Textile National Bank, Philadelphia, PA (Charter 7522)

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The Textile National Bank
The Textile National Bank of Philadelphia, Pennsylvania, ca1917.[1] The bank was located at Kensington Avenue and Huntingdon Street and the formal opening was on March 16, 1910.

Textile National Bank, Philadelphia, PA (Chartered 1904 - Liquidated 1930)

Town History

Clock above the entrance to the old Textile National Bank
Clock above the entrance to the old Textile National Bank, ca2025

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.

Kensington has traditionally been known as one of the working class centers of Philadelphia. Employment initially focused around the nearby waterfront and the activities of fishermen and ship- and boat-builders. In the early 19th century, Kensington transitioned to iron and steel manufacturing and became home to a variety of factories, potteries, and machine works. Kensington is also historically known for its large working class Irish Catholic community and was the site of the Philadelphia nativist riots in the 19th century. It was also the birthplace of the K&A Gang, currently known as the Northeast Philly Irish Mob, an Irish American organized crime network. By the mid-19th century, Kensington became one of the leading centers of the textile industry, particularly in carpet. McNeil Laboratories began with the purchase of a pharmacy in the area in 1879 by the company's namesake.

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

Side view of the old Textile National Bank
A side view of the old Textile National Bank, next to the elevated rail, or The L. Courtesy of Google Maps, ca2011
  • Organized November 28, 1904
  • Chartered December 21, 1904
  • Opened for business February 1, 1905
  • Liquidated January 1, 1930
  • Absorbed by Industrial Trust Company of Philadelphia

In July 1904, the Textile National bank organized with capital stock of $200,000 and a surplus of $50,000.[2] On December 21, 1904, the comptroller of the currency, William B. Ridgely, authorized the Textile National Bank of Philadelphia to commence business.[3]

The newly formed Textile National Bank would begin business on Wednesday, February 1, 1905, at the northeast corner of Kensington Avenue and Letterly Street in the People's Theatre building. The following were the officers and directors: Henry Ruetschlin, president; William S. Leib, first vice president; V.O. Lawrence, second vice president; Charles F. Kolb, Jr., cashier; Henry Ruetschlin, William S. Leib, V.O. Lawrence, George S. Cox, John B.S. Rex, Harry Brocklehurst, Joseph N. Ruch, James D. Kelley, Joseph G. Hitner, Frank D. Williams, Edward T. Flood, William Kommer, Hiram Livezey, and Charles F. Kolb, Jr., directors.[4] J.M. Maylone, one of the tellers, was formerly cashier of the Peoples National Bank of Newark, Ohio. A large number accepted the invitation of the directors to be present at the opening and the quarters were crowded throughout the day. The total amount of deposits received was $123,663.08, representing 94 accounts.[5]

On November 20, 1908, Horace B. Deal & Co. were awarded the contract for the erection of the Textile National Bank at Kensington Avenue and Letterly Street. It was for a two-story stone and concrete structure costing about $40,000.[6]

In March 1909, directors of the Textile National Bank elected Samuel McCurdy a director in place of Hiram Livezey, deceased, and James Hulton in place of Joseph N. Belch, deceased.[7]

The Textile National Bank, Kensington Avenue and Letterly Street, prepared copies of the new Tariff bill. The pamphlet was printed in an attractive manner and contained full and official text of the new Payne Tariff law. The handsome new home of the bank at Kensington Avenue and Huntingdon Street would be ready for occupancy by October 1st.[8]

On Saturday, October 30, 1909, fire destroyed the People's Theatre building at Kensington Avenue and Cumberland Street. The building was occupied by a number of business places, including five retail stores and the Textile National Bank. The loss was estimated at $250.000. The auditorium of the People's Theatre was saved from the flames, but was badly damaged by water. Three firemen were hurt and were in a serious condition at a hospital. Some excitement was caused in saving the money and books of the bank, but all the cash, papers and books were taken out safely and the bank conducted the usual Saturday morning rush of business in the building of a neighboring company. It was stated that $500,000 in cash and an equal amount of securities were in the bank's vaults.[9] Textile Hall was a four-story brick structure occupying a large and nearly square plat with other fronts on Kensington Avenue, Cumberland and Letterly Streets. Besides the Peoples Theatre, it embraced quarters for about 20 different secret societies. It was occupied by the Textile National Bank at the corner of Letterly Street whose loss was $5000, and by I. Holland's saloon at the Cumberland Street corner, whose loss was $6,000. Other ground floor establishments fronting on Kensington Avenue were the flower and confectionery stores of S.R. Shanley, loss $5000; the Postal Telegraph Co., loss $500; Bassilo's Tonsorial parlors, loss $1000. The origin of the fire was unknown, however, it started in the Odd Fellows' lodge room on the second floor on the Letterly Street side. Goes on about injured firemen.[10]

On January 26, 1910, a daring attempt to hold up Henry Ruetschlin, president of the Textile National Bank, was made last night in the hall of his home, at 1211 West Lehigh Avenue, man who demanded $500 at the point of a revolver. The intruder was overcome by Mr. Ruetschlin after a fierce struggle, and was arrested and taken to the Lehigh Avenue police station where he gave the name of Stephen Brown. He said his home was in New York. Evelyn Ruetschlin, the 14-year-old daughter, answered, the doorbell at 6 o'clock and Brown roughly pushed her aside and walked into the hallway. Mr. Ruetschlin was coming down the stairway to dinner at the time and asked the man what he wanted, Brown pointed the revolver at Mr. Ruetschlin and blurted out, "Hold up your hands! I came here to get $500 and I am going to get It." Mr. Ruetschlin said afterward, "If I had to die I was going to die fighting." and he pretended that he was about to raise his arms, but instead grabbed both of those of the intruder. The men struggled. Mr. Ruetschlin dreaded that the weapon would be discharged, but it was impossible for him to wrest the revolver from his opponent. Mr. Ruetschlin's young daughter stood in the hallway and was a witness of the, entire proceeding, but was too frightened to move, and held on to the half open door for support. The two men, both fighting for the possession of the revolver, staggered through the hall until they reached the dining room, Mrs. Ruetschlin was arranging the supper table and screamed: "What are you doing?" This is a hold-up her husband answered. The woman ran out into the street and called three policemen who were on their way to the police station. They were McDougal, Stump and Eck. They found Mr. Ruetschlin holding his opponent against 'the wall in the kitchen, but the other man still had the weapon. The policemen relieved Mr. Reutschlin and took, his assailant to the police station. Brown said that he came to this city from New York to work on the city trolley cars here, but that when the company discovered that he had registered under an assumed name he was discharged. Brown said that his family were in poor circumstances in New York and he wanted to go to them. He had little money left and did not know what to do. Finally, he decided to rob some one and heard from neighbors that Reutschlin was wealthy. Ruetschlin was a wholesale grocer of Water and Vine streets besides being president of the Textile National Bank.[11]

On March 16, 1910, at the formal opening of the new home of the Textile National Bank at Kensington Avenue and Huntingdon Street, more than three thousand persons, mostly businessmen and depositors, visited the structure between 9 and 4 o'clock. The rooms were decorated with flags and flowers, and while some business was transacted the social features predominated. The bank was formerly situated at Letterly Street and Kensington Avenue. The new building was fireproof and constructed of solid marble and granite. The vaults were burglar-proof, three drill-proof armor plates riveted together, making a total thickness of one and one-half inches of steel, forming the inner lining of the main vault in the banking room. The door of this vault weighed nine tons. This ponderous mechanism was made delicately accurate by the time lock and automatic releasing gear visible on the inner face. In the main vault were located the safe deposit boxes for the convenience of customers, and in connection with them was a suite of private coupon booths under the direction of the cashier. The officers of the institution were: Henry Ruetschlin, president; Harry Brocklehurst, first vice president; Volkert O. Lawrence, second vice president, and Charles F. Kolb, Jr., cashier.[12] 

James J. Diamond, head of the Allen Dye Works who resided on Frankford Avenue near Cambria Street, had a bullet whiz by his head. This was on Friday, April 16, 1910, when a disturbance occurred on the newly reopened Jefferson and Master Streets division. As a car approached Trenton Avenue and Somerset Street where there was a railroad crossing, the conductor ran ahead to see if it was clear. A number of men gathered at the corner and began to jeer and threaten the car man who drew a revolver and fired at them. Diamond reported the shooting which he declared was unprovoked to the police after the conductor had boarded his car again and driven it away at full speed.[13]

In January 1911, directors elected were Henry Ruetschlin, Volkert O. Lawrence, George B. Cox, John B.S. Rex, Harry Brocklehurst, James D. Kelley, Joseph G. Hitner, Edward T. Flood, William Kommer, Charles Stehle, Charles E. Fifth, Frank O. Williams, Charles F. Kolb, Jr., Samuel McCurdy, and James Hulton.[14]

On Monday, July 24, 1911, Henry Ruetschlin, president of the Textile National Bank, died at his home 1211 West Lehigh Avenue. Mr. Ruetschlin had been interested in the bank of which he was president since 1904 when it started. He was also a member of the firm of Rauch, Ruetschlin & Company, grocers, president of the American Drying Machinery Company; a director in the Kensington Trust Company, and president of the West Susquehanna Building and Loan Association.[15]

On Tuesday, January 8, 1918, at the annual meeting of the Textile National Bank, James Hulton, Jr., succeeded James C. Kelly, deceased, on the board and at the meeting for organization, Leon L. Darling, vice president, succeeded Mr. Kelly as cashier.[16]

On Tuesday, January 11, 1921, the following directors were unanimously re-elected to serve for the ensuing year: E.G. Ackermann, Harry Brocklehurst, James J. Diamond, A.L. Fellman, Charles E. Firth, Edward T. Flood, Julius Hirsh, Joseph G. Hitner, James Hulton, Sr., James Hulton, Jr., William Kommer, Wm. R. Nicholson, Jr., John B.S. Rex, James J. Sullivan, A.M. Waldron, and Leon L. Darling. The directors met and unanimously elected the following officers: Harry Brocklehurst, president; James Hulton, Sr., James J. Diamond, vice presidents; Leon L. Darling, vice president and cashier. The following appointments were made by the board of directors: Oscar Vanselow and Edward B. Gregory, assistant cashiers.[17]

At a meeting of stockholders on April 3, 1929, a vote was taken on changing the par value of the capital stock to $10 from $100 and increasing stock to $500,000 from $400,000.[18]

On August 6, 1929, Leon L. Darling was elected president of the Plaza Trust Company of Philadelphia. Since 1913 he had been vice president of the Textile National Bank and prior to that was cashier of the First National Bank of Union City, New Jersey. The Plaza Trust Company would open for business on September 10th in the bank building formerly occupied by the West End Trust Company at Broad Street and South Penn Square. Plaza Trust starts with paid-in capital of $1,000,000 and a surplus of $1,500,000.[19]

Carroll R. Williams, attorney and member of the Union League died Sunday night, September 22, 1929, at his cottage on the Delaware at New Hope. He graduated from Swarthmore College in 1877 and received his law degree from the University of Pennsylvania in 1880. He was a director of the Textile National Bank and of the William Brown Co., hosiery manufacturers. He was also president of the Hayes Mechanic Home, Belmont and Lankenau Avenues, and a member of the Philadelphia Country Club.[20]

In October 1929, directors of Industrial Trust Company and the Textile National Bank voted unanimously to amalgamate the business and assets under the title of Industrial Trust Company, 2 3/4 share of Textile National stock, par value $10, exchanged for one share of Industrial Trust Company stock, par value $10. Six directors of Textile National would be elected to the board of Industrial Trust Company. J. Edward Schneider would be president of the enlarged institution and Harry Brocklehurst, president of Textile National Bank, would become vice chairman of the board. Industrial Trust Co. had a capital of $700,000, surplus and undivided profits $3,350,000, deposits $13,000,000, trust funds $10,000,000. Textile National Bank had capital $500,000, surplus and undivided profits $800,000, deposits $5,500,000. The officers and directors of Industrial Trust Co. were: John S. Bowker, chairman; J. Edward Schneider, president; Joseph M. Steele, Ralph McKelvey, and Samuel B. Davis, vice presidents; James P. Pinkerton, vice president and title officer; Harry Marshall, secretary and assistant treasurer; Carl A. Hoyer, treasurer and assistant secretary; C.M. Rittenhouse, Harold W. Frame, and William W. Peck, assistant secretary and assistant treasurers; Elmer F. Van Loan, trust officer; Elwood F. Reeves, Jr., assistant title and trust officers. The directors were Joseph H. Bromley, Joseph M. Steele, John S. Bowker, John D. Williamson, Jr., Henry G. Drueding, Walter E. Knipe, W.H. Folwell, Charles B. Doak, James C. Chestnut, J. Edward Sckneider, J. Harris Warthman, John T. Carson, Frank P. Felton, Jr., J.W.F. Blizard, Michael D. Burke, S.B. Davis, Chalmers C. Johnson, and Charles H. von Tagen.

The officers and directors of Textile National Bank were Harry Brocklehurst, president; James Hulton, Sr., and James J. Diamond, vice presidents; Edward B. Gregory, cashier and trust officer; Paul J. Maiser, assistant trust officer. Directors were Harry Brocklehurst, James J. Diamond, Charles E. Firth, Edward T. Flood, Joseph G. Hitner, James Hulton, Sr., William Kommer, William R. Nicholson, Jr., John B.S. Rex, A.M. Waldron, and Leon L. Darling. Stockholders would meet on November 26th to vote on the amalgamation.[21]

Official Bank Title

1: The Textile National Bank of Philadelphia, PA

Bank Note Types Issued

1902 Red Seal $5 bank note
1902 Red Seal $5 bank note with SN 3D and pen signatures of Charles F. Kolb, Jr., and Henry Ruetschlin, President. This is a Replacement note. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $5 bank note with vice president's signature
1902 Red Seal $5 bank note with pen signatures of Charles F. Kolb, Jr., and V.O. Lawrence, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plain Back $50 bank note
1902 Plain Back $50 bank note with stamped signatures of Leon L. Darling, Cashier, and Harry Brocklehurst, President. Courtesy of Heritage Auctions, www.ha.com
Small size bank note here. Example: 1929 Type 1 $10 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. Courtesy of... (Set Height x220px)

A total of $3,519,750 in National Bank Notes was issued by this bank between 1904 and 1930. This consisted of a total of 378,246 notes (369,612 large size and 8,634 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Red Seal 4x5 1 - 7700
1902 Red Seal 3x10-20 1 - 3720
1902 Red Seal 50-100 1 - 500
1902 Date Back 4x5 1 - 29915
1902 Date Back 3x10-20 1 - 18234
1902 Date Back 50-100 1 - 200
1902 Date Back 3x50-100 1 - 1618
1902 Plain Back 4x5 29916 - 48873
1902 Plain Back 3x10-20 18235 - 29583
1902 Plain Back 3x50-100 1619 - 2177
1929 Type 1 6x5 1 - 993
1929 Type 1 6x10 1 - 290
1929 Type 1 6x20 1 - 120
1929 Type 1 6x50 1 - 31
1929 Type 1 6x100 1 - 5

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1930):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History 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 Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 464.
  2. ↑ The Miners Journal, Pottsville, PA, Fri., July 6, 1904.
  3. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Dec. 24, 1904.
  4. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sun., Jan. 29, 1905.
  5. ↑ The Miners Journal, Pottsville, PA, Fri., Feb. 3, 1905.
  6. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Nov. 21, 1908.
  7. ↑ The Philadelphia Inquirer, Philadelphia, PA, Fri., Mar. 26, 1909.
  8. ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Aug. 19, 1909.
  9. ↑ Lancaster Daily Intelligencer, Lancaster, PA, Sat., Oct. 30, 1909.
  10. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sun., Oct. 31, 1909.
  11. ↑ The York Dispatch, York, PA, Thu., Jan. 27, 1910.
  12. ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Mar. 17, 1910.
  13. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Apr. 16, 1910.
  14. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1911.
  15. ↑ The Philadelphia Inquirer, Philadelphia, PA, Tue., July 25, 1911.
  16. ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 10, 1918.
  17. ↑ Evening Public Ledger, Philadelphia, PA, Sat., Jan. 15, 1921.
  18. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sat., Mar. 2, 1929.
  19. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Aug. 7, 1929.
  20. ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Sep. 24, 1929.
  21. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., Oct. 16, 1929.
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