Massachusetts National Bank, Boston, MA (Charter 974)
Massachusetts National Bank, Boston, MA (Chartered 1865 - Liquidated 1903)
Town History
Boston is the capital and most populous city of the Commonwealth of Massachusetts and 24th-most populous city in the U.S. The city proper covers about 48.4 square miles with a population of 675,647 in 2020, also making it the most populous city in New England. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to some 8.2 million people, making it the sixth most populous in the United States.
Boston is one of the oldest municipalities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from the English town of the same name. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the siege of Boston. Upon American independence from Great Britain, the city continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public park (Boston Common, 1634), first public or state school (Boston Latin School, 1635), first subway system (Tremont Street subway, 1897), and first large public library (Boston Public Library, 1848).
Today, Boston is a thriving center of scientific research. The Boston area's many colleges and universities make it a world leader in higher education, including law, medicine, engineering and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology and government activities.
Boston had 84 National Banks chartered during the Bank Note Era, and 75 of those banks issued National Bank Notes. Boston also had 63 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized March 22, 1865
- Chartered April 4, 1865
- Succeeded Massachusetts Bank
- Liquidated August 5, 1903
- Absorbed by 200 (First National Bank of, Boston, MA)
The Massachusetts Bank was incorporated in 1784 and occupied the Manufactory House, Tremont Street, corner of Hamilton place, then valued at $4,000. The custom of closing on Harvard commencement day originated with this bank, subsequently followed by all Boston banks until 1865. Its first president, James Bowdoin, was one of the formest citizens of his time. It moved in 1806 to its own building on the site of the American Coffee House, State Street, and stayed there more than 60 years. After the fire of 1872, it moved to Post Office Square and then to the Exchange Building. The presidents have been James Bowdoin, 1784-1786; William Phillips, 1786-1797; Jonathan Mason, 1797-1799; Samuel Eliot, 1799-1804; William Phillips, Jr., 1805-1827; William Parsons, 1827-1836; Jonathan Phillips, 1836-1840; William Parsons, 1840-1847; J.L. Gardner, 1847; J.J. Dixwell, 1847-1874. The cashiers were Samuel Osgood, 1784-1785; Peter R. Dalton, 1785-1792; John Lowell, 1792-1793; James Thwing, 1793-1814; Joseph Head, 1814-1816; Charles P. Phelps, 1816-1817; Samuel Payson, 1817-1836; James Dodd, 1836-1863; and Henry K. Frothingham, 1863-1887.[1]
The Exchange Building is 11 stories in height with a basement. Eight dressed bays face State Street, another eight front on Kilby Street, and three bays curve around the corner of these two streets. It is built of brick with a pink-toned granite facing on the dressed elevations and a granite foundation. Iron columns are used to support the interior floors. It is irregular in plan: the major U-shape opens toward Congress Street with a three bay wide, full height wing that extends from the southern elevation to Exchange Place. It has a flat roof. The firm of Peabody & Stearns won the competition to design the building in 1887. It was erected on the site of the Merchants Exchange Building between 1889 and 1891. Its style is a fusion of the Romanesque Revival and Italianate palazzo tradition.[2]
In 1869, the second floor facing Devonshire Street of the City Exchange was divided into quarters for three banking companies, the Massachusetts National Bank established 1784, the Hamilton Bank established in 1832, and a thrid suite of banking rooms as yet unoccupied. The most commodious suite was occupied by the Massachusetts National, the oldest bank in the country with the single exception of the Philadelphia North American Bank, both having been chartered in 1784.[3] The directors elected in January 1869 were John J. Dixwell, Henry A. Rice, John A. Bird, Abraham O. Bigelow, Edward Whitney, Charles J. Whitmore, Arthur T. Lyman, Johnson C. Burrage, and Nathaniel G. Chapin.[4]
In January 1900, important changes in the officers and directors of the Massachusetts National Bank were made, indicating a revolution in the policy and management of that old banking institution. William A. French retired from the presidency and was succeeded by John W. Weeds, formerly a director of the bank and well-known as commander of the Naval Brigade. The new cashier elected was Frederick H. Curtiss, formerly cashier of the Broadway National Bank, then in process of liquidation under the orders of the comptroller of the currency. The additional members of the board of directors were Hon. Frank Jones, P.W. Whittemore, Charles W. Perkins, and Frederick H. Curtiss. The additional places on the board were filled as follows: Edward T. Russell, William A. French, Charles H. Souther, Charles L. James, John W. Weeks, Benjamin C. Dean, Edward E. Blodgett, Edward H. Haskell, J. Murray Kay, Edwin D. Hauthaway, Arthur W. Stedman, and Arthur E. Childs. The new list of officers and directors of the bank were an important change especially given the recent financial disturbances in Boston. Many rumors concerning the Massachusetts National had been circulating much of it malicious. A run on the bank might have occurred at any time. With Mr. Curtiss's move, a great deal of the business of the Broadway National was expected to transfer to the Massachusetts National.[5]
On Tuesday, January 13, 1903, the stockholders of the First National Bank of Boston elected the following directors: John Carr, M.B. Mason, William H. Hill, C.H. Draper, C.M. Blake, William F. Draper and Eugene N. Foss.[6]
In February 1903, the directors of the Massachusetts National Bank were Calvin Austin, Edward E. Blodgett, Roland W. Boyden, George W. Brown, Arthur E. Childs, Frederic H. Curtiss, Benjamin C. Dean, Edward H. Haskell, Charles A. Morss, Jr., Charles L. James, Wallace F. Robinson, Charles H. Souther, Arthur W. Stedman, John W. Weeks, Daniel G. Wing, and Sidney W. Winslow. The officers were Daniel G. Wing, president; John W. Weeks, vice president; Frederic H. Curtiss, cashier; and Edward S. Hayward, assistant cashier. The bank had capital stock $800,000, surplus and undivided profits $137,261.85, circulation $50,000 and total assets of $7,925,267.33.[7]
At noon, June 28, 1903, one of the most important events in the financial world of Boston occurred when two of the oldest banks of the city were consolidated and the one ceased its corporate existence. Not often was $13,000,000 in currency, specie, stocks and bonds transferred through Boston Streets from the Equitable building on Milk Street to the Exchange building on State Street. A.E. Appleyard, broker of No. 5 State Street had since the early part of the month engaged on behalf of himself and clients in an endeavor to amalgamate the Massachusetts National Bank, incorporated in 1784 with capital of 800,000 and the First National Bank organized in 1859 with capital of $1,000,000. Mr. Appleyard accomplished this when he and his clients purchased nearly all of the stock of the First National Bank and in turn disposed of the controlling interest to the directors of the Massachusetts National Bank. The board of directors of the consolidated bank would consist of the combined boards of the First National and the Massachusetts National. On the 29th, the title of the First National Bank of Boston would appear at the former home of the Massachusetts National Bank at 53 State Street. The old stockholders of the Massachusetts bank would receive new stock in the ratio of five shares for every eight in the old bank. The First National Bank had returned a profit of 10 1/4 percent for the past 34 years. The new enterprise would have $1,000,000 capital and $1,000,000 surplus and deposits of $11,134,546. The officers were Daniel G. Wing, president, formerly of the Massachusetts; John Carr, chairman of the board, formerly of the First National; John W. Weeks, vice president, formerly of the Massachusetts; Charles W. Draper, second vice president, formerly cashier of the First National; Frederic H. Curtiss, cashier and Edward S. Hayward, assistant cashier, both formerly with the Massachusetts. Mr. Carr had been connected with the First National Since its inception in 1859 and Mr. Draper had also been with the bank from its start and for the last 22 years held the important office of cashier.[8]
Official Bank Title(s)
1: The Massachusetts National Bank of Boston, MA
Bank Note Types Issued
A total of $1,916,710 in National Bank Notes was issued by this bank between 1865 and 1903. This consisted of a total of 225,700 notes (225,700 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 Original Series 3x1-2 1 - 2800 Original Series 4x5 1 - 6925 Original Series 4x10 1 - 5450 Original Series 2x20-50-100 1 - 2350 Original Series 500-1000 1 - 58 Series 1875 4x5 1 - 17431 Series 1875 4x10 1 - 4817 Series 1875 2x20-50-100 1 - 400 1882 Brown Back 4x5 1 - 13858 1882 Brown Back 3x10-20 1 - 2365
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1903):
Presidents:
- John James Dixwell, 1865-1873
- Henry Augustus Rice, 1874-1880
- Abraham O. Bigelow, 1881-1881
- Henry Augustus Rice, 1882-1882
- Abraham O. Bigelow, 1883-1887
- William Abrams French, 1888-1899
- John Wingate Weeks, 1900-1902
- Daniel Gould Wing, 1903
Cashiers:
- Henry Knox Frothingham, 1865-1886
- Charles Worthen Perkins, 1887-1899
- Frederic Haines Curtiss, 1900-1903
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Massachusetts National Bank, Boston, MA History (NB Lookup)
- Massachusetts Bank Note History (BNH Wiki)
Sources
- Boston, MA, 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
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 9, 1900.
- ↑ The Exchange Building, Boston Landmarks Commission Study Report, Approved Oct. 23, 1979.
- ↑ Boston Evening Transcript, Boston, MA, Fri., Dec. 17, 1869.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 12, 1869.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 9, 1900.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 13, 1903.
- ↑ Boston Evening Transcript, Boston, MA, Mon., Feb. 9, 1903.
- ↑ Boston Post, Boston, MA, Sun, June 28, 1903.