Commercial National Bank, Washington, DC (Charter 7446)
Commercial National Bank, Washington, DC (Chartered 1904 - Receivership 1933)
Town History
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.
Commercial National Bank is an historic structure located in Downtown Washington, D.C. It was listed on the National Register of Historic Places in 1991. The Bond Building is an historic office building located at 1404 New York Avenue, N.W., listed on the National Register of Historic Places in 1989.
Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.
Bank History
- Organized October 18, 1904
- Chartered October 19, 1904
- Opened for business October 19, 1904
- Assumed 7936 by consolidation May 1, 1911 (National City Bank, Washington, DC)
- Assumed its circulation
- Receivership February 28, 1933
The bank was organized by Frederick C. Stevens, J. Bradley Davidson, and R.A. Chester. On Oct. 19, 1904, The Commercial National Bank of Washington received authorization from the comptroller of the currency to commence business with capital of $300,000. The bank was located on the corner of 14th and G Streets.[2]
In January 1905, the officers were Frederick C. Stevens, president; Robert A. Chester, vice president; N.H. Shea, second vice president; Geo. W. White, cashier; and R.E. Claughton, assistant cashier. The bank's capital was $500,000 and surplus $100,000.[3]
In July 1906, the officers remained the same with V.B. Deyber as secretary. The directors were P.J. Brennan, Walter A. Brown, James A. Cahill, Robt. A. Chester, Myer Cohen, Wm. A.H. Church, Samuel G. Cornwell, M.J. Colbert, H. Bradley Davidson, J.J. Darlington, Victor B. Deyber, Normal Galt, Wm. F. Ham., Rudolph Kauffmann, Ralph W. Lee, Arthur C. Moses, Wm. A. Mearns, John L. Newbold, Clarence B. Rheem, Frederick C. Stevens, N.H. Shea, Charles F. Schneider, and George W. White.[4]
In 1909, the bank had capital, surplus and profits, $742,386; deposits $2,640,669; total resources $,067,875. Frederick C. Stevens was president; A.G. Chapman and N.H. Shea, vice presidents; George O. Walson, cashier.[5] On January 16, 1909, John Poole was elected cashier of the Commercial National Bank to fill the vacancy caused by the resignation of George O. Walson. The latter was chosen as cashier of the National Metropolitan Bank in Place of J. Gales Moore who was made auditor of the bank.[6]
In January 1911, The National City Bank organized with E. Quincy Smith, president; William H. Lynn, vice president; Edward F. Caverly, cashier; Robert A. Cissel, assistant cashier. A branch of the Union Savings Bank opened February 1 in the old quarters of the Central National Bank, corner of Seventh Street and Pennsylvania Avenue, NE. The branch was named the Central branch of the Union Savings Bank. The National City Bank was affiliated with the Union Savings Bank.[7]
In April 1911, a merger proposed the exchange of shares of the Commercial National Bank for those of the City National Bank at the rate of five shares of the former for six shares of the latter. The value of the City Bank shares in the transaction was placed at $170, and that of the Commercial Bank at $204. The capital stock of the Commercial Bank would be increased from $500,000 to $750,000, subject to approval by stockholders of the two banks. The City Bank would liquidate and turn its assets over to the Commercial Bank. It was understood there would be no great change in the management of the bank. The building occupied by the City Bank at 710 14th street was also the home of the Union Savings Bank, which would continue there. It was proposed, however, to enlarge the building by running it up five stories to the same height as that of the Bond Building adjoining it to the south. The upper floors would be used for office purposes.[8] On Saturday, April 29, 1911, the cash, securities, and other assets of the National City Bank were transferred to the vaults of the Commercial National Bank and at the close of business, the former ceased to exist.[9]
In October 1911, the bank was seven years old and now had capital of $750,000, surplus of $402,000, undivided profits and deposits of $,920,332. The officers were Ashton G. Clapham, president; Eldridge E. Jordan, vice president; N.H. Shea, second vice president; Tucker K. Sands, third vice president; John Poole, cashier and Herbert V. Hunt, assistant cashier.[10]
In October 1918, the officers were Frank P. Harman, president; Arthur Lee and James A. Cahill, vice presidents; F.E. Ghiselli, H.V. Hunt, Robert A. Cissel, and J. Fendall Cain, assistant cashiers; and Ellis & Donaldson, general counsel. The directors were James E. Baines, Browning & Baines; James A. Cahill, vice president; carl Casey, president, Stone Straw Co.; Geo. H.P. Cole, capitalist; H. King Cornwell, fancy groceries; Chas. D. Cugle, president, Washington Rubber Co.; H. Bradley Davidson, Real Estate; R. Golden Donaldson, attorney at law; Wade H. Ellis, attorney at law; Frank P. Harman, president; Arthur Lee, vice president; J. Doniphan Owen, capitalist, Lynchburg, Virginia; Arthur E. Randle, real estate; Chas. J. Rogers, manager, L.C. Smith Typewriter Co.; Tucker K. Sands; Gustave Scholle, attorney at law; James Sharp, president, Eastern Viavi Co.; James D. Tate, capitalist; and Geo. Tully Vaughan, surgeon. The bank had moved to the new building at the northwest corner of 14th and G. Streets.[11]
At a meeting on October 16, 1919, Frank P. Harman, who with a number of his associates, were the sellers of 1,350 shares of Commercial National stock, would present his resignation to the board. Major Guy T. Scott, president of the Continental Trust Company, retired from the board because of the ruling of the Federal Reserve Board against interlocking directors between competing banks. There already was one vacancy making the toal to be filled three. The proposed new directors were Harrington Mills, owner of the Grafton and Harrington hotels of Washington, and of Saranac Inn, New York; Fred S. Hardesty, Washington representative of W.R. Grace & Co., international shipowners and of other large interests; and Capt. Charles Conard, formerly financial advisor to the Haitian government and an assistant to the comptroller of the United States shipping board.[12]
On Tuesday, January 19, 1932, all officers of Commercial National Bank were re-elected at the directorate's annual meeting. They were Wade H. Cooper, president; Junes B. Reynolds, James H. Baden, Laurence A. Slaughter, and Walter J. Harrison, vice presidents; Frederick H. Cox, cashier; Bates Warren, general counsel; Ralph D. Quinter, trust officer; Herbert V. Hunt, T. Blackwell Smith, M.F. Showalter, R. Jesse Chaney, Nathan B. Scott, 2d; Mary J. Winfree, assistant cashiers; and F.A. Barbour, assistant trust officer.[13]
On Tuesday, February 28, 1933, The Commercial National Bank closed its doors and went into the hands of a receiver, J.L. Bailey, a national bank examiner. The action was taken by Col. Wade H. Cooper, president of the institution by authority of the board of directors and placed the bank under control of the acting comptroller of the currency, F.G. Awalt. Col. Cooper's Letter to Mr. Awalt said, "The above action is requested of you because of recent heavy withdrawals of deposits, which we feel may continue."[14]
On September 26, 1933, the insolvent Commercial National Bank paid its first dividend of 20% under direction of receiver Robert C. Baldwin. Comptroller of the Currency J.F.T. O'Connor in signing the charter for the Hamilton National Bank on the 23rd indicated that open banks in the city had requested him to delay the payment of the first dividend until after the Hamilton was open so that all banks could have an equal chance at the released funds. The Hamilton opened on the 26th as the first dividend checks became payable.[15]
On October 31, 1935, the fate of Col. Wade H. Cooper, on trial in District Supreme Court for alleged misapplication of funds of the defunct Commercial National Bank, was placed in the hands of a jury of 10 men and 2 women. The case was given to the jury at 12:40 p.m. after spirited closing arguments by prosecution and defense attorneys and careful instructions to the jury delivered by Justice Daniel W. O'Donoghue. Cooper was cleared of all changes. His attorneys, William E. Leahy and John W. Staggers, received congratulations from friends. Assistant United States Attorney Irvin Goldstein who prosecuted the case only commented that this closed the Government's books on criminal proceedings against Cooper.[16][17]
On July 20, 1936, after almost three years, Col. Cooper met defeat in United States Court of Appeals in his prolonged fight to gain control of the closed United States Savings Bank of which he was president and the majority stockholder. Asserting the bank was solvent, Cooper asked that the receivership be terminated and the assets of the institution returned to the original officers and stockholders. The court held there was no evidence of bad faith on the part of the Comptroller of the Currency which would justify it in questioning his judgment that the bank was insolvent.[18]
Official Bank Title
1: The Commercial National Bank of Washington, DC
Bank Note Types Issued
A total of $18,107,890 in National Bank Notes was issued by this bank between 1904 and 1933. This consisted of a total of 1,454,054 notes (1,215,020 large size and 239,034 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 22200 1902 Date Back 3x10-20 1 - 61500 1902 Plain Back 3x10-20 61501 - 281555 1929 Type 1 6x10 1 - 31009 1929 Type 1 6x20 1 - 8830
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1933):
Presidents:
- Frederick Charles Stevens, 1905-1909
- William Alexander Harris Church Sr., 1910-1910
- Ashton Grubb Clapham, 1911-1917
- Frank Pierce Harman, Sr., 1918
- Rolfe Emerson Bolling, 1918-1921
- Robert Golden Donaldson, 1922-1929
- Wade Hampton Cooper, 1930-1932
Cashiers:
- Geo. Whitney White, 1905-1908
- George Oscar Walson, 1908-1908
- John Poole, 1909-1912
- Tucker Kingsford Sands, 1913-1917
- William E. Cadwallader, 1919-1919
- James Henry Baden, 1920-1926
- Frederick H. Cox, 1927-1932
Other Known Bank Note Signers
- Robert A. Chester (VP 1905...1908)
- Nicholas Henry Shea (VP 1905)
- Laurence Alexander Slaughter, Jr., (VP 1922...1932)
Bank Note History Links
- Commercial National Bank, Washington, DC History (NB Lookup)
- District of Columbia Bank Note History (BNH Wiki)
Sources
- Washington, DC, 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. 78, Jan. 1909-June 1909, p. 672.
- ↑ The Washington Post, Washington, DC, Fri., Oct. 28, 1904.
- ↑ The Washington Post, Washington, DC, Thu., Jan. 19, 1905.
- ↑ The Washington Post, Washington, DC, Wed., July 25, 1906.
- ↑ The Bankers' Magazine, Vol. 78, Jan. 1909-June 1909, p. 672.
- ↑ Evening Star, Washington, DC, Sat., Jan. 16, 1909.
- ↑ Evening Star, Washington, DC, Thu., Jan. 12, 1911.
- ↑ Evening Star, Washington, DC, Sat., Apr. 8, 1911.
- ↑ The Washington Post, Washington, DC, Sun., Apr. 30, 1911.
- ↑ The Washington Post, Washington, DC, Thu., Oct. 19, 1911.
- ↑ Evening Star, Washington, DC, Sun., Oct. 6, 1918.
- ↑ The Washington Post, Washington, DC, Wed., Oct. 15, 1919.
- ↑ Evening Star, Washington, DC, Wed., Jan. 20, 1932.
- ↑ Evening Star, Washington, DC, Tue., Feb. 28, 1933.
- ↑ Evening Star, Washington, DC, Tue., Sep. 26, 1933.
- ↑ Evening Star, Washington, DC, Thu., Oct. 31, 1935.
- ↑ Evening Star, Washington, DC, Fri., Nov. 1, 1935.
- ↑ Evening Star, Washington, DC, Mon., July 20, 1936.