Maury County TN Archives History - Books .....Financial 1906 ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/tn/tnfiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Joy Fisher sdgenweb@yahoo.com September 23, 2005, 12:53 am Book Title: Century Review Financial. The banking interests of a community are of great moment to its steady progress. In days of yore Columbia has had her full share of unreliable and transient banks, regarding which the least said the better. For a dozen years, however, our monetary concerns have been conducted by thoroughly reliable and progressive citizens, men of high character and sterling worth. For five years past the statements disclose a constantly increasing volume of assets and deposits, giving evidence of conservative management and a prosperous community. Early Banks. The Columbia Bank was organized 1819, with $15,000 capital stock; D. N. Sansom, president; Wm. Frierson, Saml. Polk, Horatio DePriest, Wm. McNeil, Pat. McGuire, Saml. McDowell, Wm. Bradshaw, and Jos. Brown, directors. After about a decade in business, it closed its doors. The Union Bank was opened in 1832, and the next year erected a good brick building. Saml. A. Hamner was cashier for many years. This discontinued business about war times, and the building became the residence of Mrs. Ruttle. Later it was remodeled as a store, now occupied by J. Rosenthal. The Columbia Bank, a branch of the State Bank of Tennessee, organized 1838, erected a substantial building 39-40 on southwest corner of Seventh and Garden Sts. P. W. Porter, cashier, early in 40 was wounded and the bank looted. A reward of $2,500 was offered for the arrest of the robber and as much more for return of the funds. A hard character named Cornelius was soon afterwards killed by a clerk whom he had provoked to anger. Some months later G. B. Polk, while searching for a hen's nest among the old tombs in Greenwood Cemetery, found the funds, supposed to have been hidden there by Cornelius until such time as he could carry it away without being suspicioned and followed. The bank closed business in war times, and the building was purchased 1866 by Mrs. E. Jones for $11,100. It is occupied by her daughter, Mrs. F. J. Hendley. Planters' Bank opened 1838, had among its promoters Jas. Walker, Wm. McNeil, J. B. Graves, D. P. Frierson, E. W. Dale, and J. R. Plummer. The building was on South Main, near the Polk House, the bank continuing in business only a few years. The Bank of Columbia, under a State charter, was started by W. P. Ingram and others about 1869, near where the present Maury Natl. Bk. stands, later being held at Seventh and Public Square. This went down, in the financial crash of 1891. Columbia Banking Co. opened for business in 1869 as the First National Bk., the title changing July, 85, to Columbia Banking Co. The statement for 86 showed a capital of $100,000 and $20,000 surplus; J. M. Mayes, president; J. C. Wooten, vice president; Lucius Frierson, cashier. With the financial depression of 1893 this bank closed its doors, paying about 50 per cent to depositors. Second National Bank was chartered Oct., 1881; R. A. Ogilvie, president; R. M. McKay, vice president; Geo. Childress, cashier. This bank closed its doors in 1893, but has paid depositors 56.8 per cent on approved accounts. The Maury Bank & Trust Co. opened for business Oct. 26, 1891; J. W. S. Ridley, president; C. A. Parker, cashier. Feb., 1893, this was made the Maury National Bank, capital of $60,000, which, May 1, 1905, was increased to $100,000. For several years past it has paid from 4 to 5 per cent semiannual dividends—a clear illustration of the prosperous conditions existing in this county and the efficient business management. Backed by ample capital and conservative executives, this bank enjoys public confidence; and its deposits average nearly half a million dollars. The Maury National bought its present lot in 1893, and subsequent to the fire of Jan., 1899, erected the handsome front illustrated herewith. It has numerous small safety vaults for lease to patrons at reasonable rates. The bank carries $60,000 U. S. bonds as security for its outstanding currency, and its statement shows a wide margin of cash on hand or in other banks, as well as stocks and securities, making substantial assets above all liabilities. The following is from the sworn statement made May 29, 1905: Loans and discounts $332,827 82 U. S. bonds, etc 65,000 00 Stocks and securities 25,009 30 Banking house 12,000 00 On hand and in banks 226,252 12 Total resources $661,089 24 Capital stock $100,000 00 Surplus and profits 12,000 00 Undivided profits 3,609 55 Currency outstanding 60,000 00 Certified checks 50 00 Deposits $485,429 69 R. C. Church, president, was born in this county in 1846, served for ten years as vice president, and with 1901 was promoted to his present responsible position. C. A. Parker, cashier, was born in Giles Co. in 1856, reared in Maury Co., and for thirty years past has been connected with the banking business. The directors are: R. C. Church, Dr. J. A. Edwards, G. T. Hughes, C. A. Parker, B. A. Satter-field, W. P. Ridley, J. Webb Ridley, R. L. McKinney, J. D. Barrow, J. C. Wooten, W. M. Cheairs, E. L. Armstrong. Farmers & Merchants' Bank. In 1890 J. P. Brownlow, Bithal Howard, and others opened the Mt. Pleasant Bank & Trust Co., which met with good success. The Lynnville Bank & Trust Co. was started the same year by J. W. Fry and others. Mr. Fry still continues as president of the Lynnville bank. In April, 1694, Mr. Brown-low transferred the Mt. Pleasant bank to Columbia, and merged it, with additional capital to organize under the laws of this State, with the Farmers & Merchants' Bank, which has met with good success from the start. Two years after the opening $10.000 was added to the capital, and in 1900 $20,000 additional, bringing the aggregate up to $50,000. John W. Fry, president of the F. & M. Bank, was born in Giles Co., July 10, 1859, and was a farmer and stock dealer prior to commencing the Lynnville bank. In 1896 he removed to Columbia, and has since been president of the Farmers & Merchants' Bank. J. F. Brownlow, cashier, is Mayor of Coumbia, and is mentioned under city officials. J. P. Brownlow serves as vice president; and, in addition to the above, the directors are: Bithal Howard, J. J. Fleming, T. J. Rea, and M. E. Wheeler—all citizens of solid financial standing. The bank is conservatively managed, and in every way worthy of the wide popularity it has gained in Columbia. Phoenix National Bank. In 1894 J. L. Hutton, of Bedford Co., together with some of Columbia's best business men, opened the Phoenix Bank. Capital, $30,000. J. P. Street, Pres.; J. W. Frierson, V. P.; J. L. Hutton, Cashier. The bank promptly met with favor, has regularly paid 4 per cent semiannual dividends, and prior to the change to a national bank, August, 1905, it had accumulated $21,000 surplus. Its promoters have been forward in every movement for Columbia's advancement, arid are large shareholders in the leading manufactories of this city. With the present year, Mr. Street declined a reelection to the presidency, and that office was given to Mr. Hutton, the largest shareholder in the bank; while H. O. Fulton, who was reared in Maury Co., and is favorably known from his 20-years' connection with the hardware house of J. P. Street & Co., became Cashier. Mr. Hutton, who was born in Bedford Co., March, 1860, had been in the banking business for 7 years before starting the Phoenix, and is both conservative and energetic. W. A. Dale, V. P., like the Cashier, is a life-long resident of this section, and his business connection has been thoroughly successful. Early in 1905 it was decided to make a national bank of the Phoenix, and raise the capital to $100,000. The astute capitalists of Columbia were so anxious to secure the stock that it was finally chartered at $125,000 capital, and, with its well-known officials, can certainly be classed as one of the best monetary concerns in Maury Co. The closing matters of the old Phoenix have all been turned over to the Phoenix National for adjustment. The following well-known business men of Maury Co. are directors: J. L. Hutton, W. B. Greenlaw, W. A. Dale, D. F. Watkins, E. E. McLemore, J. Lem Thomas, J. W. Howard, R. L. McKinney, A. J. Fly, F. D. Chaffin, T. C. Webster, W. E. Jones, Jno. A. Oakes. The most important sections of the county are represented, and the Phoenix National Bank of Columbia has started under very favorable auspices. Additional Comments: From: CENTURY REVIEW 1805 - 1905 MAURY COUNTY, TENNESSEE A Condensation of the Most Important Events of the Past One Hundred Years, and Descriptive Sketches of the Cities and Villages File at: http://files.usgwarchives.net/tn/maury/history/1906/centuryr/financia24gms.txt This file has been created by a form at http://www.genrecords.org/tnfiles/ File size: 9.3 Kb