Newbern weekly progress., 1859-07-26

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Amy Post Master other person sending
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be entitled to the paper one year gratis.
Organization of the Bank of North Caro-
lima
On Wednesday last, the goth instant, tire new
Bank Of North Carolina was organized in Raleigh
III general meeting of the Stockholders. We
condense from the Report of the Standard all that
we conceive to be of interest to our readers.s
Gov. Swain acted as chairman and f. 3. Free
and Kemp P. Battle Secretaries.
The meeting being organized, His Excelency,
Gov Ellis, as Chairman of the Board of Com
missioners for receiving subscriptions of stock,
made and read a report from which it appeared
that books had been opened at twenty-six points
throughout the State under the direction of lei
gally constituted Commissioners, and remained
open for sixty days. at the expiration of which
q ,339 shares, or So 1885, 900, had been subscrib-
ed, less, by $366l0O than the amount author
ized by the charter. One hundred thousand of
the deficit win be taken by the University of
North Carolina. under the provisions of the char
ter No returns had been received from the
Towns of Wentworth, Asheve, Lexington,
NYilkesboro', Wadesboro', Washington Edenton
and Yanceyvie. To obtain the balance of the
stock, books were subsequently opened at the
places from which returns had been received,
and under the same Commissioners, and will re-
main open till the 1st day of September next.
All the payments had been made in specie
On motion of Ex-Gov. Manly, the report was
accepted.
After the appointment of Committees the meet
ing adjourned till Thursday morning,
Shortly after 9 o'clock, the meeting was called
TO order by the Chairman
Ex- Gov. Graham from the committee to ascer
tain the amount of stock represented, &c, report
ed that the whole number of shares 2U.037,
viz: $3.50 by individuals, and 5O27 by the
State. Of these 1924 Were represented in per-
son. and 9,62:} by proxy. These numbers ent-
tied individual stockholders to eight Directors
and the State to otwo-the Public Treasurer being
one
The report was accepted.
On motion of James w. Bryan, Esq, the Chair
man appointed the following gentlemen com
nittee to ascertain and report the points at which
it was expedient to establish Branches and Agen
cies of the Bank viz j. w. Bryan, Newbern
Sam'l. Watkins, Milton; r. r. Bridgers Tarbo-
ro Rich'd Washington, Goldsboro'; B. f. Moore,
Raleigh; John Dowson, Wilmington; John Ir
win, Charlotte.
George w. Mordecai, Esq, from the committee
on bylaws and Rules, read a lengthy report,
which led to some little discussion rs to the days
which the operations of the Bank should be
suspended The report concurred in with
slight amendment. The second Thursday in
June of each year settled upon the day
for the Annual Meeting of Stockholders, election
of Directors, &c
The salary of the President was fixed at 49, 900
w. Pool, it was announced by Gov. Ellis
would be appointed Director for the State
Jas. w Bryan, Esq, from the committee on
Branches and Agencies, reported the following
resolutions:
Resotred, That it is expedient that Branches of
the Bank of North Carolina be established at the
s.,v boro, Windsor, Milton, Charlotte and Nor
CANTON and that the Directors hereby instruct
ed to establish the or before the first day
of January next.
Resolrcd, That the Directors of the Bank en- |
quire, and report at the next meeting of the
stockholders, at what other places it may be ex-
pedient to establish Branches Agencies, and |
whether it may be cXpedient to discontinue any
of those above designated: and that for this pur
pose the Directors call specil meeting of the !
stockholders before the first day of Janua- |
ry next
DIR. Guyon complained OF the omission of New
bern from the list. He drew attention to the |
want of banking facilities in that town, and to |
the large amount in Wilmington, and to the COM
parative amounts of subscription to the Bank.
He moved 10 add Newhern.
1t also moved to add Goldsboro'
J. w. Bryan, Esq, said he stood alone in COM
mttee in advocating Branch at Newbern, and |
he proceeded to give the reasons for the establish
ment of a Branch at that poi int. They had now !
but banking capital of s225,OOO The busi-
ness of the town had largely increased. In ref
erence to the Bank chartered at the late session
of the Legislature, he said the better opinion
seemed to be that the charter ofthe Bank of Com
merce was forfeited in consequence of the stock |
not having been subscribed within the prescrib- !
ed time. 1t true, he sand, the amount of
stock at first subscribed in Newbern, to this |
Bank was not very large but since the reopen
inc of the books it had been much increased. He |
warmly contended for the Branch and could see
no reason why it should not be located, 1t might
be question of time, but of its necessity and ad-
vantage there could be no question.
o1x toa oil how
In that town they had no banking facilities |
at all. Enterprise was crippled completely
There was no conflict with other places-New-
bern, Wilmington and Raleigh were willing they |
should have this Branch, and the capital quite |
ample to allow It,
3. F. Moore, Esq, as one of the committee, de-
MED that any town had been denied Branch |
The object Of the resolution was to establish
Branches where they could be successfully con-
Quoted, under the old Bank Newbern had
been stricken from the list because a sorry bust
ness had been done there before. 1t was the !
opinion that sufficient amount of stock had not |
been subscribed to secure the efficient manage |
ment of the Branch. He spoke of the amount of
stock yet to be subscribed, and of the probability
of Newbern not having enough left to her to Sc
cure the requisite good management referring
to Goldsboro', he urged the difficulties in the way
at present-the necessary delay in getting to work
the expenses of houses officers, &C., and to the
large amount of gold and silver on hand, and for
which employment could be found for two or
three months to come He did not consider 1t ex-
pedient to make experiments on Branches at such
a time, and there no policy In establishing
Branches where no business would be DONE 1t
was the most economical course to look to those
points at present where the best business could
be done. By the next meeting all necessary in
formation would be had. AS a general rule he
would rather deny Branch at proper place
than risk one at an improper one
Hon. Jno. H. Bryan advocated the establish
ment of Branches at Goldsboro and Newbern. In
reference to Goldsboro' he had had frequent bust
ness transactions with the people of Wayne, and
he had always found them honest and reliable,
fInor, hoo