Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1914-12-11
BANK CASHIER FOR
QUARTER CENTURY
Officer of Local Institution Pre-
sented With Silver Loving Cup
By Directors.

Tazewell was a Dinner Party given
by Mr.. and Mrs. Henry Preston on
Saturday, December 9th, at their
beautiful home in Tazewell. The oc-
casion was prompted by that date. be-
ing the Twenty-Fifth Anniversary Of
the organization of the Clinch Valley
Bank, now the Bank of Clinch Val
ley. Mr.. Preston having been cash
ier Of this bank since its organization,
gave the dinner to the Board of Di-
rectors, Examining Committee and
Officers of the Bank.
There were present the following
gentlemen, the officers of the bank al
so being directors:
Messrs. A. st. Clair, President;
Henry S. Bowen, President;
Henry Preston, Cashier; Geo. w. st.
Clair, Judge S. c. Graham, o. E. Hop
kins, M. l.. Peery, w. f. Hartman,
and ]. Ed. Peery.
Also Messrs. r. c. Chapman, Chas.
R. Brown, r. o. Crockett and ]. Ed.
Peery, composing the Examining
Committee, and Glen nj. st. Clair,
Assistant Cashier, and ]. N. johnson,
Bookkeeper.
The other guests present were
Judge Fulton Kegley, Mr.. Ewing w.
Lawson, Mr.. Graham Preston and
Master Henry Preston, Jr.
The dinner was served in courses,
of the choicest dishes of the season,
and home was beautifully decorate
with roses and carnations.
Mrs. Preston was assisted by Miss
Mary Moore in receiving and enter
tanning the guests, and the charming
manner of these ladies added as much
to the great pleasure of the occasion
as the genial, bouyant spirit of our
irresponsible Henry Preston; all
present unanimously agreed that
there is none like the Cashier of the
Bank of Clinch Valley.
The guests did not leave until q
late hour, having enjoyed the fine
and the good fellowship of the entire
party.
1t was preconcerted on the part of
some of the directors to hold meet
ing of the Board of Directors at the
residence of the Cashier, and the fol-
lowing is the minutes of that which
transpired:
The meeting was called to order.
Reading of minutes of previous
meeting dispensed with and ordered
signed.
Judge 8. G. Graham, the first and
only President of The Clinch Valley
Bank, had been requested to prepare
resolution briefly outlining the his
tory and policy of our bank during its
life of quarter of a century, just
closed, and the following resolution
was presented and read by him:
The Clinch Valley Bank, which was
the progenitor Of the present one,
now called Bank of Clinch Valley,
was chartered September 28th, 1889,
and began business December 9th,
The gentlemen proposing the Clinch
Valley Bank were mainly moved to do
80 to reduce to the legal rate of G
per cent. the high rate of interest
then obtaining on loans, running from
s to 10 per cent. They delegated
some Of the proposed stockholders to
communicate with the banks in this
section. The committee did so and
found that the prudent banks had for
twelve or eighteen months been re-
newing their outstanding paper,
which called for usurious rates, to
per cent.
1t was on this trip, at Marion, the
committee first met Henry Preston,
then an officer in one of the banks
at Abingdon, now, as we all know,
Cashier of the Bank of Clinch Valley.
1t was at Marion that it was deter
mined hte committee should report
that in their opinion bank on a
strictly 6 per cent. basis for loans,
could be successfully carried on, pro-
vided no interest was paid on depos-
its. When. the Clineh Valley Bank
was organized, S. C. Graham was
rna6o rraci1ant. w r Ot,-ao oocI,
fer; and Henry Preston, assistant
cashier. These were charter officers.
The first change of officers after that,
occurred October 18th, 1890. S. C.
Graham, president; B. w. Stras,
vice-president; Henry Preston, cash
ier These officers held their positions
until the Clinch Valley Bank and Bank
OF TaZewell were consolidated under
the name of Bank of Clinch Valley,
by charter dated December 22nd,
1898, beginning business January Is,
1894; George w. Gillespie, president;
3. w. Stras, vice-president; Henry
Preston, cashier, and w. T. Gillespie,
assistant cashier. These gentlemen
continued in Office until in January,
1902, when the Messrs. Gillespie, re-
spectively president and assistant
cashier, withdrew to become officers
in the Tazewell National Bank. Geo.
w. Gillespie was succeeded as presi-
dent by John w. Crockett, in Bank of
Clinch Valley, who served until his
death, April Gath, 1908, he being fol-
lowed by Alexander St. Clair, who is
still in Office. Later B. w. Stras re-
signed as vice-president and was sue
ceeded by Henry S. Bowen, who now
holds the Office. Glenn M. st. Clair
has been assistantc asher of this
bank since August, 1904, and the serv-
ice of j. N. johnson, bookkeeper,
dates from January, 1907.
sreD1,,s sressns capital .s1SS, 60 GOO SSS
Undivided profits .......... 10000
From the beginning there has never
been g word of reproach attached to
any of the officers connected with this
bank. The men who have done the
work within its walls have been able
honest and efficient; and are noted
fol their energy, enthusiasm and Fl.