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

Middle streets. This was the earliest
banking institution of the city. 1t passed
cut of existence long years before the
War Between the States
BY an act of the Legislature of 1904,
this bank was incorporated by the name
end style of the president and Directors
| of the Bank of New Bern with a capital
stock not to exceed 100000, subscriptions
| to be opened under the superintendent
| of James Mckinley, John Devereaux
| Francis Xavier Martin, Isaac Taylor and
John Harvey.
| The act provided that as soon as 500
shares should be subscribed, the commas
sioners in the town of New Bern were au-
| thorized to provide a house for transact
| ing the business of said bank, together
with all necessary stationery, utensils,
paper and vaults for carrying on the
| business thereof.
This bank was duly established and con
tinued in business for several years
OTHER ANTE BELLUM BANKS.
Three other antc-bellum banks continu-
| ed in business until the blight of war
caused them to become but memories of
an honored past. They were The Mer-
| chants Bank of New Bern" "The New
| Bern Branch of the State Bank" and the
| Bank of Commerce, the youngest of the
three All of them were banks of issue.
The Merchants Bank was established
about 1920 the State Bank also at an
early date, probably about 1910. The
Bank of Commerce was not established
until few years before the war
New Bern, in those day, shipped great
quantities of naval stores to Northern
markets, and lumber, shingles, ETC., to the
West Indies, and bought In return qantl-
ties Of general merchandise from the
former and fruit molasses, ETC., from the
latter This commerce enabled the banks
to do a large and profitable business in
bills of exchange, discounting drafts, ETC.,
in addition to numerous loans.
The means OF making loans was upon
notes with personal security. The note
OF interest was six per cent. The notes
were made payable In ninety days, and
it was understood on each side that at
the expiration of the time the note was
either to be paid in full, or instead OF
that. the interest in full and one-eighth
Of the principal, and the note renewed.
Payments in the same amount and SINH
lar renewals were to be repeated at the
end of each succeeding ninety-day period
until the debt was cancelled. 1t will be
seen that by the latter method two years
would close the transaction. Either plan
of dischargng the obligation was consid-
cred satisfactory.
No check would be cashed for smaller
amount than s5.0O-that was the minimum
the banks of those days would notice.
Much of the gold which these banks
used came from the West Indies in the
| form of Spanish doubloons
Mr.. W. H. Oliver. one Of New Bern's
best known citizens, is the last survivor
who had any connection with any OF
these banks Not another director and
not a single officer of any Of these banks
remains alive today He was continuously
| director for many years in the Mer-
chants Bank His connection with 1T IN
| this capacity was terminated only with
| the life of the institution-a strong trl-
butte to the esteem in which he was held.
CAPITAL STOCKS.
The capital stock of the Merchants
Bank was 1926, 900. That of the Bank OF
the State of North Carolina was $1,000
The Bank of Commerce had capital
stock OF 100000.
LOCATIONS.
Thee earliest bank of all, the one char
| tered bv the name of THE Presidents and
directors Of the Bank of New Bern, was
| OIL the site where now STANDS STORE III
which our lamented late townsman, Capt
Il ZONES. conducted grocery business
I'm IN the time of his death, a few weeks
400 This wooden building will, however,
| COON he displaced and the ground covered
bv a portion of block OF seven modern
hr;clx stores. which are about to be erect
"a on the old bank site and contiguous
lots by New Bern's progressive and DIS
tineuished citizen. Hon. James A. Bryan,
president OF the A. and N. c. r. r.
officers of the bank: President, John
stanly; Cashier, VIM. Shepard.
The Merchants Bank, built for its pur-
poses, the handsome, commodious and ex-
ceptionally strong brick building on
Craven street, nearly opposite the present
city hall 1t has changed hands several
times and is now the property OF Or.
F. w. Hughes He is partially remodel
ling it and fitting it up for his own resi-
dence.
The State Bank stood on the northeast
corner of Pollock and Craven streets.
c. W. Mclean, leading merchant, tore
away this building and erected three
story one adapted to his requirements.
The latter building was in turn town
down about twelve years ago, and the
present elegant residence of ]. w. Stewart.
erected in its place. 1t and the fine gov
eminent building on the opposite corner
each adds dignity to the other.
The Bank of Commerce was on Pollock
street, opposite the Episcopal church. The
building was destroyed by fire after the
war. stores now occupy the place where
it once stood
Officers and directors of the Merchants
Bank: The Presidents of the Merchants
Bank in rotation were: John w. Sneed,
Judge M. E. Manly and Charles Slower;
Cashier. John W. Guion, George Wilson
and VIM W. Clark; Tellers. John Cozart.
VIM w Clark (previous to his election as
Cashier). Isaac Guion Guion Scott and
Joseph Fulford. The banks attorney was
Hon. C. c. Clark
1t had for directors DR.. Isaac w.
Hughes, DR.. S. E. Chapmon, DR.. John