The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1908-01-17

posn rs would state on their deposit
slip, th ~this money will not be called
for in OF two, three or five yearsl
then a Negro banking institution
would be in a position in Nashville to
be one Of the greatest benefactors 9f
the age. For theresa are hundreds of
Negro homes to-day that are leopard
lied. I mean to say there are hun
dreds of good homes in Nashville that
have mortgages hanging over them
and the creditors are threatening the
owners almost daily with foreclosure.
Some of these have one-thrd paid uu;
some one-half. others two-thirds; and
a few with more than three-fourths ~
the purchase money paid. and yet they
are in the act of losing it; but this IS
not regular banking business. The
regular custom of banks is to loan
money on ten. fifteen. thirty, sixty.
and at most ninety days. And then
money must be loaned upon gilt-edged
security. Such securities as. will be
handled by other banking institutions
in order that if the ~dcpositors should
call for this money at any day, or
check against it. the ready cash can he
handed him over the counter wOuld
be glad to discuss this question more
fully, but time will not permit.
I now desire to call your a~ttentiol
more particularly to the work of tho
One Cent Savings Bank. I believe
first that u name Zone Cent Savings
Bank" has been to some extent a hin
drance rather than a help to us. Some
writer asked the question, what ia
in a name?" To this institution a great
deal has been in the name. The
Zone Cent" has not hurt us SO badly rs
the word Savings" The words "SaV-
ings Bank" carry with them the idea
of depositing money to be safely kept
for a given period. I wish this was
the case. If the $500, 900 handled by
the One Cent Savings Bank in the last
twelve months were placed with this
institution for a special period, where
it cNuld be properly invested, we
would be in far better condition to-
day to become a real benefactor to
the Negro citizens Of this city. But
this is not the case. 5000 out Of
every $1,000, if not $4,000 out of every
plOU.OO pldCCu III InlO luEIlIuOlOA, 10
. there subject to check. Hence it has
=. been the policy of this institution to
Y stand ready each day TO meet the de-
t mand of each %depositor.
But as president of this institution,
| want to assure the stockholders and
\ depositors that Notwithstanding the
panic, the One Cent Savings Bank ha;
never seen a day during the pass
' twelve months that it was not pre-
2 pared to meet, if so required, every
Il dollar due to both its %depositors ant
. its stockholders.
r We have not realized as much, pos
n sibly, upon the money in our hand:
4 as other banking institutions. W,
d have not boosted Of this and canno
/ boast of it. But we can boast of twl
O. things. First, we have held o~urselve,
in readiness to meet any emergenc!
b or any demand of depositors, anC
e we have e~ndeavored to conduct thu
$ business of the bank in such a wa,
st as to have the mistaken confidence 0
u other banking institutions.
Our certified checks are and hav
r been each day this year at par every
where. One Cent Savings Bank pa
per is not questioned either by tn.
? clearing house of this or any othe
! city, or any banking institution in an.
! part of the United States.
: Confidence with Depositors.
! We are glad to report that the bus
: ness of the One Cent Savings Bank i
: gradually and steadily increasing eacl
! wear. This shows that the institU
: ton is gaining confidence. We quot
J you here the monthly ~clearings 0
; the bank, and if you so desire, yo'
I may note the increase over the sam
} months last year. 1t will possibly as
: tonish you when I say to you or cal
! your attention to the fact that Noven
! her was the great panic month thi
7 year, and yet Il depositors place
J $4,000 more on deposit during tn
! month of November, 1907, than of tn
: same month, 1906, and checked on
! nearly $4,000 less. This has given m
: greater encouragement th9n any OIL
7 err one act that has yer taken plac
! during ny administration as presiden
: of this institution. The following !
J the monthly summary of BUSINESS: