The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-01-09
TM Wessengm.
THE BANKS OF THE SOUTH.

lOd0lnS money 10 DdnRS al the HOTLu
and in some cases are actually ship
ping the cash; that "one of the Char
lotte banks has done the latter The
same condition exists in Wilmington.
For six or sight weeks the banks of
our city have been helping Ii those of
the north hy loaning them of their
heavy deposits. This is a remarkable
state of affairs. 1t is hard to believe that
the banks of the south are coming to
the aid of those of the big money
centers Of the north. Our Whining
ton banks have a tremendous amount
on deposit. Of course this money must
be used and not allowed to lie idle in
wish To realize any profit G their bus
mess. 1t seems the home demand for
money is not sufficient to take up all
the funds the local banks have for
investment, so they are placing loans
at the north. For years past the banks
of the south have been compelled each
year to make arrangements with their
correspondents at the north for secur-
ing funds Wherewith to move the cot
ton crop. This money was advanced
early in the fall on short time loans
and the cotton farmers and middle
men had to rush the cotton on the
market as Don as it could be gathered
aa1 -oo.1va+o1 - Il 414+ +L1 c0,{b
ern banks could return the money to
the northern creditors. This year,
though, conditions are very different
The cotton crop has not yet been mar
keted and the banks in the cotton belt
are supplying all the money needed to
put the crop on the market and have
a surplus of deposits which they send
north for investment. This is wonder
full indeed and is the result of the re-
markable financial growth Of the
south. The increase in the banking
business of our section in the last few
ears has been phenOmenal-the re-
suit of increased business of all kinds
anu ND ecu IOCul LS Ol lhFCSll1lChtS
Of all descriptions.
The Manufacturers Record contains
an article on Banking in the South"
in which it gives some figures showing
the wonderful growth of this business
in recent years, the result of improved
conditions here and also a fair and
SrY1o ~ IQv Of thnca innnrnuQH p0n6I-
tiOns.
We gather the following facts from
that article. In 1880 there were only
200 national banks in the entire south
from Maryland to Texas. with a COM
bined capital of $45, 59S, 900. Now there
are 1921 such banks with a capital
of s126, O37, 900. Twenty-Five years ago
the surplus of these southern banks
was only about SO, 900, 900, while now it
is $5O,257, 900. Within the same period
deposits in national banks in the south
have grown from $64, 729, 900 to over
$469, O32, 900.
The growth of the banking business
III 4S coutAI N w oNOSSA
by comparing it with that of the bust
ness in other sections of the county.
The number of national banks in the
entire country has increased IT'S per
cent. while the increase for our section
has been AS per cent. During these
twenty-five years the national, banking
capital of the country increased from
$457, 553. 9S5 to $799, $40, 229, an increase
of "A per cent. The south's growth in
this item was from $45, 000, 900, to $780,
900, 900. or 176 per cent. Again, dur
ing this period the surplus of the ma
tional banks Of the whole country in
creased 246 per cent, while that OF
the southern banks reached the figures
of 457 per cent.
While there was wonderful growth
in the banking business of the south
during the first twenty years of the pc
above, the increase since 1900 has Deen
even more remarkable. The greatest
progress proportionally has been made
in the last five years.
These facts and figures are sufficient
to give an idea of the immense strides
the south has made in commercial. in
dustrial and financial development in
the last quarter of a century and this
forward movement is advancing each
year with increased rapidity. For each
year the percentage of increase in BUS
mess of the kind is greater than that
OF the year before. The growth, while
almost phenomenal in it's rapidity, is
OF a solid and substantial character.
The improvement is on a solid and firm
foundation. None Of it has been
brought about by spasmodic spurts or
fictitious bOOmS.
North Carolina shows IN Drotfy yUoI