History of the city of Washington and Washington County, Pennsylvania and representative citizens 20th century, Part 93

Author: McFarland, Joseph Fulton; Richmond-Arnold Pub. Co., Chicago, pub
Publication date: 1910
Publisher: Chicago, Richmond-Arnold Pub. Co.
Number of Pages: 1474


USA > Pennsylvania > Washington County > Washington > History of the city of Washington and Washington County, Pennsylvania and representative citizens 20th century > Part 93


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All the machinery in the new plant is run by direct connection, thus avoiding the use of belts. The com- pany also supplies the city with steam heat, this feature having been introduced some years since on some of the principal streets. Besides lighting the streets, stores


and houses of the city, all the printing houses of the city and also all the elevators are supplied by it with power.


The Washington Ice & Storage Company have their plant located near the Chartiers Railroad depot.


This institution was started as a stock company in 1893, and since that period has succeeded in attracting a very large share of the public patronage. The enter- prise was started in a modest way at that time.


Their manufactured ice is the purest made from double distilled water. The company manufacture their ice as already stated from the purest water, and have an artesian well on the premises that produces 100 gallons a minute, the water from which is also distilled before it is utilized for ice.


The business is both wholesale and retail, and largely with hotels, markets, restaurants and families. They keep 9,000 tons of ice on hand in case of emergency.


In 1906 the demands of the market became so hard to meet that radical measures had to be adopted, and as an outcome of the situation, over $40,000 were put into betterments. To state it plainly, these betterments ended in practically a new ice making plant of 60 tons capacity per day, or just twice as much as could be pro- duced formerly.


While the object of the company is to meet all the demands of the home trade, and that on the shortest possible notice when emergency demands it, yet other towns frequently find themselves short of the frozen water and call on the Washington factory for relief. In answer to such calls last year 100 cars of ice were sent to eastern points. Although it is always flattering to the management of a factory to find a wide market for its product, it is the policy of this company to first provide for home consumption. The Washington Ice Company employs on an average of 35 hands.


Stevenson's Laundry was started in 1887 under the management of Robert F. Stevenson, who was its sole owner. Although the plant and business is now five times as large as it was at the close of its first year's business, it is still entirely owned and managed by its original manager, Mr. Stevenson, who gives every de- partment of the work his personal oversight. A new brick building was recently constructed which is modern, spacious and fitted up with the most up-to-date ma- chinery the market affords. There is never a long lapse of time in which there is not some new piece of ma- chinery added to the plant. At times, machinery which has not been in use one year, is replaced by newer makes which has some useful improvements. When Mr. Steven- son entered the laundry business there was little ma- chinery for that work in use. It has four regular wagons running on the streets of Washington besides an extra


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HISTORY OF WASHINGTON COUNTY


wagon which is quite frequently required in service. The out-of-town work done by this laundry is surprising- ly large.


The Washington laundry situated on West Maiden street, employing over 30 persons, handles a vast amount of work each week.


The company has a building on West Maiden street admirably adapted to the use of which it is made. Throughout the building it is equipped with the various kinds of intricate machinery which go to make complete a laundry doing a large business. In the basement are the washers and wringers, operated on a system of cen- trifugal extraction, putting into use a method which is as effective as it is scientific. On this same floor is the ironer for flat goods. This iron is a remarkable piece of machinery, consisting of five padded rollers through which pieces of laundry is passed. Instead of simply heating these rollers by gas or gasoline they are heated to a certain temperature by a steady steam pressure of 80 pounds.


The equipment for filtering the water is constructed on a scientific principle and has a capacity of 15,000 gallons of water per day.


BANKS.


The early banks of Washington are treated under Banking in general.


The Old Franklin Bank-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 suspension without difficulty, and it is a matter of historical importance that this bank was one of the three west of the Allegheny Moun- tains which did not suspend specie payment during and succeeding the time of the late Civil War. On the first of January, 1865, the Franklin Bank of Washington became the First National Bank of Washington, hav- ing secured a charter from the government on October 14, 1864, as a national association. It was the first national bank organized in the county and among the first in the western part of Pennsylvania. C. M. Reed was chosen president; James McIlvaine, 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 present First National Bank, which has the longest continuous record of business of any banking institution in Washigton County.


Although the banks above mentioned were the first chartered financial institutions, some private banks were organized early in the last century, which at that time were strong and of great importance to the community. The bank of William Smith and Son dates its inception from the year 1828, when it was started by William Smith,


which afterwards became known as the William Smith & Son Bank. The building occupied by the bank was erected in 1861 and it has continuously done a general banking business. The third generation of the Smith family, William McK. Smith, grandson of the founder of the bank, is now at its head. Recently the banking room was changed from the west to the east side of Main street.


Another of the pioneer private banks was the Bank of Samuel Hazlett. The history of this bank dates back to 1837. This bank became financially embarrassed and was closed in 1897.


In the fall of 1870, the banking house of Hopkins, Wright & Co., composed of William Hopkins, Joshua Wright and James H. Hopkins, was formed which con- tinued in business for about six years.


The Washington Savings Bank was organized in 1873 with a capital stock of $100,000, James W. Kuntz was elected president and Samuel Ruth, cashier. The bank was successful for a number of years, but became financially embarrassed early in 1882 and on May 4 of that year was placed in the hands of a receiver and its affairs closed.


The second bank in Washington to be organized under a national charter was the Citizens' National Bank, in- corporated on the 24th day of August, 1885. It has occupied its present bank building since 1891.


The Farmers' & Mechanics' National Bank was or- ganized in 1890, with a capital of $100,000. It con- tinued as a national association until 1901, when its capital stock was taken over by the Washington Trust Company.


The Dime Savings Institution began business June 3, 1893. It was incorporated October 10, 1892, and rapidly took its place among the growing monetary in- stitutions of the county. This institution was taken over by the Title Guarantee and Trust Company in Septem- ber, 1897, and afterwards was consolidated with the Washington Trust Company. Since that date, two other institutions have been organized, the Real Estate Trust Company and the Union Trust Company, both in April, 1902.


During this period of ninety-nine years the banks of Washington have emjoyed to a more than ordinary de- gree the confidence of the people. Their growth has been co-extensive with the growth and development of this town and community. The bank buildings in the town are among the most imposing of our private and public business houses. The Washington Trust Build- ing is the finest business block in Washington and sur- passed by few banking buildings of the country.


Today we have two national banks, the First National and the Citizens' National, three trust companies-The Washington Trust Company, The Union Trust Com-


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HISTORY OF WASHINGTON COUNTY


pany and the Real Estate Trust Company-and one private bank, owned by the estate of the late William Smith. These banks are ample to take care of the business of this community and to accomodate the pub- lic to an extent never before known in the history of banking here.


The First National Bank of Washington-Much of the early history of the financial institutions of Wash- ington County is found in the records and statements of the "Old Franklin" Bank and its successor, the First National Bank of Washington.


For many years it stood alone as the only national bank or incorporated finacial institution in Washington County and among the two or three banks which were in existence west of the Alleghany Mountains. The First National Bank had its origin or beginning in the Old Franklin Bank chartered as a state bank in October of 1836. At that time several private banks, viz., the Hazlett Bank and the William Smith Bank, both of Washington and the Alexander & Co. Bank at Monon- gahela were doing business.


With the private banks, however, this institution met the requirements of the business interests of Washington Coupty, Greene County and a very large territory in the western part of the State. The Old Franklin Bank, chartered by the State, was conducted as a conservative institution.


This was the only state banking institution (incor- porated) in the county when the national banking laws were passed in 1864.


On October 14, 1864, the Old Franklin Bank became the First National Bank of Washington, and the his- tory of the present institution starts from that date.


The early records of the First National Bank show that many of the most prominent citizens of Washing- ton County were its stockholders.


Much of the original stock is still in the hands of the descendants of these first stockholders.


The growth of the First National Bank since it was chartered in 1864, has been remarkable when it is con- sidered that nearly all the financial institutions of this county at the present time are the outgrowth of this old bank, chartered during the Civil War. Many of the institutions since grown up in Greene County and other sections west of the Alleghany Mountains have also drawn on the former resources of this institution. Where there was but one national bank in Washington County . in 1864 there are now twenty-three national banks, lo- cated in every section of the county, four state banks and nine trust companies.


The first statement, issued in May, 1865, shows that the First National Bank had resources to the amount of $512,054.08; deposits to the amount of $133,000; loans, $161,000, and a profit and loss to the amount of


$3,839.83. The directors at that time were James Wat- son, Joseph Henderson, Dr. Mathew Clark and John Harter. James McIlvaine was the cashier and continued in that capacity until 1894, when C. S. Ritchie was chosen, who served to within the past few months, being succeeded by Joseph C. Baird. It is somewhat remark- able that since 1836, the institution has had but four cashiers, John Marshall being cashier of the Old Frank- lin Bank from 1836 to 1859.


During a period of twenty years, from 1864 to 1884, when the First National Bank had its charter renewed, the growth of the institution was slow, but steady. At that time its resources had only grown from $512,054.08 to $690,815.39, its deposits had not tripled, the increase being from $133,000 to $317,572.67. Its loans increased in that time only $32,000. The statement of October, 1884, however, shows that there was due from banks as reserve agents, $284,000, indicating that the bank loaned but little money. The statement of 1884 shows a sur- plus of $42,000, and profits of $16,000. During this period of twenty years $342,000 were paid in dividends. During this period but one other national bank was organized in the county, the Burgettstown National Bank, which took out its charter in February, of 1879. Six years later the Citizens' National Bank of Washington was organized with a capital of $100,000.


The charter of the First National Bank was renewed for the second time on October 16th, 1904. During the year 1906 the capital stock of the bank was increased from $150,000 to $400,000, the stockholders being paid a stock dividend of $250,000 out of the earned surplus. The original value of the bank stock, as paid in, was $37.50 and this increased capitalization brought par value up to $100. The bank now has the largest capital stock of any national bank in the county.


An interesting feature of the business policy of this institution is the amount of money paid out in dividends to its stockholders, the total sum from 1836 to 1908 being $1,078,000, or more than the dividends paid by all the other national banks, state banks and trust com- panies in the county combined. The Franklin Bank paid during the period from 1836 to 1864, $252,000; the Na- tional Bank from 1864 to 1884, $342,000, and from 1884 to 1908, $484,000. The National Bank alone has paid in forty-three years, $826,000.


Citizens' National Bank of Washington-The second national bank to be organized in Washington was the Citizens' National. In the "honor roll" of the national banks of the country-that is in the relation of its cap- ital to its surplus it stands, first in Washington, eighth in Pennsylvania, and eleventh in the United States.


The Citizens' National Bank was organized on Sep- tember 15, 1885, with a capital stock of $100,000. Its first board of directors were George W. Roberts, Thomas


.


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HISTORY OF WASHINGTON COUNTY


McKennan, John W. Donnan, J. Allison, F. M. Curry, W. S. Dodd, M. C. Acheson, James M. Miller, R. V. Johnson, J. F. Taylor and L. M. Crothers, while George Roberts as president and N. R. Baker as cashier. In 1886 John W. Donnan was chosen president and he has served consecutively ever since. N. R. Baker is still cashier.


The Citizens' was the third national bank organized in the county. The first statement of this new bank being called for October 1, 1885, showed that the capital had been paid in to the amount of $65,930; its profits were $372.24, and it had deposits to the amount of $25,864.34 and total resources of $92,426.43. A comparison of this statement with the one issued by the bank, July 15, 1908, illustrates how a progressive institution of this char- acter has increased and why it has become such a pow- erful factor in the business development and resources of this county.


When the Citizens' National Bank was organized Washington was still a small country town and the pros- pects for another national bank doing a big business were not flattering. The institution began in a small way to receive deposits of the people and became a factor for the accomodation of the merchants and for the encouragement of manufacturing and industrial en- terprises. Shortly after its organization oil was struck in Washington County and the town enjoyed a lively boom. Money was plentiful and investments were being made by all those who could secure money to be placed in the oil business. The Citizens' National Bank was largely instrumental in assisting the oil men in pros- pecting and building up this industry. Its stock is worth over $600, according to book value.


The businesslike administration which has controlled its affairs is shown in the strides the bank has taken during nearly twenty-three years of its existence. In 1890 its resources were $730,000; its surplus, $52,000; . deposits, $550,000, and investments, $547,000. During the depression of 1893 to 1895 there was a falling off in deposits and a slight increase in loans and investments, while its surplus and profits had almost doubled.


The most remarkable period in the history of the institution has been during the last thirteen years. Its resources increased to $1,305,000 in 1900 and reached $3,500,000 in 1908. In 1902 $100,000 was added to its capital and $300,000 to the surplus, in addition to the amount which had been added to the surplus from the earnings of the bank. The surplus and profits in 1900 were $194,000, while today they are over $1,000,000. Its deposits have grown in eight years from $980,000 to nearly $3,000,000. Its loans and investments are over $3,500,000.


Trust Companies-In the almost one hundred years of banking in Washington the Trust Companies occupy


but a limited period, although their operations in recent years is no small part of the total business which has been transacted by all the banks from the earliest time. These institutions are chartered by the State of Penn- sylvania, and besides doing a general banking business, act as trustee, executor and administrator of estates, trustee of accounts and in other fiduciary capacities. The savings department of the Trust companies have also been an important factor in the business of the com- munity. The first Trust Company established, as stated in the history of the Washington banks, was the Title Guarantee & Trust Company. It is continued today in the Washington Trust Company, being under that name as a consolidated institution since May 26, 1902.


The Washington Trust Company is the largest financial institution in Washington County and ranks among the largest in the State of Pennsylvania outside of Pitts- burg and Philadelphia. This consolidated institution is the outgrowth of the first savings bank which was started in Washington, the Dime Savings Institution, afterward merged with the Title Guarantee and Trust Company. The old Washington Trust Company having absorbed the business of the Farmers' & Mechanics' National Bank, these two trust companies united, forming the present Washington Trust Company. The company owns the largest building in the county, a six-story structure which graces the corner of Main and Beau streets, just opposite the court house. The commodious and elegantly furnished rooms of this company, which is on the corner, is surpassed by but few institutions of this character in the State.


The Washington Trust Company has a capital of $500,- 000 and a surplus of $700,000. It has added to its different departments for the accomodation of the public and is now doing on an extensive scale all those things which pertain to an up-to-date and progressive institu- tion of this character.


Its officers are: John W. Donnan, president; W. R. McIlvaine, vice president; A. C. Warne, treasurer.


The Union Trust Company of Washington was or- ganized in the year 1902 to meet the wants of the rapidly increasing growth of business in the upper end of the town. The institution is the owner of its own banking building, located at Nos. 84 and 86, North Main street, a substantial three-story brick and granite front building, with banking rooms which for convenience and security are not excelled. This building, besides giving such ex- cellent accomodations to the company, forms an avail- able asset for the stockholders and customers.


At the end of the year 1907 the company had a paid- up capital of $492,800 and surplus fund of $155,000 and (after deducting the regular dividend) an undivided profit account of $29,049.93, making a total capital, surplus and undivided profits of $676,849.93. After


TOWN HALL, WASHINGTON


WASHINGTON COUNTY'S OLD COURT HOUSE (Erected 1841; Removed 1898)


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FIFTH WARD SCHOOL, WASHINGTON


WASHINGTON COUNTY COURT HOUSE, WASHINGTON


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HISTORY OF WASHINGTON COUNTY


the company had been in operation for something over one year it began to pay dividends to its stockholders, believing that it was better that the stockholders should receive an immediate benefit from their investment rather than there should be an accumulation of large surplus. During the year 1907 the company paid dividends of $19,712, and it has paid altogether in dividends $78,678, which has been distributed amongst its stockholders, most of whom reside in this community.


The officers of the institution are as follows: John H. Murdoch, president; John W. Hallam, vice-president ; James Boyle, secretary and treasurer; A. M. Linn, so- licitor; Ed. L. Foster, real estate officer.


The Real Estate Trust Company of Washington, which opened for business June 16, 1902, is rapidly taking its place among the foremost financial institutions of the county. The bank has, during its past two or three years, built up a strong financial enterprise.


The company has a capital of $200,000 and a surplus of $175,000 and is now paying 8 per cent dividends to its stockholders.


It has each year increased its total deposits and its earnings. The following are officers: T. Jeff Duncan, president ; Charles A. Bumpus, vice-president; R. S. Win- ters, secretary and treasurer; T. F. Birch, solicitor.


Building and loan associations have been of great help in building up the town of Washington. By monthly payments many families have obtained homes and many merchants, clerks and others found a ready way to save monthly and accumulate funds rapidly and safely.


The Washington Building and Loan Association was organized June 10, 1874; the Mechanics' Building and Loan Association in 1875; the Mutual was incorporated in 1887.


The next year the Peoples' was formed and it was followed the next year following by the Progressive Per- petual Building and Loan Association.


The County Association was chartered in 1896; the Relief in 1898, and the Industrial in 1899. These three last named are still in existence.


Washington County Fire Insurance Company-By special act of Legislature, approved April 1, 1837, the Washington County Fire Insurance Company was in- corporated, its incorporators being Daniel Moore, Alex- ander Reed, William Hunter, Robert Officer, Samuel Mur- doch, John K. Wilson, Samuel Hazlett, James Stevens, William Smith, John Dagg, T. M. T. McKennan, Thomas McGiffin and Jacob Slagle. The company was not fully organized until July 5, 1847, when Colin M. Reed was elected president and John K. Wilson, secretary.


The charter of the company having expired by limi- tation of time, an application was made to the court of common pleas in November, 1873, under the general


act of 1856 and a new charter was granted to the com- pany under the name of The Washington County Fire Insurance Company.


The company is a purely mutual company, but by the terms of its charter is allowed also to write insurance upon the payment of premiums. The business of the company has been largely confined to Washington Coun- ty, although by its charter authorized to do business throughout the State or elsewhere under proper legal restrictions.


The larger part of the insurance done by the company has been and is still placed on farm buildings where the risk of loss is at a minimum and where the rate can be correspondingly low, and this has proven a great benefit and source of profit to the farming community. The company's business, however, is not restricted to farm property as it carries many risks on town properties.


The Pittsburg Life and Trust Company was organized partly by Washington men and its president, William C. Baldwin, was for years a resident of Washington. Among the others connected with it were John H. Murdoch and James K. Mitchell. This company in 1900 took over the Security Life and Trust Company, and recently the Washington Life Insurance Company of New York. The company now has 43,000 policy holders, outstanding busi- ness to the amount of $75,000,000; $4,500,000 income per year; a capital of $1,000,000 dollars. It stands twenty-second in regard to income among the two hun- dred insurance companies of the United States. Its chief office is now in Pittsburg, Pa.


The first newspaper to be established in Washington was the Western "Telegraph" and Washington "Ad- vertiser." The first copy was printed August 17, 1795. This paper was owned and edited by John Colerick, Will- iam Hunter and W. H. Beaumont. Colerick purchased his partners' shares in the business on May 17, 1797 and continued the publication until about 1807 when Alexander Armstrong became editor. The paper lasted until about the year 1811.


The "Herald of Liberty" was established in 1798 by John Israel.


The Washington "Reporter" was established on the 15th of August, 1808, and enjoys the distinction of being one of the sixty newspapers of the United States that have reached the age of 100 years. The paper was first issued by William Sample and William B. Brown, brothers-in-law, from an office situated where the Siegel Hotel now stands. After many changes the "Reporter" located in its present brick building constructed on purpose for the plant in the rear of the First National Bank.


The printers and publishers of this paper during the first year of its existence were Messrs. Sample and Brown. In February, 1810, Mr. Brown retired and Mr. Sample




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