HISTORY OF ERIE COUNTY - 277 (RETURN TO THE TITLE PAGE) CHAPTER XX THE BANKS AND BANKERS OF SANDUSKY Tradition—we have no record—says that the first attempt at the founding of a banking house in Sandusky was made by some of the prominent business men and capitalists of the town in the year 1834; and the result of that effort was the establishment, under the laws of the state of the Bank of Sandusky. As was provided by law, the subscription books were duly opened by the commissioners, and the day fixed upon which the books would be closed. At the time designated it was found that less than one-third of the stock had been subscribed, and it became absolutely necessary that "something be done," and that at once. In this extremity, Oran Follett, who was already a subscriber for a considerable amount of the stock, came to the rescue and agreed to take the balance at par value, amounting to something over $70,000. He knew, or felt satisfied at least, that the stock could be easily disposed of to New York capitalists, and did make a sale of such part of it as he could not conveniently carry. This timely act on his part made possible the establishment of the bank. A board of directors was chosen and a full complement of officers, William Townsend, then a leading merchant of the town, being chosen president. The banking house was located on Water Street, on the ground now covered by the West House. Mr. Townsend remained president for two years, when he was succeeded by Mr. Follett, under whose management the institution prospered for several years, and until Congress passed the "Specie Act," by which a radical change in the management was necessitated. About this time, too, the eastern stockholders desired to sell their interests, and for the purpose of purchasing, Mr. Follett made a journey to New York State, only to find that Burr Higgins had preceded him and bought the stock. After this the bank was short-lived, and, putting it modestly, soon went into liquidation. Immediately following the dissolution of the Bank of Sandusky, in January, 1846, another was started, and known as Sandusky City Bank. In this a number of persons were interested who had held stock in the old bank, but that institution lived but little longer than its predecessor, although its ending was quite different. Its affairs were wound up about 1854 or 1855. About the year 1850 the Union Bank opened for business, but shortly afterward passed into the hands of Freeland T. Barney, Lester S. Hubbard and William D. Durbin, under the name of Barney, Hubbard & Durbin. This firm managed the affairs of the institution with a good 278 - HISTORY OF ERIE COUNTY measure of success until the death of Mr. Durbin, in 1863, after which the firm changed to Hubbard & Co., Lester S., Rollin B., Watson and Langdon Hubbard becoming proprietors and owners. This firm did a banking business for only a few months, when, in January, 1864, their business was merged in the Second National Bank, a further mention of which will hereafter be made. The Moss National Bank was the junior, save one, of the banking houses of Sandusky, but it was the direct outgrowth of the first national bank established in the city, and among the first of the United States. Augustus H. Moss came from Oneida County, New York, to Sandusky in the year 1837, and established a mercantile business on Water Street. He was thus engaged until the 8th day of June, 1850, when he Opened a banking business in the city, conducting it alone for three years. On the 10th of June, 1853, Augustus H. Truman and Horace 0. Moss, under the firm name of Moss Brothers, succeeded to the business. They moved into the Moss Bank Building January 12, 1854. Under the careful and successful management of this firm the bank was conducted for a period of ten years, or until the passage of the National Banking Act of Congress. The firm had carefully noted the progress made by the advocates of this act ; they saw the advantages of such a system, and being actuated by motives of patriotism, and a desire to support the general Government in its endeavors to establish a uniform and safe banking throughout the country, therefore immediately upon the final passage of the law an application for a bank charter was filed with the proper officers at Washington ; but, owing to some defect in the certificate of authority, or charter granted by the department, a delay was experienced in the premises, so that when the charter was granted it was numbered sixteen, whereas, had the proceedings on the part of the Government been in due and correct form the charter of the First National Bank of Sandusky would have been numbered "two" in the stead of that it in fact received, and would have been preceded in organization only by the First National Bank of Washington. The articles of association provided for the first board of directors of the First National Bank as follows : Augustus H. Moss, William S. Pierson, Homer Goodwin, Wildman Mills, and Jay Osborn Moss. The capital stock of the bank was $100,000, divided into 1,000 shares, The first officers were as follows : President, august H. Moss; Vice president, William S. Pierson ; cashier, Horace 0. Moss ; assistant cashier, Jay Osborn Moss. The bank was opened for the transaction of business on the 1st day of July, 1863. Under the efficient management of these men the affairs of the bank were conducted and continued in successful operation for the term of twenty years; and that period of its existence was perhaps remarkable for the fewness of radical changes, both in its directorate and immediate officers. Augustus H. Moss remained president and Horace 0. Moss cashier throughout the life of the charter. William S. Pierson continued vice president until the time of his death, when Jay 0. Moss succeeded to the position. HISTORY OF ERIE COUNTY - 279 Having lived to the end of its charter it became desirable to in a measure effec a reorganization for a further continuance of business, but that the tall honor and credit of its most excellent standing might be awarded to those to whom it was due, a change in the corporate name of the institution became necessary. To accomplish the end the First National Bank, as a body corporate, liquidated its business and passed out of existence, and on the 20th day of October, 1883, the Moss National Bank of Sandusky, with a capital stock of $150,000, took its place. The directors were Homer Goodwin, James Woolworth, John T. Johnson? Augustus H. Moss and Jay O. Moss. Augustus H. Moss was elected president and Jay. O. Moss vice president. Charles H. Moss was appointed cashier and Augustus C. Moss actuary. The Second National Bank was incorporated November 24, 1863, with an authorized capital stock of $100,000, in shares of $100 evil. This institution had its origin in the banking house of Barney, Hubbard & Durbin, which was in turn succeeded by the firm of Hubbard & Company, also private bankers, to whose business reference has been made. The latter firm was in business from May, 1863, until January, 1864, when the Second National Bank of Sandusky opened its doors for business. The first board of directors was composed of the following persons: Rollin B. Hubbard, Lester S. Hubbard, Watson Hubbard, William T. West, Halsey C. Post, Lester H. Latham, James H. Stead, Chris. C. Keech and William A. Simpson. The first officers were Lester S. Hubbard, president, and Andrew W. Prout, cashier. Lester S. Hubbard continued as president of the bank until the time of his death, July 12, 1875, when he was succeeded by Rollin B. Hubbard. After the term of the bank's charter had expired it was renewed and business continued without interruption and with little or no material change in management. The Third National Bank of Sandusky was an institution founded and opened for the transaction of a general banking business on the 10th of October, 1872. It cannot be said to have been the outgrowth of any former similar business, but rather an original enterprise, necessitated by the growing manufacturing and mercantile business of the city and vicinity. The first board of directors comprised the following persons : Peter Gilcher, Jacob Engles, Henry J. Donahoe, Philip Graefe, Christian F. Schoepfle, George J. Anderson and Lawrence Cable. The last named, Mr. Cable, was elected president ; Jacob Engles, vice president, and George J. Anderson, cashier. The capital stock of the bank was $100,000. Upon one occasion during the cashiership of George J. Anderson this bank was the victim of a forged draft to the extent of $2,500, but through the prompt action of Mr. Cable, the president, the forger was overtaken just as he was about to leave the city and compelled to deliver up his ill-gotten gains. His story was so exceedingly plausible, and his protestations of innocence so well feigned that the president did not seek to arrest and detain him, but rather to recover the cash. Subsequent events, 280 - HISTORY OF ERIE COUNTY however, clearly proved that the person was an expert criminal, and not a "minister of the gospel," as he had proclaimed himself. The Citizens National Bank was incorporated on the 20th of February, 1884. The first board of directors of the Citizens Bank comprised George A. Marsh, Homer Goodwin, Truman B. Taylor, Albert E. Merrill, William Schade, Philip Graefe, George Feick, Gustavus Graham and Joseph Kronthal. The officers were : President, A. E. Merrill ; vice president, Gustavus Graham ; cashier, Henry Graefe. The original capital stock of the concern was authorized at $300,000. Within the last few years it has remodeled and beautified its building and now has one of the most modern buildings in Northern Ohio. It is now an Ohio corporation, as The Citizens Banking Company, with Henry Graefe, president ; William Graefe, vice president ; Charles H. Zimmerman, cashier ; C. J. Strobel, assistant cashier, and William Schoenamann, second assistant cashier. The Sandusky Savings Bank Company began business in the year 1888 with a capital stock of $50,000. Its place of business was in the room on Washington Square now occupied by the Savings & Loan Company. Its president was George Barney ; vice president, Andrew Zerbe ; F. L. Feick, cashier, and. George Barney, Andrew Zerbe, I. T. Davis, D. L. C. Ransom, C. H. Rockwell, Fred Ohlemacher, John Mackey and F. L. Felch, directors. The bank went down in the panic of 1893, paying its depositors, and the loss falling on the stockholders. The American Banking & Trust Company began business in 1900 in the room in the Kingsbury Block now occupied by Montgomery's jewelry store. It now occupies the building at the northwest corner of Columbus Avenue and Market Street recently vacated by The Third National Exchange Bank. Its president is John Giedeman ; vice presidents, Jacob A. Biehl and F. F. Lehman; cashier, H. W. Parsons, and assistant cashier, A. H. Biehl. It has done a thriving business since its organization. The Commercial National Bank opened its doors on the northwest corner of Columbus Avenue and Market Street on August 3, 1903. It is the result of the combination of the Moss National Bank and Second National Bank. Its president is Mozart Gallup ; vice president, Gustavus Graham ; cashier, William L. Allendorf ; assistant cashier, Paul H. Sprow, It has a capital stock of $150,000 and a surplus of $100,000. On May 1, 1913, the Third National Exchange Bank of Sandusky, Ohio, removed from its home at the corner of Columbus Avenue and Market Street, which it had occupied during its •entire history, to its new building on the south side of Market Street, where it is at present, The bank has always commanded the confidence of the business community and in its new home has increased its business and taken a stronger hold. Its president is F. P. Zollinger ; vice president, C. F. Schoepfle ; cashier, John Quinn ; assistant cashiers, William F. Zimmerman and E. B. Gangware.