USA > Pennsylvania > Venango County > Venango County, Pennsylvania: Her Pioneers and People (Volume 1) > Part 37
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JOHN M. McGILL, Notary Public.
THE OIL CITY NATIONAL BANK was started Aug. 15, 1865, as the Oil City Savings Bank, with George W. Cochran as president. His successors have been William Thompson, John Mawhinney, William Parker, Amos P. Dale, H. H. Stephenson, George W. Parker and George N. Reed, who has been president since 1913. H. G. Rush and W. O. Innis are the vice presidents ; Fred C. McGill, cashier; J. B. Crawford, W. Raymond Cross, H. H. James, W. O. Platt, E. W. Chase, Edward Sieder- man, H. H. Stephenson and H. J. Crawford, directors. Associated with Mr. Cochran in the organization were T. B. Porteous, James Miller, William Parker, W. J. Kountz, Wil- liam Phillips, W. B. Riddle, John Mawhinney and William Thompson. S. D. Herron was the first cashier, resigning shortly afterward, when H. H. Stephenson took the position, holding it for thirty-eight years, until he be- came president. He served in that capacity until 1911, and has since been a director. The bank was reorganized under its present title Jan. 1, 1900. Original capital, $80,000; present capital, $100,000. It occupies its own building at the corner of Elm and Center streets, ac- quiring the site about 1874. It was originally located on . Main street, near Bridge street, moving thence to quarters in Wurster meat market building on Main street before coming to the present location. (See notice of merger below.)
Report of Condition of the OIL CITY NATIONAL BANK .
At Oil City, in the State of Pennsylvania, at the close of business on Aug. 31, 1918:
RESOURCES
Loans and discounts.
$1,169,878.22
Deduct :
Notes and bills redis-
counted (other than
bank acceptances sold)
155.455.07
Overdrafts, unsecured ...
$1,014,423.15
69.70
Digitized by Google
879,021.89
1,523.17
Total of Items du
216,931.06
Total
178
VENANGO COUNTY, PENNSYLVANIA
U. S. bonds (other than Liberty Bonds, but in- cluding U. S. certi- ficates 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) ... 80,000.00 U. S. bonds and certi- ficates of indebtedness owned and unpledged .. 30,000.00
Amount reserved for all interest accrued Circulating notes out- standing Net amounts due to Na- tional banks 2,738.75
$ 2,129.50 99,100.00
Net amounts due to banks, bankers, and trust com- panies 23,537.96
$ 26.276.71
Liberty Loan bonds : Liberty Loan Bonds, 31/2, 4 and 414 per cent, un- pledged
44,550.00
Certificates of deposit due in less than 30 days .... Certified checks Cashier's checks outstand- ing
102,000.00 50.00
Liberty Loan Bonds, 31/2, 4 and 414 per cent, pledged to secure State or other deposits or bills payable Bonds, securities, etc., (other than U. S.) : Bonds (other than U. S. bonds) pledged to se- cure postal savings de- posits
44,550.00
Dividends unpaid Total demand deposits (other than bank de- posits) subject to Re- serve
923,985.78
Stocks, other than Federal Reserve Bank stock .... Stock of Federal Reserve Bank (50 per cent of subscription ) Value of banking house .. Furniture and fixtures ... Lawful reserve with Fed- eral Reserve Bank .... Cash in vault and net amounts due from na- tional banks
4,950.00
19,000.00
2,249.70
319,212.44
143,307.09
Net amounts due from banks, bankers, and trust companies
28,665.60
Total
$1,578,002.16
Checks on other banks in the same city or town as reporting bank
7,914.27
119,669.65
Total of above Items .. 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
1,023.36
5,000.00
Other assets, if any.
4,703.52 981.85
Total
$1,578,002.16
LIABILITIES
Capital stock paid in ..... Surplus fund
$ 100,000.00 65,000.00
Undivided profits ........ $ 31,628.27
Less current expenses, in- terest, and taxes paid .. 7,205.54
24,422.73
State of Pennsylvania, County of Venango, ss : I, Fred C. McGill, Cashier of the above-named bank. do solemnly swear that the above statement is true to the best of my knowledge and belief. FRED C. McGILL, Cashier. Correct-Attest : GEO. N. REED, W. O. PLATT, RAYMOND CROSS, Directors.
Subscribed and sworn to before me this 6th day of September, 1918. HAROLD T. PARKER, Notary Public. My commission expires March 9, 1919.
THE OIL CITY TRUST COMPANY commenced business Nov. 1, 1871, in the Love block (now the Opera House) at the head of Center street, with a capital of $90,000, and the following officers: George V. Forman, president ; Henry L. Davis, cashier; directors, George V. For- man, J. J. Vandergrift, J. J. Lawrence, O. B.
Digitized by Google
4,974.14
3,100.00
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 .... United States deposits (other than postal sav- ings) : War loan deposit account Liabilities other than those above stated
104,518.27 1,691.75 213,002.42
83,089.78
16,000.00
1,875.00
$210,000.00
Total of above Items .. Demand deposits (other than bank deposits) sub -. ject to Reserve (deposits payable within 30 days) : Individual deposits subject to check
820,249.78
1,676.00 10.00
179
VENANGO COUNTY, PENNSYLVANIA
Goodwin, J. M. Pitcairn, Jr., Peter Schreiber, Charles F. Thumm, J. R. Campbell, Henry L. Davis.
This bank took a leading place in business as soon as it was opened, and in the first two or three years of its existence had forged ahead of the older banks in the city. In 1873 Henry L. Davis resigned as cashier to accept a posi- tion in Philadelphia, and was succeeded by W. M. Rolph, acting cashier, and then by W. J. Young, cashier. During 1873 the Trust Com- pany moved from the Love block to its own building at the corner of Seneca and Syca- more streets, which it now occupies. At this time the officers were: George V. Forman, president ; J. J. Vandergrift, vice president ; W. J. Young, cashier.
In 1880 Mr. Forman moved from Oil City and S. T. Vandergrift was elected president ; W. J. Young, vice president; George H. Moor- head, cashier; Charles M. Loomis, teller.
Until 1883 the bank was operated as a part- nership, but in that year secured a charter as a State bank under the laws of Pennsylvania. The capital then was $150,000; surplus, $24,000; deposits, $118,000. Officers: W. J. Young, president; W. J. Hulings, vice presi- dent ; A. B. Davitt, cashier; directors, M. Geary, T. A. Mclaughlin, W. J. Hulings, J. R. Campbell, M. Lowentritt, J. J. Vandergrift, George P. Hukill, W. J. Young.
In 1884 Charles M. Loomis succeeded Mr. Davitt as cashier, and held office until he died in 1905.
On Jan. 12, 1892, Joseph Seep was elected president and continues to hold said office at this date (1918). On the same date M. Lowentritt was elected to the office of vice president, and held same until he died in 1899. On June 30, 1899, George Lewis was elected vice president to succeed M. Lowentritt, and held said office until his death, in 1912.
On Jan. 14, 1905, H. R. Merritt was elected secretary and treasurer to succeed Charles M. Loomis, deceased.
On June 1, 1907, the company moved into improved and enlarged quarters at the same location.
On Jan. 14, 1913, the list of officers elected consisted of Joseph Seep, president; D. T. Borland and H. R. Merritt, vice presidents ; Frederick Fair, treasurer ; A. K. Helle, assist- ant treasurer; and these officers are in charge of the affairs of the company at present writ- ing.
.The Oil City Trust Company continues to be one of the largest and strongest financial
institutions in northwestern Pennsylvania, and their statement of Sept. 21, 1918 (report of the Commissioner of Banking) shows the fol- lowing :
RESOURCES
Time Loans
$3,930,911.64 55,000.00
Real Estate
Furniture and Fixtures
1.00
Stocks and Bonds .$2,375,981.02
Demand Loans 1,411,317.41
Overdrafts
14.68
Cash and Exchange.
1,017,738.44
Total Quick Assets
4,805,051.55
Total
$8,790,964.19
Trust Funds not included
in above
$2,234,310.77
LIABILITIES
Capital, Surplus and Profits $1,376,874.65
U. S. Bond Account.
300,000.00
Reserved and Unearned Interest. 99,014.59
U. S. Govt. and Other Deposits 7,015,074.95
Total
$8,790,964.19
Corporate Trusts $2,480,000.00
F. W. MITCHELL & COMPANY, a private banking house, was composed, at its organiza- tion, Nov. 3, 1873, of three partners, F. W. Mitchell, George V. Forman and T. H. Steel. Its capital was $50,000. Their building at the corner of Sycamore and Elm streets has been the location from the first. The only changes in business occurred in 1875, when Mr. For- man withdrew, and in 1882, when Mr. W. H. Wise became a partner, and the increase in capital on July 31, 1877, to $100,000. Mr. Steel was cashier from its organization. This bank enjoyed a high degree of prosperity for a num- ber of years. It was regarded as one of the safest and soundest of like institutions in the county. In the nineties, the firm withdrew from the banking business in this city.
THE CITIZENS BANKING COMPANY was organized in 1902 with the following officers : President, H. M. Nichols; cashier, N. L. Free- man; assistant cashier, W. C. Ferry ; directors, H. M. Nichols, W. J. Magee, John D. Rynd, D. K. Johnston, H. A. Downs, Dr. August . Morck, Henry McSweeney. This is a bank of deposit and discount, operated under a State charter. It is located at the corner of State and First streets.
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VENANGO COUNTY, PENNSYLVANIA
Report of the Condition of CITIZENS BANKING COMPANY
Oil City, Venango County, Pa., at the close of busi- ness Sept. 21, 1918:
RESOURCES
Reserve Fund :
Cash, specie and notes. .. $ 63,408.00
Due from approved reserve agents 164,131.61
$ 227,539.61 359.48
Checks and cash items.
2,834.80
Bills discounted :
Upon one name
106,063.69
Upon two or more names
144,879.58
Time loans with collateral.
123,587.74
Call loans with collateral.
123,587.74
Loans secured by bonds and mortgages Loans on call :
53,700.00
Upon one name
191,797.88
Upon two or more names
219,711.83
Bonds, stock, etc.
147,506.65
Other real estate
6,750.00
Furniture and fixtures
12,998.00
Overdrafts
2,870.22
Total
$1,313,291.83
LIABILITIES
Capital stock paid in cash
$ 100,000.00
Surplus
25,000.00
Undivided profits, less expenses and taxes paid
34,520.92
Demand Deposits :
Deposits subject to check. . $391,830.52
Deposits, Commonwealth of Pa.
15,000.00
Certified checks
216.04
Cashier's checks outstand-
ing
5,713.43
Time Deposits :
Time certificates of deposit 52,121.75
Savings fund deposits ..... 688,889.17
741,010.92
Total
$1,313,291.83
State of Pennsylvania, County of Venango, ss :
I, W. L. Freeman, Cashier of the above named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. (Signed) W. L. FREEMAN, Cashier. Subscribed and sworn to before me this 26th day of September.
(Signed)
ELIZABETH MULLIGAN, Notary Public.
My commission expires Feb. 19, 1921.
(Signed)
H. M. NICHOLS, AUGUST MORCK, JOHN D. RYND, Directors.
The bank officials of the Lamberton National Bank and the Oil City National Bank have recently announced a merger of the two
institutions, the new bank to be known as the Oil City National Bank and to occupy the present quarters of the Lamberton National Bank. It will conduct a trust department, which is now permitted by the law governing national banks. There will thus be three classes of customers appealed to by the new institution. The Lamberton was made a national bank in 1900, and since that time its assets have grown from three fourths of a million to five and one fourth million dollars. Since 1899, when the Oil City National took over the business of the Oil City Savings Bank, its resources have increased from $380,000 to $1,800,000. It also shows a growth of more than sixty-five per cent during the last two years. The directors of the Lamberton National Bank and the Oil City National Bank are, respectively: R. G. Lamberton, S. H. Lamberton, C. M. Lamberton, Harry Lamber- ton; and George N. Reed, H. G. Rush, W. O. Innis, H. H. James, Raymond Cross, H. J. Crawford, W. O. Platt, E. W. Chase, Ed. Siederman, J. B. Crawford.
The new bank will have great financial strength and the good will of the community, since all its directors are men of the highest standing. The only regret is that there will be the passing of the name "Lamberton Bank." But the Lambertons who made the bank what it is will remain, and their influence will con- tinue. R. G. Lamberton and S. H. Lamber- ton have been associated with the bank both before and since it became a national bank, for a half century. C. M. Lamberton, who has been the cashier of the Oil City Lamber- ton National Bank since it was chartered, Aug. 31, 1900, will also remain. Owning one third of the capital stock, his interests and those of the bank were identical. His position brought him into close relations with the public, where his personality counted. His management has been careful, and his desire to be of real serv- ice to the public has made hosts of friends for the institution, and undoubtedly constituted a chief factor in the remarkable increase of the bank's assets in the last nineteen years. The same ideals and the friendly policies which have characterized both of these banks in the past will be extended into the future by the new institution.
EMLENTON BANKS
THE EMLENTON BANK was organized on July 23, 1873, by the following parties, who were its first directors: Messrs. James Ben- nett, Marcus Hulings, Robert W. Porterfield,
Digitized by Google
----
1
412,759.99
Nickels and cents
181
VENANGO COUNTY, PENNSYLVANIA
Henry E. Bradley, James W. Rowland, R. L. Cochran and C. H. Vanschaick, at this time as a State bank. The first officers were : James Bennett, president; Marcus Hulings, vice president ; James W. Rowland, cashier. The capital stock was $10,000. The bank was made a national bank on Aug. 3, 1891, with the following gentlemen as its first board of directors : James Bennett, J. M. Dickey, M. C. Treat, Ebin Crawford and James W. Row- land, with James Bennett as president, J. M. Dickey, vice president, and James W. Row- land, cashier. The original capital of the na- tional bank was $50,000, which was later in- creased to $100,000.
This is perhaps the most remarkable bank in the country, considering the size of the town and the amount of the bank's resources. The population of Emlenton in 1910. was I,IIO; deposits, $1,580,624.12, would average $1,414.98 for each inhabitant, with another strong bank to hear from. Its present officers are: H. J. Crawford, president; S. W. Phil- lips and T. B. Gregory, vice presidents ; H. M. Lynn, cashier; C. C. King, assistant cashier ; directors, H. J. Crawford, S. W. Phillips, Harry Heasley, T. B. Gregory, H. B. Mitchell. The condensed statement of the bank's condi- tion, March 4, 1918, shows :
RESOURCES
Loans and Discounts .$1,327,640.05
U. S. Bonds, Securities, etc.
316,029.00
Real Estate, Furniture and Fixtures
18,000.00
Cash and Due from Banks
316,309.55
Due from U. S. Treasurer
5,000.00
$1,982,978.60
LIABILITIES
Capital Stock
$ 100,000.00
Surplus and Profits
203,454.48
Circulation
98,900.00
Deposits
1,580,624.12
$1,982,978.60
THE FARMERS' NATIONAL BANK of Emlen- ton was organized in 1900, with J. A. Weller, president ; J. M. Grant, vice president ; H. J. Slicker, vice president; F. L. Bottomfield, cashier; R. H. Perrine, assistant cashier. The capital is $50,000; surplus, $5,000; undivided profits, $13,000; deposits, $326,000 : loans and discounts, $198,000; U. S. Bonds, $50,000; other bonds and securities, $77,000; due from other banks, $45,000; cash on hand, $19,000. The large amount of deposits is abundant evi- dence of the confidence of the people in the stability of this bank. It also combines the
statement, implied above, that Emlenton is a large place, financially.
CLINTONVILLE
THE PEOPLES NATIONAL BANK of Clinton- ville was organized in 1908, when George A. Rumsey, of Clintonville, became president, and he has continued to be the head of the institution ever since. Assisting him in the organization were T. B. Gregory, H. J. Craw- ford, George W. Crawford, M. J. Mckinley, S. W. Phillips and C. E. Crawford, all still members of the board of directors except C. E. Crawford, who died in 1917. He was also vice president, an office now filled by H. J. Crawford. James A. Lawson, the original cashier, was succeeded by James S. Forbes in 1916 and both are members of the board of directors. Mr. Harry Heasley is one of the stockholders, who for the most part are Emlen- ton men and well versed in financial opera- tions, conducting eight or ten banks in this part of the State. The Peoples National Bank occupies the building formerly used by the old Clinton Bank of the late Thomas McKee, which was founded in 1877, and which became a national bank in 1902. The First National Bank closed business in 1908, and the Peoples National bought the banking house from the government. Mr. Rumsey and his associates have placed the business of the bank upon a sound basis. The capital is $25,000, but the de- posits exceed three hundred thousand dollars, a condition which testifies fully to the standing of the bank in the community. The directors have thorough faith in the good judgment and ability of their president, and he has en- deavored to justify their confidence in him by the most careful consideration of every matter submitted to him. The details of the business are ably handled by J. S. Forbes, cashier, and his assistant, Miss Mary Cross. The con- densed statement of condition on June 29, 1918, follows, which should be supplemented with the information that the deposits have shown a handsome increase since :
RESOURCES
Loans and Discounts
$291,096.95
U. S. Bonds
24,700.00
Banking House, Furniture and Fixtures .. 3,000.00
Cash and Due from Banks.
62,507.31
Due from U. S. Treasurer 1,100.00
$382,404.26
LIABILITIES
Capital
$ 25,000.00
Surplus
20,000.00
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182
VENANGO COUNTY, PENNSYLVANIA
Undivided Profits Circulation
7,598.12 $
22,000.00
Deposits
307,806.14
$382,404.26
BUILDING AND LOAN ASSOCIATIONS
Oil City has three. The Citizens Savings and Loan Association, authorized capital $10,000,- 000 in shares of $200 each, holds meetings at the Oil City Trust Company the third Monday of each month, from six-thirty to nine P. M. ; or payments can be made at any time at the Oil City Trust Company, for credit of the asso- ciation. President, B. H. Carnahan ; vice pres- ident, Ludwig Meyer; treasurer, A. K. Helle; secretary, E. W. Egan ; solicitor, F. W. Hays ; auditor, H. A. Brewster ; directors, J. T. Egan, F. F. Brundage, Joseph Levi, D. T. Borland, W. W. Holt, F. W. Hays, H. R. Merritt, J. G. Skelly, W. K. Borland; finance committee, Joseph Levi, E. W. Egan.
Home Savings and Loan Association, cap- ital, $10,000,000, shares $100 each, meets at the office of J. R. Gates Sons on the 20th of each month, from seven to nine P. M .; or payments may be made at any time to the Citizens Bank- ing Company, for credit of the association.
President, E. V. D. Selden ; vice president, W. S. McCuen ; treasurer, M. S. Gates ; secretary, Frank P. Thompson; solicitor, Harold T. Parker.
People's Building and Loan Association meets in the Oil City National Bank building on the second Monday of each month, six- thirty to nine P. M .; payments may be made at any time to the Oil City National Bank or Citizens Banking Company, for credit of the association. President, William G. Heerlein ; vice president, Henry G. Walter; treasurer. John G. Stephenson; secretary, Wilmer I. Rehr; auditor, T. J. Callanan. The capital stock of this association shall not exceed five thousand shares of $200 each. The stock shall be issued semi-annually, in April and October, in such amounts as the board of man- agers shall determine.
In Franklin there is one such organization, the Venango Building and Loan .Association, Liberty and Twelfth streets, which meets at the First National Bank building on the first Monday of each month, seven-thirty P. M. President, Robert F. Glenn; vice president, F. W. Officer ; secretary, Nathan Evans ; treas- urer. E. E. Bleakley ; auditor, T. B. Salter.
CHAPTER XVI
AGRICULTURE-HORTICULTURE
POSSIBILITIES IN VENANGO COUNTY-SOME NOTABLE FARMS-FARM BUREAU-THRIVING VEN- TURES-AGRICULTURAL SOCIETIES AND FAIRS-FRANKLIN CENTENNIAL-RECENT EXHIBITS -PATRONS OF HUSBANDRY-HARVEST HOME ASSOCIATION
The development of agriculture in Venango county, and the sentiment which accompanies it, is one of the most notable features of the present day. It is not so many years ago that the farm boy looked with longing eyes toward the town, and back with something akin to dismay and dislike upon the pastures and fields in which his father's herds fed and had to be milked. The man with the hoe was a pitiable figure, but the boy who felt that life was just one prolonged row to hoe was at times tragic in his bewilderment. To him the sunrise and the sunset meant little beyond the tasks which they would shine down on and upon the never- ending round of toil. That in a few years this reluctant and uninterested youth would be
returning from courses given at institutions provided by a wise State and would fall to his work with enthusiastic appreciation of its merits, its delights and its rewards, is to-day an accomplished fact. Agriculture, which lies at the foundation of all life, is no longer ac- counted the device for compelling reluctant men to go on year after year with little to reward them for their hard work and its pri- vations. The scientific courses now so gener- ally taken by young men who expect to en- gage in farming as a profession, as others turn to law and gospel and medicine, have rendered a service to humanity that is to-day being ap- preciated the world over.
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183
VENANGO COUNTY, PENNSYLVANIA
POSSIBILITIES IN VENANGO COUNTY
Venango county never was so in earnest as now in the problems of farming and intensive gardening. It never had such fine examples of success. The county to-day faces this condi- tion : The inhabitants outside the cities hav- ing stripped off the timber which required many centuries to grow, and having practically used up ninety-five per cent of the iron, oil, gas and coal which were produced in past geo- logic ages, now have simply the land left. This condition is, however, full of hope rather than of discouragement. The manufacturing in- terests of the two cities of the county have attained a marvelous development. They are sending their output to all parts of the world, so that the sun shines always on machinery manufactured in Oil City and in Franklin. The mechanics in the county furnish the best market possible, for the reason that it is the nearest market, and one that is capable of pay- ing spot cash for everything that can be pro- duced in the county. There is much good soil in Venango. The difficulty has been in its poor treatment and the lack of understanding of its possibilities and of its defects. This is being gradually overcome by the spread of scientific knowledge, both by the students of the colleges and the practical demonstrations which for a few years past have been con- ducted on so large a scale that they are now famous in many other aspiring counties. It must be thoroughly understood that agricul- ture must support all other activities and em- ployments. The objection is frequently made that the land is poor, but it can be improved, and, in fact, be made to produce better and larger crops from year to year. This is proved historically, for the best land in the world is that which has been cultivated the longest, and has been cropped as often as possible. Actu- ally, agriculture is the only art in which more and more can be taken from the source of sup- ply and still leave the source stronger and more productive than before. There are innumer- able cases on record in which a good farmer has bought so-called poor land, supported him- self and family for years upon it, and then sold it for a much higher price than he gave for it ; afterward buying larger farms until he became a farm baron. A superstition oppresses the mind of man that land may become worn out. exhausted and useless. This is worse in its immediate effect than a belief in ghosts. As a matter of fact plants do not grow out of the soil-they do not take much from it. They may be said rather to grow from the air, and
the soil is just a resting place for the roots. The soil water, being supplied with certain manures and fertilizers, absorbs the gases upon which the plants feed, provided the soil is kept in the right degree of fineness about the roots. No roots will grow in chunks of dirt. Some of the best land in Venango coun- ty exhibits a sad spectacle on account of the poor treatment it has received. Riding through some of the finest land that can be found any- where, we find farm after farm that has the appearance of being abandoned. The build- ings are run down and dilapidated, level fields exhibiting their fertility by showing immense crops of weeds. The owners may resemble the old gentleman spoken of in another chap- ter, who thought "farmin' was too slow," and have gone afar to seek sudden riches, neglect- ing their "acres of diamonds" which might be found in fields of potatoes, grain or corn. In the French Creek valley there are lands that have produced as many bushels of corn to the acre as any of the famous prairie lands of the West. Hundreds of such acres lie . unim- proved in this county. When a proper amount of thought is given to their improvement this condition will be changed.
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