The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1909-03-25
BANK To OPEN
ABOUT APRIL |
ALL OF CAPITAL STOCK TAKEN
FOR NEW COMMERCIAL AND
SAVINGS INSTITUTION
ROSE TO BE CASHIER
Former cantonian Leaving Columbus
Position to Come to His Old Home
w. E. Sherlock Is President-Fur-
noture Ordered.

The Commercial and Savings bank.
of Canton, Ohio, will open for busi-
ness on or about April 1. Homer L
Rose, a former Canton bank employe
who has recently been connected with
one of the largest financial institu-
tions of Columbus, Will be cashier
and active manager Of the new con-
Germ and William E. Sherlock will
be president. The bank will be 10
Gated in the room of the Courtland
hotel building, fronting on West Tus-
carawas street, Immediately west OF
the main entrance to the hotel.
These details were authoratiyely an
nounced Wednesday night, following
meeting during the afternoon OF
those concerned at which organiza.
tion of the bank was completed ant
officers chosen. The bank will oper
ate under charter from the state oI
Ohio in accordance with the banking
law enacted May 1, 1908, which au
thorizes it to do both a commercial
and a savings bank business, as WEI
as to perform practically air Of the
functions of a national bank except the
issuance of currency, and under praC.
tically the sape restrictions and reg.
ulations that govern national institu,
| tiOns. The law provides for a stated
number Of examinations each year, bu
at irregular intervals to be designat.
ed by the state banking department
and made by the state bank exam
tiners. The cnarter permits the banl
to deal in personal collateral, such a!
stocks and bonds, and other CONNER
but limits the transactions with eacf
individual to a certain per cent o
the capital stock of the bank, in mucl
the same way as national banks arr
limited
The capital stock of the new banl
is $4,000, all of which has been tax
en- up. 1t is distributed among a con
siderable number of Canton peopl
primarily for the purpose Of interest
ing a large number of people in tn
business. 1t is proposed, the promot
ers state. to increase this capita
stock whenever the business warrants
The stockholders have chosen tn
following directors: William e. Sher
lock, DR.. James Fraunfelter, Home
L. Rose, ]. w. A. Staudt and Atle
Pomerene The directors yesterda.
chose the following officers: MI
Sherlock, president; DR.. Fraunfeltel
vice president; Mr.. Rose, cashier.
Attorney Pomerene, one of the direC
tors, said last night: This banl
is owned and controlled by Canton
ians, and it will continue to be thu
owned and controlled. There are n
outside interests concerned in its OF
ganization or future control nor wi
-, there be. 1t is purely and simply
, local business enterprise and will /
prepared to do generol commerci'
and savings bank business along prt
gressiye and conservative lines"
Mr.. Rose, who is the cashier
the new bank, is a brother of Harr
! w. Rose, the East Tuscarawas sire,
merchant He began his business CT
reer as clerk in the George d. Ha
ter bank, where he was employed fl
: seven OF eight years, leaving that co
Germ to take position with the G.
lumbus Savings and Trust compan
of which former State Treasurer
B. Cameron, native of Columbian
county, well known here, is presiden
Fore some years past Mr.. Rose HI
been assistant secretary and assis
ant cashier of the Columbus con
= pany
: A complete outfit Of bank hxtur
has been ordered and its installatlC
7 will begin within short time M
4 chanics have been at work for son
days preparing the room in the h
/, tel building for the new use TO whi'
1t is to be put. The equipment VI
2 include large vaults with safety
posit boxes to be rented to the ge
v I