The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-16
Magic City's Financial and
Business Solidity Is Panic
and Boo1n-Proof.
MONEY PLENTIFUL;
BUSINESS BETTER
Optimistic and Ambitious Roa.
nokers Are Claiming Third
Place Among Virginia Cities
and Propose TO Try for
Second-Immense
Business.
By FRANK 3. woopsos.
peelaI Frem a Sac ceresponaen.. ]

BY FRANK 9. wOODSON.
Especial From star corresponden.I
ROANOKE. VA. February l5.-Roa-
noke Is called the Magic City" because
II grew in SO short a time from the
struggling village OF Big Lick to n
vigorous, active and solid city under
the name of Roanoke. The story OF
that magical growth has been SO often
told In print 1t is not necessary Ia
more than refer to 1t here, but every
time II Is put in print 1t reads like a
romance, and there are many readers
who accept the truthful account OF
the city's wonderful strides from viii
lage insignificance to metropolitan i'm
portnnce with many grains of allow
ance or with solemn repetition of the
old saw that truth is stranger than
fiction"
And IT Was Very Solid.
There are magic growths of various
kinds, and some are of the mushroom
variety, but that which made Roanoke
the wonder of easy going old Virginia
was OF the solid kind. SO solid that no
panic has ever jostled IL or impeded Its
progress. Even the awful collapse OF
the famous boom of the eighties did
not faze the Magic City. Indeed
Roanoke in the main profited by and
grew fat on that noted town lot
craze.
Roanoke now has population of
near $4,000. and in the matter of bust
ness transacted. in the matter of push
and energy and in many other respects,
as we'll as in the matter OF population.
its optimistic citizens claim that II is
now the third city in Virginia and they
do not hesitate to express their firm
heltef and conviction that the time Is
not very far in the future when Roa-
noke will hold second Diace.
am not here to discuss this quea-
ton, but Judging by the record tile
city has made in the TWO past decades
by the unttring energy and twentieth
century business capacity OF the peo-
ple, and by some wonderful facts and
f!gures that are before me. 1t is not
hard to believe there is strong
probability that these Optimistic
prophets may prove to be good sooth-
sayers in their day and generation
Built for All Time.
In manufactures. in mercantile lines
In social life and in financial solicity
Roanoke IS second to no city OF its size
in the South. A mere glance II. the
principal streets and the long rows ot
magnificent buildings. both business
and residential Is sufficient to convince
the visitor that no city in the South Is
more solidly built. And yet there is
room for more manufactures and more
business of all kinds. and, as bright
as has been Roanoke's past, 1t does not
require the gift of prophecy TO see
for this city vastly brighter future.
Telling Facts and Figures.
few figures taken from the books
of the four banks here, which are as
strong and as ably managed as any
financial institutions in Virginia OF
in the South, will show the financial
solidlty of the Magic City.
The total resources of the four banks
amount TO about sS,o00.ooo, and their
surplus and reserve funds to nearly
$75O.O00.
The Roanoke banks have never
issued "scrip" at any time, and during
the stringency of the past fall and UP
to this good day they have paid out
nothing but cash; they have met the
enormous pay rolls that prevail here
they have supplied business houses
with all necessary funds to keep things
moving, and. in addition, they have
shipped to out-of-town banks and firms
large amounts of cash to care for
wages. pay rolls and business Interests
that were in normal times looked after
by local banks.
Splendid Bank showinSs.
On the first day of January the eX-
change National Bank had loaned out
nearly 100000. it's splendid building
vaults, furniture and fixtures were
valued at 100000, and it held United
States bonds to the amount Of 100000
not including over $4,000 deposited
with the United States Treasury, ant
IT held other bonds amounting to $3.50,
900. At the same date the deposits II
this bank were $2.057.700. The EN-
changes capital stock Is $25o,0o0. while
Its surplus, reserve fund and undivided
profits on hand aggregates s313,oooN
On the date named the bank had il
hand and in easy reach cash to the
amount of over 100000.
The showings of the First Nationa
Bank on January 1st were equally al
good as those of the National EX
change, and on their books Is carried
this unique entry: bills payable Go
banking house property. payment O
which the holder will not accept until
maturity. $4,000"
The City National Bank has a CAPT
tai of 100000; undivided profits anc
interest reserve fund, $4,000. Thei
loans and discounts amount to S534.O0O
and tho total of resources is S9S5,344.
The American Savings baHk, III
youngest and as vet smallest of tn
quartet, has capital stock paid up t
the amount Of $4,000: surplus AM
profits. $555Oo, and the total of 1t
resources Is s2sT0oo. The deposits
amount to $ls1,65o and the loans foo
up S237,64O.
Thousands of Wnse-Enrners.
I will reserve for a future letter tn
history and present statuseof Roanoke
rapid rise and wonderful progress il
manufactures Suffice 1t to say tina
the machine shops. the car works. tn
Touring mills. the woodworking fac
tories, the knitting mills the overall
factories, the breweries, the Wagon
4 md buggy factories, the shoe factories
/ The fertilizer works, the bridge an
d <fNe L.Iaa-