USA > Ohio > Mahoning County > Youngstown > Century history of Youngstown and Mahoning County, Ohio, and representative citizens, 20th > Part 36
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272
HISTORY OF MAHONING COUNTY
Bank. When he left the bank, June 20, 1865, Mr. Robert McCurdy was chosen cashier, and filled the place until he became president in 1877. Mr. Wm. H. Baldwin was then elected cashier and held the office for ten years, un- til he resigned in 1887 to go into the iron bus- iness. Since then the duties of cashier have fallen upon the president.
All of these men were at all times entirely faithful to the bank and its interests. There has never been the slightest irregularity, nor has even a suspicion ever attached to any one connected with the institution.
The liberal policy began so many years ago, has always been followed. The bank has never charged excessive rates, nor sought to make large profits. It has never speculated in any form. It has faithfully tried to serve the true purpose of a bank in the community, and to win a fair return on the money invested, by maintaining proper relations with proper customers.
How well it has succeeded in doing this since its organization as a National Bank, the following statistics show :
Original Capital $156,000.00
Increased by cash in 1866 to 250,000.00
Increased from profits in 1870. 50,000.00
Increased from cash in 1875. 200,000.00
Present Capital 500,000.00
Present Surplus and Undivided Profits 283,652.64
Total Dividends paid 1.223,417.47
Total Taxes paid 336,053.73
The bank has never passed a semi-annual dividend, nor has it ever made a dividend of less than four per cent with all taxes paid. Large as these figures seem in the aggregate, they simply show the result of steady work year after year, for more than thirty years in the midst of a growing community. The an- nual profit on the capital used is small, com- pared with that of other kinds of business, to the success of which the bank's money has contributed.
In January, 1896, Mr. Myron E. Dennison was made cashier. In 1904 Mr. Robert Mc- Curdy, who had been president since 1877, died and soon after the First and Second Na-
tional banks were consolidated, the capital be- ing then increased to $1,000,000, Mr. Henry M. Garlick, who had been president of the Second National, becoming president of the consolidated bank. The vice-presidents were : Henry M. Robinson, Myron I. Arms, and Henry Tod. ` R. E. Cornelius was made as- sistant cashier. The condensed report of the bank made to the Comptroller of the Currency, November 12, 1906, is as follows :
RESOURCES.
Loans, Discounts and Investments. $4,985,787.79
U. S. Bonds to Secure Circulation 950,250.00
U. S. Bonds to Secure Deposits. 75,000.00
Real Estate 85,980.00
Due from Banks 1,253,527.3I
Cash 509,602.91
$7,860,148.01
LIABILITIES
Capital
$1,000,000.00
Surplus and Profits 953,322.50
Circulation 941.850.00
Deposits
4,964,975.51
$7,860,148.01
The present officers are: Henry M. Gar- lick, president ; Myron I. Arms, vice-president; Henry M. Robinson, vice-president ; Myron E. Dennison, cashier ; Ralph E. Cornelius, assist- ant cashier.
MAHONING NATIONAL BANK.
The Mahoning National Bank is the suc- cessor to the Youngstown Savings & Loan Company, which was organized in 1868, with a capital stock of $600,000 ($150,000 paid in), and with the late Governor Tod as president. The bank was continued under that name and with the original charter until 1877, when it was reorganized as the Mahoning National Bank, with the same officers, directors and stockholders, and with a capital stock of $229,- 000. It was thus continued until July 1, 1906, when the capital stock was increased to $300,- 000, and the surplus to $200,000. The origi- nal twenty-years charter having expired in 1897, it was then renewed for twenty years more.
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AND REPRESENTATIVE CITIZENS
An abstract of the report made to the comptroller of the currency, November 12, 1906, by the Mahoning National Bank shows the following resources and liabilities :
RESOURCES.
Loans, Discounts and Investments $4,985.787.79
U. S. Bonds
300,000.00
Banking House
54,750.00
Cash and due from Banks 359,947-33
$2,177,722.40
LIABILITIES.
Capital Stock
$ 300,000.00
Surplus Fund
200,000.00
Undivided Profits
40,426.76
Circulation outstanding
290,000.00
Deposits
1,347,295.64
$2,177,722.40
The present officers of the bank are: W. Scott Bonnell, president; Walter A. Beecher, vice-president; J. H. McEwen, cashier ; Thomas A. Jacobs, assistant cashier.
COMMERCIAL NATIONAL BANK.
The Commercial National Bank of Youngstown was organized in 1881, with a capital stock of $200,000. C. H. Andrews was the first president. The capital has been lately increased to $350,000, the bank having a surplus fund of $100,000, with undivided profits of $56,000. President Andrews died December 25, 1893, and was succeeded in the presidency of the institution by the late George M. McKelvey, whose death occurred Decem- ber 24, 1905. Up to the time of Mr. Mc- Kelvey's election General T. W. Sanderson had served as vice-president. Early in Janu- ary, 1906, Mason Evans, who had been cash- ier from the beginning, was elected president, which office he still retains. The other of- ficers are: L. E. Cochran, vice-president : C. H. Kennedy, cashier; Harry Williams, assist- ant cashier.
The following is a condensed statement of the bank's condition made to the comp- troller of the currency. November 12, 1906:
RESOURCES.
Loans and Discounts $ 999,019.23
U. S. and other Bonds
328,979.90
Due from Other Banks
110,278.45
Cash on Hand
156,351.71
$1,594,629.29
LIABILITIES.
Capital Stock
$ 300,000.00
Surplus and Profits
150,361.71
Circulation
193,850.00
Deposits
1,100.417.58
$1,594,629.29
THE DOLLAR SAVINGS AND TRUST CO.
The Dollar Savings and Trust Company, one of Youngstown's leading financial institu- tions, was organized in 1887, with a capital stock of $100,000.00. Its first president was John I. Williams, who continued in that of- fice until 1902. He was succeeded by Asael E. Adams, who is now president. The capi- tal stock of the bank has been increased four times, and is now $1,500,000. The deposits have been increased to $6,500,000. The bank is now the largest bank in Ohio outside of Cleveland and Cincinnati, and combines with- in itself all the elements of a savings bank, a commercial bank, and a trust company. The following statement of the condition of the bank was issued December 31, 1906:
RESOURCES.
Cash on Hand and in Bank.
$1,443,360.82
Loans and Bonds
6,772,933.47
Real Estate 300,000.00
$8,516,294.29
LIABILITIES.
Capital Stock
$1,500,000.00
Surplus and Profits
343.094.67
Unpaid Dividends
45,166.50
Deposits
6.628,033.12
$8,516,294.29
The present officers of the bank are: A. E. Adams, president ; John C. Wick, vice-pres- ident; Henry M. Garlick, vice-president; E.
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HISTORY OF MAHONING COUNTY
Mason Wick, secretary ; Rolla P. Hartshorn, treasurer ; Charles J. Wick, cashier; Paul H. McKelvey, assistant treasurer ; E. H. Hosmer, assistant cashier.
THE HOME SAVINGS AND LOAN COMPANY.
This company was organized in 1889 and its charter dated on January 15th, of that year. Among its incorporators were such men as John R. Davis, then a leading fire insurance agent, P. D. Cotter, a successful merchant, and other well known men, most of whom are now deceased. The only survivors of the original incorporators are Mr. J. R. Woolley, who is now vice-president of the company and Mr. James M. McKay, who has been its secretary from the start.
The company opened for business on Feb- ruary 28, 1889. Its first location was up- stairs in the Excelsior Block over the store room now occupied by the Mullaly-Reilly Company. Mr. Mckay had been occupying this room as a law office for some years and for quite a while the company had the use of the room without expense. The business at first grew slowly; by January 1, 1890, the deposits amounted only to $3,652,00. The ex- pense had been light, however, and a good div- idend was left for the depositors. Steadily and surely, if not rapidly, the business increased and in about four years time the deposits reached $100,000.00. By this time it was felt that a location nearer the ground floor would be more accessible and accordingly the base- ment room of the Mahoning National Bank was leased for a period of five years and the company took possession of it. This term was afterward extended and the company occupied the basement for a little over ten years. From '93 to about '97 or 98 times were bad in Youngstown and the growth was small; still the company managed to forge ahead a little each year and add new depositors to those al- ready secured. On January I, 1898, its depos- its reached a quarter of a million. From this time on times began to get better, but it was still a year or two before there was much ac- tivity in real estate and the growth of the com-
pany continued to be slow. In the fall of 1901, however, the deposits had increased to more than half a million and the basement room was- getting too small to accommodate the business. Inquiries were made which finally resulted in the purchase of the property at 129 West Fed- eral Street, where the company is now located. This property was purchased from Reel & Moyer in November of that year, but being under lease at the time, the company was not able to occupy it until two and one-half years later.
From the time that the property was pur- chased, the growth of the company was more rapid. By January 1, 1904, their deposits exceeded a million. Two years later they were over a million and a half and their net increase during 1906, which was more than three quarters of a million, stands unparalleled in the history of savings institutions in towns the size of Youngstown.
Mr. McKay has been secretary of the company since its organization. For the first four or five years he did all the clerical work himself, drew up the mortgages and personally examined the records for all loans on real estate. In time, however, it became necessary to make additions to the clerical force until now it requires the constant services of ten people to look after the affairs of the institu- tion, while still others are employed part of the time in appraising property and doing other outside work.
The form of investment which has been favored by this company from the first is to lend its money on mortgage of real estate. Of all the monies that it has handled, 98 per cent have been invested and its loans have been se- lected with such care that not a dollar has been lost. During the hard times which prevailed from '93 to '98 the company was compelled. to foreclose a few mortgages and occasionally had to take a piece of property and hold it until a purchaser could be found, but these were all sold without loss and on most of them a profit was realized.
Of all forms of loans on real estate, the management have always considered that loans made for the purpose of buying, build-
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OHIO WORKS, CARNEGIE STEEL COMPANY, YOUNGSTOWN
BANK.
ILE LE CE
G.Y.HAHORY
INTERNATIONAL BANK, YOUNGSTOWN
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THE DOLLAR SAVINGS AND TRUST COMPANY BUILDING, YOUNGSTOWN
AND REPRESENTATIVE CITIZENS
277
ing or improving homes were the most desira- ble. Manufacturing plants especially have been avoided; some business blocks have oc- casionally been taken, but homes have always had the preference and the company has aimed to be faithful to its motto, "The American Home the Safeguard of American Liberties." Its mortgage loans have been made on easy terms and the small borrower has always had as good a rate of interest as the large bor- rower. The company has been instrumental in purchasing, building or improving some- thing like 5,000 homes in Youngstown and vicinity.
In the division of its profits the Home Sav- ings and Loan Company is unique. It is a mutual institution and all its profits are di- vided ratably among its depositors. It thus returns to the man who saves his money all the profits that his money earns. Strictly speaking, its depositors receive a dividend in- stead of interest, but this dividend has been established so long at 5 per cent that the public look upon it as a fixed rate. Its directors do not consider themselves in any sense as own- ers of the business, but merely as trustees thereof and their detailed annual reports pub- lished each year, and mailed to each depositor, show item by item how their trust has been ex- ecuted. These reports are also circulated widely among other financial institutions of the United States and copies are regularly sent to certain institutions in foreign countries.
Like all growing cities Youngstown's pop- ulation is somewhat restless and her people move from place to place as better situations can be secured. Many depositors in the Home Savings and Loan Company who have thus changed their location have still retained their savings accounts here and continue to make deposits from their new location. In this way the patrons of the company have become scat- tered. Every important section of Ohio has depositors in the Home Savings and Loan Company. Over one-half of the states in the union and many foreign countries are repre- sented on its books and seldom is a mail de- livered at the office that does not contain
checks or drafts from distant localities or for- eign countries.
EQUITY SAVINGS AND LOAN CO.
The Equity Savings and Loan Company was incorporated in 1900 by Asahel W. Jones, Harry A. Ernst, Ralph E. Cornelius, M. M. Phillips and E. H. Turner, with a capital stock of $500,000. Soon after its incorporation it came under its present management, and it is now one of the most successful and solid finan- cial institutions in Youngstown. On Septem- ber 20, 1905, its capital stock was increased to $1,000,000. It guarantees 5 per cent interest on deposits of any amount from one dollar up- ward. During the five years or more that it has been in business it has handled over $1,000,000 for its patrons and has never lost a dollar. Its steady and rapid financial growth is clearly shown in the following financial statement of its resources issued October I, 1906 :
October 1, 1901 $ 8,000:00
October 1, 1902 80,000,00;
October 1, 1903 165,000.00·
October 1, 1904
233,000.00
October 1, 1905 310,000.00
October 1, 1906 400,000.00
Besides accumulating, as above shown, over $400,000 in net resources, it has earned for its patrons in interest and dividends over $50,000, a record of which the officers and directors are justly proud. The credit for this excellent showing is largely due to the com- pany's secretary and manager, Mr. Harry H. Geitgey, who has worked for the interests of the institution with rare judgment and energy.
The company's financial statement for October 1, 1906, is as follows :
RESOURCES.
First Mortgage, Real Estate, Loans $367,693.05
Collateral Loans 13,688.00
Furniture & Fixtures 1,426.31
Cash on Hand 17,414.07
$400,221.43.
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HISTORY OF MAHONING COUNTY
LIABILITIES.
Paid in Capital $227,253-79
Surplus & Undivided Profits 8,720.74
Deposits
150,782.46
Unfinished Loans on New Dwellings 13,464.44
$400,221.43
YOUNGSTOWN SAVINGS AND BANKING CO.
The Youngstown Savings and Banking Company was opened for business March 18, 1905. The capital stock was $50,000, which was increased July 1, 1906, to $100,000. The bank's statement for December I, 1906, is as follows :
RESOURCES.
Mortgages and Loans $388,736.93
Furniture & Fixtures 7,547.29
Current expenses
3,077.87
Cash on hand and in Banks
88,202.37
$487,564.46
LIABILITIES.
Capital Stock paid in
$100,000.00
Surplus and Undivided Profits
8.238.92
Deposits
379,325.54
$487,564.46
The officers of the company are: Hon. W. T. Gibson, president; W. R. Leonard, vice president ; H. W. Grant, treasurer.
INTERNATIONAL BANK.
The International Bank, located at No. II North Phelps street, was founded soon after his arrival in Youngstown, by Mr. Gus- tave V. Hamory, who came here in 1900 from Washington county, Pennsylvania. Mr. Hamory was born in Hungary in 1869 and came to America in 1885, locating first in Pittsburg, where he gained his knowledge of American banking methods. The Interna- tional Bank issues drafts and money orders on all parts of the world, makes collections on estates, handles various claims, and also sells steamship and railroad tickets. It has a large patronage among the foreign residents of Youngstown and the vicinity, the business keeping a number of clerks busy. Mr. Ham- ory also has a flourishing branch office in Sharon, Pennsylvania.
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CHAPTER XXI
THE BENCH AND BAR
Its Early History-First Court and First Law yers-Great Lawyers of Former Years-The Present Bar and Its High Standing.
Perhaps in no one respect is the advanced degree of progress attained by Mahoning county more clearly manifest than in the high standard of its courts, and the reputation for learning, dignity, and ability that has been long sustained by the members of the legal profession in this community generally. This high standard was early set, and has never been lowered as a whole, and but seldom in part, by any conspicuous shortcomings on the part of said members ; and it is safe to say that, outside of the city of Cleveland, no community in the state can claim precedence over Mahon- ing county in all that goes to constitute a model bench and bar.
PRIMITIVE COURT SCENES.
The lawyers and judges in the earliest period of our civil history performed their duties under very different scenes and condi- tions from those which now prevail. A brief description of these has come down to us in a small History of the State of Ohio, published at Cincinnati, as far back as 1838, by Caleb Atwater, A. M., who was himself in his younger days, an eye-witness to that which he relates. He says :
"The president judge and the lawyers trav- elled their circuits holding courts. When ar- rived at the shire town the lawyers and judges
were all generally thrown together into one room in a log tavern and slept under the same roof, and some of them very near it. The food was generally cooked out of doors, and the court house was not unfrequently some log cabin in the woods without a floor in it. We have seen a constable with a grand jury sitting under a tree, and the constable keeping off the crowd, so as to prevent their hearing the testi- mony of witnesses before the jury. Another constable was guarding a petit jury under some other tree while they were deliberating on their verdict. And when a new county was organized the newly-elected judges, jur- ies, etc., had to be instructed in their duties by the presiding judge and the state's attorney. These things are all in our recollection, fresh, and distinctly remembered."
He further .says :
"Judges and lawyers rode from court to court and carried their provisions or starved on the route. Though they generally got into some settlement before nightfall, yet not al- ways, as we shall long remember. When the streams were swelled with rain they swam every stream in their way."
If such conditions now prevailed, a cer- tificate of natatorial proficiency would proba- bly be made a sine qua non of graduation in every law school course.
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HISTORY OF MAHONING COUNTY
FIRST COURT IN TRUMBULL COUNTY.
The first court in Trumbull county after its organization, convened in Warren at 4:00 .p. m., on Monday, August 25, 1800. It was "held in primitive fashion between the corn- ,cribs of Mr. Quinby, which stood where Main street passes in front of the Cleveland and Mahoning passenger station. Here the judge and justices of the county took the oath of .office, and proceeded to open the court of «Quarter Sessions and Court of Common Pleas, .agreeable to the order of the Governor. They also divided the county into eight townships and appointed constables in each. A venire -was issued to summon eighteen persons as grand jurors. Information was lodged by the : state's attorney against Joseph McMahon and Richard Storer. On the 26th the jury found indictments against each of them for the mur- der of two Indians at the Salt Springs, and processes were ordered to be issued against them, to be apprehended and held in close cus- tody until the Governor should order a court of Oyer and Terminer to be held to try them. · The witnesses were recognized to attend said .- court. The court sessions lasted until noon on . the 29th. The civil officers for the county were as follows: John Young, Turhand Kirt- "land, Camden Cleveland, James Kingsbury and Eliphalet Austin, esquires, justices of the : peace and quorum; John Leavitt, Esq., judge of probate and justice of the peace; Solomon . Griswold, Martin Smith, John Struthers, · Caleb Baldwin, Calvin Austin, Edward Brock- · way, John Kinsman, Benjamin Davison, Eph- raim Quinby, Ebenezer Sheldon, David Hud- : son, Aaron Wheeler, Amos Spafford, Moses Park, and John Minor, esquires, justices of .the peace. Calvin Pease, Esq., clerk; David Abbot, Esq., sheriff; John Hart Adgate, cor- ,oner; Eliphalet Austin, Esq., treasurer; John Stark Edwards, Esq., recorder.
The following persons were impaneled and .: sworn on the grand jury: Simon Perkins, foreman; Benjamin Stow, Samuel Menough, Hawley Tanner, Charles Daly, Ebenezer King, William . Cecil, John Hart Adgate,
Henry Lane, Jonathan Church, Jeremiah Wil- cox, John Partridge Bissell, Isaac Palmer, George Phelps, Samuel Quinby, and Moses Park. George Tod, Esq., was appointed by the court to prosecute the pleas of the United States, the present session, and took the oath of office. It was also ordered by the court that the private seal of the clerk should be considered the seal of the county, and be af- fixed and recognized as such till a public seal could be procured. A committee was ap- pointed by the court to divide the county of Trumbull into townships; their subsequent re- port describing the limits of the townships of Warren, Youngstown, Hudson, Vernon, Mid- dlefield, Richfield, Payneville, and Cleveland, was accepted. The court appointed Turhand Kirtland, John Kinsman and Calvin Austin, esquires, a committee to fix upon and provide some proper place for a temporary jail, until a public jail could be erected. This committee reported that the room in the southwest corner of the house of Ephraim Quimby, Esq., was a convenient and proper place for a temporary jail, and the report was so accepted by the court, and it was ordered accordingly. Cer- tain limits were also assigned, embracing land around the jail, and called "the liberties of the prison," within which a prisoner on good be- havior and his parole was allowed to walk. The court also appointed constables for the respective townships to serve "for the present year," James Hillman being appointed for the township of Youngstown. On motion of Judge Kirtland, the court ordered that Jonathan Fowler be recommended to the Governor of this territory as a fit person to keep a public house of entertainment in the town of Youngs- town, on his complying with the requisites of the law. A similar order, on motion of Mr. Edwards, was made out in favor of Ephraim Quinby, of the town of Warren.
Benjamin Davison, Esq., Ephraim Quinby, Esq., John Bently, and John Lane were bound over in the penal sum of $200 each to appear before the next court of Oyer and Terminer "to testify the truth between the United States and Joseph McMahon on an indictment for
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AND REPRESENTATIVE CITIZENS
murder; and also between the United States and Richard Storer on an indictment for murder."
The session ended with an order by the court "that the clerk be authorized to procure a public seal for the county of Trumbull, of such a size and with such device as he shall deem proper, at the expense of the county."
OTHER COURT SESSIONS.
At the next session of court on the Reserve it was "ordered by the court that the county of Trumbull be divided into districts for the purpose of carrying into effect the territorial tax upon land, and that each town (as the towns were established by the court in August last shall constitute one district, and that each district shall bear the same name with the town which constitutes it," Calvin Pease, clerk. It was also "ordered by the court that the county of Trumbull be divided into two election dis- tricts; that the towns of Middlefield, Rich- field, Paynesville, and Cleveland shall consti- tute the northern division, and that the house erected by Mr. Simon Perkins at the intersec- tion of Youngs road and the Lake road, be the place for holding elections in the northern dis- trict. And that the towns of Youngstown, War- ren, Hudson and Vernon shall constitute the southern district, and that the house of Eph- raim Quinby, Esq., in Warren, shall be the place of election." C. Pease, clerk.
"Ordered by the court that the sum of two dollars shall be paid out of the treasury of the county as a reward for each and every wild wolf, of the age of six months and upward, that shall be killed within this county, to the person killing the same; and the sum of one dollar for each and every wolf under six months, that shall be killed in this county, to the person killing the same; under the restric- tions and regulations of an act of this terri- tory entitled, 'An Act to Encourage the Kill- ing of Wolves.'" Calvin Pease, clerk.
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