. History of Texas; Fort Worth and the Texas northwest edition. Hoxie, who came hither from Chicago, organizedthe Farmers & Mechanics National Rank, with a capital of $1,000, Hoxie was evidently a poor judge of credit, and loaned money towhosoever he took a fancy, and it was not long before the resources ofthe bank were exhausted. It was reorganized with J. W. Spencer aspresident and Ben O. Smith as cashier. Its doubtful assets werecharged off and the capital reduced, and the new management pro-ceeded to build it up until it became one of the solid and reliable insti-tutions of the sect
. History of Texas; Fort Worth and the Texas northwest edition. Hoxie, who came hither from Chicago, organizedthe Farmers & Mechanics National Rank, with a capital of $1,000, Hoxie was evidently a poor judge of credit, and loaned money towhosoever he took a fancy, and it was not long before the resources ofthe bank were exhausted. It was reorganized with J. W. Spencer aspresident and Ben O. Smith as cashier. Its doubtful assets werecharged off and the capital reduced, and the new management pro-ceeded to build it up until it became one of the solid and reliable insti-tutions of the section. Other banks were organized and established, among them theAmerican National and the Live Stock National banks. The latter«a- of short duration, but the American continued in business until 63 2 FORT WORTH AND THE TEXAS NORTHWEST 633 about two years, when it was merged with the Farmers & MechanicsNational Hank. At this time there are fourteen banks in the city, five of which Banks, with a capital and surplus of $6,600,000. There are. First National Bank, Fort Worth eight State Hanks, with a capital and surplus of $9,384, Thereis one unincorporated bank, owned and managed by negroes, with acapital of $100,000. There are three mortgage and loan companies, alldoing a thriving and successful business. Life InsuranceAbout the year 1907. the State of Texas enacted a law requiring allinsurance companies doing business in Texas to invest a certain per- 634 FORT WORTH AND THE TEXAS NORTHWEST centage of the premiums received in Texas securities and deposit themwith the State Treasurer. This resulted in the withdrawal of a largenumber of Old Line insurance companies. Prior to this time, in the year 1906, a number of the enterprisingpublic-spirited citizens of Fort Worth organized the Fort Worth Lifeinsurance Company, with a capital of $100,000. The subscribers paid
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Keywords: ., bookauthorlewispub, bookcentury1900, bookdecade1920, bookyear1922
