Exchange National Bank, Pittsburgh, PA (Charter 1057)
Exchange National Bank, Pittsburgh, PA (Chartered 1865 - Receivership 1931)
Town History
Pittsburgh is a city in the state of Pennsylvania and the county seat of Allegheny County. As of the 2020 census, the population was 302,971 living within the city limits making it the 68th-largest city in the U.S. and the second-most populous city in Pennsylvania, behind Philadelphia. The Pittsburgh metropolitan area is the anchor of Western Pennsylvania; its population of 2.37 million is the largest in both the Ohio Valley and Appalachia, the second-largest in Pennsylvania, and the 27th-largest in the U.S.
Pittsburgh is located in the southwest of the state, at the confluence of the Allegheny River and the Monongahela River, forming the Ohio River. Pittsburgh is known both as "the Steel City" for its more than 300 steel-related businesses and as the "City of Bridges" for its 446 bridges. The city features 30 skyscrapers, two inclined railways, a pre-revolutionary war fortification and the Point State Park at the confluence of the rivers. The city developed as a vital link of the Atlantic coast and Midwest.
Aside from steel, Pittsburgh has led in the manufacturing of other important materials — aluminum and glass — and in the petroleum industry. Additionally, it is a leader in computing, electronics, and the automotive industry. For part of the 20th century, Pittsburgh was behind only New York City and Chicago in corporate headquarters employment; it had the most U.S. stockholders per capita. Deindustrialization in the 1970s and 1980s laid off area blue-collar workers as steel and other heavy industries declined, and thousands of downtown white-collar workers also lost jobs when several Pittsburgh-based companies moved out. The population dropped from a peak of 675,000 in 1950 to 370,000 in 1990. However, this rich industrial history left the area with renowned museums, medical centers, parks, academic institutions, research centers, and a diverse cultural district.
After the deindustrialization of the mid-20th century, Pittsburgh has transformed into a hub for the health care, education, and technology. Pittsburgh is a leader in the health care sector as the home to large medical providers such as University of Pittsburgh Medical Center (UPMC). The area is home to 68 colleges and universities, including research and development leaders Carnegie Mellon University and the University of Pittsburgh. Google, Apple Inc., Bosch, Facebook, Uber, Nokia, Autodesk, Amazon, Microsoft and IBM are among 1,600 technology firms generating $20.7 billion in annual Pittsburgh payrolls. The area has served as the long-time federal agency headquarters for cyber defense, software engineering, robotics, energy research and the nuclear navy. The nation's fifth-largest bank, eight Fortune 500 companies, and six of the top 300 U.S. law firms make their global headquarters in the area, while RAND Corporation (RAND), BNY Mellon, Nova, FedEx, Bayer, and the National Institute for Occupational Safety and Health (NIOSH) have regional bases that helped Pittsburgh become the sixth-best area for U.S. job growth.
Pittsburgh was named in 1758, by General John Forbes, in honor of British statesman William Pitt, 1st Earl of Chatham. Pittsburgh was incorporated as a borough on April 22, 1794. From 1891 to 1911, the city's name was federally recognized as "Pittsburg", though use of the final h was retained during this period by the city government and other local organizations including most, but not all national banks. After a public campaign, the federal decision to drop the h was reversed.
The North Side is home to various neighborhoods in transition. What is known today as Pittsburgh's North Side was once known as Allegheny City, and operated as a city independently of Pittsburgh until it was merged with Pittsburgh in 1907 under great protest from its citizens.
The South Side was once the site of the Pennsylvania Railroad rail yards and associated dense, inexpensive housing for mill and railroad workers. Since the late 20th century, the city undertook a Main Street program in cooperation with the National Trust for Historic Preservation, encouraging design and landscape improvements on East Carson Street, and supporting new retail. The area has become a local Pittsburgher destination. East Carson Street has developed as one of the most vibrant areas of the city, packed with diverse shopping, ethnic eateries, vibrant nightlife, and live music venues.
In 1993 the Urban Redevelopment Authority of Pittsburgh purchased the South Side Works steel mill property. It collaborated with the community and various developers to create a master plan for a mixed-use development, to include a riverfront park, office space, housing, health-care facilities, and indoor practice fields for the Pittsburgh Steelers and Pitt Panthers. Construction began in 1998. The South-Side Works has been open since 2005, featuring many stores, restaurants, offices, and the world headquarters for American Eagle Outfitters.
The East End of Pittsburgh is home to the University of Pittsburgh, Carnegie Mellon University, Carlow University, Chatham University, The Carnegie Institute's Museums of Art and Natural History, Phipps Conservatory, and Soldiers and Sailors Memorial Hall. It is also home to many parks and public spaces including Mellon Park, Westinghouse Park, Schenley Park, Frick Park, The Frick Pittsburgh, Bakery Square, and the Pittsburgh Zoo and PPG Aquarium. The neighborhoods of Shadyside and Squirrel Hill are large, wealthy neighborhoods with some apartments and condos, and pedestrian-oriented shopping/business districts. Squirrel Hill is also known as the hub of Jewish life in Pittsburgh, home to approximately 20 synagogues. Oakland, heavily populated by undergraduate and graduate students, is home to most of the universities, and the Petersen Events Center. The Strip District to the west along the Allegheny River is an open-air marketplace by day and a clubbing destination by night. Bloomfield is Pittsburgh's Little Italy and is known for its Italian restaurants and grocers. Lawrenceville is a revitalizing rowhouse neighborhood popular with artists and designers. The Hill District was home to photographer Charles Harris as well as various African-American jazz clubs. Other East End neighborhoods include Point Breeze, Regent Square, Homewood, Lincoln-Lemington-Belmar, Larimer, East Hills, East Liberty, Polish Hill, Hazelwood, Garfield, Morningside, and Stanton Heights.
The West End includes Mt. Washington, with its famous view of the Downtown skyline and numerous other residential neighborhoods such as Sheraden and Elliott.
Pittsburgh had 43 National Banks chartered during the Bank Note Era, and 42 of those banks issued National Bank Notes. Pittsburgh also had several Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized April 8, 1865
- Chartered April 26, 1865
- Succeeded Exchange Bank
- Receivership October 23, 1931
The Exchange Bank of Pittsburg was chartered by the state of Pennsylvania on May 18, 1836. and it opened for business on June 1st in a small building on the north side of Second Avenue between Market and Perry Streets. It moved to a new location at 240 Fifth Avenue. In June 1839, John Forster, Esq., cashier of the Exchange Bank of Pittsburgh and formerly cashier of the Harrisburg Bank, resigned. At a meeting of the directors, resolutions were passed highly commending Mr. F., for the able discharge of his official duties.
In January 1842, the Exchange Bank had Capital of $600,000. The directors were Wm. Robinson, Jr., Harmar Denny, G.A. Bayard, James Anderson, Wm. Little, E.A. Brown, Wm. B. McClure, R.F. Kennedy, Solomon Stoner, and George Weyman. The officers were W. Robinson, Jr., president and T.M. Howe, cashier.
On Monday, November 18, 1844, the following named gentlemen were chosen as directors of the Exchange Bank: Wm. Robinson, Jr., D.C. Stockton, S. Stoner, Wm. Bageley, Harvey Childs, Geo. A. Bayard, Thos. Hanna, Morgan Robertson, Wm. Lippincott, John Grier, B.A. Fahnestock, R.T. Kennedy, and Wm. J. Howard.
On November 17, 1851, elections were held and the following were elected directors: Thomas M. Howe, Harmar Denny, James Anderson, J.H. Shoenberger, Wm. Bagaley, James M. Cooper, D.C. Stockton, George Darsie, Solomon Stoner, J.C. Blair, J.B. Lyon, M. Robertson, and J.D. McCord.
On April 8, 1865 the Board of Directors met to consider organizing the bank under the National law. On April 26, 1865, Freeman Clarke, Comptroller of the Currency certified that The Exchange National Bank of Pittsburgh in the city of Pittsburgh, in the county of Allegheny and State of Pennsylvania was authorized to commence the business of banking under the Act approved June 3d, 1864. The bank with capital of $1,000,000 was designated a depositary of the United States Treasury and agent for the sale of the 7-30 loan. H.M. Murray was Cashier and his older brother, James B. Murray was president.
In January 1871, the directors elected were John H. Shoenberger, David McCandless, Harvey Childs, Mark W. Watson, Thomas M. Howe, Alexander Chambers, Benjamin Bakewell, Jr., Thomas J. Hoskinson, Willian Means, Frank S. Bissell, John H. Dalzell, B.A. Sampson, and Charles H. Spang.
In January 1886, the directors elected were: Mark W. Watson, John H. Dalzell, John H. Shoenberger, Frank S. Bissell, Calvin Wells, C.B. Herron, James P. Hanna, H.S. McKee, J.W. Dalzell, John B. Jackson, W.H. Singer, James W. Brown, and Maxwell K. Moorhead.
In January 1904, the directors were Mark W. Watson, Frank S. Bissell, Calvin Wells, James W. Brown, John Moorhead, Jr., Andrew H. Childs, Edward B. Alsop, Andrew Long, Louis W. Dalzell, James W. Scully, J.W. Marsh, F.T.F. Lovejoy, and Ralph H. Binns. The officers were Mark W. Watson, president; Frank S. Bissell, vice president; and Andrew Long, cashier. Capital was $1,200,000 and Surplus and Undivided Profits $782,000.
In January 1914, the following were elected directors: Joseph W. Marsh, John Moorhead, Jr., Albert H. Childs, Ralph H. Binns, Frank S. Bissell, Edward B. Alsop, Louis W. Daizell, F.C. Perkins, R.T. M. McCready, G. Barton Singer, C.L. Snowden, John W. Donnan, Frank B. Nimick, Frank A. Rinehart, J. Dalzell McKee. Mr. McKee was newly elected to the board.
In January 1920, directors were Joseph W. Marsh, John Moorhard, Jr., Albert H. Childs, Ralph H. Binns, Edward B. Alsop, F.C. Perkins, G. Harton Singer, R.T.M. McCready, C.L. Snowdon, John W. Donnan, Frank B. Nimick, F.A. Rinehart, J. Dalzell McKee, W.S. Horner, and J.P. McKelvey.
F.D. Beatty, cashier, announced that the bank would move on May 15, 1922 to the offices formerly occupied by the Peoples National Bank on Wood Street where temporary quarters would be maintained pending the erection of new quarters on the present site of the bank at 240 Fifth Avenue. The Peoples National was merged with the First National the previous September. The new building would consist of six stories with a fire and burglar-proof vault. The Exchange National enjoyed being the oldest national bank in Pittsburgh not merged or consolidated.
On December 1, 1931, the Comptroller of the Currency gave notice to all who may have claims against the Exchange National Bank of Pittsburgh to present legal proof to Robert R. Gordon, Receiver, within 3 months. Sale of furniture and fixtures of the closed institution was authorized by Federal Court Judge Schoonmaker as petitioned by the receiver of the bank. The City of Pittsburgh had already received $85,000 on November 6th from the Fidelity & Deposit Co. of Maryland representing the city's funds tied up in the closed Exchange National Bank.
Official Bank Title(s)
1: The Exchange National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $18,328,290 in National Bank Notes was issued by this bank between 1865 and 1931. This consisted of a total of 1,883,550 notes (1,703,886 large size and 179,664 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 - 17000 Original Series 3x10-20 1 - 11950 Original Series 50-100 1 - 2750 Series 1875 4x5 1 - 22500 Series 1875 3x10-20 1 - 6352 Series 1875 50-100 1 - 3710 1882 Brown Back 4x5 1 - 16115 1882 Brown Back 3x10-20 1 - 14001 1882 Brown Back 50-100 1 - 10955 1902 Red Seal 4x5 1 - 26500 1902 Red Seal 4x10 1 - 7500 1902 Red Seal 3x10-20 1 - 6900 1902 Red Seal 50-100 1 - 1500 1902 Date Back 4x5 1 - 42000 1902 Date Back 4x10 1 - 30250 1902 Date Back 3x10-20 1 - 31500 1902 Date Back 50-100 1 - 1000 1902 Date Back 3x50-100 1 - 1000 1902 Plain Back 4x5 42001 - 141401 1902 Plain Back 3x10-20 31501 - 114545 1929 Type 1 6x5 1 - 18114 1929 Type 1 6x10 1 - 8995 1929 Type 1 6x20 1 - 2835
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1931):
Presidents:
- James B. Murray, 1865-1869
- John Hopson Shoenberger, 1870-1880
- Mark Walton Watson, 1881-1908
- Joseph W. Marsh, 1909-1930
Cashiers:
- Henry Magnus Murray, 1865-1869
- Andrew Long, 1870-1908
- John Alexander "Alex" Dunbar, 1909-1912
- James Pollack L. McKelvey, 1913-1916
- Percy D. Beatty, 1917-1931
Other Bank Note Signers
- David McCandless, Vice President, (1876) Signature
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Pittsburgh (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Pittsburgh, PA, Wikipedia, https://en.wikipedia.org/wiki/Pittsburgh,_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://bbdata.banknotehistory.com
- Rennick, Raymond C., "My Adventures in Collecting Bank Notes From The Exchange Bank of Pittsburgh," Paper Money, No. 120, p 269-272.
- The Bankers' Magazine, Vol. 105, July 1922-Dec. 1922, p. 42.
- State Capitol Gazette, Harrisburg, PA Tue., June 25, 1839.
- The Pittsburgh Gazette, Pittsburgh, PA, Fri., Jan. 7, 1842.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., Nov. 21, 1844.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., Nov. 18, 1851.
- The Pittsburgh Daily Commercial, Pittsburgh, PA, Sat., Mar. 18, 1865.
- The Pittsburgh Gazette, Pittsburgh, PA, Sat., June 17, 1865.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 11, 1871.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 13, 1886.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 13, 1904.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 14, 1914.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 13, 1920.
- The Pittsburgh Press, Pittsburgh, PA, Sun., May 14, 1922.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Nov. 8, 1931.
- The Pittsburgh Press, Pittsburgh, PA, Mon. Dec. 7, 1931.
- The Pittsburgh Press, Pittsburgh, PA, Fri., Dec. 11, 1931.