Corn Exchange National Bank, Philadelphia, PA (Charter 542)
Corn Exchange National Bank/Corn Exchange NB & TC, Philadelphia, PA (Chartered 1864 - Open past 1935)
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. Philadelphia also had 27 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized October 20, 1864
- Chartered October 22, 1864
- Succeeded Corn Exchange Bank
- 1: Assumed 12137 by consolidation Apr 25, 1922 (Rittenhouse NB (No Issue), Philadelphia, PA)
- 1: Assumed 234 by consolidation July 29, 1926 and its circulation (Third National Bank, Philadelphia, PA)
- 2: Assumed Oxford Bank and Trust Company, Philadelphia by consolidation November 1, 1928
- 2: Purchased the Union Bank and Trust Company, April 1929.
- Bank was Open past 1935
The bill to incorporate the Corn Exchange Bank was debated in the Pennsylvania Legislature with the manner of the disposition of stock unresolved when the Senate adjourned. On March 13, 1857, the bill to incorporate was discussed and lost 18 to 13, but the bill to increase the Capital of the York County Bank passed 22 to 6. On the 14th, Mr. Crabb moved to amend the bill by adding the following: Provided that the stock of the said bank shall be sold at public sale in the city of Allegheny and that gold and silver only shall be received in payment of the various installments thereon; and that said stock shall be sold in lots not exceeding twenty shares each. This was stated as being the same amendment proposed to the Corn Exchange Bank, and although offered as a retaliation for the vote of the Senator from Allegheny (Mr. Wilkins) in its favor, when offered to the Philadelphia bill, he would not vote for it. Mr. Gazzam moved to amend to strike out all that related to gold and silver. Pending this motion, the Senate adjourned. On March 17, 1857, on motion of Messrs. Coffey and Souther, the vote by which the act to incorporate the Corn Exchange bank was reconsidered. A long debate ensued in which Messrs. Coffey, Frazer, Scofield, Souther, Jordon, Gazzam, Penrose, and Crabb advocated the passage of the bill and Messrs. Brown and Wright opposed it. The bill passed finally--yeas 20, nays 11. The act to incorporate the Bank of Allegheny also passed--yeas 24, nays 7.
In January 1865, directors of the Corn Exchange National Bank were Alexander G. Cattell, Alexander Whilldin, Christian J. Hoffman, Wm. P. Cox, Edmund A Souder, Samuel T. Canby, Charles E. Wilkins, Philip B. Mingle, David Vanderveer, John F. Gross, Edward C. Knight, Dell Noblit, and Benjamin B. Craycroft.
On January 9, 1866, the following gentlemen were elected directors: Alexander G. Cattell, Alexander Whilldin, Samuel T. Canby, Philip B. Mingle, John F. Gross, Edward C. Knight, Dell Noblit, Benj. B. Craycroft, Hugh Craig, Robert Ervlen, Joseph Lindsey, H.W. Catherwood, and Joseph W. Bullock. On the 16th, the directors unanimously re-elected Alex. G. Cattell, Esq., president and Alex. Whilldin, Esq., vice president. J.W. Torrey was cashier.
Directors in 1872 were: Dell Noblit, Jr., Alexander G. Cattell, Hugh Craig, Alexander Whilldin, John F. Gross, Philip B. Mingle, William Massey, H. Wilson Catherwood, C.J. Hoffman, William P. Cox, Henry C. Howell, Joseph W. Bullock, and Samuel T. Candy.
On January 13, 1885, the following were elected directors: Dell Noblit, H.W. Catherwood, John H. Graham, Benjamin Githens, James McCandless, John Moore, William Johnson, Solomon Smucker, John T. Bailey, L. Shuster Boraef, Winthrop R. Cunningham, John C. Wallace, and Henry N. Rittenhouse. H. P. Schetky was cashier; he passed away on September 1, 1885. The officers at the end of 1885 were Dell Noblit, president; H.W. Catherwood, vice president; and John B. Stewart, Cashier. The bank had capital of $500,000 and surplus of $250,000.
On the morning of February 19, 1885, a fire broke out in the four-story brick building, No. 125 Chestnut street used as a cotton and woolen warehouse and although four different alarms were sounded and every available engine was brought into play, it spread rapidly. There was a fatality when the upper half of the front wall of the burning building crashed down to Chestnut Street. It was thought to be Joseph Blyer, 18, but was identified later as Thomas Marshall, a drayman who was in the building where the fire originated. Mr. Blyer was also in the building but escaped uninjured. After the wall collapsed, the flames burst out more fiercely and the cloud of sparks and cinders blackened and scorched buildings on the opposite side of the street. Firemen turned their attention to the latter buildings and saved them. The warehouse at 123 Chestnut was on fire and John McCourt drove up with a hose cart, trailing hose and the debris from the collapse buried the driver, cart and horse. McCourt when taken out had suffered a broken leg and his head was seriously cut. The fireman was not expected to live and the horse had to be killed. One of the buildings near by was stocked with fireworks and when the flames reached them, one explosion after another added to the difficulty of the situation.
The fire spread generally eastward toward the Delaware River, but also caught the Corn Exchange National Bank on the corner of Second and Chestnut. The bank was saved from total destruction. The fire threatened a number of buildings on Letitia street and the firemen found it only a waste of water to attempt to extinguish the fire in the warehouses and turned their attention to preventing the spread of fire. They were successful in this and by 11:30 AM all danger of further spread of the fire was past. Nine large business houses were almost completely burned out, six were much damaged and more incurred losses which took many thousands of dollars to repair. These included all buildings on the North side of Chestnut Street between Second and Letitia Streets, except the Corn Exchange Bank. The bank had its roof burned, but sustained no further damage. The loss to all businesses was estimated at $400,000 to $750,000. The origin of the fire was unknown.
In January 1886, the same directors were re-elected with the exception of the late Solomon Smucker who was replaced by his son Solomon Smucker, Jr. Officers were Dell Noblit, president; H. Wilson Catherwood, vice president; J.P. Magill, notary; John C. Bullitt, solicitor; and J.B. Stewart, cashier.
On January 18, 1887, at a meeting of the directors of The Corn Exchange National Bank, Mr. Dell Noblit, who had acceptably filled the position of president for seventeen years declined further service, declaring that his private business absorbed all his time. William Johnson, of the firm of P.B. Mingle & Co., seedsmen, doing business at No. 103 Market Street, and a popular member of the Commercial Exchange, was selected by a unanimous vote as his successor. Mr. Johnson was a self-made man, popular with Philadelphia merchants, and experienced enough to make him a successful officer. On September 21st, Mr. Johnson passed away after just a few hours of sickness, death being caused by heart disease. Vice president H.W. Catherwood assumed the duties as the acting president until elections could be held in January.
In January 1922, the directors were Wilson Catherwood, William L. Supplee, Thos. J. Jeferies, Joseph H. Parvin, Wm. H. Folwell, Walter A. Bailey, Chas. S. Calwell, Frank H. Moss, Geo. W.B. Roberts, Merritt N. Willits, Jr., Louis R. Page, David C. Bradley, Paul Thompson, W.H. Harding, Ira Vaughan, Alan D. Wood. The officers were Chas. S. Calwell, president; Thos. J. Jeferies, Albert N. Hogg, M.N. Willits, Jr., Newton W. Corson, vice presidents; Allen M. Matthews, vice president and cashier; Edward T. James, Edward J. Paul and Paul E. Ludes, assistant cashiers; and C. Alison Scully, trust officer. Bank was located at Chestnut and Second Streets.
On January 10, 1906, Robert MacMullin, cashier of the Second National Bank of Atlantic City, New Jersey, resigned to become secretary and treasurer of the newly organized Rittenhouse Trust Company of Philadelphia. Mr. MacMullin was originally from Philadelphia. The newly incorporated trust company opened in offices at 1811-13 Market Street on February 1. The concern had capital of $250,000 and a surplus of $50,000. The officers and directors were H.O. Hilderand, president; H.C. Garn, vice president; R.B. MacMullan, secretary and treasurer; H.D. Reeve, real estate and title officer, and directors J.H. Casanave, H.C. Gara, H.O. Hildebrand, J.H. Jefferis, W.H. Maulc, E.P. Mellon, G.R. Meloney, F.B. Off, S.S. Pennock, A.R. Perkins, V. Gilpin Robinson, C.R. Simons, S.S. Thompson, J.L. Twaddell and H.J. Verner. V. Gilpin Robinson became vice president of the Rittenhouse trust in 1908. He was a prominent member of the Delaware County and Philadelphia Bars, President of the Media Title & Trust Company, and would become a Pennsylvania State Congressman (1911-12) and President (1926-28) of the Oakmont National Bank (No Issue), Oakmont, Pennsylvania.
In June 1922, merger of the Rittenhouse Trust Company at 1512 Chestnut Street with the Corn Exchange National Bank was ratified by the board of directors of both institutions. The trust company was capitalized at $500,000 and Howard Longstreth was president. The building at 1512 Chestnut Street became the Central City Office of the Corn Exchange National. The Rittenhouse Trust Company was founded in 1905. A 1923 notice in The Philadelphia Inquirer stated the Comptroller of the Currency's general ruling on Branch Banks did not apply to the Corn Exchange. The Comptroller maintained that such regulations have no application to branches of National Banks acquired as a result of consolidation under the provision of the act of 1918. The Corn Exchange acquired its Central City office by reason of the Rittenhouse Trust Company being converted into the Rittenhouse National Bank and then consolidated under the act of 1918. This meant the Corn Exchange was not restricted in the management of its Central City office, but could transact a complete banking business there as at its main office. A modern building was scheduled for completion in December and the public was invited to use the temporary office at 1508 Chestnut Street.
On June 17, 1926, announcement was made of the merger of the Corn Exchange National Bank and the Third National Bank, both of Philadelphia. Directors of both institutions approved the combination. The merged institutions had resources of $85 million and deposits of approximately $75 million, making the third largest banking unit in Philadelphia. Charles S. Calwell, president of the Corn Exchange, headed the new institution, and Lewis R. Dick, president of the Third National, became vice president. The merger was carried out on the basis of one share of Corn Exchange National stock exchanged for two shares of Third National. In order to adjust the differences in book value the Third National stockholders also received $45 in cash.
On January 11, 1927, stockholders elected the following directors: Wm. L. Supplee, Joseph H. Parvin, Wm. H. Folwell, Walter A. Bailey, Chas. S. Calwell, Frank H. Mose, Geo. W.B. Roberts, Merritt N. Willits, Jr., Louis R. Page, David C. Bradley, Paul Thompson, Ira Vaughan, Alan D. Wood, Howard Longstreth, Charles J. Webb, David E. Williams, Jr., Edward C. Dearden, J. Willison Smith, Lewis R. Dick, Hamelton Disston, Sam. Fred. Houston, Humbert B. Powell, G. Brinton Roberts, and W. LeMar Talbot. The next day the officers elected were Charles S. Calwell, president; M.N. Willits, Jr., Newton W. Corson, Albert N. Hogg, W.C. Fitzgerald, Roland A. Hillas, Paul E. Ludes, and Lewis R. Dick, vice presidents; Edgar W. Freeman, vice president and trust officer, Edward T. James, cashier; Edward J. Paul, H.A. Sinazheller, and J.J. Caprano, assistant cashiers; and Clarence P. Rowland, assistant trust officer.
In January 1928, the same directors were re-elected. The consolidation of Oxford Bank & Trust Company and Corn Exchange National Bank & Trust Company occurred on November 1, 1928. The consolidated bank took the title of Corn Exchange National Bank & Trust Company of Philadelphia. It then had seven offices as follow: Main Office, Chestnut and Second Streets; Central City Branch, 1510-12 Chestnut Street; Oxford Branch, Frankford and Oxford Avenues; Wissinoming Branch, 5906 Torresdale Avenue; Burholme Branch, Cottman Street and Rising Sun Avenue; Bridesburg Branch, Kirkbride, Ash and Thompson Streets; Orthodox Street Branch, 2316 Orthodox Street. In the consolidation the stockholders of Oxford Bank & Trust Company received one share of Corn Exchange National Bank & Trust Co. for three shares of Oxford Bank stock. In addition, a new corporation was formed known aa Corn Exchange Corporation, with capital stock of $500,000, fully paid, the shares had no par value. The shareholders of the consolidated bank received one share of Corn Exchange Corporation for one share of bank stock, and each certificate of stock issued was for one share of bank stock and one share of Corn Exchange Corporation, neither to be sold separately. The active officers of Oxford Bank & Trust Company became officers of Corn Exchange National Bank & Trust Company, and the board of directors of Oxford Bank & Trust Company were retained as an advisory board for the business in the Northeast section.
In April 1929, stock of the Union Bank and Trust Company, the institution charged with aiding bootleggers finance their operations, was absorbed by the Corn Exchange National Bank and Trust Company. The stock dropped from $400 per share to $48 at public auction and in over-the-counter trading hit $25 with bids at $20 per share. The bank, criticized severely by Philadelphia's gang-investigating grand jury was taken over by the Corn Exchange at the insistence of the Clearing House Association. In December 1927, the Union Bank & Trust Company of Philadelphia took over all assets of the Union National Bank and the Mutual Trust Company of Philadelphia.
On June 13, 1951, Girard Trust Company merged with The Corn Exchange Bank of Philadelphia, and renamed itself Girard Trust Corn Exchange Bank operating under a State Charter. Geoffrey S. Smith, president of Girard, served as the first president of the new bank, and David E. Williams of Corn Exchange assumed the post of chairman of the board. The new bank with well over half a billion dollars in assets retained all personnel to run 13 offices in the city. The Table below compares all Philadelphia banks and shows the resulting institution as third in terms of total assets. From 1964 to 1969, the bank was known as Girard Trust Company; in 1969, it was renamed Girard Trust Bank, later Girard Bank. The bank was acquired by Mellon Bank in 1983 and then, two decades later, by Citizens Bank.
Name of Bank | Total Assets
Dec. 31, 1951 |
Total Deposits
Dec. 31, 1951 |
Total Loans
Dec. 31, 1951 |
Capital, Surplus, Undivided
Profits, Dec. 31, 1951 |
---|---|---|---|---|
Broad Street Trust | 63,991 | 58,960 | 35,847 | 2,937 |
Central-Penn National | 157,116 | 140,225 | 77,732 | 15,023 |
City National | 37,233 | 34,798 | 5,801 | 1,703 |
Fidelity-Philadelphia Trust | 237,334 | 207,533 | 96,383 | 26,160 |
First National | 214,170 | 194,074 | 81,016 | 16,618 |
Frankford Trust | 42,089 | 37,454 | 12,047 | 3,089 |
Girard Trust Corn Exchange | 563,436 | 508,212 | 189,926 | 44,341 |
Industrial Trust | 25,593 | 23,026 | 6,599 | 2,258 |
Land Title Bank & Trust | 93,789 | 80,773 | 43,171 | 10,611 |
Liberty Title & Trust | 49,132 | 44,650 | 16,543 | 2,887 |
Market Street National | 63,910 | 58,200 | 14,732 | 5,424 |
National Bank of Germantown | 42,830 | 38,481 | 9,310 | 4,073 |
National Bank of Olney | 10,569 | 9,971 | 1,989 | 529 |
North Broad National | 9,852 | 9,205 | 1,635 | 559 |
North Philadelphia Trust | 22,501 | 20,050 | 4,406 | 2,338 |
Northwestern National | 27,607 | 25,293 | 9,612 | 1,600 |
Penna. Co. for Banking & Trusts | 741,374 | 684,817 | 270,871 | 46,552 |
Philadelphia National | 888,548 | 813,218 | 297,363 | 67,045 |
Provident Trust | 160,476 | 141,929 | 44,291 | 16,691 |
Real Estate Trust | 37,396 | 33,360 | 11,068 | 3,663 |
Roosevelt Bank | 12,960 | 11,943 | 3,393 | 800 |
Second National | 28,358 | 26,166 | 6,443 | 2,049 |
South Philadelphia National | 16,385 | 15,299 | 4,270 | 993 |
Tradesmens National | 136,513 | 121,969 | 41,047 | 11,790 |
Wyoming Bank & Trust | 12,154 | 11,348 | 1,904 | 691 |
TOTAL | 3,695,316;
Ave. 147,813 |
3,350,954;
Ave. 134,038 |
1,287,399;
Ave. 51,496 |
290,424;
Ave. 11,617 |
Official Bank Titles
1: The Corn Exchange National Bank, Philadelphia, PA
2: Corn Exchange National Bank and Trust Company, Philadelphia, PA (6/18/1928)
Bank Note Types Issued
A total of $15,502,060 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 1,476,666 notes (830,786 large size and 645,880 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 - 4000 Comma after bank name 1: Original Series 4x5 1 - 7250 1: Original Series 3x10-20 1 - 5326 1: Original Series 50-100 1 - 2772 1: Series 1875 4x5 1 - 9550 1: Series 1875 3x10-20 1 - 7800 1: Series 1875 50-100 1 - 900 1: 1882 Brown Back 4x5 1 - 11375 1: 1882 Brown Back 3x10-20 1 - 15974 1: 1882 Brown Back 50-100 1 - 10609 1: 1902 Red Seal 4x5 1 - 15000 1: 1902 Red Seal 3x10-20 1 - 11800 1: 1902 Red Seal 50-100 1 - 1400 1: 1902 Date Back 4x5 1 - 62750 1: 1902 Date Back 3x10-20 1 - 44100 1: 1902 Date Back 50-100 1 - 1744 1: 1902 Date Back 3x50-100 1 - 3000 2: 1902 Plain Back 3x10-20 1 - 1059 2: 1929 Type 1 6x5 1 - 26040 2: 1929 Type 1 6x10 1 - 27746 2: 1929 Type 1 6x20 1 - 10508 2: 1929 Type 2 5 1 - 155824 2: 1929 Type 2 10 1 - 87502 2: 1929 Type 2 20 1 - 16790
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1936):
Presidents:
- Alexander Gilmore Cattell, 1864-1870
- Dell Noblit, Jr. , 1871-1886
- William Johnson, 1887-1887
- John Wesley Supplee, 1888-1899
- Benjamin Githens, 1900-1910
- Charles S. Calwell, 1911-1931
- Paul Thompson, 1932-1935
Cashiers:
- John W. Torrey, 1864-1866
- Hugh Patterson Schetky, 1867-1884
- John B. Stewart, 1885-1893
- John Rutherford McAllister, 1894-1899
- Charles S. Calwell, 1900-1909
- Merritt Noxon Willits, Jr., 1910-1912
- Newton Walker Corson, 1913-1920
- Allen Moore Matthews, 1921-1925
- Edward Templeton James, 1926-1935
Other Bank Note Signers
- John W. Torrey signed notes as Vice President.
- There are currently no known 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, 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
- Trumbauer, Horace, 1868-1938 - Architect, Newman & Harris, active 1902-1910 - Architect, Castner, Samuel, Jr., 1843-1929 - Compiler. Corn Exchange National Bank. Scrapbooks. Free Library of Philadelphia: Philadelphia, PA. https://libwww.freelibrary.org/digital/item/44101. (accessed Aug 21, 2022)
- Bankers' Magazine, Vol 106, 1923, p. 942.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., Feb. 19, 1857.
- The Daily Evening Express, Lancaster, PA, Fri., Mar. 13, 1857.
- Public Ledger, Philadelphia, PA, Mon., Mar. 16, 1857.
- The Daily Evening Express, Lancaster, PA, Tue., Mar. 17, 1857.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1865.
- The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 22, 1866.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1872.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 14, 1885.
- Wilkes-Barre Times Leader, The Evening News, Wilkes-Barre, PA, Thu., Feb. 19, 1885.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 19, 1887.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 11, 1906.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 27, 1906.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 4, 1922.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 13, 1921.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., June 16, 1922.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Oct. 27, 1923.
- The Morning Call, Allentown, PA, Fri., June 18, 1926.
- The Philadelphia Inquirer, Philadelphia, PA, Mon., Dec. 5, 1927.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1928.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Nov. 1, 1928.
- Courier-Post, Camden, NJ, Thu., Apr. 4, 1929.
- The Plain Speaker, Hazleton, PA, Fri., Feb. 2, 1951.
- The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 7, 1952.