Metropolitan National Bank, Pittsburgh, PA (Charter 2279)
Metropolitan National Bank, Pittsburgh, PA (Chartered 1875 - Liquidated 1924)
Town History
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.
Aside from steel, Pittsburgh has led in the manufacturing of other important materials — aluminum and glass — and in the petroleum industry. Additionally, it is a leader in computing, electronics, and the automotive industry. For part of the 20th century, Pittsburgh was behind only New York City and Chicago in corporate headquarters employment; it had the most U.S. stockholders per capita. Deindustrialization in the 1970s and 1980s laid off area blue-collar workers as steel and other heavy industries declined, and thousands of downtown white-collar workers also lost jobs when several Pittsburgh-based companies moved out. The population dropped from a peak of 675,000 in 1950 to 370,000 in 1990. However, this rich industrial history left the area with renowned museums, medical centers, parks, academic institutions, research centers, and a diverse cultural district.
After the deindustrialization of the mid-20th century, Pittsburgh has transformed into a hub for the health care, education, and technology. Pittsburgh is a leader in the health care sector as the home to large medical providers such as University of Pittsburgh Medical Center (UPMC). The area is home to 68 colleges and universities, including research and development leaders Carnegie Mellon University and the University of Pittsburgh. Google, Apple Inc., Bosch, Facebook, Uber, Nokia, Autodesk, Amazon, Microsoft and IBM are among 1,600 technology firms generating $20.7 billion in annual Pittsburgh payrolls. The area has served as the long-time federal agency headquarters for cyber defense, software engineering, robotics, energy research and the nuclear navy. The nation's fifth-largest bank, eight Fortune 500 companies, and six of the top 300 U.S. law firms make their global headquarters in the area, while RAND Corporation (RAND), BNY Mellon, Nova, FedEx, Bayer, and the National Institute for Occupational Safety and Health (NIOSH) have regional bases that helped Pittsburgh become the sixth-best area for U.S. job growth.
Pittsburgh was named in 1758, by General John Forbes, in honor of British statesman William Pitt, 1st Earl of Chatham. Pittsburgh was incorporated as a borough on April 22, 1794. From 1891 to 1911, the city's name was federally recognized as "Pittsburg", though use of the final h was retained during this period by the city government and other local organizations including most, but not all national banks. After a public campaign, the federal decision to drop the h was reversed.
The North Side is home to various neighborhoods in transition. What is known today as Pittsburgh's North Side was once known as Allegheny City, and operated as a city independently of Pittsburgh until it was merged with Pittsburgh in 1907 under great protest from its citizens.
The South Side was once the site of the Pennsylvania Railroad rail yards and associated dense, inexpensive housing for mill and railroad workers. Since the late 20th century, the city undertook a Main Street program in cooperation with the National Trust for Historic Preservation, encouraging design and landscape improvements on East Carson Street, and supporting new retail. The area has become a local Pittsburgher destination. East Carson Street has developed as one of the most vibrant areas of the city, packed with diverse shopping, ethnic eateries, vibrant nightlife, and live music venues.
In 1993 the Urban Redevelopment Authority of Pittsburgh purchased the South Side Works steel mill property. It collaborated with the community and various developers to create a master plan for a mixed-use development, to include a riverfront park, office space, housing, health-care facilities, and indoor practice fields for the Pittsburgh Steelers and Pitt Panthers. Construction began in 1998. The South-Side Works has been open since 2005, featuring many stores, restaurants, offices, and the world headquarters for American Eagle Outfitters.
The East End of Pittsburgh is home to the University of Pittsburgh, Carnegie Mellon University, Carlow University, Chatham University, The Carnegie Institute's Museums of Art and Natural History, Phipps Conservatory, and Soldiers and Sailors Memorial Hall. It is also home to many parks and public spaces including Mellon Park, Westinghouse Park, Schenley Park, Frick Park, The Frick Pittsburgh, Bakery Square, and the Pittsburgh Zoo and PPG Aquarium. The neighborhoods of Shadyside and Squirrel Hill are large, wealthy neighborhoods with some apartments and condos, and pedestrian-oriented shopping/business districts. Squirrel Hill is also known as the hub of Jewish life in Pittsburgh, home to approximately 20 synagogues. Oakland, heavily populated by undergraduate and graduate students, is home to most of the universities, and the Petersen Events Center. The Strip District to the west along the Allegheny River is an open-air marketplace by day and a clubbing destination by night. Bloomfield is Pittsburgh's Little Italy and is known for its Italian restaurants and grocers. Lawrenceville is a revitalizing rowhouse neighborhood popular with artists and designers. The Hill District was home to photographer Charles Harris as well as various African-American jazz clubs. Other East End neighborhoods include Point Breeze, Regent Square, Homewood, Lincoln-Lemington-Belmar, Larimer, East Hills, East Liberty, Polish Hill, Hazelwood, Garfield, Morningside, and Stanton Heights.
The West End includes Mt. Washington, with its famous view of the Downtown skyline and numerous other residential neighborhoods such as Sheraden and Elliott.
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 June 2, 1875
- Chartered June 21, 1875
- Succeeded Allegheny Homestead Bank and Metropolitan Bank
- Liquidated July 25, 1924
- Succeeded by Metropolitan Savings Bank & Trust Company, Pittsburgh
In January 1874, the Allegheny Homestead Bank made application to the Commonwealth of Pennsylvania for their incorporation with banking and discounting privileges with a capital stock of $100,000 with privilege of increasing the same to $200,000 to be located in the City of Allegheny. J.D. Strouse was president and W.H. Smith, cashier. In January 1875, the bank was located at 118 Wood Street, Pittsburgh with capital of $200,000. The officers were W.T. Dunn, president; Thos. Jones, Jr., vice president; W.H. Smith, cashier; and Wm. Blakeley, solicitor. The directors were J.D. Strous, W.T. Dunn, C. Deitrich, Daniel Daub, D.W. Riggs, M.D., Thos. Jones, Jr., Jas. A. Thompson, S. Roedelheim, and A.A. Anderson.
On January 12, 1915, the directors elected were: M.C. Cameron, Robert Ostermaier, D.J. Cullinan, W.J. Zahniser, Leon Sadowski, T.D. Maloney, Thomas Ward, George Seebick, J.J. Schill, J.G. Lauer, Jr., George H. Weaver, Jacob Adolph, A.H. Leslie, and C.F. Tiers.
On December 28, 1923, W.J. Zahniser resigned the presidency of the Metropolitan National Bank at a meeting of the board of directors in order to accept the positions as manager and treasurer of the Finance-Investment Incorporated Company and treasurer of the Dayton Portable Typewriter Company. Zahniser had been president since 1908 during a period in which the deposits grew 300%. During the 16 years that he was president, Zahniser was also for a number of years president of the Metropolitan Trust Company, later the Bloomfield Trust Company and he established the Penn Avenue branch of the trust company, which changed to the Garfield Bank.
On January 8, 1924, in the banking house at 4101 Butler Street, Pittsburgh, the directors elected were: M.C. Cameron, W.J. Zahniser, Leon Sadowsky, J.J. Schill, A.H. Leslie, H.B. Stewart, A.F. Cooke, John E. Williams, C.F. Tiers, R.E.L. Baily, and Earl S. Teigel.
On June 21, 1924, the Peoples Savings and Trust Company of Pittsburgh acquired control of the Metropolitan National Bank. The name Metropolitan National Bank was changed to Metropolitan Savings Bank and Trust Company, and business continued without interruption. J.O. Miller, vice president of the Peoples Savings and Trust Company, became president of the Metropolitan, with Herbert Ailes, vice president, and S.B. Calhoon, secretary and treasurer. In a signed communication to the customers of the bank announcing the change, the directors of the Metropolitan indorsed the action as follows, "We feel that the interests of the Metropolitan depositors and the com- munity at large would be best served by joining a strong group of financial institutions having resources of more than $125 million. Working in complete harmony with the Peoples Savings and Trust Company, the officers of the Metropolitan Savings Bank and Trust Company will with renewed zeal, devote their efforts to promoting the best interests of our community and its citizens. We bespeak from our present depositors their continued patronage and good will." Originally, the Metropolitan Bank, a state institution was established in 1868 and was succeeded in 1875 by the Metropolitan National Bank. D.R. McIntyre was the first president, and Captain C.A. Dravo, first cashier. In 1905 it moved from the original location at Forty-third and Butler streets to its present building at Forty-first and Butler streets. The bank grew from its humble beginnings until its latest statement when it reported assets totaling $2,700,000. In addition to the Metropolitan, the Peoples Savings and Trust Company controlled the following institutions: East End Savings and Trust Company, Oakland Savings and Trust Company, Dormont Savings and Trust Company, and the Squirrel Hill Bank. The following were the directors of the Metropolitan Savings Bank and Trust Company: George E. Painter, J.O. Miller, W.J. Zahniser, Dr. M.C. Cameron, Dr. Leon Sadowski, Dr. J.J. Schill, A.H. Leslie, H.B. Stewart, A.F. Cooke, John E. Williams, C.F. Tiers, R.E.L. Bailey, Karl F. Teigel, W.S. VanDyke, Herbert Ailes, and S.B. Calhoon.
Official Bank Title(s)
1: The Metropolitan National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $4,948,200 in National Bank Notes was issued by this bank between 1875 and 1924. This consisted of a total of 509,088 notes (509,088 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 Series 1875 3x10-20 1 - 10655 1882 Brown Back 4x5 1 - 11500 1882 Brown Back 3x10-20 1 - 26550 1882 Date Back 4x5 1 - 35680 1882 Date Back 3x10-20 1 - 20753 1902 Date Back 3x10-20 1 - 4000 1902 Plain Back 3x10-20 4001 - 22134
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1924):
Presidents:
- Charles Avery Dravo, 1875-1876
- Robert Liddell, 1877-1877
- David R. McIntire, 1878-1886
- John Runnette, 1887-1907
- William John Zahniser, 1908-1923
Cashiers:
- William H. Smith, 1875-1876
- Charles Avery Dravo, 1877-1886
- George Seebick, 1887-1909
- Harry Baker Stewart, 1910-1923
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Pittsburgh (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Pittsburgh, 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://spmc.org/bank-note-history-project
- Harrisburg Telegraph, Harrisburg, PA, Tue., Jan. 6, 1874.
- The Pittsburgh Daily Commercial, Pittsburgh, PA, Fri., Jan. 1, 1875.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 13, 1915.
- Pittsburgh Daily Post, Pittsburgh, PA, Sat., Dec. 29, 1923.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 9, 1924.
- Pittsburgh Daily Post, Pittsburgh, PA, Sun., June 22, 1924.