Merchants and Manufacturers NB, Pittsburgh, PA (Charter 613)

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The Merchants and Manufacturers National Bank, erected in 1869.
The Merchants and Manufacturers National Bank, erected in 1869.

Merchants and Manufacturers NB, Pittsburgh, PA (Chartered 1864 - Liquidated 1904)

Town History

Merchants & Manufacturers Bank of Pittsburgh, Haxby PA-545, obsolete $2 bank note dated May 1st, 1861 with pen signatures of Wm. H. Denny, Cashier and H.L. Bollman, President.  Vignette at left of two women working at a loom, at right a portrait of an unknown man, green 2 protector at center, and bottom center, face of a dog.
Merchants & Manufacturers Bank of Pittsburgh, Haxby PA-545, obsolete $2 bank note dated May 1st, 1861 with pen signatures of Wm. H. Denny, Cashier and H.L. Bollman, President.  Vignette at left of two women working at a loom, at right a portrait of an unknown man, green 2 protector at center, and bottom center, face of a dog. Courtesy of Heritage Auctions, www.ha.com

Pittsburgh is a city in the state of Pennsylvania and the county seat of Allegheny County. As of the 2020 census, the population was 302,971 living within the city limits making it the 68th-largest city in the U.S. and the second-most populous city in Pennsylvania, behind Philadelphia. The Pittsburgh metropolitan area is the anchor of Western Pennsylvania; its population of 2.37 million is the largest in both the Ohio Valley and Appalachia, the second-largest in Pennsylvania, and the 27th-largest in the U.S.

Pittsburgh is located in the southwest of the state, at the confluence of the Allegheny River and the Monongahela River, forming the Ohio River. Pittsburgh is known both as "the Steel City" for its more than 300 steel-related businesses and as the "City of Bridges" for its 446 bridges. The city features 30 skyscrapers, two inclined railways, a pre-revolutionary war fortification and the Point State Park at the confluence of the rivers. The city developed as a vital link of the Atlantic coast and Midwest.

Pittsburgh had 47 National Banks chartered during the Bank Note Era, and 46 of those banks issued National Bank Notes. Pittsburgh also had several Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

  • Organized November 22, 1864
  • Chartered December 8, 1864
  • Succeeded Merchants and Manufacturers Bank
  • Merged with The Bank of Pittsburgh, National Association, Pittsburgh, PA (Charter 5225) on January 1, 1904
  • Liquidated February 1, 1904
  • The Merchants' and Manufacturers' Bank opened for business on Wednesday, July 24, 1933. Discount days were Mondays and Thursdays and notes had to be offered on Saturday and Wednesday.

On November 2, 1841, J. Carothers was Cashier of the Merchants and Manufacturers Bank. The bank had Capital stock $600,000, notes in circulation $38,457.50, Deposits $188,194.07, and total assets of $1,073,750.38. In January 1842, the directors were M. Tiernan, Thomas Scott, J.W. Burbridge, S. Smith, John Freeman, Wm. M. Semple, G.E. Warner, F.G. Bailey, John Anderson, Pollard McCormick, J.H. Shoenberger, Wilson McCandless, and George R. White. The officers were M. Tiernan, president and J. Carothers, Cashier.

In 1850, the cashier was Dr. Wm. H. Denny. On November 17, 1851, elections were held and the following were elected directors: Thomas Scott, Morris Jones, Wm. M. Lyon, Alex Hunter, John D. Wick, P. McCormick, Wm. B. Holmes, George B. White, C. Ihmsen, Henry Graff, Abijah Hull, George Black, and James Park, Jr.

In January 1869, the stockholders elected the following directors: H.L. Bollman, R.H. Hartley, William Rea, Wilson, Cunningham, Henry Lloyd, E.M. Fulton, Isaac Jones, D.A. Steward, and Stuart McKee. Henry L. Bollman was president, and John Scott, Jr., cashier. The bank had capital of $800,000 and was located at the corner of First Avenue and Wood Streets, Pittsburgh. 

In 1883, the Merchants' and Manufacturers’ Bank of Pittsburgh completed the first half century of its existence, and issued a pamphlet giving a brief history of its career. On March 29, 1833, Commissioners were appointed by the State Legislature to establish this bank.  The first meeting of directors was held at the Exchange Hotel, now [1883] St. Clair Hotel on June 4, 1833, when the board organized with Michael Tiernan as president.  A committee appointed to select a suitable site for a banking house reported in favor of a lot on Fourth Avenue at a cost of $7,500.  On June 5, James Correy was elected Cashier and T.B. Dallas was chosen attorney.  On July 29th the contract for the new building was awarded to Thomas Scott for $6,400.  The first Board of Directors was composed of the following gentlemen:  Michael Tiernan, Isaac Lightner, T.B. Dallas, Jacob Forsyth, Thos. S. Clarke, Geo. A. Cook, Fred Lorenz, Samuel Church, Thos. Scott, Frs. G. Bailey, Samuel Smith, S. Fahnestock, J.H. Shoenberger.  [all members now deceased except Mr. Shoenberger and Fahnestock 1883].  The following have served as Presidents of the bank:  Michael Tierman, Thomas Scott, F.G. Bailey, Thomas Scott, H.L. Bollman, R.H. Hartley, and Wm. Rea, the present incumbent.  The Cashiers were James Correy, Jesse Carothers, Wm. H. Denny, T.C. Dickson, John Scott, Jr. and Wilson A. Shaw.  The dividends paid since the organization aggregated $2,925,000 an average of 8.69% on the capital stock and taxes paid to the county and city, state and U.S. amounted to $498,056.07.

In January 1870, the directors elected were: H.L. Bollman, R.M. Hartley, William Rea, Wilson Cunningham, Henry Lloyd, John Scott, Isaac Jones, D.A. Stewart, and Stuart McKee.

On Tuesday, January 14, 1890, the directors elected were: E.M. Ferguson, George A. Kelley, Henry Lloyd, H. Sellers McKee, John R. Hurford, R.P. Wallace, John Caldwell, James A. Chambers, and Thomas D. Messler.

On Tuesday, Jan. 13, 1903, stockholders elected the following directors: Wilson A. Shaw, John Caldwell, E.M. Ferguson, H. Sellers McKee, John E. Hurford, Albert J. Logan, W.S. Shallenberger, H.M. Brackenridge, and the new members, George A. Kelly, Jr., W.S. McKinney, and Finley H. Lloyd.

The Bank of Pittsburgh, National Association, absorbed the Iron City National Bank, capital $400,000 and the Merchants and Manufacturers National Bank, capital of $800,000, and the three banks were consolidated at the close of business, December 31, 1903. The capital of the Bank of Pittsburg, N. A., was increased from 1,200,000 to $2,400,000, and its stock was to be exchanged share for share with the stocks of the Iron City and the Merchants and Manufacturers national banks. The merger was consummated on a basis of the appraised valuation, that for the Bank of Pittsburg, N.A., being $105.20 per share, the M. & M. National $124.50 per share, and the Iron City National nearly $115 per share. The latter two banks were to be liquidated, pursuant to a vote of the stockholders on December 17.

Official Bank Title(s)

1: The Merchants and Manufacturers National Bank of Pittsburgh, PA

Bank Note Types Issued

Original Series $20 bank note with pen signatures of John Scott, Jr., Cashier and R.H. Hartley, Vice President.
Original Series $20 bank note with pen signatures of John Scott, Jr., Cashier and R.H. Hartley, Vice President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $10 bank note with pen signatures of W.A. Shaw, Cashier and Wm. Rea, President.
Series of 1875 $10 bank note with pen signatures of W.A. Shaw, Cashier and Wm. Rea, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of W.A. Shaw, Cashier and E.M. Ferguson, President. This note is one of the best examples of paper with two horizontal threads, one blue and one red, used on series of 1875 and early series of 1882 notes.
1882 Brown Back $5 bank note with pen signatures of W.A. Shaw, Cashier and E.M. Ferguson, President. This note is one of the best examples of paper with two horizontal threads, one blue and one red, used on series of 1875 and early series of 1882 notes. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note with pen signatures of J.M. Russell, Cashier and W.A. Shaw, President.
1882 Brown Back $10 bank note with pen signatures of J.M. Russell, Cashier and W.A. Shaw, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $5,829,100 in National Bank Notes was issued by this bank between 1864 and 1904. This consisted of a total of 451,777 notes (451,777 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
Original Series 3x1-2 1 - 5000
Original Series 4x5 1 - 13685
Original Series 3x10-20 1 - 11100
Original Series 50-100 1 - 2826
Original Series 500 1 - 100
Series 1875 4x5 1 - 5915
Series 1875 3x10-20 1 - 10522
Series 1875 50-100 1 - 3334
Series 1875 500 1 - 169
1882 Brown Back 4x5 1 - 16250
1882 Brown Back 3x10-20 1 - 45000
1882 Brown Back 50-100 1 - 4650

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1904):

Presidents:

Cashiers:

Other Bank Note Signers

  • Robert H. Hartley signed notes as Vice President
  • There are currently no known Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Pittsburgh, PA, Wikipedia, https://en.wikipedia.org/wiki/Pittsburgh,_Pennsylvania
  • 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
  • The Bankers' Magazine and Statistical Register, Vol. 24, July 1869-June 1870, p. 240.
  • Pittsburgh Weekly Gazette, Pittsburgh, PA, Fri., July 26, 1833.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Dec. 2, 1841.
  • The Pittsburgh Gazette, Pittsburgh, PA, Fri., Jan. 7, 1842.
  • Pittsburgh Daily Post, Pittsburgh, PA, Tue., Nov. 18, 1851.
  • Pittsburgh Weekly Gazette, Pittsburgh, PA, Wed., Jan. 13, 1869.
  • Pittsburgh Daily Post, Pittsburgh, PA, Tue., July 3, 1883.
  • Pittsburgh Weekly Gazette, Pittsburgh, PA, Wed., Jan. 12, 1870.
  • Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 15, 1890.
  • The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 13, 1903.
  • The Pittsburgh Press, Pittsburgh, PA, Thu., Dec. 31, 1903.
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