The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
PEOPLES B.iNK or SOUTH CARO-
LIMA.
Repor, 81 enc rrosia"rs

Report az shc Trosianrt
A meeting Of the stockholders of the Peo-
pies Bank OF Charleston was held this dny in
the hall of Tie Bank of Charleston building.
Mr.. James Gihbcs called The meeting 10 or
der, and moved that MIR George A. Trenholm
be requested 20 preside, which was seconded
and adopted.
Mr. james Gibbes then moved that the chair
man appoint n secretary Tor tho meeting AMI Il
committee on proxies; which was agreed 10.
The chairman then appointed MIR Is. Grim
ball secretary, and Messrs. Joseph 7. Dill and
p. p. Locke committee to verify proxies.
The chairman then declared the meeting
ready for business.
MT. james S. Gibbcs then read his report as
president OF the bank.
Mr.. YeadOn then moved that the report be
received and approved. and that tho thanks OF
the meeting bt returned to the president,
cashier and directors, for Tho able and satishc-
tory manner i'm which they have conducted
the financial affairs of The bank; which was
adopted.
Mr.. r. S. Bruins then offered tho following
resolution, Which vas adopted:
Rcs0lucd. That the directors ho instructed To
takc lie necessary Steps to resume business
Immediately.
Mr.. Brnns' motion WAS tilen rccOnsidcrcL,
and the following amendment, offered by Mr..
C. IL. SimontOn, was adopted:
ResotUcd. That the directors he instructed 10
take the necessary stcps tu Ics,unr I'm siurss nc
soon us practicable.
Mr.. John lIanckel then moved that the nro
cccdlngs of the meeting, and The presidents,
report bc published in The CiiAEI.EsroN DAILY
NEWS and Courier, whicl, was aJdontctl.
INC meeting then ">'J""'ucu.
BERKLEY GRinBAIi.,
Secretary.
Charleston, $. c., November ~, 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 the war, submit for their
consideration u detailed statement of their
management OF this bank since Its suspension
Of business, and Of its present condition.
The advent Of peace, accompanied rs il was
by the destruction Of the currency In universal
use, and the ruin of the agricultural and com
mcroal interests of the State, found the bnnk
in on almost hopeless condition. It's assets
had been invested In State and public sccurl-
ties, In shares Of the great corporations of the
country, and in discounted paper, and these
were all aflcctcdby The common ruin. Early
in the year 1865 ID. l., Mckay, our late prcs-
dent, 10 whose efficient management the bank
had, in O largo measure, been indebted for it's
former prosperity, came to this city, and be-
gan at once to examine the wreck and to SEQ
what could be saved. lie called TO his aid
those Of the 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 bank accommodation Sensible Of
the pressing necd, and anxious TO afford 10 our
people such aid as was i'm their power, the
board determined 10 0pcn the bank, and with
the little capital at their command, to make an
effort TO relieve the wants of DIR commerce.
This action was approved By the stockhold-
ora at their meeting in June, 1865.
on Inc 70 or June, 1863, our books were
opened, and from thut day until tho LIST OF
November ensuing, the bank transacted bust
ness. The advantage flowing to the conlmll-
nifty from The cOnrsc lhus pursued Is q part of
the history Of The period but II will always
be source Of pride ana congratuaion to us,
that even In tis crippled condition our bnnll
was enabled TO contribute somewhat to The re-
VlVal oil orr commerce, and to It's restoration
from almost total destruction. The following
itoms show the aid the bank gave orr COM
mercial community during Its short existence:
Notes discounted d s63. .3us IT
Exchange purchased - I3I 1Gg on
Bterling purchased. .......... 49, ZOO 70
Total. .sb34 ,27D OF
rnGf
Eosr part Of the assets Of The bank
1T soon became manifest that The bank, with
lis large circulation still IN existence, could not
bc carried OH with safety 10 It's dcposltors. H.
had supplied however, the Immediate ncccssi-
ty. Capital began slowly 10 How i'm, other
banks were In process OF formation and the
Doard ieit that the necessity which had in
ducod their action having ceased, due rcn;rd
for the Interest Of their stockholders comu,n
cd IL suspension Of the operations Of Tho bnnt
Prom the lsL OF November, tho bus,nes. or
the bank was conducted under The name or
Mckay d Gibbcs; and on tho 2d January. IsCG.
the operations Of this ncw firm were closed
also. The profits of lilc business conducted Inv
this firm amounted to s7628 80, for the benefit
OF the stockholders, and nOw compose q part
OF the assets Of the bank.
IL ihay be Of some Interest to - ate That the
oa'ik opened on the 10Th June, 1865, with 1,
deposit account Of S!i3. 600, and flat from thai
day 1" the day rf closing It's dora the tcposit.;
averaged abouL $4,000.
Being thhis cb.npai.cd to abandon for u lime
all hope o 20 NJ on with the regular business
of Inc .anh, Tho board addressed themselves
70 thc preservation and Improvement of liz as. I,
acls. "i'l The asccriaining and lqnidating lis
liabilities.
Tho following statement will exhibit the