Excerpt
of the book "Writer and Engraver's Picture of Graham County's Progress
Since Its Organization" (1906)
The
Farmers and Merchant's Bank
(Pages
19-21)
The Farmer's and Merchant's
Bank of Hill City has the distinction of being the oldest bank in Graham
county, having been founded by J.C. Sturtevant in Millbrook in 1886, but was
moved to Hill City in 1888.
This bank
has had a long and successful career, passing through various panics, boom
periods and seasons of depression and has been unaffected by any of them.
At one
time in its early history Graham county had seven banks; all of them closed
their doors and suspended payments except the Farmer's
and Merchant's bank, which had the distinction
of being the only bank in the county for five years.
This bank
paid all demands and extended such accommodations to its customers that their
business was in no way crippled during the darkened days of the panic and the
dullest months of depression.
The Farmer's and Merchant's
bank owns it own building valued at $7,000.00, one of the best corners in town,
a two story stone building with a large fire proof vault.
Its funds
are guarded by an electric burglar alarm system and its aim is to afford its
depositors and stockholders every possible security against loss.
The
officers of the bank are J.C. Sturtevant, President; W.H. Hill, Vice President;
E.E. Mullaney, Cashier; R.B. Garnett, Assistant Cashier. The directors are,
J.C. Sturtevant, W.H. Hill, R. Garnett, E.E. Mullaney, C.E. Webster, Alvin Law,
James Walsh, A.J. Rice and L. Meyer, Jr.
The
$10,000.00 of capital stock with which the bank was organized has been
increased to $25,000.00 with a surplus of $15,000.00.
This bank
is rated as one of the substantial institutions of the county. While its growth
has not been rapid it has been sure and the confidence its patrons have in its
management warrants a steady growth in the future.
The F. and
M. Bank is a time tried institution, a panic proof bank of more than local
importance and is regarded as a safe and sound repository for funds.
The
following is an official report of the condition of the Farmer's and Merchant's
Bank at the close of business on the sixth day of April, 1906:
RESOURCES.
Loans and
discounts...$102,446.11
Overdrafts...1,267.50
Bank
Building...4,541.21
Furniture
and fixtures...1,866.96
Expense
account...861.33
Bonds and
warrants...10,000.00
Cash and
sight exchange...36,488.44
[Total]...$157,471.55
LIABILITIES.
Capital
Stock...$25,000.00
Surplus...1,500.00
Undivided
Profits...9,606.30
Interest and
exchange...2,463.64
Deposits...118,901.61
[Total]...$157,471.55
Mr. E.E.
Mullaney, the cashier of this bank is well known throughout this portion of the
state and universally recognized for his public spirit and business ability.
His
history is closely connected with that of Graham county, having been in the
county since 1882. He came from a farm in Illinois and settled on a ranch south
of Bogue, but later became engaged in the mercantile and grain business.
On January
4th, 1896, Mr. Mullaney, came to Hill City, bought stock in the Farmer's and Merchant's
Bank and became its cashier.
He owns
eight quarter sections of land, valued at $15.00 an acre and is a stockholder
in the Smith Dry Goods Store. He also owns a $3,000.00 home which is one of the
most modern and comfortable homes in Hill City. The grounds show the exercise
of much care and good taste, in their fine trees and many flowering shrubs.
Mr.
Mullaney's family consists of a wife and one
daughter, an attractive and promising girl of 16 years. His aged mother is also
a member of the household.