Chapter Three of A Century of Saving Dollars 1855-1955: Being the True and Unusual Story of How The Dollar Savings Bank Pioneered in Making Thrift Practical for Pittsburghers, Compiled from the Bank Records and the Recollections of Trustees and Employees by William T. Schoyer.
"The elegant new banking house...surpassed in permanence, symmetry
and beauty by no public edifice in any American city"--contemporary
newspaper comment.
Today not everyone would agree with the superlatives
once lavished on The Dollar Savings Bank building on Fourth Avenue. Yet
despite what appear to modern eyes as the extravagances of a bygone
architectural style, this is no negligible building. Its fancy stonework
clothes the basically classic lines with a sort of baroque
grandeur--compelling respect and placing it among unforgettable
Pittsburgh landmarks.
This is scarcely accident. The Trustees, while not planning for the ages,
meant the new structure to last and to stand for something. They placed
the stone lions at its gates as symbols of
guardianship of the people's money. They thought of the lofty columns as
bespeaking the institution's high aims. They began talking about it in
1860; and, before they were through, few business structures had received
so much thought. The Dollar Savings Bank's building became a part of its
history.
Although the Civil War postponed original construction plans, the
board attempted to get down to brass tacks before the shooting stopped.
As early as March 10, 1865, "The committee appointed to select a suitable
building lot for erecting thereon a banking house" reported that they had
examined two locations. "It was resolved to purchase one situated on
Fourth St. near Smithfield St. opposite Wilkin's Hall fronting on Fourth
St., 60 ft. and extending back 85 ft., price $12,000."
Later that year a building committee of six was appointed, comprising
"the President, Secretary, Treasurer and such other members of the Board
of Trustees as the President may select preparatory to the erection of a
bank building." From these records President Albree emerges as the
driving force for the new structure. While he did not remain in office to
see it completed, the Fourth St. home represents in part his contribution
to Dollar. A few additional words are appropriate about this notable
Pittsburgher.
Born in 1802 in Massachusetts (another state where mutual savings banks
had been notably successful), he joined the U. S. Navy as a cabin boy. He
drew a lifelong pension ($3.00 a month) for injuries received in the
service. In 1829 he migrated to Pittsburgh. Outside of business, his
weather observations, preceding the U. S. Weather Bureau, gave Pittsburgh
its official weather records from 1845 to 1872; and he also acted as
local meteorologist for the Smithsonian Institute. He took a leading part
on the Board of Commissioners who erected the County workhouse, and gave
much time to prison matters, being a member of the National Prison
Association. He was an organizer of the Third Presbyterian Church and
author of numerous religious essays, including a series in reply to the
famous atheist Ingersoll.
Such was the vigorous, well-rounded personality who, with Mr. Colton, now
turned to preparing a home for the bank's future. But a familiar postwar
setback occurred on December 29, 1865, when the board voted to postpone
"the building of the banking house on account of the high price of
materials and workmanship."
Next year the expedient of erecting one of two twin banking buildings
with Peoples National Bank was explored--but came to nothing.
Then in January, 1867, without explanation, the minutes carry this
statement: "The building committee recommended the postponement of the
building of a banking house for the present." The cause may be surmised
from a special meeting called the following month to inform the Trustees
that their young organization faced a severe internal crisis. President
Albree revealed that some funds of the bank had been embezzled. The board
voted to arrest an implicated employee who had been engaged during the
wartime expansion. Fortunately the discovery was made in time to avoid
serious loss. Constructively, basic reforms in bookkeeping and other
safeguards resulted, strengthening the system so fundamentally that, for
the eighty-eight years from that day to the present, the bank has
operated with perfect internal security.
Several precautions taken may be noted. After installations of the new
system, its practical operation was painstakingly rechecked by a special
committee. The members reported in November, 1867:
"The Committee appointed to recommend what changes they deem advisable in keeping the books respectfully report...the system recently adopted...is cordially approved. The system seems thorough, exact, and well guarded....No changes are recommended...except that they think it would be as well if the Secretary have charge of the general ledger and also have a general supervision of the books of the Bank to see that they are properly and punctually kept up. We also think that during bank hours, either he or any of the other chief officers...should occupy a desk in the deposit or general business room, when in the bank and not otherwise engaged."It was further recommended that the auditing committee secure "the aid of a competent and thorough bookkeeper and accountant to aid in their semiannual examination of the books."
On September 4, 1868, after lengthy discussion, the building design
submitted by Isaac H. Hobbs & Son, architects, Philadelphia, was
adopted. Next month the taking of bids for the excavation and foundation
began. At long last, on January 10, 1869, after nine years of delay, the
board unanimously resolved: "That an arrangement be made to build a
banking house during the present year." Spring and summer saw most of the
subcontracts let and the excavation done. The building was on its way.
At this juncture the President stepped down as of October 1, 1869. With
the institution well established and its new home begun, he felt his job
done. As the board memorialized at his death in 1880: "Mr. Albree...the
first President...gave the bank all the benefit of his high standing in
the community for business capacity and strict integrity at a time when
(its) future was ill-assured, was trembling between failure and success,
and required...the name of such a man...at its head.
"He never regarded the bank as a mere money-making machine, but as an
eminently beneficial institution, which if successfully conducted, would
exert a most powerful influence for good."
James Herdman, succeeding him as President, carried on the task
energetically. Architect Hobbs (to whom the building owes its general
stylistic concept) oversaw all construction personally, with the building
committee carefully double-checking every step. As one peruses the long
committee proceedings, stretching into years, one feels that Mr. Hobbs
very well earned his fee.
Some interesting details emerge from these minutes. As from time
immemorial, building costs substantially rose above the first estimate
($120,000) to $190,000. The major item of expense proved to be the
brownstone front and marble work, in itself costing $102,000, and
executed by William Gray, also of Philadelphia. The lions he provided
remain among the
best-known sculptural figures in the city. The sculptor of these was Max
Kohler, as explained in the following note to the bank by a grandson:
"I have questioned my father, William P. Kohler, Senior, 634 Vermont Street, Glassport, Penna., and he tells me that his father, Max Kohler, did carve the lions on the site. It seems that because of the difficulty in transportation and weight lifting back in those 'good old days' such work was always done on the job rather than in a studio."The building committee followed every stage of the work with meticulous attention to pennies, nails, and hours. They awarded the painting contract at 40% off book prices (standard rate of the time). Some contractors, including the excavator, they disallowed part of their billings. Others were highly praised, and some granted an increase over bids, as in the cases of the plasterer and the counter screen contractors.
In March, 1871, came the proud hour when the officials could occupy
the new structure, consisting of the great central section of the
present, expanded building. The bank's appearance at that time is
pictured in Mr. Hobbs' sketch at the opening of this volume [not shown].
Two wings were added about the turn of the century and since World War II
a further section has been opened through to Smithfield Street. During
all changes, however, the essential character of the original design has
remained.
Impressive for size alone among contemporary structures, the new building
made an immense impact on the community to judge by a description in the
Daily Gazette shortly after the opening. The article, quoted in
part below, reveals how this showpiece of the Golden Triangle appeared to
contemporaries and explains some of its details:
"We are now, by the courtesy of the architects...enabled to give an
accurate description of the noble structure, surpassed in permanence,
symmetry and beauty by no public edifice in any American city," begins
the writer, limbering up for a flight of language almost as ornate as the
building.
"Its quiet repose and grandeur...excites awe in the mind of the beholder;
the more we contemplate its grace of outline and beauty of proportions,
the more this sentiment...is awakened in us. Intrinsic and abiding
beauty, unlike the fleeting fashions of a day, always command our
admiration.
"The style of architecture is Roman Corinthian or Composite," he
continues, answering a question many baffled passers-by must have asked
themselves, "with many added liberties" (we don't have to know Roman
Corinthian to agree with him there).
Now for some mechanical details: "The steps are 20 feet long, most of
them composed of a single stone....The base...designed to protect the
brown stone from the action of frost, is a pink Quincy granite from the
vicinity of Boston. The facade of Middlesex quarrystone, Connecticut, has
four columns attached to pilasters, and the frieze and cornice break
around them.
"At the feet of the columns are two colossal brown stone lions, one of
them couchant, the other recumbent, fit emblems in their calm repose, of
dignity, strength, watchfulness and security.
"The doorway, is 21 ft. 6 inches high by 10 ft. 10 inches wide, and the
pilaster jambs terminate in two finely sculptured caryatides on whose
heads rest foliated caps supporting the entablature....In the center is a
gigantic gold type dollar....The carved walnut doors...are second to but
one pair (at Washington) in the country...."
The bank's interior emerges from the faded newspaper column as
resplendent with early Victorian style. "The main banking room is 38 ft.
by 60 ft., and 35 ft. high, and presents a lofty and grand appearance. It
is lighted by ten windows...of large plate glass." And, the latest in
modern conveniences, "They are furnished with shutters and rolling
blinds, worked by Hobbs' new blind-roller, which is neat, out of sight,
and makes them easy to clean....Between the windows are pilaster columns
with marble bases and foliated caps....
"The floors of the main banking room, vestibule and hall are of
tesselated, black and white marble.... Three light brackets from each
pilaster and a 24-light chandelier light the room. The marble
counter...is one of the handsomest in the country....the screen is of
black walnut, with French veneering, ebony beads and plate glass panels.
It has three circular head-holes for tellers. The counter...has circular
corners, and the plate glass...is bent to match (a rare achievement!)"
The writer locates the President's and cashier's rooms as to the rear
of the main banking salon, "furnished with marble mantels and low
grates." On the second floor are the Directors and document rooms,
reached by steps "of black walnut supported on iron horses." The main
newell post on the stairs is surmounted by "a bronze figure with gas
jet."
"The vault, which is quite a quarry, is built of stones 24 by 24 inches,
and most of them 13 ft. long, lapping at the corners and clamped with
iron. The inside is...built on a brick arch 2 ft. thick, laid in cement,
with iron and flagging floor. For extra security there is provided a
burglarproof safe weighing 23,000 pounds, which cost $8,000...the
largest, most complete and costly in the city.
"Below stairs is a kitchen which also does duty as the clerks dining
room....The ceiling of the main cellar is composed of three barrel brick
arches...supported on piers running the length of the room, and looks as
solid and enduring as the crypts we read of....
"...The foundation was sunk 18 ft. below the pavement, and on the right
hand side rests upon the slope of the ancient 'Hog Pond,' the massive
blocks of Allegheny stone so interwoven as to make one of the best and
most substantial of foundations...."
Such was the very latest in Pittsburgh banking accommodations in 1871. It
had been a big job for Dollar's officers and Trustees; yet the time and
effort were not begrudged, for they had builded well, and the work would
not have to be done again for many generations.
"President James Herdman," the same article comments, "is a younger man
elected to the duties of that office, which as the new banking house was
to be erected were sure to be more laborious than usual....He has devoted
much of his time and energy to the careful supervision of the work....He
makes withal, a most capable, efficient and obliging presiding officer,
every way fit to be...head of the Bank, always, however, deferring to the
experience and judgment of its veteran Cashier (Mr. Colton).
"All arrangements and appointments of the Bank are now very complete,"
the Gazette concludes. "Its Trustees and officers deserve and
possess the public confidence in the highest degree."
