Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-22
pITTSBURG'S FIRST BANKS.
The Earliest Banking Institutions In the
City and Their successors-HowB Business
Was Done Over so Years Ago.

SuCC8040E8-
Was Done Over so Years Ago.
WRITTEN FOR THE DIsPATcR.1
The origin of banking in Pittsburg, though
dating back no earlier than the memory of few
still living, appears to be clouded in myth. II
is true that the Bank Of Pittsburg is the oldest
banking institution still doing business. This
bank has on its Corinthian front "a. D. 1sI0.'i
Under its present title it dates back to the War
of 1872
Pittsburg dates its birth back to the close of
the Revolutionary War, 17s4. when Stephen
bayard and Isaac Craig plated the original
town outside Of the Fort, and named it after
the great Chatham. From 17S4 to 1903 the little
aged to run its affairs without brokers' office
or Dank. In the latter year the Bank OF Penn
sylvania at Philadelphia, looking for new
worlds TO CONQUER, established branch In
f1ttsDurg, and sent out as It's representatives
gentleman named Smith to act as cashier, with
John Thaw, father of the late William Thaw,
as Dookkeeper. John Thaw was at no time
Deen stated several times lately, but was the
original bookkeeper of the first banking in
stitution organized in this city.
The First Banking Building.
The first location of the Pittsburg branch Of
the Bank of Pennsylvania was on Second ave-
nue., between Ferry street and Chancery lane.
and its sign said, "Office of Discount and De-
posit." This bank accommodated Pittsburg's
public from 1903 to 1877. In the latter year the
Bank of the United States made arrangements
to enter the field by establishing branch here.
AS the Bank Of Pittsburg had previously been
pioneer banking institution thought there was
no room here for third bank, they concluded
TO pool their issues with the new conner, and
the Branch Bank of Pennsylvania became the
Branch Bank of the United States, with George
Poe as cashier and John Thaw as bookkeeper.
Poe was succeeded in course of time by James
Coney, who, according to old timers, was a
thoroughly dighifed banker of the old school.
Early in the thlr..es the Branch Bank of the
United States erected the building now occu-
pied by the Mechanics National Bank on
that place. The building was for a number Of
years occupied as the residence Of Cashier
Coney as well as bank.
When Specie Was Scarce.
The hard times which, during President
Jackson's second term, led up to and culmi-
mated in the panic of 1887, brought the pioneer
bank into deep waters, and there was no resur-
rection for it. Old timers, who remember the
year 1887, say that money was never so precious
and rare as then. Nearly all Pittsburgs trade
trading with the tailor and the halter with the
shoemaker. and money transactions were few
and far between. In that time of specie FAM
inc the original bank terminated its career
with heavy loss to all concerned.
The Mechanics Bank, though occupying the
old building, cannot be called the successor of
the pioneer banking institution, as number
of years had elapsed from the time of the de-
mise of the latter until the organization of the
former. In the interval the building had been
used as restaurant and brokers' office.
When John Harper. cashier of the Bank Of
Pittsburg, entered that bank in 1882 as book
keeper John Thaw occupied the same position
In the building over the way, and at that day
these were the only two banking institutions
OF the city. J.H Y.