Franklin National Bank, Philadelphia, PA (Charter 5459)

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Broad Street skyscrapers viewed from City Hall looking southward, Philadelphia, Pennsylvania, ca1900s. The structure on the left is the Betz Building and next to it is the Franklin National Bank. At center is the Girard Trust Company after the 8-story building was raised to 14-stories.
Broad Street skyscrapers viewed from City Hall looking southward, Philadelphia, Pennsylvania, ca1900s. The structure on the left is the Betz Building and next to it is the Franklin National Bank. At center is the Girard Trust Company after the 8-story building was raised to 14-stories.[1]

Franklin National Bank, Philadelphia, PA (Chartered 1900 - Closed 1928)

Town History

Franklin National Bank building, formerly Girard Trust Building, on the northeast corner of Broad and Chestnut Streets. On the left is the Betz Building. ca1910s.
Franklin National Bank building, formerly Girard Trust Building, on the northeast corner of Broad and Chestnut Streets. On the left is the Betz Building. ca1910s.[2]

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

A 1926 advertisement for the Franklin Fourth Street National Bank with locations at 1416-1418 Chestnut Street and 131-145 South Fourth Street. The capital was $6 million and Surplus and Profits were $18,250,000.
A 1926 advertisement for the Franklin Fourth Street National Bank with locations at 1416-1418 Chestnut Street and 131-145 South Fourth Street. The capital was $6 million and Surplus and Profits were $18,250,000.

The Franklin National was started on June 26, 1900 as an uptown bank. Its first location was on the eastern side of the Real Estate Trust Building. The institution was moved across Chestnut Street when the Girard Trust company vacated its building. Later that building was purchased.[3]

On April 27, 1900, the Philadelphia Times reported that total subscriptions to the stock of the new Franklin National Bank, capital $1,000,000 and surplus $1,000,000 amounted to more than $25,000,000, the rate being $200 per share. Henry Tatnall was selected as president and directors chosen were James W. Alexander, president of the Equitable Life Assurance Society; William H. Barnes, director of the Pennsylvania Railroad; Samuel T. Bodine, vice president of the United Gas Improvement Company; James C. brooks, president of the Southwark Foundry and Machine Company; John H. Converse, of the Baldwin Locomotive Works; Thomas DeWitt Cuyler, director of the Equitable Life Society; Joseph G. Darlington, president of the Union League; William F. Harrity, president of the Equitable Trust Company; Frank K. Hipple, president of the Real Estate Trust Company; James H. Hyde, vice president of the Equitable Life Society; William H. Jenks, director of the Girard Trust Company; Edward B. Smith, of Edward B. Smith & Co.; Henry Tatnall of the Girard Trust Company; L.C. Weir, president of the Adams Express Company; and George H. Frazier, of Brown Brothers & Company. Thomas DeWitt Cuyler was selected as counsel and would apply to the Comptroller of the Currency for the necessary certificate of incorporation.

John Rutherford McAllister was selected for the position of cashier. He was the cashier of the Corn Exchange Bank, but would not leave that organization until June 1st. The bank planned to open for business on July 2, in the building on Chestnut street, near Broad, formerly occupied by the Real Estate Trust Company. The bank opened as planned. President Tatnall and Cashier McAlister had recently made a tour through the West as far as Kansas City for the purpose of establishing connections with Western banks. As a result, the new bank started off with an excellent out-of-town business. The Franklin was admitted to the Clearing House Association and was the first to pay an admission fee of $10,000, the fee having been recently increased from $5,000. Data from the Philadelphia Clearing House on the condition of Philadelphia banks in 1900 is presented in the table below.

Average Condition of Philadelphia Banks for the Week Preceding July 23, 1900 (000 omitted)
Bank Capital

Stock

Loans and

Discounts

Lawful Money

Reserve

Due from

Banks

Due to

Banks

Deposits Circulation
Philadelphia National 1,500 17,505 7,818 1,491 7,716 15,897 300
North America 1,000 8,450 2,816 829 1,676 7,635 420
Farmers and Mechanics 2,000 8,918 4,310 1,857 3,838 7,390 1,255
Mechanics National 500 3,185 1,166 526 1,989 1,976 439
Northern Liberties 500 3,226 874 345 350 2,940 49
Southwark National 250 1,245 362 39 98 1,143 50
Kensington National 250 1.345 310 63 1 1,145 150
Penn National 500 4,253 1,320 163 433 4,270 48
Western National 400 2,734 1,020 225 911 2,335 330
Manufacturers National 500 2,193 631 265 681 1,760 50
Girard National 1,000 7,559 2,244 944 3,123 5,476 50
Tradesmen's National 500 3,219 1,189 543 1,813 2,227 50
Consolidation National 300 1,591 360 154 190 1,169 300
Corn Exchange National 500 7,865 2,470 1,054 5,634 4,196 497
Union National 500 3,341 935 227 1,031 2,269 244
First National 1,000 8,008 3,413 1,333 4,019 7,135 200
Third National 600 3,832 1,285 317 795 3,913 49
Sixth National 150 878 360 69 0 965 31
Eighth National 275 2,486 647 115 25 2,233 174
Central National 750 7,709 2,508 403 2,818 5,796 43
National Security 250 1,883 493 141 0 1,783 200
Centennial National 300 2,321 798 149 247 2,435 100
Merchants National 600 9,159 3,160 1,198 6,820 6,030 596
Independence National 500 3,704 1,088 371 1,649 2,821 50
Ninth National 300 1,717 564 438 12 2,102 96
Tenth National 200 875 260 60 78 780 96
Northwest National 200 1,766 660 261 23 2,129 193
Southwestern National 200 749 219 64 0 807 50
Fourth Street National 1,600 20,700 9,874 1,454 15,384 12,385 944
Market Street 500 2,970 865 392 354 3,418 50
Quaker City National 500 2,706 656 92 57 2,504 300
Northern National 200 1,283 378 33 3 1,264 199
Franklin National 1,000 3,789 3,895 274 2,029 3,984 0
Total 19,225 153,164 58,948 15,889 63,797 124,303 7,603

In 1904, the Franklin purchased the entire foreign business of the long-established house of Peter Wright and Sons, giving it direct correspondents in all the important cities of the world.[4]

In October 1908, the bank took possession of the large office building at the northeast corner of Broad and Chestnut Streets which had been purchased from the Girard Trust Company in 1902.

Logo used by the Franklin National Bank in 1911.
Logo used by the Franklin National Bank in 1911.

On January 11, 1910, the stockholders elected the following directors: Samuel T. Bodine, James C. Brooks, John H. Converse, Thomas DeWitt Cuyler, George H. Frazier, William F. Harrity, Edward B. Smith, Henry Tatnall, Levi C. Weir, J. Rutherford McAllister, Frederick L. Baily, Effingham B. Morris, Edward T. Stotesbury, Henry C. Frick, Percy C. Madeira, John B. Thayer, Ellis Pusey Passmore, J. Andrews Harris, Jr., John Hampton Barnes, Morris L. Clothier, and C.S.W. Packard. The directors on the following day elected J.R. McAllister, president; J. Andrews Harris, Jr., vice president; and E.P. Passmore, cashier.

On January 15, 1926, the greatest banking merger ever to be organized in Philadelphia took place when the Franklin National Bank and the Fourth Street National Bank were combined making the institution, to be known as the Franklin Fourth Street National Bank, the largest in point of capital, surplus and profits, ($24 million), in the State of Pennsylvania. The combined assets of the two institutions, based on reports issued December 31, 1925, was $162,005,074. Announcement of the merger was made after a meeting of the Boards of Directors of both institutions. The joint statement was issued by J.R. McAllister for the Franklin, and E.F. Shanbacker, for the Fourth Street National. The president of the combined bank would be Mr. Shanbacker while Mr. McAllister was made chairman of the board. The merged board of directors was made up of the heads and officials of prominent corporations and included the complete board of each of the two banks. The present building of the Fourth Street National continued as the downtown branch of the new institution, while the Franklin became the uptown branch and main headquarters. The branch on South Penn Square maintained by the Fourth Street National was closed and the lease transferred to the new Philadelphia-Girard National Bank. The officers and directors of the Fourth Street National Bank were: Mr. Shanbacker, president; R.J. Clark, vice president and cashier; W.K. Hardt, W.R. Humphreys and G.E. Stauffer, vice presidents; A. MacNicholl, C.F. Weihman and C.R. Horton, assistant. cashiers. The directors were: Sidney F. Tyler, chairman; Frank T. Patterson; William A. Dick; William R. Nicholson, president of the Land Title and Trust Company; Francis I. Gowen, special counsel of the Pennsylvania Railroad; E.F. Shanbacker, president; J.M. Wilcox, president of the Philadelphia Saving Fund Society; William de Krafft, vice president of the Baldwin Locomotive Works; Joseph K. Widener, millionaire art connoisseur; Harry A Berwind, vice president of the Berwind-White Coal Mining Company, one of the world’s largest bituminous dealers; William M. Potts, president of the Enterprise Transit Company; George Dallas Dixon, assistant to the president of the Pennsylvania Railroad; Jonathan C. Neff, vice president of the Fidelity Trust Company; Charles A. Daniel, president of the Quaker City Rubber Company; Irenee duPout, president of E.I. duPont de Nemours and Company, Wilmington; Isaac H. Clothier, Jr., of Strawbridge and Clothier; George F. Tyler; Robert P. Hooper, president of William E. Hooper and Sons Company, Baltimore; John O. Platt, vice president of the Insurance Company of North America; William H. Kingsley, vice president of the Penn Mutual Life Insurance Company; and George M. Shriver, vice president of the Baltimore and Ohio Railroad.

The officers of the Franklin National Bank were: Mr. McAllister, president; J.A. Harris, Jr., vice president; J. William Hardt, vice president and cashier; E.S. Shields, W.M. Gehman, Jr., M.D. Reinhold and E.M. Mann, assistant cashiers. Directors were: Samuel T. Bodine, president of the United Gas Improvement (U.G.I.) Company; Henry Tatnall, former vice president of the Pennsylvania Railroad and first president of the bank; J.R. McAllister, first cashier of the bank; Effingham B. Morris, president of the Girard Trust Company; Percy C. Madeira of the Madeira Coal Company; J.A. Harris, Jr.; John Hampton Barnes; Morris Clothier, of Strawbridge & Clothier; C.S. W. Packard, president of the Pennsylvania Company for Insurances on Lives and Granting Annuities; Charlton Yarnall; W.W. Atterbury, president of the Pennsylvania Railroad; Edgar C. Felton, former president of the Pennsylvania Steel Company; Edward F. Beale; Daniel B. Wentz: Arthur W. Sewall, president of the General Asphalt Company; Lewis Lillie, vice president of the U.G.I.; Jay Cooke, banker; George H. Frazier; Sydney E. Hutchinson; Andrew T. Dice, president of the Reading Company, and Herbert Lloyd, of Drexel & Co.

The Franklin National Bank was first located on the eastern side of the Real Estate Trust building. The institution moved across Chestnut Street when the Girard Trust Company vacated its building. Later the building was purchased. The Fourth Street National Bank was organized in 1886 with a paid-in capital of $1,500,000. Prominent in its organization were Sidney F. Tyler, who became the first president; John C. Bullitt, the author of the Bullitt bill which instituted a new form of city government, and William L. Elkins.

A 1928 advertisement following merger of the Philadelphia-Girard National Bank and the Franklin Fourth Street National Bank. Officers and directors are shown and may be found in the bank history section of this page.
A 1928 advertisement following merger of the Philadelphia-Girard National Bank and the Franklin Fourth Street National Bank.

On March 2, 1928, the merger of the Philadelphia-Girard National Bank and the Franklin-Fourth Street National Bank was officially announced following meetings of the boards of directors of both institutions, subject to approval by stockholders of the two banks. The merged bank which would be known as the Philadelphia National Bank, with capital, surplus and undivided profits in excess of $53,320,000, and total resources exceeding $403 million. Meetings of stockholders of both banks to vote on the merger proposal were planned for April 3. The merger was to be effected on the basis of one share of stock of the new bank for each share of stock of the two merging banks. Prior to the consolidation, however, directors of the Franklin-Fourth Street National Bank would declare a dividend of $15 per share to equalize the book value of that stock with shares of the Philadelphia-Girard National Bank. Coincident with the merger, the South Fourth Street branch of tin Franklin-Fourth Street Bank, and the uptown branch of the Philadelphia Girard would be closed, but all employees of the two banks were retained. Levi L. Rue, chairman of the board of directors of the Philadelphia-Girard National Bank would be the chairman of the board of the new institution, while E.F. Shanbacker, president of the Franklin-Fourth Street National would become chairman of the executive committee of the board of the new bank. Joseph Wayne, Jr, president of the Philadelphia-Girard, would become president and chief executive officer of the new Philadelphia National Bank. The new institution would maintain offices at 421 Chestnut Street, the present headquarters of the Philadelphia Girard National; at 1416 Chestnut Street, present main office of the Franklin-Fourth Street Bank, and at Thirty-second Street and Lancaster Avenue, where the Franklin-Fourth Street Bank had a branch.

Official Bank Title(s)

1: The Franklin National Bank of Philadelphia, PA

2: 2nd title not used on notes: The Franklin Fourth Street National Bank of (4/1/1926) , Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $5 bank note with serial number 1 and pen signatures of J.R. McAllister, Cashier and Henry Tatnall, President.
1882 Brown Back $5 bank note with serial number 1 and pen signatures of J.R. McAllister, Cashier and Henry Tatnall, President. Courtesy of Heritage Auctions, www.ha.com
1882 Date Back $20 bank note with printed signatures of E.P. Passmore, Cashier and J.R. McAllister, President.
1882 Date Back $20 bank note with printed signatures of E.P. Passmore, Cashier and J.R. McAllister, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Date Back $10 bank note with printed signatures of J.W. Hardt, Cashier and J.R. McAllister, President.
1882 Date Back $10 bank note with printed signatures of J.W. Hardt, Cashier and J.R. McAllister, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $6,600,610 in National Bank Notes was issued by this bank between 1900 and 1928. This consisted of a total of 810,980 notes (810,980 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: 1882 Brown Back 4x5 1 - 59330
1: 1882 Brown Back 3x10-20 1 - 43868
1: 1882 Date Back 4x5 1 - 57558
1: 1882 Date Back 4x5 58981 - 59980
1: 1882 Date Back 3x10-20 1 - 40989

Bank Presidents and Cashiers

President's office (top) and view of banking room from Cashier's office (bottom) ca1909.[5]

Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1928):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

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
  • The Free Library of Philadelphia, Franklin Bank Building, accessed Nov. 11, 2022.
  • Castner, Samuel, Jr., 1843-1929 - Compiler. Broad and Chestnut Streets, Philadelphia, ca. 1917. Scrapbooks. Free Library of Philadelphia: Philadelphia, PA. (accessed Dec 18, 2023)
  • The Philadelphia Times, Philadelphia, PA, Fri., Apr. 27, 1900.
  • The Philadelphia Inquirer, Philadelphia, PA, Sun., May 6, 1900.
  • The Philadelphia Times, Philadelphia, PA, Sat., June 16, 1900.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., July 3, 1900.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 15, 1910.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 4, 1926.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Apr. 1, 1926.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Mar. 3, 1928.
  1. ↑ Moses King, Philadelphia and Notable Philadelphians, (New York, NY: Blanchard Press, Isaac H. Blanchard Co., 1902), p. 37.
  2. ↑ Bankers' Magazine, Vol. 81, June 1910-Dec. 1910, p. 273.
  3. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 16, 1926.
  4. ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, p. 133.
  5. ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, p. 132.
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