Quaker City National Bank, Philadelphia, PA (Charter 4050)

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The Quaker City National Bank at 721 Chestnut Street, Philadelphia, Pennsylvania, ca2021.
The Quaker City National Bank at 721 Chestnut Street, Philadelphia, Pennsylvania, ca2021. Courtesy of Google Maps

Quaker City National Bank, Philadelphia, PA (Chartered 1889 - Closed 1928)

Town History

A photo from 1902 showing the old post office at Ninth and Chestnut Streets looking west towards Broad Street. Franklin's statue is in front of the post office. The next structures on the right were occupied by the Philadelphia Record, Penn Mutual Life Insurance, and City Trust Company.
A photo from 1902 showing the old post office at Ninth and Chestnut Streets looking west towards Broad Street. Franklin's statue is in front of the post office. The next structures on the right were occupied by the Philadelphia Record, Penn Mutual Life Insurance, and City Trust Company.

Philadelphia is located in Philadelphia County, in the southeast corner of Pennsylvania. It is currently the sixth-most-populous city in the United States and the most populous city in the state of Pennsylvania. It is also the second-most populous city in the Northeastern United States, behind New York City.

Philadelphia is one of the oldest municipalities in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. It grew on the steep banks of the Delaware River into a hub of international trade and monetary influence. The royal post-office was established in this city by Franklin. Mail would pass uninterrupted from Crown to Republic, the one royal department which did so. The Colonies used the old expresses and mail routes leading up to and through the revolution. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 in Carpenters' Hall, and the Constitution at the Philadelphia Convention of 1787 in Independence Hall.

Philadelphia was the second Capitol after New York City during George Washington's presidency. On April 2, 1792, the United States Mint opened its doors here with David Rittenhouse, former treasurer of Pennsylvania, the first director. The American Philosophical Society was the first scientific society in the land and still meets in the hall Franklin secured for it. Former townships and boroughs of Bristol, Richmond, Kensington, Germantown, Manayunk, Northern Liberties, Southwark, to name a few, were consolidated into Philadelphia in 1854 which then occupied all of Philadelphia County.

During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. Its highest population was 2,071,605 in 1950, and the current population is estimated at 1,584,064 (2019).

Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes. Philadelphia also had 27 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

A new bank to be known as the Quaker City National Bank was organized on March 14, 1889 in the office of Joseph Leedom, 907 Walnut Street. About $350,000 was subscribed. The following officers were elected: Joseph G. Ditman, president; Joseph Leedom, vice president; H.S. Hoffman, Lews Lukins, Alexander Balfour, Charles W. Sharpless, Harry A. Jeltles, J. Kenwick Hogg, and Joshua R. Jones, directors. The directors met on Saturday, March 23d and offers were received from William M. Singerly and the Penn Mutual Life Insurance Company to fit up rooms for the bank on Chestnut Street. An alternative was to rent the building currently occupied by the Chestnut Street National Bank as that bank was moving soon. The directors decided to occupy the quarters of the Chestnut Street National Bank, in the basement of the insurance building on the northwest corner of Tenth and Chestnut Streets. Opening was planned for May 1. Rent was $5,000 per year. The Penn Mutual Insurance Co., whose building was under construction on Chestnut Street below Tenth subscribed to a large block of the stock and were desirous that the new bank occupy part of their building when finished in about two years. They promised to place their deposit of $200,000 with the bank if accepted.

On Monday, June 3, 1889, the bank opened in its temporary quarters. Joseph Leedom, one of the directors left for Washington on May 30 to secure the charter and deposit the $50,000 in government bonds as required by law. The bank started with capital stock limited to $500,000, 50% of which was paid up early in May. The Board of Directors consisted of Joseph G. Ditman, Joseph Leedom, Thomas R. Patton, Horatio S. Stephens, Alexander Balfour, George M. Moore, Louis H. Ayers, Hibberd G. Gill, Joseph M. Gazzam, J. Renwick Hogg, Joshua R. Jones, Jacob E. Ridgway, and Lewis A Lukens. William H. Clark of the First National Bank was chosen as cashier. Mr. Ditman was from a prosperous farming family from the old Kensington district. He was born in 1841, the son of Henry W. Ditman. At his majority, he entered the employ of a paper dealer on Minor Street and soon he started in the business for himself. After a successful business career of 15 years, he retired from the paper business in 1884. The vice president, Mr. Leedman was a prominent Philadelphia lawyer, a member of the Union League and a large stockholder in the Commonwealth Trust Company.

On January 26, 1890, the body of Joseph G. Ditman was found floating in the Schuylkill River just above Market Street Bridge. He had been missing since a ride by the river as he was apt to do back on December 11. Mr. Ditman took the river drive at Strawberry Mansion and drove up the road to the red bridge above the stone bridge where he crossed. He was last seen while fixing his harness on the west side of the river. Shortly after 5 o'clock a horse and an unoccupied buggy were found. Mr. Ditman's demise remained a mystery; whether an accident or a suicide wasn't known.

On February 21, 1894, President Jacob E. Ridgway gave an informal dinner to his fellow officials and the Board of Directors in the bank's handsome building at Sixth and Chestnut Streets. In July 1896, the bank was located at 706 Chestnut Street and the officers were Jacob E. Ridgway, president; Joseph M. Gazzam, vice president and William H. Clark, cashier.

In February 1901, the Quaker City National Bank bought the property at 721 Chestnut street which was once occupied by the Chestnut Street National Bank and the Chestnut Street Saving Fund of which William M. Singerly was president at the time of their failure in December 1897. The purchase was made through the real estate department of the Girard Trust Company. It was understood, however, that neither the creditors of the Chestnut Street Bank nor of the Chestnut Street Saving Fund benefited by the sale, as the property was seized by the Powers estate immediately after the failure under foreclosure of a mortgage of $100,000. The price paid was about $110,000 to the Powers estate. The property on which the building stood was originally occupied by the old Masonic Temple and was purchased by Mr. Singerly when the Temple was removed to Broad and Filbert streets. He erected the Temple Theatre on the ground and when this structure was destroyed by fire, had the present building built. On Monday, April 22, 1901, the bank moved from its location at 706 Chestnut Street and occupied its new banking house at 721 Chestnut Street.

On January 13, 1903, shareholders elected the following directors: Jacob E. Ridgway, S. Davis Page, Louis H. Ayres, Henry S. Hale, Alexander Balfour, Wm. P. Datz, Charles S. Hinchman, Charles T. Colladay, A.M. Taylor, Robert H. Foerderer, W.H. Clark, W.H. Sharp, and Jawood Lukens. The directors elected the following officers: Jacob E. Ridgway, president; Wm. H. Clark, vice president; and W.D. Brelsford, cashier.

A 1928 advertisement from The Manayunk-Quaker City National Bank announcing the opening of a new branch office at Twentieth and Chestnut Streets, Philadelphia, Pennsylvania.
A 1928 advertisement from The Manayunk-Quaker City National Bank announcing the opening of a new branch office at Twentieth and Chestnut Streets, Philadelphia, Pennsylvania.

On January 7, 1928, Clarence F. Hand, president of the Quaker City National Bank, and R. Bruce Wallace, chairman of the board of the Manayunk National Bank, declined to affirm or deny a persistent report that these financial institutions had decided to merge. William A. Dyer, president of the Manayunk institution, said no statement would be forthcoming from the officials of his bank until Tuesday, on which day the regular meeting of the bank's board of directors was scheduled. The report, unconfirmed, was that the proposed merger would involve mutual control by the directorate of the institutions, instead of one of the banks absorbing control of the other. Verification of this was not available. The Quaker City National had its main office at 721 Chestnut street. The Manayunk National's main office was at Main and Levering Streets, and it also had a branch at Ridge and Midvale Avenues, East Falls of Schuylkill.

On January 10, 1928, the directors of the Quaker City National Bank and the Manayunk National Bank approved the merger plan. William A. Dyer, president of the Manayunk Bank, is to become head of the merged hanks, to be known as the Manayunk-Quaker City National Bank, while Charles P. Hand, president of Quaker City, would become chairman of the board. The directorate of the new bank will he composed of the present boards of both institutions. The new bank will have resources in excess of $18 million, including $1 million capital and $2,796,000 in surplus and undivided profits. Coincident with the plans for merging, it was announced that an additional branch of the merged banks would be established at Twentieth and Chestnut streets. The Manayunk Bank Building, at Main and Levering Streets, Manayunk, and its branch at Ridge and Midvale Avenues, Falls of Schuylkill, as well as the Quaker City Bank Building at 721 Chestnut Street, would continue to operate. Calls for stockholder meetings would be issued for a vote on the merger.

In February 1928, stockholders of the Quaker City National Bank at a special meeting approved the proposed consolidation with the Manayunk National Bank, 4411 shares voting out of 5000 total. None were voted against the proposition. The new institution would keep charter 3604 of the Manayunk National Bank.

On March 28, 1928, it was reported that unsigned sheets of three $10 and one $20 issued with serial numbers 134755 to 134998 totaling $12,200 disappeared from the bank and were believed to have been stolen.

In July 1929, the Manayunk-Quaker City National Bank, established in 1871, and the Southwark National Bank, established in 1825 merged forming The Commercial National Bank & Trust Company operating under the charter of the old Manayunk National Bank.

Official Bank Title(s)

1: The Quaker City National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of W.D. Brelsford, Assistant Cashier and Jacob E. Ridgway, President.
1882 Brown Back $10 bank note with pen signatures of W.D. Brelsford, Assistant Cashier and Jacob E. Ridgway, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $10 bank note with printed signatures of W.D. Brelsford, Cashier and W.H. Clark, President.
1902 Date Back $10 bank note with printed signatures of W.D. Brelsford, Cashier and W.H. Clark, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with a ladder serial number 123456 and printed signatures of W.P. Rech, Cashier and C.F. Hand, President.
1902 Plain Back $20 bank note with a ladder serial number 123456 and printed signatures of W.P. Rech, Cashier and C.F. Hand, President.

A total of $9,453,150 in National Bank Notes was issued by this bank between 1889 and 1928. This consisted of a total of 756,252 notes (756,252 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
1882 Brown Back 3x10-20 1 - 48460
1882 Date Back 3x10-20 1 - 5090
1902 Date Back 3x10-20 1 - 50000
1902 Plain Back 3x10-20 50001 - 135513

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1928):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Philadelphia, PA, 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
  • Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 2.
  • The Philadelphia Times, Philadelphia, PA, Fri., Mar. 15, 1889.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon. Mar. 25, 1889.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Apr. 6, 1889.
  • The Philadelphia Times, Philadelphia, PA, Fri., May 31, 1889.
  • The Philadelphia Times, Philadelphia, PA, Mon., Jan. 27, 1890.
  • The Philadelphia Times, Philadelphia, PA, Thu., Feb. 22, 1894.
  • Lebanon Daily News, Lebanon, PA, Wed., July 29, 1896.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., Feb. 26, 1901.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Feb. 28, 1901.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 17, 1903.
  • The Philadelphia Inquirer, Philadelphia, PA, Sun., Jan. 8, 1928.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1928.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Feb. 25, 1928.
  • The Tribune, Scranton, PA, Thu., Mar. 29, 1928.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Sep. 10, 1928.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., July 26, 1929.
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