George H. (George Henry) Thurston.

Allegheny county's hundred years online

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October of the same year Joseph Laurent cashier. Both of these officers have
continued in their respective positions until the present time.

The German Trust and Savings Company made regular semi-annual dividends
of from four to five per cent., and had a surplus of about $31,000 when it was
merged into the German National Bank, which has paid since its organization
$932,287.72 of dividends, and has a surplus of $390,000. The market value of
the stock is $310, on a par of $100.

The Fifth Avenue Bank was organized in 1861, with a capital of $100,000.

E. W. Dithridge was its first president. He was succeeded by D. M. Armor, and
he by H. F. White. The first cashier was F. C. Schenck. He was succeeded by

F. C. Henry, and he by Julius F. Stark.

In 1864 the Union Banking Company was chartered as a National Bank, with
a capital of $000,000.



264 ALLEGHENY COUNTY'S

The first board of directors was John E. McCune, Joseph Home, John Wilson,
John Marshall, Jared M, Brush, Charles Barchfield, Alex. G. Cubbage, C. Harri-
son Love, Joseph Kirkpatrick ; the former officers being retained.

John K. McCune, the first president, continued so until his death, January
31st, 1888, when he was succeeded by Robert S. Smith.

John R. McCune was born June 11, 1826, in Beaver county, and he came when
but about twelve years of age to Pittsburgh, and entered the employ of William
Young, who kept a leather store on Diamond alley, as an errand boy. He re-
mained with Mr. Young until manhood, when Mr. McCune, associating with him
James B. Young, purchased the business from William Young, and began the
leather business on his own account. He subsequently removed to Liberty street,
where he carried on the business until he was elected president of the bank. He
was at one time a partner in the firm of Thompson, Hanna & McCune, a special
firm organized to deal in oil in the early days of the petroleum excitement, for a
limited period. He represented the Fourth ward of the city of Pittsburgh in
Councils for a number of years, and was on the Finance Committee of that body.
He was also an active member of the Executive Committee of the Committee of
Public Safety during the war, and prominent in all the public movements of the
day. After entering upon his duties as president of the bank he devoted all his
time and energies to its success, although he was frequently called upon to take
active part in public movements, where his recognized ability made it desirable to
have his services. These he unhesitatingly always gave with cheerfulness, and
acted with the same energy that he at all times had used in his own private busi-
ness and as a bank official. His judgment and advice was often sought in the
financial difficulties and commercial ventures of his fellow citizens, and was always
cheerfully and honestly given. His death was looked upon as a loss to the com-
munity, as his life had been a benefit.

Robert S. Smith was the first cashier, and was succeeded by Clias. F. Dean on
Mr. Smith resigning to accept the presidency.

The total dividends paid as a National Bank were $152,500, the surplus being
$500,000, with market value at $300 per share, the par value being $100.

The Real Estate Savings Bank, limited, was incorporated the 12th day of
April, 1862, as the Real Estate Savings Institution, with Thomas M. Howe, Isaac
Jones, Jacob Painter, J. K. Moorhead, Harvey Childs, William H. Smith, W. B.
Copeland, C. G. Hussey and Nicholas Voegtly (all now deceased except C. G.
Hussey) as incorporators.

August 22, 1866, the name was changed by Act of the Legislature to the Real
Estate Savings Bank — bank for savings.

The funds of this bank are loaned on real estate. United States and State secu-
rities. It opened for business on Tuesday, the 6th day of May, 1862, at their
office, No. 63 Fourth street, now Fourth avenue, and continued there until April,
1872, when it removed to the corner of Smithfield street and Fourth avenue.

Isaac Jones was elected president on its organization, and served until his
death, December 28, 1878, a period of over sixteen years. He was succeeded by



FINANCIAL INSTITUTIONS. 265

James H. Hopkins, who held the office until November 26th, 1884, when he re-
signed, and was succeeded by Jas. S. McCord, the present chairman.

A. A. Carrier, the first secretary and treasurer, held the office until his death,
November 2, 1869, and was succeeded by his brother, S. S. Carrier, who resigned
on January 16th, 1871, whereupon George H. Holtzman was elected, and served
until his removal from the city, September 1st, 1876, when he resigned, and Chas.
R. Fenderick was appointed, and holds the position at the present time.

December 31st, 1885, it reorganized as the Real Estate Savings Bank, limited,
with a paid up capital of $100,000, and has now, after having paid handsome div-
idends to the shareholders, a contingent fund of over $30,000.

The Pittsbargh Bank for Savings originated with the Dime Savings Institu-
tion, which was chartered by the Legislature of the vState of Pennsylvania April
11th, 1862. The bank organized by the election of the following board of trus-
tees : President, James Park, Jr.; vice presidents, W. H. Smith, J. F. Jennings,
H. F. Rudd, A. Reineman, T. D. Messier, T. S. Blair, Joshua Rhodes, J. Stuck-
rath, F. Sellers, H. Lloyd, Alex. Bradley, A. Slack ; trustees, Josiah King, Jos.
Dilworth, R. D. Cochran, A. S. Bell, W. H. Phelps, S. H. Hartman, G. B. Jones,
J. W. Baxter, J. M. Tiernan, S. S. Fowler, R. J. Anderson, C. H. Wolff, F. Rahm,

B. F. Jones, D. E. McKinley, D. M. Long, W. A. Reed, W. Ihmsen, C. Zug, C. W.
Ricketson, R. C. Schmertz, C. B. Herron, J. W. Woodwell ; secretary and treasurer,
D. E. McKinley.

The bank was intended by its originators to encourage the habit of saving
trifling sums among the laboring population. The depositors' books of the insti-
tution opened May 1st, 1862, and the first day's deposits was $100.35. The insti-
tution worked successfully for three years, when a supplement was obtained by
which the title of the institution was changed to the Pittsburgh Bank for Savings,
and the following amendment made to its original charter :

" Sec. 2. That, for the greater security of depositors in the said institution, it
is hereby enacted that a capital stock shall be created, to consist of seventy-five
thousand dollars, to be divided into fifteen shares of five thousand dollars each ;
that each of the corporators shall be the owner of one share, the said capital to
be paid in or secured to be paid by the several corporators, and to be always liable
for the payment to the depositors of the principal and accrued interest thereon."

At the election for officers the following board and officers were elected : Pres-
ident, Geo. A. Berry ; vice presidents, Jas. Park, Jr., S. H. Hartman ; secretary
and treasurer, D. E. McKinley ; trustees, Alex. Bradley, Jno. Scott, G. Follansbee,
Christopher Zug, A. S. Bell, Jas. L. Graham, Jno. S. Dilworth, W. K. Nimick, R.

C. Schmertz, Frank Rahm, Joshua Rhodes. At the same time a capital stock of
$75,000 was created.

On May 6th, 1876, D. McKinley resigned the office of Secretary and treasurer
and Chas, G. Milnor, who had been chief bookkeeper, was elected to succeed him ^
and has occupied the position ever since, and D. W. Jones was elected as chief
bookkeeper. James Park dying, he was succeeded by Alexander Bradley.



266 ALLEGHENY COUNTY'S

On June 30th, 1862, a statement of the assets of the bank showed $3,264.10.
Twenty years afterwards, on June 30th, 1886, the statement showed $1,163,906.61;
and July, 1888, they were $1,795,162. They have paid depositors since its organi-
zation $740,899 of accrued interest on deposits. The banking capital, provided for
in the supplement to the charter quoted above, has been supplemented by a sur-
plus of $75,000 and undivided profits of $25,000.

The First National Bank of Allegheny, Pa , was incorporated December 3dy
1863, and organized January 1st, 1864. Its began business January, 1864, with a
capital of $350,000. It first banking house was at 110 Federal street, and the first
board of directors was composed of T. H. Nevin, C. C. Boyle, E. H. Davis, Arthur
Hobson, D. N. White, John Thompson, Wm. Harbaugh, Henry Gerwig, John
Dean.

The first president, T. H. Nevin, who died April 30, 1884, was succeeded by
the present incumbent, James McCutcheon, who was elected May 6th, 1884.

Theodore H. Nevin was born 1815, and was first employed as a clerk in the
drug store of Wm. Mackeown. In 1841 he established the white lead business in
Allegheny City under the firm style of T H. Nevin & Co. He was prominently
identified with the management of the Western State Penitentiary, as president of
the board, and with the Western Theological Seminary, of which he was treasurer ;
he was also prominent in many of the public enterprises of the day, and contribu-
tor to many public charities and benevolent institutions.

There have been but two cashiers, John P. Kramer, who died December, 1884,
and was succeeded by the present cashier, E. R. Kramer. Total value of divi-
dends paid, $915,500, book value of stock being $140 and market value $150, par
value $100; surplus, $100,000.

On December 31st, 1863, was incorporated the Tradesmens National Bank, at
the corner of Wood street and Second avenue, with a capital of $400,000, $100
per share. The first board of directors were Alexander Bradley, W. M. Faber,
Jas. M. Knap, Jas. Frazier, David E. Park, W. H. Forsythe, Wm. F. McKee,
Wm. Van Kirk, Samuel M. Kier.

The first president was Alexander Bradley, who still continues in office.

The first cashier was George Van Doren, who resigned and Avas succeeded by
Cyrus Clarke, Jr., who was succeeded by Ross W. Drum, the present cashier, in
January, 1883.

The tota,l dividends paid since the organization of the bank is $840,000, the
surplus fund $400,000, the market value of stock being $220.

The Pittsburgh National Bank of Commerce was organized in 1864, being in
part the successor of the firm of Hill & Co., whose business the bank purchased
previous to its organization. The first board of directors was J. T. Colvin, H. C.
Frick, Chas. Lockhart, J. N. Anderson, J. W. Mellon, V/m. Pickersgill, Jr.,
Samuel S. Brown, J. W. Arrott, P. C. Knox.

The first president was Alfred Patterson, on his death in 1878, Joseph H. Hill
became president, and he was succeeded at his death, on August 16th, 1884, by J»
T. Colvin.



FINAJ^CIAL INSTITUTIONS. 267

Joseph H. Hill the first cashier resigning to accept the presidency, was suc-
ceeded by C. W. Wade, who still fills that office.

This bank has a capital of $500,000, with a surplus of $400,000; par value of
stock being $100 each, market value $204. In the 24 years of its existence this
bank has paid dividends up to July 1st, of $997,500.

The Peoples National Bank of Pittsburgh was organized December 8th, 1864,
and began business the same date, with a capital of $1,000,000, the first banking
house being at the corner of First and Wood streets, and the present banking
house at No. 409 Wood street. The charter of this bank was extended in 1884.
First board of directors : Samuel Rea, Barcley Preston, James I. Bennett, J. Brunot,
B. F. Jones, B. H. Painter, George Black, John W. Chalfant, D. Kichey, George W.
Plailman, P. C. Gray. The first president was Samuel Pea, who served from the
date of the organization until he was succeeded by Barcley Preston, who was
succeeded in 1887 by Pichard C. Grey, who served until 1888, when the present
president, John W. Chalfant, succeeded him.

Samuel Pea was born in Franklin county, near Chambersburg, in 1808-9.
At the age of twenty-one or twenty-two he took charge of the Mount Alto Fur-
nace, and subsequently became manager of Dr. Peter Shoenberger's Maria Forges-
In 1837 he came to Pittsburgh and engaged in the canal transportation business,
in what was known as the Union Line. While prosecuting this business he be-
came engaged in the iron commission business, and also about the same time in
the coal business. Subsequently, after the canal had been sold to the Pennsylva-
nia Pailroad Company, he was elected secretary of the Citizens Insurance Com-
pany, and on the death of Mr. Bagaley succeeded him in the presidency. This
position he resigned to become the first president of the Peoples National Bank,
and resigning that office, was subsequently elected, shortly before his death, the
first treasurer of the Pittsburgh & Lake Erie Railroad. He died in 1881 or 1882.

There have been only two cashiers, the first being F. M. Gordon, who was suc-
ceeded on December 15th, 1883, by Thomas P. Day, who still continues to hold
office.

The par value of shares is $100 ; the surplus, $350,000 ; the total earnings above
losses and expenses are $2,073,294.57 ; the total dividends being $1,680,000.

On February 27th, 1864, was incorporated the Third National Bank of Pitts-
burgh, which began business March 7th, 1864, at a temporary location, north-east
corner of Wood street and Virgin alley. Its original capital was $300,000, which
was increased on May 10th, 1864, to $400,000, and October 31, 1866, to $500,000.

The first board of directors were Adam Peineman, Louis Morgenstern, F. H.
Eaton, William E. Schmertz, Joseph Able, A. S. Bell, August Hartje, Charles
Meyran, David Ritchie.

The first president was Adam Peineman, until January 10th, 1865, when he
was succeeded by W. E. Schmertz, who is still in office.

The first cashier (p?'o tern.) was Robert C. Schmertz, who was succeeded on
March 28th, 1864, by John B. Livingston, who resigned on January 16th, 1871,
and was succeeded by William Steinmeyer, who is still in office.



288 ALLEGHENY COUNTY'S

Up to May, 1888, forty-eight semi-annual dividends have been paid since or-
ganization, aggregating 237 per cent, on the capital, and amounting to $1,156,000.
The surplus May, 1888, was $243,000.

The Fourth National Bank of Pittsburgh was incorporated May 20th, 1864,
beginning business May 24th, 1864, at their first banking house, on Market street,
•between Third and Fourth.

The first board Was James O'Connor, James M. Bailey, John M. Horner, D.
M. Smith, John F. Herron, W. W. Ball, N. J. Bigley, William Vankirk,
Thomas Smith.

The first president was James O'Connor, who resigned June 14th, 1865, and
was succeeded by Thomas Donnelly on June 14th, 1865, who for many years was
;an attorney in the firm of Donnelly & Wills. He died April 15th, 1886, and was
succeeded by the president now in office, James M. Bailey.

Allen Dunn was elected cashier pro tern. May 9th, 1864, and on June 20th,
1864, S. D. Herron was elected cashier. He resigned March 26th, 1865. Allen
Dunn was subsequently appointed cashier. June 14th, 1865, Butler Ward was
appointed cashier. He was succeeded by D. Leet Wilson, who was elected Janu-
ary 17th, 1866, and took charge February 1st, 1866, and was succeeded by S. D.
Herron, who was elected January 23d, 1868, taking charge February 20th, 1868,
being still cashier.

The total dividends paid amount to $529,000, the surplus being $61,568, with
a capital of $300,000.

The First National Bank of Birmingham was incorporated in 1865, and began
business the same year in Pittsburgh, South Side. The present board of directors
are H. Sellers McKee, Jos. Watson, A. B. Stevenson, Daniel McKee, Wm. B.
Wolfe, Jas. Bahe, Daniel Berg, No information given as to first board of directors.

Thos. McKee was first president and was succeeded successively by B. A. Wolfe,
A. B. Stevenson, H. Sellers McKee, who is the present incumbent. The first
cashier was B. A. Wolfe who was succeeded by the present cashier, John P. Beech.

The capital of this bank is $100,000, with surplus of $100,000; par value being
f 100, and market value $210.

The Second National Bank of Allegheny commenced business April, 1865, and
•lias a capital of $150,000. Its first board of directors was Nicholas Voegtly, Jr.,
X-auchlan Mcintosh, Hugh McNeil, Adolph Groetzinger, William Smith, Jacob
Kopp, John Voegtly, Jr., James Lockhart, John Brown, Jr.

John Brown, Jr., its first president, died August 30th, 1873, and was succeeded
(by Jas. Lockhart, appointed to fill his place September 8th, 1873. He was suc-
ceeded by J. N. Davidson, appointed January 10th, 1884, which office he still con-
tinues to hold. J. N. Davidson was appointed cashier March 27th, 1865, continuing
as such until appointed president January 10th, 1884. The present cashier, A. S.
^Cameron, was appointed January 10th, 1884.

The total amount of dividends paid to date is $375,000, the bank never having
f)assed a dividend. The book value of this stock is $170, and market value $180»
Surplus, $75,000, and profits amount to $29,000.



FINANCIAL INSTITUTIONS. 269

The Peoples Savings Bank of Pittsburgh was incorporated April 17, 1866, by
Act of Legislature. The board of trustees was Hon. Thos. Mellon, Wm. H. Gormly,
James Lippincott, George M. Petty, William A. Herron, William Eea, E. P. Jones,
Thomas K. Petty, A. L. Pearson. ,

First office, (opened for subscriptions of stock,) No. 13 St. Clair street, and
first banking house, No. 77 Fourth street, (now Fourth avenue.) The first presi-
dent was Hon. Thos. Mellon, who resigned September 12, 1866 ; he was succeeded
by James I. Bennett, who resigned Oct. 11th, 1866, and was succeeded by Henry-
Lloyd, who remained in office until his death, February 12, 1879. Henry Lloyd
was born in Huntington county. Pa., December 15th, 1817. He received a commori
school education, and at an early age obtained a situation in the commission house
of D. Leech & Co., where he continued for a number of years. In 1854, in asso-
ciation with George Black, he purchased an interest in the Kensington Kolling^
Mills, and the works were put in operation under the style of Miller, Lloyd &
Black. In 1857 Henry Lloyd and George Black bought out the other parties in
interest, and the firm became Lloyd & Black. The firm passed through various
changes noted in the chapter on the iron industries of the county. Mr. Lloyd
was also president of the Pittsburgh Insurance Co., and, as previously noted, presi-
dent of the Peoples Savings Bank. He was for years a director of the Merchants
and Manufacturers Bank, also president of the Safe Deposit Co. In 1868 he was
elected a member of the Councils of the city of Pittsburgh, and was re-elected for
several terms. He was a trustee of the Western Theological Seminary, also of the
Washington and Jefierson College, and a director of the American Sunday School
Union. He was an eminently successful man, and died February 12, 1879, modest
and unassuming in all the positions he filled, he steadily held the esteem and con^
fidence of his associates. He virtually built the Bellefield Presbyterian Church,
giving the ground and $15,000 of the $20,000 that was required to build it. At
all times generously but judiciously liberal, calls for any form of sufiering were
never unheeded. In the memories of the business men of Allegheny county^
Henry Lloyd will ever have an honored place. Mr. Lloyd was succeeded by Wil-
liam Eea, now the president of the institution.

The first treasurer was Thos. K. Petty, who resigned September 10th, 1866.

The first secretary was George M. Petty, who resigned September 12th, 1866»
They were succeeded by Sidney F. Von Bonnhorst, who was elected secretary and
treasurer September 12th, 1866, and remained in office until his death, July 23d,
1887. He was succeeded by N. G. Von Bonnhorst, (son of Sidney F.,) who waa
elected secretary and treasurer August 1st, 1887.

Sidney Francis Von Bonnhorst was born at Hamilton Hall, Mifflin township,
Allegheny county, September 17, 1814. He was a student at the Western Uni-
versity. His first business employment was with John D. Davis, who carried on a
commission business on Water street, as a clerk when about sixteen years of age.
He left Mr. Davis to enter the employ of Henry F. Schweppe, a prominent Ger-
man merchant of that period, and afterward was interested with McVay, Hanna



1>70 ALLEGHENY COUNTY'S

A Co., in the forwarding business. Subsequently he was a partner with William.
Eichbaum and with James R. Murphy in the wool business. Previous to this h*"
was book keeper in the Branch Bank of the United States at Pittsburgh, and was
made caghier of the branch at New Brighton, for the purpose of winding that
branch up after the failure of the branch at Pittsburgh. About 1854 he was made
secretary and treasurer of the Pittsburgh & Steubenville and also of the Chartiers
Valley railroads which were at that time organized. In 1861 he was appointed
portmaster at Pittsburgh by Abraham Lincoln, which office he held until early in
1866. During 1866 he was elected secretary and treasurer of the Peoples Savings
Bank, and in 1867 was elected secretary and treasurer of the Pittsburgh Safe De-
posit Company, which position he held until 1874 when he concentrated his time
and energy on the business of the Peoples Saving Company. He was also manager
of the Pittsburgh Clearing House for several years.

The record is one of a busy life and of responsible duties performed with ardu-
ous care.

The capital stock of the bank is $300,000 and its surplus fund $105,000. It has
declared dividends on its stock since its organization of $497,751.50. The par
value of its stock is $100 a share, its book value $135, and its market value $160.
The total deposits on July 31, 1888, were $1,638,573.43.

Lawrence Bank was established in 1866 as the Lawrence Savings Bank, in
which the subscribers began to pay in stock in the fall of 1865, at the rate of 25
cents per share a week on 25 dollars shares. The bank opened for business on
January 1st, 1866, when W. W. Young was elected as cashier and Samuel M.
Kier president. The bank continued as an individual liability bank until Febru-
ary, 1873, when it was incorporated as a State bank with a capital of $80,000, with
W. W. Young as president, he having been elected to fill that office on November
7th, 1870, which office he still continues to hold.

At the time of its incorporation as a State- bank the par values of the shares
were raised to $50. John Hoerr was elected cashier, which office he still holds.
The total amount of dividends paid since organization as a State bank is $76,457.25.
Par value being $50, market value $50, with a surplus of $50,000.

The Pittsburgh Safe Deposit Company was chartered in January, 1867, with a
capital of $250,000. It opened September 1st, 1869, Wm. Phillips being the first
president, and on his death he was succeeded by Henry Lloyd, and on his death
by A. Garrison. The first secretary was S. F. Von Bonnhorst, who resigning, in
1874, was succeeded by Wm. Little, who on his death was succeeded by — Howe.

The Workingmens Savings Bank is an individual liability bank, and was or-
ganized March, 1869, and commenced business May 1st, 1869, at No. 230 Ohio
street, Allegheny City, with a capital of $50,000, paid in installments through
the first year.

First board of directors: John Joseph Hermann, Charles B. Easley, G. Meyer,
Fred. Kochendorfer, John S. Clark, J. P. Wacker, John Stephan, C. Klicker, G.
P. Beilstein.



FINANCIAL INSTITUTIONS. 271

The first president was John J. Hermann, who, upon his resignation in 1877,
was, succeeded by the present incumbent, John A. Hermann.

The first cashier, James Wettach, served until 1872, when, resigning, he was
succeeded by G. W. Walter, who resigned in 1879. C. W. Dahlinger succeeded
him, and, resigning in 1883, was succeeded by the present cashier, John L.
Buerkle.

Total dividends, |78,000; surplus, $52,000; par value of stock, |50; and mar-
ket value, $55.

The Central Bank was organized in 1868, having succeeded to the business of
Kramer & Eahm, bankers, all the members of that firm being now deceased. The
bank was incorporated under the State laws in 1875. The present directors are
Thomas Fawcett, Julius Adler, J. F. Denniston, James Wilson, P. H. Hacke, John
E. Eidall, D. P. Eeighard, S. S. Holland, Frank P. Bell.

Mr. Thomas Fawcett is president, having been such since its organization.

Captain Madison Bailey, one of the pioneers in steamboating on Western
waters, was the vice president until his death, in 1887.

James W. Davitt was the first cashier. He died in 1876, and was succeeded by
M. Hunnings, the present cashier.

The capital stock is $100,000 ; present surplus, $30,000. It has paid in divi-
dends $138,000.

The Masonic Bank was incorporated May 8th; 1869; capital, $200,000. The
first banking house was situated at 527 Smithfield street, having owned and occu-



Online LibraryGeorge H. (George Henry) ThurstonAllegheny county's hundred years → online text (page 36 of 43)