The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1880-12-30
2nlttira1.
THE PET BANK
SECRETARY SHERMAN'S MoNU-
MENT.
Splendid Profits Resulting From Syndicate OP-
eratIOns With the Treasury Facing
Profit of One Hundred Per Cent.
on the One Hand and the
Grand Jury on
the Other.

rough screen Oh luIuDeT, noT ueaily
hundred feet high, a large force Of work
men are adding the upper stories to
building that promises to be notable
landmark of the city. The basement
and ground story are not inclosed, and
present an appearance of solidity rarely
seen in the architecture of the present.
This exposed part Of the building con-
sists of massive browns'one piers stand
ing out beyond the line of the other
buildings in both thoroughfares. The
stones are for the most part uncut, and
their rough sides attract the eye and in-
crease the impression Of solidity. The
building is the joint Investment of the
First National Bank and the National
Bank of the Republic, The style of
architecture is Romanesque. Abovethe
huge, rough hewn piers that incose the
basement and ground floor rise seven
stories formed of columns of pressed
brick, relieved by heavy stone work.
The window caps of the eighth story are
surmounted by heavy stone CorniCe
with carved convolutes, and above all
there is being erected parapet wall of
brick and stone. A huge stone griffin
will project from the Broadway and
Wall street corner of the roof and lesser
grifins will keep guard at the other
ends of the CorniCe. The height from
the sidewalk to the roof will be l90 feet.
The seventy two feet front in Broad
way AID half of the ninety two feet
front in Wall street of the ground floor
will be occupied by the First National
Bank The Bank of the Republic will
occupy the other and inner half of the
same fl )or. Access to both banks will
be had from the main entrance, in the
middle of the Wall-street front. Anoth.
or spacious entrance in the center of the
Broadway front will lead to the First
National Bank and the Offices in the
basement. The seven stories above the
banking Offices are to be fitted up
for Offices. The entire structure is
to be as thoroughly fire proof as modern
devices can make it. Each BANK is to
have a spacious vault. The estimate
upon the building aggregated something
over $S50,000. The and uDon which it
stands is valued at about $500000. 1t is
probably a safe estimate to make that
the property when ready for occupation
will have cost ST 100000.
AS the building has grown a name has
come to it that has become more and
more It's own Gu day, and will proba-
bly, cling to it. lis legitimate title is the
Union Bank Building, The throng of
bankers, stockholders and spectators
that sweeps around its buttresses into |
Wall street call it Fort Sherman, be.
cause of John Sherman's connection |
with the Frs National Bank.
Three years ago the First National |
Bank vas doing modera ely profitable
Business in an unOstentAtOus way, a
few doors above the new building.
Samuel G Tnom oson was its President,
and George F B kpr the Cashier It's
capital Was $5O0 900 and in that respect
it ranked aouut fOrtieth in the list
of backs OF this city. Toward the close
of 1874 it had surplus of $500 900;
year later its surnlus WAS S3O0OO In
the summer Of 1877 Cashier B ,Ker, F. A
B ,ker, F O. French, F. F. Thompson,
Z )enfz z-r SCho6eld, who we're Directors,
and H G. F4hnestoCk and James A. Gar
land, who had been assoCia ed with Jay
Coke in the banking business, bought
out the interest of Samuel G. Thorn pson
and his father, John Tnom psoD. They
are all Young men, and as shrewd as
they are entertaining 1t was not an al
together amiCabIe transaction. Mr.. John
Thompson, the conservative, old school
gentleman, who was practically the
head of the institution found the young
men incline to 8 Jeculations that he did
not consider safe. He had succeeded in
having his bank recognized in the work
of placing the tour aud half per cent.
bonds when the ROthsChilds, hrough
their agents, attempted to monupolze
the handling of those bonds. Ou
account of the services of his bank in as
sisling in the placing of that loan, john
Sherman was compelled to allow his
bank to become a member Of the new
Syndicate that was formed for the pur.
pose of placing the four per cents. But
the young men who were associated
with him in the mar agement of the
bank wanted to undertake what he
thought was too large share of the bu
siness for them TO handle with safety
Owing to the manipulations of the
ROthsChilds to force monopoly of lht
bonds into their control the price was
depressed in August, 1877, soon after the
new syndicate made liz contract to and
! per cent below what the synulcate
baTgained to pay the Government for I
them. While Mr.. Thompso cherished
an almost perfect faith in the credit OF
the 6 Ivernment, he was reluctant to
have his bank in such a position that a
fl Ic nation of q per cent. in Govern. {
ment bonds would either double it's cap.
tai or wipe it out. As an officer Ct the
bank at that time said, ut WAS posi-.
tiOn in which we faced prof of 100 per
cent. on one hand and the Grand Jury
on the other" In letter written DeV.
eral months subsequent tn the with {
drawal of he Messrr. Thompson. JOnn ,
Sherman said to John Thompson:
ut is understood that you were un.
willing, as an offer of that bank, to take {
the risk Of the fluctuations Of gold. ] ,
confess that, il in your place, would I
have hesItated as you did, in taking the
risk"
But the new management did not hes.
itale. | h IDpened that fortune favored &
the First National Bank.
Soon after quitting the Fret National
the Messrs. Thorn Dsoa started bank f I
their own--the Chase National-a few
doors above their former bank n Broad
way. The FIrst National orga lied bv
electinR John F Baker, President, and
Ebentzer Sco6eld, Cashier. The new I
man cement obtained control anon after