Eighth National Bank, Philadelphia, PA (Charter 522)

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Photo of the Eighth National Bank of Philadelphia, Pennsylvania, ca1900s.
Photo of the Eighth National Bank of Philadelphia, Pennsylvania, ca1900s.

Eighth National Bank, Philadelphia, PA (Chartered 1864 - Closed 1930)

Town History

Counting room of the Eighth National Bank ca1900s.
Counting room of the Eighth National Bank ca1900s.

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

The old Eighth National Bank located at North Second Street and Girard Avenue, Philadelphia, Pennsylvania, ca2020.
The old Eighth National Bank located at North Second Street and Girard Avenue, Philadelphia, Pennsylvania, ca2020. Courtesy of Google Maps
  • Organized September 5, 1864
  • Chartered September 27, 1864
  • Closed April 30, 1930
  • Consolidated with Charter 1 (2731) Apr 30, 1930 which assumed its circulation (First National Bank, Philadelphia, PA)

On January 9, 1866, the following were elected directors: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, Charles H. Craige, William King, I.S. Custer, Henry S. Ziegler, James Long, John F. Norcross, W.W. Adams, Jacob Grim and William J. Heiss.

On January 11, 1876, the stockholders elected the following directors: Jacob Naylor, James Irwin, Jacob B. Neafie, Charles N. Childs, William King, I.S. Custer, Henry S. Ziegler, James Long, John F. Norcross, W.W. Adams, Jacob Grim, A. Lincoln, and G.L. Sonneborn. The officers were unanimously re-elected the next day and included Jacob Naylor, Esq., president; James Long, Esq., vice president; and Robert H. Williams, cashier.

On January 13, 1880, the following gentlemen were elected directors: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, A. Lincoln, G.L. Sonneborn, John Scanlin, and M.H. Dickinson. The next day the directors elected Jacob Naylor, president; James Long, vice president and J.A. Irwin, cashier.

In January 1883, The directors were Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, G.L. Sonneborn, John Scanlan, Robert Patterson and Samuel Diston.

On January 13, 1885, the directors elected were: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, John Scanlin, Robert Patterson, Samuel Disston, and Charles Porter. The officers elected were Jacob Naylor, president; James Long, vice president; and J.A. Irwin, cashier. This was Mr. Porter's first year as a director.

On January 11, 1910, the following were elected directors for the ensuing year: Charles Porter, Samuel Bell, Jr., Robert Carson, Thomas A. Harris, Frank Buck, Wm. J. Montgomery, Samuel T. Kerr, Robert S. Irwin, Theo. F. Miller, Frank C. Gillingham. The directors unanimously elected Wm. J. Montgomery (of Wm. Montgomery & Co.), president; Samuel Bell, Jr. (of Samuel Bell & Sons), vice president; Charles B. Cooke, cashier; John D. Adair, assistant cashier; and E.O. Michener, Esq., solicitor.

On 14 January, 1930, the following gentlemen were elected directors: Samuel Bell, Jr., Robert Carson, Frank Buck, Wm. J. Montgomery, David Halstead, Alexander D. Irwin, William D. Schramm, and Wilson S. Yerger. On the 15th, the directors unanimously re-elected Wm. J. Montgomery, president; Samuel Bell, Jr., vice president; Charles B. Cooke, cashier; John D. Adair, assistant cashier; Wm. A. Nickert, assistant cashier & trust officer; Duane, Morris & Heckscher, counsel; and Louis D. Casher, notary public.

Condition of Members of the Philadelphia Clearing House for week preceding Monday, January 13, 1930
Bank Capital

Stock

Surplus and

Net Profits

Loans, Discounts,

and Investments

Exchanges for

Clearing House

Due from Banks Total Deposits

(add 000)

Reserve with Fed.

Res. Bank

Cash in

Vaults

Philadelphia National Bank 14,000,000 39,024,000 221,906,000 26,176,000 29,990,000 242,558 17,060,000 1,462,000
Pa. Co. for Insurance on Lives

& Granting of Annuities

6,500,000 33,259,000 146,169,000 6,362,000 22,233,000 138,874 9,677,000 1,598,000
Commercial N&T Co. 2,000,000 3,130,000 27,361,000 371,000 1,051,000 23,101 1,453,000 516,000
Kensington National Bank 350,000 900,000 9,011,000 151,000 295,000 8,359 459,000 212,000
Penn National Bank 1,000,000 4,081,000 19,129,000 367,000 2,078,000 17,347 1,323,000 308,000
Tradesmens NB&TCo. 3,300,000 5,612,000 41,542,000 633,000 2,900,000 35,786 2,673,000 442,000
Corn Ex. NB&TCo. 4,550,000 13,727,000 81,629,000 2,436,000 9,785,000 91,441 6,351,000 1,093,000
First National Bank 2,500,000 7,231,000 52,501,000 1,802,000 7,427,000 55,406 4,190,000 601,000
Sixth National Bank 300,000 632,000 8,109,000 160,000 333,000 7,466 452,000 136,000
Eighth National Bank 275,000 1,821,000 8,404,000 80,000 229,000 7,084 509,000 232,000
Central National Bank 2,040,000 7,970,000 38,955,000 1,172,000 4,294,000 9,087 692,000 223,000
Nat. Security B&TCo. 400,000 3,633,000 11,833,000 214,000 577,000 36,077 2,718,000 585,000
Ninth B&T Co. 1,375,000 3,260,000 29,865,000 235,000 875,000 26,541 1,730,000 676,000
Integrity Trust Co. 2,077,000 13,071,000 63,823,000 501,000 1,855,000 48,874 2,923,000 495,000
Northwestern NB&TC 500,000 2,441,000 9,137,000 155,000 327,000 6,997 532,000 206,000
Southwestern National Bank 300,000 363,000 2,769,000 49,000 21,000 2,461 202,000 57,000
Market St. National Bank 1,000,000 3,866,000 20,108,000 778,000 3,018,000 19,477 1,317,000 226,000
Girard Trust Co. 4,000,000 17,469,000 80,216,000 953,000 3,408,000 64,682 5,236,000 430,000
Fidelity-Phila. Trust Co. 6,700,000 26,274,000 99,757,000 1,532,000 2,552,000 79,033 6,776,000 442,000
Provident Trust Co. 3,200,000 17,207,000 45,085,000 508,000 1,553,000 25,925 2,205,000 276,000
Colonial Trust Co. 3,999,000 8,050,000 40,649,000 371,000 1,909,000 36,255 2,326,000 847,000
City National B&T Co. 1,125,000 1,235,000 7,159,000 136,000 610,000 5,771 407,000 134,000
Total 61,491,000 214,256,000 1,065,117,000 45,142,000 97,320,000 988,602 71,202,000 11,197,000

On February 13, 1930, two former employees of the Eighth National Bank were held under $2,500 bail each for court after the head cashier testified they had extorted $5,000 from the bank by writing threatening letters. The accused were Earl H. Campbell and Thomas F. Wiggins, Jr. Charles B. Cooke, cashier, told how the bank after receiving several anonymous and threatening letters paid $5,000 to recover $50,000 worth of bonds for which he said $25,000 had at first been demanded. In May 1928, Cooke said the bonds disappeared from his desk in the bank. The threatening letters began to arrive, each one reducing the ransom figure from $25,000 eventually to $5,000. The bank decided to recover the bonds and gave the money to a messenger boy who returned them. Later, handwriting experts identified the writing on the letters as that of Campbell. On March 11, 1930, Earl Campbell, 20, of Camden, New Jersey and Thomas F. Wiggins, Jr., 24, of Philadelphia were sentenced to three months each in the Mercer County Jail at Trenton after they pleaded guilty to charges of embezzling $2,940 from the Eighth National Bank. They were formerly employed as clerks in the bank.

An advertisement from July 1930 for the First National Bank of Philadelphia. The main office was at 315 Chestnut Street, Central Office at 1500 Walnut Street, Centennial Office at 32nd and Market Streets, and the newest office, Eighth National Office, at Girard Avenue and 2nd Street.
An advertisement from July 1930 for the First National Bank of Philadelphia. The main office was at 315 Chestnut Street, Central Office at 1500 Walnut Street, Centennial Office at 32nd and Market Streets, and the newest office, Eighth National Office, at Girard Avenue and 2nd Street.

On March 19, 1930, an agreement to merge the Eighth National Bank and the First National Bank of Philadelphia was made between the directors of the two well-known financial institutions. The consolidation was on a basis of 4 1/2 shares of Eighth National for each share of First National stock. The directors of the Eighth National would continue as the advisory board of the Eighth National office of the First National Bank. The First National had offices at 315 Chestnut Street, 1500 Walnut Street, and Thirty-second and Market Streets and the Eighth National was located at Second and Girard Avenue, convenient to Northeast Philadelphia. Both the First National Bank and the Eighth National specialized in services to the commercial community. Their similarity of objective made consolidation and its incidental economics a matter of good business for both institutions. The name of the merged concerns was the First National Bank of Philadelphia.

On May 2, the Treasury Department announced its approval of the consolidation. The First National brought $2,500,000 into the merger and the Eighth National $275,000 (see table above). The establishment of a branch of the bank at Second Street and Girard Avenue was also approved.

Official Bank Title(s)

1: The Eighth National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $50 bank note with pen signatures of C.B. Cooke, Cashier and Charles Porter, President.
1882 Brown Back $50 bank note with pen signatures of C.B. Cooke, Cashier and Charles Porter, President. Courtesy of Lyn Knight Auctions www.lynknight.com
1902 Red Seal $5 bank note with printed signatures of C.B. Cooke, Cashier and Charles Porter, President
1902 Red Seal $5 bank note with printed signatures of C.B. Cooke, Cashier and Charles Porter, President Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Date Back $50 bank note with printed signatures of C.B. Cooke, Cashier and William J. Montgomery, President.
1902 Date Back $50 bank note with printed signatures of C.B. Cooke, Cashier and William J. Montgomery, President. Courtesy of Lyn Knight Auctions www.lynknight.com
1929 Type 1 $100 bank note with printed signatures of C.B. Cooke, Cashier and William J. Montgomery, President. Only one sheet of Type 1 $100s was issued for the Eighth National Bank.
1929 Type 1 $100 bank note with printed signatures of C.B. Cooke, Cashier and William J. Montgomery, President. Only one sheet of Type 1 $100s was issued for the Eighth National Bank.

A total of $6,263,090 in National Bank Notes was issued by this bank between 1864 and 1930. This consisted of a total of 802,680 notes (748,788 large size and 53,892 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 4x5 1 - 2500
Original Series 3x10-20 1 - 2300
Original Series 50-100 1 - 2080
Series 1875 4x5 1 - 6250
Series 1875 3x10-20 1 - 4020
Series 1875 50-100 1 - 346
1882 Brown Back 4x5 1 - 1500
1882 Brown Back 3x10-20 1 - 6882
1882 Brown Back 50-100 1 - 2416
1902 Red Seal 4x5 1 - 6000
1902 Red Seal 3x10-20 1 - 2700
1902 Date Back 4x5 1 - 9250
1902 Date Back 3x10-20 1 - 7000
1902 Date Back 50-100 1 - 2000
1902 Date Back 3x50-100 1 - 2480
1902 Plain Back 4x5 9251 - 141444
1902 Plain Back 3x10-20 7001 - 7700
1929 Type 1 6x5 1 - 8771
1929 Type 1 6x10 1 - 168
1929 Type 1 6x20 1 - 20
1929 Type 1 6x50 1 - 22
1929 Type 1 6x100 1 - 1

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1930):

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

  • 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
  • Eighth National Bank of Philadelphia: A Record of Forty Years, 1864-1904
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 22, 1866.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 14, 1876.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 15, 1880.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1883.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 17, 1885
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 13, 1910.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., Jan. 14, 1930
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 18, 1930.
  • Reading Times, Reading, PA, Fri., Feb. 14, 1930.
  • Reading Times, Reading, PA, Wed., Mar. 12, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 20, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., May 3, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., July 3, 1930.