National Exchange Bank, Baltimore, MD (Charter 1109)
National Exchange Bank, Baltimore, MD (Chartered 1865 - Liquidated 1923)
Town History
Baltimore is the most populous city in the U.S. state of Maryland, the fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore was designated an independent city by the Constitution of Maryland in 1851, and today it is the most populous independent city in the nation. As of 2021, the population of the Baltimore metropolitan area was estimated to be 2,838,327, making it the nation's 20th largest metropolitan area. Baltimore is located about 40 miles north northeast of Washington, D.C., making it a principal city in the Washington–Baltimore combined statistical area (CSA), the third-largest CSA in the nation, with a 2021 estimated population of 9,946,526.
The Battle of Baltimore (September 12–15, 1814) was a pivotal engagement during the War of 1812, culminating in the failed British bombardment of Fort McHenry, during which Francis Scott Key wrote a poem that would become "The Star-Spangled Banner", which was eventually designated as the American national anthem in 1931. During the Pratt Street Riot of 1861, the city was the site of some of the earliest violence associated with the American Civil War.
The Baltimore and Ohio Railroad, the oldest railroad in the United States, was built in 1830 and cemented Baltimore's status as a major transportation hub, giving producers in the Midwest and Appalachia access to the city's port. Baltimore's Inner Harbor was once the second leading port of entry for immigrants to the United States. In addition, Baltimore was a major manufacturing center.
On February 7, 1904, the Great Baltimore Fire destroyed over 1,500 buildings in 30 hours, leaving more than 70 blocks of the downtown area burned to the ground. Damages were estimated at $150 million in 1904 dollars. As the city rebuilt during the next two years, lessons learned from the fire led to improvements in firefighting equipment standards.
Baltimore had 28 National Banks chartered during the Bank Note Era, and all 28 of those banks issued National Bank Notes.
Bank History
- Organized March 6, 1865
- Chartered May 3, 1865
- Assumed 4218 by consolidation April 15, 1915, and its circulation (National Howard Bank, Baltimore, MD)
- Liquidated December 29, 1923
- Absorbed by The Atlantic Exchange Bank & Trust Co. of Baltimore
Founded in 1865, the National Exchange Bank opened on the corner of Baltimore and Sharp Streets with Daniel Miller, president; and Horatio R. Riddle, cashier. The directors were Dan'l Miller of Dan'l Miller & Co.; Benjamin F. Cator of Armstrong, Cator & Co.; Henry C. Smith of Tucker & Smith; Meyer Stein of Stein Bros.; A.J. Miller of Davis & Miller; J. Potts Neer of Carroll, Adams & Neer; John Gugle of Gugle, Sickel & Co.; Joseph Oberndorf of Oberndorf & Lauer; and Robert M. Spiller of Spiller & Alcock.[4] The quarterly statement of January 1, 1866, showed capital $600,000, surplus profits $17,815, circulation $477,300, and individual deposits $1,258,001.85[5]
Mr. Waldo Newcomer was born in Baltimore, September 14, 1867. He entered business in 1889 as an employee of the Baltimore Storage and Lighterage Co. which afterwards became the Atlantic Transport Company of which he became secretary, resigning in January 1901, shortly before this company combined with the International Mercantile Marine. For several years Mr. Newcomer was out of business, but was elected president of the National Exchange Bank in January 1906. He was a director of the Atlantic Coast Railroad, Northern Central Railway, and vice president and director of the Atlantic Coast Line Co., director in the Safe Deposit & Trust Co. of Baltimore, Savings Bank of Baltimore and other organizations.[6]
On Tuesday, January 8, 1878, the following gentlemen were elected directors: John Hurst, Henry C. Smith, B.F. Parlett, W.T. Dixon, H.C. Miller, John E. Hurst, David T. Buzby, Edward Roberts, and S. Lehmayer. The next day the board met and unanimously re-elected John Hurst, Esq., president. J.P. Neer was cashier.[7]
The night of April 12, 1880, Mr. John Hurst, a well-known citizen, a prominent Methodist, and president of the National Exchange Bank, died at 7:20 o'clock at his residence, No. 94 West Monument Street, in the 73d year of his age, Mr. Hurst had been suffering from paralysis for five years, although able to attend to business. His immediate family consisting of his wife and two daughters, Mrs. D. Clinton Morgan and Mrs. L.B. Purnell, were present at his bedside when he died; also his two sons-ln-law. Messrs. Morgan and Purnell; his nephew, John E. Hurst; Gen. John S. Berry, J.H. Taylor, H.C. Smith and W.L. Roberts; Rev. Thomas Guard, pastor of Mount Vernon M.E. Church. Dr. H.M. Wilson and W.J. Hiss arrived soon after his death. Mr. Hurst was born in Dorchester County, Maryland, September 19, 1807, and came to Baltimore in 1825, entering the dry goods store of Samuel M. Barry, corner of Baltimore and Liberty Streets, as a clerk. After remaining there some time he and Dennis Battee, another clerk in Mr. Barry's store, entered into partnership and opened a store on Baltimore Street near Light Street. Subsequently he retired from this firm and formed a partnership with Mr. Barry, with whom he remained for some years. Finally he bought Mr. Barry's Interest in the store, and conducted the business alone. In 1845 he entered into partnership with Gen. John S. Berry, under the firm name of Hurst & Berry, the firm continuing for 11 years. Mr. Hurst retired from business in 1856. For several years he was a director In the Bank of Baltimore, and subsequently in the Union Bank. In 1867 he was elected president of the National Exchange Bank, which position he held at the time of his death. He was president of the board of directors of Maryland penitentiary for ten years. Mr. Hurst was married twice. His first wife was a daughter of Major Dryden, and his second wife was Miss Susan L. Berry, daughter of Col. John Berry, father of Gen. John S. Berry. He had no children by his first wife living.[8]
On Tuesday, January 12, 1892, the following gentlemen were re-elected directors for the ensuing year, viz: Wm. T. Dixon, David T. Buszy, Summerfield Baldwin, J.C. Stoneburner, Wesley A. Tuckher, John E. Hurst, Daniel Miller, Jr., J.P. Neer, B.F. Deford, W.A. Hanway, and Philip Hamburger. At a meeting of the directors held on the 14th, Mr. WM. T. Dixon, president, and Mr. John E. Hurst, vice president, were unanimously re-elected.[9]
On January 10, 1899, at the annual election, the following gentlemen were elected directors for the ensuing year, viz.: William T. Dixon, David T. Buzby, John E. Hurst, Summerfield Baldwin, J.C. Stoneburner, W.A. Hanway, Philip Hamburger, Frederick P. Stieff, Samuel D. Schmucker, W.J.C. Dulany, and R. Vinton Lansdale. At a meeting of the directors held on the 13th, Mr. Wm. T. Dixon, president; and Mr. John E. Hurst, vice president; were unanimously re-elected.[10]
On Thursday, February 13, 1902, Mr. Job Scott, died at St. Joseph's Hospital. Mr. Scott was 72 years of age and a native of Newark, Delaware. He came to Baltimore when a boy and entered the employ of the late John Clark, president of the Citizens National Bank. He rose step by step and finally became Mr. Clark's trusted business agent. In that capacity he once made a trip to Europe. He left the Citizens' bank in 1865 and went to the National Exchange Bank as head bookkeeper and shortly afterward was promoted to cashier, which position he held until 1896, when he retired.[11]
In January 1903, the number of directors increased from 11 to 12 and State Senator Robert B. Dixon of Talbot County, a brother of Mr. William T. Dixon, president of the bank, was selected as the additional director. Mr. Dixon was president of the Easton National Bank but lived in Baltimore during the winter. Mr. Richard Thomas was cashier of the Easton bank and at 80 years, was said to be one of the oldest bank officials in the country.[12]
On Wednesday, January 7, 1904, at a special meeting of the board of directors of the National Exchange Bank, a resolution was unanimously adopted due to the sudden death of John E. Hurst. Mr. Hurst was first elected a director on March 7, 1876 and he had been its vice president continuously for the past 15 years. As a merchant he was upright, capable and sagacious and his marked success in commercial life was but the legitimate result of his own well-directed efforts. Mr. Hurst was also a director of Baltimore's Mercantile Trust and Deposit Company.[13]
Archibald McAllister, a fire patrolman, discovered the blaze. Smoke was coming from the basement of the John E. Hurst & Co. Building at Exchange Place and German Street. The automatic alarm had registered and McAllister turned in an alarm from box 447 on the corner. When Chief Burkhart arrived, flames were going out through the roof and in 10 minutes the roof and floors of the Hurst building had fallen. The reports of the collapse could be heard for miles. From the Hurst building the fire jumped northwesterly across Liberty Street and attacked the building of Carr, Owens & Heineman, drugs, on the northwest corner of Liberty and German Streets. Then the National Exchange Bank on the northeast corner caught and the fire was on its way to Baltimore Street.[14]
When the Great Baltimore Fire happened in February 1904, this bank's building went down amid the ruins, although the loss was practically nothing being covered by insurance. The valuable contents of the vault were not injured. Before the fire was put out, the bank was transacting its usual business in a temporary location. In the next year, the modern home at Hopkins Place and German Street was completed and occupied. It was built of brownstone with a combined frontage on three streets of nearly 300 feet. It was absolutely fire-proof, no wood whatever was used in construction. The bank had a department especially for ladies and throughout the institution there was adequate provision for complete banking service. The bank's growth had been steady as shown in the Table:
| Year | Deposits | Surplus and
Profits |
|---|---|---|
| 1892 | $1,421,856 | $176,637 |
| 1902 | $3,882,819 | $616,513 |
| 1912 | $4,990,124 | $720,628 |
In January 1915, The National Exchange Bank offered $20 a share for the stock of the National Howard Bank with Henry Clark, president. A letter containing the offer and the recommendation of the directors would go out to stockholders on the 6th. Stockholders would deposit their Howard Bank stock with the Safe Deposit and Trust Company through which the payment in cash would be made. Both the Howard and the Exchange banks were in the upper business section of the city. The Howard was located at the corner of Fayette and Howard Streets and the Exchange at Hopkins Place and German Street. The merger had been talked in the financial district for some days and its success depended almost entirely on the consent of President Clark of the Howard. He was the largest individual holder in the bank and had been its president almost since its organization many years ago. President Clark had been in poor health for some time and it was said his friends and physician had advised him to get out of active business. The Howard National had capital of $230,000, surplus fund of $120,000, and undivided profits of $57,219 according to the statement made October 31st. The individual deposit line was $938,738 and total resources were $1,561,992. The Exchange National had a capital of $1,000,000, surplus of $600,000, and undivided profits of $172,803. Its individual deposit line was $2,353,159 and its total resources were $8,094,857. The officers and directors of the Howard National were Henry Clark, president; Thomas O'Neill, vice president; William H. Roberts, Jr., cashier; and J. Walter Oster, assistant cashier. The directors were Henry Clark, Thomas O'Neill, William H. Bayless, John Waters, Jacob Epstein, James H. Parrish, E. Clay Timanus, John W. Grace, William H. Roberts, Jr., Max Greif, and P.J. McEvoy.[15]
After the acquisition of the National Howard the capital grew to $1,500,000, while deposits exceeded $5,000,000. The National Exchange Bank's progress was tied closely with the prosperity of Baltimore City and of those who dealt with the bank. From the time the bank was established, Baltimore had advanced very rapidly in manufacturing, commerce and banking. Few cities in the United States had established so generally sound a reputation for their financial institution as this Southern metropolis. The bank owed its origin to men of public spirit who were foremost in citizenship and who possessed that sound integrity of character which had always permeated the management. Of such men were Daniel Miller, John Hurst and William T. Dixon, long and prominently associated in the bank's affairs. In entering on its second half-century, the National Exchange Bank was never so well-prepared to render complete and satisfactory service. The bank's figures in 1915 were: capital $1,500,000, surplus $850,000, undivided profits $106,234.22, deposits $5,850,894.37, and total resources $9,411,126.09. At the head of the National Exchange Bank was Mr. Waldo Newcomer whose successful experience in banking and other important financial enterprises had given him a high reputation of financial ability. The other officers were also men of long banking service. They were Summerfield Baldwin, vice president; R. Vinton Lansdale, cashier; and Clinton G. Morgan and Joseph W. Leffler, assistant cashiers.[16]
In November 1918, the board of the National Exchange Bank had taken over all the directors who resigned from the Drovers and Mechanics Bank after their stock holdings had been bought by Robert D. Hopkins, vice president of the Drovers. The new board members were Paul A. Seeger, former president of the Drovers; R. Howard Bland, Hamilton G. Fant, Dr. Merville H. Carter, George W. Atkinson and George W. Kirwan. Mr. Seeger and Mr. Bland had already been elected to the board of the National Exchange Bank and participated in its meetings with full power to advise and act as directors. As far as the others, President Waldo Newcomer said that no further additions could be made to the board until the annual meeting in January and that a change to the by-laws may be required to increase the size of the board. The disruption of the board of the Drovers was a result of the failure to bring about the merger between it and the National Exchange.[17] Other directors of the National Exchange were Summerfield Baldwin, Philip Hamburger, Wm. H. Matthal, Wldo Newcomer, George Cator, Wm. A. Dixon, Robert M. Rother, Benj. W. Corkran, Jr., W.W. Cator, George N. Numsen, James M. Easter, Thomas O'Neill, P.J. McEvoy, Jacob Epstein, C. Wilbur Miller, and Clinton G. Morgan.[18]
On Tuesday, January 9, 1923, Henry C. Triede of Triede & Sons was elected to the directorate in place of R. Howard Bland who resigned. The board was comprised of Summerfield Baldwin, William H. Matthai, Waldo Newcomer, George Cator, William A. Dixon, Robert M. Rother, Benjamin W. Corkran, Jr., W.W. Cator, George N. Numsen, P.J. McEnvoy, Jacob Epstein, C. Wilbur Miller, Clinton G. Morgan, George W. Kirwan, George W. Atkinson, Herbert A. Wagner, and I. Manning Parsons.[19]
On Monday, December 3, 1923, holders of considerably more than the necessary 70% of stock of the National Exchange Bank assented to the merger of this institution with the Atlantic Trust Company.[20] The acquisition of the National Exchange Bank and the merger of that institution with the Atlantic Trust Company under the name of the Atlantic Exchange Bank and Trust Company was also formally ratified by the stockholders of the trust company.[21]
At the opening of business on Wednesday, January 2, 1924, the National Exchange Bank and the Atlantic Trust Company were merged under the name of the Atlantic Exchange Bank and Trust Company with capital and surplus of $4,000,000. The Exchange Bank office was located at Baltimore Street, Hopkins Place, Redwood and Liberty Streets; South Street Office at 17 South Street--16 Commerce Street; Waverly Office at 3220 Greenmount Avenue; Edmondson Avenue Office at 2025 Edmondson Avenue; and Harford Avenue Office, Harford Avenue and Federal Street.[22] Joseph W. Leffler. formerly cashier of the National Exchange Bank, became vice president of the new institution; William R. Webb, formerly assistant cashier of the National Exchange, was made cashier, and William Hambleton, former assistant cashier of the National Exchange, was made secretary. The only addition to the board of directors was Donald Symington, president of the Locks Insulator Corporation, but several out-of-town members of the board had withdrawn as directors and would serve as members of a newly formed non-resident advisory board. The board of directors of the merged banks included only Baltimoreans as follows: John H. Bridges, president, Coale Muffler & Safety Valve Co.; James Bruce, vice president; W.S. Cahill, W.. Cahill & Co.; Merville H. Carter, Resinol Chemical Co.; W.W. Cator, Armstrong, Cator & Co.; Benjamin W. Corkran, Jr., chairman, Corkran, Hill & Co., Inc.; William A. Dixon, Dixon, Bartlett Co.; A.E. Duncan, chairman, Commercial Credit Co.; Jacob Epstein, president, American Wholesale Corp.; Thomas B. Finan, Footer's Dye Works; C.W. Hendley, president, C.W. Hendley & Co., Inc.; Albert D. Hutzler, president, Hutzler Bros. Co.; Laurance Jones, vice-president; T.W. Justus, lumber; J. Thomas Lyons, Baltimore Sun; P.J. McEvoy, church goods; William H. Matthai, vice-president, National Enameling and Stamping Co.; C. Wilbur Miller, president, Davison Chemical Co.; Waldo Newcomer, chairman of the board; Eugene L. Norton, president; John H. O'Donovnn, president. Merchants Coffee Co.; I. Manning Parsons, president, John E. Hurst & Co., Inc.; George E. Probest, Jr., treasurer, Bartlett Hayward Co.; Joseph G. Reynolds, Gill & Fisher; John E. Semmes, Jr., attorney at law; Donald Symington, president, Locke Insulator Corp.; Henry E. Treide, Treide & Sons; A.J. Townsend, vice president, Baltimore Steamship Co.; Herbert A. Wagner, president, Consolidated Gas Electric Light and Power Co.; Ezra B. Whitman, chairman, Public Service Commission. The nonresident advisory board included E.F. Brundage, General Chemical Co., New York City; Edward N. Chilson, vice-president, The J.G. White Engineering Corp., New York City; Charles R. Ellicott, manager, Westinghouse Air Brake Co., New York City; Herbert B. Flowers, president, New Orleans Public Service, Inc., New Orleans; Douglas I. McKay, Standard Coupler Co., New York City; Joseph Mercadante, Nafra Co., New York City. The officers of the Atlantic Exchange Bank and Trust Company were as follows : Waldo Newcomer, chairman of the board; Eugene L. Norton, president; Laurance Jones, vice president ; James Bruce, vice president; Joseph W. Leffler, vice president; R.H. Bond, assistant vice president; Donald Reitz, assistant vice president; J.B. Jessop, treasurer: William R. Webb, cashier; William Hambleton, secretary; F.A. Levering, Jr., trust officer; J.G. Jacobsen, assistant secretary and treasurer: E. Milton Berry, assistant secretary and treasurer; William B. Thurston, Jr., assistant secretary and treasurer; Charles O. Kieffner, assistant cashier; Raymond J. Boulay, assistant cashier; McLean Bingley, assistant cashier and credit manager; Howell H. Thomas, real estate officer and William A. Smith, auditor. The building occupied by the Atlantic Trust Company at 17 South Street was designated the South Street Office. In addition three branches of the Atlantic Trust Company would be continued, namely at Waverly, Edmonson Avenue and Harford Avenue. The latter branch was opened on the day after Christmas.[23]
Official Bank Title
1: The National Exchange Bank of Baltimore, MD
Bank Note Types Issued
A total of $15,475,000 in National Bank Notes was issued by this bank between 1865 and 1923. This consisted of a total of 1,561,179 notes (1,561,179 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 4x5 1 - 10000 Original Series 3x10-20 1 - 5800 Original Series 50-100 1 - 2750 Series 1875 4x5 1 - 7700 Series 1875 3x10-20 1 - 8934 Series 1875 50-100 1 - 712 Series 1875 50 713 - 2469 1882 Brown Back 3x10-20 1 - 43980 1882 Brown Back 50-100 1 - 1001 1902 Red Seal 4x5 1 - 27750 1902 Red Seal 3x10-20 1 - 18500 1902 Date Back 4x5 1 - 79000 1902 Date Back 3x10-20 1 - 61300 1902 Plain Back 4x5 79001 - 110000 1902 Plain Back 3x10-20 61301 - 154960
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1923):
Presidents:
- Daniel Miller, 1865-1866
- John Hurst, 1867-1879
- William Thomas Dixon, 1880-1904
- Summerfield Baldwin Sr., 1905-1905
- Waldo Newcomer, 1906-1923
Cashiers:
- Horatio "Horace" Ross Riddle, 1865-1865
- William F. Snow, 1866-1870
- Charles Theophilus Boehm, 1871-1875
- Jonas Potts Neer, 1876-1883
- Job Scott, 1884-1897
- Robert Vinton Lansdale, (Jr.), 1898-1916
- Clinton Gerard Morgan, Sr., 1917-1918
- Joseph Walter Leffler, 1919-1923
Other Known Bank Note Signers
Bank Note History Links
Sources
- Baltimore, MD, 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
- Ruins of the National Exchange Bank Building after the Great Baltimore Fire.
- Image of the National Exchange Bank of Baltimore
- Banks of Baltimore, accessed May 18, 2025
- ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), p. 679.
- ↑ The Evening Sun, Baltimore, MD, Wed., Nov. 27, 1918.
- ↑ The Baltimore Sun, Baltimore, MD, Tue., Jan. 2, 1923.
- ↑ The Baltimore Sun, Baltimore, MD, Sat., June 3, 1865.
- ↑ .Baltimore Daily Commercial, Baltimore, MD, Wed., Jan. 3, 1866.
- ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), p. 680.
- ↑ The Baltimore Sun, Baltimore, MD, Thu. Jan. 10, 1878.
- ↑ The Baltimore Sun, Baltimore, MD, Tue., Apr. 13, 1880.
- ↑ The Baltimore Sun, Baltimore, MD, Fri., Jan. 15, 1892.
- ↑ The Baltimore Sun, Baltimore, MD, Sat., Jan. 14, 1899.
- ↑ The Baltimore Sun, Baltimore, MD, Sat., Feb. 15, 1902.
- ↑ The Baltimore Sun, Baltimore, MD, Wed., Jan. 14, 1903.
- ↑ The Baltimore Sun, Baltimore, MD, Fri., Jan. 8, 1904.
- ↑ The Baltimore Sun, Baltimore, MD, Mon., Feb. 8, 1904.
- ↑ The Evening Sun, Baltimore, MD, Wed., Jan. 6, 1915.
- ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), pp 678-683.
- ↑ The Evening Sun, Baltimore, MD, Tue., Nov. 26, 1918.
- ↑ The Evening Sun, Baltimore, MD, Wed., Nov. 27, 1918.
- ↑ The Evening Sun, Baltimore, MD, Tue., Jan. 9, 1923.
- ↑ The Evening Sun, Baltimore, MD, Mon., Dec. 3, 1923.
- ↑ The Baltimore Sun, Baltimore, MD, Sat., Dec. 8, 1923.
- ↑ The Evening Sun, Baltimore, MD, Mon., Dec. 31, 1923.
- ↑ The Baltimore Sun, Baltimore, MD, Tue., Jan. 1, 1924.