First National Bank/First NB of Allegheny, Allegheny, PA (Charter 198)
First National Bank/First NB of Allegheny, Allegheny, PA (Chartered 1864 - Liquidated 1915)
Town History
Allegheny City was a municipality that existed in Pennsylvania from 1788 until it was annexed by Pittsburgh in 1907. It was located north across the Allegheny River from downtown Pittsburgh, with its southwest border formed by the Ohio River, and is known today as the North Side. The area of Allegheny City included the present Pittsburgh neighborhoods of Allegheny Center, Allegheny West, Brighton Heights, California-Kirkbride, Central Northside, Chateau, East Allegheny, Fineview, Manchester, Marshall-Shadeland, North Shore, Northview Heights, Perry North, Perry South, Spring Garden, Spring Hill–City View, Summer Hill, and Troy Hill.
The City of Allegheny was laid out in 1788 according to a plan by John Redick. The lots were sold in Philadelphia by the State government or given as payment to Revolutionary War veterans. It was incorporated as a borough in 1828 and as a city in 1840. Prior to the 1850s, most of the area was still largely farmland, but was subdivided into residential lots, first for the growing German population and later for Croat immigrants. It was commonly referred to as "Deutschtown," derived from the German word Deutsch, referring to the language and ethnicity.
Allegheny City annexed adjoining municipalities such as the boroughs of Manchester, Spring Garden and Duquesne, and the areas that became Brighton Heights, Observatory Hill, Perry Hilltop, Summer Hill, Spring Hill and Troy Hill.
The annexation of Allegheny City by Pittsburgh began in 1906 and was effected in 1907, authorized by the U.S. Supreme Court in a landmark decision Hunter v. City of Pittsburgh that year. It was approved by the United States Government in 1911. The annexation was controversial at the time, as an overwhelming majority of Allegheny City residents were opposed to the merger. Previous Pennsylvania law had directed that a majority of the voters in each merging municipality had to approve an annexation agreement. In 1906, the State Assembly passed a new law that authorized annexations if a majority of the total voters in both combined municipalities approved the merger. The annexation was rejected by the residents of Allegheny City by a 2:1 margin, but was approved by much more populous Pittsburgh residents, and the annexation bill passed into law. Allegheny City residents tried unsuccessfully for years to have the annexation overturned in court.
The population of Allegheny City in 1860 was 53,180, increasing to 129,896 in 1900.
Allegheny had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
- Chartered January 14, 1864
- 1: Receivership October 22, 1903
- 1: Restored to solvency December 7, 1903
- 2: Liquidated January 11, 1915
- 2: Consolidated with 776 which assumed its circulation (Second National Bank, Allegheny, PA)
On Tuesday, January 14, 1890, stockholders elected the following directors: James McCutcheon, John Thompson, C.C. Boyle, William Harbaugh, George W. Cochran, Edward Groetzinger, Joseph McWaugher, C.F. Nevin, and John Ogden.[1]
On Tuesday, January 9, 1900, the stockholders re-elected the same board of directors. The board consisted of John Thompson, C.C. Boyle, C.F. Nevin, Thomas G. McCutcheon, W.D. Henry, Reese C. Tannehill, R.J. Stoney, Jr., James P. McKinney, and William G. Lee.[2] On April 11, 1900, Robert Johnston Stoney, Jr., cashier of the Anchor Savings Bank and one of the oldest bankers in Pittsburgh, died at his home, 1120 South Negley Avenue, Allegheny. He was born in Ireland 70 years ago and came to this country with his parents when a boy. He entered banking circles as a bookkeeper for the Iron City Trust Company in the latter part of 1857. Two years later the Iron City Trust Company was reorganized into the Second National Bank of Pittsburgh and Mr. Stoney continued with this bank. In 1864 he was made assistant cashier, the first important position he held. In 1866 he was made cashier. After nine years in that position he resigned and became cashier of the newly organized Anchor Savings Bank. He was editor of the Pittsburgh Banker.[3] In January 1900, he was re-elected a director of the First National Bank of Allegheny and vice president of the Pittsburgh Stock Exchange.[4]
On May 2, 1905, Charles Edward Speer, veteran banker and one of the best and widest know financiers of Western Pennsylvania and a life long resident of Pittsburgh, died at the family home in Craft Avenue, Oakland. Mr. Speer was 68 years old. Had he lived until February of next year, he would have rounded out 50 years of continuous service in the First National Bank of Pittsburgh, nearly one-third of which time he was its president. In 1837, Charles E. Speer was born in his father's home on Penn Avenue between 18th and 19th Streets. He was the son of Dr. James Ramsey Speer, one of the best-known physicians of Western Pennsylvania. At 18 years he began as a messenger in the old Pittsburgh Trust Company which was converted to the First National Bank of Pittsburgh in 1863. During his long business career he became actively identified with the development of the Allegheny Cemetery. He was actively identified with the First Presbyterian Church, being an elder and chairman of the board of trustees. He was also chairman of the building committee in whose charge the beautiful new edifice was planned, built and recently dedicated. It was his generosity that enabled the congregation to secure the first product of one of the finest stone quarries in the State for its new church, the stone coming from Mr. Speer's farm, the famous Friendship Hill in Fayette County, originally owned by Albert Gallatin, secretary of the treasury under President Jefferson and the ancestor of Mrs. Speer. Mr. Speer was married about 40 years ago to Sarah Kennedy Dawson, daughter of John L. Dawson who was at the time occupying the Friendship Hill homestead. Mr. Dawson was then a member of Congress representing that district of Pennsylvania.[5]
On Tuesday, January 9, 1906, the directors elected were F.H. Richard who succeeded the late Charles E. Speer, Charles Donnelly, F.H. Skelding, Thomas G. McCutcheon, Francis L. Robbins, W.D. Henry, Thomas Kenyon, R.C. Tannehill, James B. Sipe, John Thompson, Thomas W. Irwin, Charles A. Painter and W.L. Guckert.[6]
On Tuesday, January 13, 1914, the following directors were elected: John Thompson, William M. Scaife, J.S. Orr, James B. Sipe, G.A. Hermann, J.S. Kuhn, Thomas W. Irwin, W.D. Henry, W.L. Guckert and Hay Walker, Jr. Mr. Walker took the place of W.S. Kuhn who resigned several months earlier.[7] In May 1914, the property at Federal Street and Park Way, for several months the temporary home of the First National Bank of Allegheny, was leased to a store. The bank's new home just across Park Way was being finished. In the rear of the bank, several properties were being remodeled for business purposes. One storeroom was already leased to a real estate concern.[8] In June, Howard Evans was made assistant cashier. He had been connected with the bank for 14 years.[9] On September 25, 1914, the officers and directors announced the completion of their new banking house and invited the public to inspect their banking rooms, private rooms for ladies, and safe deposit vaults, both of which were now located on the street floor. The bank was open for inspection daily until 5 p.m., Saturdays until 9 p.m.[10]
In January 1915, directors of the Second National Bank of Allegheny elected following officers: J.N. Davidson, president; W.L. Guckert, vice president; Edward G. Lang, vice president; A.K. Grubbs cashier; J.H. Davidson, assistant cashier; Howard Evans, assistant cashier. Notice was published that the First National Bank of Allegheny was in voluntary liquidation for the purpose of consolidating with the Second National Bank of Allegheny. The business of the consolidated institution would be conducted from the First National Bank Building.[11]
Official Bank Titles
1: The First National Bank of Allegheny, PA
2: The First National Bank of Allegheny, Pittsburgh, PA [3/15/1909]
Bank Note Types Issued
A total of $3,653,160 in National Bank Notes was issued by this bank between 1864 and 1915. This consisted of a total of 380,856 notes (380,856 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 1: Original Series 4x5 1 - 9350 1: Original Series 4x10 1 - 5725 1: Original Series 4x20 1 - 2925 1: Series 1875 4x5 1 - 500 1: Series 1875 4x10 1 - 3200 1: Series 1875 4x20 1 - 3522 1: 1882 Brown Back 3x10-20 1 - 12022 1: 1902 Red Seal 3x10-20 1 - 7000 1: 1902 Date Back 3x10-20 1 - 4000 2: 1902 Date Back 4x5 1 - 30540 2: 1902 Date Back 3x10-20 1 - 16430
The March 15, 1909, Comptroller imposed title change placed Pittsburgh in script as the postal location. The handling of the plates and notes for the two Allegheny banks, the First and the Second National, was otherwise unprecedented during the history of national bank note issues. Printings were treated as if formal title changes had occurred and bank sheet serial numbering from the altered plates started over at 1.
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1915):
Presidents:
- Theodore Hugh Nevin, 1864-1883
- James McCutcheon, 1884-1894
- John Thompson, 1895-1903
- Charles Edward Speer, 1904-1904
- Francis Hobbs Skelding, 1905-1908
- James Speer Kuhn, 1909-1913
- William L. Guckert, 1914-1914
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Allegheny, 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
- ↑ The Pittsburgh Post, Pittsburgh, PA, Wed., Jan. 15, 1890.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 9, 1900.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., Apr. 12, 1900.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 3, 1900.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Wed., May 3, 1905.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 9, 1906.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 13, 1914.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., May 26, 1914.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., June 5, 1914.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., Sep. 25, 1914.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Tue., Jan. 19, 1915.