The Twin-City American., 1899-05-11

Birmingham. Among the depositors are
now to be found all classes of citizens
miners, railroad men, mechanics, day
laborers, teachers and professional men.
A great many children are the proud
possessors OF bank books, the little ones
being encouraged to save by the fact
that so small sum as five cents is taken
in deposit. When the amount OF five
dollars has been reached, four per cent
interest is paid. Many white citizens
transact business with the colored bus
iness, some to encourage the enterprise,
others from motives OF convenience.
The bank has helped many families to
secure homes of their own. This is done
by lending money on real estate at eight
per cent, the states legal rate, and allow
ing long time payments. In other cases,
homes have been saved by the bank buy
ing up the mortgage aud making easy
terms for its payment. Many have been
the pathetic scenes at the bank Office
when eome poor fellow has come with
tears in lis eyes aud with falteriDg voice
to express his thanks for the saving of
hishousehold goods from the auctioneers
hammer or the keeping ~ roof above
the heads of his wife and children.
The officers OF the bapk are frequently
appointed administrators Of estates, and
the interests OF those served are always
safe in their hands. While the people
appear to understand the business re-
lations existing between them and the
bank, and few seek to impose on the
institution because it is conducted by
|colorsd people, they do expect TO nnd a.
friend in their need, and in this they are
not disappointed
Besides the efficient officers already
mentioned, a name closely associated
with the practical workings OF the bank
is that OF it's faithful Vice President, Mr..
Peter f. Clark, one OF the pioneers OF
Birmingham and man well and favor
ably known throughout the community.
These geutlemen, with their corp OF
clever and gentlemanly clerks. trans
acting business in their commodious and
well appointed building, on one Of the
principal thoroughfares Of the city. form
as encouraging a picture of race progress
as can be seen anywhere. The courtesies
and services usually exchanged between
such business houses pass without COM
ment between the Penny Savings Bank
and the other banks Of the city, though
It must be admitted that this has not
always been the case. The recognition
now accorded the institution in the busi-
ness life OF the town, however, is all that
could be desired.
A few weeks ago, DR.. Pettiford went
by invitation to New Orleans to assist in
the organization OF bank among the
colored people OF that city. The business
was established, with fifteen directors
and a capital stock of 100000. DIR.
Pettiford assisted also in organizing
bank in Selma, which viii open for busi.
ness within few weeks with the well
known DIR. Mixen, of the A. M. e. Church.
as president. At the solicitation OF the
Citizens Union Of that place. he lectured
also in Montgomery, looking to the same
end. Much interest was aroused and il
is likely that an organization viii soon
be effected in the Capital City.
And 80 the ieaven spreads. AT.d the
Alabama Penny Saving Bank at Bir.
mingham, besides doing yoeman service
in it's own community, arouses spirit
OF healthful emulation and serves as q
beacon-light to it's sister cities Of the
South.
JosEPHIEE TURrlK WAsHlxoroN.
Birmingham, Ala.