USA > West Virginia > Kanawha County > Charleston > History of Charleston and Kanawha County, West Virginia and representative citizens > Part 24
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In the last few years of the nineteenth cen- tury, the Association occupied a dwelling re-
modeled for the work, and located on the present Davis Square. C. Hely Molony was general secretary for a number of years, but the work was suspended for lack of facilities and funds, and the property sold to pay the incumbrances on it.
It remained for the permanent work to be reorganized in this new century. The four heroic canvasses for funds are all well remem- bered by our generous citizens. W. F. Daum was the first general secretary. He was suc- ceeded by W. C. Florain who continued until the present year until after the final campaign for funds to complete and furnish the building, when he was succeeded by L. E. Hamlet.
The new building of the Association, the dedication services of which were held Oc- tober 9-15, 19II, is "the most complete and beautiful Association building yet erected in the state of West Virginia," and is thoroughly fireproof. The architecture is in the Italian renaissance style. The valuable lot was do- nated by Hon. Henry G. Davis. In general the plans give the basement to the Social, Physical, and Boys' Work Department; this floor containing eight shower baths, swimming pool, two bowling alleys, locker and pool rooms, and two large rooms for the exclusive use of the Boys' Department.
The most striking feature is the main re- ception hall, or lobby, on the first floor. Ad- joining this are located the general office, gym- nasium and Stephenson Auditorium. The decorations of this hall are very pleasing.
The second floor consists of the educational department, which is to be known as "Ed- wards' Institute," dining-room, kitchen, con- ference room, etc. There are thirty-five well equipped sleeping rooms on the third floor. The total valuation of the property is $150,- o00. The present membership is three hun- dred.
The present board of directors are Judge G. W. Atkinson, president; Peter Silman, vice- president ; W. B. Mathews, treasurer ; F. M. Longanecker, recording secretary ; C. C. Ward, Geo. S. Laidley, John Davidson, Claud A. Sullivan, W. B. Brooks, Geo. E. Price, Grant P. Hall. G. A. Bolden, A. S. Alexander, W. A. Abbitt, Judge L. Judson Williams.
CHAPTER XI
BANKS AND BANKING
Utility of Banks-State Banks-Mutual Dependence of Banks and Industrial Enterprises -- Banks of Charleston-Their Wealth and Influence in Sustaining Local Enterprises-Their Policy-Sketches of the Leading Banks-Kanawha Valley Bank-Charleston National- Citizen's National-Kanawha National-Kanawha Banking and Trust Co .- Elk Banking Co .- National City Bank-Capital City Bank-Glenwood Bank-Peoples Exchange Banks, etc.
There are but few cities in the United States that can make favorable comparison with the city of Charleston in the number of banks and in the amount of capital employed by these institutions; especially is this true of cities of 25,000 population or thereabouts. Charleston, the thriving metropolis of the Ka- nawha valley has ten banks of a combined capital of $2,000,000, with a surplus of more than $1,500,000 and deposits of about $7,000,- 000. The above statement is a satisfactory answer and a sufficient reason to offer why Charleston is one of the best and most pro- gressive cities of 25,000 population in the United States. We may add that the men who created these institutions and are responsible for them are identified in many ways with the industrial growth of Charleston and West Vir- ginia. Their aggregate wealth totals many millions of dollars. Their names are associ- ated with nearly every important business en- terprise or industry in the southern half of West Virginia, and many of these men have interests in other sections of the country than West Virginia, but the greater part of their time and wealth has been used for the devel- opment of Charleston and that section of the state within a radius of fifty miles of Charles- ton. The officers and directors of these insti- tutions pursue a liberal policy toward all worthy enterprises, but are never swerved by 12
rash promises from conservative business principles.
Banks are the arteries of commerce, and there is no more certain way to determine the health and prosperity of trade than to ascer- tain the condition of these avenues through which flow the large volume of business. A season of disaster to banks is always one in which the tradesmen and people complain of financial distress. With the rise of important business projects in the Kanawha valley can be dated the appearance of banks, and as the commercial interests of this valley have grown, so have banking institutions increased and prospered.
The first institution of this kind in this por- tion of the state was established in 1832. That was when nearly all the states had what was known as the state bank. Soon after that date was inaugurated the system of wildcat banking, which was attended with such dire- ful consequences in many portions of the land, but more particularly in the states lying farther to the west. In the year just named the State Bank of Virginia established at Charleston, a branch, of which J. C. McFarland was made president, Samuel Hannah, cashier, and J. M. Doddridge, teller.
At that time salt manufacturing was devel- oping into such proportions as to render ex- change and banking facilities almost necessary.
183
184
HISTORY OF KANAWHA COUNTY
Upon the decline of that industry the coal and lumbering interests grew into such magnitude as to require additional accommodation from local banks. Under that old and sometimes disputed commercial adage, "the demand reg- ulates the supply," new organizations of ample capital were instituted at various periods.
BANKS OF KANAWHA
It is said that when the salt business called for more than the ordinary amount of money, the mercantile establishments at first attempted to furnish it; but this became onerous in time. The demand made plain the fact that there was need for a bank, and the first one was estab- lished in Malden. This institution had no par- ticular name, or, if it had, it is not now known, but it might have been named very appro- priately the Salt-Maker's Bank. There was a bank started before 1832 and doing business in Malden, but it was in that year that the first purely financial institution was organized in Charleston by the Bank of Virginia starting a branch, with James C. McFarland, president ; Daniel Hanna, cashier, and J. M. Doddridge, teller. The building stood on Kanawha (or Front) street, and the present location of the Kanawha Valley Bank was the original loca- tion of the Branch Bank of Virginia. It had large pillars in front and made a massive, im- posing appearance. It was not only a popular institution, it made money.
This bank conducted business until the war came on, when the assets were withdrawn to the East and it closed its doors. In Septem- ber, 1862, General Loring drove the United States forces under Colonel Lightburn back down the Valley, and the Colonel, to keep his stores and commissary from falling into the hands of the rebel general, set fire to several stores, from which the flames spread to the bank, the hotel and several other buildings. This closed up the Bank of Virginia in Ka- nawha.
The Bank at Malden was removed to Charleston and was called the Bank of Charles- ton, with Henry Fitzhugh as president and Spencer Nye, cashier. Some of its notes are yet in existence. When the war cloud came, Mr. Fitzhugh picked up his cash box and went East.
On one occasion, after the two banks were doing business in Charleston, there was an old man who wanted some cash accomodation which was not convenient for the houses in Malden to furnish, so he came to Charleston and was accomodated to all he wanted to the tune of ten per cent. When the paper matured the old man had forgotten all about it and it was thereupon duly protested. The endorser sent for the maker and proceeded to give him a lecture on the financial conduct of banks. The old man was perfectly solvent and good and his only explanation was that he "did not know that it made any difference, nor that this place was any more than any other store."
There was an easy going set of people in Kanawha for business and its reputation for payment was not always the best, but that a man could not always be prompt, was never considered a sufficient excuse for him to com- mit suicide, or even to "tear his shirt." Most of them would pay if they were able; some of them would if it were convenient; many would make a noble effort so to do, while the rest were just sure to do so. But to a great many, going to protest was not going to the devil. The people generally were hospitable, gener- ous, kind, whole souled, good people.
BANKS AFTER THE WAR
W. J. Rand and John Claypool, while the war was progressing, took one of the rooms in the "Virgin Row" and started a little dis- counting business, which subsequently devel- oped into the Bank of the West, occupying the late residence of Col. Benjamin Smith on the lot now occupied by the Hotel Ruffner. For some reason the Bank of the West was changed into the First National Bank of Charleston, and was brought down to the corner of Capi- tol and Kanawha, on the upper side, with I. N. Smith as president and John Claypool, W. E. Truslow and Albert Doyle, cashiers, etc. In after years it was made into a state bank and named the State Bank of West Virginia, and was moved down next to Rogers' drug store ; subsequently it was placed into the hands of a receiver.
The Banking House of J. M. Laidley & Co. began about 1867, in a room setting back on the lot now occupied by Frankenberger, just
185
AND REPRESENTATIVE CITIZENS
below Summers street, on Kanawha. Subse- quently it was made into the Merchants' Bank of Charleston, with J. M. Laidley, president, and W. S. Wheatley, cashier. They built a place next to Rogers' drug store, on the upper side. Mr. George L. Jeffries was placed in charge and after his death, Napoleon B. Ca- bell became president and J. M. Doddridge cashier, but the panic of 1873 caused this in- stitution to wind up.
THE KANAWHA VALLEY BANK
About the same time or a little later, the Kanawha Valley Bank started, and perhaps for a while did business on the Frankenberger lot where J. M. Laidley & Co. began, but Col. William Dickinson rebuilt the Bank of Vir- ginia building and took possession with the Kanawha Valley Bank and Col. Levi J. Wood- yard. This withstood the panic of 1873 and went on gaining strength until both of said colonels passed away. Since then John Quincy Dickinson has been president, and the cashiers have been Dabney Reynolds, Charles C. Lewis, Robert T. Oney, and now John Lewis Dick- inson, with a half dozen assistants. The build- ing has been added to until it is one of the largest and best buildings in town and prepared especially in which to do business. Perhaps it now leads any bank in the state, outside of Wheeling, in the matter of surplus and deposits.
THE KANAWHA VALLEY BANK. Its officers and directors are as follows :
Officers-John Q. Dickinson, president ; James F. Brown, vice president ; John L. Dick- inson, cashier; John C. Malone, and J. W. Crider, assistant cashiers.
Directors-John Q. Dickinson, James W. D. Payne, E. W. Knight, R. G. Hubbard, James F. Brown, A. S. Thomas, C. C. Dick- inson and John L. Dickinson. The following is a condensed statement of condition at the close of business September 1, 191I.
RESOURCES.
Loans and discounts $2,696,062.55 Bonds I7,000.00
Real estate 131,279.66
Cash in our vaults and banks .. 594,476.54
Total $3,438,818.75
LIABILITIES.
Capital stock
$ 400,000.00
Surplus and profits (earned ) .. 558,067.42
Dividends (unpaid) 288.00
Deposits 2,480,463.33
Total $3,438,818.75
THE CHARLESTON NATIONAL BANK.
The Charleston National Bank, of Charles- ton, W. Va., was organized in 1884 with a capital stock of $50,000. In 1886 the capital stock was increased to $75,000, and again in 1890, to $100,000. In 1895 the amount was raised to $300,000 and in 1903 another in- crease made the capital stock $500,000, the present amount. The bank was first opened for business on Virginia street, and later it was moved on Capitol street, south of the post- office. Its first president was George S. Couch and the first cashier was C. P. Mead, who . later became president. Dr. Lewis Prichard became president in 1888 and has filled that office to the present time. The first cashier was C. P. Mead who was succeeded by W. B. Seaton. He was succeeded by E. A. Reid and he in turn by H. L. Prichard, the present cashier. The present home of the bank was erected in 1906 and is located on the west side of Capitol street at the intersection of Quar- rier street, adjoining Postoffice Square. The lower floor of the building is occupied by the bank and a shoe store. The building is con- structed of pressed brick, is seven stories high, fireproof, and was erected at a cost of over $100,000. The interior finish is of marble and it is numbered among Charleston's finest build- ings. It is equipped with two elevators. There are fine vaults and officers' and directors' rooms and the bank employs eleven men, in- cluding officers. The upper floors of the build- are used for modern offices, many of which are equipped with vaults. The bank's statement at the close of business September 6, 1911, was as follows :
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HISTORY OF KANAWHA COUNTY
RESOURCES.
Loans and discounts $2,026,224.06
Overdrafts
8,529.89
U. S. bonds
501,000.00
Other bonds. 44,800.00
Banking house . 102,869.52
Cash and due from banks.
237,726.00
Redemption fund with U. S.
treasurer
25,000.00
Total $2,946,149.47
LIABILITIES.
Capital stock. $ 500,000.00
Surplus and undivided profits
554,876.87
Circulation
500,000.00
.
Dividends unpaid .
80.00
Deposits
1,391,192.60
Total,
$2,946,149.47
THE CITIZENS NATIONAL BANK.
The Citizens National Bank of Charleston W. Va., was organized as a national bank, in August 1890, it having been conducted as a state bank for a short time previously. The bank was organized with a capital stock of $125,000 paid in. The surplus and undivided profits are $150,000 earned. This places the Citizens National Bank on the honor roll. Of the 6,000 national banks in the United States there are 1200 in that class. Since it opened for business in 1890, the bank has pursued a conservative course but at all times it has endeavored to accommodate its patrons where such a course could be followed on conservative business lines. This institution has earned and paid in cash dividends to July I, 19II, $186,250. For the year closing June 30, 19II the net earnings were over twenty- five per cent. The bank has been designated as It is the only bank in the Southern Judicial a general depository of the United States. District of West Virginia for the accounts of general disbursing officers. The first home of the bank was on Capitol street, corner of Vir- ginia street, where the Capital City National Bank is now located. The present home of the Citizens National Bank was completed in 1898. It is located on the southeast corner of Capi-
tol and Quarrier streets, on one of the most valuable corners in the city of Charleston. It is the first modern fire-proof office building erected in Charleston. The building is five stories exclusive of basement and is con- structed of stone, steel and tile and with iron stairways. Further changes and improve- ments are contemplated in order to increase space or to provide more room for the office force. The first president of the bank since its organization into a national bank was Neil Robinson, who was succeeded by W. Mol- lohan, who fills the office at the present time. M. M. Williamson, the present vice-president, succeeded J. A. McGreffin in 1907. Mr. Williamson had served from February 1, 1893 to that time as cashier, and J. N. Carnes who had been assistant cashier, then became cash- ier, which position he fills at present. The Citizens National Bank publishes monthly a general letter on trade conditions and a busi- ness forecast for the benefit of the patrons of the bank. Their statement at the close of busi- ness June 7, 191I was as follows :
RESOURCES.
Loans and Investments. $ 734,751.06
United States Bonds.
275,000.00
Banking-House and fixtures.
77,000.00
Cash and due from banks
$186,942.82
Five per cent fund 6,250.00 193,192.82
$1,279,943.88
LIABILITIES.
Capital Stock paid in $ 125,000.00
Surplus fund earned
125,000.00
Undivided Profits 22,960.96
Circulation
125,000.00
Deposits
881,982.92
$1,279,943.88
THE KANAWHA NATIONAL BANK.
The Kanawha National Bank of Charles- ton, W. Va., was organized November 26, 1891 with a capital stock of $100,000, which was increased in 1905 to $250.000. The sur- plus and undivided profits are $155,000. The first president was George S. Couch, the first
377718
CHARLESTON NATIONAL BANK, CHARLESTON
CITIZENS NATIONAL BANK, CHARLESTON
MAKSA
THE KANAWHA NATIONAL BANK, CHARLESTON
KANAWHA VALLEY BANK, CHARLESTON
NATIONAL CITY BANK, CHARLESTON
KANAWHA BANKING & TRUST CO., CHARLESTON
189
AND REPRESENTATIVE CITIZENS
vice-president, J. D. Baines (now deceased), and the first cashier, E. A. Reid. Charles Capito, the present president, succeeded Mr. Baines as vice-president and in September, 1910 became president. The present vice-president succeeded Mr. Capito when the latter became president. Mr. E. A. Reid, the present cash- ier, has held that office since the organization of the bank. W. A. Cracraft is assistant cash- ier. The bank began business on Virginia street, and the building now occupied, on the northeast corner of Capitol and Virginia streets, has been its home since 1893. The Kanawha National Bank is recognized as one of the sev- eral financial institutions that have contributed much toward the development of the city. The building has been remodeled into an attractive home for the bank. Ten men constitute the officers and office force. A condensed report of condition at close of business June 7, 19II was as follows:
ASSETS.
Time and Demand Loans. $ 983,104.23
Overdrafts 7,957.88
U. S. Bonds to Secure Circulation
250,000.00
Premium on U. S. Bonds 5,000.00
Bonds, Stocks and Securities .. . 21,000.00
Banking House, Furniture and Fixtures
42,000.00
Other Real Estate Owned. .
14,527.26
Cash $ 77,234.48
Due from Banks. . 100,366.54
Due from U. S.
Treasurer
12,500.00
190,101.02
Total $1,513,690.39
LIABILITIES.
Capital Stock $ 250,000.00
Surplus and Undivided Profits. .
152,965.54
Circulation
250,000.00
Individual Deposits. $780, 158.33
Due to Banks . 40,566.52
820,724.85
Bills Payable
40,000.00
Total
$1,513,690.39
THE KANAWHA BANKING & TRUST CO.
The Kanawha Banking and Trust Company, of Charleston, W. Va., was organized in Oc-
tober, 1901 with a capital stock of $200,000 and a paid in surplus of $50,000. Two years after its incorporation the capital stock was in- creased to $250,000 and the surplus to $200,- 000. The undivided profits are $25,000. The deposits run from $900,000 to $1,000,000. The first officers were as follows: Charles C. Lewis, president; F. M. Staunton, vice-presi- dent; and H. B. Lewis, cashier. Mr. Charles C. Lewis retired from the presidency in 1905 at which time Mr. F. M. Staunton succeeded him. The office of vice-president thus made vacant was filled by Mr. Geo. E. Price. The present officers are F. M. Staunton, president ; George E. Price, vice-president; H. B. Lewis, cashier; and George E. Sutherland, assistant cashier. The present board of directors con- sists of Peter Carroll, Ex-Gov. William M. O. Dawson, Howard S. Johnson, Harrison B. Smith, George E. Price, F. M. Staunton and Henry B. Lewis.
The bank opened for business at No. 13 Capitol St., where it remained until the fall of 1903. when it moved into its present quarters on the northeast corner of Capitol and Quar- rier streets. The building having been pur- chased, was remodeled and fitted up for a model up-to-date bank building. It is four stories in height, the second, third and fourth floors be- ing occupied by offices. The bank is one of the strong financial institutions of the city of Charleston. It has always been liberal in the treatment of its patrons in so far as has been consistent with good business principles.
THE ELK BANKING CO.
The Elk Banking Company is located on the corner of Charleston St. and Tennessee Ave. It was chartered in 1903 and opened for busi- ness November 16, 1903. It has a capital stock of $50,000; surplus, $8,000; undivided profits, $1,000; deposits, including savings, $160,000 ; total resources, $242,000; loans and discounts, $175,000 ; the banking house, includ- ing real estate account and furniture $43,- 000. The first home of the bank was on Charleston St. near the present location. The present building was erected in 1905-06. The dividends paid to stockholders run as high as six per cent. The building is a
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HISTORY OF KANAWHA COUNTY
fine three-story building, the first floor of which is used for the bank and store room. The sec- ond floor is used for offices and the third for a lodge room. The building is modern in every particular. The interior of the bank is of ma- hogany and marble finish and there is steam heat and electric light throughout the entire building.
The following are the present officers of the bank: Harrison B. Smith, president; A. J. Humphreys, vice-president (who have filled their offices since the organization of the bank ) ; and Wilbur Stump, cashier. The first cashier was Frank Field, who was succeeded in 1905 by the present incumbent. The directors of the bank are F. W. Abney, H. B. Smith, A. J. Humphreys, C. Summers, C. Pickens, H. M. Carson, W. M. Mottisheard and J. L. Stump, M. D.
THE NATIONAL CITY BANK.
The National City Bank of Charleston, W. Va., was opened for business March 1, 1907 near the site of the present handsome home of the bank. The first place of business was on Kanawha St. The bank was promoted and organized through the efforts of its cash- ier, Mr. J. S. Hill. The capital stock is $125,- 000. The bank purchased the property on the northeast corner of Capitol and Kanawha streets at a price that appeared at the time of its purchase a very reasonable figure and since has proven to be a bargain. On this site was erected a modern bank and office building, eight stories high besides basement. The structure is of a fine grade of pressed brick with interior finish of white marble. The first floor is oc- cupied by the bank and the second, third and fourth floors are devoted to offices. The fifth, sixth, seventh and eighth floors are used as the general offices of the K. & M. Railroad. The property is valued at $100,000. The building is fire-proof and modern in all respects. The site was purchased in 1908, work was started on the building in the spring of 1909 and com- pleted in the spring of 1910. While the Na- tional City Bank is a new institution it has had very rapid growth. Its capital stock is $125,- 000. Its surplus and undivided profits total $18,899.23. The deposits were $578,257.91
on September 1, 19II. The officers are: Jo- seph E. Robins, president ; Andrew C. Calder- wood, vice-president ; John L. Thornhill, vice- president ; Joseph S. Hill, cashier; J. Russell Blake, assistant cashier. The bank's statement for Sept. I, 19II, was as follows :
RESOURCES.
Loans and Discounts $502,435.57
Overdrafts 729.77
U. S. and Other Bonds I 30,500.00
Banking House 107,500.00
Cash on hand, with Banks and U.
S. Treasurer 106,741.80
$847,907.14
LIABILITIES.
Capital Stock $125,000.00
Surplus and Undivided Profits 18,899.23
Reserved for Taxes 750.00
Circulation 125,000.00
Deposits 578,257.91
$847,907.14
THE CAPITAL CITY BANK.
The Capital City Bank of Charleston, W. Va., was organized March 20, 1907 with a capital stock of $250,000. It is located on the corner of Capitol and Virginia streets. The officers were Enoch Smith, president; J. C. Morrison, vice-president; L. M. Lafollette, vice-president ; and J. D. Foster, cashier. The present officers of the bank are : J. C. Morrison, president; George S. Laidley, vice-president ; L. M. Lafollette, vice-president; Edward W. Bradford, cashier; and George D. Cochran, as- sistant cashier. The bank was moved to its present quarters on the northwest corner of Capitol and Virginia streets in October, 1910. The bank has a long lease on the building which it has remodeled and has offices, rooms, etc., for the officers and directors. Statement for September 1, 19II :
RESOURCES.
Loans and discounts. . . $396,228.30 Overdrafts, secured and unsecured 104.69
Stocks and securities, including premiums 3,000.00
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AND REPRESENTATIVE CITIZENS
Banking house, furniture and fix- tures
9,293-77
Due from banks
75,116.98
Checks and other cash items. 5,161.57
Lawful money reserve in bank. . .
10,313.99
Expense 1,000.66
Due from U. S. Treasurer
500.00
Total
$500.719.96
LIABILITIES.
Capital stock paid in
$207,300.00
Surplus fund
6,219.00
Undivided profit
6,131.88
Due to banks
7,618.19
Subject to check. $214,092.59
Demand certificates .. . 8,175.05
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