Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

CITY i I KERCH. I | $ I I SP/a * x X CAPITAL #100,000.00. I i ||M 8 S=|K I | OFFICERS: 1 tv ' jg President X J Laurens Fleming X Cashier 1 |^^H| tl# * Hfl # Gabe Cannon $ C. M. Crews jjj Asst. Cash'rs * Hflfl * mni \i/ BGAtti a/ mnHi v?/ SN^^KI >>'/ m9BH w Sfi^H * <kH^8 w HflR * 1^^^^ $ w <i> w w 1 We Invite Account * ! and offer $ $ $ $ f ft i i In our Savings De * " I Of 4% * $ $ * IIKPIE RESOURCES * tal stock was Increased to $100,00 $ the present figure. The bank has X surplus of $50,000. This bank is 1( ^ rated in imposing quarters on th eastern end of Morgan Square, con tlf * ntunding a tin.* view of that localit ^ and attractive front any part of i j its officers are: A. L. White, prei * ident; I)r. W. F. Smith and W. t sy Mcntgonter.v, vice presidents; J. Lai * reus Fleming, cashier, Oabe Canno & anil C. M. Crews, assistant cashiers MU 11. AlcCi. White .collection clerk, an ^ Ct o. W. Nicholls. attorney. Till bank's recent statement showed r< Sg scurces of $,'>:52.968.:59, deposit ? $468,100.77 and cash on hand and dn & from hanks $218,4:50.27. This ban has paid out In dividends in the 1 Sg years it lias run $128,000, or $28,00 mere than its capital. * $ CENTRAL NATIONAL BANK. * The Central National Hank was es $ tahlished ten years uko and was a $ immediate success. It was orgt nlzed by Wm. A. Law, now cushier i 5 the Merchants National Hank of Phi (I* * adelphia, who was its first presiden % Its capital stock is $100,000. Th $ bank is located in the building at th w corner cf Morgan Square and Wa street, but a change in location I * pending to a desirable site furthe ? uptown. It enjoyed the distinction < being the onl.v United States Denns 2 tary in Spartanburg County. Its officers are: Jno. A. l.?nw, pres blent; Wm. A. Law. vice president 2 C. C. Klrby, cashier; C. Itivers Stom 2 assistant cashier; M. K. Howden an jjj Horace Chapman, book-keepers; an # It. E. Leonard, collection clerk. 2 2 SI'AKTAMK ItU SAVINGS BANK. ^ In the same building and with th g same building except that It. L. How 2 den Is vice president is conducted th fcND COUNTV DEPO! THE A.NTS *-? Fa ~ BANK " iRTAN BU R G, s of Individuals, Cori the best terms consi Conservative Bankin ipartment we allow i compounded semi-a: COURTEOUS HUH 0, Spartanburg Savings Bunk, with $150-, a 000 capital, which was successfully >- operated for five years before theorle ganization of the Central National. The combined deposits of the two at y recent statements were $560,053.46, ret. sources $890,718.69 and cash on hand i- and in banks $118,379.89. 3. TIIE HANK OF SiWlMANIUIUJ. n The Hank of Spar tanbuig was esi; tahlished in 1901 with $100,000 capi(1 tal. It is one cf Spartanburg's young |s hanks, but is a successful and grow>. ing cne. It is situated prominently Is on Morgan Square in a handsome and ie commodious building. Its officers k are: Arch H. Calvert, president, V. 7 M. Montgomery, vice president; T. 10 M. Evlns, cashier; T. J. Boyd, assistant cashier; H. E. Chapman, book-keeper; Stobo J. Simpson, attorney. Its deposits by recent statej_ ment were $298,883.41, resources n *412 .165.20 and cash on hand and in banks $95,460.21. |f AMERICAN NATIONAL BANK AN1) ( NOl'THKKN TKCST CO. ,e These are the youngest financial e institutions in Spartanburg, hut are 11 nctlve youngsters. The capital stock is of each is $100,000 and lwrth have the >r same officers: H. A. Ligon, presi>f ent. Joseph Norwood, cashier, C. E. I- Epton. book-keeper, and Hobali Justice assistant. The combined deposits of t- the two Institutions as per last state ; ment is $297,586.46. B, ?. '' 1BUILDIHG HHP IQftN ?WS The story of Spartanburg would be incomplete without setting forth e the number, size, importance and - merits of the building and loan assoe ciatlons of this city and describing ????????? ?*??????? >?????????* WE SELL Hlt.il GRADE HO Ml 8PARTANBU 3ITOR V kRMERS S. C. srRi'i.rs $60,000.(K IGeo.W. Nicholls Geo. R. Dean Aug. Z. Cates W.S. Montgomery A. B. Groce J. B. Lee Jno. F. Floyd B. F. Shockley i I orations and Banks stent with g nterest at the rat* nnually SUPERIOR SERVICE what they have done for its up building and improvement. Th< building and loan idea has been pop ular in Spartanburg for many yean and it grows more so every year Every few months announcement i made of the maturing of a huildini and loan series. This means tha enough money has been paid in b; the stockholders at the rate of $1 per share per month together witl the interest earned to make thi shares worth $100. The series i then liquidated and till investmen stockholders are .paid $100 for eacl share they have carried to maturity and all stockholders who have bor rowed on their shares have theii debts entirely extinguished. plas' observed. The building and loan plan follow ed in Spartanburg is a very old on< and a very simple one. It is th< plan first inaugurated in Philadel .phia. where there are now some 1,50( building and loan associations ope rated on it. There are no complieu tions about it, no mathematical niys teries, no unfair forfeitures, n< chance of lottery. It is simply i pjUfrin. simple, honest plan of hus banding and accumulating the smal savings of a large number of peopl< and loaning these savings to homi builders at a fair rate of interest The leans are repaid by monthly in stalments, which with the interest added amounts to no more thai house rent would cost. The borrow er is thus able to own his home aftei a few years .payments. The Spar tanburg associations mature theli series in about 78 months, so tha when $78 has been paid in the shan is worth $100. The $22 .profit comes from the interest paid by th< borrowers. S YIKMMXU FROM 4 i?KR CKST. cultivate habits of thrift and thus enrich the community. They .provide loans for home builders repayable in instalments and thus build up the community and make good citizens. There hundreds of clerks, salaried people and wage earners who are carefully making their building and loan payments every month and laying up their little savings for a rainy day or to go into In.sines for themselves some day. They are also many wealthy business men, bankers and manufacturers who carry large blocks of building and loan stocks because they can find no better investment for their money. This furnishes a plentiful supply of funds for loans and 110 good application ever has to be turned down because the association has 110 money 011 hand. The building and loan associations have done a great work in the upbuilding of Spartanburg by furnishing loans to erect buildings and other houses, and hundreds of neat and cosy homes in this 'city were built with money borrowed on easy terms from the building and loan as> sociations and repaid or in .process of repayment in small monthly instalments. The result is that with a monthly payment but little, if any, in excess of what is usually paid for the rent of such a house the borrower soon becomes the owner with clear title to a home, for which he hever has to pay any rent. The J building and loan associations have done much for our citizens, and there are no more popular institutions in Spartanburg. THE MECHANICS* HITCHING AND LOAN ASSOCIATION. 1 The Mechanics' is the oldest build, ing and loan association in Spartanburg, having been organized in _ 1878. It has paid out since organlji zatlon in matured shares $786,000. . The number of shares now in force B is 8,917. Following are its officers and directors: K Officers: Jno. W. Carlisle, presi? dent: W V ? <-?? ... .... ..... ..vu, ?icc in rouicii i S . ? t S. J. Simpson, attorney; James Cov. field, secretary and treasurer. I Hoard of Directors; Jno. \V. CarIj lisle. W. R. Harnett, John H. Cleve, land, S. J. Simpson. R. K. Carson. s J. X. Cudd.Wm. S. C.lenn, ,T.W. Sinipt son, R. T. Earle, F. T. Cantrell, j James Cofleld. THE PK01*1.E*S WILDING AND r LOAN ASSOCIATION. The People's is the next oldest association and was organized in November, 1889. Six series have been . wound up, aggregating $r>r>0,000. 3.B .".00 shares are now being carried. Its officers are; J. F. Floyd, presfe dent; J. H. Lee, vice president; A. " L. White, secretary and treasurer; ) Ceo. W. Nlcholls, attorney. Dlrec tors: W. S. Montgomery, Dr. Geo. R. - Dean, H. F. Shock ley, J. F. Floyd, D. - C. C'orrell, Geo. W. Nlcholls, J. L. ) Fleming, J. n. I.ee and A. L. White. . THE HOME WILDING AND LOAN 1 ASSOCIATION. e The Home Hullding and Ixian Asb soclatlon was organized in February 1S9.1 and has matured five series, - amount to $J4:'.,000, fi.226 shares t are now being carried In this assoi ciatlon. The officers and directors - of the Home are: r A. 11. Twlchell, president; Jno. A. - Law, vice president; A. M. Law, secr retary and treasurer; H. R Ravenel, t attorney. 9 Directors: Arthur Irwin, Rllsha t Bomar, J. P. Stevens, Wni, A. Law, ? A. II. Twlehell, Jno. A. Ijiw II. k. Ravenel, S. B. Ezell A. M. T*aw. ??:????? WWW TO fi I'KK CKNT. FOR ( IRt l LAKS HQ JOURNAL: SPARTA? ECONOMICALLY CONDUCTED. These associations are run at a minimum expense. There are no high salaried officers or heavy expenses of any sort. Each series is charged a nominal amount yearly for the services of the secretary and treasurer, who keeps the accounts, and attends to tue clerical work of the association. There are usually three or four series running ut one time so that all together make a fair salary for the officer for the time he gives It from his regular duties, which are usually those of a bank officer or insurance or brokerage business. On each loan the borrower pays an attorney's fee of $."> only and a small sum for recording and like expenses. The applications for loan are carefully passed on by a loan committee composed of safe and ^ conservative business men and it is said that none of the associations have ever lost a dollar on a bad loan. TWO CLASSES BENEFITTED. The building and loan associations benefit two classes of people directly and all classes indirectly. They furnish an absolutely safe form of investment for small savings. They ?OOOOOO?O?0?0 mum;, s. c. THE SPARTAN Bl'ILDINti AM LOAN ASSOCIATION. The Spartan la a young asaociatlni which hua net yet been in existence long enough to muture a aeries, bui it is operated on exactly the sam< plan as the others and will achieve the same results. It was organize! in October. 1901, and already ha: 1,925 shares running. Ita officers am directors are: A. H. Calvert, presl dent: T. A. Green, vice president; T J. Royd, treasurer; .1. W. Nash, at torney. Directors: T. A. Green, .1 W. Nash, M. O. Gentry, C. H. Car lisle. O. L. Johnson J. O. Erwin, A R. Calvert. AMERICAN PERPETI'Ali BITLMM AMI LOAN ASSOCIATION. The American Perpetual is th' youngest of the building and loan as sociaticns of Spartanburg, having been organized November 11. 1903 It has in operation 923 shares atn is conducted on the same plan as tin others. Its officers and director! are: Jos. Norwood, president; C. K. Ep ton, secretary and treasurer. Directors: Jos. Norwood, J. L. Par l?er, J. J. Gentry, W. E. Lindsey, J B. Carlisle, W. P. Twitty J. C. Rig by, J. W. Alexander. ItrSSFM.-COMPTOX CO. The Russell-Conipton Machine Shops and Iron Foundry is one o the largest in the South for genera repair work. \V. 11. Russell, son o the late Dr. \V. T. Russell of this city, has been engaged in innchinerj work in the North for many years and has returned to his native place to establish this enterprise. He un * * ? Si/ SI/ SI/ SI/ SI/ \t/ SI/ vl/ Si/ w ? Si/ si/ si/ si/ si/ SI/ si/ si/ \l> si/ si/ si/ si/ * vl/ si/ si/ * 1 Centi si/ J/ 4/ si/ si/ si/ SI/ si/ c? I Spar Sli SM St/ si/ I TE si/ * * In the Sp * the total di | five banks t | iness in Spa I $561, * Seepublisl | of National I $ 1896, and o! | . June 30, 189 sir $ sir t B( | Y0U * JNO. A. LA' ft ft ft ft * $ ft ft Sir o Sir Sir * Sir Sir S* Sir sl> x A w # # $ 9 9 9 9 9 t WRITK TIIK NKCI'IMTY TIM ST CI \ derstunds the business tu every < tail and has secured .iioroughly cc petent associates. Mr. Coinptou \ also an able machinist of reputatb being one of the few men in I South who are competent to rep the most intricate parts of Corl | engines and he has for several yei been in constant demand all 01 * the South In this work. R. C. Mye a veteran foundryman, has charge , the moulding rooms. The factory equipped for all kinds of rep; r work and for manufacturing n ' chines for the trade. The shops ! located on the C. & \V. C. railrc near the union station. The foi dry is just now in operation. 'I j machinery lor the shops is boi placed. c WOKKAN WOOI* AM) IKON' WOK , This plant, which is located Liberty street, with a side tra j from the Spartanburg & I'nion R;i n road, is within two blocks of M< gan Square. It was organized 1891, originally as a brlcktnanaf; I'.ring company. Later lumber a wood-working machinery were ; ^ dcd' tind n. complete foundry a murhllio ulimtu I.. 10A1 ? >- - sold to the present company which W. M. Jones, is president a treasurer. Finding the machine shops a foundry interests growing to su ' an extent as to demand all the tii f at tiie disposal of the preside"*, J 1 Jones disposed of the lumber nisi f ufacturing feature to the Sparta s burg Lumber Manufacturing Co ' pan.v. who are now operating ti i part of the plant. The maehi ? shops are complete with all mode - appliances and skilled workmen. ral Nationa AND tanburg Saving N YEARS GRO ring of 1896, On Janu pposits of the *ke comhi hen doing bus- ^Central , and Spart; rtanburg were _ BanK were 345.66 $56C led statements See publ lanKs May 7th, of above f State BanKs published! 6. ler's call. )TH BANKS IN SAME EUI1 R ACCOUNTS SOL W. Pres. CHAS. C. I************************* ! ? SI'AHTANIil'IMt, S. ( . % a $ Je- add.(ii n to repair work on engine* j Hi- boilei and mill machinery of every 3 Is deBcrip ion, the shops have a line 1 Dn. cf improved agricultural Implemeu'.s * ih.! which they propose to rnauufactore, * air some or their own account and scv- X iss eral for patentees. They make an X irs improved mowing machine, a foiu- * irer ing hay rake, and other Ihuchiues $ r?, especially suited to the liill country. ? of During the past year they inanufuc- X is tared a cotton chopper which had a air great sale, and is being introduced ip ?n- all over the South. They will add ? ire at an early date a one-horse grain * tad drill, oat drill, hay press, cot to.i ip in- planter, horse cultivator, manure die- ^ '|y? tributor and combined stalk cutter. ^ 11 er * SI'AItT AMU'ltt> MAClllAFIiY CO. * >1/ w ? L" "* kfc The Spartanburg .Maehinerv Co., ^ \1/ (,n lias been established Id years, deal- ^ ok ing in engines, boilers, saw mills, J ill. repairs and linings for engines, gar- ^ oline engine oils, heiting, pipes an I w In blacksmith outtlts. Tiiey also have ^ IC. a repair shop where workmen who X n,l thoroughly understand their luisl- * ,,j. ness are constantly employed. Tiny * ,,,1 also supply machinists to go ous on ^ uis repair work. of * ml llKAVS I.IYKKY STAItl.K. ; n<' The livery business of K. It. Dean <p i n North Church street is one of the ip me ip . I,, largest in the slate. The stiible Is a $ in- brick building two stories, capable n- of sttiblitig Hi Ml head of horses, besides ,n~ abundant room for vehicles. Mr. 1 *" t Dean gives personal attention to ev- ^ ne w ,rn ery d?tail of bis business and makes w in a specialty of selling stock. X Sli * * * ^ * * & * * ? I /|\ * * $ *> * *> $ f. * * ^ <0 ? /|\ vfc *> jf /?\ * ?i\ * /|\ >1/ n\ * ?\ * /|\ vu /iv * /|\ vu /|N vl> "|V * /|> * 1> * *v * * ? 4|\ v*/ * 0/ 1V vj/ * ? _ /|\ * I Bank i i * ? 0 vl/ 1 I 5 I ;s BanK I I * ? & ? $ WTH I | | | ary 29th, 1906. I t ^ y|, ned deposits of j ^ I National BanK * v ^ V/ . U. ' O ^ Nt nunurg savings * * ? ? /TV vl/ /JV vl/ /|\ Vl/ ),653.46 | I IV V?/ '|v v?< ished statemer t $ & iv Vl< named BanKs, ? ? /|V vt/ inder Comptro! - % * /|\ & T 'i? *v vi. IV V*/ .DING J t * V*/ * vM ICITED * i * * * * KIRBY. Cashier j t * * f * 1* <*/ A' * <V *> * * * * * >tf /r 'jv \t' " \?c 5 4 * ? 1 U/ 5 * * ? * ?> * i m w ^ dL. ? * ? * ? i i * ? * T * Z * ? ? ? t ? ? 1 *? *??*??? )*? ?******???**??? $