Pittsburgh NB of Commerce, Pittsburgh, PA (Charter 668)
Pittsburgh NB of Commerce, Pittsburgh, PA (Chartered 1864 - Liquidated 1903)
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 December 6, 1864
- Chartered December 30, 1864
- Liquidated May 2, 1903 and merged with the Union Trust Company
James C. Curry, assistant cashier signed the constitution of the Pittsburgh Clearing house of June 12, 1865.
On January 11, 1870, the directors elected were Alfred Patterson, Wm. Reed, Geo. W. Cass, Daniel R. Davidson, Wm. H. Brown, Robert H. Palmer, Allen Kirkpatrick, Joseph H. Hill, and George H. Anderson.
In January 1889, the directors were Joseph T. Colvin, Charles Lockhart, Joseph N. Anderson, Henry C. Frick, A.W. Mellon, Samuel S. Brown, James W. Arrott, P.C. Knox, and Charles Arbuthnot.
In January 1898, the directors were Charles Lockhart, Samuel S. Brown, Andrew W. Mellon, J.W. Arrott, P.C. Knox, W.L. Abbott, James H. Lockhart, W.H. Keech, James D. Callery, A.C. Knox, and John R. McGinley.
In June 1900, Allen W. McEldowney, formerly assistant cashier at the Second National Bank, was elected assistant cashier of the Pittsburgh National Bank of Commerce, taking the place of his brother, H.C. McEldowney, who was elected president of the Union Trust Company.
Philander Chase Knox, along with his brother, Andrew Curtis Knox, Henry Clay Frick, and Andrew Mellon, was a director of the Pittsburgh National Bank of Commerce. In 1901 he was appointed as US Attorney General by President William McKinley and was re-appointed by President Theodore Roosevelt.
On January 14, 1902, the following directors were elected: Charles Lockhart, Samuel S. Brown, Andrew W. Mellon, J.W. Arrott, George B. Motheral, J.R. McGinley, W.L. Abbott, J.H. Lockhart, W.H. Keech, J.D. Callery, H.C. Frick, and A.C. Knox.
In January 1903, The officers of the Union Trust Company of Pittsburgh were H.C. McEldowney, president; A.W. Mellon, vice president; J.M. Schoonmaker, second vice president; H.W. Gleffer, treasurer; Scott Hayes, secretary; James S. Carr, assistant treasurer, J.H. Evans, assistant secretary; W.W. Smith second assistant secretary; William I Berryman, trust officer; Knox & Reed, solicitors. Also in January 1903, the Mellon National Bank with capital of $2 million, had the following board of directors: Andrew W. Mellon, H.C. Frick, H.C. McEldowney, Jas. H. Lockhart, J.M. Schoonmaker, James McCrea, Richard B. Mellon, John Porterfield, Frank J. Hearne, Henry C. Fownes, David E. Park, George I. Whitney, William N. Frew, George E. Shaw, John B. Finley, and James H. Hyde. The officers were A.W. Mellon, president; R.B. Mellon, vice president; and W.S. Mitchell, cashier.
In March 1903, rumors that the Union Trust Co. had absorbed or was about to absorb the Pittsburgh National Bank of Commerce were again in circulation. H.C. McEldowney, president of the Union Trust Co., said he was not ready to say anything about the matter. The bid price on National Bank of Commerce stock was advanced from $475 to $506; none was offered. The Board of Directors called a meeting of its stockholders to place the bank in liquidation. Directors had authorized the sale of its property at public auction on April 15, 1903 at the office of the Union Trust Co., 335 Fourth Avenue. The property was located on the northwest corner of Wood Street and Sixth Avenue with a modern eight story stone front banking and office building with Otis Elevators, steam heat, and electric light plant. It had a frontage on Wood Street of 73' 9-1/2" and an average depth of 60' along Sixth Avenue. The architect advised the building was suitable for the addition of several more stories.
On March 21, 1903, money bags containing a million and a quarter of cash and packages containing other millions in stocks and bonds were carried by a procession of trusted men before the spellbound gaze of a crowd on the sidewalk in front of the old quarters of the Pittsburgh National Bank of Commerce which was moving its millions in a day to the Mellon National Bank in Smithfield Street. The Bank of Commerce, which was 40 years old, left the quarters in the Lockhart Building which it had occupied for the previous twelve years to occupy its new home Monday morning with the Mellon National. The unusual sight of a procession of men carrying bags filled with money in amounts from $500 to $20,000 attracted passersby who stopped in the drizzling rain to feast their eyes on more money than they had ever seen before. The Bank of Commerce was the largest financial institution ever moved in Pittsburgh. Police Captain Charles K. Gallant and Policeman James F. Maher of Central Station, were summoned to stand as an armed guard over the transfer of this fortune through the streets. On the stroke of 12 when the deposit of the J.S. McCormick Co. was handed to the receiving teller as the last in the long line of depositors to face the window in the bank's old home, preparations began immediately to move to the new home. The goal was to avoid any interruption in the bank's business to avoid any inconvenience which might divert them to rival banks.
On April 9, the report of condition listed loans and discounts $2,600,306.44, U.S. Bods to secure circulation $300,000, U.S. Bonds to secure U.S. Deposits $500,000, Banking house furniture and fixtures $360,000, and total resources of $4,233,616.55.
Failure to sell the National Bank of Commerce property at public auction was followed by the announcement that private bids would be received. The best offer at that time was $675,000, but that advanced to $700,000 in May. That was equivalent to nearly $6,000 a front foot. President McEldowney of the Union Trust Co., thought it was worth more.
The new Industrial National Bank of Pittsburgh which was organized and chartered recently with a number of leading railroad officials at the head. The bank had capital of $800,000 and a surplus of $200,000. Officers were attempting to secure control of the building formerly occupied by the Pittsburgh National Bank of Commerce at Wood Street and Sixth Avenue for its offices. It was understood the bank finally arranged with the Union Trust Co., owners of the handsome stone office building since it merged with the bank, to take that property over. Officers of the new bank declined to make any statement, but some of the stockholders admitted that it was the case and the new bank planned to open for business on June 15, 1903.
Negotiations for the sale of the building owned by the Union Trust Company, at Sixth avenue and Wood street, formerly the property of the Pittsburgh National Bank of Commerce, were finally closed yesterday, the newly organized Home Trust Company being the buyer. The price paid for the property was said to have been $660,000, and the new owner planned to occupy the structure, renting the upper offices on the same plan used by the Bank of Commerce. The Home Trust Company had recently organized with temporary offices on Fourth Avenue. The new Industrial National Bank, which was reported to have secured the Bank of Commerce building, was understood to have completed plans to purchase the former home of the American Trust Company on Fourth Avenue, between Wood and Smithfield Streets.
The directors of the Home Trust Company were as follows: W.L. Hurd, F.T.F. Lovejoy, H.B. Beatty, Robert C. Hall, George W. Crawford, J.G. Splane, A.C. Spindler, John F. Sweeney, F.M. Lowrie, and R. W. Allison, The officers elected were W.L. Hurd, president; F.T.F. Lovejoy, vice president; J.G. Splane, treasurer; J.F. Sweeney, secretary. Opening day was planned for July 1, 1903.
Official Bank Title(s)
1: The Pittsburgh National Bank of Commerce, Pittsburgh, PA
Bank Note Types Issued
A total of $3,022,050 in National Bank Notes was issued by this bank between 1864 and 1903. This consisted of a total of 222,961 notes (222,961 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 3x1-2 1 - 5000 Original Series 4x5 1 - 12500 Original Series 3x10-20 1 - 5300 Original Series 50-100 1 - 2235 Original Series 500 1 - 200 Series 1875 3x1-2 1 - 5880 Series 1875 4x5 1 - 4750 Series 1875 3x10-20 1 - 11000 Series 1875 50-100 1 - 282 Series 1875 50 283 - 2429 Series 1875 500 1 - 50 1882 Brown Back 4x5 1 - 3350 1882 Brown Back 3x10-20 1 - 2800 1882 Brown Back 50-100 1 - 6605
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1903):
Presidents:
- Alfred Patterson, 1865-1877
- Joseph Hall Hill, 1878-1883
- Joseph Truman Colvin, 1884-1893
- Charles Lockhart, 1894-1902
Cashiers:
Other Bank Note Signers
- Alfred Curtis Knox signed notes as Vice President
- Henry Clay McEldowney, Assistant Cashier 1902
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, Wikipedia, https://en.wikipedia.org/wiki/Pittsburgh,_Pennsylvania
- 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
- Pittsburgh Weekly Gazette, Pittsburgh, PA, Wed., Jan. 12, 1870.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., Jan. 11, 1884.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 9, 1889.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 12, 1898.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Mon. June 4, 1900.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 15, 1902.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 20, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Mar. 11, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., Mar. 17, 1903.
- The Pittsburgh Daily Post, Pittsburgh, PA, Sun., Mar. 22, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Mar. 31, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Apr. 15, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Thu., May 14, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., May 14, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., May 27, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., June 16, 1903.