Private Corporations of Fannin County, Texas

 

The banking interest and facilities of Fannin County are second to none in the state, except perhaps, in those counties in which the larger cities are situated. For many years, however, merchants and businessmen did without the conveniences afforded by these useful institutions. Not but what the business of the county would support them, but because no one ever saw proper to open a bank.

Fannin County Bank
In 1872, J. R. Russell, S. B. Allen, Charles Carlton, B. E. Brown, D. W. Poak, Richard White, and R. B. Semple, as a Board of Directors, applied for, and obtained a charter for the and began business with a paid up capital of $22.500.00, and with J. R. Russell as President, S. B. Allen Vice President, D. W. Poak, Cashier and R. B. Semple, Sec'ty. This was the first bank ever incorporated in the county, and it has stood the test of time and financial panics without the faith and confidence in which it was held by depositors and others in interest, being shaken in the least. The officers of the bank have ever been first class businessmen, polite and agreeable to all alike. The first president, John R. Russell, died in 1881, having lived a long and useful life. During his lifetime he accumulated, and left to his heirs, a large fortune, in money and property, who are today among the wealthiest people in Fannin County. Capt. S. B. Allen, the present president and cashier, is an old citizen of the county and a man of vast means. In fact all of the present Board of Directors and Stockholders are solid men, financially and otherwise. The capital stock has been increased to $100,000.00, and paid up.

The First National Bank Of Bonham
The second bank of this city was incorporated in December 1883, and opened business in January 1881, with a paid up capital of $60.000.00, under the control and business management of a Board of Directors and officers, consisting of W. A. Nunnellee, President, M. W. Halsell, Vice President, A. B. Scarborough, Cashier, C. W. T. Weldon, of Ladonia, John A. Barnard, Smith Lipscomb and J. W. Haden. The institution is doing a thriving business, the careful and safe manner of which inspires confidence in every one with whom it transacts any business. The present management consist of the same gentlemen under whose control the bank was first opened.

The First National Bank Of Honey Grove
The only other bank in the county at present is at Honey Grove, a thriving business town, of 2000, inhabitants situated about fifteen miles east of Bonham, on the Trans-Continental division of T. & P. By. This bank, no doubt does a larger business than either of the two just named, on account of having the entire business of a town doing nearly the trade of Bonham, where the other two are located. It was incorporated in 1883 and started in business the same year with a paid up capital of $50,000.00 to which has since been added a surplus fund of $45,000.00. The Board of Directors are Young Burgher, T. U. Cole, W. Underwood, J. P. Pierce, C. W. T. Weldon, with Mr. Weldon as President, and T. U. Cole Cashier.

The merchants and business men of Honey Grove are proud of this institution, as are the people of Bonham and the County of the other two, and well they may, for without them, the commercial and general business of the county would be so awkward and impeded as to render the situation altogether undesired. These banks passed over the financial depression of 1884, unscathed, which, together with the caution exercised by their management and the known integrity of the boards of directors and officers as well as their vast means, have inspired the people with almost unlimited confidence in them. With the rapidly increasing business and development of the County and continuation of their pact management, their future success is certain.

The Stock of all these banks and other corporations has never been below par, since they opened business. On the contrary, it has ever commanded a premium of, from 5 to 25 per cent.
Besides the banking institutions, the county has other companies somewhat after the same plan, but the stock of which is within the reach of the poorest class of people. They are not only safe and convenient, but their peculiar line of business insures a healthy percent on investments of stockholders.

The Bonham Investment Company
Is the name of a private corporation having its domicile at Bonham, incorporated under the laws of the state, in February 1885, and under management of some of the best and most respectable men in the county. Its principal business consists of investments in notes secured by vendor's lien on lands in Fannin County. The capital stock is $50.000.00, which is being paid up by stockholders at the rate of 2 per cent per month, thus giving the company, by assessment on its capital stock, $1,000.00 per month, which is at once invested in land notes. These notes, secured as before stated, are unquestionably the best class of security, as this lien is superior to the homestead or any other claim. They are frequently offered for sale at a discount of 10 to 20 per cent, and as they generally draw 12 per cent on their face, it is easy to see that these investments are profitable.

No institution in the county has promise of a better success, or is founded on a surer or safer basis. As the shares, $ 100.00 each, are paid up at 2 per cent per month, subscription to stock in this company may be taken by the poor, as well as the wealthy people.

The Building And Loan Association, of Bonham
Another valuable institution, was chartered in 1884, with Charles Carlton as president, J. P. Holmes vice-president, A. B. Scarborough secretary and treasurer, and Wm. A. Bramlette and H. E. Taylor, attorneys. The directors are men of means, ability and integrity. The capital stock of the association is $100.000.00, and consists of 1000 shares, at $100.00 each, to be paid for in monthly installments of one dollar per share, and every stockholder is limited to twenty-five shares. The fund thus accumulated, is loaned on interest at legal rates, at stated times, but to the stockholders, by preference. Sometimes the bids for loans exceed legal interest. The borrower executes his note in favor of the company payable at any time, not to exceed five years after date. These notes are required to be secured by mortgage on, or deed to real estate, and lien on the borrower's stock in the association. The interest and one per cent of the principal must be paid monthly. The value of the surety given is to be determined by the directors, or by a committee appointed for that purpose. One of the prime objects of this institution is to assist those who are not able, in building dwellings etc., on lots or land, bought and paid for. By this means, members of the association are enabled to get a reasonable amount of money for that, or any other legitimate purpose, on much more advantageous terms than it can otherwise be had. So far, the association bids fair to be a success, and a permanent institution of the county.

The Building And Loan Association of Honey Grove
Organized in March 1885. Its objects and purposes are about as that of the association at Bonham. It might be well enough to add, that in addition to the laudable purpose of all these corporations, to aid and assist in local improvement, the interested parties have a weather eye to the large percent that accrues continually. The association at Honey Grove is represented by some of her best and wealthiest citizens, among whom are Joseph Meyer, President, and P. C. Cox, Secretary, and others composing the Board of Directors. The capital stock is fixed $100,000.00, in shares of 100.00 each. These shares are paid up at the rate of one dollar per month, and stockholders are limited to twenty-five shares.

The Loan And Exchange Association
Has its domicile at Dodd City, was incorporated in 1885, with a capital stock of $30,000.00, 300 shares at $100.00 each. I. D. Beasley is President, and S. D. McDade Secretary.

This institution in its business transactions differs very little from a bank. The shares are paid up at one per cent a month. Besides a general loan and exchange business, the association answers for a mutual savings bank. It is backed by solid men, and is likely to be a permanent institution of the county.

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