USA > Pennsylvania > Fayette County > Connellsville > Centennial history of the borough of Connellsville, Pennsylvania, 1806-1906 > Part 16
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The first examining committee was appointed July 29th, 1876, and consisted of Messrs. McCormick, Stauffer, Laugh- rey and Ewing, who performed that duty on August 17th, 1876.
Josiah Kurtz was appointed a director on September 2, 1876, to fill a vacancy caused by the resignation of John K. Brown.
On October 31, 1876, a report of the earnings showed the bank to have earned $2,120.50 after deducting all ex- penses, losses, etc. A dividend of three per cent was de- clared on the capital stock and the balance placed to sur- plus and profits account. Dividends have been made regu- larly since that time at the semi-annual periods, May 1st and November 1st, in each year, with the exception of three times, May and November, 1828, and May, 1879, when the profits were applied to wiping out the premium paid on United States bonds held to secure circulating notes. In November, 1880, the dividend rate was raised to four per cent. semi-annually, and in May, 1888, to five per cent. semi-annually, in November of the same year it was in- creased to six per cent semi-annually, and has been con- tinued at that rate ever since. The surplus fund had grown meanwhile to $50,000.00 with undivided profits of $9,300.00.
At the annual meeting of shareholders in January, 1881, the number of directors was reduced to eight.
Upon the retirement of P. S. Newmyer, who resigned in January, 1882, J. T. McCormick was elected vice presi-
THE OLD FIRST NATIONAL BANK AND THE OLD SYCAMORE
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CENTENNIAL HISTORY OF CONNELLSVILLE
dent and continued in that office until succeeded by Joseph R. Stauffer, the present incumbent, in January, 1891, Mr. McCormick having taken the presidency of the Second Na- tional Bank.
William Weihe was elected a director, July 15, 1881. At the same meeting the cashier reported the purchase of $50,000.00 United States 31/2 per cent bonds (known as extended 6's of 1881) at 10314. An additional clerk in the person of John M. Stauffer was employed October 29th, 1881, "owing to the increased business of the bank." He resigned in May, 1882, to take the cashiership of the Scott- dale Bank, and was succeeded by Eugene T. Norton on May 31st, 1882.
March 30, 1882, it was voted to "deposit the 31/2 per cent bonds, purchased some months previously, as security for circulation and sell the four and one-half and four per cent bonds now in the hands of the treasurer of the United States." This was accomplished in due time with a nice profit to the bank. The 312 per cent bonds were called for payment and on October 3rd, 1882, at a special meeting, the board reduced the circulation to $11,250.00 and authorized the purchase of $12,500.00 United States Registered 4's of 1907.
On December 30th, 1882, the cashier was authorized to look for a suitable lot as a site for a building for the bank. A number of locations were considered and negotia- tions entered into for the same, but the purpose was not accomplished until twelve years later when the Goldsmith property on West Main street was purchased for $23,000.00.
J. M. Kurtz was made assistant cashier on April 25, 1885, and upon the resignation of J. S. McCaleb to go into the Foreign Exchange and Steamship business, became cashier on February 1, 1887. E. T. Norton at the same time was made assistant cashier, and George W. Stauffer, clerk.
The business had grown too large for the quarters in the Morton Building, so November 1, 1888, a committee
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appointed for the purpose reported that the western room in the Goldsmith building had been rented for a period of ten years at $465.00 per year. The building in which this room was located was purchased by the bank, as mentioned above, from Henry Goldsmith, on September 4th, 1894. With the building was included a vacant lot, on the north west corner of which stood a very large sycamore tree, one of the landmarks of the town and for years a favorite meeting place, on warm summer days, for the old men of the village, who would sit, usually on store boxes, beneath its shade and whittle and argue to their heart's content.
The first meeting of the board in their new quarters was held May 1, 1889.
On July 20th, 1889, George W. Stauffer was made- teller and the directors resolved at the same meeting that the by-laws be amended at the next annual meeting, with a view to reducing the number of directors to seven, which was done January 14, 1890. H. C. Norton was employed November 17, 1889, as a clerk.
The bank had since its organization been open from 9:00 o'clock A. M. to 4:00 P. M., on January 13, 1891, it was decided to close at 3:00 o'clock P. M., after March 1st, in order to give the employees more time in which to make their daily settlement.
H. C. Huston was elected a director on January 29th, 1892, to succeed John Sterrett, who died the early part of that month.
The capital stock was increased January 3, 1893, to $75,000.00 and a dividend of 50 per cent on the existing capital declared payable on demand.
The tenth day of the same month J. S. McCaleb, Lloyd Johnston and John Barge were elected as new members of the board, Mr. Weihe retiring. Robert Norris succeeded Lloyd Johnston, April 21, 1894, Wm. Weihe having taken J. S. McCaleb's place in January.
The articles of association were amended at a meeting- of the stockholders, January 14, 1896, extending the cor-
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porate existence of the bank until March 25, 1916, which was duly approved by the Comptroller of the Currency.
At the annual meeting, January 11, 1898, L. F. Ruth was elected a director to succeed Hon. Nathaniel Ewing.
Since the organization of the bank the officers and employees had given bonds, secured by individuals, as surety to the bank, for the faithful performance of their duties. On April 30th, 1898, it was resolved, that hence- forth all of the officers and clerks be bonded in some good surety company-the bank to pay the premium on said bonds.
J. M. Kurtz was elected a director and second vice- president on January 9th, 1900, and at the same meeting E. T. Norton was made cashier, George W. Stauffer, assist- ant cashier, and H. C. Norton, teller.
The circulating notes of the bank were increased by resolution March 15, 1900 to $75,000.00, the directors hav- ing authorized the subscription to that amount of the Span- ish War loan of 1898-said bonds being used to secure the circulation and the fours of 1907, sold.
The directors, for some time, had been discussing the question of improving the property of the bank with a modern, up-to-date bank and office building, and finally on May 19, 1900, Mowbray and Uffinger, architects of New York were employed to prepare plans, the intention being to erect a bank, office and theater building four stories high. Some of the board were not favorable to the pro- ject, as to part of the building being used for a theater, so the architect was asked to make plans for a six-story bank, office and store building, which plans were presented and approved, and bids were received thereon, April 4, 1901. Work was commenced May 1, 1901, and the new building was formally occupied by the bank February, 1903.
The building is in the style of the French Renaissance, six stories high and constructed of polished pink Milford granite, white marble and red pressed brick. An elaborate, . massive cornice of copper surmounts the front and sides of
THE FIRST NATIONAL BANK
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the building, while handsomely wrought copper panels are used in the front arches. The bank occupies 25x120 feet on the corner of the first floor, while the remainder of the same floor is occupied by the office entrance and the Wright- Metzler department store. The banking room is finished in San Domingo mahogany with Pavanazzi marble, wains- coting and counters-a cast bronze screen, surmounting the latter. The vault contains two hundred and fifty safe deposit boxes and weighs 100,000 pounds, being built of chrome steel three inches thick. The outside door is five inches thick and weighs 10,000 pounds, the inside door is three inches thick and weighs three tons. The upper floors of the building are divided into offices, and these are served by two electric elevators-one in front and one at the side entrance on Meadow lane.
August 9, 1902, E. T. Norton was chosen as a director to succeed J. M. Kurtz, deceased. John Barge died No- vember 10, 1902, and was succeeded by J. L. Kendall. H. C. Huston died February 19, 1903, and E. C. Higbee was elected to succeed him at a regular meeting of the board held April 18, in that year.
In June, 1903, a foreign department was opened by the bank to buy and sell foreign drafts, bills, etc., and for the sale of steamship tickets. Mr. Anton Ruskovic was elected manager of this department by the board. The business soon made such progress that for the convenience of its patrons a room was fitted up in the basement in March, 1904.
An addition to the rear of the building was made in the summer of 1906-one story being added over Wright- Metzler Company's store for their use.
In going over the minute book it is noticeable that very few regular meetings of the board have failed of having a quorum present, and most generally a full board. Where a regular meeting has been unavoidably missed there has always been a special meeting to make up for it.
The examining committee as appointed from year to
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year has never failed of accomplishing its duties-formerly twice a year, but for some six years past, four times yearly. These examinations, as shown by the reports filed, have been painstaking and thorough and have been the subject of favorable comment by the representatives of the depart- ment of the Comptroller of the Currency.
Two of the present directors, Messrs. Frisbee and Stauffer, were members of the original board, and John D. Frisbee has been re-elected president of the bank every year since its organization.
The following named persons have served on the board of the First National Bank, besides those already mentioned, for the periods given below: John H. McClelland, from January, 1877 to March, 1885; Dr. G. W. Newcomer, from January 187? to January 1881; F. B. Hambry, from Jan- uary 1877 to January 1882 ; Lloyd Johnston, from January 1877 to January 1881; John Sterrett, from January 1883 to January 1892 ; James Lewis, from January 1886 to Octo- ber 1889.
The present board consists of the following directors : John D. Frisbee, Joseph R. Stauffer, William Weihe, Robert Norris, E. T. Norton, J. L. Kendall and E. C. Higbee.
The officers and employees at this time are: John D. Frisbee, president; Joseph R. Stauffer, vice president; E. T. Norton, cashier ; George W. Stauffer, assistant cashier ; H. C. Norton, assistant cashier ; Fred Frisbee, teller ; Ella Sauter, teller's clerk; Edward Sellers, bookkeeper ; William R. Bowden, bookkeeper ; Clifford Edmonds, exchange clerk ; Alice Sauter, stenographer ; Anton Ruskovic, manager of the foreign department; W. A. Salomon, foreign clerk ; John Ruskovic, foreign clerk; S. S. Clark, building super- intendent ; Antonio Caprio, janitor.
THE SECOND NATIONAL BANK OF CONNELLSVILLE.
On October 31st, 1890, the Second National Bank of Connellsville was organized with the following board of
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directors, viz: Joseph T. McCormick, John D. Frisbee, Joseph Soisson, Kell Long, Worth Kilpatrick, Ellis Phillips, Joseph R. Stauffer, Charles Davidson and Joseph M. Kurtz. Joseph T. McCormick was chosen president, Worth Kil- patrick, vice president, and John A. Armstrong, cashier.
The capital stock was fixed at $50,000.00 and a call for 50 per cent thereof was made.
The first annual election of directors and officers was held in accordance with the by-laws on January 13th, 1891, when the same board of directors and officers as noted above were re-elected and Joseph R. Paull chosen teller.
The bank opened for business on March 16th, 1891, in the room now occupied by the bank on the south west cor- ner of Main and Pittsburgh streets.
In the early morning of Sunday, January 26th, 1896, a fire broke out in a store room next door, which burned through the rear of the building completely destroying the board room of the bank and damaging the counting room so badly that it had to be entirely re-furnished. It was Sunday noon before the fire had been sufficiently controlled to permit the room to be entered, yet by the untiring efforts of the bank's officials and employees the room was cleaned, fitted with temporary fixtures and opened for business Mon- day morning at the usual hour.
On January 12, 189?, the stockholders amended the Articles of Association reducing the number of directors from nine to seven. The present officers are: Worth Kil- patrick, president; J. M. Reid, vice president ; J. A. Arm- strong, cashier, Alex B. Hood, teller; B. J. Thomas and Clyde Whitely, bookeepers. The board of directors at present, besides the president and vice president, consists of the following: Charles Davidson, Kell Long, Cyrus Echard, R. S. Paine and Dr. L. P. McCormick. Of those who have served on the board since the organization of the bank, in addition to those originally elected and mentioned above, might be named the following with the dates on which they were elected :
WETHE BUILDING
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THE SECOND NATIONAL BANK
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CENTENNIAL HISTORY OF CONNELLSVILLE
On January 12, 1892, J. M. Reid and James Junk. January 9, 1894, Edmund Dunn and John F. Soisson. On January 11, 1898, R. S. Paine. Mr. Soisson died November 21, 1899 and Dr. Ellis Phillips, who had previously served on the board and having returned to New Haven, Pa., after an absence of several years, was elected in his stead at a meeting December 12, 1899. Upon Dr. Phillips' moving away for the second time, Cyrus Echard was elected to take his place at the annual meeting held January 12, 1904.
President Joseph T. McCormick died May 2, 1904. and on May 28, following, Worth Kilpatrick, the present incumbent was elected to that office. At the same meeting J. M. Reid was made vice president, which office he still holds.
Dr. Louis P. McCormick was elected to fill the va- cancy caused by the death of his father, J. T. McCormick. at a meeting held June 9, 1904.
In March, 1902, the bank purchased from the heirs of J. D. Stillwagon the property at the north west corner of Main and Pittsburgh streets with a view to erecting thereon a banking house. This property fronts 24 feet on Main street and 165 feet on Pittsburgh street and is con- sidered one of the most valuable pieces of real estate in Connellsville. The bank contemplates erecting thereon a handsome building at an early date.
THE TITLE AND TRUST COMPANY OF WESTERN PENNSYLVANIA.
Since the year 1900, there has been a remarkable in- crease in the number of trust companies throughout the country. This has been especially true in Pennsylvania, and has been the result in a large measure of a demand in certain lines of trade for banking institutions with larger powers and broader charters than those granted to national or state banks. In the various fiduciary capacities incident to modern business methods the trust company has marked
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advantages over the individual. The large issues of bonds by the increased number of corporations during the several years past alone making a place for such institutions as trustees-the death of an individual acting in this capacity might work many vexatious annoyances, whereas the cor- poration goes on, regardless of the death of its officers, and the trusteeship continues in the same name. There are other places, too numerous to mention here, that can be filled by the trust company to advantage, all growing out of present business methods.
To meet this demand, nineteen of the representative business men of Connellsville met December 4, 1899, and organized the Title and Trust Company of Western Penn- sylvania. Fifteen of their number were elected to act as a board of directors, who met on the same day, appointed a committee on permanent site, issued a call for 10 per cent. of the capital stock to be paid in on December 11, 1899, and elected L. F. Ruth as president. On December 11, a meeting of the board was held in the office of William A. Davidson, Esq., at which time the resignations of five members of the board were received and accepted. These vacancies were quickly filled and plans for aggressive work adopted. Two days later the board authorized the purchase of the Wetherell and Dr. George Johnson properties, fronting 57 feet on North Pittsburg street and 99 feet on East Main street, regarded as one of the most desirable business sites in the city.
On January 8, 1900, the bank was opened for business in Old City Hall. It was the first savings bank of Connells- ville and indeed the first permanent savings institution of Fayette county, paying three per cent. interest on savings. Later the rate of interest was raised to four per cent. Dur- ing its short history the bank has paid $52,500.00 in divi- dends and about the same amount in interest to its de- positors.
The company was regularly incorporated under the Act of Assembly of April 29, 1874, and its supplements. The
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charter was obtained January 11, 1900. Under the char- ter the capital stock was fixed at $250,000.00. The first board of directors, under the charter, was composed of L. F. Ruth, Rockwell Marietta, George J. Humbert, W. M. Ruth, Joseph Soisson, H. P. Snyder, S. R. Slaymaker, W. A. Davidson, J. D. Madigan, A. D. Soisson, E. K. Dick, B. F. Keister, A. J. Cochran, Charles Donnelly and A. W. Mellon.
By a vote of the shareholders, October 15, 1903, the capital stock was increased from the authorized capital of $250,000.00 to $500,000.00, one half of which or $250,000.00 was paid in. The new issue of $125,000.00 was sold at a premium, which gave a paid in surplus of $125,000.00, making the total capital and surplus paid up of $375,000.00. On January 19, 1900, the contract for the erection of the new bank building was awarded to James Wherry and Com- pany of Pittsburgh, Pa. It is five stories high and built of buff Pompeian brick and native sand stone, after the style of the Italian renaissance. It is fireproof throughout. The banking room, which occupies the commanding cor- ner, is fitted up in mahogany, marble and bronze, and is admirably adapted to the business of the company. The entire plant, including furnishings, represents an outlay of $149,700.00. The new building was occupied May 1, 1901 ; and in the early part of June, an "open house" was held to inaugurate it. On April 10, 1900, W. M. Ruth, the first treasurer of the company resigned and Edward K. Dick was elected to fill his place. The officers elected at the last annual meeting are: Lin F. Ruth, president; Rockwell Marietta, first vice president; W. H. Hugus, second vice president ; Edward K. Dick, secretary and treasurer ; J. M. Gray, assistant secretary and treasurer ; Ray Mestrezat, teller ; Byron Porter, bookkeeper and notary public; Miss Elizabeth Ankeny, stenographer.
The present board of directors is composed of Lin F. Ruth, Rockwell Marietta, W. H. Hugus, Edward K. Dick, J. M. Gray, William Gibson, A. D. Soisson, W. H. Soisson,
THE TITLE AND TRUST COMPANY'S BUILDING
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A. J. Cochran, Charles Donnelly, A. W. Mellon, Robert Pitcairn, B. F. Keister, Clair Stillwagon, E. C. Higbee, Harry Dunn and J. W. McClaren.
The company has given more attention to its bank- ing department than to its other lines of business, but the trust department has been steadily growing and the man- agement hope to make it one of the most important fea- tures of the institution.
THE CITIZENS NATIONAL BANK.
The Citizens National Bank was chartered in the sum- mer of 1902 and opened for business on the 13th of Octo- ber in that year in the Markell building, corner of North Pittsburgh and West Apple streets.
Its capital stock, paid in, is $100,000.00, divided into 1000 shares of $100 each, and is very widely distributed amongst the people of Connellsville and vicinity. A board of thirteen directors was elected at the outset, made up of the following stockholders: F. E. Markell, president; W. H. Brown, first vice president; John S. Detwiler, second vice president; B. F. Boyts, John D. Sherrick, T. J. Mit- chell, J. R. Laughrey, S. E. Frock, H. F. Atkinson, F. T. Adams, J. D. Jackson, H. M. Kerr and J. R. Davidson. Robert W. Soisson was elected cashier, and E. L. Sherrick, teller. Upon the death of John S. Detwiler, H. M. Kerr succeeded as second vice president.
In January, 1906, the stockholders increased the board to 17 members as follows: J. D. Sherrick, S. J. Harry, Joseph Soisson, Charles Detwiler, I. C. Smutz, T. J. Mit- chell, H. M. Kerr, S. E. Frock, J. R. Davidson, W. H. Brown, B. F. Boyts, F. E. Markell, H. F. Atkinson, F. A. Kail, G. W. Campbell, J. D. Madigan and Biddle Horn- beck. Of these F. E. Markell is president, W. H. Brown, first vice president; H. M. Kerr, second vice president. James L. Kurtz has been cashier since March 15, 1905, Edgar J. Smutz, teller ; J. D. Lambert, bookkeeper ; Pearl Fries, stenographer.
MARKELL'S PHARMACY
OWL BOWL LIGAR
SHO
THE CITIZENS NATIONAL BANK
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The business of the bank has grown very rapidly and it now has total resources almost four times the amount shown in its first statement to the Comptroller of the Cur- rency.
THE COLONIAL NATIONAL BANK.
This, the youngest of the banks of Connellsville, was organized October 5th, 1904, with a capital stock of $100,- 000.00 and a paid in surplus of $25,000.00. The charter was granted October 18th, 1904, and the bank opened for business November 1st, 1904.
The officers and directors at the time of its incorpora- tion were: L. F. Ruth, president; Rockwell Marietta, first vice president ; E. K. Dick, second vice president ; Harry E. Schenck, cashier; R. W. Singer, assistant cashier ; J. N. Ruth, teller. Besides the first three named above the board consisted of W. H. Hugus, Harry Dunn, Clair Still- wagon, A. D. Soisson, T. B. Palmer and J. C. Detwiler.
During the erection of its own building at the corner of Main and Pittsburgh streets, the bank occupied tempor- ary quarters in the Masonic building. The new building was completed and the bank moved in on January 15th, 1906. This is a beautiful building, monumental in design, and in Colonial style, erected of pure white marble, with pink Milford granite base; the interior is beautifully fin- ished in mahogany and marble and decorated in fresco. It is equipped with all the modern conveniences for the transaction of its business.
The present board of directors consists of : L. F. Ruth, Rockwell Marietta, E. K. Dick, Clair Stillwagon, T. B. Palmer, P. H. Beighley, Harry E. Schenck, J. C. Detwiler, W. H. Hugus, A. D. Soisson, Harry Dunn, and John Dug- gan. The officers are: L. F. Ruth, president; Rockwell Marietta, first vice president ; E. K. Dick, second vice presi- dent; J. N. Ruth, assistant cashier and teller ; Willet Hal- stead, clerk; Miss Mary Ankeny, stenographer.
COLONIAL NATIONAL BANK.
COLONIAL NATIONAL BANK
THE COLONIAL NATIONAL, BANK
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CENTENNIAL HISTORY OF CONNELLSVILLE
THE NEW HAVEN NATIONAL BANK.
With the continued growth of New Haven and the increase in the number of its manufacturing and business interests, Connellsville became too far away for the con- venience of a number of its business men. These condi- tions brought about the organization of the New Haven National Bank, which took place August 9th, 1902. The capital was fixed at $50,000.00. The charter was granted September 4th, 1902, and on the same day the bank com- menced business, with the following officers and directors : Kell Long, president; I. C. Smutz, vice president; James L. Kurtz, cashier; directors, Kell Long, I. C. Smutz, G. W. Gallagher, James J. Barnhart, T. H. Hazen, P. J. Tor- may, B. O'Connor.
The directors at once set to work to procure permanent quarters for the bank, and early in 1903 purchased the prop- erty at the south west corner of Main and Fourth streets, about 40 feet front by 120 feet deep, from S. F. Russell. A contract was let on March 27th, 1903, for the erection of a three-story buff brick building, the ground floor of which was designed for the bank and a store room, the two other floors being divided into dwelling apartments with all mod- ern conveniences. The bank occupies the corner room and is very cosily arranged and fitted up.
The building was completed and occupied by the bank on November 30th, 1903. On December 12th, a public re- ception was held by the officers and directors, and the build- ing was formally opened.
Edgar J. Smutz was elected bookeeper April 14th, 1903. On March 1st, 1905, James C. Long was elected cashier, succeeding james L. Kurtz, who had resigned to accept the cashiership of the Citizens National Bank of Con- nellsville. Charles S. Hall was elected bookkeeper, March 10th, 1905, to succeed Edgar J. Smutz, who took a similar position in the Citizens National Bank of Connellsville. On October 5, 1906, John H. Work was chosen to succeed
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