Mechanics National Bank, Philadelphia, PA (Charter 610)

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Mechanics National Bank of Philadelphia, Pennsylvania. Bank was organized in 1810, always at the same location on 22 and 24 South Third Street. Photo ca1902.
Mechanics National Bank of Philadelphia, Pennsylvania. Bank was organized in 1810, always at the same location on 22 and 24 South Third Street. Photo ca1902.

Mechanics National Bank, Philadelphia, PA (Chartered 1864 - Liquidated 1903)

Town History

Mechanics National Bank of Philadelphia on South Third Street, ca2021.
Mechanics National Bank of Philadelphia on South Third Street, ca2021. 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.

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

Obsolete $5 proof, Mechanics Bank of the City and County of Philadelphia, Haxby PA-455, 1850s. Central vignette of a maiden seated in a rectangular frame flanked by educational and musical symbols. The end panels contain vignettes of Washington with his horse at right and and the bank's headquarters building which survives to the present day at South Third Street in Philadelphia at left. Courtesy of Heritage Auctions, www.ha.com

The Act regulating Banks passed in 1814 named Thomas Parker, Joseph Burden, Ephriam Clark, Robert Mercer, William Thackara, Jr., and Joseph Morris commissioners for the Mechanics' Bank of the city and county of Philadelphia. This act authorized the Mechanics' Bank to elect 21 directors. Thomas Parker was the first president.

On Monday, November 19, 1827, stockholders elected the following directors: Lemuel Lamb, Timothy Caldwell, George Peterson, Wm. S. Crothers, Joseph Solms, Charles Watson, Thomas W. Pryor, James McCullock, Thos. G. Hollingsworth, Jonathan K. Hassinger, Allen Armstrong, Nicholas Thouron, and John W. Downing. The directors on the 26th unanimously re-elected Lemuel Lamb, Esq., president.[1]

The following were directors elected in January 1865: Joseph B. Mitchell, Benjamin W. Tingley, G.D. Rosengarten, Isaac F. Baker, Robert Steen, Wm. A. Drown, Davis Pearson, George H. Stuart, and James T. Young.

Obsolete $1 bank note, Mechanics Bank of the city and county of Philadelphia, Haxby PA-455, dated April 15, 1862, with pen signature of J. Wiegand, Jr., Cashier.
Obsolete $1 bank note, Mechanics Bank of the city and county of Philadelphia, Haxby PA-455, dated April 15, 1862, with pen signature of J. Wiegand, Jr., Cashier. Courtesy of Heritage Auctions, www.ha.com

On January 10, 1866, the stockholders elected the following directors: Joseph B. Mitchell, Benj. W. Tingley, G.D. Rosengarten, Isaac F. Baker, Robert Steen, George H. Stuart, James T. Young, Ebenezer Maxwell, and L.C. Iungerich. The directors elected Joseph B. Mitchell President; George H. Stuart, vice president; and J. Wiegand, Jr., cashier.

On January 10, 1868, the stockholders elected the following directors: Joseph B. Mitchell, Benj. W. Tingley, John C. Davis, William A. Drown, G.D. Rosengarten, Isaac F. Baker, Ebenezer Maxwell, L.C. Iungerich and Joseph G. Mitchell. The directors elected Joseph B. Mitchell, President; B.W. Tingley, vice president; and J. Wiegand, Jr., cashier.

On January 10, 1872, the stockholders elected the following directors: Joseph G. Mitchell, Gustavus English, Benj. W. Tingley, John C. Davis, William A. Drown, Isaac F. Baker, Francis B. Reeves, John Rommel, Jr., and Edward H. Coates. The directors elected Joseph G. Mitchell, President; Gustavus English, vice president; and J. Wiegand, Jr., cashier. The following year George H. Boker was added as a director to replace the late Benj. W. Tingley and all other officers were re-elected.

On January 13, 1875, the stockholders elected the following directors: George H. Stuart, John Rommel, Jr., Gustavus English, George D. Rosengarten, William A. Drown, John Woodside, Francis B. Reeves, Daniel Donovan and George M. Coates. The directors elected George H. Stuart, President and John Rommel, Jr., vice president and cashier.

In November 1879, an issue between a majority of the directors and the president, Mr. George H. Stuart was published. At the time of the failure of the house of David Stuart & Brother, of Liverpool, of which Mr. George H. Stuart was a partner, the desirability of his immediate resignation was discussed among the directors, but in view of the very short time intervening between that date and the next annual election, it was thought best not to take any adverse action. The directors stated, "we had hoped for the best interest of the bank that he would (as is the custom in all financial institutions under similar circumstances) have tendered us his resignation, but he did not see fit to do so, but, on the contrary, we have since learned that he desires to assume the entire management of its affairs, and as he knows that he cannot do so by our assistance, be proposes to elect a new board, friendly to him, who will continue him in the position of president." Mr. Stuart and stockholders friendly towards him would organize the Merchants National Bank and open it in March 1880.

On January 14, 1880, the stockholders elected the following directors: John Rommel, Jr., Gustavus English, Daniel Donovan, Crawford Arnold, Charles B. Baeder, John Field, Morris Newburger, Isaac F. Baker, George A. Baker, James Dougherty, Thomas Roberts, A.F. Eberman, and George W. Gibbons. On the 20th, the directors unanimously elected John Rommel Jr., president; Gustavus English, vice president; and William Underdown, cashier.

As of November 25, 1902, the statement of condition showed loans and investments of $4,133,250.19; cash and reserve of $1,347,621.98; capital stock of $500,000, surplus and undivided profits of $351,001.08; circulation of $475,000 and deposits of $4,606,565.71.

In January 1903, The Girard National Bank offered to buy the shares of the Mechanics National Bank at $190 per share. There was $500,000 in capital at $100 par share making the total offer by the Girard $950,000. The book value of the shares was $200, but it was doubtful if that sum could be realized if the bank went into liquidation. The Mechanics' business was worth more to the Girard than to some other banks because it drew its business from the same territory, namely the Third Street district. The business of the Mechanics Bank could be handled by the Girard with very little additional expense; no new executives were needed and the extra cost would be confined to the addition of a few more bookkeepers. On January 14, 1903, the Girard National Bank took over the Mechanic's bank with accounts serviced at their banking house on Third Street below Chestnut. The officers of the Mechanic's bank were Morris Newburger, president; John Field, vice president; Thomas Roberts, second vice president; W.H. Curtis, Jr., cashier; and W.H. Coster, assistant cashier. In addition to Messrs. Newburger, Field and Roberts, the Board of Directors was comprised of Henry Z. Ziegler, Rudolph Blankenburg, Arnold Kohn, Florence Fox, Albert Schenk, Daniel Donovan, John Gribbel, Arno Leonhardt, A.M. Langfield, and Edwin Halpen.

Library of Congress collection of pictures of the Mechanics National Bank

Official Bank Title

1: The Mechanics National Bank of Philadelphia, PA

Bank Note Types Issued

Series of 1875 $1 bank note with pen signatures of William Underdown, Assistant Cashier and John Rommel, Second Vice President.
Series of 1875 $1 bank note with pen signatures of William Underdown, Assistant Cashier and John Rommel, Second Vice President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $5 bank note with pen signatures of William Underdown, Assistant Cashier and John Rommel, Second Vice President.
Series of 1875 $5 bank note with pen signatures of William Underdown, Assistant Cashier and John Rommel, Second Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 4x5 1 - 19150
Original Series 3x10-20 1 - 7155
Original Series 3x10-20 8406 - 10405
Original Series 20 7156 - 8405
Original Series 50-100 1 - 1534
Series 1875 3x1-2 1 - 11000
Series 1875 4x5 1 - 20250
Series 1875 3x10-20 1 - 6000
Series 1875 50-100 1 - 234
1882 Brown Back 4x5 1 - 24756
1882 Brown Back 3x10-20 1 - 11489
1882 Brown Back 50-100 1 - 1557

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1903):

Presidents:

Cashiers:

Other Bank Note Signers

  • Dr. John Rommel, Jr., signed notes as Vice President
  • William Underdown signed notes as Assistant Cashier

Wiki Links

Sources

  • Philadelphia, PA, on Wikipedia
  • Mechanics National Bank (Philadelphia) 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
  • Lancaster Intelligencer, Lancaster, PA, Fri., Mar. 25, 1814.
  • Lancaster Intelligencer, Lancaster, PA, Sat., Mar. 26, 1814.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 12, 1865.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 20, 1866.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 16, 1868.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 19, 1872.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Wed. 20, 1875.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Nov. 6, 1879.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 21, 1880.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Nov. 29, 1902.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 8, 1903.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 12, 1903.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 14, 1903.
  1. ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Nov. 26, 1827.
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