Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-12
BANK CHANGE.
Frank >. Davis Resigns as President OF
the First National, and is Succeeded
by y. VI. Jones.
Something About the Old and New Pres
idents-The Directors of Various
Banks Chosen.

Yesterday morning considerable interest
was excited on the streets, especially in bust
ness circles, by the report that Mr.. Frank
/ Davis, president of the First National Bank
had retired from the presidency and had
been succeeded by Mr.. n. VI. Jones' of the
| large coal firm of Brown & Jones. Mr.. Davis
has been long connected with the bank-in-
| deed is identified with its very existence
/ and there was a general regret expressed.
1 About ten days ago Mr.. Davis, after think
| ing the matter over, notified the directors
that he intended to offer his resignation, and
he accordingly did so yesterday morning.
At meeting OF the board of directors Mr..
NJ. c. Pearce took the chair, and the follow
ing gentlemen were presented: Messrs. F. S.
| Davis, n. NJ. Jones, VIM. Horgan, John K.
Speed, c. /. Byrd, Fl. a. Montgomery, w.
A. Gage, John NJ. Peters, G. T. Curtis and
H. Furstenheim. The oath of office having
been administered to these gentlemen di-
rectors, Mr.. Frank 5. Davis was nominated
and unanimously elected president of the
bank.
Mr.. Davis assumed the chair, and said
that he was compelled to decline the very
handsome compliment paid him. He was
largely interested in the city railway; so
largely, indeed, that he would have to give
up the one or the other of his business offices.
After due consideration he ad decided to de-
vote his time to the railway. He gave
short history of the bank since its organiza-
ton, and concluded by nominating as his
was accordingly elected unanimously to fill
the position OF president. Mr.. Davis was
elected vice-president.
The annual election of directors resulted
as follows: n. NJ. Jones, NJ. G. Pearce, +.
S. Davis, II. Furstenheim, w. A. Gage
James X. Peters, u. n. Oliver, William Hor-
gan, C. T. Curtis, James X. Speed, H. A.
Montgomery, c. L. Byrd, james Lee, jr.
Mr.. Davis was visited by the APPEAL re-
porter shortly after the meeting, and from
him he learned that the ex-president had
recently disposed of about $4,000 worth of
his stock. For it he obtained $50 per share,
which sale is an excellent evidence of the
standing of the bank. Mr.. Davis will give
his complete attention to his railway in
terests.
Mr. Thatcher, the cashier, stated to the
reporter that the bank was in a most pros
porous condition. The directors had de-
clared a dividend of four per cent and had
increased the surplus fund from S2l 900 to
S35, 900. No better showing could be desired
hardly by banking institution. Its capital |
stock is $4,000.
SHORT HISTORY OF THE BANK.
The First National Bank was organized by |
Mr.. Davis in March, 1864, and he has been |
its president ever since. 1t has passed |
through many vicissitudes, but it always had |
Mr.. Davis's excellent management and cool |
head to come to the rescue. There were |
times when it would have been swamped but |
for him. He held it up much by his rep
utation for business integrity by his
wealth.
THE RETIRING PRESIDENT.
Mr.. Davis has always lent strength to the
bank. Though a comparatively young man,
he has always been able TO rally valuable
assistance to him when it was necessary. By
4 long residence in Memphis he has Identi-
led himself completely with the growth and
interests of the city. A few years ago he be-
;ame interested in the city railway, and by
certain daring and courageous policy he
brew off the shackles of fogyism and sue
,eeded in putting the railway system on
irm basis. Seeing in this a fine field. he has
brown all his well-known energy and his
business ecumen into his new interests, and
he people of Memphis have reason to ex-
,ect much from the railway.
THE NEW PRESIDENT.
Mr.. n. NJ. Jones, the newly elected presi-
lent, is a comparatively young man, who
anne TO this city in 1864. He has been the
esident partner of the firm of Brown &
ones. His partner, Mr.. Sam Brown, is the
7ell-known coal king. The firm is the
of the kind in the Mississippi val
ey. They have besides their coal yards
ere, depots at Terrene, Arkansas City and
few Orleans. Mr.. Jones is business man
vitality, and will be an excellent successor
D Mr.. Davis.
SAME AS BEFORE.
No changes are contemplated in the pres {
Mt officers of the bank. Mr.. Thatcher the {
resent capable cashier, has been with the :
ank since 1869. He will retain his po- |
tion.
Other Elections. :
The State National Bank have elected the :
blowing directory: A Woodruff, A. d. a
wynne, III. T. Lennon, J. ii. Doap, Owen /
wyer, c. P. Hunt, w. NJ. Sneed, J. J. t
usby, T. ]. Latham, Cotton Greene, f. L.
icGowan, ]. A. Hayes, jr., r. L. Coffin. d
The Union and Planters Bank has re- il
ected the same officers as last year: A. c.
president; VIM. A. Williamson, Ii
ee-president, and 5. p Read, cashier. d
irectors: A. G. Treadwell, VIM. A. William y
n, A. Vaccaro, Napoleon Hill, Joseph 1
ruce, w. B. Galbreath, Henry B. Howell, v
Epslev i T. Frank F. NJ ANDERSON T. | :.