The Washington herald., 1909-01-03

Richmond. Va, Jan. 2-Tho magnif-
cent showing OF the financial condition OF
the city Of Richmond n its statement
recently published By authority OF the
finance committee OF the city council.
with its assets OF S147m. sZT.Ss, and 4
total Indebtedness OF SS.79s SOIL puts It's
bonds n the front rank OF municipal Sc
curities. and reflects credit upon those
in charge OF its finances.
Second only TO the Importance OF the
credit Of the city as q municipality is
the credit and standing Of It's banking
institutions. and It Is here that Rich
mOnd makes claim 20 the distinction OF
being the financial center OF the South
Atlantic States.
Manufacture Il Large.
The manufacturing and jo5biag inter
ests Of the city. amounting approximate
" 10 SI5a.01o,9OO In output and sales an
nUaIly. naturally requires banking faciIi-..
ties commensurate with this great volume
OF trade. IN addition 10 this the great
volume OF sales BY retail merchants. not
only 70 the citizens OF Richmond. but In
surrounding territory IN every direction,
must not be overlooked
A condensed statement OF the Richmond
banks OF November ?, 1913 rs shown By
the reports 70 the Comptroller q the Cur
rency. and the auditor Of the State OF
Virginia. shows total capital and surplus =
OF approximately 81, go 900. deposits OF.
s., 50o.010 and loans and Investments OF
s2S o.oCa
Comparing these figures with those OF
1Ss7-just eleven years agO-an increase %
something ike % per cent Is found in
the volume OF business OF the banks.
Bank CIearinEs Increase.
The bank clearings during the same.
period show a remarkable growth Trom'
s1I5,52S.731 n 1897 70 $50 ~. g1s IN 1907,
that being the only figures now obtain
able. an Increase OF over rs per cent.
Few cities Of even larger population than
Richmond can show such a volume o.
clearinghouse Transactions
The Richmond banks have correspond
ents IN practically every civilized country
on the globe. where the necessities %
their business require them. Il is almost
a daily occurrence for Richmond hanks 10
have transactions with England, Cont
mental Europe. Asia, Australia. Africa.
and South America. but naturally TIA
bulk az the business Is with the TERRITORY
contiguous 70 Richmond. where the manu-
facturers and merchants have Their great
est markets.
Business IN the Country,
N the past few years the Richmond
banks have n addition 70 the largely IN
creased demands OF their local customers.
greatly increased their business with the
manufacturers. miners. and merchants of
Virginia and TIA CaroIInss- successfully
competing with New York. Philadelphia.
and Baltimore throughout this territory.
Reference 10 the banking interests =
Richmond would be incomplete without
mention o. the commendabIs record. OF its
institutions during the financial str!nEenc~
Of October. November, and December q
1856. II was during this trying period
that the Richmond hanks impressed upon
the world their strength breadth and
conservatism
While practically every city OF impor-
lance in the United States was issuing
clearinghouse certificates or scrip in lien
Of actual currency or coin. the Richmond
banks were doing business along t1s
usual lines. meeting every reasOnab.s
demand for cash IN putting up pay rolls.
in large amounts. and shipping currency
10 their out-Of-town correspondents
Had Plenty of Money.
During the period OF about five weeks.
when the currency famine was over the
whole United States, The eight clearing
house banks OF the city paid over thei-
counters IN actual money for pay rolls
and other purposes approximately S401e.-
c2. and during the same period shipped
10 their out-of-town correspondents az.
p-oxirately S2.50aoo5 in currency and coin.
this without the necessity OF issuing
either Clearinghouse certificates or
scrip.
This result was accomplished not b
calling loans right and left from custom
ers. but largely by the fact that Rich
moDd banks had during the previous SIX
or eight months made their loans and IN
vesJme-ts n sUch q manner as 90 enable
them TO collect hundreds Of thousands Of
dollars during the panic by voluntary pay
meuts instead OF calling loans.
It is confidently stated that during tie
panic Richmond banks made more loans
and thereby assisted their customers TO =
greater extent than during the same num-
Der OF weeks for years prior. To the
everlasting credit of the Richmond banks.
10 can also be said that not deserving
customer went unsuppIied either with
credit aCCoUmCdati0nS or actual money
necessary 20 protect him against trouble.
City Had Few Failures.
It IS doubtless due to this fact that tia
customers OF the Richmond banks went
through the panic without a failure OF
any importance. whereas If is vel known
that solvent merchants and marufactur-
ers throughout the United States we're in
many instances forced into receiversfips
largely through inadequate banking ac-
commoGatl0ns.
The banks Of Richmond are strong. con
servative. and broad IN their views and
methods. and are a source OF pride not
Only, 20 the citizens OF Richmond. but TO
the rapidly increasing clientele through
out a wide section contiguous to Rich
mond.
As n State Is stronger industrialy than
It's banks. and IS the condition Of the
banks IS a fair reflection Of the industrial
stability Of the community. Il can Re
stated. in view OF the above. that Vir-
gi1ia. and particularly Richmond. is n
a healthy condition industrially-
Pays Dividend of Per Cent.