Fourth Street National Bank, Philadelphia, PA (Charter 3557)

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The Fourth Street National Bank of Philadelphia, Pennsylvania.
The Fourth Street National Bank of Philadelphia, Pennsylvania.

Fourth Street National Bank, Philadelphia, PA (Chartered 1886 - Closed 1926)

Town History

Cashier William Z. McLear's office after January 5th, 1907, bombing.

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

Sketch of the Penn Square Office of the Fourth Street National Bank at 1416-1418 South Penn Square, ca1924. In 1926, the lease was transferred to the Philadelphia-Girard National Bank.
  • Organized September 1, 1886
  • Chartered September 15, 1886
  • Assumed 1647 by consolidation January 11, 1898 (NB of the Republic, Philadelphia, PA)
  • Assumed 413 by consolidation April 18, 1898 (Seventh National Bank, Philadelphia, PA)
  • Assumed 556 by consolidation May 31, 1898 (Commercial NB of Pennsylvania, Philadelphia, PA)
  • Closed April 1, 1926
  • Consolidated with 5459 April 1, 1926 (Franklin National Bank, Philadelphia, PA)
  • Circulation assumed by 5459 (Franklin National Bank, Philadelphia, PA)

In July 1886, George B. Roberts, president of the Pennsylvania Railroad Company, Joseph D. Potts, president of the Erie and Western Transportation Co.; Colonel B.K. Jamison, the well-known Third Street banker and Broker; John C. Bullitt, the lawyer; George F. Tyler and other prominent in Philadelphia financial circles applied to the Comptroller of the Currency for a charter for the Fourth Street National Bank of Philadelphia to start with a capital stock of $1,000,000.[1] The bank opened in temporary quarters in the lower floor of the Forrest Building at 129 South Fourth Street on October 4, 1886. S.F. Tyler, was president, and R.H. Rushton, cashier. Two large fireproof safes were placed behind the desks and the new quarters were brightened up with varnish and made to look business-like.[2] By noon there were forty deposits aggregating nearly $200,000. Work on the new building on Fourth Street would begin the following week.[3]

On Tuesday, January 11, 1887, the following were elected directors: Disney F. Tyler, John C. Bullitt, W.W. Kurtz, William L. Elkins, George F. Tyler, H.S. Frank, B.K. Jamison, Elisha A. Hancock, James Hay, Frank T. Patterson, Edmund Lewis, Charles I. Cragin, and William A. Dick.[4]

On Saturday morning, January 5, 1907, a man entered the Fourth Street National and after gaining access to the office of the president, requested a loan of $5,000. Upon being refused, he was escorted out of the office by an attendant and when opposite the cashier's desk, he threw a bomb supposed to contain nitroglycerine which exploded with devastating effect. The cashier of the bank, W.Z. McLear was instantly killed and the bomb-thrower himself was blown to fragments. Fifteen others in the bank were more or less severely injured and the interior of the offices badly wrecked. The assassin was believed to have gone to the bank with the purpose of robbing it during the confusion following his act. He gave his name to President Rushton as C.E. Williams, but in his clothing was found a name plate inscribed Robert Steele, Garner, Iowa. W.Z. McLear was about 45 years old and had been with the institution 10 years, acting as assistant cashier. Six months earlier he was made cashier. He was regarded in financial circles as one of the ablest bank officials in the state. William Crump, the president's attendant, and Thomas B. Rutter of Lansdale, clerk in the bank, were expected to die from their injuries.[5] In response to a message sent out by police, Mrs. L.L. Plunkett came to Captain Donaghy's office and stated that a man who had registered at her hotel Friday had gone out Saturday morning and had not returned. In the room occupied by R. Steele, a brown satchel was found with six long electric fuses with loaded caps, four yards of dynamite fuse, a box of cartridges and a revolver. This convinced police that Steele was more than a weak-minded crank with definite intention of robbing the bank. It was thought that Steel accidentally dropped the bomb on the floor while preparing to threaten bank officials. The two most seriously injured of the victims, Thomas E. Rutter and William Crump were reported at the Jefferson Hospital to be in slightly improved condition.[6] Crump was close to Cashier McLear and the bomber and expected to be blinded. A large force of carpenters and others worked all day Sunday until the bank had been put in shape to resume business. Clerks adjusted books and closed up business of the week so suddenly interrupted at the closing hour Saturday. A dozen of the clerks were wearing bandages around injuries received from flying glass and other wreckage.[7]

At the close of business on March 22, 1907, the Fourth Street National had total resources of $48,450,077.53 with capital stock $3,000,000, surplus and net profits $4,597,319.99, circulation $2,688,100 and deposits $36,799,657.54. R.J. Clark was cashier.[8]

In May 1908, the directors were Sidney F. Tyler, James Hay, Frank T. Patterson, Charles I. Cragin, William A. Dick, Effingham B. Morris, Francis L. Potts, C.K. Lord, R.H. Rushton, Wm. R. Nicholson, E.C. Converse, Rudulph Ellis, Clement A. Griscom, W.A. Lathrop, Francis I. Gowen, Arthur E. Newbold, and Isaac H. Clothier. The officers were R.H. Rushton, president; E.F. Shanbacker, first vice president; B.M. Faires, second vice president; R.J. Clark, cashier; W.A. Bulkley, assistant cashier; and Frank G. Rogers, manager, foreign exchange department. The bank had total resources of $49,943,291.87.[9]

At the close of 1925, the Fourth Street National Ha total resources of $78,105,038.68, capital stock $3,000,000, surplus and profits $9,532,678.10, and deposits $64,653,924. The directors were Sidney F. Tyler, chairman; Frank T. Patterson; William A. Dick; William R. Nicholson, president of the Land Title Trust Company; Francis I. Gowen, special counsel of the Pennsylvania Railroad; E.F. Shanbacker, president; J.M. Wilcox, president of the Philadelphia Saving Fund Society; William de Krafft, vice president, Baldwin Locomotive Works; Joseph E. Widener, millionaire art connoisseur; Harry A. Berwind, vice president of the Berwind-White Coal Mining Co., one of the largest bituminous dealers; William M. Potts, president of the Enterprise Transit Co.; George Dallas Dixon, assistant to the president of the Pennsylvania Railroad Co.; Jonathan C. Neff, vice president, Fidelity Trust Co.; Charles A. Daniel, president of the Quaker City Rubber Co.; Irenee du Pont, president, E.I. duPont de Nemours and Co.; Isaac H. Clothier, Jr., of Strawbridge and Clothier; George F. Tyler; Robert P. Hooper, president, William E. Hooper & Sons Co., Baltimore; John O. Platt, vice president of the Insurance Company of North America; William H. Kingsley, vice president of the Penn Mutual Life Insurance Co.; and George M. Shriver, vice president of the Baltimore and Ohio Railroad. The officers were E.F. Shanbacker, president; R.J. Clark, vice president and cashier; G.E. Stauffer, W.K. Hardt, and W.R. Humphreys, vice presidents; A. MacNicholl, C.F. Weihman, and C.R. Horton, assistant cashiers. The main office was at 131-145 South Fourth Street and the Penn Square Office was located at 1416-1418 South Penn Square.[10][11]

On January 15, 1926, the greatest banking merger ever to be organized in Philadelphia took place when the Franklin National Bank and the Fourth Street National Bank were combined making the institution, to be known as the Franklin Fourth Street National Bank, the largest in point of capital, surplus and profits, ($24 million), in the State of Pennsylvania. The Fourth Street National was organized in 1886 with a paid-in capital of $1,500,000. Prominent organizers were Sidney F. Tyler, the first president; John C. Bullitt, author of the Bullitt bill which instituted a new form of city government; and William L. Elkins,[12] who, with Peter Widener, founded the Philadelphia Rapid Transit Company.

Official Bank Title

1: The Fourth Street National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $100 bank note with printed signatures of R.H. Rushton, Cashier and S.F. Tyler, President.
1882 Brown Back $100 bank note with printed signatures of R.H. Rushton, Cashier and S.F. Tyler, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with printed signatures of E.F. Shanbacker, Cashier and R.H. Rushton, President.
1882 Brown Back $5 bank note with printed signatures of E.F. Shanbacker, Cashier and R.H. Rushton, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $5 bank note with printed signatures of W.Z. McLear, Cashier and R.H. Rushton, President.
1902 Red Seal $5 bank note with printed signatures of W.Z. McLear, Cashier and R.H. Rushton, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $50 bank note with printed signatures of R.J. Clark, Cashier and E.F. Shanbacker, President.
1902 Date Back $50 bank note with printed signatures of R.J. Clark, Cashier and E.F. Shanbacker, President. Courtesy of Heritage Auctions, www.ha.com

A total of $23,393,300 in National Bank Notes was issued by this bank between 1886 and 1926. This consisted of a total of 2,556,584 notes (2,556,584 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 - 139405
1882 Brown Back 3x10-20 1 - 85102
1882 Brown Back 50-100 1 - 14354
1902 Red Seal 4x5 1 - 55250
1902 Red Seal 3x10-20 1 - 36400
1902 Red Seal 50-100 1 - 500
1902 Date Back 4x5 1 - 179370
1902 Date Back 3x10-20 1 - 132192
1902 Date Back 3x50-100 1 - 4000

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1926):

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
  1. ↑ The Pittsburgh Post, Pittsburgh, PA, Mon., July 19, 1886.
  2. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Oct. 2, 1886.
  3. ↑ The Philadelphia Times, Philadelphia, PA, Tue., Oct. 5, 1886.
  4. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 12, 1887.
  5. ↑ The Pittsburgh Post, Pittsburgh, PA, Sun., Jan. 6, 1907.
  6. ↑ The Jeffersonian, West Chester, PA, Sat., Jan. 12, 1907.
  7. ↑ Harrisburg Daily Independent, Harrisburg, PA, Mon., Jan. 7, 1907.
  8. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Mar. 27, 1907.
  9. ↑ The Philadelphia Inquirer, Philadelphia, PA, Fri., May 22, 1908.
  10. ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 4, 1926.
  11. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 16, 1926.
  12. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 16, 1926.
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