Page:History of Richland County, Ohio.djvu/506

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��HISTORY OF RICHLAND COUNTY.

��CHAPTER L.

BANKS, INSURANCE COMPANIES, MILLS AND MANUFACTURERS.

FiBST Bank — Application for a Chaktek — Patterson & Co. — Mr. Purdy's Bank — The Sturges Bank — Richland National — First National — Mansfield Banking Company — Mansfield Savings Bank — The Richland Mutual Insurance Company — The Mansfield Mutual Fire Insurance Company — The Merchants' and Manufacturers' Insurance Company — The American Mutual Accident Associa- tion — The Early Mills of Madison Township — Gilbert, Wauqh & Co. — Hicks, Brown & Co — The Aultman & Taylor Company— The Mansfield Machine Works — Cracker Bakery — Box Factory — The Western and Buckeye Suspender Companies — Trunk Factory — Mansfield Woolen Mills — Mansfield Lumber and Building Company — Paper Manufactory — Patterson, Creigh & Co. — G. W. Forney & Co. — Other Industries.

��THE banking business of the city, like every other Ijusiness at the present date (January. 1880), has settled down on a solid basis, the city now containing three Ijanking institutions, all doing a safe and profitable bus- iness. The first establishment of this kind was started as early as 1816, on Main street, at the southwest corner of the square, where the old Farmers" Bank was afterward, for many 3"ears, located. John Garrison was President, and a Mr. Elliott. Cashier. A charter was applied for and a member elected to the Legis- lature, purposely to see that the bill for that purpose passed. The bill had passed to a third reading, when a member moved its indef- inite postponement. The Richland member thinking it was on its final passage, voted aj^e, and defeated his own measure by his own vote. It was indefinitely postponed b}' a majority of one, and the bank never obtained a charter. So far as can be ascertained, this was the end of the ])anking business until 1846, when Messrs. James Patterson & Co. started on the west side of the square, about where the Farm- ers' Bank is now located. This was not a bank of issue, but simply a bank of deposit, and the daily accumulation of cash was taken everv evening to the vault in the store of

��E. P. Sturges for safe keeping. Mr. Patterson conducted the bank several years, when he died, and it passed into the control of Conn, Sherman & Co., Messrs. Andrew Conn and C. T. Sherman having been for some years inter- ested in it. It did business for a time on the west side of the square, and then moved to the first room south of the Wiler House, where it continued until about 1854, when Conn having moved away, it closed up its afl^airs. The first really permanent institution of this kind was started by Mr. James Purdy, in 1847. In 1846, a law creating the State Bank of Ohio was passed. Mr. Purdy was active in procur- ing the passage of this law, and immediately determined to take advantage of its benefits and establish a branch in Mansfield. As this was the first Imnk, a little history- of it may be interesting.

Mone}^ to establish banks could not be gath- ered up on the streets in those* days, l)ut Mr. Purdy succeeded in finding thirt}- men in the county who were able to pay in $30,000 in specie, Mr. Purdy agreeing to take their stock off their hands, if at aii}^ future time they should desire it. He was aided in the estab- lishment of this bank by C Armentrout, Will- iam Granger, David Anderson and others.

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