The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

his body rests on the summit OF knoll
on the spot he himself chose for his rest
ing place.
Some changes in the directory took place
from time to time. That long headed.
wise, courageous. truly honest statesman
All finaneier. Jonathan Worth, succeeded
Treasurer Courts. The excellent old mer-
chant and philanthropist William Peace,
founder of Peace Institute, and the thor
oughly reliable and sagacious man of
business, Alfred Jones. sat in the board
for season.
THE BYLAWS.
After electing directors the stockholders
proceeded to the adoption of bylaws.
They were submitted by Mr.. Mordecai and
embody the accumulated experience Of the
old banks. / will give some specimens:
Wednesday was discount day, when the
directors, at least three fourths being
present, sat in solemn conclave around a
table and passed on the proposals Of many
an anxious seeker for money
Each note must have, except In special
cases, two good sureties, residents OF
North Carolina, or stock collateral. In
the latter case the loan must not be over
tEree-fourths In value of the collateral.
The note must be for IS days, with the
understanding that it might be renewed
for IS days longer on payment of one
fourth, and so on until the debt was ex-
tinguished in about one year. Special
loans for 6 months were possible, but
must be paid in full at maturity.
Bills of exchange, foreign and inland
could be discounted by the president and
Cashier, but must be reported to the
/ board as was also the overdue paper
| This overdue paper must be sued on in 80
/ days at farthest
If paper was not paid nor renewed no
name on it could be accepted for any
other loan. If a directors name, or the
name of his firm, was on the paper, he
was not allowed to vote.
The discount included, the last day OF
grace and the day of offering. The holi
days were sundays, first Of January
fourth OF July, Christmas and Thanksgiv-
ing day. The first of January was in
Guided because that was negro-hiring day
when customers and officers must need.
be engaging their servants for the year o.
hiring out those under their charge
The books were balanced on the fourth
Mondays In January, April, July and DC
tober. Dividends We're payable on the first
days in June and December, and must be
! advertised in at least two newspapers.
For overdrafts officers were liable tt
dismissal, or must pay the amount o
their salaries. but directors could allow
everdrafts secured by pledge of securi
ties. The directors were pledged to Sc
crecy as to all notes
No cashier or other officer could b,
concerned in trade or engage in specula
ton. No cashier, agent, clerk or teller
was allowed to procure discount, MOI
be surety.
The president kept one key of the vault
and the cashier the other 1t was thu
presidents duty TO be at the bank every
day
The bank notes were signed by tn,
president and cashier. Mr. Dewey toll
me that he in an emergency signed hi
name 200 times in one day
The directors could dismiss the cashie
OF any officer at discretion, without as
signing cause.
The president must report to the stock
holders any director allowing his not
lying over 80 days.
Three directors were appointed by tn,
president each month to inspect the vault
count cash, examine books, etc, and t.
report in writing. This was thoroughly
done, as ! remember well.
The board had power to examine in
dividual accounts, but no single director
could do so.
Special deposits were received at the
risk OF depositors
The officers We're bound to receive de
posts offered in acceptable funds.
Lost certificates must be advertised il
two newspapers and then oath made as tC
loss before a duplicate could be issued.
Branches were established at Whining
ton, Fayetteville, Tarboro, Windsor Mil
ton, Charlotte and Morganton.
THE OFFICERS.
After the adoption of the bylaws tn
! stockholders, who had their session il
the Senate Chamber, adjourned TIL
directors met in room in the old banl
building, now the Episcopal rectory, then