Southwestern National Bank, Philadelphia, PA (Charter 3498)

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In 1901 the Southwestern National Bank occupied its new building located on the southeast corner of South and Broad Streets, Philadelphia, Pennsylvania
In 1901 the Southwestern National Bank occupied its new building located on the southeast corner of South and Broad Streets, Philadelphia, Pennsylvania.

Southwestern National Bank, Philadelphia, PA (Chartered 1886 - Receivership 1934)

Town History

The old Southwestern National Bank of Philadelphia, ca2022.  University of the Arts obtained this historical bank building located at the corner of South and Broad Streets in 1994. 
The old Southwestern National Bank of Philadelphia, ca2022.  University of the Arts obtained this historical bank building located at the corner of South and Broad Streets in 1994.  Courtesy of Google Maps

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

In January 1886, business men in the southwestern part of the city had for some time been considering the question of adding to the banking facilities of that part of the city. A large number of gentlemen, including John A. Stevenson, William Whiteside, W.G. Pennypacker, John B. Parsons, W.B. Mondenhall and many others, have signed a stock subscription list for the Southwestern National Bank. The capital was fixed at $200,000 and the location at Broad and South Streets. A meeting of subscribers and all interested will be held Monday evening at 1528 South street. Organization was effected in March 1886 with the election of John Gardiner, president, and John A. Stevenson, vice president. The cashier was not yet chosen.

Washington, On. May 8, 1886, the Comptroller of Currency authorized the Southwestern National Bank of Philadelphia to begin business with a capital of $200,000. The bank opened on July 19 at their building on Broad Street above South. The president of the corporation was John Gardiner with John A. Stevenson, vice president and the cashier H.B. Langworthy. In September 1887, the same officers were present and the directors were John Gardiner, John A. Stevenson, Henry Whiteley, W.B. Mendenhall, John O'Donnel, H.B. Rosengarten, W.S. Fox, J.J. Hitschler, John Hunter, Christopher Gallagher, and Moses Levi.

In April 1900, bids for the new bank building to go up at Broad and South Streets for the Southwestern National Bank were under consideration. The plans were prepared by Henry D. Dagit, architect who would supervise the work. The building planned was a modern Renaissance-style, two stories in height. The bas course would be red sandstone and the body would be Pompiian fire-flashed brick surmounted with a hevy terra cotta cornice. The main entrance was on Broad Street with protection afforded by a stone porch. The bank fixtures would be mahogany. The cashier's office faces directly on Broad Street and in the rear was the president's office. On the second floor were the board and committee rooms. The central space over the bank extended to the roof and was surmounted with a beaded glass dome. The bank's cost was $10,000 and occupancy was expected by December 1, 1900.

John Gardiner, president of the Southwestern National Bank and the Continental Brewing Company, Philadelphia, ca1902.
John Gardiner, president of the Southwestern National Bank and the Continental Brewing Company, Philadelphia, ca1902.

On Tuesday, February 19, 1901, the Southwestern National Bank, which was quartered at 527 South Broad Street, would move to its new home on the southeast corner of Broad and South streets. Over year ago the present building of the bank was found to be too small for its growing needs and the selection of the new site was the result of the institution's resolve to move. The new home of the bank was handsome in every detail. The officers of the bank were: President, John Gardiner; vice president, William J. Barr; cashier, John T. Scott, Jr.; directors, H.B. Rosengarten, Jacob J. Hitschler, John Hunter, Christopher Gallagher, Edmund Webster, Thompson Carson, Charles Young, and George H. McLaughlin. Tuesday being election day and consequently a legal holiday, the officers took advantage of the closing of the bank to move into the new structure. Wednesday morning, the bank would open for business.

On the morning of July 5, 1903, John Gardiner, president of the Continental Brewing Company and of the Southwestern National Bank, died at his country home in Downingtown. Though in his 78th year, Mr. Gardiner was actively engaged in official work at the time of his death. Funeral services were planned for Wednesday morning at his town house, 1800 Pine Street. Born in Albany, New York, in 1825, Mr. Gardiner came to Philadelphia in 1848 and later became a partner in the firm of William Massey & Co. In 1874, he retired from that firm and purchased the establishment of James Smyth, at Twenty-first and Washington Avenue, which subsequently was incorporated as the Continental Brewing Company. For many years Mr. Gardiner was known in Philadelphia as a philanthropic man, whose works were seldom if ever made known. He was a member of the Board of Trustees of the Central Presbyterian Church, of the Franklin Institute, St. Andrew's Society and the Commercial Exchange. He was survived by a daughter, Mrs. Charles A. Topping, and two sons, John Gardiner, Jr., and Frederick Gardiner.

On Tuesday, January 10, 1905, the following gentlemen were elected directors for the ensuing year: William J. Barr, Thompson Carson, Jacob J. Hitschler, John T. Scott. Jr., John Hunter, Charles Young, Christopher Gallagher, Jonathan Prichard, Edmund Webster, William Kelley, and William S. Fox. At a meeting of the Board of Directors held on January 13, Mr. William J. Barr was unanimously re-elected President; John Hunter, Vice President; John T. Scott, Jr., Cashier; and Geo. H. Wiggins, Assistant Cashier.

On March 14, 1933, Eugene Walter, president of the Southwestern National Bank, was appointed conservator for that institution. He said yesterday: "All deposits that are now made will be kept in a separate account, subject to withdrawal in full at any time without restrictions. Such deposits are segregated and kept in cash, either in the bank's vault or on deposits with the Federal Reserve Bank. Checks deposited will be available as soon as collection has been made upon them. Under this plan depositors have all the convenience of a checking account with a guarantee of safety." On November 16, 1933, the Reconstruction Finance Corporation (RFC) authorized purchase of $300,000 of preferred stock of the Sixth-Southwestern National Bank [sic] of Philadelphia.

In January 1934, the Sixth National Bank, Second and Pine Streets, and two branches, and the Southwest National Bank, Broad and South Streets, were to be merged under a plan approved last November. Conservators of the two banks explained that they were hard at work on the reorganization plans and that the restricted deposit payments would be made immediately after the reorganization plans were completed. An important feature of the plans was the raising of new capital.

On May 21, 1934, Eugene Walter, vice president of the South Philadelphia National Bank, stated that the merged bank would open for business on June 1. The new institution, with a capital of $600,000 would succeed the Southwestern National Bank and the Sixth National Bank, both of which had been operating on a restricted basis since the banking holiday in March, 1933. "Approval of the organization plan for the new bank was given by J.T.F. O'Connor several weeks ago," Mr. Walter said. "Since that time we have been completing the formal signing of certain papers with the Reconstruction Finance Corporation, which was subscribing to $300,000 of preferred stock as part of the bank's capital." The other $300,000 was subscribed by the stockholders of the two restricted banks. Mr. Walter had been president of the Southwestern National. Norman C. Ives, who had been president of the Sixth National would occupy the same office with the consolidated bank. C. Russell Arnold of the Philadelphia RFC office became the executive vice president and cashier. The new bank would make available 20% of the frozen deposits in the Sixth National Bank and 35% of the deposits of the Southwestern National Bank and it would assume certain of the assets of the old institutions. The main office of the merged bank would be at Broad and South streets, the former home of the Southwestern National, while the present offices of the Sixth National at Second and Pine Streets would be maintained as a branch. The South Philadelphia National Bank received charter 14171 on May 29, 1934.

Official Bank Title(s)

1: The Southwestern National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of John T. Scott, Jr., Cashier and John Gardiner, President.
1882 Brown Back $5 bank note with pen signatures of John T. Scott, Jr., Cashier and John Gardiner, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Date Back $5 bank note with stamped signature of John T. Scott, Jr., Cashier and pen signature of William J. Barr, President.
1902 Date Back $5 bank note with stamped signature of John T. Scott, Jr., Cashier and pen signature of William J. Barr, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $10 bank note with printed signatures of Harry S. Pollock, Cashier and Eugene Walter, President.
1929 Type 2 $10 bank note with printed signatures of Harry S. Pollock, Cashier and Eugene Walter, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,489,510 in National Bank Notes was issued by this bank between 1886 and 1934. This consisted of a total of 184,496 notes (157,864 large size and 26,632 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 4x5 1 - 9267
1882 Brown Back 3x10-20 1 - 4049
1902 Red Seal 4x5 1 - 1300
1902 Red Seal 3x10-20 1 - 680
1902 Date Back 4x5 1 - 12310
1902 Date Back 3x10-20 1 - 11860
1929 Type 1 6x5 1 - 2398
1929 Type 1 6x10 1 - 1180
1929 Type 1 6x20 1 - 278
1929 Type 2 5 1 - 2236
1929 Type 2 10 1 - 996
1929 Type 2 20 1 - 264

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1934):

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, 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.
  • The Philadelphia Times, Philadelphia, PA, Fri., Jan. 22, 1886.
  • Pittsburgh Daily Post, Pittsburgh, PA, Sat., Mar. 13, 1886.
  • The Philadelphia Times, Philadelphia, PA, Sun., May 9, 1886.
  • The Philadelphia Times, Philadelphia, PA, Wed., July 15, 1886.
  • The Philadelphia Times, Philadelphia, PA, Thu., Sep. 15, 1887
  • The Philadelphia Times, Philadelphia, PA, Mon., Apr. 2, 1900.
  • The Philadelphia Times, Philadelphia, PA, Sun., Feb. 17, 1901.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., July 6, 1903.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 14, 1905.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Mar. 17, 1933.
  • The Evening News, Harrisburg, PA, Fri., Nov. 17, 1933.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 4, 1934.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., May 22, 1934.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., May 30, 1934.
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