USA > Washington DC > Washington DC > Centennial history of the city of Washington, D. C. With full outline of the natural advantages, accounts of the Indian tribes, selection of the site, founding of the city to the present time > Part 42
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As stated before, this company commenced business October 1, 1889, the paid-up capital being then $68,000. It began to issue
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HISTORY OF WASHINGTON.
certificates of deposit December 26, 1889, and on January 2, 1891, began to receive accounts subject to check. The growth of the business since this latter date has been really marvelous among even the sound and prosperous financial institutions of Washington, the records showing total deposits March 1, 1891, $91,542.25, and on March 1, 1892, $1,095,940.07, making a gain during the year of $1,004,- 397.82, this amount being represented by 1885 new accounts. One peculiarly attractive feature of this company's method of doing busi- ness, is the paying of interest on accounts subject to check, a feature seldom met with in banking.
The officers of this company at the present time are as follows: Brainard HI. Warner, president; John Joy Edson, vice-president; John A. Swope, second vice-president; John R. Carmody, treasurer; Wil- liam B. Robison, secretary, and Andrew Parker, assistant secretary.
The American Security and Trust Company was incorporated October 12, 1889, under the general incorporation laws of the State of Virginia. It was incorporated and reorganized November 11, 1890, under the act of Congress approved October 1, 1890. Its business was conducted, temporarily, at 1419 G Street Northwest, but in the latter part of the year 1891 it removed to a fine new building erected for its own use at No. 1405 G Street. It executes all kinds of trusts, and acts as executor, administrator, guardian, assignee, receiver, and trustee, and accepts the management of estates and property generally. Money received on deposit is subject to check on demand, and interest is paid on such accounts at a rate agreed upon. It loans money on real estate and approved personal security. It issues its own deben- ture bonds upon deeds of trust or mortgages of real estate, in series and in sums of $100, $500, or $1,000, payable in a stated period, with quarterly or semi-annual interest, as may be agreed upon. Its safe deposit feature is noteworthy, the vaults being constructed with every precaution against fire and burglars. Its storage warehouse depart- ment is also a valuable feature, the warehouse being situated at 1140 Fifteenth Street. It is especially planned for storage purposes, and is constructed exclusively of stone, brick, iron, and cement. This company also acts as financial agents in the matter of countersigning and register- ing certificates of stocks, bonds, or other obligations of any corporation, association, State, or public authority, and manages sinking funds on such terms as are agreed upon; and it also acts as agent or attorney for the collection of interest, dividends, and all forms of income, and as attorney in fact for the interest of non-residents and others who may desire to be relieved of the care and attention of property.
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A. T. Britton
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HISTORY OF BANKING.
A. T. Britton1 is president of the company; C. G. Bell, first vice- president; A. A. Thomas, second vice-president; Percy B. Metzger, treasurer and trust officer, and George E. Emmons, secretary. The directors are A. T. Britton, C. S. Noyes, Robert Dornan, James E. Fitch, M. M. Parker, James G. Payne, W. S. Thompson, C. C. Dun- canson, Henry A. Willard, S. S. Sharp, C. G. Bell, M. W. Beve- ridge, M. G. Emery, John E. Herrell, Martin F. Morris, Harry F. West, Henry F. Blont, Nathaniel E. Janney, John S. Jenks, Daniel Donovan, A. A. Thomas, Charles Porter, Caleb J. Milne, Alan II. Reed, H. S. Louchbeim, John R. McLean, W. M. Coates, William Venner, John N. Hutchinson, and Benjamin HI. Warder.
The Lincoln National Bank, of Washington, District of Columbia, was organized February 27, 1890, with a capital of $200,000, and 1 Alexander T. Britton, lawyer and financier, was born in New York City, Decem- ber 29, 1835. His father and uneles were among the last captains of the old "Liners" plying between London, Liverpool, and New York. He is a charter member of the Sons of the American Revolution of the District of Columbia, being a great- grandson of Major Isaae Coren, aid-de-camp to General Braddock, and afterward major of artillery in the Continental Army under General Knox. His grandfather, Captain John Towers, first utilized the water power of the Schuylkill River at a mill at Manayonk, Pennsylvania.
A. T. Britton gradnated at Brown University in 1857, and was admitted to the bar through the Supreme Court of Rhode Island in March, 1858. He practiced his profession in that State until 1860, and then at Madison, Florida, until the War of the Rebellion compelled his return North. In March, 1861, he was appointed a clerk in the General Land Office, and entered the service of the United States on April 15, 1861, as a member of the National Rifles, to protect the Capital during the early days of the War. Since that time, with an interval in 1864, when practicing law in California, Washington has been his home. In 1864, he organized the firm of Britton & Gray, and has since then by his ability made his name a leading one among the lawyers of the city. In 1877, he was appointed by President Hayes a commissioner to codify the public land laws, the result of his labors being a codification in three volumes, which have several times been published by authority of Congress.
He has served Washington in many high and responsible positions. He was the last president of the board of police commissioners in the early seventies. He is now director in the Emergency Hospital, Columbia Fire Insurance Company, and Foundling Asylum, and was one of the promoters and directors in the Georgetown and Tennallytown Railroad Company, the Eckington and Soldiers' Home Railroad Company, and the Columbia National Bank. He is a trustee in the Tunlaw Syndicate, which has added so much to the beauty of Georgetown Heights. He built the Pacific Building in 1885, and is president of the Atlantic Building. He was chairman of the inaugural committee having charge of President Harrison's inauguration, and is one of the World's Fair Commissioners from the District. In 1890, he organized, and was made president of, the American Security and Trust Company, and in many other ways has aided in making Washington the handsome Capital it now is. Mr. Britton is, and has been for many years, one of the progressive citizens, in favor of all measures calculated to add to the city's progress and growth.
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HISTORY OF WASHINGTON.
opened its doors for business on March 25. At its organization, its board of directors were selected from the most enterprising and suc- cessful business men of the city. This board of directors consisted of the following individuals: William E. Abbott, II. Bradley David- son, Edward W. Donn, Augustus Burgdorff, William O. Denison, Peter Latterner, Job Barnard, Jesse C. Ergood, Frederick W. Pratt, James F. Oyster, Willie S. Hoge, Frederick A. Schiffely, Augustus B. Coppes, and Riebard A. Walker. The board was organized by the selection of John A. Prescott, president; J. Harrison Johnson, vice-president, and Frederick A. Stier, cashier. The success attending the business opera- tions of this bank during its first year was unprecedented in the banking business of the city. At the end of this year, at the reorgan- ization of the board, Mr. Prescott and Mr. Johnson resigned their positions as president and vice-president, and were succeeded respec- tively by Mr. Jesse B. Wilson' as president, and by Mr. H. Bradley Davidson as vice-president. Mr. Stier retained his position as cashier.
1 Jesse B. Wilson, president of the Lincoln National Bank, was born in Prince George's County, Maryland, in 1830. His father was Nathaniel Wilson, who belonged to one of the old and hospitable Maryland families; but both father and mother died before young Jesse was seven years old. He was then apprenticed by his uncle to a coach maker, in Anne Arundel County, near Ellicott's Mills, and by the terms of the apprenticeship, which lasted about seven years, was to have one year's schooling during that time. However, when the time was within six months of coming to an end, the stipulation with regard to education not having been complied with, his uncle took him to his home in Howard County, and gave him two years' education in the public schools.
Early in 1842, learning that a brother of Mr. Washington Adams intended to retire from the grocery business, young Wilson set out on foot for Washington and made application for the vacancy. He was taken into the employ of Mr. Adams, and, developing an unusual aptitude for business, he was afterward induced to enter the establishment of Messrs. George & Thomas Parker, which occupied two buildings on Market Space, fronting on Pennsylvania Avenue, between Seventh and Eighth streets. Soon after this promotion, he became the junior partner in the grocery firm of Morsell & Wilson, and in the fall of 1851 he bought the interest of Mr. Morsell in the business. This business he conducted himself on the south side of Pennsylvania Avenue, between Sixth and Seventh streets, for nearly twenty years, increasing it year by year, until 1872, when on account of failing health he retired from business for a time; but upon regaining health he became engaged to a greater or less extent in the real-estate business, making this, too, a success. He then became president of the Mutual Fire Insurance Company, serving in this capacity until December, 1890, when he was elected president of the Lincoln National Bank. For several years, he has been president of the Northern Market Company, and he has been a member of the Board of Trade since its organization. Mr. Wilson married Miss Serivener, of Wash- ington, in 1849. Since 1870, he has been a member of the Mt. Vernon Place Methodist Episcopal Church. His election to the presidency of the Lincoln National Bank is a sufficient indication of the estimation in which he is held by his fellow-men.
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HISTORY OF BANKING.
The bank has continued to merit and receive the patronage of the publie to a large degree by its careful, conservative method of doing business, and in all probability has a long and honorable career in the future. The surplus and undivided profits of this bank on the second anniversary of its establishment, March 25, 1892, were $20,- 353.59.
The West End National Bank was organized in 1890, with a capital of $200,000. It was originally located at the corner of Nine- teenth Street and Pennsylvania Avenue, in the west end of the city, and for this reason was named the West End National Bank; but after a year's experience, it was moved to its present location, No. 1415 G Street Northwest. On the opening day of its business, the deposits amounted to $40,000, and at the time of the removal the deposits amounted to $130,000. The deposits at the present time amount to $330,000, and the business is steadily increasing.
William R. Riley has been president of this bank since its organ- ization. The vice-president, at the time of organization, was George A. MeIlhenny, who was succeeded by Dr. A. P. Fardon, the present incumbent of this office. Charles P. Williams has been cashier since the organization of the bank. The directors are John F. Vogt, Horace S. Cummings, Conrad Becker, Edward S. Westcott, R. II. Goldsbor- ough, W. R. Wilcox, Le Roy Tuttle, Jr., John H. Moore, F. C. Stevens, John H. Magruder, George A. Mellhenny, Henry C. Winship, and George E. Emmons.
The Traders' National Bank was organized March 3, 1890, with a capital of $200,000, and with the following officers, who still retain their positions: George C. Henning, president; William A. Gordon, vice-president; Brent L. Baldwin, cashier. The present site was bought in June, 1890, and the fine banking building erected and completed in time for occupation on June 1, 1891. The directors, in addition to the president and vice-president, are as follows: E. F. Droop, O. C. Green, Isadore Saks, Emil G. Schafer, Samuel S. Shedd, George A. Shehan, Emmons S. Smith, and John T. Varnell. The capital remains as at first, and on March 1, 1892, the surplus and undivided profits amounted to $50,763.25.
The Ohio National Bank is the youngest national bank in the city, having begun business February 24, 1891, at the corner of G and Twelfth streets Northwest, in a rented building. Most of those concerned in the movement were Ohio men, and hence, in part at least, the name of the bank. Its capital was, and is, $200,000, and at the end of the first year's business the surplus was about $3,000. The
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officers and directors of the bank at its organization were, Hon. Joseph D. Taylor, member of Congress from the Eighteenth Ohio District, president; John O. Johnson, of Pennsylvania, vice-president; Charles II. Davidge, formerly of Indiana, cashier; C. A. Baker, assistant cash- ier; directors- IIon. J. D. Taylor, John O. Johnson, A. P. Lacey, IIon. William Lawrence, Hon. C. S. Baker, F. J. Dieudonne, L. M. Saunders, J. B. Wimer, William C. Morrison, C. F. Scott, George H. La Fetra, J. F. Batchelder, William Mayse, John Lynch, T. A. Hard- ing, and Bushrod Robinson. This banking company is at the present writing erecting a fine building on the northwest corner of Twelfth and G streets Northwest, at a cost, including the land upon which it stands, of nearly $125,000. It is of granite, Indiana limestone, and New Jersey buff brick. It is six stories high above the basement, and is an elegant and commodious structure.
The private banking firm of Lewis Johnson & Company com- menced business February 1, 1858, at the corner of Pennsylvania Avenue and Tenth Street. It was then composed of Lewis Johnson, David Walker, and Lewis J. Davis. June 1, 1891, it removed to its present location, No. 1315 F Street Northwest. At the present time, the firm consists of Lewis J. Davis, David Walker, and Charles N. Wake. A general banking business is conducted by this firm.
Many other private banks have existed for a longer or shorter time in Washington. Without attempting to exhaust the list, the following may be mentioned as in existence at the present time, and as enjoying the confidence of the community in a high degree: Wil- liam Mayse & Company, 516 Ninth Street Northwest; Bell & Com- pany, 1406 G Street Northwest; Corson & McCartney, 1419 F Street Northwest; Crane, Paris, & Company, 1344 F Street Northwest; and Lewis G. Tewksbury & Company, 1335 F Street Northwest.
The firm of Woods & Company is composed of Thomas E. Woods and II. T. Woods, and others. It was organized for general banking business in July, 1890, and commenced business in a building owned by W. B. Moses, but in November, 1890, selected a site at No. 1222 F Street Northwest, where they erected a new banking house especially for their own use, and in April, 1891, transferred their business to this location. While this firm transacts a general banking business, and deals in foreign exchange, it also receives money on account and on deposit, the lowest sum received being five dollars. On certificates of deposit, interest is paid monthly, quarterly, or annually, at the option of the depositor. Money is also Joaned to any amount on approved security.
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HISTORY OF BANKING.
The Capital City Savings Bank was organized in October, 1888, with a capital of $50,000. It is located at No. 804 F Street North- west. It is the only bank in Washington owned and conducted exclusively by colored men. Its officers are Hon. John R. Lynch, president; J. W. Cole, vice-president; Henry E. Baker, secretary; L. C. Bailey, treasurer; and Douglass B. McCary, cashier. In its business transactions race lines entirely disappear, all classes of citizens dealing with it with equal freedom.
The Union Savings Bank was established June 10, 1891, in the basement of the Second National Bank building, No. 509 Seventh Street Northwest. It has a guaranty fund of $100,000. Its officers are F. H. Smith, president; I. G. Kimball, first vice-president; A. M. Lothrop, second vice-president; John Tweedale, secretary; T. A. Lambert, treasurer, and T. T. Stewart, assistant treasurer. Ordinary deposits are received, and are entitled to four per cent. semi-annual dividends. Installment deposits, payable at any stated period for a term of five years, share in the earnings of the bank, the dividends being compounded semi-annually. This plan, though in use in other cities for years, is new in Washington, and is worthy of attention. This bank also uses the savings bank stamp system. Agencies have been established in over fifty stores in all parts of the city and suburbs for the sale of five-cent and twenty-five-cent stamps, and when a page of a book, supplied by the agent for the purpose, is filled with one dollar's worth of stamps, they may be deposited as so much money, and an account with the bank.
The financial institutions of Washington are well managed and sound. Their business is large and steadily increasing. On March 1, 1891, the national banks, and the three great loan and trust companies, the Washington, the National Safe Deposit, and the American Security and Trust Company, had an aggregate capital of $5,866,300, and a surplus of $1,682,783; their loans and discounts amounted to $11,828,923, and their total deposits to $13,980,261.
CHAPTER XI.
MERCANTILE HISTORY.
Early Business Firms -- Prices of Nails- A Commercial Company Established - Business Firms in 1803 -- A Fair in Washington - Regulations for Making Bread - Piano- fortes First Imported-The City in 1816-The Coal Trade in 1854-Merchants' Exchange Organized - Timber Shipments -Steamship Companies - Another Mer- chants' Exchange -Changed to a Board of Trade-The Present Board of Trade --- The Markets -The Columbian Exposition.
THE city of Washington has never been a great commercial center; primarily, it is believed, because it was, up to the War of the Rebellion, surrounded by Slave States, the institution of slavery being inimical to commerce as well as to manufactures, and nearly all forms of industry. The necessities of the inhabitants of the city had, however, to be supplied, and there were consequently the usual number of retail establishments of different kinds, that number increasing, of course, as the city itself increased in population. As this volume is devoted to local history, there will be given the names of such business men as were prominent in their several lines, especially of those in the earlier days.
In 1800, the Washington Bookstore was kept by Rapine, Con- rad, & Company, at the corner of South B Street and New Jersey Avenue. In November, this firm advertised the recent receipt of " Letters from Alexander Hamilton, Concerning the Public Conduct of John Adams, Esq., President of the United States," and also a choice assortment of books on History, Law, Medicine, Divinity, the Arts and Sciences, Classics, School Books, Novels, Romances, Biog- raphy, etc., as well as all kinds of stationery, the best Dutch quills, black lead pencils, blank books, etc.
In the same month, John Barnes, of Philadelphia, opened for sale a large assortment of articles; fresh teas, spices, liquors, coffee, stationery, ink powder, and English and American playing cards.
Henry Ingle, about the same time, opened a hardware store on New Jersey Avenue, Capitol Hill, keeping a general assortment of ironmongery, cutlery, saddlery, glassware, and building material, among which he specified the following articles: Iron pots, frying pans, chaf-
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MERCANTILE HISTORY.
ing dishes, iron and japanned candlesticks, patent metal teapots and saucepans, japanned tea trays, waiters and bread baskets, sadirons, mathematical instruments, mahogany knife cases filled with ivory- handled knives and forks, cruet stands, ladies' dressing cases, mill- pit and crosscut saws, fifty-six-, twenty-eight-, and fourteen-pound iron weights, also scale beams to weigh from five to ten hundredweight,- "just imported in the ship Missouri from Philadelphia."
Jonathan Jackson appears to have been one of the first real- estate dealers in the city, as he commenced advertising November 12, 1800, offering for sale both improved and unimproved property. John Kearney, in the same kind of business, commenced advertising November 17, 1800. A conveyancer's office was opened about Decem- ber 1, 1800, by Thomas Herty, on New Jersey Avenue, opposite the Little Hotel.
Kid, Eliot, & Company commenced advertising as hardware dealers December 18, 1800, also keeping a large quantity of brandy, spirits, sugar, tea, and coffee, at the brick store opposite Blodgett's Hotel.
Adlington & Powers in February, 1801, opened a grocery and dry-goods store on New Jersey Avenue, near the Sugar House.
In this connection it is interesting to note the advertised prices of "all kinds of hammered and cut nails" in Washington in February, 1801. Samuel MeIntire was selling hammered nails and brads as follows: Twentypenny nails by the hundredweight or half hundred- weight, at 122d. per pound; twelvepenny nails, 13d. per pound; ten- penny nails, 132d .; eightpenny nails, 15d. per pound. By retail, under 56 pounds, twentypenny nails were 133d. per pound; twelvepenny nails, 132d. per pound; tenpenny nails, 14}d. per pound; eightpenny nails, 153d. per pound. Cut nails and brads were sold at the following prices: Twentypenny nails, from 92d. to 102d. per pound; tenpenny nails, from 10d. to 11d. per pound; eightpenny nails, from 11d. to 12d. per pound; sixpenny nails, from 12d. to 13d. per pound; fourpenny nails, from 132d. to 14d. per pound; threepenny nails, from 142d. to 15d. per pound.
John Ott opened a drug store in April, 1801. Richard Dinmore removed his grocery from Georgetown to Washington in April, es- tablishing himself on Square 119, opposite the Seven Buildings, on Pennsylvania Avenue. In June, 1801, Brohawn & Bogs opened a lumber yard, "conveniently situated to the Capitol and President's Square." "The schooner Dolphin and Kitty will continue to take freight from this point to Annapolis and Baltimore every three weeks."
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HISTORY OF WASHINGTON.
Sharpless & Smith opened a new store, in which they kept hard- ware and dry goods, in November, 1801. Robert Cherry carried on the grocery and liquor business on New Jersey Avenue, near the Sugar House. The Mail Pilot, at this time, plied between Washington and Baltimore, Philadelphia and New York, leaving Washington about 6:00 A. M. and arriving at Baltimore at 3:00 P. M., leaving Baltimore next morning and reaching Philadelphia in about twenty-four hours, carrying baggage "at the risk of the owner."
In June, 1802, Duane's Bookstore advertised for sale a few copies of the suppressed book, "The History of John Adams's Administra- tion," which was suppressed by Mr. Burr; also, a number of books of European importation, cheaper than before the peace in Europe.
Among the receipts in merchandise noted in 1803, was a cargo of " Plaister of Paris," certified to be genuine and of the first quality. It was for sale by Stewart & Beall.
A new market was opened in Washington in December, 1801. The people were advised, through the public prints, to sustain the market, and farmers in the vicinity were advised to take their pro- duce there for sale.
In the latter part of 1803 and the beginning of 1804, a movement was inaugurated looking to the development of the commercial inter- ests of the city. This movement consisted in the establishment of a commercial company. At the outset, however, it was seen that the great difficulty to be overcome in this movement was the fact that there were but few engaged in the Government employ, and these few were in the city but part of the time. They had for the most part residences of their own, and would cause but little extra business to spring up. The city, however, was situated on a great and noble river, which came down through a rich country, and there was a harbor here capable of accommodating a large quantity of shipping, where vessels of the largest tonnage could load and unload with facility. And though there were perhaps but few willing to "risque" their property for the general good, yet there were some desirous of forming, by subscription, a capital to be applied to commercial pur- poses, and it was presumed there would not be lacking either industry or enterprise to make that capital productive. It was thought that if this city could become a market for the sale of domestic and foreign manufactures, even on a small scale, it would not be long before the doors of commerce would be open to individual enterprise, etc.
By the census of 1803, it was found that the professions, occu- pations, and trades of the inhabitants were as follows: Architects,
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MERCANTILE HISTORY.
4; merchant tailors, 2; notaries public, 1; clerks, 10; merchants, 21; stonecutters, 16; Inmber merchants, 2; carters, 18; tailors, 17; gen- tlemen, 15; nailers, 2; peddlers, 8; painters, 4; painters and glaziers, 2; carpenters, 63; joiners, 12; physicians, 6; cabinet makers, 7; printers, 10; laborers, 82; brieklayers, 18; turners, 1; sailmakers, 2; coopers, 1; nail cutters, 1; house carpenters, 13; limners, 2; shoe- makers, 23; pump makers, 3; millwrights, 1; tavern keepers, 9; "plaisterers," 13; bakers, 6; carvers and gilders, 1; brickmakers, 1; stone masons, 7; booksellers, 2; grocers, 2; officers of the Govern- ment, 24; brewers, 1; lawyers, 4; blacksmiths, 8; masons, 2; ministers of the Gospel, 3; schoolmasters, 5; shop keepers, 33; chair makers, 2; coach makers, 2, etc.
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