USA > Washington > Standard history of the city of Washington from a study of the original sources > Part 48
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The Merchants' National Bank was organized in September, 1864, with William Bayne as president, and L. Huyck, cashier. In March, 1866, this bank became involved with a Baltimore firm which failed, the result of which was that the bank itself was discontinued.
The National Bank of the Metropolis was organized in 1865, was located at No. 452 Fifteenth Street, opposite the Treasury, and went into liquidation the latter part of the year 1868.
The National Bank of the Republic, of Washington, was organized in 1865. It purchased the property of the old Patriotic Bank, of Washington, located at the southwest corner of Seventh and D Streets. The National Bank of the Republic went into the hands of a receiver August 11, 1897, for the purpose of liquidation. This action was due primarily to the death of George Lemmon, chief owner of the institution, and the un- willingness of the directors to assume the risk of carrying on the bank. The Lemmon interest in the bank was purchased in
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the liquidation proceedings by S. W. Woodward and E. South- ard Parker.
The Freedman's Savings and Trust Company was incor- porated by an act of Congress approved March 3, 1865, with fifty incorporators. The object of the incorporation was to receive on deposit such sums of money as might be, from time to time, offered by or on behalf of persons previously held in slavery, or their descendants, and to invest them in stocks, - bonds, Treasury notes, or other securities of the United States. The books of the company were to be open to inspection to such persons as Congress should appoint.
The business of the company was at first, and for some time, conducted in New York City. When the headquarters of the company were removed to Washington, J. W. Alvord be- came president, D. W. Anderson, vice-president, and W. J. Wilson, cashier. The latter two were negroes. The business of the bank was prosperous and well conducted until the original charter was so amended, May 6, 1870, as to authorize the trustees and officers of the company to make loans to the extent of one-half of the deposits on unincumbered real estate situated in the vicinity of the several branches of the company, to the extent of one-half the value of such real estate. Some of the funds of the bank were recklessly invested, and in 1874 it failed. There were thirty-four branches of the company, in all parts of the country. When it was discovered that the affairs of the company were in an unsatisfactory condition, a board of three commissioners was appointed in 1875 to take charge. These commissioners were John A. J. Creswell, Robert Purvis, and Robert H. T. Leipold. The deposits then in the aggregate had amounted to about $56,000,000, about $53,000,000 had been paid back to the depositors, leaving about $3,000,000 still due to nearly seventy thousand depositors. The original commissioners were relieved of the labor at their own request on March 7, 1881, under the provisions of an act of Congress approved February 21, 1881. Since then, the work has been in charge of the Comptroller of the Currency, who is still admin- istering the banks affairs under the Act of Congress entitled
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"An Act authorizing the Commissioner of the Freedman's Sav- ings and Trust Company to pay certain dividends barred by the Act of February twenty-first, eighteen hundred and eighty-one," approved March 3, 1899, which applies to those depositors of the company only who have not received the five dividends, aggregating 62 per cent. of their balances.
The National Safe Deposit Company, of Washington, was chartered by special Act of Congress, approved January 22, 1867, and commenced business July 27, 1867, at the corner of New York Avenue and Fifteenth Street. It is now a branch of the National Savings and Trust Company.
The National Savings Bank was chartered May 24, 1870, and opened for business on November 1, that year. Henry A. Willard was the first president of the bank, William Stickney, vice-president, Lewis Clephane, secretary, and B. P. Snyder, treasurer. The location of the bank was at the northeast corner of New York Avenue and Fifteenth Street.
The savings feature of this company was authorized by special Act of Congress, of May 24, 1870, and under the pro- visions of that Act the National Savings Bank was organized, practically as a department of this company. In the process of reorganization in 1890 the National Savings Bank was ab- sorbed by the trust company. The company took the title National Safe Deposit Company of Washington, under the charter of incorporation in 1867. This was changed to National Safe Deposit, Savings and Trust Company under the reorgani- zation of 1890, and the present name, National Savings and Trust Company was assumed on January 31, 1907. William R. Hooper is the present president.
The National Capital Bank, of Washington, was organized in September, 1889. It is located at 314 and 316 Pennsylvania Avenue, southeast. John E. Herrell, its first president, died in 1909, and the directors elected Thomas W. Smith to succeed him. Mr. Smith is one of the principal lumber merchants of the city. He was one of the founders of the bank and has been within its councils from the beginning.
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The Second National Bank was established about July 1, 1872. It is located at No. 509 Seventh Street, N. W. Mr. McKelden served as president until 1877, when he was suc- ceeded by Matthew G. Emery. Upon the death of Matthew G. Emery, his son-in-law, William V. Cox, was in 1905, made presi- dent of the bank. Mr. Cox resigned, and Honorable Cuno H. Rudolph was selected president on December 17, 1913.
The Citizens' National Bank was organized in 1874, occu- pying the building formerly occupied by the First National Bank, on Fifteenth Street, between F and G Streets, N. W., and was absorbed by the National Metropolitan Bank (q. v.) in 1904.
The Central National Bank succeeded the Metropolis Sav- ings Bank, and was organized as a national bank April 11, 1878. For several years it occupied the old Bank of Washington build- ing, but later it purchased and moved into the building at the junction of Pennsylvania Avenue and C Street at Seventh Street, April 1, 1888. Mr. Samuel Norment was the president of the bank from the date of its organization up to the time of his death, March 23, 1891. Upon his death W. E. Clark was elected president, and was succeeded to the presidency of the bank by Clarence F. Norment, the son of the first president, who occupied the position until the time of its merger with the Bank of Washington in April, 1907. The details of the merger are related under the history of the National Bank of Wash- ington.
The Washington Safe Deposit Company was incorporated April 25, 1883, and organized with the following officers: W. G. Metzerott, president; John T. Lenman, vice-president, and Samuel Cross, secretary and treasurer. This company's busi- ness is conducted at No. 916 Pennsylvania Avenue.
The Columbia National Bank was organized in February, 1887, with a capital of $250,000. Its first officers were B. H. Warner, president; A. T. Britton, vice-president, and E. S. Parker, cashier. This bank is located at 911 F Street, north- west, in a building erected especially for its use, at a cost of $70,000. B. H. Warner retired from the presidency of the bank
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after it was fairly started and was succeeded by E. Southard Parker, who remained as its executive head until 1897, when he resigned and became president of the National Metropolitan Bank. He was succeeded by Albert F. Fox, who is its president at the present time.
The Washington Loan and Trust Company was organized August 15, 1889, with a capital of $600,000, which, during the first year of its existence was increased to $1,000,000. The original purpose of its organization was that of "buying, selling, loaning upon and negotiating bonds, stocks, promissory notes, and other property, and of guaranteeing, certifying, register- ing, endorsing, and supervising the issuance of bonds, stock, and other securities," etc. The number of directors was twenty- five. This organization was made under the laws of West Virginia. Business was commenced by the company October 1, 1889, with the office located at the northwest corner of Tenth and F Streets, where it worked under the West Virginia charter until December 13, 1890, at which time it reorganized under the Act of Congress providing for the incorporation of trust companies in the District of Columbia, approved October 1, 1890. The Act is entitled, "An Act to Provide for the Incor- poration of Trust, Loan, Mortgage, and Certain Other Corpora- tions within the District of Columbia." This Act authorized the transaction of three classes of business, the first of which, and the class conducted by this company, is therein styled, "A safe deposit, trust, loan, and mortgage business." Without much change from its establishment the Washington Loan and Trust Company has gone forward in a prosperous career, under the conservative management of John Joy Edson, who succeeded Mr. B. H. Warner as president, and the coterie of capitalists associated with him.
The American Security and Trust Company was incor- porated October 12, 1889, under the general incorporation laws of the State of Virginia. It was incorporated and reorganized November 11, 1890, under the Act of Congress approved October 1, 1890. Its business was conducted, temporarily, at 1419 G Street, northwest, but in the latter part of the year 1891 it
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removed to a fine new building erected for its own use at 1405 G Street. It executes all kinds of trusts, and acts as executor, administrator, guardian, assignee, receiver, and trustee, and accepts the management of estates and property generally !. Money received on deposit is subject to check on demand, and interest is paid on such accounts at a rate agreed upon. It loans money on real estate and approved personal security. It issues its own debenture bonds upon deeds of trust or mortgages of real estate, in series and in sums of $100, $500, or $1,000, payable in a stated period, with quarterly or semi-annual interest, as may be agreed upon. It has a safe deposit feature, and a storage warehouse department. It also acts as financial agents in the matter of countersigning and registering certifi- cates of stocks, bonds, or other obligations of any corporation, association, State, or public authority, and manages sinking funds on such terms as are agreed upon; as agent or attorney for the collection of interest, dividends, and all forms of income, and as attorney in fact for the interest of non-residents and others who may desire to be relieved of the care and attention of property. A. T. Britton was the first president of the com- pany; C. G. Bell, first vice-president; A. A. Thomas, second vice-president ; Percy B. Metzger, treasurer and trust officer, and George E. Emmons, secretary. Charles J. Bell became president of the company, succeeding A. T. Britton, in 1903. At that time the corporation was virtually reorganized. The company purchased the site at the northwest corner of Penn- sylvania Avenue and Fifteenth Street, and erected the fine granite building which it now occupies. Col. Henry F. Blount has been connected with this company since December, 1890, when he was made director. He was made a vice-president the next year. He has been a vice-president ever since, and is the bank's oldest and first vice-president. He was born in Ontario County, New York, on May 1, 1829.
The Lincoln National Bank, of Washington, District of Columbia, was organized February 27, 1890, with a capital of $200,000, and opened its doors for business on March 25. At the end of the first year, at the reorganization of the board,
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Mr. Prescott and Mr. Johnson resigned their positions as presi- dent and vice-president, and were succeeded respectively by Mr. Jesse B. Wilson as president, and by Mr. H. Bradley David- son as vice-president. Jesse B. Wilson retired from the presi- dency of the bank in March, 1909, and was succeeded by Richard A. Walker. Upon the death of Mr. Walker he was succeeded by Floyd E. Davis, the present president.
The West End National Bank was organized in 1890, with a capital of $200,000. It was originally located at the corner ot Nineteenth Street and Pennsylvania Avenue, in the west end of the city, and for this reason was named the West End Nat- ional Bank; but after a year's experience, it was moved to No. 1415 G Street, northwest. It went into liquidation and was absorbed by the Citizen's National Bank, which was in turn consolidated with the National Metropolitan Bank.
The Traders' National Bank was organized March 3, 1890, with a capital of $200,000, and with the following officers : George C. Henning, president; William A. Gordon, vice-presi- dent; Brent L. Baldwin, cashier. By vote of the stockholders of the Merchants and Mechanics Savings Bank, (q. v.), the Traders' Bank was merged with it in April, 1908, and the charter surrendered.
The Ohio National Bank begun business February 24, 1891, at the corner of G and Twelfth Streets, northwest, in a rented building. Most of those concerned in the movement were Ohio men, and hence, in part at least, the name of the Bank. The Ohio National Bank was not a profitable venture. The assassi- liation of President Garfield, and the disintegration of the Ohio interests in the bank which followed weakened the institu- tion, and it was liquidated commencing December 31, 1897.
The private banking firm of Lewis Johnson & Company commenced business February 1, 1858, at the corner of Pennsyl- vania Avenue and Tenth Street. It was then composed of Lewis Johnson, David Walker, and Lewis J. Davis. The busi- ness is now conducted by J. William Henry, A. Mearns and Benj. Woodruff at 1505 Pennsylvania Avenue.
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Bell & Company are at 1333 F Street and Crane, Paris & Company at 604 Fourteenth Street.
The American National Bank was organized in the early part of 1903 with the idea of supplying banking facilities for the upper end of F Street, a section of the business district not then supplied with such facilities near at hand. The bank was chartered in May, 1903. During the month of February, 1908, the bank was reorganized and R. H. Lynn, who had been - cashier for several years, was elected to the presidency of the bank. The present president is William T. Galliher, one of the city's leading lumber dealers, and prominent in all civic affairs.
The District National Bank resulted from the reorganiza- tion of the private banking corporation of Harper & Company under the National Bank Act of September 20, 1909. Robert N. Harper, within a few months after his retirement from the head of the American National Bank, started the banking cor- poration which bore his name. The new concern began business in the building formerly occupied by the West End National Bank and later by the International Banking Corporation, and which now shelters the Washington and Southern Bank. On October 9, 1913, it absorbed the Citizen's Savings Bank.
In 1911 the District Bank occupied the new building erected for its use on the south side of G Street, just above Fourteenth.
The Federal National Bank was organized, received its charter, raised its stock subscriptions and opened for business in the early part of January, 1913. It took over the Small building at the southeast corner of Fourteenth and G Streets and constructed its banking room on the ground floor. John Poole is president of the new bank, N. H. Shea, vice-president, and Charles B. Lyddane, cashier.
What are familiarly known as trust companies in Wash- ington are all incorporated under the special Act of Congress, approved October 1, 1890. This Act followed numerous appli- cations to Congress for special charters for such institutions, and was enacted only after three of the present trust companies
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had established themselves under charters taken out in one of the States.
Under Acts of Congress trust companies are placed on a par with national banks, being subject to inspection at least twice each year by a bank examiner, and being required to make a report of operations at the call of the Comptroller of the Currency five times a year. These reports must be pub- lished in at least one daily paper published in the City of Washington.
The law of 1890 prohibited the operation of any trust company in the District unless incorporated under that law, and shortly after its passage the three corporations doing a trust business in Washington took out certificates of incorpora- tion, under the Act, from the office of the Comptroller of the Currency. Under the operation of subsequent laws the trust companies conduct a general banking business, except making loans on commercial paper, maintain a savings department, and pay interest upon deposits.
In the autumn of 1889, Edward J. Stellwagen and others organized the Union Trust and Storage Company. The charter of this company was given to it on February 3, 1900. It went into business in the bank building adjoining the Willard Hotel in F Street, at 1414. The capital stock was increased $2,000,000 in October, 1906, to provide funds for the new building of the company, which has been erected on the site of Wormley's Hotel, southwest corner of H and Fifteenth Street, N. W. Its name was changed on February 11, 1905, to The Union Trust Company. Its president is Edward J. Stellwagen.
In the autumn of 1906 a new trust company, to be known as the United States Trust Company, was organized. The company received a certificate of incorporation March 18, 1907, and went into business on the east side of Fourteenth Street, between F and G on that date.
About April, 1912, the stockholders voted to accept an offer for the purchase of the Merchants and Mechanics Savings Bank with its several branches. The Fourteenth Street Savings Bank was acquired a month later also by purchase. This gave
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the company not only the central office, but six branches in different parts of the city, including those at Pennsylvania and Ninth Street, formerly the Traders' National Bank and the original home of the Merchants and Mechanics Savings Bank at Seventh and G Streets.
The company moved its central banking offices to the Southern Building in 1910. It was absorbed on November 21, 1913, by The Munsey Trust Company, (q. v.)
The Continental Trust Company was organized by its presi- dent, Nathan B. Scott, formerly Senator from West Virginia, and others, who withdrew from the United States Trust Com- pany and started the Continental. It occupies the building on G Street vacated by the United States Trust Company when it removed to the Southern Building.
The Real Estate Trust Company grew out of a plan devised by the financiers in control of the United States Trust Company. to organize an institution that should give special attention to real estate operations, and security, guarantee, indemnity, loan and mortgage business, as its main field of activity. It was organized and went into business in April, 1912, in the building formerly occupied by the Union Trust Company in F Street.
The company purchased the Montrose Hotel property at the northeast corner of H and Fourteenth Streets, where it is erecting a twelve story building. Gist Blair is its president.
The Munsey Trust Company was organized principally through the efforts of Frank A. Munsey, owner of the Washing- ton Times. It was the culmination of a purpose entertained by Mr. Munsey for several years. The company is capitalized at $2,000.000 and was incorporated April 15, 1913, and opened for business on the 15th of the following May. It is the young- est of the Washington trust companies, and occupies the bank- ing room provided for the purpose in the Munsey Building.
On November 21, 1913, the Munsey Trust Company ab- sorbed the headquarters and five branches of the United States Trust Company. The headquarters of the latter bank were located in the Southern Building at the corner of Fifteenth and H Streets, northwest. The branch banks were located at Four-
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teenth and U Streets; Tenth and Pennsylvania Avenue; Seventh and G Streets; Twentieth and Pennsylvania Avenue; and Du- pont Circle. At the time of its absorbtion the United States Trust Company had deposits aggregating $6,500,000.
The branch bank at Seventh and G Streets was afterwards sold by the Munsey Company and became the Security Savings and Commercial Bank. The branch at Tenth and Pennsylvania Avenue was sold and became the Franklin National Bank. The branch at Twentieth and Pennsylvania Avenue was sold and organized as the Exchange Bank.
The officers of the Munsey Trust Company are Frank A. Munsey, president; C. H. Pope, vice-president; and A. B. Clax- ton, treasurer.
The Commercial National Bank was organized in 1904, re- ceiving its charter October 19, that year. Its president is A. G. Clapham. The building at the northwest corner of G and Four- teenth Streets was selected as its location. In April, 1911, the Commercial Bank absorbed the stock, assets and good will of the National City Bank, increasing the capital stock to $750,000, with a surplus of $533,591.
The National City Bank was organized and received its charter in December, 1905, opening for business on the 15th of the month. The bank went into business in the building on G Street, northwest, adjoining the Commercial National Bank.
During the month of March, 1909, a controlling interest in the bank vested in E. Quincy Smith who represented the F. H. Smith estate, and was practically owner of the Washington Sav- ings Bank, located at Twelfth and G Streets. The two banks were merged into the National City Bank, and went into busi- ness in the building adjoining the Bond building, in Fourteenth Street. The Union Savings Bank, controlled largely by the same financiers as the National City Bank, occupied one-half of the same banking room.
In April, 1911, the stock, good will and assets of the Nat- ional City Bank were purchased by the Commercial National Bank and it was merged with that institution.
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Savings banks did not make perceptible progress in Wash- ington until after 1890. Following the formation of the Union Savings Bank only two or three such institutions got a foothold until after the turn of the century. Since 1894 the multiplica- tion of these small banks has been very rapid. The later ones were organized and established on smaller capital than would suffice for a national bank, and they serve to provide regional banking facilities.
Under the laws of the District, savings banks are subject to - the supervision of the Comptroller of the Currency, though many of them have been organized under charters received from one of the States.
Following are brief descriptions of the older savings banks that have survived, and those later formed and in business at the present time.
The Peoples Savings Bank was organized under the laws of West Virginia, September 14, 1903. Among the principal incorporators being S. J. Masters and J. B. Kinnear. The bank had a brief career and was thrown into liquidation at the order of the Comptroller of the Currency, October 24, 1906.
The Anacostia Bank was organized in 1910 and incorporated under the laws of West Virginia. The bank was promoted and organized chiefly through the efforts of George O. Walson, vice- president of the National Metropolitan Bank, to meet the needs of the business men of that part of the District. W. Walson is president. It does a regular banking business, with a savings department.
Bank of Commerce and Savings was organized and incor- porated as the Dime Savings Bank, under the laws of Virginia, in August, 1907. It went into business at that time in the Ouray Building at Eighth and G Streets, northwest. The lead- ing spirit in the organization was Maurice D. Rosenburg.
The directors of the bank in 1909 purchased the building at the northeast corner of Seventh and E Streets, northwest, and rebuilt it for the use of the bank and for office purposes. The original plan of bank fashioned after the Dime Savings Bank in New York, not having worked out to the satisfaction
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of the founders, the name was abandoned in 1910, and the bank assumed the title of "Bank of Commerce and Savings," and operating as a general commercial and savings bank under its original charter.
The Citizens Savings Bank was incorporated under the laws of Virginia in March, 1906. James A. Sample, A. P. Cren- shaw, Sidney I. Besseliever, Bester R. Walters and others were interested in the venture. The bank was established for busi- ness in the Bond Building, but outgrew these quarters and in 1912 leased a building on G Street, near Fifteenth Street. It was absorbed by the District National Bank, October 9, 1913.
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