The citizen. (Honesdale, Pa.) 1908-1914, 1912-08-02
The NATIONAL BANK ISSUES
BOOKLET
Tells About Wayne County's Oldest
Banking Institution I'm an In
teresting Manner.

Seventy-five Years in Banking"
booklet just published by the
Honesdale National bank, a history
of the life of that institution, throws
many lights on the banking business
in Northeastern Pennsylvania for the
past three-quarters of a century. 1t
tells in detail the growth of the
Honesdale National from a strug-
Cling small town bank to one of the
wealthiest financial institutions in
this part of the state, and gives
credit to the men who made that
growth and success possible. The
book was written in two periods
Edwin F. Torrey former cashier set
ting down the history Of the bank
from 1896 to 1886 and Lewis A.
Howell, a Scranton man and present
cashier, writing for the period from
1856 to 1911.
Mr.. Torrey, a late director OF the
bank, tells in the Fall and Winter
of 1885 and 1886, after the project
had been discussed for a long time,
application was made to the state
legislature for a charter, which was
granted on March IS, 1886, with an
authorized capital of 100000, the
1000 shares to be auctioned at not
less than their $50 par value, no
bidder to take more than twenty
shares on one bid, the money to be
paid in cash at once, and the state to
get a bonus of $4,000 and eight per
cent. of all dividends declared. The
stock was auctioned in Charles
Forbes hotel, and there were 1875
purchasers of the stock. The bank
began business Dec. 26, 1886, in the
little front room of the DR.. Charles
R. Brady house, still standing.
Richard l.. Seely was president and
John Neal, of the Moyamensing bank
of Philadelphia, was named cashier.
Mr.. Neal served as cashier until
1912 when he was succeeded by
Stephen d. Ward. In April, 1855,
the directors voted to increase the
stock to $15O,0OO. Mr.. Seely con-
tinued as president until his death
in 1863 when he was succeeded by
Zenas H. Russell.
The book sets forth the war record
of the bank. On April 20, 1861, the
institution gave $1,000 for the fam
lilies of Wayne's soldiers. A year
later $4,000 was subscribed to the
war loan. In August, 1862, the
bank forwarded 5000 to be paid to
the state for the purpose of paying
the wages of the soldiers. The bank
was also a liberal subscriber to all
the government loans. On Dec. /,
1864, the bank was nationaliZed.
The book sets forth the annual elec-
tions and changes in the director
ate, the steady growth and prosperity
until 1874 when Stephen D. Ward,
cashier for thirty-two years, died.
Mr.. Ward was succeeded by Edwin
F. Torrey, the writer of the book,
who was named cashier on Nov. 26
1874. In the seventies, several of
the original directors of the bank
died and the book contains the reso-
lutions adopted on their deaths. On
Jan. 10, 1878, the president, Zenas
H. Russell, resigned, owing to fail
ing health and Coe E. Young was
elected president, and Henry NJ.
Seely, vice-president. Four months
later, on May 13, 1878, Mr.. Russell
died.
On July 10, 1884, the bank de-
clared its fortieth semi-annual divid-
end of five per cent. and the state
ment of the cashier showed that in
100000 in dividends and had a
surplus OF $135,65O.49, had paid
$102,S6413 in state and national
taxes, making a total net earnings of
$S38,51362. In 1884 the charter of
the bank expired by limitation and
was extended until 1904. Closing
his part of the book Mr.. Torrey
points with pride to the record of
the preceding twelve years in which
the banks losses amounted to only
| $3.50, or little more than an aver
age of 81 a month.
Mr.. Howell takes up the writing
of the book from 1886 on, his writ
ing covering quarter of a century.
AS in Mr.. Torrey's work, success
marked the pathway of the bank.
1t was in 1889 that the first sad fact
is recorded, the death of President
Young, which occurred on March 23
that year in Georgia. On May 20.
1889, John Torrey was elected to The
presidency. On April 10, 1890,
Homer Greene was elected to the
board of directors to succeed E'ias
Stanton, who died a month previous
ly. Mr.. Howell relates how in Janu-
ary, 1891, the directors of the bank
decided to close the institution at
noon saturdays. Inc uedIn OF Ine
president, John Torrey, occurred in
March, 1894. Mr.. Torrey had been
a member of the banks first board
and his wisdom had much to do with
the success of the institution. On
March Is, Henry 2. Russell, now
president of the bank, was elected to
the presidency, and on September
"a in the same year committee was
named to look into the matter of
erecting a new banking house. On
Feb. 2, 1895, it was decided to erect
a bank building at Main and Eighth
streets, the present home of the
bank. a handsome structure of For
est City stone. On May 2S, 1896,
the bank began business in the new
home, and the first depositor was the
son of the president, Zenas Russell.
On Jan. II, 1892, the capital stock
| Of