Penn National Bank, Philadelphia, PA (Charter 540)

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Penn National Bank, ca1900s.
Penn National Bank, ca1900s.

Penn National Bank, Philadelphia, PA (Chartered 1864 - Closed 1930)

Town History

Penn National Bank, 7th & Market Streets, Southwest corner, Philadelphia. Built in 1884 on the site of the house in which Thomas Jefferson wrote the Declaration of Independence, the financial institution remained here until the early 1930s. The Declaration House was rebuilt on the site in 1975.
Penn National Bank, 7th & Market Streets, Southwest corner, Philadelphia. Built in 1884 on the site of the house in which Thomas Jefferson wrote the Declaration of Independence, the financial institution remained here until the early 1930s. The Declaration House was rebuilt on the site in 1975.

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

Bank of Penn Township obsolete $1, Haxby PA-475, June 1st, 1861, with pen signatures of James Russell, Cashier and E. Dallett, President. The center vignette is of The Young Students with a portrait of George Washington at lower, right and a vignette of his tomb at Mount Vernon top, left. This ace was printed by the National Bank Note Company.
Bank of Penn Township obsolete $1, Haxby PA-475, June 1st, 1861, with pen signatures of James Russell, Cashier and E. Dallett, President. The center vignette is of The Young Students with a portrait of George Washington at lower, right and a vignette of his tomb at Mount Vernon top, left. This ace was printed by the National Bank Note Company. Courtesy of Heritage Auctions, www.ha.com
  • Organized October 20, 1864
  • Chartered October 22, 1864
  • Succeeded Bank of Penn Township
  • 3: Closed July 12, 1930
  • 3: Consolidated with 723, July 12, 1930 (Central National Bank, Philadelphia, PA)
  • 3: Circulation assumed by 723 (Central National Bank, Philadelphia, PA)

The Bank of Penn Township was founded in 1828 with capital of $500,000. A run forced its closure on March 16, 1842, however it later reopened. The bank started at 6th and Callowhill Streets and for fifty years occupied the building at 6th and Vine Streets. It became Penn National Bank, charter number 540, in October 1864.

On Tuesday, January 14, 1868, the stockholders elected the following directors: Elijah Dallett, Wm. C. Ludwig, Samuel Bispham, John H. Campbell, Wm. P. Sharpless, Henry Budd, Gillies Dallett, John P. Steiner, and Thos. P. Stotesbury.

On Tuesday, January 11, 1870, the stockholders elected the following directors: Elijah Dallett, Wm. C. Ludwig, Samuel Bispham, Wm. P. Sharpless, Henry Budd, Gillies Dallett, John P. Steiner, Thos. P. Stotesbury, and Joseph J. Williams.

The property at the southwest corner of Seventh and Market Streets was purchased for $80,000 by the Penn National Bank, and a fine bank building was planned for the site. The house in question, an old, four-story brick building, was long ago regarded as the one in which Jefferson wrote the Declaration of Independence, and it was popularly known as the "Cradle of Liberty." It was built in 1775 by Mr. Graeff, father of Frederick Graeff, the designer and builder of the Fairmont Water Works. But there was some controversy that possibly the Declaration was written by Jefferson in the house that stood at No. 702 Market Street, where he boarded at the time with a newly married couple named Graff.

On Saturday, January 6, 1883, Mr. George P. Loughead, one of the founders of the Union League, died after a long illness, at his residence, No. 100 South Twenty-second Street, aged 61 years. For the past fifteen years he had been the cashier of the Penn National Bank, corner of Sixth and Vine Streets.

Tablet placed on the Penn National Bank on February 13, 1884, marking the site where Thomas Jefferson drafted the Declaration of Independence.
Tablet placed on the Penn National Bank on February 13, 1884, marking the site where Thomas Jefferson drafted the Declaration of Independence.

On Wednesday, February 13, 1884, a large bronze shield was placed on the Market Street front of the new building of the Penn National Bank at the southwest corner of Seventh and Market Streets. It bears the following inscription: "On this site originally stood the dwelling in which Thomas Jefferson drafted the Declaration of Independence, which was adopted by the Continental Congress in this city, July 4, 1776. Erected, 1775. Removed, 1883." The question of whether Jefferson drafted the document in the corner house or in the one adjoining on the west side was a matter of dispute, but as the bank building covered both lots, the accuracy of the inscription on the tablet was not in dispute.

On Thursday, September 25, 1884, the new Penn National Bank was opened for business.

On May 26, 1930, it was announced that the Central National Bank and the Penn National Bank would be merged under the name Central-Penn National Bank. Archie D. Swift, President of the Central National and slated for the presidency of the new bank, announced to stockholders that the merger would be based on a share for share basis. The four offices of the Central National Bank at Fifth and Chestnut Streets (the main office off Independence Square), Fifteenth and Sansom Streets, Broad and Passyunk Avenue and Broad and Cambria Streets and the offices of the Penn National Bank at Seventh and Market Streets would be maintained.

Members of the two boards would be retained and constitute the board of directors of the merged bank as follows: Avery D. Andrews, Harry F. Baker, Edwin L. Blabon, William Boyd, Thomas S. Boyle, Clarence M. Brown, Orville H. Bullitt, Grellet Collins, Samuel M. Curwen, Stevens Heckscher, Charles E. Ingersoll, Albert A. Jackson, A. Atwater Kent, Charles F. Kint, Irvin Kohn, Elisha Lee, Gilbert Mather, William J. McGlinn, E. Clarence Miller, Ralph H. North, George Stuart Patterson, William S. Pilling, William Post, Benjamin Rush, Claude A. Simpler, Winthrop Smith, Archie D. Swift, William H. Taylor, Charles Wheeler, Ira Jewell Williams, and Parker S. Williams. All of the officers and the complete personnel of both banks were retained. Officers of the Central National Bank were: Archie D. Swift, president; Stanley E. Wilson, Elwell Whalen, and David R. Carson, vice presidents; Albert H. Ashby, vice president and cashier; Thomas G. Conklin, Leo M. Kelly, Albert B. Roop, Walter S. Chittick, Walter C. Brooks, assistant cashiers; and William Post, chairman of the executive committee. Officers of the Penn National Bank were: Horace C. Beitzel, vice president and cashier; Charles B. Calliman, Ellwood K, Acker, O.H. Clawson and E.M. Maser, assistant cashiers. Combining two important commercial banks of Philadelphia, the enlarged institution would have capital, surplus and profits of approximately $15 million, and deposits in excess of $30 million, with greater facilities to take care of increasing business.

Official Bank Titles

1: The Penn National Bank, Philadelphia, PA

2: The Penn National Bank of Philadelphia, PA [10/21/1884]

3: The Penn National Bank, Philadelphia, PA [1929]

Bank Note Types Issued

Series of 1875 $50-$100 proof sheet for The Penn National Bank.
Series of 1875 $50-$100 proof sheet for The Penn National Bank. Courtesy of the Smithsonian Institution Archives
1902 Date Back $5 bank note with pen signatures of M.G. Baker, Cashier and S.S. Sharp, President.
1902 Date Back $5 bank note with pen signatures of M.G. Baker, Cashier and S.S. Sharp, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plain Back $5 bank note with pen signatures of H.C. Beitzel, Cashier and M.G. Baker, President.
1902 Plain Back $5 bank note with pen signatures of H.C. Beitzel, Cashier and M.G. Baker, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note with printed signatures of H.C. Beitzel, Cashier and M.G. Baker, President.
1929 Type 1 $5 bank note with printed signatures of H.C. Beitzel, Cashier and M.G. Baker, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,527,850 in National Bank Notes was issued by this bank between 1864 and 1930. This consisted of a total of 306,016 notes (297,442 large size and 8,574 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 4x5 1 - 10000
1: Original Series 3x10-20 1 - 2000
1: Original Series 50-100 1 - 800
1: Series 1875 4x5 1 - 3500
1: Series 1875 3x10-20 1 - 3100
1: Series 1875 50-100 1 - 1200
2: 1882 Brown Back 50-100 1 - 1727
2: 1902 Red Seal 4x5 1 - 3800
2: 1902 Red Seal 50-100 1 - 1147
2: 1902 Date Back 4x5 1 - 38080
2: 1902 Date Back 50-100 1 - 2107
2: 1902 Date Back 3x50-100 1 - 3130
2: 1902 Plain Back 4x5 38081 - 45090
2: 1902 Plain Back 3x50-100 3131 - 3380
3: 1929 Type 1 6x5 1 - 1160
3: 1929 Type 1 6x50 1 - 211
3: 1929 Type 1 6x100 1 - 58

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1930):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

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://spmc.org/bank-note-history-project
  • Free Library of Philadelphia, Digital Collections, Penn National Bank.
  • Free Library of Philadelphia, Digital Collections, NEW Penn National Bank
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 13, 1868.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 12, 1870.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., June 8, 1882.
  • The York Dispatch, York, PA, Fri., June 9, 1882.
  • The Bucks County Gazette, Bristol, PA, Thu., Jan. 18, 1883.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 8, 1883.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., Feb. 14, 1884.
  • The Central News, Perkasie, PA, Thu., July 17, 1884.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Sep. 26, 1884.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., May 27, 1930.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., June 7, 1930.
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