Iron City National Bank, Pittsburgh, PA (Charter 675)
Iron City National Bank, Pittsburgh, PA (Chartered 1864 - Liquidated 1904)
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.
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
- Organized December 22, 1864
- Chartered December 31, 1864
- Succeeded Iron City Bank
- Merged with The Bank of Pittsburgh, National Association, Pittsburgh, PA (Charter 5225) on January 1, 1904
- Liquidated February 1, 1904
The Charter of Incorporation was approved May 18, 1857 for the Iron City Bank of Pittsburgh. Books to receive subscriptions were opened at the Merchants' Exchange, Fourth Street, on June 8th, and remained open for six days. Commissioners were Theobold Umstaetter, Wm. H. Williams, Leonard S. Johns, Lewis Morganstern, Mansfield B. Brown, James Lippencott, John S. Dilworth, James S. Craft, James Schoonmaker, John McVay, John Scott, W.O. Leslie.
In June, the whole of the stock amounting to $400,000 when all paid in had been subscribed at $5/share paid at the time of subscribing. The Commissioners to receive subscriptions to the new Iron City Bank, opened their books on Monday last. On that day about 578 shares of a $50 par value were taken, the subscribers being limited to two shares each ; on Tuesday the sales of stock amounted to 1800, the subscribers being limited to 4 shares each; on Wednesday about 3,480 shares were taken, the limitation being 6 to each subscriber, and on Wednesday, the limitation being placed at 8, the residue of the 8000 shares was taken by 11 o'clock in the morning and the books closed. Thus, the stock was taken with unusual avidity, there being quite a rush at the tables by those anxious to secure stock, and the Commissioners were kept very busy during the entire time in filling the necessary papers. The provisions of the law limiting the amount to be subscribed by each, although retarding the sales, had the happy effect of Tattering the stocks widely among cur citizens, and the new bank consequently promises to be one of the most popular of our moneyed institutions. The Act of Incorporation was interesting with the mandated process for selling stock as above. Additionally, one third of the capital stock of the bank paid in “shall be loaned to the farmers, mechanics and other of the county of Allegheny, if applied for, for one year, on a sufficient surety being given by bond and mortgage on real estate.”
On Thursday, August 6, 1857, stockholders of the Iron City Bank met at the Merchants' Exchange for the purpose of electing a Board of Directors. There were 1996 votes cast and the following were elected: James McAuley, president; Richard Hays, John Floyd, Jacob L. Schwartz, James McCully, Thomas L. Shields, John Watt, William Walker, John B. Semper, Robert Dunlap, Jr., Andrew D. Smith, Daniel Euwer, and James Herdman.
On August 18, the officers had selected Burke's buildings, Fourth Street, for their banking house with business to commence in a few days.
The statement of March 15, 1858 had the bank with Loans and Discounts of $224,049.33, Specie $44,925.75, Circulation $37,380 and Deposits of $66,233.15. John Magoffin was Cashier and James McAuley was President.
On April 6, 1858, the Legislature released the Iron City Bank from the clause that compelled it to loan a certain portion of its funds upon real estate. The Legislature also permitted the Allegheny Bank to moved to the city of Pittsburgh.
On Monday, November 15, 1858, stockholders elected the following directors: James McAuley, Richard Hays, John Floyd, Thomas McCaffee, Jacob L. Schwartz, George Albree, John Watt, James Hordman, Robert Robison, John R. McCune, D. Leet Shields, Willis Boothe, and Porter R. Friend.
On December 22, 1864, stockholders of the Iron City Bank voted to become an association under the name and title of "The Iron City National Bank of Pittsburgh." On December 31, 1864, Hugh McCulloch, the Comptroller of the Currency, authorized the bank to commence business.
On January 10, 1865, the stockholders held elections with the following result: James McAuley, John W. Chalfant, And. D. Smith, Henry Irwin, Daniel Ewer, William Frew, David Fitzsimmons, David Hostetter, Jacob L. Schwartz, James Herdman, Richard Hays, John Watt, and Charles J. Clarke. The Iron City National Bank was located on Fourth Avenue between Wood and Market Streets.
On January 10, 1882, the directors elected were Alex. M. Byers, James Herdman, Henry Irwin, Daniel Kaine, John A. Colwell, W.W. Speer, Samuel Lindsay, Jr., J.D. Layng, P.H. Miller, J.B.D. Meeds, Cochran Fleming, Edward Gregg, and Charles L. Cole.
On Tuesday, January 14, 1890, the directors elected were: Alexander M. Byers, James Herdman, W.W. Speer, Samuel Lindsay, Jr., J.D. Layng, Charles L. Cole, J. Kidd Fleming, W.N. Frew, John R. McGinley, James H. Reed, E.M. Byers, Lewis Irwin, and D.C. Capp. The officers were A.M. Byers, president; James Herdman, vice president; and Oliver Lemon, cashier. The bank was at 74 Fourth Avenue with capital of $400,000 and surplus of $300,000.
Mergers and consolidations were never so numerous nor as important in their scope and influence as in 1903. In this respect Pittsburgh simply followed similar developments in New York, Boston, Chicago and Philadelphia. In January 1903, the officers of the Iron City National Bank were George F. Wright, president; John C. Stevenson, vice president; J. Denniston Lyon, second vice president; and Charles S. Lindsay, cashier.
On March 12, 1903, statements from stock owners in the Iron City National revealed that the German American Savings and Trust Company as the real purchasing power behind the recent private stock deal and that the new trust company was after the Iron City National for the purpose of increasing its business and also for its membership in the Pittsburgh clearing house. The German American Savings and Trust Company, while a new corporation had been one that sprung into popularity on account of its wide sphere of influence. The capital stock of the corporation was $1,000,000 and its surplus and undivided profits were $500,000. In September 1902, the company purchased the old offices of the City Savings bank at Sixth avenue and Smithfeld street for $230,000 when it opened for business, and on account of its excellent showing during its brief career, the value of its stock was sent upward selling for $190 against a book value of $150. The officers of this company included William Zoller, president; O.P. Cochran, vice president and treasurer; and Peter Hermes and Francis J. Torrance, vice presidents. Sale of the Iron City National was expected to net over $1,200,000, a handsome increase over the book value of $752,000. Iron City National had deposits of $2,085,274 and loans and discounts of $2,039,274. The merging of the two institutions would give the German American Savings and Trust Co. the savings and trust features with the desirable addition of the national bank and clearing house membership. The merged institution would have capital stock of about $1,400,000 and a surplus of about $800,000 subject to the terms of the deal. J. Denniston Lyon added that if the negotiations were finally approved, the two institutions would occupy the Iron City National Bank building and both would be conducted as separate concerns, but under one management. This deal apparently would not be completed.
On March 21, 1903, Charles S. Lindsay resigned his position as cashier of the Iron City National Bank to accept the cashiership of the Fort Pitt National Bank. D. Leet Wilson, former president of the Fort Pitt Bank retired and was succeeded by A.W. Herron, formerly the cashier of the Fort Pitt National.
On March 26, 1903, at a meeting of the stockholders of the Iron City National Bank, a number of changes were made in the board of directors and officers. The new directors elected were J.R. Paull, who, for several years, had been the cashier of the City Deposit Bank; W.H. Self, president of the Pittsburgh Times; I.W. Frank, president of the United Engineering & Foundry Co.; and C.M. Logue, president of the United States Cigar Co. The directors who were re-elected were George F. Wright, for many years the president of the bank; W.N. Frew, president of the board of trustees of the Carnegie Institute; J.E. Ash of the firm of Ash & Baldwin; Joseph R. Woodwell of the Joseph Woodwell Co.; C.F. Holdship, president of the Pittsburg Supply Co.; T.A. Gillespie, president of the T.A. Gillespie Co.; J. Denniston Lyon of N. Holmes & Sons, bankers; Dallas C. Byers, president of A.M. Byers & Co.; and George T. Oliver, president of the Oliver & Snyder Steel Co. After the election the new board organized by the election of J.R. Paull, president, and George F. Wright, vice president. Charles S. Lindsay remained cashier, and there were no other changes in the personnel of the bank. The change in the directorate, it was announced, was not in the character of a merger or of a combination with any other bank, but simply the strengthening of the bank by the introduction of new interests and new blood. Joseph R. Paull was elected a director of the Guarantee Title & Trust Company of Pittsburgh; he got his first banking experience in the Second National Bank of Connellsville where he was a teller for several years.
On Tuesday, April 7, 1903, the stockholders of the Guarantee Title & Trust Company approved the absorption of that corporation by the same interests that owned the Iron City National Bank. The stockholders unanimously agreed to an increase in the capital stock of the Guarantee company by the issue of 5,000 shares of new stock, which would be sold at $200 a share. This would give the company a capital of $750,000 and a surplus and undivided profits of about $570,000. The entire issue of new stock would be taken by the Iron City bank interests, giving that company control of the concern, placing Joseph Paull, president of the Iron City National, at the head of the trust company as well. It would not mean the merger of the two institutions in a business way. The Guarantee Title and Trust company would remain in its present location in the Frick building. The Iron City National would remain on Fourth Avenue. Under the new arrangement, the Iron City National Bank would practically operate the trust company business through control of a majority of shares. The two institutions would work together and business dealings would occur without the outward appearance of a direct connection.
On July 15, 1903, the papers were signed allowing the Standard Security Trust Co. to be absorbed by the Guarantee Title & Trust Co. The latter concern had already strengthened itself by the acquisition of the Iron City National Bank, Homewood Peoples Bank and the Moreland Trust Co. The Standard would be purchased with stock of the Guarantee Co., but the latter concern would not Increase its capitalization. Its total resources including those of the underlying concerns, amounted to nearly $6,000,000. The Standard Security Trust was capitalized at $250,000 and had a surplus and undivided profits amounting to $142,693. The officers and directors were as follows: President, Robert S. Smith; vice president, John Bindley; second vice president, Emil Winter; secretary and treasurer, J.T. Wachob. The officers along with the following, constituted the board of directors: J.H. Wilson, T.M. Armstrong, O.H. Childs, H.P. Pears, W.F. McCook, Edwin Bindley, W.H. Rowe, Francis J. Torrance, A.H. Boyd, J.D. Hallman and F.W. Kiefer. The directorate of the Guarantee Title & Trust Co. was as follows: President and general manager, S.H. McKee; vice president, J.R. Paull; title officer and treasurer, J.L. Koethen; W.H. Self, James McAfee, G.C. Hartman, C.M. Logue, Emil Winter, and W.A McCutcheon.
On December 17, 1903, two important meetings were held by stockholders of the banks that were to be merged with the Bank of Pittsburgh, National Association, and at which the plan proposed was practically unanimously approved. The consolidation was to be done as soon as the necessary room could be provided for the needed clerical force that would have to be moved into the Bank of Pittsburgh. The election of officers of the enlarged Bank of Pittsburgh would take place at the regular annual election of the stockholders on the second Tuesday in January. At that time, the additional vice presidents would be elected as provided in the amended by laws of the bank and the interests represented in the Merchants and Manufacturers and the Iron City National would be taken into the governing board. The board of directors of the Bank of Pittsburg would be increased so that representations of the two merged banks would be on the board and the interests of the three would therefore be conducted under a Joint management. The Merchants and Manufacturers and the Iron City National would liquidate and pass out of existence as soon as the merger was completed. The present offices of the Bank of Pittsburgh were not large enough for all purposes of the greater bank and it was proposed to use the present offices of the Iron City National which immediately adjoined the Bank of Pittsburgh on Fourth Avenue. The basis for stockholders was done strictly on the book value of their holdings with no inflations or unnatural influences worked to bring about a higher value of any share that was involved.
The Bank of Pittsburgh, National Association, absorbed the Iron City National Bank, capital $400,000 and the Merchants and Manufacturers National Bank, capital of $800,000, and the three banks were consolidated at the close of business December 31, 1903. The capital of the Bank of Pittsburg, N. A., was increased from 1,200,000 to $2,400,000, and its stock was to be exchanged share for share with the stocks of the Iron City and the Merchants and Manufacturers national banks. The merger was consummated on a basis of the appraised valuation, that for the Bank of Pittsburg, N.A., being $105.20 per share, the M. & M. National $124.50 per share, and the Iron City National nearly $115 per share. The latter two banks were to be liquidated, pursuant to a vote of the stockholders on December 17.
On January 2, 1904, a change took place in the conduct of the business of the Bank of Pittsburgh, N.A., owing to its merging the Merchants and Manufacturers National and the Iron City National Banks. The moving of these two institutions into the stately home of the parent bank was completed the day prior. A large force of men were employed moving books and papers from the buildings formerly occupied by the Merchants and Manufacturers and the Iron City banks. Wilson A. Shaw was made president of the Bank of Pittsburgh to succeed J.J. Donnell who retired. Mr. Shaw was president of the Merchants and Manufacturers National Bank. Joseph R. Paull, former president of the Iron City National Bank was made first vice president and one of the active officials of the institution. William Roseburg, the veteran vice president of the Bank of Pittsburgh was elected to the office of vice president. John Caldwell, vice president of the Merchants and Manufacturers, another vice president, and Dallas C. Byers was made fourth vice president. The new position of auditor was made and George F. Wright, former vice president of the Iron City National was in that position. George F. Bickel retained his position as cashier and he would be assisted by J.M. Russel, formerly cashier of the Merchants and Manufacturers; J.D. Ayres, who was assistant cashier of the Merchants and Manufacturers; and W.L. Jack, who was paying teller of the Bank of Pittsburgh. The plan was to dispose of the Merchants and Manufacturers bank property as well as the Iron City National property in the future as opportunities were offered.
In May 1904, the Guarantee Title & Trust Co. moved to the building formerly occupied by the Iron City National Bank.
Official Bank Title(s)
1: The Iron City National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $1,494,740 in National Bank Notes was issued by this bank between 1864 and 1904. This consisted of a total of 219,280 notes (219,280 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 3x1-2 1 - 14000 Original Series 4x5 1 - 18750 Original Series 3x10-20 1 - 3500 Original Series 50-100 1 - 1038 Series 1875 4x5 1 - 6177 Series 1875 3x10-20 1 - 4001 Series 1875 50-100 1 - 100 1882 Brown Back 4x5 1 - 4715 1882 Brown Back 3x10-20 1 - 2585 1882 Brown Back 50-100 1 - 1046
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1904):
Presidents:
- James McAuley, 1865-1870
- Richard Hays, 1871-1876
- Alexander McBurney Byers, 1877-1900
- George Francis Wright, 1901-1902
- Joseph Rogers Paull, 1903-1903
Cashiers:
- John Magoffin, 1865-1870
- George R. Duncan, 1871-1886
- Oliver Lemon, 1887-1890
- George Francis Wright, 1891-1900
- Charles S. Lindsay Sr., 1901-1902
- George Francis Wright, 1903-1903
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Pittsburgh (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Pittsburgh, PA, Wikipedia, https://en.wikipedia.org/wiki/Pittsburgh,_Pennsylvania
- 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 Pittsburgh Gazette, Pittsburgh, PA, Tue., May 16, 1858.
- The Pittsburgh Gazette, Pittsburgh, PA, Mon, May 18, 1857.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., June 12, 1857.
- Public Ledger, Philadelphia, PA, Tue., Aug. 11, 1857.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., Aug. 18, 1857.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., Apr. 18, 1858.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., Nov. 16, 1858.
- The Pittsburgh Gazette, Pittsburgh, PA, Wed., Dec. 28, 1864.
- The Pittsburgh Daily Commercial, Thu., Jan. 5, 1865.
- The Pittsburgh Gazette, Pittsburgh, PA, Wed., Jan. 11, 1865.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 11, 1882.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., Jan. 9, 1890.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 15, 1890.
- The Pittsburgh Daily Post, Pittsburgh, PA, Fri., Mar. 13, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Sat., Mar. 21, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Fri., Mar. 27, 1903.
- Weekly Courier, Connellsville, PA, Fri., Apr. 3, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Apr. 8, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Thu., July 16, 1903.
- The Pittsburgh Daily Post, Pittsburgh, PA, Fri., Dec. 18, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Dec. 31, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Wed., May 25, 1904.