The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Bank History of
Raleigh
Bank-Note Story of Before
The War.

The history of banking in Raleigh dates
back to 1904, the same year that marked
the beginning of legalized banking in the
State, with the establishment of the Bank
of Cape Fear at Wilmington, which bank
by its charter was permitted to have
branch at Raleigh.
Six year later, in 1910, the General As
sembly chartered the State Bank of
North Carolina, with central office at
Raleigh, and six branches. at Edenton,
New Bern, Wilmington, Fayetteville, Tar
boro and Salisbury.
In 1888, the State Bank was replaced
by the bank of the State OF North caro-
hna, also with headquarters at Kaielgh.
After checquered career OF ups and
downs, this bank was suspended by the
establishment of the Bank OF North Caro-
lima in 1853 at Raleigh
For the interesting story in detail of
this ante-bellum period OF Raleighs bank
ing history, the reader is referred to the
splendid HISTORY of the Bank OF North
Carolina from 1S59-'67, by DR.. X. r Bat
tie, on page 10 of this edition; the ex
in North Carolina up to the civil war by
Mr. p. d. Gold. Jr.. of Greensboro, on
page %, and Col W. II. S. Burgwyns de
hghtful story OF when the South was the
Richest Section of the Country. on page
Is.
However, there is one refreshing little
anecdote Of those days "befo' de wah
that must be told.
old ho ,laaa4,
Louis Peck and Son, who conducted a
banking business here before the war III
the little wooden house still standing OH
the northeast corner of Wilmington and
Morgan streets.
Those were the days when bank notes
OF all kinds were in tree circulation. Well
il seems that horse dealer in Mississippi
wanted to come to Raleigh. He had lot
OF bank notes of Louis Peck and Son
amounting to 50, 200. Going to his banker
in Mississippi. he asked for a draft of
exchange on Raleigh as he did not care
to carry so much money on his person
through the country on horseback, for
that was the way he was travelling.
The Mississippi banker charged HIM five
per cent for the exchange, or $780, Mr..
Householder paid his 500, and then Mr..
Mississippi Banker asked him when he ex-
pected to start. He said he would leave
the next morning. Then the banker said
he had small package he desired to send
to friend in Raleigh, and asked If he
would not accommodate him by carrying
it as he went. Mr.. Householder very
politely agreed to do so, and said he would
cali by for it in the morning. He did so.
and the package was for Mr.. Peck. The
FL .af
the commission did not take him out OF
his way and departed, with message OF
regards from the Mississippi banker to
his friend the Raleigh banker.
Mr.. Householder reached Raleigh safe
~ in due time. proceeded to the office OF
Louis Peck and Son, and presented ms
draft Mr.. Peck looked at it. and went
to look up the Mississippi banker. He
found that his credit was hardly good for
the amount and was about to tell Mr..
Householder so, when that gentleman sud
denly remembered the package and hand
ed it over with the message of regards
from the Mississippi banker. This created
a slight diversion, and Mr.. Peck retired
to open the package.
He found in it all neatly done up his
own bank notes for $4,000. He went back
10 tue cOuulcE anu CdSueu Lie uIdlI, anu
Mr.. Householder was none the wiser. al
though he had paid 800 for the privilege
of bringing his own notes to Raleigh. The
Mississippi banker had adopted this keen
subterfuge rather than acknowledge his
precarious condition.
After the Bank OF North Carolina went
into voluntary bankruptcy in 1867, the
Raleigh National Bank was established
almost Immediately.
Shortly thereafter also the State Ma
tional Bank was organized from the pri-
vate banking house of John G. Williams
and Company, which had been conducting
a private banking business for some 10
or Is years previously. Mr. John G. Will
Hams was the first president, and Mr. S.
c. White, cashier. Upon the death of
Mr.. Williams about 1883 or 1884, his
widow, Mrs. NJ C. Williams, became presl-
dent of the bank, and had the distinction
OF being the only woman bank officer in
the State, and the only woman bank
president In the country. perhaps.
This bank failed on March Goth, 1888,
Mr.. Williams was an Irishman, and many
are the stories of his sayings and witt
cisms
The Citizens National Bank was estab-
lshed in 1871. The original charter ex-
pired In 1891, and it was renewed for 20
years.
Twenty-one years later, in 1892, the
Commercial and Farmers Bank was or
ganized. Then in order came the Raj
eigh Savings Bank. the Mechanics Dime
Savings Bank, and the Carolina Trust