First National Bank, Philadelphia, PA (Charter 1-2731-1)

From Bank Note History
Jump to navigation Jump to search
Photo of Philadelphia's financial district, Chestnut Street looking westward from Third Street.  On left is the Investment Co., Guarantee Trust Co., Brown Bros. & Co., Wood Building, Drexel Building; on right, Bank of North America, First National Bank, etc., ca 1902.
Photo of Philadelphia's financial district, Chestnut Street looking westward from Third Street.  On left is the Investment Co., Guarantee Trust Co., Brown Bros. & Co., Wood Building, Drexel Building; on right, Bank of North America, First National Bank, etc., ca 1902.

First National Bank, Philadelphia, PA (Chartered 1863 - Closed (Merger) 1998)

Town History

The First National Bank of Philadelphia banking house at 315 Chestnut Street, Philadelphia, Pennsylvania, ca2020.
The First National Bank of Philadelphia banking house at 315 Chestnut Street, Philadelphia, Pennsylvania, ca2020. Courtesy of Google Maps

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

Charter 1 Bank History:

Charter 2731 Bank History:

  • Organized June 10, 1882
  • Chartered June 14, 1882
  • Succeeded 1 (First National Bank, Philadelphia, PA)
  • Retook charter 1 June 1, 1902 (First National Bank, Philadelphia, PA)

In November 1863, the bank increased its capital stock from $150,000 to $500,000 and proposed at an early date as soon as business of the bank required to make a further increase to $1,000,000. O.W. Davis, having resigned as president in order to devote his entire time to the duties of his profession, still retained the position of Director. C.H. Clark of the house of E.W. Clark & Co., Bankers, was elected in his stead. The following were directors: C.H. Clark, Jay Cooke, S.A. Caldwell, J.B. Moorehead, W.S. Russell, E.W. Clark, and O.W. Davis.

An advertisement from September 1861 depicting a $100 Treasury Note of the 7-30 bond. Although notes were not yet available, Jay Cooke & Co. was accepting subscriptions at its Philadelphia banking house.  While the names in the facsimile printed by the Philadelphia Inquirer were fictitious, Major General George B. McClellan was entered representing the Register of the Treasury and Jay Cooke & Co. was entered as representing the Treasurer of the United States.  The note was described for the public and included the anti-photographic nature of the patented green colored ink used by the American Bank Note Company used to prevent counterfeiting.
An advertisement from September 1861 depicting a $100 Treasury Note of the 7-30 bond. Although notes were not yet available, Jay Cooke & Co. was accepting subscriptions at its Philadelphia banking house.  While the names in the facsimile printed by the Philadelphia Inquirer were fictitious, Major General George B. McClellan was entered representing the Register of the Treasury and Jay Cooke & Co. was entered as representing the Treasurer of the United States.  The note was described for the public and included the anti-photographic nature of the patented green colored ink used by the American Bank Note Company used to prevent counterfeiting.
The First National Bank of Philadelphia holds the first charter issued by the United States Government to a national bank. Jay Cooke, who was responsible for financing the Government in the Civil War, was its first president and it is due to his ideas and initiative that the bonds of the Government were floated through the newly created national banking system. At the outbreak of the war the Federal Government was surrounded by difficulties that lay in the path of its Treasury Department. Mr. Cooke, then Philadelphia's outstanding financier, volunteered to market the Government's obligations. At his own expense he printed prospectuses, paid for advertising of many varieties and contrived propaganda which was the forerunner of the Liberty Loans campaigns of the World War. He would raise over one billion dollars through the sale of various Government bonds to finance the Civil War.

The idea of chartering banks which would have the authority to issue currency in the form of bills was presented to Congress by Salmon P. Chase, Secretary of the Treasury, and, at the suggestion of Mr. Cooke's brother, Henry D. Cooke who lived in Washington and was the close personal friend of Secretary Chase, the Philadelphian was called to Washington and to him was given the charter for the First National Bank which thus became in fact not only the First National Bank of Philadelphia but the First National Bank of the United States. While its charter was Number One, the National Bank at Davenport, Iowa, actually opened its doors before the Philadelphia institution. Mr. Cooke was one of the most prudent of men. The standardized charter period of National Banks was twenty years, but he, fearing that the Governmental experiment might not be successful, had the First National's charter issued for only nineteen years. If the experiment failed, he would thus have been one year ahead of the other National Banks in getting out of a losing game. He saw the opportunity presented by the new banks to market the Government bonds and suggested that each be required to buy these securities to the amount of currency bank notes they were authorized to issue and Secretary Chase adopted the idea. The end of the nineteen-year period found the national bank idea a huge success and the First National applied for a renewal of its charter only to find that no legislation had been provided for any continuances. It was therefore compelled to take a new charter with the understanding that when that expired at the end of a twenty-year period it would again receive its historic Number One charter. That agreement was consummated and the coveted, original charter now is an object of interest to visitors to the Treasury Department.

On January 9, 1866, stockholders elected the following directors: C.H. Clark, Jay Cooke, S.A. Caldwell, E.W. Clark, W.G. Moorhead, W.S. Russell, George F. Tyler, James A. Wright, and R.B. Cabeen.

On January 14, 1908, the stockholders elected the following directors: J. Tatnall Lea, Edward W. Clark, Randal Morgan, William P. Gest, Joseph B. McCall, George A. Heyl, and Charles S. Child. The directors elected J. Tatnall Lea, president, E.W. Clark, vice president; and Kenton Warne, cashier.

An advertisement from November 1910 for the temporary move of the First National Bank into the former quarters of the Merchants National in the Merchants' and Mariners' Building at 308 Chestnut Street, Philadelphia.
An advertisement from November 1910 for the temporary move of the First National Bank into the former quarters of the Merchants National in the Merchants' and Mariners' Building at 308 Chestnut Street, Philadelphia.

On August 3, 1910, Morris Baker's prepared opposition to the merger of the Merchants' National Bank with the First National Bank came to nothing as the stockholders of the former institution stood firmly by the management at a meeting in the Merchants' and Mariners' Building and ratified the deal by the assent of 9,121 shares, Mr. Baker mustering only 140 shares in the way of dissent. Out of 217 shareholders, 174 were represented in person or by proxy. It was also noted that the board of directors of the merged institutions, under the name of the First National Bank, should consist of 18 members, an increase of seven over the previous make-up of the First National directorate. Seven of the old Merchants' board were admitted as follows: F. Wayland Ayer, William A. Law, Frederick McOwen, David C. Nimlet, Sylvester S. Marvin, Elihu C. Irvin and Cyrus H. K. Curtis. The officers of the merged First National were J. Tatnall Lea, president, Wm. A. Law, first vice president, Kenton Warne, second vice president, Thomas W. Andrew, cashier and Charles H. James and Freas B. Snyder, assistant cashiers. 

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. The establishment of a branch of the bank at Second Street and Girard Avenue was also approved. After the merger, the officers were Livingston E. Jones, president; William J. Montgomery, vice president; Kenton Warne, vice president; Harry J. Haas, vice president; Edward M. Malpass, vice president; Carl H. Chaffee, vice president and cashier; P. Blair Lee, vice president; Howard D. Sordon, T. Scott Root, Thomas W. Smith, William A. Nickert, assistant vice presidents; Irwin Fisher, Alfred W. Wright, Austin W. Davis, J.P. Hollingsworth, and William A. Hoover, assistant cashiers.

Official Bank Titles

1: The First National Bank of Philadelphia, PA

2: The First National Bank of Philadelphia, PA (Charter 1) (6/17/1902)

Bank Note Types Issued

1882 Brown Back $10 proof for the First National Bank of Philadelphia, Ch2731, from the ABCA plate approved August 11, 1882. This proof displays the normal border when compared with $10 notes produced from the DEFB plate.
1882 Brown Back $10 proof for the First National Bank of Philadelphia, Ch2731, from the ABCA plate approved August 11, 1882. This proof displays the normal border when compared with $10 notes produced from the DEFB plate. Courtesy of the Smithsonian Institution
1882 Brown Back $10 bank note for the First National Bank of Philadelphia, Ch2731, with pen signatures of M. McMichael, Jr., Cashier and G. Philler, President. The DEFB plate used to produce this note was approved Aug. 23, 1893. The BEP imprint was moved from the upper left corner to the lower border replacing the American Bank Note Co. imprint. It also has the abnormal border variety in the upper left border in use at that time.
1882 Brown Back $10 bank note for the First National Bank of Philadelphia, Ch2731, with pen signatures of M. McMichael, Jr., Cashier and G. Philler, President. The DEFB plate used to produce this note was approved Aug. 23, 1893. The BEP imprint was moved from the upper left corner to the lower border replacing the American Bank Note Co. imprint. It also has the abnormal border variety in the upper left border in use at that time.
1902 Red Seal $5 bank note with pen signatures of Charles H. James, Assistant Cashier and J. Tatnall Lea, President.
1902 Red Seal $5 bank note with pen signatures of Charles H. James, Assistant Cashier and J. Tatnall Lea, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Date Back $5 bank note with printed signatures of Thomas W. Andrew, Cashier and J. Tatnall Lea, President.
1902 Date Back $5 bank note with printed signatures of Thomas W. Andrew, Cashier and J. Tatnall Lea, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note with SN 10 and printed signatures of C.H. Chaffee, Cashier and Livingston E. Jones, President. The Bureau of Engraving and Printing (BEP) prepared the overprinting plates used to produce this note.
1929 Type 1 $5 bank note with SN 10 and printed signatures of C.H. Chaffee, Cashier and Livingston E. Jones, President. The Bureau of Engraving and Printing (BEP) prepared the overprinting plates used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $5 bank note with SN 1 and printed signatures of C.H. Chaffee, Cashier and Livingston E. Jones, President. The Bureau of Engraving and Printing (BEP) prepared the overprinting plates used to produce this note.
1929 Type 2 $5 bank note with SN 1 and printed signatures of C.H. Chaffee, Cashier and Livingston E. Jones, President. The Bureau of Engraving and Printing (BEP) prepared the overprinting plates used to produce this note. Courtesy of Lyn Knight Auctions, www.lynknight.com

Charter 1 Bank Note Types Issued:

A total of $15,046,570 in National Bank Notes was issued by charter 1 between 1863 and 1935. This consisted of a total of 1,679,522 notes (1,331,788 large size and 347,734 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 4x5 1 - 500
1: Original Series 4x10 1 - 15255 First sheets printed with red treasury SN 9 and bank SN 1 shipped Dec. 28, 1863.
1: Original Series 2x20-50-100 1 - 6040 First sheets printed with red treasury SN 36 and bank SN 1 shipped Apr. 22, 1864.
1: Series 1875 4x5 1 - 5000
1: Series 1875 4x10 1 - 2500
1: Series 1875 2x20-50-100 1 - 2700 altered from an Original to 1875 plate 1876-7 period. $20s with Variety 2 reentered over Var 1 and hand engraved branchǂ
2: 1902 Red Seal 4x5 1 - 30000
2: 1902 Red Seal 4x10 1 - 10000
2: 1902 Red Seal 3x10-20 1 - 41500
2: 1902 Date Back 4x5 1 - 114016
2: 1902 Date Back 4x10 1 - 67835
2: 1902 Date Back 3x10-20 1 - 35901
2: 1902 Plain Back 4x10 67836 - 69535
2: 1929 Type 1 6x5 1 - 26832
2: 1929 Type 1 6x10 1 - 13068
2: 1929 Type 1 6x20 1 - 3054
2: 1929 Type 2 5 1 - 57344
2: 1929 Type 2 10 1 - 26156
2: 1929 Type 2 20 1 - 6510


Charter 2731 Bank Note Types Issued:

A total of $1,443,050 in National Bank Notes was issued by charter 2731 between 1882 and 1902. This consisted of a total of 75,444 notes (75,444 large size and No small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 3x10-20 1 - 16861 DEFB plate has the abnormal border variety for the $10s
1882 Brown Back 50-100 1 - 4000
  • ǂ"Varieties in the Battle of Lexington Vignette on $20 National Bank Notes," Paper Money, May/June 2006, No. 243 p. 170-226.

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):

Charter 1 Bank Presidents and Cashiers:

Presidents:

Cashiers:


Charter 2731 Bank Presidents and Cashiers:

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

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
  • Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 2.
  • Huntoon, Peter, "The First National Bank of Philadelphia," Chapter O2. This chapter is from The Encyclopedia of U. S. National Bank Notes published jointly by the National Currency Foundation www.nationalcurrencyfoundation.com) and Society of Paper Money Collectors (www.spmc.org).
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Nov. 18, 1863.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1866.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 18, 1908.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Aug. 4, 1910.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Nov. 28, 1910.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 20, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., May 1, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., May 3, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., July 3, 1930.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=First_National_Bank,_Philadelphia,_PA_(Charter_1-2731-1)&oldid=58768"