National Bank of Commerce/Mercantile-Commerce NB, Saint Louis, MO (Charter 4178)

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Postcard of the Old National Bank of Commerce Building, ca1900s. In 1901, the Commonwealth Trust Company was organized and after the move of the National Bank of Commerce into its new building in 1902, Commonwealth Trust would occupy the bank's old quarters located at the northwest corner of Broadway and Olive Streets.  The purchase price was reported to be close to $500,000.
Postcard of the Old National Bank of Commerce Building, ca1900s. In 1901, the Commonwealth Trust Company was organized and after the move of the National Bank of Commerce into its new building in 1902, Commonwealth Trust would occupy the bank's old quarters located at the northwest corner of Broadway and Olive Streets.  The purchase price was reported to be close to $500,000. Courtesy of Adam Stroup

National Bank of Commerce/Mercantile-Commerce NB, Saint Louis, MO (Chartered 1889 - Open past 1935)

Town History

Postcard of the National Bank of Commerce building opened in 1902, ca1910s.
Postcard of the National Bank of Commerce building opened in 1902, ca1910s. Courtesy of Adam Stroup

St. Louis is the second-largest city in Missouri. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which extends into Illinois, had an estimated population of over 2.8 million, making it the largest metropolitan area in Missouri and the second-largest in Illinois.

The founding of St. Louis was preceded by a trading business between Gilbert Antoine de St. Maxent and Pierre Laclède Liguest in the fall of 1763. St. Maxent invested in a Mississippi River expedition led by Laclède, who searched for a location to base the company's fur trading operations. Though Ste. Genevieve was already established as a trading center, he sought a place less prone to flooding. He found an elevated area overlooking the flood plain of the Mississippi River, not far south from its confluence with the Missouri and Illinois rivers. In addition to having an advantageous natural drainage system, there were nearby forested areas to supply timber and grasslands which could easily be converted for agricultural purposes. This place, declared Laclède, “might become, hereafter, one of the finest cities in America.” He dispatched his 14-year-old stepson, Auguste Chouteau, to the site, with the support of 30 settlers in February 1764. Laclède arrived at the future town site two months later and produced a plan for St. Louis based on the New Orleans street plan. The default block size was 240 by 300 feet, with just three long avenues running parallel to the west bank of the Mississippi. He established a public corridor of 300 feet fronting the river, but later this area was released for private development.

St. Louis was transferred to the French First Republic in 1800 (although all of the colonial lands continued to be administered by Spanish officials), then sold by the French to the U.S. in 1803 as part of the Louisiana Purchase. St. Louis became the capital of, and gateway to, the new territory. Shortly after the official transfer of authority was made, the Lewis and Clark Expedition was commissioned by President Thomas Jefferson. The expedition departed from St. Louis in May 1804 along the Missouri River to explore the vast territory.

St. Louis became a major port on the Mississippi River and from 1870 until the 1920 census, it was the fourth-largest city in the country. It separated from St. Louis County in 1877, becoming an independent city and limiting its political boundaries. In 1904, it hosted the Louisiana Purchase Exposition and the Summer Olympics.

Saint Louis had 42 National Banks chartered during the Bank Note Era, and 37 of those banks issued National Bank Notes.

Bank History

A 1923 advertisement stating the National Bank of Commerce in St. Louis, with 65 years' experience and capital, surplus and profits of over $15,000,000, can best serve your needs for a St. Louis banking connection. John G. Lonsdale, President.
A 1923 advertisement stating the National Bank of Commerce in St. Louis, with 65 years' experience and capital, surplus and profits of over $15,000,000, can best serve your needs for a St. Louis banking connection.  John G. Lonsdale, President.
An excellent history of the National Bank of Commerce may be found in the first reference above.  This history page will expand upon that work by providing a home to tie in the various bank mergers as well as the history after the note issuing era.  Additionally, a number of interesting varieties have been discovered and may be found below in the Bank Note Types Issued section.

The St. Louis Building and Savings Association, the forerunner to the Bank of Commerce, was granted a state charter on February 14, 1857. The bank was organized March 28, 1857 by John F. Darby, Lawrason Riggs, Carlos S. Greeley, Felix Coste, Marshall Brotherton, Henry Hassinger and William B. Maurice. The original incorporators were Asa Wilgus, P.A. Ladue, Geo. M. Moore, W.H. Morris, Clark J. Morton, Wm. Hassinger, John F. Darby and Josiah G. McClellan. The bank opened for business on July 6, 1857 with Marshall Brotherton, president; R.M. Funkhouser, vice president and P.A. Ladue, secretary and treasurer. The initial capital stock authorized was $500,000 with $36,500 paid in by the end of the first year.

In January 1859, the officers were Felix Coste, president; R.M. Funkhouser, vice president; and P.A. Ladue, secretary and treasurer. The directors were H. Boernstein, R.M. Funkhouser, R.J. Watson, A.P. LaDew, Felix Coste, Wm. H. Maurice, J.W. Thornburgh, M.L. Pottle, and S. Jacoby. The banking house was at No. 49 Second Street. On January 1, 1869, the name was changed to the Bank of Commerce. Mr. Brotherton was succeeded as president by Felix Coste who was elected November 11, 1857; Henry J. Reed, January 14, 1874; C.B. Burnham, January 13, 1875, and Wm. H. Thompson in January 1883. The bank was originally located at No. 202 North Second Street and in 1872 it moved to the corner of Fourth and Olive Streets. In 1887 it moved to a building owned by it at the northeast corner of Broadway and Olive Streets.

Tom Randolph was unanimously elected president on April 29, 1913.
Tom Randolph was unanimously elected president on April 29, 1913.

On January 30, 1908, all of the old officers were re-elected at the meeting of the directors. The list included Tom Randolph, president; Albert N. Edwards, Edward Hidden, W.L. McDonald, L.B. Tebbets, Thomas W. Crouch, Henry Koehler, Jr., W.C. Fordyce, vice presidents; J.M. Woods, secretary; L.S. Mitchell, treasurer; A.G. Douglas, assistant secretary; R.L. Gurney, manager savings department; W.V. Delahunt, trust officer; Robert H. Cornell, real estate officer; and Bryan & Christie, counsel. The Commonwealth Trust Company was located at the northeast corner of Broadway and Olive Streets, St. Louis. The Capital reported February 14th was $2,000,000, Surplus $3,500,000, and undivided profits $362,346.75 with total assets of $14,060,350.66. In December, the Commonwealth Trust Company was taken over by the National Bank of Commerce of St. Louis. The transfer gave the latter approximately $9 million more in deposits making it the largest institution in terms of deposits outside of New York or Chicago. On Thursday, December 17, 1908, at a meeting of the Board of Directors, Tom Randolph resigned as president of the trust company and Mr. Albert N. Edwards, vice president since 1903, was elected president to succeed him. Mr. Randolph was now senior vice president of the National Bank of Commerce. The election of Mr. Edwards as president of the Commonwealth Trust Co. was in accordance with plans agreed upon at the time the financial and commercial business of the trust company was bought by the National Bank of Commerce. The trust company would move into the new Bank of Commerce Building Annex at the corner of Broadway and Pine Streets. As the stockholders of the bank had an option on the stock of the trust company, it would become an adjunct of the bank after the stock transfer was made. Mr. Edwards was a brother of B.F. Edwards, president of the National Bank of Commerce, and of George L. Edwards, of the A.G. Edwards & Sons Brokerage Co. The Edwards’ interest controlled a majority of the stock of both the bank and trust company.

In 1910, the National Bank of Commerce took over all the commercial deposits and bank accounts of the Commonwealth Trust Compan, approximating $9 million. This placed the National Bank of Commerce at the head of every other bank in the country outside of New York as far as depoits. The Commonwealth Trust Company was not going out of business, merely turning over its banking business to the other institution. It would continue active operations as a trust company, devoting itself exclusively to that feature of its business, together with savings accounts, farm loans and real estate. Thomas Randolph, president and W.L. McDonald, vice president of the Commonwealth, were elected vice presidents of the National Bank of Commerce while continuing in their old positions in the trust company.

In 1912, the bank wrote off ~$5.7 million of uncollectible loans, many made before the panic of 1907. Losses effectively divided the board with some that believed the losses reflected incompetent management. On Tuesday, April 29, 1913, Tom Randolph was unanimously elected president of the National Bank of Commerce. Factions within the board had driven Mr. Edwards' resignation and the division deterred several candidates. W. Frank Carter, vice president of the Mercantile Trust Co., had been most frequently mentioned for the position. Also, A.N. McMillan, president of the St. Louis Union Trust Co., was a candidate. Within the past few days many customers of the bank wrote to ask that Tom Randolph be elected president.

The March 5, 1934 Statement of Condition of the Mercantile-Commerce Bank and Trust Company which owned the Mercantile-Commerce National Bank in St. Louis.
The March 5, 1934 Statement of Condition of the Mercantile-Commerce Bank and Trust Company which owned the Mercantile-Commerce National Bank in St. Louis.

In 1919 officers were John G. Lonsdale, president; W.B. Cowen, W.L. Hemingway, W.M. Chandler, G.N. Hitchcock, E.J. Mudd, A.W. Thias, vice presidents; Raymond F. McNally, vice president and cashier; A.L. Weissenborn, Frank E. Eaton, R.T. Williams, H.H. Reinhard, Fred J. Paro, assistant cashiers; Virgil M. Harris, trust officer, J.A. McCarthy and Miss Mary J. Scherrer, assistant trust officers.[1]

On December 21, 1929, six members of the Board of Directors of the Mercantile Commerce Bank & Trust Company who served on the joint committee directing the merger of the Mercantile Trust Company and the National Bank of Commerce last spring, were presented with large engraved silver trays in appreciation of their services. Several thousand bank employees and customers witnessed the presentation made in front of the giant Christmas tree of the bank. Those who served on the Merger Committee were the late Sigmund Baer, L. Wade Childress, R.L. Hedges, of the old Commerce National Bank, and Louis H. Egan, James L. Westlake, and Albert M. Keller of the old Mercantile Trust Company. Sidney R. Baer accepted the tray in honor of his father. George W. Wilson, chairman of the board of the bank, and formerly president and a founder of the Mercantile Trust in 1899, presented the trays to the three members of the old National Bank of Commerce, and John G. Lonsdale, the president of the merged bank and formerly president of the National Bank of Commerce awarded the tokens to the board members of the old Mercantile Trust Company. George D. Markham, another director of the merged bank, presided. The trays were about two feet long with the name of the man to whom it was given together with an inscription voicing the appreciation of the Mercantile-Commerce and Trust Company for the committee’s services in the merger "which has proved itself beneficial alike to stockholders and public," the inscription read.

On August 1, 1930, the new Mercantile-Commerce National Bank opened for business in its quarters in the Pythian Building at the northwest corner of Grand and Delmar Boulevards. John G. Lonsdale, president and George W. Wilson, board chairman were present for the opening. The Mercantile Trust Co. in 1908 opened The Mercantile National Bank, Charter 9297, which operated for about 10 years.

In 1933, Wilson L. Hemingway was named president of the Mercantile-Commerce Bank & Trust Co. He graduated from Vanderbilt University in 1900 and was employed as a collector with the German National Bank of Little Rock. Four years later he accepted a position as clerk with the Exchange National Bank and in 1906, accepted the secretaryship of the Mercantile Trust Company of Little Rock. In 1915 he was elected its president. In 1919, he was named a vice president of the old National Bank of Commerce. He would serve as president of the Mercantile-Commerce National Bank & Trust Co. until 1947 when he was elected board chairman and was succeeded by Gale F. Johnston, vice president of the Metropolitan Insurance Co. of New York. In January 1953, Hemingway was named honorary board chairman.

In 1934, the Mercantile-Commerce Bank & Trust Co. was compelled by the Federal Reserve Board to divest itself of its shares in its subsidiary, the Mercantile-Commerce National Bank, at 3612 Washington Boulevard. It set up a trust to hold the shares; in 1951 Mercantile Trust Co. exercised an option to reacquire the shares and offered about $18 a share, a price some stockholders found too low.

On August 1, 1951, stockholders approved the formation of the Mercantile Trust Co. from the merger between Mercantile-Commerce Bank and Trust Co. and Mississippi Valley Trust Co. Holders of about 96% of stock in Mississippi Valley and 89% in Mercantile-Commerce voted in favor of the consolidation. The new bank would be the largest in St. Louis and the biggest between Chicago and the Pacific Coast. Sidney Maestre, president of Mississippi Valley, would be board chairman. W.L. Hemingway, Mercantile-Commerce board chairman would be head of the executive committee. The president of the new institution would be Gale F. Johnston, the current Mercantile-Commerce president. On September 3, a heavily-guarded armored truck made 13 trips transferring nearly $1 million in cash and $200 million in securities from the Mississippi Valley Trust Co. at Broadway and Olive to the Mercantile Commerce Bank and Trust Co. building which covered most of the block bounded by Locust, Eighth, Seventh and St. Charles Streets. This was one of the final steps in the consolidation of the two banks.

On Thursday, December 25, 1964, the Mercantile Trust Company converted from a state‐chartered trust company into a national bank and was renamed Mercantile Trust Company National Association.

Early on March 7, 1970, Gale F. Johnson, 71, retired president of Mercantile Trust Co. and a leader in municipal and civic activities died of a heart ailment. Mr. Johnson retired in 1958 as president of Mercantile-Commerce National Bank. He had been president of Mercantile Commerce Bank & Trust Co. until its merger in 1951 with Mississippi Valley Trust Co. He became vice chairman of the board of the merged concern, Mercantile Trust Co., a position he held until 1957.

Official Bank Titles

1: The National Bank of Commerce in St. Louis, MO

2: Mercantile-Commerce National Bank in Saint Louis, MO (7/15/1930)

Bank Note Types Issued

1882 Brown Back $10 bank note with printed signatures of J.A. Lewis, Cashier and J.C. Van Blarcom, President. The 4x$10 P-Q-R-S plate was approved August 10, 1906 and this note is the only known Replacement for a series of 1882 Brown Back from a 4x$10 plate.
1882 Brown Back $10 bank note with printed signatures of J.A. Lewis, Cashier and J.C. Van Blarcom, President. The 4x$10 P-Q-R-S plate was approved August 10, 1906 and this note is the only known Replacement for a series of 1882 Brown Back from a 4x$10 plate. Courtesy of Adam Stroup
1882 Date Back $10-$20 Proof Saint Louis, MO Ch4178, illustrating the Z Plate letter on the $10 and a Variety 1 over 3 Battle of Lexington Vignette on the $20.
1882 Date Back $10-$20 Proof Saint Louis, MO Ch4178, illustrating the Z Plate letter on the $10 and a Variety 1 over 3 Battle of Lexington Vignette on the $20. Courtesy of the Smithsonian Institution Archives
1902 Date Back $5 bank note with printed signatures of J.A. Lewis, Cashier and B.F. Edwards, President.
1902 Date Back $5 bank note with printed signatures of J.A. Lewis, Cashier and B.F. Edwards, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with printed signatures of J.A. Lewis, Cashier and B.F. Edwards, President. Two notes are shown both from the 4x$10 QQ-RR-SS-TT plate. The featured note has a later SN, but received in error an outdated secured by clause upon re-entry by the BEP. The correct clause is shown on the note from the TT plate and earlier SN.
1902 Plain Back $10 bank note with printed signatures of J.A. Lewis, Cashier and B.F. Edwards, President. Two notes are shown, both from the 4x$10 QQ-RR-SS-TT plate. The featured note has a later SN, but received in error an outdated secured by clause upon re-entry by the BEP. The correct clause is shown on the note from the TT plate and earlier SN. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Guy R. Alexander, Cashier and Jno. G. Lonsdale, President.
1929 Type 1 $10 bank note with printed signatures of Guy R. Alexander, Cashier and Jno. G. Lonsdale, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $20 bank note with printed signatures of Adolf H. Hanser, Cashier and Jno. G. Lonsdale, President.
1929 Type 2 $20 bank note with printed signatures of Adolf H. Hanser, Cashier and Jno. G. Lonsdale, President. Courtesy of Heritage Auctions, www.ha.com

A total of $112,904,710 in National Bank Notes was issued by this bank between 1889 and 1935. This consisted of a total of 15,203,757 notes (15,103,676 large size and 100,081 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 - 481250 Plate Date Jan. 13, 1896
1: 1882 Brown Back 4x10 1 - 117625 Plate Date Dec. 14, 1889
1: 1882 Brown Back 3x10-20 1 - 256680 Plate Date Dec. 14, 1889
1: 1882 Brown Back 50-100 1 - 260 Plate Date Dec. 14, 1889
1: 1882 Date Back 4x5 1 - 131165 Plate Date Jan. 13, 1896
1: 1882 Date Back 4x10 1 - 53471 Plate Date Dec. 14, 1889
1: 1882 Date Back 3x10-20 1 - 4995 Plate Date Dec. 14, 1889
1: 1902 Date Back 4x5 1 - 541670 Plate Date Dec. 11, 1909
1: 1902 Date Back 4x10 1 - 511665 Plate Date Dec. 11, 1909
1: 1902 Date Back 3x50-100 1 - 8000 Plate Date Dec. 11, 1909
1: 1902 Plain Back 4x5 541671 - * Plate Date Dec. 11, 1909
1: 1902 Plain Back 4x5 1 - 550676 A prefix; Plate Date Dec. 11, 1909
1: 1902 Plain Back 4x10 511666 - * Plate Date Dec. 11, 1909
1: 1902 Plain Back 4x10 1 - 171927 A prefix; Plate Date Dec. 11, 1909
2: 1929 Type 1 6x5 1 - 6930
2: 1929 Type 1 6x10 1 - 2470
2: 1929 Type 1 6x20 1 - 1246
2: 1929 Type 2 5 1 - 21950
2: 1929 Type 2 10 1 - 10125
2: 1929 Type 2 20 1 - 4130

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

Sources

  • National Currency from the National Bank of Commerce in St. Louis (SPMC PM#178)
  • Saint Louis, MO, 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
  • The Bankers Magazine, Vol. 77, July 1908-Dec. 1908, p. 950-951.
  • Daily Missouri Republican, St. Louis, MO, Sun., Jan. 16, 1859.
  • St. Louis Post Dispatch, St. Louis, MO, Sun., Nov. 27, 1887.
  • St. Louis Globe-Democrat, St. Louis, MO, Fri., Jan. 31, 1908.
  • St. Louis Post Dispatch, St. Louis, MO, Sun., Feb. 23, 1908.
  • St. Louis Post Dispatch, St. Louis, MO, Fri., Dec. 18, 1908.
  • The Jackson Herald, Jackson, MO Thu., Dec. 24, 1908.
  • St. Louis Post Dispatch, St. Louis, MO, Tue., Apr. 29, 1913.
  • St. Louis Globe-Democrat, St. Louis, MO, Sun., Dec. 22, 1929.
  • St. Louis Post-Dispatch, St. Louis, MO, Fri., Aug. 1, 1930.
  • The St. Louis Star and Times, St. Louis, MO, Mon., Jan. 9, 1933.
  • The St. Louis Star and Times, St. Louis, MO, Mon., Mar. 26, 1934.
  • St. Louis Post-Dispatch, St. Louis, MO, Wed., Aug. 1, 1951.
  • The Springfield News-Leader, Springfield, MO, Mon., Sep. 3, 1951.
  • St. Louis Post-Dispatch, St. Louis, MO, Wed., Sep. 22, 1954.
  • New York Times, New York, NY, Sat., Dec. 26, 1964.
  • St. Louis Post-Dispatch, St. Louis, MO, Sun., Mar. 8, 1970.
  1. ↑ St. Louis Globe-Democrat, St. Louis, MO, Tue., Sep. 30, 1919.
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