Merchants National Bank, Fort Worth, TX (Charter 3631)

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A map of Fort Worth, Texas from 1889 showing the importance of this city as a railroad transportation hub.
A map of Fort Worth, Texas from 1889 showing the importance of this city as a railroad transportation hub.

Merchants National Bank, Fort Worth, TX (Chartered 1887 - Liquidated 1893)

Town History

Fort Worth is the fifth-largest city in Texas and the 12th-largest city in the United States. It is the county seat of Tarrant County, covering nearly 350 square miles into four other counties: Denton, Parker, Wise, and Johnson. According to the 2020 U.S. census, Fort Worth's population was 927,720. Fort Worth is the second-largest city in the Dallas–Fort Worth–Arlington metropolitan area, which is the fourth-most populous metropolitan area in the United States.

The city of Fort Worth was established in 1849 as an army outpost on a bluff overlooking the Trinity River. Fort Worth has historically been a center of the Texas Longhorn cattle trade. It still embraces its Western heritage and traditional architecture and design. Nearby Dallas has held a population majority since the 1950s, and Fort Worth has become one of the fastest-growing cities in the United States in recent years, particularly in the 21st century, and has more than doubled its population since 2000.

As a stop on the legendary Chisholm Trail, Fort Worth was stimulated by the business of the cattle drives and became a brawling, bustling town. Millions of head of cattle were driven north to market along this trail. Fort Worth became the center of the cattle drives, and later, the ranching industry. It was given the nickname of Cowtown.

During the Civil War, Fort Worth suffered from shortages of money, food, and supplies. The population dropped as low as 175, but began to recover during Reconstruction. By 1872, Jacob Samuels, William Jesse Boaz, and William Henry Davis had opened general stores. The next year, Tidball and Wilson established a private banking house which became Tidball, Van Zandt, and Company in 1874.

Fort Worth had 14 National Banks chartered during the Bank Note Era, and 12 of those banks issued National Bank Notes. North Fort Worth had 1 National Bank chartered during the Bank Note Era, The Exchange National Bank of North Fort Worth, Charter 8287, and it issued National Bank Notes.

Bank History

No surviving bank notes are currently known from the Merchants National Bank of Fort Worth. Shown here are Certified Proofs of $50 & $100 Series 1882 Brown Back bank notes for this bank (before the Seal/Charter# and Serial# overprints were added). Courtesy of the Smithsonian Institution.
  • Organized Jan 21, 1887
  • Chartered Feb 1, 1887
  • Liquidated Aug 15, 1893

The Merchants National Bank of Fort Worth, Texas was organized in January 1887 with $300,000 in capital paid in. The banking house was on 310 Houston Street between Second and Third Streets. Bank officers were J.G. Wright, president, E.E. Chase, vice president, Morgan Jones, second vice president, and A.B. Smith, cashier.

The original directors were J.G. Wright, President, capitalist, late director State National Bank of Fort Worth, Texas; E.E. Chase, Vice President, of Sommerville & Chase; Morgan Jones, Second Vice President, President Fort Worth and Denver City Railway Company; C.J. Swasey of Casey & Swasey wholesale liquor dealers; R.M. Page, Wholesale lumber dealer; C.E. Perry, General agent Equitable Life Association of New York; Z.C. Ross of Ross & Ross attorneys; Thomas P. Marlin of Littlejohn & Marlin, Insurance and real estate agents; N.C. Brooks, coal and grain dealer; R.M Wynne of Wynne and Ste?man, attorneys; E.C. Sugg of Sugg & Bro. cattle raisers; D.W. Humphreys, attorney at law; E.W. Taylor, President Citizens' Bank, Jefferson, Texas; J.B. Mitchell of J.B. Mitchell & Co., Implement dealers; A.B. Smith, late cashier State National Bank of Fort Worth, Texas. Notable stockholders included J.E. Beissner, Cashier First National Bank, Galveston; Charles E. Bond, Director Old National Bank, Fort Wayne, Indiana; Thomas W. Halliday, Cashier, City National Bank, Cairo, Illinois and Illinois State legislator; S. Munzesheimer, President Bank of Mineola, Mineola, Texas; George H. Mulkey, Director Traders' National Bank Fort Worth; Frank L. Powell, President, National Branch Bank, Madison, Indiana, William H. Powell, President National Branch Bank, Madison, Indiana; Charles D. Woodson, President, First National Bank, Sheffield, Alabama; Walter L. Fish, capitalist, West Point, NY; Frank J. Robinson of Robinson Bros. & Co., wholesale grocers, Vernon, Texas; Mrs. E.R. Sterne, post Mistress, Jefferson, Texas; A.A. Johnson, President, Texas Wesleyan College; H.N. Suren, state agent, Hall Safe and Lock Co. to name approximately 1/3 of the stockholders.

Comptroller of the Currency Intervenes

On June 6, 1893, the Comptroller of the Currency, Mr. Eckels, placed the Merchants National Bank of Fort Worth in the hands of Bank Examiner D.A. Stone. The bank was organized on February 1, 1887 with a capital stock of $500,000 and by 1891 had accumulated a surplus fund of $100,000. On July 20, 1891 the bank suspended payment because, owing to rumors as to its condition, depositors made large withdrawals which the bank was unable to meet because a large amount of its funds had been loaned to parties interested in real estate speculations and the bank was unable to convert those resources into money with which to meet the demands of its depositors. Upon an examination of the bank at the time it was found that the directors had procured loans and discounts from the bank to the amount of about $350,000, the bulk of those loans having been made to Directors E.W. Taylor, Morgan Jones, C.J. Swasey, A.N. Smith, E.E. Chase and A.P. Luckett.

At the time of its failure E.W. Taylor was president and A.B. Smith was cashier. On September 26, 1891 the bank was allowed by the comptroller to reopen for business after applying its surplus fund and $250,000 of its capital stock toward charging of losses which had been sustained. Upon the reorganization of the bank, A.B. Smith was retained as cashier and A.P. Luckett, one of the old directors, was made president. Several of the old board of directors, who were dropped in the reorganization and who were among the largest debtors of the bank commenced litigation to defend the suits brought by the bank against them for the amount of their indebtedness, with the result of considerable friction between the new management and the outside directors who were debtors of the bank. Upon the reorganization of the bank R.M. Page became a director and in the course of time bought up a large amount of its stock, some of which he acquired at low prices and this also became a cause of serious complaint from some of the stockholders against the new management. All of this culminated in the bringing of suits by shareholders in the state courts praying to have a receiver appointed for the bank, as a result of which the directors requested the comptroller to take charge of its affairs. Since its reopening in 1891 the bank had been doing very little new business, but was slowly liquidating its affairs, believing that under the circumstances and with the pending litigation against its former directors this could be more successfully accomplished when the bank was in active operation than if its affairs were placed in voluntary liquidation. At the latest advices the liabilities to depositors had all been paid by the bank and there only remained some liabilities for money borrowed, which the bank expected to have no difficulty in meeting at maturity.

The Cashier, A.B. Smith asserted that there was no truth in the Associated press report that the Merchants National Bank had failed and was in the hands of a receiver.

The First Bank Shooting

The first bank shooting occurred in the morning around 10:30 on July 6, 1893 at the Merchants National Bank. Differences between the cashier, A.B. Smith and the vice president, R.M. Page resulted in not less that 8 shots being fired by both officers with Mr. Smith receiving a superficial bullet wound in the fleshy part of the left breast.

The long-standing differences between Page and Smith culminated at 9:30 on March 13, 1894 with the fatal shooting of the cashier in his office on the second floor of the Hirschfield building, corner of Seventh and Houston Streets. It was here that he made his headquarters while assisting in winding up the affairs of the bank, he representing the majority of the interested parties. A meeting of the directors of the bank was scheduled for 10:00. Mr. Smith was the first to arrive and about 9:00 entered the office of T.A. Tidball on the same floor and in the rear of the building. Mr. Tidball said "When Smith entered my office he was busy and chatted pleasantly with me. In the course of our conversation the officers of the merchants National Bank came up and I advised Smith to get out of it and cease his connection with it as soon as possible. I told him that were I in his place I would let the parties settle their differences among themselves. In reply he said 'I would do so, but there are stockholders who have confidence in me and who desire me to continue as the representative to closing up the bank affairs, and I feel that it is my duty to continue looking after their interests.' I then said if you keep on my opinion is there will be a racket and I fear someone may get killed." Smith said "There will be no racket for I will have none. I am tired of rackets and for my part do not propose to get in any more. Page, I think, is in my office now and I will go and have a talk with him."

A few minutes later Tidball was startled by pistol shots and upon reaching Smith's office found Mr. Page who said he killed him.

In brief, millionaire banker R.M. Page shot and killed A.B. Smith who for many years had been cashier of different banks. The trouble dated back to July 1893 when Smith and Page had a shooting fray in the Merchants National Bank in which Page was wounded in the leg. The stockholders of the liquidating bank, the Merchants National, were to have met on the day that Page stormed in determined to cut the salary of Smith who was winding up the bank's business. He said he would go to Smith's office, buy his stock and end the matter. He fired four times and killed Smith and was at the end of the day in jail. The wounds showed that all bullets but one entered the back of Smith's body.

Page Acquitted

The testimony recorded during the trial including that of the defendant, Colonel R.M. Page, who did take the stand, may be found in papers of the time. Colonel Page was acquitted. He was sued by the widow of the children of the deceased for $10,000 for unlawful deprivation of a husband and father. This suit was called for trial in the Seventeenth district court on January 22, 1895 and dismissed at the suggestion and request of counsel for the plaintiff.

Official Bank Title

1: The Merchants National Bank of Fort Worth, TX

Bank Note Types Issued

A total of $98,400 in National Bank Notes was issued by this bank between 1887 and 1893. This consisted of a total of 1,312 notes (1,312 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 50-100 1 - 656

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1887 - 1893):

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

  • Fort Worth, TX, 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://bbdata.banknotehistory.com
  • Fort Worth Daily Gazette, Fort Worth, TX, Sat., Feb. 12, 1887.
  • Fort Worth Daily Gazette, Fort Worth, TX, Fri., Jan. 25, 1889.
  • The Galveston Daily News, Galveston, TX, Tue., June 6, 1893.
  • Waco Morning News, Waco, TX, Fri., July 7, 1893.
  • The Galveston Daily News, Galveston, TX, Wed., Mar. 14, 1894.
  • The Galveston Daily News, Galveston, TX, Tue., Jan. 22, 1895.