USA > Ohio > Allen County > History of Allen County, Ohio, and representative citizens, Part One > Part 28
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BELL SUPPLY COMPANY. Among the job- bing and wholesale houses of Lima which have gained renown in the past few years none has excelled the record made by the Bell Supply Company. The company is located in Rooms 200-201-202 Opera House Block. Estab- lished in February, 1900, it has enjoyed five years of uninterrupted prosperity and progres- sion. They now cover a radius of 50 miles in supplying the trade in other cities and coun- ties with photographers', jewelers', opticians'
and dental supplies, in addition to doing a large local business. As retail dealers in cameras and photographic supplies, they are headquarters for the Eastman "Kodaks." In the staple lines the firm handles Hammel, Rig- lander & Company's wares in jewelers' and op- ticians' supplies ; Johnson & Lund's dental sup- plies; Taprell, Loomis & Company's photo- graphic cards. In caring for its large trade, in addition to its offices and sales rooms, the firm has two large stock rooms on the fifth floor of the Opera House Block.
S. A. BAXTER & SONS. Dr. Samuel A. Baxter is one of the best known men in Lima -- a typical type of the high-minded American, a gentleman, a scholar and a business man of worth. Dr. Baxter with his sons is now en- gaged in private banking, or investments, and as such counselors no firm in the city could be more highly regarded. Dr. Baxter would not advise an investment unless he knew it to be good, safe and deserving and his clientage speak of him in the highest praise. His sons have been raised as bankers and know all the ins and outs of the financial world. The offi- ces of S. A. Baxter & Sons are located in Suite 406, Opera House Block.
KEMMER & COMPANY is one of the oldest and best known insurance firms doing business in this section of the State. C. G. Kemmer was born in Lima 51 years ago, and has al- ways resided in this city. He received a com- mon-school education, and early in life was apprenticed to the machinist's trade, continu- ing in this occupation for 15 years. In 1882 he formed a partnership with his brother, the firm doing a general insurance business under the style of O. F. Kemmer & Company. This amalgamation was successfully continued un- til 1893 when O. F. Kemmer met death in a railroad accident at Grand Rapids, Michigan, while acting as general agent and adjuster for the Cooper Insurance Company, of Dayton. C. G. Kemmer then assumed the entire owner- ship of the business, which has since been known under its present title. Kemmer & Company represent 17 insurance companies, embracing fire, plate glass, accident, life and tornado, all of which are old-line American
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institutions. This agency, by reason of the permanency of its standing and its long and honorable career, may be regarded as one of the city's representative commercial enter -. prises.
Other insurance agencies are : E. D. Wal- lace & Son, O'Connor & Son, P. A. Kalıle, James E. Lowery, William McComb, Jr., George W. Harrison, W. T. McHenry, J. O. Ohler, A. Young & Company, W. H. Ste- phens, Rogers & Eckhardt and J. H. Phillips.
PUBLIC UTILITY CORPORATIONS.
THE LIMA TELEPHONE & TELEGRAPH COMPANY is a splendid example of a progres- sively and rightly managed public utility, and it furnishes to the people of Lima a service that is not excelled by any community in the coun- try. The company has installed the first and only underground system of wires in Lima, as well as the latest type of lamp signals, mul- tiple switchboard, and a full copper metallic system of wires, making it one of the most complete plants in the country. The equip- ment is of the most approved style and of a permanent nature, the purpose of the company being to conduct for all time the business of giving to this city the best possible system of telephone service. The number of subscribers of the directory aggregate 2,200. The com- pany occupies the entire third floor of the Har- per Block, and in connection with the United States Long Distance Telephone Company affords its patrons service with over 200,000 subscribers in more than 668 exchanges and nearly 1,500 toll stations in Ohio, also connect- ing with long distance lines in adjoining States. The officers of the company are : Davis J. Cable, president; W. H. Duffield, treasurer ; C. H. Cory, C. F. Stolzenbach, J. R. Sinclair, George W. Beers, J. B. and A. W. Hoge and Gustav Hirsch, directors, and George H. Metheany, secretary and general manager.
THE LIMA GAS LIGHT COMPANY and LIMA NATURAL GAS COMPANY. These com- panies are splendid examples of how private corporations can utilize those resources de-
rived from the public and so manage and oper- ate an industry as to not only hold the good. will of the public but also give the service and. supply the goods at a most reasonable price .. The Natural Gas Company has succeeded in. piping gas from the fields of Southeastern Ohio, especially Licking County, and thus; Lima is assured of a plentiful supply of this commodity for perhaps the next 20 years. For the past few years the sup- ply has been wholly inadequate, and thus the assurance that this inadequacy will give way to plentitude for many years to come has caused universal satisfaction. No large indus- try has played a more important part in the up- building of the city than The Lima Gas Light: Company. It has steadily kept pace with the growth of the community, extending its mains promptly when occasion requires, and recog- nizing at all times that the interests of the: people are identical with its own. The offi -- cers are: J. Murdock, president; J. D. S .. Neely, vice-president; S. E. Mulholland, sec- retary and treasurer; Samuel T. Murdock, general manager.
HOTELS.
Lima's hotel accommodations compare fa- vorably with those of any city in the Middle West. In addition to the several strictly first- class commercial hostelries, there are numer- ous cafes and places of like character, which. afford excellent service. This city is justly popular with the traveling public, a condition largely attained through the superiority of its: hotels. Sketches of our principal establish- ments in this branch of commercial activity are subjoined :
In the Lima House, this city possesses a' hotel which ranks with the leading commer- cial hostelries of the great Middle West. Ably managed and conducted along modern lines, this house stands as a monument to the en- ergy and ability of its managers, and as an: architectural adornment to the city as well. The proprietors are J. P. King and R. S. Gray, both well-known business men. The building is of beautiful perspective, the scheme of interior arrangement and equip-
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ment pleasing and effective, and the service unsurpassed.
The Hotel Norval is capable of character- ization as one of the finest hostelries in the State. It was built five years ago by J. C. Linneman, its construction and equipment costing $115,000. Mr. Linneman conducted the house until April, 1904, when he was suc- ceeded by C. F. and J. J. Dow. On January 16, 1906, C. E. Dyer, formerly of the Wagner House, Sidney, Ohio, became proprietor. The
Norval, in many respects, has no peer in Ohio. It is absolutely fire-proof and contains 105 rooms, heated by steam, lighted by electricity, richly furnished, and equipped with tele- phones and hot and cold water. In connection is a first-class buffet.
Other hotels in Lima are: The Harrod House, The New Hoffman, The Manhattan, The Colonial, The Crescent, The Empire, The Werlin and Hotel French, all doing an excel- lent business.
CHAPTER XI
BANKS AND BANKING
The Bank in History - United States Land Office-Leighton, Hurd & Jacobs-National Deposit Bank-Exchange Bank-Davis Bank-The City Bank-The Citizens' Bank- The Well-Known First National Bank -- Goldsmith & Kalb's Bank-The Metropolitan Bank-The Ohio National Bank-The Commercial Bank, Founded by Dr. S. A. Baxter-The Allen County Building & Loan Association - The Citizens' Loan & Building Company, The Lima Home & Savings Association-The South Side Build- ing & Loan Association-The Lima Trust Company-The Bank of Lima.
THE BANK IN HISTORY. ,
The word "bank" is of Greek origin. In that language it means a bench or table for changing money. The word "bankrupt" is of Italian origin, as in Florence the term Banca Rotta meant "broken bench," hence a bankrupt had his bench broken. The first bankers sat behind a little bench on the open street with their money piled upon the bench in front of them. This was their "bank," and when their money was lost, then their bench was said to be broken from which comes our term "bankrupt."
There are three great functions which the bank of to-day performs, viz., the receipt of deposits, the making of discounts, and the issue of notes. For the last named, a charter is gen- eally granted at the present time, though in earlier days, and especially in England, private banks and banking firms could issue notes. It is possible, however, to group all the duties of the bank under two heads-lenders and bor- rowers. Their loanable funds consist of their own capital, and that of their depositors. Their profits arise from the payment to them of in- terest on loans. The origin of banking goes back to the most remote antiquity. The mod-
ern banker is generally a dealer in credit, while in ancient times he was a mere custodian of other people's money, and a buyer and dealer of foreign moneys. The first credit instru- ment handled by the early bankers appears to have been a bill of exchange. The historians find, by aid of the explorers, the bill of ex- change in use in Assyria, thousands of years before the birth of Christ. The same was true in Athens and Rome, though not quite so early as in Assyria. The profits in those early days seem to have come almost entirely from commissions upon deposits. Livy first men- tions (B. C. 350) this system in banking and it is frequently referred to in Latin literature of a later time. The great insecurity of all kinds of property during the Middle Ages al- most destroyed the system of banking. In fact it was reduced to that of mere money changing.
The rise of modern banking, however, dates from the establishment in Venice of the Banco di Rialto in 1587. In 1619 this great bank was absorbed by the Banco del Giro. So strong did this latter bank become that it was relied upon as the main support of the govern- ment, and we have a record that it loaned the government of Venice 500,000 ducats at one
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time. So well were its affairs managed that for 100 years or more this Bank of Venice, as it was called, was enabled to hold all its cred- its at a premium, until 1805, when its affairs were liquidated under a decree of Napoleon.
In Amsterdam and Hamburg there were great banks established in the same century as the Banco del Giro in Venice, and they were of great importance in the up-building of these great cities among the commercial affairs of the world. By excessive loans to the Dutch East India Company, the Bank of Amster- dam was obliged to close its doors in 1819 by a royal decree.
In the 18th century, the two characteris- tics of modern banking-the issue of notes not covered by coin, and the granting of deposit accounts upon the mere credit of borrowers- were evolved, and this forms a part of the banking system of to-day. In China, bank notes, such as are known to the modern bank- ing system in America, were more or less fa- miliar for 12 centuries, but in Europe the use of bank notes dates only from 1661, when the Bank of Sweden issued notes to avoid the transfer of copper coin. The world is more or less familiar with the Bank of England, es- tablished at the close of the 17th century. This great banking institution, perhaps the greatest in the world, was established by a Scotchman, and more than once has it saved not only the credit, but the real life of England. It is famil- iarly known as "the old lady of Thread Needle Street." The Bank of Scotland was not es- tablished until shortly after the Bank of Eng- land, but it received privileges from the Eng- lish government, similar to those possessed by the Bank of England.
In America, the words "Wall Street" carry with them a financial significance, recognized in every corner of the world. It was formerly said that "when the old lady of Thread Needle Street took snuff, Wall Street sneezed." This is not true at the present time. Wall Street stands alone, and the money interest of the United States is on a par with the greatest na- tions of the world.
No civilized country can make advance- ment without a bank. When conservatively
managed, it is a blessing not only to its imme- diate community, but to the world of advance- ment at large, and in Allen County it may safely be said that the financial interests are well managed, and of liberal, patriotic useful- ness, when needed for the advancement of the county. No disastrous failures have marked the progress of banking in Allen County. True, there have been ripples upon the surface, but the great tide of increasing wealth and the blessings of prosperity have in no way been checked or turned aside by bad financial man- agement.
The following accounts of the banks of Lima and of the building and loan associa- tions will be of interest to every citizen of the county.
In 1834 the United States Land Office was removed from Wapakoneta to Lima, and this. served as the first banking institution of the- place. Later the store of King & Company kept large amounts of money on hand and would cash the checks issued by King & Day in payment for the wheat and other products sold at their warehouse on North Main street.
The Leighton, Hurd & Jacobs bank was. established in the early '50's. It was a modest concern conducted in a one-story building south of the old Court House. Later it was in the hands of Hurd & Jacobs and went out of business about 1859.
The National Deposit Bank was estab- lished in the corner room of the Lima House under the direction of Shelby Taylor, Benja- min C. Faurot and George H. Hackedorn. This in 1867 became the Allen County Bank and in the early '70's the location was changed to the corner room in the Langan Block. This. bank was again changed to the Lima National Bank and for many years was one of the lead- ing financial institutions of the State.
The Exchange Bank was started after the war by N. Tucker. This was succeeded by the Farmers' Savings Bank with J. B. Roberts as president and N. Tucker as cashier. The directors were Fred Rost. R. Metheany, J. B. Roberts, N. Tucker. G. Day. J. Collett, Theo. Mayo, M. Lones, George Ward and J. R .. Hughes.
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The Davis bank was an individual bank started after the war and conducted until the death of Mr. Davis, when it was bought and conducted by Baxter Brothers & Company, under the name of The City Bank of Lima, which name it has since retained. It was pur- chased by Thornton T. Mitchell, who has been its president for some 30 years. E. B. Mitchell is cashier and E. T. Mitchell the assistant cashier.
The Citizens Bank of Lima was opened for business in the corner room of the Lima House with Shelby Taylor as cashier. In 1872 it was changed to the First National Bank, which is to-day the oldest financial institution in the city. The leading spirit in its organization was the late United States Senator Calvin S. Brice, who remained an officer and director until his death. The stockholders are repre- sentative men of the city and vicinity. The capital stock is $100,000, and the shares are $100 each. The equipment of the bank is of the highest order. It has a "Corliss" cannon-ball safe weighing eight tons and has never been burglarized. Safety deposit boxes are carried free of charge to patrons. All told, the bank is one of the most handsomely appointed in Northern Ohio. It is located on the northwest corner of Main street and the Square. It is a prosperous and flourishing bank, enjoying the entire good will of a thrifty and wealthy business community. The present efficient management of the insti- tution is as follows : Directors-W. B. Richie, E. Christen, J. Oscar Hover, William M. Melville, S. S. Wheeler, C. D. Crites, The- odore D. Robb and Dr. R. E. Jones, of Gomer, Ohio; president, Theodore D. Robb; vice- president, W. B. Richie; cashier and manager, D. Morris; assistant cashier, F. C. Cunning- ham; receiving teller, A. M. Churchill; gen- eral bookkeeper, H. O. Jones; under book- keeper, Eugene Christen.
Goldsmith & Kalb's bank was established in July, 1894. This in 1898 was converted into the American National Bank, which liqui- dlated and was succeeded by the Bank of Lima. This again liquidated and was succeeded by ,
Kalb & Thrift's bank, which in 1900 sold out to the Ohio National Bank.
The Metropolitan Bank while not the old- est banking concern in the city is one of the most progressive and has become fully estab- lished in the good graces of the people of Lima. Its business methods are such as to commend it entirely to the public and the growing business is an ample evidence that the people appreciate courteous treatment. This bank was chartered in January, 1890, with $50,000 capital stock, and began business in June of that year. The bank does a general commercial and savings business. It has al- ways occupied its present location in the Met- ropolitan Block, third door from North street fronting on Main. The officers are Robert Me- haffey, president; Thomas Duffield, vice-presi- dent; William H. Duffield, cashier; and G. E. Mehaffey, assistant cashier. The directors are: Robert Mehaffey, Thomas Duffield, C. H. Cory, C. E. Losee, J. O. Ohler, Levi Het- rick and O. B. Selfridge.
The Ohio National Bank, one of the thor- ough-going and substantial concerns of the city, began business about 1888 in the building located on the northwest corner of the Public Square and Market street. In 1900 it moved to its present quarters in the Opera House Block. Its capital and surplus is $180,000. The officers are: J. C. Thompson, president ; Dr. Frank Ewing, vice-president; L. H. Kib- by, cashier ; and A. C. Feltz, assistant cashier. The directors are: B. F. Thomas, J. R. Sin- clair, J. C. Thompson, H. M. Colvin, Dr. F. Ewing, F. E. Harman, H. A. Holdridge, L. H. Kibby and F. W. Holmes.
The Commercial Bank first opened for business on April 1, 1895, in the west room of the Lima Club building. A few years ago it was moved to its present quarters at No. 141 North Main street. The founder and first president was Dr. S. A. Baxter, who was for many years president of the First National Bank of Lima and for more than 30 years has been in the banking business. The Commer- cial is a private bank and does a general bank- ing business, giving special attention to invest-
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ment securities. On November 19, 1904, the bank was sold to the present management. The officers are: I. T. Moore, president ; Henry Moore, cashier, and Clem S. Baxter, as- sistant cashier.
The Allen County Building & Loan Asso- ciation was organized November 24, 1897, and has an authorized capital of $1,500,000. It is incorporated under the laws of the State. of Ohio. The business methods followed by this company, which is located on the north- east corner of High and Elizabeth streets, make possible many real estate deals and much building and repairing work that go a long way toward giving Lima an air of prosperity and an appearance of beauty. This associa- tion was organized for the purpose of raising money (on which dividends or interest is paid), to be loaned among the members and depositors for use in buying lots, building and repairing houses and for such other purposes as come in the avenues of legitimate business. The business is not confined to Lima alone, but as the name indicates is operated through- out Allen County. The officers are as follows : Charles F. Stolzenbach, president; John W. Shanahan, vice-president; John W. Roby, at- torney; Charles E. Lynch, secretary; Stephen M. Churchill, treasurer. The directors are : John Crumrine, F. A. Holland, John W. Roby, J. W. Shanahan, Dr. D. H. Sullivan, H. G. Wemmer and C. F. Stolzenbach.
The Citizens' Loan & Building Company was organized in March, 1882, by George Feltz. Its assets for the year ending 1905 were $800,000 and a dividend of 6 per cent was declared for the year. The officers are as follow : Owen Francis, president; Louis Koch, vice-president; L. A. Feltz, secretary ; George Klein, treasurer ; Prophet & Eastman, solicitors. The directors are: Owen Francis, George Feltz, Louis Koch, John Herbst, James Donahue, Philip Walther, George Klein, W. T. Agerter and Robert Edmunds.
The Lima Home & Savings Association was incorporated under the laws of the State of Ohio on the 26th of September, 1887. Bor- rowers and depositors in this association each receive a semi-annual dividend. The borrow-
ers receive a dividend on the amount they have paid on the principal and the depositors on the total amount they have deposited with the as- sociation. Its office is located in the Masonic Building, the second door west of the main entrance. The officers are as follows : Direc- tors-W. K. Boone, C. H. Cory, William Mel- ville, Joseph Potter, Ira P. Carnes and T. C. Calvert; treasurer, L. H. Kibby ; secretary, C. F. Sprague.
The South Side Building & Loan Asso- ciation is one of the leading institutions of the kind in Lima and Allen County. It makes loans on real estate only, assists in the pur- chase of property and furnishes part of the money required for building purposes. It makes 6 per cent dividends on savings ac- counts. Money due members can be with- drawn generally on call and in large amounts on notice properly given. The capital stock is $2,500,000. The organization of this com- pany was effected on August 2, 1888, with Charles M. Hughes, F. W. Holmes, C. M. Hughes, Jr., W. L. Porter and W. H. Lam- berton as subscribers to the articles of incor- poration. The articles were approved by Sec- retary of State J. S. Robinson on August 21. 1888, and a month later the organization was perfected with C. M. Hughes, president; F. Thompson, vice-president; J. Moser, secre- tary ; C. M. Hughes, Jr., treasurer, and W. L. Mackenzie, solicitor. The officers at the pres- ent time are: Theodore D. Robb, president ; F. Thompson, vice-president ; J. Moser, secre- tary; F. C. Cunningham, treasurer; W. L. Mackenzie, solicitor; Mabel Mackenzie, assist- ant secretary ; A. W. Dennan, assistant secre- tary ; Frank Scott, assistant at Bluffton, Ohio : and W. L. Mackenzie, R. C. Beck and H. H. Heman, appraisers.
The Lima Trust Company, a banking in- stitution in the fullest sense of the word, em- bracing as it does commercial, savings and trust features, opened its doors for business May 11, 1903. In the two years of its exist- ence it has stepped to the very front rank of banks in Lima and commands the fullest con- fidence of the public. The officers are: John D. S. Neely, president ; E. R. Curtin and J. O.
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Hover, vice presidents; C. H. East, secretary and treasurer. The directorate, in addition to the above named, includes: Davis J. Cable, R. W. Argue, Jacob Piper, E. J. Maire, M. P. Colt, J. B. Kerr, D. B. Morris, H. G. Wemmer, R. O. Bigley, J. R. Sinclair and G. E. Bluem. All are men of standing and influence in the community and the very best guarantee that the business entrusted to The Lima Trust Company will be carefully and judiciously handled.
On January 2, 1905, a branch was opened at No. 716 South Main street. This branch is meeting with unqualified success and has, as it deserves, the absolute confidence of all, being under the direct supervision of the above-named officers and directors.
Perhaps nothing will more fully demon- strate the standing of The Lima Trust Com- pany than the fact that it has recently been made the depository of the county funds.
The Bank of Lima, under the management of W. L. Russell, was formally opened to the public on January 1, 1906, and added another valuable banking institution to our city. It transacts a general banking busi-
ness, buys and sells exchange, issues letters of credit available in all parts of the world, loans money on real estate and mortgages, as well as on approved collaterals, buys and sells gov- ernment, railroad and municipal bonds and makes collections on all points. It acts as trustee, register and transfer agents for cor- porations, manages and cares for estates, oil properties and business interests of any kind. The high financial standing and business abil- ity of its manager is a sufficient guarantee that the new institution will be conducted on the best lines of commercial integrity. The bank is located at No. 107 West High street, oppo- site the Postoffice.
The banks of Lima are strong, safe and conducted upon the most approved plans of modern financial science. They are steadily increasing in strength and are among the most eloquent witnesses of the stability and pros- perity of the city's growth.
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