The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Banks in Salem
Early History of Banking
in That Thrifty Mora
Wan Settlement.

|
1t is difficult for the residents of the
Twin City to imagine the conditions as
they existed here 20 years ago. At that
time the population and business, centered
near and around the Salem Square, and it
was within one block of this Square that
the Bank of Cape Fear established here
one OF its branch banks This branch
bank was established between the years
1880 and 1885 with capital of 5000, 900,
with Mr. Charles F. Bagge as President
and Mr.. John c. Blum as Cashier, and the
business of the bank was for some years
conducted in what was known, for many
years afterwards, as the business place of
H. Y. and E. t. Blum and further known
as the building from which they published
their weekly newspaper called the "Salem
Press. and also published Blum's Alma
nae. which even to the present time is
considered as authority, not only as to
times and seasons, but full authority, as
to when to SOW and reap, the products of
farm and garden. After several years the
management Of the bank was transferred
to DR.. F. H. Shuman, being removed to
his office on Church street, Unto the build
ing now occupied by DR. H. 7. BahnsonD.
! While the business was conducted at DR..
large safe located in the Wachovia Land
Office.
DR.. Shuman was man of great repu-
tation as a physician, was noted as a
man of unusual business ability and
possessed considerable talent as a must
clan Even to this date, persons hear of
the fees collected by him, which, in com
parlson with the fees now charged by
physicians, seem to be quite large. In ac-
cordance with the customs of his time, the
largest fees were for the attendance upon
slaves, and no doubt they were in most
instances willingly paid, since by his skill,
he was not only saving the life of the
individual, but a valuable piece of proper
| ty. to the owner of the slave.
| DR.. Shuman is reputed to have been not
only the manager of this branch bank but
also one of, if not the largest stockholders
of the parent institution which was To-
Gated in Wilmington He continued IL
the management OF the Bank until the
year 1S47, when a new building was erect
ed especially for this purpose at the corner
of Main and Bank streets, in the building
now occupied by Dr. j. A. Butner Mr..
l. G. Lash became Cashier, and held this
position until the Bank ceased to exist as
a result of the War. During his manage
ment, this branch of the Bank OF Cape
Fear became noted as the best of all its
branches
| Mr.. Lash proved to be a man Of unu-
sual ability in financial circles, and was
well thought of by the people of this inn
mediate community and of this entire sec.
ton. He represented this district in our
National Congress-
After the failure Of the Bank of Care
{
corporation known as the First National
Bank of Salem" OF this bank he be-
came president. and Mr.. w. A. Lemly.
cashier. This institution continued It's
business at the corner of Main and Bank
streets, until Mr.. Lash's death, which CO.
Cured in the year 1878. After Mr. Lash's
death. the affairs of the First National
Bank of Salem were wound up, its stocl1
holders selling the good will and assets TO
the Wachovia National Bank of Winston
which has proven to be one OF the most
successful banking institutions of the
State. and since its beginning has been
continuously under the management OF
MIR. W. A. Lemly as President, and Mr.
James A. Gray. as cashier.
In addition to the Bank of Cape Feargl
which was forced to suspend business as
result of war. there was a Savinks Bank,
in Salem which shared similar fate from
the same cause This Savings Bank pre-.
vious to the war had been a very success
full institution, and had collected a large
amount of assets, which, unfortunately
Were largely invested in Confederate
States bonds, and when these securities
became worthless, the bank went into vol
untary liquidation.
The First National Bank of Salem had
capital of $100,O0O00, and was noted
throughout this entire section because of
its financial strength.
The Wachovia National Bank, which has
been conducted by men trained under Mr..
Lash, has a capital of $3.50, 100000 with
surplus equal to its capital, and de-
posits running into the hundreds of thou
sands.
When we think what has been accom-
plished in this community through the IN
stitutions above referred to, and compare
with those conditions the following:
Capital. Deposits
wachovia Nat. Bank $15O,O0O $500, 900 90
| Piedmont Savings
| Bank ........ 10000 $3.50 90
Peoples Nat. Bank. 100000 100000 90
Wachovia Loan and
Trust Company 49, 600 900 2,4S1, $40 .35
$3.50, 900 SO, 26O, 500 So
it should make the business men fully real
lze the responsibility that rests upon them
because of these greater advantages that
they possess over their forefathers; and
should this community respond to the ad
vantages we now have, it would be dis-
ficult to imagine what the results may
be 10 years hence, not only for this COM
munity, but for this entire section and
State.
HENRY E. FRIES.
Winston Salem, N. c., June rs.