USA > Michigan > Saginaw County > History of Saginaw County, Michigan; historical, commercial, biographical, Volume II > Part 82
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George W. Morley was one of the organizers of this bank in 1871, be- came a director at that time and remained a director for forty-three years. For twenty-four years, from 1877 to 1901, he was president of the bank.
The years of his service covered an eventful period in the country's his- tory. They were years of the opening and settlement of a vast new domain, of the building of railroads, of the re-establishment of specie payments fol- lowing the paper money of Civil War days, of the rapid growth of cities and of great private fortunes; of change from individualistic to corporate methods. His mind comprehended the great movements of his times, and his good sense and sound judgment made his voice, in counsel, always weighty, and his unimpeachable integrity (the dominant characteristic of the man ) made him a tower of strength to the bank and in the community.
The entry of George B. Morley into the institution was in the early days of its existence. He began as a teller in the bank in February, 1876, and rose through various positions to that of cashier in 1882, an office which he held for many years. This, however, was not the zenith of his banking career, for in 1901 he was elected president of the bank, which he still holds. Mr. Morley is justly regarded as one of the big bankers of the Middle West. He is a diligent student of finance, and has held the office of president of the Michigan Bankers' Association.
Walter S. Eddy, long connected with the bank on the board of directors, was elected vice-president in 1901. In this advisory relation to the inner affairs and policy of the bank, he has given willingly of his time and counsel, much to the aid of the other officials. Mr. Eddy's large commercial interests in Saginaw, as well as his active interest in the welfare of the city, entitle him to the high regard in which he is held by business men and citizens generally.
Albert H1. Morley, vice-president, who formerly was treasurer of Morley Brothers large hardware establishment, came to the bank in January, 1901. lle has since acted in a fiduciary capacity with ability and entire confidence and satisfaction of the bank's customers.
Edward W. Glynn, the cashier, joined the bank's forces on January 22, 1883, and has risen to the position of executive officer through practically all the various positions in bank work. He started as messenger in the old Merchant's National Bank in 1872, and by sheer force of character and native ability rose to the position of paying teller. In 1889 he was elected assistant cashier of the Second National Bank, and in 1901 was advanced to the cash- iership, which has has since held. He has a large capacity for handling details of large enterprises and responsibilities, and no one has a broader or firmer grasp of the bank's affairs than he.
763
BANKS AND BANKING
Alfred W. Perrin, assistant cashier, began in the service of the bank on February 1, 1884, filling the position of individual bookkeeper. He was advanced to general bookkeeper, succeeding John S. Goldlie, and later was teller, following the service of Albert J. Morley, now a resident of the State of Washington. After serving as teller for many years Mr. Perrin was pro- moted to the position of assistant cashier, which he still holds.
Eugene Dietz, auditor, is next to the oldest employee of the bank, and its predecessors. His service in the one banking office covers a period of more than forty-four years. He joined the force of the old Merchant's National Bank on December 18, 1873, was transferred to the service of the llome National Bank, when its business was taken over by the latter institution in 1882, and his services were once more sought by The Second National Bank, when it purchased the Home National Bank, on January 1, 1896. This is a record of long and faithful service, in practically similar capacities, seldom equalled.
Statement of Condition At the Close of Business, December 31, 1917
Resources
Liabilities
Loans and Discounts. . $5,090,277.06
United States Bonds. . . 667,615.00
Surplus Fund 500,000.00
()ther Bonds Owned ... 1,553,957.31 Undivided Profits 228,375.38
Federal Reserve Bank. . 30,000.00 Quarterly Dividend 3% 15,000.00
Banking House 45,000.00
Due from U. S. Treas'r 15,500.00
Cash and Banks. 1,048,807.94
Bills Rediscounted 507,893.8]
Deposits 6,209,888.12
$8.451,157.3]
$8,451,157.31
1
:
THE MAIN BANKING OFFICE OF THE SECOND NATIONAL BANK
Capital Stock $ 500,000.00
Special Bond Deposit. . 240,000.00
National Bank Notes .. 250,000.00
764
HISTORY OF SAGINAW COUNTY
People's Savings Bank.
For more than a quarter of a century the People's Savings Bank of Saginaw has been one of the strong banking houses of this city, as well as of the State. It was organized under State charter on November 27, 1886, very largely through the efforts of former Judge John A. Edget; and opened for business in February, 1887, in a temporary banking office in the Bliss Block. at Genesee and Washington Streets. Shortly after the bank removed to a well appointed office in the Weaver Block at the southwest corner of Genesee and Franklin Streets.
11
THE PERFECTLY APPOINTED OFFICE OF THE PEOPLE'S SAVINGS BANK
The capital stock was fifty thousand dollars, and the original list of stockholders was composed of such substantial business men as John J. Rupp, Philip H. Ketcham, William C. MeClure, John W. Howry, Gurdon Corning, George B. Wiggins, Henry A. Batchelor, Edwin N. Wickes, Jacob Schwartz, Lorenz Hubinger, William B. Baum, Charles H. Eames, Benjamin F. Webster, John A. Edget and John F. Boynton. The first officers of the tank were: John A. Edget, president ; John J. Rupp, vice-president ; and John F. Boynton, secretary and treasurer. Fred C. Zimmerman was the first teller, succeeded in 1888 by Herman A. Wolpert.
The People's Savings Bank is known, and has always been regarded, as a reliable and conservative institution, a bank that is pre-eminently what its name implies. Every branch of legitimate banking is conducted, and its departments offer every courtesy and facility consistent with sound banking. Its commercial department carries the accounts of some of Saginaw's large business institutions ; and makes loans on securities and discounts approved
765
BANKS AND BANKING
commercial paper. The savings department is especially strong, paying in- terest at the rate of four per cent. per annum on savings accounts and certifi- cates of deposit. It makes mortgage loans on real estate, including good farm property, and affords every advantage for the prompt transaction of business accorded it by the People.
There are also safety deposit vaults for rent, which are ample and well equipped for the convenience of users, as well as the perfect safety of their valuables from theft and fire. They insure absolute protection for deeds. mortgages, stocks, notes, wills, insurance policies, abstracts, leases, and jewels and valuables of all kinds. A valued feature of this service is the security offered for the keeping of costly family plate and heirlooms, especi- ally to persons closing and leaving their homes for a time.
The business of the People's Savings Bank, covering a period of thirty years, has shown a steady and permanent growth. This was very manifest shortly after 1905 or 1906, and in the latter year the bank acquired the valu- able property formerly occupied by the Second National Bank, at 204 Genesee Avenue. The building was constructed for banking purposes, but it was en- tirely rebuilt providing a new front ; and was wholly refurnished with marble and mahogany fixtures. On February 22, 1907, the bank removed its office to the new quarters, which were regarded as the most sumptuous and the best arranged of any bank in the city. In the new offices the business of the Lank has shown increased growth, and the institution has become more popular than ever with the people. In 1915 the capital stock was increased to one hundred thousand dollars.
John F. Boynton, secretary and treasurer from the incorporation of the bank, came to the organization from the Second National Bank, in which institution he had held the position of cashier. For thirty-one years he has served the People's Savings Bank with rare fidelity and steadfastness of purpose, holding a firm grasp of the bank's affairs and administering them with ability and conservatism.
Bernard F. Griffin, the assistant treasurer, joined the bank's forces as a clerk in September, 1891. Through the intervening years to the present he has filled every position in the routine work of the bank, and a large share of the responsibility of management now devolves upon him. He has the com- plete trust of the bank directorate and the confidence of the public, which in no small degree enhances the success of the bank, designed and operated for the People.
In 1918 the officers of the People's Savings Bank were: John J. Rupp, president : William B. Baum, vice-president ; John F. Boynton, secretary and treasurer ; and Bernard F. Griffin, assistant treasurer. The directors were John J. Rupp, Harry T. Wickes, Samuel E. Symons, William B. Baum, L. P. Mason, Charles W. MeClure, John F. Boynton, Peter Drummond and Harry E. Oppenheimer.
Statement of Condition At the Close of Business, December 31, 1917
Resources
Liabilities
Loans, Discounts, etc ... $1,064,500 74
Capital Stock $ 100,000.00
Stocks and Bonds 225,586.66
Surplus
100.000.00
Bank and Fixtures. . .. 35,000.00 Undivided Profits 18.121.43
Premium and Overdraft 1,592.22
Dividend Unpaid 6,000.00
Real Estate
7,718.34
Bills Payable 65,000.00
Cash and Deposit sub-
ject to Check.
288,829.77
Deposits 1,334,106.30
$1,623.227.73
$1,623,227.73
766
HISTORY OF SAGINAW COUNTY
COMMERCIAL NATIONAL BANK
ANK
MODERN BANKING HOUSE, ERECTED IN 1909 The Commercial National Bank
Thirty years ago a group of prominent business men of Saginaw City. believing that the commercial interests of the city required another National bank, organized The Commercial National Bank of Saginaw, with a capital stock of one hundred thousand dollars. Its charter bore date of July 9, 1888 : and the bank began business in the Andre Block, 115 North Hamilton Street.
The first board of directors was composed of Daniel Hardin, Henry Bernhard, Anton W. Achard, George W. Alderton, John F. Brand, Chester Brown, Edward R. McCarty, Lyman W. Bliss and Robert Ure. Daniel Hardin was elected president, and M. O. Robinson chosen cashier of the bank.
Mr. Hardin held the responsible position of president until his death, and in 1903 John F. Brand was elected to fill the vacancy thus caused. George A. Alderton was then elected vice-president, and M. O. Robinson was re- elected cashier.
On November 24, 1902, the bank extended its scope by opening a savings department, which in due course added considerably to its deposits and brought it in close touch with many small depositors. Accounts are opened by the deposit of one dollar or more, upon which interest at the rate of four per cent per annum is paid.
Mr. Robinson resigned the office of cashier on March 26, 1908, and was succeeded by Asa W. Field, an experienced banker, whose appointment to the cashiership was effective May 1, 1908. The original charter of the bank expired on July 9, 1908, and was extended by the Comptroller of the Currency on that date for a period of twenty years.
The Commercial National Bank stands as a financial institution based on conservatism and utmost care in the transaction of its business. It is hardly surpassed in safety and solidity, and is a bulwark of strength in the development of Saginaw's growing enterprises.
To further increase its prestige and afford better facilities for conducting business, the bank in 1909, through the instrumentality of John F. Brand, purchased property adjacent to its banking office, and erected thereon a modern stone structure of beautiful and ornate design. To the construction
767
BANKS AND BANKING
and equipment of this bank building Mr. Field gave personal supervision, and to his long experience and good judgment are due in no small measure the convenient arrangement and perfect appointments of the banking office. It is sumptuously furnished with marble and mahogany counters, with bronze trimmings, a mosaic floor, and the decorations in light and pleasing tones are in harmony with the general scheme conceived and executed by Mr. Brand. The perfect lighting of the banking office, by means of large windows on the front and a high vaulted light in the ceiling, is one of its distinguishing features.
Besides the commercial and savings departments conducted, this bank has a complete safety deposit vault, with boxes of various sizes, which rent from two dollars to ten dollars a year, a feature which is growing in favor.
Upon the death of Mr. Field in the Fall of 1914, W. L. Paxson, who had been with the bank since its organization and had held the office of assistant cashier for several years, was elected cashier; and Edward N. Burke was elected assistant cashier. On January 30, 1916, George A. Alderton was elected president, Joseph W. Fordney and R. T. Maynard vice-presidents. Mr. Maynard, a banker of eighteen years experience, assumed an active offi- cial position.
Mr. Paxson retired from the cashiership on April 6, 1917, whereupon Mr. Maynard took over the duties of this official position. In 1918 the officers were: George A. Alderton, president ; J. W. Fordney and J. F. Brand, vice- presidents ; R. T. Maynard, cashier, and E. N. Burke, ass't cashier. The first four officers and A. A. Alderton, A. C. Melze comprised the board of directors.
Statement of Condition At the Close of Business, December 31, 1917.
Resources
Liabilities
Loans, Discounts, etc .. . $ 990,944.70
Capital Stock $ 100,000.00
Federal Reserve Bank. .
6,000.00
Surplus
100,000.00
Banking House
38,000.00
Undivided Profits 996.21
Due from U.S. Treasurer
5,000.00
National Bank Notes. 98,797.50
Cash & Reserve in banks
246,089.54
Deposits 986,240.53
$1,286,034.24 $1,286,034.24
THE CONVENIENTLY ARRANGED OFFICE OF THE COMMERCIAL NATIONAL BANK
765
HISTORY OF SAGINAW COUNTY
..
4
INTERIOR EAST SIDE OFFICE OF AMERICAN STATE BANK
The American State Bank
The American State Bank, formerly the German-American State Bank, of Saginaw, was organized by Emmet L. Beach in 1911, and opened its doors for business on Tuesday, January 2, 1912. This was an event of no little in- terest in the financial history of this city, as the bank commenced business in two offices, perfectly appointed, one at 418 Genesee Avenue, in the heart of the business section of the East Side, and the other at North Hamilton and Hancock Streets, equally well located on the West Side.
Starting with a capital of one hundred thousand dollars and a surplus, paid in, of fifty thousand dollars, the bank occupied an enviable position. Its stock was distributed in comparatively small amounts among a large number of stockholders, comprising prominent business and professional men ; and their standing in the community and the influence exerted by the directors resulted in this bank making a phenomenal growth, and its business is of the most substantial character.
The first officers of the bank were: Emmet L. Beach, president ; Edwin Kersten, Ernest V. Parsons and John C. Davies, vice-presidents ; Ilenry T. Robinson, cashier, and Sidney G. Arnold, assistant cashier in charge of the West Side office. Upon opening for business the bank's resources were eighty- seven thousand dollars, and on its last report to the Commissioner of Banking on December 31, 1917, its resources had grown to over two million five hun- dred thousand dollars, a truly remarkable gain and one reflecting credit on the management of the bank. It featured certificates of deposits, which drew interest at the rate of four per cent per annum, and found this liberal policy regarding interest payments to its depositors made it many friends.
BANKS AND BANKING
769
The bank has always endeavored to be helpful to all legitimate enterprises and has constantly worked for a better business and farming community.
From the beginning of business this bank has conducted a general com- mercial and savings business, savings accounts being opened with the deposit of one dollar or more. Every facility consistent with sound banking principles is extended to depositors, who meet with every courtesy by obliging em- ployees. The bank loans money on approved commercial paper, city and farm property, and on bonds of unquestioned value. In this department, as in others, the greatest care and caution is exercised, conservatism marking all dealings.
The business that the directors created for it, as well as that which came through the influence and standing of the stockholders, was considerable, and the bank became recognized as one of the solid and substantial financial in- stitutions of the city. Through the six years of its existence the bank has helped by its financial aid and counsel many concerns which today rank among the solid institutions of Saginaw. By a judicious and liberal policy this bank aids materially in promoting sound business enterprises, and is an active factor in the growing prosperity of the city and county.
In 1918 the board of directors was composed of B. G. Appleby, Charles Bauer, Emmet L. Beach, E. T. Danby, John C. Davies, O. L. Dittmar, W. H. Filbert, W. F. Hemmeter, Edwin Kersten, A. P. Krause, O. R. Krause, J. R. Liebermann, C. E. Lown, Henry Meier, Henry C. Remer. F. A. Richter, H. T. Robinson, G. L. Schulz, W. C. Wiechmann and Henry Witters. The officers were: Emmett L. Beach, president : Edwin Kersten, John C. Davies and W. F. Hemmeter, vice-presidents ; H. T. Robinson, cashier ; S. G. Arnold and G. A. Laesch, assistant cashiers.
Che American State Bank
SAVINGS BANK
THE
FRACTAL YOL FARAPH
-
WEST SIDE BANKING OFFICE OF AMERICAN STATE BANK
770
HISTORY OF SAGINAW COUNTY
H
THE HILL BUILDING
The Hill-Carman Companies
These corporations, which are actively engaged in the real estate, loans and insurance business, were organized December 1, 1915, and occupy spacious and well appointed offices in the Hill Building, at 116-18 South Jefferson Avenue. The incorporators, the same for all three companies, were Roger R. Hill, Burt A. Carman and Peter Drummond; and the capital stock was $50,000 for the Hill-Carman Company, and $25,000 for the Hill-Carman Mortgage Company. Roger R. Hill is president, and Burt A. Carman fills the dual positions of secretary-treasurer and general manager of the corporations.
The business thus established by these enterprising business men, with offices centrally located and conveniently arranged for the transaction of a large business, is a very successful one. Its operations cover not only Saginaw and adjoining counties, but reach out to more distant parts of the State, and wherever they go a solid foundation is laid for future business. These com- panies of wide scope and field, conservative, yet liberal and progressive, are semi-financial institutions deserving of the large business they enjoy.
The Hill-Carman Company, the principal corporation, transacts a general real estate business. comprising the purchase and sale of city and farm prop- erty and the handling of realty for others. This includes conveyancing, the collecting of rentals and revenues, the paying of taxes, insurance and other expenses, the making of necessary repairs to buildings, and keeping the prop- erty in good condition. The examining of titles and the discovery and correc- tion of defects or clouds to clear and perfect titles, is given particular attention by Mr. Carman, who is one of the most experienced real estate men in this part of the State.
771
BANKS AND BANKING
Another important feature of this business is the Home Building Depart- ment which aims to encourage and promote the owning of permanent homes by the people. It not only builds houses on vacant property for owners of the lots, who repay the loans by installments adjusted to their incomes, but also erects houses in desirable locations for sale on its own account. This part of the business promises to grow steadily with the rapid increase of the industrial and commercial prosperity of the city.
A recent development of the company was the purchase of thirty-two hundred acres of cut-over lands in Clare County, Michigan, situated nine miles north of Farwell. This land is especially adapted to sheep raising, and is being rapidly cleared and made ready for stocking with large flocks. Suitable buildings are in course of erection to house a number of stockmen and farmers ; and every indication points to the establishment of a large industry.
The Hill-Carman Mortgage Company's principal business is loaning money for themselves and others on approved city and farm property. More than three hundred thousand dollars is now outstanding on loans for clients, all guaranteed by the company, the property upon which the loans have been made being valued at more than twice that amount. The company attends to the collection of principal and interest on loans, sees that taxes, insurance and other matters are paid and attended to, and protects the owners in every way. A feature of this service is the privilege granted all clients to withdraw their money on such investments on short notice. The facilities of the com- pany for placing loans enables it to quickly find a purchaser, or to purchase the loan on its own account.
The Hill-Carman Insurance Agency does a general fire and liability insurance business, with fifteen large and reliable all-American companies. This includes fire, plate glass, automobile and all forms of liability insurance. A large business is being developed in this line, as the companies represented are the oldest and most substantial in the field, having large assets and paying
16|
MAIN OFFICE OF THE HILL-CARMAN COMPANIES
772
HISTORY OF SAGINAW COUNTY
all losses promptly. Bonding and compensation are branches of this business that receive particular attention by the officials of the company.
In all the activities of these allied companies, Burt A. Carman is the executive head. He is a real estate man of more than thirty years experience. his knowledge of realty values, both in the city and in the townships of Sagi- naw and adjoining counties, rendering his judgment of such value in making careful loans that the supply of gilt-edge security loans never equals the con- stant demand. Investors are fortunate in securing loans which he has ap- proved and which in addition are guaranteed, both as to principal and interest by the Hill-Carman Mortgage Co., before offerings are made to clients for the investment of funds.
WILLIAM W. WARNER
President of the Association, a charter member, one of the first directors, who has served on the Board for more than thirty years.
The People's Building & Loan Association.
On a rather chilly evening in the late Fall of 1886, in an unheated, inhos- pitable room on North Washington Avenue, a group of young men, interested in the idea of mutual savings and investments, first met to discuss the steps necessary for the organization of a building and loan association in Saginaw. George J. Little was the moving spirit that brought the group together ; and from that meeting of less than a dozen enthusiasts the germs of mutual sav- ings and home building were inoculated in the community, and the People's Building & Loan Association came into being.
The building and loan idea had its origin in England. Although associ- ations of this nature had existed for more than fifty years in this country, and had prospered, particularly in Philadelphia, at the time of the meeting in Saginaw there was no law on the statute books of Michigan authorizing the formation of such associations. The first step was to secure needed legis- lation. The Legislature was then in session, and William S. Linton, just starting on his useful public career, was enlisted to present the necessary measure ; and the law desired was placed upon the statutes of the State.
Under this law the local association came into legal existence in March, 1887. The incorporators were : George J. Little, William W. Warner
773
BANKS AND BANKING
William S. Linton, Theodore Huss, Delbert E. Prall, William Seyffardt, L. C. Holden, John C. Davies, David Swinton, John Gerhart and J. J. Winsor. These men, with the exception of Mr. Winsor, and J. W. Billing, A. L. Button, John J. Granville and V. E. Widenmann, comprised the first board of directors.
Upon its organization the board of directors elected William S. Linton, president, David Swinton, vice-president, George J. Little, secretary, and William Seyffardt, treasurer. The secretary was the only officer to receive any salary, and that was two hundred dollars a year for such time as he could spare from his regular work. On May 4, 1887, L. C. Holden was appointed attorney for the association. After fifteen months of precarious existence, in which business was done "on the most reasonable terms possible," the association had assets amounting to only seven thousand seven hundred and ninety-three dollars.
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