Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-07-27
my DIR OWN REPORTER
ORGANIZATION OF TIE BANK OF NORTH
CAROLINA

ORGANlZAllUN lHf DAM We NOhl IL
CAROLINA
WEDNESDAY, July 90
The Stockholders of the Bank of North-C Carolina
met, pursuant to appointment of the Commissioners
at Raleigh, to-day at - o'clock, m., in the Senate
chamber of the Capitol, for the purpose of organi-
zng the institution and putting the same INTO ope-
ration.
On motion Of Ex-(iov. Manly Hon. David l..
Swain was appointed Chairman and Edmund b.
Freeman and Kemp P. Battle, Esqrs, were appoint
ed Secretaries.
His Excellency Gov. Ellis as Chairman of the
Board of Commissioners for receiving subscriptions
of stock made and read report, from which it ap
peared that books had been opened at twcnty.six
points throughout the State. under the direction OF
legally constituted Commissioners. and remained
open for sixty days. at the expiration Of which d.,
500 shares or 81 So 800 had been subscribed less.
by 1856, 100. than the amount authorized by the
charter One hundred thousand of the deficit will
be taken by the University Of North Carolina, under
the provisions of the charter No returns had been
received from the Towns of Wentworth, A>hcville,
Lexington, Wilhesboro Wadesboro, Washington,
Edenton, and Ianccyyille To obtain the balance
of the stock books subsequently opened at the
places from which returns had been received, and
under the Commissioners, and will remain
open till the LIST day of September next. All the
payments had been made in specie.
On motion of Ex-Gov. Manly, the report was
copied
On motion Of Ex-Goy. Graham,
Resolced That committee of five stockholders
be appointed to ascertain the number ut shares OF
stock represented at this meeting, by whom repre-
sented and the number of votes to Which each
stakeholder is entitled and that the same committee
ascertain and repor, the number Of Directors to
which the State and individuals are respectively
entitled.
The resolution was adopted and W. \. Graham
of Orange. George W. Morlcca and B. +. Moore. of
Raleigh John Irwin of Charlotte and James W.
Bryan, Of Ncwbern, were appointed on said COM
mttee.
On motion of George W. Mordccai. Esq,
Ordered. That a committee of three be appointed
to prepare a code of Bylaws and Rules for the
government of the institution
Messrs. G. W. Mordccai B. T. Moore and James
W. Bryan were selected.
On motion, the meeting then adjourned till to-
morrow morning at o'clock.
THURSDAY, July 81.
Shortly after o'clock, tic meeting was called to
order by the Chairman
Ex-Goy. Graham from the committee to ascertain
the amount of stock represented &C., reported that
the whole number of shares was 2n.531. viz:
1910 by individuals. and 5.027 by the State. Of
these 1924 were represented in person. and 1923
by proxy. These numbers entitled individual stock
holders to eight Directors and the State to two-the
Public Treasurer being one.
The report was accepted.
On motion of James W. Bryan, Esq.,, the Chair
man appointed the following gentlemen committee
to ascertain and report the points at which it was
expedlent to establish Branches and Agencies Of the
Bank, viz j. W. Bryan, New BERN Sam'l Watkins,
Milton; R. R. Bridgers Tarboro' Rich'd Washing
ton, Goldsboro'; B. F. Moore, Raleigh; John Daw-
son, Wilmington John Irwin, Charlotte
George W. Mordecai, Esq, from the committee
on BYLAWS and Rules, read lengthy report which
led to some little discussion as to the DAYS on which
the operations of the Bank should be suspended.
The report was concurrcd in with slight amendment
The second Thursday in June of each year was set
tied upon as the day for the Annual Meeting of
Stockholders election of Directors, &c.
Ex-Gov. Graham now moved that the meeting
proceed to the election of eight Directors.
Ex-Gov. Manly suggested to Gov. Ellis, who was
present, that, if consistent with his duty, it would
DC as well at once to name the person appointed
Director by the State, to the end that the meeting
might have wider range 1t was very likely the
person so appointed might be voted for by the
meeting if not named.
Gov. Ellis stated that two Directors were appoint
ed on the part of the State in the old Bank but only
one in this. He might say that W. Il. Pool one of
the old Directors, had been spokenSE and he saw
no reason why he should not be APPOINTED. But no
formal appointment had been made II was under.
stood amongst them Mr.. Pool " ould be chosen.
The election of eight Directors was then proceed
ed with, under the superintendent of jno. W.
Cunningham, ESQ.,, Of Person, and Rev. S. NJ Frost,
Of Goldsboro.
Pending this election
Mr. ilson, Of Charlotte, suggested the settlement
OF the question of Salary of the President of the
Bank. viz
Hon. Geo. E. Badger moved it be fixed at 50 5oo
per annum.
Ex.Gov. Graham moved to amend by striking out
$4,000 and inserting $4,000 on the ground that the
duties would be much heavier. wv
Mr. Badger accepted the amendment, and the
resolution as amended was adopted
on motion Of Geo. W. Mordecai, ESQ.,, the Cd Sec
lion y! ,ne BYLAWS was SO amended as to allow of
pecla! cases In which persons residing out of the
state might become endorsers on discounts. Adon.
JAS W. Bryan, Esq, from the committee on
branches and Agencies reported the following re.
solutions: ~
Resolred, That it is expedient that Branches n
the Bank of North Carolina be established at the
1mCa1wlng places, VIZ: Wilmington, Fayetteville,
iarooro', Windsor, Milton, Charlotte and Morpanton
and that the Directors hereby instructed to es'
tabish the same on Or before the first day of jam
airy next '""u
Resotced, That the Directors of the Bank eno,;ro
and report at the next meeting of the stockhoders
at what other places it may be expedent to estahsl
Branches or Agencies, and whether it may be ex
pedient to discontinue any of those above des;on.t
ed; and that for this purpose the Directors cslI
special meeting Of the stockholders on or before H.
first day of January next '' ILL
Dr. Guyon complained of the omission of New
bern rom the list He drew attention to the wan
OF banking facilities in that town, and to the arr
amount IN Wilmington, and to the comparatv
mi Intin 10 ~,
to add Newbern. '''
was also moved to add Goldsboro'.
j. W. Bryan ESQ.,, said he stood alone in CON
mittee in advocating Branch at Newbern and al