First National Bank of Johnstown, PA (Charter 51-2739-51)

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Postcard of the First National Bank of Johnstown, Pennsylvania, ca1900s
Postcard of the First National Bank of Johnstown, Pennsylvania, ca1900s.  Courtesy of Adam Stroup

First National Bank of Johnstown, PA (Chartered 1863 - Receivership 1934)

Town History

Needed: a recent photo of the bank or another postcard.

Johnstown is the largest city in Cambria County, Pennsylvania. The population was 18,411 as of the 2020 census. Located 57 miles east of Pittsburgh, it is the principal city of the Johnstown metropolitan area with 133,472 residents in 2020.

Johnstown was settled in 1770. The city has experienced three major floods in its history. The Great Johnstown Flood of May 31, 1889, occurred after the South Fork Dam collapsed 14.1 miles upstream from the city during heavy rains. At least 2,209 people died as a result of the flood and subsequent fire that raged through the debris. Another major flood occurred in 1936 and again in 1977.

Johnstown was formally platted as Conemaugh Old Town in 1800 by the Swiss German immigrant Joseph Johns (born Josef Schantz). The settlement was initially known as "Schantzstadt", but was soon anglicized to Johnstown. The community incorporated as Conemaugh borough January 12, 1831, but renamed Johnstown on April 14, 1834. From 1834 to 1854, the city was a port and key transfer point along the Pennsylvania Main Line Canal. Johnstown was at the head of the canal's western branch, with canal boats having been transported over the mountains via the Allegheny Portage Railroad and refloated here, to continue the trip by water to Pittsburgh and the Ohio Valley. Perhaps the most famous passenger who traveled via the canal to visit Johnstown briefly was Charles Dickens in 1842.

Iron, coal, and steel quickly became central to the town of Johnstown. By 1860, the Cambria Iron Company of Johnstown was the leading steel producer in the United States, outproducing steel giants in Pittsburgh and Cleveland. Through the second half of the 19th century, Johnstown made much of the nation's barbed wire. Johnstown prospered from skyrocketing demand in the western United States for barbed wire. Twenty years after its founding, the Cambria Works was a huge enterprise sprawling over 60 acres in Johnstown and employing 7,000. It owned 40,000 acres of valuable mineral lands in a region with a ready supply of iron, coal and limestone.

Johnstown had nine National Banks chartered during the Bank Note Era, and all nine of those banks issued National Bank Notes.

Bank History

Charter 51 Bank History:

  • Chartered Aug 5, 1863
  • 1: Liquidated June 24, 1882
  • 1: Succeeded by 2739 (First National Bank of Johnstown, PA)
  • 2: Charter 51 reassigned to 2739 June 2, 1911 (First National Bank of Johnstown, PA)
  • 2: Absorbed 7465 July 31, 1928 (Union National Bank, Johnstown, PA)
  • 2: Conservatorship March 17, 1933
  • 2: Receivership February 5, 1934

Charter 2739 Bank History:

  • Organized June 15, 1882
  • Chartered June 24, 1882
  • Succeeded 51 (First National Bank of, Johnstown, PA)
  • Absorbed 5059 April 1, 1902 (Cambria National Bank, Johnstown, PA)
  • Absorbed 4212 December 14, 1909 (Citizens National Bank, Johnstown, PA)
  • Retook charter 51 June 2, 1911 (First National Bank of, Johnstown, PA)

In January 1866, the stockholders of the First National Bank of Johnstown elected the following directors for the ensuing year: D.J. Morrell, John Dibert, Isaac Kaufman, George Fritz, Jacob Levergood, Jacob M. Campbell, and Edward Y. Townsend. The board was the same as the previous year with the exception that Jacob M. Campbell was a substitution for George S. King. The new board organized and re-elected D.J. Morrell, Esq., president.[1]

On Sunday, February 19, 1879, Anthony Sedelmyer, who rose from the driver of a mule in the ore mines of the Cambria Iron Company to chief clerk for the First National Bank of Johnstown, died in that place of consumption.[2]

On Monday afternoon, June 12, 1882, the stockholders of the First National Bank of Johnstown held a meeting where it was resolved that the bank would go into voluntary liquidation at the close of business on Saturday, the 24th. A new organization was also effected and business would not be interrupted, but would resume under the new organization on the 26th. The capital stock of the new concern was $100,000 with privilege of increasing it to $200,000 at any time management deemed it expedient.[3]

In December 1884, Hon. D.J. Morrell resigned the presidency and directorship. He was succeeded by James McMullin as president and Pearson Fischer as director. Mr. Morrell had been a director of the bank for 21 years.[4]

On September 27, 1888, Civil War Union Brevet Brigadier General, US Congressman, and principle founder of the Cambria Iron Works, Jacob M. Campbell, died at his residence on Walnut Street, Johnstown. General Campbell was prominently identified with the business interests of Johnstown and was a director of the First National Bank, the Savings Bank, and the gas and water companies.[5]

on Friday, May 31, 1889, the Great Johnstown Flood occurred after the catastrophic failure of the South Fork Dam, located on the south fork of the Little Conemaugh River, 14 miles upstream of the town of Johnstown. The dam ruptured after several days of extremely heavy rainfall, releasing the flood that killed 2,208 people and accounted for $17,000,000 (equivalent to about $550,000,000 in 2022) in damage. On June 8th, at the Pennsylvania Railroad Station, six bodies were received. Those identified included H.J. Roberts, cashier of the First National Bank. His wife Mary also perished in the flood.[6]

In January 1890, the officers were James McMillen, president; C.T. Frazer, vice president; John D. Roberts, cashier; and J.E. Sedlmeyer, assistant cashier. The directors were James McMillen, Herman Baumer, C.T. Frazer, Pearson Fisher, P.C. Bolsinger, and W. Horace Rose. The bank was located at 194 Main Street and had capital $100,000 and surplus $40,000.[7]

By May 1890, the banks of Johnstown were doing more business than they ever did. The Savings Bank reported that its deposits now were in excess of its deposits before the flood. John B. Roberts, cashier of the First National Bank which was virtually the successor to the private banking house of John Dibert & Co., reported that its business was greatly in excess of the business before the flood. John Dilbert was drowned and the bank afterward went into liquidation. It had deposits on hand of $300,000 and in eight months Mr. Roberts, cashier of the old as well as the new institution had paid every cent. John Dibert & Co. opened on Main Street in August 1869.[8] The Citizens National Bank had been organized and according to Cashier Roberts, Johnstown was gradually getting into excellent financial condition. The Cambria Works and the Johnson Works at Moxham contributed greatly to this result. The former paid out about $200,000 monthly in wages and the latter nearly $100,000. Both were enlarging and improving and becoming even more important to the town.[9]

On April 1, 1902, the First National Bank and the Cambria National Bank of Johnstown consolidated under the name of the First National Bank of Johnstown. One of the directors was J.M. Murdock of Johnstown, formerly of Ligonier.[10]

On October 7, 1908, David Barry, the brother-in-law of Charles M. Schwab, and the cashier of the First National Bank of Johnstown, consummated a deal by which the First National absorbs the Citizens National Bank. The capital and surplus of the consolidated bank would be $1,000,000 and the total deposits about $5,000,000. Senator Jacob C. Stineman of South Fork and Jacob A. Fronheiser, son-in-Law of Judge Haymaker of Pittsburgh, were among the heavy stockholders in the Citizens National. One morning the entire city was startled when it was learned that Mr. Barry had won out in a fight to get control of the First National Bank, the strongest institution in Johnstown. He had as opponents several of the biggest financiers in the city.[11] 

Caleb T. Frazer was for many years in the drug business at Johnstown and lost considerable property in the flood.  The family made a most remarkable escape from drowning.[12] He died at his home, 5818 Rippey Street the afternoon of November 8, 1908, in his 82d year.  He was born in Fayette County, the son of William E. Frazer, a former State Senator.  In 1843, he learned the drug business with R.E. Sellers in Pittsburgh. He continued as a druggist in Johnstown until 1887 when he became president of the First National Bank.[13]

On January 24, 1928, the First National Bank of Johnstown which had taken over control of three banks within the past year announced that a fourth institution, the Union National Bank, had entered the merger. Other banks combined with the First National were Title Trust and Guaranty Company, the Johnstown State Deposit Bank, and Morrelville Deposit Bank. The First National's resources were now close to $26,000,000.[14]

On March 19, 1933, the Philadelphia Federal Reserve Bank announced conservators had been appointed for the following Pennsylvania banks: First National Bank of Johnstown, David Barry; United States National Bank, Johnstown, F.C. Martin.[15]

In March 1934, receiver John Valley of the closed First National Bank of Johnstown, filed suits against David Barry, president and other former officers of the institution seeking recovery of approximately $720,000.[16] On May 12, 1934, four former officers were re-indicted by a federal grand jury in Pittsburgh on charges of misallocation of funds and making false entries and false reports to the comptroller of the currency. They were David Barry, former president; Jacob M. Murdock, former vice president; Harry Swank, former vice president; and Patrick F. McAneny, former cashier and director. The same men were indicted in November 1933, charged with misallocation of funds totaling $105,000. The offenses were alleged to have taken place between May 26, 1931 and January 7, 1933.[17] On June 21, 1934, David Barry, ousted as president of the Climax Fire Brick Company and convicted for violating the state banking law, died of a heart attack. He was a brother-in-law of Charles M. Schwab and former president of two closed Johnstown banks. Barry had been named in suits instituted by receivers of the First National Bank to recover on loans on which Barry had pledged stock of the Brick Company as collateral. The death of Barry follows that of Charles McGahan, former assistant cashier of the First National who committed suicide in the basement of the bank last December. J. Murdock, former vice president of the bank, indicted with Barry on banking law violations, narrowly escaped death in an automobile crash a few months ago.[18] On July 10th, Jacob M. Murdock, 70, shot himself through the heart with his shotgun. He was facing 19 counts in connection with misappropriation of $300,000 of the closed bank's funds.[19]

Official Bank Titles

1: The First National Bank of Johnstown, PA

2: The First National Bank of Johnstown, PA (6/2/1911)

Bank Note Types Issued

1902 Red Seal $20 bank note with tamped signatures of David Barry, Cashier and Henry Y. Haws, President
1902 Red Seal $20 bank note with tamped signatures of David Barry, Cashier and Henry Y. Haws, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with printed signatures of P.F. McAneny, Cashier and David Barry, President
1902 Plain Back $20 bank note with printed signatures of P.F. McAneny, Cashier and David Barry, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of P.F. McAneny, Cashier and David Barry, President
1929 Type 1 $10 bank note with printed signatures of P.F. McAneny, Cashier and David Barry, President. Courtesy of Heritage Auctions, www.ha.com

Charter 51 Bank Note Types Issued:

A total of $5,588,960 in National Bank Notes was issued by Charter 51 between 1863 and 1934. This consisted of a total of 456,872 notes (362,588 large size and 94,284 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 - 2000
1: Original Series 4x10 1 - 2000
1: Series 1875 4x10 1 - 957
2: 1902 Date Back 3x10-20 1 - 11000
2: 1902 Plain Back 3x10-20 11001 - 85690
2: 1929 Type 1 6x10 1 - 12288
2: 1929 Type 1 6x20 1 - 3368
2: 1929 Type 2 10 1 - 222
2: 1929 Type 2 20 1 - 126

Charter 2739 Bank Note Types Issued:

A total of $1,838,750 in National Bank Notes was issued by charter 2739 between 1882 and 1911. This consisted of a total of 188,500 notes (188,500 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 - 12275
1902 Red Seal 4x5 1 - 5500
1902 Red Seal 3x10-20 1 - 10500
1902 Date Back 4x5 1 - 11750
1902 Date Back 3x10-20 1 - 7100

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1934):

Charter 51 Bank Presidents and Cashiers:

Presidents:

Cashiers:


Charter 2739 Bank Presidents and Cashiers:

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Johnstown, 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
  1. ↑ The Pittsburgh Commercial, Pittsburgh, PA, Mon., Jan. 15, 1866.
  2. ↑ The Altoona Tribune, Altoona, PA, Thu., Feb. 13, 1879.
  3. ↑ The Semi-Weekly New Era, Lancaster, PA, Sat., June 17, 1882.
  4. ↑ Altoona Times, Altoona, PA, Mon., Dec. 1, 1884.
  5. ↑ The Somerset Herald, Somerset, PA, Wed., Oct. 3, 1888.
  6. ↑ Meadville Saturday Night, Meadville, PA, Sat., June 8, 1889.
  7. ↑ Johnstown Weekly Democrat, Johnstown, PA, Fri., Jan. 3, 1890.
  8. ↑ The Cambria Freeman, Ebensburg, PA, Thu., Aug. 5, 1869.
  9. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., May 30, 1890.
  10. ↑ The Ligonier Echo, Ligonier, PA, Wed., Mar. 26, 1902.
  11. ↑ The Pittsburgh Press, Pittsburgh, PA, Wed., Oct. 7, 1908.
  12. ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Feb. 26, 1895.
  13. ↑ The Pittsburgh Post, Pittsburgh, PA, Mon., Nov. 9, 1908.
  14. ↑ The Tribune, Scranton, PA, Wed., Jan. 25, 1928.
  15. ↑ Reading Times, Reading, PA, Mon., Mar. 20, 1933.
  16. ↑ Pittston Gazette, Pittston, PA, Fri., Mar. 30, 1934.
  17. ↑ The Indiana gazette, Indiana, PA, Sat., May 12, 1934.
  18. ↑ The Indiana Gazette, Indiana, PA, Thu., June 21, 1934.
  19. ↑ The Indiana Gazette, Indiana, PA, Tue., July 10, 1934.
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