USA > Pennsylvania > Luzerne County > Wilkes-Barre > A history of Wilkes-Barre, Luzerne County, Pennsylvania : from its first beginnings to the present time, including chapters of newly-discovered early Wyoming Valley history, together with many biographical sketches and much genealogical material. Volume IV > Part 19
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Under the date of May 5, 1829, these commissioners advertised in the newspapers of Wilkes-Barre that, "for receiving subscriptions for the stock of the proposed bank, a book would be opened June 8, 1829, at the Court House in Wilkesbarre, and kept there for six days." Agree- ably to this notice a subscription-book was opened by the commissioners at the time and place fixed.
Under the law, the capital stock of the bank was to consist of three thousand shares, of the par value of $50.00 each-being a total of $150,000.00, and the sum of $5.00 was required to be paid in on each share when subscribed for.
On the first day that the subscription-book for Wyoming Bank stock was opened, the small number of only forty-two shares was subscribed.
OUTALISSI
ES
LO
SEA
Under the date of June 17, 1829, the commissioners previously mentioned advertised in the newspapers of Wilkes-Barré that, "in order to afford the in-
1910
habitants of the county an opportunity to subscribe" for stock in the projected bank, one or more of the commissioners would "attend," on certain days men- tioned, at nine different places from Tunkhannock on the north to Berwick on the south.
Finally, by October 30, 1829, the required complement of shares was sub- scribed for, and a charter for the proposed bank was issued to the subscribers in due form of law. At the same time, notice was given to the stockholders to meet at the Court house in Wilkes-Barré, on Saturday, November 14, 1829, between the hours of ten A. M. and three P. M., to choose thirteen of their number to be directors of the bank. The election resulted in the choice of the following-named persons: William Ross, Benjamin Dorrance, George M. Hollenback, John N. Conyngham, William Swetland, Henderson Gaylord, James Nesbitt, J. Zibias Bennett, Steuben Butler, Abraham Miller, Thomas Horton, Ortrus Collins, and John D. Stark.
The board met in the building formerly occupied by the Philadelphia Branch Bank, where it was duly organized by the election of Col. Benjamin Dorrance, as President and Ziba Bennett*, as Secretary. Messrs. Collins,
Hollenback and Bennett were appointed a com- mittee to devise a set of forms for the notes, or bills, to be issued by the bank; and also to ascer- tain the probable expense of engraving the plates therefor, Messrs. Thomas, Butler and Conyngham. were appointed a com- mittee to make inquiries relative to the procuring of a suitable building in which to conduct the business of the bank.
At a meeting of the Board of Directors, held on November 18th, the committee on bank- notes reported that they had arranged with Messrs. Fairman, Draper, Under- wood & Co., of Philadel- phia, to furnish the bank with fifteen hundred notes aggregating $60,- 000.00, in denominations of $5, $10, and $20.
THE HON. ZIBA BENNETT
*ZIBA BENNETT was born in Weston, Connecticut, November 10, 1800, the fourth child of Platt and Martha (Wheeler) Bennett. At the age of fourteen years he became a clerk in the branch store of Col. Matthias Hollenback at Elmira, N. Y., whence, in 1815, he came to Wilkes-Barre, where he was employed for a number of years thereafter in the main Hollenback store, on South Main Street. In 1822 he became a partner of George M. Hollenback in the general mercantile business conducted in the building at the corner of River and Market Streets. In 1826 he began business for himself on North Main Street, near Public Square, and soon became one of the leading merchants of Wyo-
1911
Messrs. J. N. Conyngham, G. M. Hollenback and Steuben Butler, of the Board of Directors, having been appointed "to receive proposals for a Cashier" for the bank, were, on December 10, 1829, directed to take with them to Phila- delphia $6,000.00 in cash, in the form of bills of various banks, received from Wyoming Bank stockholders on account of their stock subscriptions, of which amount the sum of $1,000.00 was to be deposited in one of the Philadelphia banks to the credit of the Wyoming Bank and the remainder was to be laid out in the purchase of specie for the use of the home bank.
At a meeting of the Board of Directors, held December 19, 1829, a letter was received from Mr. Conyngham, at Philadelphia, relative to the employment of a Cashier for the bank; whereupon the following was adopted:
"Resolved, That the proposal of Edward Lyncht of Philadelphia, to be- come Cashier of this institution at a salary of $600 per annum be accepted, com- mencing January 1, 1830. The bank will pay him a gratuity of fifty dollars to defray the expenses of his removal here."
At this same meeting it was voted, with respect to the banknotes to be prepared for and issued by the bank, that the head of George Washington be put on the twenty-dollar bills, and the head of Robert Morris on the ten-dollar bills; and that on all the bills "the word Wilkes-Barre be spelled with a capital 'B,' and a mark over the final 'E' to point out its pronunciation."
TEN DOLLARS
itÃ
WILKESBARRE
Reduced photo-reproduction of a ten-dollar bill dated Nov. 1. 1856, bearing the portrait of George M Hollenback, President, and the signatures of Edward Lynch, Vice President, and Edward S. Loop, Cashier
The bills issued by the bank were drawn payable to the order of George Wolf, the then Governor of Pennsylvania. Five-dollar bills, as well as "tens" and "twenties," were originally issued, but no "ones" or "twos." At a later period bills of the denominations of $50 and $100 were also issued.
ming Valley. He was engaged in business continuously at the location mentioned, alone, and in partnership with others, until the date of his death.
Mr. Bennett was, however, at the same time interested and concerned in many other important enterprises. He was one of the founders of The Wyoming Bank, was its first Secretary, and served as a Director. in that institution and its successor, continuously until his death. He was for some years President of the Wilkes-Barre Bridge Company. and also of the Hollenback Cemetery Association. He was also, for some years, a Director of the Wilkes-Barre Gas Company, the Wilkes-Barre Water Company, the Miners' Savings Bank, and the Home for Friendless Children. For many years he was Superintendent of the Sunday School of the First, or Franklin Street, Methodist Episcopal Church. In 1833 Mr. Bennett was one of the Representatives from Luzerne County in the Pennsylvania Legislature, and Feb. 21, 1842, he was appointed and commissioned an Associate Judge of the Courts of Luzerne County. In 1862 he founded, and was senior member of the banking-house of Bennett, Phelps & Co., which transacted a general banking business in Wilkes-Barré until 1879.
Judge Bennett was twice married: First, Nov. 26, 1824, to Hannah Fell Slocum (born April 16, 1802; died Feb. 5, 1855) ; second, Nov. 18, 1856, to Priscilla E. Lee. Judge Bennett died at his home on North Main Street Nov. 4, 1878.
+EDWARD LYNCH was born in Philadelphia, March 2, 1785. For a number of years prior to coming to Wilkes-Barre, he was employed as a clerk in the Bank of the United States, at Philadelphia. With his wife and three sons he removed to Wilkes-Barre in the latter part of December, 1829. He died here, January 18, 1864, in the seventy-ninth year of his age.
1912
The Board of Directors voted, on January 1, 1830, to purchase for $1,500,00 the house and lot owned by Zurah Smith, and situated on the west side of South Franklin Street, a short distance below St. Stephens' Episcopal Church; and a committee was appointed to attend to having the building put in proper condition for use as a banking house.
THE ORIGINAL WYOMING BANK BUILDING It stood on the site of the present Westmoreland Club
This building was an ordinary two-story frame dwelling house, and it was converted into a banking house by setting up in the front room, or parlor, on the ground floor, two or three desks and a plain wooden counter. A brick vault, closed by a door of boiler iron furnished with a common tumbler-lock was erected in the banking room. The adjoining dining room was used by the Direc- tors for their weekly meetings, even after the Cashier and his family had taken up their residence in the living rooms of the house.
On Monday, February 1, 1830, The Wyoming Bank was formally opened for the transaction of business, and two days later the Board of Directors met and proceeded to discount notes offered for that purpose, tothe amount of $3,000.00.
Some six months later a statement of the bank's affairs submitted to its board, disclosed that the bank had taken a firm grasp upon the financial affairs of its community and was in a flourishing condition.
The figures submitted on August 11, 1830, follow:
" Dr. To stock,.
$29,940.00
discounts,
1,591.27
.. notes in circulation,
44,295.00
amount due depositors,
41,073.96
profit and loss,
8.74
$116,908.97
" C'r. By bills and notes discounted.
$62,083.08
real estate,
1,500.00
expenses,
1,365.93
specie,
18,048.90
foreign notes,
8,000.00
Philadelphia Bank,
25.911.06
$116,908 97"
1913
On November 1, 1830, the welcome news was disseminated that a dividend of three per cent had been declared on stock outstanding and from that date to the present no semi-annual dividend, in substantial amount, has been omitted by the institution. At the annual election of directors held at the Court house on Novem- ber 22nd of the same year, Col. Benjamin Dorrance and William Ross declined re-election. This election resulted in the choice of the following-named: Garrick Mallery, William Swetland, George M. Hollenback, John N. Conyngham, Hen- derson Gaylord, James Nesbitt, Jr., Ziba Bennett, Steuben Butler, Abraham Thomas, Miller Horton, Oristus Collins, John L. Butler and John D. Stark. The Board was immediately organized by the election of Garrick Mallery,* Esq .. as President, and Ziba Bennett as Secretary.
Upon the removal of Judge Mallery* from Wilkes-Barré, Colonel Dorrance was on May 18, 1831, again called to the board and re-elected President of the bank. A year later, Colonel Dorrance again resigned, whereupon George MI. Hollenback was named president of the institution, a position he honorably and capably filled until his death in 1866.
In 1833, President Hollenback proposed to the directors that he would erect a building adjacent to his house more suitable than the first banking quar- ters to accommodate a rapidly increasing business.
The proposal having been accepted, the annex illustrated in a cut re- *GARRICK MALLERY was born at Middlebury, Litchfield County, Con- nectient. April 17, 1784. Having been graduated at Yale College in 1808 he came immediately to Wilkes-Barré, to assume the principalship of the Wilkes- Barré Academy. This position he held until June, 1810, when he resigned and took up the study of law. He was ad- mitted to the Bar of Luzerne County, Angust 8, 1811, and forthwith entered upon the practise of his profession in the courts of Luzerne and contiguous counties. Within a few years thereafter he achieved a reputation throughout North-eastern Pennsylvania as a law- yer of great ability and industry.
In 1826, and again in 1827, 1828 and 1829 Mr. Mallery was elected a Representative from Luzerne County to the Pennsylvania Legislature. In 1828 and 1829 he was Burgess of Wilkes- Barré. In January, 1830, he was offered by Governor Wolf the office of President Judge of the 12thi Judicial District of Pennsylvania, composed of the counties of Dauphin, Lebanon and Schuylkill, but he declined the appointment. However, in May, 1831, he accepted an appointment to the President Judge- ship of the 3d Judicial District, com- prising the counties of Northampton. Lehigh and Berks. Whereupon he re- moved from Wilkes-Barre to Reading. (Later he took up his residence at Easton.)
In March, 1836, Judge Mallery resigned from the Bench and removed with his family to Philadelphia, where he returned to the practise of law. He soon became one of the most disting- uished practitioners at the Bar. In 1840 THE HON. GARRICK MALLERY, L.L. D. he received the honorary degree of 1.1 .. D. from Lafayette College. Julge Mallery died at his home in Philadelphia fuly 6, 1866.
1914
produced herewith was erected and occupied by the bank from January, 1834, until the erection, in 1860, of its own building at the southwest corner of Market and Franklin streets. In 1893, this building in turn was found inadequate to accommodate the business of the bank. By acquiring additional land and re-
Hollenback Building on the Site of Present Coal Exchange Building The Wyoming Bank Annex shows to right
modeling as well as adding to the older structure, the facilities of the institution were largely extended.
In 1912, with its resources increased to nearly $3,500,000.00, Wilkes- Barré's oldest bank felt the need of again expanding its services.
Three years later, the bank having removed to temporary quarters during the process of building, its present dignified structure on the same site was com- pleted and business resumed therein.
It is not the intention of this History to more than outline the growth of financial institutions which have contributed in no small measure to the pros- perity of the Wyoming Valley. The Wyoming, as the community's first local banking enterprise, comes in for a relatively greater mention.
It survived, in what is now nearly a century of existence, many vicis- situdes of the business world. In common with other banks and for the protec- tion of its own depositors it suspended specie payments for brief periods. But at no time was its credit impaired or its soundness questioned. Re-chartered in 1850, at the expiration of its original charter, it remained a state bank until 1865, when upon vote of its stockholders, and in compliance with national laws, it gained its present title of the Wyoming National Bank.
Preceding it in point of becoming a national institution were the First National Bank, organized June 1, 1863 and the Second National Bank, organized September 19, 1863 .*
*The following sketch of the Second National Bank was prepared for this volume by Sheldon Evans, historian of that institution:
During the year 1862 it became apparent that, if this government were to emerge victorious from the Civil War, all the available resources of the Nation must be used. The Government was hampered in all its financial operations by the lack of a stable currency and a satisfactory basis of credit. President Lincoln in his message of January 17, 1863,
1915
The capital stock of the Wyoming remained the same from its date of original charter until the year 1922. Finding most of this stock in the hands of estates of carlier holders, and desiring to infuse new blood into its activities, the bank, in that year, increased its capital to $500,000.00.
Of this increase, the sum of $150,000.00 par value of new stock was divided in the form of a dividend of one hundred per cent to old stockholders and a further amount of $200,000.00 par value of stock sold to new subscribers at $130.00 per share. This reorganization left the bank with a surplus of $800,000.00, in addition to its capital stock of half a million, and offered a wider scope than ever before for the bank to measure up to community needs.
The new bank in its earlier activities lent its stabilizing influence to the community in more ways than one, in a period of rapid expansion. Its notes were accepted at par by the Commonwealth and maintained at par in all eastern cities. This enabled the traveller, the business visitor and many others who came to Wyoming, either in connection with the canal or with a thought of speculating
urged Congress to adopt the National Banking Act, which provided for a currency based upon the pledge and credit of the Government. On February 25, 1863, this act became a law and by the prompt organization of National Banks throughout the North, the people were able to come to the aid of the Government by buying its bonds and sustaining its credit. As a result the Government was enabled to prosecute the War with renewed vigor and the Union was pre- served.
On the 19th of September 1863, a group of men met in the Office of Messrs. Hoyt and Loveland, lawyers in the city of Wilkes-Barre, and signed the Articles of Association and subscribed for the stock of the Second National Bank of Wilkes-Barre, Pa.
These signers and subscribers were: Thomas F. Atherton, Abram Nesbitt, Charles Parrish, Samuel Hoyt, Lazarus D. Shoemaker, Benjamin F. Pfouts, M. L. Everitt, George Coray, Wm. C. Reynolds, John Sharps, Jr., Abram HI Rey- nolds, Isaac Everitt and William S. Ross.
The bank was chartered and on December 3, 1863 was opened for business, being the 104th organized under the act of Congress.
Thomas F. Atherton and M. L. Everitt were elected President and Cashier respectively. The first board of direc- tors consisted of the following: Thomas F. Atherton, George Coray, M. L. Everitt, Samuel Hoyt, Abram Nesbitt. A. H. Reynolds and John Sharps, Jr. These men were favorably known throughout the valley for their integrity and responsibility, and the institution immediately won the confidence of the public and started auspiciously on its success- ful career.
The bank began business in what was then known as the Chahoon Building, on West Market Street, in the room now occupied by Jordan & Son.
In 1864 larger quarters were secured in the Anthracite Building of J. W. Hollenback on West Market Street near River. These quarters were occupied until May, 1870. From that time until February 29, 1908 the bank occupied the building on the Northwest corner of Franklin and Market Streets, now occupied by the Dime Deposit Bank. On February 29, 1908 the bank moved into its present home on the Northeast corner of Franklin and Market Streets.
The Second National Bank was capitalized at $100,000 at the time of its organization. This was increased to $200,000 in December 1863. On June 31, 1864 the capital was increased to $400,000.
On July 2, 1868 a further increase of $50,000 and on October 16, 1906 another increase of $50,000 was made. In 1922 the capital was increased to $1,000,000 and the surplus to $2,000,000.
On January 1, 1865, Walter G. Sterling, who had been conducting the business of a private banker on West Market Street was elected Vice-President of the bank and his business was taken over.
On February 1, 1917, under authority granted by the Federal Reserve Act, the Second National Bank organized and established a Trust Department. On October 1, 1922 the bank opened to the public a thoroughly modern and spacious Safe Deposit Department with every facility for the safe-keeping of valuables.
The Second National Bank came into existence during the dark days of the Civil War. It has made progress during the periods of prosperity which have come since the war; it has aided every legitimate business enterprise that has called for its help in times of prosperity and depression; and it has come through every period of financial disaster unscathed.
Officers and their respective terms of service:
Thomas F. Atherton, President, 1863-1870
Abram Nesbitt, President, 1878-1920
L. D. Shoemaker. 1870-1878
Abram G. Nesbitt, 1920-1925
M. L. Everitt, Cashier, 1863-1872
Walter E. Lewis, 1925- E. A. Spalding, 1872-1882 E. W. Mulligan, Cashier, 1882-1919 W. E. Lewis, 1919-1925 W. G. Sterling, Vice-President, 1865-1870 Hendrick B. Wright, 1870-1871 Thos. H. Atherton, Vice-President, 1900-1923 Edwin H. Jones, .. 1908-1908 Richard F. Walsh, 1878-1903
F. M. Kirby. .. 1908-1914
Present List of Officers and Directors.
Walter E. Lewis, President H. B. Schooley, Chairman of the Board
W. T. Payne, Vice President
Allan P. Kirby, Vice-President Directors
A. C. Campbell John Flanagan P. F. O'Neill Geo. M. Wall
James L. Morris A. D. Shonk F. J. Weckesser Samuel H. Huber, Vice-President Growth of the Bank
Allan P. Kirby S T Nicholson John B Vaughn
Capital Surplus Undivided Profits Deposits
December 3, 1863
$ 100,000.00
S 11,783.64
January, 1874
510,000.00
298,724.81
January. 1884
575.000.00 625,000.00
1,349,033.47
January, 1904
1,040,000.00
3.375,991.34
January, 1914
1,500,000.00
5,173,066.80
January, 1924
3,400,000.00
10,194.364.66
January, 1928
3,941,163.00
13,203,378.00
564.931.32
January, 1894
E. B. Mulligan, Vice-President and Cashier Sheldon Evans, Assistant Cashier James Mulligan, Trust Officer
1916
in coal lands, to obtain an order on his home bank for funds to be delivered upon his arrival at Wilkes-Barré. It otherwise simplified what would today be con- sidered a crude and complex method of commercial negotiations. With its finances established, one of the pressing needs of the community, as it looked forward from the vantage point of the year 1830, was more taverns to accom- modate the increasing flow of visitors to whom new modes of transportation permitted a more comfortable access to the valley. Wilkes-Barré's earliest taverns have been described in preceding chapters. They were all small struc- tures, generally built for private residences rather than for public entertainment, and adapted to the latter use only through force of circumstances.
The inn of John Hollenback, on South River street, and the Arndt tavern near it as well as the public house of John Paul Schott on North Main street and the ferry tavern of Abel Yarington have all received mention. The Fell tavern, larger in size and better suited to its purpose than most of the others was, nevertheless, of limited capacity.
In 1830, the old red Hollenback tavern and the ferry house were no longer in use as hostleries. In their stead other taverns, whose names are strange to the generation of today, had sprung up and seemed to be doing a thriving business. In 1803, Isaac Carpenter announced that he had opened a public house "at the Sign of General Washington, a few rods north of the Court house." Two years later, Jonathan Hancock gave notice that he intended to "keep a House of Enter- tainment at the Sign of the Free Mason's Coat of Arms." It was formerly the Schott Tavern.
At this point begins a great difficulty in distinguishing an old tavern under a new name, and a new venture into the business. For some reason, not readily understood, our earlier tavern keepers, after a few years of open house, would sell their business to a newcomer and would later appear as taverners at some other stand. Sometimes the original name would adhere to the old house. At other times, it would be transferred to the new abode of the public caterer.
Thus it is that we find Silas Jackson mentioned in 1808 as keeping the old Hancock tavern, and a year later an announcement that "Jonathan Hancock has reopened his Tavern at his old stand." Col. Eliphalet Buckeley appears about the same time to have acquired the Carpenter stand. For many years thereafter he continued in business there.
In the Susquehanna Democrat of August 12, 1812, the following appears:
"The subscriber informs the public that he has opened a house of Entertainment on the East side of Public Square, in the borough of Wilkesbarre, Sign of the Farmer and Mechanic, where he hopes by keeping a good assortment of liquors and other refreshments, to merit and receive a portion of the Public Calls.
"PETER GALLAGHER."
No further mention of this tavern can be found among records of the period. From what can be gathered, it probably stood on the site of the American Hotel, mentioned later.
In 1814, Arnold Colt had returned to Wilkes-Barré and reopened, under the name of the Colt Tavern, a former inn which, for a time had been run by Abel Yarington. This stood on South River street near the bridge entrance and was later to become the site of the Phoenix and Wyoming Valley hotels.
1917
In 1818, the Arndt tavern came to be known as the "Washington" but was, of course, a different establishment from the house "at the Sign of George Wash- ington."
Then and up to the passage of the Volstead act, tavern keepers had the exclusive right to serve liquid refreshments by the drink. All the early merchants of Wilkes-Barré, wholesale and retail, almost without exception dealt in spirits in package lots. It was doubtless true thien of the name tavern, as it afterwards and in not many years became true of the name hotel, that a large percentage of public houses offered little by way of entertainment to frequenters other than in liquid form.
In each case the law compelled them to state that they were provided to take care of the travelling public before a license to dispose beverages was forthcoming. One of the original licenses of the Commonwealth in this par- ticular was granted to John Paul Schott, in 1789, a copy of which appears among the Pickering Papers, LVIII-188, as follows:
"Original Tavern License.
(Seal)
"THOMAS MIFFLIN
"By the Supreme Executive Council of the Commonwealth of Penna.
"Whereas John Paul Schott hath been recommended to us as a sober and fit person to keep a house of entertainment; and being requested to grant him a license for the same, WE DO hereby license and allow the said John Paul Schott to keep a Public House in the township of Wilkes- barre, for selling of Wine, Rum, Brandy, Beer, Ale, Cyder and all other spiritous liquors in the house where he now dwells, in said Wilkesbarre and in no other place in the said township, until the fifth day of March next, Provided he shall not at any time during the said Term suffer any drunkeness, unlawful Gaming, or any other disorders, but in all things observe and practice all laws and ordinances of this Government, to his said employment relating.
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