Venango County, Pennsylvania: Her Pioneers and People (Volume 1), Part 36

Author: Babcock, Charles A.
Publication date: 1879
Publisher:
Number of Pages:

USA > Pennsylvania > Venango County > Venango County, Pennsylvania: Her Pioneers and People (Volume 1) > Part 36

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).

EMLENTON

The Emlenton Refining Company .- P. J. Bayer, president ; H. J. Crawford, vice presi- dent ; T. B. Gregory, secretary ; Samuel Mes- ser, treasurer. This refinery is also one of the Venango county manufacturers of Pennsyl- vania crude oil, therefore all its products are good.

The Emlenton Milling Company, Limited, manufactures flour and feed. The mill is equipped with the latest machinery and has a daily capacity of one hundred barrels of flour. It has undoubtedly done away with a good many of the old-fashioned overshot water- wheel gristmills which formerly prevailed over a large section of the county. This is a natu- ral and proper advancement of modern life; it saves the people from eating a good deal of stone dust. George F. Fox is manager of the company.

One point that gives satisfaction to the stu- dent of Venango county manufacturing plants is. that the men employed are all loyal citizens. Inspiring lines of men with banners and with bands turned out early and late to boost a

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needed loan or to celebrate a joyous peace. Many nationalities were represented, but every man was an American in heart and in purpose. For such were the gates of Ellis Island opened,

and for such they will always be ajar! In the new democracy slowly and painfully unfold- ing in the world "all ye are brethren" will be the text most emphasized.

CHAPTER XV

BANKING-FINANCIAL INSTITUTIONS

HISTORY OF THE FRANKLIN BANKS-OIL CITY BANKS - EMLENTON BANKS - CLINTONVILLE - BUILDING AND LOAN ASSOCIATIONS

Upon some pages, forgotten now, the fol- lowing incident is recorded :

Twelve gentlemen were dining together as the guests of one of their number. There was a pause while the table was being cleared for the next course. The host says to his neigh- bor on the right, "Mr. B, I owe you five dol- lars, a little remnant of our business last week, I wish to pay it. Please accept this V, na- tional currency." B replies: "Certainly, al- ways willing to accommodate. I also am re- minded that I am in debt to C, my vis-a-vis, just five dollars. It pleases me to pay him since our host has set the fashion." C also remembers, "since it is the latest dinner game," as he terms it, that he owes D five dollars and more and passes the bill along to him. D in turn passes the note to E "on account," and because he wishes to see "how far the new idea will go." Finally, between courses, well ahead of coffee and cigars, the bill reaches the last man, who sits at A's left and extin- guishes five dollars of K's indebtedness to him. Here the guests became merry, since everyone at the table has now possessed the bill. But L, the last of the twelve, says : "Wait a moment before laughing; Mr. A, I owe you a small balance, more than five. Now take your medicine, return this bill to the orig- inal pocket and produce another receipt for this numerously receipted five-dollar bill. Lastly, Mr. A," continued L, "for I see the question in every face, why did you introduce this novel game?" "The question contains the answer-because it is novel, never heard of it being tried, perhaps it will not be tried again by twelve sedate business men. We've heard of the nimble sixpence. It is always worth while for men advanced in any profes- sion to go back to the first primer of their business and regard again its clumsy pictured

alphabet. Our fiver was a lively one while it lasted. In a few minutes it paid considerable indebtedness."

This incident may have happened. There is nothing impossible in its collocation of facts, even in the idea that of twelve men associated in business, each one may have owed some one of the eleven others five or more dollars. While the possession of the bill apparently did not enrich its brief possessor, it enabled him to pay five dollars upon a debt which rep- resented some service rendered. Service is the basis of wealth.

Currency or the circulating medium is necessary for the transaction and growth of business, both as a standard of value and for the settlement of balances. It does not create business, but it certainly clears the way for its easier and more rapid progress. Ninety- five per cent of the transactions of the country are effected through the credit of banks, the holders of the currency, by the passing of a few memoranda, rather than the counting of hundreds of thousands of currency coin or notes.

HISTORY OF THE FRANKLIN BANKS

THE LAMBERTON NATIONAL BANK OF FRANKLIN, PA., the oldest bank in Venango county, and the largest national bank in the city of Franklin, had its inception before the Civil war in the crude banking business done by the Hon. Robert Lamberton in connection with a general merchandising business, in a building known as the "National Hotel" but now occupied by store rooms, on the corner of Thirteenth and Otter streets. During the early days of the oil excitement some of the citizens of the county found it necessary to have a safe depositary for their money, and

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Mr. Lamberton owning a large safe they would bring it in to him and he would give them credit for it on his store books. That was in 1859. With his characteristic shrewd- ness he saw that the community needed a bank, and when in 1860 he built the old Lam- berton homestead, on the present site of the Y. M. C. A. building, he built a banking room in the corner, where he conducted a regular banking business under the name of R. Lam- berton, Banker. This was the first bank in Venango county. It was conducted until March, 1873, when owing to Mr. Lamberton's failing health he retired and his interests were purchased by his son R. G. Lamberton, C. W. Gilfillan and R. L. Cochran, the latter former- ly cashier of the First National Bank of Franklin. These gentlemen organized The Lamberton Savings Bank, Mr. C. W. Gilfillan being made president, and Mr. R. L. Cochran, cashier. They conducted this bank until 1883, when W. J. Lamberton and Harry Lamberton purchased the interest of R. L. Cochran, and Harry Lamberton became the cashier. About 1887 the owners of the bank found that it had outgrown its facilities and R. G. Lamberton built what was then considered the finest bank- ing room in the county. The bank occupied this new building in the fall of that year. This institution continued as The Lamberton Sav- ings Bank until October, 1899, when the owners, finding the national banking laws at- tractive, organized The Lamberton National Bank of Franklin with a capital of $100,000. C. W. Gilfillan was elected its president, Harry Lamberton its vice president, and W. L. Gilfillan its cashier. At the death of C. W. Gilfillan, in 1901, Harry Lamberton was elected president, and R. G. Lamberton, vice president. In August, 1903, W. L. Gilfillan retired as cashier to accept the position of vice president of The Austin National Bank of Austin, Texas, and Chess Lamberton, who had been assistant cashier, was made cashier. The business of this institution grew to such an extent that in 1910 it purchased its present site on the corner of Thirteenth and Liberty streets and in July, 1912, moved into its pres- ent quarters, which are most modern and elab- orate in every detail and considered the finest bank building in northwestern Pennsylvania. It is really a monument to the name of Lam- berton, which has been synonymous with stability and conservatism in Venango county for more than half a century. From the in- ception of this institution until the present time wisdom has always characterized its policies and during the fifty-eight years of its

existence it has performed its full duty toward its customers, the public, and, in a marked degree, to the progress of Venango county and its material interests. It is emi- nently a safe, reliable banking house, and throughout its long history has never been known to embark in any questionable enter- prise or deviate from the true principles that should govern every institution of this kind. The present officers of the bank are: Presi- dent, Harry Lamberton ; vice president, R. G. Lamberton ; cashier, Chess Lamberton ; assist- ant cashier, George J. Lamberton. These, with L. T. Lamberton, a retired merchant, compose the board of directors. This bank's present capital, surplus and undivided profits are $363,489, and its present total resources are over $2,678,183, showing a gain since July, 1912, when it moved into its new building, of $96,489 in capital, surplus and undivided profits, and of $778,183 in total resources.

THE FIRST NATIONAL BANK of Franklin, Pa., established in 1863, made the following report of its condition at the close of business June 29, 1918:

RESOURCES

Loans and Discounts $ 790,421.25

United States Bonds and Certificates 363,875.00

Other Bonds and Securities 241,495.00

Due from Federal Reserve Bank. 78,897.82

Due from National Banks.

Due from Other Banks and U. S. Treas-

383,495-38

urer 21,000.00

Cash on Hand

50,295.98

Overdrafts 45-73

Real Estate, Furniture and Fixtures 42,500.00

LIABILITIES

$1,972,026.16

Capital Stock

$ 200,000.00

Surplus and Undivided Profits

223,490.38

National Bank Notes Outstanding. 200,000.00

Deposits

1,348,535.78

$1,972,026.16

The present officers of this bank are: Charles Miller, president; H. F. Grant, vice president ; T. W. Officer, cashier ; C. B. Dol- son, assistant cashier ; directors : Charles Mil- ler, T. W. Officer, H. F. Grant, J. French Mil- ler, Bryan H. Osborne, George C. Miller.

THE FRANKLIN TRUST COMPANY was organized in 1901 by Orrin Dubbs Bleakley, who has been its president ever since. One son, Rollin R. Bleakley, is treasurer, and an- other son, Wayne W. Bleakley, is assistant treasurer. The latter, however, although still

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holding this office, is now in the service of the United States government.

From 1883 until about 1900 Orrin D. Bleakley and his brothers carried on the Inter- national Bank, and about 1900 he became the sole owner, purchasing the interest of his brothers. The International Bank was opened in 1868 by James Bleakley, in the building on Liberty street which he had erected in 1849. He had entered the banking business in 1854 in connection with a general merchandise business, and afterward, in 1863, organized the First National Bank of Franklin, of which he was cashier from that time until 1867. He was president of the International Bank, which he started in 1868, and continued as president until his death, Oct. 3, 1883, his sons succeed- ing him.

The Franklin Trust Company was capital- ized upon its organization at $500,000, with a surplus fund of $50,000, and its deposits were less than $500,000. Since that time the sur- plus fund has been increased to exceed $250,- 000, and the deposits have increased to exceed $2,500,000, in addition to which it has a trust business of over $1,000,000. The officers at the present time are: O. D. Bleakley, presi- dent ; Homer C. Crawford, vice president ; Rollin R. Bleakley, vice president and treas- urer : William E. Ross, secretary ; Wayne W. Bleakley, assistant treasurer ; Clyde M. Miller, assistant secretary. The directors comprise the following: O. D. Bleakley, Homer C. Crawford, B. Haskell, E. W. Snook, Dr. J. W. Leadenham, Dr. J. M. Murdoch, Rollin R. Bleakley, Mendal B. Miller, A. J. Sibley, Jacob Sheasley.

THE EXCHANGE BANK of Franklin was established in January, 1871, with John L. Mitchell, president, and P. McGough, cashier, and during the first year its quarters were in the "Exchange Hotel" building, whence : the bank removed to its present location, corner of Liberty and Thirteenth streets. On June 20, 1888, it was incorporated under the State law with a capital of $100,000, and there is now a large surplus. Daniel Grimm, one of the first stockholders in the original estab- lishment, and who became a director shortly after the organization, has been president since Jan. 6, 1912, with George B. Woodburn, vice president; E. K. Myers, cashier; Daniel Grimm, George B. Woodburn, J. Howard Smiley, C. C. Hillier, John F. Leasgang, W. M. Bell, Clayton W. Cone. John L. Nesbit, E. E. Grimm, and G. E. Glines, directors.

The law governing the organization of this

bank applies to all banks of deposit and dis- count doing business under a State charter. As there are two other such banks in the county, a summary of the general provisions of the law as contained in the following state- ment is of interest :

STATEMENT

ORGANIZATION, INDIVIDUAL LIABILITY, DUTIES OF OFFICERS

This Bank was incorporated June 20, 1888, under the provisions of the Act of the General Assembly of the Commonwealth of Pennsylvania, entitled "An Act for the Incorporation and Regulation of Banks of Discount and Deposit," approved May 13, 1876. That Act provides among other things :

"That the stockholders shall be individually re- sponsible for all debts of the corporation to the amount of their stock therein, at the par value thereof, in addition to the par value of such shares." "That on each dividend day the cashier shall make a full, explicit and accurate statement of the condi- tion of the corporation as it shall be on each day previous to the declaring of such dividend to be verified by the oaths of the president and cashier."

This duty has been strictly performed by the cash- ier and president twice every year since the incorpo- ration of the bank, and the full record of such per- formance has been as often laid before the directors and is still preserved for their inspection.

The same statute requires the board of directors to exact from the cashier and all other persons necessary for executing the business of the corpora- tion, bonds, with surety to be approved by the court, conditioned for the faithful performance of their respective duties. Such bonds have been exacted and, the sureties therein having in every instance been approved by the court, have been recorded in the office for recording deeds in Venango County, where they remain for the benefit of all persons interested, whether as shareholders or patrons of the bank.

The by-laws of the bank require the maintenance of a discount committee of three members of the board of directors ; such committee is maintained and meets daily, and by it every application for a loan must be examined and approved or rejected, and a record of such approvals kept.

The statute creating the Banking Department of Pennsylvania requires every bank subject to its su- pervision to make to the Commissioner of Banking not less than two reports during each year, verified by the oath of the cashier, and attested as correct by the signatures of at least three of the directors, exhibiting in detail the resources and liabilities of the corporation at the close of business on any past day specified by the Commissioner, and to publish abstract summaries of such reports in a newspaper at the place where the bank is located.

In addition to the official examination by the State Banking Department, duly made and published, the directors of The Exchange Bank of Franklin, following an established custom, herewith present to its shareholders and patrons the independent re- port, made after a full and careful examination by The Audit Company of New York.

In every particular the officers and directors of The Exchange Bank of Franklin hold to the spirit

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as well as to the letter of the laws that should gov- ern a conservative banking institution; with equal and fair treatment for all, and special favors for none.

The large measure of success, and consequent use- fulness to the community served, attest the pop- ularity with the people of a financial medium which has no favors to ask, nor obligations to discharge other than the faithful administration of its business.

Report of Condition of the EXCHANGE BANK OF FRANKLIN Franklin, Pa., at the close of business June 29, 1918:

RESOURCES

Reserve Fund :

Cash, specie and notes .... .$ 93,878.25 Due from Approved Re-

serve Agents 238,485.58 $ 332,363.83 435.46

Nickels and cents

Checks and cash items.

7,753-34

Due from Banks and Trust Cos., etc., excluding reserve 406.57

Bills discounted :

25,683.30 Upon one name

Bills discounted :

Upon two or more names 90,964.89

Time Loans with collateral 46,680.50

Call loans with collateral

491,095.41

Loans secured by bonds and mortgages

7,001.73

93,047.16

Loans on call: Upon one name ... . . Loans on call: Upon. two or more names

97,644.36

Bonds, stocks, etc. Mortgages and judgments of record ..

378,435.15

Office building and lot

55,000.00

Other real estate.

19,754.25

Furniture and fixtures 2,835.00

Overdrafts 566.15

Other assets not included in above.

5,217.02

Total

$2,248,370.16

LIABILITIES

Capital stock paid in.

$ 100,000.00

Surplus .

300,000.00

Undivided profits, less expenses and taxes paid

54,084.88

Demand deposits :

Deposits subject to

check $ 609,353.27

Certified checks 3,310.21

Cashier's checks out-

standing

17,566.68

Time deposits :

Time certificates of de- posit

620.32

Savings fund deposits .. 1, 144,632.27

1,775,482.75

Due to Banks, Trust Cos., etc., exclud- ing reserve

1,280.03

Dividends unpaid

22.50

Other liabilities not included in above, reserve for interest

17,500.00

Total

$2,248,370.16

State of Pennsylvania, County of Venango, ss : I, E. K. Myers, Cashier of the above named Bank,

do solemnly swear that the above statement is true to the best of my knowledge and belief. (Signed) E. K. MYERS, Cashier. Subscribed and sworn to before me this 6th day of July, 1918. (Signed) MARY B. ECKERT, Notary Public.

Correct-Attest : (Signed) D. GRIMM, W. M. BELL, JOHN L. NESBIT,

Directors.

OIL CITY BANKS

C. V. CULVER'S BANK was the first estab- lished in Oil City. This was in 1861 and the office was placed in charge of John H. Cole- man. It was one of the Culver system, and was afterward merged into the First National Bank.

THE OIL CITY BANK, incorporated in 1864, did a large business for a few years. C. Heyd- rick of Franklin was president, John W. Eddy, cashier. The latter was succeeded by J. B. Candy. It was a bank of issue, and one of the institutions established by C. V. Culver, dur- ing the early period of the oil excitement. The failure of the great banking house of Culver, Penn & Company, of New York, March 27, 1866, forced the suspension of the Oil City Bank, and its doors were not afterward opened.

THE FIRST NATIONAL BANK was organized Nov. 5, 1863, and chartered on Jan. 5th fol- lowing, with a capital of $100,000. William A. Shreve was chosen president, with J. H. Coleman as cashier. The directors were : Wil- liam A. Shreve, William Hasson, J. J. Vander- grift, William Brough, M. La Mont Bagg, William L. Lay, Conrad Reiter, George Corn- wall and William C. Tillson.

The changes in directors have been as fol- lows: 1864, J. H. Coleman, vice Bagg ; 1865, L. E. Beebe and C. M. Titus, vice Reiter and Brough; 1866, W. H. Beers, I. C. Vanhook , and C. Robson, vice Tillson, Coleman and Shreve; 1867-68, A. L. Bennett, vice Vanhook, Beebe and Titus ; 1869, H. I. Beers, vice W. H. Beers; 1870-71, Vandergrift and Lay with- drew ; 1872, L. P. M. Spencer, vice Bennett ; 1873-75, H. M. Choate, vice Spencer; 1876, C. A. Cornen, vice Choate; and from 1877 to 1889 the directorate was unchanged except C. A. Cooper, vice Robson. The directors at present are as follows : William Hasson, James Hasson, William J. Breene, Edmond C. Breene, D. O. Moran.

Mr. Shreve was succeeded as president by

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William Hasson, the present incumbent, Jan. those "possessing surplus and profits in excess 9, 1866.

Up to 1870 the bank was located on Main street, when it was removed to its present location, corner Seneca and Center streets. After the wooden structure was destroyed by fire the present handsome and commodious four-story brick block was erected by the banking company.

Cashiers have succeeded Mr. Coleman in the following order : W. C. Rehren, Jan. 12, 1864; John Walker, Jan. 18, 1865; A. L. Bennett, May 13, 1865; L. P. M. Spencer, April 1, 1872; H. M. Choate, May 9, 1872; James A. Waugh, Aug. 20, 1875; R. C. Beveridge, Dec. 31, 1878; and John M. Berry, Feb. 7, 1885, the present holder of the office.

The present resources and liabilities of the bank are shown by the report at the close of business June 29, 1918:

RESOURCES

Loans and Discounts .$ 66,581.47

Bonds and Securities 269,751.00

Banking House, Furniture and Fixtures.

64,450.00

Redemption Fund

2,500.00

Cash and due from Banks.

404,072.58

$1,407,355.05

LIABILITIES

Capital Stock

$ 100,000.00

Surplus and Undivided Profits

110,237.39

Circulation 50,000.00

Deposits

1,147,117.66

$1,407,355.05

THELAMBERTON NATIONAL BANK of Oil City is the outgrowth of a banking business started in 1862 by Robert Lamberton and his son-in- law, Calvin W. Gilfillan, and operated as the Lamberton Bank of Oil City until reorganized in 1900 under the present title. Upon Robert Lamberton's retirement from the bank, be- cause of ill health, he sold out to C. W. Gil- fillan, R. L. Cochran, and his son, R. G. Lam- berton, the latter being now president; S. H. Lamberton, vice president ; Charles M. Lam- berton, cashier ; E. S. Rugh, assistant cashier ; R. G. Lamberton, S. H. Lamberton, C. M. Lamberton, Chess Lamberton and Harry Lam- berton, directors. Capital, $100,000.

The Lamberton National Bank is a de- positary for State, United States and United States Postal funds. According to the report made Sept. 17, 1917, it has a surplus of over $400,000, circulation of $100,000 and deposits of $3,390,193.74, and a business record which places it among the "Roll of Honor" banks,

of capital, thus giving tangible evidence of strength and security." In points of surplus and undivided profits to capital in the year. 1915 it was first in the city and county, twenty- seventh in the State, and fifty-sixth in the United States. (See notice of merger below.)

Report of Condition of the LAMBERTON NATIONAL BANK

At Oil City, in the State of Pennsylvania, at the close of business on Aug. 31, 1918:

RESOURCES

Loans and discounts

$2,834,849.48

Total loans

$2,834,849.48

Overdrafts, secured,

$1,916.18; unsecured, $2,306.60 4,222.78

U. S. bonds (other than

Liberty Bonds, but in- cluding U. S. certificates of indebtedness) :

U. S. bonds deposited to secure circulation (par value) $ 100,000.00

U. S. bonds and certi- ficates of indebtedness pledged to secure U. S. deposits (par value) .... 10,000.00

U. S. Bonds and certi- ficates owned and un- pledged 100,000.00

210,000.00

Liberty Loan bonds :

Liberty Loan Bonds, 31/2, 4, and 414 per cent, un- pledged 18,000.00

18,000.00

Bonds, securities, etc.,

(other than U. S.) :

Bonds other than U. S. bonds pledged to secure postal savings deposits

5,000.00

Securities other than U.

S. bonds (not including stocks) owned un-

pledged

14,892.25

Total bonds, securities, etc., other than U. S.

19,892.25

Stock of Federal Reserve Bank (50 per cent of subscription)

9,000.00

Furniture and fixtures.

18,000.00

Real estate owned other than banking house .... Lawful reserve with 1,100.00 Federal Reserve Bank .. 177,866.54

Cash in vault and net amounts due from na- tional Banks 589,148.11

Net amounts due from banks, bankers, and trust companies 262.40

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Checks on other banks in the same city or town as reporting bank ...... Checks on banks located outside of city or town of reporting bank and other cash items .. Redemption fund with U. S. Treasurer and due from U. S. Treasurer .. War Savings Certificates and Thrift Stamps ac- tually owned

$ 3,963.98

7,541.45

5,000.00

1,460.45

$3,900,307.44

LIABILITIES

Capital stock paid in. .. Surplus fund (earned) ... Undivided profits (earned) $ 236,095.36 Less current expenses, in- terest and taxes paid .. 19,164-30

$ 100,000.00 200,000.00

Circulating notes out- standing

98,500.00

Amount due to Federal Reserve Bank

152.57

Net amounts due to Na- tional banks

917.48

banks 917.48

Demand deposits (other than bank deposits) subject to Reserve (de- posits payable within 30 days) :

Individual deposits sub- ject to check.

Certified checks

Total of demand de- posits subject to Re- serve

880,545.06

Time deposits subject to Reserve (payable after 30 days, or subject to 30 days or more notice, and postal savings) :

Certificates of deposit (other than for money borrowed)

Postal Savings Deposits. Other time deposits ..... Total of time deposits subject to Reserve ..... 2,393,261.27 United States deposits (other than postal sav- ings) :

881,848.31 3,753.66 1,507,659.30

Other United States de- posits, including de- posits of U. S. disburs- ing officers 10,000.00

10,000.00

Total

$3,900,307.44

State of Pennsylvania, County of Venango, ss : I, C. M. Lamberton, Cashier of the above-named 12

bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. C. M. LAMBERTON, Cashier. Correct-Attest : ROBT. LAMBERTON, S. H. LAMBERTON, CHESS LAMBERTON, Directors. Subscribed and sworn to before me this 5th day of September, 1918.

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Venango County, Pennsylvania: Her Pioneers and People (Volume 1), Part 36

Author: Babcock, Charles A. Publication date: 1879 Publisher: Number of Pages:

Author: Babcock, Charles A.
Publication date: 1879
Publisher:
Number of Pages: