The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1885-05-06
THE MONETARY INTEREST
OF DURHAM.
Our Banks and Bankers.

! OF DURHAM.
Dur Banks and Bankers.
SOME MENTION OF THE INSTITUTIONS
AND MEN WHO ESTABLISHED. AND
NOW CONTROL THE BANKS OF TOWN.
Until 1878 Durham was destitute
of banking facilities-such necessi-
ties of business men here as bar's
alone can supply were met by Raleigh
institutions, and though the facilities
thus extended were inadequate, it
would, to most men, in 1878, have
appeared like leading forlorn hope
for any one man to attempt to estab.
lish bank here. Mr.. Eugene More
head thought differently. He was
familiar with Durham and its needs.
and it was owing to his active exer-
tions that the Government was i'm,
duced to establish a branch or Stamp
Office of the Revenue department at
this point. We need hardly call to
the mind Of those who were engaged
in tobacco manufacturing here then
how greatly their convenience and
business interests were subserved by
this action. Mr.. Morehead was APP
pointed agent in charge, and while
thus engaged he realized how sadly
bank was needed here. The u. S.
revenue Office was opened by Mr.
Morehead in October, 1878; in the
following December, acting as the f.
nancial agent of the half dozen ware
houses then in existence here, he es.
tablished ~.
THE FIRST BANKING HOUSE
that Durham has had. There was
reasonable amount of business to be
done, but the great problem to be
solved was: "Could new and un-
tried institution in Durham aatt attract act
and retain to itself certain volume
of trade which was already held by
other cities ?" Mr.. Morehead and his
friends believed it could, and they
worked with a will with that end in
view.
1t is quite unnecessary for us to at
tempt to show, in newspaper article,
the progress of the enterprise, step
by step. By the intelligent, discern
ing people of town and country, Dur
hams first bank was gladly accorded
such patronage as tended not only to
present but prospective success-the
best of good wishes attended its ca
reer from month to month and year
to year, and among the warmest friends
of the bank of
EUGENE MOREHEAD & co.
to-day may be found those who gave
their moral and material support to
the enterprise when it was treading
new paths six or seven years ago.
1t is scarcely necessary to say that
a private banking house like this has
not much of a history to write of. The
officers of the bank do not feel that
any claim is valid which asks them
20 uncovertheir business transactions
to the general public, and one must
needs have more cheek than the Re-
CoRDER reporter to ask such a thing.
The facts, so far as we can learn them,
regarding Eugene Morehead & Co.,
are these: The bank was organized
to meet a felt want; in its business
relations with the public it has been
as liberal as is consistent with sound
business principles, and it hopes to
ever pursue the same policy.
ONE YEAR AGO
the first of last January Mr.. Morehead
formed partnership with Gerard S.
Watts, a retired capitalist, now living
i'm the near vicinity of Baltimore, and
since then the firm style has been as
now, though, as heretofore, the entire
management of the business rests. wifi
Mr.. Morehead. Mr.. Watts is by no
means unknown to this community;
he visits Durham occasionally-he
has very considerable property inter-
ests is this section, and our only re-
greet is that inducements sufficient
cannot be made to him so that Dur.
ham would be his permanent home,
THE COUNTRY TRIBUTARY
to the bank of Eugene Morehead q
Co. is extensive. Depositors from
seven or eight counties are regular
customers, and this list of depositors
has increased with marked rapidity,
especially during the past three or
four years. How much the deposit
account amounts to we don't know
but we do know this: that the utmost
confidence is held in the management
of the bank, and we also known that
depositors can always obtain their
money upon call.
THE LOAN AND DISCOUNT
account of the bank is almost wholly
with our manufacturers, leaf dealers,
and others engaged in the tobacco
trade. Of course there arc farmer
customers, so that the. bank really
becomes potent factor in making,
manufacturing and moving the to-
bacco crop of all this section.
The correspondence of the bank is
especially with the tobacco centres Of
the United States, but by no means
Continued on fourth 1,age.)