Thirty-Fourth Street NB, New York, NY (Charter 6441)

Thirty-fourth Street National Bank, 34th Street, New York. Courtesy of the Library of Congress

Thirty-Fourth Street NB, New York, NY (Chartered 1902 - Liquidated 1907)

Town History

President's office, Thirty-Fourth Street National Bank. Courtesy of the Library of Congress

Directors' room, Thirty-fourth Street National Bank. Courtesy of the Library of Congress

New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles, New York City is the most densely populated major city in the United States. The city is more than twice as populous as Los Angeles, the nation's second-largest city. New York City is located at the southern tip of New York State. Situated on one of the world's largest natural harbors, New York City comprises five boroughs, each of which is coextensive with a respective county. The five boroughs, which were created in 1898 when local governments were consolidated into a single municipality, are: Brooklyn (Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County), and Staten Island (Richmond County). New York City is a global city and a cultural, financial, high-tech, entertainment, glamour, and media center with a significant influence on commerce, health care and scientific output in life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and it is sometimes described as the world's most important city and the capital of the world.

34th Street is a major crosstown street in the New York City borough of Manhattan. It runs the width of Manhattan Island from the West Side Highway on the West Side to FDR Drive on the East Side. 34th Street is used as a crosstown artery between New Jersey to the west and Queens to the east, connecting the Lincoln Tunnel to New Jersey with the Queens–Midtown Tunnel to Long Island. Several notable buildings are located directly along 34th Street, including the Empire State Building, Macy's Herald Square, and Javits Center. Other structures, such as Pennsylvania Station, are located within one block of 34th Street.

New York had 180 National Banks chartered during the Bank Note Era, and 143 of those banks issued National Bank Notes.

Bank History

Ladies' department, Thirty-fourth Street National Bank. Courtesy of the Library of Congress

A comparative statement for the Thirty-fourth Street National Bank from April 1905.

• Organized August 29, 1902
• Chartered September 29, 1902
• Liquidated July 22, 1907
• Reorganized as a state bank, the New Netherlands Bank of New York

In April 1902, the new Thirty-fourth Street National Bank filed its articles of association and organization certificate with the Comptroller of the Currency. Many of the stockholders were merchants and tradesmen in the Thirty-fourth Street neighborhood. The bank planned to begin business about October 1st with a capital of $200,000 and surplus $200,000. As the applications for stock greatly exceeded the present capital, it was thought likely the capital would be increased in the near future. Following were the directors named in the articles of association: William W. Goodrich, Presiding Justice of the Supreme Court, Second Department; Charles I. Hudson of C.I. Hudson & Co., bankers; Udo M. Fleischmann of the family of yeast manufacturers; James H. Ottley, president of the McCall Company; William Lummis, capitalist; Henry W. Sackett of the law firm of Sackett & McQuaid; Dr. John P. Munn, president of the United States Life Insurance Company; William Watson Caswell of Lincoln, Caswell & Co., bankers and brokers; Bradford Rhodes, president; J. Edgar Leaycraft, real estate, member, New York State Tax Commission; Rudolph M. Haan, proprietor of the new Hotel St. Regis; Charles Hill Willson of Willson, Adams & Co., lumber; Timothy J. Martin, president of Davis Collamore & Co., china and glass importers; Thomas B. Clarke, art dealer; James Hutchinson, merchant; William Seaich, carriages and express transfer; and Daniel Smiley, proprietor, Mohonk Lake Mountain House. At a meeting of the board of directors held at the Waldorf-Astoria on September 2, Bradford Rhodes was elected president. The bank purchased the building and lot No. 41, West Thirty-fourth Street. This property would be remodeled and placed into shape for banking purposes. In the mean time the new band would locate in another building on the same block.

Mr. Rhodes was widely known as the editor and publisher of The Bankers' Magazine. He served in the New York Legislature for three successive terms from Westchester County and was chairman of the banking committee during each of his years in Albany. For a number of years, he had been president of the First National Bank of Mamaroneck and the Union Savings Bank of Westchester County. Both of these banks had been remarkably successful under his management. In accepting the presidency, Mr. Rhodes signified his intention to devote his future energies to the promotion of the interests of the Thirty-fourth Street National Bank.

Col. Henry W. Sackett of the well-known law firm of Sackett & McQuaid, was elected counsel of the bank. The other officers would be announced later.

On January 13, 1903, the annual meeting of the stockholders of the Thirty-fourth Street National Bank was held at the banking house, 21 West Thirty-fourth Street. Polls were open from 12-1 p.m. The following gentlemen were elected directors for the ensuing year: William W. Goodrich, Charles I. Hudson, John P. Munn, Charles Hill Willson, Udo M. Fleischmann, James H. Ottley, Henry W. Sackett, Wm. Watson Caswell, J. Edgar Leaycraft, Rudolph M. Haan, Timothy J. Martin, Thomas B. Clarke, William H. Seaich, Daniel Smiley, William Lummis, Bradford Rhodes, and Reuben G. Brewer. At a meeting of the board of directors held on the 16th, Mr. Bradford Rhodes was unanimously re-elected president; Messrs. William Lummis and Charles I. Hudson, were unanimously elected vice presidents. Curtis J. Beard was cashier. Alterations of No. 41 West Thirty-fourth Street to a four-story brick dwelling were underway by Hiss & Weekes of 111 Fifth Avenue, architects, at a cost of $30,000.

In April 1904, the bank had total resources of $1,596,473.97 with capital $200,000, surplus and undivided profits $203,860.47, circulation $49,200, and deposits of over $550,000. Elgin R.L. Gould was president; John P. Munn, M.D., 1st vice president; Clinton E. Braine, 2d vice president; Curtis J. Beard, cashier; and Walter R.B. Leaming, assistant cashier. The bank was located at 41 West 34th Street, New York City.

In January 1907, W.P. Chapman, Jr., and A. Saks were elected to the directorate of the Thirty-fourth Street National Bank to succeed H.N. Fell and C.E. Braine. In March, J. Adams Brown, former vice president of the Beacon Trust Company and secretary and treasurer of the Washington Trust Company of Boston, was elected vice president. At the same time the directorate was strengthened by the addition of Louis K. Liggett, president of the United Drug Company of Coston and of the National Cigar Stands Company of New York; William C. Bolton, president of the Riker Drug Company of Brooklyn, and H.A. Biggs, treasurer of the Hampton Advertising Company. In June 1907, plans which had been under consideration for some months were announced whereby the directors of the Thirty-fourth Street National Bank had arranged for a conversion of that institution into a State bank and a special meeting of the stockholders had been called for July 8 to carry out the details of the project. The first step would be the passage of a resolution placing the bank in voluntary liquidation as a preliminary to the organization of the New Netherlands Bank of New York. This organization would take over the assets of the present bank. On July 8, 1907, stockholders voted to change the institution to a state bank with the new name of New Netherland Bank of New York. The change would take place on July 22d. The officers of the Thirty-fourth Street National Bank were Elgin R.L. Gould, president; Dr. John P. Munn and J. Adams Brown, vice presidents; Curtis J. Beard, cashier; and J.T. Van Loan, assistant cashier. There would be no changes of officers or directors.

In January 1908, J. Adams Brown, vice president of the New Netherland Bank was elected president to succeed E.R.L. Gould who resigned on account of pressure of other business. The other officers were re-elected, but the vice president position held by Mr. Brown was left unfilled. Mr. Gould retained his interest in the bank and remained on the board.

On Monday September 16, 1929, formal consolidation of the Seaboard National Bank and the Equitable Trust Company was completed, merging the identities of two outstanding New York banks. The new institution with total resources in excess of $300,000,000 would retain the name and charter of the Equitable Trust Company of New York. Arthur W. Loasby who had been president of the Equitable became chairman of the board and Chellis A. Austin, president of the Seaboard, became president of the Equitable. The main offices of the Seaboard moved to the new Equitable Trust Company building at 11 Broad Street. Extensive alterations were made on several floors of the Equitable's forty-two story building to accommodate the officers and personnel from the Seaboard's main office. Quarters also were provided in this building for divisions of the Seaboard's Trust Department previously located at 115 Broadway. The Seaboard building at the corner of Broad and Beaver Streets was sold to the Manufacturers Trust Company.

The Seaboard Bank was organized in 1883 under a state charter with an original capital of $500,000. The Seaboard's first offices were at 18 Broadway next door to the Petroleum Exchange and the principal purposed was to facilitate trading on the Exchange by making loans on oil warehouse receipts and pipeline certificates which other banks did not do at that time. In 1885 the Seaboard became a national bank. In 1921 it entered its new building at Broad and Beaver Streets. The following year the Seaboard and the Mercantile Trust Company were merged with combined capital of $4,000,000 and total resources of about $80 million. Chellis A. Austin had been president of the Mercantile since its organization in 1917 and was elected president of the Seaboard. During 1928, the Seaboard acquired by merger the New Netherland Bank at 41 West 34th Street.

In 1930, the Chase National Bank made its most significant acquisition of the Equitable Trust Company of New York, making it the largest bank in the U.S. and the world. The largest stockholder of the Equitable was John D. Rockefeller Jr.

The Equitable Trust Company was an outgrowth of the Traders Deposit Company which was launched in 1871 with a paid-in capital of $16,000. In 1902 the Equitable succeeded the Traders Deposit Trust Company. The Equitable merged with the Bowling Green Trust Company (1909), the Madison Trust Company (1911), and the Trust Company of America which already represented several earlier consolidations (1912). In 1923, the Importers and Traders National Bank, an old and highly regarded institution, became a part of the Equitable National Bank and was merged into the Equitable Trust Company.[REF] Between 1912 and 1928 the main office of the Equitable was located in the company's 23-story building at 37 Wall Street. In February 1928 its headquarters were moved to the new 42-story Equitable Trust Company building at 11 Broad Street with entrances at 35 Wall Street and 51 Exchange Place.

On Sunday, March 2, 1952, Udo M. Fleischmann, retired New York financier died at his hunting plantation, Welaunee, Florida. He had been ill for about two years. He was president of the Land Brokerage Company of New York and a director of Penick and Ford, and director and vice president of the New Netherlands Bank before it was merged with the Chase National. Fleischman was a bird dog fancier and for many years was president of the Continental Field Trial Club.

Official Bank Title

1: The Thirty-Fourth Street National Bank of New York, NY

Bank Note Types Issued

1902 Red Seal $10 bank note with SN 1A and pen signatures of C.J. Beard, Cashier and Bradford Rhodes, President. Courtesy of GreatCollections.com

A total of $180,150 in National Bank Notes was issued by this bank between 1902 and 1907. This consisted of a total of 14,412 notes (14,412 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
1902 Red Seal	3x10-20	1 - 3603

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1907):

Presidents:

• Bradford Rhodes, 1903-1903
• Dr. Elgin Ralston Lovell Gould, 1904-1906

Cashiers:

• Curtis James Beard, 1903-1906

Other Known Bank Note Signers

• Clinton Elgin Braine, Vice President 1905...1907

Bank Note History Links

• Thirty-Fourth Street NB, New York, NY History (NB Lookup)
• New York Bank Note History (BNH Wiki)

Sources

• New York, NY, 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
• Detroit Publishing Co, P. 34th St. Thirty-fourth Street National Bank, New York City. New York State New York United States, None. [Between 1900 and 1910] Photograph] Retrieved from the Library of Congress.
• Detroit Publishing Co, P. President's room, 34th St. National Bank, New York City. New York United States New York State, None. [Between 1900 and 1910] Photograph Retrieved from the Library of Congress.
• Detroit Publishing Co, P. Director's room, 34th St. Thirty-fourth Street National Bank, New York City. New York State New York United States, None. [Between 1900 and 1910] Photograph' Retrieved from the Library of Congress.
• Detroit Publishing Co, P. Ladies' Dept., 34th St. Thirty-fourth Street National Bank, New York City. New York United States New York State, None. [Between 1900 and 1910] Photograph Retrieved from the Library of Congress.