Manayunk NB/Manayunk-Quaker City NB/Commercial NB, Philadelphia, PA (Charter 3604)

Photo of the Manayunk National Bank at Main and Levering Streets, Manayunk, ca1902. Seymour Davis, 3d, and Paul A Davis, Architects.

Manayunk NB/Manayunk-Quaker City NB/Commercial NB, Philadelphia, PA (Chartered 1886 - Receivership 1934)

Town History

Quaker City National Bank Building at 721 Chestnut Street. The building was designed by Willis G. Hale in 1888 for Wm. M. Singerly, president of the Chestnut Street National Bank and the Philadelphia Record. Hale earlier designed the Philadelphia Record Building. Courtesy of Google Maps

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.

Originally referred to as the town of Flat Rock, Manayunk received its iconic name at a town council meeting on May 4, 1824. The residents chose the name from the Lenape Indian word for the Schuylkill River “manaiung” which literally translates to “place to drink” in English.

Though European colonists had settled in the area as early as the 1700s, the town started to boom with the completion of the Manayunk Canal in 1823. The canal served as a vital link between the coal-rich regions above Reading, PA and Philadelphia’s thriving ports along the Delaware River. This led to the construction of numerous textile mills along what is now the Main Street commercial corridor, and eventually transformed the neighborhood into one of the most prominent manufacturing villages in the United States at that time — so much so that Manayunk became known as the “Manchester of America.”

Manayunk became a part of the City of Philadelphia in 1854 while still maintaining its own identity. Working-class immigrants of German, Irish, Italian, and Polish descent flocked to the neighborhood in search of work and housing. As a result, each of these groups founded their own Catholic churches along Manayunk’s hillside.

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. 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 at the Second Continental Congress, and the Constitution at the Philadelphia Convention of 1787.

During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. It's 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 24 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866). 18 of those 24 Obsolete Banks converted to National Banks in 1864.

Bank History

Organized December 7, 1886
Chartered December 17, 1886
1: Assumed 4050 by consolidation April 14, 1928 with title change and assumed its circulation (Quaker City National Bank, Philadelphia, PA)
2: Assumed 560 by consolidation July 13, 1929 with change in title and assumed its circulation (Southwark National Bank, Philadelphia, PA)
4: Conservatorship March 14, 1933
4: Receivership May 22, 1934

In July 1870, notice was given of the application to the General Assembly of the Commonwealth for the incorporation of a bank to be entitled The Manayunk Bank, located at Philadelphia, with a capital of $200,000 with right to increase same to $250,000. The new bill was introduced in April 1871 to incorporate the Manayunk Bank. The new bank opened on Monday, August 14, 1871 in the thriving manufacturing suburb of the Twenty-first Ward with Frederick R. Shelton, president and John J. Foulkrod, cashier.

In 1872, the stockholders unanimously re-elected the following officers: F.R. Shelton, president; W.W. Harding, Percival Roberts, James M. Preston, Leander M. Jones, David Wallace, Ed. Holt., directors; and John J. Foulkrod, cashier. On January 13, 1880, the Manayunk Bank's directors were F.R. Shelton, president; James M. Preston, David Wallace, Leander M. Jones, C.J. McClinchy, John J. Foulkrod, and Harmon Johnson. In September 1886, the Manayunk Bank, a State institution, planned to enter the national system under the title of the Manayunk national Bank with a capital of $200,000.

In July 1896, the Directors were David Wallace, Leander M. Jones, C.J. McClinchey, Harmon Johnson, A. Platt, John J. Foulkrod, John Flanagan, William Ride, and Charles W. Klauder. David Wallace was president and John J. Foulkrod, cashier.

A 1928 advertisement from The Manayunk-Quaker City National Bank announcing the opening of a new branch office at Twentieth and Chestnut Streets, Philadelphia, Pennsylvania.

On January 7, 1928, Clarence F. Hand, president of the Quaker City National Bank, and R. Bruce Wallace, chairman of the board of the Manayunk National Bank, declined to affirm or deny a persistent report that these financial institutions have decided to merge. William A. Dyer, president of the Manayunk institution, said no statement would be forthcoming from the officials of his bank until Tuesday, on which day the regular meeting of the bank's board of directors was scheduled. The report, which officials of the two banks refused to comment upon last night, is that the proposed merger would involve mutual control by the directorate of the institutions, instead of one of the banks absorbing control of the other. Verification of this was not available. The Quaker City National had its main office at 721 Chestnut street. The Manayunk National's main office was at Main and Levering streets, and it also had a branch at Ridge und Midvale avenues, East Falls of Schuylkill.

On January 10, 1928, the directors of the Quaker City National Bank and the Manayunk National Bank approved the merger plan. William A. Dyer, president of the Manayunk Bank, is to become head of the merged hanks, to be known as the Manayunk-Quaker City National Bank, while Charles P. Hand, president of Quaker City, would become chairman of the board. The directorate of the new bank will he composed of the present boards of both institutions. The new bank will have resources in excess of $18 million, including $1 million capital and $2,796,000 in surplus and undivided profits. Coincident with the plans for merging, it was announced that an additional branch of the merged banks would be established at Twentieth and Chestnut streets. The Manayunk Bank Building, at Main and Levering Streets, Manayunk, and its branch at Ridge and Midvale Avenues, Falls of Schuylkill, as well as the Quaker City Bank Building at 721 Chestnut Street, would continue to operate. Calls for stockholder meetings would be issued for a vote on the merger.

In February 1928, stockholders of the Quaker City National Bank at a special meeting approved the proposed consolidation with the Manayunk National Bank, 4411 shared voting out of 5000 total. None were voted against the proposition.

In July 1929, the Manayunk-Quaker City National Bank, established in 1871, and the Southwark National Bank, established in 1825 merged forming The Commercial National Bank & Trust Company operating under the charter of the old Manayunk National Bank.

Official Bank Title(s)

1: The Manayunk National Bank of Philadelphia, PA

2: The Manayunk-Quaker City National Bank of (4/14/1928), Philadelphia, PA

3: Commercial National Bank and Trust Company of (7/13/1929), Philadelphia, PA

4: Commercial National Bank of (1/14/1932), Philadelphia, PA

Bank Note Types Issued

Series 1882 Brown Back $5 bank note with pen signatures of John J. Foulkrod, Cashier and David Wallace, President. Courtesy of Heritage Auctions, www.ha.com

Series 1902 Plain Back $10 bank note with stamped signatures of W.P. Rech, Cashier and W.A. Dyer, President. Courtesy of Heritage Auctions, www.ha.com

Series 1929 Type 1 $10 bank note with printed signatures of G.L. Evans, Cashier and W.A. Dyer, President. Courtesy of Heritage Auctions, www.ha.com

A total of $8,137,120 in National Bank Notes was issued by this bank between 1886 and 1934. This consisted of a total of 851,840 notes (603,072 large size and 248,768 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: 1882 Brown Back	4x5	1 - 14860
1: 1882 Brown Back	3x10-20	1 - 12780
1: 1902 Red Seal	4x5	1 - 4250
1: 1902 Red Seal	3x10-20	1 - 2000
1: 1902 Date Back	4x5	1 - 31415
1: 1902 Date Back	3x10-20	1 - 22434
1: 1902 Plain Back	4x5	31416 - 61286
1: 1902 Plain Back	3x10-20	22435 - 41558
2: 1902 Plain Back	3x10-20	1 - 14034
3: 1929 Type 1	6x10	1 - 22706
3: 1929 Type 1	6x20	1 - 6366
4: 1929 Type 1	6x10	1 - 8576
4: 1929 Type 1	6x20	1 - 1982
4: 1929 Type 2	10	1 - 8784
4: 1929 Type 2	20	1 - 2204

Bank Presidents and Cashiers

Philadelphia, Charter 3604, Presidents and Cashiers during the National Bank Note Era (1886 - 1934):

Presidents:

Cashiers:

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://bbdata.banknotehistory.com
The Manayunk Development Corporation, accessed Sep. 3, 2021
Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 24A.
The Evening Telegraph, Philadelphia, PA, Sat., July 30, 1870.
Harrisburg Telegraph, Harrisburg, PA, Thu., Apr. 27, 1871.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Aug. 12, 1871.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 15, 1872.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 14, 1880.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Sep. 8, 1886.
Lebanon Daily News, Lebanon, PA, Wed., July 29, 1896.
The Philadelphia Inquirer, Philadelphia, PA, Sun., Jan. 8, 1928.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1928.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Feb. 25, 1928.
The Tribune, Scranton, PA, Thu., Mar. 29, 1928.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Sep. 10, 1928.
The Philadelphia Inquirer, Philadelphia, PA, Fri., July 26, 1929.