The Philipsburg mail., 1899-08-11
GREATBANKINC HOUSE
Granite BimetaIIic Officials Largely
Interested.
NATIONAL BANK OF COMMERCE
History of One of the Largest Financial
Institutions in st. Louis, With
Which Chas. ID. McLure is
Closely Identified.

out the country in which Chas. D. Nc
Lure, j. G. Van Blarcom, DR.. H. J. Nc
Killops and other stockholders of the
Granite Bimetallic Consolidated Mining
Company take prominent part, the
most noteworthy is the National Bank
of Commerce in st. Louis, one of the
greatest banking houses in the United
States. The gentlemen named being SO
well known in Granite county the fol-
lowing brief review of an article pub
lished in the st. Louis Globe-Democrat
recently may prove Of interest to many
readers of the Philipsburg Mail:
The National Bank Of Commerce in
st. Louis has very interesting history.
1t received it's original charter from the
general assembly of Missouri February
IA ISt. Valentines day., 1857. Its name
then was the st. Louis Building and
Savings Association and, as indicated
by the name, it had authority to en-
gage in the business Of a building ard
loan association. Full banking privi-
leges had, however, been conferred by
the charter, and the charter members
decided to confne themselves to the lat
ter. The capital stock was placed at
$500, 900, divided into 1000 shares of
$500 each. The first meeting for sub
scriptiOn to the stock was held on March
8, 1857, in the rooms of the Mechanics
and Manufacturers Exchange, ON Chest
nut, between Third and Fourth streets
The records show that there were sos
subscribers, and that no subscriber took
more than six shares. The stock was to
be paid for in monthly installments Of
~ 80 per share, and if this plan had
been adhered to the bank would not
have received it's full working capital
for sixteen years. That would be con-
sidered rather slow i'll these days, but it
was too rapid for some of the stock
holders of what has since become the
strongest of the great banking houses
of the country. Mr.. John Schmidt evi-
IDENTIFY thought so, as he got rid of his
two shares two or three months after
they had been issued, having paid only
50 on them. The transfer OF this stock
to Augustus S. Boern was the first
transaction of the kind recorded.
Perhaps, however, something ought
first to have been said about the first
meeting of the association after the
stock had been subscribed. 1t was held
March %, 1857, for the election of direct
ors, and resulted in the election OF Car
los S. Greeley, Henry Boernstein, VIM.
Hassinger Wm H. Maurice, Felix Coste,
John +. Darby, Laurason Riggs, Mar
shall Brotherton and r. M. Funkhouser.
They were all well-known St. Louisians,
and one of them, Mr.. Darby, had been
twice mayor of the city, as also mem
ber of congress. Three days later the
board of directors met and elected Mr..
Brotherton president and Mr.. Funk
houser vice president. Mr.. Funkhouser,
who was the father of DR.. Robert M
Funkhouser, died only recently. At the
same meeting p. A. Ladue was made
secretary and treasurer of the associa-
tiOn, in other words, cashier of the
bank.
The bank opened for business at No
49 now 2O2) North Second street, July
6, 1857, at which time the capital paid
in amounted to IS, 800.
The financial panic which swept over
the country in the year 1857 retarded
the growth Of the new enterprise, and
made it almost impossible to collect the
assessments as they fell due. The man
agement however, persisted in their ef-
forts, and at the close of the first year
$36, 800 had been collected on capital ac-
count, and the bank was slowly but
surely gaining foOthold In January,
1868, $500, 900 had been paid in. and
availing itself of new provision in the
statutes, the association reduced the par
value Of it's shares to 500, and, retiring
the old sock, issued 1000 shares of full
paid stock, making the capital $500, OOO
In May, 1864, subscription books We're
opened for 800, 1000 additional stock to
increase the capital from $500, 900 to
$500, 600. This was all taken by the
shareholders and was paid in ON July /,
1864.
On April II, 1866, a proposition was
voted upon to create surplus fund, by
reserving the profits of the bank for
five years. 1t was carried by vote of
21,O7 to 143. On November 3, 1868, the
stockholders voted e, 1871 yeas to Al nays
to change the name Of the association
to Bank OF Commerce" the change to
take effect on January |, 1869. On July
30, 1871, the stockholders voted to adopt
the plan Of accumulation, which had
worked SO successfully as permanent
fixed principle of the bank. The vote
was 2,3O9 yeas to go nays.
On June 25, 1878, on the written re-
quest OF the holders of 2,0l7 shares Of
the capital stock, the board ordered a
resumption of dividends on July 1, 1878.
The capital of the bank at this time
amounted to $3OO,O0O, and the surplus
fund to about $500, 600 On July 1, 1882,
the remaining 1900 shares of author
lied capital Of the bank were sold to the
shareholders at the price of $4OO per
share, making the total capital of the
bank 500, 900, and the surplus fund
81, 800, 900.
The return To the shareholders in this