Fort Pitt National Bank, Pittsburgh, PA (Charter 2415)
Fort Pitt National Bank, Pittsburgh, PA (Chartered 1879 - Receivership 1907)
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.
In 1749, French soldiers from Quebec launched an expedition to the forks to unite Canada with French Louisiana via the rivers. During 1753–1754, the British hastily built Fort Prince George before a larger French force drove them off. The French built Fort Duquesne based on LaSalle's 1669 claims. The French and Indian War, the North American front of the Seven Years' War, began with the future Pittsburgh as its center. British General Edward Braddock was dispatched with Major George Washington as his aide to take Fort Duquesne. The British and colonial force were defeated at Braddock's Field. General John Forbes finally took the forks in 1758. He began construction on Fort Pitt, named after William Pitt the Elder, while the settlement was named "Pittsborough".
During Pontiac's War, a loose confederation of Native American tribes laid siege to Fort Pitt in 1763; the siege was eventually lifted after Colonel Henry Bouquet defeated a portion of the besieging force at the Battle of Bushy Run. Bouquet strengthened the defenses of Fort Pitt the next year. During this period, the powerful nations of the Iroquois Confederacy, based in New York, had maintained control of much of the Ohio Valley as hunting grounds by right of conquest after defeating other tribes. By the terms of the 1768 Treaty of Fort Stanwix, the Penns were allowed to purchase the modern region from the Iroquois. A 1769 survey referenced the future city as the "Manor of Pittsburgh". Both the Colony of Virginia and the Province of Pennsylvania claimed the region under their colonial charters until 1780, when they agreed under a federal initiative to extend the Mason–Dixon line westward, placing Pittsburgh in Pennsylvania.
Pittsburgh had 47 National Banks chartered during the Bank Note Era, and 46 of those banks issued National Bank Notes.
Bank History
- Organized February 28, 1879
- Chartered March 6, 1879
- Succeeded Fort Pitt Banking Company
- Assumed 1894 by consolidation November 1, 1904 (Farmers NB Greensburg/Fifth NB Pitt, Greensburg/Pittsburgh, PA)
- Receivership December 7, 1907
In October 1868, the Fort Pitt Banking Company was formed at Pittsburgh, No. 169 Wood Street with capital of $200,000. The company allowed 6% interest on time deposits. Mr. Samuel McClurkan was president and Mr. D. Leet Wilson, formerly cashier of the Fourth National Bank, was cashier. The directors were D. Hostetter, James Gordon, D. Wallace, E. Fawcett, Jno. C. Risher, Robt. H. King, Andrew Miller, and James M. Bailey.[1] Their New York Correspondent was the First National Bank. Mr. Samuel D. Herron was appointed cashier of the Fourth National.[2]
In August 1878, the Fort Pitt Banking Company was reported to be converted into a national bank with a capital stock of $200,000.[3] In March 1879, Hon. Hugh Young, the representative of the Comptroller of the Currency, was in Pittsburgh arranging to convert the Fort Pitt Banking Company into a national bank. David Hostetter was president and D.L. Wilson, cashier.[4]
On Tuesday, January 12, 1904, the directors elected were George A. Macbeth, Robert S. Robb, Francis J. Torrance, Andrew W. Herron, H.C. Bair, H.W. Mitchell, W.P. Fraser, George I. Whitney, and John B. Finley.[5] With the addition of Hon. John B. Finley to the board, a consolidation of the Fort Pitt National with the Fifth National was predicted.
On October 3, 1904, about 16,000 of the 20,000 shares of the capital stock of the North American Savings Company were voted at the stockholders meeting in favor of the proposed manner of allying the company with the Fort Pitt National Bank. There was no opposition whatsoever to the plan. The plan proposed the reduction of the capital stock of the North American Savings Company from $1,000,000 to $300,000 and increasing the capital of the Fort Pitt from 200,000 to $1,000,000. The $700,000 North American stock retired would be exchanged for a like amount of Fort Pitt stock. The stockholders in North American would thus receive 30% in North American shares and 70% in Fort Pitt shares. The $100,000 capital stock of the Fifth National would be exchanged share for share for Fort Pitt stock, and the Fort Pitt would absorb the Fifth National and move into its home on Fourth Avenue, which was formerly occupied by the Farmers. The North American would continue at its present location in the savings business.[6] In November 1904, the deed for the former Farmers Deposit National Bank property was transferred to the Fort Pitt National Bank for $225,000. The property was on the southside of Fourth Avenue between Market and Wood Streets. The lot, bank building and all fixtures were included in the purchase.[7] Architect J.L. Beatty awarded to A.& S. Wilson the contract for remodeling the Fort Pitt National Bank to cost $40,000.[8] In December, the Fort Pitt National increased its capital from $200,000 to $1,000,000 in order to surrender $700,000 to the North American Savings stockholders and $100,000 to Fifth National Bank stockholders.[9]
On Monday, July 10, 1905, the Ft. Pitt National Bank opened for business in its new quarters at 220 Fourth Avenue, the former home of the Farmers Deposit National Bank. The building had been thoroughly remodeled and refurnished. The building extended from Third to Fourth Avenue with entrances on both, the Third Avenue entrance was a great accommodation to the wholesale district beyond Fourth Avenue and below Wood Street. The office of President Andrew W. Herron was at the right of the main entrance and Cashier C.S. Lindsay was immediately beyond. The tellers and bookkeepers occupied the spec from there to the safe deposit vaults. Attached to the latter was the coupon room. The directors' room was over the Third Avenue entrance. The directors enjoyed an elegantly appointed room, the main feature being the largest round magoany table in Pittsburgh made especially for the bank. The counters and side walls were marble and the grill work was in keeping with the other appointments.[10]
In March 1907, the directors were H.C. Bair, M.L. Case, J.B. Finley, J.W. Shields, A.W. Herron, C.S. Lindsay, G.A. Macbeth, O. McCann, W.D. McKeefrey, R.S. Robb, F.L. Stephenson, F.J. Torrance, E.C. Weaver, and G.I. Whitney. The officers were Andrew W. Herron, president; Charles S. Lindsay, cashier; and William P. Knight, assistant cashier.[11][12]
On December 6, 1907, the Fort Pitt National Bank of Pittsburgh closed on the request of the directors who applied to John B. Cunningham, national bank examiner, to take charge of the institution on behalf of the comptroller of the currency. The failure was due to the bank's inability to meet certain conditions imposed by the Clearing House. The last statement issued December 3rd gave the loans and discounts as $3,761,606.89; capital stock, $1,000,000; surplus, $1,000,000; and deposits, $2,301,995.03. A statement by the directors read "In the opinion of the directors, the Fort Pitt National Bank is entirely solvent. Its depositors will be paid in full." It had been known for some time that the bank was short of currency and that its reserve fund was below the requirements.[13]
Official Bank Title
1: The Fort Pitt National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $1,680,000 in National Bank Notes was issued by this bank between 1879 and 1907. This consisted of a total of 179,896 notes (179,896 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 Series 1875 4x5 1 - 4650 Series 1875 3x10-20 1 - 8678 1882 Brown Back 4x5 1 - 17965 1882 Brown Back 3x10-20 1 - 13242 1882 Brown Back 50-100 1 - 878
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1879 - 1907):
Presidents:
- Dr. David Hostetter, 1879-1888 NOTE: A featured biography is available
- Daniel Leet Wilson, 1889-1902
- Andrew W. Herron Sr., 1903-1907
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
- Fort Pitt National Bank, Pittsburgh, PA History (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
- Detroit Publishing Co., Publisher. Fort Pitt National Bank on Fourth Avenue, Pittsburg, PA. Pittsburgh Pennsylvania United States, ca. 1905. to 1906. Photograph.
- Detroit Publishing Co., Publisher. Pittsburgh Wall Street 4th Ave., Pittsburgh, PA. Pittsburgh Pennsylvania United States, None. [Between 1900 and 1915] Photograph.
- ↑ Pittsburgh Weekly Gazette, Pittsburgh, PA, Oct. 1, 1868.
- ↑ The Bankers' Magazine, Vol. 22, July 1867-June 1868, p. 913.
- ↑ The Times Leader, Wilkes-Barre, PA, Sat., Aug. 31, 1878.
- ↑ The Wellsboro Gazette Combined with Mansfield Advertiser, Wellsboro, PA, Tue., Mar. 18, 1879.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Wed., Jan. 13, 1904.
- ↑ Pittsburgh Weekly Gazette, Pittsburgh, PA, Tue., Oct. 4, 1904.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., Nov. 11, 1904.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Mon., Nov. 21, 1904.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sat., Dec. 31, 1904.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Mon., July 10, 1905.
- ↑ Pittsburgh Post, Pittsburgh, PA, Sat., Mar. 9, 1907.
- ↑ Lancaster Intelligencer, Lancaster, PA, Sat., Dec. 7, 1907.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Dec. 7, 1907.