National City Bank, Washington, DC (Charter 7936)

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United States Trust Company, G Street NW, Washington, DC, ca1909.[1] This building became the home of the National City Bank. The building to the right was the Commercial National Bank, located on the corner of 14th and G Streets.

National City Bank, Washington, DC (Chartered 1905 - Liquidated 1911)

Town History

The Commercial National Bank located on the corner of 14th and G Streets, ca1909. To the left is the National City Bank.[2]

Washington, D.C., formally the District of Columbia, also known as just Washington or simply D.C., is the capital city and federal district of the United States. It is located on the east bank of the Potomac River, which forms its southwestern and southern border with Virginia, and it shares a land border with Maryland on its other sides. The city was named for George Washington, a Founding Father and the first president of the United States, and the federal district is named after Columbia, a female personification of the nation. As the seat of the U.S. federal government and several international organizations, the city is an important world political capital. It is one of the most visited cities in the U.S. with over 20 million annual visitors as of 2016.

Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

  • Organized August 5, 1905
  • Chartered October 4, 1905
  • Liquidated May 1, 1911
  • Consolidated with 7446 (Commercial National Bank, Washington, DC)
  • Circulation assumed by 7446 (Commercial National Bank, Washington, DC)
Merchants & Mechanics' Savings Bank, 707 G Street, NW opened for business on Thursday, September 1, 1904. It was organized in the interest of all citizens and inhabitants of Washington, DC and especially in the interest of organized labor. Harry W. Sherman was president and the secretary of the International Brotherhood of Electrical Workers; Peter A. Drury, 1st vice president, vice president and treasurer of Abner-Drury Brewing Co., and director, American National Bank; Wm. A. Hill, 2d vice president, vice president and treasurer of Moore & Hill Inc., real estate brokers; A.G. Clapham, sec-treas. and Jos. N. Thompson assistant sec.-treas.[3] In 1905, P.A. Drury was president; Wm. A. Hill, vice president; A.G. Clapham, sec.-treas.; Jos. N. Thompson, assistant sec.-treas.; and Charles W. Darr, attorney. The directors were P.A. Drury, J.B. Dickman, Henry Evans, E.L. Adams, W.A. Hill, Charles Kraemer, Jas. O'Connell, E.H. Droop, D.J. Kaufman, N.C. Sprague, T.A. Rooney, C.W. Darr, A.G. Clapham, and F.T. Sanner.  The Merchants & Mechanics' Savings Bank had deposits of $253,484.45 as reported May 29, 1905.[4] The Merchants and Mechanics' Savings Bank merged with the United States Trust Company in April 1912.  The president of Merchants and Mechanics, M.G. McCormick, and two vice presidents, J.I. Peyser and G.R. Linkins would retire.  J.F. Cain, also a vice president of the absorbed bank and W.C. Worthington, the cashier, together with all of the under officers and employees remained. The merger added more than a quarter of a million dollars to the deposits of the trust company.[5]

On October 4, 1905, Deputy and Acting Comptroller of the Currency Thomas P. Kane authorized the National City Bank of Washington to commence the business of banking.[6] The American Security and Trust Co. at 1405 G Street sold the G Street wing of their building to the new National City Bank of Washington, National City taking possession on December 11th.[7]

Peter A. Drury, president of the National City Bank, announced an agreement to sale a controlling interest in the National City to those who controlled the Union Savings Bank and the Washington Exchange Bank. Under the terms of the arrangement, 1,600 shares of the National City Bank, representing more than a majority of the 3,000 shares, would be acquired by the interest controlling the two other banks. The price agreed to was $170 per share.[8] P.A. Drury would retire from the presidency, but continue as a director.[9] E.S. Mumford was elected cashier to succeed A.G. Clapham who resigned to accept a position as third vice president of the Commercial National Bank. Both gentlemen assumed their new duties on May 26th, 1908.[10]

E. Quincy Smith was president of the Union Savings Bank located at 710 Fourteenth Street, and the Washington Exchange Bank. He also was president of the Newport News National Bank since 1903. With controlling interest secured, Mr. Smith was elected president of the National City Bank in May 1908. By June 1st, the bank planned to move to the building around the corner on 14th Street occupied and owned jointly by the Union Savings Bank and the Washington Exchange bank. The latter would be liquidated,[11] the National City Bank taking over the deposits[12] and occupying its place in the building. The night service provided by the Exchange bank would be discontinued.[13] 

Edward Floyd Caverly was elected cashier of the National City Bank of Washington, DC on June 23, 1910 and assumed his duties July 15th.  Mr. Caverly was born in Brooklyn, New York, December 9, 1875. He attended schools in Washington until March 1891 at which time he was offered a position as errand boy with the firm of J.H. Chesley & Co., hardware merchants, at a weekly compensation of $1.50 with working hours from 7AM to 6PM. After six months' constant attention to business he accepted a place as runner for the firm of Arms & Drury, money brokers of Washington.  By hard work and not watching the clock, Mr. Caverly was gradually advanced and after twelve years service was promoted to manager and confidential clerk for that firm, remaining in that capacity until the fall of 1907 at which time he was offered and accepted the assistant managership for the Washington branch office of E.R. Chapman & Co., bankers and brokers of 80 Broadway, New York City.  He remained with that firm until E.F. Hutton & Co. of New York City, bankers, succeeded them, when he became the manager. It was this position he gave up to accept the cashiership of the National City Bank of Washington, DC.[14]

In January 1911, The National City Bank organized with E. Quincy Smith, president; William H. Lynn, vice president; Edward F. Caverly, cashier; Robert A. Cissel, assistant cashier. A branch of the Union Savings Bank opened February 1st in the old quarters of the Central National Bank, corner of Seventh Street and Pennsylvania Avenue, NE. The branch was named the Central branch of the Union Savings Bank. The National City Bank was affiliated with the Union Savings Bank.[15]

In April 1911, a merger proposed the exchange of shares of the Commercial National Bank for those of the City National Bank at the rate of five shares of the former for six shares of the latter. The value of the City Bank shares in the transaction was placed at $170, and that of the Commercial Bank at $204. The capital stock of the Commercial Bank would be increased from $500,000 to $750,000, subject to approval by stockholders of the two banks. The City Bank would liquidate and turn its assets over to the Commercial Bank. It was understood there would be no great change in the management of the bank. The building occupied by the City Bank at 710 14th street was also the home of the Union Savings Bank, which would continue there. It was proposed, however, to enlarge the building by running it up five stories to the same height as that of the Bond Building adjoining it to the south. The upper floors would be used for office purposes. On Saturday, April 29, 1911, the cash, securities, and other assets of the National City Bank were transferred to the vaults of the Commercial National Bank and at the close of business, the former ceased to exist.[16][17] 

In November 1913, Frank A. Munsey, president of the Munsey Trust Company, announced that his organization had absorbed the United States Trust company, one of the largest financial institutions of Washington.  The United States Trust company was organized in 1907 and at the time of the merger it maintained besides its central offices at Fifteenth and H Streets, five branches scattered throughout the city.  Its capital and surplus was approximately $1,320,000. The Munsey Trust Company had a capital stock of $2,000,000, which when combined would make one of the biggest of local organizations as well as one of the largest in the South.  The United States Trust Company had weathered runs by depositors and the merger put aside any question as to the safety of deposits, placing resources of the Munsey Trust Company behind them and guaranteeing them. The Treasury Department also made $1,000,000 available to the Munsey Trust Company to cover any demands by worried depositors.  Lawrence O. Murray, formerly comptroller of the currency, assumed the presidency of the United States Trust Company in the spring on his retirement from the Treasury.  Eldridge E. Jordon who had been president became chairman of the board of directors. Other officers were S.J. Henry and Arthur Lee, vice presidents; and J.H. Baden, secretary. The directors were E.E. Jordan, S.J. Henry, H. Bradley Davidson, Arthur Lee, Fred H. Treat, W.F. Dennis, Wade H. Ellis , A.G. Clapham, R. Golden Donaldson, O.G. Staples, and J.A. Cahill. Officers and directors of the Munsey Trust Company were Frank A. Munsey, president; C.H. Pope, Stuart Olivier, and Charles Johnson, vice presidents; Claxton, treasurer; Wilton J. Lambert, general counsel.  Directors were Ashley M. Gould, William H. White, William F. Gude, F.A. Walker, Perry Belmont, Mr. Boyd, George R. Gaither, E.E. Spafford, E.L. Norton, and R. Lancaster Williams. The officers also were directors.[18]  Interestingly, Murray was offered the presidency of the First National Bank of Pittsburgh, then also in bad condition, and he refused.

Official Bank Title

1: National City Bank of Washington, DC

Bank Note Types Issued

1902 Red Seal $20 proof approved October 18, 1905. Courtesy of the Smithsonian Institution Archives

A total of $1,064,000 in National Bank Notes was issued by this bank between 1905 and 1911. This consisted of a total of 85,120 notes (85,120 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
1902 Red Seal 3x10-20 1 - 8500
1902 Date Back 3x10-20 1 - 12780

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1911):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Washington, DC, 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. 78, Jan. 1909-June 1909, p. 672.
  2. ↑ The Bankers' Magazine, Vol. 78, Jan. 1909-June 1909, p. 672.
  3. ↑ Evening Star, Washington, DC, Tue., Aug. 30, 1904.
  4. ↑ Evening Star, Washington, DC, Thu., June 1, 1905.
  5. ↑ The Washington Post, Washington, DC, Wed., Apr. 10, 1912.
  6. ↑ Evening Star, Washington, DC, Sat., Dec. 9, 1905.
  7. ↑ The Washington Post, Washington, DC, Sat., Dec. 9, 1905.
  8. ↑ Evening Star, Washington, DC, Wed., May 13, 1908.
  9. ↑ Evening Star, Washington, DC, Thu., May 14, 1908.
  10. ↑ Evening Star, Washington, DC, Wed., May 27, 1908.
  11. ↑ Evening Star, Washington, DC, Fri., July 3, 1908.
  12. ↑ Evening Star, Washington, DC, Thu., May 28, 1908.
  13. ↑ Evening Star, Washington, DC, Fri., May 22, 1908.
  14. ↑ The Bankers' Magazine, Vol. 81, June 1910-Dec. 1910, p. 276.
  15. ↑ Evening Star, Washington, DC, Thu., Jan. 12, 1911.
  16. ↑ Evening Star, Washington, DC, Sat., Apr. 8, 1911.
  17. ↑ The Washington Post, Washington, DC, Sun., Apr. 30, 1911.
  18. ↑ The Washington Post, Washington, DC, Sat., Nov. 22, 1913.
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