The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1915-09-11
FLORNOY PLANS BIG
BANKING HOUSE FOR
CITY AT EARLY DATE
Capitals Stock Will BE $500.
000,. With Surplus of
About 500, 10000
GOES NORTH MONDAY
IN THIS CONNECTION
Will Confer With Associ-
ates and Thinks Bank
Will Open Jan. l. 4

mat a national bank with cap
ital stock of 100000 and a Surplus
of not less than 100000 Will ha
opened in Pensacola by JANUARY /.
1916, was the statement lasi nioht
of Col. w. w. Flournoy, of DeFu.
MAX, who is associated with W. w
Downing of Brewton in the purchase
of the First National bank building
Within few days a contractl will be
awarded for painting and renlodeIinp
this handsome structure and Col.
Flournoy expects to have it in readi-
ness for use when the new bank Is
organized and ready for business.
The bank viii probably he known
as the Fourth National Bark Of Pen
sacola. There will be trust depart
ment in connection known as the
Fourth Trust and Savings Co. AS
ISOLATED with Col Flournoy in this
undertaking are number of capt.
talists of the north. He leaves Mon
day to confer further with them on
the proposition and hopes to be in a
position in short time to announce
positively those who will be assoc
ciated with him.
GUARANTEE DEPOSITS.
One of the new features of the
Fourth National will be the guaran-
tee of all bank deposits. This will be
done through guarante companies
who will insure deposits. 1--WE be-
lieve that deposits should be guaran-
teed," said Col. Flournoy last night,
"for the reason that we cannot ex-
pect guarantees from the public I'M
less we are willing to give them in
return"
THE deposits will be guaranteed
by the highest class of guaranty
companies. These guarantee com
panies, together with the large cash
capital, with officers full of faith in
Pensacola and confidence in its cit
liens will renew the activity neces-
sary to restore to Pensacola that
which her great harbor and natural
foundation merits"
Capital sufficient to insure the sue
cess of the undertaking has been as
sured, said Col. Flournoy last night.
CONFIDENCE NECESSARY.
THE bank viii be bank in its
broadest sense" said Col. Flournoy
last night. 1.-THE object will be to
develop this section Of the country
and assist in restoring confidence.
with the conception that you cannot
restore without first sowing. You
cannot reap what you did not SOW
and as you sow you must reap. You
can't throw out chaff and EXPECT
business to return.
Continuing Col. Flournov said:
when you have reserves piled up in
your banks you have one of two con-
ditions, either business stagnation or
else the bankers have not confidence
in the public and are holding the
money which should be used in de-
veloping the community"
us it necessary to have SO much
capital ?" was asked Col. Flournoy.
eyes, it is" he replied. rive want
: to have this capital so that we cannot
only guarantee deposits, but also that
the business men and business inter
ests of Pensacola viii be guaranteed
the necessary funds without us ask
ing either the reserve board of At
lanta for permission or going to
some sister city in a foreign state
for accommodation.
1--WE will conduct banking busi-
ness in its broadest sense. Ninety
per cent of the business of the coun-
try is done on confidence, and we
believe that confidence Is al that Is
necessary in Pensacola. We won1
humiliate a man when he wishes q
loan by asking government bonds for
] security"