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Rockingham
County, Virginia |
Chapter
XXII |
CHAPTER XXII.
BANKS AND BANKING.
First, let us notice briefly the Rockingham
banks that are not now in operation.
By Act of Assembly, March 16, 1850, the
Rockingham Savings Bank was chartered, being authorized to discount paper and
do a general banking business. The
capital stock was not to exceed $100,000.
John Kenney, Ed. H. Smith, Robt. M. Kyle, Peachy R. Harrison, Robt.
Grattan, Wm. G. Stevens, Abraham Smith, M. Harvey Effinger, Isaac Hardesty, and
John H. Waterman were named as incorporators.
In 1852-3 several Acts were passed to
establish branches of certain banks at Harrisonburg.
February 24, 1860, an Act was passed
incorporating the Harrisonburg Savings Bank.
The commissioners named were Saml. Shacklett, Isaac G. Coffman [page
139], Alfred Sprinkle, L. W. Gambill, Wm. D. Trout, John D. Pennybacker [page
295], Thos. L. Yancey, Saml. R. Sterling, David Kingree.
In the 60’s and 70’s Jonas A. Loewenbach
(Dec. 25, 1828 - Dec. 22, 1907) did a good deal of banking business in
Harrisonburg.
On April 2, 1873, an Act was passed
incorporating Rockingham Bank, Ed. S. Kemper, B. G. Patterson, J. W. F.
Allemong [page 232], M. Y. Partlow, Chas. A. Yancey, Jos. A. Hammon, J. A.
Lowenbach, Jas. L. Avis, Jacob Gassman, and Wm. Mckeever being named as
commissioners. The bank was opened for
business, July 1, 1874, in a portion of A. M. Effinger’s bookstore, south side
of the public square, Harrisonburg.
This was probably in the Switzer building. Henry Shacklett was president, Wm. Rice Warren cashier; the
directors were W. D. Hopkins, J. A. Hammon, C. A.
Yancey,
Jas. L. Avis, E. S. Kemper, Andrew Lewis, J. S. Harnsberger, and G. M.
Effinger.(1) Mr. Warren was cashier
till his death in 1883; from 1883 to 1886 Mr. W. J. Dingledine was cashier; he
was succeeded by Mr. C. D. Beard. About
1889 Rockingham Bank was succeeded by the Commerical Bank of Harrisonburg,
which was in business for several years.
Messrs. J. J. Hawse, Eugene West, and Wm. Loeb were connected with these
institutions during the later years of their history.
In 1878 the Farmers Bank was organized at
Bridgewater. A building was erected for
it in 1883, at the corner of Bank Street and Main. At first the officers were:
J. W. F. Allemong, president; J. S. Loose, cashier; O. B. Loose,
teller. In 1889 S. H. W. Byrd was made
cashier. In 1891 the directors were
Jas. F. Lowman, J. W. F. Allemong, and B. M. Rice. This bank closed business in 1892.(2)
In March, 1891, a bank was opened at
Shendun (Grottoes), W. P. Roberts and James Martin, of Lynchburg, being
president and cashier, respectively.
This bank was still in operation in December, 1892.
Let us next take a glance at the nine
banks now doing business in the county.
In 1853 an Act was passed authorizing the
establishment of the Citizens’ Bank of Virginia, in the town of Harrisonburg. Robt. Gray, Harvey Kyle, and ten other
gentlemen were named as commissioners.
The next Assembly changed the name to Bank of Rockingham. In 1854 A. B. Irick was president; C. C.
Strayer, cashier; A. E. Heneberger, clerk and teller. It “commenced operation in the stone building next door to the
Post Office” (the Waterman house - see page 192). This is said to have been the first bank in the county; but if
any of those projected in 1850-3, noted above, were actually started, it may
not have been the first.
In April, 1863, the Bank of Rockingham
was located in
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(1)
Rockingham Register, July 3 and Aug. 27, 174.
(2)
Information given by Mr. S. H. W. Byrd.
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the
Exchange Hotel building (C. C. Clapp, propr.).(3) This was the house on the north side of the public square, built
by A. B. Irick, in which Dr. Frank L. Harris till recently had his office. In August, 1865, it was reorganized as the
First National Bank of Harrisonburg, the officers continuing as named
above. C. C. Strayer was cashier from
1854 to 1888; then he was succeeded by L. C. Myers.(4) Mr. L. H. Ott has the first safe used by the
bank. The total on each side of the
financial statement published April 13, 1866, was $247,148.11. In October, 1866, the bank was moved into
its new building opposite Hill’s Hotel.
The present building was erected in 1903. L. C. Myers is president, Geo. E. Sipe vice-president, C. H.
Chandler cashier, and C. D. Beard assistant cashier. The total on each side of the financial statement published Sept.
4, 1912, was $1,648,894.34.
The Planters Bank of Bridgewater was
opened for business February 3, 1898.
Jos. H. Craun was president; John W. Cline, vice-president; Jas. R.
Shipman, cashier. The original board of
directors were J. H. Craun, J. W. Cline, John W. Wise, Robt. J. Miller, and
John S. Garber.
The present officers are: J. W. Cline, president; W. H. Sipe,
vice-president; J. R. Shipman, cashier; S. H. W. Byrd, assistant cashier. The present directors are J. W. Cline, W. H.
Sipe, J. Newton Wilson, J. S. Garber, G. Ed. Miller, N. B. Wise, and Ed. G.
Crist. Miss Ida Thomas has been a
valued assistant in the bank for a number of years.
Business was begun with a paid up capital
of $4000. The balanced total in the
published statement of April 18, 1912, was $145,014.57.
The Rockingham National Bank,
Harrisonburg, was organized December 21, 1899.
The shareholders present elected the following directors: Andrew M. Newman, Jr., Geo. G. Grattan,
Aaron H. Wilson, Jesse R. Cover, and Jacob Funkhouser. These directors held their first session on
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(3) Rockingham
Register, April 24, 1863.
(4)
Idem, Feb. 2, 1866; April 30, 1897.
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January
10, 1900, and elected A. M. Newman, Jr., president and A. H. Wilson,
vice-president. They also elected W. J.
Dingledine cashier and Ernest S. Strayer teller. The bank opened for business on March 15, 1900, with a capital of
$50,000. The directors are: Geo. G. Grattan, Samuel Forrer, Samuel M.
Bowman, A. H. Long, Jno. B. Peale, J. R. Cover, Jacob S. Sellers, T. N. Haas,
Jno. I. Harnsberger, F. M. Stinespring, C. G. Harnsberger.
The officers and employees are:
G. G. Grattan, president; C. G. Harnsberger, vice-president; W. J.
Dingledine, cashier; S. D. Myers, assistant cashier; C. H. Mauzy, teller; E. R.
Lineweaver, A. R. Ruff, R. L. Coffman, bookkeepers; A. J. Crawn, Clerk; Miss
Flavia Converse, stenographer.
The capital of the bank is now
$60,000: surplus and profits, $65,000;
deposits $600,000; loans $600,000; resources, $800,000.
The First National Bank of Broadway was
opened for business April 24, 1903, with $25,000 capital stock. The directors were Geo. S. Aldhizer, B. F.
Helbert, J. P. Miller, D. B. Sites, D. F. Geil, J. W. Grim, and T. J.
Pennybacker. Mr. Aldhizer was
president, Mr. Helbert vice-president, and Mr. Grim cashier. The following gentlemen now constitute the
board of control, with organization as indicated: D. F. Geil, president; B. F. Helbert, vice-president; T. C.
Aldhizer, cashier; G. S. Aldhizer, A. R. Miller, Jos. Shank, J. M. Kline, and
A. M. Turner. The balance total in the
financial statement made Sept. 4, 1912, was $104,828.28.
The Bank of Elkton was organized in
November, 1903, and opened for business February 8, 1904. James E. Leebrick was president, C. G.
Harnsberger vice-president, and I. L. Flory cashier. The directors were J. E. Leebrick, C. G. Harnsberger, J. T.
Heard, W. E. Kite, M. M. Jarman, W. J. Dingledine, and Geo. G. Grattan,
Sr. The present officers are, C. G.
Harnsberger, president; J. T. Heard, vice-president; and W. H. McVeigh,
cashier. The present board of directors
is composed of the following gentlemen:
C. G. Harnsberger, J. T. Heard, W. E. Kite, A. P. Yancey, and I.
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L.
Flory. The balanced total in the
financial report published Sept. 4, 1912, was $99,213.77.
The Bank of Dayton was organized in 1906,
by the people of Dayton, with Jno. M. Flory as principal solicitor, with a
capital stock of $10,000. This was
increased to $20,000 in 1910. Doors
were opened for business March 2, 1906.
The original officers were, E. C. Ralston, president; J. M. Kagey,
vice-president; N. R. Crist, cashier; directors: E. C. Ralston, J. M. Kagey, J. M. Snell, J. M. Flory, J. Wilton,
J. H. Rhodes, Jos. F. Heatwole. The
present officers are E. C. Ralston, president; J. M. Kagey, vice-president; N.
R. Crist, cashier; present directors:
E. C. Ralston, J. M. Kagey, J. H. Rhodes, J. H. Ruebush, Joe K. Ruebush,
L. M. Hollen, E. W. Burkholder, J. N. Shrum, Jno. T. Wright. The balanced total in the financial
statement published Sept. 4, 1912, was $89,472.27.
The Bank of Grottoes was opened for
business February 17, 1908, J. M. Koiner, J. S. Pirkey, D. E. Ham, J. D.
Alexander, G. R. Root, M. D. Eutsler, W. A. Leeth, W. C. Patterson, C. L.
Weast, D. H. Patterson, and J. F. Miller being directors. Mr. Koiner was president, Mr. Pirkey 1st
vice-president, Mr. Geo. M. Nicholas 2d vice-president, and Mr. Root
cashier. At present the officers and
directors are the following. M. D.
Eutsler, president; E. L. Weast, vice-president; G. R. Root, cashier; Philip R.
Cosby, assistant cashier; J. S. Pirkey, J. M. Pirkey, D. H. Patterson, W. a.
Leeth, C. S. Craun, J. D. Alexander, J. L. Cosby, G. K. Foster. The balanced total published Sept. 4, 1912,
was $64,408.72.
The Peoples Bank of Harrisonburg was
chartered in 1907, and opened its doors for business April 20, 1908. The incorporators and original board of
directors were: James E. Reherd, Isaac
N. Beery, John N. Mohler, James O. Stickley, Thomas J. Martin, Eugene X.
Miller, Thomas P. Beery, and A. P. Eiler.
The business has increased steadily
during the four years of the bank’s existence, until it now has total resources
of
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nearly
$400,000. The capital stock is not held
in large blocks, but is distributed among over 250 share-holders, who, with few
exceptions, are residents of Rockingham County. The present officers, who have held their respective positions
from the first, are: Jas. E. Reherd,
president; I. N. Beery, J. N. Mohler, A. S. Kemper, vice-presidents; T. P.
Beery, cashier; D. B. Yancey, assistant cashier.
The Farmers and Merchants Bank of
Timberville was organized in March 1908, with John H. Hoover, president; E. M.
Minnick, vice-president; J. A. Garber, cashier. It as opened for business Aug. 24, 1908. The directors are John H. Hoover, W. C. Hoover,
F. H. Driver, J. A. Zigler, D. S. Wampler, W. E. Fahrney, E. M. Minnick, E. E.
Jones, M. F. Garber, Geo. E. Sipe, Wm. A. Pence, E. A. Andrick, and R. S.
Bowers. The balanced total in the
financial report published Sept. 4, 1912, was $142,061.74.
All of the Harrisonburg banks, probably some of the others in the
county, have savings departments.
It is deemed appropriate, in closing this
chapter, to present a few facts regarding local insurance companies.
In the early 50’s several Acts of Assembly
were passed chartering and amending the charter of he Rockingham Mutual
Insurance Company. In 1854 the
Rockingham Mutual Fire Insurance Company was granted the powers and privileges
of a savings bank. E. T. H. Warren
(page 139) was secretary. In 1868-9 the
Rockingham Insurance Company, capital stock $100,000, was in operation. A. M. Newman was president; G. F. Mayhew,
secretary; R. N. Pool was general agent for the State; Jos. H. Shue was agent
for Rockingham County. It was a fire
insurance company.
In January, 1869, the General Assembly
chartered the Rockingham Home Mutual Fire Insurance Company, to do business in
a circle radiating seven miles from Cross Keys. The original officers and directors were: Wm. Saufley, president; Ed. S. Kemper,
secretary and treasurer; Jos. B. Webb, Saml. Good, Jonathan Miller, Peter
Showalter, Isaac Long, Geo. W. Kemper.
In 1881 G. W. Kemper was president; Geo. B.
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Keezell
was president-elect, and J. B. Webb was secretary and treasurer. The number of members was 432; amount of
property insured, $615,000. At present
(1912) there are 1442 members and the amount of insurance is $3,010,000. G. B. Keezell is president; John G. Fulton,
vice-president; C. T. Callender is secretary and treasurer. The plans and methods of this company have
attracted wide attention.
On January 6, 1872, the West Rockingham
Mutual Fire Insurance Company was organized, with David A. Heatwole (page 224)
president, J. W. Minnick secretary, A. Andes treasurer. The directors were B. M. Rice, John Geil, J.
H. Ralston, David Garber.(5) In the Act
of incorporation, March 22, 1872, Saml. Firebaugh, Geo. Chrisman, Saml. A.
Long, Jos. Click, Hugh Swope, Jas. C. Heltzel, and John H. Ralston, Jr., were
named as directors. In 1886 D. A.
Heatwole and H. A. Heatwole were president and secretary, respectively, and the
amount of insurance was $800,000. At
present John S. Funk is president and H. A. Heatwole (Mt. Clinton) is
secretary-treasurer.
In January, 1874, R. H. Spindle,
secretary called a meeting of the Farmers’ Mutual Fire Insurance Company at
Conrad’s Store. Nothing further is
known of this company.
In 1897 the Cross Keys Home Mutual Fire
Insurance Company was chartered and organized under the state laws of Virginia,
with the following directors: C. T.
Callender, T. P. Yager, G. B. Keezell, W. H. Long, J. R. Filler, A. B. Miller,
and J. R. Bowman; C. T. Callender (6) being president and T. P. Yager
secretary. The purpose of the company
is defined in the charter as follows:
“To make insurance upon the contents of
dwelling-houses, stores, barns, and all other buildings, except mills, against
loss or damage by accidental fire.”
This company supplements the Rockingham
Home Mutual; the one insuring buildings, the other, contents of buildings.
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(5) Rockingham Register, Jan. 11, 1872.
(6) C. T. Callender died Oct. 27, 1912, aged 53.
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