Merchants Exchange NB of the City of/Atlantic NB of the City of New York, NY (Charter 1080)

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Home of the Atlantic National Bank
Home of the Atlantic National Bank, opposite City Hall Park, New York.[1]

Merchants Exchange NB of the City of/Atlantic NB of the City of New York, NY (Chartered 1865 - Liquidated 1922)

Town History

The Merchants' Exchange Bank obsolete $100 proof
The Merchants' Exchange Bank obsolete $100 proof, Haxby NY-1755. The $100 design by Rawdon, Wright, Hatch & Edson, New York, has a vignette of Moneta seated by a chest and cornucopia overflowing with coins, with her arm around a large eagle at center. The state Comptroller's Office die is at upper left and Industry is seated by bales at lower right. Courtesy of Heritage Auctions, www.ha.com
An 1871 advertisement for Kountze Brothers, bankers
An 1871 advertisement for Kountze Brothers, bankers, at No. 14 Wall Street.[2]

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.

Broadway theatre is one of the premier forms of English-language theatre in the world, named after Broadway, the major thoroughfare that crosses Times Square,[409] sometimes referred to as "The Great White Way". Forty-one theaters, mostly in Midtown Manhattan's Theater District, each with at least 500 seats, are classified as Broadway theaters. The 2018–19 Broadway theatre season set records with total attendance of 14.8 million and gross revenue of $1.83 billion Recovering from closures forced by the COVID-19 pandemic, 2022–23 revenues rebounded to $1.58 billion with total attendance of 12.3 million. The Tony Awards recognize excellence in live Broadway theatre and are presented at an annual ceremony in Manhattan.

The home of the Atlantic National Bank, 257 Broadway, was also its home when it was known as the Merchants Exchange National Bank. This location facing City Hall made the bank a close neighbor of many important centers. The busy produce district was nearby, as were the shoe and leather sections and paper district. Lying almost within the shadow of the tall home of the bank were the financial, insurance and shipping districts. An important wholesale dry goods district lies a block or two toward the north and a few steps to the south was the wholesale jewelry district.[3]

New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes.

Bank History

Main banking room of the Atlantic National Bank
Main banking room of the Atlantic National Bank, ca1917.[4]
Officers' quarters Atlantic National Bank
Officers' quarters, ca1917.[5]
A 1915 advertisement for the Atlantic National Bank
A 1915 advertisement for the Atlantic National Bank, formerly the Merchants Exchange National Bank.[6]
Advertisement from 1917
Advertisement from 1917 for the Atlantic National Bank.[7]
Left entrance to the old Atlantic National Bank
Left entrance to the old Atlantic National Bank. Courtesy of Google Maps, ~November 2024
  • Organized April 17, 1865
  • Chartered April 28, 1865
  • Succeeded Merchants Exchange Bank
  • 2: Liquidated July 11, 1922
  • 2: Absorbed by Bank of America, New York

Merchants' Exchange Bank

In January 1825, a petition to incorporate the Merchants' Exchange Bank, New York, was presented in the House of Assembly.[8] In April the bill for the Merchants' Exchange bank was read a third time, ayes 81, noes 31, (lost, there not being 86 voting in favor). A resolution was subsequently laid on the table to reconsider this vote.[9] Attempts to secure a bill were unsuccessful until 1829. In August 1829, notice that books would be opened by commissioners to receive subscriptions to the capital stock of the Merchants' Exchange Bank of the city of New York at the New-York Hotel, Nos. 162 and 164, Greenwich Street on Tuesday, September 1st. The act had finally passed on April 29th, 1829, authorizing the bank with capital of $750,000. The commissioners were Eli Hart, Goold Hoyt, Joseph B. Varnum, Henry Wykoff, and Henry F. Tallmadge.[10] On January 28, 1830, a petition to extend the time to fill up the capital stock and reduce the amount was made in the Senate.[11] The books were closed on Friday, June 3, 1831, with upwards of $4,800,000 subscribed, the whole amount of capital required was only $750,000.[12] In June 1831, notice was published of an election for six directors of the Merchants' Exchange Bank to be held on July 5th at the New York Hotel. The commissioners were Eli Hart, Goold Hoyt, Daniel Leroy, Henry Wyckoff, Henry F. Tallmadge, Wm. W. Chester, and Joseph B. Varnum.[13] Officers appointed were Peter Stagg, Esq., president; William M. Vermilye, Esq., cashier; and John Lorimer Graham, Esq., attorney and notary.[14] Mr. Vermilye was formerly cashier of the Newburgh Branch Bank at Ithaca and Bank of Genesee at Batavia.[15] On Monday, September 5th, the final installment of $49 was required to be paid in specie or in current bank bills at the banking house, corner of Greenwich and Dey Streets. Peter Stagg was president.[16] Notice was published by W.M. Vermilye, cashier, that the Merchants Exchange Bank would commence business at their banking house, corner of Dey and Greenwich Streets at 10 o'clock on Thursday morning, September 8th. The discount days were Wednesdays and Saturdays.[17]

In April 1838, the directors were Henry Wyckoff, H.F. Tallmadge, W.F. Havemeyer, J.V. Nostrand, Eli Hart, Goold Hoyt, Henry Rankin, R.H. McCurdy, Joseph B. Barnum, Samuel Thomson, James Brooks, and Chester Clark. Peter Stagg was president; William M. Vermilye, cashier; and John L. Graham, notary and counselor. The bank was located on the corner of Greenwich and Dey Streets with capital of $750,000.[18]

In July 1850, James Van Nostrand, Esq., was president of the Merchants' Exchange Bank and a promoter of the new Dodge & Co., express to California via the United States Mail steamships.[19] He was also president of the Commercial Fire Insurance Co. with office in the Merchants Exchange, Wall Street,[20] and a director of the new City Bank of Brooklyn.[21]

In November 1856, James Van Nostrand, president of the Merchants' Exchange Bank, was compelled by ill health to resign and his place was filled by the appointment of Mr. James Barnes, for some time past acting president. Mr. E.J. Oakley continued as cashier.[22]

On Thursday, March 28, 1861, James Van Nostrand died in the 68th year of his age. The funeral took place on Saturday afternoon at Christ Church, Clinton Street, corner of Harrison, Brooklyn.[23]

On Saturday, December 30, 1865, James Barnes, late president of the Merchants' Exchange bank, died, aged 54 years.[24]

Merchants Exchange National Bank

The home of the Atlantic National Bank, 257 Broadway, was also its home when it was known as the Merchants Exchange. This location facing City Hall made the bank a close neighbor of many important centers. The busy produce district was nearby, as were the shoe and leather sections and paper district. Lying almost within the shadow of the tall home of the bank were the financial, insurance and shipping districts. An important wholesale dry goods district lies a block or two toward the north and a few steps to the south was the wholesale jewelry district.

In 1914 the Kountze interests became identified with the Atlantic National Bank. Herman D. Kountze became its president in 1916. The original four Kountze brothers were born in an Ohio town. Their father operated a large general store at Osnaburg, Ohio, which, before the days of the railroad, was a stage transfer point between Pittsburgh and Cleveland. The elder Mr. Kountze was a farsighted man and believed that some points on the Missouri River would become large cities. He therefore suggested to his sons that they investigate that part of the country and in 1856 the eldest boy went west and visited all the then villages along the river, beginning with Sioux City and going south to Kansas City. Their first decision was to open a bank at the little town of Dakota City, directly across the river from Sioux City, but they later decided to settle at Omaha, and in the fall of 1857 the original Kountze Brothers' bank was started. The third son, Luther, came out in 1862, and started a bank at Denver and a little later another one at Central City, Colorado. He was joined several years later by his brother Charles. In 1867 Luther Kountze went to New York and opened a banking house there which a short time later was changed to Kountze Brothers when Augustus Kountze joined him. Luther Kountze was now the senior member of Kountze Brothers and W. de Lancey Kountze, his son, was also with that firm. Meanwhile the name of the Omaha bank had been changed to the First National Bank, the first national bank to open in Nebraska; in 1866 the Denver house became the Colorado National Bank. Herman Kountze, the president of the First National Bank of Omaha, had four sons who were given the names of the original four brothers. Augustus F. Kountze, the eldest of these was with Kountze Brothers, New York. Charles T. Kountze and Luther L. Kountze were still with the First National Bank of Omaha; and Herman D. Kountze was president of the Atlantic National Bank. These several institutions maintained close relations and constituted an interesting banking group, and geographically served a large section of the country.

The name of Phineas C. Lounsbury was closely interwoven with the history of the bank. Twice governor of Connecticut and well known as a shoe manufacturer and businessman of large interest, he was one of the oldest trustees of the American Bank Note Company and served the bank as its president for over 30 years. He gave up the presidency in 1915 to become chairman of the board in which capacity he continued an active interest.

During the winter of 1916, the bank took possession of what was really a new banking home. The address was the same, 257 Broadway, but the old quarters had given way to spacious and beautiful banking rooms designed to meet the needs of modern banking. The enlarged space permitted the addition of new foreign and credit departments and also made it possible to strengthen and expand other departments. In addition to Governor Lounsbury, four men, all comparatively young in years were the active working officials of the bank. These were Herman D. Kountze, president; Edward K. Cherill, vice president; Frank E. Andruss, cashier; and William F. Fitzsimmons, assistant cashier. Mr. Cherrill jointed the bank in 1904, having been a national bank examiner in Illinois for several years and later connected with the national banking examiners' department in New York City for two years. He was a graduate of Carthage College, Illinois. About twenty years ago, Mr. Andruss went from high school into the banking house of Kountze Brothers, joining the Atlantic when Herman D. Kountze became interested in its affairs. Mr. Fitzsimmons came into the bank by way of the commercial field having first joined the Irving National Bank as a credit expert. Later he became assistant secretary of the Broadway Trust Company and in 1915 was invited by Mr. Kountze to become assistant cashier of the Atlantic. The directors included John H. Hanan of Hanan & Son, shoe manufacturers; Gilbert H. Johnson of Isaac G. Johnson & Co., iron founders; Edwin E. Jackson Jr., president, Borrum Pease Co.; Kimball C. Atwood, president of Preferred Accident Insurance Co.; Jose M. Diaz, president, Preferred Havana Tobacco Co.; David L. Luke, vice president of West Virginia Pulp & Paper Co.; Lorenzo Benedict, president of Worcester Salt Co; George A. Graham of John H. Graham & Co.; Edward K. Cherrill, vice president of Atlantic National Bank; T. Irving Hadden, Hartsdale, New York; Charles F. Junod and William B. Davis of 141 Broadway, New York.[25]

At the close of business for 1921, the Atlantic National Bank reported total assets of $20,465,771.81. The capital stock was $1,000,000, surplus and undivided profits 1,085,706.51, circulation $245,400, and deposits $17,059,294.17. Phineas C. Lounsbury was chairman; Herman D. Kountze, president; Edward K. Cherrill, Kimball C. Atwood, Gilbert H. Johnson, and Charles F. Junod, vice presidents; Frank E. Andruss, cashier; John P. Laird, John H. Brennen, Hugh M. Garretson, and John H. Trowbridge, assistant cashiers; and George M. Broemler, manager, foreign department. The bank was located at 257 Broadway, opposite City Hall.[26]

On May 20, 1922, negotiations were reported to be underway for a merger of the Bank of American at 44 Wall Street and the Atlantic National Bank of 257 Broadway. It was learned that the Atlantic National had been approached with the view to its absorption by the Bank of America, one of the oldest banks on the country having been established in 1812. The Bank of America, the larger institution, was capitalized at $5,500,000, had deposits in excess of $54,000,000 and a surplus and undivided profits amounting to $5,855,000. It was a state bank and in the event of consolidation the combined bank would operate under a state charter, what had happened when the Liberty National Bank was absorbed by the New York Trust Company.[27]

Official Bank Titles

1: The Merchants Exchange National Bank of the City of New York, NY

2: Atlantic National Bank of the City of New York, NY (7/13/1915)

Bank Note Types Issued

Original Series $1 bank note
Original Series $1 bank note with pen signatures of E.J. Oakley, Cashier and S.E. Sproulls, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $1 bank note
Series of 1875 $1 bank note with pen signatures of A.S. Apgar, Cashier and J.G. Davis, Vice President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with printed signatures of A.S. Apgar, Cashier and P.C. Lounsbury, President. The plate used to produce this note was re-entered and a star placed next to the plate letter. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $20 bank note
1902 Red Seal $20 bank note with printed signatures of 1902 Red Seal $20 bank note with printed signatures of E.V. Gambier, Cashier and P.C. Lounsbury, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note
1902 Plain Back $5 bank note with printed signatures of F.E. Andrus, Cashier and H.D. Kountze, President. This is a Replacement note. Courtesy of NBNCensus.com
Small size bank note here. Example: 1929 Type 1 $10 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. Courtesy of... (Set Height x220px)

A total of $7,954,850 in National Bank Notes was issued by this bank between 1865 and 1922. This consisted of a total of 1,066,440 notes (1,066,440 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
1: Original Series 3x1-2 1 - 7500 Script: City of New York
1: Original Series 4x5 1 - 18600
1: Original Series 4x10 1 - 7600
1: Original Series 2x20-50-100 1 - 1010
1: Original Series 500-1000 1 - 20
1: Series 1875 3x1-2 1 - 9000 Script: City of New York
1: Series 1875 4x5 1 - 25830
1: Series 1875 4x10 1 - 14500
1: Series 1875 2x20-50-100 1 - 1000
1: 1882 Brown Back 4x5 1 - 29700
1: 1882 Brown Back 3x10-20 1 - 10220
1: 1902 Red Seal 4x5 1 - 12250
1: 1902 Red Seal 3x10-20 1 - 10500
1: 1902 Date Back 4x5 1 - 54000
1: 1902 Date Back 4x5 55001 - 56000
1: 1902 Date Back 3x10-20 1 - 35372
2: 1902 Plain Back 4x5 1 - 16855
2: 1902 Plain Back 3x10-20 1 - 11543
2: 1902 Plain Back 3x50-100 1 - 120

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1922):

Presidents:

Cashiers:

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
  1. ↑ The Bankers' Magazine, Vol. 94, Jan.-June 1917, p. 590.
  2. ↑ The New York Times, New York, NY, Sun., May 14, 1871.
  3. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 591.
  4. ↑ The Bankers' Magazine, Vol. 94, Jan.-June 1917, p. 594.
  5. ↑ The Bankers' Magazine, Vol. 94, Jan.-June 1917, p. 595.
  6. ↑ The New York Times, New York, NY, Mon., Dec. 20, 1915.
  7. ↑ The Bankers' Magazine, Vol. 94, Jan.-June 1917, p. 617.
  8. ↑ The Evening Post, New York, NY, Mon., Jan. 10, 1825.
  9. ↑ The Evening Post, New York, NY, Thu., Apr. 7, 1825.
  10. ↑ The Evening Post, New York, NY, Tue., Aug 4, 1829.
  11. ↑ The Evening Post, New York, NY, Mon., Feb. 1, 1830.
  12. ↑ The Evening Post, New York, NY, Sat., June 4, 1831.
  13. ↑ The Evening Post, New York, NY, Mon., June 20, 1831.
  14. ↑ The Evening Post, New York, NY, Thu., Aug. 4, 1831.
  15. ↑ Buffalo Patriot and Commercial Advertiser, Buffalo, NY, Tue., Mar. 23, 1830.
  16. ↑ The Evening Post, New York, NY, Sat., Aug. 13, 1831.
  17. ↑ The Evening Post, New York, NY, Wed., Sep. 7, 1831.
  18. ↑ New York Daily Herald, New York, NY, Tue., Apr. 24, 1838.
  19. ↑ The Evening Post, New York, NY, Sat., July 27, 1850.
  20. ↑ The Evening Post, New York, NY, Fri., Dec. 20, 1850.
  21. ↑ New-York Tribune, New York, NY, Thu., Nov. 14, 1850.
  22. ↑ The Independent, New York, NY, Thu., Nov. 13, 1856.
  23. ↑ Brooklyn Evening Star, Brooklyn, NY, Sat., Mar. 30, 1861.
  24. ↑ The New York Times, Sun., Dec. 31, 1865.
  25. ↑ The Bankers' Magazine, Vol. 94, Jan.-June 1917, p. 591-5.
  26. ↑ New-York Tribune, New York, NY, Wed., Jan. 4, 1922.
  27. ↑ New-York Tribune, New York, NY, Wed., Jan. 4, 1922.
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