Monongahela National Bank, Pittsburgh, PA (Charter 3874)
Monongahela National Bank, Pittsburgh, PA (Chartered 1888 - Receivership 1931)
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 April 9, 1888
- Chartered April 25, 1888
- Absorbed 4918 December 27, 1923 (NB of Western PA/Western NB, Pittsburgh, PA)
- Receivership October 29, 1931
In January 1888, the incorporating papers were in the hands of the Comptroller of the Currency for the Monongahela National Bank of Pittsburgh. The following were listed as incorporators: Thomas Jamison, of Jamison, McCandless & Co.; J.W. Grove, wholesale dealer; J.J. Porter, of Porter & Donaldson; John Hood, grain merchant; J.G. Stephenson, of Armbuthnot, Stephenson & Co.; Thomas McCance, of Thomas McCance & Son; William Campbell, of Campbell & Dick; Theo. Sproul, of Myers, Shinkle & Co.; George Lyle, of Lyle & McCance. Thomas Jamison was named for president of the new bank, and John D. Frasier, of the German National Bank, would be elected cashier. The capital of the new bank would be $250,000, with the privilege of increasing it to $500,000. Under the present government requirements regarding national banks, the shares would be for $100 each, 50 cents, to be paid in and the balance due in monthly payments of 10%. The projectors of the bank were considering several locations, all of them quite central and not far from Fifth Avenue and Wood Street. The bank opened for business on Tuesday, May 1st at the corner of Wood and Liberty Streets. Security of funds was provided by a Corliss burglar proof safe inside a fire-proof vault.
See the page for the Western National Bank of Pittsburgh, Charter 4918, for more information about the December 27, 1923 merger.
On Tuesday, January 14, 1930, W.H. Jackson, Arthur G. Spurlock and Frank Wilbur Main were newly elected directors joining George M. Jones, John W. Lloyd, D.W. McNaugher, James E. Fulton, Frederick C. MacMillan, Robert L. Clause, Edward W. Crellin, Charles C. Henderson, William E. Evans, Allen Kirkpatrick, Jr., Samuel G. Cooper, R.V. Bingay, Frank R. Dravo, John C. Hill, and M.S. Vandevort. T.H.B. McKnight retired as director.
In November 1930, George E. Benson was president-elect of the Monongahela National. He was a local boy born in Shadyside and without the proverbial "silver spoon" in his mouth. He did not boast a college education, having gained his education in the public schools at Middletown, Pennsylvania where he went with his parents at the age of five. Mr. Benson had been with the Union Trust since 1923. He said "I believe the Monongahela Bank has plenty of room to grow, and I think I can help it grow as I believe it should. It is one of the old financial institutions of Pittsburgh, enjoying the faith of thousands of persons, and I think I am going into a field where I will have a wonderful opportunity to do good for the bank, the community and the depositors." He started with National Tube Company as a clerk in 1899, the same year that National Tube was born. In 1912 he was made treasurer of the company and held the position until 1923 when Union Trust made him the vice president.
In January 1931, the officers were Charles C. Henderson, Chairman of the Board; George E. Benson, President; Frederick C. MacMillan, Vice President; Malcolm S. Vandevort, Cashier; Ralph W. Mercer, F.S. Callander, and H.C. Burchinal, Assistant Cashiers.
On October 21, 1931, the Monongahela National Bank closed its doors voluntarily with the expectation by officers that depositors would be paid in full. The action was directed by resolution of directors and affairs were turned over to B.J. Blakely, national bank examiner. George E. Benson, president of the Wood Street institution, issued the following statement: "The closing of the Monongahela National Bank was a voluntary act of the officers and directors. It was done while the bank is in a solvent condition to protect our loyal depositors who remained with us in these times of stringency. We hope the closing will be only temporary and fully believe 100 cents on every dollar will be paid to each depositor." The bank listed deposits of $13,245,536 and resources of $20,326,292 when the last bank call was issued September 29th. The Homewood Peoples Bank was also taken over by the State Banking Department, following closing of the Monongahela National. J.D. Swigert, chief bank examiner said the Monongahela National was the depository of the Homewood Peoples Bank, which had no connection with any other bank. He said the directors asked the state to take charge to prevent a run and conserve assets.
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.
The receiver of the Monongahela National Bank, in the statement of December 31, 1935, showed all of the $533,000 RFC loans repaid, whereas on September 30, $302,000 had been repaid. Cash on hand declined from $75,628 to $72,340. There were reports the receiver would obtain another RFC loan to make an additional dividend to depositors, who had received 75%. Remaining assets December 31, 1935, had a book value of $5,726,997 and an estimated value of $1,052,000.
Official Bank Title
1: The Monongahela National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $8,306,390 in National Bank Notes was issued by this bank between 1888 and 1931. This consisted of a total of 1,009,470 notes (898,506 large size and 110,964 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 16390 1882 Brown Back 3x10-20 1 - 11585 1882 Brown Back 50-100 1 - 925 1902 Red Seal 4x5 1 - 2000 1902 Red Seal 3x10-20 1 - 1200 1902 Date Back 4x5 1 - 42330 1902 Date Back 3x10-20 1 - 34668 1902 Plain Back 4x5 42331 - 111265 1902 Plain Back 3x10-20 34669 - 81724 1929 Type 1 6x5 1 - 11451 1929 Type 1 6x10 1 - 5660 1929 Type 1 6x20 1 - 1383
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1888 - 1931):
Presidents:
- Thomas Jamison, 1888-1896
- James W. Grove, 1897-1924
- James Ernest Fulton, 1925-1929
- George Edward Benson, 1930-1930
Cashiers:
- John D. Fraser, 1888-1919
- James Ernest Fulton, 1920-1924
- Malcolm Shurat Vandervort, (Sr.), 1925-1930
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 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
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 25, 1888.
- Pittsburgh Daily Post, Pittsburgh, PA, Mon., Apr. 30, 1888.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 15, 1930.
- The Pittsburgh Press, Pittsburgh, PA, Sat., Nov. 15, 1930.
- The Pittsburgh Press, Pittsburgh, PA, Sat., Jan. 3, 1931.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Oct. 21, 1931.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Apr. 25, 1933.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., Jan. 14, 1936.