The semi-weekly messenger., 1908-03-06

would have a harmful tendency. This
being the situation 4 will interest yoJ
To know that the books OF our nation.
al banks will show In the months oi
4 November cash pay rolls were made
l Up and paid over In a total sum OF
seven hundred and thirty one thousand
six hundred dollars Thee figures DO
not include OF course, the usual daily
cash payments made At the different
paying windows of the banks, IL will
lurther be seen that by adding the pay
rolls TO the cash shipments made 9TH
er banks for that month the Whining
ton banks during November furnished
In those two items alone, the magni-
lcent sum OF one million. five hundred
and eighty five thousand dollars in ac-
tual cash. and without premium.
AS meat does not alone constitute
the human diet. cash alone, does not
constitute the necessities and demands
of our banking customers and depos-
| iting banks. w emight state by way OF
| Illustration. that as bread Is To human
diet, so is exchange to the successful
maintenance OF ! banks business By
| exchange | refer, as you know. TO the
demand drafts issued by bank on its
correspondents in the principapl clear
(
closely is exchange related 10 the
! actual currency OF ciriating medium
: in its use, that one is qlite as nee
essary as the other. the use of ex-
change being much greater, ely han
cash.
therefore when the cu-.cE,,
ire began, northern exchange rapidly
| assumed an abnormal premium, and
/ +. n Hni in hn nrinrin1l a
preni N ranging from SIS lr-r $1,000
to $500 Fer 1000. Wilmington banks
, We.e fored n some instances To pay
Ills p-c...iI;i, notwithstanding they
continued 70 sell exchange at their
counters &: the usual clearing house
regulation ten cents per cheek. The
special relation the Wilmington banks
hold with the smaller banks deposit
ing Will them, makes IL necessary
.Ui our BANS To furnish lar6e amounts
OF northern exchange daily. on the 9th
er hand our banks usually can COM
mand large amounts for balances ere
ated in other cities, where correspond
ents usually transfer or forward eX-
change for these balances at par. In
this unusual time. however, some OF
the central cities refused TO furnish
| New York exchange against credits
| with them, while others charge, as JUS
stated, 5000 per $4,000 premium was
charged.
I'm view Of this situation, Is Is ex-
; tremsly gratifying 10 me. as spokes-
man for our banks, to advise that dur
| ing that troublesome month, our ma
! tlnonal banks furnished their cusUo-
hes and correspondent banks north
Ell axchange in the aggregate OF elev-
en- lnillion, one hundred and three
| Thousand dollars, and at no greatr pre-
MUM 70 other banks than 81. 80 per
| thousaLd.
| Another important feature and one
vital t the bushes sinterests of the
city, vas the attitude of the banks
with respect to those individuals,
! firms and corporations indebted to
! the banks for paper discounted or
loans negotiated which loans matured
during this critical period Money
rates were ruling in the north at figur-
eI WnicA were rU,lious Money, when
due, Nut be ha'. at any cost, and yet
in this period, after interviewing each
bank in the G ity, it is my proud priv
ilege to adv ise you that not one
customer Vas pressedforpaymentWhose
business vas satisfactory to the bank
All SLcT paper was renewed when so
requsss ed, and at minimum rates then
preVa' ling. IN addition to this, the
usue i discounting facilities were avail
abb e, thus keeping the wheels OF In
d, Istry turning, And speaking broadly
Ehat an endorsement it is to North
,, Carolina banks and bankers to know
: that not a single bank failed in our
state through all our trouble.
: IN conclusion, MIR. Toastmaster, il
7 is due the excellent savings banks o
; the city to state that in the heat {
: panic, although annoyed al foo.'
/ iSh run upon their strongest member
2 and thus communicated in a quiet wa!
. TO ALL which run was originated d!
e the careless Interpretation OF the usue
9 sign displayed in the windows OF ou
banks before and after banking hours
e all claims and worthy demands Wer
= promptly met in the coin Of the realm
s When, at the most critical period, tn
doors Of this excellent institution wer
e thronged with a class of uneducate
: and uniformed depositors, each wa
II quickly and politely treated with tha
e most effective medicine for an uneas
n depOsitor, the hard cash, and the dos
I was continuously administered befor
e and after hours. Naturally the resul
). has proven of benefit to all our bank!
r. and point with pride to the fact tha
y in comparison with the official return
,r made by our banks in reporting to Tn
h department before this trouble, an
y that made February 1ith, our bankin
? resources showed total gain OF abol
, one half million dollars, while the az
lie gregate deposits of our city banks e1
ceetied those of next highest returns
!? the state by exactly one million, fol
g hundred and ninety five thousan'
Id three hundred and sixty dollars ri
sS fifty two cents"
In
III Foley's OrinO laxative Is sold unds