Century history of New Castle and Lawrence County, Pennsylvania and representative citizens, 20th, Part 17

Author: Hazen, Aaron L. (Aaron Lyle), 1837- comp. and ed. cn
Publication date: 1908
Publisher: Chicago, Richmond-Arnold publishing co.
Number of Pages: 1058

USA > Pennsylvania > Lawrence County > New Castle > Century history of New Castle and Lawrence County, Pennsylvania and representative citizens, 20th > Part 17

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

The following is a brief mention of some of the prominent incorporated companies now doing business in New Castle and the vicinity, in addition to those of whom sketches have been given herein:

American Co-operative Association, 7 Pearson Building; incorporated, 1906; cap- ital, $500,000.

Brown & Hamilton Company; dry goods, etc .; incorporated, 1907; capital, $150,000.

Croton Limestone & Brick Company; S. D. Pearson, president; incorporated, 1902; capital, $30,000.

Dollar Savings Association (Building and Loan) ; John H. Prescott, president; J. P. Cunningham, vice-president; J. G. Northdurft, secretary; H. L. Ailey, treas- urer ; incorporated in 1898; capital, $6,000,- 000.

Frew Furniture Company. J. H. Frew, president; Milton Frew, secretary and treasurer; No. 79 E. Washington Street; incorporated, 1901; capital, $30,000.

Horton & Whitten Hardware Company; 117 East Washington Street; incorporated, 1900; capital, $30,000.

Jamestown Veneer Door Company, 79 East Washington Street; incorporated, 1902; capital, $50,000.

Charles T. Metzler Company, 205 East Washington Street; incorporated, 1905; capital, $20,000.

Neshannock Brick & Tile Company; W. S. Mears, president; J. E. Sankey (Vo- lant), vice-president; W. S. Rice, secre- tary ; J. W. Neff, treasurer; 71 West Wash- ington Street; incorporated, 1905; capital, $17,000.

New Castle Concrete Company; L. G. Emery, president; J. M. Gardner, secre-

tary and treasurer; 1361/2 East Washing- ton Street and 56 East Long Avenue; in- corporated, 1907; capital, $10,000.

New Castle Contracting Company, 22 Dean Block; A. W. Woods, president ; J. A. DeNormandie, secretary; W. Lakey, treas- urer; incorporated, 1907; capital, $20,000.

New Castle & Eastern Railroad Com- pany ; E. N. Ohl, president; E. F. Norris, secretary and treasurer; incorporated, 1903; capital, $100,000.

New Castle Notion Company, corner Mill and Croton Avenue; W. M. White, presi- dent; J. B. Offutt, vice-president; W. H. Grove, secretary; R. D. Mckinney, treas- urer and manager; importers and jobbers of notions and manufacturers of overalls, shirts and pants; incorporated, 1901; cap- ital, $75,000.

New Castle Paint & Varnish Company; George Greer, president; D. H. Amsbary, vice-president; Chester W. Wallace, secre- tary, treasurer and manager; manufactur- ers of paints for bridges, roofs, stacks and all metal surfaces; also house paints and paint specialties; office, 72 Pittsburg Street; factory, Neal Street.

New Castle Real Estate Company, 201 East Washington Street; incorporated, 1903; capital, $100,000.

Osgood Hardware Company, 22 North Mill Street; incorporated, 1906; capital, $10,000.

Shenango Coal Company; Lawrence Savings and Trust Building; incorporated, 1902; capital, $30,000.

Smith, Hutton & Kirk Company; whole- sale and retail hardware, house furnish- ings, buggies, wagons, mine and mill sup- plies, plumbing, etc .; J. M. Smith, presi- dent and treasurer ; H. M. Kirk, vice-presi- dent; J. W. Hutton, secretary; incorpo- rated, 1903; capital, $55,000.

Thompson Run Coal Company, 10 West Washington Street ; L. S. Hoyt, president; E. H. Douthitt, vice-president ; A. C. Hoyt, secretary ; capital, $50,000.

B. U. Young & Company, 54-56 Cunning-

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ham Street; wholesale green fruits, pro- duce, etc .; incorporated, 1900; capital, $20,- 000.

There are in all about seventy-five in- corporated companies doing business in New Castle, besides numerous other busi- ness firms and unincorporated companies, engaged in the usual lines of commerce found in every thriving community. Most of them are in a flourishing condition, par-

taking of and contributing to the general business prosperity that New Castle has en- joyed in recent years. Limited space pre- vents us from mentioning all by name, but enough have been here given to epitomize the industrial history of the city, and to exhibit in sketchy outline its present- day manufacturing and commercial impor- tance.

CHAPTER VIII

BANKS AND BANKING

First Bank in New Castle-National Bank of Lawrence County-First National Bank of New Castle-People's Savings Bank-Farmers' and Mechanics' Bank - Citi- zens' National Bank-The Lawrence Savings and Trust Company-Home Trust Company-Union National Bank-New Castle Savings and Trust Co.

In the financial world New Castle holds a high position, as might be expected of a city of its extensive business interests. Her bank deposits, loan investments and interest-drawing moneys aggregate a total which, if divided among the entire popu- lation, would mean an average of about $277. The per capita circulation of the United States is but $35. The banks and trust companies of New Castle are among the soundest, most substantial and care- fully managed of any fiduciary institutions in the country. Two of the national banks are roll of honor institutions, their sur- plus being in excess of their capital stock. All are institutions of which New Castle is justly proud and in which her citizens have the utmost confidence.

The first banking institution in New Castle was a private bank, opened by Will- iam Dickson and William McClymonds, about 1851. It continued in business until December, 1854, when it became so much involved as to be obliged to wind up its affairs.

NATIONAL BANK OF LAWRENCE COUNTY.

This institution had its origin in the Bank of New Castle, which was organized in 1855, the act of incorporation being dated March 30th. The original incorpo- rators were A. L. Crawford, R. W. Cun-

ningham, Joseph Kissick, Thomas Wilson, Ezekiel Sankey, William Dickson, John N. Euwer, Cyrus Clarke, Charles T. Whippo, L. L. McGuffin, Thomas Falls, James A. McClaughey, Hon. John Ferguson, James Leslie, and William H. Reynolds. Its nomi- nal capital was $150,000.

After about two years of varying for- tunes, this institution suspended. Being reorganized under the name of the "Bank of Lawrence County," it did business until 1865, when it took up the state circula- tion and organized as the "National Bank of Lawrence County," with a capital of $150,000. Its circulation is now $150,000; its surplus, $1,000,000. It is doing a suc- cessful general banking business. Its pres- ent officers are: Edward King, president ; Charles Matthews, first vice-president; Ru- fus C. Patterson and George L. Patterson, vice-presidents; Charles F. Montgomery, cashier; John Elder, Jr., assistant cashier.

A private bank was organized by Dick- son, Watson and William Patterson in 1855. Watson sold out and withdrew in 1858, and Mr. Patterson conducted the business in his own name until about 1872, when the name was changed to "Patter- son's Bank."

FARMERS AND MECHANICS' BANK. A bank under the above title was organ-

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ized as a stock company about 1858, with William Watson as president, D. H. Wal- lace as cashier, and Mannaseh Henlein as vice-president. When Colonel Wallace en- tered the army, in 1861, it was merged into a private banking house by William Wat- son, who continued business about four years, when it was discontinued.

FIRST NATIONAL BANK OF NEW CASTLE.

This bank was organized in 1864, with a capital of $150,000. Articles of associa- tion were signed October 4, 1864, and the following were the original officers: I. N. Phillips, president; E. I. Agnew, cashier. The surplus fund of the bank is $500,000. The circulation is $200,000.

The record of the First National Bank has been one of unbroken success, due to prudent, conservative methods, liberal dealings and the watchful care exercised over the interests of its patrons. Its of- ficers are all men of high standing in the community and recognized leaders in the commercial and financial world. It has ever been a great reservoir of monetary strength, relieving congestion, restoring the currents of business activity, averting threatened disaster, and keeping in motion the wheels of productive energy. Its pres- ent officers are William S. Foltz, president ; George Greer, vice-president; Samuel Foltz, cashier. Directors: John W. Knox, J. F. Genkinger, E. N. Ohl, J. P. H. Cun- ningham, S. W. Cunningham, and C. S. Clark.

PEOPLE'S SAVINGS BANK.

This institution was chartered in 1868, with a capital of $100,000, and authority to increase to $500,000. It never organized under the charter. It ceased doing busi- ness in 1884.

The banking house of Foltz & Sons was organized September 23, 1873. The officers were Samuel Foltz, president; W. S. Foltz, cashier; L. S. Foltz, bookkeeper. The senior partner, Samuel Foltz, was also president of the First National Bank. The

firm for some time did a general bank- ing business, but is no longer in existence.

The Citizens' National Bank was incor- porated under the national banking laws, in 1891, with a capital of $200,000. Its first officers were Thomas W. Phillips, president; Lewis S. Hoyt, vice-president, and David Jameson, cashier. These of- ficers, together with the following gentle- men, constituted the board of directors: Samuel McCreary, J. Norman Martin, Ed- ward T. Kurtz, John Sword, Joseph K. Pearson, George L. Herr, William W. Eich- baum, and George B. Berger. Their pres- ent three-story brick building was pur- chased at that time and thoroughly remod- eled. The bank uses the first floor, while the remainder of the building is rented for office purposes. The bank has earned and paid dividends every year since it was started, and now has undivided earnings of about $250,000. It is conducted on con- servative lines, and during all the years of its history has never for a minute been under its legal reserve. It has never bor- rowed a dollar nor re-discounted a note. The statement of the bank for May 14, 1908, shows, in addition to the capital stock of $200,000, a surplus and profits of $236,- 985.95. The officers are: Thomas W. Phil- lips, president; Lewis S. Hoyt, vice-presi- dent; David Jameson, cashier; John H. Lamb, assistant cashier. Directors : Thomas W. Phillips, M. H. Henderson, Lewis S. Hoyt, Charles H. Andrews, Sam- uel McCreary, J. P. H. Cunningham, Da- vid Jameson, J. Norman Martin, E. N. Baer, John H. Preston and Edward T. Kurtz.

LAWRENCE SAVINGS AND TRUST COMPANY.

The Lawrence Savings and Trust Com- pany was incorporated in March, 1901, with a capital stock of $300,000, since which time it has enjoyed a rapid and steady growth. The bank is splendidly equipped in every department and is conducted on strictly business principles. Its financial condition is in the highest degree satis-

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factory. It is a legal depositary for all court and trust funds, issues savings books and receives deposits in amounts from $1 up. It has a fine safe deposit vault, with fire, burglar and bomb-proof guards against loss. The home of the bank is at No. 125 East Washington Street, in one of the finest structures in Western Penn- sylvania, its seven stories being built of polished granite, cut stone and red pressed brick. Its interior is most beautiful in design and finish and it is fitted with every modern contrivance for the accommodation of customers and the transaction of busi- ness. Its officers are G. W. Johnson, presi- dent; P. L. Craig and H. M. Henderson, vice-presidents; E. E. McGill, secretary and treasurer; F. A. Shultz, assistant sec- retary.

HOME TRUST COMPANY.

The Home Trust Company is one of the more recent of Lawrence County's finan- cial institutions, as it is also one of the most up-to-date. It was incorporated in 1902, with a paid up capital of $125,000. It has in the present year (1908) undivided profits of $32,000. Its quarters, at 53 Pittsburg Street, are fitted up with every convenience, while its safes and vaults are absolutely fire and burglar-proof. A gen- eral banking business is done and it is the authorized depositary for estate funds, and acts in any trust capacity. The officers of the company are men who are prominently identified with the commercial and finan- cial interests of New Castle, and have the full confidence of the business com- munity. They are S. M. Marquis, presi- dent; R. A. Mckinney, secretary, and W. S. Grove, treasurer.

UNION NATIONAL BANK.

A still younger institution than the one just mentioned is the Union National Bank, which was organized by W. W. Eichbaum, L. M. Buchanan and L. M. Weber, and opened for business in a rented room on South Mill Street, on January 8, 1907. The

bank's present fine structure of brick and terra cotta was completed and opened for business November 1, 1907. The building and lot are worth about $20,000, including the latest equipment. The bank's state- ment, issued in May, 1908, showed paid-in capital stock, $100,000; undivided profits (less expenses and taxes paid), $1,509.10; individual deposits, subject to check, $51,- 796.68. The officers are : W. W. Eichbaum, president ; L. M. Buchanan, first vice-presi- dent; Calvin Smith, second vice-president ; J. E. Aiken, cashier (succeeded C. F. Wheeler). The directors are: W. W. Eichbaum, L. M. Buchanan, Calvin Smith, J. E. Aiken, James A. George, Jere Blucher, M. L. Cukerbraum, U. G. Eckles, L. M. Uber, W. S. Reynolds, Samuel Hoff- meister, M. L. Wallace, A. W. Reynolds, J. W. Neff and L. G. Emery. The original board was the same as the present, with the exception of Messrs. Hoffmeister and Wallace, who became members during the present year.

NEW CASTLE SAVINGS AND TRUST COMPANY.

This company was incorporated March 27, 1903, with a capital stock of $300,000, divided into 3,000 shares of $100 each. The plan of organization was a popular one, the original subscription being limited to fifty shares. When the stock had been all subscribed for, it was found that there were 270 stockholders, citizens of almost every township being interested.

The company purchased the Flecken- stein property, at No. 15 East Washington Street, remodeled the building and fitted up the premises for banking purposes. It opened for business on June 1, 1903. Will- iam G. Dunn was elected president, and J. S. Taylor, secretary and treasurer. With its large number of stockholders as a basis, the business of the institution increased rapidly and at the close of 1906 it had more than 3,000 depositors. Its total de- posits at this time exceeded $600,000.

In January, 1907, the State Banking Commissioner, on information that $175,- 000 of coal bonds held by it were not good

WALLACE, HOYT AND HILEMAN BLOGS., NEW CASTLE.

LAWRENCE SAVINGS & TRUST CO. BLDG., NEW CASTLE.

Y. M. C. A., NEW CASTLE.

BETHEL CHURCH, NORTH BEAVER TOWNSHIP.

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security, cited the officials to appear before him to show cause why the company should not be declared insolvent, in the meantime sending one of his examiners to New Castle. At the hearing, the coal bonds were shown to be secured by a first mortgage on coal property worth at least twice the face of the bonds and the solvency of the trust company otherwise established, but the action of the banking department

had become known and, to avoid a run by depositors, the bank was closed and a re- ceiver appointed to wind up its affairs. At this writing the depositors have all been paid in full and there are sufficient assets to give back to the stockholders all their money. All parties now concede that it was a mistake to close the institution, as it was entirely solvent.

CHAPTER IX

THE PRESS

Newspapers and Editors of the Past and of the Present.

The early history of journalism in New Castle, as in most towns of its size, is largely a record of ups and downs, with a very liberal proportion of "downs," but with the growth of the city during the last quarter of a century there has come a cor- responding security of foundation for newspaper enterprises, in the large in- crease in population and in the various manufacturing, commercial and social in- terests that spring up and are naturally evolved from the advancing prosperity of any considerable community included with- in the limits of civilization. All, or some, of these various interests, in some degree, enter into the life of each individual in the community, as forming a part of his daily environment ; or, perhaps, in a closer rela- tionship, as affording him his means of subsistence, and it behooves him, therefore, to keep in touch with passing events. The daily newspaper is the mirror in which one sees reflected all the kaleidescopic pan- orama of contemporaneous human life. It is the most universally read of all litera- ture and the most universally appreciated. Each individual finds within its columns the latest news on the subject which in- terests him the most. The election of a president, the discovery of a new comet, or the downfall of a pugilistic champion are there all recorded with the utmost impar- tiality, and generally within an hour or two of the actual occurrence. It records not only that which is doing or has been

done, but that which is to be done; and one sees foreshadowed within its pages many of the things or events to be in the near or distant future, from the proposed organization of a new fraternal society to next spring's fashions in millinery. Truly, were all men to be asked what modern convenience of life they would surrender with the greatest reluctance. not a few would reply, "The daily paper."

It is not our intention in this article to enter into a long, detailed history of all the newspapers that at one time or an- other have flourished in New Castle for a longer or briefer period, but simply to give an outline sketch of the early growth of journalism in the city, with a few words in regard to its present status, as exhibited in the admirable papers, which, in this first decade of the twentieth century, minister to the perpetual thirst for information characteristic of the up-to-date citizen, here as elsewhere. Much, if not all, of the in- formation herein given has appeared, at different times, in previous histories or in the local press, but doubtless it will be acceptable to the reader in its present form.

The first paper published in New Castle made its debut in the early part of De- cember, 1826. The exact date of the first number is not known. It was called the New Castle Register, and was published by David Crawford, who formerly lived in Mercer. It was a five-column folio, issued

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once a week, the subscription price being $2 a year. Having no column rules, the col- umns were separated from each other by blank lines nearly a quarter of an inch in width. The office of the Register was situ- ated near the west end of North Street, on the first floor of a log house standing on or near the present site of James A. Ste- venson's residence. The paper was printed on a Ramage press, the woodwork of which was made by Joseph Emery. Like other presses of the kind, it had a wooden platen with metal face. The bed of the press was of stone, and is still in existence, serving as a hearthstone in a Third Ward dwell- ing. The impression was made by turning a screw, which required two pulls for every impression. When run by a good pressman it would print five or six quires an hour. No file of this paper is in existence, and only here and there can a copy of it be found. But as it was almost totally devoid of local news, there is little to regret that so few copies have been preserved. After being published for about two years, it was discontinued, and Mr. Crawford left New Castle and returned to Mercer, where he lived until 1831, when he came back to New Castle, bringing his family with him. George P. Shaw, a brother to the late Col. William H. Shaw, was editor of the Reg- ister.

About eight years after the suspension of the Register, a successor appeared in the New Castle Intelligencer, which was owned by a joint stock company, of which Major Ezekiel Sankey and Judge Robert W. Stew- art were two of the principal members. It was published by John W. Cunningham, who resided in New Castle until his death, which occurred in December, 1864.

The editor of the paper was a young man named Henry E. Wallace, who came here in the summer of 1836 and opened the first law office in this place. After the In- telligencer suspended, Mr. Wallace went to Philadelphia, where he became a promi- nent lawyer, and was for many years editor of the Legal Intelligencer. Michael Wey-

and, for many years editor and pro- prietor of the Beaver Times, officiated in the capacity of "printer's devil" in the New Castle Intelligencer office. The first number was issued on Au- gust 18, 1836. It was a five-column folio and was printed on imperial paper. The columns were two and three-fourths inches wide. The short columns were sixteen and three-quarters inches in length and the long ones eighteen inches. The first and sec- ond pages consisted exclusively of reading matter, while the third and fourth pages were made up chiefly of advertisements, both home and foreign. The head of the paper was composed of heavy black-faced letters about a half inch in height. The office was situated on the northeast corner of Washington and Beaver Streets, over Thomas MeCleary & Co.'s store. After the lapse of about two years the publication of the Intelligencer was discontinued. What became of the press and type is not known, but it is not at all improbable that they were both used in printing the West- ern Sentinel and the Mercer and Beaver Democrat.

The publication of the Western Sentinel was commenced in August, 1837, and dis- continued in December, 1838, making the period of its existence about sixteen months. It was a small four-page paper, with six columns to the page, and was edited by O. C. Lockhart, an elderly gentle- man, who afterwards resided on a farm near the town of Pulaski, this county. In politics it supported the Whig party.

From December, 1839, to August, of 1839, there was no paper published here. Since the latter date the people of New Castle have never known what it is to do without a local paper. The first number of the Mercer and Beaver Democrat, a five- column folio, was published on Wednesday, August 14, 1839. Notwithstanding its name, it was a Whig paper and was pub- lished at $2 a year. The advertising rates were $1 per square for the first three in- sertions and 25 cents for each subsequent

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insertion. The original proprietor of the paper was John Speer, who, after dis- posing of his interest to John B. Early, re- moved to Arkansas. When this change of proprietors was made we cannot say, but it is well known that Mr. Early was pro- prietor in September, 1840. O. C. Lock- hart, whom we have already mentioned as editor and publisher of the Western Sen- tinel, worked as a compositor on the Democrat. One of the principal writers on the Democrat was "Zip" Allison, who formerly lived in Beaver. "Zip" was an excellent writer and a young man of su- perior ability, but unfortunately he was ad- dicted to strong drink. In regard to re- ligion he was what is commonly called a "free thinker." The Democrat was dis- continued soon after the election of 1840, only sixty numbers having been published.

We must not omit to relate the singular fact that William D. C. Greene, one of the editors of the Democrat, after making a will and bequeathing his library to George D. Prentice, committed suicide by taking an overdose of laudanum. He died at the Washington House, on Washington Street, near Mill. He was a young man of consid- erable literary talent, and was unmarried at the time of his death. His rash act was probably due to intemperance, a vice more common in those days even than now.

The Mercer and Beaver Democrat was succeeded by the New Castle Gazette, the first number of which appeared on Friday, October 15, 1841. It was published by H. A. Mccullough and William H. Shaw. The office was on the northeast corner of Wash- ington and Mill Streets. The Gazette was a four-page paper, with five wide columns to the page, and was published at $2 a year. About two months after it was started Mccullough sold his interest to John S. Winter. Shaw & Winter published it about one year, when Winter sold his interest to Shaw and went home to his father, Dr. John Winter, of Sharon. So unprofitable had been their business dur- ing the year that it was agreed that Win-

ter should receive for his year's labor only $2, and he should receive that sum from his father, who owed a year's subscrip- tion to the Gazette. Mr. Shaw published the paper until 1845, when he sold his in- terest to Alexander Cameron. About the beginning of 1845 the Gazette was fur- nished with a new head and was changed to a six-column paper, without enlarging its size. The office from which it was issued was then on East Street. The publication day was Wednesday. The firm name was W. H. Shaw & A. Cameron. In the spring of 1846 the firm name was Cameron & Shaw and the publication day was Thursday. Some time during the summer or autumn of 1846 Mr. Cameron sold his interest to George P. Shaw, brother to William H. Shaw. The firm name then became W. H. & G. P. Shaw, and continued so until 1858, when George P. Shaw sold his interest to his brother and retired from connection with the paper.

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Century history of New Castle and Lawrence County, Pennsylvania and representative citizens, 20th, Part 17

Author: Hazen, Aaron L. (Aaron Lyle), 1837- comp. and ed. cn Publication date: 1908 Publisher: Chicago, Richmond-Arnold publishing co. Number of Pages: 1058

Author: Hazen, Aaron L. (Aaron Lyle), 1837- comp. and ed. cn
Publication date: 1908
Publisher: Chicago, Richmond-Arnold publishing co.
Number of Pages: 1058