Banking began when someone had money to loan. Enterprising businessmen have, for years, loaned money from their home or place of business. J. W. Price loaned money out of his store during the early days of Allendale. Later his sons and others formed the First National Bank of Allendale. T. J. Shannon operated a merchantile business in Mt. Carmel during the 1850's, receiving his goods by steamboat one or two times a year. He also loaned money. Mt. Carmel's first bank was started by T. J. Shannon and Joshua Beall near the corner of Third and Market Streets.
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Old Landmark to Be
Building on Site of Proposed Filling Station One of Oldest in City
The old building at the northeast corner of Third and Market Streets which will be replaced by the proposed new service and filling station to be erected by the Standard Oil Company, is one of the old landmarks in the city. The building is the old Beall home and in pre-Civil War days was one of the finest residences in this section. W. P. Habberton recalls that when he came to Mt.Carmel in 1850 the building was the imposing residence of Joshua Beall, one of the wealthiest residents of the county. It was furnished fit for a king, he says, and was really a mansion. He recalls, too, that the building this side of the residence was once the home of a bank. Mr. Beall occupied the residence until his death and his remains were buried in Sand Hill Cemetery.
The Beall residence, and the Sears building, two squares north, on the present site of the new American National bank building, were two of the oldest buildings in the city. Both old landmarks will soon have passed.