The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-03-14

ton OF our bank resources. The state
banks in Florida at the close of bust
ness Dec. 81, 1920, showed total re-
sources of more than S115,000, 900. The
state banks-exclusive of national
banks-showed deposits on that date
of S93,862250.79, or $97.13 for each man,
woman and child, white and black, in
the state. Add to this the deposits Of
national banks in Florida and it would
show sufficient, after eliminating du-
plcations, to average more than $135
for every person in the state. So,
with $1,000 worth OF tangible property
and s133 in the bank for every per-
son in the state-and this is a low es-
timate-Florida is financially far from
being broke.
"a few years ago bankers pointed
with pride to our larger financial in
situations when the statements of these
| banks showed resources of three to
four millions. No we have them ap-
preaching the s24O00,O0O class. Only
10 years ago a number of our Florida
banks were struggling to build depos-
it's up to 100000 or 100000, and to-
day these same banks show deposits
| of two to three millions. In round
| numbers here are some figures on the
| bank resources of Florida, state and
national, as Of Dec. 81, 1920:
Loans and discounts. $3.50. .$137, 900, 900
Bonds, stocks securities. $4,000, 900
Cash and due from banks. $4,000, 900
| Other resources ......... 1900, 900
Total ...................$2 39, 900, 900
''But the daily statement sheets of
| banks do not show all the wealth of
the communities they serve. They
measure but a part of that portion of
our resources expressed in terms of
money or easily reducible to a money
value, The banks in Florida have been
in splendid condition. Financial ex-
perts concede that our state is in bet
ter financial condition, and has been
during the recent period of depression,
than almost any other section Of the
country.
Bank clearings are good indications
! Of healthy credit conditions forming
the basis of active business and de-
velopment of resources. One Florida
city-Jack sonville-showed bank clear
| ings for 1920 of 1925, 635, 096, while the
Tampa clearings for the past year to-
tailed $117, 1925 These are an indi-
cation of business activity, balances
| of trade, movements of commodities
and local activities in the more tangi-
BILE forms of finance and wealth.
1--WE must take an Imaginary trip
through Florida to gain some little
| idea of her wonderful resources and
wealth which cannot be set out in fig
ures. The census shows we have more
than $4,000 farms averaging more than
| 100 acres each, with an average of
42.5 acres in each improved or cult
waited. Who can measure the potential
value of our farms? What Of our
naval stores? Our pine forests yield
more than half a billion feet of lum-
Der annually, and we furnish a consid-
cradle portion of the turpentine and
rosin of the world. We show the
widest variety of fruits, vegetables
and field products of any state in the
union. Our fisheries output is of no
mean proportions. In phosphate min
| ing we take leading rank, and our
lime rock quarries and fullers earth
mines are duplicated nowhere else in
this country. Consider the wealth rep
resented by the citrus fruits that
steadily move northward in winter by
trainloads. The annual citrus fruit
crop runs into millions and the groves
from which these annual crops are
taken are worth a hundred Million
While not making claims as a manu-
featuring state, we have some fac
tories that give up front rank in
those industries. Our cigar factories
are second to none.
"Floridas climate is just now get
ting proper appreciation and recogni-
ton in other parts of the United
States. We cannot measure it's value
in dollars and cents. - The tourist
crop grows, and each year more re-
main to become permanent residents
Of the Land of Flowers and sunshine.
Some of these are just plain folks
with limited means like the rest of
us-"tin-can' tourists, If you please
but a remarkably large number Of
them are people of considerable means
Not a few are millionaires and are
adding materially to the development
of the state. A short time ago, look
ing over a list of subscribers to stock
in a proposed new state bank in q
community of less than 1900 people, I
was surprised to find on it a haf-dOz-
en- millionaires. In fact, millionaires
are getting to be quite common-so to
speak-in Florida. Capitalists, as we'll
as hustlers of more moderate means,
are being attracted to our state, drawn
here by our climate, natural resources
and wealth producing possibilities.
while the various counties of the
state have more or less bonds out
standing, they have to show for them
splendid roads, creditable new court
houses and beautiful school buildings.
But the state government has no bond
ed debt worthy of mention. FIorida's
only bonds are negligible in amount
and are entirely owned by the state
school fund. Her credit IS gilt-edged,
and she pays cash for what she buys.
''Why should we, then, not be justly
proud Of the financial resources and
wealth of Florida!"