Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-01-11
BAKA GRANGE.
The First Nationals New PreSi.
dent.

AGMla "|.
At a meeting of the Board Of Directors
Of the First National Bank, of Memphis,
held this forenoon, there were present Mr..
NJ. @. Pearce, in the chair, and Messrs. f.
S. Davis, N. NJ. Jones, VIM. Horgan,
John X. Speed, G. L Byrd, H. A. Mont
gomery, w. A. Gage, John NJ. Rsters, O.
7. Curtis and H. Furstenheim.
After the oath of Office was admins
tered, Mr.. Davis, by reclamation, was
elected President Of the Board.
Upon taking the chair, Mr.. Davis ten
dered his thanks for the compliment, and
after giving a history of the bank for the
past eighteen years, stated hat his large
interests in the City Railroad demanded
that he should give his entire time to its
management and therefore he was COM
PEELED to tender his resignation as Presi-
dent of the Bank, and placed in nomina-
ton Mr.. N. NJ. Jones as his successor;
whereupon Mr.. Jones was unanimously
elected President and Nj. Davis Vice
President.
The annual election of the directory oc-
CURED yesterday, when three names were
added to the list, viz: II. A.. Montgomery,
James Lee, jr, and c. L. Byrd, the retir-
ing members being Messrs. Eiseman,
Proudft and Bowlos. The remainder of
the old directory were re-chosen, and in
cluded Messrs, j. N. Oliver, William
Horgan, N. NJ. Jones, John NJ. Peters, NJ.
G. Pearce. John X. Speed, H. Fursten-
helm, C. T. Curtis, f. S. Davis and w.
A. Gage.
1t is understood that Mr.. Davis, the
retiring President, who held some $4,000
worth of the banks stock, has disposed of
$4,000 of the amount to Others, at the rate
of $50 per share, an advance Of so per
share over quotations Of previous sales,
This advance is due to the fact
that the holders of the stock
realized its real value, and the
fact that the Bank is able to divide $4,000 |
as dividends to its stockholders, and then
increase its surplus fund from $4,000 to
all within the the past six months
gives proof ofits prosperous condition and
mercantile patronage it enjoys, as well
the esteem in which its stock is held by
those who own it.
In retiring from the Presidency 81 the
Bank, a place which no held for SO
many years, Mr.. Davis carries with him
best wishes of the managers and
of the bank. A mark of their APP
probation and confidence is given by his
election to the Vice Presidency, a posi-
lion which will not require so much of
his time, and will enable him to devote
more attention to the street railway, in
which he is now the largest owner.
1t is understood that no changes are
contemplated in other offices of the bank.
The Cashier, Mr.. Thatcher, the Assistant
Cashier, Charles w. Shuttle, together with
employees, are to remain as here
.ofore.
Mr. n, NJ. Jones, the newly elected
President, for many years past a
prominent coal dealer here and
The managing partner of the
wealthy coal firm of Brown & Jones, has
ong been recognized as a prudent, ju-
and most successful business man,
of youth, vigor and enterprise, ready
1t all times to lend encouragement to the
advancing interests of the city, and par
icularly anxious to promote its welfare.
Mr.. Jones is known t a wide circle as a
nan of probity and fair dealing, one un-
Ter whose watchful care the First Ma
ional Bank must continue to prosper.
The gentleman was congratulated on all
ides to-day upon his accession to the
Presidency Of the bank, many
lot at all interested in it fnan.
tally, but largely SO in other
monetary institutions, going to him
nd expressing themselves pleased, while
he directors, say that out of their entire
lumber Mr.. Jones ranked first in their
learts, after it became known Mr.. Davis
would be likely to retire. This is a high
compliment among so many irst-class
men, but it is fully deserved.
The First National Bank, as heretofore.
) the financial agent and depository of
he United States and its general bust
less policy will be as in the past. n