The semi-weekly messenger., 1907-12-20
Rum0rs as to ORGANIZATION of kn'
other National Bank
1t is Stated that Mr.. j. W. Norwood
Has Been Approached by Certain
Business Men With This End In
VieU-If Demand Appears Suffi-
cient VIII Probably be Done-Noth-
ing Given Out Concerning Negotia-
tions as to the Savings Bank.

The consolidation of the Nurchisor
and Atlantic national banks, as an
nounced on Monday. by the former
taking over the business Of the latter
was the main subject again yesterda.'
Of conversation among the busines>
men of Wilmington.
Few additional details concerning
the terms Of the merger could be
learned. the only satisfaction in re
spOnse to queries being that the stock
holders Of the Atlantic were made an
attractive offer Of stock in the Mu:
Gibson which will mean their receiv-
ing Is per cent on their stock in the
| future as the result OF the analgama
tion instead of II per cent as in the
past.
1t is stated that circulars were is
sued yesterday calling for a meeting
Of the stockholders of the MurchisOn
bank on January 16tb, to take action
with regard to the increase Of capital
stock of the Murchison bank to the
amount Of the Atlantic's capital stock.
The increase will without doubt be
voted and after that meeting the Muir
Gibson will have a capital stock OF
s625, 900, this being larger than that
of any other bank in North Carolina,
and with it's larger surplus making 1t
equal in strength to almost any bank
in the south.
AS stated previously the merger OF
the two institutions will not result in
any dimunition Of the banking capital
in Wilmington, the greatly enlarged
Murchison being fully able to handle
all the business offered.
The fact that the merger leaves only
two national banks in Wilmington,
the MurchisOn and the Southern, was
the cause of the frequent prophecies
that not many days would elapse be-
fore a movement was started for the
OF ganization of another national bank
in this city, and the appearance OF
Mr.. J. w. Norwood, president of the
Wilmington Savings and Trust Co and
who formerly was connected with the
Atlantic bank, he being one Of the lead
| ing bankers in the south, in this city
yesterday, is responsible for the report
that such a movement has already been
started.
It is believed however, that this re-
pert, while not entirely false is pre-
mature Mr. Norwood came to vii
mington primarily to look over the
savings bank field, it being generally
believed that an effort will be put forth
both by the Wilmington Savings and
Trust Company and by the Peoples
Savings bank to form a consolidation
with the carolina Savings and Trust
Co., the latter having been affiliated
with the Atlantic, although conducted
as an independent institution and in
no manner affected by the amalgama
tion of that bank with the MurchisOn.
If anything definite occurred in the
savings bank situation yesterday the
fact could not be learned, but it is
known that matter of probable con-
solidation was under serious consider
alton during the day.
1t is stated on reliable authority
that during yesterday certain repre-
sentative business men, not entirely
satisfied with the situation, approach
ed Mr. Norwood with a view to having
him start the organization of another
national bank in this city and he ap-
peared it is said, in a receptive mood,
intimating, so it is reported, that il
there appeared sufficient evidence of
the need of such an institution that
he would undertake it's organiza-
ton.
several years ago when he sold out
his Interests in the Atlantic bank
not to enter again in the commercial
banking business in this city, it is un-
derstoOd that the claim is made that
the agreement stipulated that the prom
isc only applied to the Atlantic, and
with this bank absorbed and out of
business there would be no impedi-
ment to his again entering the field.
Yesterday was rife with all sorts
of interesting rumors concerning pos
sible developments in the local banking
world, but those who could shed any
light on the situation refused to say
anything on the matter.
Developments in the situation will be
awaited with interest.