Diamond National Bank, Pittsburgh, PA (Charter 2236)
Diamond National Bank, Pittsburgh, PA (Chartered 1875 - Receivership 1932)
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.
Pittsburgh had 43 National Banks chartered during the Bank Note Era, and 42 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 March 20, 1875
- Chartered March 23, 1875
- Succeeded Diamond Savings Bank
- Absorbed 5017 October 19, 1914 (United States National Bank, Pittsburgh, PA)
- Receivership November 14, 1932
- High resolution photo Diamond National Bank and Wabash Terminal, shortly after opening in 1905
In June 1870, the directors of the Diamond Savings Bank of Pittsburgh were N.P. Sawyer, J.F.J. Allison, Wm. Hinds, Joseph Fleming, Abraham Garrison, A.L. Robinson, L. Wiederhold, W.D. Cooper, and James M. Cooper. The officers were N.P. Sawyer, president and John S. Scully, cashier and the capital was $240,000. The bank was located at No. 6 Diamond Street, Pittsburgh, Pennsylvania.[1]
In March 1875, the Diamond Savings Bank of Pittsburgh, located on the corner of Fifth Avenue and Union Street, had capital stock $240,000. A. Garrison was president and John S. Scully, cashier.[2]
On Monday, November 17, 1902, the new Diamond Savings Bank opened for business in the banking house at Fifth Avenue and Liberty Street, adjoining the Diamond National Bank. It began with $250,000 capital and $250,000 surplus. The officers were John S. Scully, president; J.W. Lee, vice president and John S. Scully, Jr., secretary. Ultimately the two banks would occupy a new building on the site of the present structure.[3][4]
On Friday, January 16, 1903, the new boards of the Diamond National and Diamond Sayings Banks, met and organized. There were a few changes in the directorate of the banks. With the Diamond National, the same board as last year was elected, with the exception that William Price was elected to the vice presidency to succeed W.M. Hersh who retired. Mr. Hersh was not a candidate for re-election. Mr. Price was a prominent Sixth Street merchant. The names of those constituting both boards follows: Diamond National: John S. Scully, William A, Nimick, Albert C. Wettengel, William V. Callery, A.G. Barnett, John McLeod, W. Price, Charles Donnelly, John W. Robinson, Albert L. Brahm, W.B. Rodgers, and Charles Parkins. Diamond Savings: John S. Scully, J.W. Lee, Albert C. Wettengel, W.A. Nimick, A. Donnelly, A.G. Barnett, A.L. Brahm, J.W. Robinson, W. Price, H.C. Wettengel, W.V. Callery, John McLeod, and Charles Parkins. The last three were new members.[5] In November 1903, the Diamond National announced work would start in April on the bank's new 12-story structure at Fifth and Liberty.[6]
On Tuesday, April 4, 1905, The Diamond National Bank opened for business in its fine new home. During the day several thousand people visited and inspected the quarters. The desks of President William Price and Cashier David C. Wills were banked with flowers sent in by friends, while the clerks presented them with large bunches of American Beauty roses. The Diamond Savings Bank moved from temporary quarters at Cecil Alley and Liberty Avenue into the Diamond Building where it too opened for business this morning.[7]
In January 1913, the Diamond National Bank had assets of $8,520,480.36. The Officers were William Price, President; D.C. Wills, cashier; and W.O. Phillips, assistant cashier. The directors were William Price, J.P. McKinney, J.D. Callery, W.B. Rodgers, A.G. Barnett, John W. Robinson, D.C. Wills, A.M. Stewart, Albert C. Wettengel, S.A. Pickering, E.E. Slick, and James L. Stuart. The Pittsburgh Savings Bank had assets of $2,120,836.44 and William Price was president and L.E. Husemen, cashier. The directors were W.B. Rodgers, S.A. Pickering, John W. Robinson, D.C. Wills, William Price, J.D. Callery, J.P. McKinney, A.G. Barnett, E.E. Slick, A.C. Wettengel, W.G. Rock, and A.M. Stewart.[9][10]
On January 13, 1914, the Diamond National Bank reported deposits of $6,731,067.71 compared to $6,149,201.99 on February 4, 1913, a gain of $581,865.72. The Diamond Savings Bank headed by William Price, president of the Diamond National had deposits of $2,252,146.66. D.C. Wills was cashier of the Diamond National and L.E. Husemen was cashier of the Diamond Savings Bank.[11][12]
On October 19, 1914 at a special meeting of the stockholders of the United States National Bank, a vote was held on the question of voluntary liquidation of the bank and transfer of all assets and property to the Diamond National Bank. On October 24th, the comptroller of the currency formally announced the voluntary liquidation of the United States National Bank of Pittsburgh which had been absorbed by the Diamond National Bank.[13]
D.C. Wills was born August 11, 1872, in Pittsburgh, Pennsylvania. After graduating from Allegheny High School in 1889, at the age of 17, he began working as a messenger at Mechanics National Bank. In 1902, Wills became an auditor at Mellon National Bank until 1904, when he accepted a job as cashier of the Diamond National Bank. He was later promoted to bank director. While working at Diamond National, Wills also became president of Citizens National Bank in 1907. Located in Bellevue, Pennsylvania, Citizens National was his first employer outside of Pittsburgh. In 1914, Wills left his jobs as director and president of the Pennsylvania banks to serve as chairman of the board of directors and Federal Reserve agent at the Federal Reserve Bank of Cleveland. Cleveland secured the vice chairmanship in the appointment of Lymann H. Treadway. Mr. Wills was chairman of the board at the Cleveland Fed twice: once from October 8, 1914, to September 20, 1920, and again from March 5, 1921 to October 22, 1925.[14][15]
In January 1932, the directors were Ralph M. Dravo, Harry C. Graham, N.E. graham, Sherwood C. Martin, Albert P. Meyer, M.L. O'Brien, W.O. Phillips, J. Raymond Price, Edward E. Rieck, G.B. Ryland, Edwin E. Slick and James D. Callery. The officers were James D. Callery, president; W.O. Phillips, vice president; M.L. O'Brien, vice president & cashier; L.E. Husemen and C.A. Johnston, assistant cashiers. The bank had total assets of $18,658,104.71, capital $600,000, Surplus $1,500,000, undivided profits $436,254.05 circulation $300,000 and deposits $15,643,554.52.[16]
On November 14, 1932, the Diamond National Bank, one of Pittsburgh's oldest financial institutions, suspended operations pending possible reorganization. The board of directors decided on the action late Saturday as the best method of conserving the assets of the institution, which had been subject to withdrawals of over $17 million in the past 18 months. At the time of closing the deposits were $9,919,000 and the clientele consisted of 25,000 depositors. William Taylor, chief national bank examiner of the Fourth Federal Reserve district, was placed in charge of the bank. Acting Comptroller of the Currency Awalt appointed Robert R. Gordon the receiver. Gordon was also receiver of the closed Exchange National Bank and would continue in that capacity in addition to his new duties.[17]
On April 25, 1933, application for a charter for a new bank to take over assets of the closed Diamond and Monongahela National Banks was approved by the Comptroller of the Currency. The bank would open soon with capital, surplus and undivided profits of $1,050,000, made up of cash subscriptions. The name was Pitt National Bank of Pittsburgh, Charter 13701, and it would occupy the quarters of the Diamond National Bank at Fifth and Liberty Avenues. A proportion of frozen deposits in the two closed banks would become available immediately. This proportion has not been set, but those active in the reorganization said that it probably would be near the amounts set when the bank was conceived several months ago, 45% of Diamond deposits and 60% of the Monongahela's. While officers and directors could not be elected until the charter was obtained, the board of directors selected Charles A. Fisher for president and A.J. Huglin as vice president. Mr. Fisher formerly was president of Jones and Laughlin Steel Corporation. Mr. Huglin was a former vice president of the Diamond National Bank.[18]
In October 1933, Receiver Gordon reported cash of $334,275 and remaining uncollected assets of $7,746,826. A recent additional loan from the RFC aided in increasing dividends to depositors from 48 1/3 to 65%.[19]
Official Bank Title(s)
1: The Diamond National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $6,683,730 in National Bank Notes was issued by this bank between 1875 and 1932. This consisted of a total of 757,674 notes (654,816 large size and 102,858 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x10-20 1 - 900 Series 1875 3x10-20 1 - 3306 1882 Brown Back 4x5 1 - 10000 1882 Brown Back 3x10-20 1 - 5200 1882 Brown Back 50-100 1 - 4310 1882 Date Back 4x5 1 - 23500 1882 Date Back 3x10-20 1 - 17086 1882 Date Back 50-100 1 - 244 1902 Date Back 4x5 1 - 5000 1902 Date Back 3x10-20 1 - 4000 1902 Plain Back 4x5 5001 - 62386 1902 Plain Back 3x10-20 4001 - 39049 1929 Type 1 6x5 1 - 10244 1929 Type 1 6x10 1 - 5489 1929 Type 1 6x20 1 - 1410
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1932):
Presidents:
- Abraham Garrison, 1875-1893
- William M. Hersh, 1894-1901
- John Sullivan Scully Sr. , 1902-1902
- William Price, 1903-1924
- James Dawson Callery, 1925-1931
Cashiers:
- John Sullivan Scully Sr. , 1875-1898
- George William Crawford, 1899-1901
- Harry Cornelius Wettengel, 1902-1903
- David Crawford Wills, 1904-1914
- Walter Oliver Phillips, 1915-1924
- Maurice L. O'Brien, 1925-1931
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Bank Note History Links
Sources
- Pittsburgh, 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
- Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, pp 748-753.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Tue., June 21, 1870.
- ↑ Monongahela Valley Republican, Monongahela, PA, Thu., Mar. 18, 1875.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Tue., Sep. 30, 1902.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sun., Nov. 16, 1902.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sun., Jan. 18, 1903.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Sun., Nov. 15, 1903.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Tue., Apr. 4, 1905.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., Jan. 5, 1906.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sat., Jan. 4, 1913.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Wed., Jan. 15, 1913.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Sun., Jan. 18, 1914.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Fri., Sep. 18, 1914.
- ↑ Pittsburgh Daily Post, Pittsburgh, PA, Sun., Oct. 25, 1914.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Thu., Oct. 8, 1914.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Mon., Oct. 12, 1914.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 5, 1932.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Mon., Nov. 14, 1932.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Apr. 25, 1933.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., Oct. 10, 1933.