The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
PEOPLES BliNK OF SOUTH CARO-
LIMA.
Repor, OF enc rreuiaens.


Report OF thc President.
A meeting OF the stockholders of the PeO-
plc's Bank OF Charleston was held this day In
the hall Of the Bank of Charleston building.
Mr.. James Glbbcs called the mot ting TO or
der, and moved that MI. George -. Trenholm
be requested TO preside, which was seconded
and adopted.
Mr. James Gibbes then moved that tilc chair
mon appoint secretary for tho meeting and
committee OIL proxies; which was agreed to.
The chalrpan then appointed Mr.. B. Grim
bali secretary, and Mcssrs Joseph T. Dill and
P. P. Locke committee 10 verify proxies.
The chairman then declared tho meeting
ready for business.
Mr.. james s. Glbbcs then read his report az
president OF the bank
Ar. Yeadon then moved that the rcport be
received and approved. and that the thanks of
the meeting be returned to the president,
cashier and directors, for the able and satisfac-
tory manner in which they have conducted
the financial afiairs Of the bank; which was
adopted.
Mr.. r. 8. Bruins then offered the following
resolution, which was adopted:
Resolved. That the directors bo Instructed 10
take the necessary steps 10 resume business
Immediately.
Mr. Bruins motion was then reconsldcrod,
and tho following amendment, offered by Mr..
@. II. Simonton, WIS adopted:
heSotocd. That the directors be instructed TO
taRe the necessary steps To resume business us
soon as practicable.
hr. John Hanckcl then moved that the pro-
ceedings OF tho meeting, and the prcsIdcnts
report DC published In the CHARLESTON DAILY
NEWS and Courier, which was Adopted
The meeting then "y""tneu.
BERKLEY GRIuBAII.,
Secretary.
Charleston, s. c., November 20, 1869
The Board OF Directors of the Peoples Bank
Of South Carolina, on this occasion of their
second general meeting OF stockholders since
the termination Of tho war, submit for their
consideration q detailed statement Of their
management OF this bank since its suspension
of business, and of It's present condition.
Tho advent OF peace, accompanied as II was
by the destruction Of the currency In universal
use, and the ruin of the agricultural and COM
merolal interests Of the State, found the bank
in On almost hopeless condition. It's assets
had been invested In State md pnbllc securi-
ties, in shares Of the great corporations of the
country, and In discounted pancr, and these
were all aflcctcdby tho common ruin. Early
in the year 1865, d. L. Mckay, our late prcsl-
dent, to whose efficient management tho bank
had, In q largo measure, been Indebted for Its
former prosperity, came to this city, and be-
4. gan at once to examine the wreck and TO SEQ
what could be saved. lie called to his aid
those of tho directors who were then In the
city, and we soon took such measures as tho
immediate emergency required. At that time
there was but little money in our community,
and no hank accommodation, Senslble of
the pressing need, and anxious to afford 10 our
people such aid as was in their power, tho
board determined to open the bank, and with
the little capital at their command, to make ON
effort to relieve the wants Of omr commerce.
This action was approved by the stockhold-
ors ut their meeting In June, 1865.
On tho 20 OF June, 1865, our books wore
opened, and from thut day until tho lst of
November ensuing, the bank transacted busi-
ness. The advantage flowing to the conlmu-
nifty from tho course thus pursued Is q part OF
the history Of the period. but 1t will always
be q source OF prldo and congratulation to us,
that even in this crippled condition our bank
was enabled to contribute somewhat to the re-
vival Of our commerce, and to It's restoration
Hom almost tctal destruction. Tho following
Items show tho did tho bank gave our COM
mercial community during lis short existence:
Notes discounted. Observation-Disclosures. 500, ,3O8 n
Exchange purchased. ......... 43l. 200 D8
Sterling purchased. d............... $1,000 20
Total. ......................S 1854, ,2TO OF
Tho profits on these operations now COM
Pose part Of tho assets OF the bank.
1t soon became manifest that tho bank, with
Its large circulation still in existence, could not
be carried on with snfcty TO It's dcpositors. IT.
had supplied, however, the immediate neccssI-
ty. Capital began slowly to flow In, other
banks were IN process OF formation, and the
board felt that tho necessity which had in
duoed thoir action having ccased, due regard
for The Interest Of their stockholders compcll-
cd o suspension of tho operations Of tho bank.
z From tho lat Of November, tho business of
the bank was conducted under tho name of
Mckay & Gibbcs; and on tho I'd January, 1866
the operations OF this now firm were closed
also. Tho profits OF tho business conducted by
this firm amounted to s7628 80, for the benen.
of tho stockholders and now compose o part
of the assets Of the bank
1t may bo OF some Interest TO stato That tho
bank opened on the 10th June, 1905, with
deposit account of 500, 900, and that from that
I day to the day cf closing It's doors tho dcpoats
averaged about $4,000.
Being thus compelled to abandon for Time
al hope O. 20 NJ on with the regular business
Oh the nnnk, tho board addressed themselves
70 the preservation and Improvement of lis as
sets. and ille ;.sssrianlng and liqudatlng its
liab,ticsi y. .s ,53 4, p II
Tho following steten,ont VIII O.. .,ibit the