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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Sep 11, 1922
Page
9
High Point pursues rapid expansion as furniture firms, hotels, a new bank building, a city hall, and a Methodist Protestant college rise. The Exposition Building on South Main anchors a booming era, while Sheraton Hotel, Commercial National Bank project, and municipal facilities showcase a city determined to lead.
North Carolina Methodist Protestant church officials chose High Point for a new modern college after local efforts. The city advances a sweeping school-improvement program with the second ward Ray and Hamilton site, Elm Street and Grimes Street renovations, and plans to open Fairview Street and Main Street facilities by fall. Night classes will be offered by the school board.
The High Point chamber of commerce reports a 20 000 population with 5 660 workers in plants 3 banks hold 5 75 4 230 capital exceeding 36 million in assets and payrolls around 5 72 0 000 weekly. Furniture wood working output reaches 14 million yearly while textiles total 10 million. Merchants expect a business boom in the next three months as streets are paved and new buildings rise.
M B Wellborn reports that June and May show renewed business activity with rising debits and improved reserves in the Sixth Federal Reserve District. Loans to member banks declined 3 1/3 percent year over year as banks finance more of their own paper, deposits rise about seven percent, and reserves surge to 83.9 percent of liabilities, far above the legal 40 percent.
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