Bank of North America, Philadelphia, PA (Charter 602)
Bank of North America, Philadelphia, PA (Chartered 1864 - Liquidated 1923)
Town History
Philadelphia is located in Philadelphia County, in the southeast corner of Pennsylvania. It is currently the sixth-most-populous city in the United States and the most populous city in the state of Pennsylvania. It is also the second-most populous city in the Northeastern United States, behind New York City.
A perspective from Girard's Talk of the Day, March 20, 1923. Before Lexington and Concord became historic spots in American history, two concerns were already making white lead in Philadelphia, and they were still at it. Wetherill was first in 1762. That was when the original Free Quaker, Samuel Wetherill, immortalized by Dr. S. Weir Mitchell in his novel "Hugh Wynn," was still a youth. Lewis came soon afterwards. Mordecai Lewis opened an account in the Bank of North America almost the first day after that mother of all American banks opened its doors, in 1782, and the account of John T. Lewis never lapsed there for over 142 years. It was a wonderful trio: oldest bank, oldest bank account, and a white lead maker 151 years in one family. Not long after that, Lancaster genius, William Henry, invented the screw auger. Job T. Pugh began to make augers in Philadelphia and the firm was still doing business 142 years later, only more of it. Pugh had turned out his first auger the year the First Continental Congress met here in old Carpenter's Hall. In the same year Robert Smith brewed his first glass of ale in Philadelphia and who knows, some of it may have "wet the whistles" of thirsty Congressmen. Not long after Cornwallis surrendered his army to Washington at Yorktown, Landreth's began to grow seeds here for general distribution. Mr. Landreth said that Thomas Jefferson had bought seeds from his ancestor to be planted on the Monticello estate. The trade of coppersmiths was started here by Ost the year after the fathers met in Independence Hall to write the Constitution of the United States, and still flourished. The year Washington came to Philadelphia as President of the new Republic, the Shryock paper business started and in that same year the Trotter tin business was born. In the book publishing world few names were known so widely as that of Lippincott. That firm began 131 years ago and was a year older than the Insurance Company of North America, the first concern in the United States to write a marine policy. But away back in French and Indian war days, that is to say 1756, the old Contributionship was first in America to insure against fire. Tyrons made guns for the soldiers in the War of 1812, and they were still doing business under the old name. Woolmans were in the milk delivery business for 119 years and Frishmuths passed their first century of tobacco manufacturing thirteen years ago. R.D. Wood, iron merchants; N. & G. Taylor, tin plate manufacturers; Hansel, the harness makers; Buckius, a dealer in meats; Johnson, a producer of ink, and many others which I have not space to enumerate appear in the list of centenarians. These are all concerns within the city. In nearby towns there are some famous concerns which long since celebrated their centennial. Du Ponts began to make powder at Wilmington 121 years ago, and out in Lancaster, Demuths were catering to those who liked snuff many years before that.
Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes.
Bank History
- Organized November 23, 1864
- Chartered December 3, 1864
- Succeeded Bank of North America
- Assumed 541 and its circulation by consolidation March 6, 1916 (NB of the Northern Liberties, Philadelphia, PA)
- Liquidated February 28, 1923
- Succeeded by Bank of North America & Trust Company, Philadelphia
The Bank of North America was the first commercial bank established in America, being approved by the Continental Congress in December 1781 and opening in 1782. The resolution of Congress on the 26th of May, 1781 was carried into execution by an ordinance of the 31st of December to incorporate the Bank of North America with a limit of $10 million in stock. It was founded by Robert Morris, a native of England, who early in life became a resident of Philadelphia. He was an enterprising and successful merchant and in order to assist the government, projected a bank which afforded immediate relief both to the army and the whole community. The first president was Thomas Willing, one of Morris' partners in business. The original capital was $400,000. By 1790, a new charter from the State of Pennsylvania narrowed the foundation of the institution to $2 million and questions arose as to the acceptance of the state charter as to be deemed a virtual surrender of the other. The U.S. Treasury Department considered the restriction of capital to $2 million to have rendered the bank inadequate to the task of a national bank. Treasury contemplated the establishment a new institution, concerned that the state charter was subject to expiration after 14 years and, the limit on capital would not promise the required aid to the Government, nor the requisite security to the community.
In August 1860, Thomas Smith, Esq. was elected president of the Bank of North America, in place of James N. Dickson who resigned due to ill-health. Mr. Smith, one of the board of Directors, was acting as president pro tem, for about two weeks prior to his election.
On January 8, 1861, the following gentlemen were elected directors: Thomas Smith, James N. Dickson, John M. Whitall, Charles S. Lewis, Henry Lewis, Jr., Morris L. Hallowell, David Scull, Israel Morris, James O. Pease, A.J. Lewis, James C. Hand, and John S. Brown. The next day the directors unanimously re-elected Thomas Smith, Esq., president. J. Hockley was the cashier.
By the spring of 1864, 344 national banks had been chartered with numbered titles, but the list did not contain many of the most distinguished and powerful banks in the country. Treasury Secretary Salmon P. Chase directed that all national banks use only numerical titles, (i.e., First, Second, Third, etc.), for banks in the same city. Chase realized his policy had to change to ensure that the oldest and biggest state banks would join the new national banking system. He accepted the proposal made by Hugh McCulloch, the first Comptroller of the Currency, to allow the word national to be inserted into a bank's existing title. The Bank of North America of Philadelphia steadfastly resisted even adding national to its title. Its president and directors insisted there was no need to modify its title. President Thomas Smith succeeded in demonstrating that the change in the case of the institution under his control not only would be ill-advised, but was quite unnecessary, as the bank had a national charter, and its original name had been conferred upon it by Congress. McCulloch conceded, so the bank was allowed to retain its original title, the only bank in the country to win such a favor.
In January 1880, the directors were Thomas Smith, Israel Morris, George W. Fiss, William G. Audenried, C.A. Griscour, Jacob P. Jones, Henry Lewis, Charles S. Lewis, John H. Michener, Lemuel Coffin, William B. Kempton, and Henry Winsor.
On January 9, 1883, the stockholders elected the following directors: Thomas Smith, James C. Hand, John H. Brown, Israel Morris, George W. Fiss, Wm. G. Audenried, Clement A. Griscom, Wm. Simpson, Jr., Jacob P. Jones, Charles S. Lewis, Henry Lewis, and John H. Michener. On the 11th, the following officers were elected: Thomas Smith, president; John H. Watt, cashier, A.P. Rutherford, notary; and John G. Johnson, solicitor. On April 30, the directors unanimously elected Charles S. Lewis president in place of Thomas Smith who resigned due to ill-health. Mr. Lewis was formerly engaged in the South America sugar trade, being a member of the firm of Samuel A. Lewis & Brother, and afterwards was engaged in the same business under Lewis & Dornan. He retired from business, but had been a director since 1859.
On January 14, 1902, the following stockholders were elected directors: John H. Michener, Israel Morris, Clement A. Griscom, Theo. C. Search, Richard H. Downing, Wm. D. Winsor, Robert K. McNeely, Charles H. Harding, Harry G. Michener, Lincoln K. Passmore, John P. Green, and William P. Henszey. On the 16th the directors elected the following officers: John H. Michener, president; John H. Watt, cashier; Samuel D. Jordan and William J. Murphy, assistant cashiers. John G. Johnson, Esq. was appointed solicitor and Alonzo P. Rutherford, notary public.
On January 9, 1923, stockholders elected the following gentlemen directors of the bank for the ensuing year: Lincoln K. Passmore, John P. Green, George Fales Baker, MD, N. Myers Fitler, Christian C. Febiger, J. Howell Cummings, W. Percy Simpson, Walter H. Rossmassler, Charles B. Dunn, Harry S. Ehret, Edward F. Henson, Theron I. Crane, Grahame Wood, W. Kirkland Dwier, Leonard T. Beale, Marvin A. Neeland, James D.C. Henderson, Walter Erben, E. Pusey Passmore, L.H. Kinnard. On the 11th, the directors unanimously re-elected E. Pusey Passmore, president; Richard S. McKinley vice president; and the following appointments were made: E.S. Kromer, cashier; William J. Murphy, Charles M. Prince, John W. Whiting, assistant cashiers; Owen J. Roberts, counsel; and John J. Rutherford, notary public.
On March 1, 1923 The Bank of North America and the Commercial Trust Company, now consolidated, announced the institution's new name of The Bank of North America & Trust Company with capital and surplus of $10 million and total resources of $60 million. The officers were John H. Mason, chairman; E. Pusey Passmore, president, C.P. Lineaweaver, R.S. McKinley, H.W. Stehfest, Samuel A. Crozer, and Mark Willcox, vice presidents; E.S. Kromer, cashier, Henry C. Gibson, treasurer, J. Watts Mercur, Jr., secretary; William J. Murphy, Harry E. Righter, Melissa Smith, Hugh F. Denworth, and J.H. Mason, Jr., assistant secretaries; and Charles M. Prince, Robert MacNeill, John W. Whiting, and John S. Adams, assistant treasurers. The Commercial Trust Co. was established in 1894 with headquarters in the Commercial Trust Building, City Hall Square.
Official Bank Title(s)
1: The Bank of North America, Philadelphia, PA
Bank Note Types Issued
A total of $11,233,060 in National Bank Notes was issued by this bank between 1864 and 1923. This consisted of a total of 1,288,448 notes (1,288,448 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 27350 Original Series 3x10-20 1 - 12580 Original Series 50-100 1 - 2300 Series 1875 4x5 1 - 25050 Series 1875 3x10-20 1 - 9900 Series 1875 50-100 1 - 2360 1882 Brown Back 4x5 1 - 35298 1882 Brown Back 3x10-20 1 - 17240 1882 Brown Back 50-100 1 - 2194 1902 Red Seal 4x5 1 - 23815 1902 Red Seal 3x10-20 1 - 17074 1902 Date Back 4x5 1 - 72330 1902 Date Back 3x10-20 1 - 53168 1902 Date Back 3x50-100 1 - 1180 1902 Plain Back 4x5 72331 - 87330 1902 Plain Back 3x10-20 53169 - 61868
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1923):
Presidents:
- Thomas Smith, 1864-1883 NOTE: a featured biography is available
- Charles Shallcross Lewis, 1883-1886
- John Hanson Michener Sr., 1887-1905
- Harry Gorgas Michener, 1906-1917
- Charles Henry Harding, 1918-1919
- Ellis Pusey Passmore, Jr., 1920-1922 NOTE: a featured biography is available
Cashiers:
- John Hockley, 1864-1869
- John H. Watt, 1869-1908
- Samuel D. Jordan, 1909-1915
- Edgar S. Kromer, 1916-1922
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Philadelphia (Wikipedia)
- General information on Philadelphia County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
- Bank of North America (Wikipedia)
Sources
- Philadelphia, PA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 20.
- Lewis, L. Jr., 1882, A history of the Bank of North America: J.B. Lippincott & Co., Philadelphia, PA, p. 153.
- Gazette of the United States, Philadelphia, PA, Sat., Jan. 15, 1791.
- Public Ledger, Philadelphia, PA, Tue., Aug. 14, 1860.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., Aug. 23, 1860.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 9, 1861.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 14, 1880.
- The Philadelphia Inquirer, Philadelphia, PA, Mon. Jan. 15, 1883.
- Carbondale Daily News, Carbondale, PA, Fri., Jan. 26, 1883.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., May 4, 1883.
- The Philadelphia Times, Philadelphia, PA, Tue., May 29, 1883.
- The Philadelphia Times, Philadelphia, PA, Sat., Jan. 18, 1902.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 12, 1923.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 1, 1923.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Mar. 20, 1923.