Washington National Bank, Pittsburgh, PA (Charter 6725)
Washington National Bank, Pittsburgh, PA (Chartered 1903 - Liquidated 1910)
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 one Obsolete Bank that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized March 9, 1903
- Chartered April 16, 1903
- Liquidated May 23, 1910
- Absorbed by the Washington Trust Co. of Pittsburgh
On January 13, 1903, the following officers were elected: John C. Reilly, president; Dr. A. Blumberg, first vice president; W.C. McEldowney, second vice president; and G.F.A. Ahlberg, John B. Larkin, L. Ehrenfield, William T. Todd, and Edward Reilly, directors. The comptroller of the currency approved the application. One of the best sales of the new year was put through by M.J. Ehrenfeid. He sold to the Washington National Bank the McLaughlin and Poehn properties, situated on the northwest corner of Fifth Avenue and Washington Street, having a frontage of 80 feet on Fifth avenue. The consideration for the two properties was $76.500 cash. It was the intention of the bank to erect a six-story building on the plot, the lower floor for a banking room and the upper floors to be divided into modern offices. The cost of the building was about $200,000.
On April 16, 1903, the comptroller of the currency authorized the Washington National Bank of Pittsburgh to commence business with capital of $250,000 and surplus of $50,000. The bank at Washington Street and Fifth Avenue planned to formally open on Monday, April 21st, in its temporary quarters at No. 1012 Fifth Avenue, foot of Washington Street. Mr. A.W. Hecker was cashier. The directors were: JOHN C. REILLY, President, City Insurance Company; ALBERT BLUMBERG, Physician; EDWARD KELLY, JR., Capitalist; WILLIAM C. McELDOWNEY, Attorney at Law; JOHN B. LARKIN, City Controller; WILLIAM T. TODD, Secretary, Somers Fitler & Todd Co.; PETER NOLAN, Manager, White Sewing Machine Co.; C.L. YOUNG, Druggist, HUGH MURPHY, President, H. Murphy Mill & Lumber Co.; PATRICK McSTEEN, Grocer; SIMON ABELS, Wholesale Merchant; ISAAC WHITTAKER, Real Estate; WILLIAM A. McCAFFERY, of Daniel McCaffery Sons Co.; JAMES W. SMITH, Wholesale Grain; M.J. EHRENFELD, Directors, Consolidated Real Estate Co.
About June 27, 1903, the contract was let for the proposed Washington National Bank building. It was for a flatiron variety, the first of its kind in Pittsburgh, six stories high at a cost of about $150,000. The directors were J.C. Reilly, Dr. A. Blumberg, W.C. McEldowney, G.F.A. Alberg, John B. Larkin, W.F. Todd, J.C. Reilly, L. Ehrenfeld and Edward Reilly.
About October 28, 1903, S.C. Armstrong, formerly with the Exchange National Bank, was elected cashier of the Washington National to succeed A.W. Hecker who resigned.
The building was nearly ready in March 1904 and occupancy was expected within a few weeks. The bank constructed one of the largest buildings on Fifth Avenue above the "hump."
In September 1904, invitations were issued to friends and customers to inspect the new banking quarters in the Washington National Bank Building on opening day, September 28. The bank occupied the lower floor with a frontage on both Fifth Ave. and Washington Streets. Accompanying the invitations was a statement of the condition of the bank as of September 6.
| Date | Deposits |
|---|---|
| July 1, 1903 | $505,090.33 |
| October 1, 1903 | $588,029.19 |
| January 1, 1904 | $616,879.92 |
| March 28, 1904 | $648,853.07 |
| June 9, 1904 | $724,834.18 |
| September 6, 1904 | $806,003.96 |
In January 1906, the directors organized and elected the following officers: John C. Reilly, president; William C. McEldowney, first vice president; Isaac R. Whitaker, second vice president; and S.G. Gallupe, cashier.
On January 8, 1907, the directors elected were: John C. Reilly, Edward Kelly, Jr., William C. McEldowney, John B. Larkin, William T. Todd, C.L. Young, Hugh Murphy, M.J. Ehrenfeld, Patrick McSteen, Simon Abels, Capt. Isaac Whittaker, William A. McCaffrey, Jas. W. Smith, Benjamin L. Hirshfield, and Eugene S. Reilly. On March 27, 1907, William C. McEldowney was elected president of the Washington National Bank and also of the Washington Trust Company to fill the vacancy caused by the death of John C. Reilly. Captain I.R. Whitaker was elected first vice president. The office of second vice president was not filled.
In January 1908, the same board was re-elected with the exception of the addition of P.B. Reilly, Jr. who took the place of the late John C. Reilly.
On March 27, 1907, William C. McEldowney was elected president of the Washington National Bank and also of the Washington Trust Company to fill the vacancy caused by the death of John C. Reilly. Captain I.R. Whitaker was elected first vice president. The office of second vice president was not filled.
On May 19, 1910, At a meeting of directors for the Washing Trust Co., Eugene S. Reilly was elected first vice president to fill the vacancy caused by the death of Captain I.R. Whitaker, and Edward Kelly, Jr., president of the City Insurance Co., was elected second vice president. John P. Harris and Max Periman were elected directors and S.G. Gallupe, cashier of the Washington National Bank was elected secretary of the company.
On May 28, 1910, the following was published in The Pittsburgh Press: "The Washington National Bank has given notice that its affairs are being closed. The bank has been taken over by the Washington Trust Co."
Official Bank Title(s)
1: The Washington National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $837,650 in National Bank Notes was issued by this bank between 1903 and 1910. This consisted of a total of 79,190 notes (79,190 large size and No small size notes). The bank maintained a circulation of $200,000 throughout its short, 7-year existence. This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 12455 1902 Red Seal 50-100 1 - 2940 1902 Date Back 4x5 1 - 5765 1902 Date Back 50-100 1 - 215
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1910):
Presidents:
Cashiers:
Other Bank Note Signers
- 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, Wikipedia, https://en.wikipedia.org/wiki/Pittsburgh,_Pennsylvania
- 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 Press, Pittsburgh, PA, Sun., Jan. 4, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 13, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Sat., Apr. 18, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Apr. 19, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Oct. 28, 1903.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Mar. 13, 1904.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Sep. 22, 1904.
- The Pittsburgh Press, Pittsburgh, PA, Fri., Jan. 12, 1906.
- The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 8, 1907.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Mar. 28, 1907.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Jan. 15, 1908.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Mar. 28, 1907.
- The Pittsburgh Press, Pittsburgh, PA, Thu., May 19, 1910.
- The Pittsburgh Press, Pittsburgh, PA, Sat., May 28, 1910.