Kensington National Bank, Philadelphia, PA (Charter 544)

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The Kensington National Bank, ca2022, located on the corner of Girard and Frankford Avenues, Philadelphia, Pennsylvania. It was built in 1878 and designed by architect Frank Furness.
The Kensington National Bank, ca2022, located on the corner of Girard and Frankford Avenues, Philadelphia, Pennsylvania. It was built in 1878 and designed by architect Frank Furness. Courtesy of Google Maps

Kensington National Bank, Philadelphia, PA (Chartered 1864 - Open past 1935)

Town History

Map of Kensington before 1854
Map of Kensington before 1854.

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.

Kensington was founded by Anthony Palmer in the early 1730s. Using proceeds from the sale of the Hope Farm estate (present day Port Richmond), which included three enslaved people named Abraham, Hannibal, and Phillis, Palmer purchased what was called the Fairman Estate, located along the Delaware River in the Northern Liberties Township (area just north of the City of Philadelphia on the Delaware River). The entire estate consisted of 191.5 acres of land, much smaller than the present-day Kensington area. Palmer was an English merchant who came to Philadelphia by 1704 from Barbados.

The town of Kensington was named for the area in London known as Kensington, which had been recently established as the residency of the British crown. Palmer laid out his town and sold parcels to many of the shipwrights and shipbuilders who were outgrowing their riverfront lots in present-day Old City, Southwark, and Society Hill areas. He also sold to recent German fishermen immigrants. The original area of Kensington is now more commonly called "Fishtown," mainly because of the shad fishing that was one of the dominant businesses in Kensington in the 18th and 19th centuries.

Kensington has traditionally been known as one of the working class centers of Philadelphia. Initially, employment focused around the nearby waterfront and the activities of fishermen and ship- and boatbuilders. In the early 19th century, Kensington transitioned to iron and steel manufacturing and became home to a variety of factories, potteries, and machine works.  By the mid-19th century, Kensington became one of the leading centers of the textile industry, particularly in carpet. McNeil Laboratories began with the purchase of a pharmacy in the area in 1879 by the company's namesake. In 1903 Mother Jones organized a "Children's Crusade" of children from the local mills and mines to protest against child labor. They marched from Kensington to Oyster Bay, New York, carrying banners demanding, "We want to go to School and not the mines!"

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

Kensington Bank Obsolete $1, Haxby-PA440, dated Jan. 15, 1862, with pen signatures of C.T. Yerkes, Cashier and J.T. Smith, president. An elegant, bejeweled young woman holding a fan is at top center under the arced title. Green "1" protectors are flanking. At lower left, a mechanic leans on a large ONE pedestal on which a bust of Washington rests. A shipbuilder is at lower right. American Bank Note Co.
Kensington Bank Obsolete $1, Haxby-PA440, dated Jan. 15, 1862, with pen signatures of C.T. Yerkes, Cashier and J.T. Smith, president. An elegant, bejeweled young woman holding a fan is at top center under the arced title. Green "1" protectors are flanking. At lower left, a mechanic leans on a large ONE pedestal on which a bust of Washington rests. A shipbuilder is at lower right. American Bank Note Co. Courtesy of Heritage Auctions, www.ha.com
  • Organized October 20, 1864
  • Chartered October 22, 1864
  • Succeeded Kensington Bank
  • Bank was Open past 1935

Bank of Kensington 1826-1864

On December 19, 1825, a bill to incorporate "The Kensington Bank of the County of Philadelphia was reported in the Pennsylvania Legislature. In April 1826, this act, No. 83, was passed by the Legislature of 1825-1826. On Monday, July 17, the following gentlemen were elected directors of the Kensington Bank: John C. Browne, Charles B. Parke, Michael Day, Samuel Grice, Zephaniah Adams, Isaac Eyre, Eli Garrison, John Sexton, Samuel Medary, Benjamin Naglee, Benjamin L. Walton, Robert Earp, and Daniel J. Rhoads. Subscribers were notified by Charles Keen, cashier, that the third installment of $5 on each share was required to be paid at the banking house on Beach Street below Maiden by September 15. In November 1827, the bank reported Notes in Circulation of $40,535.00 and Specie, $39,713.69.

On Monday, November 19, 1827, stockholders elected the following directors: John C. Browne, Michael Day, George Wilson, William G. McCahan, Jonathan Wainwright, Robert Earp, Daniel J. Rhoads, Thomas W. Duffield, John Vaughan, Joseph Baker, John E. Keen, Edmund Pryor, and Thomas Wickersham. The directors on the 26th unanimously re-elected John C. Browne, Esq., president.[1]

On November 19, 1832, stockholders elected the following gentlemen directors: Jonathan Wainwright, Thomas W. Duffield, John Vaughan, Michael Day, John E. Keen, Edmund Pryor, Thomas Whickersham, Benjamin Naglee, George Landell, Arundius Tiers, William Fitler, Charles Elliot, and Henry Crilly. The directors elected Jonathan Wainwright, Esq., president. Charles Keen was cashier.

In November 1853, Johnathan Wainwright, Esq., resigned the presidency of the Kensington Bank held by him for over 20 years, and Hon. John T. Smith was elected his successor.

On November 19, 1860, stockholders elected the following directors: John T. Smith, John Martin, James Bell, James Hogg, Eli Garrison, B.D. Stewart, E.W. Gorgas, Henry Crilly, W. Chapman, Geo. J. Weaver, John Robbins, Jr., Isaac E. Landell, and Jos. S. Keen. On November 26th, John T. Smith, Esq., was unanimously re-elected president; Chas. T. Yerkes, cashier, and St. George Tucker Campbell, Esq., solicitor.

On November 16, 1863, stockholders elected the following directors: John Robbins, Jonathan Wainwright, John Martin, Edward W. Gorgas, Benjamin C. Naglee, Joseph Harvey, Eli Garrison, James Bell, George A. Landell, James Hogg, B.D. Stewart, Benjamin H. Brown, and Alexander Peterson. On November 23rd, the directors unanimously re-elected John Robbins, Esq., president, Charles T. Yerkes, cashier and St. George Tucker Campbell, solicitor.

On March 30, 1864, Mr. John T. Smith, an influential and enterprising citizen and who held several national and municipal positions of trust and honor, died at his residence, N. Broad Street. He was elected as a Democrat to the Twenty-eighth Congress (March 4, 1843-March 3, 1845), representing the then Third Congressional District. Mr. Smith was connected with the old corporation of the Northern Liberties for ten or twelve years, nine years of which he was president of the Board of Commissioners of the District. He was President of the Kensington Bank, but resigned on account of health in March 1863. He was also for a number of years a member of the Board of Governors of the Poor and Board of Prison Inspectors.

The Great Kensington Steal

Sketch of the Kensington National Bank at time of robbery of February 2, 1871.
Sketch of the Kensington National Bank at time of robbery of February 2, 1871.
The night of February 2, 1871, the east side of Beach Street a short distance south of Laurel, there stood a three story brick building, wearing an old time look, and on the cornice in brilliant letters "Kensington National Bank."  Just as the hour of closing the bank approached, a police officer stepped quickly into the counting room and asked for the cashier. This gentleman being busy hesitated a few moments before complying with this request, and the interim the official took a careful survey of the interior of that portion of the building devoted to the uses of the corporation. As there was nothing unusual in this gaping curiosity of the officer, and as he displayed his mace in a manner quite conspicuous, suspicion on the part of the bank officials was not aroused. Finally, Mr. William McConnell, the cashier, asked his business, and was startled when the answer was "There have been suspicious characters lurking about the neighborhood lately, and the lieutenant of the district desired me to tell you that they might attempt to break in." This intelligence was at once retold to every employee of the bank, but no further action was taken regarding it than to call up the two watchmen who nightly guarded the institution, and whose names were John Holmes and Morris Murphy.  They were given particular instructions to let no person inside the bank building after it was closed. The doors were locked, and the watchmen were then left alone to protect the bank. About seven o'clock, while the watchmen had settled in for the night, a rap was heard on the bank door. This startled them, but they proceeded quietly to the front of the counting room, when another rap was heard. Then upon opening the door, no burglars did they see, but on the contrary, and much to their satisfaction, there were two police officers fully equipped for night duty.  "The lieutenant has heard from good sources that this bank will be robbed tonight, and he sent us to aid you in protecting it." Such kindness and consideration on the part of the officers could not fail to make a deep impression in the minds of the private watchmen and the policemen having thus stepped into their good graces, were eventually asked to step into the bank, and they did, but not too eagerly, for this might have aroused suspicion. Now they entered all upon a little discussion as to the reliability of the rumors that the bank was to be robbed, when one of the policemen said, “I am dry, I wish I had a drink." "That you can have," responded one of the watchmen, and he started off to the end of a hall leading to a door issuing into the yard of the bank, followed by one of the policeman. The other remained in conversation a moment with watchman No. 2, and then told him, "You had better look out of doors and see if you can see anyone coming," and this Mr. Morris Murphy complacently agreed to do. No sooner was the door closed upon him than the policeman rejoined his fellow officer and watchman No. 1, Mr. John Holmes, who was at that time drawing a glassful of water for his thirsty friend, but before he had filled it the two officers seized him, gagged and manacled him and had him stretched out on the floor, where, with a pistol uncomfortably near his head, Mr. Holmes was intimidated into silence. Being thus reduced to a condition of utter helplessness, and therefore no longer to be feared, the policemen no longer, but burglars, hastened to the front door, which they had no sooner reached than Mr. Murphy stepped in, and in a twinkling was secured after the fashion of Mr. Holmes. 

The way being cleared of all human interference, the two burglars proceeded to the front door of the bank and signaled a third person, who issued from some nook in the vicinity, and entered the bank. With his aid, the gagged and hand-cuffed watchmen were carried from the hall back of the counting desks into the president's room, where they were kept in a state of remarkable quiescence by this burglar No. 3, who sat with them, a revolver unpleasantly pointed in their direction. The watchmen had their legs tied, their hands were handcuffed behind them, a handkerchief had been tied about their mouths, and a rope had been placed over this. Now the way was clear for the important work of smashing the safes. Speedily from the pockets of the burglars' coats came packages of wedges, and bits, and fine steel saws, and keys, and from some other place, huge sledge hammers and jimmies. The first thing in order was to get into the fire-proof. This was built about in the center of the floor. Its walls ran from floor to ceiling. Its length was ten feet, its width eight, and the thickness of its walls twenty inches. The only means of gaining an entrance were either to cut through its walls, or break off the iron doors. To the expert burglar the latter was far preferable. The outer door to the proof was made out of a single plate of heavy iron. Between it and the jamb of the door five steel wedges were inserted, and these were forced in by repeated blows with sledges muffled in cloth to deaden the sound. Soon an aperture appeared large enough to admit the point of a jimmy, and then the door was wrenched off in a few moments. This off, the burglars discovered a second obstacle of like nature. This was the inner door of the proof. But this was demolished just a the first had been, and then the proof stood at the mercy of the burglars. On either side of this vault were densely packed shelves with boxes and packages of valuables of every description, placed there for safe keeping by depositors.  These were stripped in an instant.  The amount lost must have been very great, but there was no ready means of estimating it accurately, as the owners alone knew of the contents of the packages. The private watchmen were of the opinion that there were more than three persons engaged in the removal of these valuables, as they heard many strange voices outside. In their selections, the marauders displayed good discernment, as they broke open the packages, carried off all the papers that could be turned to account, and left the rest. The coupon bonds of the United States were taken, the registered left.

U.S. Five-Twenty Bonds 

But in the fire-proof was something of supreme concern to the burglars. This was a medium-sized Lillie burglar- and fire-proof safe. This, as was well known to them, contained the funds of the bank. The aggregate of these was probably unknown to them, but was reported that at the time of the assault, it contained, in valuables of all descriptions, one million dollars. They made a desperate effort to get into this safe, and ignoring the customary plan, which was to bore into the lock and pick the combination, they went at it with sledges and wedges. In the interstices between the door and the jamb they inserted the fine-pointed wedges. These they hammered heavily. The strain was terrible. The entire right-hand jamb, a great piece of brittle iron, was forced off. Great seams opened in the top of the safe and along the left side, but the door did not budge, as the steel bolts from its four edges protruded far into the casing, and though one jamb might be forced off, there were the others to prevent the door from coming out. Although this safe was sadly worried, it withstood the strain, and the burglars had to give it up as a "bad job." In this work they were engaged from half past 7 o'clock until 3 o'clock the next morning and at this latter hour, according to the judgement of the watchmen, who all the while lay uncomfortably gagged on the floor, they left.

Kensington marveled at the audacity of the marauders and the childish innocence of the private watchmen. It was thought that the loss ranged from $100,000 to $120,000, though it was impossible to definitely ascertain until each special depositor declared what was contained in their packages. Among the losses were: Scull & Rex $30,000, Bell & Russell $27,000, Rowland & Ervien $6,500. The bank’s statement of condition at the close of the previous week: Capital, $250,000, Loans, $1,122,857, Specie $4,810, Legal tender notes $302,000, Owing from other banks $111,595, Owing to other banks $1,168, Deposits $970,763, Circulation $227,601. The officers of the bank were Charles T. Yerkes, President; William McConnell, Cashier; and the Directors Messrs. C.T. Yerkes, E.W. Gorgas, B.H. Brown, J.H. Wainwright, G.A. Landell, D.R. Garrison, H.W. Rihl, M.D., John Scanlin, Stephen Robbins, B.C. Naglee, John Taylor, William R. Stewart, and Robert Dallas.

Two separate Philadelphia bank robberies, the April 6, 1869 robbery of the Beneficial Savings Fund Bank, and the February, 1871 robbery of the Kensington Savings Bank were connected. The perpetrators of both robberies were never conclusively identified, but most sources agreed that a core group of men were behind both robberies: Frank McCoy, Jimmy Hope, and Joe Howard, aka. Joseph Killoran. Although Hope’s name was often invoked in regard to these two jobs, he was lodged in an Auburn, New York prison when the Kensington robbery occurred and denied involvement in the Beneficial Savings job.

In February 1878, the new building which cost $40,000, located at the corner of Frankford and Girard Avenues, was opened for inspection. The bank opened for business on Saturday, February 23rd. The previous location was 969 Beach Street.

Acquired by the Pennsylvania Company for Insurances on Lives and Granting Annuities

On January 14, 1947, the following shareholders were elected as directors: George A. Landell, J. Scott Fowler, Clarence B. White, Alexander Foster, Jr., Gustave C. Kuemmerie, Grover C. Tuft, Stewart Smythe, Edward A. Allanson, R.L. Montgomery, Jr., E.A. Ginkinger, and Henry B. Fitzpatrick. The directors met on the 15th and re-elected the following officers: Grover C. Tuft, president; George A. Landell, vice president; Edward A. Allanson, cashier, Charles E.T. Hayes and Russell V. Sandberg, assistant cashiers; Benjamin D. Doane, trust officer.

On March 17, 1947, The Pennsylvania Company announced it had purchased the assets and assumed all liabilities of the Kensington National Bank of Philadelphia. The officers of Kensington became officers in the Penna. Co. and the bank would operate as a branch at Girard and Frankford Avenues. The Pennsylvania Company for Insurances on Lives and Granting Annuities was founded in 1812. Philadelphia National and Penna. Co. gained in rank among the Nation's largest banks in size of deposits. In 1947, according to annual compilation of American Banker, Philadelphia National moved up from 22d to 21st place with deposits of $698,794,475 as of Dec. 31, an increase of $56,000,000 for year. Penna. Co. for Banking advanced four places to No. 27 with deposits of $487,422,178. Acquisition of Kensington National Bank and merger of Germantown Trust Co. were factors in Penna. Co.'s rise in rank with $80,000,000 gain in deposits.

Official Bank Title(s)

1: The Kensington National Bank of Philadelphia, PA

Bank Note Types Issued

Original Series $1 bank note with pen signatures of Wm. McConnell, Cashier and C.T. Yerkes, President.
Original Series $1 bank note with pen signatures of Wm. McConnell, Cashier and C.T. Yerkes, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of Henry McConnell, Cashier and E.A. Landell, President.
1882 Brown Back $5 bank note with pen signatures of Henry McConnell, Cashier and E.A. Landell, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plain Back $5 bank note with printed signatures of G.C. Tuft, Cashier and Charles Delaney, President.
1902 Plain Back $5 bank note with printed signatures of G.C. Tuft, Cashier and Charles Delaney, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Grover C. Tuft, Cashier and Charles Delaney, President.
1929 Type 1 $10 bank note with printed signatures of Grover C. Tuft, Cashier and Charles Delaney, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $5 bank note with printed signatures of E.A. Allanson, Cashier and G.C. Tuft, President
1929 Type 2 $5 bank note with printed signatures of E.A. Allanson, Cashier and G.C. Tuft, President. Courtesy of Heritage Auctions, www.ha.com

A total of $5,608,520 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 698,983 notes (553,384 large size and 145,599 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 - 7500
Original Series 4x5 1 - 7000
Original Series 3x10-20 1 - 2700
Original Series 10-2x50-100 1 - 250
Original Series 10-2x50-100 551 - 693
Original Series 2x50-100 251 - 550
Series 1875 4x5 1 - 6250
Series 1875 3x10-20 1 - 3500
Series 1875 10-2x50-100 1 - 262
1882 Brown Back 4x5 1 - 16124
1882 Brown Back 3x10-20 1 - 6076
1882 Brown Back 50-100 1 - 1336
1902 Red Seal 4x5 1 - 6300
1902 Red Seal 3x10-20 1 - 3720
1902 Red Seal 50-100 1 - 120
1902 Date Back 4x5 1 - 22200
1902 Date Back 3x10-20 1 - 15100
1902 Plain Back 4x5 22201 - 46975
1902 Plain Back 3x10-20 15101 - 30593
1929 Type 1 6x5 1 - 9470
1929 Type 1 6x10 1 - 6486
1929 Type 1 6x20 1 - 1442
1929 Type 2 5 1 - 24522
1929 Type 2 10 1 - 13005
1929 Type 2 20 1 - 3684

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

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

Wiki Links

Kensington National Bank stock certificate dated September 25, 1931 signed by E.A. Allanson, Cashier and G.C. Tuft, President. Vignettes of ship building, William Penn's treaty with Indians and a dog lying in front of a strong box.
Kensington National Bank stock certificate dated September 25, 1931 signed by E.A. Allanson, Cashier and G.C. Tuft, President. Courtesy of Heritage Auctions, www.ha.com

Sources

  1. ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Nov. 26, 1827.
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