Copyright USGenNet Inc., 2026 All Rights Reserved USGenNet Data Repository Please read USGenNet Copyright Statement on this page: Transcribed and submitted by Linda Talbott for the USGenNet Data Repository http://www.us-data.org/ =========================================================================== USGenNet Data Repository Notice: These electronic pages may NOT be reproduced in any format for profit or presentation by any other organization. Non-commercial organizations desiring to use this material must obtain the consent of the transcriber prior to use. Individuals desiring to use this material in their own research may do so. ============================================================================= Formatted by USGenNet Data Repository Chief Archivist, Linda Talbott All of the above information must remain when copied or downloaded. ============================================================================= History of Clarion County, Pennsylvania Edited by A. J. Davis Pub. D. Mason & Co., Syracuse, N.Y. - 1887 [p. 651-653] RITTS, JOHN V., a son of MR. ELIAS RITTS, one of the leading pioneers, and an estimable and successful business man of Clarion county, was born in St. Petersburg, in the year 1852. His early life, outside of school days, was devoted to agricultural employ- ments on one of his father's farms. He received an academic edu- cation, and afterwards entered the Iron City Commercial College, at Pittsburgh, Pa. His aptitude and studious habits won for him not only class honors, but the esteem of the faculty and patrons as well. Upon his graduation he was tendered, without solicitation, a special professorship in book-keeping and banking in the insti- tution, which he accepted and filled with marked ability for nearly two years. Desiring to complete a classical education, he deter- mined to enter Yale College and resigned his position, notwith- standing persistant efforts made to induce him to remain perma- nently in the faculty of the Iron City Commercial College. But fate determined otherwise, and the crisis was precipitated by the discovery, development, and large production of petroleum in territory contiguous to St. Petersburg. The necessity of bank- ing facilities was soon apparent, and resulted in the establlish- ment of the St. Petersburg Savings Bank, in the year 1872. Its organization was effected by the election of the officers named: HON. JNO. W. HAMMOND of Erie, president; HON. JNO. FERTIG, of Titusville, vice-president; and CHARLES HORTON of Erie county, cashier. Young RITTS, who was then not twenty years old, was called home, and assumed charge of the books and accounts. The business rapidly increased, and within a year he was promoted by the unanimous vote of the board of directors, to fill the vacancy occasioned by the death of the then cashier. The original stockholders, in obedience to the demand, established additional banking houses at Foxburg and Turkey City. The business at the St. Petersburg bank exceeded the most sanguine expectations of the parties in interest, and re- quired the employment of several assistants. During the years 1876 and 1877 the price of oil advanced from below one dollar to four dollars and twenty-five cents per barrel. Deposits increased in proportion until the amounts exceeded seven hundred thousand dol- lars daily. The resources of the "Boy Cashier" responded to this volume of business, which culminated in a daily aggregation in excess of one million of dollars. This immense business continued down to the year 1878, when the owners of the three banks mentioned con- ferred on MR. RITTS the honorable and responsible post of general manager of their banks. After the first few years the personal attention of the stockholders, who were non-residents of the county, gradually decreased until after the year 1878, their visits were limited to the semi-annual dividend periods, and they recorded on the minute books of the banks resolutions attesting their approval of all the efforts made by MR. RITTS to advance the welfare and prosperity of the several banks, and expressing their personal regard for his integrity and ability in management. Certainly few men of his age in the State were ever more rapid in advancement, more implicitly relied on by the commercial community, or more deserving of that advancement and reliance. After these years of prosperity the oil production declinded in Clarion county, and active operations were transferred to the Bradford and Richburg regions. Many of the bank's largest customers removed, but con- tinued their banking business with MR. RITTS. The Turkey City and Foxburg banks were disposed of, and subsequently the stock in the St. Petersburg bank was purchased by ELIAS RITTS, J. V. RITTS, C. H. MARTIN, J. J. ASHBAUGH, S. FOUST, W. S. BLAKSLEE, and others, and ELIAS RITTS was elected president, J. V. RITTS continuing as cashier, and C. H. MARTIN assistant cashier. The retiring share- holders expressed their satisfaction with the result of their financial ventures, and indorsed the high reputation of their cashier for business knowledge, justice, and economy. Prior to this time MR. RITTS became largely interested in the field production of oil in the upper oil districts, and having opportunities to sell, disposed of the greater part of his in- terests, realizing a handsome competency. He is yet extensively engaged in producing oil in Pennsylvania and Ohio. Enterprises of importance were constantly seeking his advice and co-operation. In railroad interests he was identified with the Foxburg, St. Petersburg and Clarion Railway (now the Pitts- burgh and Western) as its treasurer, and was for many years a director of the company, and was also treasurer of the Foxburg, Kane and Bradford Railroad; a large stockholder in the Parker, Karns City and Butler Railroad, and in the Parker Bridge Com- pany, and secretary and treasurer of the Foxburg and St. Peters- burg Turnpike Company. He was interested in, and assisted in organizing, the follow- ing banks: the Eldred Bank; First National Bank, of Salina, Kan- sas; Seaboard National Bank, New York; Dallas National Bank, of Texas; Meridian National Bank, of Mississippi, and the Keystone Bank, of Pittsburgh. None of the banks mentioned in Clarion county were involved in unsuccessful litigation, and their per centage of uncollectable assets was the lowest average known in the history of banking. The counsel retained for the banks were HON. THEOPHILUS S. WILSON, now president judge, HON. GEORGE A. JENKS, solicitor-general of the United States, and JOHN W. REED, whose successors are REED & WILSON. In the year 1884 the St. Petersburg Bank had hundreds of thousands of dollars loaned out, principally on oil collaterals, and when the financial panic of that year caused a rapid and ruinous decline in the price of oil, the safety of the institution seemed endangered, and it was deemed prudent by the management to withhold general payments for two months; at the end of that period business was resumed, and has continued uninterruptedly in the usual way. During this time it was fully developed that MR. RITTS was possessed of an energy which no ordinary impediment could re- sist, and an ambition that difficulties only served to strengthen. In August, 1882, he was united in marriage to IRENE C. BLAKSLEE, daughter of the late W. Z. BLAKSLEE, of New York City, an amiable and accomplished lady. Their conjugal relations have been most happy, and the union blessed with two lovely and intersting children. For the past fifteen years MR. RITTS has been a member and officer of the Methodist Episcopal Church. To this, as to all other Christian churches in the neighborhood, he has been generous, and his liberal contributions have established a record that has endeared his name and acts as worthy of emulation. ===============================================================================