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LIBRARY
UNIVERSITY OF SCRANTON
PRESENTED BY
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With Compliments of
The Directors and Officers of
The First National Bank
of Scranton, Pa.
The First National Bank
of Scranton, Pa.
HISTORY
THE FIRST NATIONAL BANK
OF SCRANTON, PA.
INCORPORATED 1863
ISSUED BY AUTHORITY OF THE
BOARD OF DIRECTORS
^
SCRANTON, PA.
1906
PRESS OF
INTERNATIONAL TEXTBOOK COMPANY
SCRANTON, PA.
18117
4GS4?
OFFICERS AND
DIRECTORS OF
The First National Bank
OF SCRANTON, PA.
JAMES A. LINEN
PRESIDENT
GEO. L. DICKSON
VICE-PRESIDENT
ISAAC POST
CASHIER
F. I. LINEN
ASS't CASHIER
DI RECTORS
J. A. LINEN
W. W. SCRANTON
F. E. PLATT
C. L. DICKSON
GEO. B. SMITH
C. S. WESTON
W. F. HALLSTEAD
CHAS. H. WELLES
RICHARD H. HIGGINS
LIST OF ILLUSTRATIONS
Paoe
The First National Bank of Scran ton, Pa Frontispiece
Old Bank Building 42
Andrew J . Odell 16
Joseph H. Scranton 54
Thomas Dickson 89
Joseph C. Piatt 102
Joseph J. Albright 109
Edward W. Weston 116
James Blair 132
Main Floor, New Bank Building 137
Main Floor, New Bank Building, from rear 139
Directors' Room, New Bank Building 142
Vaults, New Bank Building 144
Main Floor, New Bank Building, from gallery 146
Upper Floor, New Bank Building 148
John Jermyn 1 49
Gallery Room, New Bank Building 152
Thomas H . Torrey 1 55
William R. Storrs 158
Vault on Main Floor, New Bank Building 161
Basement, New Bank Building 161
George L. Dickson 1 78
James A. Linen 180
Isaac Post 181
William F. Hallstead 182
William W. Scranton 183
George B . Smith 1 86
Charles H. Welles 187
Charles S. Weston 188
Frank E. Piatt 190
Richard H. Higgins 191
Edward P. Jackson 191
Group of Employes, Frank I. Linen in center 192
Alfred T. Hunt in center 193
195
197
THE
First National Bank
OF SCRANTON, PA.
1863—1882
Organization and Management
THE history of The First National Bank of Scranton
is that of the men who have been foremost in the
development of the boundless resources of the rich
Lackawanna Valley and of the city of Scranton. This
institution has been more closely associated with the
great industries that were the beginning of the wonderful
business importance since attained by the city than any
other financial organization. Its history is the annals
of men whose names are inseparably connected with the
story of the growth and prosperity of Scranton; of men
who have laid the foundations upon which has been
reared a magnificent city, a municipality that has taken
its place among the foremost of the country, and is
famed for the stability of her enterprises and her fiduciary
establishments.
This bank was organized on May 30, 1863, by the
financiers who were at that time the leading investors
in this section. It has since been under the supervision
and control of men who have been recognized for their
business sagacity, their keen foresight, and their safe
conservatism under any stress of circumstances. Its
history is illumined with the characters who have been
2 The First National
as fearless in the exercise of their pubhc duties as they
have been wise in the privacy of their business councils.
It has existed for more than four decades, and every
year of each decade has been one of consistent increase,
until it reached, on the Roll of Honor of the national
banks of the United States, a place second only to the
Chemical National Bank of New York City, and became
recognized throughout the country as one of the soundest
financial institutions in that splendid banking system
that was born of the necessities of the awful fratricidal
war of the sixties.
That the reader may understand the character of this
banking house, at the outset, a few comparisons will be
given that will convey to the mind of the banker, the
business man, and the financier an idea of the almost
unparalleled prosperity that has been attained by the
men who have had the control and management of its
affairs. Its directors have at all times been men of
unimpeachable integrity and unsullied honor, who have
enjoyed the most implicit confidence of the community.
That confidence which is the very essence of success-
ful business transactions has been an attribute of every
man that has ever been a director or been connected
with this bank in any official capacity. The same care
that has been exercised in the selection of its Officers
and Directors has been manifested in the choice of
its employes, and from its inception this care, and the
confidence just mentioned, have been important factors
in the transactions between the bank and its patrons.
The officers and employes have always been men who
have been careful and accurate, and have indicated a
pronounced pride in the success and reputation of the
institution of which they are a part.
Bank of Scran ton 3
The marvelous growth of the first national l)ank
established in this valley has kept pace with the
rapid and wonderful development of vScranton, one of
the youngest and most thriving of cities, located in the
midst of a territory endowed by the Creator with vast
mineral wealth, the advancement of which has been the
natural sequence of the utilization by man of these
invaluable gifts placed by the Almighty at his disposal.
While it is not within the province or scope of this
work to give a detailed history of Scran ton and its
vicinage — nor shall the reader be wearied with a discourse
on matters that are not essential to a correct understand-
ing of the work — yet it is befitting that the conditions
prior to, and contemporaneous with, the founding of the
bank, and having a direct and important influence on
the institution, should be set forth for the puq:)ose of
elucidating the incidents in connection with its organi-
zation. The story of these conditions is requisite to a
proper introduction of the principal characters upon the
stage of their most important acts, and the scene of
their greatest business triumphs and conquests.
Scranton's Early History
At the time The First National Bank was organized.
Scran ton was a borough of small ])opulation. The
borough of Hyde Park lay on the highlands to the
westward and was separated from Scranton by the
Lackawanna River, at that time a beautiful stream.
Tw^o miles to the north lay the borough of Providence,
which had been founded in the latter part of the
eighteenth century. These boroughs were incorporated
into the city of Scranton in 186(3. The last preceding
4 The First National
census, taken in 1860, showed them to have a combined
population of 18,090, divided as follows:
Providence 5,507
Hyde Park 3,360
Scranton 9,223
Total 18,090
This population was distributed over an area of
about six square miles. The borough of Scranton was
the business center, and Lackawanna Avenue, which lies
parallel to and a half block distant from the Delaware,
Lackawanna, & Western Railroad, was then, as it is now,
the main business thoroughfare.
The Lackawanna Valley is a coal basin containing
" 327 feet of the coal measures, with a total of 20 feet at
the northern end, and a thickness of 13 feet at Carbondale
(a city 18 miles north of Scranton) ; 663 feet of measures
with a thickness of 67 feet of coal at Scranton; and
816 feet of measures, with 85 feet of coal west of this
point. The existence of this vast body of mineral
wealth, together with other natural advantages and the
geographical conditions of its location, makes Scranton
a city of certain destiny. " *
The anthracite mining business, together with the
Lackawanna Iron & Coal Company,' the Dickson Manu-
facturing Company, the Delaw^are, Lackawanna, & Western
Railroad Company, and the Delaware & Hudson Canal
Company, was the chief industry of Scranton until within
the last three decades, since which time new manu-
factures have been drawn here in large numbers by an
irresistible attraction that finds its magnetism in the
unequaled natural advantages to such establishments. A
new impetus was given to this influx in later years by
*Doctor Throop's "Half Century in Scranton."
Bank of Scr anion 5
the reclamation of the mountains of cuhn — accumulations
of coal refuse that was regarded as waste after the coal
had been mined and prepared for market. With the
transformation of these almost inexhaustible accretions
of waste into a merchantable commodity, making the
cheapest steam fuel in the world, came an in]:)ouring of
manufacturers of every descri])tion, all im])elled by the
economy of being as near as possible to the base of su]:)ply
of that indispensable necessity — fuel for steam purposes.
At the time of the organization of The First National
Bank, the nucleus of Scranton's future industrial per-
manence had been established. This nucleus, around
which the future city was to rise, was composed of the
Lackawanna Iron & Coal Company, the Dickson Manu-
facturing Company, the Pennsylvania Coal Company, and
the two railroads, the Delaware & Hudson Canal Company,
and the Delaware, Lackawanna, & Western. The first
subsequently (in 1902) moved to West Seneca, near Buffalo,
New York, but it remained here until its departure was
effected without any appreciable effect u])on the city
itself or upon any investments made. The Dickson
Manufacturing Company recently came under the domi-
nation of the Allis-Chalmers Company and the American
Locomotive Company. The Pennsylvania Coal Company
has since been absorbed by the Erie Railroad Com]~)any.
All of these have had a very direct and important bearing
on the origin of The First National Bank, by reason of
the fact that they were the corporations that brought to
Scranton the men that were instrumental in the forma-
tion of the bank.
Thus the early business activities of Scranton were
formulated, and, working in harmony, continued to
materially assist the rapid increase of the prosperity of
6 The First National
the valley, so that the organizers of The First National
Bank performed a most successful coup in making the
future welfare of the bank and of these several companies
an inseparable achievement, and in winning at once the
confidence of the entire community by linking with it
the men to whom the valley owed its condition of opulence
at that time, and in whom the utmost faith could be
reposed.
These corporations had now established themselves
and were rapidly, expanding their productions and their
markets; but they lacked adequate banking facilities,
the one great essential to the success of their future
transactions. The stringency of 1857 and 1858 was felt
by these institutions, though they were not affected
thereby so seriously as enterprises in other sections of
the country. One of the prime reasons for the prosper-
ous condition of Scranton, as well as for the solidity of
its banking houses, has been that no depression that has
fallen upon the country has come in its excessive form
upon this city. Scranton has never severely felt the
great panics that have swept over the country, leaving
devastation, ruin, and bankruptcy in their path, either
at the time of the occurrences or while the rest of the
business world was recovering from the shock and the
tempest was spending its demoralizing effects. This is
attributable to the peculiar conditions surrounding the
city. Her values are real; they depend not upon the
caprice of the speculator, and the value of her securities
are sustained by innate worth and merit.
The necessity for banking privileges was most sorely
felt at the time the government opened the way to
secure relief by the establishment of its present system
of national banks in 1863.
Bank of Scran ton 7
Scranton, endowed with such natural advantages,
and such unlimited mineral wealth, was destined to
increase and prosper; the prosj^erity it has enjoyed
has been greatly assisted by her financial institutions.
The stability of her enterprises has at times been
threatened by those unfortunate periods of depression
called "panics;" but, notwithstanding these, the city
has risen triumphant and continued on her march toward
greater successes and a still more brilliant future. vSuc-
cessful in a greater degree than any other city in the
Eastern section of this country, in point of industrial
and material growth, Scranton has been reenforced in
a large measure by the character of her banking houses.
The banking facilities of Scranton prior to the year
1863 were very unsatisfactory and precarious. There
were none but private banks in the city, and, until after
the nineteenth century had half spent itself, sales
were conducted on the primeval ])rinciple of barter.
There was little or no currenc}', and at times during
the "fifties," company orders given by the large cor-
porations became a medium of exchange and were cir-
culated as currenc}'. In those days it was no uncommon
sight to see company orders in as full circulation in the
communit}^ as bank bills circulate today. This brand
of currency w^as very unsatisfactory to the com])anies
as well as to the employes, and, with it as the domina-
ting medium, there was little opportunity for a bank
to thrive.
The need of banking conveniences and an increased
currency became more apparent each day. The finan-
cial history of the late fifties is familiar to the student
of banking. There were state banks in some sections;
vet even these were denied to Scranton. Considerable
8 The First National
of the "wild-cat currency" found its way into this sec-
tion, and it was questionable whether an employe pre-
ferred the wild-cat money backed only by the credit
of men he did not know or the company orders given
by men he did know and backed by the credit of men
in whom he and the community reposed a most implicit
confidence.
The nearest bank of issue to this city was the Pittston
bank, now the First National Bank of Pittston, of which
Aaron Brown was president. There was another bank
of issue at Honesdale, another at Montrose, and still
another at Wilkes- Barre, but these were of very little
assistance to the business life of Scranton. There were
private banks here that struggled nobly to assist in the
business transactions, but they were hopelessl}^ inade-
quate to the demands made upon them. The greater
portion of the banking business by men in Scranton
was done with banks in New York City.
The First Banking Houses
The first banking house established in Scranton was
that of Mason, Meylert, & Co., who opened a business at
the corner of Wyoming Avenue and Center Street
(a half block north of The First National Bank of
toda}^) on May 10, 1855. This firm succeeded admi-
rably, and their success was the surest indication of
the pressing necessity. In 1860, they erected a
building opposite their first banking house, on the site
now occupied by the Scranton Savings Bank, an insti-
tution chartered by the state. They continued in busi-
ness until 1867. This banking firm consisted of Gordon
F. Mason, and Michael and A. N. Meylert. In 1867, the
Bank of Scranton 9
Scranton Savings Bank, the oldest state bank in this
city, was chartered. They purchased the " Meylert Bank-
ing House," and have been doing business on their
present site since that year.
In the fall of 1855, some six months after the opening
of the Mason & Meylert Bank, Hon. George Sanderson
opened a private bank in a small wooden building just
above the Wyoming House, which stood at the north-
east comer of Lackawanna and Wyoming Avenues.
This banking firm, founded by Mr. Sanderson, was
known as George Sanderson & Co., the company being
Burton Kingsbury. " It was during the service of Hon.
George Sanderson as State Senator that he made the
acquaintance of Col. George W. Scranton, and was
induced by him to remove to Scranton and make this the
future field of his activities."* This firm afterwards
built a new banking house on the site of the present
Lackawanna Trust & Safe Deposit Company, just a
short distance east of the present First National Bank.
The Lackawanna Trust & Safe Deposit Company is the
result of a process of evokition in the old firm of Sander-
son & Co. In the course of these changes it became
first Sanderson & Co., then the Lackawanna Valley
Bank, and in 1887 it adopted the organization it has
today, to wit: the Lackawanna Trust & Safe Deposit
Company. This banking house has the longest continu-
ous history of any banking institution in this city. These
two banks were the only ones of which Scranton could
boast prior to the month of July, 1862, when the firm of
Winton & Co., Bankers, opened their banking house on
Penn Avenue between Lackawanna Avenue and Sjiruce
Street, and continued in business until the organization
♦Doctor Throop's "Half Century in Scranton."
3
10 The First National
of the Second National Bank, in 1863, of which organi-
zation W. W. Winton was made President.
The Congress of the United States passed the origi-
nal National Bank Act February 25, 1863, which estab-
lished a system that marked the opening of a new money
era, not only in this valley but in the entire country;
for Scranton and vicinity the National Bank Act proved
to be the means whereby inestimable assistance came
to the development of the business interests. Three
private banks were at that time all that Scranton had
in the way of banking houses, no one having possessed
the nerve to attempt the conduct of a state bank under
the conditions then existing. There have been numer-
ous state banks founded in the city since the Scranton
Savings Bank set the precedent in 1867, but the city
has the unique distinction of never having had a state
bank of issue, nor of ever having one converted into a
national bank.
The National Bank Act
The year 1863 recorded the "high water mark" of
the war of the Rebellion. At the inception of this
twelvemonth, the permanency of the Federal Union
was open to grave doubt. The government had been
experiencing tremendous difficulty in its financial opera-
tions. The necessity for a more uniform currency and
the retirement of the wild-cat, shin-plaster money was
becoming daily more imperative. The proposition of
planning a way for doing this had been receiving a great
share of attention at Washington, and in his annual
message to Congress, submitted January 17, 1863,
President Lincoln, in plain and characteristic sentences,
impressed upon the law-making bodies of the nation
Bank of Scran ton 11
that it was essential to the general welfare that a law
be passed providing " a uniform and secure currency
for the people, and to facilitate the operations of the
treasury of the United States."
While this was the object to be attained, and although
it is now conceded that the national banking system of
this country is the most satisfactory system yet devised
and promises so to remain, the real impetus of the sug-
gestion of Mr. Lincoln was political, born of the neces-
sities of the great civil strife then being waged. The
"Father to the Thought" is exposed by the following
excerpt from the message of January 17, 1863: "Such
a currency can be furnished by bank associations organ-
ized under a general Act of Congress, as suggested in
my message at the beginning of the present session. The
securing of this circulation by the United States bonds,
as therein suggested, would still further facilitate loans
by increasing the present and causing a future demand
for such bonds." As summed up in Sumner's "History
of Banking in the United States," the purpose of this
legislation was " to change the currency in a way to make
it more useful in the financial exigencies of the govern-
ment, and to borrow all the banking capital of the coun-
try as a further financial resource." It was a most useful
device to the government and was passed by Congress
despite the protests of many who opposed it.
The law provided that associations should be organ-
ized for twenty years, but neglected to make ])rovision
for the extension of their existence, and this was respon-
sible for a very interesting incident in the career of The
First National Bank at the expiration of its first charter.
"The associations were to be organized for twenty
years, with a minimum capital of $50,000; the smallest
12 The First National
deposit for circulation $30,000; on such deposits of
United States bonds, 90 cents on $1.00 of face value
were to be furnished in circulating notes by an officer
of the Treasury Department. The lowest denomination
of notes was to be one dollar until after resumption;
then, five dollars. The notes were to be a legal tender
to and from the government and to be received at par
by all banks in the system."*
The Act further required that national banks in cities
other than the sixteen leading cities were to maintain a
reserve of lawful money equal to fifteen per centum of
their deposits. At the outset the Act required the
banks to publish a quarterly report in the newspapers.
This was altered by a subsequent Act in 1869, which
repealed this law and substituted therefor a provision
that five reports annually should be made and pub-
lished whenever the comptroller of the currency should
call for them.
Until March 3, 1883, the government further levied
tribute on the banks by means of taxation, one per
centum being laid on the average amount of circulation,
one-half of one per centum on the deposits, and another
one-half of one per centum on the capital stock not
invested in government bonds. On the day of the above
date these taxes were repealed. Thus was laid the foun-
dation of a national currency embedded upon the credit,
not of the bank that issued it, but of the government
that breathed life into the bank, which had pledged
itself to redeem the notes. The half century's dream
and hope of a nation had been realized. It was one of
the beneficent and enduring results of that appalling war
*" History of Banking in the United States," by William Graham
Sumner.
Bank of Sc7'a7iton 13
which did so much for the nation at such a staggering
cost. It was a mooted question whether this system
of currency and banking could ever have been accom-
plished had it not been for the exigencies of the ])criod
that gave it birth.
There was still the dangerous system of promiscuous
currency caused by the existence of the state banks of
issue. The advantage of the new monetary scheme
over the old was shown in the fact that the failure of a
national bank could not affect the value of its currency,
and the holder of the notes of such a bank need not care
to know whether or not the bank that issued the note
is defunct. It was vastly different with the old state
bank currenc}-. When one of those banks failed, its
notes immediately went out of circiilation. To eradi-
cate this system was the question that pressed itself
upon the government soon after the passage of the
National Bank Act and its superseding act of June 3,
1864. This emergency was finally met in a very satis-
factory and successful way by the passage of the Act of
Congress of March 3, 1865, which imposed a tax of ten
per centum on all bank notes paid out by any bank,
other than the national banks, after July 1. 1866. This
measure met with the same strenuous opposition that
confronted the National Bank Act when it was en route
through Congress, and finally passed the house b\' the
uncomfortable yet effectual majority of one. This tax
eventually led to the retirement of the state bank cur-
rency, as it was entirely too plebeian to pay such a price
for the privilege of associating in the business transac-
tions with the more aristocratic national currency.
The following is a very lucid and brief explanation
of the svstem of national currency: "The government
14 The First National
guarantees the note holder, because it is itself a debtor
to the bank; and it promises to pay the note holder who
is a creditor of the bank instead of paying the bank;
and in order to be in a position to do this, it takes back
the evidence of its debt from the bank, holds it in its own
control, and when the exigency arises sells it to somebody
else — that is, contracts a loan somewhere else, in order
to pay the note holder. " * f
At this time the specie suspension, known as the
"Long Suspension," was on. It had begun in Decem-
ber, 1861, and continued until the resumption January 1,
1879, since which time all the money in the United States
has been maintained at par with gold. The First
National Bank having come upon the stage within this
period, the evils connected with the frequent suspen-
sions and resumptions of specie payments never beset
it, and the officers were never embarrassed by the finan-
cial finesse necessary to a safe passage through such
delicate periods.
Organization of the Bank
Immediately upon the receipt of the news of the
passage by Congress of the National Bank Act, there
was great activity among the financial and business men
of our town in an effort to secure a charter for one or
more banks for Scranton, with the result that charters
* Sumner's "History of Banking in the United States."
t The principal feature of the new banking law was the provision for
the deposit of government bonds as security for the circulating notes of the
banks.
Since the establishment of the system, there has been a constant increase
in the number of national banks, either as new institutions or as reorganized
banks formerly conducted under state charters. On October 31, 1904,
there were 5,495 national banking associations in existence, with an author-
ized capital of $781,126,335. — "History of Banking," in I. C. S. Course on
Banking.
Bank of Scr anion 15
were obtained for two banks: The First National Bank
of Scranton, and the Second National Bank of Scranton.
The most interested and active men who took the
lead in securing the charter for The First National Bank
were: Joseph H. Scranton, President of the Lacka-
wanna Iron & Coal Company, and a director of the
Dickson Manufacturing Company; Thomas Dickson,
General Manager of the Delaware & Hudson Canal
Company, and one of the directors of the Dickson
Manufacturing Company; and John Brisbin, Super-
intendent of the Delaware, Lackawanna, & Western
Railroad Company — all representative and leading
residents of the borough.
The first men to be interested by them in the project
of organizing the bank were: Joseph J. Albright, of
Scranton, Superintendent of the Coal Department of the
Delaware, Lackawanna, & Western Railroad Company;
Joseph C. Piatt, Superintendent of the Store Department
of the Lackawanna Iron & Coal Company; James Arch-
bald, of Scranton, Chief Engineer and General Agent of
the Delaware, Lackawanna, & Western Railroad Com-
pany; Edward W. Weston, of Providence, Superintend-
ent of the Coal Department of the Delaware & Hudson
Canal Company; and Selden T. Scranton, of Oxford
Furnace, New Jersey. The cooperation of Sherman D.
Phelps, of Binghamton, New York, a financier and
banker, was also secured.
After having won the earnest support of these men,
Joseph H. Scranton, Thomas Dickson, and John Brisbin
went to New York and personally solicited the aid of
Moses Taylor, at that time President of the City Bank;
John J. Phelps, Director of the Delaware, Lackawanna,
& Western Railroad Company; William E. Dodge,
16 ^ The First National
Director of the Delaware, Lackawanna, & Western Rail-
road and Erie Railroad Companies; George Talbot
Olyphant, President of the Delaware & Hudson Canal
Company; Christopher R. Robert, President of the
Delaware, Lackawanna, & Western Railroad Company;
Andrew J. Odell, Treasurer of the Delaware, Lacka-
wanna, & Western Railroad Company; and John L Blair,
of Blairstown, N. J., one of the most prominent financiers
of that state and for many years President of the
Belvidere Bank.
Several informal meetings of the gentlemen hereto-
fore named were held in New York City and also in
Scranton, when it was decided to prepare the " Prelimi-
nary Certificate of Association, " and to forward the
same to the government at once; also, the Articles of
Association of The First National Bank of Scranton,
Pennsylvania, which preliminary Certificate of Associa-
tion and Articles of Association were duly executed and
acknowledged, six subscribers acknowledging before
Stephen Menihew, a notary of New York City, and ten
acknowledging before E. N. Willard, a young lawyer and
notary public of Scranton, and now one of the leading-
members of the Lackawanna Bar and Ex- Judge of the
Superior Court of Pennsylvania.
Preliminary Certificate
We, whose names are specified in Article Fourth of this Certifi-
cate, have associated ourselves for the purpose of transacting the
business of banking under the Act entitled "An Act to Provide a
National Currency, Secured by a Pledge of United States Stocks,
and to Provide for the Circulation and Redemption Thereof,"
approved February 25, 1863.
First, The name and title of this Association shall be The
First National Bank of Scranton, Pennsylvania.
ANDREW J. ODELL
Last Survivor of the Original Subscribers to the First "Article* of Auociation'
He died in 1903. during the Compilation of lhi» Work
Bank of Scran ton 17
Second, The said Association shall be located in the Borough
of Scranton, County of Luzerne, and State of Pennsylvania, where
its operations of discount and deposit are to be carried on.
Third, The capital stock of said Association shall be two
hundred thousand dollars ($200,000), and the same shall be divided
into two thousand shares of one hundred dollars each, with the
right to increase the said capital in accordance with the provi-
sions of the said Act of Congress, to any sum not exceeding one
million dollars ($1,000,000); to be divided into shares of one hun-
dred dollars each.
Fourth, The name and residence of the shareholders of this
Association, with the number of shares held by each, are as follows:
Name Residence Sharks
Moses Taylor New York City 200
John J. Phelps New York City 200
William E. Dodge New York City 200
Christopher R. Robert . .New York City 100
George Talbot Olyphant New York City 400
Andrew J. Odell New York City 50
Sherman D. Phelps Binghamton, N. Y 200
Joseph H. Scranton Scranton, Pa 100
Thomas Dickson Scranton, Pa 100
James Archbald Scranton, Pa 50
Joseph J. Albright Scranton, Pa 50
John Brisbin Scranton, Pa 50
Joseph C. Platt Scranton, Pa 50
Selden T. Scranton Oxford Furnace, N. J. . 100
John I. Blair Blairstown, N. J 100
Edward W. Weston Scranton, Pa 50
2,000
Fifth, The Association shall commence on the thirtieth (30th)
day of May, 1863.
Sixth, This Certificate is made in order that we may avail
ourselves of the advantages of the aforesaid Act.
18 The First National
Witness otir hands and seals this thirtieth day of May, 1863.
[Signed]
Moses Taylor
[LS]
John I. Blair
[LS]
John J. Phelps
[LS]
S. T. Scranton
[LS]
William E. Dodge
[LS]
James Archbald
[LS]
C. R. Robert
[LS]
Joseph H. Scranton
[LS]
George Talbot Olyphant
[LS]
Thomas Dickson
[LS]
A. J. Odell
[LS]
J. C. Platt
[LS]
Sherman D. Phelps
[LS]
E. W. Weston
[LS]
J. Brisbin
[LS]
Joseph J. Albright
[LS]
State of New York
\ss
City and County of New York
>ss
On this, the first day of Jtine, A. D. 1863, personally came
before me, Moses Taylor, John J. Phelps, Christopher R. Robert,
and Andrew J. Odell, and on the twelfth of June, A. D. 1863,
personally came before me, one George Talbot Olyphant, and on
the sixteenth day of June, A. D. 1863, personally came before me,
William E. Dodge, all to me well known, who severally acknowl-
edged that they executed the foregoing instrument for the purpose
therein mentioned.
Witness my hand and seal of office the day and year aforesaid.
[Signed]
Stephen Menihew,
[ls] , Notary Public, in and for the State of New
York, dwelling in the City of New York.
State of Pennsylvania I
Luzerne County J
On this eighth day of June, A. D. 1863, before me, the sub-
scriber, a Notary Public in and for the State of Pennsylvania,
residing in Scranton, in said County of Luzerne, personally came
Sherman D. Phelps, John Brisbin, John I. Blair, Selden T. Scranton,
James Archbald, Joseph H. Scranton, Thomas Dickson, Joseph
Bank of Scran ton 19
C. Piatt, Edward W. Weston, and Joseph J. Albri^dit, all to me
well known, who severally acknowledged that they executed the
foregoing instrument for the purposes therein mentioned.
Witness my hand and seal of office the day and year aforesaid.
[Signed]
[ls]
E. N. WiLLARD,
Notary Public.
53 59
Articles of Association
OF
THE FIRST NATIONAL BANK
OF SCRANTON, PA.
jirHcles of Association entered into by and
between the undersigned, for the purpose of organ-
izing a Banking Association, to carry on the business
of banking under the Act of Congress entitled,
"An Act to provide a National Currency, secured
by a pledge of United States Stocks and to pro-
vide for the circulation and redemption thereof,"
approved Februar\^ 25th, 1863.
First The name and title of this Association shall be
The First National Bank of Scran ton, Pa.
Second The place of business of this Association shall be
at Scranton, in the State of Pennsylvania.
Third The Board of Directors of this Association shall
consist of five persons, and Joseph H. Scranton,
Thomas Dickson, John Brisbin, Joseph J. Albright,
and Joseph C. Piatt, all of the Borough of Scranton
aforesaid, are hereby, by the unanimous consent and
20 The First National
vote of the subscribers hereto, elected as Directors
and the said Joseph H. Scranton as President of said
Association, to hold their respective offices until the
first regular annual election and until their successors
are duly elected and qualified.
Fourth The regular annual meetings of the stockholders
for the election of Directors shall be on the second
Tuesday of January of each year; but if, for any
cause, an election shall not be held on that day, it
may be held on some other day, according to the
provisions of the 40th Section of the Act.
Fifth The capital stock of this Association shall be
Two Hundred Thousand Dollars; but the same may
be from time to time increased, subject to the limita-
tions of the Act, to any sum not exceeding One
Million Dollars; and in such increase of capital, each
stockholder shall have the privilege of subscribing
for such number of shares of the proposed increase
of stock as he may be entitled to, according to the
number of shares owned by him before the increase
is made. The shares of stock shall be one hundred
dollars each.
Sixth The Board of Directors (two-thirds of whom
shall be a quorum to do business) shall appoint one of
their number to be President, who shall hold his
office (unless he should become disqualified or be
sooner removed by a two-thirds vote of all the mem-
bers of the Board) for the term for which he was
elected a Director; and they shall have power to
appoint a Cashier and such other officers and clerks
as may be required to transact the business of the
Association; to fix the salaries to be paid to them
and to define their respective duties; and to continue
them in office or to dismiss them, as in the opinion
of a majority of the Board, the interest of the Associa-
tion may demand. The Board of Directors shall, by
Bank of Scran tot J 21
their By-Laws, specify by what officers of the Associa-
tion, or Committee of the Board, the regular banking
business of the Association shall be transacted, but
no loan on real and personal security shall be made
without the consent thereto, of a majority of the
Directors. The Board of Directors shall also have
power to require bonds from the officers of the
Association, and to fix the penalty thereof; to regu-
late the manner in which elections of Directors shall
be held, and to appoint judges of the elections; to
provide for an increase of the capital stock of this
Association, and the manner in which the increase
shall be made; to make all By-Laws that may be
required to regulate the business of the Association,
and generally to do and perform all acts which are
proper to be done by a Board of Directors, which are
not inconsistent with these Articles of Association
and subject to the limitations and restrictions of the
Act of Congress under which this Association is
organized.
Seventh This Association shall continue for the period of
nineteen years, unless sooner dissolved by the act of
a majority of the stockholders thereof.
Eighth These Articles of Association may be changed or
amended at any time by a vote of stockholders
owning a majority of the stock of the Association,
and any three stockholders may call a meeting of
the stockholders for tliis purpose.
22
The First National
In testimony whereof, we the under-
signed have hereunto set our hands and
affixed our seals this 30th day of May,
A. D. 1863.
.^:^^^i;^^^^^^-^^^<^'i^^f€:j.
#
#
Bank of Scran ton 23
#
fe^^Ot. ^
A./-^i^;
24 The First National
State of New York
City and County of New York '
On the first day of June, A. D. 1863, personally came before
me, Moses Taylor, John J. Phelps, Christopher R. Robert, and
Andrew J. Odell, all to me well known, who severally acknowl-
edged that they executed the foregoing instrument for the purposes
therein mentioned.
Witness my hand and seal of office the day and year aforesaid.
Stephen Menihew,
[ls] Notary Public, in and for the State of New
York, dwelling in the City of New York.
State of Pennsylvania]
Luzerne County J
On this, the 8th day of Jinie, A. D. 1863, before me, the Sub-
scriber, a Notary Public in and for the State of Pennsylvania,
residing in Scranton, in said County of Luzerne, personally came
Sherman D. Phelps, John Brisbin, John L Blair, Seldon T. Scranton,
James Archbald, Joseph H. Scranton, Thomas Dickson, Joseph
C. Piatt, Edward W. Weston, and Joseph J. Albright, all to me
well known, who severally acknowledged that they executed the
foregoing instrument for the purposes therein mentioned.
Witness my hand and seal of office the day and year aforesaid.
E. N. WiLLARD,
^^^^ Notary Public.
State of New York )
City and County of New York]
On the twelfth day of June, A. D. 1863, personally came
before me, George Talbot Olyphant; and on the sixteenth day
of June, A. D. 1863, personally came before me, William E. Dodge,
both to me well known, who severally acknowledged that they
executed the foregoing instrument for the purposes therein men-
tioned.
Witness my hand and seal of office the day and year aforesaid.
Stephen Menihew,
[ls] Notary Public, in and for the State of New
York, dwelling in the City of New York.
Bank of Scra77ton 25
First Meeting of the Directors
The request of the Association to enter the National
Banking System by virtue of the charter, was granted
under the title of The First National Bank of Scranton,
Pennsylvania, No. 77, May 19th, 18G3, for a term of
nineteen years.
The first meeting of the Board of Directors was held
at the office of the Lackawanna Iron & Coal Company,
on the evening of July 16, 1863. The Directors present
at this session were Joseph H. Scranton, President,
Thomas Dickson, Joseph J. Albright, John Brisbin, and
Joseph C. Piatt. The following resolutions were then
adopted :
Resolved, That William Gushing be appointed Cashier of this
bank at a salary of fifteen hundred dollars per annum, to commence
on the 1st instant.
Resolved, That the purchase of iron doors and safe as reported
by the Cashier be adopted, and that the President be authorized
to proceed at once in the construction of a vault.
Resolved, That Joseph C. Piatt and the Cashier be appointed
a committee to draw up a set of by-laws to be submitted at the
next meeting of the Directors.
Resolved, That fifty per cent, of the capital stock of the bank
be called in.
Resolved, That the President be authorized to purchase
thirty-five thousand dollars ($35,000) of United States 5-20
bonds.
Resolved, That the Cashier having reported that he has
ordered the necessary books and stationery, the purchase be
accepted and confirmed.
Adjourned to meet at the call of the President.
[attest]
W. CusHiNG, Secretary.
5
26 The First National
The Bank Begins Business
1863 At this time, while the Directors were negotiating for
permanent quarters, the bank opened and commenced
business in temporary quarters at 430 Lackawanna
Avenue, in a building which is still standing, and which
at present is occupied as a hotel. Here the business
of the bank was 'conducted for a month or six weeks
of its existence, its entire force consisting of Cashier
Gushing.
Negotiations were closed and a lease made with John
Koch for a banking room in his building at the south-
west comer of Lackawanna and Wyoming Avenues, a
short distance from the temporary quarters. The bank
moved into its permanent home early in October, 1863,
and it has occupied this location ever since, except
during the time of the erection of the present hand-
some structure, when the bank occupied temporary
quarters. The location chosen was considered one of
the best in the borough, and later years fully verified
this conclusion, as it is now in the very center of the
business community of this great city of Scranton. The
building was 35 feet in width by 85 feet in depth (size
of lot 35' X 100'), one of the very few structures that
were of brick; and, being three stories in height, with a
fine basement, and well lighted in the rear and on the
side by an areaway, it presented a very imposing appear-
ance. It was owned and occupied by Mr. Koch as a
hotel and restaurant. Here the bank rented the room
in front, which was 17 feet by 50 feet, and fitted it up
with a small brick vault, counter, desks, etc. Some years
later, the bank purchased the property and occupied the
entire first floor and basement for its rapidly growing
Bank of Scran ton 27
business, and, before the year 1863 had closed, customers 1863
and depositors began to fall into line to such an extent
that Cashier Gushing experienced the need of assistance.
The President, Joseph H. Scran ton, had a lad in his
employ at his office in the Iron Company's building,
who had proved himself trustworthy, and this boy was
sent down to the bank to act as Teller and assist the
Cashier during the busy hours of the day, and he acted as
the First Teller, although never in the employ of the
bank. He is Theodore G. Wolfe, now one of the city's
best known business men.
The first meeting of the Board to be held in the new
banking room took place at 11 o'clock on the morning
of Wednesday, October 14, 1863. At this session the
action of President Joseph H. Scranton in buying
$50,000 worth of the United States 5-20 bonds was
ratified by the formal vote of the Directors.
First Treasury Notes
The question of replenishing the Federal Treasury to
fill the empty vaults depleted by the immense war
expenditures was being agitated, and the legal-tender,
interest-bearing treasury notes were being offered at a
slight discount. It was proposed to loan the government
the sum of $30,000 by purchasing that amount of treasury
notes. After considerable discussion, the Board decided
to confide in the judgment of Mr. Scranton, and referred
the matter to him with power to act. It was decided
also at this meeting to keep the bank's New York account
in the City Bank, of which Moses Taylor was President,
and a resolution was passed appointing the City Bank
as the place for the bank's New York account until
further orders.
28 The Fii^st National
1863 On November 27, the Directors adopted a resolution
requesting Moses Taylor to keep any balance of The
First National Bank with the City Bank, above $10,000,
invested on the best terms obtainable. The reason for
this was that the business interests of Scranton were not
sufficient to utilize the money of the bank.
At the meeting of the Directors, November 10, a
resolution was adopted that the remaining fifty per cent,
of the capital stock of the bank be called in, payable on
the 20th instant. At this time ominous clouds were
gathering on the nation's horizon, and no man knew
how soon the storm would break and what devastation
it might bring. The battle of Gettysburg had been
fought and won, and Lee had taken his army south of
the Potomac, never again to cross it under the waving
flags of the Rebellion. Vicksburg had fallen, and the
Confederacy had been cut in twain; the end was almost
in sight, but the sacrifice was not yet complete. More
men must be hurried to the field to deliver the final blow
to the hopes of the Southern arms. President Lincoln
had made another call for volunteers, the response to
which had not met the demand, and the power of the
government as exemplified in the draft had to be exerted.
AH through the North the draft was resisted by men
who formed in mobs, and riots were numerous in the
larger cities. The quota was finally secured, and prepa-
rations were rapidly being made for the final, supreme
effort to deal the crushing blow to the Confederacy.
Another disaster had befallen the Union arms in the
South, which raised doubts, and, which, coupled with
the draft riots, had a depressing effect. This was the
defeat of Rosencranz's army at Chickamauga after ter-
rible slaughter and the "bottling up" of his army in
Bank of S or anion 29
Chattanooga, whither he had retreated from Chicka- 1863
mauga and where he was surrounded by Bragg 's army,
which occupied Lookout Mountain and Missionary Ridge.
The government too was flooding the country with
greenbacks, legal tenders, and bonds, in an effort to
meet the onerous expenditures necessitated by the san-
guinary conflict.
When the Directors assembled on November 27, they
immediately took up the matter of collecting the remainder
of the subscriptions. By this time, however, things had
changed. Grant and Sherman had been sent to Chatta-
nooga to work out a plan of escape for Rosencranz, which
they succeeded in doing by driving the Confederate
soldiers from Lookout Mountain and Missionary Ridge
and impressing upon Bragg's army that they were
immediately wanted farther south. So far as the war
was concerned the sky had brightened. Hope bom of
victory had sprung up, and confidence had secured
another grip.
The draft call had reached Scranton also, and there
was a busy time in and about the borough. There were
scores of men here who evaded the draft by accepting
the alternative, which was to pa}^ to the government the
sum of $300. This money was deposited in The First
National Bank, being the first deposits of United States
fimds with this bank.
On December 5, the bank indulged its first extrava-
gance, by authorizing the Cashier to secure a "burglar-
proof chest, for the inside of the safe, the cost not to
exceed $200."
On December 23, about three months after the begin-
ning of business, the second statement of the condition
of the bank was issued, and therein was contained an
30 The First National
1863 augury of its future preeminence. It disclosed a remark-
able improvement over the bank's condition as revealed
in the statement of October 11. The second statement
showed the following resources and liabilities:
Resources
Loans $211,159.66
United States Bonds 99,875 . 00
Expenses and Taxes 2,104.63
Due from Banks and U. S. Treasurer .. . 3,735.67
Coin and Currency 18,170.80
Total $335,045.76
Liabilities
Capital $200,000. 00
Undivided Profits 2,608 . 88
Deposits 132,436 . 88
Total $335,045.76
The subscribers to the stock and the number of cer-
tificates issued to each were as follows :
Certificate
Name Residence Number Shares
MosES Taylor New York City 1 250
William E. Dodge New York City 2 200
John J. Phelps New York City 3 200
John Brisbin Scranton, Pa 4 50
Isaac N. Seymour New York City 5 100
A. A. Low New York City 6 100
Wm. S. Harriman New York City 7 100
Samuel B. Schieffelin . . New York City 8 100
William E. Dodge New York City 9*
James Stokes New York City 10*
Selden T. Scranton Oxford Furnace, N. J. ..11 100
♦Issued in lieu of No. 2.
Bank of Scran ton 31
Sherman D. Phelps Binj,'hamton, N. Y 12 200 1863
John I. Blair Bluirstown, N.J lo 100
Thomas Dickson Scranton, Pa 14 100
Joseph J. Albright Scranton, Pa 15 .")()
Joseph C. Platt Scranton, Pa Ki .')()
James Archbald Scranton, Pa 17 50
Edward W. Weston Scranton, Pa IS M)
George L. Dickson Scranton, Pa 19 30
R. E. Marvine Scranton, Pa 20 10
James Dickson Carbondale, Pa 21 10
W. A. Chittenden Scranton, Pa 22 10
Thomas Phillips Scranton, Pa 23 10
C. H. and W. G. Doud . . .Scranton, Pa 24 10
W. M. Mannes Scranton, Pa 25 30
Joseph H. Scranton . . . .Scranton, Pa 20 100
Joseph H. Scranton .... Scranton, Pa 27* 10
Total number of shares 2,000
First Annual Meeting of Stockholders
The first annual meeting of the stockholders was 1864
held on January 12, 1864, when the first regular election
took place. At this time an organization was effected
that remained without change until death levied its
initial tribute on the official roster. The Officers and
Directors now chosen remained in office until they were
removed one by one by the final summons. The stock-
holders then instituted the policy, ever since maintained,
of keeping their Directors and Officers in charge while
they gave faithful service and satisfaction. From this
time on, there never occurred a vacancy in the Presidency,
Vice-Presidency, or Directorate until that vacancy was
caused by death. The bank has been distinct in this
respect. It has at all times been governed by men who
♦Original subscriber, C. R. Robert.
32 The First National
1864 were themselves strong financially and morally. There
was never one who was compelled to resign on account
of any financial entanglements.
The bank has always been conducted for the benefit
of the public and the stockholders, never for the personal
benefit and aggrandizement of the Directors. The best
judgment of the men guiding its affairs has been given it.
They have summoned to the solution of every problem
that has arisen ripe experience and wisdom born of
many years of extensive business activities and numerous
serious obstacles successfully overcome. The conse-
quence of this policy was to boldly meet and circum-
vent any crisis that arose in the bank's history, and to
add each year to its success and prosperity.
Pursuant to public notice given through the news-
papers, this first annual meeting of the stockholders was
held in the banking room January 12, 1864, for the pur-
pose of electing a Board of Directors, at which time the
following gentlemen were chosen: Joseph H. Scranton,
Joseph J. Albright, Thomas Dickson, Joseph C. Piatt,
and George L. Dickson, all of Scranton, George L. Dickson,
succeeding John Brisbin, who had been one of the original
Directors named in the Articles of Association, but who
subsequently was elevated to the Presidency of the
Delaware, Lackawanna, & Western Railroad Company,
which required his removal from Scranton to make his
headquarters in the general offices of the company in
New York City. He later removed his family to
Newark, New Jersey.
George L. Dickson was General Manager of the
Dickson Manufacturing Company, and was elected a
Director of the bank at the first annual meeting of the
stockholders, and has been reelected at each succeeding
Bank of Scran ton 33
annual meeting since that time. In January, 190G, he 1864
was elected for the forty-third consecutive time, and
at present holds the office of Vice-President. Of the
gentlemen whose signatures are attached to the Articles
of Association, as subscribers and first stockholders of
the institution, and whose names are indelil^ly stamped
not only upon the history of The First National Bank
but upon that of the city itself, Mr. Dickson is the
only survivor. He has seen his associates pass one by
one from the field of action to bivouac upon the silent
campus of eternity; and, as the forest oak that has
endured the storms and withstood the tem]:)ests, he still
remains in active participation in the affairs of the
institution, and, unless overcome by the ills of the flesh,
may be found daily at his desk in the banking room
devoting his declining days to its requirements.
On January 16, the newly elected Directors organized
by appointing one of their number, Joseph H. Scran ton,
President of the bank and Board of Directors, and
William Gushing, Secretary of the Board. Mr. Scranton
held the office continuously until his death in 1872.
After effecting their organization, the Board adopted a
resolution that an additional $20,000 of the five-per-
cent., interest-bearing, treasury notes be purchased at
once, thereby increasing the holdings of the bank of
these securities to a total of $50,000.
Dividends Declared
At a Directors' meeting held on April 16, 1S64, a
dividend of five per cent, on the capital stock of the
bank was declared from the earnings up to the first of
May, proximo, and payable on the fifteenth of said
month free from government tax.
G
34 The First National
1864 Resolved, That the President be authorized to take steps to
procure a sufficient amount of 10-40 government bonds to enable
the bank to receive and issue circulating notes to the amount,
including those already received, of $200,000.
Resolved, That the Cashier be instructed to apply imme-
diately for the new government currency.
At the regular meeting of the Board, May 16, the
Cashier submitted his official bonds, one for $20,000,
signed by James S. Wadsworth, and one for $10,000,
signed b}^ William Bakewell, which were delivered to the
custody of the President, with a request that he inquire
into the responsibility of the bondsmen, and, if satisfied,
the bonds were to be accepted.
The following resolution was also adopted at this
meeting: "That the President be requested to inquire
into the amount of bonds for officers usually required
in banks." At the meeting of the Board, June 3, the
President reported that, having made the necessary
inquiries as requested, was of opinion that the Cashier's
bond of $30,000 was sufficient, and was such as is custom-
ary in similar cases, which report, on motion, was adopted.
At the same meeting, the committee appointed to
examine the assets of the bank, having presented a
written report, the said report, after being read to the
Board, was on motion accepted and ordered to be placed
on file. The President having reported that he had
arranged with the Elm City Bank, of New Haven, Con-
necticut, to furnish $30,000 to $50,000 currency to be
repaid by draft on New York in the latter part of the
month, the arrangement was on motion accepted. At
this meeting of the Board, Joseph J. Albright was
appointed Vice-President of the bank.
Bank of Scran ton 35
On July 26th, Moses Taylor examined the bank 1864
statement and expressed himself gratified with the
general condition, and advised the purchase of $25,000
United States one-year certificates as a good investment.
On October 11, Thomas Dickson was relieved of the
duties of the examining committee, and George L.
Dickson was appointed in his place.
On October 31, it was resolved, "That a semiannual
dividend of five per cent, on the capital stock of the bank
be declared payable on the 8th of NovemVjer, proximo."
At the meeting on the latter date, all the Directors were
present and the Cashier submitted a report showing the
condition of the bank on the first of November, which
report was adopted and ordered spread upon the minutes.
The following resolution was also adopted at this meeting :
Resolved, That the report of the examining committee as read
to the Board be accepted and placed in the hands of the President,
with the request that he personally examine and verify the securi-
ties belonging to the bank, held in New York City for safe keeping.
Victimized by a Confidence Man
The first and only successful attempt by a confidence
man to "fleece" the bank was made during the fall. It
was a ruse, while transparent in perspective, clever in
conception, and successful because of its audacity, which
cost the bank the sum of $6,500. That it bore fruit was
largely due to the lack of facilities for quick communi-
cation. The oily sharper called on Cashier Cushing and
wished to know whether or not the bank could cash
New York drafts, that he was about to engage in the
coal business and wished to do business with such a
bank. Assurance was given him that our bank could
36 The First National
1864 accommodate him. A few weeks later he returned, and
deposited a draft for $15,000 drawn on the Mechanics
Bank of New York, and his account was duly opened.
At that time there was but one mail each day to and
from New York, so that two days must elapse before
the bank could know that the draft was worthless. The
next day after the opening of the account, the very
gentlemanly customer called at the bank, and his busi-
' ness was so very urgent and important that he pre-
vailed upon the Cashier to advance him $6,500 on account
of the draft that had been deposited. The stranger and
the money departed, and the bank has heard from neither
since that day. With the present means of communi-
cation and the numerous safeguards surrounding our
banking institutions, it would now be almost impossible
for a similar transaction to transpire successfully. The
Board of Directors ordered this $6,500 to be charged to
profit and loss.
A Scrap of Personal History
In the year 1862, the year before the organization of
the bank, a young man about twenty-two years of age
resided with his parents in Newark, New Jersey. He had
been employed for over five years in the office of Bruce,
Odell, & Farnham, note brokers of Wall street, New
York City, and had risen to be senior clerk and head-
bookkeeper. The war of the Rebellion was at this time
near its height, and this young man, like thousands of
others throughout the country, was filled with enthusiasm,
patriotism and love of country, and instilled with a high
standard of integrity and honesty of purpose. He, there-
fore, became fully convinced that it was his duty to serve
his country as best he could, and determined that if there
Bank of Scrmitnn 37
was another call for men he would respond. The call 1864
came in July, 1862, and the same day he resigned his
position in New York City and soon afterwards enlisted
in Company B, 26th Regiment, New Jersey Volunteers,
which was attached to the First Vermont Brigade, 6th
Army Corps, Army of the Potomac. He was well known
by the young men of Newark as the pitcher of the Eureka
Baseball Club, champions of New Jersey, and at the elec-
tion of officers of the said Company- B, he was chosen
second lieutenant, although he had had no experience in
military matters. On the resignation of the captain of
the company he was promoted to the first lieutenancy,
and served with his regiment without furlough until
June 30, 1863, when the time of the enlistment of the
regiment expired. When, in April, 1863, the Third
and Sixth Corps baseball teams met near White Oak
Church, Virginia, to play for the championship of the
Arm}^ of the Potomac, this young man pitched for the
winning nine. He had often played against Charley
Walker, the catcher of the Third Corps Club, who had
been catcher for the Adriatics, of Newark. Mr. Walker
and two others of the Third Corps nine were killed at
Gettysburg, a few months later. On July 6, 1863, this
young man accepted a position in the Quartermaster's
Department of the Army as assistant cash clerk of the
District of Central Kentucky. He served until January 1,
1865, the last year as chief cash clerk. Believing that
the war would soon end, he thought it advisable to get
something to do before the grand rush from the army
commenced. This young man (that was) is now Presi-
dent of The First National Bank of Scranton, Pennsyl-
vania, with a record of more than forty years of contin-
uous service. His name is James A. Linen.
38 The First National
i 864 After leaving the anny and before resuming his work
in New York City, Mr. Linen decided to visit his relatives
and friends, and with this end in view he came to Scran-
ton to visit his friends here (Mr. Linen is a cousin of
George L. and the late Thomas Dickson). Dirring this
visit, Joseph H. Scranton met him, and, learning that he
had been in the employ of a leading firm of note brokers
in New York City for several years, felt that with this
experience he would be a valuable man to the bank,
and accordingly employed him for one year from March 1 ,
1865, at a salary- of SI, 200. Mr. Linen succeeded
Julius A. Hickok as Teller, Mr. Hickok resigning. The
action of Mr. Scranton in making the contract with ]\Ir.
Linen was diily approved by the Board of Directors.
Events of I 865
1865 The vear 1865 opened auspiciously, and confidence
was running high throughout the country. The Union
arms had triumphed at Petersburg and Richmond, and
the world knew that the Confederacy in its westward
flight was marching toward the setting of its sun. When
the closing scene in the drama of " Fanaticism and Rebel-
lion " was enacted, in the assassination of President Lincoln
at the nation's capital, the whole country was aghast.
The rejoicing and "confidence was quickly changed to
despair and distrust, but, the war having come to an
end, the "Angel of Peace and Mercy" again hovered
over the land, the country quickly recovered, and the
calamity left no blight of consequence upon the com-
munity. Prosperity became the watchword; the channels
of trade opened in all directions ; the wheels of commerce
and industry were again in motion ; demands were made
from every quarter of the country upon our manufacturers
Bank of Scran ton 39
and merchants, who found it difficult to i)romptly fill all 1865
orders. With this condition of affairs, the banks and
financial institutions were pressed to keep abreast of the
times, and our town with others of the country resjjonded
promptly to the great tidal wave of prosperity.
On February 14, 1865, Julius A. Hickok, of Scranton,
who had been made Teller of the bank soon after it had
opened for business, tendered his resignation to take effect
on March 1, which was, on motion, received and accepted.
On May 2, the following resolution was adopted:
" Resolved, that a dividend of 5 per cent, free of
government tax be declared, payable May 9th instant."
On May 23, the report of the committee to examine
the assets of the bank was accepted, and was directed to
be placed in the hands of the President.
On June 10, William Gushing, Cashier, having notified
the Directors during the past month that it was his
intention to resign his office on the 15th instant, as
he was about to form a partnership in a broker's office
in New York City, the following resolution was adopted:
Resolved, That the Cashier be requested, if compatiVjle with
his interests, to remain with the bank until July 1, and if he cannot
consistently do so, that then Mr. George L. Dickson be requested
to supply his place until some permanent arrangement can be made.
At the same meeting a resolution was passed appoint-
ing Joseph J. Albright and George L. Dickson a com-
mittee to make an examination into the affairs of the
bank before the retirement of Cashier Gushing.
At a special meeting of the Directors, held on June 23,
the President read a communication from Mr. Gushing,
tendering his resignation, which at that time was accepted,
and the President requested to notify Mr. Gushing of the
action of the Board.
40 The First National
James A. Linen Becomes Cashier
865 Thomas Dickson reported that he* had, by request of
the Board, conferred with WilHam H. Perkins with a
view of securing his services as Cashier, and was fully
convinced that no arrangement could be made with him,
as Mr. Perkins was so situated that he could not accept
nor entertain any proposition. The question as to a
Cashier was then fully and at length discussed, and as a
result a resolution was adopted appointing the Teller,
James A. Linen, Acting Cashier, with a view of making
him Cashier should he prove himself fully competent;
also directing that a Teller be secured to fill the vacancy
caused by the promotion of Mr. Linen.
On July 11, a resolution was passed instructing the
Acting Cashier to subscribe at once for $30,000 of 7-30
United States bonds.
On July 18, Oscar C. Moore was appointed Teller to
fill the vacancy caused by the promotion of Mr. Linen.
George L. Dickson had filled the office of Teller during
the interim.
On September 5, the Acting Cashier was directed to
request Moses Taylor to invest $50,000 in such securities
as he thought would be for the best interests of the
bank to hold.
The following resolution was also passed : " Resolved,
That the thanks of the Board are due and are herewith
tendered to George L. Dickson for the very satisfactory
manner in which he performed his duties as Acting Teller
during the vacancy, and that he be paid $150 for his
services from June 15 to July 15."
Bank of Scranton 41
September 12, it was resolved, "That the investment 1865
by Moses Taylor of $50,000 in United States certificates
of indebtedness be and the same is hereby approved."
On October 3, Mr. Linen was formally appointed to
the office of Cashier of the bank, and was instructed to
give satisfactory bonds to the amount of $30,000.
October 31, it was resolved, "That a dividend of 5
per cent, free of government tax be declared, payable
on the 10th of November." Also," That a surplus account
be opened, and that the $20,000 on which government
tax has been paid be transferred to it; also, that an addi-
tional $10,000 from the earnings of the last six months
be transferred to same account."
George L. Dickson and Joseph C. Piatt were appointed
a committee to make an examination of the assets of the
bank. An ex-post-facto resolution was passed, while this
session was in progress, increasing the salary of the
Cashier from $1,200 to $1,500 per annum, the increase
to commence from July 1, 1865.
On November 14, the report of the committee
appointed to examine into the assets of the bank was
submitted to the Board, together with a number of
recommendations. The report was adopted and ordered
filed, and the committee discharged.
Another vacancy was caused in the office force of the
bank on December 26, when the resignation of Oscar
C. Moore as Teller was read. Mr. Moore severed his
connection with the bank in a letter dated December 0,
in which he gave as his reasons that he had made other
business arrangements which would necessitate his sever-
ance from the institution. The following resolution was
adopted :
42 The First National
1865 Resolved, That the resignation of Mr. Oscar C. Moore be
accepted with regret, that his qualifications, and the satisfactory
manner in which he has attended to the duties of his office are
fully appreciated, and that he has the best wishes of the Officers
and Directors for his future welfare and prosperity, and we trust
that his highest anticipations will be fully realized in his new
business relations.
Isaac F. Ward, of Honesdale, was appointed Teller to
succeed Mr. Moore.
1866 The annual meeting of stockholders having reelected
the old Board of Directors, at the organization meeting
of the latter held January 14, 1866, Thomas Dickson
officiating as Chairman, Joseph H. Scranton was appointed
President and Joseph J. Albright, Vice-President.
April 21, the Directors resolved that on and after
May 1, "This bank will not receive on deposit at par
any but national bank notes, legal tenders, and the
notes of banks that redeem at par in New York and
Philadelphia."
On May 1, a dividend of 5 per cent, free from govern-
ment tax was declared, payable on the 10th instant;
also, that $10,000 be carried to surplus account. On
June 19 they increased the salary of the Cashier to
$1,800 per annum to date from July 1.
On October 30, a dividend was declared of 5 per cent.
free from government tax and $10,000 ordered carried to
surplus account.
On November 6, the report of the committee
appointed to examine the assets and liabilities of the
bank was accepted and ordered placed in the hands of
the President.
On the fifteenth of this month the bank acquired the
title to the property on which the bank building stands.
OLD BANK BUILDING
1863-1901
Ba7jk of Scr anion 43
They purchased the lot and building from John Koch, 1866
from whom they had rented from October, 1803. The
price paid for the property was $14,750. The investment
proved a profitable one, the site being so very desirable
that the bank remained and is now permanently located
here in its new banking house.
Counterfeiting and "Wild Cat"
Referring to some of the matters incident to the
banking business during the year just closed, there
was not onh^ the wild and extravagant inflation of the
currency due to the exigencies of the war, but the
counterfeiters were an equally great abomination and
exceptionally clever in their lawless work. There was
much spurious money in circulation, and the most
extreme precautions were sometimes without avail. The
evil was general throughout the country, and Scranton
had its full share; it kept the bank tellers continually on
the alert, while depositors suffered more or less daily,
for it was not particularly rare for a depositor, when he
arrived at the bank to make a deposit, to find he had one
or more counterfeit bank bills, which he had received
through the regular channels of trade.
A short time after Mr. Linen had been promoted to
the office of Cashier, he received a communication from
a personal friend, Charles E. Thomas, paying teller of
the Ninth National Bank of New York City, in which
Mr. Thomas informed him of an influx of counterfeit $50
bills, and warned him to be on the alert. In a few days
a package containing $2,000 was received by the bank
from New York City, and in it was one of the worthless
$50 bills. As a warning to the other banks of Scranton,
Mr. Linen took it to each one of them, requesting change
44 The First National
1866 therefor. Not one of them detected the counterfeit.
Thenceforth, however, the bankers and business men of
the town were constantly on their guard.
Another difficulty with which this bank had numerous
experiences in its early history was that of the "wild-
cat " currency, which might be worth par when received
by the bank and worthless before the day closed. The
state currency as a rule depended solely upon the credit
of the bank that issued it, and a failure of the bank of
issue immediately made its currency of no value. The
dangers surrounding this currency caused the Directors
to pass the resolution in April against receiving on deposit
at par any but national bank notes, legal tenders, and
the notes of banks which redeem at par in New York
and Philadelphia.
It was during the early part of this year that John
A. Larter, of Newark, New Jersey, an intimate friend of
Cashier Linen and a private in his company in the army,
and also Mr. Linen's assistant when chief cash clerk in
the Quartermaster's Department in Kentucky, was
appointed a bookkeeper in the bank, which position he
filled in a very satisfactory manner until the spring of
1868, when he resigned to accept the position of pay-
master for the Delaware & Hudson Canal Company,
with his office at Rondout, New York, where he remained
until his death, in 1893.
1867 May 7, 1867, it was resolved, "That a dividend of
5 per cent, free from government tax be made payable
on the 10th instant, and that $10,000 be ordered carried
to surplus account."
July 2, on motion of President Scranton, the salaries
of cashier, teller, and bookkeepers were increased to
$2,000, $1,500, and $1,200, respectively.
BaJik of Scran ton 45
August 20, the semiannual report of the examining 1867
committee was presented and approved, and ordered
placed in the hands of the President.
The Cashier reported that the Teller, Mr. Ward, was
so much out of health that he thought it advisable that
the bank grant him a leave of absence. On motion, it
was resolved that a leave of absence be granted to the
Teller, say of three months, if that time in the judgment
of the Cashier was deemed advisable, and that the
Cashier be authorized to secure the services of some
person to assist him during the absence of the Teller.
November 5, it was resolved, "That a dividend of
5 per cent, free from government tax be declared, ])a}'-
able on the 11th instant, and that $10,000 be ordered
carried to surplus account."
May 5, 1868, the Board of Directors appointed N. H. 1868
Shafer, bookkeeper, successor to John A. Larter, resigned.
It was also resolved, "That a dividend of 5 per cent,
free from government tax be declared, payable on the
11th instant, and that $20,000 be ordered carried to
surplus account."
June 30, the resignation of the Teller, Isaac Ward,
was received and accepted. The selection of a new
Teller and the necessity for securing additional help was
left to the President and Cashier. It was also resolved,
"That hereafter the Teller shall be requested to give
a bond to the amount of $20,000."
During the month of July, the committee appointed
to secure a Teller for the bank reported that they had
decided to recommend E. S. Jackson as peculiarly fitted
for the position. The report was favorably acted upon,
and his services were secured. He entered upon the
duties of Teller in August of this year (1868), and
46 The First National
1868 performed the duties of this office continually until April,
1900 (he is at present occupying the position of note
Teller). There is no more familiar figure in Scranton
banking circles than Mr. Jackson.
August 18, the surety bonds offered by the Teller,
Mr. Jackson, were approved and accepted, and ordered
placed in the hands of the President.
October 12, Joseph H. Scranton was authorized to
contract for the construction of a first-class stone vault,
with a capacity sufficient for holding the safes, books,
and securities of the bank, and J. J. Albright, G. L.
Dickson, and James A. , Linen were appointed a com-
mittee to arrange plans for the required improvement
on the first and second floors of the building.
October 27, a dividend of 5 per cent, free from gov-
ernment tax was declared, payable November 10, and
the sum of $10,000 was ordered carried to surplus account.
1869 March 30, 1869, it was resolved, "That the practice
of overdrawing accounts by depositors is wrong in prin-
ciple, and opposed to all sound rules in banking, and that
the Cashier be and is hereby directed to permit no over-
draft, and to pay no checks that are not drawn against
balances."
April 27, a dividend of 5 per cent, free from govern-
ment tax, payable on the 10th proximo, was declared, and
the sum of $10,000 ordered carried to surplus account.
The Cashier was authorized to issue certificates of deposit
payable with interest at 4 per cent, per annum, if left
for six months. It was also resolved, "That the First
National Bank of Washington, District of Columbia, be
appointed our true and lawful agent to witness the burning
of our mutilated notes, and to examine bonds deposited
with the Treasurer to secure circulation and deposits."
Bank of Scran ton 47
July 1, it was resolved, "That the salary of Wood- 1869
ward Leavenworth be increased to $400 per year." At
this time he was a messenger boy in the service of the
bank, but he has since become one of the most successful
and prominent business men in the city of Wilkes- Barre.
December 14, the following resolution was passed:
Whereas, The Directors of this bank have learned that it is
the intention of their Cashier, Mr. Linen, soon to enter into a
matrimonial alliance, therefore.
Resolved, That the President is requested to present to Mr.
Linen a check for $250, and his salary from the first proximo be
increased $500 per annum, with renewed assurance of their con-
fidence, kind regards, and sincere desire for his greatly increased
happiness in the interesting relations proposed.
The "Black Friday" Panic
The year 1869 was famous in financial history as
the year of "Black Friday" (September 24). It was
the culmination natural to the conditions of affairs in the
business world since the tennination of the war. The
country was doing its utmost to assimilate the condi-
tions. The business changes and the declining values
had caused many failures, and the pall of adversity was,
to a greater or less extent, spread almost universally
over all industries. The burden of debt was so great
and the ability of meeting it so little in comparison that,
in March, 1867, Congress passed the Bankruptcy Act.
Throughout the year 1868, the business of the country
began to assume a more normal condition, and the year
1869 opened with every indication of business confidence
and prosperity and full of promise for investment. Com-
mercial activity had been renewed with vigor and con-
tinued throughout the spring and summer, and when
48 The First National
869 the crash came, on that memorable Friday in September,
it left ruin and desolation in its path. Failures — some
monumental, others of lesser degree — were recorded in
all parts of the country.
The speculation that brought on "Black Friday" began
Wednesday, September 22, when gold was quoted at
136 and 137. On Friday, when the speculation frenzy
was at its zenith, gold reached 162^ and when the crash
came without warning, in the twinkling of an eye,
gold dropped to 134. It was a speculators' panic and the
only victims it claimed were speculators. It was a gamble
and a gambler's fate was that of the unfortunates.*
The industrial and business communities suffered
very little from this panic, and the business of the country
generally was in a very prosperous condition with a fair
outlook for a general increase during 1870.
1870 April 26, a dividend of 6 per cent, free from govern-
ment tax was declared, payable May 10, and the sum
of $10,000 ordered carried to surplus account.
November 5, a dividend of 6 per cent, free from
government tax was declared, payable November 10,
and $10,000 ordered carried to surplus account.
1871 May 2, 1871, a dividend of 6 per cent, free from gov-
ernment tax was declared, payable May 10, and $10,000
ordered carried to surplus account.
November 8, a special meeting was held, at which a
dividend of 6 per cent, was declared, payable Novem-
ber 10, and $10,000 ordered carried to surplus account.
♦The next panic of importance was in 1869. It was brought about
largely by accumulations of currency, especially in New York City, to be
used in stock and gold speculations. The crisis of this panic is known as
"Black F^ida^^" For 2 or 3 years previous to this there had been a demand
for currency inflation, and Secretary McCulloch had, under the law of 1866,
diminished the amount of circulation materially. It was held by some that
this was one of the main causes. — "History of Banking," in I. C. S. Course
on Banking.
Bank of Scranton 49
Early in September of this year (1871), one of the 187
Directors, Thomas Dickson, who had confined himself
closely to business for many years, found it necessary to
call a halt, and the Delaware & Hudson Canal Com-
pany, of which he was the President, took the matter
seriously in hand, and gave him leave of absence for one
year for travel and recuperation, with the expression on
the part of the directors of their best wishes for his
restoration to health. He therefore decided to make a
tour of the world. His eldest son, James P. Dickson,
was at this time residing at Hongkong, China, which no
doubt determined the direction of his route, and Mr. and
Mrs. Dickson started on their trip, arriving at San Fran-
cisco, September 24, 1871. They sailed from that port
in the steamship "Republic," September 28, for the
port of Yokohama, Japan; from thence to Shanghai.
In China, Mr. and Mrs. Dickson were joined by their son,
who continued the journey with them and returned to
America with them, here to remain.
The Dicksons visited all the prominent points in the
Orient and Continental Europe, Great Britain, and Ire-
land. On their return they arrived in New York, August
27, 1872.
December 26, 1871, the following resolution was
adopted :
Whereas, It is found difficult at all times to secure a full
attendance of the Directors at the stated meetings of the Board
to form a quorum, and particularly so since the absence of Mr.
Thomas Dickson from this country for several months, be it there-
fore
Resolved, That whenever any two of the Directors are present,
they are authorized, with the Cashier, to examine, pass, and approve
50 The First National
1871 all discounts, and the Cashier shall at such meetings be required to
make a statement of any and all protested and overdue paper,
notes, etc. and spread the same upon the minutes.
1872 April 30, 1872, a dividend of 6 per cent, was declared,
payable May 10, and $15,000 ordered carried to surplus
account.
It was dtiring the summer and fall of the year 1871
that, owing to the great pressure of business, Joseph H.
Scranton felt his health being gradually undermined and
found it necessary to take heed of his symptoms. Acting,
therefore, on the advice of his family physician and
friends, he decided upon a sea voyage and a visit to the
health-giving watering places of Europe with the hope
and belief that he would derive great benefit. Mr. and
Mrs. Scranton, with their daughter. Miss Alice, took
passage on the steamship " Ville-de-Paris," which left
New York, January 27, 1872. They were landed at
Havre on February 7, and arrived at Paris the same
evening. After resting a few days at Paris, they
visited some of the noted watering places, and as Mr.
and Mrs. Thomas Dickson were on their westward way
around the world, they looked forward to the time when
they should meet, having been in communication with
each other.
Mr. and Mrs. Scranton with their daughter met the
Dicksons at Rome, April 13. We leave to the reader
to imagine what this meeting must have been to them ;
the happiness of both families, the many questions, the
inquiries of their many mutual friends at home, and of
the many organizations in which they were interested.
Truly this was a joyous meeting and all were happy.
After leaving Rome the party traveled together by easy
Bank of Scran ton 51
stages, stopping at places of interest a short time, and 1872
arrived at Baden-Baden in the latter part of May. Here
Mr. and Mrs. Scranton had decided to remain for some
time, for rest and for the benefits they might derive from
the use of the noted waters.
Their daughter, Miss Alice Scranton, accompanied
the Dicksons on their travels, and upon their arrival at
Brussels, Belgium, they heard of the alarming illness of
Mr. Scranton. They at once started to return to Baden-
Baden, where they arrived June 6, only a few minutes
before Mr. Scranton passed to the "Great Beyond."
Mr. Dickson took charge of the remains, and had
them properly prepared and sent home. The family at
home were promptly informed of the dangerous illness
and subsequent death of Mr. Scranton, and Walter
Scranton started at once, and was met at Paris by his
mother and sister, where they had gone with Mr. and
Mrs. Dickson. The remains arrived in New York in due
time and were placed in a receiving vault until the
arrival of Mrs. Scranton and her daughter. They, with
Walter Scranton, arrived home July 10, and the
funeral took place July 13. The special train convey-
ing the remains left New York at 9 o'clock, a. m.
Upon it were many of the officials of the Delaware,
Lackawanna, & Western Railroad Company, the Lack-
awanna Iron & Coal Company, and other warm personal
friends. They arrived in Scranton at 2 o'clock, p. m.,
and proceeded at once to the First Presbyterian church
of Scranton, the church of which Mr. Scranton was a
member and with which he was identified from its
organization. After the services, the remains were
taken to the Dunmore cemetery and placed in the
familv vault.
4BiJ47
52 The First National
1872 During the day, the flags were at half-mast, and the
business places and industries of the city, together with
the mines, were closed out of respect for the deceased.
In Memory of Joseph H. Scranton
Mr. Scranton was born at Guilford, Connecticut,
June 28, 1813, and died at Baden-Baden, Germany,
June 6, 1872.
At a special meeting of the Board of Directors, called
on the 6th day of June, 1872, for the purpose of express-
ing their sympathy on the receipt of the intelligence of
the death of their chief officer, Joseph H. Scranton, the
following preamble and resolutions were adopted:
Whereas, It having pleased the Almighty Disposer of All
Events, to remove from the scenes of his earthly usefulness our
much loved and highly respected associate and chief officer, Mr.
Joseph H. Scranton, we, the Directors of this bank, being desirous
of recording our sense of the irreparable loss we have thereby
sustained, do resolve as follows:
Resolved, That, having been associated with Mr. Scranton in
the direction of the affairs of this institution from the date of its
organization, we bear cheerful testimony to his great executive
ability, untiring energy, perfect integrity, and unselfish devotion
to its interests, and to his high-minded and gentlemanly bearing
in all his official intercourse, whereby he contributed largely to
the success of the institution, while endearing himself to us by his
amiable and generous disposition.
Resolved, That in lamenting his death we mingle our grief
with that of the whole community, and that we tender to his
bereaved family and sorrowing relations our deep and heartfelt
sympathies, commending them all to Him who alone can heal
the brokenhearted, and has promised to be the Widow's God and
Father to the Fatherless, and whose grace gave comfort and con-
solation to the spirit of the departed.
Bank of Scran ton 53
Resolved, That a portrait of our deceased President be 1872
obtained and placed in our banking room, and that our building
be draped in mourning for thirty days, or until after the funeral
ceremonies, and that these resolutions be entered in full upon our
minutes, a certified copy presented to the widow of our departed
friend, and that they be published in the daily papers of the city.
[Signed]
J. A. Linen, Secretary
54 The First National
JOSEPH H. SCRANTON
No name appears more prominently in the early history of
Scranton, and no personality has been more indelibly impressed
upon the primar}^^ work therein, than that of Joseph H. Scranton,
the first President of The First National Bank of Scranton, to whose
enthusiastic devotion and earnest efforts much of the success of
that institution is due. He came to Scranton while it was yet a
small hamlet surrounded by forests and before nature's architec-
ture was marred by the operations of mankind. The village lay
in the midst of a beautiful valley, where the handiwork of God
was everywhere conspicuous, in the pristine loveliness of her
forests and bounding mountain streams, which here united in one
sparkling crystal stream and murmured its eternal song as it
threaded its way down the hillside to the majestic Susquehanna,
and thence to the great receiving reservoir of the Atlantic.
But God's riches had not all been bestowed upon the surface
of the valley. Some of His most precious bequests were under-
neath the ground, and here and there cropped out a mute invita-
tion to man to apply them to his own comfort and benefit. Great
deposits of iron ore and boundless seams of anthracite coal were
formed beneath the hills and vales along the Lackawanna. It
was these enticements that appealed to Mr. Scranton, and brought
him here to devote the remaining years of his active and useful
life to the development of these resources. In this work he was
assisted by a sturdy coterie of men, who triumphed over numerous
obstacles that would have discouraged less dauntless spirits, and
among whom none met and faced exigencies with more hope, and
confidence, and determination to succeed than did Mr. Scranton.
Misfortune's cheveaux-de-frise never checked his onward career,
and his name connected with any enterprise was sufficient to win
for it the confidence and patronage of the public.
Born in East Guilford, Connecticut, June 28, 1813, he came of
sturdy Puritan ancestry, and from his forefathers inherited much
of his courageous instinct and pertinacity. His ancestors had
settled in that state in 1638. They were a hardy stock, resolute
and patriotic, who offered their services to the country of their
adoption in its struggle for independence from the mother country.
They were a family whose name was inseparably connected with
JOSEPH H. SCRANTON
Bank of Scranton ' 55
many of the early enterprises of the country. "They were tillers
of the soil, builders and masters of ships, builders of wharves and
lighthouses, and breakwaters, prominent in the church, captains
in the old Indian, French, and Revolutionary wars, prone to all
works of enterprise, and much accustomed to succeed in whatever
they took a hand."
Joseph H. Scranton inherited many of the qualities that
brought success to his forefathers. Their indomitable spirit born
in him manifested itself in all his undertakings, and that success
should crown his efforts was no surprise to those who knew the
history of his illustrious predecessors. While yet a lad he secured
employment in a small mercantile house in New Haven, Connecti-
cut, and there learned his lessons in the rudiments of business. In
the prime of his young manhood he went to Augusta, Georgia,
and there advanced to the head of one of that city's largest houses
of commerce. He continued to prosper, and accumulated while
there what was then considered a competent fortune.
While he was living in Augusta, he made the first of a series of
investments in the Lackawanna Valley, which led to his removal
to Scranton to take part in the development of the resources of
the valley of which he had heard so much. Col. George W.
Scranton and his brother, Seldon T. Scranton, with others, had
commenced the manufacture of iron on the banks of the Roaring
Brook and were working under discouraging conditions. In one of
their periods of adversity, they appealed for assistance to their
cousin, Joseph H. Scranton, who advanced the sum of $10,000 to
help along the project which was then in its infancy, but which at
that time gave promise of future greatness. This advancement
was followed by others, and in 1847, Mr. Scranton himself moved
to the city, to become a partner in the business, and to lend his
personal aid and advice to those who were working so faithfully
to overcome the disadvantages under which they were laboring.
It had been demonstrated, through a series of experiments
extending through several years, that iron could be manufactured
with anthracite, and this coal was known to exist in the valley in
almost inexhaustible quantities. The question of making iron
had been solved by the Scrantons and their business associates,
but finding a market for it and the means of transporting it to
56 The First National
that market were more difficult problems. These were solved by
the construction of what is now the Delaware, Lackawanna, &
Western Railroad, and in the conception and execution of this
enterprise no one was more prominent and energetic than Mr.
Scranton. With a road to market, both at tide water and the lakes,
the company was in splendid condition to prosper, and it did,
eventually becoming one of the most successful iron industries in
America.
Shortly after Mr. Scranton's advent, he purchased the interest
of Mr. Grant in the iron-manufacturing company, which was
reorganized under the firm name of Scrantons, Grant & Co.
Subsequently, Joseph C. Piatt having purchased the Grant interest,
it became the firm of Scrantons & Piatt. In the year 1853, they
organized the Lackawanna Iron & Coal Company, and from that
year until 1858 Mr. Scranton acted in the capacity of general
manager of the company. In the latter year he was elevated to
the presidency and retained that position until his death. To
this corporation Mr. Scranton gave the best years of his life, his
most mature business judgment, and rare executive ability. He
found it struggling for existence against tremendous odds, and
left it prosperous, sound, and one of the world's leading iron
manufactories.
He was one of the first to appreciate the great need for adequate
banking facilities in Scranton, and hence proceeded to provide for
it. Out of his efforts and those of his associates sprang The First
National Bank of Scranton. In that institution's early chro-
nology is ample evidence of the superior executive ability of Mr.
Scranton.
Besides these projects, there were many others with which he
was identified and through which his energies found vent. He
was President of the Scranton Gas & Water Company, and was a
Director in the following corporations: Delaware, Lackawanna,
& Western Railroad Company; Sussex Railroad of New Jersey;
Mount Hope Mineral Railroad Company; Franklin Iron Company;
Scranton Trust Company & Savings Bank; Dickson Manufacturing
Company; Moosic Powder Company; and Oxford Iron Company.
He also had large investments in several Western railroads, and in
some of those companies held the position of Director.
Bank of Scranton 67
Mr. Scranton was a man of considerable influence at the
national capital, and held several positions of trust and responsi-
bility during his busy career. He was appointed by Congress one
of the first Commissioners of the Union Pacific Railroad.
The numerous business cares and ceaseless activity finally
made incursions in his health. The body had been overtaxed,
and nature demanded restitution. His powerful constitution had
been undermined far more than had been suspected, and when, in
January, 1872, accompanied by his wife and one of his daughters,
he sailed for Europe to restore his impaired vitality, it was but
a journey to meet the inevitable end. He sought rest and found
it in that eternal sleep of the body, the soul winging its flight to
its Creator from Baden-Baden, Germany, on June 6, 1872. The
remains were brought to this country, and on July 13, following,
were interred in Dunmore cemetery on the northeastern boundary
of the city of Scranton. The news of his death brought sincere
and profound sorrow to every home in Scranton; and throughout
this and other states where he was known, and where his achieve-
ments had been heralded, sadness came with the mournful announce-
ment. The press of the country printed eulogies of the man whose
usefulness was recognized far beyond the confines of his home.
On the day of the funeral, business was suspended in Scranton,
and flags were floated at half-mast. "The heart of the commu-
nity was bowed with a common sorrow." The memorial sermon
was delivered by the Rev. Dr. Cattell, President of Lafayette
College.
58 The First National
1872 James Blair Becomes a Director
On September 3, James Blair was chosen a Director
to fill the vacancy caused by the death of Joseph H.
Scranton. Mr. Blair had formerly resided in Marksboro,
Warren County, New Jersey. It was there he laid the
foundation of his fortune, and established his reputation
as a financier and banker. He removed with his family
to Scranton, in January, 1866.
At this meeting of the Board, Vice-President Joseph
J. Albright was appointed President to fill the vacancy
caused by the death of President Joseph H. Scranton,
and Joseph C. Piatt was appointed Vice-President.
October 22, the Cashier was authorized to issue cer-
tificates of deposit, payable with interest at 4 per cent,
per annum, if left one month, and 6 per cent, if left three
months or more.
A dividend of 6 per cent, was declared, payable
November 10, proximo, and $12,000 was ordered carried
to surplus account.
November 19, the committee on safe reported that
they had ordered a safe from the American Steam Fire
Proof Safe Company, at a cost of $2,350. The report
was approved and the committee discharged.
December 24, on motion, $7,000 was ordered carried
to surplus account. On motion of Thomas Dickson, it
was resolved that each Director who is prompt in attend-
ance at regular meetings of the Board shall be paid
five dollars, and that the Secretary be paid the same
amount.
The resolution of December 26, 1871, constituting
two members of the Board a quorum to approve dis-
counts was continued in force.
Bank of Scran ton 59
Certificate of Judges of Election
Tally list of the votes cast at the meeting of the stockholders 1873
of The First National Bank of Scranton, held at the bank in the
city of Scranton, January 14, 1873, between the hours of 3 and 4
o'clock p. M.
For Directors
Votes
Joseph J. Albright 295
Joseph C. Platt 295
Thomas Dickson 295
George L. Dickson 295
James Blair 295
We, the undersigned judges of election, appointed by the
Board of Directors of The First National Bank of Scranton, do
hereby certify that the foregoing is a correct list of all the votes
cast at the meeting of stockholders of The First National Bank of
Scranton, this fourteenth day of January, 1873.
Witness our hands this day and year aforesaid.
[Signed]
A. H. Coursen,
E. W. Weston,
Judges of Election
On January 21, 1873, the Board organized by calling
James Blair to the chair, and G. L. Dickson, Secretary.
On motion, Joseph J. Albright was appointed President
for the ensuing year and Joseph C. Platt, Vice-President.
On May 8, a dividend of 8 per cent, was declared,
payable May 10, and the transfer books were ordered to
be closed until the morning of the 11th instant; $5,000
was also ordered to be carried to surplus account.
October 7, John J. Albright, of the City of Washing-
ton, D. C, was appointed agent of the bank to witness
the burning of our mutilated bank notes and examine
the securities of the bank deposited with the Treasurer
of the United States to secure circulation.
60 The First National
1873 November 4, a dividend of 8 per cent, was declared,
payable on the 10th instant, and $10,000 was ordered
carried to surplus account.
1874 April 14, 1874, the examining committee reported on
the condition of the bank. The report was accepted and
placed in the hands of the President for safe-keeping.
April 28, 1874, a semiannual dividend of 8 per cent,
was declared, payable May 11, proximo, and $10,000
ordered carried to surplus account.
November 3, a semiannual dividend of 10 per cent.,
payable November 10, was declared, and $5,000 ordered
carried to surplus account.
1875 February 17, 1875, it was resolved that this bank
decrease the rate of interest allowed on time deposits to
5 per cent., in case the remainder of the city banks did
the same.
May 4, a semiannual dividend of 10 per cent, was
declared, payable May 10, and $5,000 ordered carried to
surplus account.
June 15, the report of the examining committee was
presented, accepted, and ordered placed in the hands of
the President for safe -keeping.
November 2, a semiannual dividend of 10 per cent,
was declared, payable on the 10th instant, and $5,000
was ordered carried to surplus account.
December 6, the President was authorized to sign the
following agreement:
We, the undersigned, the several banks within the city of
Scranton, hereby agree, by virtue of the authority of the several
Boards of Directors, by resolution duly passed, that from and
after, the first day of January, A. D., 1876, the rate of interest
payable on time deposits shall be not greater than 5 per cent, per
annum, and on all deposits from and after that date no greater
Bank of Scranton 61
interest shall be allowed, and that upon all accounts open on that 1875
day the rates shall be reduced as soon as the regulations of our
respective banks and the agreements made will permit.
On December 28, 1875, it was resolved, "That this
bank stand by the 5-per-cent. resolution of December 6,
regardless of the action of the other banks.
October 31, 1876, a semiannual dividend of 10 per 1876
cent, was declared, payable November 10, proximo, and
$5,000 ordered carried to surplus account.
January 30, 1877, the report of the examining com- 1877
mittee was presented, accepted, and placed in the hands
of the President for safe-keeping.
May 1, a semiannual dividend of 10 per cent, was
declared, payable May 10, and $5,000 was ordered carried
to surplus account.
November 6, a semiannual dividend was declared,
payable November 10.
The Crisis of 1 877
The stupendous trouble between capital and labor
during the 70's, culminating in the crisis of 1877, will be
long remembered in the business history of this country.
The clouds of discontent had been gathering in ominous •
volumes for many months. They were not local but
general, extending throughout the East and Middle West.
The storm at its height was far-reaching and devastating
to the great industrial centers, bringing failure and dis-
tress in its wake. The financial effect was felt every-
where, and the rate of interest on time deposits in the
bank was advanced to 6 per cent. The consequence of
this was to cause the banks throughout the countr}^ to
advance discount rates to 8 per cent, and 9 per cent.,
and there were some days when cash money could not
62 The First National
1877 be had at any price, even with government bonds as
collateral.
The 6-per-cent. rate on time deposits continued until
December 28, 1875, when it was reduced to 5 per cent.,
and during the latter part of 1877 to 4 per cent., and
finally, on November 18, 1878, to 3 per cent., which rate
has been maintained to the present time.
Scranton, by reason of its strategic location geo-
graphically, and also of the intrinsic commercial values
underlying its chief industries, has never felt, to any
great extent, the disasters of depression until the mael-
strom of frenzy and violence had spent itself elsewhere.
It was so in this instance. When the industries of the
Lackawanna Valley felt the shock, resulting in violence
and bloodshed, it was late in the summer of 1877, after
the rest of the country had become practically calm,
and business was progressing on even lines, when the
torrents of discontent 'and raging streams of industrial
violence began to pour through this city and the entire
valley, and on the "backwater" of these torrents floated
the debris that had been wrought by the confusion.
On August 1, the men employed in and about the
mines throughout the valley became a heedless, maddened
mob, and began their riotous conduct. The crisis had
been expected and anticipated. The Mayor of the city,
Robert H. McKune, had called for volunteers to defend
the property in the city, and among the volunteers to
meet the marching mob was Cashier Linen, and at the
head of the small band of men that, in the name of the
law, went out to meet the danger was W. W. Scranton,
son of the late Joseph H. Scranton, and at present one
of the Directors of this bank. The forces of the law-
abiding and the lawless clashed on the corner of
Ba7ik of Scran ton 63
Washington and Lackawanna Avenues, and the majesty 1877
of the law was asserted in the voice of the firearms, and
several men offered up their lives as a sacrifice to their
misguided judgment and unlawful energy.
The riot surged almost at the ver)' doors of the bank,
and that the funds of the bank might be secure from a
possible raid by rioters, the doors of the bank were closed
and armed guards stationed where they might be of
service in an emergency. For three days the bank did
not open its doors for general business, and none but
that which was absolutely necessary in relation to notes
and business paper was transacted during this dismal
period, so pregnant with awful uncertainties. The bank
practically suspended business August 1, 2, and 3, and
did not resume until the fourth day of August, when
there was every assurance that peace and quiet had been
restored, and life and property were again reasonably safe
from molestation.
Commending the Mayor
At the meeting of Directors held November 6, 1877, it
was resolved that a letter be drawn up and signed by the
Officers and Directors of the bank, commendatory of the
action of the Mayor during the late troubles, and that a
copy of said letter should be placed on the minutes.
The Honorable Robert H. McKune,
Scranton, Pa.
Dear Sir: — At a meeting of the Board of Directors of The First
National Bank of Scranton, held November 6, 1877, the following
preamble and resolutions were unanimously adopted:
Whereas, It is deemed proper, and is the earnest desire of
the Officers and Managers of this bank to express, in some manner,
their feelings toward the Mayor of this city, the Honorable
64 The First National
1877 Robert H. McKune, for the course pursued by him during the
late widespread and unprecedented strikes, and especially for
his action during the troubles in this city, therefore, be it
Resolved, That we most heartily and sincerely express our
commendation and approval of his course, and of the prompt and
fearless manner in which he discharged his official duties. He
was sorely tried and not found wanting. At the risk of his life,
he faced an infuriated mob, and when assaulted and stricken down
by the murderous hands of the law-breakers, and riot and bloodshed
were upon the streets, he yet manfully and courageously remained
at the post of danger, and by his efforts and example contributed
in no small degree toward the dispersion of the riotous assemblage.
Resolved, That we feel under great and lasting obligation to
him for the preservation of the property of the citizens, and we
believe that his action, in calling to his aid the authority of the
Commonwealth, and also the stronger arm of our National Govern-
ment, for the purpose of maintaining peace and enforcing the laws,
meets with the warm approbation of all right-thinking and law-
abiding citizens.
Resolved, That these resolutions be signed by the Officers
and Directors of the bank, and a copy of them be engrossed, and
presented to His Honor with assurances of our most profound
respect, and with our best wishes for his prosperity and happiness
in all the pursuits and associations of life.
[Signed]
Joseph J. Albright, President
[Seal] J. A. Linen, Cashier
Thomas Dickson,
J. C. Platt,
G. L. Dickson,
James Blair,
Directors
December 18, the report of the examining committee
was presented and approved, and placed in the hands
of the President for safe-keeping.
1878 May 6, 1878, a semiannual dividend of 10 per cent,
was declared, payable May 10.
Bank of Scranton 65
August 12, the committee on the purchase of Dela- 1878
ware & Hudson Canal Company bonds reported that they
had purchased $25,000 of registered bonds of 1894 at
par and interest, which was approved.
August 26, the committee to purchase bonds was
continued.
September 2, the bond committee reported the pur-
chase of $25,000 bonds of the Delaware & Hudson Canal
Company, which was approved.
September 30, the bond committee reported the pur-
chase of $75,000 Albany & Susquehanna Railroad Com-
pany bonds at par, which was approved.
October 28, a semiannual dividend of 10 per cent, was
declared, payable November 9, proximo.
On November 18, it was resolved that the rate of
interest on time deposits be reduced to 3 per cent.
December 9, on motion, it was resolved to bid on the
C. H. and W. G. Doud properties as follows:
Jefferson Avenue dwelling S 8,000.00
Adams Avenue dwelling 2,500.00
Spruce Street bam 2,500.00
Mifflin Avenue dwelling 3.000.00
Lackawanna Avenue store building 9,000.00
Total $25,000.00
December 23, the President was authorized to bid
on the Doud property in bulk $24,000.
January 6, 1879, the President reported that he had 1879
purchased the C. H. and W. G. Doud properties, as follow:
Jefferson Avenue dwelling $ 7,950.00
Lackawanna Avenue store building 9,000.00
Mifflin Avenue dwelling 2,700.00
Spruce Street barn 2,000.00
Total $21,650.00
On motion, this report was approved.
10
66 The First National
1879 January 27, the committee on examination, G. L.
Dickson and J. C. Piatt, was continued.
March 31, the examining committee presented their
report of assets of the bank, which was accepted and
placed in the hands of the President for safe-keeping.
April 21, a semiannual dividend of 10 per cent, was
declared, payable May 10, proximo.
October 27, a semiannual dividend of 10 per cent, was
declared, payable November 10, proximo.
Stockholders' Meeting, January 13, 1 880
1880 On motion, W. R. Storrs was elected Chairman and
James A. Linen, Secretary, when the following resolution
was unanimously passed:
Resolved, That all and singular, the acts, things, and pro-
ceedings done and heretofore had by the Board of Directors of this
bank be, and the same are, hereby ratified, approved, and con-
firmed by this stockholders' meeting.
J. A. Linen, Secretary
The election was held and the old Board unanimously
appointed, and at the organization Joseph J. Albright was
appointed President, and Joseph C. Piatt, Vice-President.
January 26, Joseph C. Piatt and the Cashier were
appointed a committee to examine the By-Laws and sub-
mit any changes that they deemed necessary.
February 16, on motion, it was resolved that the bank
elect to pay the 6 mills state tax on capital, in lieu of
all other taxes on capital stock and profits.
On April 19, the report of the examining committee
was presented and ordered spread upon the minutes;
Bank of Scran ton 67
they were read and approved, and placed in the hands 1880
of the President for safe-keeping.
Ma)' 3, a dividend of 10 per cent, was declared, pay-
able on the tenth instant.
July 12, J. C. Piatt reported that he had received a
conditional offer for the Spruce Street property of S4,000,
of which $1,000 was to be paid in cash and $500 and
interest annually until all was paid. On motion, he was
authorized to close the sale on these terms.
August 9, the Cashier reported the sale of the Spruce
Street property for $4,000, of which $1,000 was cash
and the balance was bond and mortgage.
October 4, the Cashier reported the sale of the Doud
property on Mifflin Avenue to Thomas Moore for $5,500,
which was approved.
November 1, at a meeting of the Board of Directors,
a dividend of 10 per cent, was declared, payable on the
10th instant. At this meeting, also, on motion, the
following amended By-Laws were adopted:
By-Laws
Section 1. The business of the bank shall be managed by a
Board of five Directors.
Section 2. The regular annual meetings of the stockholders
for the election of Directors shall be held at the banking house on
the second Tuesday of January of each year. The election, which
shall be by ballot, shall be kept open from 3 to 4 o'clock p. m.
Thirty days' notice of such meetings shall be given by the Cashier,
by publication in a newspaper in Scranton. It shall be the duty
of the Directors, prior to or upon the day of election, to appoint
two stockholders to be judges of said election, who shall hold and
conduct the same, and who shall certify under their hands to the
Cashier of this bank, the result thereof, and the names of the
Directors-elect.
68 The First National
1880 Section 3. The Cashier, upon receiving the certificates as
aforesaid, shall cause the same to be recorded upon the minute
book of the bank, and shall notify the Directors-elect of their
election, and of the time at which they are required to meet to
organize the Board. At this meeting, the Directors shall by
ballot elect one of their number President, and one of their number
Vice-President, for the current year. If, at the time fixed for such
meeting, there should not be a quorum present, the attending
members may adjourn from time to time until a quorum is obtained.
Section 4. If for any cause the annual election should not be
held on the second Tuesday of January, the Board shall order the
election to be held upon some other day, of which special election,
notice shall be given, judges appointed, returns made, and Direc-
tors-elect niotified as hereinbefore provided.
Section 5. The Directors shall hold their office for one year,
and until others are elected.
Section 6. The Officers of this bank shall consist of a Presi-
dent, Vice-President, Cashier, Teller, and Bookkeeper, and such
other Officers as the Directors may from time to time deem necessary
for the proper transaction of its business.
Section 7. In case a vacancy shall occur in the Board of
Directors or in the office of President, it shall be filled by the
Board for the remainder of the year.
Section 8. The Cashier and subordinate Officers shall be
appointed by and hold their offices, respectively, during the pleas-
ure of the Board.
Section 9. The Cashier shall be responsible for all moneys,
funds, and valuables of the bank, and shall give a bond with
security to be approved by the Board, in a sum not less than
$30,000, conditional for the faithful and honest discharge of the
duties of his office.
Section 10. The Teller shall be responsible for all moneys
and valuables that may, from time to time, be placed in his hands
by the Cashier, and shall give a bond or bonds to be approved by
the Board in a sum not less than $10,000 for the faithful perform-
ance of his duties.
Bank of Sc rant on 69
Section 11. The seal of the bank shall be a circular impression 1880
with the name of the bank around the circumference, enclosing
the device of a safe guarded by a dog.
Section 12. All paper offered for discount, or securities that
may be bought or sold, shall be submitted to, and approved by,
a majority of the Board, but the Board may at their discretion
authorize any two members of the Board to approve discounts.
Section 13. Certificates of stock stamped with the seal of
the bank, and signed by the President and Cashier, shall be issued
to the stockholders, which certificates shall state upon their face
that the stock is transferable only upon the books of the bank,
and when stock is transferred the certificate thereof shall be returned
to the bank and canceled, and new certificates issued. A transfer
book shall be kept, in which all assignments and transfers of stock
shall be made.
Section 14. A committee shall be appointed by the Board
from its own number or otherwise, who shall at least twice a year,
and oftener if required, examine the condition of the bank for the
purpose of ascertaining whether or not the bank is in a sound
and healthy condition, the result of which examination shall be
reported to the Board at its next meeting.
Section 15. The bank shall be open for business from 9
o'clock A. M. until 3 o'clock p. m. of each day of the year, except
Sundays and the days recognized by the laws of Pennsylvania as "
holidays.
Section 16. The Cashier shall act as Secretary of the Board
of Directors. Special meetings may be called by the President or
Cashier.
Section 17. The Articles of Association, By-Laws, and the
Returns of Judges of Election shall be entered upon the book of
minutes, in which shall also be recorded the proceedings of the
Board of Directors at the regular and special meetings. The
minutes of each meeting shall be read at the next meeting for
approval.
70 The First National
1880 Section 18. The current expenses of the bank shall be paid
by the Cashier, who shall every month make to the Board a detailed
statement thereof.
Section 19. Whenever an increase of stock shall be deter-
mined upon, in accordance with the Articles of Association of this
bank, all the stockholders shall be notified, and shall have the
privilege of subscribing for as many shares as they may be entitled
to, according to their existing stock in the bank. If any stock-
holder shall fail to subscribe for the amount of stock to which he
may be entitled, the Directors shall decide what disposition shall
be made of the privilege of taking the unsubscribed stock.
Section 20. A majority of the Directors shall constitute a
quorum.
Section 21. These By-Laws may be repealed, changed, or
amended, by a vote of four-fifths of the Directors, but two weeks'
notice must be given to the Directors of the meeting, at which any
change in the By-Laws is proposed to be made.
1881 January 24, the report of the examining committee
was presented and ordered spread on the minutes, and
placed in the hands of the President for safe-keeping.
May 2, a semiannual dividend of 10 per cent, was
declared, payable on the tenth instant.
Action on the Death of President Garfield
On July 4, at the regular meeting of the Board, Joseph
J. Albright suggested that the regular business be dis-
pensed with, and submitted the following preamble and
resolutions, which were unanimously adopted:
Whereas, The nation was brought to grief by the sad news
on Saturday morning of an attempt on the life of our beloved
President, James A. Garfield, at the hand of an assassin, and
Whereas, His life is still in great danger, and in order to place
the views of the Directors of this bank on record, it is therefore
Resolved, That we tender our hearty sympathies to the
President and family, deeply feeling the affliction so unexpectedly
Bank of Scranton 71
brought upon them and the nation, commending them to our 1881
Heavenly Father, who "doeth all things well," praying that he
may again be restored to usual health and strength.
Resolved, That the Secretary be requested to forward a copy
of these proceedings to Honorable William Windom, Secretary of
the Treasury, Washington, D. C.
July 11, at the meeting of the Board of Directors, the
Secretary was instructed to spread upon the minutes the
following letter of Secretary Windom :
Treasury Department,
Washington, D. C, July 7, 1881
Dear Sir: — Yours of the fifth instant, transmitting resolutions
of sympathy for the President and his family, received today. 1
will take pleasure in presenting the resolutions to Mrs. Garfield.
Very truly yours,
Wm. Windom
Mr. James A. Linen, Cashier,
First National Bank, Scranton, Pa.
November 7, a semiannual dividend of 10 per cent,
was declared, payable on the tenth instant, and $5,000
was ordered carried to the surplus account.
November 21, the report of the examining committee
was presented, and, on motion, the President was author-
ized to engage an expert to make a thorough examination
of the books of the bank.
December 26, on motion, R. A. Henry was appointed
custodian of the securities belonging to the bank, which
were held in New York City for safe-keeping. The Presi-
dent, Mr. Albright, reported that he had secured the
services of R. A. Henry to make, with the assistance of
W. H. Perkins, a thorough examination of the books of
72 ■ The First National
1 881 the bank. He also reported that, in consultation with the
Directors, it was decided to increase the salary of the
Cashier to $4,000 per annum, to take effect January 1,
1882.
1882 May 1, a semiannual dividend of 10 per cent, was
declared, payable May 10, and $5,000 was ordered car-
ried to surplus account.
At a special meeting held May 5, 1882, Joseph J.
Albright, G. L. Dickson, and James Blair being present,
it was announced that the charter of the bank would
expire at the close of business May 29, 1882, and a letter
relating thereto from the Comptroller, in answer to the
Cashier, was laid before the meeting. In accordance
with the suggestions therein contained, the following
resolutions were, on motion, duly seconded:
Resolved, That the President and Cashier call the stock-
holders together for the purpose of voting upon the question of
going into voluntary liquidation with a view to reorganization and
a new charter under the present law.
Resolved, That the President and Cashier take such steps as
may be deemed necessary by them in order to obtain a new charter
with the present stockholders of the bank as charter holders of
the new bank, so far as they are willing to become such, and that
notice be given to the present stockholders by printed circular
mailed to their known addresses.
On May 8, at a meeting of the Board of Directors,
Joseph J. Albright, G. L. Dickson, and James Blair being
present, the following resolutions were adopted:
Whereas, The charter of this bank is about to expire, now,
it is hereby
Resolved, That the President and the Cashier of this bank
are hereby authorized to execute and deliver such deeds, convey-
ances, assignments, and transfers as, under the direction of the
Bank of Scr anion 73
Comptroller of the Currency, and under advice of our counsel, 1882
may be necessary or proper for the transfer of the assets, property,
and business of the bank to the new organization of The First
National Bank of Scranton, Pennsylvania.
Resolved, That the Comptroller of the Currency be, and is,
hereby authorized to withdraw $50,000 United States bonds,
deposited with the Treasurer of the United States l)y this bank,
to secure circulation and described as follows:
"$50,000 of the loan of July, 1870, and January, 1871; and
that the Comptroller of the Currency be, and is, hereby authorized
to sell, assign, and transfer the same, and to appoint one or more
attorneys for that purpose, same to be transferred to The First
National Bank of Scranton, Pennsylvania, new organization."
Stockholders' Reorganization Meeting
Pursuant to the notice sent to each stockholder, a
meeting of the stockholders of The First National Bank
of Scranton, Pennsylvania, was convened on the thir-
teenth of May, 1882, at 4 o'clock p. m., at their banking
office in Scranton. The following is a copy of the notice
served upon each stockholder:
Scranton, Pa., May 5, 1882
Sir: — Please take notice that a meeting of the stockholders of
The First National Bank of Scranton will be held at their banking
house in the city of Scranton, Pennsylvania, on Saturday, May 13,
1882, at 4 o'clock p. m., to vote upon the question of going into
voluntary liquidation, with a view of a new organization under
the same name.
Very respectfully,
Joseph J. Albright, President
James A. Linen, Cashier
P. S. — The above action is rendered necessary by the failure
of Congress to extend the charters of national banks, and in order
to begin the new organization on or before our present charter
expires (viz., the twenty-ninth instant), it is proposed to organize
11
74 The First National
1882 anew in the interest of the same stockholders who will have an
opportunity to take the new stock. It is absolutely necessary
that at least two-thirds of the stock be represented in person or
by proxy. Send proxies in the alternative to Isaac J. Post or
Charles H. Welles, Scranton, Pennsylvania, either or both of them.
On motion, duly seconded, W. R. Storrs, Esq., was
called to the chair, and Alfred Hand was duly elected
Secretary of the meeting.
On motion, J. A. Linen and Isaac J. Post were chosen
tellers to receive and count the vote, and were duly sworn
to perform the duties of their office.
On calling for stockholders it was found that over
two-thirds of the capital stock was represented.
The following resolution was then offered:
Resolved, That The First National Bank of Scranton, Penn-
sylvania (No. 77), of which we are stockholders, go into voluntary
liquidation, and be closed on May 19, 1882, and that the President,
Directors, and Cashier be fully authorized and empowered to carry
this resolution into effect, and wholly settle up the concerns of the
bank and distribute its assets.
The stockholders then, on motion, proceeded by a
stock vote to vote upon the above resolution, and the
tellers, after receiving and counting the vote, announced
the result as follows:
Total vote cast 1696
In favor of going into liquidation on nineteenth
instant 1696
The vote in favor of liquidation being over two-thirds
of all the capital stock, it was therefore announced that
the resolution was carried.
By the same vote the following resolutions were
adopted :
Bank of Scr anion 75
Resolved, That the stock of the new organization, already 1882
convened, under the same name, be accepted by us in Heu of our
interest in the bank, and that the Directors of this bank be author-
ized to transfer the capital, surplus, and assets of this bank over
to said new organization as soon as any remaining deposits or
liabilities are either paid or seem to be paid, we to receive the
same amount of stock in the new organization that we hold in this
bank.
Resolved, That the action of the Directors of this bank, in
reference to liquidation, transfer of bonds, and a new organization,
be, and the same is, hereby ratified.
Retrospective
The First National Bank (No. 77) of Scranton, Penn-
sylvania, closed on May 19, 1882, after a most successful
career amidst troublous times. Bom when the nation
was in the throes of a sanguinary civil war, and reared
through periods of panic and depression, it prospered
from the beginning. The bank passed through panics
unscathed, and while financial and commercial enter-
prises were falling all around it, continued in its onward
course, and had the proud distinction of being the only
corporation in the city of Scranton that paid dividends
continuously through the decade of the 70 's.
The deposits increased consistently and remarkably,
indicating at all times the confidence manifested by the
people. The surplus increased with regularity, and
everything pointed toward a prosperous future. In all
its existence, bank No. 77 closed its doors only three days,
except regular holidays and Sundays, and this suspen-
sion was in August of 1877, and was caused by apprehen-
sion for the safety of the funds of the bank, as mobs were
the order of the times in Scranton.
76 The First National
1882 The bank began to pay dividends soon after passing
its first anniversary, and has continued to pay them
with regularity since that time. The first five annual
dividends were 10 per cent, each, a total of $100,000 on
the capital stock of $200,000. The sixth, seventh,
eighth, and ninth were each 12 per cent., or a total of
$96,000. The tenth dividend was 16 per cent., the
eleventh 18 per cent., and from 1875 to the time of
liquidation at the reorganization the rate was 20 per
cent, per annum. In all, bank No. 77 paid a grand
dividend of 272 per cent., or a grand total of $544,000
on its capital stock of $200,000.
Its total resources had increased from $104,156.43
in October, 1863, to $2,206,341.55 in December, 1881.
It had acquired its own banking house, and indicated
clearly the capacity and ability of the men that were
guiding its destinies. The deposits had increased from
$4,099.85 in October, 1863, to $1,665,123.11 in Decem-
ber, 1881.
The surplus at the expiration of the first charter
period was $260,000, and the undivided profits were
$32,218.44.
But two changes were made on the Board of Direc-
tors during the period. John Brisbin, one of the original
Directors, had moved to New York City, and his place
was filled by the election of George L. Dickson, now Vice-
President of the bank. The winged messenger of death
levied its first tribute on the Board when President
Joseph H. Scranton died at Baden-Baden, Germany, in
1872. This vacancy on the Board was filled by the election
of James Blair, and the Presidency was filled by the
appointment of Joseph J. Albright.
Bank of Scran ton 77
THE BANK'S NEW EPOCH
1882-1906
Reorganization Under a New Charter
New Articles of Association
The reason the Directors had such a brief time to 1882
reorganize the bank was that the original National
Bank Act had provided for twenty-year periods, from
the date of the Act, with no provision for extension;
and, as this bank was chartered on May 30, 1863, under
the Act of February 25, 1863, it had but nineteen
years to run, while the Directors had reposed under the
impression that they still had another year under their
charter. Hence, when they discovered that their charter
would expire at the close of business May 29, 1882, the
new Articles of Association and preliminary Certificate
were forwarded to the Comptroller of the Currency at
Washington. At this time, two of the Directors, Thomas
Dickson and Joseph C. Piatt, were in Europe.
For the purpose of organizing an Association to
carry on the business of banking under the laws of
the United States, the undersigned subscribers for
the stock of the Association hereinafter named do
enter into the following:
Articles of Association
First The name and title of this Association shall be
The First National Bank of Scranton.
Second The place where its banking house or office shall
be located and its operations of discounts and
78 The First National
1 882 deposits carried on and its general business conducted
shall be the City of Scranton, County of Lackawanna,
and State of Pennsylvania.
Third The Board of Directors shall consist of five
shareholders. The first meeting of the shareholders
for the election of Directors shall be held at said
City of Scranton, No. 334 Lackawanna Avenue, on
the sixth day of May, 1882, or at such other place
and time as the majority of the undersigned share-
holders may direct.
Fourth The regular annual meeting of the shareholders
for the election of Directors shall be held at the
banking house of this Association on the second
Tuesday of January of each year, but if no election
shall be held on that day it may be held on any other
day according to the provision of Section 5, 149 of
the Revised Statutes, and all elections shall be held
according to such regulations as may be prescribed
by the Board of Directors not inconsistent with the
aforesaid provisions of the said Section 5, 149 of
the Revised Statutes.
Fifth The capital stock of this Association shall be
$200,000, to be divided into shares of $100 each;
but the capital may be increased according to the
provisions of Section 5, 149 of the Revised Statutes,
to any sum not exceeding $1,000,000, and in case of
increase of the capital of the Association each share-
holder shall have the privilege of subscribing for
such amounts of the shares of the proposed increase
of the capital stock as he may be entitled to according
to the amount of shares owned by him before the
stock is increased.
Sixth The Board of Directors, a majority of whom
shall be a quorum to do business, shall elect one of
their number President of this Association. He shall
hold his office (unless he shall be disqualified or be
Bank of Scran ton 79
sooner removed by a two-thirds vote of all members 1 882
of the Board) for the term for which he was elected
a Director, and they shall have power to elect a
Vice-President, who shall be a member of the Board
of Directors, and who shall be authorized, in the
absence of the President from any cause, to perform
all acts and duties pertaining to the office of Presi-
dent, except such as the President only is authorized
by law to perform, and to elect or appoint a Cashier
and such other Officers and clerks as may be required
» to transact the business of the Association ; to fix the
salaries to be paid to them, and continue them in office
or dismiss them as in the opinion of a majority of the
Board the interests of the Association may demand.
They shall also have power to define the duties
of the Officers and clerks of the Association, and
require bonds from them and to fix the penalty
thereof, to regulate the manner in which election of
Directors shall be held, and to appoint judges of
elections; to provide for an increase of capital of the
Association, and to regulate the manner in which
said increase shall be made; and generally to do and
perform all the acts that it may be legal for a Board
of Directors to do under the Revised Statutes afore-
said; and they shall have the power to make all
by-laws that it may be proper and convenient for them
to make, not inconsistent with the law, to the general
regulation of the business of the Association and to the
management and administration of its affairs.
Seventh This Association shall continue for a period of
twenty years from the date of the execution of its
organization certificate unless sooner dissolved by the
acts of its shareholders owning at least two-thirds of
its stock, who may dissolve and close up the Associa-
tion in such manner as they may deem to be for the
interests of the shareholders and the creditors of the
Association, subject to the restrictions, requirements,
" and provisions of the laws of the United States.
80 The First National
1882 Eighth These Articles of Association may be changed or
amended at any time by shareholders owning a
majority of the stock of the Association, in any
manner not inconsistent with law, and the Board of
Directors or any three shareholders may call a
meeting of the shareholders for this or any other
purpose, not inconsistent with law or by-law, by
publishing notice thereof for thirty days in a news-
paper published in the town, city, or county where
the bank is located, or by notifying the shareholders
in writing.
In witness whereof we have hereunto set our
hands this fifth day of May, 1882.
[Signed]
Joseph J. Albright
George L. Dickson
Alfred Hand
James A. Linen
James Blair
I certify that the Articles of Association of The First National
Bank of Scranton were executed in duplicate, and one of the
instruments so executed was in the foregoing and the other in all
respects like the foregoing.
[Signed]
J. A. Linen, Cashier
Certificate
We, the undersigned, whose names are subscribed in the fourth
Article of this Certificate, having associated ourselves for the
purpose of reorganizing an Association for carrying on the business
of banking under the laws of the United States, do make and
execute the following organization certificate:
First, The name of this Association shall be The First National
Bank of Scranton.
Bank of Scrantoji 81
Second, The said Association shall be located in the City of 1882
Scranton, County of Lackawanna, and State of Pennsylvania,
where its operations of discounts and deposits are to be carried on.
Third, The capital stock of this Association shall be S200,000,
and the same shall be divided into 2,000 shares of $100 each.
Fourth, The name and residence of each of the shareholders
of this Association, with the number of shares held by each, are
as follows:
Name Residence Shares
Joseph J. Albright Scranton, Pa 400
George L. Dickson Scranton, Pa 400
James Blair Scranton, Pa 400
Alfred Hand Scranton, Pa 400
James A. Linen Scranton, Pa 400
2,000
Fifth, This Certificate is made in order that we may avail
ourselves of the advantages of the aforesaid laws of the United
States. In witness whereof we have hereunto set our hands on
this fifth day of May, 1882.
Joseph J. Albright
George L. Dickson
James Blair
Alfred Hand
James A. Linen
State of Pennsylvania 1
County of Lackawanna]
On this, the fifth day of May, A. D. 1882, before me, a Notary
Pubhc of the County of Lackawanna, personally came J. J. Albright,
James Blair, J. A- Linen, George L. Dickson, and Alfred Hand, to
me well known, who severally acknowledge that they executed the
foregoing Certificate for the purpose therein mentioned. Witness
my hand and seal of my office on the day and year aforesaid.
[Signed]
H. A. Knapp, Notary Public
12
82 The First National
Application for New Charter
First Charter Second Charter
National Bank National Bank
No. 77 No. 2697
1882 Organization Certificate, May 5, 1882, and Articles of
Association, May 5, 1882, being legally drawn and filed
with the Comptroller of the Currency, at Washington,
D. C. May 6, 1882, a stockholders' meeting was held.
Pursuant to the Articles of Association of May 5, 1882,
the stockholders met at 334 Lackawanna Avenue (First
National Bank Building), City of Scran ton, for the pur-
pose of electing Directors. All the subscribers to the
stock were present. On motion, Joseph J. Albright was
called to the chair and James A. Linen was elected
Secretary of the meeting. On motion, the meeting pro-
ceeded to the election of Directors by ballot, and on
counting the ballots it was found that the following
persons were elected Directors to hold their offices until
the next annual meeting, each receiving 2,000 votes:
Joseph J. Albright, James Blair, George L. Dickson,
Alfred Hand, and James A. Linen. The Directors were
then duly sworn by H. A. Knapp, Notary Public. On
motion, the meeting adjourned.
May 6, Directors' meeting. Present, all the members
of the Board. On motion, Joseph J. Albright was
appointed President of the new bank, and James A.
Linen, Cashier. The Cashier was directed to send the
papers for organization to the Comptroller of the
Currency. On motion, the meeting adjourned to
May 13, at 4 o'clock p. m.
Bank of Scr anion 83
The following is a copy of a letter sent to the stock- 1882
holders of the old bank on May 6, 1882:
To Our Stockholders: — Owing to the failure of Congress to pro-
vide for the extension of our j^resent charter, we are compelled to
go through the form of Hquidation and organizing anew under
the same name. Our charter expires at the close of business
May 29, 1882. In order to meet the views of the Comptroller of
the Currency and to obviate difficulties, we should be prepared to
begin business under our new charter on the same day that the
old bank goes into voluntary liquidation, viz.. May 19, 1882. It
was not possible to see our stockholders and obtain their signatures
and acknowledgments. We have therefore already caused the
proper papers to be executed and placed on file at Washington
organizing the new bank. It is proposed to organize the new bank
with the same capital as the old and pass over the surplus, allowing
the stockholders to take the same amount of stock in the new
institution that they hold in the old, on their consenting to authorize
the Directors of the old bank to pass their share of assets over to the
new bank (both capital and surplus).
The following stockholders of the old bank have subscribed
for the entire stock in the new bank, viz., Joseph J. Albright,
George L. Dickson, James Blair, Alfred Hand, and James A. Linen.
Upon receiving your check for your share of the capital and sur-
plus, drawn upon this bank, to the order of James A. Linen, Cashier,
the above-named persons will transfer the proper amount of stock
of the new bank over to you, which will share as now in the capital
and surplus. Certificates of Stock will be issued in due time.
We have requested our attorney, Mr. Isaac J. Post, to call
upon you and explain the matters fully to you. You are requested
to sign and deliver to him such papers as may be necessary' to
properly carry out the plan of liquidation and organization; he is
authorized to receipt for any papers you may deliver to him.
Very respectfully yours,
Joseph J, Albright, President
James A. Linen, Cashier
84 The First National
1882 The above statement is correct and its provisions will be
carried out by us.
Joseph J. Albright, President, new bank
James A. Linen, Cashier, new bank
James Blair,
Alfred Hand,
George L. Dickson,
Directors, new bank
May 13; present, Joseph J. Albright, George L.
Dickson, Alfred Hand, and James A. Linen.
The minutes of the last meeting read and approved.
On motion, the following seal of the bank was adopted:
a disk having the design of a dog lying by a safe and the
words, "The First National Bank of Scranton, Pa."
The Cashier reported that $100,000 of the capital had
been paid in in cash, being 50 per cent, of the capital
stock as subscribed. The Cashier was instructed to send
a proper certificate of that fact to the Comptroller of
the Currency at Washington.
Authority was received from the Comptroller of the
Currency to open for business on the morning of May 19,
1882.
Under the new charter, the name of the bank remained
the same; to wit, The First National Bank of Scranton,
Pennsylvania, No. 2697 (the number alone being changed,
which under our first charter was No. 77). The bank
was duly organized and open for business May 19, 1882,
the same day the old organization, under its charter,
went into voluntar}^ liquidation, and transferred all its
assets of every name and nature to the new bank, the
new organization assuming all and every liability of the
old. The stockholders of record in the old organization
BaJik of Scran ton 85
returning their certificates for the number of shares of 1882
stock standing in their. name which were duly canceled,
and received certificates for a like number of shares of
stock in the new bank ; the capital stock of the new bank
being the same amount as that of the old ; to wit., $200,000.
On May 22, the minutes of the last meeting were read
and approved, and the Cashier reported that the assets
of the old bank had been transferred to the new organi-
zation, and that the liabilities were in process of being
transferred as per instructions received from the stock-
holders at the meeting of May 13.
On May 29, the following preamble and resolution
were adopted:
Whereas, This bank proposes to take the place in all respects
as regards stockholders and creditors of The First National Bank
of Scranton, No. 77, and the assets of said bank having been
transferred to this bank, therefore
Resolved, that this bank assume all the liabilities of The
First National Bank of Scranton, No. 77.
On motion, the By-Laws of The First National Bank of
Scranton, No. 77, in force at the time of liquidation
were adopted by this bank.
June 12, the Cashier reported that he had charged
to the profit and loss account the following assets received
from the old First National Bank, as per instructions
from the Comptroller of the Currency : real estate, mort-
gages, and overdue notes, aggregating a net total of
$77,175.16, which action was on motion approved.
June 17, the report of R. A. Henry, special bank
examiner, was presented, and was ordered placed on
file and a copy of the same spread upon the minutes.
The following excerpt is taken from this report:
86 The First National
1882 Mr. Joseph J. Albright, President of The First National Bank
of Scranton.
Dear Sir: — I have made a careful examination of the affairs of
your bank, in which I was ably assisted by Mr. S. B. Mott, an
experienced bank officer, as you know. I was furnished by the
Cashier with the statement of conditions of the bank at the close
of business on June 19. This statement was compared with the
ledgers, and as far as possible the balance due to and from other
banks were checked by the statements received from them, which
I found correct. The stocks and bonds representing the sum of
$239,369.46, charged to that account I found correct, the market
value of which is considerably higher. * * * * i took each
one of the discount bills and found the aggregate to be $1,188,508.48,
the same as in the statement. I was shown the collaterals, when
such were taken, the securities of which are in the vault of the
bank. The balances of individual and interest ledgers were taken
off and found to be accurately correct. The accounts on this
ledger, which number about 2,000, could not be verified by the
depositors' books, as it was impossible to get these in, they having
paid little attention to the Cashier's notice to bring them in for
settlement. Without comparing these books with those of the
bank, no one can be absolutely certain that the liabilities to the
depositors are as shown on your books, but such books as were
brought in were found to correspond in each and every case. The
cash was counted and the amount, $80,491.77, found, consisting
of legal tenders, and bank notes, and coin, which in each and
every instance was found to be correct.
[Signed]
Yours respectfully,
R. A. Henry
On September 25, Joseph C. Piatt having returned
from his European trip, James A. Linen tendered his
resignation as Director, v^hich was duly accepted, and,
on motion, Mr. Piatt was chosen a Director to fill the
vacancy ; and on further motion Mr. Piatt was duly
appointed Vice-President of the bank.
Bank of Scran ton 87
On November 6, Thomas Dickson having returned 1882
from his trip abroad, Alfred Hand tendered his resigna-
tion as Director, which was duly accepted, and, on
motion, Mr. Dickson was duly chosen to fill the vacancy.
Annual Meeting of Stockholders
At the annual meeting of the stockholders held on 1883
January 9, 1883, the following gentlemen were duly
elected Directors, having received all the votes cast:
Joseph J. Albright, Joseph C. Piatt, Thomas Dickson,
George L. Dickson, and James Blair, being the same
gentlemen that composed the Board of Directors at the
expiration of the charter of the first organization. At
the organization of the Board of Directors, January 15,
George L. Dickson was elected Chairman of the meeting,
and James A. Linen, Secretary. On motion, Joseph J.
Albright was appointed President of the bank for the
ensuing year, and Joseph C. Piatt, Vice-President.
At the annual meeting of the stockholders January S, 1884
1884, the old Board was reelected, and upon the
organization Mr. Albright, as President, and Mr. Piatt, as
Vice-President, were continued in office.
In Memory of Thomas Dickson
On July 31, 1884, death again knocked at the door of
our Board of Directors, and claimed for its victim our
dear friend and coassociate Thomas Dickson, whose death
occurred at his summer home in Morristown, New Jersey.
At a meeting of the Board of Directors, held
August 4, 1884, the following preamble and resolution
were unanimously adopted:
88 The First National
1884 Whereas, Mr. Thomas Dickson was one of the original corpo-
rators of this bank, and up to the time of his death one of its most
honored and trusted Directors, his conservative views and wise
foresight have in all our intercourse with him impressed upon us
that he was ever a wise counselor and a strong executive officer.
His deep interest in this institution and his cooperation in all
measures in its behalf will ever be a pleasant recollection to us.
His constant success in all undertakings and unbounded integrity
have brought to us that hope and confidence which is the life and
support of business.
In times of financial depression his wisdom and courage never
failed ; in times of prosperity he was never carried beyond the lines
of prudence and safety. Therefore,
Resolved, That we feel deeply the loss of his presence in our
councils. The influence of a man of such strength as he possessed
will long be felt in the business interests of this community. It is
through such men that institutions are made stable.
We bear to his afflicted family our deepest sympathy in
their trial, and direct that a copy of this minute, signed by the
President and attested by the Secretary, be presented to them.
THOMAS DICKSON
Bank of Scr anion 89
THOMAS DICKSON
One of the founders of The First National Bank, and a Director
from the time of its organization in 1863 until his death in 1884,
was Thomas Dickson, a pioneer of the Lackawanna Valley, and
prominent in the early development of the natural resources and
industries therein. His unflagging energy and unsurpassed busi-
ness sagacity were powerful factors in the unfolding of the wealth
of the great anthracite coal fields, and in establishing one of the
principal manufacturing plants in this section of the country.
Mr. Dickson was born in the town of Leeds, England, March 26,
1824, of Scottish parentage; his parents, whose home was at
Lauder, Berwickshire, Scotland, were on a visit at Leeds, England,
when Thomas was born. He came of a race of courageous people;
his male ancestors were men who fought for what they believed
was right; and when once convinced that they were on the right
course it was well nigh impossible to swerve them from it. They
had the grace and strength "to do the right as God gave them to
see the right," they were Scottish Presbyterians versed in the
Word of God, familiar with the work and sayings of the lowly
Nazarene, and imbued with Scotland's tenacity of purpose, which
trait of the blood was handed down through generations to Thomas
Dickson.
His grandfather, Thomas Dickson, after whom he was named,
for twenty years marched and fought for his country during the
Napoleonic epoch. The spirit of Bruce and Wallace was in the
Dickson blood, and when the clouds had cleared at Waterloo and
the last battle of Napoleon had been fought, Thomas Dickson was
one of three men in his company who withstood the charges of the
French legions and remained in the line fully armed. To such
men as these the Iron Duke owed his victory, and Napoleon his
defeat. Many medals and military decorations were presented
by the government of Great Britain to the heroic soldier for his
services to the crown in fifty-two battles, in all of which he fought
with valor. These gifts to an illustrious ancestor are still kept
and prized by his descendants.
Among the offspring of Thomas Dickson was James Dickson,
the father of Thomas, the subject of this sketch. James Dickson
was a wheelwright at Lauder. He married Elizabeth Linen, of
90 The First National
the same shire, and both were of sound and unswerving fidelity
to the doctrines of the Presbyterian church, and each was of
pronounced reHgious convictions. They were students of the
Bible, and their knowledge of this book was carefully and per-
sistently imparted to the children.
In 1832, Mr. Dickson sailed with his family to seek his fortune
in America. In this party was John Linen, a brother of Mrs.
Dickson. They set sail from Glasgow, and, after a voyage lasting
eleven weeks, entered the mouth of the St. Lawrence River, up
which they sailed, finally landing at Toronto, Canada. Young
Thomas Dickson's career was nearly cut off by an attack of cholera
while sailing up the St. Lawrence. The family remained at
Toronto for two years, and then moved to Dundaff, Susquehanna
County, Pennsylvania. This was then a rude settlement at the
foot of Elk Mountain. James Dickson here began farming, but
his early training had not been on lines of agriculture, and he fared
but ill in that vocation.
In 1834, he went to New York City, v/here a great demand
for skilled mechanics had been created by the disastrous fire that
had just swept that city. He remained there through two winters
and the intervening summer, during which time Thomas strove
manfully to assist in supporting the family. The elder Dickson
returned to Dundaff in 1836 for the purpose of taking his wife
and children with him to the city, but at Carbondale, where he
stopped on his return trip, he met several of the officers of the
Delaware & Hudson Canal Company, which was then in its infancy.
He accepted a position with the company as a mechanic. He
rose to the position of master mechanic and remained in that
position until his death in 1880.
Thomas Dickson was a lover of books, and he had a well-
cultivated literary taste and a fondness for the best authors, but
these traits were not acquired by schooling. He had spent but a
short time in the village school when he had a disagreement
with the instructor, which resulted in the autocrat of the school-
room giving him his choice between making an apology or being
banished from participation in the benefit of study under the
master. It was a crisis in his career: young as he was, he had a
high regard for a fair and honorable dealing as between man and
Bank of Scranton 91
man; his pride was strong, but not vain; and he pondered long
over his dilemma, and then consulted his parents. That he was
right he was convinced, that the master was wrong he was equally
certain, and he was not able to bring himself to the point of
apologizing to one whom he considered the aggressor. He never
apologized, but left school permanently, and continued to culti-
vate his taste for literature by home study; and when in business
in Carbondale in the years that followed, he established a circu-
lating library there. At his death he had a private library of
6,000 volumes, which was considered one of the best private
libraries in the state.
Out of school, Thomas began a hunt for work, and found it
in the lowly position of mule driver. The occupation was an
inferior but honorable one, and Thomas Dickson took as much
pride in his labors as the superintendent did in his. Careful and
diligent, he won the respect and confidence of his employers, and
when he left the company, Roswell E. Marvine, the paymaster,
graciously added an extra dollar to his pay, because he had taken
such excellent care of the mule he drove. The driver boy after-
wards married the daughter of Mr. Marvine, who now survives
him as his widow. His next employment was as a grocery clerk
under Joseph Benjamin, and later under a man named Pierson,
and still later under Frederick P. Grow, brother of the great
statesman, Galusha A. Grow.
His business training was fairly under way, and he became
a junior partner with his former employer, Mr. Benjamin, in a
store and iron-foundry business. The iron foundry proved a
profitable venture, and Messrs. Benjamin and Dickson left the
store in the care of Mr. Dickson's brothers, George L. and John
Dickson, while they devoted their energies to the iron business.
His experience in this foundry prepared him for the next business
enterprise to enlist his activities, and the one in which he first
commanded the attention, then the respect, next the confidence,
and finally the admiration of the business men throughout the
country, and which made the name of Dickson known throughout
the business world.
He recognized the demand for mine machinery. Until 1856,
the machinery that was used in the mines, and the locomotives
92 The First National
that were used on the railroads of the valley, were shipped hither
from New York or Philadelphia, and it was tedious and costly
transportation, much of the distance being covered by wagons
over rough mountain roads. The opportunity to make mine
machinery presented itself. Thomas Dickson grasped it, and at
the age of thirty-two years there was formed the firm of Dickson
& Co., in which among others were his father, James, and two
brothers, George and John. Their plant was located near the
junction of Pine Brook and the Lackawanna River, then on
the outskirts of the borough of Scranton, now in the heart of the
city. In 1862, the company was reorganized under the name of
the Dickson Manufacturing Company, by which it was known
until a few years ago, when the plant was purchased by the Allis-
Chalmers Company, of Chicago. The company manufactured
mine machinery and also had locomotive works adjoining the
Delaware, Lackawanna, & Western Railroad yards; also, large
machine shops and foundries at Wilkes-Barre, Pennsylvania.
These enterprises prospered wonderfully. Thomas Dickson, the
founder of this industry, was its President from 1856 until 1867.
The career of Mr. Dickson, busy and full of cares as it was,
now became doubly so, and his shrewd business ability and almost
unbounded capacity for work became manifest. In the year
1859, he was chosen coal superintendent of the Delaware &
Hudson Canal Company. The multitudinous exactions of this
position were discharged while he still retained the Presidency of
the Dickson Manufacturing Company. Neither position was per-
mitted to suffer by reason of the necessities of the other, and
while he was wholly successful in the discharge of his duties as
superintendent, the manufacturing interests over which he pre-
sided continued to prosper. Mr. Dickson continued to fill both
offices until the year 1867, by which time the demands of the
Delaware & Hudson Canal Company had become so onerous that
it was deemed necessary to retire from the administration of the
Dickson Manufacturing Company. In that year he was made
Vice-President of the Delaware & Hudson Canal Company, and
resigned the Presidency of the Dickson Manufacturing Company,
his brother, George L. Dickson, becoming his successor in the
latter office.
Barik of Scran ton 93
From this time on he devoted his energies to the development
of the Canal Company. His offices were removed to Scranton,
and he then identified himself with the growth of the small but
thriving city. His abilities had appealed to the controlUng interests
of the company, and, after two years in the office of Vice-President,
he was, in 1869, elevated to the position of President. He remained
at the head of that company for the remainder of his life, a period
of fifteen years.
In 1863, he was actively engaged with Joseph H. Scranton,
John Brisbin, and Joseph C. Piatt in organizing The First National
Bank of Scranton, and he was one of its principal stockholders
and Directors from the time of its formation until death removed
him from his labors. In 1865, he with other capitalists formed the
Moosic Powder Company, in which he was a Director during
the remainder of his life. He was also a prominent figure in the
Crown Point Iron Company, and the Mutual Life Insurance
Company, of New York City. In the latter company, he held the
office of Trustee.
During the Civil War period Mr. Dickson was an ardent
Unionist, a firm believer in the integrity of his country, and was
prompt in the performance of whatsoever services were required
of him. Just after the disaster to the Federal army at Fredericks-
burg, he went to New York to attend a meeting of financiers
called for the purpose of devising plans to further aid the govern-
ment in the hour of her trouble. It was on this journey that Mr.
Dickson contracted the illness that so undermined his constitu-
tion that death eventually resulted. While en route to New York
he inadvertently sat among some Confederate prisoners and from
them contracted smallpox.
Time and labor aided by disease had made such inroads on
his health that in 1871 he was obliged to cease from the toil that
had been long, continuous, and arduous, and on September 1 of
that year he set out in company with his wife on a tour around
the world. He started toward the setting sun and crossing the
American continent set sail at San Francisco for Japan. His
tour included the principal cities and points of interest on the
Asiatic and European continents. At Baden-Baden, Germany, he
94 The First National
met Joseph H. Scranton, in the summer of 1872, and was with his
former coworker at the time of his death.
Mr. Dickson returned from his trip rejuvenated, and resumed
his business duties in September, 1872. The long series of busi-
ness depressions and labor troubles that ensued were wearing, and
levied exacting tribute upon his vitality, so that he was unable
to withstand the repeated attacks of illness that beset him in the
early 80's, and succumbed on July 31, 1884, at his country seat at
Morristown, New Jersey.
Mr. Dickson married Miss Mary Augusta Marvine, eldest
daughter of Roswell E. and Sophia Marvine, on August 31, 1846.
His death was a severe blow to the bank and to the entire com-
munity, which had learned to admire and respect him for his
innate worth, his aggressiveness in business, and his kind con-
sideration of those employed by him.
Bank of Scranton , ^^
The Crisis of 1 884
The character of the management of The First National 1 884
Bank of Scranton was never more clearly indicated, and
the policy of its officers more completely vindicated,
than during the trying days of , the early 80's and in the
crisis of 1893. The bank was skilfully guided and
safely conducted during the depressions that so quickly
followed the assassination of President Garfield in July,
1881. The fact that the bank passed unscathed through
the dark days of the eighth decade of the past century
is of itself an eloquent testimonial of the wisdom that has
controlled the affairs of this institution. Through every
period of depression the bank's Directorate and Officers
held to their course of safety, and in periods of prosperity
and speculation adhered tenaciously to their custom of
conservatism. The result of this course has been that the
bank has never entered a period of panic without previous
fortification even beyond the necessities of the occasion.
The famous Henry Villard's " Bhnd Pool" in Sep-
tember, 1881, the Stock Exchange "corners" that fol-
lowed, and the second crash in Northern Pacific in 1883,
all passed without harm to the bank. The widespread
depression of 1884 had far more serious consequences
throughout the country, and it required the utmost
sagacity on the part of the bank's officers to maintain
their own. The year 1884 saw many banks fail through-
out the nation, eleven of them being in the National
system. Chief among the latter were the Marine National
Bank and Metropolitan National Bank, both of New York
City. The suspension of the Newark Savings Bank, and the
failure of Ward & Grant, Hatch & Foote, and many others
were among the number of that year's financial crisis.
96 The First National
1884 Memories of financiers readily recall the severity of
those days, when banks in the larger centers of finance
and commerce were forced to resort to the expedient of
clearing-house certificates to assuage the evils of the
crisis. As usual, the banks of the interior were not so
exposed to the ravages of the panic as were those on
the coast and in the metropolis. They were outside the
zone of greatest difficulty, but notwithstanding the
security of this partial isolation this bank made prepa-
ration calculated to sustain it against the most violent
assaults which could be expected to be directed against
it. This policy of forethought and preparedness invari-
ably brought the bank out from the days of disaster
quite as strong as when the tempest began. While con-
servative, the men in charge of the bank have been
numbered among the courageous financiers of the
country. They have uniformly maintained a position
that has enabled them to take advantage of a turn in
the market when the time of rising values began and a
new era of prosperity was inaugurated.
The following statements will indicate the condition
of the bank at the beginning, during, and at the close of
the periods of depression of the early 80 's.
December, 1882 Resources
Loans $1,288,124.32
United States Bonds 50,050 . 00
Bonds and other securities 513,500. 63
Banking House and other real estate 25,000.00
Expenses and taxes 2,816 . 83
Due from banks and Treasurer of U. S.. . 75,230.68
Due from reserve agents 134,877. 76
Coin and currency 220,665 . 39
Total $2,310,265.61
Bank of Scr anion 97
Liabilities 1884
Capital $ 200,000.00
Surplus 230,000.00
Undivided profits 21,716.62
Deposits 1,608,062.52
Circulating notes 45,000 . 00
Total $2,310,265. 61
December, 1883
Resources
Loans $1,259,638.60
United States bonds 50,000 . 00
Bonds and other sectirities 862,775 . 63
Banking House and other real estate 25,000.00
Expenses and taxes 3,370 . 98
Due from banks and Treasurer of U. S.. . 73,899.79
Due from reserve agents 118,494. 68
Coin and currency 211, 989.88
Total $2,622,512.84
Liabilities
Capital $ 200,000. 00
Surplus 260,000.00
Undivided profits 37,127. 31
Deposits 2,080,385.53
Circulating notes 45,000.00
Total $2,622,512 . 84
June, 1884
Resources
Loans $1,403,257.74
United States bonds 50,100. 00
Bonds and other securities 993,500. 00
Banking House and other real estate 25,000.00
Expenses and taxes 1,704.81
Due from banks and Treasurer of U. S.. . 52,888.74
Due from reserve agents 243,419 . 22
Coin and currency 84 612 . 83
Total $2,854,483. 34
14
98 The First National
1884 Liabilities
Capital $ 200,000. 00
Surplus 280,000.00
Undivided profits 45,645 . 05
Deposits 2,286,438. 29
Circulating notes 42,400 . 00
Total $2,854,483. 34
December, 1884
Resources
Loans $1,003,897.68
United States bonds 50,300. 00
Bonds and other securities 1,020,798. 76
Banking House and other real estate 25,000.00
Expenses and taxes 1,631 . 95
Due from banks and Treasurer of U. S.. . 76,884.01
Due from reserve agents 546,008 . 99
Coin and currency 99,592 . 81
Total $2,824,114.20
Liabilities
Capital $ 200,000. 00
Surplus 300,000.00
Undivided profits 51,645. 78
Deposits 2,230,968.42
Circulating notes 41,500. 00
Total $2,824,114.20
The above statements show that the bank continued
to accumulate its earnings during these trying months.
In June of 1884, $20,000 was carried to the surplus
account, and in the following December another like
sum was carried thereto, while the undivided profits
increased from $37,127.31 in December, 1883, to
Bank of Scran ton 99
$45,645.05 in June, 1884, and in December, 1884, had 1884
been still further augmented to $51,645.78, a total
increase during the year 1884 of $14,518.47.
That the confidence of the bank's depositors remained
comparatively firm throughout the year is shown by the
deposit account. In December, 1883, the deposits
aggregated $2,080,385.53, the highest point reached by
the bank up to that time. During the first half of the
vear 1884, the most acute period of the crisis, the deposits
rapidly increased until in June they aggregated $2,286,-
438.29, an advance of $206,052.76. During the follow-
ing six months, the deposits decreased to $2,230,968.42,
a shrinkage of $55,469.87. The year, however, showed
a net increase in the deposits of $150,582.89. That con-
fidence, if at all shaken during the crisis, was fully
restored in a very brief time is manifested in the steady
increase in the deposit account in the succeeding year.
In December, 1885, the deposits had reached the total of
$2,655,447.55; while in December, 1886, they had still
further advanced to $2,757,558.53. The deposits have
never reached a figure so low as this since then, but have
steadily and consistently increased to the present time.
On October 27, 1884, following the death of Mr.
Dickson, Edward W. Weston, who had prospered greatly
by his sound business methods, and whose large business
affairs eminently qualified him to a seat in the councils
of the bank, was chosen to fill the vacancy, until the next
annual meeting of the stockholders, which was held
January 13, 1885, when the following gentlemen were 1885
duly elected Directors for the ensuing year; to wit.,
Joseph J. Albright, George L. Dickson, Joseph C. Piatt,
James Blair, and Edward W. Weston, and at the organi-
zation of the Board, Joseph J. Albright was reayjpointed
100 The First National
President and Joseph C. Piatt, Vice-President of the
bank.
1886 On January 4, 1886, Isaac Post was appointed
Assistant Cashier of the bank.
At the annual meeting held by the stockholders
January 12, the old Board of Directors was reelected,
and upon their organization, Messrs. Albright and Piatt
were reappointed, respectively. President and Vice-Presi-
dent of the bank for the ensuing year.
1887 At the annual meeting of stockholders held January
11, 1887, no change of the Board of Directors was made,
and the organization also remained the same.
During the year 1886, the property of H. B. Rock-
well having come into the possession of the bank, and as
Catholic friends of the bank wished to purchase the same,
on April 4, 1887, the Right Reverend Bishop O'Hara was
given the refusal for two weeks at $30,000, excluding the
Rockwell house; and at $35,000, including the said house,
$5,000 to be paid in cash, and the balance in a term of
years to suit himself.
On April 18, the Cashier reported that the Right
Reverend Bishop O'Hara had made the following propo-
sition: "For the Rockwell property, exclusive of the
W. B. Rockwell house, $30,000; $5,000 cash, and the
balance in ten annual payments, interest to be com-
puted at 5 per cent., to be paid semiannually. On motion,
this proposition was accepted, and the President and
Cashier were authorized to pass title to the same.
In Memory of Joseph C. Piatt
The next tribute levied by the Inexorable Reaper was
during this year, when Vice-President Joseph C. Piatt
was summoned to his eternal rest. His death occurred
Bank of Scr anion 101
at his home in our city on Tuesday evening, November 15, 1 887
1887. Mr. Piatt was one of the original founders of the
bank, and, like Joseph H. Scranton and Thomas Dickson,
was one of the first five Directors, and a member of the
Board since the organization in 1863.
A special meeting of the Board was held on Thursday,
November 17, 1887, and the following preamble and
resolutions were adopted:
Whereas, It having pleased the Almighty Disposer of Events
to remove from the scenes of his earthly usefulness our much
loved and highly respected Vice-President, Mr. Joseph Curtis Piatt,
we, the Directors, being desirous of recording our sense of the
irreparable loss we have sustained, do hereby
Resolve, That having been associated with him for many
years in the direction of the affairs of this bank, he having been
one of the incorporators, and officially connected with it, from the
date of its organization, we bear cheerful testimony to his executive
ability, untiring energy, perfect integrity, and unselfish devotion
to its interests, and to his high-minded and gentlemanly bearing
in all his official intercourse, and by these qualities has contributed
largely to the success and prosperity of the institution, while
endearing himself to us by his amiable and generous disposition.
Resolved, That, in lamenting his death, we mingle our grief
with that of the community, which has lost a warm and trusting
friend, one who has for more than forty years been identified with
the interests of the Lackawanna Valley, and particularly with the
growth and prosperity of the City of Scranton, whose many institu-
tions will feel deeply the loss of his presence, his counsel, and his
influence, and we kindly tender to the bereaved family and sorrow-
ing friends our deep and heartfelt sympathies, commending them
to Him who alone can console and comfort, and whose grace gave
consolation and support to the spirit of the departed.
Resolved, That these resolutions be entered in full upon the
records, that an engrossed copy be transmitted to the family, and
that they be published in the daily papers of the city.
102 The First National
JOSEPH C. PLATT
Joseph Curtis Piatt, born in Saybrook, Connecticut, Septem-
ber 17, 1816, was the son of Joseph and Lydia (Pratt) Piatt. The
family settled in New England in the seventeenth century, and
among its members who served in the Revolution was his great-
grandfather. Captain Dan Piatt, of the Seventh Connecticut
regiment. His father (1789-1826) was a lawyer. Joseph had but a
limited opportunity for obtaining an education, having been left
an orphan at the early age of ten. Young as he was he determined
upon an independent career, and in 1827, when onty eleven 3^ears
of age, became clerk in a country store. Here he displayed quali-
ties that won for him the respect and esteem of all with whom
he came in contact, and thus early in life acquired habits of thrift,
prudence, and economy, and a business knowledge beyond his
years.
In 1836, at the age of twenty years, with what little means he
had managed to acquire, Mr. Piatt engaged in business on his own
account, opening a general country store in Fair Haven (now
New Haven), Connecticut. In 1844, he married Catherine S.
Scranton, sister of Joseph H. Scranton, and in 1845 he accompanied
Mr. Scranton on a visit to the Lackawanna Valley, where the
Scrantons had become interested in coal and iron-ore lands. The
result of this visit was his decision to come to Slocum Hollo w%
now Scranton, and cast his lot with the new enterprise. Mr. Piatt
assumed management of the store of Scrantons, Grant & Co.
on April 1, 1846, and in the following November the firm of Scran-
tons & Piatt, successors to Scrantons, Grant & Co., was organized,
with a capital of $230,000. In 1848, the capital was increased
to $400,000, and new furnaces and mills were put in operation.
In 1847, they began the manufacture of T rails from the iron
produced at their furnaces, and, under a contract with the New
York & Erie Railroad, which was being constructed, they delivered
to them at Great Bend, by teams, 4,000 tons of rails at a price of
$80 a ton at the mills.
The new company, under the management of New England
thrift and energy, set to work to open a market for its product.
With this in view, after due consideration, the Liggett's Gap Rail-
road Company was organized in January, 1850, which was designed
JOSEPH C. PLATT
Bank of Scranton 103
to connect at Great Bend with the Erie, and the Western markets.
Subscriptions were taken, with the agreement that they were to
carry a pro-rata interest in the iron works, which their associates
were to surrender for the same amount in railroad stock. It was
on this basis that the firm of Scrantons & Piatt built the road
and turned it over in running order in October, 1851, without
letting a contract for a section on the entire line. Mr. Piatt was
a Director of this company, and also of the Delaware & Cobbs
Gap Railroad, which was organized to construct a railroad to the
South to connect with the Central Railroad of New Jersey at
New Hampton Junction. On March 11, 1853, these two roads
were merged under the name of the Delaware, Lackawanna, «&
Western Railroad Company, and the town of Scranton was estab-
lished on a soHd basis. In June, 1856, regular trains commenced
running on the Southern Division of the now famous Lackawanna
line. The business of the firm had grown to such dimensions as
to demand a larger organization, and in June, 1853, the Lacka-
wanna Iron & Coal Company was incorporated under the laws
of the State of Pennsylvania. Mr. Piatt became its official Real-
Estate Agent and Storekeeper, as he had been of the copartnership.
As Real-Estate Agent he devised and carried out the plan of the
central city, which the company owned, naming most of the
streets, and to his foresight is due their width and regularity.
When he retired from active business in December, 1874. he was
Vice-President of the company.
The positions that Mr. Piatt held by virtue of his business
ability in the leading corporations of the town gave him prestige,
by which he was called upon to take part in the new enterprises,
and the following may be mentioned as those in which he was
one of the organizers and officers: The First National Bank;
Dickson Manufacturing Company; Moosic Powder Company;
Weston Mill Company; People's Street Railway Company; and
Scranton Forging Company. While Mr. Piatt gave personal
attention to the aflfairs of the community, he cared nothing for
official preferment, and never sought a public office. He served,
however, in 1856, as one of the first borough council, and on the
first board of health, and also as school commissioner. He was
a leading spirit in religious, moral, and charitable affairs of the
104 The First National
city; he was affiliated with the First Presbyterian Church, being
one of the original members in its organization, and rendered
much assistance in the erection of its first church edifice.
Mrs. Piatt died July 4, 1887, and Mr. Piatt on November 15,
following. They left three children, Joseph C. Piatt, of Water-
ford, New York, who died in 1898, Ella J. Piatt, and Frank E.
Piatt, who reside in Scranton.
Bank of Scr anion 105
William R. Storrs Becomes a Director
On November 28, 1887, William R. Storrs, a prominent 1887
citizen of our city. General Manager of the coal depart-
ment of the Delaware, Lackawanna, & Western Railroad
Company, a well-known and exceedingly conservative
man, and looked upon as a "balance wheel" in any
corporate body of which he was a member, was unani-
mously elected a Director to fill the vacancy caused by
the death of our coassociate and Vice-President, the late
Joseph C. Piatt. George L. Dickson, who had been a
Director since the first annual meeting of the organiza-
tion, held in January, 1864, was elevated to the office of
Vice-President, of which official position he is still the
incumbent. Mr. Storrs had settled in Scranton soon
after the close of the Civil War, and in 1867 a friend
advised him to invest his spare money in the stock
of The First National Bank, which was then selling
at a premium of $35 a share. He declined to make a
purchase at such high figures. In 1871, however, he
had changed his views somewhat, and was glad to secure
his first purchase of the stock, paying for the same a much
larger premium. The value of the stock continued to
advance and he from time to time increased his holdings,
as did several others, but each separate purchase com-
manded a greater premium than the last.
President Albright Passes Away
In 1888, the annual meeting of the stockholders was 1888
held January 10 for the election of Directors. At the
gathering of the gentlemen, whispered words only were
indulged in ; a great gloom had fallen uy^on the gathering.
President Albright had been taken suddenly ill, a day or
106 The First National
1888 two previous, at his home, at the comer of Washington
Avenue and Vine Street, and at this time very httle hope
of his ultimate recovery prevailed. The following gentle-
men were duly elected Directors for the ensuing year:
Joseph J. Albright, George L. Dickson, James Blair,
Edward W. Weston, and William R. Storrs.
On January 11, 1888, upon the organization of the
Board, Joseph J. Albright was reappointed President
and George L. Dickson, Vice-President, and on the follow-
ing day, January 12, Joseph J. Albright, President since
September, 1872, our counselor and advisor in every-
thing in connection with the welfare of the bank since
its organization, passed the great divide to the world
beyond. His was indeed a gentle nature. How apropos
the words of the immortal Bryant:
So live, that when thy summons comes to join
The innumerable caravan that moves
To the pale realms of shade, where each shall take
His chamber in the silent halls of death,
Thou go not, like the quarry-slave at night
Scourged to his dungeon, but, sustained and soothed
By an unfaltering trust, approach thy grave
Like one who wraps the drapery of his couch
About him, and lies down to pleasant dreams.
During the sixteen years of Mr. Albright's incum-
bency, the bank passed through the panic of 1873 and
the industrial disturbances that spread their blight over
the country in the five succeeding years; also, the period
of depression and financial excitement in 1884, when
great failures were occurring throughout the entire land;
yet through it all The First National Bank continued to
increase and strengthen. Mr. Albright became chief
ofhcer of the bank when its affairs were in splendid
Bank of Scr anion 107
condition. He guided it through the most dangerous 1888
years of its career, and surrendered, at his death, the
trust in the full vigor of expanding success. The records
of the bank remain as a memorial to his capabilities as a
financier and executive officer.
In Memory of Joseph J. Albright
On January 13, 1888, at a special meeting called to
take action on the death of our President, the late Joseph
J. Albright, the following preamble and resolutions
were adopted:
Whereas, Our Heavenly Father, in His all-wise providence,
has by death taken from us Joseph J. Albright, the President of
this bank, who died at his home at 1.30 a. m. on the 12th inst.
Now, therefore,
Resolved, That this Board of Directors, for themselves and
the stockholders they represent, under a deep sense of sore bereave-
ment and great loss, would devoutly recognize and acknowledge
the hand of Him who gave and hath taken away from us our dear
friend and associate. We also desire to place on record our estimate
and appreciation of his character and of the superior qualities of
mind and heart always shown by him in his intercourse and rela-
tions with us, and in the fidelity and faithfulness with which he
met and discharged the various duties and responsibilities of life.
Resolved, That, in the death of Mr. Albright, not only this
bank, but our city and Lackawanna Valley, together with the public
and charitable institutions, have lost a generous benefactor, and
one whose power and influence were felt in the organizations and
control of the forces that have led to the rapid growth and develop-
ment of the industrial and material resources of this region; that,
in his plain and unostentatious life, his close attention to business,
his generous heart, and open hand, his love of truth, his well-
developed moral character, his willing sacrifice and service in
behalf of a true Christian manhood, we find an example worthy
of emulation.
■ 108 The First National
1888 Resolved, That we extend to the family our sincere sympathy-
commending them to Him who doeth all things well.
Resolved, That this action be spread upon the minutes, and
an engrossed copy be presented the family, and that they be
published in the daily papers of this city.
On motion, it was resolved that the bank building be draped
for thirty days.
[Signed]
J. A. Linen, Secretary
JOSEPH J. ALBRIGHT
Bank of Scran ton 109
JOSEPH J. ALBRIGHT
One of the leading business men of Scranton, and one who
helped to foster many of her infant enterprises in the days when
onl)'- a hamlet marked the present site of this populous city, was
Joseph J. Albright. His life is the oft-repeated history of trial
and triumph, of obstacles overcome, of hope conquering despair,
of the gradual development of a most noble and truly grand
character. That he won fame and fortune, as was his due, matters
not so much, after all, as what he won in the conflicts with adverse
circumstances in which he gained the mastery over himself.
Mr. Albright was born in Warwick, Pennsylvania, Septem-
ber 23, 1811, in which pretty town his ancestors had lived for
several generations. They were of the honest. God-fearing German
sect known as Moravians, and though his parents were comfort-
ably well . off in this world's goods, he was early taught to be
independent. In 1816, the family having removed to Nazareth,
Pennsylvania, he was placed in the school called to this day " Naza-
reth Hall," from which many of the best citizens in this state
have graduated. When he had arrived at a suitable age, he
decided that he did not care to follow his father's trade, that of
making guns, and, instead, learned the tinsmith's trade. Not more
than three months were required by him in this enterprise, before
he embarked in business for himself, buying tools and sheet tin
from a New York firm. At once he industriously set to work,
and in a few months found that he had more tinware on hand
than the modest population of the town could use in years. Wish-
ing to dispose of this surplus he went into the adjoining country
with his wares, but he soon found this method not at all to his
liking.
About this time, being almost of age, Mr. Albright was
offered a position as assistant manager of Henry Jordan & Com-
pany's Oxford furnace, at Oxford, New Jersey, and. accepting the
same, he remained there three years. From the first his ability
was apparent, and it was no surprise to those who knew him
when it was proposed to him to take charge of the largest plant
of the kind in Eastern Pennsylvania, the Catherine furnace and
forges, near Nazareth, that industry being in the hands of creditors.
So well did he manage affairs there during the three years following
110 The First National
that the good Moravians were rescued from bankruptcy. He
introduced successfully the first hot blast applied to making iron
in the United States, and brought the first magnetic iron ore into
this state, from New Jersey. About three years after he had
taken the management of the Catherine furnace, he bought what
was then known as the Clarissa furnace, forges, equipments, and
appurtenances, situated in Carbon County, Pennsylvania, and in
order to do this was obliged to borrow $1,000 at 3 per cent, interest.
But the ambitious young man had hardly launched himself
upon his new venture when a sad calamity occurred. The great
floods of 1841 along the Lehigh and tributary streams washed
away the Lehigh Coal & Navigation Company's works, canals,
etc., and also swept away his own cherished furnaces and forges,
leaving not one stone upon another. Though he was certainly
overcome, for the time being, by this disaster, and the fact that
a wife and two children were dependent on him, he soon recovered
his hope and courage, and bravely started again. Having made
terms with his creditors, who gave him extended time, he started
to rebuild, and in a year he had things in running order, the fur-
naces having a still larger capacity than formerly. The destruc-
tive elements seemed determined to try his strength of purpose,
for now fire attacked the works, and partially destroyed the plant.
Again he rebuilt, this time having a good insurance, and at last
was made happy by paying all his debts. As he did not like the
name Clarissa as applied to the furnaces, he changed the title to
the Ashland Iron Works. In 1844, he became financially con-
cerned in several furnaces near Natural Bridge, Virginia, and soon
after a new furnace had been erected by the company, which was
shortly afterwards burned down. Being compelled to sell pig
iron at the ruinous rate of $10 a ton, under the existing tariff, he
abandoned the field in Virginia, and returned to his old Ashland
iron works, which he yet owned. The manufacture of iron had
been so closely associated with disaster in his case that he was
not loath to accept an offer made by the Scrantons (for whom
this city was named) to take charge of the entire coal mines of
the Delaware, Lackawanna, & Western. It has been conceded
that to his correct judgment and untiring energ)^ while in this
responsible position was due much of the company's success.
Bank of Scran ton 111
In 1866, he was induced to take a similar position with the Dela-
ware & Hudson Canal Company, and was with that company until
he retired from business, in 1887. He was one of the founders of
the Dickson Manufacturing Company and was a Director in it until
his death. He also assisted to organize The First National Bank of
Scranton, was made its President in 1872, and continued thus as long
as he lived. The President of the Scranton Gas & Water Company, a
Director in the Lackawanna Iron & Coal Company, and a Director
of the Weston Mill Company, were some of his other interests.
He was the first to introduce anthracite in the West. Not
only did he show the people how to burn it, but had with him
hard-coal stoves to demonstrate the superiority of the fviel and so
induce a trial. He had much to do with the early development
of the anthracite trade in Buffalo and through the West.
Mr. Albright and Elizabeth Sellers were married in 1838. She
was a daughter of Cornelius Sellers, a Quaker, of French and
English extraction, whose wife was a daughter of Samuel Roberts.
Mrs. Albright died January 21, 1890. Her four children are:
Mrs. Rachel J. Bennell; Hannah M. (Mrs. James Archbald) ; Harry
C, of Utica, New York; and John Joseph, a manufacturer and
banker of Buffalo, New York. Mr. Bennell was engaged in whole-
sale merchandising in New York City until ill-health compelled
him to retire. Since then the family, which includes one daughter,
has resided in Scranton. James Archbald is chief engineer for
the Delaware, Lackawanna, & Western.
The old home of Mr. Albright, on the corner of North Wash-
ington Avenue and Vine Street, was deeded to the city of Scranton,
after his death, by the four heirs. The property, now very valu-
able, was further enhanced by the erection of a beautiful structure,
known as the Albright Memorial Library, this having been erected
at the expense of John Joseph Albright. It cost over $125,000,
and is a fine specimen of French Gothic architecture. The library
was stocked by means of subscriptions, and is maintained by the
city, James Archbald being one of the Board of Directors. This is a
fitting monument to one who was ever practical and desirous of
benefiting his fellow-beings, and the liberal education thus placed
in the hands of the poorest boy and girl in the city will exercise
an untold influence for good.
112 The First National
While the war was in progress, Mr. Albright received a flatter-
ing offer through acquaintances in Richmond to take charge of
the manufacture of iron for the Confederate forces, but it is needless
to state that he was of too loyal a nature to be tempted for a
moment to assist those who were striving to undermine his country.
For years a faithful member of the Presbyterian church, he died
peacefully January 12, 1888, mourned by all who knew him.
A strong advocate of temperance, purity of life, gentleness and
patience, he won the love and esteem of all who journeyed along
the highway of life with him, and surely he merited the words,
"Well done, good and faithful servant."
Bank of Scranton 113
Edward W. Weston is Chosen President
At the regular meeting of the Board of Directors, held 1888
January 16, 1888, James Blair presided, and, on motion
of George L. Dickson, Vice-President, seconded by W. R.
vStorrs, Edward W. Weston was unanimously appointed
President of the bank, to fill the vacancy caused by
the death of the late President, Joseph J. Albright.
At the regular meeting of the Directors, April 9,
William F. Hallstead, General Manager and Superin-
tendent of the Delaware, Lackawanna, & Western Rail-
road Company, was unanimously chosen a member of
the Board to fill the vacancy caused by the death of our
late President, Joseph J. Albright.
At the annual meeting of the stockholders, January 8, i889
1889, the following gentlemen were duly elected Direct-
ors for the ensuing year: Edward W. Weston, George
L. Dickson, James Blair, William R. Storrs, and William
F. Hallstead; and at the organization of the Board,
January 12, Edward W. Weston was appointed President
of the bank, and George L. Dickson, Vice-President, for
the ensuing year.
At a meeting of the Board, March 2, 1889, Mr. Storrs
called the attention of the Directors to the condition of
the health of our Cashier, Mr. Linen, whose physician
recommended that he should have a few weeks' rest
from business, with a change of air and outdoor exercise.
Mr. Storrs therefore moved that a leave of absence of
four weeks be granted him, trusting that the vacation
might result in restoring him to his usual good health
and renewed vigor. The motion was unanimously carried.
On motion, Isaac Post, Assistant Cashier, was
appointed Secretary pro tem of the Board during the
114 The First National
1889 absence of Secretary James A. Linen. Mr. Linen went
to Florida, and returned April 29, much improved in
health.
1890 In 1890, at the annual meeting of stockholders held
January 11, the old Board of Directors was reelected,
and, upon the organization, the old officers, E. W. Weston,
President, and G. L. Dickson, Vice-President, were
reappointed for the ensuing year.
On July 19, 1890, the Cashier reported that a por-
trait of the late Vice-President, Joseph C. Piatt, had
been presented to the bank by his sons, Joseph C. and
Frank E. Piatt, and on motion the following resolution
was passed:
Resolved, That the thanks of this Board are due, and the same
are tendered to Messrs. J. C. and F. E. Piatt for their kindness in
presenting us with the portrait of their father, the late Joseph C.
Piatt, a charter member of this bank, and a member of the Board
of Directors from its organization in 1863 to the time of his decease
in 1887. His memory is cherished by us, and we are glad to place
the portrait on the walls of the institution, with which he was so
long identified, and took such an interest in its welfare.
Resolved, That a copy of this resolution be forwarded to
Messrs. J. C. and F. E. Piatt.
1891 On January 13, 1891, at the annual meeting of the
stockholders, for the election of Directors, the old Board
of Directors was reelected, and upon their organization
Edward W. Weston was reappointed President, and
G. L. Dickson, Vice-President, for the ensuing year.
On June 1, 1891, the report of the examining com-
mittee was presented, approved, and ordered placed in
the hands of the President for safe-keeping.
Bank of Scranton 115
In Memory of Edward W. Weston
October 31, 1891, at the regular meeting of the Board 1891
of Directors, Vice-President Dickson referred to the death
of President Edward W. Weston, which occurred at his
home on Wednesday, October 28, whereupon the follow-
ing preamble and resolutions were unanimously adopted :
Whereas, It having pleased the Almighty Disposer of Events
to remove from the scenes of his earthly usefulness our much-
loved and highly-respected associate, Edward W. Weston, we, the
Directors of this bank, being desirous of recording our sense of the
great loss we have sustained, do hereby
Resolve, That this Board of Directors, for themselves and for
the stockholders of the bank, do devoutly recognize the hand of
God, who gave and has now taken away our intimate associate
and friend; that it is ovir privilege to bear cheerful testimony to
his uniform gentleness and kindness in his close relations with us,
and in his firm adhesion to whatever was right in his services to
the bank, and his great devotion to its interests. His executive
ability, untiring energy, and gentlemanly bearing have contributed
largely to the success of the institution, while endearing himself
to us by his amiable and generous disposition.
Resolved, That this bank, by the death of Mr. Weston,
sustains great loss. In its organization he was a stockholder, for
many years a Director, and last its honored President, doing faith-
fully his duty, and receiving the full confidence of his associates
and that of their patrons. He was a conscientious official, a wise
counselor, and a Christian gentleman.
Resolved, That we hereby express to the bereaved family
our warm and tender sympathies and commend them to Him who
can console in such an hour.
Resolved, That this action be spread upon the minutes, and
an engrossed copy be presented to the family, and that the same
be published in the daily papers of the city.
Resolved, That the bank building be draped for thirty days.
116 The First National
EDWARD W. WESTON
In the death of Mr. Weston, Scranton lost a typical citizen.
Starting in life with nothing but his own talents and upright
character with which to make his way, he achieved remarkable
success in estate, in reputation, and in that which he valued above
all else — the respect and confidence of his fellow citizens. Uncom-
promising where principle was concerned, energetic in action, firm
of will, his death deprived the community of a valuable promoter
of its prosperity.
Mr. Weston was born in Salem, Wayne County, Pennsylvania,
December 5, 1823. His father, Elijah, was an early resident of
that vicinity, and his mother was a daughter of Jason Torrey,
conspicuously connected with the early enterprises of Wayne
County. Until 1844, he remained in Salem, availing himself as
far as he could of the advantages of the country schools, and
devoting the remainder of his time to work on the farm, land
surveying, and teaching. Next he entered the office of his uncle,
the late John Torrey, of Honesdale, to assist in engineering and
surveying, and remained there until 1859, when he was placed in
charge of the lands and surveys of the Delaware & Hudson Canal
Company, and was stationed at Carbondale. In 1860, he removed
to Scranton, and assumed control of the opening of mines and
construction of breakers for the company.
In 1864, upon the appointment of Thomas Dickson to the
general superintendency of the company, Mr. Weston was made
superintendent of the coal department and given entire charge
of the company's mining operations. In consequence of the large
increase in the business of the concern, owing to the expansion of
the coal trade and the acquisition of extensive railroad properties,
it became necessary to separate the real-estate and mining depart-
ments, and in April, 1874, he was appointed general agent of the
former, assuming entire charge of all matters pertaining to the
real estate and property of the corporation. This position he
retained until February 1, 1889, when failing health compelled
him to withdraw from active management of the department,
although he was retained by the company as counselor until the
time of his death.
EDWARD W. WESTON
Bank of Scranton 117
In many of the most important enterprises of Scranton, Mr.
Weston was a factor. He was President of The First National
Bank; President of the Northern Coal & Iron Company and the
Weston Mill Company ; President of the Hudson River Ore & Iron
Company; Vice-President and a Director of the Dickson Manu-
facturing Company ; Director of the Moosic Powder Company, and
Providence Gas & Water Company; and was closely identified
with many other manufacturing and mining companies, both in
and out of Scranton. His death occurred October 28, 1891, after
a protracted illness. Since his demise, his widow has resided
with her daughter, Mrs. F. M. Bird, of Canton, Massachusetts.
Edward W. Weston was a man of excellent public spirit, and
maintained a deep interest in the welfare of his fellow citizens and
the progress of the city, well illustrating that quality in man that
delights in the upbuilding of communities rather than in public
honors. A man of great force of character, he amassed a fortune
by diligence and faithfulness in business, and at his death left a
valuable estate.
118 The First National
1891 During Mr. Weston's administration (3 years and
10 months) the deposits increased from $2,954,902.66 to
$3,949,167.83, the surplus and undivided profits from
$469,155.32 to $670,534.05, and annual dividends from
20 per cent, m 1888 to 22 per cent, in 1889, and 24 per
cent, in 1890 and 1891.
At the meeting of Directors held October 31, the
vacancy on the Board caused by the death of Mr. Weston
was filled by the appointment of Cashier James A. Linen,
as a Director, who was then duly appointed President of
the bank. Up to this time, the bank's President had been
but little encumbered with the active detailed work in
connection with the administration of the affairs of the
institution, but upon the elevation of Mr. Linen, the
President became an active officer, giving his full time
to the general management of its affairs in every detail.
At the same meeting, Isaac Post, who had been
Assistant Cashier since 1886, was appointed Cashier of
the bank and Secretary of the Board of Directors.
The Board of Directors Increased
At a meeting of the Board of Directors December 5,
1891, the advisability of increasing the membership of
the Board of Directors from five to eight was fully dis-
cussed. The business of the bank was daily increasing,
and the responsibility of the Directors in their manage-
ment having assumed greater proportions, the President
was instructed to notify the stockholders that a meeting
would be held in the banking house at 3 o'clock the
afternoon of January 12, 1892 (the day of the annual
meeting), to consider the proposition of increasing the
number of Directors from five to eight, and requesting
Bank of Scran ton 119
proxies from those stockholders that could not in person 1891
be present.
Pursuant to this notice, the annual meeting of stock- 1892
holders was held January 12, 1892. A. H. Coursen and
A. H. Storrs, being selected judges of election, were duly
sworn. G. A. Fuller was called to preside, and Isaac
Post was chosen Secretary.
William R. Storrs offered the following resolution :
Resolved, That the Board of Directors be increased from
five, as at present constituted, to eight.
The vote on this resolution was taken, with the
result that all the stock represented, being 1,418 shares,
was voted in the affirmative. The judges then proceeded
with the election of Directors, with the following result:
George L. Dickson, James Blair, William R. Storrs,
William F. Hallstead, James A. Linen, William W.
Scranton, Thomas F. Torrey, and John Jermyn, each
receiving 1,418 votes, being all the votes cast, were
declared duly elected.
On January 16, at the organization of the Board,
James A. Linen was reappointed President, and George
L. Dickson, Vice-President, for the ensuing year.
On January 23, Messrs. Linen, Dickson, and Hall-
stead were appointed a Committee on Investments,
whose duties were defined to be the consideration of
the purchase and sale of bonds and other investment
securities, and submit their views, from time to time, at
the regular meetings of the Board for final action.
On February 6, the President was requested to secure
a good portrait of our late President, Edward W. Weston,
for the Directors' room.
120 The First National
1892 On June 4, the report of the examining committee,
W. R. Storrs and Thos. F. Torrey, on the condition of
the bank at the close of business, Tuesday, May 24,
1892, was read and approved, and placed in the hands
of the Vice-President for safe-keeping.
On November 5, the appeal for aid in behalf of the
families of the men that lost their lives in the battle
with the Dalton band of robbers at Coffeyville, Kansas,
October 7, 1892, was presented, whereupon a contribu-
tion of $50 was appropriated for their relief and ordered
sent to the committee in charge of the fund.
On November 12, the report of the examining com-
mittee on the condition of the bank at the close of
business, Saturday, November 5, 1892, was presented,
approved, and ordered placed in the hands of the Vice-
President for safe-keeping.
The Bank Joins the Clearing-House Association
'^^^ On January 10, 1893, at the annual election by the
stockholders, George L. Dickson, James Blair, William
R. Storrs, William F. Hallstead, William W. Scranton,
John Jermyn, Thomas F. Torrey, and James A. Linen,
having each received 1,257 votes, all the votes cast, were
declared duly elected Directors of the bank for the ensu-
ing year, and at the organization of the Board, January
14, James A. Linen was reappointed President and
George L. Dickson, Vice-President.
On May 13, William R. Storrs and George L. Dickson
were appointed the examining committee.
On June 10, the report of the examining committee
on the condition of the bank at the close of business on
June 3, 1893, was received, approved, and ordered placed
in the hands of the President for safe-keeping.
Bank of Scr anion 121
About this time the Scranton Clearing-House Associ- 1893
ation was about to be organized, and the question of
joining it was referred to the President and Vice-President
with power to act. As a result, the bank signed the
articles of association and became a member.
The Panic of 1 893
Following the panic of 1884 came a season of rising
values and general prosperity. The country was in a
healthy financial and industrial condition. The pros-
perity that came upon the country continued to increase
until it surpassed anything the country had hitherto
enjoyed. The reaction, however, was to come; the
season of rejoicing was destined to be brief; the business
world, given new impetus by the changed conditions,
traveled too fast; values had been greatly inflated;
speculation had proceeded to such an extent, not only
in this country but in Great Britain and Etirope, that
the disastrous consequences were inevitable ; mining and
industrial enterprises had been lavishly promoted, and
their securities had been floated throughout the country
in abundance. Fortunately, The First National Bank
had not invested in any of these speculative securities,
which wrought such havoc among those who held them.
The crash when it came carried with it such disastrous
effects that again the banks in New York, Philadelphia,
Boston, Baltimore, and other cities were compelled to
resort to the expedient of clearing-house certificates.
The trouble began in 1890, when the Barings failed
in London. The investments that wrought their ruin
122 The First National
1893 created a tendency on the part of European capitalists
to withdraw the money they had invested in American
securities. The effects of the crisis were first felt in
Australia, but it eventually reached this country.
Regarding the panic, Charles A. Conant, in his " History
of Modern Banks of Issue, " says:
The crisis in the United States attracted the most attention,
because of the magnitude of their commercial interests and of the
investments of foreign capital in their railways, breweries, cattle
ranges, and public securities. Foreign investments in the United
States would have required large payments to Europe prior to
1893, if American enterprises had not proved up to that time so
attractive that the interest upon them was constantly reinvested.
The result, according to the acute observation of M. Arthur Raffa-
lovich, was that: "The true indebtedness of the United States
abroad had been completely hidden by the influx of foreign capital.
What the nation had to pay in interest on municipal and railway
obligations and industrial investments had never been felt as a
charge upon commerce, in consequence of the compensation which
resulted from the uninterrupted entry of capital placed in Europe."
The withdrawal of this capital, even the mere suspension of the
process of reinvesting it, meant heavy payments in gold or merchan-
dise to Europe, without compensation in returning gold or goods.
The annual payments required to Europe, outside those compen-
sated by American exports, were estimated by Mr. Heidlebach, a
New York banker, at $350,000,000, and the principal of the debt
on which interest was due was computed at not less than two
billions of dollars. The withdrawal of a large portion of this
productive loan was the price which the United States were called
upon to pay for political manoeuvers which aroused the fear that
they would abandon the gold standard and make silver the basis
of their monetary system.
The effects of the panic began to be felt in this country
early in 1893. Bradstreet's reported 905 failures in
April, 1893, as against 703 in the corresponding month
Bank of Scran ton 123
of 1892. This number was increased to 969 in May, as 1893
against 680 in the May preceding. It was in the middle
of May that the panic broke in all its fury in this country.
On May 9, the Chemical National Bank of Chicago, with
a capital of $1,000,000, suspended, followed on the
eleventh by the failure of the Columbia National Bank
of the same city. Private and state banks, firms and
corporations in every section of the country were daily
failing. Exchanges and money values shrank with
alarming rapidity. Securities previously considered safe
not only ceased to pay dividends, but shrank in value.
Among the great railway systems that passed into the
hands of receivers were the Erie, the Philadelphia and
Reading,- the Atchison, Topeka, & Santa Fe, and the
Union Pacific. " Banking institutions, national, state,
and private, were daily suspending, depositors were
withdrawing their cash from the banks * * * *.
Twenty-five National banks suspended in June, a number
never before exceeded in an entire year, seventy-eight
suspended in July, and thirty-eight in August. Of these
banks, eighty-four recovered and resumed business, but
sixty-seven banks actually insolvent during the year had
a capital of $11,035,000. The collapse of private and
state banks was even more alarming. An average of
about seventy suspensions a year up to the close of 1892
swelled to 415 during the first eight months of 1893,
representing habilities of $97,193,530. Banks all over
the country began to refuse to pay checks except in
certified or clearing-house checks, currency went to a
premium, and many factories were obliged to shut down
for lack of money to pay their employes. The refusal
to cash checks in currency and the premium offered for
it by New York brokers arrested deposits in the banks,
124 The First National
1893 but brought much that was in private hoards into the
market. "*t
This was the condition of affairs in the country at
large, but in Scranton nothing occurred to cause any-
acute alarm on the part of the Directors and Officers of
The First National Bank until August. While the situ-
ation was very intense, it served only to make the Officers
more cautious, although it was necessary as early as
May 13 to sell bonds for the purpose of obtaining cur-
rency. They were subject to some extent to the same
trouble that agitated the banks in other sections of the
country, that of maintaining their cash reserve and
meeting the demands for currency. This scarcity of
money forced the Officers of the bank to sell many hun-
dreds of thousands of dollars' worth of securities. Two
hundred thousand dollars' worth were disposed of at one
time, and at various times through the months of May,
July, and August. The bank was well fortified with
gilt-edged securities, which found a ready market in
*Conant's "History of Modem Banks of Issue."
fThe panic of 1893 was one of the worst financial crises that has ever
occurred in the United States. The business of the country was being con-
ducted almost entirely on the volume of paper currency issued by the
United States Treasury. Early in the year, doubts began to be entertained
as to the power of the government to redeem this outstanding circulation
in gold. This feeling became general, resulting in the withdrawal of deposits
and a corresponding contraction of loans. The Comptroller of the Currency
reported that during the year 158 National banks with a capitalization of
over $30,000,000 had been obliged to suspend. The shrinkage in the
individual deposits of National banks from May 4 to July 12 exceeded
$190,000,000, while the withdrawal of deposits from state and savings banks
was correspondingly large. The situation in the reserve cities was aggra-
vated by the demands of the interior banks. Conditions were materially
relieved by the issue of clearing-house certificates in all the large cities.
While the banks were prevented by law from issuing anything in the form
of notes, many corporations resorted to the issue, in one form or another,
of certificates that passed for the time being as cash and helped to relieve
the situation. Owing to the extent of this panic, the country was slow in
recovering. — "History of Banking," in I. C. S. Course on Banking.
Bank of Scr anion 125
New York and London. While the bank was obliged by 1893
the stress of circumstances to part with these securities
at a price much lower than their actual worth, the sacri-
fice was largely recouped a short time afterwards, when
they were repurchased at a figure even lower than that
for which they were sold. The bank had large balances
with its reserves while the dearth of currency continued;
but it was impossible to secure any from them. This
fact made it necessary for the bank to purchase what
currency it required. There was due from the reserve
agents in July, 1893, $362,801.97. It is generally recog-
nized as true that many of the national banks that
failed suspended for the reason that their reserves were
beyond their reach. The reserves of this bank were also
beyond its reach in so far as it could not draw upon
its correspondents for ctirrency ; but it was so well for-
tified with salable bonds that by making somewhat of a
sacrifice it was able to meet all the demands made upon
it during the panic.
The Bank Weathers the Storm
The most serious difficulty experienced by this bank
during the panic came in the first days of the month of
August, when a run was made on the bank. This nm
lasted for several days, but at no time obtained propor-
tions that threatened serious embarrassment. This was
one of the few runs that have been made on this bank,
and like all the others it was unwarranted and was not
justified by actual conditions.
There are several large corporations in the Lacka-
wanna Valley which have for many years transacted
their business with The First National Bank. Among
these are the Delaware, Lackawanna, & Western Rail-
126 The First National
1893 road Company, The Delaware & Hudson Railroad Com-
pany, and others. The former corporation had a custom
of securing currency from The First National Bank to
make its monthly payments to its employes. In return
for the currency, the bank took the company's New
York draft. When this company made application for
currency as usual in August, the Officers of the bank
were compelled to refuse it, on account of the conditions
then existing in the country. There was no obligation
on the part of the bank at that time to supply the cur-
rency; it was but a matter of accommodation by which
both bank and the compan}^ equally profited. The fact
that the bank had refused the currency to the company
became noised abroad, and many of the more timid
depositors, accepting the circumstance as an indication of
weakness on the part of the bank, withdrew their deposits.
The deposits of the bank had reached the maximum
on September 30, 1892, at which time they were $4,986,-
535.61. By July they had decreased to $4,524,276.41,
but this decrease was- not due to any timidity on the
part of the depositors, but to the exigencies of the times.
The run in August reduced the deposits to a sum little
more than $4,000,000. The promptness with which the
bank met the demands of its depositors prevented the
run from acquiring alarming proportions. Every depos-
itor that appeared and demanded his money was paid
fully and quickly. The distrust was soon dispelled, the
run stopped, and the accounts were reopened in a very
short time. The security of the bank had been proven,
its position in the public confidence was more securely
entrenched. The natural consequence of this was that
the deposits increased greatly, and on December 29,
1893, they reached the highest point in the bank's
Bank of Scr anion 127
history up to that date, $5,108,258.02. As before stated, 1893
when the panic had subsided the bank turned its atten-
tion to the repurchase of many of the securities that it
had been obhged to sell to replenish its supply of currency.
It had acquired far more money than the emergencies
had required, and they were able to purchase many of
the securities at a lower price, some as much as 5 per
cent, less than the price for which they sold them.
The panic of 1893 had no seriously depressing effects
in the Lackawanna Valley. While business throughout
the country was paralyzed, it was a period of marked
activity in this valley. It is a fact difficult of expla-
nation that the anthracite miners were engaged in the
production of great quantities of coal. The corporations
of magnitude in the valley continued as they had for
many years prior thereto, and as they have ever since,
to pay their employes each month in cash. This policy
on the part of these corporations acts as a strong barrier
to the ravages of financial panics. It is quite an effectual
bar against large failures, and makes the Lackawanna
Valley one of the safest and most profitable scenes of
banking operations. Thus is the bank not only fortified
from within by the safe and conservative policy of its
Officers, but it is also protected from without b>' a mini-
mized liability of failure and money stringency.
On January 9, 1894, at the annual meeting of stock- 1894
holders for the election of Directors, the old Board of
Directors was reelected, and at the organization, Janu-
ary 13, Messrs. Linen and Dickson were reappointed Presi-
dent and Vice-President, respectively, for the ensuing
year. At the meeting on June 9, the report of the
128 The First National
1894 examining committee on the condition of the bank, at
the close of business, Tuesday, May 22, was received,
approved, and ordered placed in the hands of the Vice-
President for safe-keeping.
1895 On January 8, 1895, at the annual meeting of stock-
holders held this day for the election of Directors, the
old Board of Directors was reelected, and at the organi-
zation, January 12, the old Officers were reappointed for
the ensuing year.
On May 4, on motion, George L. Dickson, William R.
Storrs, and Thomas F. Torrey were appointed the exam-
ining committee.
On May 25, on account of the examination of the bank
by the government bank examiner, C. H. Dengler, on
the condition of the bank at the close of business on
Friday, May 17, 1895, the regular spring examination
by the examining committee was, on motion, deferred;
and, on November 16, owing to the examination of the
bank by the government bank examiner, Mr. Harrity,
which took place November 14 and 15, the examination
by our examining committee was not made.
1896 On January 14, 1896, at the meeting of stockholders
held this day for the election of Directors for the ensuing
, year, the old Board of Directors was reelected, each
Director having received all the votes cast, and at the
organization the old Officers were continued in office.
On March 7, the report of the examining committee
on the condition of the bank at the close of business on
Friday, February 1, 1896, was received, approved, and
placed in the hands of the Vice-President for safe-keeping.
Bank of Scranton 129
An Expert Accountant Employed
On January 12, 1897, at the annual meeting of stock- 1897
holders for the election of Directors, the old Board of
Directors was reelected; to wit: James Blair, George L.
Dickson, W. F. Hallstead, W. W. Scranton, James A.
Linen, WilHam R. Storrs, Thomas F. Torrey, and John
Jermyn; and at the meeting for organization, January 16,
Messrs. Linen and Dickson were reappointed President
and Vice-President, respectively, for the ensuing year.
The business of the bank having increased rapidly
from time to time, the Directors, after full and due con-
sideration of the situation, came to the conclusion that
the government examination of the affairs of the insti-
tution was all right so far as it went, but from the limited
time taken, it was impossible to go fully into details.
The President recommended that an expert accountant
be employed to take the place of the committee appointed
from the Board, and that a thorough and full examina-
tion of the books, resources, and liabilities of the bank
be made at least once each year. For this purpose the
President recommended the employing of Dr. A. R.
Barrett, of Philadelphia, an expert accountant, well
and favorably known by the banking community, who
had for many years been employed, first as a bookkeeper
in a leading broker's office in New York City, then with
the Seventh Ward Bank of New York. At the outbreak
of the Civil War, he went into the army, and at its close
was assistant cashier under Col. F. J. Crilley, ' Assistant
Quartermaster. Dr. Barrett subsequently resumed his
former occupation as an expert accountant, and was
appointed a bank examiner in the service of the United
States Treasury Department. After several years' service
130 The First National
1897 as a bank examiner, he again returned to his profession
as expert accountant. President Linen recommended
that he be employed to make the annual examination,
which was approved. Dr. Barrett has been employed
each succeeding year, for this purpose, to the present time.
On February 20, the report of Dr. Barrett, expert
accountant employed by the Board of Directors to con-
duct their examination of the affairs of the bank, was
read, and on motion was ordered placed in the hands of
the Vice-President for safe-keeping.
In Memory of James Blair
On March 20, at a special meeting of the Board of
Directors, the Vice-President referred to the death of
our codirector, the late James Blair, which occurred at
his home, on Tuesday, March 18; whereupon the follow-
ing preamble and resolutions were unanimously adopted:
It is with sorrow that the Board of Directors of this bank
record upon their minutes the following tribute of their respect to
the memory of their friend and associate, the late James Blair.
Whereas, Our honorable and esteemed friend, Mr. James
Blair, did on the 18th instant pass into his eternal rest, and having
been for twenty-five consecutive years a Director of this bank,
and the oldest member thereof, we desire to place on record an
expression of our love for him and appreciation of the sterling
qualities of his character and life, making him valuable to this
bank and endearing him to all who knew him. He was quiet and
plain, though genial, in all his business relations, undemonstrative
but forceful in action, bold in defense of whatever was just and
right. He was generous to the deserving poor, and to the benefi-
cent, charitable, and religious institutions.
We also desire to express our deep sense of our personal loss,
in that he will no more salute us with an extended hand and
pleasant greeting, that we can no longer have the benefit of his
Bank of Scran ton 131
great experience and good judgment in conducting the affairs of 1897
this bank, and that the various business interests of this city,
with which he had been so long and so closely identified, can no
longer have his intelligent advice in conducting their interests,
and we all must feel the loss in our midst of an example of a correct,
conservative, successful life and Christian character.
Resolved, That the Board of Directors of this bank tender
to the family of Mr. Blair the assurance of their deepest sympathy
in a bereavement which will be felt beyond the home circle where
he was so tenderly loved.
Resolved, That a copy of these minutes be engrossed and sent
to the family, and also that they be published in the daily papers
of our city.
132 The First National
JAMES BLAIR
James Blair, who, from 1872 to 1897, was a Director of The
First National Bank, was born in Sussex (now Warren) County, New
Jersey, May 15, 1807. His father, James Blair, also of New Jersey,
was of Scotch descent, who married a lady born in the United
States, but of English parentage. The son James was educated
in the district schools, and at the age of fifteen years became a
clerk in a country store. Three years later, at the age of eighteen,
he began business on his own account, opening a store in Marks-
boro. New Jersey, where he remained for more than forty years.
At the end of the first five years of his independent business, in
1831, he joined his brother, John I. Blair, in establishing the Belvi-
dere Bank (now the Belvidere National Bank), of which institution
the brother was elected President, and succeeded himself each
year until his death, which occurred in 1899, in his ninety-eighth
year. James was made a Director of the same bank at the organi-
zation, and was reelected each succeeding year until his death
in 1897.
At an early date in the history of the Lackawanna Iron &
Coal Company, of Scranton, Pennsylvania, he became interested
also in the Delaware, Lackawanna, & Western Railroad Company,
being for many years one of the Directors in both corporations.
In 1860, the magnitude of his interests in Scranton and its vicinity
caused him to make his residence in this city. He was one of the
incorporators of the first street railway in Scranton, and President
for many years; he was also an incorporator of the Scranton
Savings Bank, and was President from its organization to the
time of his death. Mr. Blair, with his brother John, invested
largely in railway property in some of the Western states, which
proved successful. Among these were the Iowa, Cedar Rapids,
& Missouri, the Iowa Falls & Sioux City, the Sioux City & Pacific
Railroads, and the Fremont, Elkhorn, & Missouri Valley Railroad
of Nebraska, all of which organizations were later on merged
under a lease with the Chicago & Northwestern system. He
was also a large stockholder in many of the leading manufac-
turing industries in and about Scranton. His life was an
extremely active one, and his investments were made with
caution.
JAMES BLAIR
Bank of Scranton ' 133
Mr. Blair was married three times, four children surviving
the first marriage, the others being without issue. The third wife
died in 1886. During his entire life, he displayed remarkable
energy, being thoroughly familiar with the events of the day, and
with the development of properties in which he was interested. His
death occurred March 18, 1897.
134 ' The First National
George B. Smith Becomes a Director
1897 On April 17, on motion of William R. Storrs, George
B. Smith was unanimously chosen a Director of this
bank to fill the vacancy caused by the death of James
Blair.
1898 On January 11, 1898, at the annual meeting of stock-
holders for the election of Directors, the following were
duly elected Directors for the ensuing year, each having
received all the votes cast: George L. Dickson, William
R. Storrs, William F. Hallstead, William W. Scranton,
John Jermyn, Thomas F. Torrey, James A. Linen, and
George B. Smith, and on January 15, upon the organiza-
tion of the Board of Directors, James A. Linen was ap-
pointed President, and George L. Dickson, Vice-President.
On August 13, the report of Dr. A. R. Barrett, expert
accountant, employed by the Board of Directors to make
a thorough and exhaustive examination of the affairs of
the bank, as the books stood at the close of business on
June 28, 1898, was presented and read; and, on motion,
it was accepted and ordered placed in the hands of the
Vice-President for safe-keeping.
1899 On January 10, 1899, at the annual meeting of the
stockholders, the old Board of Directors was reelected,
and upon the organization, January 14, the old officers
were continued in office.
On July 22, the report of Dr. A. R. Barrett, expert
accountant, employed by the Board of Directors to make
our annual examination, was presented, giving in detail
a full and clear account of the affairs of the bank at the
close of business, Tuesday, June 20, 1899, which was read
and fully discussed, and ordered placed in the hands of
the Vice-President for safe-keeping.
Ba7ik of Sera 71 ton 1-^5
On August 19, on motion, a contribution of $200 1899
was made to the committee of the National Letter
Carriers' Association, toward the payment of the expenses
of their convention, to be held in this city in Septem-
ber, 1899.
The Bank in the New Century
On January 9, 1900, at the annual meeting of the 1900
stockholders for the election of Directors, the old Board
of Directors was reelected, and at the organization James
A. Linen was reappointed President, and George L.
Dickson, Vice-President, for the ensuing year.
On July 28, Col. L. A. Watres appeared before the
Board of Directors, with reference to the new Armory to
be erected in this city for the Thirteenth Regiment.
N. G. P., and suggested that the several banks of the
city appropriate $10,000, for the purpose of making each
bank's appropriation an amount equal to 2^ mills upon
its capital, surplus, and undivided profits, it being under-
stood that any appropriation now made would be in lieu
of any subscription heretofore made by the bank for this
purpose . On motion , the following resolution was adopted :
Resolved, That an appropriation of 2^ mills upon the capital,
surplus, and undivided profits of the bank, amounting to $3,649.25,
be, and the same is hereby, made toward the erection of an Armor}-
for the Thirteenth Regiment, N. G. P., of §cranton, payable 10 per
cent, down and the balance in instalments of 10 per cent, as called for.
On August 25, the report of Dr. A. R. Barrett, expert
accountant, employed by the Board of Directors to con-
duct their examination of the affairs of the bank, at the
close of business on Thursday, July 12, 1900, was pre-
sented, read, and on motion was accepted and ordered
placed in the hands of the Vice-President for safe-keeping.
136 The First National
1901 On January 8, 1901, at the annual meeting of the
stockholders for the election of a Board of Directors, to
serve for the ensuing year, the old Board of Directors
was reelected, each Director receiving the total number
of votes cast; and at the organization, January 12, Presi-
dent Linen and Vice-President Dickson were continued
in office.
An Escape From Fire
On Thursday, February 7, at 1:30 o'clock, p. m., a
fire broke out in the elevator shaft of the Henwood
building. No. 316 Lackawanna Avenue. The fire was a
very stubborn one, and baffled the efforts of the city
fire department for several hours, and for a time it was
thought the whole block would be destroyed. After
the destruction of two or three buildings, the fire was
thought to be under control, but in a short time it raged
with more violence, and it was feared that the building
occupied by the bank was doomed. As a precaution,
everything was prepared for a hasty removal by removing
the cash and currency and other assets to the vault of
the Lackawanna Trust & Safe Deposit Company, which
was kindly placed at the bank's disposal. At 7 o'clock
in the evening, the fire was under control and the bank
building was safe from further menace.
The work of replacing the cash, securities, and books,
in the bank building was commenced, and everything
was made ready for the resumption of business at
9 o'clock on the following morning. The damage to the
bank building was slight, but the danger had been great,
and the Directors were no longer loath to recognize the
necessity for a structure that would withstand the
ravages of such a fire if one should again endanger it.
Front View. Main Floor
Bank of Scran ton 137
THE BANK'S NEW BUILDING
Action Taken by the Board of Directors for Its Erection — Details of the
Structural Work
At the regular meeting, February 9, 1901, the Board 1901
of Directors took up the subject of having erected a new
and suitable building for the bank. It was decided to
build one of fireproof construction, equipped in a first-
class manner in every particular, furnished with the
most modem and approved banking-house appliances,
and one which would not only meet the present needs of
the institution, but which would be adequate to any
demands that might be made upon it in years to come.
At a subsequent meeting, February 23, the erection
of the new building was more fully discussed, and as to
whether it would be well to secure some other location
for it, thereby saving the removal of the bank before
the new building was fully completed and furnished
ready for occupancy. With this in view, a committee
consisting of William F. Hallstead, William W. Scranton,
James A. Linen, and George L. Dickson was appointed
to secure a site, if a desirable location could be found,
and report to the Board. The committee took the mat-
ter in hand and visited several localities in the center
of the city, but were unable to find a situation that, in
their judgment, was so well located for business as the
lot they were then occupying. The committee accord-
ingly reported its conclusions to the Board, and after a
full and due consideration of the subject, pro and con,
by the Directors, it was determined by a unanimous
vote to move the bank from the old building into
19
138 The First National
temporary quarters, tear down the old banking house,
and erect in its place a fireproof structure, modem in
design, of granite, with steel construction, backed up
with brick, all wood eliminated. It was further deter-
mined that the new building about to be constructed
should be for the sole and exclusive use of the bank.
A building committee was appointed, consisting of
WilHam F. Hallstead, William W. Scranton, and George
L. Dickson. Mr. Dickson was made Chairman, and he
took personal supervision of the erection and completion
of the building.
The Contract for the New Structure
At a meeting held August 31, 1901, Chairman Dickson
presented to the Board for their consideration specifica-
tions for the proposed new bank building, which was
approved, and the building committee was authorized
to submit the same to the architects of Scranton and
other cities who should be in open competition with each
other. In order to guide the architects in their work,
a circular was prepared setting forth all the information
that would be essential to an intelligent preparation of
plans. Copies of this circular were sent to sixteen promi-
nent architects in Scranton, New York, and Philadelphia.
Nine of the architects responded, submitting elevation
plans. These were all taken into consideration by the
building committee and Board of Directors, and after
an examination of their relative merits the plans submit-
ted by Seymour Davis and Paul A. Davis 3d, of Phila-
delphia, were accepted.
After the adoption of the style and the plan of the
building, bids from prominent builders were requested
Rear View, Main Floor
Bank of Scranton 139
for its erection. The lowest bidder for the contract was
Mathias Stipp, of Scranton, to whose ability many struc-
tures testify, not only in Scranton, but in other cities.
The matter of closing the contract was referred to Chair-
man Dickson, who held a conference with Mr. Stipp, and,
being satisfied of the latter' s competency to perform the
work to the satisfaction of the Board of Directors and
his ability to fulfil the requirements made by the Board
as conditions precedent to the execution of the contract,
he closed with him, and the contract was duly executed
by President Linen, January 16, 1902.
Among the conditions expressed in the contract was
one to the effect that the building must be ready for
the installation of the furnishings (not called for in the
building contract) by the first day of August, 1902,
under forfeiture of forty dollars a day for each and every
day thereafter required for the work, and also that
release of liens should be filed with the prothonotary
of Lackawanna County in accordance with the Act of
Assembly. As a precaution against all liens, Mr. Stipp
was required to give an indemnifying bond with the
Title Guaranty & Trust Company of Scranton as guar-
antor, to save The First National Bank harmless from all
liens and claims of all persons, for materials furnished,
and work and labor done, for, upon, and about, the
erection and completion of said bank building in accord-
ance with plans and specifications of the architects,
Seymour Davis and Paul A. Davis 3d, of Philadelphia.
Before the contractor began work on the building,
and before the foundation of the building was laid, a
mob-])roof and burglar-proof vault was being con-
structed. President Linen and Vice-President Dickson
were appointed by the Board a committee to secure a
140 The First National
steel vault of such character and dimensions and capac-
ity as in their judgment the business of the bank
required. The committee sought information wherever
it was to be had, and having fortified themselves with
such as they could obtain, through correspondence and
other means of communication, visited the offices of
The Hibbard, Rodman, Ely Safe Company (now the
Manganese Steel Safe Company) in New York, and also
visited the company's works at Plainfield, New Jersey,
where they reviewed the process in the construction of
their vaults. The committee was fully convinced that
their material, manganese steel, was nearer burglar-proof
and mob-proof than any other that had been called to
its attention, and, returning home, it so reported to the
Board of Directors.
After careful consideration of the subject, the Direct-
ors authorized the committee to order a manganese
steel vault, 20 feet long by 10 feet wide by 9 feet high,
with circular door 7 feet in diameter, weight from 8 to
10 tons, with an emergency door 20 inches in diameter,
four time locks on the main door and three on the rear,
or emergency, door, the approximate weight of vault
complete to be about 80 tons. The cost of the vault
complete was about $30,000. The contract for the con-
struction was made by the Officers of the bank and the
safe company on June 15, 1901, and the vault was
completed and placed on its independent foundation
early in May, 1902.
In planning the new building, every thought and
effort was given to have the completed building thor-
oughly modern in all its details and requirements, and
exceptionally convenient, both for the working force of
the bank and the general public.
Bank of Scranton 141
Description of the New Building
The exterior of the new building, which is entireh' of
light granite, is classic in style and simple in form, the
pure, strong outlines being more satisfactory to the eye
than the complicated or overdecorated construction,
clearly indicating the purposes for which it is intended —
a stronghold. The architects were guided, first of all,
by the practical requirements of the building; hence,
the generous windows, suggesting a well-Hghted room,
and the massive entrance doors, weighing a little over
1,800 pounds each, being of solid bronze metal, beautiful
in detail, and highly chased. The doors were built by
the Gorham Maniif acturing Company of New York City ;
when open, they form the sides of the vestibule and so
are never lost to view.
The banking room is 40 feet in height, with a gallery
which can be used for working space. The gallery has
been made more decorative in finish by the judicious
use of the best materials and workmanship. The interior,
however, is decorated throughout in a most artistic
manner, accentuating the architectural lines embodied,
and giving a perfectly harmonious whole.
The bronze work surrounding the counters, tellers'
cages, stair rails, balcony, etc. was built by W. H.
Jackson & Company, of New York City.
The counters are of light marble, with verde antique
base, forming a beautiful and substantial banking coun-
ter. The wainscoting, stairs, and vestibule are also of
light marble. This counter work and all the movable
furniture, such as desks, chairs, etc., were supplied
by the Hale & Kilburn Manufacturing Company, of
Philadelphia.
142 The First National
The electroliers of solid bronze, highly decorative,
were especially designed for lighting the entire building
by the Sterling Bronze Company, of Philadelphia.
The Directors' room, together with that of the Presi-
dent and Cashier, are located so that the main floor and
gallery are visible from these rooms.
The floors throughout the entire building are covered
with interlocking rubber tiling, which is fireproof, noise-
less, and durable.
The basement is unusually well lighted from an area,
and is fitted with metallic cases, lockers, book storage,
check and letter files. Herein is also placed the heavy
grilled enclosure, 16 feet by 18 feet, in which are placed
the metallic cases for the filing of canceled checks and
deposit slips.
In conjunction with the steam-heating plant, the
Johnson system of regulation is used, which mechani-
cally regulates the temperature, and the system is so
arranged and provision made, that if, at any future time,
occasion demanded, a steam boiler could be added,
to avoid taking service from the city steam-heating
plant.
The several departments of the bank are in imme-
diate communication with one another through a per-
fected system of local telephones, and by means of the
exchange any department can be placed in connection
with the city or long-distance points.
The minimimi amount of inflammable material has
been employed in the construction of the building.
The steel frame is embedded in cement and masonry;
the floors and roof are of steel and concrete, and all
partitions are of machite. A fire- wall was erected on
D>ii iHKii Rooot
Bank of Scran ton 143
the side of the adjoining property, rendering the com-
pleted structure as thoroughly fireproof as it is possible
to be made.
The building dimensions are 35 feet by 100 feet; the
first-story height is 25 feet; the second-story height is
15 feet, and the height of basement is 10 feet 6 inches.
The completed structure represents one of the most
modem and intelligently equipped banking houses in
the state.
The Bank in Its New Home — The Cost
On November 27, 1901, the bank moved from the
home it had occupied for so many years into temporary
quarters at 422 Lackawanna Avenue, and while the new
building was being erected business was conducted in
these temporary quarters, and continued there until
June 22, 1903, when the bank was removed to its new
building, in which it still is, and hopes to remain for
many years to come.
At a meeting of the Directors subsequent to the
occupancy of the new building, the building committee
made its final report, excerpts from which follow:
Amount paid Mathias Stipp, Contractor $113,635.65
Amount paid in commissions to architects . . 5,68 1 .78
Total cost of building $119,317.43
Cost of furnishings; to wit:
Manganese steel vault, steel book and supply
cases, check and letter files, lockers for
employes, bronze railings for tellers' cages
and marble counters, gas and electric fix-
tures, mahogany desks, tables, and chairs,
commissions, etc., as per itemized report. . 74,485.08
Total cost building and furnishings $193,802.51
144 The First National
All of which is respectfully submitted, and the committee now
begs to be discharged.
[Signed]
George L. Dickson,
William F. Hallstead,
w. w. scranton,
Building Committee
At the meeting on June 27, 1903, the Board of Directors
adopted the following resolution:
Whereas, This bank having outgrown its quarters at the
westerly corner of Lackawanna and Wyoming Avenues, moved
therefrom on November 27, 1901, for the purpose of erecting on
the site a building more in keeping with its requirements as the
leading financial institution of Pennsylvania, outside of Philadel-
phia and Pittsburg, and
Whereas, A beautiful and commodious building suitable for
the requirements of the institution having been completed and
occupied for the first time on Monday, June 22, 1903, the Directors
desire to record these facts as a part of the histor}^ of the bank.
It is therefore
Resolved, That the thanks of the Board be tendered to the
building committee, Messrs. Dickson, Hallstead, and Scranton, for
their faithful performance of the duties imposed upon them, in
carrying to completion the construction of the building, and the
furnishing of the same, and that the committee be now discharged.
On July 27, 1901, the report of Dr. A. R. Barrett,
expert accountant, employed by the examining com-
mittee of the Board of Directors, to conduct their exami-
nation of the affairs of the bank at the close of business,
Monday, July 1, 1901, was presented and read. On
motion, the report was accepted and ordered placed in
the hands of the Vice-President for safe-keeping.
On December 13, 1901, the following notice was given
through the daily papers:
Vault. Main Hoor
Vault, Main Floor
Bank of Scranton 145
Banking House — First National Bank of Scranton.
December 13, 1901
The annual meeting of the stockholders of The First National
Bank of Scranton for the election of Directors and to vote upon
the question of amending the seventh Article of the Articles of
Association of said National Banking Association, to continue said
Association until the close of business on May 5, 1922, will be held
in the Directors' room of the banking house, at 422 Lackawanna
Avenue, Tuesday, January 14, 1902, from 3 to 4 o'clock, p. m.
[Signed]
Isaac Post, Cashier
20
146 The First National
STOCKHOLDERS' MEETING IN 1902
Provision is Made for a Continuance of the Corporate Existence Until 1 922
1902 On January 14, 1902, at the annual election, held by
the stockholders of The First National Bank of Scranton,
held this day, the old Board of Directors was elected,
each having received all the votes cast; to wit: James
A. Linen, George L. Dickson, William R. Storrs, William
F. Hallstead, William W. Scranton, Thomas F. Torrey,
John Jermyn, and George B. Smith.
Pursuant to notice duly published for thirty days
prior to January 14, 1902, the stockholders of The First
National Bank of Scranton met at the banking house,
422 Lackawanna Avenue, on the afternoon of the above
date. There were present in person stockholders repre-
senting 542 shares of the capital stock, and 1,213 shares
were duly represented by proxies, making a total repre-
sentation of 1,755 shares out of a total capital stock
divided into 2,000 shares.
On motion, William R. Storrs was elected Chairman
of the meeting and Isaac Post, Secretary.
William W. Scranton offered the following resolution :
Resolved, That this Association shall continue until the close
of business May 5, 1922, unless sooner placed in voluntary liquida-
tion by the act of the stockholders owning at least two-thirds of
its stock, or otherwise dissolved by authority of law, and that the
Comptroller of the Currency of the Treasury Department of the
United States be requested to allow the amendment of the Articles
of Association and issue a Certificate extending the corporate
existence of the bank for twenty years from May 5, 1902.
The resolution was, on motion, duly seconded and unanimously
adopted.
Adjourned. Isaac Post, Secretary
Main Floor From Gallery
Bank of Scranton 147
On January 18, at the organization of the Board of 1902
Directors, James A. Linen was appointed President and
George L. Dickson, Vice-President, for the ensuing year.
The following resolution previously adopted by the
stockholders, at their meeting held January 14, was
presented, and, on motion, was unanimously adopted:
Resolved, That the Association shall continue until the close
of business May 5, 1922, unless sooner placed in voluntary liquida-
tion by the act of its stockholders owning at least two-thirds of
the capital stock, or otherwise dissolved by authority of law, and
that the Comptroller of the Currency of the Treasury Department
of the United States be requested to allow the amendment of the
Articles of Association, and issue a Certificate extending the
corporate existence of the bank for twenty years from May 5,
1902; and the same are recorded in the minutes of the stockholders'
meeting. Now be it
Resolved by the Board of Directors, that the resolution so
adopted by the stockholders be, and the same is, adopted by the
Board of Directors, and the President and Secretary be, and they
are, hereby directed to certify the action of the stockholders and
Board of Directors to the Comptroller of the Currency of the
Treasury Department at Washington.
In Memory of John Jermyn
At the meeting of Directors, May 31, Vice-President
George L. Dickson referred to the death of our co-Director,
the late John Jermyn, which occurred at his home on
the twenty-ninth instant; whereupon the following pre-
amble and resolution were adopted:
Whereas, An All- wise Providence did on the twenty -ninth
instant take from us our esteemed friend and co-Director, Mr.
John Jermyn, we place upon the bank records with unfeigned
sorrow, as a tribute of respect for the memory of our friend and
associate, the following testimonial:
148 The First National
1902 This bank suffers great loss in the death of Mr. Jermyn, who
for many years and up to the time of his death was one of its
honored and trusted Directors. His conservative views and wise
foresight have, in all our intercourse with him, impressed us that
he was a wise counselor and conscientious and true in his devotion
to its interests.
His constant success in all his undertakings and his sterling
integrity have brought to us that hope and confidence which is
the life and support of all business. His personality was marked,
being warm and tender in its friendships, and we feel deeply the
loss of his presence in our councils.
The influence of a man of such strength of character as he
possessed will long be felt in the business interests of this community.
It is through such men that strength and stability are given to
institutions.
To the afflicted family in their days of sorrow we tender the
assurance of our deepest sympathy in a bereavement which will
be felt far beyond the limits of the home where he was so tenderly
loved.
Resolved, That a copy of the foregoing record be engrossed
and sent to the family, and also that they be published in our
daily papers.
View From Upper Floor
JOHN JERMYN
Bank of Scran ton 149
JOHN JERMYN
John Jermyn was born in Suffolk, England, October 27, 1825.
He was thrown on his own resources for a livelihood in early life,
and had but limited opportunity for obtaining an education, but
the lack of this was never to become a severe handicap; for, when
want threatened to become an obstacle in the way of his material
progress, he summoned to his aid all his natural abilities and
energy, and overcame the difficulty.
Mr. Jermyn immigrated to this country in the year 1847, and
located in Slocum's Hollow, Luzerne County, Pennsylvania (now
the city of Scranton, Lackawanna County). At this time (1853)
a party of gentlemen, the Messrs. Scranton and others, incorporated
the Lackawanna Iron & Coal Company, and erected a blast fur-
nace for smelting iron ore with anthracite as a fuel, which finally
proved a success. They employed 200 or 300 men about their
mines and ore beds. It was here that Mr. Jermyn began his
career as a laborer at seventy-five cents a day. His ability and
faithfulness to duty were early recognized by his employers, who
quickly promoted him, step by step, until after a few years he
had accumulated sufficient money, by diligent toil and frugal
saving, to enable him to embark in business for himself. The
first contract he undertook in the development of anthracite was
the opening of the now famous Diamond Mine, on the West Side,
and to him has been accorded the distinction of having been the
first to open this celebrated colliery.
Upon the death of Judson Clarke, in or about 1860, he leased
from the estate a tract of coal lands, adjoining the village of Provi-
dence (now in the city limits) known as the Clarke tract. Mr.
Jermyn, in company with two others, Mr. Wells and Mr. Clarke,
under the firm name of Jermyn, Wells & Co., began the work of
developing and mining the coal. The property, prior to this time,
had proved unprofitable, but, under Mr. Jermyn's able management,
inside of three years the business of mining and preparing the coal
for market was placed upon such a paying basis that the owners
of the business were enabled to dispose of it to advantage.
In the year 1863, he leased from Judge Birdseye, of New York
City, for a term of years, the coal works at Archbald, known as
the Birdseye Breaker, which he successfully operated during the
150 The First National
entire term of the lease, at which time it passed into the hands
of the Delaware & Hudson Canal Company, and at the present
time is still being operated by them and known as the White
Oak Breaker. Soon after leasing, and while working, the Birdseye
Colliery, he entered upon what was destined to be the most profit-
able of his long list of successful enterprises, in the town of Rush-
dale, a name that was changed to Gibsonburgh, and again to
Jermyn, in honor of its benefactor. This was an idle colliery
which had been abandoned for a long time. After a thorough
examination, Mr. Jermyn decided it could be placed on a profit-
paying basis, and hence he secured control of the property and
removed his family to Rushdale and began operations. The
result of these operations are familiar to those acquainted with
the mining of coal in the anthracite regions. Thousands of tons
of the finest anthracite coal were shipped from these and other
mines, which, as time progressed, were being developed.
It was by intelligent forethought, well-laid plans, and the
application of his indefatigable energy, that Mr. Jermyn amassed
the great fortune he possessed at the time of his death. In 1875,
he leased the coal on the A. N. Meylert tract in Green Ridge, and
began operations on the same on April 1, 1876, and on April 1,
1881 , sold his interest to the Delaware, Lackawanna, & Western
Railroad Company, and the Delaware & Hudson Canal Company,
jointly. In 1881, he closed a lease with the Price estate, of Phila-
delphia, for the coal under the Price tract in Blakely Township,
and commenced operations at once by sinking a shaft and erect-
ing a first-class breaker, and began shipping coal in 1882; a second
breaker was also erected. He sold his interest in this property
for a very satisfactory consideration to O. S. Johnson, of Scranton,
who in turn sold to the New York, Ontario, & Western Railroad
Company, the present owners.
In 1887, he, in connection with his son, Joseph J., leased a
large tract of coal land at Old Forge, a few miles down the valley
from Scranton, and erected two large, first-class breakers, from
which have been mined, and still are being mined, an average of
half a million tons of coal annually.
Mr. Jermyn was for some time General Manager of the New
York, Susquehanna, & Western Railroad Company, and it was
Bank of Scranton 151
mostly through his efforts that the road secured entrance to the
coal fields. He removed with his family from Jermyn to Scranton
in 1884, where he became largely interested in real estate, owning
some of the finest business blocks in the city, among which may
be mentioned the Coal Exchange block on Wyoming Avenue and
the Hotel Jermyn at the corner of Wyoming Avenue and Spruce
Street, one of the finest hotel buildings in the state. Both of
these buildings he had erected; they are examples of architectural
design of which the city of Scranton is justly proud. His late
residence, at the corner of Jefferson Avenue and Vine Street, is
also very imposing in appearance and is surrounded with fine
grounds.
He was elected a Director of The First National Bank, Janu-
ary 12, 1892, and each succeeding year thereafter until the time
of his death.
Mr. Jermyn's name was ofttimes mentioned in connection with
important public offices; at one time he was asked to accept a
nomination for Congress, but he had no ambition for public life.
He was a strict churchman, a parishioner in St. Luke's Episcopal
Church, a vestryman, and senior warden for many years, serving
as such at the time of his death. Generous of heart, famed for
hospitality, simple and unostentatious in his tastes and pleasures,
he was a man who, after the cares and worries of the day were
over, liked best to go to his own home to rest and bring cheer to
those he loved. His character was such that he was held in high
regard and respect by all who had the good fortune of his
acquaintance.
In the early days of Scranton, October 19, 1851, Mr. Jermyn
was united in marriage to Susan Knight, daughter of Joseph
Knight, of Lostwithal, England, and there was bom to them ten
children, eight of whom survive: Joseph J., Frank H., George B.,
Walter M., Edmund B., RoUo G., Emma J., and Mrs. R. A. Downey.
Mr. Jermyn died May 29, 1902. Mrs. Jermyn died January 17, 1906.
152 The First National
Charles H. Welles Becomes a Director
1902 On July 12, on motion of William F. Hallstead,
seconded by William W. Scran ton, Charles H. Welles
was unanimously chosen a Director of the bank to
fill the vacancy caused by the death of the late John
Jermyn.
On August 2, the report of Dr. A. R. Barrett, expert
accountant, employed by the examining committee of
the Board of Directors, to conduct their examination of
the affairs of the bank, at the close of business June 20,
1902, was presented and read. The report was accepted
and ordered placed in the hands of the Vice-President for
safe-keeping.
1903 On January 12, 1903, the annual meeting of stock-
holders for the election of Directors was held, with the
following result: James A. Linen, George L. Dickson,
William R. Storrs, William F. Hallstead, William W.
Scranton, Thomas F. Torrey, George B. Smith, and
Charles H. Welles, each having received all the votes cast,
were declared duly elected Directors; and at the organi-
zation January 17, James A. Linen was reappointed
President and George L. Dickson, Vice-President for the
ensuing year.
On August 4, the report of Dr. A. R. Barrett, expert
accountant, employed by the examining committee of
the Board of Directors, to conduct their examination of
the affairs of the bank, at the close of business Friday,
June 26, 1903, was presented and read. On motion, the
report was accepted, and ordered placed in the hands of
the Vice-President for safe-keeping.
1904 January 12, 1904, the annual meeting of the stock-
holders for the election of Directors for the ensuing year
Gallery Floor
Bank of Scranton 153
was held this day, and the old Board was reelected, 1904
each having received the total number of votes cast;
and at the organization of the Board, January 16, James
A. Linen was reappointed President and George L. Dickson,
Vice-President.
July 16, the report of Dr. A. R. Barrett, expert account-
ant, employed by the examining committee of the Board
of Directors, to conduct their examination of the affairs
of the bank at the close of business on Tuesday, June 14,
1904, was presented and read, and, on motion, the report
was ordered placed in the hands of the Vice-President
for safe-keeping.
On January 10, 1905, the annual meeting for the 1905
election of Directors was held, and the old Board was
reelected to serve as Directors for the ensuing year, and
upon the organization, James A. Linen was reappointed
President and George L. Dickson, Vice-President.
In Memory of Thomas F. Torrey
At a meeting of the Board of Directors, May 20,
Chas. H. Welles referred to the death of Thomas F.
Torrey, a Director of this bank, and the following resolu-
tions were unanimously adopted:
Resolved, That in the death of Thomas F. Torrey, on Tuesday,
May 16, 1905, at his residence in the City of New York, this bank
lost one of its most efficient Directors, and the community one of
its most modest citizens. Of ripe judgment, sterHng integrity,
and great business abihty, he was noted for his thoroughness in
the performance of every duty. His freedom from display and
pecuHar personal charms and sweetness of disposition won him
many friends.
154 The First National
1905 He entered upon the duties of a Director of this bank, January
12, 1892, when the Board was increased from five to eight. The
duties of his office with the Delaware & Hudson Company kept
him the greater part of the time in New York, but he never lost
his interest in this bank, which has grown so wonderfully under
the guidance of its Officers and Directors.
It is but fitting that we should record this expression of admira-
tion for him as a man, and our respect for him as a citizen and
friend, and to convey to his family our sorrow at the loss that
they, this bank, and the community have suffered in his death.
Resolved, That a copy of these resolutions be spread upon the
minutes, that a copy be engrossed and sent to the family, and that
they be published in the daily papers of the city.
THOMAS F. TORREY
Ba7ik of Scrai7to7i 155
THOMAS FULLER TORREY
Born in Honesdale. Pennsylvania, October 28, 1844, Thomas
Fuller Torrey was a son of the late Honorable John Torrey, of
that place. He attended the schools of his native town, and
finished his education at Flushing, Long Island, and Williamstown,
Massachusetts. On February 17, 1869, he was married in
Scranton to Sophia R. Dickson, eldest daughter of the late Thomas
Dickson, then President of the Delaware & Hudson Canal Com-
pany. In 1871, he became interested in the drug business in
Chicago. The great fire of that year entirely destroyed his busi-
ness, and he lost everything. Not discouraged, however, he
retvu-ned again to Chicago and entered into the same line of busi-
ness, forming the firm of Bliss & Torrey. After conducting this
business for some years, he retired from the firm owing to the ill
health of his wife, and with his family took up a temporary resi-
dence at Colorado Springs. Returning to Scranton in 1878, he
accepted a position with the Delaware & Hudson Canal Company,
now known as the Delaware & Hudson Company, as assistant
sales agent to Joseph J. Albright, general sales agent of the com-
pany for the Southern and Western markets. Mr. Torrey con-
tinued in this position until 1887, when he succeeded Mr. Albright
as general sales agent, and had two offices, one in Scranton, for the
Western and Southern trade, and the other in New York, for
the city and Eastern business. In 1892, Mr. Torrey consolidated
the offices by closing the Scranton office and succeeded J. C. Hart,
of the New York City department, thereby becoming general sales
agent of the company, which position he held up to the time of
his death.
Mr. Torrey was elected one of the Directors of The First National
Bank of Scranton, January 12, 1892, and at every subsequent
election to the time of his death. In 1899, he was made a
member of the Board of Trustees of the Hahnemann Hospital, of
New York City. He was also a member of the Lawyers' Club, of
New York City.
His death occurred at his home in New York, May 16, 1905, after
a short illness. A supposedly slight indisposition developed into
pneumonia, when he passed suddenly away, leaving a widow and one
son, Thomas Dickson Torrey, a resident of Boston, Massachusetts.
156 The First National
1905 On July 22, the report of Dr. A. R. Barrett, certified
public accountant, employed by the examining com-
mittee of the Board of Directors to conduct their annual
examination of the affairs of the bank at the close of
business on Jime 24, 1905, was presented and read;
and, on motion, the report was accepted, and ordered
placed in the hands of the Vice-President for safe-keeping.
On August 12, a letter received from United States
Bank Examiner M. F. Albertson, dated Washington,
District of Columbia, August 10, 1905, was read. The
compensation allowed by law for examining this bank,
capital $200,000, is $25. A more reasonable fee for this
service being suggested in this letter, it was unanimously
decided to increase the fee imposed by law, $75, and the
Officers were authorized to remit to the department $100
for the services of M. F. Albertson on August 1, 2, and
3, 1905.
In Memory of William R. Storrs
The President referred to the death of William R.
Storrs, a Director of this bank, which occurred at his
home August 9, 1905, and William W. Scranton and
Charles H. Welles, a committee, offered the following
resolutions, which were unanimously adopted:
Whereas, Since the last weekly meeting of the Board, William
R. Storrs, a Director of this bank for eighteen years, has been
removed by death.
Resolved, That we place on record the respect and esteem
in which Mr. Storrs was held by the Directors, stockholders, and
depositors of this bank, and our appreciation of his value as one
of the Directors.
Blest with the best type of old-fashioned New England con-
science and its sturdy idea of rectitude and thrift, positive.
Bank of Scranton 157
conservative, and cautious almost to pessimism, a close scrutinizer 1905
of the bank's investments and holdings, and feeling constantly
the bank's responsibility for the safe-keeping of the deposited
hard-won earnings of thousands of his fellow-citizens, he was a
man of whom it could be truly said, "It would be well if there were
more like him in every bank, trust, and insurance company in
the land." Interested in everything affecting the city, a generous
and methodical giver to objects he thought worthy, scorning to
take advantage of others, loyal to his friends and associates, this
Board mourns his loss and feels that by his death the community
and the state have lost a bright, forceful, public-spirited citizen.
Resolved, That these resolutions be published in the daily
papers of the city, and an engrossed copy be sent to his family,
to whom we tender our respectful and sincere sympathy.
158 The First National
WILLIAM R. STORRS
William R. Storrs is a name that has been inseparably con-
nected with the history of the anthracite fields, a name that has
honored the Directorate of The First National Bank of Scranton
for many years, and a name that marks the founder of a family
that has been intimately associated with the commercial and
social development of Scranton for the last four decades. Bom
in Ashford, Windham County, Connecticut, December 28, 1824,
he started life with naught but a staunch New England ancestry,
and an innate tendency to do his best. He grew to young man-
hood receiving but a meagre education, gathered during a few
years in the public schools and one year at an academy. His first
employment was for a salary of four dollars a month and board,
for which he worked two years under an agreement with his
employer, John W. Boynton.
From his conscientious and industrious father, he learned well
the lesson not to spend his money until he had earned it. This
policy he adhered to through life, and as a consequence he closed
his first two years of employment with comfortable raiment and $10
in cash, an achievement which alone augured future prosperity. He
felt the privations of his boyhood, but he had the will to resist
any temptation which necessitated any expenditure beyond his
immediate means. He has been a total abstainer throughout
his life. An instance of the privations of his youth was shown
in the fact that he attended his first "party" in clothes borrowed
from his employer and with tickets also furnished by him. This,
however, was done at the earnest behest of the employer, and
not at the solicitation of Mr. Storrs. He was twent}'^ years of age
at that time.
Mr. Storrs remained a third year with Mr. Boynton, but at
a salary increased to twenty dollars a month and board. During
the following year, while he was on a visit to a brother in Worcester,
Massachusetts, he was offered a position as station agent at South
Coventry, for the New London, Willimantic & Palmer Railroad
Company. His salary here was fifty dollars a month. This
position was offered him upon the recommendation of his former
employer and life-long friend, Mr. Boynton, and came as a com-
plete surprise. This was his first connection with the railroads.
WILLIAM R. STORRS
Bank of Scr anion 'l59
He was later stationed at Norwich, and within six months there-
after he was elevated to the superintendency of the road, which
was sixty miles in length. His new position took him to New
London, where he made his residence for a short time.
In 1856, he came to Scranton for the purpose of accepting
the superintendency of the Southern Division of the Delaware,
Lackawanna, & Western Railroad, which was then about to
be opened; but while here waiting to take charge of his new
position an offer came from the New London road with an increased
salary as an inducement to him to return to New England. He
was released from his obligation here, and returned to New England,
remaining with the New London road for three years. In 1859,
he went to Cincinnati, and began his long and successful career
in the coal business. After being there three months he resigned
his position and returned again to Connecticut, with nothing to
do. This was his first and last period of idleness until he finally
retired from active business in 1898.
Soon after his return from Ohio, the Delaware, Lackawanna,
& Western Railroad Company was seeking for a sales agent to
take charge of its coal business in the West. Mr. Storrs was
importuned to accept this position, and thereupon he removed to
Buffalo, where he remained five years; he then came to Scranton
in 1866, to accept the superintendency of the Coal Department
of the Delaware, Lackawanna, & Western Company, one of the
greatest of the anthracite-producing companies. When he came
to Scranton, his chief capital was, as it always had been prior
to that time, his good name, character, stability, and absolute
faith in his promises. He remained in charge of the Coal Depart-
ment of the Delaware, Lackawanna, & Western company until
1898, when he finally retired from active business.
Mr. Storrs was married in 1850. When the twenty-fifth anni-
versary of his marriage was reached in 1875, he desired to properly
celebrate the occasion, although in doubt as to whether or not he
should appropriate the time. He submitted the matter to Presi-
dent Sloan, who advised him to take what time was necessary
for the proper recognition of so happy an event, and as an aid to
its success, Mr. Sloan furnished a special car for the transportation
of friends from New York City and Connecticut. Among the
160 The First National
guests from New England was his first employer, Mr. Boynton, who
remarked, while mingling with the guests, that William R. Storrs
was the only man whose silver wedding he would go three
hundred miles to attend.
When he first came to Scranton, Mr. Storrs was advised to
invest what funds he had in the stock of The First National Bank,
which was then (1866) selling at 135. He declared that he would
pay no such premium for stock and he rejected all opportunities
to buy until 1871. Mr. Storrs watched the stock of the institu-
tion in its upward flight, and in 1871 he waived his prejudice
against such premiums and bought ten shares which he found
on the market. He paid 188 for it. He added largely to his
holdings during the next thirty years, becoming one of the
largest individual holders of the stock. He never again acquired
any as cheap as he did in 1871. His last purchase was of one
share in 1896, for which he paid 650. In nine years this one
share increased $1,000 in value.
Mr. Storrs died August 9, 1905. During his lifetime, he held
the following official positions: President of the Lackawanna
& Bloomsburg Railroad; President of the Providence Gas &■
Water Company; President of the Granby, Alden, and other coal
companies ; President of the Moses Taylor Hospital ; and he*^ was
also a Director in The First National Bank, as well as in other
business enterprises.
View of Vault
Main Floor
nurun
V icw in Basement
Bank of Scranton 161
The Capital Increased to $1,000,000
On September 2, at the regular meeting of Directors 1905
held this day, on motion, Frank E. Piatt was unani-
mously appointed a Director of this bank to fill the
vacancy caused by the death of the late Thomas F.
Torrey, and Charles S. Weston was appointed a Director
of this bank to fill the vacancy on the Board caused by
the death of the late William R. Storrs.
The following preamble and resolution were unani-
mously adopted:
Whereas, The demands of business require larger loans than
this bank with its capital of $200,000 is authorized to make under
the National Banking Act, and
Whereas, This bank has accumulated over $2,000,000 of
surplus and undivided profits that should be used in the business
community, and
Whereas, It is deemed expedient and for the best interests
of its stockholders and depositors that the capital stock of the
bank be increased to enable it to meet the demands of business;
be it, therefore,
Resolved, That the capital stock be increased from $200,000
to $1,000,000, and that each stockholder shall have the privilege
of subscribing for his or her proportionate share of the increased
capital.
Resolved, That a meeting of the stockholders be called to be
held at the bank on October 10, 1905, between the hours of 3
o'clock and 4 o'clock p. m., to vote upon the question of the increase
of capital.
The following notice was given to the stockholders of
the bank, through the Scranton Republican:
162 The First National
1905 A meeting of the stockholders of The First National Bank of
Scranton, Pennsylvania, will be held at the banking house, in the
city of Scranton, Tuesday, the tenth day of October, A. D., 1905,
between the hours of 3 o'clock and 4 o'clock p. m., to vote upon
the question of increasing the capital from $200,000 to $1,000,000.
[Signed] j^^^^ p^^^^ Cashier
The following circular letter was also sent to each of
the stockholders:
It has been appearing to the Officers of the bank for some
time that it would be necessary to increase the capital to
meet the business demands of the community in which it hath
its existence. The bank has a capital of $200,000, with a surplus
and undivided profits of over $2,000,000.
Under the National Banking Act, the bank cannot loan more
than ten per cent, of its capital to any individual, firm, or corpo-
ration, however good the security offered might be. Other insti-
tutions having larger capital, but having smaller surplus and
undivided profits, are compelled to meet the requirements of its
patrons, and this bank under the law is not able to do so. It has
therefore been deemed necessary to increase the capital from
$200,000 to $1,000,000, allotting to each stockholder four shares
of additional stock for each share held by him or her.
If the stockholders at the meeting called to be held on the
tenth of October shall vote in favor of the increase of capital the
bank will declare a dividend that will enable each shareholder to
take four shares additional for each share now standing in his or
her name, and pay for it out of this dividend. If the increase is
authorized and is made, it will still leave a surplus and undivided
profits of $1,200,000, leaving the bank in fine condition and entitled
to the same confidence in the community that it has had in the past.
We send you herewith a proxy authorizing Worthington
Scranton and A. H. Storrs, or either of them, to vote at the elec-
tion called for such increase. If this meets with your approval,
will you please sign the increase proxy and forward it at once to
Isaac Post, Cashier of the bank.
Very truly yours,
[Signed] J. A. Linen, President
View in Baspment
.i<(^?^lioB!P'W»*nv<
iBllilSffl'Jl^^^'''
View in BatemenI
Bank of Scran ton 163
October 7, on motion, Frank E. Piatt and Charles H. 1905
Welles were appointed to act as judges of election for
an increase of the capital stock of the bank, and George
B. Smith was appointed alternate.
Stockholders' Meeting
At a meeting of the stockholders of The First National
Bank of Scranton, Pennsylvania, held on the tenth day
of October, A. D., 1905, George L. Dickson was elected
Chairman and Isaac Post, Secretary. Thirty days'
notice of the proposed business having been given, at
which eighty-two stockholders were present in person
and by proxy, representing 1,967 shares of the capital
stock of this Association. It was
Resolved, That under the provision of the Act of May 1,
A. D., 1886, the capital stock of this Association be increased in
the sum of $800,000, making the total capital $1,000,000.
The above resolution was adopted by the following
vote, representing more than two-thirds of the capital
stock of the Association:
Total number of shares voted in favor of the resolution 1,967
Total number of shares voted against the resolution .... None
Total number of shares represented at the meeting. . . . 1,967
Adjourned.
[Signed]
G. L. Dickson, Chairman
Isaac Post, Secretary
The Judges' Return
We, the undersigned, judges appointed by the Board of Direct-
ors of The First National Bank of Scranton, Pennsylvania, to
conduct an election by the stockholders thereof for or against an
164 The First National
1905 increase of the capital stock of the said company from $200,000
to $1,000,000, do hereby certify that, after being duly sworn, we
held the said election on the tenth day of October, 1905, at the
bank, at the time and place fixed for holding the same, of which
thirty days' previous notice by publication was duly given; and
in due form and manner we received the votes of the stockholders
of said First National Bank of Scranton, Pennsylvania, in favor
of or against such increase. At such election there were voted in
favor of such increase nineteen hundred and sixty-seven (1,967)
shares, and against such increase — None — (shares), thereby evin-
cing the consent of the persons or bodies corporate holding a larger
amount in value of the capital stock of the said bank to the said
increase.
[Signed] Frank E. Platt,
Charles H. Welles,
Geo. B. Smith,
Judges
On October 14, the following resolution v^as unani-
mously adopted:
Resolved, That three hundred thousand dollars ($300,000) be
withdrawn from the surplus account and credited to the profit-
and-loss account, and that a special dividend of four hundred
per cent, be declared payable to shareholders of record, October
16, 1905.
On December 2, Mr. Welles stated that our President,
Mr. Linen, had in contemplation a trip to California, to
leave here the latter part of February next, to be absent
about two months, and, therefore, offered the following
resolution :
Resolved, That a leave of absence of two months be granted
Mr. Linen for such trip.
The request was, on motion, unanimously granted.
Ba7ik of Scr anion 165
The Board of Directors Increased
On December 9, on motion, Arthur H. Storrs and 1905
H. W. Kingsbury were appointed to act as judges at the
ensuing election for Directors, and C. P. Davidson was
appointed alternate.
On January 6, 1906, the following resolution was 1906
unanimously adopted:
Resolved, That it is the sense of the Board of Directors that
the number of Directors be increased by an addition of one member,
making the number of Directors nine instead of eight, as now
constituted, in accordance with a letter mailed to stockholders
December 9, 1905, requesting them to consider the same at their
annual meeting to be held January 9, 1906.
On January 9, 1906, a regular meeting of the stock-
holders of The First National Bank of Scranton, Penn-
sylvania, was held in the Directors' room in the bank
building. George L. Dickson was elected Chairman,
and Isaac Post was elected Secretary.
The Chairman stated the object of the meeting to be
to act upon the recommendation of the Directors to
increase the membership of the Board of Directors from
eight, as now constituted, to nine.
It appearing that thirty days' notice had been sent
to each of the stockholders, and that notice of the elec-
tion had been published for more than thirty days.
Charles H. Welles offered the following resolution:
Resolved, That the Board of Directors be increased from
eight, as at present constituted, to nine, and that the judges of
election take the vote on the question of the increase, before pro-
ceeding to the election of Directors.
166 The First National
1906 The resolution being put to vote, it was adopted.
The vote was then taken by the judges and resulted as
follows :
For the increase, 5,915 votes.
Against the increase, none.
The stockholders having voted to increase the number
of Directors from eight to nine, the judges then proceeded
with the election of Directors, with the following result:
Name of Director Votes Received
J. A. Linen 6,075
G. L. Dickson 6,075
W. F. Hallstead " 6,075
W. W. SCRANTON 6,075
George B. Smith 6,075
Charles H. Welles 6,075
F. E. Platt 6,075
C. S. Weston 6,075
Richard H. Higgins 6,075
And James A. Linen, George L. Dickson, WilHam F. Hallstead,
WilHam W. Scranton, George B. Smith, Charles H. Welles, Frank
E. Platt, Charles S. Weston, and Richard H. Higgins, having
received a majority of the votes cast, the judges certified to their
election.
Adjourned.
[Signed] G. L. Dickson, Chairman
Isaac Post, Secretary
State of Pennsylvania!
City of Scranton J
On the ninth day of January, A. D., one thousand nine hundred
and six, personally came before me, a Notary Public duly com-
missioned and qualified and residing in the city of Scranton,
A. H. Storrs and Henry W. Kingsbury, judges of election at the
meeting of stockholders of The First National Bank of Scranton,
being duly sworn according to law, did declare and say that as
Bank of Scran ton 167
judges of election they will perform the duties of their office to the 1906
best of their ability.
Sworn and subscribed before me January 9, 1906.
W. J. TORREY
[Signed] A. H. Storrs,
Henry W. Kingsbury
Certificate of Election
By the stockholders of The First National Bank of Scranton,
on the question of increasing the number of Directors from eight
(8) to nine (9) :
We, the undersigned, judges appointed by the Board of Direct-
ors of The First National Bank of Scranton, to conduct an elec-
tion by the stockholders for or against the increase of the Board
of Directors from eight (8) to nine (9), do hereby certify that,
after being duly sworn, we held the said election at The First
National Bank, in the city of Scranton, on the ninth (9) day of
January, A. D., 1906, between the hours of 3 and 4 p. m., the time
and place fixed for holding the same, of which thirty (30) days'
previous notice by circular sent to each of the stockholders was
given; and in due form and manner we received the votes of the
stockholders of the said bank in favor of or against such increase.
And at the said election there voted in favor of said increase 5,915
shares and against said increase no shares, thereby evincing the
consent to the said increase of the Board of Directors from eight,
as at present constituted, to nine.
[Signed] A. H. Storrs,
Henry W. Kingsbury,
Judges of Election
Certificate of Election
Of Directors of The First National Bank of Scranton
We, the undersigned, judges appointed to conduct an election
by the stockholders of The First National Bank of Scranton, of a
Board of Directors of said bank, do certify that, after being duly
sworn, we held the said election at The First National Bank, in
the city of Scranton, Pennsylvania, on the ninth day of Januarv,
168 The First National
1906 A. D., 1906, between the hours of 3 and 4 o'clock p. m., the time
and place fixed for holding the same, of which thirty days' previous
notice by advertisement in the newspapers of the city of Scranton
was given; and in due form and manner we received the votes of
the stockholders of the said bank, and after counting the ballots
cast at such election, the result was as follows:
Name of Director Votes Received
J. A. Linen 6,075
G. L. Dickson 6,075
W. F. Hallstead 6,075
W. W. Scranton 6,075
George B. Smith 6,075
Charles H. Welles 6,075
F. E. Platt 6,075
C. S. Weston 6,075
Richard H. Higgins 6,075
We therefore certify, that the said James A. Linen, George
L. Dickson, WiUiam F. Hallstead, WiUiam W. Scranton, George
B. Smith, Charles H. Welles, Frank E. Platt, Charles S. Weston,
and Richard H. Higgins were dtdy elected Directors of The First
National Bank of Scranton for the ensuing year.
In witness whereof, we have hereunto set our hands this ninth
day of January, A. D.. 1906.
[Signed] A. H. Storrs,
Henry W. Kingsbury,
Judges of Election
Organization of the Board
On January 13, 1906, at the organization of the Board,
W. F. Hallstead was chosen Chairman of the meeting
and Isaac Post, Secretary. On motion, James A. Linen
was appointed President of the bank and George L.
Dickson, Vice-President, for the ensuing year.
On February 10, Frank I. Linen was appointed Assist-
ant Cashier of the bank, at a salary of twenty-five
hundred dollars per annum.
Bank of Scranton 169
THE SUCCESS OF THE BANK
A Result of the Safe Policy Inaugurated by James A. Linen
The question naturally presents itself: To what has
the phenomenal success of The First National Bank been
due? The question primarily finds its answer — in the
character of the men that have always been in charge of
the bank's affairs. The men that have guided the des-
tinies of the institution since the time of its inception
have been men of large business interests of their own,
and in them have been invariably successful. These
men have applied the same principles and sound business
judgment to the affairs of the bank that they have given
to their private enterprises. They have at all times been
men that had the power to anticipate emergencies and
ability to provide precautionary measures against them.
The policy has always been such that failure has been
a possibility too remote for apprehension. The bank's
securities have for many years been such that they
could be quickly negotiated in case of necessity.
The policy that has been followed in the transaction
of the business of the bank for more than thirty years
was established at the suggestion of Mr. Linen in the
early 70 's while he was Cashier. When the deposits of
the bank had reached more than half a million dollars,
the bank had more money for investment than the busi-
ness demands of the city required. He began to seek
new channels of investment and then conceived the
purpose, which was soon after adopted by the Directors
and has been in force ever since, of withdrawing the
money that was then invested in demand paper, and
investing it in bonds and other securities which were
registered on the New York Stock Exchange and which
were readily negotiable.
23
170 The First National
Mr. Linen did not consider it a safe form of invest-
ment to have the money of the bank tied up in paper,
which might be difficult of negotiation in case of an
emergency, and advised that the bank change its form
of investment or else refuse to accept savings deposits
beyond the amount they then held.
The danger to the bank at that time was more immi-
nent than it has since been, on account of the labor
disturbances that were extant throughout the country.
There were few banks in the country then that were
buying bonds, and the consequence was that this bank
succeeded in securing some of the choicest bonds and
securities that the market at that time offered, paying
the best rate of interest. The first bonds they bought
under this new policy were Delaware & Hudson and New
York, Lackawanna, & Western 6's. Since that time,
they have added many others, the funds of the bank
not needed for the requirements of the bank's patrons
being invested in this kind of securities. Mr. Linen's
conception proved remarkably successful from the time
of its inauguration.
From facts which have since developed, it has become
an absolute certainty that, had the change of investment
not been made, the bank might have suffered consider-
able losses. This policy, as much as any other factor,
has been responsible for the continued strong condition
of the bank, and its ability to pass through financial
crises which have borne down and destroyed many
other fiscal institutions.
This rule has been strictly adhered to; and, further-
more, if a bond is purchased and a premium paid, the
bond is carried on the books at par and the premium
charged to profit-and-loss account; hence, the real value
Bank of Scran ton 171
of the bank's securities and quick assets is over $300,000
above the book value.
Another reason, doubtless, for the success of the bank
in a measure is that it has never been conducted for the
profit and personal aggrandizement of the Directors,
but always with the one object in view, the benefit of
the stockholders and the public. It has a record of
having sent to the Comptroller of the Currency three
consecutive reports without showing a single dollar
borrowed by a Director, which circumstance proves that
the bank has never been conducted as a medium for the
advancement of the financial schemes of the Board of
Directors or the individual members thereof.
At the time of the organization, A. D., 1863, of The
First National Bank, there was no regularly organized
bank in Scranton. At that time there were three banking
houses: A. N. Meylert & Co., George Sanderson & Co.,
and W. W. Winton. At the present time, January 1,
A. D., 1906, we have the following banks and trust com-
panies: The First National Bank of Scranton, Penn-
sylvania; Third National Bank of Scranton, Pennsyl-
vania; Traders National Bank of Scranton, Pennsylvania;
Merchants & Mechanics Bank, Scranton, Pennsylvania;
Scranton Savings Bank; The Dime Deposit and Discount
Bank; The Peoples Bank; The County Savings Bank;
The Title Guaranty & Trust Company ; The Lackawanna
Trust & Safe Deposit Company; The Scranton Trust
Company; The Keystone Bank; The West Side Bank;
The South Side Bank; The North Scranton Bank; *The
Fidelity Deposit & Discount Bank, Dunmore, Pennsyl-
vania; *The Olyphant Bank, Olyphant, Pennsylvania;
*The First National Bank, Peckville, Pennsylvania;
*The First National Bank, Jermyn, Pennsylvania; *The
172 The First National
First National Bank, Taylor, Pennsylvania; and *The
First National Bank, Nicholson, Pennsylvania.
In 1863, The Pittston Bank (now The First National
Bank of Pittston, Pennsylvania) offered the nearest
banking f acihties for Scranton and the surrounding towns.
It is nine miles down the valley.
Last Call for Statement Made to the Comptroller, When Capital of the
Bank Was $200,000
THE FIRST NATIONAL BANK OF SCRANTON, PA.
Statement of Condition, August 25, 1905
Comptroller s Call
Resources
Loans and discounts $ 2,581,832. 00
Overdrafts 399 . 15
United States bonds 50,000 . 00
Bonds and other securities 7,777,030. 08
Bank building 100,000 . 00
Due from Treasurer of the United States 7,500.00
Due from banks 106,950 . 42
Cash in banks and with reserve agents . . . 2,025,316.59
Total $12,649,028.24
Liabilities
Capital $ 200,000 . 00
Surplus 1,500,000.00
Undivided profits 513,676. 68
Circulation 49,300 . 00
Due banks 279,336.08
Dividends 810 . 00
Individual deposits 10,105,905.48
Total $12,649,028.24
*The borough of Dunmore adjoins Scranton on the east; the borough
of Taylor adjoins Scranton on the southwest; the boroughs of Olyphant
Peckville, and Jermyn are located from three to ten miles northeast; and
Nicholson is fourteen miles northwest of Scranton.
Bank of Scr anion 173
Second and Last Call for Statement Made to the Comptroller, After the
Capital of the Bank Had Been Increased to $1,000,000
THE FIRST NATIONAL BANK OF SCRANTON, PA.
Statement of Condition, January 29, 1906
Comptroller's CaH
Resources
Loans and discounts $ 2,982,222. 97
Overdrafts 5,047 . 44
United States bonds 50,000 . 00
Bonds and other securities 7,623,708. 79
Bank building 100,000.00
Due from Treasurer of the United States 4,500.00
Due from banks 141 ,472 . 54
Cash in bank and with reserve agents. . . 1,944,406.83
Total $12,851,358.57
Liabilities
Capital $ 1,000,000.00
Surplus 1,200,000.00
Undivided profits 85,605 . 37
Circulation 49,150.00
Due banks 294,349 . 51
Individual deposits 10,222,253. 69
Total $12,851,358.57
174
The First National
Addenda
DIVIDENDS BY PERIODS
Percentage
From organization
to Jan. 1, 1870
in 1863 1
62%
Jan. 1, 1870 to Jan.
1, 1875,
70%
Jan. 1, 1875 to Jan.
1, 1880,
100%
Jan. 1, 1880 to Jan.
1, 1885,
100%
Jan. 1, 1885 to Jan.
1, 1890,
102%
Jan. 1, 1890 to Jan.
1, 1895,
139%
Jan. 1, 1895 to Jan.
1, 1900,
178%
Jan. 1, 1900 to Jan.
1, 1905,
250%
Jan. 1, 1905 to Jan
1, 1906,1
Dividends on capital of [
40%
$200,000, J
Extra Dividends on capital 1
of $200,000, J
Sept. 18, 1905, capital in-
creased to $1,000,000.00
Dividend on same,
Total,
400%
1,441% on $200,000 capital
4% on $1,000,000 capital
1,445%
Amount
$ 124,000.00
140,000.00
200,000.00
200,000.00
204,000.00
278,000.00
356,000.00
500,000.00
80,000.00
800.000.00
52,882,000.00
40,000.00
Total, $2,922,000.00
Making a grand total of two milUons, nine hundred and twenty-two
thousand dollars ($2,922,000.00) in cash paid to the stockholders of the
bank, from its organization m 1863 to January 1, 1906.
Statement of Capital, Surplus, Undivided Profits, and Deposits
PERIODS OF FIVE YEARS
December 31, 1869
Capital $ 200,000. 00
Surplus 120,000.00
Undivided profits 13,271 . 92
Deposits 674,122.80
December 31, 1874
Capital $ 200,000. 00
Surplus 230,000.00
Undivided profits 18,850 . 17
Deposits 633,880 . 1 1
Bank of Scran ton ^'^^
December 26, 1879
Capital « 200,000.00
Surplus 255,000.00
Undivided profits 18,604. 16
Deposits 848.333.42
December 12, 1884
Capital $ 200,000.00
Surplus 300,000.00
Undivided profits 51,645 . 78
Deposits 2,230,968.42
December 12, 1889
Capital ■« 200,000.00
Surplus 420,000.00
Undivided profits 111,910.29
Deposits 3,902,185.65
December 12, 1894
Capital S 200,000.00
Surplus 750,000.00
Undivided profits 162,539 . 20
Deposits 4,850,858.52
December 12, 1899
Capital $ 200,000.00
Surplus 1,000,000.00
Undivided profits 280,277. 26
Deposits 7,135,644.90
December 29, 1904
Capital S 200,000.00
Surplus 1,500,000.00
Undivided profits 434,792 . 38
Deposits 9,247,681.36
For One Year to December 28, 1905
Capital $1,000,000.00
Surplus..' 1,200,000.00
Undivided profits 89,487 . 76
Deposits 9,919,285.60
176 The First National
A Last Word
We close the history of The First National Bank of
Scranton, Pennsylvania, with an excerpt from the
address of J. J. Sullivan, President of the Central National
Bank of Cleveland, Ohio, on " Banks, a Potent Factor in
Our Industrial Development and National Life," deliv-
ered before the Pennsylvania Bankers' Association at
Erie, Pennsylvania, at their seventh annual convention,
July 10 and 11, 1891:
That the banks have been an important factor in stimulating
the general industries of our country, and that they have con-
tributed in a large measure toward our national life, no one, I
am sure, will deny. Modern banking is the result of a process of
development and the necessary outgrowth of organized society.
Its development has kept pace with the general business of the
country, and has given to capital, by use of checks, drafts, and
other instruments of credit, a degree of transferability not only
between sections of our own country, but also between the nations
of the world. Our banking system enables the man who has
savings, but is not engaged in an occupation in which he can
employ them, to transfer them to those who can employ them.
I am quite sure that any person, having investigated the process
of organization, operation, and general management of the banks
of our country, could not refrain from expressing admiration for
the ingenuity and skill with which the details of the business have
been worked out to meet the peculiar conditions and require-
ments of the wage earners, and the trade and commerce of the world.
The banks by their functions of deposit, discount, and exchange
mobilize capital, and make it the efficient colleague of industry.
The organizers and managers of the banks invest their money
in the capital stock and invite their friends and neighbors to
deposit their monied accumulations with them, paying them for
the use of it, also agreeing to return it to them on demand. This
money is loaned to the manufacturer, to the merchant, and owners
of rolling mills and coal and iron ore mines, railroads and other
Bank of Scranton ^^'^
large industrial corporations. By these means, the great industries
and commercial enterprises of the country are operated; labor is
employed, and wages paid, by which more than half of our popula-
tion is supported.
To Our Patrons
The Officers and Directors of The First National Bank
take this opportunity of thanking you for past favors
and the many courtesies we have received at your hands,
and trust we may so conduct our business in the future,
as in the past, and thereby continue to merit your
confidence and approval.
178 The First National
GEORGE L. DICKSON
George L. Dickson, for forty -two years a Director of The
First National Bank, and the oldest member in point of service,
has for many years been intimately associated with the business
and financial life of Scranton. Thomas Dickson, with whom he
was connected in many of the enterprises which he so success-
fully conducted, was his brother.
James Dickson and Elizabeth Linen, his wife, both of Scottish
birth and imbued with Scotch frugality and teachings, were the
parents of six children, of whom George L. was the youngest but
one. They immigrated to America in 1832, settling in Canada,
where they remained but a short time, afterwards migrating to
the United States. They found a congenial home in 1836, in the
village of Carbondale, Pennsylvania (now a city, incorporated
1851), where the Delaware & Hudson Canal Company had com-
menced its operations in the mining and shipping of anthracite
coal to tide water.
George L. Dickson was born in Lauder, Berwickshire, Scot-
land, August 3, 1830, and was but six years of age when the family
settled in Carbondale. Until he was fifteen years old he attended
the district schools, where he had limited opportunity for laying
the foundations of an education. On leaving his studies, he began
work as a clerk in a country store, becoming a partner at the age
of twenty-one.
At the age of twenty-six years, he disposed of his interests in
the store and connected himself with a foundry and machine-
works firm in Carbondale (now Van Bergen & Co., Limited), and
very soon became the managing partner. In January, 1860, he
moved with his family to Scranton to take charge of the Dickson
Manufacturing Company, which he, with his father, brothers,
and other associates, had founded in 1856. For nearly a quarter
of a century, Mr. Dickson was actively and ofiicially connected
with this company, which ultimately became one of the leading
manufacturing concerns in the country. He filled the office
of President of this company from 1867 to 1882. In the latter
year he resigned from active participation in the business affairs
of the company. He established an independent business as a
manufacturers' agent, representing leading manufacturers of the
GEORGE L. DICKSON
Bank of Scran ton 179
country in machine-shop and railway equipment and supplies,
which he conducted with ability and signal success for nearly
twenty years. Since moving to Scranton, he has manifested a
marked interest in the affairs of this city, and has been active
in behalf of the city's industries.
Mr. Dickson was one of the original subscribers for the stock
of The First National Bank at the time of its organization in 1863.
At the annual meeting of the stockholders in January, 1864, he
was elected one of the Directors, and annually thereafter to the
present time. In 1887 he was made Vice-President, and since
then has been the incumbent of that office. On September 16,
1856, he married Lydia M., daughter of the late John M. Poore,
who was one of the leading citizens of Carbondale. Three children
blessed the union, one of whom, a son, Walter M., survives.
180 The First National
JAMES A. LINEN
James Alexander Linen, Bank President, was born in Green- -
field Township, Luzerne (now Lackawanna) County, Pennsylvania,
June 23, 1840, of Scottish and EngHsh parentage. His father,
George Linen (1802-1888), was a native of Scotland, and came to
America in 1833. He was an artist of note, and painted, from life,
portraits of many eminent men of his day, among whom were
Daniel Webster and Henry Clay, the vignette engraving of the
latter, which adorns the fifty-dollar note. United States currency,
having been copied from the painting made by Mr. Linen.
James A. Linen was educated in the public schools of New
York City, and in the high school and academy of Newark, New
Jersey. Leaving school in his seventeenth year, he entered a
note-broker's office in Wall Street, New York, where he remained
until September, 1862, when he enlisted in the Twenty-Sixth New
Jersey Infantry. He was elected second Heutenant, and later,
first lieutenant of his company, and was honorably discharged
after nine months' service. He afterwards served eighteen months
as cash clerk in the Quartermaster's Department, District of
Central Kentucky, with headquarters at Camp Nelson.
In February, 1865, Mr. Linen entered The First National Bank
of Scranton, Pennsylvania, as Teller, and three months later, on
his twenty-fifth birthday, was promoted to Cashier, and served in
that capacity twenty-six years. In November, 1891, he was
appointed President of the bank, in which office he still con-
tinues. He was elected a member of the Board of Managers of
the Delaware & Hudson Company, at their annual meeting,
May 8, 1906.
On December 16, 1869, Mr. Linen married Anna C, the second
daughter of the late James Blair, of Scranton. Five children
were born to them, of whom three survive: Mary Bell, Frank
Insley (recently elected Assistant Cashier of the bank) , and James
A., Jr., a junior at Williams College, Massachusetts. Mr. Linen
united with the First Presbyterian Church of Scranton, on confes-
sion of his faith, in 1866, and has been an elder of the Second
Presbyterian Church of Scranton since 1878.
JAMES A. LINEN
ISAAC POST
Bank of Scran ton 181
ISAAC POST
Isaac Post, the Cashier of The First National Bank, was born
in Montrose, Susquehanna County, Pennsylvania, November 21,
1856. His parents were Isaac L. Post and Harriet Amanda
Jessup Post. He moved with his parents to Scranton in 1865,
and here was given the benefit of such educational advantages
as the schools of the town then afforded. He attended the
Scranton High School, where he studied under the late Professor
Joseph Roney, who for a number of years was the superintendent
of the schools of the city. Afterwards, until July, 1873, he
attended Professor H. H. Merrill's Academic and Primary Train-
ing School.
On October 1 of that year, Mr. Post entered the employ of
the Third National Bank of Scranton, in the capacity of messen-
ger boy. He remained with the Third National Bank until Decem-
ber 2, 1874, when he entered the employ of The First National
Bank as messenger. For twelve years he continued in the service
of the bank, his merits attracting and receiving recognition. He
advanced steadily until January 4, 1886, when he was appointed
assistant to Cashier Linen. In October, 1891, Mr. Linen being
elevated to the Presidency, Mr. Post was appointed Cashier.
Mr. Post enlisted in the Scranton City Guards, Henry M.
Boies, Major, commanding, at the time of its organization for the
defense of the city, during the labor disturbances of the year
1877, becoming a member of Company A, Andrew Bryson, Jr.,
Captain, commanding, August 14, 1877. On October 10, 1878,
the Thirteenth Regiment, National Guard of Pennsylvania, was
organized. Mr. Post enlisted on that date with other members of
Company A and was honorably discharged from the service May
25, 1885, with the rank of First Sergeant.
On February 16, 1887, Mr. Post was married to Emily Pierson
Baldwin, daughter of the late H. P. Baldwin, General Passenger
Agent of the Central Railroad of New Jersey.
182 ' The First National
WILLIAM F. HALLSTEAD
William F. Hallstead was born in Benton Township, in what
was then Luzerne County, now Lackawanna County, Pennsylvania,
March 22, 1836. Born in an agricultural community, his early
days were spent principally in farming pursuits, except during a
very brief school term each year, which was spent in acquiring
the rudiments of the EngHsh language and mathematics. His
only schooling was such as he secured in the district schools of
his time. With this meager foundation laid, he began to hew his
own way through the world when he was fifteen years of age.
Mr. Hallstead's first employment away from the farm was as
teamster, hauling provisions for the construction men then at
work building the Leggett's Gap Railroad, now that part of the
Delaware, Lackawanna, & Western system lying between Scranton
and Great Bend. His journeys grew longer each day as the work
of construction progressed, but the boy displayed a perseverance
and interest in his humble toil equal to that which he displayed
in the more honorable and lucrative positions which he has subse-
quently filled. When the road was put in operation, Mr. Hallstead
was employed as flagman, and from that position advanced to
that of conductor of the work train; afterwards he was placed in
charge of a mixed train running between Scranton and Great Bend.
His advancement thereafter was rapid, being promoted succes-
sively to Yardmaster, Assistant Superintendent, Superintendent,
and in 1880 he was elected to the office of Second Vice-President
and General Manager of the entire Delaware, Lackawanna, &
Western system between Hoboken and Buffalo, as well as of all
subsidiary fines. He remained in that position until July, 1898,
when he voluntarily resigned, for the reason that he felt that he
had sufficiently devoted his time to the railroad business.
At present, Mr. Hallstead is Vice-President of the Title Guaranty
& Trust Company, and a Director of The First National Bank, the
County Savings Bank, and of numerous other corporations. He was
married in 1857 to Mary Harding, of New Milford, Pennsylvania.
In every sense Mr. Hallstead is a self-made man, one with
abundant capacity for work and unalloyed in his fidelity to trusts
reposed in him. As a citizen he has been modest and unassuming,
but withal a man profound in judgment, of firm character, and at
all times "master of his situation."
WILLIAM F. HALLSTEAD
WILLIAM W. SCRANTON
Bank of Scran ton 183
W. W. SCRANTON
William W Scranton, a Director of The First National Bank,
is the second son of Joseph H. Scranton, first and, until his death
in 1872, only President of this bank. He was bom in Augusta,
Georgia, April 4, 1844, and was brought to Scranton by his
parents in 1847, when three years of age, being, therefore, a con-
temporary of the birth and growth of the city. He fitted for
college at the Scranton High School and at Phillips Academy,
Andover, Massachusetts, in the class of 1861. He graduated
at Yale in 1865. While at Yale, he was bow oar and steers-
man of the famous Wilbur Bacon crew, the first Yale University
crew that ever beat Harvard in a university race, winning once
in 1864, and two successive days in 1865, at Worcester, Massa-
chusetts, making a time that remained the record for many years.
This fondness for athletics has continued with Mr. Scranton all
his life, and as late as the age of thirty-seven he was accustomed
to lift, for exercise and amusement, from 1,800 to 2,000 pounds
dead weight, two or three times a week.
After graduating from Yale, Mr. Scranton served an appren-
ticeship in the iron business till 1867, when he was made Superin-
tendent of what was called the new puddle mill, and in 1871 was
made Superintendent of all the Lackawanna Iron & Coal Com-
pany's mills, and Assistant President of the company. In 1874,
two years after his father's death, he was made General Manager
of the company, and visited the leading steel plants of Europe,
preparatory to building the company's steel-rail mill and convert-
ing works, which he finished and started late the following year.
The six years of Mr. Scranton's management of the Lackawanna
Iron & Coal Company was marked by great activity in construc-
tion, the capacity of the plant being more than doubled. Besides
building the steel-rail mill and Bessemer converting works, he
raised and enlarged the blast furnaces, built an additional blast
engine house, with three large blowing engines for the blast fur-
naces, enlarged the foundry, machine, and boiler shops, and at
Briggs shaft set the valley the example of raising coal by rapid
direct-acting engines, instead of by slow-geared engines, which up to
that time had been the general custom; he also added a dumping
arrangement at the top, by all of which progressive improvements
184 The First National
the capacity of the mine was raised from 400 to a possible 2,000 tons
of coal a day. This scheme has since been generally adopted by
the more enterprising operators wherever possible, and has added
enormously to the productive capacity of the Lackawanna coal
field.
After bringing the Lackawanna Iron Works up to a par, in the
matter of output, both in quality and quantity, with the crack
plants of the day, Mr. Scranton concluded to build a plant for
himself, to that end severing his connection with the Lackawanna
Iron & Coal Company in September, 1880. He made another tour
among the leading steel works of Europe, and on his return in 1881,
founded and became the first and only President of the Scranton
Steel Company. These works commenced operations in 1883,
and were the first works in America to roll, with large reversing
engines, steel rails direct from the ingot, 120 feet long, four lengths
of 30 feet. Though started as only a small concern, with two con-
verters of only three tons capacity, yet in four years it had not
only passed the Lackawanna Works in the matter of rail output,
but in the end stood fourth out of the eleven Bessemer steel-rail
works in the United States. In 1891, the Scranton Steel Company's
plant having become a most unpleasant rival, advantageous over-
tures were made by the Lackawanna Iron & Coal Co., and the two
plants were consolidated into a new company, called the Lacka-
wanna Iron & Steel Company.
Mr. Scranton then retired from the steel business and turned
his attention to the development of the Scranton Gas & Water
Company, founded by his father, in 1854, and of which his father
was President till his death, in 1872. Mr. Scranton has been Presi-
dent of this company since 1879. The growth of this property is
a matter of general local knowledge. When he became President,
the company had only one small reservoir, with a reserve capacity
of only about sixty million gallons, and a pipe system with ability
to deliver only about four million gallons daily. It has now,
independent of the Consolidated Water Supply Company, which
was bought last year, and by which thirty million gallons more
can be brought to Scranton daily, when required, a reserve capacity
of over six thousand million gallons, held in twenty reservoirs,
large and small, and can deliver thirty million gallons daily, having
Bank of Scranton 185
the very unusual reserve of 200 days' supply stored. The company
has bought many thousands of acres of land to protect its water-
sheds from nuisances, and has spent about $125,000 for roads
through its mountains and forests, creating in effect an immense
park, for the use of the people of Scranton, free of charge. Through
its purchases of various adjoining water companies, it now supplies
with water the people of the Lackawanna Valley from Forest City
to Scranton.
In the matter of gas, the company claims to furnish the lowest-
priced and the highest candlepower in the state. Altogether, the
company has now gradually grown to be one of the largest
private properties of its kind in the country.
Mr. Scranton was married at St. Albans, Vermont, in October,
1874, to Katherine M. Smith, eldest daughter of the Honorable
Worthington C. Smith, Member of Congress from Vermont. His
only son, Worthington Scranton, is Vice-President of the Scranton
Gas & Water Company.
25
186 The First National
GEORGE B. SMITH
George B. Smith was born in Dunmore, Pennsylvania. He
was educated by private-school instruction, and at the Academy
at Wyoming, Pennsylvania, and also Bisbee's Military Academy,
at Poughkeepsie, New York.
At an early age Mr. Smith entered the service of the Pennsyl-
vania Coal Company, at Dunmore, in the telegraph department,
and after a time in that line became more closely connected with
the affairs of the company by being transferred to duty in the office
of his father, John B. Smith, who was then General Superintendent
of the Pennsylvania Coal Company in Pennsylvania. He became
Assistant Superintendent of the company, continuing as such
until June 13, 1895, when he was made General Superintendent,
continuing in that position until June 19, 1900, when he was made
Third Vice-President of the company, continuing as such officer
until the Erie Railroad Company took charge by purchase, his
resignation taking effect February 28, 1901. He also held the
position of Treasurer of the Erie & Wyoming Valley Railroad
Company for a time, until, on May 19, 1886, he was made Super-
intendent of the railroad company, filling such position until
January 1, 1900. He also held the position of President of the
Erie & Wyoming Valley Railroad Company, from June, 1895,
until the Erie Railroad Company took charge by purchase, his
resignation taking effect February 28, 1901.
He is at present a Director in the Title Guaranty & Surety
Company of Scranton; the Scranton Trust Company; the Scranton
Gas & Water Company; and the Consumers' Ice Company. He
became a Director of The First National Bank of Scranton, April 17,
1897.
On February 11, 1886, Mr. Smith married Grace Durrie,
daughter of Dr. WilHam A. Durrie, Sr., of Brick Church, New
Jersey, formerly of Jersey City. Two children were born to them:
Louise E. and Florence D.
GEORGE B. SMITH
CHARLES H. WELLES
Bank of Scranton 187
CHARLES H. WELLES
Charles Hopkins Welles was born in Dundafif, Susquehanna
County, Pennsylvania, April 16, 1845. His boyhood was spent
in Dundaff and with his grandfather, Fisher Gay, in Wyoming,
Pennsylvania.
His education was limited to the common schools and to one
year at Poughkeepsie, New York. An enlistment in the army
gave him a few months' service before the Civil War was concluded.
Starting in the coal industry, he changed to the study of the law,
reading with the late Samuel Sherrerd. After admission to the
Bar he was elected Clerk of the Courts, the only political office he
has held. October 2, 1869, he married Hannah Browne Sherrerd,
daughter of Dr. John B. Sherrerd, of Scranton. For forty years
Mr. Welles has practiced his profession in Luzerne and Lacka-
wanna Counties. For nineteen years he was a partner of the late
Judge F. W. Gunster, until the latter's elevation to the bench.
Since 1898, he has been a partner with James H. Torrey, in the
firm of Welles & Torrey.
Mr. Welles has given much of his time and service to the Second
Presbyterian Church of this city, of which he is a charter member.
He has been actively identified with and interested in the Lacka-
wanna Trust & Safe Deposit Company; the Scranton Bolt & Nut
Company; the Scranton Lace Curtain Company; and other of
Scranton's largest industries and corporations.
He has been counselor for The First National Bank for many
years, and was elected a Director on July 12, 1902.
188 The First National
CHARLES S. WESTON
Charles S. Weston, one of the latest additions to the Board of
Directors, having been elected with Frank E. Piatt on September 2,
1905, was born in Carbondale, Lackawanna County, Pennsylvania,
August 25, 1860. He is the only son of Edward W. Weston,
deceased, and Susan Moore Weston. In 1861, he moved with his
parents to Scranton, and has since been a resident of this city,
where he is now one of the prominent men in its social and business
affairs. It was in the public schools of Scranton that the rudiments
of his education were obtained. At the age of sixteen years, he
became a student in the Granville Military Academy, at North
Granville, New York. In 1878, he entered the Rensselaer Poly-
technic Institute, at Troy, New York. He was graduated from
this Institute four years later, with the degree of Civil Engineer.
Fortified with a thorough theoretical knowledge of his profession,
Mr. Weston returned to Scranton and entered upon the business
activities of life.
Mr. Weston's first employment was with the Delaware &
Hudson Canal Company, with which corporation he allied himself
in 1882, his first duties being those of civil engineer, in which capac-
ity he remained until October, 1885, at which time his capabilities
received recognition by the company, and he was promoted to
the office of Assistant General Agent of the Real Estate Depart-
ment. He retained this position until February 1, 1889, when he
was advanced to the offfce of General Agent of the department,
and was given entire supervision of the vast real-estate interests of
the company. Here his business acumen was put to the severest
tests. His capabilities were employed in many important transac-
tions, in all of which Mr. Weston acquitted himself to the satis-
faction of the company. In his new position there devolved upon
him the additional duty of negotiating on behalf of the company
its numerous mining and transportation contracts and preparing
the documents necessary to put them into effect. He remained
in the office of General Agent for fifteen years, making a continuous
service of more than twenty-one years with the same corporation.
Mr. Weston is endowed with much of the business acumen
that won success for his father. During the years in which
he was connected with the Delaware & Hudson Canal Company
CHARLES S. WESTON
Bank of Scranton 189
he sought investments for his capital. He made many of
them, and they were uniformly successful. His private business
interests began to make such inroads upon his attention that he
decided to retire from the service of the company, and on February
1, 1904, he tendered his resignation. He is at present President
of the Riverton Mills Company, of Riverton, Virginia, and of the
Empire Grain & Elevator Company, of Binghamton, New York.
He is a Director in the following local corporations: The First
National Bank of Scranton; Lackawanna Trust & Safe Deposit
Company; Scranton Lace Curtain Company; Blue Creek Coal and
Land Company ; Kanawha and West Virginia Railroad Company ;
Cherry River Boom & Lumber Company; Cherry River Paper
Company; Dodson Signal Lamp and Lantern Company; Stowers
Pork Packing & Provision Company; Scranton Garage & Motor
Car Company; Wilson Lumber & Milling Company; Carbondale
Gas Company ; Consolidated Water Supply Company ; Northeastern
Telephone Company; National Waterworks & Guaranty Company;
and the Pennsylvania Casualty Company. He is also a Director
of the Scranton Club and of the Country Club of Scranton, the
two leading social organizations of the city.
Mr. Weston was a leading factor in the organization of a number
of successful water companies in the Lackawanna Valley. These
companies were recently absorbed by the Scranton Gas & Water
Company, and are now a part of the system of that corporation.
In politics, Mr. Weston is a Republican. While he has never
aspired to nor held public office, he has been active in public affairs.
He was for four years a member of the National Guard of Pennsyl-
vania, and served as Second Lieutenant in Company H, Thirteenth
Regiment.
In September, 1891, he was united in marriage with Grace
Storrs, only daughter of the late William R. Storrs.
190 The First National
FRANK E. PLATT
Frank Elbert Piatt, son of Joseph Curtis and Catherine Scranton
Piatt, was born February 21, 1859, in Scranton. He was educated
in the public and private schools of Scranton, at the Peekskill
Military Academy, Peekskill, New York, and at the Rensselaer
Polytechnic Institute, Troy, New York, where he graduated, with
the degree of Civil Engineer, in 1879.
After a post-graduate course in chemistry, he engaged in iron
manufacturing and was Superintendent of the blast furnaces of
the Franklin Iron Works, at Clinton, New York; of the Hudson
River Iron Ore Company, at Cold Spring-on-the-Hudson ; and of
the Chestnut Hill Iron Ore Company, at Columbia, Lancaster
County, Pennsylvania, until the year 1889, when he returned to
Scranton. Since then he has become identified with many of the
business enterprises with which his father had been associated.
For the past fifteen years he has been interested in and connected
with a number of coal companies along the line of the New York,
Ontario, & Western Railway, and is at present Assistant Treasurer
and Purchasing Agent of the Scranton Coal Company, which
operates thirteen collieries and washeries. He was married on
June 20, 1883, in Guilford, Connecticut, to Elizabeth A. Skinner.
Their four children are Margaret Scranton Piatt, J. Curtis Piatt,
Philip S. Piatt, and Leonard S. Piatt. He was elected a Director
of The First National Bank, September 2, 1905.
FRANK E. PLATT
RICHARD H. HIGGINS
EDWARD S. JACKSON
Bank of Scranton 191
RICHARD H. HIGGINS
Richard Hatchings Higgins was born in Meade County, Ken-
tucky, October 13, 1869. He was educated in the pubUc schools
of Louisville, Kentucky, and at the age of thirteen years left school
and entered the employ of the Citizens National Bank of Louis-
ville, Kentucky, where he remained for six years, when (in 1888)
he accepted the position of Cashier in the private banking house
of Clifton Rodes Barrett & Co., where he remained until 1890,
resigning in that year on account of ill health. During the year
1891, he again became associated with the Citizens National Bank
of Louisville, and afterwards became Cashier of the First National
Bank of Middleborough, Kentucky, and Treasurer of the Louis-
ville Hotel Company of Louisville.
In February, 1893, Mr. Higgins went to New York and entered
the service of J. W. Henning, of the New York Stock Exchange
firm of J. W. Henning & Company. In August of that year, he
resigned and accepted a position in one of the leading banking
and brokerage houses in New York City — that of the firm of
Harvey Fisk & Sons, and on January 1, 1900, was admitted into
partnership.
On May 2, 1905, he became a Director of the Phoenix National
Bank of New York City, and on January 9, 1906, was elected a
Director of The First National Bank of Scranton.
Mr. Higgins, on October 15, 1895, married Letitia Shelby Hol-
loway, of Louisville, Kentucky. One child, a daughter, Rhoda
Anderson Higgins, was born to them.
192 The First National
FRANK I. LINEN
Frank Insley Linen, eldest son of James A. and Anna B. Linen,
was born in Scranton, October 19, 1879. His early education
was in the schools of the city, and at the age of eighteen years
he graduated from the School of the Lackawanna, after which he
entered Princeton University. He graduated with the degree of
Bachelor of Arts in the year 1901. On his return home he
entered the employ of The First National Bank of Scranton where,
after nearly five years of service, his business qualifications were
recognized, and he was appointed Assistant Cashier of the bank
at a meeting of the Board of Directors, February 10, 1906.
G. B. Dimmick
E. B. Decker
A. J. Lo
J. H. MacKay
aAtt\\\«llte,>
C. C. Conrad
H. L. Dimmick
T. W. Kiesel
Wm. Harvie
Ernest G. Close
Thomas G. Hall
Norman G. MacKay
R. O. Duebie
H. S. Huber
William T. Lindsay
J. D. Pfckham
ROSTER OF EMPLOYES
Following is a list of employes of the Bank, under the grade of Assistant
Cashier, in service at the time of publication of this history.
Paying Tellfr
A. G. IVES
S'ou TtlUr
E. S. JACKSON
Rectiiing Tellers
F. W. STILLWELL
G. B. DIMMICK
E. B. DECKER
Chief Booikeefer
ALFRED T. HUNT
Colltclion Clerk
H. L. DIMMICK
Correspondent
C. C. CONRAD
General Bookkeefer
T. W. KIESEL
Bookkeepers
W. J. JEFFREY
A. R. MACKAY
A. J. LORIMER
J. H. MACKAY
ROBERT K. CLARKE
WILLIAM HARVIE
R. O. D^EBLER
NORMAN G. MACKAY
ERNEST G. CLOSE
CLARENCE L. GERE
THOMAS G. HALL
H. S. HUBER
WILLIAM T. LINDSAY
JOSEPH S. WAITE
EDWARD C. FORDHAM
Day ff^alehmen
J. D. PECKHAM
JOHN LORIMER
Night IVatchmen
FREDERICK REMPE
EDWARD BROWN
26
INDEX
A
Page
Albright, Joseph J., elected Director 19, 32
" " appointed Vice-President 34, 42
President 58
" Action on death of 107
" Biography of 109
B
Bank, The First National, Organization of 1, 14
Projectors of 15
" " preliminary certificate 16
" " first stockholders 17
" " " " first annual meeting of stockholders 31
" " first President appointed 33
" first dividends declared 33, 35
first meeting of Directors 25
" " " " first charter 19-23
" " " " beginning of business 26
" " " facsimile signatures to first charter 22, 23
" " site of building acquired 42
" financial condition in early 80's 96, 98
" " " " stockholders' action as to continuance 146
" " " second charter 77
" " " " new organization certificate 80
" " Original Directors of 19, 32
Directors increased 118, 165
dividends by periods 174
" " " " statements to Comptroller 172
" " " " statement of capital, surplus, etc 174
" " " " Success of 169
Last word as to the history of 176
" " " escape from fire 136
" " " " Action of, on new building 137
Description of new building 141
" " " " Occupation of new building 143
joined Clearing-House Association 120
" " " " By-Laws, amended form adopted 67
Text of 67-70
" " " action on reorganization 74
" " " " retrospective 75
vii
INDEX
Page
Bank, The First National, events of 1863 26-31
1864 31-38
1865 38-42
1866 42-44
1867 44-45
1868 45-46
1869 46-48
1870 48
1871 48-50
1872 50-58
1873 59-60
1874 60
1875 60-61
1876 61
1877 61-64
1878 64-65
1879 65-66
1880 66-70
1881 70-72
1882 72-87
1883 87
1884 87-99
1885 99
1886 100
1887 100-105
1888 105-113
1889 113-114
1890 114
1891 114-119
1892 119-120
1893 120-127
1894 127-128
1895.
1896.
128
128
1897 • 129-134
1898 134
1899 134-135
1900 135
1901 136-145
1902 146-152
1903 152
1904 152-153
1905 153-165
1906 165-168
Bank Act, National, Passage of 10
" " ■ " Features of 10-14
INDEX ix
Page
Banking facilities, Necessities for, in 1863 6, 7, 8
Banking houses. First, in Scranton and vicinity 8, 9, 171
"Black Friday" Panic 47
Blair, James, elected Director 58
Action on death of 130
Biography of l^^
By-Laws, Adoption of, in amended form 67
" " Text of 67-70
C
Capital Stock, First subscribers to 1 '
Original amount of 17, 20
Increase of 161-163
Crisis of 1877 ^^
" Mayor's call for volunteers 62
" "1884 95
Currency, Counterfeit ^^
Wild-cat 8, 43
Uniform, provided for in National Bank Act H
D
Dickson, Thos., elected Director 19, 32
" " his tour of the world 49
" " Action on death of 87
" " Biography of °9
George L., elected Director 32
" " " appointed Vice-President 105
" " " Biography of 178
Directors, First meeting of 25
" Board of, increased 118. 16o
E
Employes, Roster of 193
G
Garfield, Jas. A., President of U. S., Bank's action on death of 70
H
Hallstead, Wm. F., elected Director 1 13
" " " Biography of ^^'^
Hand, Alfred, elected Director 82
" " resigned as Director 87
Higgins, Richard H., elected Director 166
" " " Biography of 191
J
Jackson, Edward P., appointed Teller 45
X INDEX
Page
Jerrnyn, John, elected Director 1 19
" Action on death of 147
'i' " Biography of 149
Lackawanna Valley, Coal basin of 4
Linen, James A., appointed Teller 38
" " " " Acting Cashier 40
" " " " Cashier 41,82
" " " " Director and President 118
" " " Scrap of history concerning 36
" " " Bank's action relative to marriage of 47
" " " Safe policy inaugurated by 169
" Biography of 180
" Frank 1., appointed Assistant Cashier 168
" " " Biography of 192
M
Management of the Bank 1
Meeting of Directors, First 25
" " " relative to new charter 72
" " stockholders, First annual 31
to effect new organization 73
McKune, Robt. H., Mayor, call for volunteers 62
Bank's action commending 63
N
New charter, Action of Bank as to 77
O
Organization of Bank 1,14
Organization under new charter 77
Panic of "Black Friday" •. 47
"1893 121
Piatt, Frank E., elected Director 161, 166
Biography of 190
Joseph C, elected Director 19
appointed Vice-President 58
" " " Action on death of 100
" " " Biography of 102
Post, Isaac, appointed Assistant Cashier 100
Cashier 118
" " Biography of 181
Reorganization, Meeting of stockholders to effect 73
INDEX xi
R
Page
Reorganization, Action of Directors concerning 72
Roster of employes 103
S
Scranton, Early history of 3
Population of, in 1860 4
Chief industries of, in 1860 4
First banking houses of 8
" Joseph H., appointed President , 20, 33
" " " his European trip 50
" " " Death and burial of 51
" " " Action of Bank on death of 52
" Biography of 54
W. W., elected Director 1 19
" " " Biography of 183
Smith, Geo. B., elected Director 134
" " " Biography of 186
Stock, capital, First subscribers to 17
Stockholders, First annual meeting of 31
Ratification by Directors' acts 66
" Reorganization meeting of 73
Storrs, Wm. R., elected Director 105
" " " Action of Board on death of 156
" Biography of 158
Subscribers, First, to stock 17
Facsimile signatures of 22
T
Taylor, Moses, assistance in forming Bank 15
" " original subscriber to stock 17
" " Facsimile signature to charter 22
Torrey, Thomas F., elected Director 119
" " " Action on death of 153
" " " Biography of 155
Treasury notes, First 27
W
Welles, Chas. H., elected Director , 152
" " " Biography of 187
Weston, Edward W., elected Director 99
" " appointed President 113
" Action on death of 115
" Biography of 116
Chas. S., elected Director 161, 166
" Biography of 188
Windom, Secretary of U. S. Treasury, letter to Bank 71
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