PAST AND PRESENT OF MUSKINGUM COUNTY - 115 (RETURN TO THE TITLE PAGE) CHAPTER XII. FINANCIAL 1NSTITUTIONS, COMPRISINGS BANKS, MUSKINGUM BANK, FRANKLIN BANK, MUSKINGUM BRANCH BANK, FIRST NATIONAL BANK, OLD CITIZENS' NATIONAL BANK, UNION NATIONAL BANK, COMMERCIAL NATIONAL BANK, SECURITY TRUST AND SAFE DEPOSIT COMPANY, DEPOSIT BANK OF C. C. RUSSELL & CO. PEOPLE'S SAVINGS BANK, GUARDIAN TRUST AND SAFE DEPOSIT COMPANY, ZANESVILLE AND AMERICAN BANKS, HOME BUILDING COMPANY AND ANTECEDENT COMPANIES, HOMESTEAD BUILDING AND SAVINGS COMPANY AND ANTECEDENT COMPANIES, EQUITABLE BUILDING COMPANY, MUSKINGUM BUILDING COMPANY, WEST AND SOUTH ZANESVILLE, WORKINGMEN'S, MECHANIC'S, BUCKEYE AND CITY BUILDING COMPANIES, ECONOMY, FARMERS' AND CITIZENS' BUILDING COMPANIES, OHIO SAFE DEPOSIT COMPANY. BANKS. Some practical lessons in finance may be learned by studying the methods practiced in the early clays of Zanesville; they were not peculiar to the town, but arose from the necessities which prevailed in all localities. Money is needed only where business is done and commodities are exchanged in quantities greater than the parties to the exchange require for personal use. Barter was prevalent in the early days and merchants exchanged their stock for other goods, but small money was required for change, etc., and as coin was scarce, individuals, firms and corporations issued paper money called "shinplasters." They were issued in denominations of a fip (6 1-4 cents), a levy (12 1-2 cents), a bit (25 cents), two bits (5o cents) and three bits (75 cents). Rival merchants hoarded the issues of competitors, strung them on a thread and when a sum was obtained that would embarrass the issuer to redeem, they were presented and payment demanded ; frequently this unexpected claim worked ruin to the issuer, as bank notes were difficult to secure. Such money was capital to the issuer and he desired the notes to circulate, and their withdrawal was a source of irritation to the solvent issuer, but as they were so universally emitted their value was never known and much was worthless and never was redeemed. A secret political society, of which Samuel Goff was president, and called the Round Rig Society, issued notes with the emblem of the order, a spade enclosed in a circle, printed on one side. The organization was in affiliation with the French revolutionists, and introduced by Genet, the French minister, who threatened President 116 - PAST AND PRESENT OF MUSKINGUM COUNTY. Washington ; it favored the separation of the western country from the United States, and the formation of a western empire. The town issued shinplasters and one in existence reads : "6 1-4 cents. Treasurer of the town of Zanesville, pay the bearer, in current bank notes, six and one-fourth cents on the presentation of orders amounting to five dollars. Zanesville, May 27. 1837. "ISAAC SPANGLER, President." " JAMES CROSBY, RECORDER." Before the days of banks, merchants going East, went in parties for mutual protection, with their money in saddle bags, and sometimes coin was shipped in barrels in which hot beeswax had been run and the coin imbedded, the barrel being sent by road teams over the mountains as freight. The early banking interests of Zanesville and Putnam were identical ; whatever rivalry may have existed in other lines of business there was none in banking and Zanesville capital was freely subscribed for Putnam men to handle ; it is very probable that in this respect the dashing Virginian recognized the superiority of the prudent, methodical Yankee. THE MUSKINGUM BANK was the first financial organization of the county and was incorporated by the General Assembly, February 12, 1812, while Zanesville was still the state capital, but nine days later the Legislature adjourned and the city fell from the eminence of a state capital to the common place of a county seat. As the state treasurerls office was vacated the incorporators asked and were granted permission to occupy it as a banking room, but for some reason, not learned, it was not used and about September the bank was opened in the Burnham Tavern in Putnam, with Isaac Van Horne as president, and Ebenezer Granger as cashier, with Ebenezer Buckingham, A. M. Laughlin, John Mathews, Wyllys Silliman, Robert Fulton, Jeffrey Price, Joseph F. Munro, A. H. Wood, John McIntire, J. Hazlett, M. Dillon and Arius Nye as stockholders. January 4, 1819, David J. Marple, who had succeeded to the cashiership, disappeared with a large sum of money and on the 9th Horace Nye was deputized and given credentials to search for Al arple, who was found and returned to Putnam, where he surrendered all his property to Ebenezer Buckingham, president, but the amount was insufficient to make good the deficit and his bondsmen were obliged to pay the remainder. In 1822 larple constructed a trading boat and freighted it with goods for Texan points and never returned. During some period of its existence the bank was conducted in Zanesville, at the corner of Main and Fifth streets, but no records have been secured to establish the dates ; several reverses were sustained, public confidence was impaired and the bank went out of business, but was, reorganized about 1829-30, with Ebenezer Buckingham as president and Solomon Sturges as cashier ; the degree of solidity it attained os evinced in the fact that during the universal panic of 1837 it and the Bank of Pittsburg, of Pittsburg, were the only two banks in the United States which did not repudiate their paper, In 1845 the bank went out of business, its last officers being Alva Buckingham, president, and B. H. Buckingham, cashier. Banking rooms were maintained on the sit of the Stolzenbach store and Black's Music Hall, in early days, but whether they were locations pf the institutions named herein or of other banks, it has been impossible to determine. THE FRANKLIN BANK. The act of the General Assembly of February 24, 1816, "to incorporate the stockholders of the Zanesville Canal and Manufacturing Company” conveyed the power to conduct a bank, but it was never exercised, and the next bank was the Zanesville Bank, which was incorporated by act of the General Assembly, January 13, 1832, and organized with D. W. Rhodes as president and Charles C. Gilbert as cashier ; it was succeeded in 1845 by the Franklin Bank, with Daniel Brush as president, John Peters as cashier, and with the following and perhaps others as stockholders : Ebenezer and Alva Buckingham, Solomon and H. Sturges, J. V. Cushing ; its rooms were in Fourth street on the site of the present People's Savings Bank, and its business was concluded about 1861-2, before its charter expired, perhaps in consequence of the legislation by the national government respecting state banks. MUSKINGUM BRANCH of the State Bank of Ohio was organized in 1848 with a capital of $t00,000.00; H. M. Kearney was president and D. C. Conyers, cashier, and when the war occurred it was necessary, to continue the banking business, to organize under the National Banking act, and the Muskingum National Bank was chartered, in 1864, with a capital of $100,000.00, and Daniel Applegate, as president, and D. C. Conyers, as cashier the banking room was in the northwest corner of Main and Fifth streets, familiar for more than veneration as a pharmacy corner ; as the stockholders were largely interested in the First National Bank, the Muskingum National consolidated with its rival and discontinued business January 14, 1871. PAST AND PRESENT OF MUSKINGUM COUNTY.117 FIRST NATIONAL BANK. A charter was issued October 13, 1863, for the First National Bank of Zanesville, and November 10, 1863, it was formally organized with Peter Black, as president, C. C. Russell, cashier, and Joseph Black, John A. Adams, E. E. Fillmore, C. C. Hildreth, M. D., and W. A. Graham, directors. The capital was $100,000.00, but when the Muskingum National consolidated the combined capital of $200,000.00 was continued ; the charger was extended in 1883 and again in 1903 and the sterling institution is styled "Zanesville's Grand Old Bank." Upon the death of Mr. Black the presidency was given W. A. Graham, July II, 1878, and he directed the policy of the bank for twenty-five years, survived all his contemporaries and retired from active service January 14, 1903, and was succeeded by Mr. C. Stolzenbach. Mr. Edward Martin became cashier February 18, 1809, and February 8, 1873, Mr. George H. Stewart was chosen assistant cashier, and January 14, 1874, was made cashier. Upon the retirement of Dr. Graham and the accession of Mr. Stolzenbach, Mr. Stewart was made vice president in addition to cashier, but August 10, 1903, Mr. W. P. Sharer was elected cashier. October 11, 1902, the bank was designated as a United States Depository. CITIZENS' NATIONAL BANK. The building in which this strong fiduciary institution is located is the oldest continuous banking room in the city. The contemplated retirement of the Franklin Bank caused the organization of the Franklin Banking Company, a partnership by Daniel Brush, C. W. Potwin and C. E. Robins, who opened for business in this building: in about a year Robins retired and the firm was Brush and Potwin ; later A. V. Smith purchased the Brush interest and the firm was Potwin and Smith. December 13, 1863, the Second National Bank succeeded to the business. With C. W. Potwin as president, and A. V. Smith as cashier, and the voluntary liquidation of the institution, December 15, 1872, has been regarded as a commercial error. The business was continued by A. H. Brown and A. V. Smith, as partners, under the name of the Muskingum Valley Bank, and was discontinued in the panic of 1873, without loss to the creditors ; C. W. Potwin and A. V. Smith then associated as C. W. Potwin and Company and conducted a deposit business until July 1, 1881, when the partnership was dissolved, May 11, 1881. THE CITIZENS' NATIONAL BANK was organized with a capital of $200,000.00 and the following officers and directors : Joseph T. Gorsuch, president; W. M. Shinnick, vice president; Francis Wedge, Perry Wiles, F. B. Abbott, Charles H. Jones, G. H. Fauley, with A. V. Smith as cashier. January 20, 1885, H. C. Van Voorhis succeeded to the presidency, which he resigned August 2, 1893, upon his election to Congress, but the resignation was not accepted, and as Mr. Shinnick did not desire to be actively engaged in business he resigned the vice-presidency and Willis Bailey was elected in his place, August 4, and acted as president until January 9, 1894, when he was chosen president and Mr. Shinnick again became vice president. June 24, 1895, H. A. Sharpe, who had been assistant cashier, was elected cashier, and September 17, 1898, Secretary of the Treasury Lyman J. Gage designated the bank as a United States depository. Upon the expiration of the charter of the Citizens' National Bank THE OLD CITIZENS' NATIONAL BANK succeeded to the business, May 11, 1901, with the following directors : Willis Bailey, president ; Joseph Shaw, vice president ; Charles Brendel, Rufus C. Burton, Samuel A. Weller, John B. Owens, W. W. Harper and S. R. Wells, with H. A. Sharpe as cashier. The banking rooms were thoroughly overhauled and refitted in the most modern style, with the latest appliances for safety and convenience, the business, during the remodeling, being conducted in the treasurer's room in the court house. Mr. Wells retired from the directory and was succeeded by John F. Brown and upon the death of Willis Bailey, his son, Willis A. Bailey, was elected a director. Mr. Bailey's sudden death, in February, 1905, and Mr. Van Voorhis' long Congressional career terminating March 4, the coincidence of the events caused the re-election of Mr. Van Voorhis, February 13, 1905, to the presidency of the bank. THE UNION NATIONAL BANK. The Union Bank building is also an old banking location, a private bank having been conducted in it in the late sixties or early seventies. The Union Bank, with $60,000.00 capital, was formed, as a partnership, December 16, 1872, with A. M. Huston as president and John J. Ingalls as cashier ; about 1878 the capital was reduced to $32,000.00 and F. J. L. Blandy was elected president ; at his death, in 1884, James 118 - PAST AND PRESENT OF MUSKINGUM COUNTY. Herdman became president, and upon the death of Mr. Ingalls, in February, 1890, W. H. Pier- point was chosen cashier. The business had been very prosperous and had paid an annual dividend of eight per cent., and when the partnership was dissolved in 1890 a dividend of 77 per cent. of accumulated surplus was distributed. The preparation of the papers for the conversion of the institution into a national bank had been completed prior to the death of Mr. Ingalls and May 12, 1890, THE UNION NATIONAL BANK was organized, with a capital of $150,000.00 and the following directors : James Herdman, president; Mendall Churchill, vice president ; Albert W. Train, John Hoge, Henry C. Werner, Julius Frank, W. M. Shinnick, Jr., with Edward Martin, cashier, and W. H. Pierpoint, assistant cashier. In January, 1895, at the request of President Herdman, John Hoge was chosen as his successor, and in January, 1903, Mr. Hoge retired, in a similar manner, in favor of W. B. Cosgrave. In May, 1897, Mr. Martin's health became so impaired he resigned and W. H. Pierpoint was chosen cashier, and H. J. W. Smith, assistant cashier. The changes in the directory have been : In July, 1891, W. B. Cosgrave succeeded A. W. Train, deceased ; in January, 1895, W. M. Bateman was chosen in the place of M. Churchill, removed from the city ; in January, 1896, T. J. McDermott succeeded H. C. Werner, removed from the city ; in January, 1902, George A. Stanbery was selected in place of James Herdman, deceased ; in January, 1905, P. D. McCann succeeded T. J. McDermott. THE COMMERCIAL NATIONAL BANK. George Brown, as sole proprietor, opened the Commercial Bank, July 10, 1899, in the rooms of The Equitable Building Company, 508 Main street, and March 22, 1901, obtained a charter for the Commercial National Bank, which was opened for business in the same rooms April Do, 1901, with a paid-in capital of $100,000.00, and the following directors : J. B. Hunter, president ; M. W. Hissey, vice president ; George Brown, cashier ; H. D. Munson, H. C. Shepherd, A. J. Sheppard, David Schmid, Samuel E. Perry, Jacob Coplin. In consequence of a change in the control of the stock, on Saturday, January 17, 1903, the following directors were chosen : Newton P. Sturtz, president; M. W. Hissey, vice president ; C. M. Ludman, Harry Bethel, Harry L. Greiner, Ira L. Sturtz and Arthur J. Sheppard, with John C. Saner, cashier, and Theo. D. McCaddon, teller ; on the same day the property of the bank was moved to a room in the Times-Recorder building, in South Fifth street, where business was resumed Monday, January 19; the room at southeast corner of Main and Fifth streets, in former years a well-known banking location, was secured and fitted up in modern style for the bank's occupancy, and in May, 1903 the removal was made. THE SECURITY TRUST AND SAVINGS COMPANY was formally organized April 7, 1905, to conduct a trust business in all its various lines, and the following board of directors was elected: R. H. Evans, E. A. Evans, J. B. Anderson, L. M. Elwell, H. L. Greiner, M. W. Hissey, I. L. Shurtz, N. P. Shurtz, J. C. Saner, W. C. Atkinson, John P. Mourin, F. B. Fell, Simon Linser, H. C. Warner, H. E. Printz, C. A. Baird, Robert J. King, Frank C. McCaddon, W. B. Deacon and W. E, Lloyd, of Zanesville ; E. M. Kennedy and John Erwin, of McConnelsville ; W. D. Guilbert, of Columbus ; E. 0. Townsend, of Mansfield ; C. W. Reynolds, of Beverly ; W. B. Hiteschew, of Parkersburg. The officers chosen from the directory were R. H. Evans, president ; N. P. Shurtz, first vice president ; H. E. Printz, second vice president; W. G. Atkinson, third vice president ; W. B. Hiteschew, secretary ; J. C. Saner, treasurer ; W. B. Deacon, S. Linser and W. E. Lloyd, in connection with the officers as executive committee. THE DEPOSIT BANK OF C. C. RUSSELL & COMPANY Charles C. Russell, Thomas L. Jewett and Hugh J. Jewett began business June 15, 1869, as the Deposit Bank of C. C. Russell and Company, at the southeast corner of Main and Fifth streets ; Thomas L. Jewett died and Hugh J. Jewett retired, and March 13, 1880, the firm was C. Russell, Thomas Griffith, William Price and Charles M. Gattrell ; the death of Mr. Russell did not affect the business, but Mr. Griffith made no provision in his will for a continuance of the enterprise in the interest of his estate, and Wm. Price and C. M. Gattrell, as surviving partners, on August 28, 1894, gave notice that the business would be wound up and that no new business would be received. The liquidation proved tedious and expensive, a receiver was appointed and the courts were engaged for a long time in adjusting the claims which arose by reason of the different periods during which the partners were interested. THE PEOPLE'S SAVINGS BANK was organized by T. F. Spangler and William J. Atwell, in 1889, and was incorporated under the state banking laws of Ohio, and began busi- PAST AND PRESENT OF MUSKINGUM COUNTY - 119 ness November 1, 1889, with the following directors: John Hoge, Alexander Grant, C. Stolzenbach, Willis Bailey, T. F. Spangler, M. Churchill, W. Buckingham and William J. Atwell. The officers were : T. F. Spangle, president ; Willis Bailey, first vice president ; C. Stolzenbach, second vice president ; William J. Atwell, secretary and cashier. The history of the bank, as reflected by its annual statements, has been one of constant growth in financial strength and popularity, until it is one of largest savings banks in southeastern Ohio, and one of Zanesville’s most substantial institutions. At the close of the fifth years' business the resources were $263,319.26, and at the last statement $1,069,740.81. It carries accounts with not less than five thousand individuals, and in its fifteen years’ history has had no change in its active officers, and only two in its directory. The present directors are : John Hoge, C. Stolzenbach, T. F. Spangler, Alexander Grant, W. T. Perry, James Buckingham, John C. Harris. George A. Stanbery and William T. Atwell, and the officers are: T. F. Spangler, president ; John Hoge, first vice president ; C. Stolzenbach, second vice president; William J. Atwell, cashier ; Charles T. Atell, assistant cashier. The bank began business in one room in the Memorial building, at the corner of Fifth street and Fountain alley, and in 1894 moved to the corner room in the Clarendon building ; in 1903 it moved to its own modern five-story brick structure on Fourth street, opposite the court house, and possesses as handsome and well equipped bank and office building as may be found in the state. THE GUARDIAN TRUST AND SAFE DEPOSIT COMPANY was incorporated May 17, 1900, and was formally organized May 29, 1900, at the banking room of the People's Savings Bank, in the Clarendon building, Main and Fourth streets ; the paid-in capital was $50,000.00, and the first board of directors were: John Hoge, president ; T. F. Spangler, first vice president and manager ; Willis Bailey, second vice president; C. Stolzenbach, third vice president ; F. A. Durban, general counsel ; E. S. Grant, S. A. Weller, U. H. Brown, W. W. Harper, W. B. Cosgrave, Joseph Shaw, John C. Harris, George A. Stanley, James Herdman, W. T. Perry. In addition to the officers named William J. Atwell was chosen secretary and treasurer, and Charles T. Atwe11, assistant secretary. The executive committee was John Hoge, C. Stolzenbach, G. A. Stanbery, Joseph Shaw, Willis Bailey, W. B. Cosgrave, T. F. Spangler. Upon the removal of the People's Bank to its modern building, the Trust Company was installed therein, where it acts in all the trust capacities of executor, administrator, guardian, trustee, receiver or assignee. The only changes which have occurred in the official organization have been occasioned by death : Mr. F. H. Herdman succeeded James Herdman as director, and upon the death of Mr. Bailey, in 1905, the following were made : THE ZANESVILLE BANK was opened by John W. King as a personal deposit and discount bank, in 1884, in the room still occupied by the institution, adjoining the People's Savings Bank, in what was formerly the Atheneum building, in Fourth street, opposite the court house. In Two Gus Stern and H. M. Eaton purchased the business and have since conduced it as originally started by Mr. King. THE AMERICAN BANK was organized January 19, 19o3, as a partnership to conduct a deposit and discount bank at No. 508 Main street, in the rooms of the Equitable Building Company ; the capital was $15,- 000.00. and the officers were : J. B. Hunter, president ; F. C. Dietz, vice president ; George Brown, cashier ; H. C. Shepherd, assistant cashier. During the fall of 1904 Mr. Brown purchased the interest of his partners and has since conducted the business on personal account. THE PUTNAM BUILDING, LOAN AND SAVINGS ASSOCIATION was incorporated March 2, 1869, and was organized March 17, 1869, with a capital of $200,000.00 in shares of $r00.00 each. The first directors were : Henry Jones. president ; John Clark, vice president ; Perry Wiles, H. Sturges, James Buckingham, J. Randall. T. B. Williams, Caleb D. Caldwell and Tames C. Gillespie ; the other officers were : W. E. Guthrie, secretary, and A. V. Smith, treasurer. The association was of the terminating class and closed business December T, 1875, and to continue the operations before the dissolution of the Putnam the MUTUAL BUILDING AND SAVINGS ASSOCIATION was organized May 16, 1874, with Henry Jones, president ; W. E. Guthrie, secretary, but the remainder of the official list cannot be found, the 120 - PAST AND PRESENT OF MUSKINGUM COUNTY. officers and members were about the same as in the predecessor ; this association was of the same class and wound up its affairs in 1880, and the same method of perpetuating the business was followed by organizing the HOME BUILDING COMPANY on March 1, 1880, with the following gentlemen as directors : Henry Jones, president ; J. B. Allen, vice president ; Harvey Darlinton, J. M. Lane, George M. Jewett, W. C. Townsend, J. M. Bonnett, James T. Irvine, John P. Ford. The other officers were : Jefferson Van Horne, secretary ; William Price, treasurer, and John R. Stonesipher, attorney. The business was conducted at (new) number 505 Main street, in the Zane House building, where its successor has remained ; this company was also of the terminating class and closed out its affairs in 1886, and in anticipation thereof another company was formed on the permanent plan and styled the HOME BUILDING AND SAVINGS COMPANY, which was organized June 1, 1886, by the election of the following directors : Henry Jones, president ; Harvey Darlinton, vice president ; John M. Lane, John N. Steiner, John P. Ford, John W. Gates, James H. Alexander, James T. Irvine, William C. Townsend, William M. Bateman and W. S. Drake. The other officers were : Jefferson Van Home, treasurer, and T. J. McDermott, attorney ; this company is conducting business in the same rooms at present. The first savings bank in Zanesville was opened under the auspices of the Mutual Building and Savings Association, in 1875 ; Mr. Jones' health became impaired and he requested the directors to select some one to relieve him, or close the savings feature, and the latter alternative was preferred, the depositors paid in full and the institution closed during the fall of 1879; Mr. Jones' health having been restored, when the Home Building Company was formed the savings feature was restored. THE HOMESTEAD BUILDING AND SAVINGS COMPANY. The Zanesville Building Association was organized m 1867, with Frank A. Thompson president ; George D. Gibbons, secretary ; Alexander Grant, treasurer ; A. W. Train, attorney ; Daniel Applegate, Thomas Griffith, Peter Black and Thomas Durban, directors. The Muskingum Building Association was organized December 20, 1872, in accordance with a charter issued November 21, 1872, to succeed the Zanesville Building Association, with a capital of 2,500 shares of $200.00 each ; the dues were twenty-five cents per share per week ; withdrawals were prohibited and stock could be obtained only by purchasing from some one desiring to sell, or by paying accrued dues to the association, and if the holder of. shares was unable to continue the payments, and could not secure a purchaser the amount paid in was in danger of being forfeited to the association in fines for failure to make payments promptly. The officers were Thomas Durban, president ; E. S. Garner, vice president ; Alexander Grant, treasurer ; C. T. DeVeiling, secretary ; Peter Black, Thomas Griffith, George D. Gibbons, D. T. Johnson, W. H. Mcowen, directors ; Hon. L. P. Marsh, attorney. As this association matured, to accommodate new members, The McIntire Building Association was incorporated June 22, 1877, and was organized July 30, 1877, in the rear room now occupied by Judge Granger, as law office ; the capital was divided into 2,000 shares. of $15.00 each. The officers were : J. J. L. Blandy, president ; Charles W. Fletcher, vice president ; Alexander Grant, treasurer ; Thomas Griffith, Daniel Applegate, Thomas Lindsay, John W. Conrade, R. B. Brown, Henry L. Korte, Directors ; T. F. Spangler, secretary. The Union Building Association was incorporated March 5, 1880, with a capital of 2,500 shares of $100.00 each, with Thomas Griffith, president ; W. A. Graham, vice president ; Alexander Grant, treasurer ; Thomas Lindsay, Francis Wedge, Robert Silvey, Frederick Geiger and Thomas M. Gattrell, directors ; T. F. Spangler secretary and attorney. The foregoing companies were all terminating in form and were associated and not competitive organizations : the experience gained persuaded the managers that a permanent form of organization, which would permit members to retire at pleasure, would be not only more profitable but popular, and protect members against losses from inability to sell current stock or meet weekly dues ; incorporation papers were issued February 26, 1884, for a permanent company and June 10, 1884, The Homestead Building and Savings Company was organized in Mr. T. F. Spangler's office, in the Opera Block, and the directors then chosen met on the 13th and organized as follows: Robert Silvey, president ; George D. Gibbons, vice president ; Alexander Grant, treasurer ; T. W. Gattrel Robert Fulton, Joseph Shaw, Thomas S. Black, C. Stolzenbach, Thomas Griffith, directors ; T. F. Spangler, secretary and attorney. The only changes which have occurred in this harmonious official family have been made by death ; Messrs. Griffith, Gattrell, Black and Silvey have died, and the vacancies have been filled by electing John Hoge president, W. E. Guthrie and T. F. Spangler, directors. The new company now occupies handsomely furnished rooms in the People's Bank building in Fourth street opposite the court house. PAST AND PRESENT OF MUSKINGUM COUNTY - 121 EQUITABLE BUILDING COMPANY. October 14, 1887, S. F. Edgar, Ferdinand C. Dietz, W. P. Wells, Horace D. Munson, Jr.; Addison W. Richards, George Brown, A. V. Smith, N. H. Moore, A. T. Baker, S. W. Clark and William J. Finley executed articles of association which were filed with the Secretary of State, and on the 17th he issued a certificate of incorporation to Equitable Building Company ; October 20, the company was organized by electing the incorporators and the following officers : F. C. Dietz, president ; A. W. Richards, vice president; George Brown, secretary ; A. V. Smith, Treasurer. The first officers were in the Opera Block, and about 1890 were removed to the Memorial Building; about 1894 a lease was made of a building on Main Street, opposite the present rooms, where the business was conducted until April 1, 1899, when the building at 508 Main street was occupied the sturcture having been purchased and fitted up to accommodate the large business of the company. The Citizen’s National Bank was depository until the organization of the Commercial National Bank, and upon the withdrawal of the latter from the Equitable Building the American Bank became depository. MUSKING BUILDING AND LOAN COMPANY. Articles of incorporation were issued March 11, 1902, for the formation of the Muskingum Building and Loan Company, and March 12 directors were chosen as follows : C. F. Hearing, one year; John Blankenbuhler and M. Luby, two years; W. W. Harper and J. H. Shipps, three years. March 24 the hoard organized by electing president; W. W. Harper, president; M. Luby, vice president; C. C. Griffiths, secretary and attorney ; W. B. Cosgrave, treasurer. Business room was secured in the Bailey building, in Fourth street, opposite the court house, and no change has been made in the directory, officers or location since organization. The West and South Zanesville Building Association was organized among the earliest in the city, but no record of its career is extant ; David Lee was the first president, and Imri Richards the first secretary, and such men as Austin Berry and Thomas Drake were its directors ; W. T. Gray was its last secretary, and as the association was of the terminating class, it passed out of existence with a record of successful operation, and the satisfaction to the officers of having materially contributed to the improvement of the two villages it was formed to advance. The Workingmen's Building Association was incorporated May 5, 1875, on the terminating plan, but no record of its operations has been obtained. The Mechanics' Building Company was incorporated October 27, 1883, on the terminating plan, and was successfully closed out in accordance with the computations. Some of the officers and members incorporated The Buckeye Building and Loan Company, February 20, 1888, on the permanent plan, and organized the company for business July 26, 1888; it was unfortunate in some of its operations and June 12, 1899, its business was entrusted to F. M. Ford, E. M. Ayers and R. L. Holland, as trustees, who have been closing up its affairs and eighty per cent. has been paid to the creditors to date. The City Building Company was incorporated May 11, 1890, on the permanent plan, and operated largely in South Zanesville, a "boom" project ; the investments sustained heavy shrinkage, and the company went out of business and was an unfortunate enterprise for all who had an interest in it. The Economy Building and Loan Company was incorporated February 18, 1887, to operate on the permanent plan and the following directors and officers were chosen at the organization of the company, February 23, 1887 : R. D. Schultz, president ; T. J. Barton and John M. Bonnett, vice presidents : Henry R. Stanbery, secretary and attorney : H. A. Sharpe, treasurer ; W. M. Shin- nick, jr., Charles F. Hatton, E. R. Sullivan, John N. Steiner, William F. Beaumont, Ed F. Dillon and Henry C. Werner. The Farmers’ Building and Loan Company was incorporated on the permanent plan and organized June 18, 1889, and January 7, 1905, consolidated with and merged into the Economy Building and Loan Company. The Citizens’ Building and Savings Company was incorporated September 19, 1887, on the permanent plan. and was organized October 28, 1887, with the following directors : Mendal Churchill, president ; Thomas E. Richards and Edgar M. Hatton, vice presidents : Robert D. Schultz, T. J. Barton, M. D. ; Henry C. Werner, H. Eugene Printz, Thomas S. Murphy, William F. Beaumont, Julius Frank, John J. Thomas and John N. Steiner. In addition, Henry R. Stanbery was elected secretary and attorney, and George H. Stewart, treasurer. The number of directors was in later years reduced to nine. The Ohio Safe Deposit and Trust Company was incorporated September 21, 1889, and was organized April 15, 189o, by electing the following directors : Thomas E. Richards, president ; T. 122 - PAST AND PRESENT OF MUSKINGUM COUNTY. J. Barton, first vice president ; W. M. Shinnick, jr., second vice president ; Henry R. Stanbery, manager and cashier ; W. A. Graham, A. H. Bonnett, Wilbur F. McCoy, W. N. Werner, Thomas H. Fogarty, John N. Steiner, I. N. Clossman, Alexander Grant, S. A. Baldwin, T. J. Davis, M. D., and William Kirk. The company acts as a safe deposit company only and does not accept trusts ; the number of its directors has been reduced to seven ; the banking room is at No. South Fifth street, and the Economy, Farmers' and Citizens' Building companies occupy the same rooms. Among the early building companies, on the terminating plan, and which successfully closed out their business, were the Pataskala Building Association, incorporated February 6, 1873 ; People's Building Company, incorporated March 6, 188o, and the Germania Building Association. The record of the financial institutions of the city is one to which no taint of dishonest practices attaches, and the losses which have been sustained were the results of incompetency, errors of judgment or inattention to conservative banking methods, and not attributable to corrupt practices of the officials, when more strenuous ( ?) measures indicate a greater measure of success, the inclination to imitate is strong, but the record of nearly a century of happy results ought to admonish the bank officials and the depositors that the lack of ruins along the road of conservatism is a more agreeable prospect than the wrecks which are spread so frequently along the highways of what has been recently so aptly styled "frenzied finance."