Eighth National Bank, Philadelphia, PA (Charter 522)
Eighth National Bank, Philadelphia, PA (Chartered 1864 - Closed 1930)
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 September 5, 1864
- Chartered September 27, 1864
- Closed April 30, 1930
- Consolidated with Charter 1 (2731) Apr 30, 1930 which assumed its circulation (First National Bank, Philadelphia, PA)
On January 9, 1866, the following were elected directors: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, Charles H. Craige, William King, I.S. Custer, Henry S. Ziegler, James Long, John F. Norcross, W.W. Adams, Jacob Grim and William J. Heiss.
On January 11, 1876, the stockholders elected the following directors: Jacob Naylor, James Irwin, Jacob B. Neafie, Charles N. Childs, William King, I.S. Custer, Henry S. Ziegler, James Long, John F. Norcross, W.W. Adams, Jacob Grim, A. Lincoln, and G.L. Sonneborn. The officers were unanimously re-elected the next day and included Jacob Naylor, Esq., president; James Long, Esq., vice president; and Robert H. Williams, cashier.
On January 13, 1880, the following gentlemen were elected directors: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, A. Lincoln, G.L. Sonneborn, John Scanlin, and M.H. Dickinson. The next day the directors elected Jacob Naylor, president; James Long, vice president and J.A. Irwin, cashier.
In January 1883, The directors were Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, G.L. Sonneborn, John Scanlan, Robert Patterson and Samuel Diston.
On January 13, 1885, the directors elected were: Jacob Naylor, James Irwin, Jacob G. Neafie, Charles N. Childs, William King, I.S. Custer, James Long, W.W. Adams, Jacob Grim, John Scanlin, Robert Patterson, Samuel Disston, and Charles Porter. The officers elected were Jacob Naylor, president; James Long, vice president; and J.A. Irwin, cashier. This was Mr. Porter's first year as a director.
On January 11, 1910, the following were elected directors for the ensuing year: Charles Porter, Samuel Bell, Jr., Robert Carson, Thomas A. Harris, Frank Buck, Wm. J. Montgomery, Samuel T. Kerr, Robert S. Irwin, Theo. F. Miller, Frank C. Gillingham. The directors unanimously elected Wm. J. Montgomery (of Wm. Montgomery & Co.), president; Samuel Bell, Jr. (of Samuel Bell & Sons), vice president; Charles B. Cooke, cashier; John D. Adair, assistant cashier; and E.O. Michener, Esq., solicitor.
On 14 January, 1930, the following gentlemen were elected directors: Samuel Bell, Jr., Robert Carson, Frank Buck, Wm. J. Montgomery, David Halstead, Alexander D. Irwin, William D. Schramm, and Wilson S. Yerger. On the 15th, the directors unanimously re-elected Wm. J. Montgomery, president; Samuel Bell, Jr., vice president; Charles B. Cooke, cashier; John D. Adair, assistant cashier; Wm. A. Nickert, assistant cashier & trust officer; Duane, Morris & Heckscher, counsel; and Louis D. Casher, notary public.
| Bank | Capital
Stock |
Surplus and
Net Profits |
Loans, Discounts,
and Investments |
Exchanges for
Clearing House |
Due from Banks | Total Deposits
(add 000) |
Reserve with Fed.
Res. Bank |
Cash in
Vaults |
|---|---|---|---|---|---|---|---|---|
| Philadelphia National Bank | 14,000,000 | 39,024,000 | 221,906,000 | 26,176,000 | 29,990,000 | 242,558 | 17,060,000 | 1,462,000 |
| Pa. Co. for Insurance on Lives
& Granting of Annuities |
6,500,000 | 33,259,000 | 146,169,000 | 6,362,000 | 22,233,000 | 138,874 | 9,677,000 | 1,598,000 |
| Commercial N&T Co. | 2,000,000 | 3,130,000 | 27,361,000 | 371,000 | 1,051,000 | 23,101 | 1,453,000 | 516,000 |
| Kensington National Bank | 350,000 | 900,000 | 9,011,000 | 151,000 | 295,000 | 8,359 | 459,000 | 212,000 |
| Penn National Bank | 1,000,000 | 4,081,000 | 19,129,000 | 367,000 | 2,078,000 | 17,347 | 1,323,000 | 308,000 |
| Tradesmens NB&TCo. | 3,300,000 | 5,612,000 | 41,542,000 | 633,000 | 2,900,000 | 35,786 | 2,673,000 | 442,000 |
| Corn Ex. NB&TCo. | 4,550,000 | 13,727,000 | 81,629,000 | 2,436,000 | 9,785,000 | 91,441 | 6,351,000 | 1,093,000 |
| First National Bank | 2,500,000 | 7,231,000 | 52,501,000 | 1,802,000 | 7,427,000 | 55,406 | 4,190,000 | 601,000 |
| Sixth National Bank | 300,000 | 632,000 | 8,109,000 | 160,000 | 333,000 | 7,466 | 452,000 | 136,000 |
| Eighth National Bank | 275,000 | 1,821,000 | 8,404,000 | 80,000 | 229,000 | 7,084 | 509,000 | 232,000 |
| Central National Bank | 2,040,000 | 7,970,000 | 38,955,000 | 1,172,000 | 4,294,000 | 9,087 | 692,000 | 223,000 |
| Nat. Security B&TCo. | 400,000 | 3,633,000 | 11,833,000 | 214,000 | 577,000 | 36,077 | 2,718,000 | 585,000 |
| Ninth B&T Co. | 1,375,000 | 3,260,000 | 29,865,000 | 235,000 | 875,000 | 26,541 | 1,730,000 | 676,000 |
| Integrity Trust Co. | 2,077,000 | 13,071,000 | 63,823,000 | 501,000 | 1,855,000 | 48,874 | 2,923,000 | 495,000 |
| Northwestern NB&TC | 500,000 | 2,441,000 | 9,137,000 | 155,000 | 327,000 | 6,997 | 532,000 | 206,000 |
| Southwestern National Bank | 300,000 | 363,000 | 2,769,000 | 49,000 | 21,000 | 2,461 | 202,000 | 57,000 |
| Market St. National Bank | 1,000,000 | 3,866,000 | 20,108,000 | 778,000 | 3,018,000 | 19,477 | 1,317,000 | 226,000 |
| Girard Trust Co. | 4,000,000 | 17,469,000 | 80,216,000 | 953,000 | 3,408,000 | 64,682 | 5,236,000 | 430,000 |
| Fidelity-Phila. Trust Co. | 6,700,000 | 26,274,000 | 99,757,000 | 1,532,000 | 2,552,000 | 79,033 | 6,776,000 | 442,000 |
| Provident Trust Co. | 3,200,000 | 17,207,000 | 45,085,000 | 508,000 | 1,553,000 | 25,925 | 2,205,000 | 276,000 |
| Colonial Trust Co. | 3,999,000 | 8,050,000 | 40,649,000 | 371,000 | 1,909,000 | 36,255 | 2,326,000 | 847,000 |
| City National B&T Co. | 1,125,000 | 1,235,000 | 7,159,000 | 136,000 | 610,000 | 5,771 | 407,000 | 134,000 |
| Total | 61,491,000 | 214,256,000 | 1,065,117,000 | 45,142,000 | 97,320,000 | 988,602 | 71,202,000 | 11,197,000 |
On February 13, 1930, two former employees of the Eighth National Bank were held under $2,500 bail each for court after the head cashier testified they had extorted $5,000 from the bank by writing threatening letters. The accused were Earl H. Campbell and Thomas F. Wiggins, Jr. Charles B. Cooke, cashier, told how the bank after receiving several anonymous and threatening letters paid $5,000 to recover $50,000 worth of bonds for which he said $25,000 had at first been demanded. In May 1928, Cooke said the bonds disappeared from his desk in the bank. The threatening letters began to arrive, each one reducing the ransom figure from $25,000 eventually to $5,000. The bank decided to recover the bonds and gave the money to a messenger boy who returned them. Later, handwriting experts identified the writing on the letters as that of Campbell. On March 11, 1930, Earl Campbell, 20, of Camden, New Jersey and Thomas F. Wiggins, Jr., 24, of Philadelphia were sentenced to three months each in the Mercer County Jail at Trenton after they pleaded guilty to charges of embezzling $2,940 from the Eighth National Bank. They were formerly employed as clerks in the bank.
On March 19, 1930, an agreement to merge the Eighth National Bank and the First National Bank of Philadelphia was made between the directors of the two well-known financial institutions. The consolidation was on a basis of 4 1/2 shares of Eighth National for each share of First National stock. The directors of the Eighth National would continue as the advisory board of the Eighth National office of the First National Bank. The First National had offices at 315 Chestnut Street, 1500 Walnut Street, and Thirty-second and Market Streets and the Eighth National was located at Second and Girard Avenue, convenient to Northeast Philadelphia. Both the First National Bank and the Eighth National specialized in services to the commercial community. Their similarity of objective made consolidation and its incidental economics a matter of good business for both institutions. The name of the merged concerns was the First National Bank of Philadelphia.
On May 2, the Treasury Department announced its approval of the consolidation. The First National brought $2,500,000 into the merger and the Eighth National $275,000 (see table above). The establishment of a branch of the bank at Second Street and Girard Avenue was also approved.
Official Bank Title(s)
1: The Eighth National Bank of Philadelphia, PA
Bank Note Types Issued
A total of $6,263,090 in National Bank Notes was issued by this bank between 1864 and 1930. This consisted of a total of 802,680 notes (748,788 large size and 53,892 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 - 2500 Original Series 3x10-20 1 - 2300 Original Series 50-100 1 - 2080 Series 1875 4x5 1 - 6250 Series 1875 3x10-20 1 - 4020 Series 1875 50-100 1 - 346 1882 Brown Back 4x5 1 - 1500 1882 Brown Back 3x10-20 1 - 6882 1882 Brown Back 50-100 1 - 2416 1902 Red Seal 4x5 1 - 6000 1902 Red Seal 3x10-20 1 - 2700 1902 Date Back 4x5 1 - 9250 1902 Date Back 3x10-20 1 - 7000 1902 Date Back 50-100 1 - 2000 1902 Date Back 3x50-100 1 - 2480 1902 Plain Back 4x5 9251 - 141444 1902 Plain Back 3x10-20 7001 - 7700 1929 Type 1 6x5 1 - 8771 1929 Type 1 6x10 1 - 168 1929 Type 1 6x20 1 - 20 1929 Type 1 6x50 1 - 22 1929 Type 1 6x100 1 - 1
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1930):
Presidents:
- Jacob Naylor, 1864-1897
- James A. Irwin, 1898-1899
- Charles Porter, 1900-1909
- William J. Montgomery, 1910-1929
Cashiers:
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
- Eighth National Bank of Philadelphia: A Record of Forty Years, 1864-1904
- The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 22, 1866.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 14, 1876.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 15, 1880.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1883.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 17, 1885
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 13, 1910.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., Jan. 14, 1930
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 18, 1930.
- Reading Times, Reading, PA, Fri., Feb. 14, 1930.
- Reading Times, Reading, PA, Wed., Mar. 12, 1930.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 20, 1930.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., May 3, 1930.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., July 3, 1930.