CHAPTER XVII. BANKS NORTHWESTERN BANK OF WHEELING (History of Northwestern vank is by Mr. George Adams.), the first incorporated bank of the city, was organized in pursuance of an act of the assembly passed in February, 18l7. The commissioners named in the act for receiving the subscriptions to the stock in the town of Wheeling, were: Archibald Woods, John White, George Knox, Noah Zane and Samuel Sprigg. Similar commissioners were named to receive subscriptions in Clarksburg, Morgantown, Wellsburg, Parkersburgh, Beverly in Randolph county, and Middlebourne in Tyler county. The books for receiving subscriptions were to be opened on the first day of the following November, and it is presumed that the bank was ready for business in the year 1818. The first president was Noah Zane, and the first cashier was Thomas Woods, and John List, the father of Daniel C. and Henry K. List, was clerk. The next president was Archibald Woods. John List succeeded to the cashiership in about five or six years, and continued in that capacity until his death in 1846, when Daniel Lamb succeeded. Mr. Lamb served until about 1863, when he was succeeded by his son, Gibson Lamb. The earliest record obtainable is 1839. At that time the officers were: Archibald Woods, resident; John List, cashier; Samuel Sprigg, W. B. Atterbury, John Eoff, John McLure, Daniel Steenrod, Thomas Paull, D. Cruger and Thomas Johnston, directors. The bank was located in a small, two-story building, upon the spot where George K. Wheat's residence now stands, which house was afterward built and occupied by the bank. The Northwestern was always a conservative and well-managed institution, and so well in hand was it kept that, during the panic of 1837 and the long depression that followed, it was one of the very few banks in the country that did not suspend specie payments, but all through that dark period in our financial history, it met all its engagement promptly. None but a well-ordered bank could have done that. During the war it went out of business, closing a long and honorable career, and was succeeded by the National Bank of West Virginia. It is an interesting as well as a melancholy fact that of all the many people who have from time to time been connected with the Northwestern as officers and directors, but nine are now living, viz.: Thomas Sweeney, Daniel Lamb, Daniel C. List, James W. Paxton, Gibson Lamb, Michael Reilly, Thomas H. Mong, Wilber C. Brockunier and William H. Woods. A very popular error exists in the minds of many persons to the effect that the banking business is mainly in the hands of large capitalists, and that the people in general have little or no interest in it. Nothing could be farther from the truth. I see by the last report of the comptroller of the currency that the national banks had capital amounting to $589,659,400, and this amount was held by 244,523 shareholders. Of that number 234,950 were natural persons, and 9,573 were corporations, religious, charitable, educational, municipal and savings banks, loan, trust and insurance companies. Of these 244,523 shareholders, 141,683 held stock to the amount of $1,000 and less; 73,132 held more than $1,000 and less than $5,000; 27,965 held over $5,000 and less than $30,000, while but 1,743 persons held more than $30,000 each. You will thus see that the banks are mainly owned by the people, the merchant, the manufacturer, the tradesman, the mechanic, the widow, the orphan, the trustee, the executor; the rich capitalists owning not more than one-tenth. MERCHANTS AND MECHANICS' BANK was originally founded July 13, 1834, the first president being Redick McKee, and this continued until 1865, when the title of the institution was changed to that of the Merchants' National bank, which went into liquidation in the early seventies. The Exchange bank, of Wheeling, was organized in August, 1874, with a capital stock Of $200,000, and there is now a surplus fund amounting to more than $50,000. Its principal correspondent is the American Exchange National bank of New York. The executive officers of the institution are Messrs. J. N. Vance, president, and L. S. Delaplain, vice-president, with Mr. John J. Jones as cashier. Among the best known and oldest established of these institutions is that of the Bank of Wheeling, which was founded about 1853, and among the founders, in addition to some of the present proprietors, were Messrs. C. D. Hubbard and Henry K. List. At the present time the ownership of the institution is vested in the hands of Messrs. D. C. List, Gibson Lamb, Joseph Seybold and others, the bank, being a private firm. The bank transacts a regular banking business, making loans, discounts and collections, receiving deposits, etc. COMMERCIAL BANK OF WHEELING. - This business was started in Centre Wheeling, as the Savings Bank of Wheeling, of which Thomas H. List was president and William Rankin was cashier - the former down to 1865 and the latter to 1853. George S. Thompson was then elected its treasurer. In 1853 the business was conducted at 1135 Main street, remaining there down to 1861, when its management bought their present building - 1303 Main street - of the Manufacturers' and Farmers' banking company, and continued under its original name to November 1, 1865, when it succeeded to the style of "National Savings Bank of Wheeling," securing its charter under the national currency act of 1866. At this time S. P. Hildreth became cashier. It retained the name of "National Savings bank " down to 1869, when it reorganized as such under the state law, but under act of congress, 1874, it was subsequently obliged to drop the word "National," and adopt the style of "Commercial bank." Mr. List resigned the presidency in 1878. W. M. List is now the president. One of the oldest established and most reliable institutions here is the Bank of the Ohio Valley, which was founded in 1864 as the First National bank of Wheeling, and George K. Wheat, as president, and George Adams as cashier. This old institution was one of the most successful in the city's history, and much was done by Mr. George Adams to bring about this result. It closed up with a capital of $250,000 and $100,000 surplus. On May 19, 1875, it was reorganized under the present designation with a capital of $250,000, which in 1881 was reduced to $175,000, at which amount it still remains. The present officers and board of directors include such names as W. A. Isett, president; W. B. Simpson, vice president; F. P. Jepson, cashier. PEOPLE'S BANK OF WHEELING, was founded in 1860, the original capital being $20,000. Later the capital was increased to $71,72o, at which amount it still remains. The bank occupies a handsome building at the corner of Twelfth and Main streets, which cost over $50,000, and it is particularly well suited to the requirements of the institution. The bank utilizes the first floor and the upper part is let out for offices and other purposes, and a lucrative income is thus derived from the investment. Its energies are devoted to the regular routine of financial institutions of this character, such as receiving deposits, making loans, discounts and collections, and dealing in all first-class bonds and securities. A recent and valuable addition to the facilities of this institution is that of a safe deposit vault, built by the Hall Safe and Lock company. The officers and directors of the bank are as follows: Thomas O'Brien, president; T. T. Hutchisson, vice president, and G. W. Eckhart, Jr., cashier. The principal correspondents of the bank are the Third National bank of New York, and the Third National bank of Cincinnati. They have also reliable correspondents at other prominent centers and issue letters of credit in this country and abroad. THE CITY BANK OF WHEELING, may be quoted as among our most enterprising and stable fiduciary institutions, and it was originally established in 1871 as the city bank, modifying its title to the present designation in 1886. Its first executive officers were Robert Crangle, president, and F. H. Eccles, cashier. The capital stock of the bank at the present time is $100,000. The principal correspondents of the bank are the United States National bank of New York, Citizens' National bank of Cincinnati and the National Bank of Illinois at Chicago. The executive officers of the bank are Messrs. Henry K. List, president; A. S. List, vice-president, and R. C. Dalzell, cashier. The bank with all facilities at command extends an invitation to manufacturers and others to locate here, and is prepared to offer needed assistance on a liberal business basis. THE GERMAN BANK OF WHEELING, was founded in 1870, with a capital stock of $50,000, the first president being Augustus Pollack, and Oscar Gemmer was the first cashier. At the present time the capital of the organization is $80,000 and there is also a surplus fund of $30,000. The executive officers are Hon. C. D. Hubbard, president, having filled that position since 1879, and L. J. Bayha, cashier, since 1875. The principal correspondents of the bank are the Ninth National bank of New York and the German National bank of Pittsburgh. No financial institution in the city stands higher in the estimation of our citizens. The bank of which we now speak was established the 11th day of April, 1887, by men whose standing and successful business career leaves no doubt that its affairs will be ably and honorably conducted. The capital stock of the institution is $50,000. Its board of officers and directors includes the names of N. B. Scott, president; George Hook, vice president; P. B. Dobbins, cashier; S. I. Singleton, assistant cashier; C. P. Brown, E. Buckman, Bernard Klieves, J. B. Taney, Peter Cassell, John S. Welty and W. J. W. Cowden. This bank partakes both of the character of a commercial and savings bank. Besides granting loans and discounts, making collections and receiving commercial deposits, it is also a sound and secure institution where the savings of mechanic, clerk and private individual may be invested and interest obtained for the same. The Mutual Savings bank, which on March 4, 1887, was chartered under a new state law especially enacted for the purpose of the organization of this bank. The object of its foundation was to obtain for persons of moderate circumstances, mechanics and others who wish to lay a portion of their earnings aside, a place where it may accumulate and increase, providing a fund for old age, sickness, eventualities and other contingencies. The law of the state exercises the utmost safeguard over the funds, and the trustees, all of whom are men of standing, character and stability chosen from the people, who combine to make the interests of the bank paramount with their own. It pays its depositors at the rate of four per cent dividend per annum, payable in semi-annual dividends and any amount from a dime upward is received as a deposit. Deposits can be made or withdrawn at any time and in any amount, and the bank is open at convenient hours to transact business. The management of the affairs of the bank is in the hands of the following gentlemen: Howard Hazlett, president; W. B. Simpson and Edward Robertson, vice presidents, W. G. Wilkinson, secretary, and Alex. Mitchell, treasurer. Board of investment: Howard Hazlett, wholesale notions; Alex. Updegraff, Belmont Nail Co.; George G. McKown, Redman & Co., machinists; Charles H. Watkins, book- keeper,L. S. Delaplain, Son & Co.; D. L. Ratcliff, groceries, 3543 Jacob Street; Henry Serig, superintendent city crematory. The National Bank of West Virginia was established in 1865, and owns a fine building on corner of Main and Twelfth streets. James Maxwell was president for many years. Earl W. Oglebay is now the chief officer, and John Wagner is cashier. The eastern correspondent is Third National bank of New York. The capital stock is $200,000. This is the only National bank in the city. The first banking house in Wellsburg was known as the Charlestown Manufacturing and Exporting company, which commenced operations in or about 1813, and went out of existence about the year 1815. The house immediately north of the Hudson House, lately remodeled, was built especially for this company. The branch of the Northwestern Bank of Virginia came next in 1832 - the building, located on the cast side of Water street, in the northeast corner of Water and Urana streets, was built about 1835. Dr. John C. Campbell was president, and Samuel Jacob, cashier. It was merged into the First National bank, of Wellsburg, which closed May 19, 1871, and what is now known as the Wellsburg National bank, began September 25, 1872. W. K. Pendleton, ex-president of Bethany college, is president of this bank; Wilson Beall is cashier. The present officers are: J. C. Palmer, president, and E. W. Paxton, cashier. Capital stock, $100,000; surplus, $21,000. The bank of Wellsburg is a private banking house owned by Samuel George. It was established in 1871 and does a general banking business. The Commercial bank of Wellsburg is in the first year of its existence, having been opened in January, 1890. It is owned exclusively by J. S. Beall, one of the old and substantial business men of Brooke county. The only bank in Hancock county is the Citizens' bank of New Cumberland, which was established in 1884. The proprietors are Hon. B. J. Smith and Judge John A. Campbell. The original capital stock was $25,000, which has been materially increased by the accumulating surplus. It is a safe and substantial institution, never having lost a dollar in loans. It has prospered under the management of John H.Campbell, who organized it into a national or state bank with enlarged facilities for banking. Its correspondents are Third National bank of New York, Second National of Pittsburgh and Bank of the Ohio valley, Wheeling. The Marshall County bank, of Moundsville, is one of the safe financial institutions of the upper Ohio valley, but is not one of the oldest. Its capital stock is $35,000 and surplus $13,000. It does a general banking business such as receiving deposits, deals in exchange, make loans, etc. C. A. Weaver is the president and H. W. Hunter, cashier, and the care with which these men guard the interests of their patrons is a sufficient guarantee of the substantial character.