Gallatin NB of the City of New York, NY (Charter 1324)
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Gallatin NB of the City of New York, NY (Chartered 1865 - Liquidated 1912)
Town History
New York is located in New York County.
New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes. New York also had 87 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized June 13, 1865
- Chartered June 22, 1865
- Succeeded National Bank
- Liquidated May 27, 1912
- Absorbed by 1352 (Hanover NB of the City of, New York, NY)
- Notation on Organization Report: Conversion; exception #5
Abraham Alfonse Albert Gallatin (1761-1849) is chiefly remembered as the founder of New York University and for his role as a politician and diplomat in the early United States. He represented Pennsylvania in the U.S. House and Senate before being appointed U.S. Secretary of the Treasury by President Thomas Jefferson. Under Jefferson and President James Madison, Gallatin served as secretary from 1801-1814, the longest in American history; he oversaw a reduction of the national debt prior to the War of 1812 and served on the American commission for the Treaty of Ghent, ending the War of 1812, after which he assisted in founding the Second Bank of the United States.
The Gallatin National began business in 1831 as the National Bank in the City of New York under special charter granted in 1829. Albert Gallatin, the first president, had been Secretary of the Treasury under Thomas Jefferson. His son, James Gallatin, succeeded him in 1839, remaining in office until 1868. Frederick D. Tappen, the next president, served until his death in 1902. He had entered the bank in 1850 in a junior position and was a leading figure in the financial history of New York. As president of the Clearing House, he took the lead in guiding the banks of the city through the panic of 1893. The Gallatin continuously occupied the premises at 36 Wall Street except for brief periods during the construction of three successive building on the site. Its original capital was $750,000 which was increased to $1,500,000 in 1857 and reduced to $1,000,000 in 1878. The bank continuously paid dividends since 1832.
On June 23, 1854, the directors appointed Benjamin T. Hoogland, cashier, in the place of F. Dobbs who resigned on account of ill health.
In January 1870, the directors were Adrian Iselin, O.H.P. Noyes, William R. Renwick, John Armstrong, J. Couper Lord, Ernest Caylus, Benjamin Tomes, Frederick D. Tappen, and Adolph Rusch. The officers were Frederick D. Tappen, president; Benjamin Tomes, vice president; Alexander H. Stevens, cashier; and Alexander R. Rodgers, notary public. The capital was $1,500,000; surplus as of October 1869, $556,603; capital limited by articles of association to $5,000,000.
In January 1912, the officers were Samuel Woolverton, president; Adrian Iselin, Jr., vice president; George E. Lewis, cashier and Howell T. Manson, assistant cashier. The directors were Adrian Iselin, Jr., Frederic W. Stevens, Alexander H. Stevens, W. Emlen Roosevelt, Charles A. Peabody, Samuel Woolverton, Charles H. Tweed, and Thomas Denny.
An announcement was made on April 26, 1912 at the conclusion of negotiations for the absorption of the Gallatin National Bank by the Hanover National Bank.
"The absorption by the Hanover National Bank of this city of the Gallatin National Bank has been accomplished carefully and with the best results for the stockholders of both banks. The chief interests of each have had the matter before them for some time, and the management of the Hanover has added to its force that of the other bank. Ernest Iselin, representing the Iselin interest, has been added to the board of the Hanover National Bank; also W. Emlen Roosevelt and President Samuel Woolverton of the Gallatin National, who will become a vice-president, so that the Hanover will inherit in full measure the good will of the Gallatin, and that influence created and fostered by the distinguished men who have been connected with the institution during its long and honorable career."
Immediately upon completion of negotiations the Hanover National assumed charge of the Gallatin's business. In the matter of transferring one bank's business to another, this operation was regarded on Wall Street as a record for expedition. Two-thirds of the stock of the Gallatin National Bank, representing the Iselin-Roosevelt-Woolverton interests were sold to the Hanover people at $405 per share This compared with the last market quotation of the Gallatin stock of $350 per share. Deposits of the Hanover National were around $100,000,000, and its capital and surplus $16,500,000. The Gallatin's capital was $1,000,000, its surplus $2,000,000, and its gross deposits around $10,000,000. In connection with the proposed absorption of the Gallatin National Bank by the Hanover National Bank, a special meeting of the stockholders of the Gallatin National was called for May 27 to approve a resolution for the voluntary liquidation of the bank. The capital stock of the Gallatin National Bank consisted of 20,000 shares at a par value of $50. According to the price paid by the Hanover National Bank for the stock, this represented a cash payment of $4,050,000. Already over two-thirds of this amount had been paid by the Hanover to a majority of the stockholders of the Gallatin, and the remaining stockholders were expected to readily accept the Hanover's offer of $405, regarded as a very fair margin over the market price. It was understood that there was no option for the Gallatin stockholders to exchange their stock into Hanover National Bank stock.
Official Bank Title(s)
1: The Gallatin National Bank of the City of New York, NY
Bank Note Types Issued
A total of $12,534,750 in National Bank Notes was issued by this bank between 1865 and 1912. This consisted of a total of 1,681,396 notes (1,681,396 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 - 28500 Original Series 3x10-20 1 - 8000 Original Series 50-100 1 - 1000 Series 1875 4x5 1 - 40865 Series 1875 3x10-20 1 - 14800 Series 1875 50-100 1 - 1900 1882 Brown Back 4x5 1 - 148389 1882 Brown Back 3x10-20 1 - 60463 1882 Brown Back 50-100 1 - 700 1902 Red Seal 4x5 1 - 37750 1902 Red Seal 4x10 1 - 17500 1902 Red Seal 3x10-20 1 - 12900 1902 Date Back 4x5 1 - 29938 1902 Date Back 4x10 1 - 19444
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1912):
Presidents:
- James Gallatin, 1865-1867
- Frederick Dobbs Tappen, 1868-1901
- Samuel Woolverton, 1902-1911
Cashiers:
- Frederick Dobbs Tappen, 1865-1867
- Alexander Henry Stevens, 1868-1879
- Arthur Whiting Sherman, 1880-1897
- Samuel Woolverton, 1898-1901
- George Everett Lewis Sr., 1902-1911
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- Gallatin National Bank (Wikipedia)
- General information on New York (Wikipedia)
- General information on New York County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- New York, NY, 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
- The Bankers' Magazine, Vol. 24, July 1869-June 1870, p. 796.
- New York Daily Herald, New York, NY, Sun., June 25, 1854.
- The Sun, New York, NY, Mon., Jan. 8, 1912.
- The New York Times, New York, NY, Fri., Apr. 26, 1912.
- The Wall Street Journal, New York, NY, Sat., Apr. 27, 1912.