Newspapers / The Carolinian (Raleigh, N.C.) / July 31, 1948, edition 1 / Page 9
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«cH i #Sr iinßiWKrsarM #4T '" 4gjsfc ***-*~~-~-J*Ate'- . ._., /V/V>Sn PRESIDENT CHARLES CLINTON SPAULDING » As may ba gathered from this page, the operation of a modern -jp tft-dafe bank is a highly specialized and exacting task toward wtme effective accomplishment the officials and personnel of the Mechanics and Farmers Bank of Durham and Raleigh have duvotod every ef.l rs to better serve the people of Eastern North Carolina. In the upper picture, center group, are shown some of the members of the hank’s Board of Directors and officers who include: C. C. Spaul ding, president; J. H. Wheeler, vice-president and cashier; E, R. Mer rick, vice-president; Clyde Donnell, vice-president; G. W. Cox, vice president; L. E. McCauley, vice-president: Raleigh Branch: J. E. Strick land, vice-president and manager, Raleigh Branch; P. W. Hcdley, Jr., assistant cashier; D. H. Keck, assistant cashier, Raleigh; T. D. Parham, trust officer; J. C. Scarborough. Jr., assistant trust officer,- J. S, Hugh son, auditor: F. L. McCoy, R, N. Harris. C. A. Haywood, W J. Kennedy. Jr,; A. T. Spaulding and J. S Stewart. In the middle picture, center group. Mme, Jacqueline DeSbazor. prominent Durham businesswoman is shown purchasing the first Booker T. Washington commemorative half dollar when they were placed on sale at the bank. The lower scene was photographed as residents of Dur ham end surrounding area visited the bank during a recent open house. In the circular inset in the lower group of pictures is shown J. E. Strickland, vie* president and manager of the Raleigh Branch. Bank Reflects Ideals Os Head If any one person can be said to have had a greater Influence upon the destinies of the Mechanics and Farmers Bank of Durham and Raleigh, that one person is Charles Clinton Spaulding, president of the bank and dean of American Negro businessmen. Associated with the institution since its founding. Mr. Spaulding has imbued the institution with much of his penchant sos thoi pufhness, his own keen business: acumen and his ability to surround himself with others of capability ahd promise. First at an employee of the bank, ; serving for some time as its cash ier and for the past ;*f» years as its president, Mr. Spaulding has passed on to those associated with him his own firm belief tha* the way to success lies through prepar ation and service A North Carolina farm boy, Mr Spaulding turned to Durham early in life with an idea of preparing himself and then entering into his chosen field of bu-mess. Working during the slay and school at night, a routine which has often proven its worth on the American scene, paid dividends j also for Mr Spaulding. The bank was well on its way to success when Mr Spaulding was Near $15,000 Contributed In D. C. Toward Colleges WASHINGTON, D. C. - Already more than 500 individuals and bus iness corporations have contributed $1 4.98273 toward Washington’s share j of the $1,400,000 sought nationally ; to aid 32 private accredited Negro ! colleges, ii was announced today by John L. Burling of the Justice i Department, ehairmah. Effort is j being made to double rhe local to- j t«l by August 1. Citing the public interest and j generous support given the cam- : paign in Washington and 85 other j cities of the nation thus far as evi dence of the National concern with j increased opportunities for Negro | higher education Mr- Burling slat- j ed that the ‘constructive thfluenor j of the private Negro college and elevated *o its presidency ill 1922 Since that, time its initial momen tum has increased and has. resulted in progress which has made it one of the largest Negro banks in America, and one of ;ho most ef ficiently operated banks in Amer ica. From the standpoint- of person nel, plant and furnishing? the Pres-1 iden' of the Mechanic mid Farm er- Bank has repeatedly voiced his determination that the institution shall be equipped to do a “compe-J tetive' job The bank's record for service and 1 stability shows what ha? been ac complished. The bank’s future will \ show what can be done. The repu ta’ion of the bank mirrors that oi | its president. Os Mr. Spaulding it has been j said, "The intimate knowledge of business, the proved ability, and | the unswerving integrity that from ! the beginning have characterized j his activities are seldom matched j in the business world.'' To these add an unflagging oner- i gy and a driving desire to serve and to see the eronomit cmancipa- . tton of the Negroes of America and j you will have a picture of Mi I Spaulding* You will also have a picture of | the Mechanics and Farmer? Rank ' of Raleigh and Durham. ; universities is felt in ,-vt i part <>) ■ the nation.” "In these uncertain times, there I jtr greater need than ever for mow [young 1 men and women trained in | the responsibilities of citizenship 1 The graduates of lire Fund’s Negro j ! colleges who become teacher.-, min jisters, and other community lead . ers among members of their race • arc .a stabilizing force for national ' | unity.” Mr. Burling said. “In that ares of the United ; States in which the largest pari of the whole Negro population lives. . the colleges which are members of I the United Negro CoTletfe Fund j supply substantially the only op | ponunities which Negro men and women have for higher education, .^DURHAM- RALEIGH J w* ? Wf ’3SSI- i 1- *r j sL,. •-, j »■ I P? 1* i £ - *e f f STATEMENT OJ* CONDITION MECHANICS AND FARMERS BANK i AT THE CLOSE OF BUSINESS JUNE 30, 1948 ASSETS Cash in Vault and Due from Banks S 543,354.00 11. S. Government Bonds 2,254,356.97 State and Municipal Bonds 59,249.03 Other Bonds 543,214.19 Accrued Interest on Bonds . 10J32.56 Stocks 1,200 u- 1 Loans and Discounts 1,565.133.89 Ranking House 13.860.00 Furniture and Fixtures 11.839.70 Other Assets ... 15.00 TOTAL ASSETS . .. 6,002.955.3-1 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION lb ..v,.h..r.m.vrgn-uTiwnMT...»»■■■ . - | LIABILITIES Common Stock $ 114,000.00 Preferred Stock , 35,000.00 Surplus 70,000.(0 Undivided Profits ... 25,055 3. Reserve for Dividends payable in Common Stock .61,000.00 Reserve for Contingencies 23,393.74 Unearned Discount 12,627.20 Other Reserves . . 22.875 44 DEPOSITS 4,639,003.59 TOTAL LIABILITIES & CAPITAL ACCOUNTS 5,002.955.54 VICE-PRESIDENT AND CASHIER J. H, WHEELER In the lower group of pictures are shown a few ts the typical op#- rations involved in a bank employee's day. In the two upper photo graphs two employees are shown, using the most modern and up-to-date bookkeeping machines for posting and for sight-posting. At the lower left another employee is shown as he operates a proof ing machine. This machine, a comparatively recent invention, processes all checks passed through the bank in the course of ihe day. As each check, money order, or _ihor piece of negotiable paper is passed through the machine it is entered on one of a half-dozen tapes which emerge from ihe back of the machine. This considerably facilitates checking the bank's transactions at the close of the day and enables on# person to accomplish work formerly cidne by three in a considerably longer time. Another machine, not shown, photographs every check, money order, voucher or draft passed through the bank. Recorded on virtually in destructible film, the pictures of the checks may be projeetd and their images studied for comparis* n of signatures or other purposes after days, months or years, leng after the original paper has been destroyed. At the lower right W. H, Hccksiai), teller cf the bank is shown with J. C, Hubbard, county farm agent, and Vocational Agriculture in*irue tor Wynn as Mr. Hecksiell presents a pure-blooded and registered calf to Miss Ruth Dunnigsn a Durham County Four-H and New Farmer* of America member. Service Marks 40-Year Career Four decades of uninterrupted f'-naneiai service to the residents if eastern North Carolina marked bv a growth in assets from $lO, 000 to more than $5,000,000. that’s the modern da> success story of the Mechanics and Farmers Bank of Durham and Raleigh. The real success story, how ever, lies not in the bank's finan cial growth over the oast forty years, outstanding though it may i>e. but in the role which it has ' played in the lives of the every day people who live within its) trading area. The idea which in 3908 was j uppermost in ’he mind of R. B. Fit/gevald. the bank's founder; and first president, has contin ued during the years since to in .fiuence, guide and direct the in ! stitutionV policies and practices. , Built Upon Service That idea was one of service | and of financial assistance to the . .Negro home owners and busi- ' r< ssmen of the eastern part of j I'm State. Just how well the institution i h is succeeded in the carrying out oi this idea is indicated by the ! fact th.nl it has financed the con- j s truction of several thousand Ne- , gro homes in the area which it ; si r ve»;. ; Tn the seme manner it has on- j nbled the purchase and supplied ■ She work ip" capital for hundreds of small businesses »rd farms • di"'in r> th“ same period. D«.ripi» the year of 1947 clone j thi Mechanics and Farmers Bank' nmcle •> total of fiS* 1 loans- io. tjj-jc.<- erorp than one million . ’•-liars r>nrin» the same veer | ’he r.-r<~«.7afion vved more j for ‘ T>r*s?rutf!» V,IH- ’ nri *r> i« I' \ - -t -■ nf xxrV.rwn r** I f*,4-Ur»r- pf&Hvn «?’*"*v rr*i A h i 4 'w r\ <■-. I/» 1 n •• T ‘' 'X’vse KM C" IS *• | ■rl •■" t-* jrt .*♦ ’ 4 *n ** ” *n V*[\r> •». »*ej -f - > i -•*>•.' ♦I /*4 OP -S rtWi e j V* 44. *** j r* ....... ii, „ 1.... t„ rs—- *■ . J ■ j T^,,.ff r -.+ T» -V j -u. v 1 4 —.>« - a'- 5 ......... « ... .* .. V ■. A ..<• ’ I i ** f.Sth | ’ . -.*«U ,'t Vnc ecv.v,,^ rvjn- -*• <f -T T» •■V!-'. j ' *• '' -*** '*'*+■*■ n... K ,.n o’* j ir 1022 came as a matter of nor- mal expansion. Undgr the leader ship of the late Bern- O'Kelly, vice-president in charge, the Ra jcigh Branch soon attained a sta ture and prestige which command respect in the business and finan cial world. Personnel Policies No small part in the success of the bank has been due to ths. i .re which its management has utilized in its initial selection of ! capable and well trained person nel and then in the effort which I i! has exercised further to train these employees to meet its spe cific- needs. Stressing the policy of the insti tution to elevate its own person nel to positions of responsibility. J. H. Wheeler, vice-president and cashier, pointed out that at no time has the hank been in the position of having a completely new or strange set of officers at ■ its head. “The key personnel” he said, ; "come up through the ranks. Bach group passes on its knowl ’ edge and experience to the group ; which follows it. As a result there are no sudden upheavals | in policy nor need for the com plete training and orientation of a new executive.” The dividends which this po licy has paid were never more clearh demonstrated than during and following the chaotic and : calamitous financial upheaval of -he early thirties which found much larger and older banks ’hroughout the nation closing fl -"'ir doors. Weathered Bank Holiday The Mechanics and Farmers Bank moved steadily through ♦>.» depression and the ensuing fin ancial nr-nic. Fnfl»win? th*» Snrtlr w-tr holiday which was exiled in nr- sn r-mervenev mansur* ‘oc- Ralei‘*h Branrb ”-as 0* *.iro i— ’he Capltsi’ "-t'T’h nnn-♦Vr.l— rln—v-- —r. rb -* VV.n ro- I ’-,1 n-H «». *• ts - vnft-iJr* ♦V*5 ■* U*i-» portani*! '•' Mslr l Ur> V» % rx I !** ’•nHnr'rJ r.* 4 ■ -.1 „ ’ r e *U „ V* '>“*„i.i M r, „4,;0V npli'c tlsn, 'nr •*>4 r + + *l-, *- onof 1 «. r op] f’sr'tl »4 1* V --.Mol-r. V- S. - •’t ?w, ; Continued on fsa«s g. 3nrii Section^
The Carolinian (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 31, 1948, edition 1
9
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