The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-05-19
President Fries Annual
Address.
Continued from Page Three. }

wise idle, and which may have beer
hidden away and kept in the pro
verbal stocking. The people as a
safe keeping in savings bank would
not deposit at all in a general bank
ing establishment, and yet by look
ing at the published statements of
the savings banks in North Carolina
it can be seen at a glance how large
is the amount thus brought out from
hiding places and made to assist 9TH
ers while assisting the holders as well.
The savings bank deposits of the
State already amount to over five
million dollars.
1.-The first savings bank in North
Carolina was the Raleigh Savings
| Bank, which started business in the
city of Raleigh May 14th, 1887, with
a capital of fifteen thousand dollars.
Its deposits now amount to seven hun
dred thousand dollars. The second
to begin business In the State was the
Wilmington Savings and Trust Com
pany, which opened it's doors for bust
ness in that city on February oath,
1883, with a capital stock of twenty
| five thousand dollars, and which now
| has deposits amounting to one mil
lion dollars. The next in order of
time, and the third to be established
was the Mechanics Dimes Savings
| Bank of Raleigh, with a capital Of
fifteen thousand dollars. This bank
| began business on January 1st, 1896
| just nine years after the Raleigh Saw
ings Bank, and now has deposits of
considerably over two hundred thous-
and dollars. These three Savings
banks the first to be established in
North Carolina, now have in the ag-
gregate two million dollars of depos-
it's.
'"The Cabarrus Savings Bank, of
Concord, started January 21st, 1897,
having a capital of fifty thousand dol
lars, and today, including its branch
at Albemarle, has deposits of some
four hundred thousand dollars This
was the last savings bank to be es-
tablished prior to the year 1900,
making four in all. During and
since 1900 there have been started
twenty one savings banks in North
Carolina. which. according to the last
published report of the North Caro-
lima Corporation Commission issued
January 18th, 1905, have accumu-
lated deposits amounting to three
million dollars making the entire de-
posits in Savings banks in North Car
DINA at present something over five
million dollars.
Every town of any considerable
size in North Carolina should have its
savings bank"
Mr.. w. T. Odds Address.
In concluding his address on "Sav-
ings Banks" Mr.. VIM. r. Old said:
The South's conditions are rapidly
becoming similar to those of the East
and North, and savings institutions
are being organized as the demand is
created for them. Five years ago
there were but a few savings banks in
North Carolina, while today they num-
Der more than twenty-five, not count
ing the commercial banks that have
saving department The saving habit
which is being encouraged by those in
situations is rapidly increasing the
working capital of the country, giving
impetus to business enterprises and
making a fair and profitable return to
the laboring classes for their accumu-
lations. Savings banks are now an
absolute necessity in many of our cit
les and towns, especially in those
where there are large manufacturing
concerns, and / believe / am safe IN
Predicting that the day is not far dis
tant when they will be organized not
only in the cities and towns of North
Carolina, but in those of every State
of the Union. AS the people of the
South are awakening to the need of
organizing anu IOSlcIlIlS lHClI OWll III
surance companies, thereby keeping al
home the millions of dollars that have
been sent each year to help swell the
enormous assets of the Northern COM |
panies, even SO should they provide
institutions of their own to take care
of the bonds and other investments
which have been finding a market
elsewhere.
I'm 1920 there were only ten saw
ings banks in the United States. with |
deposits of little over q million doll |
lars, while now there are over 1000
wherein 100000 depostors have ac-
cumulations in excess of one billion |
dollars. The total deposits of all say
ings banks of the world according to
the latest information given out By
the Department of Commerce and La
Dor amounted to over ten and a half
billions with depositors numbering |
eighty-two million. The savings bank |
deposits of the United States are in |
creasing at the rate of tWo-hundred |
million dollars annually, and if the
banking business increases during the |
next ten years as it has during the |
past ten, the banking power of this
country will exceed by over one bill |
lion dollars that of all the other ma
tons of the world combined
Mr.. Cooper's Address.
Mr. C. j. Cooper in his address on |
collateral for Loans" said among I
other things:
Confidence is the key that unlocks |
the doors and safes containing the /
money of the world and circulates it
through the different avenues of trade. |
You must all trust somebody, there
fore, be sure you do not abuse conf
dence imposed or allow yourself to |
be misguided by putting your trust in |
those who are not worthy.
The Loan department is the chief
Not to place upon peo-
pie burdens they cannot carry nor I
trusts which they may not be able
to fulfill is a lesson which every |
banker should learn.
mot only to gain, but to maintain
the confidence of the public is the
problem of economics to be solved |
before money will pour into your
vaults from it's accustomed hiding
place.
"This convention is the friend |
to the growth and upbuilding
of our great commonwealth, and every |
legitimate business should be en-
couraged, but unbelievable or bad |