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TEN-A—The Daily Herald, Wulfport and B. , Mississippi Coast
Talk. Qi Three Men Was Start Of Merchants Bank
Oldtimers claim that the first banker of Bay St. Louis was actually John Osoinach, who established the still existent Bay Mercantile Company, and that he was the only merchant in the city who could or would cash checks for his customers at no fee but as part of his store’s service. He even issued his own checks in exchange for cash, so that customers could pay out of town bills. He had an account with a New Orleans bank through which he cleared all his paper.
In addition to being the first unofficial banker of Bay St. Louis he was elected vice president of the second bank to be organized in Bay St. Louis, the Merchants Bank which began business in 1903.
Following close on the heels of the Hancock County Bank organiz
ed in 1899 the Merchants Bank evolved out of the conversation of three men — Walter J. Gex Sr., Charles G. Moreau, and this same John Osoinach. It was incorporated in September 1903 with an imposing list of stockholders which included many of the prominent names in town, and opened for business in October of that same year in the Echo Building. OPENING UNIMPRESSIVE
Its opening was not impressive, as it started out conducting its banking operations over two boards laid across two barrels backed up by a massive safe that had formerly been owned by a jewelry store. But its progress was very impressive.
The story goes that its first depositor was Gaston G. Gardebled, who had established himself at the door before opening time on that
DARWOOD
ON THE JOURDAN
Dream Spot of the Jourdan
BEAUTY SPOT OF THE COAST AND CENTENNIAL ATTRACTION OPEN EVERY DAY 9 TO 4
r Winding woodland trails lead you through 50 acres of floral beauty and variety—where over a hundred and fifty different native trees, shrubs and flowers form nature’s own background for artistically blended floral plantings.
Turn Off U. S. 90 at Nicholson Are.
3 Miles West of Bay St. Louis and Follow The Signs.
first day so he would have the honor of making the first deposit. This then 32 year old Bay St. Louis citizen was an enterprising builder and contractor who was one of the bank’s first directors’, was msyor of the city for several terms and who died ten years later from the results of a log crushing his leg.
The Merchants Bank’s first officers were L. H. Fairchild, president; John Osoinach, whom we mentioned before, as vice president; George R. Rea, who had resigned as the head of the note department in a New Orleans bank to take this job, was cashier (incidentally he later became the bank’s president and still later president of the Peoples Building and Loan Association); the assistant cashier being Joseph E. Saucier, who later became Sheriff of Hancock County.
The original 400 shares of capital stock offered at $50 a share soon jumped to $75, and the new bank at the end of its first year paid a 14 per cent stock dividend. SUCCESS ASSURED Four years after its board and barrel beginning the Merchants Bank with its success assured moved into its own present building which, as a startling contrast to today’s building costs, was constructed for around $10,000 including the safe. It is also interesting that the architect, Southron R. Du-vol, was rector of Christ Episcopal Church. In those first four years the bank had consistently paid higher dividends each year — 18 per cent the second year, 20 per cent the third year and 28 per cent the fourth year.
In 1920 the Merchants Bank was changed to the present Merchants Bank and’ Trust Company. In 1924 its, banking home was completely remodeled and for a number of successive years the bank paid a semi annual stock dividend of 30 per cent.
And then in 1953, during its Fiftieth Anniversary Celebration which followed the entire remodeliza tion of the bank in 1952, the Merchants Bank and Trust Company authorized a 100 per cent stock dividend, which was paid in January of 1954.
PRESENT OFFICERS Since that time this Bay St. Louis bank, now in its 55th year of successive and successful operation, has paid regular 20 per cent annual cash dividends to stockholders on all the old stock as well as new dividend stock.
The present officers at the helm of this progressive institution are Emilio Cue, president and chairman of the board; W. J. Gex Jr., executive vice president and di-rector; Joe B. Burrow, cashier and
THE HOME OF DR. EMMETT LEE IRWL.N
The Garden
Jr., assistant cashier but not director; the other directors are Dr. H. A. Eldredge, Dr. M. J. Wolfe, E. M. Brignac Jr. and Ethel H. Gex.
This is not merely a phrase, but a fact. Of the three advertised public gardens for which the coast, area is nationally known, two are on the outskirts of Bay St. Louis on the Jordan River. One is Dar-wood on the Jourdan and the other is Holly Bluff Gardens.
Since we’ve spelled the name of the river two different ways in one paragraph we’d better explain. It was originally named Jourdan and spelled that way after Joel Jourdan, the pioneer Bay St. Louis settler who was the first white man to live and own property on its bank. But now most of the time pna by most of the people it is spelled Jordan, like the biblical river of that same name — for it seems that in former days the slaves associated it with the River Jordan about which they sang so lustily and joyfully in their spirituals and in fact frequently held their baptisms in it.
ROARING TWENTIES There was a time in the Roaring Twenties, before these two beautiful gardens were created out of the lush loveliness on its high natural bluff, that this peaceful and tranquil River Jordan (or Jourdan, if you prefer) was an innocent but nevertheless implicated accomplice of illegal rumrunning. director; Tfm. F.fibert JoTTnsorr On many a moo»u»iig jiight thp
With their co. speedboats r; Coast Guard the waters c disappeared Jordan River td it to true the night on customers in But for ovt tury now the has made e the Coast ft dan’s bootlei
HOLLY
GARDE
Holly Bluff the Kiln Ro; three miles \ and well mat to the public cated right oi dan River it the great S proudly grow oluff.
In this gai remains undi of bringing shrubs and 1 them with th, ested backgr spot, has achieved that
speedboats of A1 Capone’s gangland empire unloaded on its banks their cases of bonded liquor which they had received from ships out in the Gulf beyond the three-mile limit.
OUR 69th YEAR
SERVING
Bay St. Louis And The Gulf Coast
We Are Happy To Have A Part In This Great Centennial Celebration
mine where' ieft off and began.
Two miles wend and w. live oaks fei moss, tall tov cypress, map! dogwood and — yes, hollie China blended s1 own? va
3/iOe nee&les li changing'vista peauty and v Cherokee rose cherry share lias, azaleas, laurel, spiraes ferns of many in its season w guests with i blooms. TRICKLING 1
There is a t gurgling you | like lagoon ai ; lightful rustic 'bridge you sU , know why — ■ 'compulsion i; Ihe beauty '