Exchange and Savings Bank of Berlin
bank · active 1904–
Berlin, Md. bank named in the Ocean City bond notice of August 1904 as the place where interest on the town's new $1,000 coupon bonds would be paid, semi-annually in January and July — making it the paying agent, and probably the depository, for Ocean City's first street-improvement borrowing.
In the record (5)
1934 · 1934-06-05
Ocean City went into the 1934 season owing $10,000 in short-term notes to three banks in three towns
The resolution of 5 June 1934 renewed the town's paper for the summer: 'note Frankford Del for 3000 due June 15th; O C Bank 2000 due June 29th; Salisbury Nat Bank 5000 due June 28th, & pay discount on same.' In April the council had asked the Exchange & Savings Bank of Berlin for a further $2,000 'until 15th of September' — borrowed against the season's receipts and repayable when the visitors had gone. The pattern runs all year: notes renewed in February, June and July; $2,000 and $3,000 paid off in September, $2,000 and $3,700 in October; a $3,000 demand note renewed on 2 November with $60.10 interest; and on 17 December a resolution by Scott, seconded by Laws, to borrow $2,500 more from the Salisbury National Bank on a four-month note dated 31 December, transmitted by Mumford in a letter of 28 December that the council filed in its own minute book. The town's short-term borrowing limit had been raised to $20,000 by Chapter 454 of the Acts of 1933.
Source · checked 2026-08-11
1934 · 1934-10-09
What it cost to light Ocean City in September 1934: $608.18
The bills ordered paid at the meeting of 9 October 1934, in the order the secretary wrote them: Eastern Shore Public Service $608.18 for September; Ocean City Ice & Fuel Co. $73.09 for coal; Ocean City Insurance Agency $27.30; Edmund Johnson, retainer fee, $50.00; W. H. Scott (for Edmund Johnson) copying the Charter, $4.00; a $2,000 note to the Exchange & Savings Bank; a $3,700 note to the Bank of Ocean City; and $16.00 to the Farm Bureau Insurance Co. on the truck. At the same meeting the council resolved that the checks issued should be read over at each meeting — and from 23 October the minutes duly record them by serial number, beginning with checks 7025 to 7048.
Eastern Shore Public Service CompanyBank of Ocean City
Source · checked 2026-08-11
1935 · 1935-06-25
Five times in four months the town borrowed a thousand dollars for ninety days, and once it borrowed a thousand to pay off the fire truck
Ocean City spent the first half of 1935 rolling paper. On 8 January notes of $1,000 each to H. T. and C. A. Parker were renewed for six months and a further $1,000 six-month note was given H. T. Parker “to make enough money to pay off fire truck note” — the note on the fire engine falling due on 15 January at $2,585 plus $309.20 interest. On 19 March the city borrowed $1,000 of the Exchange & Savings Bank on a ninety-day note; on 2 April it did it again; on 14 May again, from the Exchange & Savings Bank of Berlin; on 4 June it renewed to 17 June. On 23 April notes to the Salisbury National Bank for $2,500 and the Bank of Ocean City for $3,000 were renewed with interest cheques of $50.00, $45.00 and $180.00. On 25 June a further renewal schedule passed — Bank of Ocean City ninety days $3,000 new, Chas. H. Parker $1,000, H. T. Parker $1,000 and $1,000 again, Exchange & Savings Bank $1,000, all renewals — “and to Pay Int. & discount on same.” On 9 December the bond and coupon bill due 1 January was ordered paid: $3,609.70. This is the town that in November signed a forty-year federal bond schedule.
Source · checked 2026-08-11
1936 · 1936-06-26
Ocean City was still borrowing $2,000 at ninety days to meet its own bond coupon in 1936
On 26 June 1936, five days before its bond coupon fell due, the council resolved 'that City Borrow of Exchange & Savings Bank $2,000.00 on 90 day note and borrow of Ocean City Bank enough to Care for our Coupon due July 1st.' In October, on William H. Scott's resolution seconded by Dr. Townsend, it sent the Federal Reserve Bank a check for $1,220.00 of interest due on 1 November on the $61,000 of sewerage bonds, drawn out of the sewer construction fund, and paid off $2,000 of bonds from its account in the Snow Hill bank. At the end of the year the town's books showed $27,385.67 of uncollected taxes and water rents running back to 1932 and $7,532.88 of cash in the Bank of Ocean City.
Bank of Ocean CityWilliam H. Scott
Source · checked 2026-08-11
1937 · 1937-06-28
Ocean City ran its 1937 season on short notes from a Berlin bank - $3,000 in May and $3,000 in June
On 25 May 1937 the council resolved 'that the city under the signature of its Clerk and Mayor be and hereby is authorized to borrow from The Exchange and Savings Bank of Berlin Maryland the sum of Three Thousand ($3,000) dollars binding the full faith and credit of the City therefor by promissory note in appropiate form', and on 28 May the clerk sent the bank a note for 120 days with a cheque for the interest. On 28 June the council passed the identical resolution again, and on 29 June sent the bank a second note, this one for ninety days. A resort whose whole income arrived between June and September borrowed its way to the season twice in five weeks, on the town's letterhead and over the mayor's signature.
W. Thomas ElliottJohn M. MumfordFrancis J. TownsendW. Preston Laws
Source · checked 2026-08-11