The semi-weekly messenger., 1908-01-21

A special meeting of the shareholders
OF the Murchison National Bank
| was held yesterday morning at ii
o'clock at the banking house on Front
and Chestnut streets, 1t having been
| the regular annual meeting OF the
| tockholders which was postponed from
Tuesday. ID
| The Murchison National Bank, which
recently absorbed the Atlantic bank
of this city, is now one OF the leading
and most progressive financial instl-
tutions in the entire south and the re-
markable volume of business trans
acted should be a source OF pride to
every citizen.
Among the important matters acted
on yesterday, largely growing out or
the consolidation was the authority OF
! the stockholders to increase the capi-
| tai stock Of the bank, the increase In
the number of the board OF directors
and the election Of the new directors,
and the very gratifying report Of the
president of the bank, Mr.. II. G. Nc
| Queen.
I
sided over by Capt L. S. Belden and
a large majority Of the stock was rep
resented in person and by proxy. Cash
ier J. V. Granger acted as secretary
Of the meeting.
The stockholders adopted a resolu-
ton recommended by the directors to
increase the capital stock Of the bank
| fn mn
shareholders and customers of the At
lantic National Bank whatever they
desired What the increase will be
cannot be stated, until the applica-
tions have been received.
The election of the board Of direc-
tors was then gone into, the first ele-
ven named being the old directors
who are reelected and the last nine
named being the new members OF the
board, taken from the directorate OF
the Atlantic bank:
Messrs Walker Taylor, NJ. J. Cor
bett, J. A. Springer, M. w. Jacob, w.
B. Cooper, M. W. Divine, ]. V. Grain
ger, J. L. Coker, of Hartsville, S. c.;
Shirley Carter Of Baltimore; John F.
McNair OF Laurinburg; H. c. Mcqueen.
VIM Calder, J. H. Chadbourn, w. E.
Worth, H. l.. Vollers, H. B. Short,
of Lake Waccamaw; G. w. Yates, j. s.
Armstrong,N. NJ. McEachern and ]. w.
Norwood, of Greenville, S. c.
After hearing the very able and
gratifying report Of the president,
and bef,.re adjourninC, the stockhol-
ders by unanimous vote adopted res
oluticn Of thanks and appreciation to
the president for his report and to all
The officers for their able management
O. the affairs of the institution.
AS a result of the consolidation the
deposits Of the Murchson bank, it is
stated, were increased from about two
million dollars to $500, 900 a remark
ably fine showing.
The board Of directors will meet
within the next few days to elect OFF,
GERS of the bank.
President McQueen's report is OF un-
usual interest and il is given in full,
as follows:
"The past year has Witnessed unex-
pected changes in business conditions.
Everybody was so busy making money
that they did not take account Of un-
favorable signs that were observed by
thoughtful people. In fact those re-
flecting persons were generally looked
upon as back numbers" and were so
out of harmony with socalled modern
ideas Of progress they themselves lack
ed the courage to warn their neigh
ors. Fortunately for our section the
panic came after our people had be-
cotton and tobacco crops at good prices
and while there were naturally uncer-
tainty and uneasiness on every hand
there was never any real danger Of
suspensions or failures here on account
of the panic.
THE banks were all prepared to
meet every demand made upon them
and while nearly every place Of note
in the country had 10 resort 10 unusual
measures, such as clearing house GER
ifcates and other means the banks
here paid out currency for pay-rolls
and all other purposes, as usuak There
is no doubt that the panic coming
suddenly, as il did, frightened all bus
iness people. The banks necessarily
had to hold on to their cash TO meet
unusual calls and in the case Of this
bank, the loss we sustained in interest
Cd loans that We might otherwise
have made, was considerable and cut
| down our annual income below our
earlv exDectations Eowever we have