National Park Bank, New York, NY (Charter 891)
National Park Bank, New York, NY (Chartered 1865 - Closed 1929)
Town History
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles, New York City is the most densely populated major city in the United States. The city is more than twice as populous as Los Angeles, the nation's second-largest city. New York City is located at the southern tip of New York State. Situated on one of the world's largest natural harbors, New York City comprises five boroughs, each of which is coextensive with a respective county. The five boroughs, which were created in 1898 when local governments were consolidated into a single municipality, are: Brooklyn (Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County), and Staten Island (Richmond County). New York City is a global city and a cultural, financial, high-tech, entertainment, glamour, and media center with a significant influence on commerce, health care and scientific output in life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and it is sometimes described as the world's most important city and the capital of the world.
New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes.
Bank History
- Organized March 10, 1865
- Chartered March 14, 1865
- Succeeded Park Bank
- Closed August 24, 1929
- Consolidated with 2370 August 24, 1929 (Chase NB of the City of, New York, NY)
- Circulation assumed by 2370 (Chase NB of the City of, New York, NY)
The Park Bank, capital $2,000,000 with privilege to increase same to $10,000,000, opened for business on Monday, March 31, 1856, at their banking house, head of Beekman Street, opposite the City Hall Park. Reuben W. Howes was president and Charles A. Macy, cashier.[1]
On May 3, 1858, directors of the Park Bank were elected as follows: Reuben W. Howes, Joseph E. Bulkley, John H. Macy, Ellis F. Ayers, Robert Squires, Oliver Hoyt, George J. Byrd, Melvin S. Whitney, Joseph U. Orvis, George H. Potts, Peter Hayden, Edmund M. Young, John S. Dickerson, Arthur Leary, Levi P. Morton, Benj. B. Blydenburgh, Terence Donnelly, William H. Fogg, and William K. Kitchen. At a subsequent meeting of the board, Reuben W. Howes, Esq., was unanimously re-elected president. Charles A. Macy was the cashier.[2] Mr. Macy had been president of the New York County Bank, resigning to accept the position as cashier of the Park Bank.[3]
On May 4, 1863, the following were elected directors of the Park Bank: Reuben W. Howes, Joseph E. Bulkley, John H. Macy, Oliver Hoyt, George J. Byrd, Melvin S. Whitney, William K. Kitchen, George H. Potts, Peter Hayden, Arthur Leary, William H. Fogg, Jackson S. Schultz, John Townsend, Jr., Hull Clark, Eugene Kelly, W.T. Blodgett, and Charles A. Macy. Reugen W. Howes was unanimously re-elected president.[4]
The National Park Bank of New York, originally chartered March 1856, converted to a national bank on March 14, 1865. William K. Kitchen was president; James L. Worth, cashier; and F.J. Moissen, notary public.[5]
The Park Bank began business in 1856 in the building then known as the Clinton Hotel, 5 Beekman Street which earlier had been Clinton Hall. In 1866, a new building was planned and in 1867 a five-story structure was completed on Broadway opposite St. Paul's Church. The second structure was planned and built to provide for future growth, but by the 1890s, the problem of more room and conveniences had to be solved again. Land was purchased in 1893 on Ann Street and on Fulton Street for additions to the existing structure. From 1893 to 1901 there was such marked gain in business that a new building had to be provided. On December 17, 1901, plans were approved and in July 1902, construction was begun and finished in 1906. The property resembled a great T with its stem, through which entrance was made, resting on Broadway and its crosspiece extending back of other buildings running to Ann Street on one side and to Fulton Street on the other.[6] This building served the bank from 1906 to 1921, but again, the need for enlarged facilities became increasingly evident. New departments and services made expansion so necessary that in 1917 a building at the rear was purchased. This building was torn down and a new addition erected which was finished in 1922.[7]
In 1870, the directors were William A. Wheelock, Henry A. Smythe, Francis Skiddy, Frederick W. Coggill, Horace B. Claflin, Charles G. Landon, Simon Bernheimer, Nathan A. Baldwin, and Robert H. Berdell. The capital was $3,000,000 and the surplus, as of October 1869, was $311,552.[8]
George H. Potts, president of the Park National Bank, died on Saturday, April 28, 1888, at his country place at Somerville, New Jersey. He was born in 1811 at the family homestead in Pennsylvania (Schuylkill County) on the banks of the Delaware, opposite Milford, New Jersey. In early life, he went to Pottsville, entered into the coal business and became one of the heaviest coal dealers of that place. In 1854, he came to New York and became the head of the New York branch of the great coal firm of Lewis Audenried & Co. He continued at the head of this house for 20 years, retiring in 1874. He was succeeded by his sons under the firm name of Frederic A Potts & Co. He was one of the original incorporators of the Park National Bank and was always a member of the Board of Directors.[9]
On September 29, 1897, Reuben W. Howes died at his home at Inwood-on-the-Hudson at the age of 84. Born at Southeast in Putnam County, he found himself on his own resources at the age of 12 and came to New York to find employment. His first work was done in the office of his uncle, Louis B. Reed. He won his way upward until he became the first president of the Park Bank. Some years later, he and the cashier of the bank formed a partnership in 1863 and engaged in the banking business under the firm name of Howes & Macy at 30 Wall Street. Mr. Howes retired from active business in 1875. Mr. Howes was one of the committee selected to receive the Prince of Wales on his visit to America and served also on a similar committee which welcomed the Grand Duke Alexis of Russia to New York a decade later. He was a warm and life-long friend of Salmon Chase, Secretary of the Treasury under Lincoln.[10]
On January 10, 1929, Frederick O. Foxcroft, cashier of the National Park Bank, rounded out 50 years of continuous service for that institution. Mr. Foxcroft entered the Park Bank as a messenger at a salary of $20 per month in 1879 when the bank had just 100 employees as opposed to 716 in 1929.[11]
In June 1929, with the merger of the Chase National Bank and the Park National Bank, there were three banking groups in New York City with resources ranging from $1,750,000,000 to $2,000,000,000. A few months earlier, Chicago announced its first $1,000,000,000 bank. In the past 6 months, the City National Bank had merged with the Farmers Loan & Trust Company which brought under management consolidated resources of 2 billion dollars. Of nearly equal rank was the combination of the Guaranty Trust Company and the Bank of Commerce. Later came the consolidation of the Hanover Bank with the Central Trust Company and about the same time, the merger of the Seaboard bank with the Equitable Trust Company. The Chemical Bank and the U.S. Mortgage & Trust Company also joined ranks. Significant was that the majority of the eight mergers since January involved national or state banks and trust companies to the benefit of the bank with no trust facilities. In the case of the Chase Bank, it brought into joint control an agency that had been pre-eminent in foreign banking, namely, the American Express Company. Its merger involved two national banks, neither with active trust company branches, both operating successful securities operations.[12]
In June 1929, the degree of Doctor of Laws was conferred on Albert H. Wiggin, chairman of the board of the Chase National Bank, by Kenyon College of Gambler, Ohio. The honorary degree was in recognition of his services as an international figure in the financial world. Mr. Wiggin started his financial career in 1885 as a clerk in a Boston bank. In less than 10 years he worked up through stages. In 1897 he came to New York as vice president of the National Park Bank which now merged into his own institution. He became president of the Chase National Bank in 1911 and held many important offices in the banking world and director of many large corporations. He had been decorated for his conspicuous services by China, Italy and France.[13]
On August 12th, 1929, stockholders of the National Park Bank approved the merger which would result in the third largest bank in the country.[14] Under the merger plan, the Chase National would increase its capitalization from $80 million to $105 million, stockholders of record on August 23rd would receive a 12 1/2% stock dividend and a share for share exchange of Chase National and National Park stock.[15] The merger became effective on August 26th. The directors of the two banks would constitution the board of directors of the consolidated bank with Albert H. Wiggin as chairman of the board and John McHugh, formerly president of the Mechanics and Metals Bank which merged with the Chase National in 1926, as chairman of the executive committee. Charles S. McCain, formerly president of the National Park Bank would become president of the bank and vice chairman of the board of the securities corporation. Robert L. Clarkson, formerly president of Chase National, became vice chairman of the board.[16]
Official Bank Title
1: The National Park Bank of New York, NY
Bank Note Types Issued
A total of $90,086,370 in National Bank Notes was issued by this bank between 1865 and 1929. This consisted of a total of 11,825,307 notes (11,790,977 large size and 34,330 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 - 14200 Original Series 4x10 1 - 8678 Original Series 2x20-50-100 1 - 4262 Original Series 500 1 - 505 1-100 Treasury Serials 5534-5633 101-400 Treasury Serials 6990-7289
401-500 Treasury Serials 9115-9214
501-505 Treasury Serials 9790-9794
Series 1875 4x5 1 - 11990 Series 1875 4x10 1 - 6250 Series 1875 2x20-50-100 1 - 620 1882 Brown Back 4x5 1 - 114480 1882 Brown Back 3x10-20 1 - 65168 1902 Red Seal 4x5 1 - 107500 1902 Red Seal 4x10 1 - 54500 1902 Red Seal 3x10-20 1 - 42000 1902 Date Back 4x5 1 - 310000 1902 Date Back 4x10 1 - 277500 1902 Date Back 3x50-100 1 - 12673 1902 Date Back 3x50-100 19001 - 20800 1902 Plain Back 4x5 310001 - * 1902 Plain Back 4x5 1 - 414438 A prefix 1902 Plain Back 4x10 277501 - * 1902 Plain Back 4x10 1 - 84059 A prefix 1902 Plain Back 3x10-20 42001 - 47000 1929 Type 1 6x5 1 - 3554 C003554A-F003554A Not issued 1929 Type 1 6x10 1 - 1314 C001314A-F001314A Not issued 1929 Type 1 6x20 1 - 855
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1929):
Presidents:
- William Kirkham Kitchen, 1865-1875
- James Lawrence Worth, 1876-1878
- George Henry Potts, 1879-1887
- Van Zandt Mumford Moore, 1888-1889
- Ebenezer Kellogg Wright, 1890-1894
- Edward Erie Poor, 1895-1899
- Richard Delafield, 1900-1921
- John Hamilton Fulton, 1922-1926
- Charles Simonton McCain, 1927-1928
Cashiers:
- James Lawrence Worth, 1865-1875
- Ebenezer Kellogg Wright, 1876-1887
- George Starr Hickok, 1888-1903
- Edward Johnson Baldwin, 1904-1905
- Maurice H. Ewer, 1906-1916
- Ernest Vincent Connolly, 1917-1921
- Frederick Ogden Foxcroft, 1922-1928
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- New York, NY, 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 New York Times, New York, NY, Fri., Apr. 18, 1856.
- ↑ New York Daily Herald, New York, NY, Wed., May 5, 1858.
- ↑ The New York times, New York, NY, July 23, 1875.
- ↑ The New York Times, New York, NY, Wed., May 6, 1863.
- ↑ The Bankers' Magazine and Statistical Register, Vol. 24, July 1869-June 1870, p. 794.
- ↑ The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, p. 403.
- ↑ The Bankers' Magazine, Vol. 107, July 1923-Dec. 1923, see insert after p. 580.
- ↑ The Bankers' Magazine and Statistical Register, Vol. 24, July 1869-June 1870, p. 794.
- ↑ New York Tribune, New York, NY, Mon., Apr. 30, 1888.
- ↑ The New York Times, New York, NY, Sep. 30, 1897.
- ↑ The Brooklyn Daily Eagle, Brooklyn, NY, Thu., Jan. 10, 1929.
- ↑ The Buffalo News, Buffalo, NY, Wed., June 19, 1929.
- ↑ Times Union, Brooklyn, NY, Wed., June 19, 1929.
- ↑ Democrat and Chronicle, Rochester, NY, Tue., Aug. 13, 1929.
- ↑ The Courier-News, Bridgewater, NJ, Tue., Aug. 13, 1929.
- ↑ Buffalo courier Express, Buffalo, NY, Mon., Aug. 26, 1929.