The Shamokin Bank
The Shamokin Bank (The facts relating to this institution have been derived from a series of articles contributed to the Shamokin Herald by Dr. J. J. John) had its inception in 1854. At that date the town was at the height of its early prosperity. The railroad was in successful operation; several collieries had initiated coal shipments to distant points, and others were about to be opened; the furnace was in blast, and with a growing population it was apparent that banking facilities were necessary for the normal expansion of the business of the community.
The popular sentiment was formally expressed at a meeting of citizens at Weaver’s Hotel, when the first preliminary steps were taken, July 6, 1854. A second meeting was held, January 31, 1855; J. H. Zimmerman was twice elected to the legislature as a pledged supporter of the project, and through his efforts and those of David Taggart, State Senator, an act of incorporation was secured. May 15, 1857. The capital was placed at one hundred fifty thousand dollars, with the privilege of increasing it to double that amount. A meeting of the corporators was held on the 9th of June, 1857, with John Taggart, president, and W. P. Withington, secretary, at which committees were appointed to solicit stock.
Owing to the financial stringency of that year, their efforts were unsuccessful; and, not willing to permit the charter to expire, recourse was then had to other than local sources, and the firm of E. S. & N. Thayer, of Buffalo, New York, were induced to purchase fifteen hundred twenty shares of stock, for which they deposited seven thousand dollars in specie and twenty-seven thousand dollars in notes of the Tioga and Crawford banks. The charter was accordingly issued by Governor Pollock, January 18, 1858; on the 23d of that month the stockholders elected J. H. Zimmerman president, Daniel A. Kobinson cashier, and a Mr. Richardson teller. Shamokin was represented in the directory by W. M. Weaver, W. P. Withington, and Joseph Bird. Business was begun in the Bittenbender building, March 2, 1858.
Within a brief period the control passed from the Thayers to the Robinsons and from them to R. R. and J. Woods Underhill. In April, 1858, the affairs of the bank were investigated by a legislative committee, which reported interms of strong censure and disapproval. In order to make a creditable June statement, the Underbills placed five thousand dollars in specie in the vault with the intention of afterward withdrawing it, but in this design they were thwarted by the local directors.
About this time one Street induced the bank to issue twenty thousand dollars for him, promising to provide adequate collateral for its redemption; this he failed to do, and when the notes were presented to the Philadelphia correspondent for redemption, the funds for that purpose were soon exhausted. Inquiry developed the fact that eighty thousand dollars of the bank’s notes were in circulation, with but fifteen thousand to redeem it, and that a stock note of thirty-eight thousand dollars from the Underhills constituted a large part of the assets of the institution.
When they next visited Shamokin they were met by the local directors with a demand to substitute available funds for their stock note or assign all their interest to Stephen Bittenbender in trust. This they declined to do; and when it became known that they proposed leaving by the Trevorton Stage on the following morning, President Zimmerman secretly secured a locomotive, went to Sunbury, and as the result of his visit the sheriff arrested the obstinate magnates just as they were about to take their departure.
The bank was accordingly signed over to Mr. Bittenbender as trustee, the Underhills to have four weeks in which to redeem it by introducing sufficient funds to carry on the business properly. This they never did; and on the 11th of August, 1858, the requisite amount of stock having been subscribed, a reorganization was effected with the election of the following officers:
- President: J. H. Zimmerman;
- Cashier: Samuel John;
- Teller: Robert Underhill;
- Directors: Joseph Bird, William H. Marshall, William M. Weaver, Elias Eisenhart, George Schall, Felix Maurer, William Deppen, Elida John, H. J. Wolverton, William T. Grant, William Elliott, and Joseph Hoover.
The institution thus passed into local control. Its officers were businessmen of standing and means, and notwithstanding the incubus of previous bad management, confidence in its integrity was gradually restored. The first dividend, two and one half per cent., was declared in November, 1860. President Zimmerman resigned, September 27, 1858, and was succeeded by Felix Maurer; he died in the following year, and F. W. Pollock was elected to the position, November 30, 1859. Charles W. Peale succeeded Mr. John as cashier, November 30, 1859, and was followed in January, 1863, by Thomas C. Trotter, who was superseded by Thomas D. Grant in the following December. “Northumberland County” was substituted for “Shamokin” in the name about this time. On the 1st of February, 1865 it became a national bank, and as a State institution, after experiencing the scrutiny of several legislative committees and a variety of vicissitudes unparalleled in the financial record of this part of the State, the bank passed into history.
The Northumberland County National Bank
The Northumberland County National Bank was incorporated, February 1, 1865, with F. W. Pollock, president, and Thomas D. Grant, cashier: the latter was succeeded in April, 1865, by T. G. Bogle, who was followed in June, 1869, by F. S. Haas. In 1868-69, a three-story brick bank building was erected at the corner of Sunbury and Washington streets. The business was begun under favorable auspices, and the management for some years enjoyed the confidence and patronage of the business community. But in the financial stringency of 1877 it was compelled to suspend, and its affairs were placed in the hands of W. H. M. Oram as receiver. Its existence terminated with the business necessary to the distribution of its assets among it creditors.
The Miners’ Trust and Safe Deposit Company
The Miners’ Trust and Safe Deposit Company originated in a private banking house established in 1868 by Addison G. and J. C. Marr. Their office was on Shamokin street, in the Bittenbender building. Legislative incorporation was secured, May 18, 1871, the corporators being:
- John B. Douty
- Andrew Robertson
- Isaac May, Sr.
- Henry Guiterman
- Andrew Langdon
- Alexander Fulton
- Addison G. Marr
The authorized capital was two hundred thousand dollars, and business was begun with a paid-up capital of twenty-six thousand dollars. Andrew Robertson was president; Isaac May, Sr., vice-president; Addison G. Marr, cashier, and Withington Lake, teller. The bank erected the substantial brick building at the corner of Rock and Shamokin streets now occupied by the Shamokin Banking Company, and there its business was conducted until the 17th of February, 1877, when it suspended. Some months later Withington Lake was appointed assignee, and the final settlement of its affairs has been the source of considerable litigation.
The Shamokin Banking Company
The Shamokin Banking Company was incorporated by legislative enactment, May 24, 1871, with an authorized capital of one hundred thousand dollars. Conrad Graeber, Alfred J. Medlar, George W. Eyon, Charles F. Rahn, George McEliece, and Levi Huber, the corporators, organized on the 30th of June, 1871.
The first board of directors was elected, August 4, 1871, and was composed as follows:
- Levi Huber
- A. J. Medlar
- Charles F. Rahn
- Conrad Graeber
- George W. Ryon
- George McEliece
- Samuel John
- Charles P. Helfenstein
- A. A. Heim
- William H. Marshall
On the same day, George W. Ryon was elected president, Conrad Graeber, vice-president, and I. S. Huber, cashier. Business was commenced, September 4, 1871, on the east side of Sunbury street near the corner of Washington: the present banking building, at the northeast corner of Shamokin and Rock streets, was first occupied, March 28, 1879. Conrad Graeber became president, January 6, 1878; David Llewellyn, September 14, 1883, and George W. Ryon, the present incumbent, January 20, 1891. I. S. Huber, the first cashier, still retains that position. D. W. Heim, the present teller, is also the first person elected to that office. The paid-up capital, originally twenty-five thousand dollars, was increased to fifty thousand dollars, at which it has since remained, November 15, 1873. The surplus fund amounts to thirty-five thousand dollars.
The First National Bank
The First National Bank was organized, September 1. 1883, with Conrad Graeber, president; Alexander Fulton, vice-president: George C. Graeber, cashier, and a board of directors consisting of Conrad Graeber, Alexander Fulton, George C. Graeber, Isaac May, Sr., John Mullen, George Hack, and John S. Graeber. It was incorporated, September 12, 1883, and commenced business, September 17, 1883. The present banking building, a substantial brick and stone structure at the northwest comer of Sunbury and Rock streets, was first occupied in June, 1888. The following is a list of presidents since the organization of the bank: Conrad Graeber, Isaac May, Sr., and John Mullen. George C. Graeber has filled the office of cashier since his first election to that position. The present directory is composed of John Mullen, president; Andrew D. Robertson, vice-president; George C. Graeber, cashier; William C. Smith, Daniel Eisenhart, Charles A. Graeber, Martin Markle, and John Schabo. The present teller is Frederick Lorenz, who has filled that position since September, 1887. The capital is one hundred thousand dollars, and the surplus (October, 1890), forty-five thousand dollars.