The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
MOREHEAD BANKING
COMPANY
The First Banking House
Established in Durham.

Durham had no bank prior to : 1875
when Mr.. Eugene Morehead. member
of the distinguished and successful family
of that name in North Carolina, with
faith in the towns future, moved to Dur
ham and opened a private bank with
capital of twenty-five thousand dollars
($25. 0O0). Some four or five years later
Mr.. G. S. Watts, of Baltimore. was adj
mitted as a partner, the style of the bank
ing house then being Eugene Morehead
& CO.. and the capital was increased to
fifty thousand dollars ($5O,O0O).
Mr.. Morehead was public-spirited to
the highest degree and under his broad
management the bank became the safe
promoter of many industries, which have
made Durham rich and famous. 1t ex-
tended credit to deserving enterprises at
q time when Durham was just beginning
its large growth and may be said to have
been one of the chief factors In the pros
perity and progress of the city.
The broad policy put in operation by
Mr.. Morehead has been continued by his
successors in the management of the bank
and it is today, as in its early history, one
of Durham's most useful and strongest
institutions.
Mr. Morehead was not only interested
in the banking and industrial affairs of
the town, but stood with it's foremost
citizens in securing an efficient system of
public schools, which are a credit to the
city and an honor to the State. In his
honor one of the handsomest public
school buildings of Durham has been
namee.
In 1899 this bank was organized and
chartered under the laws of North Caro-
lima as the Morehead Banking Company,
with a capital of one hundred thousand
dollars (slOO,O00). The first officers under
the new organization were the late Mr..
=. H. Willard, President: W. NJ. Nor
gan, Cashier: E. c. Murray. Teller
Upon the death of Mr. Willard, Mr..
Q. L. Rawls became President, and upon
the removal of Mr. Morgan from Durham,
in 1899, Mr. Murray was chosen Cashier
Mr. Rawls, President of this bank, is
one of Durhams most successful and high
the fullest confidence of the business com
munity and is one of the oldest merchants
in Durham. He began business when the
town was small and he has grown with
the growth of the town.
Mr.. Murray, the Cashier, is easily one
of Durhams most popular citizens and
has grown up in the bank and knows all
its business and is held in the highest
esteem by its large number of depositors
and by the whole community.
The Morehead Banking Company has
been identified with the steady growth of
the city. As the first banking institution
it gave its aid to those concerns which
have made the reputation of Durham
worldwide. It's stock today is not on the
market, though it might be purchased at
prices far above any quotation which has
appeared within reason. 1t is one of the
safest and most respected banking insti-
tutions which the State has known, and
its accounts are not confined to the city
of Durham. this being one of the most
important banks In the State in point of
active out-of-town accounts. The More
head Banking Company does Il general
banking business and allows interest on
time deposits. It's surplus and undivided
profits in April amounted to 500, 000. 60.
This Bank has paid large sums annually
to its stockholders.
Durham is the best known city in North
Carolina. 1t has been more widely adver-
tised than any other point in America,
the name being familiar in the Orient,
in South America and IN Australia in
the United States Its manufacturing in
teTests were at first confined to tobacco,
but today there is scarcely phase of in
dustrial life which is not represented IN
the list of manufacturing enterprises in
the city of Durham. Some of the largest
cotton mills in the South and knitting
mills of greatest Importance are located
here, and the tobacco factories situated
at this point are the most important IN
the world There is more money within
the corporate limits of the city OF Dur
ham than within the same area elsewhere
IN the entire State. While there are
number of very wealthy people IN this
CITY, the wealth of the community IS COM
ing 70 be well distributed; rather might It
De said that in every walk of life the
people are IN the best financial condition
they have ever known.
Durham is situated on the Southern
haiiway Seaboard Air Line Railway and
Norioik ana western Railway. and Is
soon TO have fourth road operated from
tfat point. Competition among the rail
reads has made it possihh for Durham
to accomplish what other cities in North
Carolina have found almost impossible OH
account of unfavorable freight rates. The
varied interests which are renros.,rted in
this city each has its representatives
among the accounts of the Morab.ad
Banking Company. and this institution
might be accepted as the key to the local
situation. its officers and directors being
closely related to every line of indp.trv