The globe-independent. (Hagerstown, Md.) 1943-19??, 1944-01-13

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smiths, coach
m Ike rs, and
stores of various
kinds where peo-
pie of the town could buy their
needs in things to eat and wear. 1t
was the center of a population of
something like $4,000 people and the
need of bank was beginning to be
felt. Nathaniel Rochester had for
some time carried on a private
banking establishment but before
long movement began to grow
which eliminated in the founding
of the Hagerstown Bank, following
a meeting in the Court House on
Jan. 10, 1907.
BY articles of Association of the
Hagerstown Bank, the capital stock
was limited to 100000, in shares of
$50 each. But subsequently, under
provisions of the charter, the capital
stock was reduced to $250,000.
The first meeting of the bank was
held on March IL, 1907, when it was
found that a sufficient amount of
capital had been subscribed. Be-
sides Hagerstown, Baltimore, Fred
erick, Middletown and Cumberland
contributed to the enterprise,
through stock sold at these places.
The first board of directors was
composed of the following: Ma
thaniel Rochester, Eli Williams,
Thomas Sprigg, William Fitzhugh,
Charles Carroll, Jacob Zeller, Sam
uel Hughes, William MacMahon,
William Heyser and George Price.
Nathaniel Rochester was elected
president at a salary of $1,000 a
year, and his brother-in-law, Ellie
Beatty, cashier at $500 year. The
cashier was to act as teller and the
bookkeeper as discount clerk, while
the president was to be responsible
for all money passed to the cashier
and the cashier for all that passed
to the teller.
The bank was opened in the house
of Nathaniel Rochester, at that time
stone building on West Washing
ton street, opposite the present
Court House. 1t was used as bank
until 1914, when it was moved to the
location of the present Montgomery
Ward building.
We give credit for information
contained in this story to History
of the Hagerstown Bank, published
in 1910, and kindly presented to us
some years ago by John B. Kieffer,
now Of East Orange, N. j., who was
appointed clerk in the bank on
Jan. 10, 1892 and elected cashier on
May 2, 1905.
This history also gives the follow
ing very interesting word picture
of early Hagerstown days:
"The curtain of the century is
drawn aside, and Hagerstown-the
town Jonathan Hager named Eliza
beth-Hager's- Town, in honor of his
wife, is seen. In the center of the
Square stands a curious building
raised on piles above the surround
ing mud, Court House above and
Market House beneath, the whole
surmounted by the figure of tin
soldier, Little HeiskelT by tradi-
ton, pointing the way Of the wind
(The original Little HeiskelT is
Snugly encased in a nice resting
place, with a glass top, in the mu-
scum of the new City Hall, replica
being placed on top Of the hall as g
weathervane, to serve in the same
capacity as the original figure
Fronting the Market House anc
Court House on the corner of the
Square, stands the dignifed home
of General Hester, and back of the
house, stretching down to the bank
alley (now Rochester Place. runs
Madame Holsters flower garden
The stately gate, with its two tall
pillars, stands ajar, and through it {
glimpse may be caught of Madame
Rosannah Hester, daughter of Jon
athan Hager, the founder, bending
over the early March blossoms in {
row of Holland bulbs.
'Diagonally across the Square
stands an old stone house. It is the
home of Jonathan Hager, the found
er. The old place now shelters
Colonel Lewis and his wife, once
Madame Orndorf Hager. Just op.
posite the Hester place is seen the
Eagle Tavern, in which had oc.
Cured the wedding of Henry Clay