George H. (George Henry) Thurston.

Allegheny county's hundred years online

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pied the building since.

The first board of directors were C. W. Batchelor, G. C. Shidle, James Fuiley,
John Chislett, W. F. Lang, Eobert Pitcairn, C. F. Wells. Alfred Slack, Wm. Scott.

C. W. Batchelor was first president, and was succeeded in 1884 by G. C. Shidle,
the present incumbent of the ofiice.

George C. McLean was elected cashier at the first organization of the board of
directors, which position he filled until his death, April 14th, 1880, when he was
succeeded by his son, Charles B. McLean, the present cashier.

The bank has paid in dividends since its organization $196,000 ; surplus and
undivided profits, $56,000 ; the value of the stock is $62.50 per share ; market
value, $55 per share.

The banking house of T. Mellon & Sons was established by Thomas Mellon in
1869, who associated with him his sons, under the above firm style. They opened
for business at 145 (old No.) Smithfield street, where they continued until 1872,
when what is known as Mellon's Building was completed, when the bank re-
moved to it.

The American Bank was organized in 1869 as an individual liability bank
with a capital of $200,000. The first president was John Lloyd, on his death he
was succeeded by Wm. Floyd, who had been the first cashier, and he was succeeded
in the cashiership by Thos. Floyd. The bank closed its doors in 1887, and went
into liquidation.



272 ALLEGHENY COUNTY'S

The Enterprise Bank of Allegheny was organized in 1870, and is a savings-
bank, whose capital is being paid up by installments. In 1886 there was paid up
capital of over |72,000. Wm. Dilworth, Jr., was the first president. He was suc-
ceeded by Thomas J. Graff. F. P. Holmes was the first cashier. He was succeeded
by C. Steffen, Jr. ^

The International Bank of Pittsburgh was organized in 1870, at the corner of
Liberty and Market streets, the stockholders being individually liable, and having
a capital of $100,000 — authorized. It discontinued business in 1873, first paying^
all depositors in full.

The first board of directors was John Watt, W. H. McPherson, S. E. McClean^
W. W. McGregor, Stephen Mercer, William Neeb, C. H. Love, Thomas Booth, J.
C. Anderson, William McKee.

The first president was John Watt, who was succeeded by W. H. McPherson»
The cashier was F. E. Moore.

Cause of discontinuance being the panic of 1873, making its business unprofit-
able and there being so many banks in Pittsburgh,

The Commercial Banking Company was organized February 21st, 1870, at the
banking house, 92 Fourth avenue. Capital, 1200,000, with shares $50 each. W.
H. Everson, president; W. C. Macrum, cashier; board of directors, W. H. Ever-
son, Wm. O, Hughart, Jacob Klee, B. F. Wilson, John Lindsay, D. S. Macrum, A»
H. English, Alexander Bates.

This company was reorganized as the Marine National Bank, under the na-
tional banking law, March 13th, 1875, and commenced business March 31st, 1875^
at the banking house, corner of Third avenue and Smithfield street, with a capital
of $200,000, $100 per share; increased to $230,000 on April 23, 1883.

The first board of directors was : W. H. Everson, president ; B. F. Wilson,
vice president; W. C. Macrum, cashier; D. W. C. Bid well, Wm. Fraud, Andrew
Fulton, E. B. Godfrey, Jacob Klee, E. A. Montooth, Lucius Osgood, Wm. W.
O'Neil, John O. Phillips, J. D. Kisher and J. C. Sneathen.

W. H. Everson, the first president, resigned July 7th, 1887, and was succeeded
by Wm. W. O'Neil on the same date.

The total dividends paid amount to $198,129.50, the surplus being $23,366, and
the market value $102 per share.

The Germania Savings Bank, of Pittsburgh, was organized at Pittsburgh in
April, 1870.

First directors were : C. Meyran, J. F. Havekotte, A. Steinmeyer, G. Schleiter,
Adam Beineman, Jos. Abel, Jas. K. Kerr, C. Barchfeld, Jos. Morganstern.

The president from the time of its organization has been C. Meyran.

The first vice president was C. Barchfeld, who was succeeded in May, 1875, by
Jos. Abel.

C. M. Seibert was the first secretary and treasurer, and was succeeded on March
1st, 1878, by Chas. Seibert.

The firm has a capital of $150,000 and a surplus of $40,000. Number of de-
positors, 2,800.



FINANCIAL INSTITUTIONS. 273

The German Savings and Deposit Bank, of Birmingham, was incorporated
January 23d, 1871, and began business in their first banking house, 1407 Carson
street, on March 4th, 1871, their capital being $70,000, afterwards increased to
1100,000 July 28th, 1886.

The first board of directors were: John P. Heisel, Chas. Foster, Bernard
Krugh, Chas. Espy, J. Eitemiller, Geo. Engelking, Frederick Maul, J. Och, Adam
France, L. Kishmeisen, Ernest Rohrkaste, Geo. N. Monro, R. S. Clark.

The first president was John Heisel, who resigned, and was succeeded by Bern-
ard Krugh in 1875, who was succeeded by John B. Lutz, the present president.

The first cashier, E. J. Scholze, was elected January 1st, 1871, and resigned
April 3d, 1885, when he was succeeded by the present cashier, J. F. Erny, May
1st, 1888.

They have paid dividends on the capital stock from 1872 of |85,534, and on
that of July, 1886, $25,000, making a total of dividends paid of $110,534.

Surplus, $70,000 ; book value of stock, $75 ; market value, no transfers.

The Freehold Bank was originally incorporated under the laws of Pennsyl-
vania as the Freehold Bank and Bailding Association, March 3rd, 1870, the capi«
tal stock being $200,000. Par value of shares $50.

The first board of directors was, — Edward House, James S. Craft, Thos. Steely
Wm. Phillips, Robert W. Mackey, Jared M. Brush, Thos. W. Davis.

The first president was Edward House, who still holds that office. The first
treasurer and secretary was Thomas Steel, and J. P. Speer cashier. The title of
the bank was subsequently changed to the Freehold Bank, the president and
cashier remaining the same until 1878 when J. P. Speer being elected vice presi-
dent, Louis Witmer was elected cashier. In 1884, John Steel was elected his
successor. The bank has paid $186,000 of dividends since its organization.

The Artizans Bank was organized in 1870 under the State laws with an author-
ized capital of $300,000. Wm. H. Smith was its first president and Julius Fi
Stark its first cashier, until it was discontinued, the depositors being paid off and
the stock canceled.

The United Bank was established in 1871. N. P. Sawyer was its first president,
and Alex. Guthrie its first cashier. The capital was $200,000. Up to 1876 it had
paid $30,000 of dividends, and had a surplus of $9,000. It became financially*
embarrassed and passed into the hands of assignees.

The Nations Bank for Savings was established in 1871, with a capital of
$100,000. Arthur Hobson was its first president and E. M. Jenkins its first cashier.
Mr. Hobson was subsequently succeeded by John A. Myler, and Mr. Jenkins by
C. W. Benny.

The West End Savings Bank was organized in 1871 with a capital of $100,000,
payable in weekly intallments. Wm. H. Singer, president ; W. H. Wilson, cashier!
which positions they still hold.

The Fifth National Bank, of Pittsburgh, was organized October 1st, 1871, as
the Farmers National Bank of Greensburg, Pa. By an Act of Congress, June 23,^

18



274 ALLEGHENY COUNTY'S

1874, the name was changed to the Fifth National Bank of Pittsburgh, and by
the same authorized to remove to Pittsburgh, Pa., which was done March 3d, 1875.

First board of directors was : Eobert Arthurs, P. H. Allison, Kalph Bagaley,
Addison Arthurs, Jesse H. Lippincott, Geo. W. Huff, James C. Clark, John Lloyd,
Bichard Coulter.

The first president was Robert Arthurs, who still fills the office.

The first cashier, L. Halsey Williams, resigned April 1st, 1886, and was suc-
ceeded by the present cashier, A. C. Knox.

The gross dividends paid since commencing business in Pittsburgh is $92,000 ;
the capital stock, $100,000; surplus, $20,000.

The Arsenal Bank was organized in 1871, with a capital of $150,000. John
W. Riddell was its first president. He was succeeded by S. J. Wainwright. Its
first cashier was C. L. Staub, who was succeeded by W. S. Williams.

The Farmers and Mechanics Bank of East Birmingham was organized in 1872.
It carried on business as a trust company for four years from 1868. It began with
a capital of $100,000 with privilege to increase to $500,000. Present capital is
$130,000.

George Duncan was first president, and when he died was succeeded by James
McMurtry. At his death Abijah Hays, Jr., became president, who resigned being
too old to longer fill the office and was succeeded by C. J. Schultz. He resigned

and was succeeded by McGary, when he died he was succeeded by John

Henry Sorg, who is now president.

Henry F. Voight was cashier at the organization of the firm in 1868 and con-
tinued until March 1st, 1888, when he resigned, and was succeeded by Herman
J. Barg. No information could be obtained as to first board of directors, dividends
or surplus. In 1886 the bank had paid to that date $145,000 of dividends and had
$15,000 surplus.

- On March 5th, 1872, the Iron and Glass Dollar Savings Bank was incorporated
which began business as a private bank February 13th, 1871. Its first banking
house was at 1203 Carson street. Capital stock $100,000

First directors were, — Thomas B. Atterbury, John Gallagher, Jas. H. Swett,
Joseph Keeling, William Doyle, W. J. Levis, Daniel Wenke, Edward Moye, F.
Baxmeyer.

The first president was Thomas B. Atterbury and the first cashier was Henry
Stamm, which two oflScers continue in ofllce to the present day.

The amount of the total dividends paid is $122,500, the par value of stock is
$100 per share and the market value is $140.

The Odd Fellows Savings Bank, of Pittsburgh, was chartered by the legislature
March, 1872, and began business at No. 63 Fourth avenue, in which location they
still are, having a capital stock of $100,000.

The first board of directors was, — Henry Lambert, Edward Duff, John Seiferth,
A. M. Brown, G. W. Schmidt, Andrew Miller, William Nelson, H. A. Weaver,
S. J. Wainwright, D. P. Estep, G. W. Rankin.



FINANCIAL INSTITUTIONS. 275

The first president was Henry Lambert, who was, at his death, succeeded by
Andrew Miller, who still continues in office.

The first cashier was W. J. Scully who continued in office until 1874, when he
was succeeded by Samuel C. Applegate, who was succeeded, in 1878, by Frank E,
Moore, the present cashier.

The total dividends paid since the organization is |108,000. Surplus $60,000.

In 1872 the Keal Estate Loan and Trust Co. was organized and began the bank-
ing business on Ohio street, Allegheny City, March 1st, 1873, with a capital of
f73,000.

The first president, C. L. Straub, resigned and was succeeded by Charles Hier-
holzer, upon the death of whom the present president, G-. Meyer, was elected
The present cashier is C. Schauer, Jr. No further information obtained.

The Shoe and Leather Bank was organized under a State charter in 1872, with
a, capital of $200,000, Geo. H. Anderson being its first president, and John D.
Frazier its first cashier. D. E,. Davidson succeeded Geo. H. Anderson in the
presidency. The bank wentpnto liquidation about 1880-1.

The Monongahela Savings Bank was organized in 1872 with a capital of
$100,000. Wm. Douglass was its first president, who was subsequently succeeded
by Henry A. Weaver. E. T. Hunt was its first and only cashier. Its place of
business was at the corner of Fourth and Smithfield.

The bank not being profitable the depositors were paid off^ and the bank closed.

The Liberty Improvement Bank was organized in 1872 with a capital of
$100,000. A. H. Gross was its first president, O. F. Parker its first cashier, who
was succeeded by A. M. Thorn. This bank was ultimately merged into the City
Deposit Bank, of which Thomas Brown is now president, and H. C. McFarland,
cashier.

The^Bank of Industry was organized in 1872, with a capital of $100,000. Its
place of business was for some years at the corner of Fifth avenue and Scrip alley.
M. Hastings was its first president and M. Hanrahan its first cashier. Mr. Hast-
ings was succeeded in the presidency by James McLain, Mr. Hanrahan remaining
cashier until the bank was ultimately closed out by dissolution, it being a semi-
savings bank and was not found profitable.

The Market Bank was a small institution, organized in 1873, which had its
office in the south-east corner of the Diamond Square, of which Thos. H. Hunter
was the first cashier. He was succeeded by George Petty. It was not successful,
and was wound up after some two or three years' struggling existence. Jacob H.
Walter was its first president, and was succeeded by Joseph H. Gray. ^

The Penn Bank was organized in 1873, with a capital of $75,000, as a State bank,
and had its place of business on Wood street, near Fourth avenue, Jas. H. Hopkins
being its first president and Wm. N. Riddle its first and only cashier. Its capital
was subsequently increased to $250,000, and its place of business removed to the

corner of Liberty and Wood streets. In James H. Hopkins resigned the

presidency, and Wm. N. Eiddle succeeded him. In 1884 the bank failed from



276 ALLEGHENY COUNTY'S

speculative investments of its funds by the president, and the bank passed into the
hands of Henry Warner, assignee.

The Anchor Savings Bank of Pittsburgh was incorporated 1st of April, 1873,.
and began business April 30th, 1873, with capital to be $100,000, paid in by in-
stallments. The first banking house was on Wylie avenue, afterwards removed tO'
135 Fifth avenue, now 134 Fifth avenue.

Began as an individual bank. July 18th, 1877, became a State bank under the
laws of Pennsylvania.

First president was A. M. Brown, who still continues in office. The first cashier
was Jas. H. Scott, who served until June 1st, 1875, when K. J. Stoney, the present
cashier, succeeded him.

It has a fully paid up capital of |50,000, paying 4 per cent dividends and hav-
ing a contingent fund of $18,500 in addition to $7,770 earning up to August, 1888»

On March 16th, 1875, was chartered the Third National Bank of Allegheny,
with a capital of $200,000, which commenced business April 1st, 1875. The
first banking house was located at 140 Federal street, but in 1879 purchased and
removed to the banking house 101 Federal street, formerly occupied by the old
Allegheny Savings Bank, refitting the same.

The first board of directors was Jonathan Gallager, Addison Lysle, John Dean,
John Megraw, John Heichenroether, James Morgan, John Kirkpatrick, Alexan-
der Patterson, Robt. Taggart, Henry Cordier, N. H. Yoegtly.

The first president was Jonathan Gallager ; first vice president, Addison Lysle.
Jonathan Gallager resigned July 9th, 1877, and was succeeded by the Hon. Hugh
S. Fleming, who continued in office until his death, July 5th, 1887, when he was
succeeded by the vice president W. M. McKelvey, his place being then filled by
E. H. Boggs.

Hugh Fleming was born in Ross township, Allegheny county, now the Third
ward, Allegheny city, March 26, 1820. In 1835 he entered the drug store of H.
P. Schwartz, continuing in that business until 1839. He took an active part in
politics and was elected to Common Councils, from the Third ward, in 1841, 1842»
and 1859. In 1852 he was elected on the Whig ticket County Treasurer. In
1861 he recruited Company K., of the 38th regiment, (9th Pennsylvania Reserves,)
was mustered into service May 4th, 1861, and commissioned captain, resigning
June 27th on account of impaired health. In 1870 he was elected Sheriff" of the
county on the Republican ticket. In 1872 he was chosen Mayor of Allegheny
city. In 1877 he was elected president of the Third National Bank of Allegheny,
which office he held at the time of his death.

The first cashier, W. A. Clemens, resigned July 1st, 1875, and was succeeded by
the present cashier, H. A. Spangler. This bank has a surplus of $50,000, and un-
divided profits of $44,000.

The German National Bank, of Allegheny, Pa., was chartered May 17th, 1875,
and began business June 1st, 1875, at 266 Ohio street, Allegheny, Pa., with a cap-
ital of $200,000.



FINANCIAL INSTITUTIONS. 277

First board of directors was : A. Wiese, Joseph Laatner, Jacob Kopp, C. M.
Anshutz, Hugh McNeill, L. Walter, Sr., Damas Lutz, G. Faas and John A.
Herman.

Adam Weise was the president of the bank from the time of its organization
!up to the time of his death, March 27th, 1887, when he was succeeded by L.
Walter, Sr., who is president now.

Joseph Stratman has been cashier since the time of the organization of the bank.

The amount of dividends paid is |124,130.68 ; shares, |100 each ; book value
of stock, $143 ; last sales, $126.50 ; surplus and undivided profits, $86,000.

The City Savings Bank was incorporated in 1876, and began business at the
same date.

The first president was Dominick Ihmsen, who was succeeded by John Eogers,
and he by James Gallery, the present president.

The first and present cashier is John W. Taylor.

The capital of this bank is $100,000, there being 2,000 shares, and a surplus of
^18,000, the amount of deposits being about $475,000.

The Duquesne National Bank was chartered in May, 1875. This bank was
•originally the Coal Men's Trust Company, organized in 1865, with A. J. Barker
as president, and Wm. Douglass, treasurer, the capital, $100,000, being paid in by
installments. It began business at 409 Smithfield street. May 19th, 1867, E. J.
Hoberts was elected cashier. A. J. Barker resigning the presidency, William J.
Anderson was elected his successor. Subsequently the title of the bank was
•changed to the Duquesne Bank. Wm. J. Anderson dying, Wm. G. Johnston, the
present president, was elected his successor. On June 1st, 1870, E. J. Roberts re-
■signed the cashiership, and A. H. Patterson was elected his successor. In 1875
the bank was organized under the National Banking Act, with a capital of
^200,000, the par value of the shares being $100. The bank has paid in divi-
dends since its organization as a National Bank $136,000, and has a surplus of
$75,000. The book value of the stock is $140, and the market value $131.

The Metropolitan National Bank was organized in 1875, with a capital of
$200,000. Its first president was C. A. Dravo. He was succeeded by D. R. Mc-
Intire, and he by John Kunnett. The first cashier was W. H. Smith. He was
succeeded by C, A. Dravo, and he by George Seebick.

The Diamond National Bank was organized April, 1875, and began business
in April, 1875, at the corner of Fifth avenue and Union streets, with a capital of
-$200,000 ; par value of shares, $100.

The first board of directors was : A. Garrison, Wm. M. Hersh, J. W. Carnahan,
A. L. Robinson, Simon Brahm, Joseph Fleming, Jas. Nimick, A. N. Miller, Adam
Oetty.

The first president was A. Garrison, who still continues in office. The first
■cashier was John S. Scully, and he has continued in that position.

The dividends paid since organization is $157,000, and the bank has a surplus
«9f $105,000. Book value of the stock is $153, and its market value $151.



278 ALLEGHENY COUNTY'S

March 6th, 1879, the Fort Pitt National Banking Company was organized^
commencing business March 17th, 1879, at 79 Fourth avenue, with a capital of
$200,000. This bank was the successor of the Fort Pitt Banking Company, which
was organized January 8th, 1868, with a capital of |200,000, the president being
Samuel McClurkan ; cashier, D. Leet Wilson.

The first board of directors was: David Hostetter, Jas. Gordon, John C
Eisher, E. Fawcett, Kobert H. King, Daniel Wallace, Andrew Miller, James M.-
Bailey.

Its place of business was 169 Wood street, and it paid dividends until it was
aborbed by the Fort Pitt National Bank of |202,425.

Samuel McClurkan died February 26th, 1878, and was succeeded by David
Hostetter.

Samuel McClurkan was born in 1803 in the then village of Pittsburgh, near
where the Adams Express building now stands, on Fifth avenue, and removed
with his father to Noblestown. In 1830 he returned to Pittsburgh, and was a
clerk at the Eagle Hotel, on Liberty street. He soon after became a clerk with
James McCully. Subsequently he engaged in the coal business with John Eiley.
About 1840 he entered the employ of Dalzell & Fleming, wholesale grocers. In
1843, Mr, Fleming removing to Philadelphia, the style of the firm became Samuel
McClurkan & Co. In 1850 embarrassments of Mr. Fleming in the east involved
the firm of Samuel McClurkan & Co. and caused their suspension, but every lia-
bility was subsequently paid. In the fall of 1851, the Citizens Savings Bank hav-
ing been organized, Mr. McClurkan accepted the cashiership. In 1854 hi&
mercantile instincts rose uppermost, and associating with him Allen Kirkpatrick
and John F. Herron, they organized a firm under the style of McClurkan, Herron
& Co., to prosecute the grocery business. In 1865 he sold his interest in the firm,
and turned his attention to the insurance business, being a charter member of the
Cash Insurance Company, and also of the Pittsburgh Insurance Company, of
which he was for a period the president. At an age when most men would have
hesitated about engaging in new enterprises he organized the Fort Pitt Bankins:
Company, as already stated, in the presidency of which he died. ^This is a brief
record of a busy and finally successful life, where commercial integrity and moral
principles in all the paths of life were the guiding lights.

On the organization of the Fort Pitt National Bank the president and cashier
of the Fort Pitt Banking Company, David Hostetter and D. Leet Wilson, were re-
tained, and the following board of directors entered on their duties : D. Hostetter^,
John B. Dunlevy, John C. Risher, Samuel Ewert, Allen Kirkpatrick, Eobert H.
King, Patrick McCullough, Daniel Wallace, James M. Bailey.

Since its organization as a National Bank it has paid $108,000 of dividends^
has undivided profits on July 1st of |55,320,'and a surplus of $100,000.

The Commercial National Bank was established June, 1882, with authorized
capital of $500,000 ; a paid up capital of $300,000. Their banking house was at
97 Fourth avenue.



FINANCIAL INSTITUTIONS. 279

The first board of directors was: M. W. Kankin, Wm. H, Smith, Josiah King,
D. E. Davidson, D. M. Smith, John W. Herron, Jacob S. Keymer, S. S. Marvin,
Joseph H. Borland.

The first president was M. W. Eankin, who still holds that office.

The first cashier was John D. Frazier. On his resignation H. W. Bickell suc-
ceeded him, June, 1885. During the six years of its organization the bank has
paid dividends to the amount of $69,000, and have a surplus of |18,000.

The Keystone Bank was organized under the State laws in 1884, with a capital
of $300,000. J. J. Vandergrift was the first president and A. B. Davitt the first
cashier, which offices they still hold.

The Monongahela Bank was organized in 1888, with a capital of $000,000.
Thomas Jamison was elected president and John D. Frazier cashier.

The Nation Trust Company, which was originally the National Trust Com-
pany, was organized about 1868-70. Eobert Dickson was its president, and Eobert
Greer its cashier. The bank was a co-partnership, or individual bank. In 1873-4
it collapsed, and brought financial disaster to many business men and suffering to
private individuals — another instance of speculative investments of the funds of
the bank by its fiduciary agents and over-confidence in its directors in the officers
of the institution.

The Western Bank, which was established in 1850, was subsequently organ-
ized as the Commercial Bank, in 1856. Thompson Bell, president ; David Eobin-
son, cashier. Mr. Eobinson subsequently resigned, and organized, in 1863, the
banking firm of Eobinson Bros., which still continues in business. The Commer-
cial Bank ultimately became a private banking house, under the style of Thompson
Bell & Co., which firm was carried on until the death of Thompson Bell, in 1886-7,
when it ceased to exist, Mr. Bell owning about all of its financial interests.

The First National Bank of Braddock was organized in 1882, with a capital
of $75,000, with Jesse Lippencott as president and W. W. Watt as cashier.

The Braddock National Bank was organized in 1882, with a capital of $100,000,
with Eobert E. Stewart as president and John G. Kelly as cashier.

The Farmers Deposit Bank of Sharpsburg was organized in 1879, with a capi-
tal of $50,000, at which time George A. Chalfant was president and Eobert M.
Coyle cashier.

The banking house of W. E. Thompson & Co. originated with the firm of
Semple & Jones, established in 1859, (John B. Semple, John B. Jones). On the



Online LibraryGeorge H. (George Henry) ThurstonAllegheny county's hundred years → online text (page 37 of 43)