USA > Michigan > St Clair County > St. Clair County, Michigan, its history and its people; a narrative account of its historical progress and its principal interests, Vol. I > Part 50
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LIFE SAVING STATION
In addition to the light house, custom house and postoffice business, the government established, in 1898, and maintains a life saving station
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HISTORY OF ST. CLAIR COUNTY
upon the shore of Lake Huron, a short distance above Port Huron, which has amply justified its existence in the saving of life and property. It is under the command of Capt. George W. Plough, who has been in charge since its creation and who has seven men in service under him.
GOVERNMENT CANALS
The government also built two canals into Lake St. Clair at the mouth of the south channel as an aid to commerce and maintains them and the necessary lights. It constructed at large expense a deep channel at the entrance of the river, and maintains there a light ship during the season of navigation. Work is frequently done in dredging Black river, so that boats of moderate size and draft may use it, and there are few counties in the state or country which see more of the benevolent and beneficial activities of the nation.
GOVERNMENT BUILDING
In 1873 the work and importance of this district had increased so greatly that with the influence of Omar D. Conger long the representa- tive of this congressional district, congress passed an act authorizing the building of the custom house and post office in Port Huron. Additional appropriations were made so that the total cost of the building and fur- nishings aggregated over $250,000. The building, made of blue Ohio limestone, is well constructed with simple architectural lines, very satis- factory and very creditable to the government architect; it stands as the visible representative of the nation's many and wide reaching inter- ests. The first floor is devoted to the post office ; the second to the custom house, and United States court room, in which, however, court is seldom held ; the third shelters the inspectors of hulls and boilers. and the weather service operators.
BUSINESS OF DISTRICT
An indication of the custom business done in this district is afforded by these figures. For the year ending June 30, 1911, the value of im- ports was $64,853,180, the exports $27,305,308, and the duties collected $456,498.04. During the year ending June 30, 1868, the imports were valued at $625,324, and the exports at $1,148,091.
CHAPTER XXVIII
BANKS AND BANKING
BANK OF ST. CLAIR, PALMER-FIRST NATIONAL EXCHANGE BANK-PORT HURON SAVINGS BANK-COMMERCIAL BANK-ST. CLAIR COUNTY SAV- INGS BANK-GERMAN AMERICAN SAVINGS BANK-COMMERCIAL AND SAVINGS BANK-MARINE CITY BANKS-BANKS OF YALE-CAPAC- MEMPHIS-EMMIET-AVOCA-THE FIGURES FOR FORTY YEARS.
When the first constitution of Michigan was adopted in 1835 it con- tained no provision relating to banks or banking, but required all cor- porations to obtain a special charter from the legislature. It was cus- tomary when any corporation charter was granted to provide that the opportunity to take stock should be given to the general public upon the theory that in that way the special advantages given by the incorpora- tion might be equally and widely distributed. In order to effect this the incorporating act usually provided that certain commissioners, named in the act, should open books for subscription to the public, and when the necessary amount had been subscribed the incorporators should meet and complete the organization.
In 1836 enthusiasm and speculation were rife, population was in- creasing rapidly, public land was selling in tremendous quantities, and the county of St. Clair was not behind others in feeling the effects. There were but few banks in the state, and none nearer than Detroit. and to meet the needs of the growing county, which to be sure was then small, but which no doubt was destined to become large very soon, appli- cation was made to the legislature of 1836 for a bank charter, and an act was passed in March incorporating the Bank of St. Clair and author- izing it to be located at any point within the county. The commissioners named in the act for receiving subscriptions were Charles Kimball, John Clark, H. N. Monson. C. Sanborn. D. B. Harrington, and Ralph Wad- hams. The amount of capital stock authorized to be issued was $100,000.
BANK OF ST. CLAIR, PALMER
St. Clair or Palmer, as it was then called, was the county seat, and three of the commissioners, Kimball, Clark and Monson were located there, the others, Sanborn and Harrington, were at Port Huron, or were favorable to it. It seemed evident that the location which secured the bank would reap great benefits. Mr. Harrington was clearly of this
426
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HISTORY OF ST. CLAIR COUNTY
opinion and evidently wrote quite strongly on the matter to Fortune C. White, who had furnished the money to buy the land on which White's plat in Port Huron was laid, as Mr. White replied as follows :
"WHITESBORO, March 25, 1836-D. B. Harrington, Esq., Dear Sir :- I wrote you yesterday but cannot forbear to drop you another line today. That bank charter that is applied for by the Palmer people works on me. It must be defeated if possible, but if it cannot, as your letter intimates. then if the location is to be fixed by the directors, we must by all means secure a majority of the stock so that proper directors shall be chosen. I will be ready with the requisite funds. But do you not mistake di- rectors for commissioners, who are to locate it. In all charters com- missioners are appointed to distribute the stock, etc .. and then the directors are chosen by the stockholders, but let it be which way it will, you will see that everything will depend on having proper commis- sioners, for they are to distribute the stock, and in doing that they can give a majority to stockholders who will be opposed to Desmond; we must make every effort to sustain Desmond. Money for the stock shall not be wanting, you may calculate on it.
"Truly yours,
"F. C. WHITE."
These efforts were in vain ; a majority of the stock was subscribed by St. Clair partisans, and the Bank of St. Clair was located in the village of Palmer, with John Clark as president. Some months elapsed in com- pleting the organization, and in October, 1836, the position of cashier was offered to Wesley Truesdail of New York City, through the influence of Jesse Smith, a capitalist of New York, who was interested in the village.
The first report of the bank was made in 1837 and showed a paid-in capital of $40,000, an issue of circulating notes of $60,940. and deposits. $2,404. In February, 1838, the circulation had increased to $6.441, and deposits had risen to $5.471. During this time it had specie to the amount of $14.500, which was an unusually large amount in proportion to its outstanding notes. At the time of the 1838 report this specie was in the vaults of the Farmers and Mechanies Bank of Detroit, having been ear- ried there the preceding fall by the Brady Guards of Detroit, who had gone, as narrated in another chapter, to Fort Gratiot to take away the military material stored there, and proteet it from the "Patriots." The Guards reached St. Clair on their return and as the river and lake had frozen they were compelled to finish the return overland. Mr. Trues- dail fearing for the safety of his large amount of specie indneed the Guards to take it to Detroit for him, and it remained there several months.
In striking contrast with most of the banks of the state. the Bank of St. Clair was able to report in 1838 that it had redeemed on demand all notes presented during the preceding seven months.
In 1839 the bank's paid-in capital was increased to $50.000, and its circulation to $114,591, although its deposits had increased but little. This illustrates the way in which banks of that time made their profits.
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HISTORY OF ST. CLAIR COUNTY
not by loaning the money of their depositors, but by loaning their own non-interest bearing notes.
In 1840 the bank commissioner reported that of all the chartered banks of the state, with any considerable amount of circulation, the Bank of St. Clair alone continued to redeem its notes on demand. It became evident, however, that the bank, in order to prosper, must have a larger field of operations and the office and business of the bank were removed in 1841 to Detroit, but as some doubt arose as to the legality of this ac- tion without the consent of the legislature, in February, 1842, the legisla- ture passed an act permitting the bank's removal to Detroit. At that time its president was Levi Cook of Detroit, Wesley Truesdail, cashier, and they, together with George C. Bates. S. Gillett. J. R. Dorr, H. N. Monson, and John Clark, were the directors. The following year Alpheus S. Williams, later a famous general in the Civil war, became president and remained until 1845. when the bank failed, owing to the failure of its eastern correspondents.
FIRST NATIONAL EXCHANGE BANK
The removal of the bank to Detroit left the county without any banks and it was some years before there was any organized bank. The first to conduct a banking business-the receiving of deposits and loaning of money-was W. L. Bancroft, who furnished the capital and in company with Cyrus Miles, under the name of Cyrus Miles & Company, did busi- ness at Port Huron from November, 1856. for a few months, when Mr. Bancroft withdrew and John Miller and Elliott T. Brockway came in and the business was continued under the same name until 1861, when Brockway retired and the name of the firm was changed to John Miller and Co. In 1868 Mr. Miles withdrew and John E. Miller entered in his place. The business was then carried on as Miller and Son until 1870, when the First National Bank was organized to take over the Miller busi- ness. This bank was incorporated in October. 1870. with a capital of $100.000. divided into 1.000 shares held as follows: D. B. Harrington, 200 shares: John Miller. 100 shares; Henry Howard. 100 shares; James Goulden. 100 shares: O'Brien J. Atkinson, 100 shares; John Johnston, 300 shares ; and Samuel S. Ward. 100 shares.
In January, 1871. D. B. Harrington was president, John Miller, cashier, John E. Miller, assistant cashier. In 1874 Mr. H. G. Barnum became connected with the bank as assistant cashier, later became cashier, and president of the First National Exchange Bank. its successor, which position he still retains. Upon the expiration of the bank's char- ter in 1890 it was reorganized as the First National Exchange Bank, with Henry Howard as president. and again in 1910. its corporate exist- ence was extended for another period of 20 years. Its growth is shown by the following figures :
On October 2, 1871, its capital stock was $50.000, and on December 5, 1911, $150.000 ; at the same dates its surplus and profits were $1.345.61 and $112,954.49, respectively, and its deposits $83,147.85 and $1,625,396.42.
Its present officers and directors are H. G. Barnum, president. Frank
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HISTORY OF ST. CLAIR COUNTY
E. Beard, viee-president, Guss Hill, cashier, D. D. Brown and A. C. Lassen, assistant cashiers. Il. G. Barnum, F. E. Beard, H. McMorran, F. J. Dixon, A. R. Ballentine, W. L. Jenks, D. MacTaggart, Phil Eich- horn, James Bradley, directors.
JOHNSON & COMPANY
In 1865 John Johnston, who came to Port Huron from St. Clair, and after spending some years in the employ of A. and H. Fish, lumber manufacturers and dealers, had conducted for a time a lumber brokerage business, engaged in the banking business in Port Huron in company with W. C. Green, a son of Judge S. M. Green, under the firm name of Johnston and Green. In 1866 Green withdrew and the following year a new and exceedingly strong banking firm was organized under the name of John Johnston & Co., composed of John Johnston, John L. Woods, James W. Sanborn, I. D. Carleton, and H. G. Barnum, the latter com- ing from Detroit.
In 1870 Mr. Sanborn died, Messrs. Woods and Carleton withdrew, and the firm name was continued with Messrs. Johnston, Barnum and F. L. Wells, as partners. In 1874 Mr. Barnum withdrew to go into the First National Bank, and Mr. Wells also withdrew and a new firm, under the old name, was formed with Johnston, W. F. Botsford, Miron Will- iams, John W. Porter and A. A. MeDiarmid as partners. Mr. Porter withdrew in 1877 and went to Mt. Clemens, and in the same year the firm failed with large liabilities.
PORT HURON SAVINGS BANK
In the fall of 1872, Mr. D. B. Harrington, president of the First National Bank, determined to organize a savings bank and this was done in December of that year, although the new bank did not open up for business until January 20, 1873, with D. B. Harrington, president, Henry MeMorran, vice-president, and C. F. Harrington, cashier, and they together with Charles Baer, J. H. White, James Beard, Otis Seott, L. B. Wheeler and Edward Vincent formed the first board of directors. It had a strong list of directors and starting with a capital stock of $50,000, subsequently increased it to $100,000. Its latest offieers and directors were Henry McMorran, president, C. F. Harrington, viee- president, E. R. Harrington, cashier ; directors, Henry MeMorran, C. F. Harrington, II. L. Stevens, II. B. Sibilla.
Its comparative statements are as follows: Capital, $40,000, on De- cember 31, 1873, and $100,000, December 1, 1911 ; deposits, $106,565.17, in 1873, and $370,939.55 in 1911. The surplus and profits on December 1, 1911, were $32.743.36.
On January 1, 1912, this bank went into voluntary liquidation, trans- ferring its assets to the Commercial Bank and paying its stockholders a profit.
COMMERCIAL BANK
The organization of this bank was effected December 6, 1881, with C. A. Ward, president, William Hartsuff, vice-president, and they to-
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HISTORY OF ST. CLAIR COUNTY
gether with S. L. Ballentine, Otis Joslyn, J. G. O'Neill, D. N. Runnels, A. N. Moffatt. formed the first board of directors. In January, 1882, John W. Porter, who had been at one time a member of John Johnston & Co., and had gone to Mt. Clemens as cashier of the Mt. Clemens Savings Bank, was made cashier. Its charter was renewed for another term of thirty years in December, 1911. The present officers and directors are A. D. Bennett, president. C. N. Runnels, cashier, C. D. Beard and S. W. McFarland, assistant cashiers. Directors, A. D. Bennett, J. G. O'Neill, Albert Dixon, C. N. Runnels. M. W. Mills, S. L. Boyce.
On July 1, 1882, its capital stock was $50,000, and on December 5. 1911, $100.000; at the same dates its surplus and profits were $3,630.16 and $121,689.34, respectively, and its deposits $126,775.03 and $1,710,020.35.
ST. CLAIR COUNTY SAVINGS BANK
This bank was organized in the spring of 1890, with Directors J. B. Hull, Charles Wellman, E. G. Spalding, Stephen Moore. S. W. Vance, Edward Hollis, E. L. Vincent, and as officers J. B. Hull president, Charles Wellman, vice-president, George W. Moore. cashier. It had an authorized capital of $50.000, which has since been increased to $100,000. Its present directors and officers are Charles Wellman, president, E. G. Spalding, vice-president, George W. Moore. 2nd vice-president. F. T. Moore, cashier, and they, together with Phil Higer. S. A. Graham. L. A. Weil, W. D. Smith, and Henry Marx constitute the board of directors.
Comparative statement-Capital stock: July 1. 1890, $30,000: De- cember 5, 1911, $100.000. Deposits : July 1, 1890, $31,043.15 ; December 5, 1911, $1,070,208.62. The surplus and profits, on the latter date, amounted to $113.127.11.
GERMAN AMERICAN SAVINGS BANK
This bank was organized in 1907 and opened for business September 3rd of that year, with capital of $100.000, and as directors, W. F. David- son. A. E. Stevenson, C. C. Peck. Henry F. Marx. E. J. Ottaway, Dudley E. Waters. Fred E. Farnsworth, A. G. Bishop, M. D. Smith. W. F. Davidson, president, C. C. Peck, cashier.
The present directors are Henry F. Marx, A. E. Stevenson, C. C. Peck, E. W. Ortenburger, A. T. Slaght. E. J. Ottaway, Robert Watson, Fred E. Farnsworth. M. D. Smith. and H. F. Marx. president. A. E. Stevenson, vice-president. C. C. Peck, cashier, R. H. Kruger, assistant cashier.
Comparative statement-Capital stock: December 3, 1907. $100.000; December 5, 1911. $100,000. Deposits: December 3, 1907, $31,106.17; December 5. 1911. $402,936.52. The surplus and profits, on the latter date, amounted to $2.989.40.
The private banking house of J. J. Boyce & Co. began business in Port Huron in 1873, and was composed of James J. Boyce and Jacob Haynes. Some changes were made in the membership, and during the later years Mr. Boyce was sole owner, the business continuing until Mr.
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HISTORY OF ST. CLAIR COUNTY
Boyce's death in January, 1905, and after his death under the same name, first by HI. J. Boyce, and then by Maurice Boyce, as manager, until the summer of 1911, when it was closed out.
COMMERCIAL AND SAVINGS BANK, ST. CLAIR
Before any organized bank did business at St. Clair after the with- drawal of the chartered Bank of St. Clair of 1836, the needs of the community for a safe place to deposit money and withdraw it when needed was supplied in a measure by Henry Whiting & Co., merchants, but by 1871 it was felt that St. Clair needed a bank. Mr. Gabriel S. Hol- bert of New York, came on, and in February, 1871, the First National Bank of St. Clair was organized with W. B. Barron as president and G. S. Holbert cashier, and Diodorus Sheldon, Bela W. Jenks, Henry Whit- ing, Abram Smith, Solomon Bendit, W. B. Barron and J. C. Clarke formed the first board of directors.
After continuing for fifteen years as a National bank, it was thought the needs of the community would be better served through a state bank, and on October 18, 1886, the Commercial and Savings Bank was organ- ized to take over the business of the First National Bank.
The present directors are: Charles C. Jenks, Franklin Moore, Charles Beyschlag, E. C. Recor, Henry Whiting, Russ S. Jenks, with C. C. Jenks, president, Franklin Moore, vice-president, and Russ S. Jenks, cashier.
On October 2, 1871, its capital stock was $50,000, and on December 5, 1911, $50,000; at the same dates its surplus and profits were $5,853.82 and $20,137.69, respectively, and its deposits, $39,081.55 and $493,693.36.
MARINE CITY BANKS
Marine Savings Bank-The first bank at Marine City was conducted for some years by Charles H. Westcott as a private bank. After that it ceased to do business and there was no organized institution for several years. In June, 1884, John W. Porter, cashier of the Commercial Bank of Port Huron, and George W. Carman of Memphis, opened The Marine Bank, with a capital of $10,000 and conducted it until September S. 1891. On the latter date the Marine Savings Bank was organized and took over the business of Porter and Carman. It had a capital of $50.000 and its first officers were John W. Porter, president. Frank Hart. vice- president. George W. Carman, cashier.
Its present directors are Charles E. Blood. W. H. Mannel, IL. P. Saph, S. C. MeLouth. F. W. Becker. John O'Leary. Charles Basney. J. H. Mc Donald. George W. Carman. and its officers. Charles E. Blood, presi- dent. W. H. Mannel, vice-president. George W. Carman, cashier.
On September 21, 1891. its capital stock was $45,800, and on Decem- ber 5, 1911, $50.000 ; at the same dates its surplus and profits were $93.54 and $32,667.30. respectively, and its deposits $99,588.63 and $453,477.16.
Home Savings Bank-This bank was organized February 11, 1903.
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HISTORY OF ST. CLAIR COUNTY
with a capital of $35,000, and John D. Baird, James Davidson, C. L. Doyle, George N. Jones, Harry Lawrence, F. T. Moore, W. F. Sauber, as directors, and F. T. Moore, president, George N. Jones, vice-president, C. L. Doyle, cashier.
The present board of directors consists of James Davidson, C. L. Doyle, Harry Lawrence, F. T. Moore and W. F. Sauber, with F. T. Moore, president, W. F. Sauber, vice-president, C. L. Doyle, cashier, J. N. Bates, assistant cashier.
On June 9, 1903, its capital stock was $28,530, and on December 5, 1911, $35,000; at the same dates its surplus and profits were $1,195.12 and $3,909.30, respectively, and its deposits $141,819.44 and $231,253.04.
The First State Savings Bank of Marine City was organized Septem- ber 1, 1891, with a capital of $25,000 and Robert Leitch as president and Frank McElroy, cashier, and continued business until 1898, when it liquidated, paying all depositors in full.
BANKS OF YALE
First National Bank-In 1886, B. R. Noble, who had for several years conducted a banking business at Lexington, came to Yale and opened up a private bank as B. R. Noble and Co., which was operated until the summer of 1900, when the First National Bank organized and took over the business. This bank opened for business June 8, 1900, with a paid-in capital of $35,000, and B. R. Noble, James McCall. E. F. Fead, H. E. Beard, and Bart MeNulty, directors, and as officers, B. R. Noble, president, James McCall, vice-president, E. F. Fead. cashier, G. E. Beard, assistant cashier.
The present directors are A. E. Sleeper, E. F. Fead, W. F. Ruh, W. V. Andreae. T. V. Wharton, Bart McNulty, Lincoln Avery, and the officers, A. E. Sleeper, president. W. F. Ruh and W. V. Andreae, vice- presidents, E. F. Fead, cashier, C. R. Adams, assistant cashier.
On June 8, 1900, its capital stock was $35,000, and on December 5, 1911, $40.000: at the same dates its surplus and profits were $472.03 and $19,548.11, respectively, and its deposits $103.065.54 and $328.266.38.
Yale State Bank-This bank opened for business February 21. 1901, with a paid-in capital of $25,000, which has since been increased to $30,000. Its first directors were James Livingston. James McCall, James F. Ferguson, John P. Livingston, Harvey Tappan, with James Livings- ton. president, James McCall, vice-president, W. H. Learmont, cashier.
Its present directors are James Livingston. James McCall, Charles Rounds, John P. Livingston, Alex Pollock. W. H. Learmont, Harvey Tappan, and its officers, James Livingston, president, James McCall, vice-president, W. H. Learmont, cashier, Guy E. Beard, assistant cashier.
Comparative statement-Capital stock: July 15, 1901, $25,000; De- cember 5, 1911. $30,000. Deposits: July 15, 1901, $43,325.16; December 5, 1911, $318,664.18. The surplus and profits, on the latter date. amounted to $18,397.34.
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HISTORY OF ST. CLAIR COUNTY
CAPAC
A private bank owned by George W. Moore and Fred T. Moore of Port Huron, was established here and opened up June 18, 1889, and has continued to do business to the present.
On September 18, 1898, the Capac Savings Bank opened for business with capital of $14,200. Its directors were John W. Porter, II. C. Siegel, Walter Shearsmith, E. J. Buck, Richard Shutt, with J. W. Porter, president, Robert Morrison, Jr., cashier.
Its present directors are Fred T. Moore, Walter Shearsmith, S. H. Moore, H. B. Hitchings, Frank Burt, with F. T. Moore, president, Walter Shearsmith, vice-president, Frank Burt, cashier, Floyd J. Burt, assistant cashier.
On September 20, 1898, its capital stoek was $14,200, and on Deeem- ber 5, 1911, $20,000; at the same dates its surplus and profits were $129.07 and $5,876.75, respectively, and its deposits $3,369.21 and $211,236.49.
MEMPHIS
The Memphis State Bank was organized April 5, 1906, with a capital of $20,000, and Thomas W. McCall, Charles E. Greene, Bert C. Preston, Eugene A. Bartlett, Lincoln Avery, its first directors, and Thomas W. MeCall, president, Frank C. Flumerfelt, cashier.
Its present directors are Thomas W. McCall, Charles E. Greene, E. A. Bartlett, L. Avery, F. R. Schell, J. L. Preston, Judson Black ; its offi- eers, Thomas W. McCall, president, E. A. Bartlett, cashier.
Comparative statement-Capital stock: June 18, 1906, $20,000; December 5, 1911, $20,000. Deposits: June 18, 1906, $24,912.05; De- cember 5, 1911, $154,547.22. The surplus and profits, on the latter date, amounted to $3,496.05.
Memphis also has a private bank which has been in existence for several years, owned and managed by F. D. Coburn.
EMMET
The banking needs of this community are eared for by the private bank of H. P. MeCabe.
AVOCA
W. V. Andreae and Company have maintained a private bank at this point for some years.
In addition to the foregoing there are private banks at Smith's Creek and Goodells.
THE FIGURES FOR FORTY YEARS
The history of the banks in St. Clair county has been on the whole very ereditable, not a dollar has ever been lost to depositors in ineor- Vol. I-28
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HISTORY OF ST. CLAIR COUNTY
porated banks. The growth in the banking capital and in the deposits is the strongest evidence of the real prosperity of the county. The com- parative statistics for each ten year period from the organization of the first incorporated to the present are interesting and instructive:
Year.
No. of Banks.
Capital and Surplus.
Deposits.
1871
2
$ 107,199.43
$ 122,229.40
1881
3
339.817.66
718,696.53
1891
7
692,558.06
1,538.603.48
1901
9
851,763.89
4,034,689.95
1911
12
1,282,736.24
7,370,639.29
In forty years the banking capital increased $1,175,000, while the de- posits increased $7,250,000, a growth in the first item of 1.200 per cent and in the second of 6,000 per cent, while the increase in population dur- ing the same period was less than 70 per cent.
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