NORTH CAROLINA BANKING EDITION.—PAGES 1 TO 8.
The News and Observer.
vol: liii. no. 90.
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Bankers State Association
Held Most Successful Meeting in its His
tory at Wrightsville, June 24th
and June 25th.
LEE. H. BATTLE CHOSEN PRESIDENT
Addresses by Caldwell
Hardy President of Asso
ciation and Other Prom
inent Bankers. Prove
Royal Hosts. Fuli Re
port of The Proceedings
And Full Text of Ad
dresses.
(Special to News and Observer.)
Wrightsville, N. C., June 27.—The North
Carolina Bankers Association closed the
most interesting and successful history of
the Association yesterday afternoon after
the election of officers for <the next year.
This year’s session was held at the Sea
shore Hotel at Wrightsville, under the in
vitation of the Chamber of Commerce of
the city of Wilmington. Every comfort j
and convenience and courtesy was shown '
to the bankers and their wives, who were
present, and in addition to the business
transaction and the valuable papers read
and addresses made, the social features of |
the association were most delightful to ah j
whose good fortune it was to be present, j
It was in every respect the most success- j
ful meeting in point of attendance, in the j
ability at the addresses delivered, in the
social pleasures, and in every other way. j
There was not a dull minute during the
session of the Convention, and the bank- :
ers returned to their homes charmed with
the hospitality of their brother bankers!
of Wilmington and other citizens of the
metropolis -of North Carolina, w r ith the;
delights of Wrightsville as a sea-side re j
sort, and strengthened by the spirit of
the gathering and edified by the addresses
delivered.
RECEPTION TUESDAY NIGHT,
The Association received the most cor
dial, formal pnd informal greeting on Tues
day evening at an elegant reception tend
ered by the Wilmington Chamber of Com
merce to the members of the State Bank
ers Association and to invited guests, in
cluding the leading citizens of Wilming
ton. This reception, elegant in all its ap
pointments, was in charge of the enter
tainment committee appointed by the
Chamber of Commerce of Wilmington, and
was composed of the following gentlemen,
representative bunkers of North Carolina’s
chief city: Messrs. Andrew Moreland,
chairman, cashier Atlantic National Bank;
J. V. Grainger, cashier Murchison Nation
al Bank; M. F. Allen, cashier Atlantic
Trust and Banking Company; C. E. Tay
lor, cashier Wilmington Savings and Trust
Company; F. W. Dick, cashier, People’s
Savings Bank, and C. P. Holies of Hugh
Mcßae & Company.
This committee had planned delightful
entertainments for every day and evening
of the meeting, including excursion by
steamer Wilmington to Southport and
twelve miles out to sea, touching at Fori
Fisher and Fort Caswell; luncheons, re
ceptions, banquets and every sort of en
tertainment that could give pleasure to
their visitors. The bankers and their
wives and others who were present at
these entertainments voted this commit
tee and the Wilmington Chamber of Com
merce ideal hosts.
COL. WADDELL'S ADDRESS OF WEL
COME.
The formal and official welcome in be
half of Wilmington’s Chamber of Com
merce was extended in an el»*quent speech
by Hon. Alfred M- Waddell, formerly
mayor and member of Congress and one
of the most accomplished orators and
statesmen that North Carolina has ever
produced.
Colonel Waddell said:
At 9:30 Tuesday night the association
was briefly called to order by Mr. Geo.
W. Montcastle, President of the Bank
of Lexington and president of the asso
ciation. Mr. C. N. Evans, Cashier of
the Merchants’ and Fanners’ National
Bank, of Charlotte, and secretary and
treasurer of the association, was present.
After calling the convention to order
President Montcastle few words in
troduced the Hon. Afred Moore Waddell,
who, he announced, would deliver the
address of welcome on behalf of the Cham
ber of Commerce of Wilmington. Colonel
Waddell was greeted with hearty applause
and said in part:
COLONEL WADDELL’S WELCOME.
Mr. President and Gentlemen of the North
Carolina Bankers’ Association:
“On behalf of the Chamber of Com
merce of the city of Wilmington I bid
you a cordial welcome, and beg to assure
you that no draft you can make upon
their hospitalities will be considered ex
cessive, or subject to any discount, or
days of grace, but will be promptly hon
ored, and even as a delight
ful privilege. Indeed, I will say (in con
fidence and never to be reported to the
district attorney), that they have formed
a trust for the express purpose of ex
cluding all competition and of absolutely
controlling your transportation and sup
plies in this territory.
“My duty as their representative on
this occasion is simply to extend a wel
come, and not to discuss any question
affecting the banking interests of the
country—even if I were competent or in
clined to do so —or to make any sugges
tion, however modest, in regard to mat
ters which may come before you. The
very word ‘banker’ has an imposing
I
LEE H. BATTLE,
Tlie New President of the N. C.
sound, and conveys to the mind of the
ordinary citizen the image of a dignified,
baldheaded and corpulent person, wear
ing a high collar and white vest, who
possesses a profound knowledge of the
mysteries of finance and smells of green
backs, and who is therefore not to be
approached lightly or tendered gratuitous
advice.
His is a very ancient occupation, as
the Scriptures will testify, although he
does not now select the same place for
the transaction of his busienss that
some of his predecessors did at Jerusalem
about nineteen hundred years ago, when
the banks, (or benches) were overturned
on a memorable occasion, which I believe
was the first recorded bank failure. But
in every age, and in every country, he
has been and is more and more a chief
power and influence in the direction of
public affairs —indeed, it would hardly be
extravagant to say the chief power—and
is therefore a person not to be over
looked.
“The Chamber of Commerce fully real
izes that fact, gentlemen, and will try
to govern themselves accordingly. They
hope apd expect to receive much pleas
ure and instruction from the discussions
of your body, as they uid some months
ago from the able and learned financial
address of Hon. Mr. Vanderlip at the
banquet which they tendered to him in
Wilmington.
“Now I do not know whether or not you
contemplate discussing the general finan
cial condition of the country, or the new
asset or credit currency scheme I see no
intention of it on your beautifully print
ed programme—but, without expressing
an opinion upon that, or aoy other finan
cial scheme I am obslutely and positively
sure and can therefore safely say that,
among those who carry light purses and
no bank books, there is a solemn and
unanimous conviction that there is not
enough currency in the country to meet
the demands of business, and that if your
body can devise a method of supplying
it to their satisfaction your meeting will
be a stupendous success.
“For some years past, and ufttil a re
cent period there was a continuous car
nival of debate in every nook ami cor
ner of the land over every phase of the
money question. The amount of wind
expended somewhat exceeded the quan
tity of information imparted, but even
that was finally exhausted, and a calm
and restful season followed in which
we will repose, and from which there
does not seem to be any very loud call
upon us to bestir ourselves. Certainly
no one can complain of a want of variety
in the currency, whatever he may think
of the sufficiency of the supply, for every
kind circulates, including a limited
quantity of Confederate notes, on Satur
day flights. This variety is. perhaps, the
spice of currency life, and I really do
not know how a sharper taste could be
given to it, unless we resort to the good
old Colonial system and add wampum,
RALEIGH. NORTH CAROLINA. SUNDAY MORNING, JUNE £8 1903.
!
whiskey, fur and tobacco, and have a
law enacted, as they did in Colonial North
| Carolina, making them a full legal tender,
and imposing a double penalty, with dis
j franchisement and disqualification to hold
: office, on any one who refused to take
them as such. That has always been
, tny ideal of currency legislation but 1
promised not to press my views upon you
on this occasion.
J “Allow me to say, however, before
taking my seat that your occupation—
the handling of other people’s money and
reserving the profits for yourselves—must
be a delightful one, barring accidents.
Considering its antiquity, its respectabil
ity, and its scoopability the wonder is
j that more people are not engaged in it;
‘ but it is growing in your State rapidly,
; and I trust that at your next annual
I meeing—which will, or course, be held
! here—there will be many more of you
to receive the hearty welcome which I
now again most cordially extend you
on behalf ot our people.’’
Colonel Waddell was very happy and
entertaining in his remarks and in his
short address alluded to mention of banks
and banking in the Bible, where the rich
man gave his servants pounds and talents
and required usury of them. He was
heartily applauded throughout his speech
j and closed amid an enthusiastic demon
i stration.
COL. FRIES RESPONDS TO ADDRESS
OF WELCOME.
The response to Colonel Waddell’s hap
py address of welcome was made by Col.
F. H. Fries, president of the Wachovi*
Loan and Trust Company, of Winston*
Salem, N. C. Friends of Colonel Fries
knew that he was capable of anything in
the banking line, but he surprised them by
his gift and grace as a public speaker.
Colonel Fries said:
THE P.ESPONSE.
“To the Members of the Chamber of Com
merce of Wilmington, N. C.:
“We, the members of the North Caro
lina Bankers’ Association, and visiting
friends,- deeply appreciate the eloquent j
words of welcome that have, been
aptly spoken by bur distinguished friend,
Voionel aured M. Waddell, than whom
none is more distinguished and eloquent
in all this beloved State from which we
I come and in which we are assembled. We
have been delighted and honored by be
: mg thus addressed, and I sincerely wish
I had the gift to fittingly reply; I am
encouraged to undertake this pleasant
duty assigned to me because I ;un con-
I seious that you will not expect more
! than a heatrfelt acknowledgement, ex
pressed in plain and simple wopds, be
fitting the calling in which most of us
are engaged
“ln the days of our forefathers, when
the ancestral home was the log cabin,
the entrance to which was fastened by
the wooden latch, raised by the leather
thong, the owner left the latch strini
hanging knotted on the outside, so tha»
friends might come in and make them
selves at home; the idea was a beauti
ful one, bespeaking the truest confidence
! in the friends who were thus admitted,
to what was in those days the host’s en
tire possessions; but after all, this prover
bial welcome lacked the warmth and
charming influences of such a greeting
jas we have received here; where we are
met with the warm handshake and good
j cheer and are welcomed into the wide
open door that leads to the unstinted hos
pitality of our friends.
“It is a most delightful welcome which
you have extended to the bankers, who
come from all over the State, to this oc
casion of their annual holiday. They
come from the western part, where in
greenest verdure the lofty mountain
j peaks stand sentinel over the most beau
tiful land that can be found on this
beautiful earth, where the azalea, the
kalmix, the rhododendron in greatest pro-
I fusion and loveliness garland the coves
and glens of the mountains in away that
is beyond description, beyond even the
powers of this gifted orator who has just
addressed us. I have just recently re
turned from a short trip to the beautiful
Sapphire country and the Tranalvania
mountain region an., know the bankers
of this section would misrepresent their
country, if they did not come with joyful
hearts and smiling laces from the midst
of those grand and beautiful surround
ings. They come from the Piedmont sec
tion like our worthy president, happy
over the prosperity of the many mills and
factories that artrspinning their yarn from
eight cent cotton, and shipping the pro
duct ot their factories, fields and forests
all over this and into foreign lands. They
come from the east, where the memory
of eight cent cotton may cast a momen
tary shadow as they think of what might
have been, but it passes away with the
thought of the thousands of car loads of
fruits and berries that have rolled away
and have come again with hundreds of
thousands of dollars that have found their
way into their vaults and safes, where
moth and rust do not corrupt—(seldom)
—break through and steal. They come
from beyond the State, these brothers
that have strayed from us, and whom
we are delighted to see, with evidences of
prosperity deservedly gained and positions
worthily won, the most noted, anil per
haps the best beloved of them clothed
with the highest honors that can be be
stowed by the largest association of the
best bankers the world has ever known.
“Happy and joyous they all come to.
this annual family reunion, and it, is most
appropriate that the reunion is at this
(Continued on Second Page.)
NORTH CAROLINA
Banks and Bankers
OUR BANKS AND BANKERS ..C ..6 ..6
*
The growing prosperity of our State is
well indicated by the steady increase of
our bauks and banking capital. Banks
mean accumulated fnoney. Accumulated
money means industry, economy, thrift
and prosperity. Industry creates wealth,
money means industry, economy, thrift
all combined create prosperity. Money is
the measure of business, and banks are
the storehouses and distributors of money.
Our banking resources now amount to
forty-three million dollars of which
State banks furnish $21,985,158.83, and the
National kinks $21,398,295.28. We have a
total of one hundred and seventy-seven
banking establishments. During the last
twelve months thirty-four new banks
have been added, and the banking capital
has increased nearly two millions.
This is a splendid showing. It means a
solid bottom of genuine prosperity when
an old State like North Carolina, without
any boom or spurt, but by hard industry,
economy and thrift moves forward at a
steady gait to the sure goal of prosperity.
Our banking interest is now one of the
largest in the State. Certainly it is one
of the most important, for it gives power
to all the others. As money is one of the
greatest inventions of the human mind,
created by the necessities of trade, so
banks, the marts of money, rank among
the greatest, most useful and most power
fu products ’< | factors of modern life.
T! t ;.,,v ,j vvbii monej
th a- UJ ■ out ihj
CUNDIIiUN OF NORTH CAROLINA
BANKS, STATE AND NATIONAL
Aggregate Resources, $46,383,454.11 Combined Capi
tal $7,820,550.87, Sum of Deposits,
$26,662,676.19.
STATEMENT OF THE AGGREGATE
RESOURCES AND LIABILITIES OF
THE STATE, PRIVATE AND SAV
INGS BANKS, ACCORDING TO THE
REPORTS TO THE CORPORATION
COMMISSION OF THE CONDITION
AT THE CLOSE OF BUSINESS APRIL
9TH, 1903.
RESOURCES.
Loans and Discounts $16,055,112.90
Overdrafts 225,753.28 j
United States bonus 13.220 00 {
North Carolina State bonds.. 98,160.56
All other stocks, bonds and
mortgages 833,911.54
Premium on bonds 14.388.31
Banking bouses 361.139.48
Furniture and fixtures 176.188.88
All other real estate 164.222.98
Demand loans 754.173.75
Due from banks . 4,093.751.25
Cash items 259.798.16
Gold coin 231.501.84
Silver coin 253.394.47
National bank notes 795,689.11
Miscellaneous 654.752.32
Total $24,985,158.83
LIABILITIES.
Capital stock $ 4,243,050.87
Surplus fund 631,239.99
Undivided profits 703,925.15
Dividends unpaid 6.772-65
Notes rediscounted 215,999.54
Bills payable 219,629.11
Time deposits 1,364,831.58
Deposits subject to check.... 15,453,377.42
Demand certificates 970.219.12
Due to banks 296,068.49
Cashier’s checks 78,597.18
Certified checks 36,337.86
Miscellaneous 765,109.87
|
Total $24,985,158.83
It will be noticed that there is $15,453,-
377.42 on deposit subject to check in these
banks only. This amount does not in
clude that on deposit in the numerous
National Banks.
manufacturer with goods. Without money
both food and goods would be less easily
obtained.
Money is a medium of exchange for all
communities. It enables the producer to
sell his stuff without looking for the con
sumer. It is the ‘‘go-between’’ for every
man that has something to exchange and
the unknown final purchaser. Money is
also a measure of value. It reduces all
things to one great common denominator
of value. Wheat, books, laces, cattle,
•horses, land, swine, ships, songs, sermons,
and speeches are all rated and compared
by money. By money the farmer ex
changes a calf for the training of his
child; the housewife sends a letter across
the continent in exchange for an egg:
the boot-black polishes shoes in exchange
for bananas or dates. Money is also a
standard of value. It makes possible con
tracts extending over long periods of time,
even over centuries. Tt measures the
past, the present and the future.
We are proud of our North Carolina
banks. We are still prouder of our bank
ers. They are not only progressive, pub
lic-spirited, and patriotic, but are men of
humane and sympathetic motives. They
help to promote all good enterprises. They
ere forward in all movements making for
public progress and advancement. Many
of them are not only bankers, but also
farmers, manufacturers and merchants.
Indeed we have no entirely distinct and
separate class of bankers. They are m
every sense of the word not only of our
people, bust also with us and for us.
, STATEMENT OF THE RESOURCES
AND LIABILITIES OF THE STATE
OF NORTH CAROLINA. AS SHOWN
BY THE REPORT OF CONDITION
MADE TO THE COMPTROLLER
OF THE CURRENCY AT THE
CLOSE OF BUSINESS ON JUNE
9, 19U3:
RESOURCES.
j Loans and discounts $13,221,446.96
j Overdrafts 198,831.59
U. S. bonds to secure circula
tion 2,054,750.00
U. S. bonds to secure deposits. 883,800.00
U. S. bonds on hand 25,000.00
Premiums on U. S. bonds.. 77,533.20
Stocks, securities, etc 325,585.88
Banking house, furniture and
fixtures 381,295.04
Other real estate owned * 49,904.7«
Due from other national banks 1,065,019.95
Due from State • banks and
bankers, etc 713,985.24
Due from approved reserve
agents 1,034,575-41
Internal revenue stamps 1,023.25
Cheeks and other cash items.. 145.311.22
Bills of other national bauks. 109,082.00
Fractional currency, nickels,
and cents 15,862.32
Specie 602,359.70
Legal tender notes 404.499.00
Redemption fund with Treas
urer U. S 84,230.01
Due from Treasurer U. S 4.189.75
Total $21,398,295.28
LIABILITIES.
Capital stock paid in .$ 3,577.500.00
Surplus fund 1,177,500.00
I Undivided profits, less current
expenses and taxes paid 828,242.92
National bank notes outstand
ing 2,013.040.00
Due to other national banks. 963,519.05
Due to State banks and bank
ers 740,590.20
Due to trust companies and
savings banks 34,210.68
Due to approved reserve
agent* 18,053.44
Dividends unpaid 1,914.80
Individual deposits 10,321,307.25
United States deposits 780,528.10
Deposits of U. S. disbursing
officers 107,463.42
Bonds borrowed 30,000.00
Notes and bills rediscounted.. 555,511.63
Bills payable 223,000.00
Liabilities other than those
above stated 25,918.79
Total $21,398,295.28
PRICE FIVE CENTS.
INDEI
*Viige I.—BANKERS’ STATE ASSOCIA
TION.
NORTH CAROLINA BANKS
AND BANKERS.
CONDITION OF NORTH CAR
OLINA BANKS.
Page 2.—BANKERS’ STATE ASSOCIA-
TlON—(continued.)
BANK PROGRESS.
Page 3.—BANKERS’ STATE ASSOCIA
TION —(continued.)
PEOPLE'S BANK OF ROX
BORO.
ROLL OF HONOR.
Page 4.—HISTORY OF BANKING IN
FAYETTEVILLE.
NATIONAL BANK OF FAY
ETTEVILLE.
FARMERS AND MERCHANTS
BANK OF LOUISBURG.
SKETCH OF BANKING IN
NEW BERN.
MERCHANTS AND PLANT
ERS’ BANK OF MILTON.
EARLY BANKING IN SALIS
BURY.
Page S.—WILMINGTON.
HUGH MacRAE & CO.
ATLANTIC NATIONAL BANK
MURCHISON NATIONAL
BANK.
THE PEOPLE’S SAVINGS
BANK.
ATLANTIC TRUST AND
BANKING COMPANY.
WILMINGTON SAVINGS AND
TRUST COMPANY.
Page G.—RALEIGH. „,
BANK HISTORY OF RAL
EIGH.
MECHANICS DIME SAVINGS
BANK.
COMMERCIAL AND FARM
ERS’ BANK.
CAROLINA TRUST CO.
RALEIGH SAVINGS BANK.
Page 7. —RALEIGH —(Continued.)
NATIONAL BANK OF RAL
EIGH.
THE CITIZENS NATIONAL
BANK.
MECHANICS’ AND INVEST
ORS’ UNION.
RALEIGH SAVINGS BANK.
FIRST NATIONAL BANK OF
WELDON.
C.\nOUN\ TRUST CO.—Adv.
TAN I SANFORD.
UNION.
BANK OF MON
-1,,, PM7 )N BANK.
FIRST NATIONAL BANK OF
WADESBORO
BANK OF WADESBORO
CABARRUS SAVINGS BANK.
CONCORD NATIONAL BANK.
COMMERCIAL BANK OF
RUTHERFORDTON.
BANK OF RUTHERFORDTON
BANK OF BEAUFORT.
Page 9. DURHA—
M Banking Co.
The Fidelity Bank.
The First National Bank.
The Citizens’ Saving Bank.
Page 10— ELIZABETH CITY, WASH
INGTON, WIL»N, ROCK
INGHAM, GREENVILLE
AND ROCKY MOUNT—
First National Bank of Wash
ington.
First National Bank of Eliza
beth City.
Bank of Rocky Mount.
Planters’ Bank of Rocky Mt.
First National Bank of Wil
son.
Savings Bunk of Wilson.
Bank of Greenville.
Bank of Pee Dee, Rockingham.
Page 11.—NEW BERN—
National Bank of New Bern.
Farmers’ and Merchants’ Bank.
Citizens’ Bank of New Bern.
The Bank of England.
Page 12.—GRENSBORO—
The Greensboro National Bank.
Greensboro Loan and Trust Co.
City National Bank.
Southern Loan and Trust Co.
Page 13.—ARMFIELD CHAIN OF
BANKS—
National Bank of High Point.
Bank of Thomasville.
Bank of Madison.
Bank of Randolph.
Bank of Davie.
Bank of Alamance.
Bank of Montgomery.
Merchants’ and Farmers Bank
Marion-
Bank of Spencer.
Page 14. CHARLOTTE, SALISBURY,
LEXINGTON, GASTONIA
AND STATESVILLE—
Merchants’ and Farmers’ Na
tional Bank of Charlotte.
Commercial National Bank of
Charlotte.
Charlotte National Bank.
Banking Growth in Charlotte.
Bank of Lexington.
First National Bank of Gas
tonia.
First National Bank of Salis
bury.
Statesville Loan and Trust Co.
Page 15.—GOLDSBORO, TARBORO
AND CLINTON—
Bank of Wayne.
National Bank of Goldsoboro.
Bank of Tarboro.
Pamlico Insurance and Bank
ing Co.
Early History of Banking in
Tarboro.
Bank of Clinton.
Page 16 —WACHOVIA LOAN & TRUST
CO. AND BRANCHES—
Page 17—ORGANIZATION AMONG
BANKS, by Caldwell Hardy,
Norfolk, Va.
FORTY YEARS OF NATION
AL BANK SYSTEM, by W.
(Continued on Second Page.)