First National Bank of Pittsburgh, PA (Charter 48-2745-48)
First National Bank of Pittsburgh, PA (Chartered 1863 - Liquidated 1913)
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 47 National Banks chartered during the Bank Note Era, and 46 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
Charter 48 Bank History:
- Chartered August 5, 1863
- Succeeded Pittsburgh Trust Company
- 1: Liquidated June 29, 1882
- 1: Succeeded by 2745 (First National Bank, Pittsburgh, PA)
- 2: Charter 48 reassigned to 2745 June 17, 1902 (First National Bank of, Pittsburgh, PA)
- 2: Assumed 700 by consolidation August 5, 1902 (Mechanics National Bank, Pittsburgh, PA)
- 2: Assumed 6806 by consolidation March 12, 1906 (Industrial National Bank, Pittsburg, PA)
- 2: Liquidated April 19, 1913
- 2: Consolidated with 252 (Second NB/First-Second NB/FNB, Pittsburgh, PA)
- 2: Circulation assumed by 252 (Second NB/First-Second NB/FNB, Pittsburgh, PA)
Charter 2745 Bank History:
- Organized June 17, 1882
- Chartered June 30, 1882
- Succeeded 48 (First National Bank of Pittsburgh, PA)
- Retook 48 June 17, 1902 (First National Bank of Pittsburgh, PA)
On Monday, June 28, 1852, books were opened for subscriptions to the stock of the Pittsburgh Trust and Savings Company at the office of Messrs. Hays and Painter, Liberty Street. The capital stock of $200,000 would be divided into 4,000 shares at $50 each, $10 per share payable at the time of subscription.[2] On Monday, July 12, 1852, the following gentlemen were elected directors to serve until the next annual election in November: James Laughlin, B.F. Jones, Isaac M. Pennock, Wm. Bingham, Thomas Hays, John Lindsay, Samuel Rea, Jas. A. Hutchinson, and W.K. Nimick.[3]
In July 1861, the directors were James Laughlin, Wm. K. Nimick, Robert S. Hays, Samuel Rea, Francis G. Bailey, Thomas Bell, Alexander Bradley, Thomas Wightman, and Alex. Speer. The officers were James Laughlin, president; and John D. Scully, cashier. The capital was $200,000.[4]
On August 5, 1863, Hugh McCulloch, comptroller of the currency, authorized the First National Bank of Pittsburgh to commence business. The First National succeeded the Pittsburgh Trust Company. The directors were James Laughlin, Robert S. Hays, Thomas Bell, Thos. Wightman, Wm. K. Nimick, Alexander Speer, Francis G. Bailey, Alex. Bradley, and Samuel Rea. James Laughlin was president and John D. Scully, cashier. The First National's capital was $400,000 with privilege to increase to $1,000,000.[5]
In January 1882, the directors were Jas. Laughlin, Alex. Nimick, Jacob Painter, Jr., John Wilson, John H. McKelvy, Robert S. Hays, Thomas Wightman, James S. McCord, and Jas. H. Lindsay.[6]
On Monday, December 18, 1882, James Laughlin, Sr., president of the First National Bank and senior member of the firm of Jones & Laughlin, and Laughlin & Co., died at his residence on Duquesne Way. Mr. Laughlin besides being one of the oldest and most widely known businessmen in Western Pennsylvania, was emphatically a self-made man. Born in the north of Ireland 76 years ago, he came to the United States in his teens and walked over the mountains to Pittsburgh in his bare feet. After a number of years, he entered into the pork business on Liberty Street with a brother, Alex. Laughlin. They prospered and early in the year 1852, Mr. Laughlin conceived the idea of embarking in the banking business. Before the end of the year, he succeeded in organizing the Pittsburgh Trust Company which was the first individual-liability bank organized in the world. A portion of the site now occupied by the First National Bank was secured by the Trust Company and it opened for business. Its front was then on Wood Street, the corner being the office of The Post. He was president of the trust company and the First National Bank until his death. In association with B. Frank Jones as Jones & Laughlin, iron manufacturers, a partnership was formed before 1855, resulting in the American Iron Works and which ranked second in size in the U.S. The firm of Laughlin & Co., proprietors of the Eliza blast furnaces, was organized more recently. For the past several years, his sons had cared for his business interests.[7]
In June 1902, the Mechanics National Bank sent out the following announcement to depositors: "The control of this bank having been acquired by the First National Bank of Pittsburg, we beg leave to announce to you that our business will be merged into that bank. Accordingly, the amount of your balance with us at the close of business on June 30 will be place to your credit on the books of the First National Bank, and subject to you check. The increased capital and enlarged facilities for transacting business accorded to our depositors by this consolidation will, we fee assured, be appreciated by them, as in every way promoting their interests and the business relations which it has been our pleasure to sustain with them in the past. ... our Mr. Applegate will be glad to meet them at their new banking home."[8]
In December 1902, the Pittsburgh Stock Exchange awarded a contract to A.S. Wilson for remodeling the former Mechanics National Bank building at 229-233 Fourth Avenue for $17,712. The stock exchange was expected to move from the Pittsburgh Bank for Savings building after April 1st. The bank was an almost new stone building of beautiful design with an artistic interior.[9]
In January 1906, stockholders and depositors of the Industrial National Bank received letters from President John W. Garland and Cashier C.M. Gerwig about the proposed merger with the First National Bank. The plan was to exchange 4,000 of the 8,000 shares of the Industrial National Bank on the basis of $150 per share for 1,000 shares of the First National Bank on a basis of $600 per share while the other 4,000 shares of the Industrial National would be retired for cash at $150 per share. All who desired to take cash for their Industrial National stock could have that option and those who desired to secure stock of the First National in exchange for all of their holdings would be accommodated if possible. Mr. Gerwig would become an officer of the First National and Mr. Garland would become an active director.[10] On and after January 17th, the consolidation was effective and the business of the two institutions continued as the First National Bank of Pittsburgh.[11]
In February 1906, the officers of the First National Bank were F.H. Skelding, president; Thos. Wightmen and J.L. Dawson Speer, vice presidents; F.H. Richard, cashier; Thos. C. Griggs, assistant cashier; Wm. F. Benkiser, manager, foreign department; Theo. Rheinboldt, assistant manager, foreign department. The directors were W. Harry Brown, John D. Culbertson, Chas. Donnelly, John W. Garland, W.D. Henry, J.S. Kuhn, W.S. Kuhn, Wilson Miller, James McCrea, Chas. A. Painter, F.L. Robbins, F.H. Skelding, J.L. Dawson Speer, and Thos. Wightman. The bank at the close of business, January 29th, reported capital stock, $1,000,000, surplus and undivided profits $2,425,444.86, circulation $430,000, deposits $18,889,384.82, and total resources of $22,744,829.68.[12]
In January 1909, the directors were James S. Kuhn, William S. Kuhn, John D. Culbertson, Francis H. Denny, John W. Garland, A.M. McCrea, George S. Oliver, Charles A. Painter, F.H. Richard, F.L. Robbins, J.L. Dawson Speer, J.J. Turner, W. Harry Brown, J.W. Marsh, L.M. Plumer, and J.H. Purdy.[13] Construction of the new home of the First National was completed with a five-story structure built with a plan towards the future addition of twenty or more floors without the need for alteration of the lower walls. There was no more favorable location than Fifth Avenue and Wood Street which converged in the very heart of the financial and commercial district of Pittsburgh. The main entrance was on Wood Street. Granite from Main and New Hampshire was used for exterior walls. The main banking room was a magnificent hall 75 feet square; six hexagonal columns of statuary marble from the quarries of Swanton, Vermont supported arches raising the ceiling to a height of fifty feet. The walls were also of this marble, artistically ornamented with bold and blue, sparingly used. The white expanse was relieved by panels of verde antique marble and the counters were of American pavanozza. Bronze was lavishly used throughout the building including the doors, screens and chandeliers. A white marble balustrade three feet high protected the mezzanine.[14]
The directors' room was on the fourth floor and was 20 by 42 feet and 22 feet in height. It was finished with beamed ceiling and flat wainscot treatment of circassian walnut. On the fith floor were the officers' dining room, employees' dining room, kitchens and additional office space for the use of the bank. This was where the pneumatic master clock was located which regulated the time for the entire establishment. All the floors were reached by means of a passenger elevator and an ample stairway, while the supplies were handled by means of special entrances and elevator from the alley. The total area of the several floos, mezzanines and gallery rooms was a total of 50,482 square feet. In the three story iron building lately demolished there was 9,600 square feet. In 1852, the institution occupied 1,600 square feet when it began as the Pittsburgh Trust and Savings Company which stood on a part of the present site on Wood Street 40 feet from Fifth Avenue. In 1852 the capital stock was $150,000; in 1863, $400,000; in 1875, $750,000; and in 1906 the capital was $1,000,000 with surplus of $2,000,000 and undivided profits of $200,000, and total resources of $28,494,266.97. James S. Kuhn was president; William S. Kuhn and J.L. dawson Speer, vice presidents; F.H. richard, cashier; Thomas C. Griggs, Alexander Murdoch and William McK. Reed, assistant cashiers.[15]
On Tuesday, January 14, 1913, the stockholders elected the following directors: W.F. Benkiser, John P. Brennen, W. Harry Brown, F.H. Denny, J. Rogers Flannery, Charles H. Friend, James S. Kuhn, W.S. Kuhn, Frank B. Nimick, George S. Oliver, L.M. Plumer, J.H. Purdy, Eugene S. Reilly, F.H. Richard, W.G. Rock, James R. Sterrett, James J. Turner, Oscar L. Telling, and Charles A. Wolfe.[16]
In January 1913, the Pittsburgh Bank for Savings had the following officers: James S. Kuhn, president; William S. Kuhn, vice president; L.M. Plumer, vice president; William J. Jones, secretary & treasurer; A.N. Voegtly, assistant secretary and treasurer. The bank had assets of $17 million and capital and surplus of $1 million.[17]
On March 15, 1913, the First National and the Second National banks of Pittsburgh were consolidated. The new financial institution took the title of the First-Second National Bank. For details of this merger, see the bank history page for Second NB/First-Second NB/FNB, Pittsburgh, PA.
Official Bank Titles
1: The First National Bank of Pittsburgh, PA
2: The First National Bank of Pittsburgh, PA (6/17/1902)
Bank Note Types Issued
Charter 48 Bank Note Types Issued:
A total of $6,213,810 in National Bank Notes was issued by this bank between 1863 and 1913. This consisted of a total of 710,236 notes (710,236 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 - 8000 1: Original Series 4x10 1 - 4000 1: Original Series 4x20 1 - 2625 1: Series 1875 4x5 1 - 15406 1: Series 1875 4x10 1 - 4791 1: Series 1875 4x20 1 - 3345 2: 1902 Red Seal 4x5 1 - 17500 2: 1902 Red Seal 3x10-20 1 - 22900 2: 1902 Red Seal 50-100 1 - 2200 2: 1902 Date Back 4x5 1 - 60930 2: 1902 Date Back 3x10-20 1 - 36863 2: 1902 Date Back 50-100 1 - 198
Charter 2745 Bank Note Types Issued:
A total of $857,350 in National Bank Notes was issued by this bank between 1882 and 1902. This consisted of a total of 76,208 notes (76,208 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 4x5 1 - 7250 1882 Brown Back 3x10-20 1 - 10913 1882 Brown Back 50-100 1 - 952 1902 Red Seal 3x10-20 1 - 400 1902 Red Seal 50-100 1 - 26
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1913):
Charter 48 Presidents and Cashiers:
Presidents:
- James Laughlin, 1863-1881
- Charles Edward Speer, 1902-1904
- Francis Hobbs Skelding, 1905-1908
- James Speer Kuhn, 1909-1910
- Oscar Leonidas Telling, 1911-1912
Cashiers:
Charter 2745 Presidents and Cashiers:
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- First National Bank of Pittsburgh, PA History (Charter 48) (NB Lookup)
- First National Bank of Pittsburgh, PA History (Charter 2745) (NB Lookup)
- Pennsylvania Bank Note History (BNH Wiki)
Sources
- Pittsburgh, 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 Bankers' Magazine, Vol. 83, July 1911-Dec. 1911, p. 663.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Mon., June 28, 1952.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Wed., July 14, 1852.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Sat., Jan. 5, 1861.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Tue., Sep. 15, 1863.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 11, 1882.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Tue., Dec. 19, 1882.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sun., June 29, 1902.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Tue., Dec. 30, 1902.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Thu., Jan. 4, 1906.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 16, 1906.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Thu., Feb. 1, 1906.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 13, 1909.
- ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, pp 824-830.
- ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, pp 824-830.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Wed., Jan. 15, 1913.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Wed., Jan. 1, 1913.
- ↑ The Bankers' Magazine, Vol 81, July 1910-Dec. 1910, p. 847.
- ↑ The Bankers' Magazine, Vol 81, July 1910-Dec. 1910, p. 848.