USA > Pennsylvania > A history of the Juniata Valley and its people, Volume I > Part 29
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markets for the products of their farms. The stockholders in these small companies have not been actuated so much by the hope of dividends as by the desire to aid in developing the resources of the Juniata valley.
A few years ago agitation in favor of good roads was commenced in nearly every state of the Union. Pennsylvania, not to be behind her sister commonwealths, established a state highway department by the act of May 31, 1911. At the head of this department is an official known as the highway commissioner, with two assistants, and a competent corps of engineers to direct the construction of modern roads. The act pro- vides that all roads taken over from the county authorities shall be known as "state roads" and designates about 300 lines of highway in the state to be thus placed under the control of the state highway department. A number of these roads are in the region embraced in this work, the most important being as follows :
No. 28, Middleburg to Lewistown; No. 29, Lewistown to Belle- fonte; No. 30, Harrisburg to New Bloomfield; No. 31, New Bloomfield to Mifflintown; No. 32, Mifflintown to Lewistown; No. 33, Lewistown to Huntingdon; No. 45, Chambersburg to Mifflintown; No. 46, Bedford to Huntingdon ; No. 55, Huntingdon to Hollidaysburg; No. 56, Hunt- ingdon to Bellefonte ; No. 57, Huntingdon to Clearfield; No. 121, Hunt- ingdon to Chambersburg; No. 192, McConnellsburg to Lewistown; No. 193, McConnellsburg to Mifflintown ; No. 194, Mifflintown to Sunbury.
No. 32, between Lewistown and Mifflintown, is nearly completed at this writing (May, 1913) and several other roads in the Juniata district are under construction. All are being built according to the most approved methods, and a few years more will find Pennsylvania well provided with an excellent system of highways. The cost of this class of roads is considerable, but a well-built road will last for years and the money expended in its construction will be found to be a good invest- ment. Less than two centuries ago the weary traveler through this valley led his pack horse by devious windings through the primeval for- est. His pack could contain only a few hundred pounds of the actual necessities for use or consumption on his journey. After the pack-horse came the Conestoga wagon, drawn by six or eight horses and carrying perhaps two tons of freight. The canal came, flourished for a brief period, and passed into history, superseded by the railroad. Over one of the modern state roads the farmer can haul as much produce with
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two horses as the old Conestoga wagon carried when drawn by six, and the improved railway with its present-day equipment can rush that pro- duce to market so that the farmer will not have to wait for days or perhaps weeks for his returns as in the days of the canal boat. Verily, this is an age of progress.
CHAPTER XV
FINANCE AND INDUSTRIES
Public Finances-Bonded Indebtedness of the Counties-Banks-Trust Companies- General Condition of Financial Institutions-The Iron Industry-Early Furnaces and Forges-Duncannon Iron Works-Logan Iron and Steel Company-Standard Steel Works-Mann's Axe Factory-Shoe Factory-Car Works-J. C. Blair Com- pany-Silk Mills-Glass Sand-Coal Mining-Water Power and Electricity-Agri- cultural Societies and Fairs-Farmers' Institutes.
W ITH few exceptions, it has been the good fortune of each of the four counties embraced in this work to have its public funds handled by men who have been both honest and capable. A few petty defalcations or irregularities have occurred at times, but none of these has been of sufficient importance seriously to interfere with the administration of civil affairs or retard the progress of public and private enterprise. The result is that the public credit has remained unimpaired and the finances of each county are in wholesome condition, as the subjoined figures, taken from the county auditor's reports for 1912, will show.
In Huntingdon county the amount of outstanding bonds at the close of the year 1912 was $75,000, to which should be added the unpaid orders, amounting to $1.375.95, making a total indebtedness of $76,- 375.95. To offset this, the income for the year, including the balance in the hands of the treasurer at the close of 1911, was $124.724.30 and the disbursements were $112,385.78, leaving a balance in the treasury of $12,338.52. At the same time there were outstanding balances in the hands of collectors aggregating $15.725.63. Deducting these balances from the total debt shows the net indebtedness of the county to be $48,311.80. In addition to the cash balance and outstanding taxes should be added as assets the value of public property-the court-howe, jail, etc .- which is over $100,000, giving the county practically three dollars in assets for every dollar of liabilities.
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Mifflin county shows even better financial condition. At the close of the year 1912 the bonds outstanding amounted to $55,000, unpaid orders, $1,517.71 ; due county officers, $247.20, a total indebtedness of $56,764.91. On the other hand, there was a cash balance of $28,590.01 in the treasury and outstanding taxes amounting to $27,510.68, which, if applied to the payment of the debt, would leave only $664.22 of actual indebtedness. The real estate owned by the county was estimated by the auditors to be worth $77,000.
Juniata county reported a bonded debt of $32,881.80 and outstanding orders of only $10.60. At the close of the year 1912 there was a cash balance in the treasury of $10.782.30 and outstanding revenues in the hands of collectors aggregating $6.468.05, leaving a net debt of $15,- 642.10, with an annual income of $60,000 in round figures and property worth at least $40,000.
Perry county's income for the year 1912 was, in round numbers, $132,000, and at the close of the year her outstanding bonds amounted to $37,625. With an inconsequential floating debt and moderate ex- penditures, with public property worth approximately $100,000, it may be seen that the county's financial standing is of the best. In fact, the bonds of all these counties have always found ready sale in the market and have been regarded as among the "gilt-edged" securities of the commonwealth.
On April 16, 1813, fifteen men of Huntingdon, headed by John Canan, William Orbison, and John Henderson, organized a partnership and on November 16, 1813, opened the Huntingdon Bank, with William Orbison as president. This was the first bank in the Juniata valley. It continued in business for nearly twenty years, when its affairs were wound up and Huntingdon was then without a bank for nearly a quar- ter of a century. Under the act of March 21, 1814, the Huntingdon Bank was made a bank of issue, and during the days of state bank cur- rency, when so much of the currency in circulation was at a discount, its notes were always worth one hundred cents on the dollar.
The Juniata Bank of Pennsylvania was opened at Lewistown in 1815, with William Armstrong as cashier. It continued in business until 1835, when it failed, and in 1841 David Candor was appointed seques- trator of its assets, with instructions to wind up its business with the best possible advantage to all concerned.
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A charter was granted to the Bank of Lewistown by the act of April 14, 1835, with an authorized capital of $200,000. Joseph Milliken was made president and John Forster, cashier. A building was erected in 1836 and in December, 1837, the bank suspended payment and was never revived.
A branch of the Bank of Lancaster was established in Lewistown in August, 1849, under the charge of William Russell. The bank was opened in the building which had been built a few years before for the Bank of Lewistown, and, in November, Mr. Russell, by authority of the state, burned the remaining bills of the Bank of Lewistown. Early in 1851 the Bank of Lancaster failed and Mr. Russell then engaged in the banking business on his own account. The bank he established is still in existence as a private banking institution and is the oldest bank in the valley.
On July 7, 1854, Bell, Garretson & Company opened the second bank in Huntingdon at the northwest corner of Fourth and Penn streets. On July 22, 1863, it became the First National Bank of Huntingdon, with James M. Bell as president and George W. Garretson as cashier. The capital stock of this bank is $100,000. In 1910 it reported a surplus of nearly $140,000 and deposits of over $1,000,000. It is located at 505 Penn street, and among its directors are some of the best known business men of Huntingdon.
What is now the Mifflin County National Bank had its beginning on March 26, 1860, when the legislature passed an act giving it a char- ter and authorizing a capital of $100,000. The organization of the bank was not fully completed until September 17, 1861, when E. L. Benedict was chosen president and a few days later Robert H. Wilson was elected cashier. On September 22, 1865, it received a charter and was reorgan- ized as the Mifflin County National Bank, under which name it still continues to do business at the corner of Market and Brown streets. Its capital stock is $100,0000, surplus nearly as much, and deposits of over half a million.
The first bank in Mifflintown was a private concern which was estab- lished by Doty, Parker & Company in August, 1864. In 1879 E. S. Doty retired from the firm and the business was conducted by Parker & Company for several years, when the affairs of the bank were liquidated.
In 1867 the Juniata Valley Bank was opened in Mifflintown with
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twenty stockholders and a cash capital of $41,000. Joseph Pomeroy was the first president and F. S. Jacobs the first cashier. It continued as a private bank for about twenty years, when it was merged into the Juniata Valley National, with a capital stock of $60,000 and deposits of over $500,000. The First National of Mifflintown was organized in 1865 with a capital of $50,000. It now has a surplus of $40,000 or more and deposits of over $500,000.
The Perry County Bank was established by Sponsler, Junkin & Com- pany in 1866 and opened for business on September 20th in the office of the Perry County Mutual Fire Insurance Company. In the spring of 1868 it removed into a building of its own, where it continued in business for a number of years. The writer has been unable to learn what became of this bank, but the only bank in New Bloomfield in 1913 was the First National, which was organized in 1898, with a capital of $50,000. In 1910 its surplus was about $40,000 and its deposits approximately $300,000.
Other banks organized in 1866 were the Union National, of Hunt- ingdon, and the Newport Deposit Bank. The former was originally the private banking house of John Bare & Company, but was converted into a national bank on July 20, 1869. Its capital stock is $50,000; surplus, $65,000 ; and deposits nearly $500,000.
In 1867 the Juniata Valley Bank, of Mifflintown, established a branch at Port Royal, with Samuel Buck as cashier. A branch of the same institution was opened at Newport in September, 1873. These branches were discontinued with the parent bank, and the Newport Deposit Bank has also passed out of existence. The only banks in these two boroughs in 1913 were the Port Royal Bank and the Citizens' National, of New- port. The former was organized in 1894 with a capital of $50,000 and now has deposits of about $250,000. The Citizens' National was organized in 1905 and has a capital stock of $50,000, with deposits of about $200,000.
The Central Banking Company of Mount Union was organized in 1878 and continued as a private banking house until about 1911, when it was changed to a national bank. The First National, of Mount Union, was established in 1902 with a capital of $25,000, and has deposits of about $200,000.
E. L. Benedict retired from the presidency of the Mifflin County
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National on January 10, 1871, and soon afterward opened a private bank which he conducted until his death in 1879, when the business was closed up by his executors. Ten years later, November 15, 1881, the Huntingdon Bank, also a private institution, was opened and is still doing business.
Six banks were established in the valley counties during the decade beginning with the year 1890. In that year the Duncannon National opened for business with a capital stock of $65.000. Ten years later it reported a surplus of $77,000 and deposits of $200,000. The Reeds- ville National was established in 1891, with a capital of $50,000. In 1910 its surplus was $50,000 and its deposits about $180.000. The Orbisonia Bank, a private institution, was opened in 1892; the Port Royal Bank, above mentioned, in 1894; the Tuscarora Bank, of Blair's Mills, in 1898; and the First National of New Bloomfield, already noted.
With the general prosperity and industrial activity that prevailed throughout the country during the closing years of the last and the opening years of the present century, there came a demand for increased banking facilities, as well as the opportunity to conduct the business upon a sound basis with every prospect of success. These conditions led to the establishment of new banks everywhere. In the valley coun- ties, during the decade beginning with the year 1900, nineteen banks and two trust companies were opened.
In 1900 three banks were established in Mifflin county, viz. : the Citi- zens' National, of Lewistown, the Belleville National, and the Belleville Deposit Bank. The last named has since been converted into a national bank. The capital stock of the Citizens' National is $50,000, its sur- plus about $25,000, and its deposits over a quarter of a million. The Belleville National was incorporated with a capital of $25,000, has accumulated a surplus of $35.000, and has deposits approximating $200,- 000. The capital of the Belleville Deposit Bank is $50,000, but no fig- ures regarding its surplus and deposits could be obtained at the time this volume went to press.
Two banks were organized in Huntingdon county in 1902-the First National of Mount Union, already described, and the Standing Stone National of Huntingdon. The latter in 1910 reported a capital stock of $50,000, a surplus of $25.000, and deposits of $300,000. It is lo-
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cated at 412 Penn street and numbers among its stockholders some of Huntingdon's most substantial citizens.
In 1903 the First National Bank of Marysville and the Bank of Landisburg opened their doors for the transaction of business. The former has a capital of $25.000 and carries deposits of about $100.000. The latter is a private institution with a capital of $25,000 and deposits of nearly $300,000. A branch of this bank was established at Blain in 1904 and is known as the Bank of Blain.
The First National Bank of Millerstown was opened in 1904 with a capital stock of $25,000. Six years later it reported a surplus of $6,000 and deposits of $125.000. The Farmers' Bank of Millerstown was opened in December, 1878, with Perry Kreamer as president and William S. Rickapaugh as cashier, but after running for six years closed on December 21, 1878.
Newport, Petersburg, and Thompsontown were the locations of the three new banks opened in 1905. The First National of Newport has been previously mentioned. The Petersburg and Thompsontown banks are both private institutions, the former, known as the Shaver's Creek Bank, having a capital of $25,000, and the latter, called the Farmers' Bank, a capital of $10,000.
Only one bank was organized in the year 1906-the First National Bank of Liverpool, Perry county. It has a capital stock of $25,000, and in 1910 reported a surplus of $8,000, with deposits of about $40,000.
The year 1907 witnessed the establishment of four new banks and two trust companies, viz. : The People's National of Duncannon, the Milroy Banking Company, the McVeytown National, the Richfield Bank, the Lewistown Trust Company, and the Grange Trust Company of Huntingdon. The People's National of Duncannon began business with a capital stock of $25,000 and in 1910 reported deposits of over $100,- 000. The Milroy Banking Company is a private institution, of which no detailed information is available. The McVeytown National is the outgrowth of Moore, McWilliams & Company's bank, which was opened in the spring of 1872. It was made a national bank in 1907, with a capital of $25,000 and three years later had over $200,000 on deposit. The capital stock of the Richfield Bank is $10,000 and its deposits in 1910 amounted to about $65,000.
The Lewistown Trust Company and the Grange Trust Company
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were organized under the laws of Pennsylvania, with power to conduct a banking business. The formed has a capital stock of $125,000 and in 1910 carried deposits of about $150,000. It occupies a handsome new building at the corner of Market and Brown streets. The Grange Trust Company, located at 425 Penn street, Huntingdon, has a capital of $125,000 and three years after its organization had deposits of about $175,000.
In 1908 the First National Bank of Orbisonia was organized with a capital of $25,000 and its deposits in 1910 reached $120,000. The Farmers' National Bank of McAlisterville was organized in 1909.
According to a late bankers' directory there are thirty-five banking institutions in Huntingdon, Mifflin, Juniata ,and Perry counties, with a combined capital of $1,500,000, in round numbers, and deposits of approximately $8,000,000. Compared with some of the great banks in the large cities, these figures may seem small, but the local banks well serve the purpose for which they were organized and carry sufficient capital to transact the business that comes within their respective fields. As a rule, their management is along conservative lines and they com- mand the confidence of their patrons.
For about forty years after the settlement of the Juniata valley was begun, agriculture was the chief occupation of the people, and it is still the leading industry. Next to it came the mining, smelting, and manufacture of iron. About 1784 Cromwell, Ashman & Ridgley erected the first furnace west of the Susquehanna river. It stood within the present borough of Orbisonia and was known as the Bedford furnace, after the name of the county in which it was then located. It used charcoal and had a capacity of about thirteen tons per week, fossil ores, from which the metal was easily extracted, being the only variety smelted. The proprietors owned several thousand acres of ore-bearing land and transacted their business under the name of the Bedford Company.
The reduction of ore into pig iron created a demand for some means of converting the pig metal into wrought iron. To meet this demand Bartholomew & Dorsey, in 1794, built the Baree forge on the Little Juniata, nine miles west of Huntingdon, where they purchased a large tract of land. Subsequently a furnace was erected near the forge.
About 1795 Anshutz & Gloninger built the Huntingdon furnace,
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about three miles from the mouth of Spruce creek. Their business proved to be profitable and the same firm built several forges along Spruce creek, as well as iron works elsewhere in the Juniata valley. They were succeeded by G. & J. H. Shoenberger, who carried on the business for many years.
Next in order of date was the furnace long known as the "Old Rock- hill Furnace," which was erected in 1831 by Diven & Morrison. Mr. Diven's death occurred soon afterward and he was succeeded by Thomas T. Cromwell. Some years later the firm was succeeded by Ford & Bell, who continued to operate the furnace for about ten years.
Two years later the Greenwood and Winchester furnaces were blown in. The former, situated in the northeastern part of the county, was built by Patton & Norris. A new stack was built in 1860, doubling the capacity, and some years later the plant passed into the possession of the Logan Iron and Steel Company. The Winchester furnace was built by Bracken & Stitt and occupied the old site of the carding and fulling mill a short distance below the Rockhill furnace. It changed ownership several times and was finally absorbed by the Rockhill Iron and Coal Company.
Harris' Pittsburgh Directory for the year 1837 gives a list of six- teen furnaces, twenty-four forges, and one rolling mill in the Juniata iron district. Of these, fifteen of the furnaces, eighteen of the forges, and the rolling mill (Hatfield's) were in Huntingdon county. The largest producer of iron at the present time is the Rockhill Iron and Coal Company, which was chartered by the legislature of 1872 with a capital of $2,000,000 and the power to own land in Huntingdon and several adjoining counties. Three years later the company owned nearly 20,000 acres in Huntingdon county and its immense plant at Orbisonia, costing about $125,000, was in full operation, and carrying on an exten- sive business.
In Mifflin county, Freedom forge was built in 1795 by William Brown, on the site now occupied by the Logan Iron and Steel Works at Burnham. A few years later it passed into the hands of Miller, Martin & Company, which erected a furnace in connection, but after about a year this firm dissolved and the property passed to John Brown & Company. A new furnace was built in 1825, increasing the weekly capacity to fifteen tons, and in 1834 the forge was rebuilt. After several
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changes in ownership this plant became the property of the Logan Iron and Steel Company in 1871.
In 1797 William Lewis, of Berks county, and Thomas Holt took the preliminary steps for the establishment of a furnace in what is now Granville township, Mifflin county, by the purchase of a large tract of land on the Juniata river and Brightfield's run. There is some discrep- ancy in the statements as to when the Hope furnace was actually estab- lished, but perhaps the best authority is the assessment rolls of Derry township for 1798, wherein General Lewis is assessed on 430 acres of land and mentioned as an "iron-master," which would indicate that the furnace was then in operation. In 1830 the plant was sold to David W. Hulings. who operated it until 1846. It was then in the hands of various lessees until 1860, when it was abandoned.
Marion furnace, located in upper Milroy, was built in 1828 by Reed. Thompson and Milliken and began business with a capacity of about thirty tons weekly. Under different owners and lessees it was conducted until 1838.
Charles Brooks & Company established the Brookland furnace in Oliver township in 1835. Ore was hauled by six-horse teams from the Big valley. In 1840 the furnace was leased to Michael Crisswell & Company, who, three years later, built the Ellen forge a little below the site of the old Samuel Holliday mill. After a year or two both furnace and forge were leased to R. Allen & Company, which suspended in the winter of 1848-49. On April 5, 1849, the plant was sold to H. N. Burroughs, of Philadelphia, who leased it to Huntington, Robinson & Company, and this firm established a rolling mill in 1856. The expense of hauling ore was so great that the works could not be operated with profit and in 1861 the Brookland furnace, with its kindred industries, went out of existence.
The Matilda furnace, situated on the Juniata river, opposite Mount Union, was built in 1837 by Cottrell, Caldwell & Drake. Isaac Rogers also had an interest in the enterprise. These men operated the furnace until about 1851, when it was sold to John and Peter Haldeman. Up to that time the furnace used charcoal and the power was derived from a little mountain stream. The Haldemans installed a steam engine to do away with the overshot wheel and began the use of anthracite in- stead of charcoal. After about two years they gave up the enterprise
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and the works lay idle for several years, when it was bought by Wash- ington Righter. From the close of the Civil war to its final abandon- ment in 1884 it was operated by at least three different parties.
In 1842 Long Brothers established the Logan Foundry at Lewis- town and in 1846 built the Duncan furnace. By 1853 they had disposed of both foundry and furnace and ten years later the foundry became the property of D. Bearly & Sons and the furnace passed to the Gla- morgan Iron Company, which was organized in 1863. The Duncan furnace had a weekly capacity of 120 tons. It was operated by the Glamorgan Company for about a quarter of a century, when both fur- nace and company went out of business.
In Perry county the oldest furnace of which there is any reliable account was the Juniata, which was built by William Power and David Watts in 1808. It was located on a small tributary of Buffalo creek, in Centre township, and was operated by different parties until about 1838, when it went out of blast. The old buildings were destroyed by a storm in 1855. Four years before it was built William Lewis, the founder of the Hope furnace, established what was known as the Mount Vernon forge on Cocolamus creek, in Greenwood township, but no history of this concern can be obtained.
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