USA > Ohio > Franklin County > Columbus > History of the city of Columbus, Ohio, from the founding of Franklinton in 1797, through the World War period to the year 1920 > Part 43
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The Columbus Savings Bank was organized March 7, 1881, E. L. Hinman president, John R. Hughes vice president, B. N. Huntington treasurer, C. D. Hinman secretary, and with these officers and Jolin Beatty, Charles G. Henderson, George T. Tress and John F. Oglevee as trustees. It has since then been located in the building at the northwest corner of High and Goodale streets. Its founders are all gone, but the institution lives on. B. S. Dickson being president and cashier and W. C. Willard vice president.
The Merchants and Manufacturers' Bank was established September 5, 1881, by J. W. King and W. D. Park, and housed in the King building at the southeast corner of High and Spring streets. Its capital was $100,000. Mr. King, the president, died in 1885 and George M. Peters was elected to succeed him. The bank was reorganized later as the Union National Bank, W. S. Courtright president and E. J. Vaughan eashier, with a capital stock of $750,000. It fell into difficulties and was closed December 4, 1911, the depositors being ulti- mately paid in full. The stockholders received a total of seven per cent, the final payment having been made, under order of the District Court in September, 1918.
The South End Bank was established in 1882, with H. Mithoff president, L. Lindeman vice president and P. W. Corzilius cashier. In 1888 it closed its doors, and the stockholders were assessed to pays its debts.
The Columbus Savings Association was organized in 1880 at the office of Bowdle and Huling, 85 North High street, the incorporators being John R. Bowdle, Cyrus Huling, L .. W. Sherwood, Joseph F. Martin and Wallace Finch. It was the first building and loan association to be organized on the Dayton, or more liberal, plan. Its place of business was at 85 North High street, then in the basement of the Board of Trade building, then on East State street, then the Spahr building, East Broad street. In 1901 the organization was changed from a building and loan to a trust company. Up to that time L. W. Sherwood, J. F. Martin and Cyrus Huling had served successively as preseident, and Mr. Huling and Frank J. Dawson successively as secretary.
The erection of a 16-story building was projected about 1903, and soon after Huling and Dawson resigned as president and secretary, and Isaac B. Cameron was elected presi- dent and H. W. Backhus secretary. These were the officers when the building, which had been erected in 1905 and substantially and elaborately equipped for banking and office pur- poses, became the center of an anxious crowd of despositors. The bank's doors were closed
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HISTORY OF COLUMBUS, OHIO
February 26, 1912, and the State banking department immediately took charge of its affairs. It was found that the capital stoek paid in was $610,000. The estimated value of the real estate and building was $1,050,000, and there were securities-Texas land and interurban railway -totaling large, but of little real worth. The liabilities were $2,333,687.85. Besides the bad loans, there were charges of misuse of State funds, followed by litigation and mueh heart- breaking. To save themselves, the depositors formed a realty company and finally bought the building for $633,000, which was $417,000 less than the estimated value. The shrink- age on the other assets was $651,386.81, The liquidation by the State banking department extended over six years and cost $80,000. The total paid to ereditors was 68.75 per cent.
The Security Savings Bank, High and Goodale streets, was organized about 1907, J. A. Metealf, Dr. W. J. Means and Dr. W. B. Carpenter being among its promoters. It was elosed by the State department of banks and banking, April 26, 1914, while Beman Thomas was president and Frank C. Rogers was eashier. The Columbus Clearing House association at once advanced enough money to enable the superintendent of banking to pay all depos- itors.
Milton W. Strait did a private banking business at North Columbus for about ten years, beginning in 1895. He had been a grocer and when there seemed need for a bank there, opened one with a capital stock of $25,000. The bank made its elearanees through the Merchants and Manufacturers' Bank and when the latter fell into trouble, was caught. In 1905 J. H. Galbraith was appointed receiver in bankruptcy and succeeded in paying about 75 per cent of its debts.
The Fifth Avenue Savings Bank, Fifth avenue and High street, was organized May 19, 1904, with a capital of $50,000, of which half has been paid in; surplus $50,000. Its officers are: E. M. Parker president, C. A. MeAllister and E. W. Yantes vice presidents, J. E. Fippin cashier and secretary, J. W. Gordon, assistant eashier.
The West Side Dime Savings Bank, John F'. Andrix president and William Little cashier, after several years successful business, beeame involved and closed its doors, August 11, 1913. Through the action of the Clearing House Association, all the depositors were paid in full.
The Produce Exchange Bank was organized November 10, 1901, and began business the following January 16, at the northwest corner of Town and Fourth streets, with a capital stock of $25,000: In 1915 it moved to 114 East Town street. The first officers were: A. O. Glock president, J. J. Tanian vice president, Herman Falter treasurer, and A. F. Durant cashier. The present officers are: John Unversagt president, William Trautman vice presi- dent, Harry Sher cashier. The bank was moved in September, 1919, to Lazelle and Town streets.
The National Bank of Commerce grew out of the Bank of Commerce Co., which was organized April 9, 1900, and began business at the northeast corner of High and Chestnut streets. Its first officers and directors were: J. C. Campbell president, Dennis Kelley vice president, Philip L. Schneider cashier, F. O. Schoedinger, George T. Spahr, P. W. Hunting- ton, E. B. Gager, Julius F. Stone, D. H. Sowers and HI. B. Arnold. R. Grosvenor Hutchins was a director for several years before becoming vice president of the National Bank of Com- merce, of New York. The capital stock was originally what it now is, $200,000, thoughi there is now a surplus of $238,000. The institution became a national bank February 21, 1905, and in August of the same year moved to the northwest corner of High and Spring streets. It did business there till July, 1914, when it moved into the rooms of the defunet Union National Bank at the southeast corner of Spring and High streets. Its present officers and directors are: J. C. Campbell president, Philip E. Schneider vice president and manager, George T. Spahr and Wm. E. Rex vice presidents, Richard Patton cashier, Edmund E. Fox assistant cashier, Arthur J. Buehler auditor, John E. Brown, Frank E. Lauterbach, F. O. Schoedinger, Daniel H. Sowers.
The State Savings Bank and Trust Co. was organized December 8, 1891, the incorpora- tors being W. A. Hardesty, Henry A. Lanman, Edward B. Hall, W. F. Burdell, Edwin R. Sharp, R. M. Rownd and Abram Sharp. Its capital stock was $200,000. W. A. Hardesty was the first president and E. R. Sharp the first cashier. Its first place of business was the Chittenden Hotel building and, after the destruction of that building by fire, in the Board of Trade building. Subsequently, E. R. Sharp became president and Howard Butler was cashier. In 1911 the institution was merged with the Capitol Trust Co. as the State Savings and Trust Co., which is now doing business at 8 East Broad street.
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FINANCIAL INSTITUTIONS
The Capitol Savings and Trust Co., with a paid in capital of $100,000, opened for business in temporary quarters in the Harrison building, Monday, May 8, 1905. The offi- cers were: Walter D. Guilbert president, Stephen Monypeny and W. W. Miller viee presi- dents, A. W. Mackenzie secretary and treasurer. Bids were opened May 22, 1905, for a 16-story office building at No. 8 East Broad street. Frank L. Packard was the architect and the construction contraet was awarded to Niehols & Carr. At that time there were only two buildings of that height in the State. At a meeting of the stockholders September 11, 1906, the name of the institution was changed to the Capitol Trust Co., the completed building having been occupied on the preceding July 2. After several years of prosperous business, the Capitol Trust Co. decided to merge its business with that of the State Savings Bank and Trust Co., the new bank occupying the premises at 8 East Broad street. At that time the officers and directors were: W. D. Guilbert president, R. S. Warner, Elmore Hatton and C. Edward Born viee presidents, A. W. Mackenzie secretary and treasurer, Henry Bohl, James M. Butler, E. M. Fullington, Thaddeus Cromley, F. C. Dietz, Herman Hoster, E. M. Fullington, Adolphus Felty, William Neil King and Singleton P. Outhwaite.
The present City National Bank was organized as the City Deposit Bank by J. J. Jennings in August, 1898, and began business at Fifth avenue and High streets in Septem- ber, with a capital of $50,000, which was soon increased to $100,000. Foster Copeland was its president and Mr. Jennings cashier. The bank soon moved to Swan and High streets and on July 4, 1900, moved into its present room at the southeast corner of Gay and High streets. On June 12, 1905, the institution became the City National Bank, capital $300,000. Its officers and directors at that time were: Foster Copeland president, Z. L. White vice president, J. J. Jennings cashier, H. C. Godman, John W. Brown, C. A. Stribling, S. A. McManigal, John W. Kaufman, James B. Hanna, David Westwater, J. D. Price and F. A. Miller. Mr. Copeland continnes as president and Mr. Jennings is now first vice president.
The Ohio Trust Co. was organized May 9, 1901, its first officers being George W. Bright president, Nicholas Monsarratt, Carl J. Hoster, and W. S. Courtright vice presidents, and John L. Vance, jr., secretary and treasurer. It occupied rooms in the Wyandot building till February 10, 1902, when it moved to the Hayden building on East Broad street. The original capital of the company was $200,000 which was soon increased to $250,000, then to $500,000 and later to $700,000. In August, 1907, Mr. Vanee, having become financially interested in the Dispatch, resigned as secretary-treasurer and was succeeded by Walter English, Mr. Vance being elected a vice president, increasing the number from three to four. In Angust, 1909. Mr. Vanee was elected president of the bank and Mr. Bright chairman of the board of directors. In the fall of 1909 the Ohio Trust Co. purchased the business of the Citizens Savings Bank and changed its corporate title to the Citizens Savings and Trust Co. In 1916 the reorganized company began the erection of its handsome building at the southwest corner of High and Gay streets, occupying it January 21, 1918.
The Lincoln Savings Bank was organized in 1905, bought the property of the People's Savings Bank, which for a short time existed at Mt. Vernon avenne and Twentieth street, and opened business at 1017 Mt. Vernon avenue. The directors are George W. Bright, E. S. Dean, W. H. Halliday, Charles G. Sehenck, S. M. Sherman, John S. Sullivan and Charles E. Turner. George W. Bright is president. Capital $10,000.
The Northern Savings Bank was established in 1905 at 2663 North High street; capital stock $25,000. The directors and officers are: C. L. Dickey president, J. H. Zinn viee presi- dent, F. E. Robinson cashier, Henry Brown, H. D. Kenney, Bernard Smith and A. B. Walker.
The Market Exchange Bank, now located at the northwest corner of Fourth and Main streets, began business in a room on Fourth street north of Main, December 1, 1896, with S. B. Hartman as president and O. A. Schenck cashier. In 1915, W. V. Baker became president and was succeeded, on his death, by O. A. Schenck. The original capital of $50.000 has now been increased to $100,000. The directors are: O. A. Schenek, W. R. Gault, Chauncey B. Baker, Lewis Seidensticker, J. A. Kremer, F. B. Weisz, and J. W. Seidensticker.
The Commonwealth Savings Bank was organized in 1919, F. E. Shaffmaster president and J. Allen Pyne cashier, and located on Sonth Parsons avenue; capital $100.000, surplus $25,000.
The Central Ohio Savings Bank, J. W. Dusenbury president, and the American Savings
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HISTORY OF COLUMBUS, OHIO
Bank, John Cashatt president, were financial institutions at Town and High streets in the decade from 1895 to 1905.
The Central National Bank, with a capital of $200,000, was organized December 1, 1908, and began business at the northeast corner of High and Town streets. Julius Stone was president and Howard C. Park cashier. The directors were Julius Stone, Fred Baumann, R. E. Jones, Al G. Field, M. S. Connors, John L. Vance, jr., Fred Lazarus and W. D. Briekell, The present officers and directors are: Walter B. Beebe president, F. Baumann vice president, Howard C. Park cashier, J. Allen Pyne assistant cashier, James A. Allen. C. Edward Born, Al G. Field, Wm. Trautman M. C. Tyndall and Harvey R. Young.
The East End Bank maintained for a time on Mt. Vernon avenue and the West Side Dime Savings Bank on West Broad street were two institutions that were forced into liquidation, a suicide marking the closing of each. These disasters, while of comparatively small financial magnitude, were among those that led to the careful examination of banks now in vogue.
Clearing House Association.
In the latter part of 1872 the banks of the city organized a Clearing House Association to avoid the complications incident to the daily exchange of checks. T. P. Gordon was president, P. W. Huntington vice president, Joseph Falkenbach, George W. Sinks and Joseph A. Jeffrey managing committee, Henry M. Failing manager. Its first office was in the bank of P. Hayden & Co., 13 South High street, later in the Board of Trade rooms in the City Hall. Mr. Failing was succeeded as manager by Jacob Reinhard, whose assistant and substitute was Herbert Brooks. John Field became manager about 1880 and served many years. In 1909, the rules of the association were revised with a view to making it more useful, and Earl S. Davis was elected manager, continuing until January 1, 1912, when the association found itself with 17 member banks, all but four being regular clearing members. A system of examination of every member bank was adopted and C. M. Hinman became manager- examiner, holding the position until 1917, when he was succeeded by Edwin Buchanan as manager-examiner. Mr. Buchanan resigned in February, 1917, to become cashier of the Ohio National Bank and was succeeded by Walter A. Fox. The examination is careful and continuous, revealing to the examiner the names of borrowing customers and making it pos- sible to prevent the pyramiding of credit and possible losses to banks. Under this plan, which is operative in 30 large cities, the possibility of bank failures is still further reduced. Its worth has already been demonstrated in two local cases in which, with the aid of the associa- tion, depositors were promptly paid off in full and the city was spared the usual humiliation and distress of a bank failure.
Columbus banks are now at the high tide of prosperity and usefulness in the community. All gave generous aid to the government in the flotation of the various Liberty loans and in the Clearing House Association are brought into co-operation. The rooms of the associa- tion were occupied jointly by the Liberty Loan Committee, and the campaigns were con- ducted from that center.
The following are the member banks of the Columbus Clearing House Association:
The Ohio National Bank
The Huntington National Bank
The City National Bank The New First National Bank
The Commercial National Bank
The Hayden-Clinton National Bank
The Citizens Trust & Savings Bank
The Columbus Savings Bank Co.
The National Bank of Commerce The Market Exchange Bank Co.
The Capital City Bank
The Central National Bank
The State Savings Bank & Trust Company
The Northern Savings Bank
The Fifth Avenue Savings Bank
The Lincoln Savings Bank
The Produce Exchange Bank Commonwealth Savings Bank.
Statement May 20, 1920.
Capital
$ 1.771,300.00
Surplus and Profits 1,656,593.96
Resourees 90,673,600.00
Banking in Columbus has been marked by failures and disappointments and a few trage- dies; but no more than elsewhere, much less than in many places. The men engaged in it,
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FINANCIAL INSTITUTIONS
as a study of these records will show, were among the most sturdy and progressive citizens, Gradually, the difficulties of the earlier period were overcome, the business was stabilized and a system of co-operation and inspection was instituted till now a bank failure, with losses to the depositors, is regarded as a practical impossibility.
Building and Loan Associations.
The first building and loan association of which there is any available record was the Franklin, incorporated in 1868, capital stock $200,000, its incorporators being J. J. Janney, Raymond Burr, D. J. Thompson, John Reeves, John H. Grove, John F. Bartlit and Justin Morrison. The object, as described then, was "to raise money from members and stock- holders and to receive deposits to be loaned among the members and depositors for use in buying lots or houses, or for other purposes." Then, in the same year, came the Home, Wm. B. Hayden president, and the Capital, M. C. Lilley president. In the next five years, six others came into being-the Clinton, the Germania, the Citizens, the Teutonia, the Colum- bus Real Estate and Building, Loan and the Savings Building and Loan. Among the sub- stantial men interested in these organizations were William G. Deshler, Charles C. Waleutt, S. S. Riekly, Conrad Born, Thomas Miller, R. C. Hoffman, W. E. Ide, Henry Lindenberg, H. Mithoff, J. W. Sehueller, J. A. Jeffrey, J. R. Hughes, James Watson, Theodore Leonard, G. G. Collins, and John G. Mitehell.
These were the pioneers, and the fact that not one of these organizations is in business today is due solely to the discovery of a better method of organization.
In 1918, there were in Columbus twenty-two building and loan associations, and there were two others in suburban distriets-one in East Columbus and one in Linden Heights. The first association, at least the first one organized on the more liberal and helpful Dayton plan was the Columbus Savings Association, which was incorporated in 1880 by Johr. R. Bowdle, Cyrus Huling, and others. and which, nearly a third of a century later, after it had become the Columbus Savings and Trust Co., and had passed into other hands, collapsed by reason of bad loans.
The oldest of the existing associations is the Railroad Employes Building and Loan Co., which was incorporated July 24, 1885, and is now doing business in the Chamber of Com- merce building, with an authorized capital of $5,000.000. President, Jacob Henry: seere- tary, Jacob D. Streeper.
Then follow in the order of their organization:
The Mutual Savings and Loan Co., incorporated September 1, 1886. It has an authorized capital of $1,000,000 and its place of business is in the basement of the Chamber of Commerce building. President, George T. Spahr: secretary, Charles S. Cherrington.
The Peoples' Savings Association, incorporated November 16, 1888; authorized capital, $2.000,000. President, Fred Weadon: secretary, George Hardy. It is located in the Citizens Bank building.
The Allemania Building and Loan Co., incorporated March 9, 1888; authorized capital, $1,000,000. President, Louis Seidensticker: secretary, Frank Sehenek. Located at 280 South High street.
The Lilley Building and Loan Co., incorporated December 29. 1888: authorized capital. $2.500,000. President, J. Nick Koerner; secretary, Harley L. Stoneburner. Located at 85 East State street.
The Central Building, Loan and Savings Co., incorporated February 7. 1889; author- ized capital. $2,000,000. President, Fred J. Heer: secretary, A. N. Fox. Located at 16 East Gav street.
The Franklin Loan and Savings Co., incorporated April 25. 1890: anthorized capital $500.000. President, Henry Kropp: secretary, Frank R. Schwartz. Located at 317 South High street.
The Park Savings Co., incorporated January 3. 1890: authorized capital, $500,000. President. W. J. Means: secretary, John F. Fergus. Located at 576 North High street.
The Ohio State Savings Association, incorporated April 21, 1891; authorized capital, $1.000.000. President, John J. Stoddart; secretary. Edwin F. Wood. Located in the Out- look building, East Broad street.
The Columbian Building and Loan Co., incorporated May 8, 1891; authorized capital.
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HISTORY OF COLUMBUS, OHIO
$12,000,000. President, Z. L. White; secretary, W. L. Van Sickle. Located in the Ruggery building, East Gay street.
The Fireside Building, Loan and Savings Co., incorporated December, 1893; authorized capital, $1,000,000. President, Henry G. Bower; secretary, Walter E. Schwartz. Located at 2595 North High street.
The Buckeye State Building and Loan Co., incorporated January 2, 1895; authorized capital, $10,000.000. President, L. L. Rankin; secretary, B. C. Blachley. Located in the Rankin building, 22 West Gay street.
The West Side Building and Loan Association, incorporated January 30, 1895; author- ized capital, $500,000. President, Henry T. Linke; secretary, Orr H. Williams. Located at 612 West Broad street.
The Central Ohio Building and Loan Co., incorporated March, 1897; authorized capital, $5,000,000. President, C. H. Vance; secretary, W. W. Simmons. Located at 33 East State street.
The Ohio Building and Loan Co., incorporated March 8, 1898; authorized capital, $5,000,000. President, D. S. Wilder; secretary, E. E. Moore; treasurer, Herbert Brooks. Located at 14 East Long street.
The Home Building and Loan Association, incorporated August 25, 1899; authorized capital, $1,250,000. President, Moses Miller; secretary, George W. Rhodes. Located at 1082 Mt. Vernon avenue.
The Fidelity Building, Loan and Savings Co., incorporated February 10, 1900; author- ized capital, $5,000,000. President, Wm. J. McComb; secretary, J. Lawrence Porter. Located at 1112 South High street.
The Union Building and Savings Co., incorporated December 9, 1903; authorized capi- tal, $100,000. President, Henry Bohl; secretary, Nathan Dawson. Located at 48-50 West Gay street.
The Dollar Building and Loan Co., incorporated May 8, 1907; authorized capital, $1,000,000. President, Frank A. Chenowith; secretary, Emilia M. Fladt. Located at 198 South High street.
The Scioto Building and Loan Co., incorporated April 23, 1910; authorized capital, $1,000,000. President, James W. Nitschke; secretary, Charles E. Nitschke. Located at 31-37 East Gay street.
The Jeffrey Building, Loan and Savings Association, incorporated October 21, 1911; authorized capital, $1,000,000. President, Wm. L. Bruner : secretary, Anthony Ruppersberg.
The East Columbus Building and Loan Association, incorporated June 24, 1913; author- ized capital, $250,000. President, J. S. Ralston ; secretary, C. H. Weber.
The Linden Heights Savings and Loan Co., incorporated August 27, 1914; authorized capital, $50,000. President, E. E. Rockfield; secretary, S. M. Wells.
The assets of the 22 Columbus companies, June 30, 1917, as reported to the State In- spector of Building and Loan Associations, was $36,188,630.90, a net increase over the amount the year before of $6,803,864.42. There has been State inspection of building and loan associations since 1892, and in the period since then, there has been but one failure, that of the Teutonia Building and Loan Co., which was incorporated in 1908 and collapsed in 1913. Almost without exception, the Columbus companies have been in the hands of capa- ble and careful men who have administered their trust so as to promote home-owning by the man whose only capital is his earning and saving ability.
Stock Exchange.
The Columbus Stock Exchange was organized in May, 1903, with nine charter members Frank I. Griffith, Claude Mecker, Caleb L. McKee, Fred Vercoc, J. J. Stevenson, J. Zettler Krumm, F. R. Huntington, F. M. Sessions and George B. Durant. The first sheet naming and quoting securities was issued May 25, 1903, and the first sale was that of 50 shares of Columbus Railway & Light. In 1911 the membership had increased to 19, the constitutional limit being 20. The exchange was first opened in the Chamber of Commerce building, but later moved to the Hayden-Clinton building. J. Zettler Krumm was its first secretary. The present officers arc: Herman J. Engler president, Samuel L. Landen vice president, Gilbert L. Fuller, treasurer, Charles S. Bash secretary, the last named having served since 1905.
CHAPTER XXXII. LITERARY LIFE.
Early Gazetteers and Almanacs-Charles Dickens' I'isit-Books of 1850 and 1860-WV. D. Howells, John James Piatt, S. S. Cox-A Busy Publishing House-W'm. S. Sullivant, Leo Lesquereux and Theodore G. Formley-Book Dealers of Long Record-Lyceums and Libraries- Writers of History, Poetry, Fiction and Science-Women as Authors and Writers-Literary Clubs.
By Helen Moriarty.
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