The Mechanics Savings Banks of Richmond, VA
January 6, 1906
Summary
The bank publicizes the unprecedented success of the clearings in only its fourth year of business.
Transcription
The Mechanics Savings Banks of Richmond, VA
Stock Holders. Elect Direct. A Fine Showing. Harmonious Meeting. Grand Banquet. The Clearings for One Year. Over Half Million Dollars.
Board of Directors:
The regular annual meeting of the stockholders of the Mechanics; Savings Bank was held Tuesday night, 3d inst. 8 o’clock at the Pythian Castle. The hall was brilliantly lighted. President John Mitchell, Jr. presided. Prayer was offered by Rev. W. F. Graham, D. D. after which the roll was called. A large number were present and Secretary Thomas M. Crump announced that a quorum was present. President Mitchell then read his annual report. Among other things he said:-
I shall never forget the prophecies made as to the amount of the clearings for the first year. I hardly dared predict that they would reach one hundred thousand dollars, although the Vice-President was vociferous in claiming that this mark would be reached. I hoped that he was right but hoped only. The actual amount was $122,915.04. We were then confident that we had made a remarkable showing in a field that had been well canvassed. The second year brought our clearings up to 186,796.61. This made us jubilant as you well know and we were hardly prepared for the third years showing which was $262,537.86.
We smiled then and we laugh now for the fourth year just closed leaves our clearings, $519,052.88. It is a source of gratification to the officers and a wellspring of pleasure to you. But how have we grown? The increase in the clearings at the end of the second year over those of the first year was $63,881.57. The increase in the clearings at the end of the third year over those of the second year was $75,741.25. The increase in the clearings at the close of the fourth year over those of the third year was $255,515.02. Our total Bank clearings for four years are $1,091,302.39.
This is a volume of business which has come to us in a manner that is unprecedented when it is considered that our field is limited and that the bulk of our deposited are confined to Richmond. I am of the opinion that it emphasizes the need here of a conservative business institute run along conservative business lines and the Mechanics’ Savings Bank has supplies that need and it expects to go forward along the similar lines with a hipep that its mission may dawn into the day of a state or a national institution.
I think I give away no secret when I say that the fundamental success of any institution of this kind rests in tis conservatives investment of the funds entrusted to it's keep going, so that a steady source of revenue will flow into the vault of the Bank for the purpose to paying its running expenses and providing a profit to those people who are foreseeing enough to invest their surplus money in the stock of the institute...
Stock Holders. Elect Direct. A Fine Showing. Harmonious Meeting. Grand Banquet. The Clearings for One Year. Over Half Million Dollars.
Board of Directors:
The regular annual meeting of the stockholders of the Mechanics; Savings Bank was held Tuesday night, 3d inst. 8 o’clock at the Pythian Castle. The hall was brilliantly lighted. President John Mitchell, Jr. presided. Prayer was offered by Rev. W. F. Graham, D. D. after which the roll was called. A large number were present and Secretary Thomas M. Crump announced that a quorum was present. President Mitchell then read his annual report. Among other things he said:-
I shall never forget the prophecies made as to the amount of the clearings for the first year. I hardly dared predict that they would reach one hundred thousand dollars, although the Vice-President was vociferous in claiming that this mark would be reached. I hoped that he was right but hoped only. The actual amount was $122,915.04. We were then confident that we had made a remarkable showing in a field that had been well canvassed. The second year brought our clearings up to 186,796.61. This made us jubilant as you well know and we were hardly prepared for the third years showing which was $262,537.86.
We smiled then and we laugh now for the fourth year just closed leaves our clearings, $519,052.88. It is a source of gratification to the officers and a wellspring of pleasure to you. But how have we grown? The increase in the clearings at the end of the second year over those of the first year was $63,881.57. The increase in the clearings at the end of the third year over those of the second year was $75,741.25. The increase in the clearings at the close of the fourth year over those of the third year was $255,515.02. Our total Bank clearings for four years are $1,091,302.39.
This is a volume of business which has come to us in a manner that is unprecedented when it is considered that our field is limited and that the bulk of our deposited are confined to Richmond. I am of the opinion that it emphasizes the need here of a conservative business institute run along conservative business lines and the Mechanics’ Savings Bank has supplies that need and it expects to go forward along the similar lines with a hipep that its mission may dawn into the day of a state or a national institution.
I think I give away no secret when I say that the fundamental success of any institution of this kind rests in tis conservatives investment of the funds entrusted to it's keep going, so that a steady source of revenue will flow into the vault of the Bank for the purpose to paying its running expenses and providing a profit to those people who are foreseeing enough to invest their surplus money in the stock of the institute...
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Upper Left Quadrant
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Contributed By
Emma Roberts
Citation
“The Mechanics Savings Banks of Richmond, VA,” Black Virginia: The Richmond Planet, 1894-1909, accessed May 12, 2025, https://blackvirginia.richmond.edu/items/show/134.