Newspapers / The Pinehurst Outlook (Pinehurst, … / April 27, 1922, edition 1 / Page 6
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TEE PINEHUBST OUTLOOK TAGE 6 North Carolina Bankers in Session at Pinehurst Men's Golf and Sports Suits Something besides pleats. Something besides belts. Something besides pockets. Genuinely hand-tailored in Imported and domestic fabrics. Four-Piece Hand -Tailored Suits $50. to $75. Two-Piece Hand-Tailored Suits $45. to $50. Over 50 Hand-Tailored Operations Hand-Work at the cprice of Foot-Work FIFTH AVENUE, NEW YORK i Men's Shops Separate Entrances on West 38th and 37th Sts. The twentr-sixtli annual convention of the North Carolina Bankers' Associa tion opened at Pinehurst on Wednesday of this week with a record attendance of more than 300 members. The finan ciers launched upon a three-day pro gram that will give special considera tion to North Carolina's agricultural, financial and commercial problems. The bankers, their wives, daughters and lady-friends are in complete charge of events for the week. The registra tion is one of the largest in the twenty six years of the association's history, and while there is plenty in the way of entertainment features to attract the delegates, the character of the program prepared promises serious consideration of a number of matters pertaining to the state. The opening session on Wednesday morning Avith invocation by Rev. T. A. Cheatham, was taken up with the ad dress of welcome by former Congressman Robert N. Page, response by T. A. Avera of Rocky Mount, the annual ad dress of President Dumay, and an address on "How to Make North Caro lina Farms Pay Dividends" by C. C. Kirkpatrick of NeAvbern. Agriculture and agricultural affairs especially will receive a great deal of attention and will be discussed from all angles. As a fitting reminder in this respect the Pinehurst Farm has on exhibit at the Carolina wonderful specimens of Avhat science and care can do in farming. There is Tootsie Mitch ell, one of the famous Ayrshire cows, and near her is a huge milk can of hold ing capacity of 1,712 gallons, and 723 one-pound butter cartons representing the production of this coav in one year. A thoroughbred Berkshire soav with ten or twelve husky youngsters at her side, Avhile in striking contrast is a "piny woods rooter" with her one nursling, exemplifying " the difference in size, ap pearance and productivity between the scrub and blooded stock. It is evident that the banker feels more keenly than ever before his duty and responsibility in the progress and well being of his community; that it should be the policy of the bank to encourage in every Avay possible the growth of those basic industries of stock raising, dairying, fruit groAving, etc., and the spirit of these assembled hosts is for a richer and greater North Carolina. In his address of welcome on be half of the Moore County bankers, Mr. Page told the financiers that from the very spot on which he stood he had cut the original growth of pine trees from a primeval forest in which there Avas not a single house for miles around. "And I am still a young man, as you can see" he reminded the bankers. In one decade he had seen the banking resources of Moore County grow from a quarter of a million to five million, and the secret of this groAvth he declared, Avas because the people of this section had learned that "damn-Yankee" Avas not one word. His address in part follows: "In this section Ave have cultivated a recep tive attitude. Much of the progress Ave noAV enjoy is attributed to this. We have entertained a great many distin guished gatherings in the past feAv years through the generosity of the owner of Pinehurst ; but Ave extend to the bank- , ers a peculiar Aveleome. Within the lifetime of. this generation upon Avhich you now see thousands of acres of peach trees, hoav ladened with the promise of abundant yield, Avas a primeval forest. Within a period dating back twenty fiVe years the agriculture of Moore County Avas nil. Less than twenty years ago the banking capital Avas negligible and ten years ago the total deposits of the Moore County banks did not reach the sum of $250,000. Today the resources of the banks of Moore possibly exceed five million dol lars. This has come about not so much through the initiative of those of us Avho Avere natives as of those Avho came here and helped us develop it. I am going to confide to you the secret of Avhat lies under this prosperity. We learned some twenty-five years in this particular section of North Carolina that "damn Yankee" Avas not one Avord and we have, with open arms, welcomed them into this community. We lm-e become tolerant enough to even alloAV our breth ren from the North, particularly if he AA-ould spend seA-eral thousand dollars on a peach orchard or a feAv millions developing a tourist resort, to A'ote the Republican ticket without censure. We are holding out both hands to the stranger who comes Avithin our gates. During the period of depression and fluctuation through Avhich Ave have re cently passed, none haA'e exhibited greater courage than the men who have been in the banking business in North Carolina. In spite of our stress, in spite of the great decreases that have confronted the bankers of this state, no finer job has been done Avithin my ob servation than the accomplishment of the bankers in tiding OA'er a period of such stress, not so much to the banks as to the business interests of the people of North Carolina. During this period of the last eighteen months when Ave Avere greatly distressed because of the calls that Avere made on us for money in the various fields in which Ave operate, and Avith the Federal Resen-e Bank car rying a discount rate of 7 1-2 per cent and Avhen Ave Avent to Ncav York to get the funds that Avere pressing, we had to pay eight per cent, the North Carolina banker reached in my estima tion the pinnacle of his achievement, borroAving money at eight per cent and lending it in North Carolina at six, all the Avhile piling up a surplus and pay- A Tjr
The Pinehurst Outlook (Pinehurst, N.C.)
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April 27, 1922, edition 1
6
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