Past and present of the city of Zanesville and Muskingham County, Ohio, Part 21

Author: Sutor, J. Hope, 1846-
Publication date: 1905
Publisher: Chicago : S.J. Clarke Pub. Co.
Number of Pages: 898

USA > Ohio > Muskingum County > Zanesville > Past and present of the city of Zanesville and Muskingham County, Ohio > Part 21

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

Illinois : The prairies are on fire and the Kinderhook antelope scudding before it.

Michigan : At first a dark, raging water ; now clear and beautiful.

Kentucky: Enlisting for a second campaign under her old, tried commander.

Tennessee : Mourns her martyred son and em- braces his principles.

Alabama : Shows signs of intention to "take care" of herself. Amos, hands off.

Mississippi : Her political streams turbid and troubled are beginning to run clear.

Louisiana : Great inlet of the great valley that will soon let out its Van Buren.

Arkansas: Trying hard to run Matty up Salt river.

Missouri : Expurge the great Expurger. Keep the ball rolling.

After the festivities of the day, the whigs of Jefferson township presented the ball to the Cen- tral Tippecanoe Club of Zanesville, with the re- quest that it be kept rolling ; the donors were as- sured that their desire should be complied with. and it was effectually carried out, and the ball sent to all the principal whig meetings through- out the country and finally landed at the home of Henry Clay, at Lexington, Kentucky.

CHAPTER XII.

FINANCIAL INSTITUTIONS, COMPRISING: BANKS.

MUSKINGUM BANK. FRANKLIN BANK. MUS- KINGUM BRANCH BANK. FIRST NATIONAL BANK. OLD CITIZENS' NATIONAL BANK. UNION NATIONAL BANK. COMMERCIAL NATIONAL BANK. SECURITY TRUST AND SAFE DEPOSIT COM- PANY. DEPOSIT BANK OF C. C. RUSSELL & CO. PEOPLE'S SAVINGS BANK. GUARDIAN TRUST AND SAFE DEPOSIT COMPANY. ZANESVILLE AND AMERICAN BANKS. HOME BUILDING COMPANY AND ANTECEDENT COMPANIES. HOMESTEAD

BUILDING AND SAVINGS COMPANY AND ANTE- CEDENT COMPANIES. EQUITABLE BUILDING COM- PANY. MUSKINGUM BUILDING COMPANY. WEST AND SOUTH ZANESVILLE, WORKINGMEN'S, ME- CHANIC'S, BUCKEYE AND CITY BUILDING COM- PANIES. ECONOMY, FARMERS' AND CITIZENS' BUILDING COMPANIES. OHIO SAFE DEPOSIT COM- PANY.

BANKS.

Some practical lessons in finance may be learned by studying the methods practiced in the early days of Zanesville; they were not peculiar to the town but arose from the necessities which prevailed in all localities. Money is needed only where business is done and commodities are ex- changed in quantities greater than the parties to the exchange require for personal use. Barter was prevalent in the early days and merchants exchanged their stock for other goods, but small money was required for change, etc., and as coin was scarce, individuals, firms and corporations issued paper money called "shinplasters." They were issued in denominations of a fip (614 cents), a levy ( 121/2 cents), a bit (25 cents), two bits (50 cents) and three bits (75 cents). Rival merchants hoarded the issues of competitors, strung them on a thread and when a sum was obtained that would embarrass the issuer to re- deem, they were presented and payment de- manded ; frequently this unexpected claim worked ruin to the issuer, as bank notes were difficult to secure. Such money was capital to the issuer and he desired the notes to circulate, and their with- drawal was a source of irritation to the solvent issuer, but as they were so universally emitted their value was never known and much was worthless and never was redeemed.

A secret political society, of which Samuel Goff was president, and called the Round Rig Society, issued notes with the emblem of the order, a spade enclosed in a circle, printed on one side. The organization was in affiliation with the French revolutionists, and introduced by Genet. the French minister, who threatened President Washington: it favored the separation of the

PAST AND PRESENT OF MUSKINGUM COUNTY.

western country from the United States, and the formation of a western empire.

The town issued shinplasters and one in ex- istence reads :

"61/4 cents. Treasurer of the town of Zanes- ville, pay the bearer. in current bank notes, six and one-fourth cents on the presentation of orders amounting to five dollars. Zanesville, May 27. 1837. "ISAAC SPANGLER, President."

"JAMES CROSBY, Recorder."

Before the days of banks, merchants going East, went in parties for mutual protection, with their money in saddle bags, and sometimes coin was shipped in barrels in which hot beeswax had been run and the coin imbedded, the barrel being sent by road teams over the mountains, as freight.

The early banking interests of Zanesville and Putnam were identical: whatever rivalry may have existed in other lines of business there was none in banking and Zanesville capital was freely subscribed for Putnam men to handle; it is very probable that in this respect the dashing Vir- ginian recognized the superiority of the prudent, methodical Yankee.

THE MUSKINGUM BANK

was the first financial organization of the county and was incorporated by the General Assembly, February 12, 1812, while Zanesville was still the state capital, but nine days later the Legislature adjourned and the city fell from the eminence of a state capital to the common place of a county seat. As the state treasurer's office was vacated the incorporators asked and were granted per- mission to occupy it as a banking room, but for some reason, not learned. it was not used and about September the bank was opened in the Burnham Tavern, in Putnam, with Isaac Van Horne as president, and Ebenezer Granger as cashier. with Ebenezer Buckingham, A. M. Laughlin, John Mathews. Wyllys Silliman, Robert Fulton, Jeffrey Price, Joseph F. Munro, A. H. Wood, John McIntire, J. Hazlett, M. Dil- lon and Arius Nye as stockholders.

January 4, 1819, David J. Marple, who had succeeded to the cashiership, disappeared with a large sum of money and on the 9th Horace Nye was deputized and given credentials to search for Marple, who was found and returned to Putnam, where he surrendered all his property to Ebenezer Buckingham, president, but the amount was in- sufficient to make good the deficit and his bonds- men were obliged to pay the remainder. In 1822 Marple constructed a trading boat and freighted it with goods for Texan points and never re- turned.

During some period of its existence the bank was conducted in Zanesville, at the corner of

Main and Fifth streets, but no records have been secured to establish the dates; several reverses were sustained, public confidence was impaired and the bank went out of business, but was re- organized about 1829-30, with Ebenezer Buck- ingham as president, and Solomon Sturges as cashier; the degree of solidity it attained is evinced in the fact that during the universal panic of 1837 it and the Bank of Pittsburg, of Pittsburg, were the only two banks in the United States which did not repudiate their paper. In 1845 the bank went out of business, its last of- ficers being Alva Buckingham, president, and B. H. Buckingham, cashier.

Banking rooms were maintained on the site of the Stolzenbach store and Black's Music Hall, in early days, but whether they were locations of the institutions named herein, or of other banks, it has been impossible to determine.

THE FRANKLIN BANK.

The act of the General Assembly, of Febru- ary 24, 1816, "to incorporate the stockholders of the Zanesville Canal and Manufacturing Com- pany" conveyed the power to conduct a bank, but it was never exercised, and the next bank was the Zanesville Bank, which was incorporated by act of the General Assembly, January 13, 1832, and organized with D. W. Rhodes, as president, and Charles C. Gilbert as cashier ; it was suc- ceeded, in 1845, by the Franklin Bank, with Daniel Brush, as president, John Peters, as cashier, and with the following and perhaps others as stockholders : Ebenezer and Alva Buck- ingham, Solomon and H. Sturges, J. V. Cushing : its rooms were in Fourth street on the site of the present People's Savings Bank, and its business was concluded about 1861-2, before its charter expired, perhaps in consequence of the legislation by the national government respecting state banks.

MUSKINGUM BRANCH

of the State Bank of Ohio was organized in 1848 with a capital of $100,000.00; H. M. Kearney was president and D. C. Convers, cashier, and when the war occurred it was neces- sary, to continue the banking business, to organ- ize under the National Banking act, and the Mus- kingum National Bank was chartered, in 1864, with a capital of $100,000.00, and Daniel Apple- gate, as president, and D. C. Convers, as cashier : the banking room was in the northwest corner of Main and Fifth streets, familiar for more than a generation as a pharmacy corner ; as the stock- holders were largely interested in the First Na- tional Bank, the Muskingum National consoli- dated with its rival and discontinued business January 14. 1871.

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PAST AND PRESENT OF MUSKINGUM COUNTY.

FIRST NATIONAL BANK.

A charter was issued October 13, 1863, for the First National Bank of Zanesville, and Novem- ber 10, 1863, it was formally organized with Peter Black, as president, C. C. Russell, cashier, and Joseph Black, John A. Adams, E. E. Fillmore, C. C. Hildreth, M. D., and W. A. Graham, di- rectors. The capital was $100,000.00, but when the Muskingum National consolidated the com- bined capital of $200,000.00 was continued; the charter was extended in 1883 and again in 1903 and the sterling institution is styled "Zanesville's Grand Old Bank."

Upon the death of Mr. Black, the presidency was given W. A. Graham, July II, 1878, and he directed the policy of the bank for twenty-five years, survived all his contemporaries and retired from active service January 14, 1903, and was succeeded by Mr. C. Stolzenbach.

Mr. Edward Martin became cashier February 18, 1869, and February 8, 1873, Mr. George H. Stewart was chosen assistant cashier, and Janu- ary 14, 1874, was made cashier. Upon the re- tirement of Dr. Graham and the accession of Mr. Stolzenbach, Mr. Stewart was made vice presi- dent in addition to cashier, but August 10, 1903. Mr. W. P. Sharer was elected cashier. October II, 1902, the bank was designated as a United States' Depository.

THE OLD CITIZENS' NATIONAL BANK.

The building in which this strong fiduciary in- stitution is located is the oldest continuous bank- ing room in the city. The contemplated retire- ment of the Franklin Bank caused the organiza- tion of the Franklin Banking Company, a part- nership by Daniel Brush, C. W. Potwin and C. E. Robins, who opened for business in this building ; in about a year Robins retired and the firm was Brush and Potwin; later A. V. Smith purchased the Brush interest and the firm was Potwin and Smith. December 13. 1863, the Sec- ond National Bank succeeded to the business, with C. W. Potwin as president, and A. V. Smith as cashier, and the voluntary liquidation of the institution, December 15. 1872, has been regarded as a commercial error. The business was con- tinued by A. H. Brown and A. V. Smith. as partners, under the name of the Muskingum Valley Bank, and was discontinued in the panic of 1873, without loss to the creditors: C. W. Potwin and A. V. Smith then associated as C. W. Potwin and Company and conducted a deposit business until July 1, 1881, when the partnership was dissolved. May 11, 1881,

THE CITIZENS' NATIONAL BANK

was organized with a capital of $200,000.00 and the following officers and directors: Joseph T. Gorsuch, president; W. M. Shinnick, vice presi- dent ; Francis Wedge, Perry Wiles, F. B. Abbott, Charles H. Jones, G. H. Fauley, with A. V. Smith as cashier. January 20, 1885, H. C. Van Voorhis succeeded to the presidency, which he resigned August 2, 1893, upon his election to Con- gress, but the resignation was not accepted, and as Mr. Shinnick did not desire to be actively en- gaged in business he resigned the vice-presidency and Willis Bailey was elected in his place, August 4, and acted as president until January 9, 1894, when he was chosen president and Mr. Shinnick again became vice president. June 24, 1895, H. A. Sharpe, who had been assistant cashier, was elected cashier, and September 17, 1898, Secretary of the Treasury Lyman J. Gage designated the bank as a United States' depository. Upon the expiration of the charter of the Citizens' Na- tional Bank

THE OLD CITIZENS' NATIONAL BANK.

succeeded to the business, May 11, 1901, with the following directors : Willis Bailey, president ; Joseph Shaw, vice president; Charles Brendel, Rufus C. Burton, Samuel A. Weller, John B. Owens, W. W. Harper and S. R. Wells, with H. A. Sharpe as cashier. The banking rooms were thoroughly overhauled and refitted in the most modern style, with the latest appliances for safety and convenience, the business, during the re- modeling, being conducted in the treasurer's room in the court house. Mr. Wells retired from the directory and was succeeded by John F. Brown and upon the death of Willis Bailey, his son. Willis A. Bailey, was elected a director. Mr. Bailey's sudden death, in February, 1905, and Mr. Van Voorhis' long Congressional career terminating March 4. the coincidence of the events caused the re-election of Mr. Van Voorhis. February 13, 1905. to the presidency of the bank.

THE UNION NATIONAL BANK.

The Union Bank building is also an old bank- ing location. a private bank having been con- ducted in it in the late 'sixties or early 'seventies. The Union Bank, with $60,000.00 capital, was formed, as a partnership, December 16, 1872, with A. M. Huston as president and John J. Ingalls as cashier ; abont 1878 the capital was re- duced to $32,000.00 and F. J. L. Blandy was elected president ; at his death. in 1884. James

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PAST AND PRESENT OF MUSKINGUM COUNTY.

Herdman became president, and upon the death of Mr. Ingalls, in February, 1890, W. H. Pier- point was chosen cashier. The business had been very prosperous and had paid an annual dividend of eight per cent., and when the partnership was dissolved in 1890 a dividend of 77 per cent. of accumulated surplus was distributed. The preparation of the papers for the conversion of the institution into a national bank had been com- pleted prior to the death of Mr. Ingalls and May 12, 1890.

THE UNION NATIONAL BANK

was organized, with a capital of $150,000.00 and the following directors : James Herdman, presi- dent ; Mendall Churchill, vice president ; Albert W. Train. John Hoge, Henry C. Werner. Julius Frank, W. M. Shinnick, Jr., with Edward Martin, cashier, and W. H. Pierpoint, assistant cashier. In January, 1895, at the request of President Herdman, John Hoge was chosen as his successor, and in January, 1903, Mr. Hoge retired, in a similar manner, in favor of W. B. Cosgrave. In May. 1897, Mr. Martin's health became so im- paired he resigned and W. H. Pierpoint was chosen cashier, and H. J. W. Smith, assistant cashier. The changes in the directory have been : in July, 1891, W. B. Cosgrave succeeded A. W. Train, deceased; in January, 1895, W. M. Bate- man was chosen in the place of M. Churchill, re- moved from the city; in January, 1896, T. J. McDermott succeeded H. C. Werner, removed from the city : in January. 1902, George A. Stan- bery was selected in place of James Herdman, deceased : in January, 1905, P. D. McCann suc- ceeded T. J. McDermott.

THE COMMERCIAL NATIONAL BANK.

George Brown, as sole proprietor, opened the Commercial Bank, July 10. 1899. in the rooms of The Equitable Building Company. 508 Main street, and March 22, 1901, obtained a charter for the Commercial National Bank, which was opened for business, in the same rooms, April 10, 1901, with a paid in capital of $100,000.00, and the following directors : J. B. Hunter, president ; M. W. Hissey, vice president; George Brown, cashier : H. D. Munson, H. C. Shepherd, A. J. Sheppard; David Schmid; Samuel E. Perry ; Jacob Coplin. In consequence of a change in the control of the stock, on Saturday, January 17, 1903, the following directors were chosen: New- ton P. Sturtz, president; M. W. Hissey, vice president : C. M. Ludman, Harry Bethel, Harry L. Greiner, Ira L. Sturtz and Arthur J. Shep- pard, with John C. Saner, cashier, and Theo. D. McCaddon, teller ; on the same day the property of the bank was moved to a room in the Times-

Recorder building, in South Ffth street, where business was resumed Monday, January 19; the room at southeast corner of Main and Fifth streets, in former years a well-known banking location, was secured and fitted up in modern style for the bank's occupancy, and in May, 1903. the removal was made.

THE SECURITY TRUST AND SAVINGS COMPANY

was formally organized April 7, 1905, to conduct a trust business in all its various lines, and the following board of directors was elected: R. H. Evans, E. A. Evans, J. B. Anderson, L. M. Elwell, H. L. Greiner, M. W. Hissey, I. L. Shurtz, N. P. Shurtz, J. C. Saner, W. C. Atkin- son, John P. Mourin, F. B. Fell, Simon Linser, H. C. Warner, H. E. Printz, C. A. Baird, Robert J. King, Frank C. McCaddon, W. B. Deacon and W. E. Lloyd, of Zanesville; E. M. Kennedy and John Erwin, of McConnelsville: W. D. Guilbert, of Columbus; E. O. Townsend, of Mansfield ; C. W. Reynolds, of Beverly; W. B. Hiteschew, of Parkersburg.

The officers chosen from the directory were : R. H. Evans, president; N. P. Shurtz, first vice president ; H. E. Printz, second vice president ; W. G. Atkinson, third vice president; W. B. Hite- schew, secretary; J. C. Saner, treasurer ; W. B. Deacon, S. Linser and W. E. Lloyd, in connection with the officers as executive committee.

THE DEPOSIT BANK OF C. C. RUSSELL & COMPANY.

Charles C. Russell, Thomas L. Jewett and Hugh J. Jewett began business June 15, 1869, as the Deposit Bank of C. C. Russell and Com- pany, at the southeast corner of Main and Fifth streets; Thomas L. Jewett died and Hugh J. Jewett retired, and March 13, 1880, the firm was C. C. Russell, Thomas Griffith, William Price and Charles M. Gattrell; the death of Mr. Russell did not affect the business, but Mr. Griffith made no provision in his will for a continuance of the enterprise in the interest of his estate, and Wm. Price and C. M. Gattrell, as surviving partners, on August 28, 1894, gave notice that the business would be wound up and that no new business would be received. The liquidation proved tedious and expensive, a receiver was appointed and the courts were engaged for a long time in adjusting the claims which arose by reason of the different periods during which the partners were interested.

THE PEOPLES' SAVINGS BANK.

was organized by T. F. Spangler, and William J. Atwell, in 1889, and was incorporated under the state banking laws of Ohio, and began business

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PAST AND PRESENT OF MUSKINGUM COUNTY.

November 1, 1889, with the following directors :

John Hoge, Alexander Grant, C. Stolzenbach, Willis Bailey, T. F. Spangler, M. Churchill, W. T. Perry, James Buckingham and William J. At- well.

The officers were: T. F. Spangle, president ; Willis Bailey, first vice-president ; C. Stolzenbach, second vice-president ; William J. Atwell, secre- tary and cashier.

The history of the bank, as reflected by its an- nual statements, has been one of constant growth in financial strength and popularity, until it is one of the largest savings banks in southeastern Ohio, and one of Zanesville's most substantial in- stitutions. At the close of the fifth years' busi- ness the resources were $263.319.26, and at the last statement $1,069,740.81. It carries accounts with not less than five thousand individuals, and in its fifteen years' history has had no change in its active officers, and only two in its directory.

The present directors are : John Hoge : C. Stol- zenbach; T. F. Spangler ; Alexander Grant ; W. T. Perry ; James Buckingham; John C. Harris ; George A. Stanbery and William T. Atwell. and the officers are: T. F. Spangler, president ; John Hoge, first vice-president ; C. Stolzenbach, second vice-president; William J. Atwell, cashier ; Charles T. Atwell, assistant cashier.

The bank began business in one room in the Memorial building, at the corner of Fifth street and Fountain alley, and in 1894 moved to the cor- ner room in the Clarendon building; in 1903 it moved into its own modern five-story brick struc- ture on Fourth street, opposite the court house. and possesses as handsome and well equipped bank and office building as may be found in the state.

THE GUARDIAN TRUST AND SAFE DEPOSIT COMPANY

was incorporated May 17, 1900, and was for- mally organized May 29, 1900, at the banking room of the Peoples' Savings Bank, in the Claren- don building, Main and Fourth streets; the paid in capital was $50,000.00, and the first board of directors were :

John Hoge, president; T. F. Spangler, first vice-president and manager; Willis Bailey, sec- ond vice-president; C. Stolzenbach, third vice- president ; F. A. Durban, general counsel ; E. S. Grant, S. A. Weller, U. H. Brown, W. W. Har- per, W. B. Cosgrave, Joseph Shaw, John C. Har- ris, George A. Stanbery, James Herdman, W. T. Perry. In addition to the officers named William J. Atwell was chosen secretary and treasurer, and Charles T. Atwell, assistant secretary.

The executive committee was John Hoge, C.

Stolzenbach, G. A. Stanbery, Joseph Shaw, Wil- lis Bailey, W. B. Cosgrave, T. F. Spangler.

Upon the removal of the Peoples' Bank to its modern building, the Trust Company was in- stalled therein, where it acts in all the trust capac- ities of executor, administrator, guardian, trus- tee, receiver or assignee.

The only changes which have occurred in the official organization have been occasioned by death; Mr. F. H. Herdman succeeded James Herdman as director, and upon the death of Mr. Bailey, in 1905, the following were made :

- THE ZANESVILLE BANK

was opened by John W. King as a personal de- posit and discount bank, in 1884. in the room still occupied by the institution, adjoining the Peo- ple Savings Bank, in what was formerly the Athe- neum building, in Fourth street, opposite the court house. In 1900 Gus. Stern and H. M. Ea- ton purchased the business and have since con- ducted it as originally started by Mr. King.

THE AMERICAN BANK

was organized January 19, 1903, as a partnership to conduct a deposit and discount bank at No. 508 Main street, in the rooms of the Equitable Build- ing Company ; the capital was $15,000.00, and the officers were J. B. Hunter, president : F. C. Dietz. vice-president ; George Brown, cashier: H. C. Shepherd, assistant cashier. During the fall of 1904 Mr. Brown purchased the interest of his partners and has since conducted the business on personal account.

THE PUTNAM BUILDING, LOAN AND SAVINGS ASSO- CIATION.

was incorporated March 2, 1869, and was organ- ized March 17, 1869, with a capital of $200.000.00, in shares of $100.00 each. The first directors were : Henry Jones, president ; John Clark. vice- president ; Perry Wiles. H. Sturges ; Jamies Buck- ingham: J. Randall; J. B. Williams; Caleb D. Caldwell, and James C. Gillespie: the other of- ficers were W. E. Guthrie, secretary, and A. V. Smith, treasurer. The association was of the terminating class and closed business December 1, 1875, and to continue the operations, before the dissolution of the Putnam the

MUTUAL, BUILDING AND SAVINGS ASSOCIATION

was organized May 16, 1874. with Henry Jones, president ; W. E. Guthrie, secretary, but the re- mainder of the official list cannot be found: the

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PAST AND PRESENT OF MUSKINGUM COUNTY.

officers and members were about the same as in the predecessor ; this association was of the same class and wound up its affairs in 1880, and the same method of perpetuating the business was fol- lowed by organizing the

HOME BUILDING COMPANY

on March 1, 1880, with the following gentlemen as directors : Henry Jones, president ; J. B. Allen, vice-president : Harvey Darlinton, J. M. Lane, George M. Jewett, W. C. Townsend, J. M. Bon- nett, James T. Irvine, John P. Fora. The other officers were Jefferson Van Horne, secretary ; William Price, treasurer and John R. Stonesipher, attorney. The business was conducted at (new) number 505 Main street, in the Zane House build- ing, where its successor has remained; this com- pany was also of the terminating class and closed out its affairs in 1886, and in anticipation thereof another company was formed on the permanent plan and styled the

HOME BUILDING AND SAVINGS COMPANY,

which was organized June 1, 1886, by the election of the following directors: Henry Jones, presi- dent : Harvey Darlinton, vice-president : John M. Lane: John N. Steiner ; John P. Ford ; John W. Gates : James H. Alexander : James T. Irvine : William C. Townsend ; William M. Bateman and W. S. Drake. The other officers were Jefferson Van Horne, treasurer, and T. J. McDermott, at- torney : this company is conducting business in the same rooms at present.

The first savings bank in Zanesville was opened under the auspices of the Mutual Building and Savings Association, in 1875: Mr. Jones' health became impaired and he requested the directors to select some one to relieve him, or close the savings feature, and the latter alternative was preferred. the depositors paid in full and the institution closed during the fall of 1879; Mr. Jones' health having been restored, when the Home Building Company was formed the savings feature was re- stored.

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Past and present of the city of Zanesville and Muskingham County, Ohio, Part 21

Author: Sutor, J. Hope, 1846- Publication date: 1905 Publisher: Chicago : S.J. Clarke Pub. Co. Number of Pages: 898

Author: Sutor, J. Hope, 1846-
Publication date: 1905
Publisher: Chicago : S.J. Clarke Pub. Co.
Number of Pages: 898