Southwark National Bank, Philadelphia, PA (Charter 560)
Southwark National Bank, Philadelphia, PA (Chartered 1864 - Closed 1929)
Town History
Southwark was originally the Southwark District, a colonial-era municipality in Philadelphia County, Pennsylvania. Today, it is a neighborhood in South Philadelphia. Because of its location south of the early Philadelphia, the name was adopted in allusion to the borough of Southwark in the county of London, England, just south of the city of London.
Southwark is one of the oldest English settlements in the County of Philadelphia. It is actually the oldest district founded by settlers in Philadelphia, as a result of its inclusion in the former Swedish colony of New Sweden. Southwark was originally a tract of ground on the fast land of the Neck, lying between Passyunk and Wicaco. Due to the populations of the Swedish settlements of Wicaco and Moyamensing, Southwark grew earlier than other parts of the county apart from the city of Philadelphia.
The General Assembly created the district of Southwark on May 14, 1762, to facilitate cooperation with regard to street-building. As early as 1838, the district had its own police force. Southwark was the location of the shipbuilding complex of Joshua Humphreys, the shipbuilder and naval architect who built the first six ships of the United States Navy and is known as the "Father of the U.S. Navy".
In 1854, when it was incorporated into the city of Philadelphia by the Act of Consolidation, the borough comprised the area bounded on the north by South Street, on the west by Passyunk Avenue from 5th and South to 10th and Reed; the boundary then ran along Reed Street, down 7th, and along Mifflin Street to the river.
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
- Organized Oct 20, 1864
- Chartered Oct 29, 1864
- Succeeded Southwark Bank
- Closed Jul 13, 1929
- Consolidated with 3604 Jul 13, 1929 (Manayunk/Manayunk-Quaker City/Comm , Philadelphia, PA)
- Circulation assumed by 3604 (Manayunk/Manayunk-Quaker City/Comm , Philadelphia, PA)
On Thursday, April 21, 1825, between 10 and 11 o'clock, the books of the Commissioners of the Southwark Bank were closed, the subscription then amounting to the whole number of shares having been taken. About 750 shares were taken on Tuesday, 3,000 on Wednesday, and the remainder on Thursday morning. The eagerness of individuals to become subscribers for this stock exceeded all within recollection. The applicants were obliged to move one by one to a small window, the kicking, yelling and fighting from brawny hired porters as well as those desiring stock resulted in no small quantity of black eyes, bloody noses and tattered garments. One individual was carried home so severely injured his life was considered in the utmost danger.
James S. Smith, Jr., Esq., Cashier, published notice to shareholders of the Southwark Bank that a fourth installment of $10 on each share was required to be paid at the banking house at No. 266, South Second Street on or before the 15th of September 1825. On November 28, 1825, Samuel Humphreys was re-elected president of the Southwark Bank. Robert M. Lewis, Thomas D. Grover, and Thomas Harmer, directors of the bank tendered their resignations which were accepted by the board. In the bank's report to the Auditor General on Monday, November 6, 1825, Stock was $192,350, Notes $61,681.16, Specie $23,077.72 and no dividend was reported.
In January 1826, Samuel Comly, Esq., was elected president in place of Samuel Humphreys, Esq., lately appointed Chief Naval Constructor to reside at Washington.
On February 26, 1863, the State Treasurer had collected $964,070.82 as required by a recent act of the Legislature which levied a 4% tax on the amount of bank capital stock. All the banks in the city of Philadelphia complied with the provisions of the act except the Southwark Bank. The following banks refused to pay on the grounds they were specie-paying: Pittsburgh Bank, Bank of Fayette County, Monongahela Bank (Brownsville), and Bank of Beaver County. In March 1863, the Southwark Bank was one of the few banks in Pennsylvania that were redeeming its notes in specie. By the redemption of its circulation, the Southwark avoids the payment of a large tax and this is in part the reason for calling in its circulation. The Southwark Bank nationalized on October 26, 1864, with capital of $250,000. The Southwark National Bank opened at 610 South Second Street where the old Southwark Bank has stood since it was erected in 1825.
On January 9, 1866, stockholders elected the following directors: John B. Austin, Thomas Sparks, John Thomson, Henry G. Freeman, Wm. M. Baird, James Simpson, George W. Smith, Hugh O'Donnell, and Samuel Castner.
On January 9, 1872, the stockholders re-elected the following directors: Francis P. Steel, Thomas Sparks, Henry G. Freeman, William M. Baird, James Simpson, Richard F. Loper, Frederick G. Wolbert, Samuel Castner, and John L. Neill. On the 15th, the directors elected Francis P. Steel, Esq., president; Thomas Sparks, Esq., vice president; and P. Lamb, cashier.
In September 1887, the officers were Francis P. Steel, president; and Peter Lamb, cashier. Directors were Francis P. Steel, Frederick G. Wolbert, Alexander Purves, William W. Shuman, George T. Stokes, Edwin A. Merrick, Alfred G. Baker, George A. Heyl, and Peter Lamb. The bank had capital of $250,000 and Surplus of $135,303.
John B. Harper was the president having succeeded Francis P. Steel upon his death on September 22, 1893.
On January 14, 1902, the stockholders elected the following directors: J.B. Harper (President); F.B. Bonnaffon (Vice President); Edwin A. Merrick, James W. McAllister, George W. Scott, A.H. Stillwell, and Clarence H. Speel (Cashier).
On January 11, 1916, the stockholders elected the following directors: Edwin A. Merrick, Ferdinand V. Bonnaffon, John B. Harper, William A. Hamilton, William Ro Hortz, William W. Foulrod, Jr., Morris rosenbaum, Samuel S. Darmon, George Y. Schoch, George Anderson, Samuel Hamilton, Joseph C. Trainer. On the 17th, the directors appointed John B. Harper as Chairman of the Board having declined re-election as president. The directors elected the following officers: William W. Foulkrod, Jr., president; Ferdinanad V. Bonnaffon, vice president; Samuel S. Darmon, vice president; William S. Furst, solicitor; Walter R. Hummell, notary. The following appointments were made: Walter J. Steinman, cashier, and John W. Coleman, assistant cashier.
On May 26, 1929, an announcement was made by the respective boards of the Manayunk-Quaker City National Bank and the Southwark National Bank that an agreement, subject to ratification of stockholders, was made for a consolidation of the two institutions. The consolidated bank will be called the Commercial National Bank and Trust Company. Clarence F. Hand would be chairman of the board and R.W. Foulkrod, Jr., the president of the Southwark National, would be chairman of the executive committee. William A. Dyer, the president of the Manayunk-Quaker City National would be president of the new bank. Stockholders meetings were planned for June 26. The offices of the two banks were located at Manayunk Avenue and Levering Street, Manayunk; 721 Chestnut Street; 208 Chestnut Street. Ridge and Midvale Avenues; 610 South Second Street; and 1515 Chestnut Street. The Manayunk-Quaker City National had a capital of $1,000,000; surplus, $3,000,000. Capital of the Southwark was $500,000, and surplus $850,000. Market value of Southwark stock was about $45/share, and of the other institution about $550/share.
On Monday, July 15, 1929, the Commercial National Bank and Trust Company opened its doors for business with resources in excess of $30 million with five branch offices. R. Bruce Wallace was made vice chairman of the board of directors.
Official Bank Title(s)
1: The Southwark National Bank, Philadelphia, PA
Bank Note Types Issued
A total of $5,082,940 in National Bank Notes was issued by this bank between 1864 and 1929. This consisted of a total of 599,360 notes (599,360 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 - 16000 Original Series 3x10-20 1 - 1669 Series 1875 4x5 1 - 12000 1882 Brown Back 4x5 1 - 16032 1882 Brown Back 3x10-20 1 - 2717 1902 Red Seal 4x5 1 - 7950 1902 Red Seal 3x10-20 1 - 6120 1902 Date Back 4x5 1 - 36100 1902 Date Back 3x10-20 1 - 25960 1902 Plain Back 4x5 36101 - 49600 1902 Plain Back 3x10-20 25961 - 34560 1902 Plain Back 3x50-100 1 - 3192
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1929):
Presidents:
- John Brander Austin, 1864-1867
- Francis Penn Steel, 1868-1892
- John Bell Harper, 1893-1915
- William Walker Foulkrod, Jr., 1916-1928
Cashiers:
- Francis Penn Steel, 1864-1866
- Peter Lamb, 1867-1892
- Clarence H. Speel, 1893-1904
- William Walker Foulkrod, Jr., 1905-1915
- Walter J. Steinman, 1916-1918
- Earl Homan Wert, 1919-1928
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Philadelphia (Wikipedia)
- General information on Philadelphia County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Philadelphia, PA, Wikipedia, https://en.wikipedia.org/wiki/Philadelphia,_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
- Fayetteville Weekly Observer, Fayetteville, NC, Thu., May 12, 1825.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Aug. 17, 1825.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Nov. 29, 1825.
- Gettysburg Compiler, Gettysburg, PA, Wed., Jan. 18, 1826.
- The United States Gazette, Philadelphia, PA, Fri., Jan. 19, 1827.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1866.
- The Philadelphia Times, Philadelphia, PA, Thu., Sep. 15, 1887.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 17, 1872.
- The Philadelphia Times, Philadelphia, PA, Wed., Jan. 15, 1902.
- Evening Public Ledger, Philadelphia, PA, Mon., Jan. 17, 1916.
- The Philadelphia Inquirer, Philadelphia, PA, Mon., May 27, 1929.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., July 16, 1929.