USA > Pennsylvania > Washington County > Washington > History of the city of Washington and Washington County, Pennsylvania and representative citizens 20th century > Part 47
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The town of Washington and the whole county do not seem to have had many banking facilities from 1825 to 1836.
The Franklin Bank of Washington; First National Bank of Washington .- On March 9, 1836, an act was passed incorporating the Franklin Bank of Washington, which had in no way any connection with the institution of the same name which had preceded it. During the year 1837 this bank passed through the trying period of general suspension without difficulty, and it is a matter of historical importance that this bank was one of the three west of the Allegheny Mountains which did not suspend specie payment during and succeeding the time of the late Civil War. On the 1st of January, 1865, the Franklin Bank of Washington became the First National Bank of Washington, having secured a charter from the government on October 14, 1864, as a national associa- tion. C. M. Reed was chosen president; James MeIl- vaine, cashier, and Samuel Cunningham, clerk. On May 1, 1865, Andrew S. Ritchie, Esq., was appointed teller. The history of this bank is continued today in the pres- ent First National Bank, which has the longest continu- ous record of business of any banking institution in Washington County.
The banking experiences of the earlier days were very different from those of today, and great skill and con- stant care were required to avoid not only counterfeit money but money issued by banks which were continually getting into financial difficulty. One or two instances as related to the writer by the Hon. Alexander Murdoch, illustrate the uncertainties of the times. He said that once when coming up the Ohio River on a steamboat- the only method of travel except stage coach-it was rumored that the Bank of Gallipolis was in difficulty. At each landing the reports were worse until the passen- gers before arriving at Gallipolis, gathered up all the money of that bank and used it to stuff the little brass cannon, firing it as a salute to the town upon their ap- proach. On another occasion, when in New York, Mr. Murdoch tendered bills of the Franklin Bank of Wash- ington at his hotel, which were declined. In vain he urged that the bank had never suspended. He then paid
his bill with money of the Bank of Wheeling, which the hotel clerk was satisfied to take because he had heard of that bank. In the region around Pittsburg, at that time, the notes of the Franklin Bank were at par, while those of the Wheeling Bank were received only at a considerable discount.
The legislation of the times was also hard on the banks, and they were not permitted, for a time, to issue notes for less than $5 and there was a time when it was an indictable offence to offer paper money in payment of small debts.
Even as late as the Civil War period some of the bankers in Washington would carry suspicious looking money to John C. Hasting, the hardware merchant, whose judgment was considered most superior, and who made a close study of the "Detector."
For many years the First National Bank of Washing- ton stood alone as the only National bank or incor- porated financial institution in Washington County and among the two or three banks which were in existence west of the Allegheny Mountains.
The next bank of which we have record was the pri- vate bank started by William Smith in Washington in the year 1828. The name was changed later to William Smith & Sons' Bank by the entry of Wm. W. Smith into partnership. The father died, then the son and now the manager is William McK. Smith, grandson of the founder.
In the same year the William Smith bank was started, Joseph Alexander began trading and banking in Monon- gahela City. In 1843 William J. Alexander, a son of Joseph, became partner in the business, under the firm name of J. Alexander & Son, which title continued until 1850, when the banking business was established as the sole business of the firm, the name becoming Alexander & Company. The bank has since then been conducted by members of the Alexander family and Joseph A. Herron, the last named being admitted to the firm in 1871. This was the first bank in the Monongahela Valley, and is now one of the strongest.
Another of the pioneer private banking houses of Washington was the Hazlett Bank, whose history dates back to the year 1837. It was started by Samuel Haz- lett and continued by his son Samuel. The owner became financially embarrassed and was forced to close in 1897. The failure of Samuel Hazlett is said to be on account of deposits with the West Penn Bank of Pittsburg, of which James H. Hopkins, born and raised in Wash- ington, was the prominent owner.
Canonsburg has had at least one banking institution for more than half a century. On July 21, 1853, appli- cation was made to the legislature of Pennsylvania for the incorporation of the Canonsburg Savings Fund So- ciety, with a capital of $50,000. No action, however,
258
HISTORY OF WASHINGTON COUNTY
was taken until 1855, when the institution was incor- porated by act approved April 20 of that year. The bank soon afterward went into operation, and was in existence for about fifteen years, closing in 9pril, 1869. Its first cashier was Samuel R. Williams, who had previ- ously held the chair of natural sciences in Jefferson col- lege. For several years preceding the closing of the in- stitution the cashiership was filled by John F. Black.
The Farmers' Bank of Deposit, of Canonsburg, was organized in March, 1865. Its board of directors was constituted as follows: James Craighead, president ; B. South, secretary and treasurer; R. C. Hamilton, John Chambers and Adam Edgar. This institution continued in business until January, 1880, when it was closed.
The People's Bank of Monongahela City was organ- ized in 1870 and was in 1891 changed from a state bank to a trust company, being then known as the Mononga- hela City Trust Company.
In the same year that the People's Bank was organ- ized, or in the fall of 1870, the private banking house of Hopkins, Wright & Co., composed of William Hopkins, Joshua Wright and James H. Hopkins was formed in Washington and existed for about six years. James H. Hopkins retired to engage in banking in Pittsburg under the name of West Penn Bank. This venture failed and Joshua Wright, his former partner, ceased to do banking business.
In 1873 the Washington Savings Bank was organized with a capital stock of $100,000, with James W. Kuntz, president ; William McKinan, vice-president, and Samuel Ruth, cashier. The bank became financially embarrassed in 1892 and was closed.
The second national bank in the county was the Bur- gettstown National Bank, organized February 4, 1879.
The Canonsburg Savings Bank was opened for busi- ness January 14, 1880. The business was closed by the stockholders Febuary 9, 1882, and the property trans- ferred to the Canonsburg Bank, Limited. The last men- tioned institution was organized with a capital of $50,- 000, and opened for business on the 9th of February, 1882. The officers of this concern were: William Mar- tin, president; J. C. MeNary, secretary and treasurer; Adam Edgar, S. B. MePeak and W. R. McConnell, direc- tors; Henry Bennett, assistant cashier.
This bank continued under the same name and man- agement until May 12, 1891, when it was reorganized under the national banking laws and became the First National Bank of Canonsburg, with William Martin as its president and George D. McNutt, cashier.
The third bank in the county and the second bank in Washington to be organized under a national charter was the Citizens National Bank, incorporated on the 24th day of August, 1885.
The Farmers and Mechanics National Bank of Wash-
ington was organized in 1890, with a capital of $100,000. It continued as a national association until 1901, when its capital stock was taken over by the Washington Trust Company.
The First National Bank of Claysville was organized in 1890 and the First National of California the follow- ing year. The next year, or 1892, the First National of McDonald was organized. The People's National Bank of McDonald was established in 1897.
The act of March 14, 1900, and the great increase of coal sales produced great activity in creating national banks. This act empowered the Comptroller of Cur- rency to permit the organizations of banks with mini- mum capital of $25,000 in places of population not over 3,000. Fifteen national banks were organized in Washington County within five years after the passage of this act. Since then many other national banks have been organized until at the present time there are in the county 27 national banks. Four State banks in the county have grown up since 1898. The few organized prior to that date have taken out national association charters. One of the four, the Bank of Coal Center, was closed early in 1909.
The People's Bank of California was temporarily closed during 1907 and was opened again in 1908.
The First National Bank of Claysville was closed in 1904 and its business settled by a receiver.
The trust companies entered the field of banking with authority to do everything a bank could do except to issue national notes or currency. They could do many things a national bank was not permitted to do. It having become necessary the government gave the na- tional banks greater scope and authority to accommo- date the people.
The trust companies being financial institutions or- ganized and operated under the laws of the Common- wealth, have added much to the financial and commercial upbuilding of Washington County.
The Dime Savings Institution of Washington was really the first financial enterprise to take up the busi- ness which is now conducted largely by the trust com- panies. It began business June 3, 1893, having been incorporated October 10, 1892. This institution was taken over by the Title Guarantee and Trust Company of Washington in September, 1897, and was afterwards consolidated with the Washington Trust Company. In 1901 both the Citizens Trust Company of Canonsburg and the Charleroi Savings and Trust Company were or- ganized. The number of these companies increased until at the present time there are eight trust companies in business in the county.
The following is a list of all the National and State banks and trust companies in the county with their state- ments as issued December 31, 1908, for the year 1908:
Names of National Banks.
Date of Organization.
Capital.
Deposits.
Resources.
Investments. Paid in 1908. Organization
Citizens National, Washington.
Aug.
5, 1885 $ 200,000.00 $1,059,799.25 $ 2,766,048.95 $ 4,225,848.20 $ 3,557,166.46 $ 18,000.00 $ 222,000.00
First National, Washington.
Oct. 14, 1836
400,000.00
28,456.47
1,425,586.16
2,254,042.63
1,927,145.49
5,000.00
45,000.00
First National, Canonsburg.
July
1, 1891
100,000.00
214,172.55
735,240.47
1,146,213.02
768,823.27
12,000.00
81,600.00
Burgettstown National.
Feb. 4, 1879
100,000.00
70,502.89
812,815.88
1,092,893.21
812,896.79
12,000.00
252,000.00
The National, Claysville.
June
23, 1890
50,000.00
133,000.00
700,000.00
900,000.00
720,000.00
3,000.00
37,500.00
First National, Charleroi.
Mar.
18,
1891
50,000.00
129,669.40
671,603.49
872,272.89
705,673.85
4,000.00
56,500.00
First National, Donora ..
July
1901
75,000.00
43,000.00
400,000.00
600,000.00
315,000.00
6,000.00
24,750.00
First National, California.
Oct.
19, 1891
50,000.00
90,535.00
403,522.86
596,523.68
422,824.69
4,500.00
54,750.00
First National, Monongahela ..
Nov.
30, 1901
50,000.00
30,806.66
466,476.17
561,317.03
418,167.97
3,000.00
13,500.00
Washington National, Burgettstown. ..
4,
1903
50,000.00
2,820.00
294,203.63
422,223.63
369,973.94
1,500.00
1,500.00
First National, Roscoe.
Oct.
22,
1900
50,000.00
22,127.85
201,989.62
328,386.88
199,395.43
3,000.00
21,500.00
First National, Scenery Hill
June
6,
1904
25,000.00
16,715.89
250,745.12
312,461.01
219,667.24
750.00
750.00
First National, Houston .. .
July
1901
25,000.00
15,135.00
150,000.00
215,030.96
150,350.00
750.00
750.00
First National, Fredericktown
Aug.
5,
1901
25,000.00
17,190.94
130,000.00
200.000.00
137,021.46
2,250.00
3,750.00
Farmers National, Hickory
Aug.
17, 1904
25,000.00
8,796.59
133,790.33
194,966.38
140,807.51
1,500.00
1,500.00
Bentleyville National. .
May
1, 1906
25,000.00
4,313.85
131,739.91
167,303.76
126,493.67
500.00
500.00
National Bank of Ellsworth.
. July
1903
25,000.00
5,212.81
98,449.93
138,257.44
43.295.30
105,710.39
1,250.00
1,250.00
First National, Millsboro ....
June
24, 1904
25,000.00
7,258.42
51,869.27
108,386.65
62,529.52
Farmers & Miners, Bentleyville.
. Mar.
14, 1908
50,000.00
26,569.3-4
88,469.34
54,236.08
1,500.00
1,500.00
Farmers National, Claysville ..
Jan.
2, 1909
50,000.00
.
$1,675,000.00 $2,212,012.85 $11,545,941.56 $16,827,107.64 $13,033,676.64 $ 79,000.00 $2,159,850.00
Date of Organization.
Capital.
Surplus and Profits.
Deposits.
Resources.
Investments. Paid in 1908. Organization
*Bank of Charleroi. .
Jan. 24, 1898 $
75,000.00 $
192,413.66 $
958,148.35 $ 1,225,562.01 $ 1,047,593.06 $
Bank of Donora ..
. Dec.
27, 1901
100,000.00
31,000.00
223,703.79
356,244.55
196,707.87
7,500.00 $ 3,000.00
41,250.00 18,000.00
* Peoples, Californiat.
1900
75,000.00
20,139.39
234,893.92
330,617.91
138,428.69
*Bank of Coal Center.
Mar.
7, 1904
50,000.00
12,995.11
76,828.67
140,260.03
62,208.00
Totals
$ 300,000.00 $ 256,548.16 $ 1,493,574.73 $ 2,052,684.50 $ 1,444,937.62 $ 10,500.00 $
59,250.00
Date of Organization.
Capital.
Surplus and Profits.
Deposits.
Resources.
Investments. Paid in 1908. Organization
Washington, Washington.
May 26, 1902 $ 500,000.00 $
712,729.20 $ 2,523,960.96 $ 3,738,905.81 $ 2,884,617.41 $ 30,000.00 $ 120,000.00
Real Estate, Washington.
April,
1902
200,000.00
183,065.31
778,615.77
1,161,681.08
1,004.729.18
16,000.00
32,000.00
Monongahela City Trust Co.
June 25, 1901
150,000.00
80,196.42
796,168.41
1,026,364.83
898,497.47
9,000.00
63,000.00
Union, Washington.
. Mar.
27, 1902
250,000.00
179,192.61
346,909,68
816,606.55
644,013.57
19,712.00
88,543.00
Citizens, Canonsburg.
May
1, 1901
125,000.00
105,570.61
562,226.68
806,010.51
608,692.38
7,500.00
30,000.00
Charleroi Savings and Trust Co.
. Feb.
21, 1901
125,000.00
17,677.90
333,624.50
476,306.40
344,423.58
5,000.00
25,000.00
McDonald Savings and Trust Co.
Jan.
1, 1904
125,000.00
21,000.00
280,000.00
375,000.00
330,790.00
2,500.00
25,000.00
Union, Donora
May,
1903
125,000.00
7,000.00
115,000.00
245,000.00
210,000.00
5,000.00
5,000.00
Totals
$1,600,000.00 $1,306,422.05 $ 5,736,506.00 $ 8,645,875.18 $ 6,925,763.62 $ 94,712.00 $ 388,543.00
Grand totals ..
$3,575,000.00 $3,774.983.06 $18,776,022.29 $27,525,667.32 $21,404,377.88 $184,212.00 $2,607,643.00
* Statement of November 27, 1908.
Fifteen National Banks, three State Banks and two Trust Companies show
much less deposits than last year.
This bank's statement did not appear last year, as it was temporarily closed.
259
HISTORY OF WASHINGTON COUNTY
f
Loans and
Dividends
Dividends Paid Since
Names of Trust Companies.
2,
12,
1905
25,000.00
6,932.89
98,827.07
137,259.96
First National, Cecil ..
Dec.
29, 1903
25,000.00
3,451.11
53,257.53
110.708.64
69,750.84
Lincoln National, Avella ..
Aug.
6,
1902
25,000.00
14,000.00
195,000.00
257,912.29
190,000.00
West Alexander National .. .
Oct.
7, 1901
25,000.00
27,595.42
125,084.16
197,629.32
151,639.99
*Peoples, West Alexander. .
1907
25,000.00
27,262.90
93,413.56
170,075.65
118,081.31
Midway National Bank ..
. Feb.
7,
1903
50,000.00
40,335.25
209,656.42
349,991.67
290,471.98
1,340,000.00
First National, McDonald.
June 12, 1892
50,000.00
192,921.71
920,051.69
1,178,933.40
957,634.14
Dividends Paid Since
Surplus and Profits.
Loans and Dividends
Loans and
Dividends
Dividends Paid Since
Names of State Banks
First National, Finleyville ..
Sept.
20,
Totals
Nov.
15,
260
HISTORY OF WASHINGTON COUNTY
Ranking the banks according to their total resources The Citizens National of Washington holds undisputed first place-also in its relation of capital to surplus and in its deposits. Its total resources are over $4,000,000, being the first bank to pass this high mark. The Wash- ington Trust Company is a close second. The First National Bank of Washington is still second among the national banks in total resources. The First National of McDonald third and the First National of Canons- burg fourth. The McDonald Bank stands second in the county in the value of its bank stock. The only other
national bank which has passed the $1,000,000 mark in total resources is the Burgettstown National.
Of the State banks and trust companies, The Washing- ton Trust Company leads in resources with over $3,700,- 000. The Bank of Charleroi is second and the Real Estate Trust Company of Washington third. The Mo- nongahela City Trust Company is the only other State institution which has passed the million mark.
The following table shows the value of bank stock, rate of dividend and amount of dividends of the financial institutions of the county :
National Banks-
Capital.
Dec. 31, 1901. Dec. 31, 1908. idends. Dividends.
Citizens' National, Washington.
$200,000
$587.48
$630.00
8-12
$18,000
First National, McDonald.
50,000
458.07
485.85
10
5,000
The National, Claysville.
50,000
333.00
366.00
6
3,000
First National, Charleroi ..
50,000
380.00
359.34
8
4,000
First National, Canonsburg.
100,000
305.85
314.17
12
12,000
First National, California.
50,000
263.95
281.07
9
4,500
West Alexander National.
25,000
207.00
210.38
9
2,250
People's National, West Alexander.
25,000
155.00
168.76
...
.. ..
First National, Scenery Hill.
25,000
156.00
166.86
First National, Monongahela.
50,000
155.20
161.61
6
3,000
First National, Houston
25,000
160.00
160.54
3
750
First National, Donora.
75,000
163.70
157.33
8
6,000
Washington National, Burgettstown.
25,000
180.00
156.00
3
750
First National, Roscoe
50,000
139.37
144.25
6
3,000
Farmers' National, Hickory
25,000
125.05
135.18
First National, Millsboro.
25,000
120.00
129.03
. .
.
...
. .
.....
Bentleyville National
25,000
112.00
117.25
2
500
First National, Cecil.
25,000
109.00
113.80
5
1,250
First National, Washington.
400,000
171.78
107.11
. ..
1,500
Farmers' National, Claysville.
50,000
State Banks and Trust Companies-
Bank of Charleroi.
75,000
360.00
356.50
10
7,500
Washington Trust, Washington.
500,000
233.00
242.54
6
30,000
Citizens', Canonsburg
125,000
180.05
192.45
6
7,500
Real Estate Trust, Washington.
200,000
189.26
191.82
8
16,000
Union Trust, Washington.
492,800
*69.72
86.00
4
19,712
Monongahela City Trust Co.
150,000
149.84
164.16
6
9,000
Bank of Donora
100,000
128.50
131.00
3
3,000
People's of California.
75,000
126.85
Bank of Coal Center.
50,000
125.97
126.00
McDonald Savings & Trust Co.
125,000
123.54
116.80
2
2,500
Charleroi Savings & Trust Co.
125,000
117.00
114.13
4
5,000
Union Trust, Donora.
125,000
105.00
105.60
. .
5,000
*Par value, $50.00.
During the past year more shares of bank stock changed hands than during any previous period for many years. This was natural-as stocks of all kinds were offered in the markets, many of them selling much below their real
Book Value of Stock
Book Value of Stock
Rate
of Div- Amount of
Midway National
50,000
172.11
180.67
3
1,500
Burgettstown National
100,000
166.62
170.05
12
12,000
First National, Fredericktown
25,000
50,000
146.22
156.40
Lincoln National, Avella.
25,000
118.00
127.73
National of Ellsworth
25,000
103.23
120.90
Farmers' and Miners, Bentleyville.
50,000
. ..
. .
..
....
value. It was a year of shrinkage in stocks because the sellers were more plentiful than the buyers. Many people were forced to unload at most any price. On the ex- changes the listed stocks and securities took a tumble.
209.00
6
1,500
First National, Finleyville.
261
HISTORY OF WASHINGTON COUNTY
Yet during the past year some of the local bank stocks sold at the highest figure that was ever realized in this county. Seven hundred dollars was paid for several shares of the Citizens National Bank of Washington stock. Par value of the stock is $100. The surplus fund is now over $1,060,000. At the close of the year the directors increased the quarterly dividend from 2 to 3 per cent.
The wonderful growth of the banks of Washington County since 1901 is seen by the following interesting statistics :
Year. Capital. Surplus & Profits. Deposits.
1901
$1,490,000
$1,100,770
$6,537,580
1902
2,615,000
2,144,296
12,218,949
1903.
3,497,050
2,900,852 13,591,083
1904.
3,630,500
3,169,748 14,450,000
1905
3,932,800
3,243,589
16,666,389
1906.
3,932,800
3,659,993
18,319,208
1907.
3,642,800
3,810,958
18,740,200
1908.
3,575,000
3,774,983 18,776,022.
Since 1901 the capital has more than doubled, the surplus and profits more than tripled and the deposits increased almost threefold.
The growth of our banks and the increase in their business is an exhibition of the county's material prog- ress. The banks of Washington County have attracted the attention of the outside business world for in the safety which they afford to depositors they outrival those of the large majority of the counties of this country.
One naturally asks why the Washington County banks have been able to make such a phenomenal record. The answer is found in the phenomenal development of the county during the period since after the discovery of oil about 1885, but most particularly since about the year 1900, when the coal fields were purchased and opened up so extensively.
This has been a period of the county's greatest natural growth. The vast acreage of coal territory has been brought into the market. The transactions which have placed the ownership of one-half the area of the county 's coal lands in the hands of coal operators and speculators and taken them from the ownership of the farmers has, in two ways effected the general business conditions of the county and been responsible for the rapid increase in the resources of our financial institutions. First-it has brought millions of dollars of ready cash to the farmers, many of whom have placed their money in the banks or have invested it in home enterprises which have. developed new lines of business.
Second-the sale of the coal lands has resulted in the beginning of mining operations with railroad building and the general in- crease in property valuations which have very noticeably affected the county's material welfare.
It can then be well said that the prodigious increase in banking in Washington County during the past eight
years is the reflection of the coal development and the increase in manufacturing lines. The county is in the center of the greatest bituminous coal field of the world and each succeeding year shows that the great manu- facturing enterprises of the country are seeking locations near the center of the fuel supply. Therefore, the years which are to come, should show a continuing rapid in- crease in its banking business reflecting the conse- quential natural development of the county.
The year 1908 goes down in history as a critical one among the business interests of this country. It was known as a panic year-a year of business depression. Factories and mills were closed, many substantial enter- prises went to the wall carrying with them many stable and prosperous financial institutions. These times of business depression and even of stagnation cannot be controlled. Washington County suffered with the rest of the country the experiences and the hardships of the times.
Especially was it felt in the river districts and this is shown in the bank statements where there were fallings off in deposits and also in profits. No bank can expect to keep up its total deposits in a year when factories are closed down, to the mark reached when all industrial enterprises are running full and are on the high tide of prosperity.
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Yet with all the hard times, and the effects of them felt most keenly by the financial enterprises of the coun- ty not one suspended or closed its doors during the year. A few of the banks were hit harder than others-they happened to have securities of business and commercial enterprises which were good-but which became of but little value when the concerns were obliged to go into the hands of a receiver owing to conditions over which the banks, or perhaps they themselves had nothing to do.
Washington County therefore is most fortunate in the character and stability of its banking enterprises-and it is creditable to the officers and management of these institutions that they were able to weather the storms of the past year in business and to come out in good condition.
The following is a directory of all the banks in Wash- ington County with the exception of the private banks:
CITIZENS NATIONAL BANK, WASHINGTON.
Officers-John W. Donnan, president; John H. Don- nan, vice president; N. R. Baker, cashier; R. B. Leslie, assistant cashier.
Directors-John W. Donnan, A. S. Eagleson, James Kuntz, Jr., John Slater, R. V. Johnson, A. G. Happer, Alvan Donnan, Ernest F. Acheson, James M. Miller, John H. Donnan, Albert J. Allison.
FIRST NATIONAL, WASHINGTON.
Officers-A. M. Linn, president; J. A. Ray, vice presi- dent; Joseph C. Baird, cashier; Joseph Zelt, assistant cashier.
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