THE FIRST NATIONAL BANK, YOUNGSTOWN, OHIO.

     At the beginning of this half of the century on Aug. 7, 1850, the Mahoning County Bank was started at Youngstown, Ohio, with Judge Wm. Rayen as its first president.  It was Judge Rayen who founded the Rayen School, which recently celebrated the completion of its enlarged building.  He was a strong man and a wise man, and the fact that the bnk bank, afterwards made the First National Bank, has also just occupied a beautiful new home, bears additional testimony to wise plans carried out by capable successors.
     The record of the Mahoning County Bank was excellent.  When Judge Rayen died in 1854, he was succeeded by Dr. Henry Manning, a man who had the courage of his convictions in finance, as well as in medicine.  He was not one of those who refuse credit because it is needed, or because others do.  He granted it liberally where he thought it was deserved, and the results, owing to the trying times of 1857, and the years when our iron industries were struggling for a foothold, showed the soundness of his judgment and the wisdom of this policy, "not only in the good it did to others and to the town in general, but also in the increased business it brought to the bank."
     When the national banking law was passed the officers of the Mahoning County Bank were quick to avail themselves of its provisions.  That bank was closed, and the First National Bank was organized as its successor, June 2, 1863, having the third place in the list of National Banks, which has since run up into the thousands.  Dr. Manning was elected president and remained at the head of the bank until Jan. 9, 1866, when he resigned on account of the infirmities of old age.
     Mr. William S. Parmelee, a man of conservative judgment, already identified with the management of the Rayen estate, succeeded him and held the office for eleven years.  He declined a re-election, because of his removal to Cleveland, and on Jan. 9, 1877, Mr. Robert McCurdy, who has held the position ever since, was elected president.
     The first cashier of the Mahoning County Bank was Hon. Robert W. Tayler.  afterwards for so many years Comptroller of the United States Treasury.  On his resignation. Jan. 2, 1860, Mr. Caleb B. Wick was elected cashier, and remained until Oct. 9, 1862, when he resigned to go into the iron business at Sharon, Pennsylvania.  His successor was Mr. John S. Edwards, who served until the Mahoning County Bank was wound up, when he became the cashier of the First National

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Bank.  When he left the bank, June 20, 1865, Mr. Robert McCurdy was chosen cashier, and filled the place until he became president in 1877.  Mr. Wm. H. Baldwin was then elected cashier and held the office for ten years, until he resigned in 1887 to go into the iron business.  Since then the duties of cashier have fallen upon the president.
     All of these men were at all times entirely faithful to the bank and its interests.  There has never been the slightest irregularity, nor has even a suspicion ever attached to any one connected with the institution.
     The liberal policy began so many years ago, has always been followed.  The bank has never charged excessive rates, nor sought to make large profits.  It has never speculated in any form.  It has faithfully tried to serve the true purpose of a bank in the community, and to win a fair return on the money invested, by maintaining proper relations with proper customers.
     How well it has succeeded in doing this since its organization as a National Bank, the following statistics show:

     The bank has never passed a semi-annual dividend, nor has it ever made a dividend of less than four per cent with all taxes paid.  Large as these figures seem in the aggregate, they simply show the result of steady work year after year, for more than thirty years in the midst of a growing community.  The annual profit on the capital used is small, compared with that of other kids of business, to the success of which the bank's money has contributed.
     In January, 1896, Mr. Myron E. Dennison was made cashier.  In 1904 Mr. Robert McCurdy, who had been president since 1877, died and soon after the First and Second National banks were consolidated, the capital being then increased to $1,000,000, Mr. Henry M. Garlick, who had been president of the Second National, becoming president of the consolidated bank.  The vice-presidents were: Henry M. Robinson, Myron I. Arms, and Henry Tod.  R. E. Cornelius was made assistant cashier.  The condensed report of the bank made to the Comptroller of the Currency, Nov. 12, 1906, is as follows:
 

RESOURCES.

LIABILITIES.

MAHONING NATIONAL BANK.

     The Mahoning National Bank is the successor to the Youngstown Savings & Loan Company, which was organized in 1868, with a capital stock of $600,000 ($150,000 paid in), and with the late Governor Tod as president.  The bank was continued under that name and with the original charter until 1877, when it was reorganized as the Mahoning National Bank, with the same officers, directors and stockholders, and with a capital stock of $229,000.  It was thus continued until July i, 1906, when the capital stock was increased to $300, 000, and the surplus to $200,000.  The original twenty-years charter having expired in 1897, it was then renewed for twenty years more.

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     An abstract of the report made to the comptroller of the currency, Nov. 12, 1906, by the Mahoning National Bank shows the following resources and liabilities:

RESOURCES.

LIABILITIES.

     The present officers of the bank are:  W. Scott Bonnell, president; Walter A. Beecher vice president:  J. H. McEwen, cashier; Thomas A. Jacobs, assistant cashier.

COMMERCIAL NATIONAL BANK.

     The Commercial National Bank of Youngstown was organized in 1881, with a capital stock of $200,000.  C. H. Andrews was the first president.  The capital has been lately increased to $350,000, the bank having a surplus fund of $100,000, with undivided profits of $56,000.  President Andrews died Dec. 25, 1893. and was succeeded in the presidency of the institution by the late George M. McKelvey, whose death occurred Dec. 24, 1905.  Up to the time of Mr. McKelvey's election General T. W. Sanderson had served as vice-president.  Early in January, 1906, Mason Evans, who had been cashier from the beginning, was elected president, which office he still retains.  The other officers are:  L. E. Cochran, vice-president; C. H. Kennedy, cashier; Harry Williams, assistant cashier.
     The following is a condensed statement of the bank's condition made to the comptroller of the currency.  Nov. 12, 1906:

RESOURCES.

LIABILITIES.

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Mason Wick, secretary; Rolla P. Hartshorn, treasurer; Charles J. Wick, cashier; Paul H. McKelvey, assistant treasurer; E. H. Hosmer, assistant cashier.

THE HOME SAVINGS AND LOAN COMPANY.

     This company was organized in 1889 and its charter dated on January 15th, of that year.  Among its incorporators were such men as John R. Davis, then a leading fire insurance agent, P. D. Cotter, a successful merchant, and other well known men, most of whom are now deceased.  The only survivors of the original incorporators are Mr. J. R. Woolley, who is now vice-president of the company and Mr. James M. McKay, who has been its secretary from the start.
     The company opened for business on Feb. 28, 1889.  Its first location was up stairs in the Excelsior Block over the store room now occupied by the Mullaly-Reilly Company.  Mr. McKay had been occupying this room as a law office for some years and for quite a while the company had the use of the room without expense.  The business at first grew slowly; by Jan. 1, 1890, the deposits amounted only to $3,652,00.  The expense had been light, however, and a good dividend was left for the depositors.  Steadily and surely, if not rapidly, the business increased and in about four years time the deposits reached $100,000.00.  By this time it was felt that a location nearer the ground floor would be more accessible and accordingly the basement room of the Mahoning National Bank was leased for a period of five years and the company took possession of it.  This term was afterward extended and the company occupied the basement for a little over ten years.  From '93 to about '97 or 98 times were bad in Youngstown and the growth was small; still the company managed to forge ahead a little each year and add new depositors to those already secured.  On Jan. 1, 1898, its deposits reached a quarter of a million.  From this time on times began to get better, but it was still a year or two before there was much activity in real estate and the growth of the company continued to be slow.  In the fall of 1901, however, the deposits had increased to more than half a million and the basement room was getting too small to accommodate the business.  Inquiries were made which finally resulted in the purchase of the property at 129 West Federal Street, where the company is now located.  This property was purchased from Reel & Moyer in November of that year, but being under lease at the time, the company was not able to occupy it until two and one-half years later.
     From the time that the property was purchased, the growth of the company was more rapid.  By Jan. 1, 1904, their deposits exceeded a million.  Two years later they were over a million and a half and their net increase during 1906, which was more than three quarters of a million, stands unparalleled in the history of savings institutions in towns the size of Youngstown.
     Mr. McKay has been secretary of the company since its organization.  For the first four or five years he did all the clerical work himself, drew up the mortgages and personally examined the records for all loans on real estate.  In time, however, it became necessary to make additions to the clerical force until now it requires the constant services of ten people to look after the affairs of the institution, while still others are employed part of the time in appraising property and doing other outside work.
     The form of investment which has been favored by this company from the first is to lend its money on mortgage of real estate.  Of all the monies that it has handled, 98 per cent have been invested and its loans have been selected with such care that not a dollar has been lost.  During the hard times which prevailed from '93 to '98 the company was compelled to foreclose a few mortgages and occasionally had to take a piece of property and hold it until a purchaser could be found, but these were all sold without loss and on most of them a profit was realized.
     Of all forms of loans on real estate, the management have always considered that loans made for the purpose of buying, build-

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[Pictures of:
OHIO WORKS, CARNEGIE STEEL COMPANY, YOUNGSTOWN;
INTERNATIONAL BANK, YOUNGSTOWN;
THE DOLLAR SAVINGS AND TRUST COMPANY BUILDING, YOUNGSTOWN]

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ing or improving homes were the most desirable.   Manufacturing- plants especially have been avoided; some business blocks have occasionally been taken, but homes have always had the preference and the company has aimed to be faithful to its motto, "The American Home the Safeguard of American Liberties."  Its mortgage loans have been made on easy terms and the small borrower has always had as good a rate of interest as the large borrower.  The company has been instrumental in purchasing, building or improving some thing like 5,000 homes in Youngstown and vicinity.
     In the division of its profits the Home Savings and Loan Company is unique.  It is a mutual institution and all its profits are divided ratably among its depositors.  It thus returns to the man who saves his money all the profits that his money earns.  Strictly speaking, its depositors receive a dividend instead of interest, but this dividend has been established so long at 5 per cent that the public look upon it as a fixed rate.  Its directors do not consider themselves in any sense as owners of the business, but merely as trustees thereof and their detail ed annual reports published each year, and mailed to each depositor,  show item by item how their trust has been executed.  These reports are also circulated widely among other financial institutions of the United States and copies are regularly sent to certain institutions in foreign countries.
     Like all growing cities Youngstown's population is somewhat restless and her people move from place to place as better situations can be secured.  Many depositors in the Home Savings and Loan Company who have thus changed their location have still retained their savings accounts here and continue to make deposits from their new location.  In this way the patrons of the company have become scattered. Every important section of Ohio has depositors in the Home Savings and Loan Company.  Over one-half of the states in the union and many foreign countries are represented on its books and seldom is a mail delivered at the office that does not contain checks or drafts from distant localities or foreign countries.  

EQUITY SAVINGS AND LOAN CO.

     The Equity Savings and Loan Company was incorporated in 1900 by Asahel W. Jones, Harry A. Ernst, Ralph E. Cornelius, M. M. Phillips and E. H. Turner, with a capital stock of $500,000.  Soon after its incorporation it came under its present management, and it is now one of the most successful and solid financial institutions in Youngstown.  On Sept. 20, 1905, its capital stock was increased to $1,000,000.  It guarantees 5 per cent interest on deposits of any amount from one dollar upward.  During the five years or more that it has been in business it has handled over $1,000,000 for its patrons and has never lost a dollar.  Its steady and rapid financial growth is clearly shown in the following financial statement of its resources issued Oct. 1, 1906:

     Besides accumulating, as above shown, over $400,000 in net resources, it has earned for its patrons in interest and dividends over $50,000, a record of which the officers and directors are justly proud.  The credit for this excellent showing is largely due to the company's secretary and manager, Mr. Harry H. Geitgey, who has worked for the interests of the institution with rare judgment and energy.
     The company's financial statement for Oct. 1, 1906, is as follows:

RESOURCES.

LIABILITIES.

YOUNGSTOWN SAVINGS AND BANKING CO.

     The Youngstown Savings and Banking Company was opened for business Mar. 18, 1905.  The capital stock was $50,000, which was increased July 1, 1906, to $100,000.  The bank's statement for Dec. 1, 1906, is as follows:

RESOURCES.

LIABILITIES.

     The officers of the company are: Hon. W. T. Gibson, president; W. R. Leonard, vice president; H. W. Grant, treasurer.

INTERNATIONAL BANK.

The International Bank, located at No. 11 North Phelps street, was founded soon after his arrival in Youngstown, by Mr. Gustave V. Hamory, who came here in 1900 from Washington county, Pennsylvania.  Mr. Hamory was born in Hungary in 1869 and came to America in 1885, locating first in Pittsburg, where he gained his knowledge of American banking methods.  The International Bank issues drafts and money orders on all parts of the world, makes collections on estates, handles various claims, and also sells steamship and railroad tickets.  It has a large patronage among the foreign residents of Youngstown and the vicinity, the business keeping a number of clerks busy.  Mr. Hamory also has a flourishing branch office in Sharon, Pennsylvania.