Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1883-11-06
FAcTs AND FANclEs
Concerning cbarlestown and its
Prominent Industries.
What Our Reporter .1indsto sag Of our
Business Interests.
NO. 8.

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NO. 8.
The banks of a community rarely
are mentioned in the newspapers.
Times cfmonetary strfngency and Of
panic naturally bring them out in
prominence, but in every day life
little mention is made of these con-
SENATORS of the financial interests.
In to-day's paper it is our purpose
to make somewhat detailed illusions
to the oldest existing bank of our vii
lage, the
BANK OF cHARLEsTowN.
This leads us to refer to the first bank
ever organized here, the old 'Bank OF
the Valley of Virginia." the first
monetary institution to be estab-
lished in this section, and for many
years the only one. The Bank of the
Valley of Virginia "died the DEATH
during the late war, the Confcdcracy
literally smothered tito death. From
the time of its demise until 1871 there
was no bank here. On the 10th of
February, that year, the Bank Of
Charlestown was chartered, the in
corporators being John w. Gran
than, Geo. A. Portertield, John w.
McC urdy, Ambrose G. Timberlake,
Joseph TrapneIl, and John J. Lock.
Nearly all of these gentlemen were
residents of the town or Immediate
vicinity, and the action thus taken by
them has been abundantly sustained.
On the 5th of April, 1871, the bank
was organized, the Board of Directors
composing Messrs. Grantham, Nc
Curdy, Timberlakc, Lock, Trapnell,
NJ. w. Burr and Isaac II. Strider.
Mr.. Grantham was elected President
and Col. Portcrfeld Cashier, and no
change has since occurred in either
Presidency or Cashicrship. As mat
ter of course several changes have
taken place in the directory, and of
those who have officiatcd as directors
the following are dead: Ambrose C.
Timbcrlakc, John J. Lock, Archibald
McCarrcll, John w. McCurdy, and
John S. Moore.
1t is a matter of justice and of fact
to state that the business of the Bank
of Charlestown has been most pros
porous ever since its organization.
That its management is effective is
shown by the dividends made, never
falling below six per cent. per annum.
Almost at the outset of its career it
had to encounter the panic of '73,
but even in that year, so disastrous
to banking interests generally, it paid
its dividends, and strengthened it
self in public confidence and esteem.
The capital and surplus of the Bank
of Charlcstown is about $4,000, and
its deposits during the past year have
averaged over 100000. What its
loans and discounts are we don't
know, but they are evidently in keep
ing.
The present Board of Directors
comprises the following named gentle
men: Gustav Brown, S. w. Wysong,
John w. Grantham, NJ. w. Burr,
WIN. ID. Smith, II. II. Cooke and
Isaac II. Stridcr. The President,
Hon. John w. Grantham, resides at
Middlcway, is retired merchant,
cx-State Senator, and one of the large
land owners of jefferson county,
The active, everyday management of
the affairs of the bank fall upon Col.
Portcrficld, the Cashier. In conclu-
sion we may say that the officers and
directors of the bank are prudent in
their action, and yet as liberal as is
consistent with sound banking prin-
ciples, and they have deserved the
confidence they have inspired.