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The outlook for the Negro Banks for 1909 assumes a most encouraging aspect. This is brought about from the fact that two states who are already far in advance with their banking business and banking concerns have chartered additional institutions. The recent organization of the Farmers' and Merchants' Bank in Palestine, Texas adds another Negro bank to the Lone Star State. The two older ones being located in Houston and Fort Worth, Texas respectively. The Palestine concern has a capital stock of $25,000.00 divided into five thousand shares of $5.00 each, a large number of which have already been sold. They have selected for president E. M. Griggs who was for many years associated with the Land and Improvement Company of Anderson County, while H. L. Price from the Palestine Plaindealer is the cashier. The other is the Pythian Bank and Trust Company organized and chartered by some active Pythians in the Volunteer State. The bank will be located at Memphis. The capital stock of this concern is $25,000.00 with the shares at $5.00 each. The stock will not be sold in any unusually large quantities. The idea being to give out only a small number of shares to each purchaser. Mr. B. J. Farnandis, of Memphis, a member of the K. of P. Grand Lodge, is the promoter of Tennessee's newest bank. He will have the greatest encouragement along this line. This gives Memphis two Negro banks. The desire to operate concerns is not stopping in West Tennessee. It has spread with a prairie-fire rapidity to the capital state. Persistant rumor has it that Nashville will have another Negro bank. The city is large, the Negro population equally as large with many thousands in money waiting active investment. The list of Negro banks has grown considerably. Last January the number was approximated at 37. This month the approximate runs up to 42, an increase of five new financial concerns now in operation. There have been four, however, to close their doors since last January: the Peoples' Bank of Philadelphia, the Unity Bank and Trust Company of Pine Bluff, Ark., the Capital City Savings Bank of Little Rock are among those known to have suspended. But the encouraging feature is that not one of the institutions caused a loss to the depositors and stockholders by closing. Persistant rumor has it that on account of lack of co-operation the Negro bank at Tampa, Fla., suspended, but the rumor has not as yet been confirmed. On Jan. 1st Negro banks to the following number were being operated. Four in Richmond. Va., two in Birmingham, Ala., one in Meridian, Miss., one in Mound Bavou, Miss., two in Vicksburg, Miss. one in Nashville, Tenn., one in Greenville, two in Savannah. Ga., two in Jackson, Miss.. one in Yazoo City, Miss. one in Indianola. Miss., one in Hampton, Va., one in Newport News, Va., one in Newborn, N. C., two in Memphis, Tenn., one in Chicago, III., one in Columbus, Miss., one in Salem, Va. three in Jacksonville, Fla., one in Norfolk, Va., one in Tuskegee Inst., Ala., one in Houston. Tex., one in Staunton, Va., one in Muskogee, Okla., (Continued on Page 6.)
