Evening star., 1934-09-02
National of Washington Has
Distinguished Record,
Oldest in Capital.
CLAY AND WEBSTER LEFT
FUNDS IN SAFEKEEPING
Institution Made Loan to Treas
ury When Government Faced
Crisis After War of 1912.
BY EDWARD C. STONE.

the Capitals Oldest bank, which was
organized in 1903, will be 125 years
old this week. with justif1able pride
the event will be noted next Tuesday.
In that remarkable span of years a
most fascinating history has been
woven about the institution. Cele-
brated statesmen have intruSted their
funds to its safekeeping, perhaps the
most distinguished being Henry Clay
and Daniel Webster, who deposited
their money in the bank during those
stirring times when their speeches
were rocking the Nation.
One of the earliest loans on record
made to the United States Treasury
was negotiated by the institution's s
directors when the Government faced
bankruptcy after the War of 1912.
Many years later the doors were
closed for two days following the
assassination of President Lincoln,
and the bank went into mourning
for a month.
In July, 1916, the banks directors
subscribed to $50, 1000 of the capital
stock of the famous Bank of the
United States. On June II, 1917, the
bank considered a communication
from the mayor Of Washington and
voted a loan "for leveling the streets
around the Capitol square," only a
short distance from where the bank
then was located.
Founded September 4, 1909.
Linked with the early history of
Washington are the names of those
~ cioT1nd fhn orfiaIac 0f
forming a banking co-partnership on
September 4, 1909. Among the signers
appear the names of Daniel Carroll of
Duddington, William Cranch, Thomas
Law, Robert Brent, Samuel N. Small
wood, Frederick May, Daniel Rapine,
Franklin Wharton, Joel Barlow, Sam
uel H. Smith, William Prout, James
s. Stephenson, Joseph Forrest and
George Blagdon. The capital stock
was to be 81 100000, in shares Of $40
each.
The first meeting Of the Stockhold-
ers was held on September 13, 1909,
when IL directors were elected The
directors were practically the same al
the initial signers, Daniel Carroll be-
ing the first president and Samuel
Eliot, jr, cashier. The bank first was
located on New Jersey avenue, "be-
tween B and C streets south" A charter
was obtained from Congress and the
new bank was incorporated on March
3, 1911, and the charter accepted
March S.
The first meeting Of the directors
was held in Lang's Hotel. In 1912 the
annual stockholders meeting took
place In Cooldge's Hotel.
Roger c. Weightman, who, with E.
B. Caldwell and Charles Carroll of
Bellview, was elected a director in
1918, was elected Mayor of Washing
ton in 1924 and reelected in 1926. He
resigned this distinguished position in
1927 to become cashier of the bank,
taking the place Of william A. Brad
ley, resigned Other early directors
were equally illustriouS.
Most alluring are the host of his
torical references brought to light in
the banks records preserved for more
than a century in the vaults. These
minutes state that on August IA, 1914
the British captured Washington and
on the morning of that day Mr.. Brad
ley removed all the effects of the
bank to Brookville, Nd, where they
remained until September g."
The banks Of New York, Phila-
delphia and Baltimore having sus-
pended specie payments, the banks OF
the District on September Is, 1914
resolved to do likewise, these institu'
tions at that time being the Bank OF
Alexandria, Bank of Columbia, Bank
of Washington, Union Bank o1
Georgetown, Mechanics Bank OF
Alexandria, Bank Of Metropolis, and
Farmers 81 Mechanics Bank OF
Georgetown.
The minutes add that Washington
remained the seat of Government
after the British burned the Capitol
White House and Executive Depart
ment buildings, only because of the
patriotism of the citizens of the Dis
trict Of Columbia backed by the money
of It's young banks" When President
James Madison assembled Congress
the Treasury was empty and the only
banks in the Union then in existence
to offer financial aid were those in the
District. The offer of a loan o1
$500,00O caused the defeat of the
party of Capital Removers," the
Bank of Washington subscribing
$4,000 to that loan.
Aided Alexandria Sufferers.
In 1916 the bank subscribed fol
$4,000 of the capital stock Of thu
Bank of the United States. Another
generous act in the banks early his
tory was recorded in January. 1927
when the directors ordered $500 to bt
sent to the mayor of Alexandria tt
be distributed among the indigen
sufferers from the late fire" In Jan
uary, 1929 the bank moved from
Capitol Hill to the National Hotel, Oh
Pennsylvania avenue near Sixth street
and in 1881 bought the present loca
ton. on Seventh street at G ant
Louisiana avenue, for the sum o
$4,000. The lot then was occupied
by three-Story brick structure, which
remained there until 1889, when tn
present structure was erected.
The minutes of the bank on Angus
rs, 1885. announced that a ''majorit.
Of the board was absent to witneS
the ceremony of the opening of tn
Baltimore g. Washington Railroad
June IT, 1845, the directors resolves
Gen. Andrew Jackson, deceased, lat
President OF the United States, "thi
bank shall not be opened this day.
On April %. 1861, the president wa
authorized to employ an additiona
watchman at night during the presen
excitement"
OF dramatic, as well as historic, i'm
portance are the minutes of April is
1865, recording the following resou
tons:
Resolved, That we have heard Will
profound regret of the death of Presi
dent Lincoln by the hands of an as
sassin last evening, and. while we re
gret this murder as disgraceful t
civilization and shocking under a
circumstances, we deplore the loss q
the President at this critical perio
in our political history and unite wit
our fellow citizens and the world /
this bereavement.
Resolved, That as a mark of re
spect this bank be closed this day an
the day of the funeral and that Ii