Liberty National Bank, New York, NY (Charter 4645)
Liberty National Bank, New York, NY (Chartered 1891 - Liquidated 1921)
Town History
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles, New York City is the most densely populated major city in the United States. The city is more than twice as populous as Los Angeles, the nation's second-largest city. New York City is located at the southern tip of New York State. Situated on one of the world's largest natural harbors, New York City comprises five boroughs, each of which is coextensive with a respective county. The five boroughs, which were created in 1898 when local governments were consolidated into a single municipality, are: Brooklyn (Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County), and Staten Island (Richmond County). New York City is a global city and a cultural, financial, high-tech, entertainment, glamour, and media center with a significant influence on commerce, health care and scientific output in life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and it is sometimes described as the world's most important city and the capital of the world.
New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes.
Bank History
- Organized October 2, 1891
- Chartered October 13, 1891
- Acquired the Scandinavian Trust Company of New York, October 1919
- Liquidated March 8, 1921
- Succeeded by Liberty Bank of New York which merged with the New York Trust Company on April 1, 1921
On October 13, 1891, the Liberty National Bank, James Christie, cashier, and capital $500,000, was authorized to begin business.[4] The directors were Henry C. Tinker, president; Henry Graves, Maxwell & Graves; Geo F. Baker, president, First National Bank; J. Rogers Maxwell, president, Central Railroad Co. of New Jersey; E.F.C. Young, president, First National Bank of Jersey City; Wm. Runkle, president, Warren Foundry and Machine Co., NY; Dumont Clarke, vice president, American Exchange National Bank, NY; Jno. H. Stabin, transportation, etc., NY; H.C. Fahnestock, vice president, First National Bank; Hon. Garret A. Hobart, Paterson, New Jersey; J.A. Garland, second vice president, First National Bank. The officers were Henry C. Tinker, president; Henry Graves, vice president; and James Christie, cashier. The bank was located in the Central Building, 143 Liberty Street.[5]
In January 1901, the directors elected were Henry C. Tinker, Henry Graves, George F. Baker, E.F.C. Young, William Runkle, Dumont Clarke, John H. Starin, H.C. Fahnestock, Henry W. Maxwell, Charles G. Emery, E.C. Converse, Charles A. Moore, T.A. Gillespie, Francis L. Hine, and Henry P. Davison.[6] In May 1901, Henry P. Davison was elected president of the Liberty National Bank, succeeding Henry C. Tinker who remained as vice president at the solicitation of the board. Mr. Davison was the youngest bank president in the city at 33 years of age. His first national bank experience was with the Taconic Bank at Bridgeport, Connecticut. In 1892 he entered the Astor Place Bank where for two years he was paying teller. In 1894, two years after the organization of the Liberty National Bank, he was appointed assistant cashier, became cashier in 1895 and active vice president in 1900. He was also secretary of the Clearing-House.[7]
On Thursday, November 19, 1908, the board of directors elected Zoheth S. Freeman and Charles W. Reicks vice presidents. Mr. Reicks still retained the cashiership of the bank. Mr. Freeman had been a vice president of the Merchants National Bank of New York for the past years and for many years he was in charge of the credit department of the Hanover National Bank, going from that responsible post to become cashier of the Merchants National. After 18 months of service as cashier, Mr. Freeman was elected a vice president in November 1907.[8][9]
On Thursday, November 12, 1914, Henry C. Tinker of 48 East 57th Street died from internal lacerations caused by swallowing a small steel instrument a few days earlier while in a dentist's chair. He was the first president of the Liberty National Bank and was at one time a board member of the New York Stock Exchange. Mr. Tinker was born in Lyme, Connecticut in 1849 and was educated in England, France and Germany. At the time of his death he was a director in the Liberty National Bank, Fidelity-Phenix Fire Insurance Company, Celluloid Company and Kentucky Coal Lands Company. He was an enthusiastic yachtsman and owner of the schooner Palestine. His daughter Miss Annie Tinker was active in society and woman's suffrage work and was in France with the Red Cross.[10] His son, Edward L. Tinker, was a writer and banker, having founded the Tinker National Bank in East Setauket, New York, in 1919.
In January 1916, the directors were Union N. Bethell, president, New York Telephone Co.; Newcomb Carlton, President, Western Union Telegraph Co.; Thomas Cochran, president; Edmund C. Convers, New York; Otis H. Cutler, president, American Brake Shoe and Foundry Co.; Henry P. Davison, J.P. Morgan & Co.; Zoheth S. Freeman, New York; Samuel L. Fuller, Kissel, Kinnicutt & Co.; Harvey D. Gibson, vice president; Thomas A. Gillespie, president, The T.A. Gillespie Co.; Francis L. Hine, President, First National Bank of New York; Edward E. Loomis, vice president, Delaware, Lackawanna, and Western Railroad Co.; Arthur F. Luke, Luke, Banks & Weeks; Howard W. Maxwell, vice president, Atlas Portland Cement Co.; Ambrose Monell, president, International Nickel Co.; Edward S. Moore, vice president, American Brake Shoe and Foundry Co.; Daniel E. Pomeroy, vice president, Bankers Trust Co.; Seward Prosser, president, Bankers Trust Co.; Daniel G. Reid, member executive committee, L.V.R.R. Co.; Charles W. Riecks, vice president and cashier; Charles H. Sabin, president, Guaranty Trust Co.; Charles H. Stout, New York; Charles H. Warren, Treasurer, Mutual Life Insurance Co.; and Albert H. Wiggin, president, Chase National Bank. The Liberty National Bank was located at the corner of Broadway and Cedar Street, Equitable Building, New York City. The bank's total resources exceeded $87.8 million with capital stock $1,000,000, surplus and undivided profits $3,055,656.36, circulation $500,000, and deposits $83,246,357.89.[11] In March 1916, Zoheth S. Freeman became chairman of the board of the newly organized Bank of Alaska, located at Fifth Avenue, between Broadway and State St., Skagway, Alaska.[12]
On Friday, October 24, 1919, the board of the Liberty National Bank was increased by the election of five former directors of the Scandinavian Trust Company which recently was absorbed by the Liberty National. The new directors were Alexander V. Ostrom, former president of the Scandinavian Trust Company an a new vice president of the Liberty National; Frederick W. Hvoslef of Bennett, Hvoslef & Co.; C.M. McNeill, president of the Utah Copper Co.; Jeremiah Milbank, Alexander R. Nieol, and E.A. Cappelen-Smith. The Norwegian Advisor Board which formerly acted for the Scandinavian Trust Co. would act in similar capacity for the Liberty National. The board consisted of Christian Bonge of Bergen, S.E. Dahl and G.K. Hegge of Christiania; K. Jebsen of Bergen; Viktor Plahte of Christiania; and C. Thaulow of Trondhjem.[13] Stockholders ratified the acquisition of the Scandinavian Trust Company and an increase in capital stock from $3 million to $5 million on October 11th. Stockholders also authorized an increase in the number of directors from 23 to 30.[14] Anders Borresen, president of the Commercial Bank of Norway, founded the Scandinavian Trust Co. of New York City.[15] The trust company opened at 56 Broadway on Monday June 11, 1917 with Alexander V. Ostrom, president (formerly vice president of the North Western National Bank of Minneapolis); T. Barth, vice president and J.C. Traphagen, secretary.[16]
In January 1920, the officers were Harvey D. Gibson, president; Daniel G. Reid, Alexander V. Ostrom, Charles W. Riecks, Ernest Stauffen, Jr., Joseph A. Bower, Benjamin E. Smythe, James G. Blaine, Jr., Joseph S. Maxwell, George Murnane, Sidney W. Noyes, and Maurice F. Bayard, vice presidents; Frederick W. Walz, cashier; Frederick P. McGlynn, Theodore C. Hovey, Louis W. Knowles, Raymond G. Forbes, Danforth Cardozo, C. Carlton Kelley, and Edward J. Whalen, assistant cashiers.[17]
In July 1920, the Bankers Trust Company was negotiating for the absorption of the Liberty National Bank. Bankers Trust was the second largest trust company in the United States with capital of $20 million, surplus and profits of approximately $18 million and net deposits of about $262 million. It was surpassed only by the Guaranty Trust Company with $25 million in capital, deposits over $674 million and resources of $907 million. The Liberty National Bank had a capital of $5 million, surplus of $7,161,100 and net deposits of $81,968,200.[18] In December 1920, Liberty National Bank and the New York Trust Co. were arranging to merge. Mortimer N. Buckner, president of the New York Trust Co., and Harvey D. Gibson, president of the Liberty National, authorized the statement that negotiations were pending, looking to a possible merger of the two institutions. The new institution would be known as the New York Trust Co. The combined capital, surplus, and undivided profits of both institutions amounted to about $27,000,000. The New York Trust Co. was formed in 1889 under the name of The New York Security & Trust Co. In 1904, it combined with the Continental Trust Co., the name of the consolidated institutions being changed a year later to The New York Trust Co. Otto T. Bannard, who had been president of the Continental Trust Co., became president, and later chairman of the board of the New York Trust Co. He was succeeded later as president by Mortimer N. Buckner. Since 1904 the company occupied offices at 26 Broad Street. The Liberty National Bank was established in 1891. Among its presidents had been Henry P. Davison, now a member of J.P. Morgan & Co., Seward Prosser, now president of the Bankers Trust Company, and Thomas Cochran, now a member of the firm of J.P. Morgan & Co. The merger of these two institutions came as a distinct surprise to the financial district. Wall Street had been expecting that the Liberty National would be taken over by the Bankers Trust Company, as negotiations looking to this end began in the Summer of this year. This plan was dropped, although it was officially admitted at the time that the matter of merging with the Bankers Trust was under consideration. Early last year the Liberty National Bank extended its banking operations in the foreign field by absorbing the Scandinavia Trust Co. It was understood that Mortimer N. Buckner will become Chairman of the Board of the combined institutions and Harvey D. Gibson president.[19]
On Tuesday, February 1, 1921, the plans for the merger were approved by the board of directors of the Liberty National and board of trustees of the New York Trust Co. The plan called for an increase in the capital of the New York Trust Co. to $20 million from its present capital of $3 million. The stockholders of the New York Trust Co. would receive $2 million of this as a stock dividend and the remaining $5 million would be exchanged share for share with the holders of the $5 million capital stock of the Liberty National Bank and the common shares of the Liberty Securities Company. The asset value of the common stock of the Liberty Securities Corporation had been included as part of the assets vested in the merged institution and a provision for the organization of a new securities company was made. The executive officers of the new institution would be Mortimer N. Buckner, chairman of the board; Harvey D. Gibson, president; Otto T. Bannard, chairman of the advisory committee; and Thomas Cochran of J.P. Morgan & Co., chairman of the executive committee. When the quarters at 100 Broadway which had been designed for the Liberty National Bank were completed, they would become the main office of the combined institution. Until then the new institution would retain the dual offices occupied by the New York Trust Company at 26 Broad Street, and the Liberty National Bank at 120 Broadway, Equitable Building.
On Friday, March 4, 1921, stockholders and directors of Liberty National Bank met at the banking house at 120 Broadway and authorized formation of Liberty Bank of New York, a State bank, to take over business of Liberty National Bank. The new State bank would begin operations on March 9th. This step was part of legal procedure in connection with merger of Liberty National Bank and New York Trust Co. The new State bank would be merged with New York Trust Co. on April 1, and the combined institutions would operate under the name of New York Trust Co.[20]
Official Bank Title
1: The Liberty National Bank of New York, NY
Bank Note Types Issued
A total of $17,817,230 in National Bank Notes was issued by this bank between 1891 and 1921. This consisted of a total of 2,140,640 notes (2,140,640 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 - 102500 1882 Brown Back 4x10 1 - 12750 One plate, JKLM, approved August 31, 1906 1882 Brown Back 3x10-20 1 - 60615 1882 Date Back 4x5 1 - 34032 1882 Date Back 4x10 1 - 26435 One plate, QRST, altered to Date Back form and approved July 11, 1908. Received first notes printed for Series of 1882 Date Backs from a 4x$10 plate. 1902 Date Back 4x5 1 - 59230 1902 Date Back 3x10-20 1 - 49700 1902 Date Back 3x50-100 1 - 6930 1902 Plain Back 4x5 59231 - 194632 1902 Plain Back 3x10-20 49701 - 97266
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1921):
Presidents:
- Henry Champlin Tinker, 1892-1900
- Henry Pomeroy Davison, 1901-1901
- Edmund Cogswell Converse, 1902-1906
- Frederick Brett Schenck, 1907-1911
- Seward Prosser, 1912-1914
- Thomas Cochran, III, 1915-1916
- Harvey Dow Gibson, 1917-1920
Cashiers:
- James Christie, 1892-1894
- Henry Pomeroy Davison, 1895-1899
- Charles William Riecks, 1900-1906
- James VanDerbilt Lott, Sr., 1907-1907
- Charles William Riecks, 1908-1917
- Frederick W. Walz, 1918-1920
Other Known Bank Note Signers
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
- ↑ New-York Tribune, New York, NY, Tue., Jan. 20, 1914.
- ↑ The New York Times, New York, NY, Mon., Jan. 20, 1919.
- ↑ New-York Tribune, New York, NY, Thu., Jan. 8, 1920.
- ↑ Times Union, Brooklyn, NY, Wed., Oct. 14, 1891.
- ↑ The New York Times, New York, NY, Fri., Oct. 16, 1891.
- ↑ The New York Times, New York, NY, Wed., Jan. 9, 1901.
- ↑ The New York Times, New York, NY, Fri., May 17, 1901.
- ↑ The Bankers' Magazine, Vol. 78, Jan. - June 1909, pp 127-8.
- ↑ The New York Times, New York, NY, Fri., Nov. 20, 1908.
- ↑ New-York Tribune, New York, NY, Fri., Nov. 13, 1914.
- ↑ New-York Tribune, New York, NY, Wed., Jan. 12, 1916.
- ↑ The Daily Alaskan, Skagway, AK, Sat., Feb. 12, 1916.
- ↑ The New York Times, New York, NY, Sat., Oct. 25, 1919.
- ↑ New York Herald, New York, NY, Sat., Sep. 13, 1919.
- ↑ New York Daily Herald, New York, NY, Sat., Jan. 24, 1920.
- ↑ The New York Times, New York, NY, Mon., June 11, 1917.
- ↑ New-York Tribune, New York, NY, Thu., Jan. 8, 1920.
- ↑ The Wall Street Journal, New York, NY, Wed., July 14, 1920.
- ↑ The Wall Street Journal, New York, NY, Thu., Dec. 23, 1920.
- ↑ The Wall Street Journal, New York, NY, Sat., Mar. 5, 1921.