Chestnut Street NB, Philadelphia, PA (Charter 3723)
Chestnut Street NB, Philadelphia, PA (Chartered 1887 - Receivership 1898)
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.
Philadelphia is one of the oldest municipalities in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. It grew on the steep banks of the Delaware River into a hub of international trade and monetary influence. The royal post-office was established in this city by Franklin. Mail would pass uninterrupted from Crown to Republic, the one royal department which did so. The Colonies used the old expresses and mail routes leading up to and through the revolution. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 in Carpenters' Hall, and the Constitution at the Philadelphia Convention of 1787 in Independence Hall.
Philadelphia was the second Capitol after New York City during George Washington's presidency. On April 2, 1792, the United States Mint opened its doors here with David Rittenhouse, former treasurer of Pennsylvania, the first director. The American Philosophical Society was the first scientific society in the land and still meets in the hall Franklin secured for it. Former townships and boroughs of Bristol, Richmond, Kensington, Germantown, Manayunk, Northern Liberties, Southwark, to name a few, were consolidated into Philadelphia in 1854 which then occupied all of Philadelphia County.
During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. Its highest population was 2,071,605 in 1950, and the current population is estimated at 1,584,064 (2019).
Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes.
Bank History
- Organized June 9, 1887
- Chartered June 14, 1887
- Receivership January 29, 1898
In May 1887, the Chestnut Street National Bank was in its temporary office at No. 826 Chestnut Street under the Continental Hotel.
On retiring from the office of Governor, Mr. Robert E. Pattison resumed the practice of law with W.S. Stenger, secretary of the commonwealth during his administration. In July 1887, he was elected President of the Chestnut Street National Bank. In 1887 President Cleveland tendered him an appointment as auditor of the treasury, which he declined, but shortly afterward consented to serve as Pacific Railway commissioner. He was made president of the commission, traveled from the Atlantic to the Pacific, took thousands of pages of testimony and wrote the minority report.
In September 1887, the officers were Robert E. Pattison, president; Wm. M. Singerly, vice president; William Steele, cashier. Directors were Robert E. Pattison, Horace Geiger, Thomas Bradley, Isaac Cooper, M.W. Lipper, Benj. P. Obdyke, John L. Lawson, William M. Singerly, Edward A. Greene, Benj. A. Van Schaick, George J. Ziegler, Jr., Mahlon Artman, John Simmons, James H. Windrim, and James M. Jeitles. The bank had capital of $500,000 and was on the northwest corner of Chestnut and Tenth
On Saturday, June 1, 1889, the Chestnut Street National Bank moved into the handsome quarters prepared for it in the new building erected by the Union Trust Company on Chestnut Street, which were as complete and elaborate as any banking institution in the city. A trust and safe deposit branch was added to the banking business and located in the rear of the building. Entrance to the new quarters was made through a curved vestibule, running into a broad dome formed of frosted crystals. It was 188 feet long, 80 feet wide with a height of 85 feet from floor to ceiling. Glazed tiles of a new and novel pattern were used for wainscoting and the floor was laid with Mosaic tiles. The banking enclosure was in the center with avenues on either side. All the fixtures and furniture were of solid mahogany. Above the counter were partitions of plate glass set in oxidized silver frames, and all the screens and grills were of oxidized silver. A large vault stood half way back in the enclosure. Polished granite was used in its construction and it was highly ornamental. It contained two compartments, each fitted with heavy steel doors, with combination time locks. The vault was built by the Marvin Safe Company at a cost of $40,000. On the east side was the president's private office and in the rear was the enclosure for the trust department, to which were attached two rooms, partitioned off into private apartments for use by renters of safes. There was also a directors' room, and all of the apartments were luxuriously fitted up and supplied with modern conveniences of the most approved design. A fully-equipped kitchen and dining room was located on the third floor and the basement contained, besides the heating, electrical and ventilating apparatus, closets for use of the clerks and two large vaults for storing silver.
In January 1891, Governor-elect Pattison resigned the presidency and William M. Singerly was elected his successor. The prosperous condition of the institution and of the Chestnut Street Trust and Saving Fund Company, an outgrowth thereof, attested to the Governor's ability as a financier. On January 13, 1981, the directors elected were: Robert E. Pattison, William M. Singerly, Horace Geiger, Thomas Bradley, Isaac Cooper, M.W. Lipper, Benjamin P. Obdyke, John L. Lawson, Edward A. Greene, Benj. A. Van Schaick, George J. Ziegler, Jr., John Simmons, James M. Jeitles, Allen B. Rorke, and Charles A. Porter. William M. Singerly was president, Isaac Cooper, vice president; and William Steele, cashier.
On January 12, 1897, stockholders elected the following directors: Wm. M. Singerly, Isaac Cooper, Benj. P. Obdyker, Benj. A. Van Schaick, John Simmons, James M. Jeitles, Chas. A. Porter, Walter T. Bradley, and George J. Ziegler, Jr. On the 14th the directors unanimously re-elected William M. Singerly, president and Isaac Cooper, vice president. William Steele was cashier.
On December 23, 1897, the Chestnut Street National Bank suspended business and was in the hand of the National Bank Examiner, William M. Hardt. William M. Singerly, editor and publisher of the Philadelphia Record was president of the bank and of the Chestnut Street Trust and Saving Fund Co., an allied institutions heavily involved in the difficulties. At the same time the Trust and Saving Fund Company with offices in the same building announced a suspension of operations. According to Comptroller of the Currency, Eckels, the primary cause of the failure was due to the shrinkage in the value of bonds and notes of the Singerly Pulp and Paper Mills, located at Elkton, MD. The capital of the bank was $500,000 and its deposits aggregated to about $1,700,000 and its surplus about $150,000. Mr. Eckels had been to Philadelphia several times recently trying to make arrangements by which the pulp and paper mills securities could be taken out of the assets of the bank and preferred stock of the Philadelphia Record Company substituted. Since the bank had taken the pulp and paper mills securities, paper had fallen in price from 10 cents a pound to less than 2 cents and the securities had depreciated in proportion. The Philadelphia Record owned by President Singerly was a valuable property paying about 5% annually on about $5 million in capital stock.
By January 1, 1898, Deputy Comptroller of the Currency Coffin reported more than a two-thirds majority of depositors and shareholders of the Chestnut Street National Bank and the Chestnut Street Trust and Saving Fund Company approved the plan for the voluntary liquidation of the affairs of the two institutions, devised by Messrs. George H. Earle, Jr., and Richard Y. Cook, the assignees of the trust company. As the result of a conference between Assignees Earle and Cook, Bank Examiner Hardt, Deputy Comptroller Coffin and President Singerly, a committee of Bank Presidents was selected to consider any amendments which may be offered by depositors to the plan of liquidation presented. The committee of Bank Presidents chosen, and each of the gentlemen had expressed his willingness to serve, were a follows: B.B. Comegys of the Philadelphia National Bank; George Philler of the First National Bank; Samuel K. Shipley of the Provident Life and Trust Company; William F. Harrity of the Equitable Trust Company; and N.W. Ayer of the Merchants National Bank. This committee would look after the interests of depositors and consider all amendments to the plan which may be submitted.
In December 1898, William Steele, former cashier of the wrecked Chestnut Street National Bank, of Philadelphia, was sentenced by Judge Butler, in the United States District Court, to six years and six months' imprisonment and $300 fine. At the trial, Steele showed conclusively that he never profited one cent by his dubious transactions, that he simply obeyed orders of the late Mr. Singerly. Had he refused; he said he could not live if were deprived of his salary, and could not have secured employment in any banking or mercantile institution were he to be discharged. Further, he believed Singerly rich enough to pay up all overdrafts and excessive loans were he so disposed and that the authorities at Washington knew of Singerly's overdrafts and winked at them. Believing in the end all would turn out well, Steele made false reports and then swore they were correct.
On Sunday afternoon, December 18, 1898, William M. Singerly died suddenly at his residence, 1701 Locust street, Philadelphia. Heart disease was the immediate cause of death. Mr. Singerly had been suffering for about ten days from a cold and had remained at home since last Wednesday, although his indisposition was in no way serious. While sitting in his bedroom smoking a cigar he was seized with a violent fit of coughing and immediately afterward fell over dead. In the room at the time were Mr. Singerlys grand-daughter, Miss Mabel Singerly Meredith, and two servants. His son-in-law, James S. McCartney, had left a few moments before the sudden end came, leaving Mr. Singerly apparently in good health, apart from his slight cold. The physicians said that they had frequently cautioned Mr. Singerly that his heart was weak as a result of excessive smoking, and of late his custom was to take a dry smoke. On Sunday, however, his cigar was lighted and it was thought that the smoke brought on the coughing spell, the severity of which ruptured a vessel of the heart. Mr. Singerly left a daughter, Mrs. E. Singerly Balch, who was at the time touring in Europe. William M. Singerly was proprietor of the Record Publishing Company, President of the Chestnut Street National Bank and the Chestnut Street Savings Fund Trust Company, which recently had collapsed. He was also President of the Singerly Pulp and Paper Mill. He was a member of the Fairmount Park Commission and until lately its treasurer, and a trustee of the Philadelphia Commercial Museum. He was born in Philadelphia on December 27, 1832, and, with the exception of a brief period in his early manhood, when he conducted a commission business in Chicago, had lived in Philadelphia ever since. His father, Joseph Singerly, was one of the originators of the street railway system of Philadelphia, and William returned to Philadelphia to assume the management of the Germantown passenger Railway Company. In 1877, he bought the Record, then a comparatively feeble journal, and brought it to its present standard of excellence. In 1887, upon the retirement of Governor Pattison from office, Mr. Singerly took an active part in establishing the Chestnut Street National Bank, of which the ex-Governor became the first President. Upon Mr. Pattison being called a second time to the Governorship of Pennsylvania, Mr. Singerly succeeded him as President of the bank and also President of the Chestnut Street Savings Fund and Trust Company. In seeking relaxation from the cares of business Mr. Singerly had for many years taken keen interest in farming and stock raising. His herds of Holstein cattle at his large farm at Gwynedd in Montgomery county, were famous for years; and he was also owner of the Elkton stock farm, near Elkton, Cecil County, Maryland. Mr. Singerly was always an active Democrat. In 1894 he was unanimously made the Democratic candidate for Governor of Pennsylvania and entered with great energy into the campaign speaking in nearly every county in the State. In all he made over seventy speeches in upholding the cause of Democracy. The normal Republican majority was too great to be overcome, and his competitor, General Hastings, carried off the prize. During the National campaign he supported the Palmer and Buckner ticket, making a number of speeches in Pennsylvania, Delaware, and Maryland. He also took an active part in forming the Pennsylvania Bankers Association. Financial misfortune overtook Mr. Singerly during the last few months of his life when, on December 23d last, the Chestnut Street National Bank and Trust Company were compelled to close their doors. Messrs. Earle and Cook were made assignees of the Trust Company and managers of a plan looking to the liquidation of the affairs of both institutions. Mr. Singerly promptly turned over to them every personal asset he possessed, including his interest in the Record. Since then a receiver had been appointed for the bank and the affairs of it and the trust company were in process of settlement.
In June 1900, ex-cashier Steele had been employed in helping to keep the books of the Eastern Penitentiary and was in better physical condition than when he parted with the outside world. He had plenty of air and exercise and had steadily improved. Few petitions more influentially signed have gone to the President of the United States asking pardon than the one presented in Steele's case. It was signed by a great number of business and professional men of Philadelphia, by State Legislators and city lawmakers, bankers and brokers, editors and clergymen. It impressed Attorney General Griggs because of its powerful character, and to Mr. McKinley the brief statement of grounds for favorable action was sufficient to warrant executive relief. The strongest point, in his behalf was that he did not profit to the extent of a dollar, that he simply obeyed the orders of the highest authority in the concern, and that he either had to do this or retire. President McKinley commuted the sentence of William Steele to 18 months. This made Mr. Steele a free man on June 19.
In February 1901, The Quaker City National Bank bought the property at 721 Chestnut Street. The purchase was made through the real estate department of the Girard Trust Company. It was understood, however, that neither the creditors of the Chestnut Street Bank nor of the Chestnut Street Saving Fund benefited by the sale, as the property was seized by the Powers estate immediately after the failure under foreclosure of a mortgage of $100,000. The price paid was about $110,000 to the Powers estate. The property on which the building stood was originally occupied by the old Masonic Temple and was purchased by Mr. Singerly when the Temple was removed to Broad and Filbert streets. He erected the Temple Theatre on the ground, and when this structure was destroyed by fire, he had the present building built.
Mr. Earle's successful management as receiver of the defunct Chestnut Street National bank and the Chestnut Street Trust Company, resulted in the depositors of the former institution receiving virtually all that they had deposited, while those of the trust company got back a large percentage of their money.
Official Bank Title(s)
1: The Chestnut Street National Bank of Philadelphia, PA
Bank Note Types Issued
A total of $181,250 in National Bank Notes was issued by this bank between 1887 and 1898. This consisted of a total of 10,808 notes (10,808 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 1882 Brown Back 4x5 1 - 1770 1882 Brown Back 3x10-20 1 - 535 1882 Brown Back 50-100 1 - 794
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1887 - 1898):
Presidents:
- Robert Emory Pattison, 1887-1890 19th Governor of Pennsylvania from 1883-1887 and 1891-1895.
- William Miskey Singerly, 1891-1897
Cashiers:
- William Steele, 1887-1897
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)
Sources
- Philadelphia, PA, Wikipedia, https://en.wikipedia.org/wiki/Philadelphia,_Pennsylvania
- 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. 27.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., May 21, 1887.
- The Philadelphia Times, Philadelphia, PA, Thu., Sep. 15, 1887.
- The Philadelphia Times, Philadelphia, PA, Tue., May 28, 1889
- The Philadelphia Times, Philadelphia, PA, Thu., May 30, 1889.
- Wilkes-Barre Times Leader, the Evening News, Wilkes-Barre, PA, July 30, 1890.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 16, 1891.
- The Philadelphia Times, Philadelphia, PA, Sat., Jan. 17, 1891.
- The Philadelphia Times, Philadelphia, PA, Mon. Jan. 18, 1897.
- The Philadelphia Times, Philadelphia, PA, Fri., Dec. 24, 1897.
- The Semi-Weekly New Era, Lancaster, PA, Sat., Jan. 1, 1898.
- The Union Leader, Wilkes-Barre, PA, Fri., Dec. 23, 1898.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 15, 1900.
- The Somerset Herald, Somerset, PA, Wed., Mar. 28, 1900.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., June 5, 1900.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Feb. 26, 1901.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Feb. 28, 1901.
- Harrisburg Daily Independent, Harrisburg, PA, Wed., Aug. 29, 1906.