The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-02-12
sALEM's BANKS.
History Of the Queen city's
Financial institutions.
The ROANOKE TIMES BUREAU.
HoTEL LUCERNE, SALEM, VA.

THE ROANOKE TIMES BUREAU.
HofEL LUoERNE, SALEM, VA.
Salem has three we'll established
banks, and will add ono moro to the
number this coming spring. Up to
April of last year Salem had only one
banking institution, tho Farmers Ma
tionaG Bank.
The Farmers National Bank was or
ganized May, 8, 1871, with DR.. j. j.
Norman, president, and Colonel Il. H.
Board, cashier. After three or four
years Colonel Board succeeded DR.. Moor
man as president and James Chalmers
became cashier, and served in this ca
pacity until four years ago, when upon
the death of Colonel Board, he became
president of the bank and L. Ii. Chal-
merS, cashier.
The present officers arc James Chal-
mers, president; w. II. Chalmers, vice
president; w. ii. Ruthrauff, cashier;
John NJ. Oakley, Jr., general book
keeper, and j. ii. Dancan, and L. T.
Smith, individual book-kecpers.
The capital of the bank is S75, 000
The surplus is S37, 800 as compared with
$50, 600 for the year before, showing an
increase OF $500. The undivided pro-
fits are $3.50, as compared with $4,000
the year before. The loans and dis
counts are S26O,0 600 at present as COM
pared with 100000 for tho same term
of the previous year, showing an in
crease of $4,000
The bank last year did an average
monthly business of $500, 900, which was
twice the amount of business transacted
during the previous year.
The total dividends since the organi-
zation in 1871 amount to S141,250; the
total surplus, S37, 500; the total net
profits, $3.50, 565.21.
Application has been mado to the
comptroller of the currency for re-
newzl of the charter expiring on the
9Th of May next.
LOAN AND TRUST COMPANY.
The Salem Loan and Trust Company,
next door to the Farmers National
Bank, on Main street, is the second old
est of the city's banks, but was only or
ganized April 1st, 1890. The officers of
the bank are Major R. ID. Martin, presi-
dent, and w. NJ. Martin, cashier.
The directors are r. ID. Martin, presi-
dent, w. Il. Younger, vice-president,
e. j. Ligon, D. Il. Martin, o. l..
Stearnes, W. Lee Brand, John II. Pal
mere, l.. C. Hansbrough, of Salem, and
L. S. Calfee, of Roanoke city. j. j.
ASSOou ID tlO bOOhkCCpcr
The capital of the bank is $4,000, the
undivided profits, 1000; the loans and
discounts, 100000.
The bank does an average monthly
business of 100000. 1t allows per
cent. interest on time deposits.
BANKING AND INVESTMENT COMPANY.
The Salem Banking and Investment
Company is the latest organized of all
the citys banks. This bank was organ
lied on October %, $780, but did not
open its doors until the first of tho new
year. The capital is $50, 600, the author
lied capital being 100000
The officers are w. E. lIurlbert, presi
dent; j. p. Ioutz, vice-president; r. III.
Brown, secretary and treasurer, and II.
Shannon Brown, cashier.
The directors are John O. KiZer, M.
p. Troutz, d. &. Armstrong, and j. p.
Houtz, and A. e. Dickinson, of Rich
mond, Va, beside tho president w. L.
Hurlbert.
This bank allows per cent interest
on deposits of three months.
President Ilurlbert organized the Elk
change Bank of Radford, a successful I'M
dcrtaking, and was also for long time
a private banker in Blacksburg, Va
The bank is on Union street near the
old depot.
BANK OF VIRGINIA.
In the handsome new building on Col
lege avenue where this street is crossed
by the dummy line, is to be tho Bank of
Virginia, which will DO organized this
spring with capital of 100000. The
room this bank will occupy is sOx2O feet.
a fire-proof vault will be placed in the
bank with burglar-proof chest. The
line building will be steam heated and
provided with water from the water
works. Adjoining the bank is store
room, and on the upper floors there will
be sixteen Offices.
The bank is expected to open about
the first of April.