USA > Michigan > Wayne County > Detroit > The city of Detroit, Michigan, 1701-1922, Vol. I > Part 67
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Mr. Russel continued as president of the amalgamated banks until his death in 1915. During his administration the Peoples State Bank grew so rapidly that it was finally found necessary to enlarge the building by an addi- tion extending through to Congress Street. This extension was planned in har- mony with the original building, and gave the bank a floor area of 100x296 feet, making it one of the largest banking offices in the country. The site and build- ing represent a value of more than $2,000,000.
Mr. Russel was succeeded by Mr. George E. Lawson, who served as president but one year, passing away very suddenly in February, 1916. Mr. James T. Keena, who was then Vice President, was elected to the presidency in 1916, and remained in this office until January, 1919, when he was made chairman of the Board of Directors, and Mr. John W. Staley was advanced from the posi- tion of Vice President to that of President.
In the last few years the bank has made rapid strides in growth and financial strength, and now occupies the position of the largest bank in Michigan in point of resources, and is one of the six largest west of the Atlantic Seaboard, with a present capital stock of $5,000,000 and Surplus and Undivided Profits exceeding $9,000,000. It is a member of the Federal Reserve System, and cooperated with the Government to the fullest extent during the World War. Twenty-six branches, scattered throughout the city, render banking service to the community at large. In 1920 the safe deposit vaults in the main building were enlarged to meet the demands of customers, and the Peoples State Bank now contains the largest single bank vault space in the city, with 9,000 indi- vidual boxes, besides a safety room 32x16 feet for valuables of large bulk.
Representing as it does, the combined strength of three successful amalga- mated banks, plus a steady growth in popularity, position and financial strength, the Peoples State Bank of Detroit today is not only one of the outstanding financial institutions of Michigan, but of the United States as well.
NATIONAL BANK OF COMMERCE
The announcement of the merger of two big National Banks of Detroit in 1907, paved the way for the launching of the National Bank of Commerce of Detroit.
It fell to the lot of Henry H. Sanger then Assistant Cashier of the Com- mercial National Bank to interest capital in the new enterprise. The original contemplated capital was $500,000.00 and surplus $100,000.00, but the amount was so thoroughly over subscribed it was decided to increase the capital to $750,000.00. The stock was sold at $120.00 per share, thus giving the bank a surplus of $150,000. The official staff was organized with Richard P. Joy, former city Comptroller as President; Wm. P. Hamilton, well known woolen manufacturer as Vice President, Henry H. Sanger, Cashier and Charles R. Talbot as Assistant Cashier. The bank was opened on June 1st, 1907, with deposits of $837,504.41. For a year it occupied the first floor of the Union Trust Building. October 1st, 1907 marked a new era in the bank's growth. On this date it entered the new banking house at 144 West Fort Street.
The bank now has a capital of $1,500,000 and surplus funds of a like amount with undivided profits of $634,000.00. Its total resources are in excess of $36,000,000 with deposited surplus in excess of $29,000,000.
The present official staff is as follows: Richard P. Joy, president; Wm. P. Hamilton, vice president; Henry II. Sanger, vice president; Charles R. Talbot,
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vice president ; Sam'l R. Kingston, vice president and cashier; and R. M. McCon- nell, vice president.
DIME SAVINGS BANK
The Dime Savings Bank was organized in the year 1884 and opened for business on May 1 of the same year, with a capital stock of $60,000. The per- sonnel of the first board of directors was as follows: A. M. Henry, S. M. Cutcheon, J. E. Scripps, William Livingstone, Jr., J. L. Hudson, William Hull, R. J. F. Roehm, E. W. Voight and C. A. Warren, and the first officers of the institution were Sullivan M. Cutcheon, president; James E. Scripps, vice president; and Frederick Woolfenden, cashier. A. M. Henry served as temporary president from May 1st until the 24th. On Mr. Cutcheon's death, on April 18, 1900, William Livingstone was elected president and has served in that capacity ever since. The capital stock of the company has been increased at various times until, in 1920, it reached the sum of $3,600,000, while the resources of the bank totaled $42,000,000. The first location of the Dime Bank was in the Fisher Building, at the junction of Michigan and Lafayette. The bank was moved to the Hammond Building on June 10, 1900, where it remained until moved to its new banking and skyscraper office building in 1914.
MERCHANTS NATIONAL BANK
In the spring of 1914 the First National Bank and the Old Detroit National Bank consolidated and shortly afterward the announcement was made that a number of well known business men were assisting Mr. John Ballantyne to start a new national bank. It was finally decided to capitalize for $1,000,000 with $250,000 surplus, to call the bank the Merchants National Bank, and to occupy the quarters recently vacated by the Old Detroit National Bank in the Buhl Block, corner of Griswold and Congress streets. On August 25, 1914 the bank was opened for business with the following officers: John Ballantyne, President; David Gray, Vice President; John P. Hemmeter, Vice President ; Benj. G. Vernor, Cashier. The bank met with instant success, the deposits being over $1,000,000 the first day, and on December 31, 1914, were $3,103,172.86. The bank has continued in the same quarters, grown steadily in totals and in- fluence, having found for itself a very definite place in Detroit's business life. In April, 1920, so as to take care of its increased business, it was decided to sell 10,000 additional shares at $140.00, increasing the capital $1,000,000 and the surplus fund $400,000. As the bank had already passed $350,000 to its surplus fund from earnings, this made the capital $2,000,000 and surplus $1,000,000.
OTHER BANKS OF DETROIT
The Peninsular State Bank, located in its own building at 138 Fort Street, West, was organized August 27, 1887. J. H. Johnson is president of this insti- tution, which, in 1920, has a capitalization of $3,500,000 and assets of about $45,000,000.
The American State Bank of Detroit, with main office at 637-47 Griswold Street, was organized in 1906 and now has a capital stock of $1,400,000, includ- ing the surplus. Walter J. Hayes is the president of this bank.
The Bank of Detroit, organized in 1916, occupies its own building on Fort Street, West, and is under the presidency of James Couzens. This bank has a capital stock of $1,000,000.
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The Central Savings Bank, in the Majestic Building, was organized for busi- ness April 19, 1SSS. The founder of this bank was Joseph C. Hart, previously in the insurance business in Detroit. Gilbert Hart was the first president; the present ineumbent is Harry J. Fox. The capital stoek of this institution is $1,000,000.
The Commercial State Savings Bank, in the Penobseot Building, opened its doors for business August 1, 1921, with a paid-in capital of $1,000,000 and a surplus of $200,000. Elbert H. Fowler is president.
The Commonwealth-Federal Savings Bank, in the Hammond Building, a combination of the Federal, organized 1909, and the Commonwealth, organized 1916, was established in the year 1916. J. W. McCausey is president of this institution; the capital and surplus in 1920 amounted to $753,500.
The Continental Bank of Detroit was organized in 1921 with Walter G. Toepel as president. In 1920 the capital and surplus amounted to $840,000. The bank is located at 1309 Broadway.
The First State Bank, located in the MeGraw Building, is the outgrowth of the private banking business started by Edward Kanter in 1853, which became the German-American Bank in 1871. In 1920 the capital stock was $1,000,000. George H. Kirchner is president.
The Industrial Morris Plan Bank of Detroit was incorporated in August, 1917, and is located in the Farwell Building. The capital stoek in 1920 was $500,000, and the president, James A. Hoyt.
The Michigan State Bank of Detroit, 4701 Chene, was incorporated April 24, 1916, with a capital of $250,000. Frank Schmidt is president.
The Northwestern State Bank, at 9479 Grand River, was incorporated in 1915. Wales C. Martindale is president.
The United Savings Bank, which has just occupied its new building on the west side of Griswold near State, and which is the successor of the Detroit United Bank, was incorporated November 27, 1901. The capital of this bank in 1920 was $500,000; the president is Frank B. Leland.
THE TRUST COMPANIES
Under the trust company seetions of the general banking act of 1891 passed by the Legislature the Union Trust Company was organized and in October of that year was opened for business. This sort of company was new to Detroit people and for some time the officials had to carry on a campaign of education as to the functions of the new institution under the new state law. The original capital of the company was $500,000, but by 1920 the capital and surplus had been increased to $1,500,000 and the total resources were $7,826,000. II. M. Campbell is chairman of the board of directors and Frank W. Blair is president. In addition to its business within the scope of a trust company, the Union Trust maintains a complete abstraet department.
The second company under this classification was the Detroit Trust Com- pany, articles of incorporation for which were approved by the state December S, 1900. The direetors first named were: Henry Stephens, Theodore D. Buhl, Henry P. Baldwin, James N. Wright, Henry L. Kanter, Chester G. White, Elisha H. Flinn, Sidney T. Miller, Ammi W. Wright, George Peek, James E. Davidson, Edwin C. Nichols, Henry B. Joy, Rasmus Hanson, Edward H. But- ler, Eldridge M. Fowler, James MeGregor, Frank W. Eddy, Charles A. Dean, James Edgar, Charles M. Heald, John H. Avery, Merton E. Farr, Fred E.
PENINSULAR STATE BANK
CITY HALL AND DIME BANK BUILDING
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Driggs, Oren Scotten, Alexander MePherson, and Frank W. Gilchrist. The first president was Alexander McPherson, The company started business January 5, 1901, on the second floor of the building at 82-84 Griswold Street, but now occupy their own structure at Fort and Shelby, southwest corner. Ralph Stone, who came with the company May 6, 1901, as assistant secretary, is now president of the Detroit Trust Company. The company in 1920 had a capital and surplus of $3,000,000.
The Security Trust Company was organized in July, 1906, with a paid-in capital of $500,000 and a surplus of $500,000, the first offices having been located in the Campau Building. Two years later the company moved to its present location at the corner of Griswold and Fort Streets, at that time occupying the space jointly with the Michigan Savings Bank. In 1915 it took the whole space. The first president of the company was M. J. Murphy, followed in 1910 by Charles C. Jenks, the present incumbent. In 1921 the capital of the company was raised to $1,000,000 and the surplus to a like amount.
The American Loan & Trust Company, 439 Griswold Street, was incor- porated May 11, 1906, and by 1920 had a capital and surplus amounting to $400,000. R. G. Lambrecht is president of this institution.
The Guaranty Trust Company, at 432 Griswold, was established for business in 1916 by a group of prominent Detroit citizens. The president is F. H. Bes- senger. The company is capitalized, according to figures of 1920, for the sum of $300,000.
The Bankers Trust Company of Detroit was incorporated May 12, 1917, and is located at 156 Congress, West. The company has a capital stock of $500,000 and the president is Arthur Webster.
HOUSING COMPANIES
One of the problems confronting the City of Detroit during its unprece- dented industrial growth was the housing of the new citizens. With this prob- lem in mind there grew up several companies the purpose of which was to build houses in quantity and sell them to those who wished to acquire a home quickly and in convenient manner. The Detroit Society for Savings was organized De- cember 4, 1916, and the Detroit House Financing Corporation was started July 24, 1919, both under the auspices of the board of Commerce. Hundreds of houses, of varying size and quality, have been constructed along this plan in Detroit and have proved a decided benefit to the development of the city.
The Detroit Mutual Savings & Loan Association was organized September 29, 1921, as a savings and loan association for those who desired to build houses for a reasonable interest rate, without premiums or discount. The company has an authorized capitalization of $500,000 and its president is Frank J. Trip- pensee.
Another company, the Provident Loan Society of Detroit, was organized in 1906 by D. M. Ferry, J. L. Hudson and Tracy W. McGregor, for the purpose of lending money to worthy people at a minimum cost. By the end of 1919 the society had loaned about $3,000,000 in sums averaging $60. The manage- ment of the company is in the hands of John D. Ryan.
WAYNE COUNTY BANKS
The corporate communities of Highland Park and Hamtramck, both within the Detroit city limits, are necessarily an essential part of the city's business. The banks here are as follows:
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The Hamtramck State Bank was incorporated May 11, 1909, and the capital stock is now placed at $25,000. F. A. Schulte is president; William Blanck, vice president; and J. C. Friedel, cashier.
The First State Bank of Hamtramck was established and incorporated in 1916. The capitalization is $100,000 and the officers, according to the 1921 Bankers Directory, are: Edward Leszczynski, president; M. A. Wosinski and R. Sadowski, vice presidents; C. J. Wierzbicki, cashier.
The Liberty State Bank of Hamtramck was organized in the year of 1918. The capitalization is now $100,000 and the officials are: Joseph Chronowski, president; Stanislaus Chronowski, vice president ; and Basil J. Treppa, cashier.
The Peoples National Bank of Hamtramck was established in 1917, and is capitalized now for $100,000. The officers are: Harry J. Fox, president; John C. Schultheis and George J. Haas, vice presidents; and C. G. Munn, cashier.
The Dime Savings Bank of Hamtramck was incorporated December 20, 1920, and has a capital stock of $100,000. The officials of this institution are: W. L. Dunham, president; T. W. P. Livingstone and J. B. McKay, vice presi- dents; Frank Winiker, eashier.
The Citizens Bank of Hamtramck was established in 1921 and is officered by the following: John Beger, president; A. A. Stefanowski and W. J. Rachow, vice presidents; W. J. Rachow, cashier.
The Merchants & Mechanics' Bank of Hamtramck was started for business in 1919, officered by: George J. Kolowich, president; Adolph Kolowich, J. J. Kolowich, vice presidents; and J. J. Kucharski, cashier. The capital stock was placed at $10,000.
The Highland Park State Bank was organized and incorporated in the year 1909. The capitalization is now $1,000,000 and the deposits are in excess of $15,000,000. The officers, as given in the 1921 Bankers Directory, are: J. T. Whitehead, president; George H. Van Buren, G. R. Andrews, A. L. Couzens and F. E. Quisenberry, vice presidents; F. E. Quisenberry, cashier.
The American State Bank of Highland Park was organized in 1910. The capitalization is $200,000 and the officers are: W. J. Hayes, president; H. B. Wallace and F. W. Dalby, vice president; R. F. Wallace, cashier.
The Peninsular State Bank of Highland Park was established in 1917 and is now capitalized for $100,000. The officials are: Henry A. Haigh, president; J. H. Johnson and E. O. Krentler, vice presidents; H. B. Ward, cashier.
The Peoples State Bank of Highland Park was organized in 1920 and is officered by the following: John W. Staley, president; A. H. Moody, J. R. Bodde, H. P. Borgman, vice presidents; and G. P. Fraser, cashier. The capital stoek is $100,000.
The Wayne County & Home Bank of Highland Bank had its inception in 1920. Julius H. Haass is president; George Wiley and H. R. Burns, vice presi- dents; H. R. Burns, cashier. The capital stock of this institution is placed at $100,000.
The Peoples State Bank at Belleville was established in 1913. The officers of this bank, which is capitalized for $20,000, are: J. R. Clark, president; F. L. Robbe, vice president ; and F. H. Clark, cashier.
The Dearborn State Bank, established in 1910, is under the executive con- trol of Henry Ford. The vice presidents are Herman Kalmbach and E. G. Leibold, and the cashier is C. R. MeLaughlin. The capital stock of the bank is $100,000.
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The American State Bank of Dearborn was established in 1919 and is capi- talized for $100,000. W. J. Hayes is president; F. W. Dalby and S. B. Long, vice presidents; and A. R. Little, cashier.
The Ecorse State Bank was started for business in 1918. Capitalization, $50,000; officers: J. H. Means, president; Joseph Salliotte and George H. Kirch- ner, vice presidents; O. C. Bauer, cashier.
State Savings Bank of Flat Rock: established 1912: capital stock, $20,000; officers, J. F. Lindsay, president; F. S. Peters, Julius Neifert, vice presidents; M. S. Walker, cashier.
Grosse Pointe Savings Bank: established 1914. Officers are: F. W. Hubbard, president; L. S. Trowbridge, vice president; C. D. Ransom, cashier. Capital stock, $30,000.
Peoples State Bank of New Boston: established 1916. Capitalization, $20,000. Officers: G. T. Clark, president; F. J. Grandfield, vice president; F. H. Clark, cashier.
Lapham State Savings Bank of Northville: established 1907. Officers: F. S. Harmon, president; R. Christensen, F. S. Neal, vice presidents; E. H. Lapham, cashier. Capitalization, $50,000.
Northville State Savings Bank: established 1892. Capitalized for $25,000. Officers are: L. A. Babbitt, president; R. C. Yerkes, vice president; and C. W. Wilber, cashier.
Oakwood State Bank: established 1918. Officers: E. H. Fowler, president; Dean Lucking and Hugh MeLean, vice presidents; A. C. Milne, cashier. Capi- tal stock, $75,000.
The Plymouth United Savings Bank: established 1890. C. A. Fisher is president; J. W. Henderson and F. A. Dibble, vice presidents; and E. K. Ben- nett, cashier. Capital stock, $100,000.
The Peoples State Bank of Redford: established 1914. L. N. Tupper, presi- dent; C. G. Shear, chairman of the board; A. L. A. David, R. H. Burgess, Thomas Sherwood, vice presidents; C. H. Krugler, cashier. Capital stock, $100,000.
Redford State Savings Bank: established 1909. C. A. Lahser is president; A. G. Houghton and A. M. Bosworth, vice presidents; A. A. Bruder, cashier. Capital stock, $100,000.
River Rouge Savings Bank: organized, 1906. H. C. Burke, president; E. M. Lamb, vice president; D. J. Goniea, cashier. Capital stock, $50,000.
River Rouge State Bank: established 1919. Howard C. Wade, president; John Cassidy and George H. Kirchner, vice presidents; Edward T. McLachlan, cashier. Capital stock, $50,000.
Rockwood State Bank: organized 1911. Capital stock, $20,000. Officers are: A. B. Chapman, president; David Valrance and William Milliman, vice presidents; H. A. Wager, cashier.
Romulus State Bank: organized 1913. J. R. Taylor, president; R. Holland, vice president; Delmer H. Rood, cashier. Capital stock, $20,000.
Trenton State Bank: established 1912. A. Church is president; E. W. Yost, vice president; F. A. Lautenschlager, cashier. Capital stock, $25,000.
Peoples State Bank of Wayne: established 1916. Capital stock, $30,000. Officers: J. J. Marker, president; F. H. Fellrath and W. A. BeGole, vice presi- dents; W. A. BeGole, cashier.
The Wayne Savings Bank: established 1890. George M. Stellwagen is
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president; Jacob J. Stellwagen, chairman of the board; Joseph Waltz, vice presi- dent; John Truesdell, cashier. The capital stock is $50,000.
The First Commercial Savings Bank of Wyandotte was started in 1893. H. P. Borgman is president; S. T. Hendricks, vice president; and O. C. G. Lutz, cashier. Capital stock, $50,000.
The Wyandotte Savings Bank was organized November 20, 1871, with John S. Van Alstyne as the first president and W. Van Miller the first cashier. The present capital stock is $200,000 and the officers are: F. E. Van Alstyne, president; S. T. Miller and J. C. Cahalan, vice presidents; A. T. Burns, cashier. This is the oldest bank in the county outside of Detroit.
The Strathmoor State Bank, at Grand River and Westlawn, was organized in 1921 and is capitalized for $25,000. G. H. Kirchner is president; F. W. Bristow, H. C. Wade, vice presidents; F. O. Tasche, cashier. Howard C. Wade, James H. Means, George H. Kirchner and John S. Haggerty were the organ- izers.
CHAPTER XXV EARLY TRANSPORTATION
BY WILLIAM STOCKING
PRIMITIVE MODES OF TRAVEL ON LAND AND LAKE-THE INDIAN TRAIL TIIE FIRST CONNECTING LINK BETWEEN VILLAGES-BLAZED THE WAY FOR MODERN TRANS- PORTATION LINES-THE BEGINNING OF HIGHWAY BUILDING-DIFFERENT MODES OF LAND TRAVEL-FAMOUS STAGE COACH ROUTES-THE PIONEER CRAFT FOR WATER TRAVEL-THE CANOE AND ITS SUCCESSORS-CONSTRUC- TION AND FATE OF THE FIRST SAILING VESSEL-THE FIRST STEAMBOAT AND HER FIRST VOYAGES-THE PREDECCESSOR OF A MIGHTY FLEET-NAVIGATION COMPANIES.
The first routes of land travel leading out of Detroit were the Indian trails, some of which were in use long before the white men settled in this vicinity. Indian villages dotted this part of the state, being located mostly along the streams, and the lines of communication between them followed the most natural routes of travel. As shown by one of the United States Government Ethnographic reports, they formed a network of trails, extending over a large part of southern Michigan. The one best known to the early settlers was that from the rapids of the Miami or Maumee through the present site to Toledo, Monroe and Brownstown to Detroit. Near the present location of Trenton was the Indian village of Monguaga which gave name to the present town- ship of Monguagon. The longest continuous Indian trail in lower Michigan was that from Detroit to Fort Dearborn, on the present site of Chicago. This and the Miami trail were intercepted by another, passed near where is now the city of Adrian and following the Raisin River to the old village of the Wyandots.
There were two trails to the "Saginaw Country." One led from Detroit northwesterly through Howell, to an Indian village near the present site of Cor- unna, and thence to and down the Shiawassee River to the Saginaw Valley. The other went through Pontiac where Machainies village was located, and thence to the Falls of Flint River, known to the first settlers as Grand Traverse Village. Both trails reached Sagina's village near the present city of Saginaw.
Still another of the old trails went through Seginswins village, now Mt. Clemens, and on to the outlet of the Lake of the Hurons, where Fort Gratiot was afterwards built. There were several minor trails and a number of other Indian villages with some degree of permanent occupation.
It is an interesting fact that the best known routes of modern travel followed the lines marked by these Indian trails. The first military road constructed in the territory was that from Urbana, Ohio, to Detroit, and that followed quite closely the Miami (or Maumee) trail. The military road to Fort Gratiot went over nearly the same route as the earlier trail in the same direction.
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The territorial roads, construction of which was commenced in the early twen- ties, followed the same routes. The Fort Dearborn Trail became the Chicago Road, the most traveled highway in the whole territory, with Michigan Avenue, Detroit at one end of it, Michigan Avenue, Chieago, at the other, and a number of Michigan Avenues in the intermediate cities. Woodward Avenue, Detroit, and Saginaw Street, Pontiac, are parts of the old trail to Sagina's village, while Gratiot Avenue follows in part the line of the trail to the Lake of the Hurons. The road to Mt. Clemens (the present Gratiot Avenue) was opened and cleared of timber by the Moravians in 1780-81.
The first steam railroads followed nearly the same routes, the main line of the Michigan Central, for instance, paralleling for many miles the line of the Chicago Road. The territorial roads, mostly dirt and corduroy, were changed in time to plank and gravel roads, then in a host of cases were taken in part of their width as right of way for electric railway lines. Finally hundreds of miles of them have been paved and are given over to the most modern travel. Along the same courses which first felt the moccasined foot-fall of the Indian and the tread of the Indian pony have gone in suecession the emigrant wagon, the farmer's team, the passenger stage, the steam coach and Pullman, the interurban electric, the pleasure auto and the motor truck.
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