Importers and Traders NB, New York, NY (Charter 1231)
Importers and Traders NB, New York, NY (Chartered 1865 - Liquidated 1923)
Town History
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Bank History
- Organized May 23, 1865
- Chartered June 6, 1865
- Succeeded Importers and Traders Bank
- Liquidated May 9, 1923
- Succeeded by The Importers and Traders Bank of New York in order to merge with the Equitable Trust Company
- Notation on Organization Report: Conversion; Note: Special. "This Bank stipulates to relinquish all claims to circulation beyond one third the amount of its capital."
On Wednesday, August 1, 1855, the directors of the new bank being organized at No. 145 Broadway near the Park met and named the new institution the Importers' and Traders' Bank. The board of directors consisted of the following gentlemen: A. Arnold, Arnold, Canstable & Co.; L.B. Ward, Ward, Stillman & Co.; A. Studwell, shoe finding; D.S. Schank, Schanck & Downing; John Falconer, Ross, Falconer & Co.; Chas. Wood, Wood, Tomlinson & Co.; S.C. Herring, safe manufacturer; W.H. McIntire, hardware; Henry Ball, Ball, Black & Co.; W.H. Mellen, Claffin, Mellen & Co.; A.S. Hope, A.S. Hope & Co.; Thomas Riguez, commission merchant; G.A. Conover, builder; Wm. H. Appleton, D. Appleton & Co.; George F. Cobb, D.A. Wilson & Co.; S.E. Sproulls, Harrall, Sproulls & Co. Seven of the above named gentlemen were directors of the Broadway Bank last year. Subscriptions were reported to have reached nearly three-quarters of the amount needed, a million dollars.[2] In September, Mr. Lucius Hopkins, retired merchant formerly of the firm of Hopkins, Allen & Co., was elected president. The bank would occupy the new premises next to the corner of Murray Street and Broadway. Mr. Hopkins was a man of high reputation and of thorough business habits and great prudence. This bank now only needed a cashier.[3] Later in September Mr. George R. Conover was appointed cashier. He was the teller of the Mechanics' Bank of New York City and was for some time cashier of the State Bank of New Brunswick, New Jersey.[4] He had the reputation of being a man of decided ability and had much experience in banking in various positions.[5] On December 10, 1855, the Importers' and Traders' Bank commenced business with a capital of $1,000,000.[6]
In January 1865, Mr. Lucius Hopkins resigned the office of president of the Importers' and Traders' Bank. Mr. James Buell, for many years cashier was elected president, and Mr. Cyrus A. Smith was elected cashier.[7] In May 1865, the city banks were rapidly reorganizing under the National system. Out of the 63 banks included in the Clearing-House Association, 39 were either national institutions or had taken steps for becoming such. The Importers' and Traders' Bank was among those the had recently resolved to organized as a national bank.[8] On June 6, 1865, the Importers and Traders Bank, capital $1,500,000 completed its national organization.[9]
On January 9, 1866, at the annual election, the following gentlemen were elected directors for the ensuing year, viz.: James Buell, Lucius Hopkins, Aaron Arnold, Samuel E. Sproulls, Edwin L. Trowbridge, David A. Wood, Gustavus A. Conover, Anthony S. Hope, John T. Bruck, Charles Rubens, Daniel S. Schanck, George Cecil, Russell Sage, Albert Jewett, and James S. Rockwell. At a subsequent meeting of the board, James Buell was re-elected president and Lucius Hopkins was elected vice president; and E.H. Perkins, Jr. was appointed cashier in place of C.A. Smith, resigned.[10] The bank was located at 247 Broadway with capital $1,500,000, limited to $5,000,000, circulation $500,000, and discount days Wednesday and Saturday. Randolph W. Townsend was the Notary Public.[11] Cyrus A. Smith was admitted as a partner in the house of F.W. Devoe & Co., Nos. 117 Fulton and 44 Ann Streets.[12]
On Tuesday, September 14, 1869, Cyrus A. Smith died at sea in the 39th year of his age. He was a member of the firm of W. Devoe & Co., and died on board the steamer Ville de Paris.[13] Mr. C.A. Smith was the second sone of Hon. Cyrus P. Smith of New York City. He was born and educated in Brooklyn and about 15 years ago visited Europe for the first time in company with his older brother. On their return he entered the shipping house of E.D. Hurlbut & Co. of South Street where he soon began to distinguish himself by indefatigable applicate to work, by energy, prudence and steadiness of conduct. The firm failed and Mr. Smith then entered into partnership with Messrs. James A.H. Bell & Co., paint and lead merchants. In 1862 he was engaged as cashier in the Importers and Traders Bank, but finding his health affected by the confinement, he resigned and went into business with Messrs. F.W. Devoe & Co., 117 Fulton Street. On June 2d he started on his second European trip in company with his wife. While returning in the Ville de Paris, he left the ship for a stroll ashore at Brest in good health. Re-embarking he complained of illness and on the following day, Sunday September 12th, a very malignant type of scarlet fever set in of which he died Tuesday.[14] Funeral services were held at the residence of his father-in-law, Lucius Hopkins, No. 126 Fifth Avenue on Saturday, October 2d.[15]
On Wednesday night, September 27, 1876, Lucius Hopkins, one of the oldest and most highly esteemed merchants of New York City died suddenly of heart disease at his residence, No. 126 Fifth Avenue in the 72d year of his age. Mr. Hopkins had been in delicate health for some months past, but was at his place of business, No. 134 Pearls Street, on the day of his death. Mr. Hopkins was born in New Hartford, Connecticut, and came to New York in early manhood. He founded the dry goods house of Hopkins, Allen & Co. and was connected with other large houses. He organized the Importers' and Traders' Bank at Broadway and Chambers Street and was its president until 1863. Mr. Hopkins was a director in the Manhattan Bank and in the Home Insurance Co., the Standard Insurance Co., the Importers' and Traders' Insurance Co., and the Commercial Marine Insurance Co.[16]
On Tuesday, January 9, 1883, the stockholders elected the following directors: Edward H. Ammidown, Raphael Buchman, Julius Catlin, Jr., Henry C. Hulbert, Isaac Ickelheimer, John A. Livingston, Joseph S. Lowrey, Edward H. Perkins, Jr., James R. Plum, Hon. Russell Sage, Randolph W. Townsend, Edward Townsend, Horace K. Thurber, Antony Wallach, and Philip Van Volkenburgh. At a subsequent meeting of the board of directors, Mr. Edward H. Perkins, Jr., was unanimously re-elected president and Hon. Russell Sage was unanimously re-elected vice president. Edward Townsend was cashier.[17]
In January 1907, John J. Walton and P.B. Worral were elected to succeed the late Russell Sage and the late Edward A. Price, and Adolph Lewisohn was added to the board.[18] The directors re-elected were John Arbuckle, Isaac D. Fletcher, Henry C. Hulbert, Henry R. Ickelheimer, James R. Plum, H.H. Powell, Edward C. Rice, Edward Townsend, and Edward Van Volkenburgh. At a subsequent meeting of the board of directors, Mr. Edward Townsend was unanimously re-elected president and Mr. James R. Plum was unanimously re-elected vice president.[19]
The classic outlines of the marble building of the Importers and Traders National Bank at No. 247 Broadway was of a distinctive type in the construction of bank buildings. When time came to replace the old building occupying the present site, there seemed to be just one thing to do and that was acquire several adjoining lots on Broadway. But President Townsend and the other officers began to plan a structure that would at once be modern, roomy and pleasing and yet could stand on the 25' X 100' corner lot. After careful study and the rejection of numerous projects, the commission to prepare plans and supervise the erection of the building was given to J.H. Freedlander and work was begun in June 1907. The materials used in constructing the new building were selected with great care, white marble being chosen for both the interior and exterior. That used on the interior was a particularly fine quality, presenting an appearance of rare beauty. Bronze window frames of chaste design were one of the many attractive features of the bank's architecture. Instead of housing all employees in one vast room, the various departments were placed on separate floors connected by double elevators for the use of customers. The first floor was devoted exclusively to the departments of note teller, collection clerk and receiving teller.
Along the south wall there were four splendid paintings by Albert Herter, typical of the commerce and industry of the world. On the second floor were located the paying teller, individual and balance bookkeepers, and an assistant cashier. The third floor was divided into two parts, that in the front end of the room for the officers' quarters, and the other half of the floor space for the discount department, loan department, general bookkeepers and typewriters. Quarters for the president, cashier and assistant cashier were finished in chestnut used in the furniture and wainscoting. The fourth floor was the working space of the check clerks, corresponding department, and bank bookkeepers who had no connection with the bank's customers or the public. The major portion of the fifth floor was devoted to the directors' room and foyer and it was this room, even more than any other, which elicited enthusiastic comment from those that have seen it. Stepping from the elevator into the foyer which was finished in Italian marble, one passed through great massive doors of hand carved Circassian walnut into the magnificent room beyond. Every bit of furniture including the high wainscoting was of the same natural wood as the doors and even the upholstering of the chairs and the rug upon the floor matched in color with it. An open hearth at the side of the room added a cheerful, home-like air. One notable piece of furniture in the board room was a magnificent Circassian walnut table whose massive proportions made it one of the handsomest pieces of banking furniture to be found in any modern bank building. The sixth floor was unassigned by would permit future expansion of the bank.
The main security vault was located in the basement with one feature not often seen in vaults. At the rear there was a small door which would give access to the interior of the vault should the mechanism of the large door ever become out of order. The emergency door could be opened by a secret combination and served a useful purpose as a means to ventilating the vault. Many unique features were found in this bank including a private security elevator running to the basement from the upper floors. Clerks could go from their cages to the vault without coming in contact with the public.
Edward Townsend, president of the Importers and Traders National Bank had been connected with the bank since 1866, starting as a junior clerk. He became assistant cashier in 1873 and cashier in 1880. On the death of Edward H. Perkins, Jr., president of the bank, Mr. Townsend was on April 18, 1902, unanimously elected as his successor. H.H. Powell, the cashier, began like Mr. Townsend as a junior clerk. His identification with the bank dated from 1875. In 1893 he was chosen assistant cashier and became cashier in 1902. G.H. Hulin, G.H. Blish, and C.F. Regan, assistant cashiers, completed an efficient and loyal executive staff. The following comprised the strong board of directors in 1909: John Arbuckle of Arbuckle Brothers, coffee; Isaac D. Fletcher, chairman, American Coal Products Co.; Henry C. Hulbert, formerly of H.C. Hulbert & Co., paper; Henry R. Ickelheimer of Heidelbach, Ickelheimer & Co., bankers; Adolph Lewisohn, capitalist; James R. Plum of James R. Plum & Gale, leather; H.H. Powell, cashier; Edward C. Rice of Rice, Quinby & Co., grain and flour; Edward Townsend, president; Edward Van Volkenburgh formerly of P. Van Volkenburgh & Co., dry goods; John J. Walton of Hunter, Walton & Co., produce; and P.B. Worrall of Fred. Butterfield & Co., dry goods.
The Importers and Traders Bank was organized as a state bank on August 1, 1855. From the start the management was guided by the soundest principles of commercial banking and it established a reputation what would bear comparison with any bank in the United States. The Importers and Traders would rank among the largest and soundest banks of New York, attaining its proportions entirely by prudent and skillful management.[20]
In February 1923, there was considerable activity among bank and trust company stock. Rise in the stock of Equitable Trust and Importers & Traders National Bank was attributed to reported merger of these institutions.[21] On March 6, 1923, merger of the Importers and Traders National Bank with the Equitable Trust Company was announced, subject to approval by stockholders of the two institutions. The merged organization would be known as the Equitable Trust Company. The plan provided for an exchange of two shares of the Equitable Trust Company for each share of the Importers and Traders and an increase in the Equitable's capital stock from $20,000,000 to $23,000,000.[22] Upon ratification by stockholders the Importers & Traders would surrender its national charter and become a state bank to be known as Importers & Traders Bank. This step was necessary to comply with law.[23] On May 5th, at a special meeting of stockholders of Importers and Traders National Bank, it was voted to liquidate the institution as a national bank and directors were authorized to execute a certificate of organization as a state bank in order that the agreement to merge with Equitable Trust Company could be consummated.[24]
In 1930, the Chase National Bank made its most significant acquisition of the Equitable Trust Company of New York, making it the largest bank in the U.S. and the world. The largest stockholder of the Equitable was John D. Rockefeller Jr.
The Equitable Trust Company was an outgrowth of the Traders Deposit Company which was launched in 1871 with a paid-in capital of $16,000. In 1902 the Equitable succeeded the Traders Deposit Trust Company. The Equitable merged with the Bowling Green Trust Company (1909), the Madison Trust Company (1911), and the Trust Company of America which already represented several earlier consolidations (1912). In 1923, the Importers and Traders National Bank, an old and highly regarded institution, became a part of the Equitable National Bank and was merged into the Equitable Trust Company.[REF] Between 1912 and 1928 the main office of the Equitable was located in the company's 23-story building at 37 Wall Street. In February 1928 its headquarters were moved to the new 42-story Equitable Trust Company building at 11 Broad Street with entrances at 35 Wall Street and 51 Exchange Place.[25]
Official Bank Title
1: The Importers and Traders National Bank of New York, NY
Bank Note Types Issued
A total of $7,875,150 in National Bank Notes was issued by this bank between 1865 and 1923. This consisted of a total of 1,218,880 notes (1,218,880 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 Original Series 4x5 1 - 13750 Original Series 4x10 1 - 9625 Original Series 3x20-50 1 - 2408 Series 1875 3x1-2 1 - 39498 Series 1875 4x5 1 - 90550 Series 1875 4x10 1 - 6250 Series 1875 3x20-50 1 - 6000 1882 Brown Back 4x5 1 - 68563 1882 Brown Back 3x10-20 1 - 1916 1902 Red Seal 4x5 1 - 4000 1902 Red Seal 4x10 1 - 3150 1902 Red Seal 3x10-20 1 - 580 1902 Date Back 4x5 1 - 27374 1902 Date Back 4x5 28001 - 30000 1902 Date Back 4x10 1 - 11056 1902 Date Back 3x10-20 1 - 16000 1902 Date Back 3x50-100 1 - 2000
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1923):
Presidents:
- James Buell, 1865-1879
- Edward Henry Perkins, Jr. , 1880-1901
- Edward Townsend, 1902-1915
- Harry Herbert Powell, 1916-1922
Cashiers:
- Cyrus Augustus Smith, 1865-1865
- Edward Henry Perkins, Jr. , 1866-1879
- Edward Townsend, 1880-1901
- Harry Herbert Powell, 1902-1915
- Edward Perry Townsend, 1916-1919
- Charles F. Regan, Sr., 1920-1922
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- New York, NY, 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 Wall Street Journal, New York, NY, Mon., Feb. 26, 1923.
- ↑ New-York Tribune, New York, NY, Wed., Aug. 1, 1855.
- ↑ New-York Tribune, New York, NY, Sat., Sep. 8, 1855.
- ↑ New-York Tribune, New York, NY, Fri., Dec. 24, 1852.
- ↑ New-York Tribune, New York, NY, Wed., Sep. 26, 1855.
- ↑ The Baltimore Sun, Baltimore, MD, Wed., Dec. 12, 1855.
- ↑ New-York Tribune, New York, NY, Sat., Feb. 4, 1865.
- ↑ New-York Tribune, New York, NY, Wed., May 31, 1865.
- ↑ The New York Times, New York, NY, Tue., June 13, 1865.
- ↑ The New York Times, New York, NY, Wed., Jan. 17, 1866.
- ↑ The Bankers' Magazine, Vol. 20, Jan. 1865 - June 1866, p. 962.
- ↑ New-York Tribune, New York, NY, Wed., Jan. 17, 1866.
- ↑ The Sun, New York, NY, Mon., Sep. 27, 1869.
- ↑ Brooklyn Eagle, Brooklyn, New York, Sat., Sep. 25, 1869.
- ↑ The New York Times, New York, NY, Thu., Sep. 30, 1869.
- ↑ The New York Times, New York, NY, Fri., Sep. 29, 1876.
- ↑ The New York Times, New York, NY, Sat., Jan. 13, 1883.
- ↑ The Sun, New York, NY, Wed., Jan. 9, 1907.
- ↑ The Sun, New York, NY, Thu., Jan. 10, 1907.
- ↑ The Bankers' Magazine, Vol. 78, Jan. - June 1909, pp 115-127.
- ↑ The Wall Street Journal, New York, NY, Tue., Feb. 20, 1923.
- ↑ The Morning Union, Springfield, MA, Wed., Mar. 7, 1923.
- ↑ The Wall Street Journal, New York, NY, Thu., Apr. 19, 1923.
- ↑ The Wall Street Journal, New York, NY, Sat., May 5, 1923.
- ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Mon., Sep. 16, 1929.