Fourth National Bank of New York

Last updated
The Fourth National Bank of the City of New-York
IndustryBanking
FoundedJanuary 1864
DefunctMay 1914
FateMerged with Mechanics and Metals National Bank
Successor Chase National Bank
Headquarters29 Pine Street, New York City, New York, United States
Area served
New York
Key people
George Opdyke, Morris Ketchum, J. Edward Simmons
Products Financial services

The Fourth National Bank of New York was an American bank based in New York City.

Contents

History

"The Panic - Run on the Fourth National Bank, No. 20 Nassau Street" The Panic - Run on the Fourth National Bank, No. 20 Nassau Street (New York City, 1873) LCCN2002723398.jpg
"The Panic - Run on the Fourth National Bank, No. 20 Nassau Street"

The Fourth National Bank of New York was organized in January 1864. [1] [2] At the time of its organization, many, including Secretary of the Treasury Salmon P. Chase, thought that "a bank of large capital should be organized under such favorable auspices as would result in demonstrating the utility of the National Banking System, and would induce banks existing under the State system to take out charters under the National Banking Act." The Fourth National Bank was founded by many of New York's most eminent citizens, including Jay Cooke. [3]

The bank first opened its doors in the "old Government building" at 29 Pine Street. In 1866, however, the bank moved to a six-story white-marble building located at the northeast corner of Nassau and Pine Streets. [4]

In 1893, the capital stock of the bank was $3,200,000; a surplus of $1,350,000; it had net profits of $378,030; and average net deposits of $20,000,000. [4]

In August 1911, interests identified with the Fourth National Bank, took over the Fourteenth Street Bank, which then changed its name to the Security Bank. A few weeks later, the new Security Bank merged with the Nineteenth and Twelfth Ward Banks. [5] In response to the takeover, Cannon testified before Samuel Untermyer during the Pujo Committee money trust hearings in 1911. [6]

1914 Merger

In May 1914, the directors of the Fourth National Bank and the Mechanics and Metals National Bank agreed to unite. The Mechanics and Metals National Bank was the result of a 1910 merger between Mechanics National Bank (which was founded in 1810) and the National Copper Bank (which was established in 1907). The Mechanics and Metals Bank offered $200 a share for the stock and the resultant bank had net deposits of approximately $90,000,000. In March 1914 immediately before the merger, the Mechanics and Metals had net deposits of $58,433,000 and Fourth National had net deposits of $33,408,000. [7]

After a number of mergers and acquisitions (including with the Produce Exchange Union in 1920), [8] the Mechanics and Metals National Bank consolidated with the Chase National Bank in 1926. [9] [10]

Leadership

The first president of the bank was George Opdyke, who had served as mayor of New York City from 1862 to 1863 and whose term in office had just expired before assuming the presidency. The prominent financier Morris Ketchum was Opdyke's successor. [11] The third president was Philo C. Calhoun, a former mayor of Bridgeport, who served over a period of roughly fifteen years. After Calhoun died in 1882, O. D. Baldwin was chosen to fill the presidency. He resigned in January 1888 and was succeeded by J. Edward Simmons, a former president of the New York Stock Exchange. [4] [12] After Simmons' death in 1910, he was succeeded by the bank's vice-president, James Graham Cannon (brother of Henry W. Cannon). [13]

List of presidents

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References

  1. "BANKING AND FINANCIAL; THE FOURTH NATIONAL BANK, NEW-YORK DEPOSITORY AND FINANCIAL AGENT OF THE UNITED STATES Nos. 27 and 29 Pine-st" (PDF). The New York Times . 2 November 1864. Retrieved 16 January 2020.
  2. "Banking and Financial; the Fourth National Bank of the City of New-York. Capital, $5,000,000. Financial Agent of the United States" (PDF). The New York Times . 19 December 1864. Retrieved 16 January 2020.
  3. "USA History - Fourth National Bank". www.globalsecurity.org. Retrieved 16 January 2020.
  4. 1 2 3 Williams, Henry Clay (1893). American Encyclopaedia of Biography. Hightstown, N.J.: Metropolitan Publishing and Engraving Co. pp. 123–124. Retrieved 16 January 2020.
  5. "MERGER ARRANGED FOR THREE BANKS; Security, Nineteenth, and Twelfth Ward Institutions Coming Under One Head" (PDF). The New York Times . 4 August 1911. Retrieved 16 January 2020.
  6. Lindbergh, Charles August; Rules, United States Congress House Committee on (1911). Hearings on House Resolution No. 314: Authorizing the Appointment of a Committee to Investigate as to Whether There are Not Combinations of Financial and Other Concerns who Control Money and Credits, and Operate in Restraint of Trade Through that Control. U.S. Government Printing Office. p. 200. Retrieved 16 January 2020.
  7. 1 2 "$58,000,000 MOVED WITH SMALL GUARD; Fourth National Bank's Cash and Securities Taken Over by Mechanics & Metals" (PDF). The New York Times . 17 May 1914. Retrieved 16 January 2020.
  8. "Bank Merger is Approved; Mechanics and Metals and Produce Exchange Union Effective Today". The New York Times . New York City. June 21, 1920. Retrieved February 27, 2017.
  9. "BANK EXPLAINS NAME.; To Drop Mechanics and Metals as To Long After Merger With Chase". The New York Times . 28 February 1926. Retrieved 16 January 2020.
  10. "BANK MERGER DEAL TO BE CLOSED TODAY; Chase National and Mechanics and Metals Stockholders to Vote on Plan. RATIFICATION IS ASSURED Second Billion Dollar Bank Will Start Activities April 12 -- All Details Arranged" (PDF). The New York Times . 18 March 1926. Retrieved 16 January 2020.
  11. "KETCHUM; Story of His Last Fortnight. His Whereabouts and Doings Day by Day. HIS ARREST AND IMPRISONMENT. The Winning Ways of Cincinnati Merchants. Miraculous Provision of Underclothing and Tooth-brush. Statement of Miss. Ives, the Land lady. STORY OF KETCHUM THE DEFAULTER. PROMPT ACTION OF OAKEY HALL. Ketchum at the Police Headquarters--Interview with His Father and Counsel--All About Him. CITY WAS EXCITED THE FIRST THING DONE THE SECOND THING DONE TWO HUNDRED AND EIGHTY-FIVE THOUSAND THE THIRD THING DONE OFFICE OF MORRIS KETCHUM. KETCHUM PASSED HIS TIME SEEMED STRANGE TO THE LADY REMAINED OUT SEVEN HOURS, WENT TO CENTRAL PARK INFORMATION WAS SENT GO OUT AGAIN?YOU'RE SAFE. THREE LETTERS THE LETTER FROM ELLEN. THE LETTER FROM FRANK. LETTER FROM LOWRY'S "FATHER." HER STORY IS HIS INTERVIEW WITH HIS FATHER HIS PAST TRANSACTIONS. IMMEDIATE LEGAL ACTION AFFIDAVIT OF OAKEY HALL. RUMORS, FIRST SUNDAY IN PRISON. THE REWARD. TO-DAY". The New York Times . 28 August 1865. Retrieved 16 January 2020.
  12. Claims, United States Congress House Committee on (1897). Fourth National Bank of New York City. Letter from the Assistant Secretary of War, Calling Attention to Certain Desired Changes in House Document No. 67, Relating to the Issuance of a Certain Duplicate Check . Retrieved 16 January 2020.
  13. "CANNON SUCCEEDS SIMMONS; Vice President Becomes the President of the Fourth National Bank" (PDF). The New York Times . 10 August 1910. Retrieved 16 January 2020.
  14. "WALL STREET PANIC.; Tremendous Forgeries on WellKnown Firms.MILLIONS OF MONEY INVOLVED.Edward Ketchum Discovered tobe the Forger.FAILURE OF HEAVY HOUSES IN CONSEQUENCE Statements of the President of the Bank ofNew-York, Morris Ketchum and Charles Graham.Whereabouts of Ketchum---He Buys a Bag and Jams $60,000 in It.GREAT EXCITEMENT IN THE STREET. GOLD CHECKS, HISTORY OF THE FORGED CHECKS. THE BUNGLING MANNER. FOURTH NATIONAL BANK AT THE BANKS MR. MORRIS KETCHUM, TWO AND THREE MILLIONS MR. CHARLES GRAHAM, THE FOURTH NATIONAL CARD TO THE PUBLIC: EDWARD KETCHUM" (PDF). The New York Times . 16 August 1865. Retrieved 16 January 2020.
  15. "PHILO C. CALHOUN" (PDF). The New York Times . 15 March 1882. Retrieved 16 January 2020.
  16. "A Bank President's Error; O.D. Baldwin's Resignation of His Position. Committing a Technical Offense in the Bookkeeping of the Fourth National Bank". The New York Times . 10 January 1888. Retrieved 16 January 2020.
  17. "J. EDWARD SIMMONS DEAD.; President of the Fourth National Bank Passes Away at Mohonk Lake" (PDF). The New York Times . 5 August 1910. Retrieved 16 January 2020.