December 6, 1972 (12 pages)

6 The Nevada County Nugget Wedn == See SSO —_ — ee ee ee cee or — rs 3. History of Nev M.J. Brock Published NF VADA COUNTY BANK The Nevada County Bank was chartered in September, 1900, as a State bank, having powers to transact a com mercial and a savings banking business, The preliminary organization was effected, the officers and directors being as follows: President, E. J. Rector; vice president, W. H. Martin; cashier, Orville H. Root; cashier of Nevada City Branch, John Baur; assistant cashiers, G. J. Pector and Carl FP. Jones; directors, E. J. Rector, W. F. Martin, B. S, Rector, Orville H. Root, Henry Brunner, Fredericke Cenicke and Charles Martin, the three latter being wealthy San Francisco capitalists. The bank opened for business on Mil! Street, Grass Valley, on December 1, 1900, with a paid-up captial of $50,000; and the branch office at Nevada City was opened on February 14, 1901. The officers and directors were all able and experienced business men, and the business was very successful from the beginning. In 1908 the control! of the institution was purchased by Pector Brothers and W. H. Martin, who, with the present Pector Brothers (G. J. and E. M. Rector), had been the guiding spirits in its management from the beginning. At that time Albert E, Mooser, the present cashier, succeeded C. H. Root in the management of the Grass Valley office, and the late W. D, Harris and A. B. Champion were added to the official staff. The resources of the bank at that time were approximately $800,000. By the year 1917 the resources of the bank had grown to approximately $1,500,000, and the directors were so confident of the countv’s future that they erected the present handsome ara . banking edifice on the corner of Mill and Bank Streets. This building, which was planned by Architect William Mooser, is a beautiful example of the classic style as applied to modern bank building, and its handsomely designed facade and dome have become landmarks throughout Northern California, The vaults are of the most massive construction, guarded with sixinch steel doors and protected in addition withthe latest burglar alarm systems. The branch at Nevada City, located in the National Hotel building, was entirely remodeled in. 1917, as well, and the same vault equipment was added, making it modern in all respects, On August 1, 1920, the bank purchased and absorbed the old and highly regarded Citizens Bank, which had been founded by E. M. Preston and John T. Morgan in 1876. The result of this amalgamation was very satisfactory, and the Nevada County Bank has continued to flourish and to increase its resovrces until it is one of the very large banks of Northern California. The capital surplus, and profit account amount to $600,000; the deposits to $4,500,000, The stockholders are well distributed through the two cities, and they lend energetic and loyal support to the institution. SPENCE VILLE Spenceville fs situated in the extreme southwestern part of Nevada County, seventeen miles from Grass Valley. It is 450 feet above sea-level and is situated among the last of the foothills, six miles from the plains of the Sacramento Valley. The climate is equable and exceedingly healthy. Citrus fruits grow here to perfection. The ditches of the Nevada County Irrigation District are promising to make out of Spenceville and the southern end of the county a farmers’ paradise. EARLY OPERATIONS AT SPENCFVILLE'S COPPER MINES Copper ore was first discovered in Spenceville in 1862 1863, causing great excitement. A company was formed about the year of 1875, and the deposit was worked by them for a period of thirteen years. The ore taken out of the mine was roasted and leached, only about forty-six per cent of the copper it contained being extracted. The residue gradually accumulated in a dump, containing about 150,000 tons. Owing to insufficiency of underground timbering, the mine caved in, in August, 1880, carrying away hoisting works and machinery. This was a heavy loss to the company. Prospecting was never resumed, only the ore in sight being taken out, and the mine thereafter being worked as an open cut. In a report of the mine made by Thomas Price, of San Francisco, in 1881, he remarked that the copper deposit at Spenceville would prove to be a permanent one, and of great value; and systematic mining may develop bodies of rich ore, Large quantities of the ore developed have assayed as high as high as twenty per cent, when shipped to Swansea in early days. In April, 1888, Ctto Woehler and Mr. Pietzsch purchased the mine. Their work was confined in summer to hoisting from the pit the water containing copper salts in solution, which had accumulated from the fatural flow of water. In the winter they worked the outside of the dump by leaching. They also manufactured from the tailings of the dump (after all the copper had been extracted) a fine qualitv of metallic paint; IMPERIAL PAINT & COPPER COMPANY The Imperial Faint & Copper Company was organized in October, 1892; and under this name the m‘ne was thereafter worked and paint manufactured from the material of the great ore dump, Otto Wvehler, of Spenceville, was made superintendent

6 The Nevada County Nugget Wedn == See SSO —_ — ee ee ee cee or — rs 3. History of Nev M.J. Brock Published NF VADA COUNTY BANK The Nevada County Bank was chartered in September, 1900, as a State bank, having powers to transact a com mercial and a savings banking business, The preliminary organization was effected, the officers and directors being as follows: President, E. J. Rector; vice president, W. H. Martin; cashier, Orville H. Root; cashier of Nevada City Branch, John Baur; assistant cashiers, G. J. Pector and Carl FP. Jones; directors, E. J. Rector, W. F. Martin, B. S, Rector, Orville H. Root, Henry Brunner, Fredericke Cenicke and Charles Martin, the three latter being wealthy San Francisco capitalists. The bank opened for business on Mil! Street, Grass Valley, on December 1, 1900, with a paid-up captial of $50,000; and the branch office at Nevada City was opened on February 14, 1901. The officers and directors were all able and experienced business men, and the business was very successful from the beginning. In 1908 the control! of the institution was purchased by Pector Brothers and W. H. Martin, who, with the present Pector Brothers (G. J. and E. M. Rector), had been the guiding spirits in its management from the beginning. At that time Albert E, Mooser, the present cashier, succeeded C. H. Root in the management of the Grass Valley office, and the late W. D, Harris and A. B. Champion were added to the official staff. The resources of the bank at that time were approximately $800,000. By the year 1917 the resources of the bank had grown to approximately $1,500,000, and the directors were so confident of the countv’s future that they erected the present handsome ara . banking edifice on the corner of Mill and Bank Streets. This building, which was planned by Architect William Mooser, is a beautiful example of the classic style as applied to modern bank building, and its handsomely designed facade and dome have become landmarks throughout Northern California, The vaults are of the most massive construction, guarded with sixinch steel doors and protected in addition withthe latest burglar alarm systems. The branch at Nevada City, located in the National Hotel building, was entirely remodeled in. 1917, as well, and the same vault equipment was added, making it modern in

all respects, On August 1, 1920, the bank purchased and absorbed the old and highly regarded Citizens Bank, which had been founded by E. M. Preston and John T. Morgan in 1876. The result of this amalgamation was very satisfactory, and the Nevada County Bank has continued to flourish and to increase its resovrces until it is one of the very large banks of Northern California. The capital surplus, and profit account amount to $600,000; the deposits to $4,500,000, The stockholders are well distributed through the two cities, and they lend energetic and loyal support to the institution. SPENCE VILLE Spenceville fs situated in the extreme southwestern part of Nevada County, seventeen miles from Grass Valley. It is 450 feet above sea-level and is situated among the last of the foothills, six miles from the plains of the Sacramento Valley. The climate is equable and exceedingly healthy. Citrus fruits grow here to perfection. The ditches of the Nevada County Irrigation District are promising to make out of Spenceville and the southern end of the county a farmers’ paradise. EARLY OPERATIONS AT SPENCFVILLE'S COPPER MINES Copper ore was first discovered in Spenceville in 1862 1863, causing great excitement. A company was formed about the year of 1875, and the deposit was worked by them for a period of thirteen years. The ore taken out of the mine was roasted and leached, only about forty-six per cent of the copper it contained being extracted. The residue gradually accumulated in a dump, containing about 150,000 tons. Owing to insufficiency of underground timbering, the mine caved in, in August, 1880, carrying away hoisting works and machinery. This was a heavy loss to the company. Prospecting was never resumed, only the ore in sight being taken out, and the mine thereafter being worked as an open cut. In a report of the mine made by Thomas Price, of San Francisco, in 1881, he remarked that the copper deposit at Spenceville would prove to be a permanent one, and of great value; and systematic mining may develop bodies of rich ore, Large quantities of the ore developed have assayed as high as high as twenty per cent, when shipped to Swansea in early days. In April, 1888, Ctto Woehler and Mr. Pietzsch purchased the mine. Their work was confined in summer to hoisting from the pit the water containing copper salts in solution, which had accumulated from the fatural flow of water. In the winter they worked the outside of the dump by leaching. They also manufactured from the tailings of the dump (after all the copper had been extracted) a fine qualitv of metallic paint; IMPERIAL PAINT & COPPER COMPANY The Imperial Faint & Copper Company was organized in October, 1892; and under this name the m‘ne was thereafter worked and paint manufactured from the material of the great ore dump, Otto Wvehler, of Spenceville, was made superintendent