The First National Bank of Braddock, PA (Charter 2799)
The First National Bank of Braddock, PA (Chartered 1882 - Liquidated 1934)
Town History
Braddock is a borough located in the eastern suburbs of Pittsburgh in Allegheny County, Pennsylvania, 10 miles upstream from the mouth of the Monongahela River. The population was 1,721 as of the 2020 Census.
The borough is named for General Edward Braddock (1695–1755), commander of American colonial forces at the start of the French and Indian War. The Braddock Expedition to capture Fort Duquesne (modern day Pittsburgh) from the French led to the British general's own fatal wounding and a sound defeat of his troops after crossing the Monongahela River on July 9, 1755. This battle, now called the Battle of the Monongahela, was a key event at the beginning of the French and Indian War.
The borough was incorporated on June 8, 1867. The town's industrial economy began in 1873, when Andrew Carnegie built the Edgar Thomson Steel Works on the historic site of Braddock's Field in what is now North Braddock, Pennsylvania. This was one of the first American steel mills which used the Bessemer process. As of 2010, it continues operation as a part of the United States Steel Corporation.
Braddock had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized October 3, 1882
- Chartered October 19, 1882
- Conservatorship April 29, 1933
- Liquidated August 29, 1934
- Succeeded by 13866 (First National Bank of Braddock, PA)
On October 19, 1882, the Comptroller of the Currency authorized the First National Bank of Braddock to begin business with a capital of $50,000.
In August 1888, the Edison Phonograph company, which owns all of Mr. Edison's patents for recording, perpetuating, and reproducing articulate speech in the United States and Canada, was sold to Jesse H. Lippincott of New York and Pittsburgh, for something over $1,000,000. All improvements made during the next fifteen years were to come to Mr. Lippincott. By a contract made in March with the American Graphophone Company of Washington, Mr. Lippincott became sole licensee of that company for a period of fifteen years. The graphophone was the rival of the phonograph.
In January 1889, the new board was composed of Jesse H. Lippincott, R.M. Holland, James Gayley, John Rinard, H.M. Lytle, William White, Sr., and W.H. Watt.
In January 1890, the directors were Jesse H. Lippincott, R.M. Holland, H.M. Lytle, John Rinard, Mortimer Miller and W.H. Watt. The Officers were Jesse H. Lippincott, president; R.M. Holland, vice president; and W.H. Watt, cashier. Also in January, the North American Phonograph Co. was the parent company of various sub-companies in different parts of the country. Dictating machines were leased at $40 a year to the public and in addition to the rental, supplies necessary for operating the machines cost an average of $10 a machine each year. Over one hundred of them were already in use by the Government Departments and prominent officials in Washington. Lippincott formed the North American Phonograph Company on March 29, 1888.
On May 5, 1891, the failure was announced of Jesse H. Lippincott, the sole licensee of the American Graphophone Company and president of the North American Phonograph Company, with preferences to the Rochester Tumbler Company of Pennsylvania. The liabilities were estimated at $500,000.
In January 1895, the officers elected were W.H. Watt, president; James Russell, vice president; H.C. Shallenberger, cashier; George C. Watt, teller. The directors were H.M. Lytle, James A. Russell, John Rulard, James H. McCrady and W.H. Watt.
On Tuesday, January 9, 1900, the directors elected were W.H. Watts, James A. Russell, H.M. Lytle, James M. McCrady, George Hogg. The officers elected were W.H. Watt, president; James A. Russell, vice president; and George C. Watt, cashier. In September 1901, ex-burgess James A Russell was elected president by the board of directors to succeed William H. Watt who died recently. Harry M. Scott of Braddock was elected to fill the vacancy in the board.
In January 1905, the directors were James A. Russell, Eli R. Dowler, Fred W. Edwards, F.G. Bishoff and Harry M. Scott. In 1902, Samuel Pringle transferred as bookkeeper and teller to the First National Bank. He had been the assistant station master under T.H. Watt at the Pennsylvania Railroad Station at Cresson. On October 9, 1905, Stephen Bernolak, a clerk who had charge of the foreign department of the First National Bank of Braddock, was lodged in jail on a charge of embezzlement, preferred by George C. Watt, cashier of the bank. Tt was said that his peculations will amount to $6,000. He had been connected with the bank for some time and was an excellent linguist. He was alleged to have accepted sums of money to forward to foreign countries, but failed to send the money. In June 1906, Stephen Bernolak jumped his bail of $3,000 for trial in the Federal court was lodged in jail yesterday by United States Deputy Marshal George S. Owens. The marshal learned that Bernolak was at Indiana, Pennsylvania a few earlier and went after him. The chase led through several little towns in Indiana County, the fugitive being finally captured at Arcadia, where he was hiding at the home of relatives. Bernolak received a sentence of 5 years in the federal penitentiary for embezzling money.
The officers in 1910 were James A. Russell, president; E.R. Dowler, vice president; George C. Watt, vice president; and E.C. Striebich, cashier. Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., Apr. 1, 1910. Eli Dower died in Sanford, Florida on February 10, 1912. He was the president of the Braddock Trust Company as well as a vice president of The First National.
On January 14, 1913, the directors were James A. Russell, George C. Watt, George Hogg, F.G. Bishoff, and Leo A. Katz. The officers were James A. Russell, president; George C. Watt, vice president; and Edward C. Striebich, cashier.
In January 1925, the directors were Malcom Goldsmith, James Russell, George C. Watt, Harry W. Benn and F.G. Bishoff.
On April 4, 1932, George C. Watt, aged 60, president of the Braddock Trust Company and the First National Bank of Braddock, died from a heart attack in his home. He was born in Latrobe, a member of one of the town's pioneer families. His banking career began in the First National Bank of Homestead, and he became connected with the First National Bank of Braddock in 1888 and was elected president in 1907. He was made president of the Braddock Trust Company when it was organized in 1910. Besides his banking activities, he was prominent in social affairs. He was former president of the Braddock General Hospital, the Chamber of Commerce and the Pennsylvania Bankers' Association. He was a director of the Reconstruction Finance Corporation.
In June 1933, The First National Bank of Braddock and its parent institution, the Braddock Trust Company, both unlicensed and numbered among the banks of Allegheny County in which $40,000,000 had been tied up since the national banking holiday, planned to reopen for unrestricted operation as soon as reorganization details were complete. For weeks plans for re-opening of these banks, particularly the First National, have been before banking authorities, but their acceptance has been delayed. Re-opening of these banks will free the accounts of more than 9,000 depositors and make available $2,500,000 which has been tied up more than three months. The corporate structure of the First National Bank of Braddock and the Braddock Trust Company was an unusual one. All the stock of the First National, under supervision of the United States Comptroller of the Currency, was owned by the Braddock Trust Company, which was supervised by the State Banking Department. It was said that the only reason the Braddock Trust Company was not licensed at the end of the banking holiday was because of the corporate tie-up with the First National. The banks did business over the same counters, and to have one institution unlicensed and the other licensed might have worked to the disadvantage of the depositors.
Reorganization plans for the First National called for an issuance of $75,000 of common stock to be sold at a price which will bring in addition to this amount $50,000 for the surplus account. When the common stock had been subscribed, the Reconstruction Finance Corporation would subscribe to $75,000 in preferred stock, thus providing additional capital to the extent of $200,000. Rising security markets have added more than $350,000 to the bank's assets. When the new stock was subscribed, the plans call for the transfer of liquid assets to the new organization. Depositors of First National would have about 70 per cent of their total deposits available the day the reorganized bank begins operations. It was believed also that 100 per cent of the accounts of depositors in the Braddock Trust Company would be available at the same time.
On September 9, the Comptroller of the Currency approved the reorganization plan. The new bank would have a capital of $150,000, a surplus of $30,000 and undivided profits of $7,500. The capital would be represented by 7,500 shares with a par value of $20, being sold at a premium of $5 a share.
On December 1, 1933, directors and officers of the new First National Bank of Braddock were approved by the Comptroller of the Currency and the Federal Reserve Bank officials, according to word received in Braddock. Opening of the new bank was expected soon. The new bank included 1,100 stockholders, and for that reason an unusually large directorate was named. Approximately $1,000,000 would be released to depositors in the old First National Bank of Braddock upon opening of the new bank. New officers were: President, Henry J, Wagner; vice president, Fred H. Meyer; executive vice president, E.C. Striebich; cashier, Thomas M. Watt. Directors: Wagner, Meyer, Dr. Chris Gardner, F.A. Bishoff, F. DeWilt Zurner, Malcolm Goldsmith, Dr. L.Q. Calihan, C.B. Guttridge, John J. Schwerha, William C. Roderus and D.H. DeMardo.
Official Bank Title(s)
1: The First National Bank of Braddock, PA
Bank Note Types Issued
A total of $1,580,000 in National Bank Notes was issued by this bank between 1882 and 1934. This consisted of a total of 139,840 notes (139,840 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 1882 Brown Back 4x5 1 - 5600 1882 Brown Back 3x10-20 1 - 2069 1902 Red Seal 3x10-20 1 - 6300 1902 Date Back 3x10-20 1 - 9100 1902 Plain Back 3x10-20 9101 - 20991
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1882 - 1934):
Presidents:
- Jesse Harrison Lippincott, 1883-1890
- William Henry Watt, 1891-1900
- James A. Russell, 1901-1916
- George Coulter Watt, 1917-1931
- Edward C. Striebich, 1932-1932
- Henry J. Wagner, 1933-1933
Cashiers:
- William Henry Watt, 1883-1890
- Henry Clay Shallenberger, 1891-1896
- George Coulter Watt, 1897-1906
- Arthur A. McKinney, 1907-1907
- Edward C. Striebich, 1908-1931
- Thomas M. Watt, 1932-1933
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 Braddock (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Braddock, 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 Daily News, Lebanon, PA, Fri., Oct. 20, 1882.
- The News, Newport, PA, Fri., Aug. 17, 1888.
- Pittsburgh Dispatch, Pittsburgh, PA, Fri., Jan. 11, 1889.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 15, 1890.
- The Philadelphia Times, Philadelphia, PA, Thu., Jan. 30, 1890.
- Harrisburg Daily Independent, Harrisburg, PA, May 5, 1891.
- Pittsburgh Daily Post, Pittsburgh, PA, Thu., Jan. 10, 1895.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 10, 1900.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Sep. 26, 1901.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 10, 1905.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Oct. 10, 1905.
- Pittsburgh Daily Post, Pittsburgh, PA, Sun., June 10, 1906.
- Pittsburgh Daily Post, Pittsburgh, PA, Sun., Dec. 2, 1906.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., Apr. 1, 1910.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Feb. 11, 1912.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 15, 1913.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 14, 1925.
- Latrobe Bulletin, Latrobe, PA, Mon., Apr. 4, 1932.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., June 23, 1933.
- New Castle News, New Castle, PA, Sat., Sep. 9, 1933.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Oct. 4, 1933.
- The Pittsburgh Sun-Telegraph, Pittsburgh, PA, Fri., Dec. 1, 1933.