Citizens NB of Hagerstown,MD/Citizens NB of Washington,DC (Charter 1893)

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The Citizens National Bank stood directly opposite the U.S. Treasury at 615 Fifteenth Street. The building was erected in 1863 by Jay Cooke and occupied by the First National Bank of Washington, District of Columbia.[1]

Citizens NB of Hagerstown, MD / Citizens NB of Washington, DC (Chartered 1871 - Liquidated 1904)

Town History

An 1873 advertisement for the Citizens' National Bank of Hagerstown, Maryland. A $100 Legal Tender Note with March 10th, 1862 script date is depicted.
An 1873 advertisement for the Citizens' National Bank of Hagerstown, Maryland. A $100 Legal Tender Note with March 10th, 1862 script date is depicted.[2]

Hagerstown, MD

Hagerstown is a city in Washington County, Maryland and the county seat of Washington County. The population of Hagerstown city proper at the 2020 census was 43,527, and the population of the Hagerstown metropolitan area (extending into West Virginia) was 269,140. Hagerstown ranks as Maryland's sixth-largest incorporated city and is the largest city in the Panhandle.

Hagerstown had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.

Washington, DC

Washington, D.C., formally the District of Columbia, also known as just Washington or simply D.C., is the capital city and federal district of the United States. It is located on the east bank of the Potomac River, which forms its southwestern and southern border with Virginia, and it shares a land border with Maryland on its other sides. The city was named for George Washington, a Founding Father and the first president of the United States, and the federal district is named after Columbia, a female personification of the nation. As the seat of the U.S. federal government and several international organizations, the city is an important world political capital. It is one of the most visited cities in the U.S. with over 20 million annual visitors as of 2016.

Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

Charter 1893--The Citizens National Bank of Hagerstown, Maryland with authorized capital of $50,000, paid in capital $35,000, and A.R. Appleman, president; and John Van Lean, cashier; authorized to commence business October 18, 1871.[3]

On December 15, 1873, Mr. Hamilton of Maryland introduced a bill authorizing the removal of the Citizens National Bank of Hagerstown to Washington.[4]

On January 29, 1874, in the House of Representatives, Mr. Phelps from the Banking Committee reported a bill authorizing the Citizens National Bank of Hagerstown to change its location to Washington City, with an increase of capital from $50,000 to $200,000, and to change its name to that of the Citizens National Bank of Washington, District of Columbia.[5] Mr. Merriam (NY) opposed the bill because he was opposed to the removal of banking capital from the country to the large cities, and because of a the fact, perhaps astonishing to many in the House, that no tax was paid upon banking capital in the District of Columbia beyond the trifling license tax of 50 cents on every $1,000 of capital stock.[6] In April in the Senate, the bill was passed--yeas 29, nays 14 and by May 1874 it had passed both Houses of Congress.[7][8] The affairs of the Citizens National Bank were presided over by Jacob Tome of Port Deposit, Maryland, a wealthy man who possessed sound financial judgement.[9]

A sketch of North Dakota Senator William N. Roach with his signature.
A sketch of North Dakota Senator William N. Roach with his signature. Courtesy of the U.S. Senate Historical Office

On September 7, 1902, in New York City, William Nathaniel Roach, former Senator from North Dakota, succumbed to cancer after a nine month battle. Ex-Senator Roach was born in Washington, DC, in 1840. He was educated at Georgetown College and during the war was a clerk in the Quartermaster's Department. He became cashier of the Citizens' National Bank of Washington in 1874. In 1879 he went to Dakota where he became prosperous as a farmer. In 1885 he was elected to the Territorial Legislature. From 1883 to 1887 he was mayor of Larimore, and twice he was the Democratic candidate for governor. He was elected to the United States Senate in March, 1893, and had scarcely taken his seat before his connection with the Citizens' National Bank was discussed in the newspapers. It was charged that he had embezzled $64,000 of the funds of the institution and had fled the City of Washington. It was further specified that $25,000 of that sum had been paid to the bank by his bondsmen; that $16,000 had been realized from some property which had belonged to him, and that the balance had never been made up to the bank. Senator Hoar of Massachusetts, introduced a resolution providing for an investigation of these charges. The affair became practically a party question and was never acted upon, Senator Roach's friends declaring him innocent. Senator Roach served out his term, and in 1899 married, as his second wife, Mrs. V.E. Pollock.[10]

Photo of Frederick Charles Stevens, New York State Senator (1903-1906), President (1893-1902) of the West End National Bank (1893-1902), Citizens' National Bank (1903-1904), and The Commercial National Bank (1905-1909), Washington, District of Columbia. President of the First National Bank, Parsons, KS (1890).
Photo of Frederick Charles Stevens, New York State Senator (1903-1906), President (1893-1902) of the West End National Bank (1893-1902), Citizens' National Bank (1903-1904), and The Commercial National Bank (1905-1909), Washington, District of Columbia. President of the First National Bank, Parsons, KS (1890).[11]

In January 1903, stockholders re-elected the following directors: William A. Church, H. Bradley Davidson, Charles Jacobsen, William S. Knox, John H. Moore, Allison Nailor, Jr., Cuno H. Rudolph, T.M. Roessle, Jackson H. Ralston, Hugh Reilly, N.H. Shea, Frederick C. Stevens, William A. Wimsatt, Charles P. Williams and Walter R. Wilcox. The officers were also re-elected as follows: Frederick C. Stevens, President; John H. Moore, first vice president; N.H. Shea, second vice president; and R.A. Chester, cashier.

On March 19, 1903, a meeting was announced for the directors of the Citizens' National Bank to be held in the bank building, on 15th street between F and G Streets recognizing the recent change in the ownership of the stock by the election of representatives of the new ownership on the board. A majority of the stock was owned by Mrs. Annie E. Johnson, the widow of E. Kurtz Johnson, the latter for many years the president of the bank. The entire holding of Mrs. Johnson had been acquired, together with such other blocks of stock as would give the necessary two-thirds control. The purchasers were: Mr. Frederick C. Stevens, president of the West End Bank; Mr. John H. Moore, the vice president; Messrs. H. Bradley Davidson, Charles P. Williams and R.A. Chester, directors, and others interested in the West End Bank. According to the plans, the consolidated bank would be located in the building of the Citizens' Bank. Mr. Frederick C. Stevens would be the president of the new concern and Mr. John H. Moore, vice president. The capital of the bank would be $500,000 instead of $300,000, and the surplus increased to $300,000. Stock would be reissued and 12 shares of the new stock would be issued for ten of the old on the basis of a valuation placed on the Citizens' stock of $200 per share. The assets of the West End Bank would be purchased by the Citizens' Bank and seven shares of the new stock would be issued for ten shares of the West End stock on a basis of $140 per share for the latter. After the merger the building occupied by the West End bank would be sold. Since the death of Mr. E. Kurtz Johnson, the head of the bank was Mr. E.S. Johnson, a brother of the former president. The latter was in bad health, as was also the cashier, Thomas E. Pearsall, and this change would relieve them from their arduous duties. The West End National Bank commenced business at the corner of Pennsylvania Avenue and 18th street on January 7, 1889, but two years later removed to its present location 1415 G Street. Mr. William R. Riley was the first president. He was succeeded by Mr. Frederick C. Stevens, who continued in that position, and would be at the head of the consolidated bank. Mr. Stevens had a large country place in New York state, but his home and business interests were in Washington. He was at one time the president of the Washington Railway Company and was the active spirit in bringing about the purchase of the various street railroad lines in the District. The officers and directors of the West End National Bank were as follows: F.C. Stevens, president; John H. Moore, vice president; R.A. Chester, cashier. The directors were John R. Carmody, H. Bradley Davidson, V.B. Deyber, H.D. Mirick, John H. Moore, J.H. Ralston, Hugh Reilly, T.E. Roessle, F.C. Stevens, W.R. Wilcox, and Charles P. Williams. The officers and directors of the Citizens’ bank were as follows: E.S. Johnson, president; N.H. Shea, vice president; Thomas C. Pearsall, cashier; Edson B. Olds, assistant cashier. The directors were E.S. Johnson, N.H. Shea, J.F. Saum, Allison Nailor, Jr., S.T.G. Morsell, Cuno H. Rudolph, W.T. Walker, W.A.H. Church, Charles Jacobsen, W.S. Knox, C.F. Schneider, W.A. Wimsatt, William Holmead, David Moore and J.H. Crawford. According to the last statement from the Citizens' Bank, the stock was $300,000, surplus $150,000 and the deposits $1,375,099. The capital of the West End Bank was $200,000, surplus $60,000 and the deposits $840,100.[12]

By the end of April 1903, the transfer of the accounts of depositors of the West End Bank to the Citizens' National Bank was accomplished and the doors of the West End Bank closed. Remarkably, when the ledgers were balanced, it was found that there was a discrepancy of only $10. Mr. Frederick C. Stevens was planning the remodeling of the banking offices which occupied the entire first floor of the building. The counters were to be moved back from the main entrance so as to give a wide space with a place provided for the use of lady customers. The partitions in the rear were to be removed and the directors' room provided windows opening on the alley. There was to be a marked increase in the light and air in the bank building.[13]

On Saturday, October 1, 1904, officials of the National Metropolitan Bank and the Citizens' Bank of Washington signed a merger agreement which had been in negotiations for some time. The Metropolitan occupied the Citizens' building on 15th Street. Mr. George B. Appleton, a well-known Boston banker, headed the capitalists that brought about the consolidation. The new institution kept Charter 1069 with a title change to The National Metropolitan Citizens Bank of Washington.[14] 

On October 14, 1904, the comptroller of the currency acted favorably on the application received for the charter of a new national bank to be opened in the building at the northwest corner of 14th and G Streets. The new institution's name was the Commercial National Bank, and the capital stock was $300,000. Those signing the application for a charter were R.A. Chester, Frederick C. Stevens, N.H. Shea, H. Bradley Davidson and Beriah Wilkins.[15] The stock was said to have been subscribed for twice over, but no allotment had been made.  The building was purchased by Frederick C. Stevens for $185,000.  H. Bradley Davidson of the real estate firm of Davidson & Davidson represented Mr. Stevens in the purchase.  Mr. Davidson was thought likely to be the vice president of the new institution.[16]

Official Bank Titles

1: The Citizens National Bank of Hagerstown, MD

2: The Citizens National Bank of Washington City (6/15/1874), Washington, DC

3: The Citizens' National Bank of Washington City (10/3/1891), Washington, DC

Bank Note Types Issued

Original Series $1 bank note with pen signatures of W.N. Roach, Cashier and Jno. A.J. Creswell, President.
Original Series $1 bank note with pen signatures of W.N. Roach, Cashier and Jno. A.J. Creswell, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $20 bank note with pen signatures of T.C. Pearsall, Cashier and E.K. Johnson, President.
1882 Brown Back $20 bank note with pen signatures of T.C. Pearsall, Cashier and E.K. Johnson, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,042,470 in National Bank Notes was issued by this bank between 1871 and 1904. This consisted of a total of 137,820 notes (137,820 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 3x1-2 1 - 1000
1: Original Series 4x5 1 - 530
1: Original Series 3x10-20 1 - 620
2: Original Series 3x1-2 1 - 1720
2: Original Series 4x5 1 - 2500
2: Original Series 3x10-20 1 - 3000
2: Series 1875 4x5 1 - 8566
2: Series 1875 3x10-20 1 - 7661
3: 1882 Brown Back 4x5 1 - 7000
3: 1882 Brown Back 3x10-20 1 - 1858

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1871 - 1904):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  1. ↑ A History of the City of Washington, Its Men and Institutions, Washington Post Co., 1903, p. 179-180.
  2. ↑ The Herald and Torch Light, Hagerstown, MD, Wed., Feb., 26, 1873.
  3. ↑ Public Ledger, Memphis, TN, Wed., Oct. 25, 1871.
  4. ↑ Alexandria Gazette, Alexandria, VA, Tue., Dec. 16, 1873.
  5. ↑ Evening Star, Washington, DC, Thu., Jan. 29, 1874.
  6. ↑ Nashville Union and American, Nashville, TN, Fri., Jan. 30, 1874.
  7. ↑ The Daily Memphis Avalanche, Memphis, TN, Wed., Apr. 29, 1874.
  8. ↑ Mercersburg Journal, Mercersburg, PA, Wed., May 6, 1874.
  9. ↑ A History of the City of Washington, Its Men and Institutions, Washington Post Co., 1903, p. 179.
  10. ↑ The Baltimore Sun, Baltimore, MD, Mon., Sep. 8, 1902.
  11. ↑ The Buffalo Times, Buffalo, NY, Wed., Mar. 15, 1916.
  12. ↑ Evening Star, Washington, DC, Thu., Mar. 19, 1903.
  13. ↑ Evening Star, Washington, DC, Tue., Apr. 28, 1903.
  14. ↑ Alexandria Gazette, Alexandria, VA, Mon., Oct. 3, 1904.
  15. ↑ Evening Star, Washington, DC, Fri., Oct. 14, 1904.
  16. ↑ The Baltimore Sun, Baltimore, MD, Wed., Nov. 16, 1904.
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