The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1889-12-18
NohRHEAD BANKING GO.
X Ae FIRST Bank Established in
Durham-Its Reorganization
Capital 100000.

of banking facilities--such necessities
of business men here as banks alone
can supply were met by Raleigh in>
stitutions--and though the facilities
thus extended were inadequate, it
would. to most men in 1873, have 40
peared like leading forlorn hope for
any one man to attempt to establish
a bank here. Mr.. Eugene Morehead
thought differently. He was familiar
with Durham and lite needs, and it
was owing to his active exertions that
the government was induced to estaba
lish 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 inter-
ests we're subserved by this action.
Mr.. Morehead was appointed 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,
1873; in the following December,
acting as the financial agent OF the
half dozen warehouses then in exist
ence here, he established
THE FIRST BANKING HOUSE
that Durham has had. There was a
reasonable amount of business to be
done, but the great problem to BE-
solved was, Gould new and I'm.
tried institution in Durham attract
and retain to itself certain volume
of trade which was alieady held by
other cities :" MIR. Motehead and
hi. friends believed it )uld, and they
worked with a will wIth that end in
yi"w.
1t is quite unnecessary for us TO
attempt to show. in newspaper arti-
Gle, the progress Of the enterpris ,
step By step BY the intelligent, dis
corning people Of the town aud coun>
Try, Durham's first bapk Was gladly
accorded such patronage as tended
not only to present but prospective
success-the best of good wishes at
tended its career from month 10
month aud year to year, and among
the warmest friends Of the
MogEHEAD BANKING COMPANY
to-day may be found those who gave
thur moral aud material support to
the enterprise when II was :reading
ne " paths ten years ago.
The recent laws make it the i'm.
perative duty Of all private banks to
furnish a sworn statement showing
the condition of the banks 10 the State
Treasurer the same time the National
banks make their reports. This is we'll
for them. it places all upon an equal
footing rs these reports are optn for
public inspection.
The facts, 80 far as we can
learn them, regarding the Morehead
Banking Company, are these: The
bank was organized 10 meet a felt
want; 10 its business relations with
the public il has been as liberal as is
consistent with sound business prin-
ciples. and it hopes TO ever pursue the
came policy.
On the first Of January, 1884, Mr..
Norehead formed partnership with
IIr. Garrard S. Watt, q retired CAPT.
talist living near Baltimore. From
then up 10 last January the firm name
was Eugene MOrehead d 20.
| Mr.. w. NJ. Morgan, the efficient
and popular cashier, held the place
under this firm until after Mr.. More.
heads death, when the bank was re.
organized last year with a cash capital
of 100000. and is known as the
MOrehead Banking Company. For
several years previous to this the
management Of this large banking
interest deyolyed upon Mr.. Morgan.
who discharged his onerous duties
with great satisfaction 10 patrons and
the owners Of the bank.
| The present officers Of this bank
are: President. G. 5. Watts; Vice.
President, W. II. Willard Cashier,
W. N. Morgan; Directors, q. s.
Waits, W. II. willard. J. I. Pinnix,
J. n. southgate, T. II. Martin, b.
Cameron, q. + Rawls, X. Ii. Rigs
bee, ii II. Patterson.
The Morehead Banking Co. have
recently purchased the fine building
Of the Bank of Durham, together
with oil the furniture and fixtures OF
that bank. IL will move into It's
handsome quarters by the first OF Jan.
uary. Il has ample capital for all
purposes aud u sharing the patronage
Of the puOlie. 1t is strong institu.
ton. well Differed. and Is welding a
nnwer in Uurham financial rirries