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


1906. and which continued in business,
enjoying the proud distinction OF being
one of the leading institutions in the
State, until a few years after the close
of the Civil War, when it was forced
out of business by the stringencies OF
those times The first authentic record
of the bank, available now, is November
list. 1860. when Joshua Granger Wright
was its President. Upon the death OF
Mr.. Wright the affairs of the bank were
turned over to Richard Bradley; later
to DR.. Jno. Hill, DR.. Thos H. Wright.
Jno. ID. Jones. and still later to Mr.
William A. Wright. who was president
of the bank during and after the war,
until it was closed. The bank did a very
large business all over the State and be-
fore the war as early as 1880 had estab-
lished branches in Washington. N. c..
with Thos. H. Hardenburg as Cashier: at
Greensboro, with j. J. Lindley as Cashier
and at Raleigh and Asheville with Of
hcers in charge. whose names cannot be
learned
There were also in existence here be-
fore and after the war the "Old State
Bank and a branch of the Bank of the
State. all of which enjoyed a large chen
telage. The Bank of Cape Fear occupied
the site upon which the handsome new
Masonic Temple was built here in 1899
and many of the employees and officers of
the bank, either for purposes of security
or convenience. lived with their families
IN the same building
The Commercial Bank was organized
In the seventies, and also was flourish
ing institution until forced out OF bust
ness by conditions following the war; o.
G. Parsley was its leading president and
Timothy Savage its cashier The Bank
OF Wilmington was founded about 1850
with John MacRae President and Ste
phen Jewett Cashier afterwards Will
liam L Smith was Cashier until it. too
was forced to suspend during the reaction
IN financial affairs following the civil con-
f1ict between the State. The old State
Bank enlisted the services az directors
and officers of such men as Jno. A. Tay-
Tor, Gilbert Potter. Col Z. D. Hall, Jno
A. Ellington, William e. Anderson, Will
liam Reston and others long since gone
to their reward.
The banking interests of the city we're
very much unsettled just after the war,
and the careers of institutions of that
period were usually very short and un-
distinguished. James G. Burr was asso-
ciated for a short while with Mr.. Sweep
son, of Raleigh. but the business lasted
only a short time and ended in ruin.
At the same time the late John Dawson
conducted a large brokerage business.
with a banking feature and was reasonably
successful. Very soon after the war he
went into the banAIng business exclu-
sively, and Dawson's Bank was founded
with the late I. B. Granger as Cashier.
In 1870 E. E. Burruss came here from
Petersburg, Va, and also embarked in
banking. Later he consolidated his bust
ness with that of John Dawson, calling
the new institution the First National
Bank of Wilmington, which continued
in the old banking house OF the Cape
Fear Bank until 1883, when it went out
of business About the same time that
the First National Bank was established.
the late l. B. Granger left Mr.. Dawson
and was instrumental in founding the
Bank of New Hanover, the memory of
the failure of which in 1898 is still fresh
in the history of the financial interests
of the State. In 1892 Mr.. ]. w. Norwood
of Greenyille, S. c., came to Wilmington
and established the Atlantic National
Bank. About the same the Wilmington
National Bank was founded by Mr.. Jno.
s. Armstrong, and the two continued
until about two years ago when they were
consolidated into one of the very first
institutions of its kind in the State. the
merged banks having taken the name
rsAtlantic While this steady devolp-
rnent of the banking interests of the city
was going on, Murchison & Co.. had been
rapidly building up large banking bust
ness. and four years ago necessity de
manded that steps be taken to more easily
serve their patrons. Accordingly the
Murchison National Bank sprang into
existence. and it is now not one whit
behind any bank of the city or State
The city has also developed during the
part several years three of the strongest
savings institutions to be found anywhere
in North Carolina. and they are enjoying
full measure of the prosperity that now
exists among the banks all over the
State.
Wilmington's bank resources now
amount to s5,45O,032. It's banks are
managed by men born to their calling.
shrewd. conservative and responsible.
Many of. their names are the same as
their distinguished ancestors who long
ago managed the affairs of the Old Bank
of Cape Fear, the Commercial Bank. the
Old State Bank and others. which were
powerful factors in the financial life OF
the State in their day.
BANK OF CAPE FEAR.
Brief History of An Institution That Did
Great Good In North Carolina
Wilmington, N c., June 25.-The presi-
dent, directors and company OF the Bank
of Cape Fear, commonly known as Bank
OF Cape Fear, was incorporated by the
General Assembly of North Carolina IN
the year 1904, with capital stock OF
s250.O0O, divided into $500 shares OF the
paT value OF 500 each. Subscriptions
were opened for 500 shares on the first
Monday in April of that year at Whining
ron, N. c.. under the superintendent of
George Hooper, John London, John Hill,
John Hogg, Richard Bradley. william