Chatham NB/Chatham and Phenix NB, New York, NY (Charter 1375)
Chatham NB/Chatham and Phenix NB, New York, NY (Chartered 1865 - Liquidated 1915)
Town History
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Since the publication of our notice of the Park Bank few days ago [1855] which we learn is to be located on the east side of the Park, we have been induced to make some observations as to the need of another bank, and the result we give our readers, which we think proves conclusively the wisdom and foresight of the directors of that institution in thus locating. The principal business of our city is done on the east side of the town, or east of Broadway, and it is only within a very few years that any considerable amount of business has been done in that portion of the city lying below Chambers Street and west of Broadway. As it is, taking the territory comprised between Chambers and Dey streets and west of Broadway, it will be found that a large portion is yet devoted to private dwellings, boarding houses, etc., and with the exception of few blocks near Broadway filled with dry goods jobbers The trade is generally of retail character and comparatively light; while on the other hand that portion of the city lying east of Broadway, and between John and Chambers Streets, is geographically larger, comprising much more space, and is filled nearly solid with heavy business houses to the East River, including within its limits almost whole departments of trade, such as heavy shipping houses, nearly all the large importers of iron, steel, tin and hardware, all the paper commission warehouses, the entire leather interests, dealers in stoves and castings, heavy storage warehouses, nearly all the principal newspaper establishments, and most of the large printing and publishing houses, and it may be stated, without the fear of successful contradiction, that there is at least four times the amount of business done on the east side, within the territory named, than on the west side. Now how do matters stand as to banking facilities, on either side, within the two districts named? To answer that query we will give a list of the banks, with their aggregate capitals. The banks on the west side of Broadway, bounded by Chambers and Dey streets, are the Merchants' Exchange Bank, North River Bank, New York Exchange Bank, Ocean Bank, Irving Bank, Grocers' Bank, Broadway Bank, Importers' and Traders' Bank, Chemical Bank, and the Shoe and Leather Bank. The banks on the east side of Broadway between Chambers and John Streets are the Mercantile Bank, Seventh Ward Bank, Fulton Bank, Market Bank, Nassau Bank, and the Chatham Bank. Thus showing ten banks on the west side with an aggregate capital of $6,115,000, against six banks on the east side, with an aggregate capital of but $3,700,000. New York Daily Herald[3]
New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes.
Bank History
- Organized June 21, 1865
- Chartered July 1, 1865
- Succeeded Chatham Bank
- 2: Assumed 1374 by consolidation on March 28, 1911 (Phenix NB of the City of New York, NY)
- 2: Liquidated September 18, 1915
- 2: Consolidated with 10778 (Chatham and Phenix National Bank, New York, NY)
- 2: Circulation assumed by 10778 (Chatham and Phenix National Bank, New York, NY)
- Notation on Organization Report: Exception #5
In December 1850, a new bank had been started in New York City called the Chatham Bank. Ex-Alderman Drake was president.[5] Elias G. Drake was formerly of the West Fire Insurance Company. Mr. A.B. Hays, formerly cashier of the North River Bank would be the new cashier. The capital was $300,000.[6] The bank would commence business on Thursday, February 20, 1851, at the corner of Chatham Square and James Street. The directors purchased the lot in Chatham Street on the corner of Duane, fronting Chambers Street for about $28,000 with plans to erect a suitable building. The following were the directors: Charles R. Swords, Daniel R. Hall, William A. Brown, John B. Dunham, Charles J. Shepard, John Coger, Jr., Egbert Scudder, Geo. B. Whitfield, Abram Duryee, Cornelius Poillon, John B. Dunham, Wm. L. Conklin, Benj. W. Merriam, Henry W. Sill, John Leveridge, and Elias G. Drake.[7]
On Monday, November 5, 1860, the following gentlemen were elected directors for the ensuing year: Nathan'l Hayden, Wm. K. Belcher, Benj. W. Clapp, Geo C. Collins, Wm. L. Coaklin, Jos. M. Cooper, Thos. Davenport, Thos. Woodward, John B. Dunham, Benj. W. Merriam, Alfred L. Rowe, Chas. J. Shepard, Chas. Sanford, Geo. Opdyke, and O.W. Woodford. The directors unanimously re-elected Nathaniel Hayden president. O.H. Schreier was cashier.[8]
The Chatham National Bank of New York, 182 Broadway, received its charter on July 1, 1865, with Nathaniel Hayden, president; Joseph M. Cooper, vice president; Osmond H. Schreiner, cashier; and Mason Young, notary public.[9]
On Thursday, April 18, 1889, Elias G. Drake died at his home in Scarsdale. He was an old New York merchant, bank director and politician, and consequently well-known. He was an ardent member of the American Party, and in 1844-45 he was a member of the Board of Aldermen and at one time a candidate of the American Party for Mayor. Then he became a Whig, and later a Republican. Many years ago he was President of the New York Fire Department. It was nearly thirty years ago he retired from active business and went to his farm in Scarsdale where he since lived quietly. He was a widower with a son and four daughters who survived him. He was the son of John Drake, a well-known New Yorker and formerly an Alderman of the city. He was also one of the Electors for John Quincy Adams. The deceased was the first President of the East Side Savings Bank, and he remained a Trustee of it up to the time of his death. He was one of the founders of the Chatham National Bank and also its first President.[10]
For more than sixty years, the Chatham National Bank ministered to the needs of mercantile New York and also looked after the interests of hundreds of correspondents throughout the country. From the day of its organization as the Chatham Bank in 1850 it had been preeminently a businessman's bank. In 1860, five years before a Federal charter was secured, the Chatham Bank located on the corner of Broadway and John Street directly opposite the Corbin Building occupied in June 1889. Just prior to 1870, it erected the building at 196 Broadway which was occupied until larger quarters were completed in 1889. The Chatham's original capitalization of $150,000 had never been changed, but according to its statement in 1911, the surplus had increased to $1,000,000. There was in the Chatham National the most cordial feeling between customers and members of the official staff. From president down to teller, this plane of equality was maintained and much of the success achieved by the bank during its long career could be attributed to this very thing.
In August 1910, Louis G. Kaufman, a progressive Michigan banker, was selected as president to succeed George M. Hard who retired to become chairman of the board. Mr. Kaufman's reputation as a banker was made in his native state of Michigan. It was there when 19 years of age he entered the employ of the Marquette County Savings Bank as a messenger. Since 1917, he had been directing the affairs of the First National Bank of Marquette, Michigan, and continued even after receiving his call from New York. Mr. Kaufman served in all position of the Marquette County Savings Bank, exhibiting such aptitude that in 1898 he was made cashier-manager. He went to the First National Bank of Marquette as vice president in 1901 and was elected president in 1906. He was an active worker in the American Bankers' Association and a member of the executive council, having served as president of the Michigan Bankers' Association. He was an expert judge of commercial paper and had for several years looked after the purchase in the East of securities for a number of Western Banks.[11]
The most important consolidation of banking interests in 1910 was the amalgamation of the Fifth Avenue Trust Company, the Morton Trust Company and the Guaranty Trust Company. In the last month of the year, two old and well-known banks united--namely the Chatham National Bank and the Phenix National Bank.[12]
On Tuesday, January 10, 1911, directors of the Chatham National Bank were re-elected and Frank S. Witherbee, president of Witherbee, Sherman & Co., and Horace E. Andrews, president of the Mohawk Valley Co., were added to the board. The annual meeting of the Phenix National Bank was postponed until January 24th at which time it was understood the merger would be consumated.[13] In March 1911, the following directors of the Chatham and Phenix National Bank were elected following the recent merger of these two banks: George M. Hard, chairman of the board; Louis G. Kaufman, president; Frank J. Heaney, William H. Strawn, and Alfred M. Bull, vice presidents; Bert L. Cadmus, Norborne B. Gatling, Walter B. Boice, and Henry C. Hooley, assistant cashiers. Among the directors of the old Phenix National who would become directors of the merged bank were August Belmont, Pierre S. du Pont, E.H. Gary, and Frederick D. Underwood.[14]
In January 1912, changes in the directorate included the retirement of Adrian H. Joline, William B. Conrad, and George Coffing Warner and the election of Ellis P. Earle, Albert A. Tilney and Richard H. Higgins.[15] On February 11, 1912, Louis G. Kaufman authorized a statement that interests closely identified with his institution had arranged to merge the business of the Jefferson and Century banks under an enlarged organization, the capital stock of which had already been over-subscribed. The name would be the Century Bank of New York and after taking over the $8 million deposits of the Jefferson Bank and the present Century Bank, it would have a net cash capital and surplus of $1,000,000. The New York State Banking Department had approved of this move with two thirds of the stock holdings of each bank having already sanctioned the action of the boards of directors. There would be no change in the business located at the headquarters of the Jefferson and Century banks and all the officers would remain with the new organization. L.G> Kaufman would be chairman of its executive committee and ten of the directors of the Chatham & Phenix would go on the board giving full control to these interests. H.L. Crawford, president of the Century Bank would continue as president of the new organization. S.D. Scudder, president of the Jefferson Bank said that the move had been in contemplation for some time. Mr. Scudder stated that both he and Mr. Radt would remain as vice presidents and serve the old Jefferson Bank depositors. Mr. Devlin, cashier of the Jefferson Bank, was selected as cashier of the new institution.[16]
In February 1913, the directors were Horace E. Andrews, president, N.Y. State Railways; August Belmont, August Belmont & Co.; Daniel J. Carroll, president, Alberene Stone Co.; Harden L. Crawford, President, Century Bank of New York; P.S. Du Pont, Treas., E.I. Du Pont de Nemours Powder Co.; Desmond Dunne, president, Desmond Dunne Co.; Ellis P. Earle, president, Nipissing Mines Co.; O.G. Fessenden, Hayden W. Wheeler & Co.; Elbert H. Gary, chairman of the board, U.S. Steel Corp.; H. Stuart Hotchkiss, vice president and treasurer, L. Candee Rubber Co.; John M. Hansen, president, Standard Steel Car Co.; Parmely W. Herrick, Cleveland, Ohio; George M. Hard, chairman of the board; Frank J. Heaney, Everett, Heaney & Co.; Richard H. Higgins, vice president; Franklin S. Jerome, President, First National Bank, Norwich, Conn.; Edward E. Loomis, president, D.L. & W. Coal Co.; William A. Law, vice president, First National Bank, Philadelphia, Pa.; Frank R. Lawrence, counselor-at-law; Wade H. Marshall, president, American Locomotive Co.; John Ringling, Ringling Bros.; Edward Shearson, Shearson, Hammill & Co.; Henry F. Shoemaker, New York City; Charles A. Starbuck, President, N.Y. Air Brake Co.; Sanford H. Steele, president, Gen'l Chemical Co.; Albert A. Tilney, Harvey Fisk & Sons; Fred'k D. Underwood, president, Erie Railroad Co.; John D. Vermeule, president, Goodyear Rubber Co.; Samuel Well, Samuel Well & Son; Joseph H. Wright, president, U.S. Finishing Co.; and Louis G. Kaufman, president. The Officers were George M. Hard, chairman; Louis G. Kaufman, president; Frank J. Heaney, Richard H. Higgins, William H. Strawn, and Alfred M. Bull, vice presidents; Bert L. Haskins, cashier; Henry L. Cadmus, Norborne P. Gatling, Walter B. Boice, and Henry C. Hooley, assistant cashiers. As of February 4, 1913, the bank had total resources of $27,645,329.93, with capital $2,250,000; surplus and undivided profits $1,293,469.87; circulation $1,167,197.50, and deposits of $22,934,662.56.[17]
On Thursday, January 14, 1915, final details were concluded for the taking over of the Mutual Alliance Trust Company by the Chatham and Phenix National Bank. Directors of the trust company met in the offices at 35 Wall Street and approved the terms of the merger which were not made public. Following the consummation of the merger, preparations were immediately begun to move the deposit accounts of the trust company to the Chatham and Phenix Bank at 192 Broadway and by midnight $10,000,000 in cash and securities had been transferred. The amount of deposits added to Mr. Kaufman's institution was nearly $8,000,000. The two branches of the trust company, one located at 266 Grand Street, the other at Lenox Avenue and 116th Street were turned over by the Chatham and Phenix Bank to the Century Bank which was controlled by the same directors. This was the fifth large merger brought about by Mr. Kaufman. One of the most important was the bringing of the Phenix National Bank into the Chatham National Bank in 1911. Mr. Kaufman stated that at the next board meeting, James H. Parker, who was president of the Mutual Alliance Trust Co., and W.O. Allison, would be made directors. When Mr. Kaufman took the presidency of the Chatham National Bank five years ago, the deposits were only $7 million and now they amounted to more than $32 million. Frank V. Baldwin, vice president of the trust company, would hold a similar position with the merged institutions.[18]
In April 1901, the stockholders of the Century Bank with capital of $100,000 and a surplus of $65,000, with privilege to increase the capital to $200,000, was situated on Broadway at its junction with West End Avenue, near 106th Street. Directors elected were John D. Crimmins, William F. Clare, Edmund Dwight, Jr., Wilbur C. Fisk, Frank T. Fitzgerald, Granville, W. Garth, J. Aspinwall Hodge, Jr., Frederick R. Hutton, Isaiah Jospehi, Louis A. Lehmaier, Vincent Loeser, William Lummis, Samuel McMillan, Donald Mitchell, Andrew Patterson, and E.P.S. Wright. The directors elected Donald Mitchell, president, and Edmund Dwight, Jr., vice president.[19]
Official Bank Titles
1: The Chatham National Bank of New York, NY
2: The Chatham and Phenix National Bank of New York, NY (2/23/1911)
Bank Note Types Issued
A total of $8,565,100 in National Bank Notes was issued by this bank between 1865 and 1915. This consisted of a total of 1,044,930 notes (1,044,930 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 1: Original Series 4x5 1 - 8300 1: Original Series 3x10-20 1 - 5000 1: Original Series 50-100 1 - 300 1: Original Series 500-1000 1 - 10 1: Series 1875 4x5 1 - 5870 1: Series 1875 3x10-20 1 - 4770 1: 1882 Brown Back 4x5 1 - 16520 1: 1882 Brown Back 3x10-20 1 - 3955 1: 1882 Brown Back 50-100 1 - 1045 1: 1902 Red Seal 4x5 1 - 3325 1: 1902 Red Seal 3x10-20 1 - 2470 1: 1902 Date Back 4x5 1 - 19000 1: 1902 Date Back 3x10-20 1 - 13100 2: 1902 Date Back 4x5 1 - 102965 2: 1902 Date Back 3x10-20 1 - 75280
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1915):
Presidents:
- Nathaniel Hayden, 1865-1873
- Joseph Marin Cooper, 1874-1876
- George Melville Hard, 1877-1909
- Louis Graveraet Kaufman, 1910-1915
Cashiers:
- Osmond H. Schreiner, 1865-1869
- George Melville Hard, 1870-1876
- Henry P. Doremus, 1877-1907
- William H. Strawn, 1908-1910
- Bert Lacy Haskins, 1911-1915
Other Known Bank Note Signers
- Alfred Millard Bull, Vice President 1911...1913
Bank Note History Links
- Chatham NB/Chatham and Phenix NB, New York, NY History (NB Lookup)
- New York Bank Note History (BNH Wiki)
Sources
- New York, NY, 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
- ↑ The Bankers' Magazine, Vol. 82, Jan. - June 1911, p. 140.
- ↑ The Bankers' Magazine, Vol. 82, Jan. - June 1911, pp 142-3.
- ↑ New York Daily Herald, New York, NY, Thu., Dec. 27, 1855.
- ↑ New-York Tribune, New York, NY, Fri., Feb. 14, 1851.
- ↑ The Evening Post, New York, NY, Sat., Dec. 14, 1850.
- ↑ The Evening Post, New York, NY, Tue., Jan. 7, 1851.
- ↑ The Evening Post, New York, NY, Wed., Feb. 12, 1851.
- ↑ The New York Times, New York, NY, Fri., Nov. 9, 1860.
- ↑ The Bankers' Magazine, Vol. 20, July 1865 - June 1866, p. 966.
- ↑ Yonkers Statesman, Yonkers, NY, Sat., Apr. 20, 1889.
- ↑ The Bankers' Magazine, Vol. 82, Jan. - June 1911, pp 141-143.
- ↑ New-York Tribune, New York, NY, Mon., Jan. 2, 1911.
- ↑ New-York Tribune, New York, NY, Wed., Jan. 11, 1911.
- ↑ The Sun, New York, NY, Sat., Mar. 4, 1911.
- ↑ New-York Tribune, New York, NY, Wed., Jan. 10, 1912.
- ↑ The New York Times, New York, NY, Mon., Feb. 12, 1912.
- ↑ The New York Times, New York, NY, Fri., Feb. 7, 1913.
- ↑ New-York Tribune, New York, NY, Fri., Jan. 15, 1915.
- ↑ The New York Times, New York, NY, Fri., Apr. 19, 1901.