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CARROLL AND HARRISON COUNTIES - 47 CHAPTER VII BANKS AND BANKING A REASON FOR BANKS-EARLY METHODS-FIRST BANKING IN CAR- ROLL COUNTY-THE CUMMINGS TRUST COMPANY-THE FIRST NATIONAL BANK 1N CARROLLTON-BANK OF MAGNOLIA-THE MINERVA BANKING COMPANY-SUMMARY. The business of banking in Carroll County, Ohio, like the art itself, has been a development springing out of the needs of accumulating wealth and diversified commerce. The bank does not come to an embryo town fully organized and capitalized with great resources back of it. It does not come in on the first boat or railway train ready to do business. Neither does it build its solid walls in a settlement of cabins, or tents. There must always be before its appearance a showing of a goodly settlement and bright prospects for a business future in the community. So long as man uses his own wealth he is a capitalist. It is only when he begins to employ money of others and put forth an organized system of credit that he becomes a banker. The different functions of deposits through banking, discount, exchange and circulation do not arise simultaneously, but are put in operation successively as the operations of business becomes diversified, and its needs pass beyond the facilities employed in ordinary transactions. THE CUMMINGS TRUST COMPANY This financial institution is located at the city of Carrollton. Carroll County, Ohio, and was organized in 1870 by Cummings & Couch. Its first capital was $20,000, but it has been increased to $100,000 and also has surplus and undivided profits amounting to $200,000. Its present resources and liabilities is $1,900,000. This bank in the month of October, 1920, showed regular deposits amounting to $1,350,000. The subjoined December 31, 1919 statement issued by this bank explains itself : Resources

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PICTURE OF THE CUMMINGS TRUST COMPANY The newly constructed building in which this Trust Company transacts its business was completed in the winter of 1920-21 ; is built Of stone and cost $90,000.00 including the ground on which it stands. The present officers are as follows: T. J. Saltsman, president- treasurer ; J. C. Ferrall, vice-president ; Frank Johnston, vice-president ; Oscar Roudebush, assistant secretary ; William T. Saltsman, assistant treasurer. The board of directors are as follows : J. C. Ferrall, T. J. Salts- man, Frank Johnson, John H. Fimple, W. 0. De Forde, Dr. A. H. Hise, E. L. Henderson, U. C. De Forde, J. A. Fawcett, Harry McLaughlin. Oscar Roudebush, John A. George, T. L. Simpson, G. J. Butler. CARROLL AND HARRISON COUNTIES - 49 This is the oldest banking institution in Carroll County and through its unusual good management and care of its patrons it has the full confidence of the people withm Carroll County and this part of the State. FOUNDING OF THIS BANK It is well to acquaint the reader, with the manner in which this bank came into existence: James P. Cummings, one of the founders of the Cummings Trust Company, was born September, 1820, in Archer Township, Harrison County. At the age of seventeen he came to Carrollton and clerked for several years in the store of Isaac Atkinson. He formed a partnership with Willson L. Akers which continued until 1868, when with his brother-in-law, Eli Couch, he went to Columbus where they engaged in the wholesale grocery business. Returning to Carrollton in 1870, they started the bank of Cummings & Couch. Mr. Cummings died July 12, 1912. In 1870 a private banking house was established at Carrollton by James P. Cummings and his brother-in-law, Eli Couch, under the name of Cummings & Couch, who continued in business until the death of Mr. Couch in 1888, when Mr. Cummings conducted the bank under the name of J. P. Cummings. May 1, 1893, T. J. Saltsman became associated with Mr. Cummings, the firm being styled Cummings & Saltsman and in December, 1894, the bank was organized under the State law as a banking company, taking the name of the J. P. Cummings Banking Company, Mr. Cummings being elected president ; T. J. Saltsman, cashier ; James B. Fiedler, assistant cashier. These officers with judge U. C. De Ford, George J. Butler, Judge James Holder and Jesse Marshall composed the directors. THE FIRST NATIONAL BANK 1N CARROLLTON This bank was organized in the city of Carrollton, Ohio, February 26, 1920, and was founded by F. K. Ebersole, P. O. McCully, D. S. German, William M. Shepherd and J. W. Whitecraft. The capital of this, one of the county's last banking ventures, is $25,000. Its resources and liabilities amount to $375,000. The business of this new bank is transacted in a two-story brick structure, erected at a cost of $12,500. In the fall of 1920—about six months after this bank opened, it had deposits amounting to $150,000. The original officers of this National Bank were: William M. Shepherd, president ; D. S. German, vice-president ; O. C. Gray, cashier. The same are still holding their respective positions except that Harry F. McLaughlin is cashier. BANK OF MAGNOLIA COMPANY This bank at the village of Magnolia, Carroll County, was organized by R. E. Greer and C. S. Greer in 1899, on a $20,000 capital which has been increased to $25,000. The surplus and undivided profits of this institution amount to $28,000, while its resources and liabilities are shown to be $550,000. 50 - CARROLL AND HARRISON COUNTIES Year after year this financial concern has forged to the front until today it is almost the envy of banking circles in this portion of the state. Its place of business is their own brick building erected, or rather carried on their books as worth $5,000. It could not be built for that of course today. By competent experts it is claimed to be the best equipped bank in Carroll County today. It was incorporated aS a State bank in May, 1910. R. E. and C. S. Greer original Sole owners, but in 1903 Charles E. Beck purchased the half interest held by C. S. Greer and then the bank was under R. E. Greer and Charles E. Beck until its organization into a State bank, May, 1910. Officers are: Charles E. Beck, president; W. H. Greer, vice- president ; R. E. Greer, secretary ; J. S. McClean, cashier ; G. R. Mackall, assistant ; directors are same as officers, with the name of C. S. Greer added. THE MINERVA BANKING COMPANY This bank was organized at the village of Minerva, Ohio, November 4, 1915, by Charles B. Sala, D. W. Zintsmaster, E. V. Newton, R. T. Temple, J. T. De Ford, F. A. Harsh, H. J. Fimple. Its first capital was $25,000, but at preSent it carries a capital of $50,000. Present resources and liabilities amount to $365,000, and has surplus and undivided profits in the sum of $7,200. The business of this concern is transacted in their own bank building which, together with lot, cost $19,000. The first officers were: C. B. Sala, president ; J. T. De Ford. secretary; F. A. Harsh, vice-preSident ; E. V. Newton, cashier. First board of directors was as follows : C. B. Sala, F. A. Harsh, D. W. Zintsmaster, B. F. Hook, J. T. De Ford, H. J. Fimple, Ferd Zettler. The 1920 officers of this bank are as follows : President, C. B. Sala ; vice-president, F. A. Harsh ; 2nd vice-president, Arthur Thoms; secretary, A. G. Beckman; cashier, 0. W. Kurtz. CARROLL COUNTY BANK SUMMARY-1921 The following shows a list of the banks within Carroll County in 1921 (March) ; also when organized, their present capital and deposits: