Guernsey County, Ohio - Chapter 16: Iaxks and Banking, 1911

Chapter 16: Iaxks and Banking

In all commercial countries, the banking business is established about as soon as there is a demand for it. Especially of later years in the history of this country, where the monetary system has been on such an excellent standard as in the United States for the last half century. Private banks, state banks and United States banks, and the various laws controlling them, have all been subjects of much legislation, and while with the latest innovation of the postal savings bank system, just established in this country, there are many things yet to be corrected and improved, it is the pride of our nation that one kind of our money is worth as much now as another. It matters not whether one have in his possession a private bank bill, a state bank bill, a greenback issue, a gold or silver certificate, or any kind of metal money, silver, gold or alloyed coins, - one is as good as another, "for all debts, public and private, except for customs or interest on the public debt," and are taken at par the world over in the exchange banks and great money centers. The small per cent asked for exchanging one kind of money for another, on going abroad, is a mere trifle.

But these things were not always so. In the first half of the last century, and until the resumption of specie payment, after the Civil war had ended, gold was held at a high premium over silver and paper notes. In war times gold reached almost three dollars on the Wall street markets, and was quoted, from day to day, as regularly as wheat, corn, cotton and iron are today. That is to say, the five-dollar gold piece was worth fifteen dollars, or nearly so. in paper.

Many of our older citizens well recall the days of "wild cat" and state bank money, when no one could tell what the actual purchasing power of the bills he might have one day would be the next day. "Red dog" bills - Michigan, Ohio. Wisconsin, Illinois and Iowa bank bills - fluctuated from a shilling up to near, but seldom, par value. It was difficult to transact business on such flimsy money and many a man went down on account of the poor system of banking that then obtained from one end of this country to another. Other reference to these things will be found elsewhere in this chapter.

The following is taken from the Guernsey Times, dated March 5, [842, and will illustrate this point quite well. J. W. Potwin was a general dealer in Cambridge, at the time, and inserted this notice in the home paper for the purpose of drawing more trade :

"Notice - The following Bank Bills will be taken for goods at a discount, viz: German Bank of Wooster, Farmers Bank of Canton, Bank of Granville, Bank of Urbana, both Cleveland banks, State Bank and Bank of Illinois, Miami Exporting Company, Bank of Hamilton."

Bank Notes Michigan

"St. Clair, payable at Newark, passes at par - but not taken for taxes. "The notes of all solvent banks in other states generally pass at par."

An Old Bank Detector

"Capt. A. A. Taylor has received from his cousin. Mr. Bruce Taylor, of Wooster, a copy of Kennedy's (late Sibert's) Bank Note Record and Facsimile Counterfeit Detector, bearing the date of 1853. anc' published monthlj beginning in 1837. It contains a list of all the banks then existing in the

United States. The Guernsey branch of the Ohio State Bank was then the only state bank in Guernsey county, and was located at Washington. John McCurdy was president and William Skinner, cashier, with capital of one hundred thousand dollars. There was never any change of president, but later cashiers were Fracken and Endley. There is a special notice of ones and tens on the Guernsey branch, dated in June, 1849, which were readily denounced as counterfeit, because the Guernsey branch had not issued any bills in June, 1849.

"The old detector used to be a necessity in every busy establishment down to the smallest. They went out of use more than forty years ago, and copies of them are now very rare. Captain Taylor prizes it because he finds in it accounts of many of the curious old bills he has collected for many years and has in his cabinet. Mr. Bruce Taylor made a contribution to this collection of a Toronto two-dollar bill on the International Bank of Canada, dated September 15. 1858. It is now pronounced worthless by the United States Treasury Detector, which is the standard in this country." - From the Cambridge Times, in 1904.

Old-Time Values

Here is some history connected with the Times from away back. We give a copy of the note covering the value of the Times, on the 3rd day of March, 1840. The note is in the handwriting of W. W. Tracey, Esq.. who was a former owner of the paper:

"On or before the first day of July next we or either of us promise to pay to William R. Allison, or order, the sum of three hundred and ninety dollars, for value received this third day of March, A. D. 1840. Signed, Chas. J. Albright, B. A. Albright, M. Sarchet. Attest: Lambert Thomas."

It appears that the note was not given for some time after C. J. Albright had possession. There are credits on the note showing the following payments: January 1, 1840, eighteen dollars; November 20. 1840, two hundred and eight dollars paid to W. W. Tracey, attorney for J. S. Thomas; December 3. 1S40, ten dollars to R. T. Allison, and thirty-three dollars and twelve cents to \Y. W. Tracey, attorney. There is this endorsement on the note: "Two hundred and sixty-two dollars and twenty-two cents to be paid to J. S. Thomas. Signed: W. R. Allison." The note is left in the hands of W. W. Tracev, Esq., for collection. There is an endorsement by Tracey on the back of the note: "C. J. Albright, note two hundred and sixty-two dollars due July 3, 1840," also the following: "Received January 1, 1841. twentyseven dollars and thirty cents in full of judgment of the within note due J. S.

Thomas." The history of this transaction is. that Lambert Thomas sold to J. S. Thomas, his brother, ami he to Allison, ami Allison to Albright. Tintotal credit is two hundred ami ninety six dollars ami fifty cents, leaving a balance of ninety-three dollars and fifty cents unaccounted for, which was in all probability taken up by another note.

We give another transaction which shows that the early publishers of the Times were hard up, and had to do a good deal of business on tick. The following due bill will explain:

"Due John Carman, thirty dollars for printing paper, furnished by him for the Guernsey limes, to be paid to him as the paper is used. Signed: Nicholas Bailhache, Cambridge, Ohio, November 25, [828."

On the hack of this due bill is the endorsement, in the handwriting of J. M. Bell, Esq.: "Carman vs. Bailhache, note, judgment $35.90." John Carman was at that day a paper peddler and rag buyer. He lived at St. Clairsville. Ohio. At a later date there was a Philip Carman, perhaps his son, who traveled hack and forth from Wheeling, West Virginia, to Columbus, Ohio, engaged in the same business, traveling in a two-horse covered wagon, carrying foolscap, letter paper, wrapping paper, blank hooks, printing paper, inks and quill pens. He continued in this trade up to the opening of the Central Ohio railroad in April, 1854. Old residents on the National road will remember Carman, the paper peddler and rag buyer.

There is a certificate given to John Huff for lot 115, Cadiz, Ohio, for thirty-two dollars and fifty cents. On the back is this assignment: "January 31, 1814. for value received, I do assign unto Eleazer Huff all my right. title and interest in and to the within certificate, and all the benefits that may be had by reason or means thereof. Signed, John Huff." The witness. J. Wilson, was one of the first common pleas judges in Ohio, and held the first session of common pleas court in Guernsey county at Cambridge in 1810.

We give this to show the value of town lots at the time of laying out the towns of Cadiz and Cambridge. The price of the first lots sold in Cambridge. Ohio, in 1806. on Wheeling avenue, to Thomas Sarchet. lots 58 and 59, thirtyseven dollars and fifty cents each: lots 13 and [4 to John Sarchet. thirty-six dollars and fifty cents each; lot 21 to William Ogier, thirty-five dollars; lots 22 ami 23 to Catharine Marquand, thirty-two dollars each: lot 24 to Thomas Lenfesty, thirty-two dollars: lot 40 to Thomas Xaftal. thirty dollars; lot 51 to James Bichard, thirty-five dollars: lot 54 to Peter Sarchet, fifty dollars; lot 15 to Lloyd Talbott, thirty-five dollars. These lots were located on each side of Wheeling avenue, all within one square of the court house square. It will be seen that the lots in Cambridge were of the greatest value, situated as the city is on the waters of Big Wills creek and at the junction of the two great roads of that day. leading from Wheeling and Steubenville to the great west. Cadiz was located at the junction of the Pittsburg and Wellsburg roads, but had not the water advantages that Cambridge had. There is not one of the lots named in Cambridge that is not worth, per front foot, more than double the original first value. In the march of improvement the lots on the corner of Eighth street and Wheeling avenue have continued to keep up first value as leading lots. Cambridge is on the grow. Seated in a barber's chair the other day. we said to the barber, "How many barber shops are there in Cambridge today." He replied, "Fifteen."

We said, "Cambridge has grown fifteen times since we first knew it." Then there was but one barber, old Moman Morgan, colored. He went around, twice a week, from house to house, carrying his tools, soap and lather pot, and a head rest that could be attached to an ordinary chair. The barbers of today, who sport their white roundabouts, are not yet up in style to Morgan, for besides a white roundabout, he wore a long white apron. The perfumes of that day \vere what Eli Marsh, a later colored barber, called the "condiments, bar's oil, goose grease and pomade."- - Written for the Cambridge Times by Col. C. P. B. Sarchet in 1906, as a reminiscence of old times.

Up to the war 1848, the banking business necessary for the commerce of Guernsey county was done at Wheeling, Zanesville and Mt. Pleasant, in Jefferson county. In those days the raising of livestock for the eastern markets was the chief source of income in money to the county, and there were many drovers who, or nearly all, were dependent on the banks for accommodation. In 1845 the Legislature passed an act establishing the State Bank of Ohio, with its system of branch banks. Early in 1847 the question of establishing a bank in Washington was discussed, and resulted in the circulation of papers for stock subscriptions. One hundred thousand dollars of such subscriptions were secured on the 17th day of December, 1847, and proceedings had in compliance with the general act of incorporation. Three ineffectual attempts at this were made, one on the 31st of December, 1847, another on the 24th of January. 1848, another on the 15th of June, 1848, and on the 24th day of June the formal proceedings were satisfactorily completed, and the bank authorized to do business under the name of the "Guernsey Branch of the State Bank of Ohio, at Washington." From the beginning until its close the business of the bank was prudently and successfully managed, and the bank enjoyed at every moment of its existence the full confidence of the whole community. To be sure, there was the "crow-bat" excitement, and once notably. during a time of panic, a run of bill-holding brokers from abroad, but the Guernsey Branch was equal to all emergencies and was regarded as among the well-managed banks of the state. John McCurdy was president of the bank from its organization to its close. Its first cashier was William Skinner, who was succeeded by George Fracker, and he by George A. Endley, after whom came Simon B. Lawrence, who remained as cashier until the business was closed up. The first board of directors was composed of John Craig, Henry H. Evans, John McFarland, Kileon Hagar, Charles Hare, John Beymer, Francis Rea, and John Hall. - Jcffcrsonian, March 9, 1876.

National Bank Of Cambridge

The National Bank of Cambridge, No. 6,566, was organized in 1863, as the first bank under the national banking act of 1863 in Guernsey county, its original number being 141. After the expiration of the first twenty-year charter, in 1882, its charter was renewed by a reorganization and the number of the second bank's charter was 2,861, and this twenty-year charter ran out in 1902, when another re-organization took place, hence a new charter and this, the present one, is numbered 6,566. It will be observed that only one hundred and forty banks in the United States had applied for a charter prior to this one, under the then new banking laws of our country, and which have proven such a great success to the people, both bankers and depositors. The original capital of this bank was one hundred thousand dollars, of which sixty-five thousand dollars was paid in at the opening of the bank and within a few months (April. 1863) the balance was paid in. The original stockholders included many of Guernsey county's best men, of the town and country. The following is fl list of their names, and it may be said that all are now deceased, but it must be remembered that this bank dates back forty-seven years: Stephen B. Clark, John C. Douglass, Isaac Morton, Robert F. Burt, Nicholas Priaulx. James Beggs, Andrew Henderson, Henry McCartney, Walter Bogle, James Nelson, Thomas Johnston, Isaac W. Hall, George Morrison, George B. Leeper. Samuel Harper, Samuel Stranathan, Daniel Burt, Thomas Lapage, William Rainey, Bernard Brown, John Ogier, Jr., William Black, William N. Farrar, John Marquand, Eli Hall, Samuel Craig. William H. Bell, Marling Oldham, William Black, Charles J. Albright, John Crook, Joseph Fordyce, John Hall, Thomas Hall.

ing were elected : S. B. Clark, I. W. Hall, R. F. Burt, William Rainey, Bernard Brown, Joseph Fordyce, Samuel Harper. The directors elected as their president S. B. Clark; John R. Clark, cashier. On January 9, 1866, John R. Clark tendered his resignation as cashier and Samuel McMahon was appointed his successor. Then A. C. Cochran was appointed cashier. On February 20, 1880, Mr. Cochran resigned and A. R. Murray was appointed his successor.

On November 2j, 1882, the stockholders voted to go into liquidation for the purpose of re-organizing. Application was made to the comptroller of currency and received charter No. 2,861, to be known as the Old National Bank of Cambridge, with a capital stock of one hundred thousand dollars. The following were the stockholders, under the bank's second charter : S. J. McMahon, R. F. Burt, W. A. Rainey, J. W. Campbell, A. R. Murray, W. M. Farrar, C. J. Albright, S. W. Luccock, J. M. Ogier, W. H. Ledlie. W. B. Cosgrave, Henry McCartney, James T. Lindsay, S. B. Clark, W. M. Scott.

On January 13, 1903, at the annual election for directors the following were elected : S. J. McMahon, J. M. Ogier, S. M. Burgess, Fred L. Rosemond, J. W. Campbell, A. R. Murray, S. W. Luccock. On October 31, 1905, A. P. Frame was appointed by the board as a director, to fill the place of J. M. Ogier, made vacant by his death.

house in Cambridge, and the location of the bank itself, it may lie stated in this connection that it was first kept in the parlor rooms of the private residence of Dr. Vincent llavnes just on the next lot east of the present bank site. In April, 1867, the records of the hank show that the directors authorized the erection of the present hank building, which stands on l"t X". 52, Wheeling avenue, and here the hank has had its home for all of those Eortythree years.

The First National Bank, as it was styled in April, [865, made their statement, in which it was shown that the capital was one hundred thousand dollars; surplus and undivided profits, six thousand four hundred and ninetytwo dollars, with deposits amounting to fifty-six thousand five hundred and seventy-eight dollars.

The last statement, issued before the hank reorganized in [882, gave their capital and surplus, with the undivided profits, as one hundred and twentynine thousand nine hundred and ninety-five dollars with deposits amounting to four hundred and twenty-nine thousand nine hundred and four dollars.

The last statement issued by the National Bank of Cambridge, the present organization, shows (September 1, 1910) loans and discounts, four hundred sixty-six thousand nine hundred and sixty-four dollars: United States bonds, sixty-one thousand five hundred dollars; banking house and fixtures, nine thousand five hundred dollars ; total resources, seven hundred eight-one thousand and fifty-seven dollars and sixty-six cents. The amount of capital stock is one hundred thousand dollars; surplus and undivided profits, eightysix thousand nine hundred and eighty-four dollars and eighty-eight cents; individual deposits, subject to check, four hundred thirty thousand seven hundred and thirty dollars and seventy-two cents ; demand certificates of deposit, ninety-six thousand three hundred and twenty-three dollars and fifty-eight cents, with other items to make the total liabilities same as resources named, seven hundred eighty-one thousand and fifty-seven dollars and sixty-six cents.

Through all the shifting years - almost a half century - this institution has remained firm and solid, notwithstanding the three great panics that have overtaken the country since the hank first opened its doors in 1863. when the Civil war was at its height. Tt has ever had conservative men at its head," as directors and officers, and has been patronized by stockholders and depositors throughout Guernsey county, who have given it standing and reliability. The people, of all classes and nationalities, have had confidence in this hank and they have never been disappointed.

Guernsey National Bank

The Guernsey National Bank, of Cambridge, was organized in 1872, its charter being the oldest in the city, and is numbered 1,942. This banking institution was formed by Col. J. D. Taylor and his associates, John Mc- Burney, John Heaume, William Lenfesty, John Ogier, George H. Boetcher. A. A. Taylor, E. Nyce, J. O. Mcllyar and others.

The original capital stock was one hundred thousand dollars, then increased to one hundred and fifty thousand dollars. Its first officers were : J. D. Taylor, president; W. A. Lawrence, cashier; A. A. Taylor, assistant cashier.

The present capital is fifty thousand dollars; surplus, twelve thousand five hundred dollars ; deposits, one hundred and seventy thousand dollars, and the 19 10 officers are: H. W. Lawrence, president; J. W. Scott, cashier; C. H. Willis, assistant cashier. The bank owns its own building, erected for the purpose in 1872-73, at No. 647 Wheeling avenue. No robbers have invaded this bank in the almost two score years of its history, but some loss Avas sustained in the fires of Cambridge, in 1895 and 1902.

Citizens Savings Bank

The official statement for September 1, 1910, shows resources and liabilities amounting to $347,766.54 each. In these are the items of resources: Loans on real estate, $238,589; loans and collateral, $40,427; United States bank notes, $4,405. In the list of liabilities are the following items: Capital stock, $30,000: surplus fund $22,500; undivided profits, $2,083: time certificates of deposit, $81,233; savings deposits, $192,940.

Central National Bank

Hutchison, president; W. E. Bowden, cashier. They own the magnificent, strictly modern building, the same having been erected in 19114. It stands on the corner of Wheeling avenue and Eighth street, at the southwest corner of the public square, and is a five-story structure, with fine offices on the floors above the banking rooms on the ground floor. It is also a United States depository.

Their November, 1910, statement shows that they had resources and liabilities amounting to $555,991- The loans and deposits amount to $177,902: United States bonds, $106,618. The capital is still $100,000 and a surplus and undivided profits of $52,969; deposits and money due banks amounting to $307,722.

The management of this bank has always been first class and it has withstood the panics that have at various dates disturbed other cities, and has always been able to pay out on demand all that was called for. Its officers are thoroughgoing business men and treat all in a gentlemanly manner.

Cambridge Sayings Bank

The Cambridge Savings Bank (state incorporated) was organized April 8, 1905, with a capital authorized at $50,000, $30,000 of which was paid up. The gentlemen who founded the bank were the following stockholders: B. F. Sheppard, C. C. Cosgrove. J. B. Giffee, R. Kirkpatrick, J. O. Carnes. R. V. Acheson and J. E. Bair.

The officers from the start have been. B. F. Sheppard, president : R. Kirkpatrick, vice-president; C. C. Cosgrove, secretary and treasurer; R. B. Acheson, cashier; Emory Ferguson, assistant cashier.

This institution has occupied the present modern banking building ever since it was organized: it is a handsome brick structure at Nos. 806 and 808 Wheeling avenue. The November. 1910, statement published by this hank showed the following items, among others: Resources and liabilities, $233,026.95. Of the resources there was $149,286 in loans on real estate: loans on collateral, $10,930; loans and discounts, $23,929. Of the liabilities there were the items of capital. $30,000; surplus fund, $10,000: undivided profits. $5,917; individual deposits, $45,646; demand certificates, $97,280; savings deposits. $44,181.

The People's Bank, of Pleasant City, was established in 1895, with George J. Markley as its proprietor and W. F. Bierly, cashier. No other information is at hand, hence this meagre account taken from the State Bank Directory is here given. (See sketch in biographical volume.) This bank carries on a general banking business in a well furnished banking building and has the confidence of Pleasant City and vicinity.

The Guernsey Building and Loan Company, of Cambridge, was incorporated under the laws of Ohio, is under state inspection, and has an authorized capital of $150,000, in shares of $100 each. The first officers were: John M. Ogier, president; Joseph Hartill, vice-president; W. H. Brown, secretary; J. B. Dollison, treasurer; W. H. Brown, attorney.

It is a purely home institution and no business will be taken from outside this county. Its funds are loaned only on first mortgage securities. It was organized April 26, 1902, and now has assets amounting to over $147,000; it has more than doubled in the last two years. Its present officers are: J. C. Bair, president; J. R. McBurney, vice-president; J. B. Dollison, treasurer; E. A. Scott, secretary; A. R. McColloch, attorney. By fair treatment and business principles, this company is winning the confidence of many a man who wishes to employ the building and loan system for securing a home.

The First National Bank of Byesville was incorporated December 10, 1900, and opened its doors for business in the following February. It has grown and flourished until today it ranks high among the solid financial institutions in Ohio. Its organizers were George S. Trenner, R. H. Mills and others, and its original capital was $25,000. At the close of business in 1901, it had deposits amounting to $52,800, and on Septeniber 1, 1907, it had reached the sum of $236,379.04. Coming

Its present officers arc: George S. Trenner, president; John A. Thompson,, vice-president; E. P. Finley. cashier; W. A. Thompson, assistant cashier. The directors arc: II. II. Wilson, George S. Trenner, John A. Thompson, John W. Thompson, \Y. II. Wilson, E. R. Finley.

Tn the autumn of 1010 it was believed that with the rapid growth of Byesville, another hanking institution would pay; accordingly stock was subscribed by some of the leading business men of the place and $25,000 was raised for the establishment of the Byesville State Bank J. A. Hoopman was elected president; Palmer McConnell, vice-president; O. L. Howard, cashier. The following comprises the original hoard of directors: D. S. Hurt, H. C. Egger, J. A. Hoopman, Palmer McConnell, C. W. Eberle, Mike Sherby, O. L. Howard.

Banking At Cumberland

The Bank of Cumberland was first organized in 1896, by Evans & Girton, as a private bank. In 1900 J. E. McClelland purchased it from Evans & Girton, the capital stock then being $10,000. Soon after the purchase Mr. McClelland associated with him in business I. C. Young. J. A. Langley. F. L. St. Clair, O. L. Hunter. T. M. Hathaway, and Catherine Roseman. and increased the capital stock to $15,000, and later to $25,000.

In 1908 the bank was reorganized, making of it a state bank called the Cumberland Savings Bank, with a capital stock of $50,000. J. E. Mc- Clelland was elected president. F. E. St. Clair, vice-president, and J. M. Bracken, cashier.

At the close of business, September 1, 1910, this bank's statement showed resources and liabilities amounting to $77,005.27. The resources showed the items of furniture and fixtures, $1,875; loans on real estate, $57,620; other loans and discounts, $67,885.

Among the liabilities were the items of capital stock, $50,000; surplus fund, $1,000; undivided profits, $1,500; individual deposits, subject to check, $63,582; demand certificates of deposit, $60,922.

This banking house has always been a conservative concern, safe and sound, and one in which the whole people have ever had the utmost confidence.

The First National Bank of Senecaville was established December 12, 1904, by C. M. Hutchison, A. U. Hutchison, J. M. Gregg, Milton Finley, J. A. Lanley, S. L. Murphy, Samuel Laughlin, C. H. Gregg and several others. The capital stock is $25,000, with a surplus of $6,000. The present deposits of this banking house is $65,000. The bank owns its own building, on Main street. The present (1910) officers are: C. M. Hutchison, president; J. M. Gregg, vice-president; G. F. Pollock, cashier.

A general banking business is carried on at this point and this concern has the confidence of the best citizens of the community in which it operates.

Quaker City

Banking at Quaker City has come to be of large proportions, the most extensive of any in the county in many ways. The start was made in 1872, when the Quaker City National Bank was established and it is now considered as among the solid financial institutions in eastern Ohio. The late Isaac W. Hall was one of the promoters of this banking house and was its first president, continuing until his death in 1886. He was then succeeded by his son, John R. Hall, who still holds the important position. Hon. W. N. Cowden was vice-president and T. M. Johnson, cashier. The first directors were as follows : Jonathan Rose, Thomas Moore, Eli Hall, Dr. J. T. McPherson, D. C. Goodhart, W. N. Cowden, Isaac W. Hall. Of the original organizers only Messrs. Johnson, Cowden and Goodhart survive.

At first the stock of this bank was $50,000, but a few years later it was increased to $100,000. By its safe, conservative methods, its volume of business has steadily grown until today (1910) it has a surplus of more than $20,000. Its September statement of 1910 showed $684,835 in deposits; profits of more than $37,000 and a magnificent banking house building valued at $25,000.

The present officers are: John R. Hall, presidenl ; I. I'. Steele, cashier; H. S. Hartley, assistant cashier. The directorship is II. S. Hartley, John R. Hall, T. M. Johnson, D. C. Goodhart, Joel Hall, Thomas C. Hall and I. P. Steele.

The new hank building was erected in [909, on the southwest corner of Broadway and South streets. In all of its appointments it is an ideal, modern building, with steam heat and rooms for the convenience of all interested. It is illuminated by both gas and electricity. The structure was designed by architect J. F. Orr, of Cambridge, wink- the building- was constructed by George I. Foreman, of Marietta, I >hio.

Cambridge Loam And Building Company

The Cambridge Loan and Building Company, who occupy a beautiful new business house on Wheeling avenue, at No. 814, was organized February 27, 1885. This building is the home of the city officers and the municipality affairs are here carried on on the second floor of the thoroughly modern building. The lobby is one of the finest in this portion of Ohio, being Italian marble of the purest type, the walls being handsomely decorated and the floors of Tennessee marble.

Meetings were first held in the Burgess building, in rooms now occupied by Attorney George Dngan, then in the room above the present Times office, and next to the Madison building.

There have been three presidents, W. K. Gooderl, to January 1, 1888; R. W. Anderson, from 1888 to April, 1902; O. M. Hoge, from 1902 to date. James E. Lawrence was secretary from 1885 to February, 1901. T. R. Deselm from 1901 to date.

now in force amounts to $700,000 in shares of fifty dollars each. The number of stockholders is now one thousand. This company loans only on first mortgage property and has never lost a dollar yet and many a poor man in Cambridge has been able to secure his home by this method of making his loan. It is certainly one of the city's safe and solid financial institutions.

Bank Failures

There have been two bank failures in the history of the county, the one of the McCracken Bank, in about 1867, which was said to have been occasioned by the decline of wool, in which the bank had heavily invested at the close of the Civil war period, when prices took a great tumble and caught many of the best business men, merchants and bankers from one end of the country to another. The depositors were heavy losers. This bank had been robbed a few years prior to its failure and among other valuables taken were some government bonds. The thieves were never captured.

The latest and second bank failure was that of the Commercial Bank of Cambridge, in June, 1904, when this institution closed its doors and went into the hands of a receiver, it being a state banking house. The two chief stockholders and officers both absconded and later it was discovered that they had taken from the bank's funds money amounting to more than $160,000. The capital of the bank was $40,600. Later in that year one of the absconders was discovered living in Los Angeles with his wife, and soon was arrested upon intelligence sent from Cambridge, and he was brought back and stood trial. It was a long-drawnout case, tried before Judge Mackey, and the verdict of the jury was "guilty." He was tried on many counts, but only one sustained and that for the embezzlement of eighty-five dollars. The case was appealed to the circuit court and the accused man was acquitted. The other party connected with the bank failure was never heard from.