Western National Bank, Philadelphia, PA (Charter 656)
Western National Bank, Philadelphia, PA (Chartered 1864 - Liquidated 1912)
Town History
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
- Organized December 20, 1864
- Chartered December 29, 1864
- Succeeded Western Bank
- Liquidated March 28, 1912
- Absorbed by 592 (Girard National Bank, Philadelphia, PA)
In January 1832, bills were reported in the House of Representatives for the following new banks: Western Bank of Philadelphia, Manufacturers and Mechanics Bank of the Northern Liberties, Girard Bank, The Wellsborough Bank, Tioga County, Frankford Bank of Philadelphia County, Farmers and Traders Bank of Philadelphia, and Moyamensing Bank, Philadelphia County.
On Wednesday, February 1, 1832, the House resumed consideration of the bill to incorporate the Western Bank of Philadelphia. The amendment offered by Mr. Greenough, providing that a person should subscribe for no more than 5 shares on the first day, or more than 10 on the second, or more than 50 on the third, was adopted after a discussion in which Messrs. Greenough, Smith and Valentine took part. Mr. Smith moved to amend the bill by striking out the clause requiring the bank to pay a bonus of $25,000 to the State. This motion was supported by Messrs. Smith, Hemphill, and Ashmead and opposed by Messrs. Greenough, Valentine and Findlay and finally negatived by an overwhelming majority. The bill was then ordered to be transcribed for a third reading.
In March 1832, the bill to incorporate the Western Bank of Philadelphia passed through committee after a long discussion, principally on the auction principle of selling stock in which Messrs. Burden, Boyd, Sullivan, Krepps, Kern, Hassinger, Petriken, Jackson of Chester, Jackson of Huntingdon, Miller, Bertolet, and Fullerton took part. The auction system was adopted and an amendment introduced on motion of Mr. Petriken appropriating the surplus premium, if any, be obtained above the bonus to the state treasury, instead of the contingent fund of the bank. A motion of Dr. Burden to reduce the capital from 5 to $300,000 failed and the bill was reported without other amendments.
In April 1832 the following acts were passed by the Pennsylvania Legislature: No. 63-A supplement to an act to extend the charter of the Monongahela Bank of Brownsville; No. 113-An act to incorporate the Girard Bank in the City of Philadelphia; No. 114-An act to establish the Western Bank of Philadelphia; and No. 115-An act to incorporate the Manufacturers and Mechanics' Bank of the Northern Liberties in the county of Philadelphia. The last two listed, No. 114 and 115, remained unsigned due to the indisposition of the Governor.
RIOTS IN PHILADELPHIA. The "City of Brotherly Love" witnessed riotous conduct at the time of subscribing for the Girard Bank stock. The same scene was witnessed again at the taking of stock in the new Western Bank. On Wednesday, May 30, 1832, the last day assigned by the act of the legislature for the people to subscribe for stock of the Western Bank where 50 shares might be taken by each person on this last day, the struggle and excitement were commensurately increased. The disgraceful and inhuman proceedings follow: There were probably 5,000 spectators, many of them interested in the struggle that was going on among those who were attempting to force their way to the window to obtain scrip. About 300 men were for the most part stout and athletic, a large proportion of them stripped of every vestment but their pantaloons and shoes, and many of them distinguished by black eyes, bruised limbs and gashed faces--sad indications of their struggles for stock. The building from which the stock was dispensed was a four story brick house on the north side of Market Street, immediately below Twelfth. All of its lower windows were closed and over the one through which the stock was delivered, boards were nailed through which was a solitary aperture sufficiently large to admit two hands at one time. Around this window was a solid phalanx of beings, some writhing, struggling to reach the aperture, others fainting, shrieking with pain and beseeching a passage outward in order to save their lives. Not one fifth of those who reached the windows were able to remain there a sufficient length of time for the commissioners to take their money and hand them their certificate, and some who had accomplished this object were so weakened and exhausted by the effort that their certificates fell from their nerveless hands before they could escape. Several constables present were active and vigilant and removed all they could lay hands on the moment the law was transcended. The scene throughout was disgraceful, shocking to humanity and discreditable to the character of the city.
On August 13, 1832, directors elected Abraham Okie, Esq., president and John B. Trevor, Esq., cashier. On November 24, 1832, the stockholders elected the following directors: Abraham Okie, Jas. Fearon, William Camm, John Crean, Jr., Thos. C. Maberry, Edwin N. Bridges, Edwin T. Scott, William G. Lybrand, Joseph Yeager, James Page, David Williamson, Charles Egner, and George Troutman. The board on the same day unanimously elected A. Okie, Esq., president.
In January 1841, the Western Bank was next door to Marshall's drug and chemical store at No. 312 Market Street.
In January 1860, the directors of the Western Bank of Philadelphia were Joseph Patterson, John R. Worrell, Wm. A. Blanchard, Wm. A. Everly, Wm. Miller, Morris Patterson, Charles S. Wood, John J. Thompson, Isaac Jennes, Samuel E. Stokes, Benjamin S. Janney, Archibald McIntyre and E.W. Lehman. Imlay & Bicknell's Bank Note Reporter said counterfeit fives on the Western Bank of Philadelphia were an exceedingly close imitation of the genuine; the most perceptible difference was in the shading of the words Western Bank and Five Dollars. In the spurious, it was heavier than in the genuine. The signature of the cashier on the spurious was engraved and the paper was poor and of a smoky hue, but this was in all probability a trick of the counterfeiters in order to get it described as such and then to flood the country with notes on paper equal to the genuine. The officers were expected to withdraw from circulation all issues of the plate and have a new plate made quickly.
On November 19, 1860, Minnie Price, a notorious counterfeiter whose place at Nineteenth and Poplar Streets was raided by police and $5,000 worth of counterfeit notes on the Western Bank secured, was arrested at Lambertville, New Jersey. At the time of the raid, Price made his escape by jumping from the second story window and since then police had been on the look out for him. In late November 1860, Manasseh Price, alias Minnie Price was before the court on habeas corpus. The Grand Jury charged him with having in his possession ten or more counterfeit notes with intent to pass the same. Judge Ludlow refused to hear witnesses and fixed the bail at $3,000.
In September 1861, George M. Troutman, cashier of the Western Bank of Philadelphia was reported to being in line to take the place of James H. Walton as Treasurer of the Mint. However, Mr. Troutman would serve as cashier until he was selected as president of the Central National Bank of Philadelphia in 1865.
On January 10, 1865, the following were elected directors of the Western National Bank: Joseph Patterson, William Miller, Morris Patterson, H.L. Carson, Isaac Jeanes, Thomas Reath, Charles S. Wood, Benjamin S. Janney, Jr., and George A. Wood.
On January 9, 1900, stockholders elected the following directors: C.N. Weygandt, Charles Stewart Wurts, Frank L. Neall, William Burnham, B.W. Andrews, Austin M. Purves, R. Dale Benson, Charles Hartshorne, and Edward P. Borden.
| Bank | Capital
Stock |
Loans and
Discounts |
Lawful Money
Reserve |
Due from
Banks |
Due to
Banks |
Deposits | Circulation |
|---|---|---|---|---|---|---|---|
| Philadelphia National | 1,500 | 28,847 | 9,846 | 9,998 | 19,908 | 22,834 | 649 |
| North America | 1,000 | 11,670 | 3,200 | 2,278 | 3,561 | 8,879 | 497 |
| Farmers and Mechanics | 2,000 | 12,255 | 4,381 | 3,972 | 4,868 | 10,727 | 1,957 |
| Northern Liberties | 500 | 3,472 | 740 | 496 | 507 | 2,604 | 200 |
| Southwark | 250 | 1,939 | 459 | 271 | 496 | 1,476 | 248 |
| Kensington | 250 | 1,826 | 394 | 133 | 10 | 1,620 | 149 |
| Penn National | 500 | 5,331 | 1,660 | 600 | 731 | 4,938 | 197 |
| Western National | 600 | 3,361 | 1,051 | 1,068 | 1,748 | 2,759 | 414 |
| Manufacturers National | 500 | 2,100 | 463 | 378 | 414 | 1,547 | 199 |
| Girard National | 2,000 | 28,576 | 8,179 | 5,909 | 19,889 | 15,627 | 1,077 |
| Tradesmen's National | 500 | 4,368 | 1,174 | 1,342 | 2,265 | 2,848 | 497 |
| Corn Exchange National | 1,000 | 14,865 | 4,621 | 4,319 | 13,021 | 7,843 | 435 |
| Union National | 500 | 6,083 | 1,522 | 12 | 888 | 5,936 | 447 |
| First National | 1,500 | 18,983 | 5,215 | 5,668 | 12,599 | 13,261 | 1,351 |
| Third National | 600 | 4,404 | 1,048 | 1,624 | 429 | 5,216 | 348 |
| Sixth National | 150 | 1,473 | 369 | 283 | 0 | 1,587 | 149 |
| Eighth National | 275 | 3,329 | 783 | 338 | 61 | 2,970 | 274 |
| Central National | 1,000 | 13,039 | 3,199 | 1,275 | 4,077 | 9,221 | 394 |
| National Security | 250 | 3,477 | 762 | 192 | 20 | 3,048 | 249 |
| Centennial National | 300 | 3,171 | 855 | 401 | 156 | 3,261 | 200 |
| Ninth National | 300 | 3,406 | 693 | 213 | 6 | 3,284 | 118 |
| Tenth National | 200 | 1,118 | 260 | 85 | 0 | 1,029 | 99 |
| Northwest National | 200 | 2,887 | 663 | 200 | 8 | 2,770 | 197 |
| Southwest National | 200 | 833 | 263 | 112 | 0 | 886 | 50 |
| Fourth Street National | 3,000 | 36,677 | 9,628 | 7,596 | 23,292 | 19,088 | 2,967 |
| Market Street | 1,000 | 7,411 | 2,105 | 1,599 | 3,036 | 5,249 | 1,000 |
| Quaker City National | 500 | 2,925 | 489 | 430 | 85 | 2,242 | 496 |
| Northern National | 200 | 2,061 | 586 | 109 | 5 | 2,301 | 195 |
| Franklin National | 1,000 | 20,731 | 6,003 | 5,906 | 11,863 | 16,418 | 539 |
| Textile National | 200 | 1,208 | 286 | 123 | 110 | 1,057 | 198 |
In January 1912, George E. Shaw, president of the Western National Bank, said there was positively nothing in the report that the Girard National Bank was to take over the Western. In February, reports were revived of a contemplated merger of the Western National Bank with another banking institution. Mr. Shaw stated that the only change in the situation was that he had asked the opinion of several of the larger shareholders of his bank as to the wisdom of negotiating such a deal providing for the sale of the stock and a disposition of the present building, which is situated next to the Custom House at Fourth and Chestnut streets. He added that not less than $110 a share would be taken for the stock and the bank would reserve the right to sell the site itself. Overtures had been made to secure options, on the property by the government. Mr. Shaw added that if he found after consulting with some of the stockholders that they favored a sale of their holdings, a meeting would be called and the matter put to a vote. The Girard National Bank was mentioned as being in the market for the Western, but it was also understood that several other banks expressed interest.
On February 14, vice president Edward J. Durban, in the absence of President Shaw, stated that there was no truth in the report that a majority of the shareholders had given their proxies for the sale of their stock to the Girard at $110 a share.
On February 21, 1912, in full view of hundreds of persons who hurried along in a driving rain, three bank messengers, with the aid of a taxi-cab and its chauffeur, moved something more than six million dollars in hard, cold cash from the vaults of the Western National Bank, at 408 Chestnut street, to those of the Girard National, at 110 South Third street, following the merger of the two institutions. The only policeman in sight throughout the whole transfer, which lasted an hour and necessitated many trips in the machine, was one directing traffic at Third and Chestnut streets, and he did not know that every time a certain taxi dashed by it carried a princely fortune inside. After the job was done and the massive time locks had been set, sealing the cash again in safety behind solid steel and stone, the three faithful messengers heaved a sigh of relief, thrust their guns deeper into their pockets as not likely to be immediately needed and went home.
The deal provided for the purchase of the Western National assets, omitting the bank property, at a basis of a trifle over $110 a share for the stock at the outset, but the property when sold was expected to push the proceeds to the neighborhood of $140 to $150 a share. President Shaw became a director of the Girard and Charles F. Wignall, cashier of the Western, became an assistant cashier of the Girard. By the absorption of the Western National, the Girard National increased its deposits by $4,378,000, making its total $45,107,000 or within $300,000 of the Forth Street National's which only was exceeded in Philadelphia by the Philadelphia National Bank. Both the Western and the Girard banks were organized in 1832.
Record was made on March 14, 1914, upon the conveyance of the three-story marble banking house at 408-410 Chestnut Street by the Western National Bank to Francis B. Reeves, acting for the Girard National Bank. This was the final step in the merging of the two institutions. The consideration was $162,750, the assed valuation was $150,000.
Official Bank Title(s)
1: The Western National Bank of Philadelphia, PA
Bank Note Types Issued
A total of $3,858,290 in National Bank Notes was issued by this bank between 1864 and 1912. This consisted of a total of 235,168 notes (235,168 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 - 6600 Original Series 2x10-2x20 1 - 2300 Original Series 3x50-100 1 - 800 Original Series 3x500-1000 1 - 12 Series 1875 4x5 1 - 7900 Series 1875 2x10-2x20 1 - 200 Series 1875 3x50-100 1 - 789 1882 Brown Back 4x5 1 - 5000 1882 Brown Back 3x10-20 1 - 500 1882 Brown Back 50-100 1 - 8312 1902 Red Seal 4x5 1 - 15500 1902 Red Seal 3x10-20 1 - 7400 1902 Red Seal 50-100 1 - 1000 1902 Date Back 4x5 1 - 2307 1902 Date Back 3x10-20 1 - 2782 1902 Date Back 50-100 1 - 3700 1902 Date Back 3x50-100 1 - 196
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1912):
Presidents:
- Joseph Patterson, 1865-1868
- Archibald McIntyre, 1869-1869
- Joseph Patterson, 1870-1886
- Cornelius Nolen Weygandt, 1887-1906
- George Edward Shaw, 1907-1911
Cashiers:
- Cornelius Nolen Weygandt, 1865-1886
- John C. Garland, 1887-1896
- A. E. Fletcher, 1907-1907
- Charles Francis Wignall, 1908-1911
Other Bank Note Signers
- There are currently no known Vice President bank note signers for this bank.
- Charles F. Wignall signed notes as Assistant Cashier.
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, 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
- Moses King, Philadelphia and Notable Philadelphians, (New York, NY: Blanchard Press, Isaac H. Blanchard Co., 1902), p. 19.
- Gettysburg Compiler, Gettysburg, PA, Tue., Jan. 24, 1832.
- Franklin Telegraph and Democratic Advertiser, Chambersburg, PA, Tue., Feb. 7, 1832.
- Franklin Telegraph and Democratic Advertiser, Chambersburg, PA, Tue., Mar. 20, 1832.
- Lancaster Intelligencer, Lancaster, PA, Fri., Apr. 20, 1832.
- The Adams Sentinel, Gettysburg, PA, Tue., June 5, 1832.
- Lancaster Examiner, Lancaster, PA, Thu., Aug. 16, 1832.
- The United States Gazette, Philadelphia, PA, Sat., Nov. 24, 1832.
- The Keystone, Harrisburg, PA, Thu., Jan. 7, 1841.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Nov. 20, 1860.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1865.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Jan. 16, 1900.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 4, 1911.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 17, 1912.
- The Philadelphia Inquirer, Philadelphia, PA, Sun., Feb. 11, 1912.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Feb. 14, 1912.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Feb. 22, 1912.
- The Philadelphia Inquirer, Philadelphia, PA, Sun., Mar. 15, 1914.