Washington County, Ohio - Chapter 16: Banks and Banking, 1902

Chapter 16: Banks and Banking

We are indebted for the greater portion of the descriptive and statistical matter contained in this chapter to the Caitennial number of the Marietta Register,

The First National Bank

The articles of association of the First National Bank bear the date November 14, 1863, and the signatures of Beman Gates, William F. Curtis, John Newton, J. B. Hovey, M. P. Wells, D. P. Bosworth and A. B. Battelle. These seven gentlemen were prominent Marietta business men, and between them held all of the original stock of the bank, and constituted the first Board of Directors. On December 4, 1863, the Comptroller of the Currency, Hon. Hugh McCulIoch. authorized the new institution to commence business. The "National Banking Act" had become a law on February 25th of the same year, and this bank was one of the first to organize under it. Its number is 142. Since that date nearly 6,000 national banks have been organized. Beman Gates was elected president, William F. Curtis, cashier, and Dr. H. B. Shipman, teller. The new bank opened its doors early in 1864 in a small room in a building then standing on the site of the Colonial Block. In January, 1865, the building at the corner of Front and Greene streets was purchased of D. C. Skinner, and after a complete remodeling was occupied in November. Here the bank remained

' until May of the present year, when, the business having been transferred to temporary quarters in the Bellevue Hotel Block, the building was torn down to give place to the magnificent structure which has been erected on that corner, and which the bank hopes to occupy early in 1902.

The capital of the bank was increased from $50,000 to $100,000 in May, 1864, and to $150,000 in July, 1872. Here it has remained since. The surplus for many years after the last increase of capital stood at $30,000, but on November i, 1900, it was increased to $150,000, and the undivided profits ncnv amount to nearly $75,000 more. The policy of the present management is to build up a large surplus and undivided profit account, rather than to pay large dividends to its stockholders. During the nearly 40 years of its existence, the First National Bank has been a tower of strength in this community, and during the more recent years has been recognized not only as the leading financal institution in Southeastern Ohio, but as one of the strongest, most progressive, and at the same time, one of the most conservative banks in the entire Ohio Valley. Its business has grown immensely, until its individual deposits average more than $1,000,000, and its volume of business aggregates about $60,000,000 per year. The following is a condensed statement of the condition of the bank at the close of business December 10, 1901 :

The officials of the bank have been connected with it for many years. William W. Mills is the president, succeeding Beman Gates in June, 1S87. Col. T. W. Moore has held the position of vice-president since January, 1895, succeeding M. P. Wells, \yho died in September, 1894. Joseph S. Goebel is cashier, and George C. Best is assistant cashier. The latter has been connected with the bank since 1869, while Mr. Goebel has served it continually for nearly 29 years. Tlie Board of directors consists of the president, the vice-president and Charles Penrose, W. D. Devol and John Mills.

The other employees are as follows : Robert N. Payne and John C. Otto, tellers ; Harry M. Hart and George M. Knox, individual book-keepers ; John L. Lehnhard, general bookkeeper ; Harry Wendelken, clerk ; Fred M. Reed, messenger; Miss Laura Best, stenographer.

The new building is a modern structure in every respect, and in its interior appointments will be superb and probably unexcelled by any like edifice in the Ohio Valley. The banking room proper is a very large, well-lighted room, and when completed with marble floors, mahogany counters and furniture, will be beautiful. A massive chrome steel-lined vault for money and securities, with 221 safe deposit boxes for the use of customers, has been erected by the Diebold Safe & Lock Company of Canton. The metal alone in this impregnable vault weighs 25 tons. Two other fire-proof vaults for books and storage purposes are on the banking floor, while on other floors fireproof vaults have been constructed for the use of the River Gas Company, the Buckeye & Eureka Pipe Line Company, the Ohio River Bridge & Ferry Company, who are to occupy offices in the building.

In immediate connection with the banking office is a reception room for ladies, a customers' room, president's room, directors' room, coupon roonxs, and a multitude of conveniences to facilitate business and make it attractive.

Opened December 9, 1889, in their building, at No. 123 Putnam street, with $50,000 capital. Harlow Chapin, president; Theodore F. Davis, vice-president; E. M. Booth, cashier. Mr. Chapin died in September, 1891, and was succeeded January, 1892, by A. T. Nye, president, and D. B. Torpy was elected vice-president. In February, 1893, the bank removed to the corner of Putnam and Second streets, the buildinig now occupied; the capital was increased to $100,000, June i, 1893. Mr. Nye died in January, 1899, ^^id E. M. Booth, the present president, was chosen, and Thomas M. Sheets was elected cashier and Charles T. Booth, assistant cashier. Present officers and employees: E. M. Booth, president; D. Bl Torpy, vice-president; T. M. Sheets, cashier; C. L. Booth, assistant cashier; C. A. Steadntan, H. L. Limshall and C. E. Oesterle, bookkeepers; J. E. Brighami, . messenger. Directors: D. B. Torpy, B. F. Strecker, Jacob ^^'ittig, Frank Weber and E. y^. Booth".

Opened for business in Witllig's iewelry store, August i, 1899. and in the following November moved into their present quarters at No. 212 Front street. The present officers have been with the bank since it started. The bank has done a conservative general banking business and has accumulated a good surplus for the time it has been organized. The following are the officers and directors :

The Dime S.Avings Society

Of Marietta was incorporated in 1871. J. L. Mills served as president until 1884, when he was succeeded by Jewett Palmer, who served until 1890, when Thomas Ewart was chosen; and in 1893 W. G. Way was elected, who is still the president. E. G. Brigham is vice-president. Charles H. Newton, a native of Marietta, has been treasurer since 1877, except from February, 1879, to March 1881. At the latter date the^ deposits of the Society were $39,000. At the present time they are over $690,000.

Company

The first building and loan company - in this city was started at a called meeting, held at the Court House, on September 14, 1870, and was organized September 19, 1870, by selecting Henry Bohl, president; Fred Blume, secretary; William Lorey, assistant secretary; and Martin Schmidt, treasurer.

The directors were: Jacob Mueller, Gottlieb Meister, Philip Schramm, George Bachmann, Henry Bahlman, Theobald Triem, Daniel Otterbein and B. E. Stoehr.

The first payments of dues were received October 3rd of the same year, at Otterbein's Hall on Ohio street; the business was conducted on the terminating plan, of which the fourth serial terminated was on October ig, 1896, and was succeeded by the present company.

The German Savings, Building & Loan Company, which is conductetd on the perpetual plan, with a capital stock of $1,000,000, divided in 10,000 shares of $100, has assets of $305,000; loans on first mortgage of $300,- 000, and a surplus fund of $4,500, with 1,075 shareholders.

It is a source of congratulation to the ofiRcers having charge of the business that during the 31 years since the time the company was organized, not a mortgage has been foreclosed and not a dollar has been lost to the stockholders. The presen.t officers of the company are: Jacob Rech, president; John Lenz, vice-president; John Bickert, treasurer;

Building Company

Was organized April -lo, 1890, with an authorized capital of $100,000. The capital has since been increased to $1,000,000. The assets of the company are about $465,000, which consist of first mortgages on real estate in Washington County, Ohio, and on the company's own stock. The company does not own any real estate. It loans money on first mortgage on real estate in Washington County only, loaning from one-half to two-thirds the value of the property securing said loans.

During the same time it has loaned over $850,000, and has never lost a dollar, and ncz'cr foreclosed a mortgage. Furthermore, it has not a mortgage on its books that a careful investor would not be willing to take off its hands.

From January i, 1891, to July i, 1901, the company paid its members $106,616.47 in dividends. The office of the company is in the Law Building on Putnam street.

Morris and John Kaiser were the incorporators. The company commenced with a capital stock of $100,000, which has been increased from time to time to $2,000,000. The directors and olficers, except the secretary and treasurer, have served without pay over eight years, and during all that time have not failed to have a quorum ol the directors present for the transaction of business every Saturday night except one - during the 1898 flood. The company has not foreclosed a mortgage nor lost a dollar in any way. It is purely mutual and co-operative, all depositors being members and sharing in the profits pro rata, according to the amounts to their credit. It pays dividends on paid-up stock for the time the money retnains with the company, irrespective of the time of year it is placed with, or withdrawn from, it. Tlie company now, for the first time, owns its own home, having recently purchased the building on Second street in which its office has been located during the past five years.

The present officers are: J. S. Simpson, president; J. S. H. Torner, vice-president; O. P. Hyde, secretary; O. P. Hyde, treasurer; J. C. Brenan, attorney. J. S. Simpson, N. Moore, A. L. Gracey, D. S. Boyle, W. H. H. Jett, J. M. Williams, S. J. Hathawav, J. S. H. Torner, and H. E. Smith, directors. The company's office is open for business on all business days, from 8 A. M. to 12 M., and from i P. M. to 5 P. M., and also Saturday- evenings from 6 to 9 o'clock.

Assets The Peoples Banking & Trust Company

This company began business in the St. Clair Building on Putnam street, next to the Post Office, opposite the Washington County Court House, May 26, 1902.

Money is received on deposit, subject to check. Interest is paid on time deposits at the rate of three per cent per annum, if left six months; and four per cent, if left 12 months.

Loans are made on good personal, collateral or real estate security at current rates. The feature that has, perhaps, proved most beneficial to the community is the loaning of money on real estate security.

Besides these, there are in the county the Citizen's Bank of Beverly, organized in March, 1875, with E. S. Mcintosh as president, and C. W. Reynolds, as cashier, and the more recently organized national banks of New Matamoras and Lowell, all of which are elsewhere mentioned.