First National Bank of Portland, ME (Charter 221)
First National Bank of Portland, ME (Chartered 1864 - Receivership 1933)
Town History
Portland is the most populous city in the U.S. state of Maine and the seat of Cumberland County. Portland's population was 68,408 in April 2020. The Greater Portland metropolitan area has a population of approximately 550,000 people. Historically tied to commercial shipping, the marine economy, and light industry, Portland's economy in the 21st century relies mostly on the service sector. The Port of Portland is the second-largest tonnage seaport in the New England area as of 2019. The city seal depicts a phoenix rising from ashes, a reference to Portland's recovery from four devastating fires. Portland was named after the English Isle of Portland. In turn, the city of Portland, Oregon, was named after Portland, Maine. The word Portland is derived from the Old English word Portlanda, which means "land surrounding a harbor".
In 1820, Maine was established as a state with Portland as its capital. In 1832, the capital was moved north and east to Augusta. In 1851, Maine led the nation by passing the first state law prohibiting the sale of alcohol except for "medicinal, mechanical or manufacturing purposes." The law subsequently became known as the Maine Law, as eighteen other states quickly followed. The Portland Rum Riot occurred on June 2, 1855.
In 1853, upon completion of the Grand Trunk Railway to Montreal, Portland became the primary ice-free winter seaport for Canadian exports. The Portland Company, located on Fore Street, manufactured more than six hundred 19th-century steam locomotives, as well as engines for trains and boats, fire engines and other railroad transportation equipment. The Portland Company was, for a time, the city's largest employer and many of its employees were immigrants from Canada, Ireland and Italy. Portland became a 20th-century rail hub as five additional rail lines merged into Portland Terminal Company in 1911. These rail lines also facilitated movement of returning Canadian troops from the First World War in 1919. Following nationalization of the Grand Trunk system in 1923, Canadian export traffic was diverted from Portland to Halifax, resulting in marked local economic decline. Icebreakers later enabled ships to reach Montreal in winter, drastically reducing Portland's role as a winter port for Canada.
On June 26, 1863, a Confederate raiding party led by Captain Charles Read entered the harbor at Portland leading to the Battle of Portland Harbor, one of the northernmost battles of the Civil War. The 1866 Great Fire of Portland, Maine, on July 4, 1866, ignited during the Independence Day celebration, destroyed most of the commercial buildings in the city, half the churches and hundreds of homes. More than 10,000 people were left homeless. In 1860, the population was 26,341, growing to 70,810 by 1930 and peaking at 77,634 in 1950.
Portland had 11 National Banks chartered during the Bank Note Era, and all 11 of those banks issued National Bank Notes.
Bank History
- Chartered January 29, 1864
- Succeeded International Bank
- Assumed 878 June 24, 1872 by consolidation (Second National Bank, Portland, ME)
- Conservatorship March 31, 1933
- Receivership Nov 6, 1933
International Bank of Portland
In February 1859, a petition for the incorporation of the International Bank of Portland was presented to the Senate by St. John Smith and others.[1] In April 1859, the act to incorporate the International Bank was passed by the legislature.[2]
Subscription books were opened at the store of Messrs. Steele & Hayes and with Messrs. St. John Smith, J.B. Brown, E. Carter, Jr., and Eben Steele, committee for that purpose.[3]
The new bank by the name of the International Bank, chartered at the last session of the Legislature, planned to go into operation in November. The persons named in the act met on Monday, August 29, 1859, and voted to accept the charter and to open subscription books for the capital stock immediately. Preliminary subscriptions for the stock to the amount of nearly one half the entire capital were secured and it was believed the whole amount would be readily taken up. Stocks of all the older banks in Portland had been for some months at from five to ten percent above par, nearly all of them having large surpluses, consistently paying yearly dividends of four per. What was most important, however, to the public was the general policy of the International Bank to pursue its goal to make the institution specially available in promoting some new branches of business and particularly in aiding the trade which would be ready to open for the city upon the completion of its interior connections. In a very short time Portland would have communications with the productive regions of the West as direct and valuable as any other seaport on the Atlantic Coast. It was believed that Portland could greatly and safely extend import trade having the supply of West India and other productions to all the places along the railway extending from the city. The enterprise of the International Bank appeared to be a movement in this direction.[4]
In January 1860, the International Bank moved to its banking house on Middle Street, corner of Plum Street. Wm. E. Gould was cashier.[5] On March 2d, stockholders met and voted to accept the act increasing their capital stock by $250,000 to a total of $500,000. Present stockholders would have 30 days to subscribe for their pro rata share of the new stock.[6]
In November, counterfeit twos on the International Bank were reported. They were easily detected as the true bill had a vignette of two female figures seated upon a bale of goods with a factory in the background; at right, lower corner, a cooper at work with a pile of barrels, figure two over same; left lower corner a female with figure two over same. The counterfeit had an emigrant wagon drawn by four horses; right lower corner a male portrait, figure two above; left lower corer a female portrait, figure 2 above.[7]
On Monday, October 6, 1862, stockholders elected St. John Smith, H.J. Libby, Ezra Carter, Jr., Charles Holden, Phinehas Barnes, N.J. Miller, and Henry B. Hart, directors, the last two were new additions increasing the board from five to seven. St. John Smith was elected president and Wm. E. Gould was cashier. The bank had capital of $625,000.[8]
In February 1863, the Maine Senate passed an act to extend the time for paying in the additional capital of the International Bank.[9] On Monday, October 5, 1863, stockholders of the International Bank elected the following board of directors: St. John Smith, Charles Holden, Ezra Carter, Jr., Phinehas Barnes, H.J. Libby, N.J. Miller, and H.B. Hart. St. John Smith was elected president and Wm. E. Gould was cashier.[10] The International Bank had the largest capital of any of the Portland banks with $625,000. It declared a divided of 3 1/2 percent maintaining a reserve of $25,000.[11]
First National Bank of Portland
On Tuesday, January 9, 1866, at the annual meeting of the First National Bank, stockholders elected S.J. Smith, H.J. Libby, J.B. Brown, Charles Holden, Ezra Carter, Jr., H.B. Hart, John Rand, directors. St. John Smith was elected president and Wm. E. Gould, cashier.[12]
On Tuesday, January 9, 1872, the stockholders elected the following directors: H.J. Libby, St. John Smith, John B. Brown, John Rand, Charles Holden, Ezra Carter, Thomas M. Reed in place of H.B. Hart.[13] In June 1872, it was reported that the stock, credits, assets and franchises of the Second National Bank of Portland had been purchased by the First National Bank and that the business of the two institutions would be consolidated. This increased the capital of the First National to $900,000 from $800,000. Stockholders of the Second National Bank received an equivalent of $30 premium per share.[14] Starting June 24th, W.N. Gould would carry on a strictly banking business in the banking rooms of the Second National Bank under the style of the Bank of Portland.[15]
On Tuesday, January 14, 1873, the stockholders elected the following directors: H.J. Libby, president; Charles Holden, St. John Smith, Ezra Carter, John Rand, and Thomas M. Reed, directors; William E. Gould, cashier.[16]
On Tuesday, January 13, 1880, stockholders elected the following directors: Ezra Carter, John B. Brown, Mark P. Emery, Wm. W. Brown, Frederick Robie, and Joseph S. Ricker. H.J. Libby was elected president and W.E. Gould, cashier.[17]
In September 1882, proposals were solicited for the removal of the buildings on the lot recently purchased by the bank situated on Middle, Exchange and Market Streets.[18]
In April 1883, the First National Bank redeemed a lot of bills totaling $28 from the old International Bank issued in 1861, 62 and 63. They were from the dead-letter office, Washington, and the post office requested the money.[19][20]
Governor Robie appeared at the laying of the corner stone of the new bank building on the Fourt of July.[21] The 21 vaults and safes would cost $97,000. The vault in the building occupied by the bank was put in by the same contractor and cost but $7,000.[22] Daniel M. Mannix, stone cutting and monumental works, furnished the cut granite for the new building.[23]
On January 29, 1884, the dials of the new clock were put in.[24] In July, the new building was virtually complete with many of the tenants already in possession of their offices. The building was built of brick and dark red freestone with a heavily rusticated basement of cut granite. It was five stories in height including the basement and was designed in a style described as "approaching Flemish Renaissance." The most prominent corner of the building at the crossing of Middle and Exchange Streets was distinguished by a square tower of brick, stone and iron, containing an illuminated clock and surmounted by an antique weather-cock whose history was well known to many of the citizens of Portland having served as the weather vane on the top of the old Portland court house back in 1789.[25] The main entrance was closed by heavy walnut doors which opened into a porch finished in pressed brick; from this porch one could descend to the basement or ascend to the main hall. In the main all were located the directory of the building and the speaking tubes and bells communicating with every suite of rooms. The bank occupied nearly the whole of the first or principal story, the remainder of this floor being devoted to the uses of the Portland Trust Company. The main banking room was about 67 feet long and 40 fee wide with a height of 16 feet. This room was lighted by nine large windows occupying the whole of two sides, the lower portions filled with plate glass and the upper with English bullions set in lead with the addition of a small amount of tinted cathedral glass. The finish of the main room with that of the President's and directors' room adjoining in cherry. The eight wickets occupied by the various clerks of the bank were of wrought brass work. The cashier occupied a position connecting directly with the rooms of the president and directors but outside the compartments for clerks On the wall nearest the entrance to this room was a marble slab set in woodwork and bearing this inscription: International Bank. Incorporated 1859. Saint John Smith, President -- The First National Bank. Organized 1864. Harrison J. Libby, President. -- Building Erected 1883-4. This tablet was of Victoria red, sienna and Knoxville marbles. The general contractor was Mr. William H. Stewart of Boston who was formerly a builder in Portland. The architects were Messrs. Van Brunt & Howe of Boston. Mr. Edward P. Chase of Portland was general superintendent.[26]
On Tuesday, September 21, 1886, U.S. bank examiner Andrew P. Wiswell began his examination of the financial condition of the First National Bank assisted by nearly all the directors. Gov. Robie was the on to suspect Mr. Gould. Gov. Robie said the investigation indicated no greater defalcation than $147,000. Gould's bond had not been renewed for years and all the bondsmen except Neal Dow were dead. Dow was responsible for $20,000.[27] On Saturday, September 25th, William E. Gould was arrested by United States Marshals and brought before United States Commissioner Clifford to await action of the grand jury. He was placed under $50,000 bond which he was unable to procure and was taken to the county jail.[28] His father, Edward Gould, was also a bank cashier and his father-in-law was Neal Dow, the noted Prohibition leader. He used the stolen funds in speculation and began his criminal career several years ago, living a double life since. His defalcations amounted to about $80,000.[29] On October 2, Mr. Gould arrived at the prison at Thomaston. He went at once to the warden's office and was introduced to Warden Bean by Marshal Harmon. He bowed and politely lifted his hat to his future guardian for the next ten years. He would not be fully committed until 2 o'clock, dining elsewhere than at the prison. Gould would be temporarily assigned to a cell in the afternoon. After putting on the prison garb on Monday he would begin work in one of the shops as yet to be determined. The prison was noted for its cleanliness and sanitary condition.[30] At the First National, Mr. William G. Davis was elected to fill the vacancy occasioned by the resignation of Mr. Ezra Carter, and Mr. P.H. Brown was elected to fill the vacancy in the board caused by the resignation of William E. Gould. The question of cashier had not been determined.[31]
In January 1887, the position of cashier which remained vacant since the defalcation of William E. Gould was filled when directors elected James E. Wengren, formerly note teller, to be cashier. Mr. Wengren had been acting as cashier for some time.[32]
On Thursday, May 10, 1888, an unsuccessful attempt was made to rob the First National Bank of Portland, the burglars only getting 50 postage stamps from the cash drawer. The burglars forced the windows of the directors' room and tried various means of opening the vault. They gave up drilling the door when a depth of half an inch was reached and several of their wedges were found in the door. Their scattered tools gave evidence of a hurried departure. There were several thousand dollars in the vault as Friday was pay day at the quarries and the money was counted out for that purpose. A team was stolen from Cromwell the same night and a can of giant powder was found at Middlesex Quarry Friday morning, which were believed to be burglar tracks. The event sustained the bank's reputation for security, as a similar attempt was unsuccessful 17 years ago.[33]
On Tuesday, January 14, 1890, stockholders elected the following directors: Harrison J. Libby, William W. Brown, Mark P. Emery, ex-Gov. Robie, Albion Little, Wm. H. Davis, and Philip Henry Brown. H.J. Libby was elected president and J.E. Wengren, cashier.[34]
On Tuesday, January 10, 1933, directors of the First National bank were re-elected as follows: Edward B. Winslow, Philip G. Brown, Herbert J. Brown, Thomas P. Shaw, Clinton W. Davis, Philip Dana, Eugene R. Baxter, Ralph G. Libby, Edward W. Cram and Frederic C. Dudley. The directors re-elected the following officers: Philip G. Brown, president; Mr. Winslow, vice president; Everett M. Holden, cashier; Frank S. Allen and Harmon P. King, assistant cashiers; and Charles M. Brooks, Jr., auditor.[35]
First National Bank at Portland (Charter 13716)
Frederick H. Turnbull of Cambridge, Massachusetts, was selected as president of the new First National Bank at Portland (Charter 13716), successor to the First National Bank of Portland. The new bank opened on Saturday, July 1st, making an initial dividend of 50% available to old depositors. Turnbull was formerly connected with the National City Bank of New York, the Harvard Trust Company of Cambridge, and the Webster and Atlas National Bank of Boston. Clinton W. Davis of Portland was chairman of the board and John B. Payson of Portland, active vice president.[36]
Official Bank Title
1: The First National Bank of Portland, ME
Bank Note Types Issued
A total of $11,943,980 in National Bank Notes was issued by this bank between 1864 and 1933. This consisted of a total of 1,727,388 notes (1,349,536 large size and 377,852 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 8046 Original Series 4x5 1 - 11350 Original Series 4x10 1 - 10575 Original Series 2x20-50-100 1 - 1909 Original Series 50-100 1910 - 3500 Series 1875 4x5 1 - 6255 Series 1875 4x10 1 - 6245 Series 1875 2x20-50-100 1 - 2069 1882 Brown Back 4x5 1 - 11476 1882 Brown Back 3x10-20 1 - 8574 1882 Brown Back 50-100 1 - 1963 1902 Red Seal 4x5 1 - 2900 1902 Red Seal 3x10-20 1 - 2100 1902 Date Back 4x5 1 - 21750 1902 Date Back 3x10-20 1 - 16500 1902 Plain Back 4x5 21751 - 218308 1902 Plain Back 3x10-20 16501 - 45800 1929 Type 1 6x5 1 - 52998 1929 Type 1 6x10 1 - 6898 1929 Type 2 5 1 - 15206 1929 Type 2 10 1 - 3270
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1933):
Presidents:
- St. John Smith, 1864-1869
- Harrison Jewell Libby, 1870-1890
- Frederick Robie, 1891-1911 39th Governor of Maine, 1859-1861
- Daniel Freeman Emery, Jr., 1912-1912
- Philip Greeley Brown, 1913-1932
Cashiers:
- William Edward Gould, 1864-1885
- James Edward Wengren, 1886-1912
- Carl A. Weber, 1913-1929
- Everett Montgomery Holden, 1930-1932
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Portland, ME, 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
- ↑ Bangor Daily Whig and Courier, Bangor, ME, Sat., Feb. 19, 1859.
- ↑ Bangor Daily Whig and Courier, Bangor, ME, Thu., Apr. 7, 1859.
- ↑ Portland Press Herald, Portland, ME, Fri., Sep. 2, 1859.
- ↑ Portland Press Herald, Portland, ME, Wed., Aug. 31, 1859.
- ↑ Portland Press Herald, Portland, ME, Fri., Jan. 27, 1860.
- ↑ Portland Press Herald, Portland, ME, Sat., Mar. 3, 1860.
- ↑ Bangor Daily Whig and Courier, Bangor, ME, Tue., Nov. 27, 1860.
- ↑ The Portland Daily Press, Portland, ME, Tue., Oct. 7, 1862.
- ↑ The Times Record, Brunswick, ME, Sat., Feb. 28, 1863.
- ↑ The Portland Daily Press, Portland, ME, Tue., Oct. 6, 1863.
- ↑ Sun-Journal, Lewiston, ME, Tue., Oct. 6, 1863.
- ↑ The Portland Daily Press, Portland, ME, Wed., Jan. 10, 1866.
- ↑ The Portland Daily Press, Portland, ME, Wed., Jan. 10, 1872.
- ↑ Boston Evening Transcript, Boston, MA, Sat., June 15, 1872.
- ↑ The Portland Daily Press, Portland, ME, Tue., June 25, 1872.
- ↑ The Portland Daily Press, Portland, ME, Wed., Jan. 15, 1873.
- ↑ The Portland Daily Press, Portland, ME, Wed., Jan. 14, 1880.
- ↑ Portland Daily Press, Portland, ME, Tue., Sep. 19, 1882.
- ↑ Boston Evening Transcript, Boston, MA, Sat., Apr. 28, 1883.
- ↑ Commercial, Bangor, ME, Fri., Apr. 27, 1883.
- ↑ Portland Press Herald, Portland, ME, Mon., Aug. 20, 1883.
- ↑ Portland Daily Press, Portland, ME, Thu., Oct. 25, 1883.
- ↑ The Mining and Industrial Journal, Bangor, ME, Fri., July 20, 1883.
- ↑ Portland Daily Press, Portland, ME, Wed., Jan. 30, 1884.
- ↑ Fall River Daily Evening News, Fall River, MA, Tue., Mar. 26, 1889.
- ↑ Portland Daily Press, Portland, ME, Fri., July 18, 1884.
- ↑ The Springfield Daily Republican, Springfield, MA, Thu., Sep. 23, 1886.
- ↑ Boston Evening Transcript, Boston, MA, Mon., Sep. 27, 1886.
- ↑ The Recorder, Greenfield, MA, Mon., Sep. 27, 1886.
- ↑ Kennebec Journal, Augusta, ME, Oct. 4, 1886.
- ↑ The Portland Daily Press, Portland, ME, Sat., Oct. 2, 1886.
- ↑ Bangor Daily Whig and Courier, Bangor, ME, Mon., Jan. 24, 1887.
- ↑ The Springfield Daily Republican, Springfield, MA, Sat., May 12, 1888.
- ↑ Sun-Journal, Lewiston, ME, Tue., Jan. 14, 1890.
- ↑ Evening Express, Portland, ME, Tue., Jan. 10, 1933.
- ↑ Springfield Evening Union, Springfield, MA, Thu., June 29, 1933.