The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1917-01-12
Peoples Savings
Bank

Bank
Holds Meeting, Declares Dividend,
Elects offcers-Reports Show In.
oreaso-President and Cashier
Make Report.
1t Is with pleasure l welcome Won
here this evening to the Eighth An.
nual Meeting of your Company. |
feel it in place to tell you lust whv
ms Company was organized. When
TINS bank was organized, some
lhousht 1t was to destroy, tear down.
on TO put the old bank, the One Cent
savings Bank, out of business, but
these ideas have long since gotten
out of the minds of those who were
or that opinion, and they now SEE
the truth as it was then, that this
panK was org<7ized to work side By
side with the older bank, to help If,
and to serve the people.
In the, Creation God created
Adam, and He saw it was good. hut
he also saw that it was not good
Tor him to be alone, so He made
Eve to be with him.
Before the first Negro bank in
Nashville was organized, a number
or the leading men got together and
decided that Nashville needed a Ne.
gro bank, and they went to work
and organized what is known as the
One Cent Savings Bank, and they
saw that they had done good thing
Dut as time went on, some of the
same men who helped to organize
the first bank saw that while they
had done good piece of work, they
felt that 1t would be we'll to have an
other bank to help care for the needs
of our people, and on July 81, 1909
the Peoples Savings Bank was open
ed for business. It opened with
about 100000, today its resources
are more than $71,75S.OO.
When the bank first opened the
great cry was will our money be
safe in that bank? Do they know
how to do safe business.
80 safely and satisfactorily ha:
the business been carried on by the
officers of your Company, that the
question of ability to do, or safety
is very seldom referred to.
Examples of the Confidence Our PEG
pie Are Having in Negro Banks.
After the great East Nashville
fire in 1916, which destroyed so mucl
of the property of our people, whel
the insurance companies paid then
their insurance money, they brough
a good portion of it to this bank anC
deposited it here for safe keeping
In one day they brought more thai
$12,0O0.O0 and deposited it here, on
person depositing as much as $4,000
of his own.
ION October 23rd, when the Di
rectors decided to celebrate the sew
enth anniversary of the bank, ant
called on the friends to show the!
appreciation by making deposits o,
the occasion, at the close of the da.
we found the public had deposited
during the day $11,057.00. Much O
this money is still on deposit to thi
day.
81 give you these examples to shoy
you how the public is regarding thi
bank from a standpoint of safety.
so your officers have been, ant
are, working hard to prove to tn
public that Negroes can operate
bank with safety, and we believe tn
willingness to support such bank
or any other enterprise operated b.
their people, If properly conducted.
| As a Commercial Educator.
our people along commercial lin
than anything we have. We encoul
age small depositors, as we'll as tn
large ones, and thereby teach GU
boys and girls how to write checks
make deposits, draw promissor
notes, and teaches them how to b
! punctual in paying or looking afte
their notes when due.
Comparative Statement.
Our resources for this year have
|, increased ..............$19,494. 0
Our resources for 1915
were .................. 52,264. 0
The resources for 1916 are 71,758 o
Our earnings for 1915 were 1884
Our earnings for 1916 are. 6,035 g
Our number of stockhold-
ers for 1915 was ........ Is
Our number of stockhold-
ers for 1916 is.......... 10
The number of depositors in
4 1915 was ................ 1,40
The number of depositors in
1916 was ............... $50
!, Our friends and well-wishers hav
grown beyond our ability to numbe
them, yet there Is room for improy