Farmers and Mechanics NB, Philadelphia, PA (Charter 538)
Farmers and Mechanics NB, Philadelphia, PA (Chartered 1864 - Liquidated 1918)
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 October 20, 1864
- Chartered October 22, 1864
- Succeeded Farmers and Mechanics Bank (1807-1864)
- Liquidated August 31, 1918
- Absorbed by 539 (Philadelphia National Bank, Philadelphia, PA)
The Farmers' and Mechanics' Bank began as a State bank, founded in 1807 and incorporated in 1809. In September 1811, Henry Kuhl, Esq., late assistant cashier in the Bank of the United States, was elected cashier of the Farmers' and Mechanics' Bank in Philadelphia in place of Joseph Clay, Esq., deceased.[1]
Singleton Alexander Mercer was President from 1847-1867 and would oversee the conversion of the bank to a National Bank. Mercer also was the Treasurer of the Bounty Fund Commission during the Civil War. For many years around the turn of the 20th century, the bank handled the city's bond issues.
On November 19, 1860, the stockholders of the Farmers' and Mechanics' Bank elected the following directors: S.A. Mercer, Edwin M. Lewis, Robert V. Massey, Joshua B. Lippincott, James R. Campbell, I. Pemberton Hutchinson, Francis Tete, John C. Farr, Isaac S. Waterman, Benjamin A. Farnham, Lindley Smyth, Richard E. Dale, and Joseph C. Grubb. On November 26th, the directors unanimously re-elected S.A. Mercer, Esq., president; Edwin M. Lewis, Esq., vice president; and W. Rushton, Jr., cashier.[2]
In January 1865, the following were elected directors: S.A. Mercer, Edwin M. Lewis, John Ashhurst, Antonio J. Antelo, Joseph S. Lovering, Jr., Benjamin A. Farnham, Joshua B. Lippincott, James R. Campbell, Francis Tete, J. Edward Farnum, Wm. M. Farr, Lindley Smyth, and Wm. H. Merrick.[3]
On January 16, 1867, at a meeting of the Directors, S.A. Mercer, Esq., Declined re-election on account of ill health, Edwin M. Lewis, Esq. was unanimously elected president and John Ashhurst, Esq., was unanimously elected vice president.[4]
In July 1875, Mr. William Rushton, Jr., cashier of the Farmers and Mechanics National Bank for many years, was elected vice president an Mr. Samuel W. Bell succeeded him as cashier.[5] On October 9th, William Rushton, Jr., in the 53rd year of his age, died. The funeral was held from his late residence, No. 54 N. Fortieth Street.[6]
On June 20, 1882, the directors elected the following officers: E.M. Lewis, president; Samuel W. Bell, vice president; Henry C. Stroup, cashier; John Mason, transfer officer; and Willie Rushton, assistant cashier.[7]
On January 12, 1910, the following stockholders were elected directors for the ensuing year: Howard W. Lewis, Craig Lippincott, John F. Lewis, Henry C. Stroup, Clement B. Newhold, Edmund H. McCullough, George L. Farnum, C.S.W. Packard, J. Franklin McFadden, G. Colesberry Purves, James Crosby Brown, Arthur E. Newbold, and J. Bertram Lippincott. At a meeting of the directors held on the 18th, Mr. Howard W. Lewis was unanimously re-elected president. Henry B. Bartow was cashier.[8] In March 1910, the vacancy on the board of directors caused by the death of Mr. Henry C. Stroup was filled by the election of Mr. Robert E. Hastings, a member of the firms of Hastings & Co. and Morgan, Hastings & Co., gold leaf.[9]
In 1918, president Howard W. Lewis notified stockholders that The Philadelphia National Bank desired to buy the business and made on offer to purchase promissory and demand notes, bonds and short-time securities and the bank building as well as the bank's good will. Further, the president would become a vice president of the Philadelphia National Bank, Mr. Schlagle, the Cashier, would become an Assistant Cashier and Mr. Millett, the assistant cashier, would become an assistant cashier of that bank. The board of directors recommended accepting the offer and that the current president should act as liquidating agent to liquidate all assets of the bank not sold to the Philadelphia National Bank and account for the proceeds to the stockholders. The predicted sale was estimated to result in a return in excess of $180 per share. A meeting of the stockholders to vote on the recommendation was planned for August 30, 1918 at 12 o'clock noon at the bank building, subject to approval of the Comptroller of the Currency.[10] The stockholders approved and the bank was liquidated August 31, 1918.
The Farmers and Mechanics NB was absorbed by the Philadelphia NB which was organized in 1803 and occupied the building at 421 Chestnut Street since 1859.[11]
The Library of Congress houses dramatic photos of the Farmers' and Mechanics' bank located on 427 Chestnut Street, part of the Historic American Buildings Survey.
Official Bank Title(s)
1: The Farmers and Mechanics National Bank of Philadelphia, PA
Bank Note Types Issued
A total of $26,695,710 in National Bank Notes was issued by this bank between 1864 and 1918. This consisted of a total of 3,306,552 notes (3,306,552 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 - 25500 Original Series 3x10-20 1 - 10900 Original Series 50-100 1 - 7000 Series 1875 4x5 1 - 13344 Series 1875 3x10-20 1 - 18951 Series 1875 50-100 1 - 2500 1882 Brown Back 4x5 1 - 143750 1882 Brown Back 3x10-20 1 - 59850 1882 Brown Back 50-100 1 - 8050 1902 Red Seal 4x5 1 - 67500 1902 Red Seal 4x10 1 - 34250 1902 Red Seal 3x10-20 1 - 21944 1902 Date Back 4x5 1 - 196500 1902 Date Back 4x10 1 - 165000 1902 Plain Back 4x5 196501 - 238294 1902 Plain Back 4x10 165001 - 183580
Bank Presidents and Cashiers
The Farmers and Mechanics National Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1918):
Presidents:
- Singleton A. Mercer, 1864-1866
- Edwin Mower Lewis, 1867-1883
- Samuel Wilson Bell, 1884-1891
- Henry C. Stroup, 1892-1903
- Howard W. Lewis, 1904-1917
Cashiers:
- William Rushton, Jr., 1864-1874
- Samuel Wilson Bell, 1875-1881
- Henry C. Stroup, 1882-1891
- Howard W. Lewis, 1892-1903
- Henry Blackwell Bartow, 1904-1913
- Edward Sidney Lewis, 1915-1917
- John Schlagle, Cashier 1918
Other Bank Note Signers
- No other known 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, 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://bbdata.banknotehistory.com
- Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 18.
- Castner, Samuel, Jr., 1843-1929 - Compiler, Burk & McFetridge. Castner Scrapbook v.8, Financial, page 1A. Scrapbooks. Free Library of Philadelphia: Philadelphia, PA. (accessed Aug. 21, 2022)
- Historic American Buildings Survey, Creator. Farmers' & Mechanics' Bank, 427 Chestnut Street, Philadelphia, Philadelphia County, PA. Documentation Compiled After. Photograph. Retrieved from the Library of Congress (accessed Mar. 30, 2024).
- ↑ Alexandria Gazette, Alexandria, VA, Thu., Sep. 12, 1811.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Dec. 1, 1860.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 12, 1865.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 16, 1867.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., July 8, 1875.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Oct. 11, 1875.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., June 21, 1882.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 19, 1910.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Mar. 9, 1910.
- ↑ Evening Public Ledger, Philadelphia, PA, Thu., Aug. 1, 1918.
- ↑ Philadelphia and Notable Philadelphians, Moses King, Blanchard Press, Isaac H. Blanchard Co., New York, 1902, p. 18.