All wish him well.Building Associations
(Names in announcement: Rev. W. T. Richardson)
(Column 01)Summary: The Staunton building association held its annual meeting of stockholders. It had been in operation for 35 months and the value of each share is $83.03. The following officers were elected: J. B. Evans, president; A. M. Bruce, G. F. Elick, J. H. Waters, E. M. Cushing, H. H. Peck, W. J. Nelson, directors; H. Ker, secretary and treasurer; S. A. Hoshour, P. B. Hoge, T. A. Bledsoe, trustees. The Mechanics Building Association also held its meeting. It has been in business 17 months and shares are worth $47.55. The following officers were selected: P. B. Hoge, president; W. C. Eskridge, William H. Gorman, Dr. B. H. Atkinson, M. P. Bunkhouser, W. H. H. Lynn, W. A. Burnett, directors; James Ker, secretary and treasurer; J. A. Piper, C. E. Hoge, E. M. Cushing, trustees.Married
(Names in announcement: J. B. Evans, A. M. Bruce, G. F. Elick, J. H. Waters, E. M. Cushing, H. H. Peck, W. J. Nelson, H. Ker, S. A. Hoshour, P. B. Hoge, T. A. Bledsoe, W. C. Eskridge, William H. Gorman, Dr. B. H. Atkinson, M. P. Bunkhouser, W. H. H. Lynn, W. A. Burnett, James Ker, J. A. Piper, C. E. Hoge, E. M. Cushing)
(Column 02)Summary: J. W. Berry and Miss Molly E. Shultz were married at the residence of the bride's father in Greenville on January 11th by the Rev. William Pinkerton.Married
(Names in announcement: J. W. Berry, Molly E. Shultz, Rev. William Pinkerton)
(Column 02)Summary: Dr. I. W. Gilkeson and Miss Kate Gillum, daughter of the late Dr. P. G. Gillum, were married in Greenville at the residence of the bride's mother on December 23rd by the Rev. James Murray.Married
(Names in announcement: Dr. I. W. Gilkeson, Kate Gillum, Dr. P. G. Gillum, Rev. James Murray)
(Column 02)Summary: J. P. Brown and Miss Martha Reede, both of Augusta, were married near Stuart's Draft on December 30th by the Rev. C. S. M. See.Married
(Names in announcement: J. P. Brown, Martha Reede, Rev. C. S. M. See)
(Column 02)Summary: John Graham Effinger and Miss Sallie H. Jones, daughter of the late John Jones of Richmond, were married on January 6th by the Rev. C. H. Read, assisted by the Rev. J. E. Edwards.Married
(Names in announcement: John Graham Effinger, Sallie H. Jones, John Jones, Rev. C. H. Read, Rev. J. E. Edwards)
(Column 02)Summary: William Blackburn and Miss Margaret Greaver, both of Augusta, were married on December 30th by the Rev. D. B. Ewing.Married
(Names in announcement: William Blackburn, Margaret Greaver, Rev. D. B. Ewing)
(Column 02)Summary: Phillip D. Tutwiler and Miss Virginia Echerd, daughter of Phillip Echerd, were married at the residence of the bride's father on the Long Glade by the Rev. John Pinkerton.Married
(Names in announcement: Phillip D. Tutwiler, Virginia Echerd, Phillip Echerd, Rev. John Pinkerton)
(Column 02)Summary: Capt. J. W. Bridge and Miss Serepta Lunsford, daughter of William Lunsford, all of Augusta, were married at Winter Green on January 5th by the Rev. John N. Lockridge.Obituary
(Names in announcement: Capt. J. W. Bridge, Serepta Lunsford, William Lunsford, Rev. John N. Lockridge)
(Column 02)Summary: Janette Taylor Bell, daughter of H. M. Bell of Staunton, died on January 2nd. "This community has scarcely been called upon to pay their last tribute in a case of deeper sadness or greater grief." The grief and sympathy of each of Janette's schoolmates was particularly touching.Obituary
(Names in announcement: Janette Taylor Bell, H. M. Bell)
(Column 02)Summary: George W. Frame died near Spring Hill, Augusta County, at the residence of his father on December 26th of consumption. He was 28 years old. He had been living in Illinois but returned to Virginia in the hopes of regaining his health.
(Names in announcement: George W. Frame)