History of Saginaw county, Michigan; together with ... portraits ... and biographies ... History of Michigan ...

540

HISTORY OF SAGINAW COUNTY.

without the capital, the efforts of enterprise would fail to reach
these grand results, which with its aid they achieved. A good deal
has been written on the banks of East Saginaw. W. It. Bates,
Geo. F. Lewis and others may be said to have collected many if not
all the facts in connection with these financial institutions; therefore
the labor of searching out a history ab initio is saved to the compiler, additions to what has already been written being only
necessary.
The first banking house established in the city was that of W. L.
P. Little & Co., established in 1855, with an office in the rooms
subsequently occupied by W. J. Bartow.
In August, 1856, the office was removed to the Bancroft House
block, where the Lumber Exchange is now located. The capital
was $10,000. This was until 1860 the only bank or banking
office in the following counties: Saginaw, Bay, Tuscola, Alcona,
Iosco, Alpena, Midland, Gratiot, Isabella and Cheboygan. In
October, James F. Brown, Esq., the present well-known and
highly esteemed president of the Merchants' National Bank, became connected with the bank of W. L. P. Little & Co. in the
capacity of general utility man. lie not only paid out money,
wrote drafts and attended'to correspondence, but collected checks
and drafts, built fires and swept out the office. In 1860 the capital was increased to $20,000, and business established on a thorough banking principle. The Little Banking Company continued
to exist under that title in 1865, when, after a career of 10 years,
-it clanged its name to the " Merchants' National Bank."
Tie Xerchants'.Nacttional Bank.-In August, 1865, the organization of the "'Merchants' National Bank" was first discussed; in
October of that year a charter was granted, and Jan. 1, 1866, the
banking office of W. L. P. Little & Co. was merged in the Merchants' National, with W. L. P. Little as President, James F. Brown,
Cashier, and Douglas IIoyt, Assistant Cashier. Col. Little died in
December, 1867, and immediately thereafter James F. Brown was
elected President, Douglas Hoyt, Cashier, and L. C. Storrs, Esq.,
Assistant Cashier.
In 1864 Ed. H. Paul became connected with tlhe institution,
and for nine years performed in a highly satisfactory manner the
duties of teller. Last year, on account of partial failure of his
eyes, he was compelled to leave the institution. The present
officers are. J. F. Brown, President, and Douglas IIoyt, Cashier.
The office of assistant cashier has been dispensed with, L. C.
Storrs, Esq., being at present assistant treasurer of the F. & P.
M. Railway. When this bank was first organized under the
National Banking Law, its capital was $200,000, Since that time
an elegant stone building has been erected for it on Washington
avenue, at an expense of over $50,000. Thie condition of this important banking house is shown forth in the following exhlibit,
given under (late of May 6, 1881.