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272 - CARROLL AND HARRISON COUNTIES CHAPTER XI BANKS AND BANKING USEFULNESS OF BANKS—THE EARLY BANKS IN HARRISON COUNTY— NEW RUMLEY BANK OLDEST—THE HARRISON NATIONAL BANK— THE OLD STATE BANK-THE FIRST NATIONAL BANK OF CADIZ— THE FARMERS AND MERCHANTS BANK OF CADIZ—THE JEWETT STATE BANK — THE SCIO BANK COMPANY — HOME SAVINGS BUILDING & LOAN ASSOCIATION—THE FREEPORT STATE BANK— PIEDMONT STATE BANK-FIRST NATIONAL BANK OF HOPEDALE FIRST NATIONAL BANK OF BOWERSTON. In any advanced commercial country banking is a necessity, and in our modern times it may be said has become almost a science. Banks are useful as places of deposit and security. They are necessary to persons who wish to borrow—to the farmer who buys a farm, or to tide him over from the time of planting to the harvest period; to the business man who needs additional funds in his operations. The banks acts in this double capacity. It gathers the surplus money of a community ; offers its capital as a guarantee of its safe return; loans a part of the money to active members of the community, stimulating activity along all lines of commerce. To the extent that the bank holds in its custody the funds of its community to that extent it is of value and a benefit to that community. A bank account is an education to the depositor. Acquaints him with the value of keeping a record, gives him a better idea of business affairs. Keeps him in touch with the affairs of the community. Gives him the benefit of the bank's experience, knowledge and advice pertaining to investments and other matters. The richest men in the country never carry money in their pockets, but put it in banks. If you have no bank account start one at once, no matter how small the beginning. This is not only bankers' advice but that of old thrifty and experienced men. That great banker of Chicago—later member of the United States Cabinet, Lyman J. Gage—a few years since wrote the following concerning banks and banking; "As the business of banking is the outcome of the need of its facilities, so the men who assume control of its operations are usually those not trained by a long course of apprenticeship at the counter and the desk, but such as happen, by reason of their natural aptitudes and the circumstances surrounding them, to he drawn into the vocation. Thus the first bankers in a community are usually those not trained for bankers, but for other callings-successful merchants, lawyers and men of versatility and ready adaption. "As any community passes out of its embryo, and assumes a more stable condition-when the frontier settlement has become a metropolis of a great and productive region, these conditions change, and there arises a call for banking institutions, with large capital, carefully regu- CARROLL AND HARRISON COUNTIES - 273 lated by law. Also for managers learned in the principles of monetary science, and trained in the intricate business of the bank.- PIONEER BANKING INSTITUTIONS The first attempt at banking in Harrison County was prior to 1836, probably about 1832, when a bank of issue was established at the village of New Rumley, and several families in that section of the county still have in their possession some of the various denominations of paper money issued by that bank, which of course was a private banking concern. It was many years after the settlement of Harrison county before its people really had much use for a bank, but as the county developed and various commercial interests advanced with the changing times, it became necessary that a bank should be established. In 1841 the State Bank of Ohio was founded and at Cadiz this State Bank had a branch as did many other places throughout the commonwealth of Ohio. The present-day Harrison National Bank, of Cadiz, descended directly from this old State Bank and was organized independent of the parent bank in 1847 and continued as such until 1865, when it was reorganized as a national bank and re-chartered by the government in 1885, and again in 1905. In 1894 about the date of its re-organization as a national bank, its officers and directors were as follows: David Cunningham, president ; J. M. Sharon, cashier ; A. P. Sheriff, teller ; Miss Emma Wortman and Ralph Cunningham, bookkeepers ; directors—James Porter, D. Cunningham, L. M. Branson, H. S. Barricklow, John C. Jamison, Dr. J. S. McBean, James Bullock and J. M. Sharon. The present officers and directors are as follows: J. M. Sharon, president ; A. P. Sheriff, cashier ; H. S. Barricklow, vice president; Fred Sharon, assistant cashier ; directors-H. S. Barricklow, Charles F. Branson, Samuel M. Dunlap, W. P. Hedges, W. A. Holmes, R. P. Rusk, George D. McFadden, J. M. Sharon, J. H. Stringer and A. P. Sheriff. The building in which this banking institution is situated is a good brick structure costing, including its safe, vaults, furniture and fixtures, between $26,000 and $27,000, but is carried on their books at only $16,000. The condition of this bank in the autumn of 1920, is as follows, as is shown by its September 8, 1920 "Statement," published according to law: Resources |
Loans and Discounts U. S. Bonds Other Bonds Federal Reserve Bank Stock Real Estate Due from Federal Reserve Bank Cash and Due from Banks Five Per Cent Fund Total |
$1,049,288.64 119,100.00 91,056.00 4,500.00 16,500.00 53,982.01 128,349.49 5,000.00 $1,467,776.14 |
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274 - CARROLL AND HARRISON COUNTIES Liabilities |
Capital Stock Surplus Undivided Profits Reserved for Taxes Circulation Due to Banks Individual Deposits Total |
$ 100,000.00 50,000.00 72,944.48 6,500.00 98,400.00 1,429.19 1,138,502.47 $1,467,776.14 |
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FARMERS AND MECHANICS NATIONAL BANK The Farmers and Mechanics National Bank of Cadiz was in its day a solid institution and fully safe and reliable in its management. It was organized May 11, 1874, and incorporated as a National bank in January, 1878, with a capital stock of $50,000 ; surplus of $27,000. In 1894 its officers were as follows : Melford J. Brown, president; C. 0. F. Brown, cashier ; Miss Alice Carnahan, bookkeeper. The board of directors were William L. Houser, John N. Haverfield, C. 0. F. Brown, John M. Garvin, C. A. siSkinner, C. M. Hogg and Melford Brown. This bank merged with the First National Bank which institution is mentioned elsewhere in this chapter. The consolidation of these two banks took place May 29, 1911. The new bank opened with a capital of $75,000; deposits $500,000. Its first president was E. N. Haverfield ; L. A. Welch, Thomas A. Scott, vice-presidents; G. W. Grissinger, cashier. THE FIRST NATIONAL BANK OF CADIZ This banking institution was established in 1863 and its serial number is "one hundred" (100) which makes it one of the earliest national banking institutions in the country. Its first capital was the same as today—$75,000. It now has a surplus of $30,000 and its recent amount in deposits is $500,000. Resources and liabilities, $700,000. The bank building in which this bank is kept is on the corner of Market and Main streets and is valued at $25,000. The 1920 officers and directors are as follows : E. N. Haver- field, president ; Thomas A. Scott, vice-president ; John H. Mattern, vice-president ; 0. C. Gray, cashier; W. C. Anderson, assistant cashier. The board of directors are: E. N. Haverfield, S. B. Hedges, Thomas A. Scott, 0. C. Gray, John A. Hanna, John H. Mattern and R. H. Minteer. THE FOURTH NATIONAL BANK OF CADIZ This is one of the county's foremost financial institutions ; it was established in 1893 and is now located opposite the courthouse on Market Street. The founders were T. E. Johnson, president and J. M. Schrieber, cashier. At first the capital stock was same as today, $120.000. The present (1920) resources and liabilities are $1,175,000 CARROLL AND HARRISON COUNTIES - 275 and the recent deposits amounted to $855,919.03. The concern now has a surplus of $50,000. A savings department was opened by this bank in September, 1919 and during the first year it has started two hundred and forty- two different savings accounts on which deposits four per cent interest is allowed. The September, 1920, public statement made by this bank shows the following facts: Resources |
Loans and Discounts Bonds, Securities, etc. Stock in Federal Reserve Bank Banking House Due from Banks and Cash in Vault Interest earned (not collected) Overdrafts Total Liabilities Capital Stock Surplus and Undivided Profits Circulation Dividends, etc., unpaid Deposits Due to Banks Total |
$ 622,105.75 374,493.13 4,350.00 20,000.00 112,075.25 6,000.00 1,903.75 $1,140,937.88 $ 120,000.00 54,474.94 108,350.00 208.00 855,919.03 1,985.91 $1,140,937.88 |
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A fine stone banking house was erected in 1905 at a cost of $25,000. This building is a three story structure. The present officers and directors are as follows: Rupert Beetham, president; J. S. Black, vice-president ; S. B. McGavran, vice- president ; W. C. Clifford, cashier; Mary K. Wagner, assistant cashier. Directors: S. B. McGavran, B. W. Moore, Leslie Giffen, Edward Clifford, James Glendenning, J, S. Black. Chester Branson, Rupert Beetham. THE JEWETT STATE BANK This bank was established as a private bank September 5, 1898, on a nominal capital by Dr. W. L. England, R. W. Reed and George H. Collins. In September, 1905, John K. Spence succeeded R. W. Reed and the business was conducted in the name of England, Spence & Collins until 1909, when the business was taken over in a re-organization under the Ohio banking laws, the same being named the Jewett State Bank. The original officers were W. L. England, president ; R. W. Reed, vice-president and George H. Collins, cashier. The present officers (autumn of 1920) are: Dr. W. L. England, president ; Elmer C. Thompson, vice-president ; George H. Collins, cashier ; Earl H. Collins, assistant cashier; Grace "M. Holland, assistant cashier. The present directors are: D. R. Zollars, Emanuel 276 - CARROLL AND HARRISON COUNTIES Wright, Elmer C. Thompson, C. W. Gotschall, W. L. England, John H. DeVore and George H. Collins. The capital of the Jewett State Bank has always been $25,000. Its present deposits amount to $458,587.50; surplus and profits, $32,069; resources and liabilities, $515,657.00. In 1909 the present good bank building was constructed of brick at a cost of $11,165. The September, 1920, public statement of the condition of this bank contains the following facts: Resources |
Loans on Real Estate Loans on Collateral Other Loans and Discounts Overdrafts U. S. Bonds Other Bonds Banking House and Lot Furniture and Fixtures Other Real Estate Due from Reserve Banks Exchanges for Clearing House Total Liabilities Capital Stock Paid in Surplus Fund Undivided Profits less Taxes, etc. Individual Deposits subject to check Cashier's Checks Outstanding Time Certificates of Deposit U. S. Postal Savings Total |
$ 70,358.38 48,955.91 140,876.45 559.90 7,150.00 129,650.00 11,165.02 2,600.00 3,603.37 100,119.00 618.97 $515,657.00 $ 25,000.00 25,000.00 7,069.50 257,965.52 559.70 199,852.03 210.25 $515,657.00 |
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On November 1, 1899, burglars attacked the Jewett State Bank at about three o'clock in the morning. Three blasts were put ofl in the double door safe partially wrecking the doors of the safe. No entrance to the safe was made. The explosions awoke some of the citizens of Jewett. Shots were fired by Albert Hauck, M. A. Hauck and George H. Collins, all within fifteen seconds of each other, each not knowing the other was out. Four burglars were seen running toward the railway station. No loss occurred, except damage to the safe. Recently this bank has installed an electric protective system against day light hold-ups and burglar attacks by night. The measure of success attained by the Jewett State Bank is attributed to the confidence and loyal support given the management by the people of Jewett and vicinity. CARROLL AND HARRISON COUNTIES - 277 THE SCIO BANK COMPANY The Scio Bank Company, situated on Main Street in the village of Scio, was organized November 28, 1916. It occupies a good brick building costing $5,000. The original and present capital stock is $25,000. The recent amount on deposit was $500.000; present resources and liabilities amount to $560,000. The officers and directors of this institution are as follows : Thomas J. Saltsman, president ; Frank Johnston, vice-president ; John R. Kail, cashier. Directors : Thomas J. Saltsman, Frank Johnston, William T. Saltsman, J. C. Ferrall, Harry McLaughlin, W. T. Hogue and John R. Kail. This bank is in a position to care for the present banking needs of Scio and it has the confidence of all who live in that locality. HOME SAVINGS BUILDING AND LOAN ASSOCIATION At the village of Scio the above named financial concern was organized March 23, 1893, with a $100,000 capital. It is still doing business and has officers as follows : H. W. Stayer, president ; T. T. Moore, vice-president ; F. B. Willett, treasurer ; E. H. Wilson, secretary. Directors are : H. W. Strayer, F. B. Willett, T. T. Moore, E. H. Wilson, H. W. Willett and Levi Arbaugh. THE FREEPORT STATE BANK The Freeport State Bank, situated in the thriving village of Freeport, was organized in June, 1915, by T, W. Scott, of Cambridge, Ohio, who was the president of the bank, with. W. A. Zellars as vice-president. The original and present capital were the same, the amount being $25,000. This bank had deposits recently to the amount of $430,000; surplus and undivided profits, $18,000. Its resources and, liabilities amount to $430,000. The banking house was built at an expense of $5,260. The present officers of this successful bank are as follows : T. W. Scott. president ; W. A. Zellars, vice-president ; S. G. Cole, secretary; E. W. Taylor, cashier. The board of directors is now composed as follows: E. T. Romans, J. A. Bond, J. S. Davidson and S. J. McCulley. HOPEDALE FIRST NATIONAL BANK This bank was established in 1903 by W. J. Stringer on a $25,000 capital, but it is now increased to $50,000, with a surplus of $10,000. The present (recent) deposits are $287,739.55; resources and liabilities, $420,206.98. The first president was W. J. Stringer. The present officers are: T. A. Young, president ; T. B. Patton, vice-president ; G. C. Whittaker, cashier. These men are all well-known Harrison County citizens and the bank was organized and is conducted on strict banking rules, hence safe as a financial institution and is well patronized by the village and surrounding community of Hopedale. 278 - CARROLL AND HARRISON COUNTIES THE PIEDMONT STATE BANK This bank was established as a private banking concern in 1900 by J. W. Goodman and R. S. Hibbs. It was started on a capital of $5,000, with R. Hibbs as president ; J. W. Goodman, vice-president and B. B. Barclay, cashier. The present (1920) officials are: L. W. Fisher, president ; Burton McConnell, vice-president ; B. B. Barclay, cashier; Miss Gertrude Barclay. assistant cashier. The board of directors are: H. M. Logan, Freeport; D. S. McBride, Freeport; L. W. Fisher, Freeport; 0. M. McKibben, Cadiz ; W. E. Moore, Piedmont; R. S. Hibbs, Piedmont. The bank now has a capital of $25,000; resources and liabilities, $340,000; recent deposits, $290,000. October 10, 1914 the original private bank was changed to a state bank under the Ohio banking laws. Under careful, safe management this bank has forged its way to the front m a pleasing manner to its patrons as well as its stockholders. FIRST NATIONAL BANK—BOWERSTON The First National Bank in the village of Bowerston was organized in 1904 with first officers as follows: W. B. Penn, president; J. A. McKean, vice-president ; Bert Mann, cashier. The present or 1920 officers are: S. B. Boor, president; L. C. Justus, vice-president ; J. C. Lyons, cashier; Florence McKean, assistant cashier. The board of directors are as follows: S. B. Boor, L. C. Justus, W. E. Masters, C. S. Heavlin, R. W. Gartrell, E. A. Leggett, Charles W. Johnston, L. H. Borland, S. M. Mehaffey. The bank was established on the same capital as it has today— $25,000. It now has a surplus of 13,500; resources and liabilities, $400,000. Recent deposits amount to $325,000. The brick building on Main street in which this bank conducts its business is owned by the bank and was erected in 1908. SUMMARY OF HARRISON COUNTY BANKS The following is a summary of the banks of Harrison County in 1920-21, the same showing name, date of organization, capital, deposits, etc.: |
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Established |
Capital & Sur |
Recent Deposits |
Harrison National Bank, Cadiz First National Bank, Cadiz Fourth National Bank, Cadiz Jewett State Bank, Jewet Scio Bank Company, Scio Freeport State Bank, Freeport Hopedale First National Piedmont State Bank, Piedmont First National Bank, Bowerston Total in County |
1865 1863 1893 1898 1916 1915 1903 1900 1904 |
$150,000.00 105,000.00 174,474.94 57,069.50 25,000.00 43,000.00 50,000.00 25,000.00 38,500.00 $664,694.44 |
1,138,502.47 500,000.00 855,919.03 457,817.55 500,000.00 430,000.00 287,739.55 290,000.00 325,000.00 $4,729,978.60 |