History

Streets of Washington is the brilliant blog covering some of DC’s most interesting buildings and history written by John DeFerrari. John is also the author of the equally brilliant Lost Washington DC. ‘Streets of Washington Presents…’ will feature some fascinating buildings and history from around PoPville.

The former home of the Equitable Co-operative Building Association at 915 F Street NW, completed in 1912, is a small but eminently distinguished bank building. One glance at the facade dominated by four great Ionic columns, and you know what type of business operated here. What’s less obvious is that this was a uniquely progressive financial institution, meant to help the “little guy” save money, and it was founded by one of Washington’s most prominent and civic-minded citizens, John Joy Edson (1846-1935). The unique building—designated as an historic landmark both for its exterior and main banking room—has survived years of neglect as a nightclub and is currently being rehabilitated for retail use by the Douglas Development Corporation. It will be the site of the D.C. Preservation League’s 41st annual gala fundraiser on April 26, 2012, where attendees will have a unique opportunity to enjoy the beautiful former banking room inside.

The Equitable Building in 2010. Photo by the author.

Equitable was founded in 1879 by a group of leading citizens, including John Joy Edson, who would become its president in 1893. It was one of the first such associations to be founded in Washington. The intent of these small institutions was to encourage ordinary people to save money and also to make it easier for them to purchase homes by making loans on better terms than traditional banks offered. Members would “subscribe” to one or more shares of the association, pay modest monthly dues on those shares, and receive dividends in return as well as access to low-rate loans.

John Joy Edson, circa 1903. Source; Library of Congress.

Edson, Equitable’s leading light, was born in Jefferson, Ohio, in 1846. His family later moved to New York City, where in 1861, at the age of 15, he enlisted in the 61st New York Infantry (he said he was 19). He fought with the Army of the Potomac in several major Civil War engagements, including the Battle of Fredericksburg, where he was wounded. He was taken to the Armory Hospital on the Mall in Washington and discharged in March 1863. Once out of the army, he got a position as a clerk in the Treasury Department and went to school at night, earning a law degree from Columbian College (now George Washington University). In 1875 he went into practice as a patent lawyer and also began his involvement in banking, participating in the organization of several institutions, including Equitable in 1879 and the Washington Loan & Trust Company in 1889. He became president of Washington Loan & Trust in 1894, a year after assuming the same position at Equitable.

Washington Loan & Trust was the first trust company in the city and for many years the largest. It built and occupied the huge Romanesque Revival structure on the southwest corner of 9th and F Street, NW, across the street from Equitable. In running the two institutions, Edson had both the power and prestige of the large savings and loan company as well as the good karma of the smaller cooperative association across the street.

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