The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-10-02
Richmond Banks.

Elsewhere we print statement pre-
pared by MIR. w. NJ, I1abliston, president
or the National Bank Of Virginia, show
ing the condition Of the banks of Rich
mond and the phenomenal progress which
they have made within the past seven
years. The significance OF the statement
Il is broughtFout In the comparisons which
Mr.. Hnbliston makes. In 1890 the actual.
cash In the banks and trust companies
In Richmond amounted to SS,149, S12 In
1897 the deposits amounted 10 S9,S2aa1S.
4 on September 6, 1904. the deposits amount-
ed TO so6,e4o,772. rs.
II is thus seen that FOR the seven years
from 1890 to 1897 the increase amounted
to s1,079.4ll, but for the seven years
411.559. being more than fifteen times as
great as that Of the preceding seven
years. and being nearly twice as Hrca t
as tho entire sum of deposits in 1890:
Z This deposits in 1907, which III measure
represent the savings Of the people, are
scven years ago
There has been corresponding increase
in the general banking business OF the
community. the loans and discounts in
1901 being nearly three times as great
as they were in 1890 and nearly twice Us.
great as they we're In 1891.
More gratifying than ALL perhaps, is
a lie statement showing the increase In
deposits and banking assets between
June 8, 1893. and September 6, 1904. Mr..
lIabliston points that this covers the
critical period OF last year, When the
distress. when the government withdrew
deposits from national banks to meet the
Panama Canal obligations, and when
4 Richmond was suffering more or less
from the suspension Of work at me ship
X yards and the curtailment Of operations
period deposits increased from sci SIS o54
s to s26,24O,672. being a gain of si,622,71S, or
four times as much as the entire increase
between 1890 and 1897. and there was a
corresponding increase in loans and dis
counts and in total assets.
4
Of congratulation that during this critical
period In the history of Richmond our
financial institutions made the greatest
progress Of <a,eir existence. Mr.. Habit
sston truthtully says that Richmond oc-
q cupies leading financial position, in
the South Comparisons are frequently
made between Richmond and Norfolk
and between Richmond and Atlanta, but
the figures shoY that the deposits, In the
Richmond banks on September Q, 1904,
(. were nearly equal to the combined de-
posts OF the banks OF Norfolk and At
lanta. We do not make "invldlous
distinctions" Norfolk and Atlanta
are very live and progressive cities.
and Richmond may well be proud to show
Il banking resources almost as great as
lhose OF these two cities combined.
1t is OF enormous advantage to Rich
rnond that her banks are so strong, anG
that she has so much available capital
The banks do not hoard their money
Within the bounds OF prudence they keeI
1t In active circulation which means tina
they lend It freely to men who arc carry
Ing on commerce and Industry IN this
community and all reputable and rella biz
concerns doing business here or which
may come here may find ample accommo
dations In the Richmond banks without
having to go to the financial centres o
The North.
t .Tsa =L----= f-E