Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-07-27


he said the better opinion seemed to he that the
charter of the Merchants bank forfeited in con-
sequence of the stock not having been subscribed
within the prescribed time. 1t was true, he said,
the amount of stock at first subscribed in Ncwbern
to this Bank. not very large; but since the re-
opening of the books it had been much increased
He warmly contendcd for the Branch and could see
no reason why it should not be located 1t might
be a question of time but of its necessity and ad-
vantage there could be no question.
Col Andrews advocated the Goldsboro' Branch.
In that town they had 10 banking facilities at ALL
Enterprise was crippled completely. There was no
conflict with other places-Newbern Wilmington
ana Raleigh were willing they should have TINS
Branch and the capital quite ample to allow 1t.
B. +. Moore, ESQ.,, as one of the committee, denied
that any town had been denied Branch. Inc 90
iect of the resolution was to establish brancnes
where they could be successfully conducted as under
the old Bank. Newbern had been stricken fro::,
the list because a sorry business had been done
there before 1t was the opinion that sufficient
amount of stock had not been subscribed to secure
the efficient management of the Branch He spoke
of the amount of stock yet to be subscribed and OF
the probability of Newborn not having enough
left to her to secure 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 little or no employment could be found
for two to three months to come lie did not con-
slider it expedcnt to make experiments on Branches
at such time and there no policy IN establish
inc Branches where no business would be DONE IL
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 noima-
ton would be had As general rule he would
rather deny Branch at proper place than risk
one at an improper one.
Hon. .Jno H. BRYAN advocated the establishment
of Branches at Goldsboro' and Newborn. In refer
ence to Goldsboro he had had frequent business
transactions with the people of Wayne, and he had
always found them honest and reliable. If there
were anything in the objection that GoldSboro' was
"too fast" land he did not say there was that
should not he made to work to the prejudice OF the
people of WAYNE county. Mr. b. said the value OF
land in Wayne had increased more than double mo
few wears As to Ncwbern. he hoped its case would
he well considered He alluded to the progress o!
trade and commerce in that town, and to the char
acter of its business men.
Mr.. Moore here explained that he had alluded to
the numhcr of capable men likely to he got from the
present stockholders in Ncwhern He did not mean
to reflect on their standing or capacities.
Dr. Guvon cited the names of the principal stock
holders to show them to be capable and sufficient IN
number, and also that the amount subscribed was
bv 10 means ncoEsiderablc
Hon. Jno H. BRYAN resumed lie alluded to the
history of the Merchants bank established i'll 1908.
to show that banking had been safely and protahly
conducted there. He hoped the claims of Colds
boro' and Newbern were but suspended, and would
be favorably considered at the proper time.
B. F. Moore, Esq, followed. He spoke as men,
Der of the committee. These points for Branches
had not been discussed committee. He had
charge of several applications himself which he
might urge at the proper time But at present it
was deemed best to follow the safest course
Jas. w. Bryan. Esq, followed in support of the
Branch at Ncwbern.
Hon. Geo. +. Bad ger said this was one of the
most important considerations. The safety Of the
Bank was involved in this Branching power. Once
a step was taken in that direction it could not he
retraced. Newhern he said. was his mother too; ;
but that was not the question. What had this feel
ing to do with the establishment of bank. The
real question had been overlooked in this reverence
for home. lie pointed out the true conditions for
the safe and profitable prosecution of banking bu>l
ness. These were accommodation 20 the public
and profit to the stockholders If these did not
exist, failure was inevitable The principle adopted
by the committee he considered the true one: They
Judge by what has been done in the experience Of
the old Bank. 1t was useless to talk Of establish
ing branches cpmplimcnts--that was not our plr-
pose he said. He urged as cXatlplc the case Of
Elizabeth City cited by Mr.. Moore. He also alluded
to the present condition of the bank at Ncwbcrn,
with a capital of $500 600 and of that $4,000 not
taken. He considered these applications premature
in view of the prospects. He would support the
resolutions Of the committee.
Geo. W. Mordecai Esq. reviewed the arguments
urged for these Branches More than half of the
stock subscribed could reasonably be expected to
be paid in by the time the next instalment became
dlc The OIL ect of the committee was to he GOV
erned by past experience. For the last five or six
Years at least the Newborn bank had not been able
to divide more than per cent per annum. When
he took the affairs of the old bank in hand he found
a large unemployed capital in the Newborn bank.
He reduced it on two occasions and yet not more
than 6 per cent could be declared while the other
capital of the bank paid 10 per cent He had no in
tention to dsparage Newbern but her bank was
not profitable. He gave no pledge for the future.
Mr. Mordecai pursued the matter at considerable
| length.
Quite spicy cross-fire now ensued between
Mcssrs. Mordccai and Badger and DR.. Guyon.
The application for Branches at Goldsboro' and
Newborn were ultimately withdrawn to be left to
the Board of Directors and the report of the COM
mittee was unanimously adopted.
Jno. W. Cunningham, Esq, now made the follow
ing report on the election of Directors:
Whole number Of votes cast $500
Necessary 10 cnOlce, l,iol
/ *lieo w. Mordecai. 1902
*Jno. II. Bryan Sr., $500
*B. F. Moore, 3,2l4
~. W. B. Watson, 3l35
*Chas. Manly, 1898
TX. P. Battle, 2,779
ID. NJ. Barringer. 1859
*George Z. Badger, $3.50
Wesley Jones, 754
VIM A. Graham, 6s4
| W. w. Holden, Asa
G. H. Wilder, 25l
DR.. H. W. Montague 2os
| c. II. Brogden, $50
IL r. S. Tucker 1875
Y Alfred Jones, 1ls
VIM. Boylan. 1U7
VIM. Peace, 105
W. H. Tucker, 81
c. B. Harrison, go
Thomas Bragg, A
W. H. Mckee, 10