Independence National Bank, Philadelphia, PA (Charter 3085)

The Independence National Bank on Chestnut Street, South Side, East of Fifth Street, adjoining the Drexel Building. Photo ca1900.

Independence National Bank, Philadelphia, PA (Chartered 1883 - Liquidated 1901)

Town History

Needed: other bank related items.

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

Organized November 24, 1883
Chartered December 1, 1883
Liquidated May 3, 1901
Consolidated with 592 (Girard National Bank, Philadelphia, PA)

On October 31, 1883, announcement was made that all the capital stock of the Independence National Bank, $500,000, had been subscribed. On the 29th at a large meeting of subscribers, mainly merchants and manufacturers, it was reported that the shares wanted were much in excess of 5,000. The bank secured temporary quarters in the People's Bank Building at 437 Chestnut below Fifth. The bank purchased the Moss Building, 432 Chestnut Street, for its permanent location on the south side of the street opposite the People's Bank. It was undergoing necessary improvements. The executive committee of five in charge of all the details to put the bank in working order was composed of the following shareholders: George W. Blabon, chairman, Peter A. Keller, Alfred G. Baker, Charles Lennig, and Daniel M. Fox, Peter A. Keller, Esq. would be made president after the organization of the corporation. His well-known banking experience covering a lifetime gave a good indication for the future success of the bank.

On November 26, 1883, stockholders met at the People's Bank building to elect a Board of Directors, and the following gentlemen were selected: Peter A. Keller, George W. Blabon, Alfred G. Baker, James W. Bosler, L. Emery, Jr., Simon B. Fleisher, Robert C. Geddes, Charles j. Harrah, Charles Lennig, Theodore Megargee, James F. Sullivan, Francis B. Warner, and A. Weihenmeyer. The organization was made in December and Mr. P.A. Keller was chosen president and Mr. Willard B. Moore, cashier. Jas. W. Bosler was a director and one of the bank's largest stockholders. Mr. Bosler passed away on December 17th.

In October 1884, Drexel & Co. were erecting a white marble building at the southeast corner of Fifth and Chestnut Streets. The Independence National was also in the process of erecting their new building. A preliminary injunction was issued by Judge Mitchell halting work on the Independence bank due to a wall encroaching on the Drexel property by two inches.

On Monday, June 1, 1885, the doors of the new Independence National Bank on Chestnut Street were opened. The building which had just been completed was constructed of a light-gray sandstone, elaborately carved, with the interior attractively decorated with various shades of hardwood. On October 12, 1885, the board met and accepted the resignation of Mr. W.B. Moore, cashier to take effect at the close of business on the 14th. Mr. Moore's failing eyesight was the reason for his resignation. The vacancy would be filled by Mr. Richard L. Austin of the Central National who on the 9th was elected assistant cashier of the Independence National.

In September 1887, the directors were Charles Lennig, P.A. Keller, John C.S. Davis, Jacob G. DeTurck, William B. Scott, Philip Jagode, Clayton French, Simon B. Fleisher, George Fales Baker, M.D., John Sailer, James F. Sullivan, Charles H. Dungan, and George W. Bremer. The officers were Charles Lennig, president; J.C.S. Davis, vice president; and R.L. Austin, cashier. The bank had capital of $500,000 and surplus $75,000.

In February 1888, the directors of the Independence National Bank, next to Drexel's building held a meeting to consider the subject of giving up their present location to enable the Drexel building to have one continuous front. The cost of the building was $126,000. It had a front of 27 feet 10 inches and a depth of 105 feet. The Drexel property to the east of the old Post Office had a front of 57 feet 10 inches and a depth to Library Street of 222 feet.

On February 26, 1901, at a conference of the directors of the Girard National Bank and the Independence national Bank, it was agreed to merge the two institutions. Francis B. Reeves would continue as president of the Girard National while Richard L. Austin, president of the Independence, would become vice president of the Girard. The combined institutions would have capital of $1,500,000, surplus $1,545,267, deposits $15,000,000. The Girard Bank was one of the oldest banks in the country, organized in 1810 under articles of association. It was incorporated in 1832 and chartered as a national bank November 28, 1864 with a capital of $1,500,000, since reduced to 41,000,000. The classic marble edifice it occupied, built on the plan of a Corinthian temple, was erected in 1798 for the first bank of the United States. It was purchased by Stephen Girard in 1812. It was thought the Independence bank property would be bought by the Drexel Estate and an addition to the Drexel Building constructed.

By March 22, 1901, out of a total of 5,000 shares of Independence National Bank stock, 4,800 shares were voted in favor of merging with the Girard National. On April 2, stockholders authorized an increase in the capital from $1,000,000 to $1,500,000. The par value was raised from $40 to $100. The new board would consist of seventeen directors, six would be representatives of the Independence National Bank interests. In order to handle the increased business, the building would be refitted inside so as to give almost double the office room. The old vault would be torn down and a new one erected. Francis B. Reeves, president of the Girard National, announced that after acquiring the Independence National, the combined capital and surplus would exceed $3 million.

In June 1901, Wilson Brothers & Co. were preparing drawings for estimates for the extension of the Drexel Building at the southeast corner of Fifth and Chestnut Streets on the site of the Independence National Bank, Chestnut Street east of Fifth Street. The extension would be similar in design to the banking house and of the same height. In October, Lewis Havens' Sons, builders, obtained permits for a six-story rear addition to the building formerly occupied by the Independence National Bank. The addition would be fireproof, with brick walls and floor supports of steel beams. The structure would occupy the space between the two wings of the Drexel Building, recently acquired by the Drexel estate.

Official Bank Title(s)

1: The Independence National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $5 proof from the D position of the ABCD plate approved December 13, 1883. Courtesy of the Smithsonian Institution Archives

1882 Brown Back $5 bank note with pen signatures of Theo. E. Wiedersheim, Cashier and R.L. Austin, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $720,740 in National Bank Notes was issued by this bank between 1883 and 1901. This consisted of a total of 117,412 notes (117,412 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 - 24897	EFGH Plate with stacked signatures and circus poster layout
1882 Brown Back	3x10-20	1 - 4456

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1883 - 1901):

Presidents:

Cashiers:

Willard B. Moore, 1884-1885
Richard L. Austin, 1886-1888
Theodore Edward Wiedersheim, 1889-1900

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
Moses King, Philadelphia and Notable Philadelphians, (New York, NY: Blanchard Press, Isaac H. Blanchard Co., 1902), p. 18.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Oct. 31, 1883.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Nov. 27, 1883.
Valley Spirit (Weekly), Chambersburg, PA, Wed., Jan. 2, 1884.
The Philadelphia Times, Philadelphia, PA, Wed., Oct. 8, 1884.
The Philadelphia Times, Philadelphia, PA, Tue., June 2, 1885.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Oct. 13, 1885.
The Philadelphia Times, Philadelphia, PA, Thu., Sep. 15, 1887.
The Philadelphia Times, Philadelphia, PA, Wed., Feb. 22, 1888.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Feb. 27, 1901.
The Philadelphia Inquirer, Philadelphia, PA, Fri., Mar. 22, 1901.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Apr. 3, 1901.
The Semi-Weekly New Era, Lancaster, PA, Sat., Apr. 6, 1901.
The Philadelphia Inquirer, Philadelphia, PA, Thu., June 20, 1901.
The Philadelphia Times, Philadelphia, PA, Mon., Oct. 21, 1901.