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Banks in Salem Early History of Banking in That Thrifty Moravian Settlement. It is difficult for the residents of the Twin City to imagine the conditions as they existed here 70 years ago. At that time the population and business, centered near and around the Salem Square, and it was within one block of this Square that the Bank of Cape Fear established here one of its branch banks. This branch bank was established between the years 1830 and 1835 with a capital of $200,000, with Mr Charles F. Bagge as President and Mr. John C. Blum as Cashier, and the business of the bank was for some years conducted in what was known, for many years afterwards, as the business place of L. V. and E. T. Blum, and further known as the building from which they published their weekly newspaper called the "Salem Press,' and also published Blum's Almanac, which even to the present time is considered as authority, not only as to times and seasons, but full authority, as to when to sow and reap, the products of farm and garden. After several years the management of the bank was transferred to Dr. F. H. Shuman, being removed to his office on Church street, (into the building now occupied by Dr. H. T. Bahnson). While the business was conducted at Dr. Shuman's office, the funds were kept in a large safe located in the Wachovia Land Office. Dr. Shuman was a man of great reputation as a physician, was noted as a man of unusual business ability, and possessed considerable talent as a musician. Even to this date, persons hear of the fees collected by him, which, in comparison with the fees now charged by physicians, seem to be quite large. In accordance with the customs of his time, the largest fees were for the attendance upon slaves, and no doubt they were in most instances willingly paid, since by his skill, he was not only saving the life of the individual, but a valuable piece of property, to the owner of the slave. Dr. Shuman is reputed to have been not only the manager of this branch bank. but also one of, if not the largest stockholders of the parent institution which was located in Wilmington. He continued in the management of the Bank until the year 1847. when a new building was erected especially for this purpose at the corner of Main and Bank streets, in the building now occupied by Dr. J. A. Butner. Mr. I. G. Lash became Cashier, and held this position until the Bank ceased to exist, as a result of the War. During his management, this branch of the Bank of Cape Fear became noted as the best of all its branches. Mr. Lash proved to be a man of unusual ability in financial circles, and was well thought of by the people of this immediate community and of this entire section. He represented this district in our National Congress. After the failure of the Bank of Care Fear. Mr. I. G. Lash formed a banking corporation known as the "First National Bank of Salem." Of this bank he be came president. and Mr. W. A. Lemly, cashier. This institution continued its business at the corner of Main and Bank streets, until Mr. Lash's death, which curred in the year 1878. After Mr. Lash's death, the affairs of the First National Bank of Salem were wound up, its stockholders selling the good will and assets to the Wachovia National Bank of Winston which has proven to be one of the most successful banking institutions of the State, and since its beginning has been continuously under the management of Mr. W. A. Lemly, as President, and Mr. James A. Gray, as cashier: In addition to the Bank of Cape Fears which was forced to suspend business as a result of war, there was a Savinks Bank in Salem which shared a similar fate from the same cause. This Savings Bank, previous to the war. had been a very successful institution, and had collected a large amount of assets, which, unfortunately, were largely invested in Confederate States bonds, and when these securities became worthless, the bank went into voluntary liquidation. The First National Bank of Salem had a capital of $100,000.00, and was noted throughout this entire section because of its financial strength. The Wachovia National Bank, which has been conducted by men trained under Mr. Lash, has a capital of $150,000.00, with a surplus equal to its capital, and deposits running into the hundreds of thousands. When we think what has been accomplished in this community through the institutions above referred to, and compare with those conditions the following: Capital. Deposits. Wachovia Nat. Bank $150,000 $300,000.00 Piedmond Savings Bank 79,250.00 10,600 Peoples Nat. Bank 100,000 400,000.00 Wachovia Loan and 2,481,310.35 600,000 Trust Company $3,260,600.35 $860,600 it should make the business men fully realize the responsibility that rests upon them. because of these greater advantages that they possess over their forefathers; and should this community respond to the advantages we now have, it would be difficult to imagine what the results may