The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-02-03
: - ~. - n. n - =. 49,,
THE OUTLOOK rs GOOD.
Business Situation as Reflected nv
Eank Conditions and Real Estate
Prices is Encouraging.

! The business outlook in Sumter in
stead of being discouraging as some
or the chronic pessimists insist II Is
Is distinctly encouraging and there is
every reason to look forward with
reasonable assurance to the realiza-
ton Of the hope that the business
year 1909 will be one Of greater pros
perity for all lines of endeavor than
1908. All mercantile establishments
are being conducted along safe and
conservative lines and the practice of
unduly expanding and reaching out
eagerly for large and speculative
profits involving unusual risks, has
peen largely abandoned, thus remov-
Ing the probability Of loss that is in
evitable when great hazards are TAX.
en-. 1t is the opinion Of the best post
ed business men of Sumter that. as q
rule, the business houses OF this citv
are today on safer and firmer basis
than ever before and that with an av-
erage crop and average prices for cot
ton this fall, the effects of the panic
OF 1907 will finally disappear. 1t is q
fact that all admit that the effects of.
the panic have all but disappeared al
ready and that this section really suf-
fered little permanent or material in
jury from the Wall street panic. the
financial stringency Of the fall of 1907
and the succeeding months of 1908
being more of temporary inconven-
ience than actual business loss. The
low price Of cotton during the fall of
1908 was' really more Injurious to this
section than the money panic of the
previous season, and but for the big
cotton crop Of last year and the con-
sequent low prices, Sumter would now
be on bigger business boom than
ever before. There are two things
that go far to prove the contention
that the outlook Is encouraging and
that fundamental conditions are
sound. First. the price Of real estate
did not slump last year as a result Of
the panic nor this year in consequence
OF the low price of cotton. Land is
worth as much or more than ever and
the demand for permanent invest
ment is good, although speculative
dealing In land has fallen off to some
extent. Second, the banks are in bet
ter condition than ever before and
the large deposits that all have at
present show that there is good
deal Of money In the country and that
legitimate enterprises will not suffer
for lack of means with which to do
business. During the first months OF
1908 the banks anticipated a hard
year and no one would have ventured
to predict that each and every bank
in the city would prosper during the
year, to the extent that the annual
statements show that they did.
A few figures taken from the an
nuai statements Of the banks will be
interesting in this connection.
The First National Bank, with a
capital stock Of 100000 and a sur
plus OF $62.245.0S at the beginning Of
1908. paid 8 per cent dividends ($S,-
000) and carried sS,S30.s7 to the sur
plus and now has $70,575.s5 surplus
and larger amount on deposit at
this time than last year.
The Farmers Bank and Trust Co..
with a capital stock Of $4,000, and
surplus of $21,031.58. Jan. IL, 1908.
paid per cent ($s,6OO) dividends
and began 1909 with surplus Of
s25,102.34. and also has nearly so
per cent more money on deposit than
one year ago. The youngest bank in
town is growing steadily and in four
years has had remarkable growth.
| The Bank of Sumter. capital $75.-
600 and surplus Of about $4,000, Jan.
IL. 1908 paid per cent ($6,000) and
carried about $4,000 to the surplus,
which now amounts to $50,002.3S.
The deposits are now greater in
amount than one year ago and there
has been q steady increase in deposits
since the 1st of January
The Sumter Savings Bank, capital
$4,000, had a most prosperous year
and earned above all expenses almost
rs per cent. The bank paid per
cent ($1,500) in dividends and carried
the balance of the earnings to the sur
plus account which now amounts to
within few dollars of $4,000. This
bank has also largely increased its de-
on deposit than at this time last year.