The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-30
EARLIEST BANKING
IN GREENSBORO
An Interesting Page of Fl
nancial History.
WAR SWEPT ALL AWAY
HoN an AboIiiionist and Secessionisi Became
Mutual Mourners by
The Result of
War.

Especial to News and Observer.)
Greensboro, N c., June 27-The moral
code is said to be the foundation of the
superstrueture of human civilization, end
It's observance the well-spring oozing from
the mud of savage existence. Ascending
still higher, the human race progresses
! towards the ideal of human perfection IN
direct ratio with the advancement of the
twin virtues, Christian religion and Chris
tan education. The gradual evolution of
society to its present period of human be-
nevolence, grand philanthropy and mighty
deeds of heroic impulse can be traced by
the student of authropology by the increas-
ed abundance of these virtues in the epochs
of time with as much certainty as the
geolgists trace the formation period, ane
the subsequent building up of the material
universe by the strata of the so. and by
the testimony of the rocks or the woods
man knows the age and hest period of de-
velopment of tree by the number of its
annual circles and their divergence. With
the same degree of certainty, the material
and industrial progress Of city can be
known by its financial status attested in
modern times by the number and charac-
/ ter of its banking institutions.
| Certain it is that a history Of the banks
Of Greensboro is a concrete presentation
of its long time slow and sluggish progress.
| its recent swift and turgid rush to finan-
cial greatness.
| For more than generation commencing
in the thirties. the only bank in the vii
/ lage of Greensboro was a branch bank of
/ the old Cape Fear Bank of Wilmington
whose history is that Of almost all OF the
banking institutions of the State This
/ bank at Greensboro for many years was
managed by Jesse H. Lindsay who acted
as local president, cashier and general
manager, possessing the confidence OF all
and bringing to the institution powerful
social and financial connections
| In the financial upheavals of the war
between the States this bank went into
| liquidation, as matter of course with the
parent bank at Wilmington Many who
had business with it thought that the Cape
Fear was the only banking institution in
existence and took its failure as a natural
and inevitable result of the war To IL
| lustrate the feeling an anecdote is timely.
Mr. Jacob Fentress, the original owner of
the Fentress gold mine. now in active OPP
Grafton sold his property for $50 600 and
invested the money in Cape Fear Bank
stock. He was noted quaker abolitionst
for years before the war Captain Nc
Lean, an equally earnest secessionist, a
prominent lawyer and great friend OF
Fentress had all of his proprty invested in
slaves. After the war Fentresss was twit-
| Ting him about the loss of all his 'niggers.
well" said Mclean, "Fentress, my Mig
gers are gone it is true, but how about
your fifty thousand dollar Cape Fear Bank
stock" II have never given it a thought. :
said Fentress, /" Its bound to be all right"
In few months he and Mclean were
mutual mourners.
The only other bank here before the war
was a branch of the Elizabeth City Far
mers Bank, Differed and controlled by the
three Caldwell brothers-Addison Newton
and Frank, who were besides large mer-
chants whose stores was where the pres
ent postoffce building stands and the bank
was in a hide brick building on West
Market street This bank was establist ed
some time in the ffties and did good
business until it was closed out Just be-
fore the war One of the boasts of the
Caldwells was that when reports were ripe
as to State banks not paying specie when
the present bank itself failed in this par
ticular, the Greensboro bank never knew
customer to call for specie. but it was
handed out to him with assuring cele-
rity.
The next bank, known as the Mutual
Life Insurance Bank, was established dur
ing the war with Dr. David p Weir, a
son-in-law OF Judge John NJ. Dick, as pres
ident. Among its promoters and directors
were Majors James Sloan and Peter Adams
men of large wealth and fine business
acumen This bank failed with disastrous
results to many stockholders and depos-
itors.
Just prior to the final closing out of the
business of the old Cape Fear, after the
war the Wilson and Shoher Bank was or
gained as a private bank, by N. H. d,
Wilson and Charles ID. Shober, and was
conducted until about II, when it failed
Upon the closing out of the Cape Fear
Bank the Greensboro National Bank was
organized with Jesse Fl. Lindsay president
and Julius A. cray cashier. Mr.. Lindsay
died in the eighties, when julius A. Gray
succeeded to the presidency and NELL Ell
lington became cashier. Upon the death
of Mr.. Gray Mr.. Ellington became presi
dent, and Mr.. A. H. Alderman cashier
and this bank today is one OF the most
staunch and responsible institutions of its
kind in the South. the link IN banking
institutions that binds it to the genesis OF
banking in this community, having an al
most Apostolic succession claim to the
prestige Of the old Cape Fear.
About 1889 two banks were organized
The Bank of Guilford, with d. #. Caldwell
president and W. f. Bogart, cashier. Upon
the death of President Caldwell r. w.
Brooks became president, Bogart contln-
uing as cashier. This bank was one OF
the most popular institutions ever in
Greensboro and its failure in 1899 created
surprise and CONSERVATION
About 1889 the Bank of Piedmont was