German National Bank, Pittsburgh, PA (Charter 757)
German National Bank, Pittsburgh, PA (Chartered 1865 - Receivership 1915)
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.
Aside from steel, Pittsburgh has led in the manufacturing of other important materials — aluminum and glass — and in the petroleum industry. Additionally, it is a leader in computing, electronics, and the automotive industry. For part of the 20th century, Pittsburgh was behind only New York City and Chicago in corporate headquarters employment; it had the most U.S. stockholders per capita. Deindustrialization in the 1970s and 1980s laid off area blue-collar workers as steel and other heavy industries declined, and thousands of downtown white-collar workers also lost jobs when several Pittsburgh-based companies moved out. The population dropped from a peak of 675,000 in 1950 to 370,000 in 1990. However, this rich industrial history left the area with renowned museums, medical centers, parks, academic institutions, research centers, and a diverse cultural district.
After the deindustrialization of the mid-20th century, Pittsburgh has transformed into a hub for the health care, education, and technology. Pittsburgh is a leader in the health care sector as the home to large medical providers such as University of Pittsburgh Medical Center (UPMC). The area is home to 68 colleges and universities, including research and development leaders Carnegie Mellon University and the University of Pittsburgh. Google, Apple Inc., Bosch, Facebook, Uber, Nokia, Autodesk, Amazon, Microsoft and IBM are among 1,600 technology firms generating $20.7 billion in annual Pittsburgh payrolls. The area has served as the long-time federal agency headquarters for cyber defense, software engineering, robotics, energy research and the nuclear navy. The nation's fifth-largest bank, eight Fortune 500 companies, and six of the top 300 U.S. law firms make their global headquarters in the area, while RAND Corporation (RAND), BNY Mellon, Nova, FedEx, Bayer, and the National Institute for Occupational Safety and Health (NIOSH) have regional bases that helped Pittsburgh become the sixth-best area for U.S. job growth.
Pittsburgh was named in 1758, by General John Forbes, in honor of British statesman William Pitt, 1st Earl of Chatham. Pittsburgh was incorporated as a borough on April 22, 1794. From 1891 to 1911, the city's name was federally recognized as "Pittsburg", though use of the final h was retained during this period by the city government and other local organizations including most, but not all national banks. After a public campaign, the federal decision to drop the h was reversed.
The North Side is home to various neighborhoods in transition. What is known today as Pittsburgh's North Side was once known as Allegheny City, and operated as a city independently of Pittsburgh until it was merged with Pittsburgh in 1907 under great protest from its citizens.
The South Side was once the site of the Pennsylvania Railroad rail yards and associated dense, inexpensive housing for mill and railroad workers. Since the late 20th century, the city undertook a Main Street program in cooperation with the National Trust for Historic Preservation, encouraging design and landscape improvements on East Carson Street, and supporting new retail. The area has become a local Pittsburgher destination. East Carson Street has developed as one of the most vibrant areas of the city, packed with diverse shopping, ethnic eateries, vibrant nightlife, and live music venues.
In 1993 the Urban Redevelopment Authority of Pittsburgh purchased the South Side Works steel mill property. It collaborated with the community and various developers to create a master plan for a mixed-use development, to include a riverfront park, office space, housing, health-care facilities, and indoor practice fields for the Pittsburgh Steelers and Pitt Panthers. Construction began in 1998. The South-Side Works has been open since 2005, featuring many stores, restaurants, offices, and the world headquarters for American Eagle Outfitters.
The East End of Pittsburgh is home to the University of Pittsburgh, Carnegie Mellon University, Carlow University, Chatham University, The Carnegie Institute's Museums of Art and Natural History, Phipps Conservatory, and Soldiers and Sailors Memorial Hall. It is also home to many parks and public spaces including Mellon Park, Westinghouse Park, Schenley Park, Frick Park, The Frick Pittsburgh, Bakery Square, and the Pittsburgh Zoo and PPG Aquarium. The neighborhoods of Shadyside and Squirrel Hill are large, wealthy neighborhoods with some apartments and condos, and pedestrian-oriented shopping/business districts. Squirrel Hill is also known as the hub of Jewish life in Pittsburgh, home to approximately 20 synagogues. Oakland, heavily populated by undergraduate and graduate students, is home to most of the universities, and the Petersen Events Center. The Strip District to the west along the Allegheny River is an open-air marketplace by day and a clubbing destination by night. Bloomfield is Pittsburgh's Little Italy and is known for its Italian restaurants and grocers. Lawrenceville is a revitalizing rowhouse neighborhood popular with artists and designers. The Hill District was home to photographer Charles Harris as well as various African-American jazz clubs. Other East End neighborhoods include Point Breeze, Regent Square, Homewood, Lincoln-Lemington-Belmar, Larimer, East Hills, East Liberty, Polish Hill, Hazelwood, Garfield, Morningside, and Stanton Heights.
The West End includes Mt. Washington, with its famous view of the Downtown skyline and numerous other residential neighborhoods such as Sheraden and Elliott.
Pittsburgh had 47 National Banks chartered during the Bank Note Era, and 46 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 December 29, 1864
- Chartered January 26, 1865
- Succeeded German Trust and Savings Bank
- Receivership March 4, 1915
In September 1863, Geo. A. Endly was the cashier and A. Hoeveler, president of the German Trust and Saving Bank, corner of Sixth and Wood Streets. The banks advertisements appeared continuously until April 1864.
On January 26, 1865, the Comptroller of the Currency authorized The German National Bank of Pittsburgh to commence the business of banking. The officers were Augustus Hoeveler, president; Springer Harbaugh, vice president; and George A. Endly, cashier. The bank's report of April 3, 1865 had Capital Stock paid in of $246,800, Circulation of 50,000, and deposits of $519,734.87 against Loans and Discounts of $304,265.31, U.S. Securities of $238,400 and Real Estate of $35,859.18.
On January 10, 1882 the directors elected were Adolph Groetzinger, John F. Havekotte, E.H. Myers, Christian Siebert, Peter Haberman, Edward Frauenheim, Martin Heyl, James B. Hill, and H.H. Niemann.
On January 14, 1890, the directors elected were Adolph Groetzinger, John F. Havekotte, Ernest H. Myers, Christian Siebert, Peter Habermann, Edward Frauenheim, Herman H. Niemann, Martin Lappe, and Joseph Vogel, Sr.
On January 9, 1900, the directors elected were E.H. Myers, A. Frauenheim, L. Vilsack, L.S. McKallip, Theodore Havekotte, E.J. Frauenheim, P.W. Siebert, Geroge J. Lappe, and A.E. Succop. Aloysius Frauenheim passed away on January 18th. He was a former vice president and a director.
On January 12, 1915, the directors elected were A.A. Frauenheim, Charles A. Fagan, J.S. Craig, E.J. Vilsack, Joseph Heidenkamp, Joseph H. Schramm, W.W. Ramsey, J.F.W. Eversmann and R.E. Reed.
On March 20, 1915, Comptroller of the Currency John Skelton Williams announced that William L. Wilson, formerly of Pittsburgh, but now of Baltimore was appointed receiver of the German National Bank of Pittsburgh. National Bank Examiner Cooper had been in charge of the bank since it closed its doors. The assets of the bank at the time were about $5 million. Mr. Cooper was reassigned to Cleveland as chief national bank examiner for the Fourth Federal District. Comptroller of the Currency Williams blamed persistent disregard of the elementary principles of sound banking for the closing. Williams stated "This department has been earnestly endeavoring to rectify and ameliorate the bad conditions which were found to exist in this bank at the beginning of this administration. The troubles of the bank had, however, progressed too far, and depositors and shareholders are paying the price of bad management. The failure was not caused by a run, but by a persistent disregard of the elementary principles of sound banking."
Official Bank Title(s)
1: The German National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $5,457,510 in National Bank Notes was issued by this bank between 1865 and 1915. This consisted of a total of 593,090 notes (593,090 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 3x1-2 1 - 2000 Original Series 4x5 1 - 7300 Original Series 3x10-20 1 - 4100 Original Series 50-100 1 - 370 Series 1875 4x5 1 - 5375 Series 1875 3x10-20 1 - 3504 Series 1875 50-100 1 - 550 1882 Brown Back 4x5 1 - 14608 1882 Brown Back 3x10-20 1 - 9028 1882 Brown Back 50-100 1 - 3885 1902 Red Seal 4x5 1 - 20250 1902 Red Seal 3x10-20 1 - 12700 1902 Red Seal 50-100 1 - 400 1902 Date Back 4x5 1 - 39775 1902 Date Back 3x10-20 1 - 26580 1902 Date Back 50-100 1 - 500 1902 Date Back 3x50-100 1 - 200
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1915):
Presidents:
- Augustus Hoeveler, 1865-1867
- Adolph Groetzinger, 1868-1898
- Ernest Henry Myers, 1899-1907
- William Wilson Ramsey, 1908-1908
- Joseph F. Erny, 1909-1912
- William Wilson Ramsey, 1913-1914
Cashiers:
- George A. Endly, 1865-1867
- Joseph Laurent, 1868-1889
- Conrad Van Buren, Jr., 1890-1890
- Otto C. Burgdorf, 1891-1898
- William Wilson Ramsey, 1899-1907
- August A. Vilsack, 1908-1908
- John F. W. Eversmann, 1909-1914
Other Bank Note Signers
- John H. E. Wessler Asst Cashier 1891...1897 Signature
- There are currently no known Vice President bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Pittsburgh (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
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
- The Pittsburgh Gazette, Pittsburgh, PA, Tue., Jan. 31, 1865.
- The Pittsburgh Gazette, Pittsburgh, PA, Mon. Feb. 13, 1865.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., Apr. 7, 1865.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed. Jan. 11, 1882.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 15, 1890.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 10, 1900.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 13, 1915.
- Pittsburgh Daily Post, Pittsburgh, PA, Sat., Mar. 20, 1915.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., Mar. 5, 1915.