Ellis Pusey Passmore, Jr. (Avondale, PA)
Ellis Pusey Passmore, Jr. (February 1, 1869 – January 22, 1928)
Biography
- Name: Ellis Pusey Passmore, Jr.
- Birth: February 1, 1869 Maryland
- Death: January 22, 1928 Philadelphia, PA (and is buried there)
- Former Gov Federal Reserve Bank of Philadelphia
Early life and family
Like a number of other men who have risen to positions of eminence in the financial and banking world, Mr. Passmore was born of parents in very moderate circumstances, on a farm near the little village of Rising Sun, Cecil County, Maryland on February 1, 1869. His parents were Ellis Pusey and Mary E. Lincoln Passmore. He attended public school and later studied at the Friends' Select School at Rising Sun. He was fond of telling how he was "bound over" to his first position at the age of 15, in a manner closely resembling the practice of ancient apprenticeship, his indenture papers requiring him to work the first year for $100, the second for $150, and the third for $200. He was the office boy, janitor, and clerk, at The National Bank of Rising Sun.
On June 16, 1898 he married Miss Emily P. Shelmire, of Avondale at the home of the bride's parents. They would have two daughters, Mary Lincoln and Elizabeth Pusey Passmore.
Banking career
While working as bookkeeper in the Cecil County Bank, he realized that he would be left behind by his forward looking comrades if he passed up the great opportunity and training of a college education. Accordingly, with his own meager savings, with some funds that he was able to borrow, and by the strictest economy, he was able to enter Swarthmore College for one year. His abilities obtained for him the position of cashier at the Avondale National Bank, and by dint of further economy he was able to graduate from Swarthmore in the class of 1893. His alma mater awarded him the honorary degree of Master of Arts in 1918 in recognition of his services. Following his graduation from Swarthmore, Mr. Passmore continued with the Avondale National Bank until in November 1901, he was elected cashier of The Traders' National Bank of Scranton. The following year he was called to Philadelphia as assistant cashier of the Franklin National Bank, thus beginning more than a quarter of a century of distinguished service in Philadelphia. Two years later, he was elected cashier, and in 1907, director of the Franklin National Bank, and in 1910, vice president and cashier. On February 8, 1918, he resigned his post with the Franklin National Bank to become Governor of the Federal Reserve Bank of Philadelphia, succeeding Charles J. Rhoads. In 1920, he was succeeded by George W. Norris upon his resignation. His connection with the Bank of North America began on March 1, 1920, when he was elected president of the the oldest banking institution on the continent. When that bank merged with the Commercial Trust Company three years later and assumed the title of the Bank of North America and Trust Company, Mr. Passmore was elected to head the new institution. He was at one time president of the Pennsylvania State Bankers' Association, chairman of the Committee on Banking and Currency of the Philadelphia Chamber of Commerce, Philadelphia Clearing House Association committee member, vice president and director of the Swarthmore Chautauqua Association, and vice president and director of the Bank Officers of Philadelphia.
Other career highlights
During World War I, he took an active part in the various Liberty Loan drives, acting as chairman of the Central and executive Committee of the Third Federal Reserve District for all Liberty Loans. He was also active in Red Cross campaigns and the other war service appeals during that agonizing period. Mr. Passmore was a member of the Board of Managers of Swathmore College and treasurer of the College. He was a director of the Philadelphia Belt Line Railroad, the American Ice Company and the Northern Liberty Gas Company.
Mr. Passmore was a member of Olivet Lodge No. 607, Free and Accepted Masons; Harmony Chapter No. 50, Royal Arch Masons; Mary Commandery No. 36 Knights Templar; thirty-second degree Mason and a member of Lu Lu Temple of the Mystic Shrine. In addition to being twice president and a member of the Board of Governors of the Union League, he belonged to the Downtown Club, the Huntingdon Valley Country Club, the Philadelphia Cricket Club, the Sunnybrook Golf Club, the Germantown Cricket Club and the Phi Kappa Psi Fraternity, of which he became a member while at Swathmore. Mr. Passmore was a member of the Society of Friends.
Later life and death
From the time that, as a poor farm boy he entered the National Bank of Rising Sun in a minor capacity as an office boy and janitor, until he was elected president of the oldest banking institution in North America, his career was one of dogged persistence and of success and advancement won through the most unremitting toil. Mr. Passmore died January 22, 1928 following an illness of several weeks at his home at 8316 Seminole Avenue, Chestnut Hill. He was 59 years old. He was survived by his wife and two daughters. Three brothers and a sister also survived him: Lincoln K., of Philadelphia, Leroy C., of Nottingham, PA, Charles S. of Butte Montana and Mrs. John D. Haines of Butte City, Montana.
The Three Musketeers had nothing on Swarthmore's Five Musketeers. Who were these Musketeers? Ellis Pusey Passmore, William Cameron Sproul, A. Mitchell Palmer, Morris L. Clothier and E.B. Temple! That quintet of the early nineties made a lot of history for Swarthmore College in five distinct fields. Fast friends at college, friends always afterwards, each rose to a place of distinction especially impressive for a college the size of Swarthmore. Pusey Passmore--since none of his friends ever called him by his first name, Ellis--was among few in Philadelphia who was more popular. It didn't matter if he was a bank cashier or president of America's oldest bank, his hat was never too small for his head.
Of the remaining Musketeers, William Cameron Sproul was a State Senator and Governor of the Commonwealth of Pennsylvania. He too was president of the Union League. He was part owner of a Chester newspaper and was making $5,000 a year before he left Swarthmore. Morris L. Clothier was a senior partner in one of America's greatest department stores. He elected to carry on the business which his father and Mr. Strawbridge created in the 1860s. He was a leading supporter of this college as well as having given a beautiful statue of General Lafayette to Lafayette College in Easton. He was also a trustee of the University of Pennsylvania. E.B. Temple was chief engineer of the Pennsylvania Railroad and among his works was the $60 million terminal in Philadelphia. A. Mitchell Palmer (A. was for Alexander, a well kept secret) was known as Mitch, the big blond son of Stroudsburg who graduated at the top of his class in 1891. He took up law and was a Congressman and later Attorney General of the United States, joining Wayne MacVeagh, Benjamin H. Brewster, Edwin M. Stanton, Judge Jeremiah Black and Philander C. Knox also Pennsylvanians to hold that position. Mr. Passmore was the first to depart this great band of successful graduates, Passmore, Clothier, Sproul, Temple and Palmer.
Bank Officer Summary
During his banking career, E. Pusey Passmore was involved with the following banks:
- National Bank of Rising Sun, MD (Charter 2481): Office Boy, janitor, clerk, bookkeeper 1884-1889
- National Bank, Avondale, PA (Charter 4560): Cashier 1891-1901
- Traders National Bank, Scranton, PA (Charter 4183): Cashier 1901-1902
- Franklin National Bank, Philadelphia, PA (Charter 5459): Cashier 1904-1915, vice president 1916-1918
- Federal Reserve Bank of Philadelphia, PA: Governor 1918-1920
- Bank of North America, Philadelphia, PA (Charter 602): President 1920-1922
- Bank of North America & Trust Company, Philadelphia: President 1923
Sources
- Ellis Pusey Passmore Jr., on Findagrave.com.
- E.P. Passmore Jr., on Federal Reserve History
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 194-200.
- The Bankers' Magazine, Vol. 100, Jan. 1920-June 1920, p. 304.
- The Midland Journal, Rising Sun, MD, Fri., Sep. 13, 1889.
- The Midland Journal, Rising Sun, MD, Fri., June 24, 1898.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Feb. 9, 1918.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 1, 1923.
- Delaware County Daily Times, Chester, PA, Tue., Dec. 11, 1923.
- The Evening News, Harrisburg, PA, Mon., Jan. 23, 1928.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 25, 1928.
- The Midland Journal, Rising Sun, MD, Fri., Jan. 27, 1928.