National Bank of the Commonwealth, Boston, MA (Charter 1827)

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1882 Brown Back $5 proof
1882 Brown Back $5 proof, approved June 28, 1893. Courtesy of the Smithsonian Institution Archives

National Bank of the Commonwealth, Boston, MA (Chartered 1871 - Liquidated 1901)

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

In January 1874, the bank election report for the National Bank of the Commonwealth showed the following directors: E.C. Sherman, LT. Governor Thomas Talbot, Francis M. Johnson, Roland Worthington, William A. Tower, James H. Clement, Edwin F. Waters, Paul Adams, S.A. Denio, Charles V. Whitten, and R.M. Pulsifer. E.C. Sherman was re-elected president.[1]

In August 1888, Colonel William A. Tower of the firm of Tower, Giddings & Co., was elected vice president of the National Bank of the Commonwealth.[2]

The report of condition of the National Bank of the Commonwealth of Boston at the close of business, April 26, 1900, showed total resources of $11,211,315.31. The capital stock paid in was $1,000,000, surplus $700,000, undivided profits $190,127.49, circulation $50,000, and individual deposits subject to check $2,779,911.59. The banking house was carried as a resource worth $300,000.[3]

On Tuesday, January 8, 1901, the directors elected were William A. Tower, Solomon Lincoln, A.O. Smith, F.A. Foster, J.J. Eddy, C.W. Shaw, and A.T. Collier.[4] 

No more fitting tribute to the life and character of John J. Eddy, who died on July 10, 1901, could be paid than that such a large number of his former business associates, personal friends and fellow citizens had attended the funeral service for him at his late home in West Newton. Mr. Eddy was elected to be cashier of the National Bank of the Commonwealth on the date of the bank's organization, April 12, 1871, and continued in this position until his resignation on July 8, 1879. On the July 29, 1892, he was elected to be vice president, and on January 14, 1896, he was made president. During his incumbency the bank gained greatly in prestige and financial strength. His sagacious counsels contributed much to these results.[5]

In July 1901, William A. Tower of Tower, Giddings & Co., bankers, was elected president of the National Bank of the Commonwealth to take the place of the late John J. Eddy. Mr. Tower had been connected with the bank for many years as a director and former president of the bank. A.T. Collier, the cashier, was elected vice president and would assume charge of the more detailed part of the management.[6] In November 1901, the stockholders of the National Shawmut Bank bought two-thirds of the capital stock of the National Bank of the Commonwealth at $225 per share. The directors of both banks voted in favor of consolidation. The National Shawmut Bank had capital of $3,000,000 a surplus of above $2,000,000 and deposits of more than $40 million. That bank would remain in its present location and J.P. Stearns would continue as president. The deal was handled by Kidder, Peabody & Co. The directors of the Shawmut bank were J.P. Stearns, E. Haywood Ferry, E.D. Hayden, George M. Coburn, M.P. Clough, W.S. Spaulding, E.D. Codman, E.S. Draper, W.A. Gaston, D.B. Hallett, H.L. Higginson, H.S. Howe, F.S. Mosely, Horatio Newhall, F.G. Webster, Jeremiah Williams, Robert Winsor and A.S. Woodworth. The directors of the Commonwealth bank were W.A. Tower, president; A.T. Collier, vice president and cashier; and A.O. Smith, Solomon Lincoln, F.A. Foster, C.W. Shaw, and Oliver Ames.[7] On December 24, 1901, at a special meeting of the stockholders of the National Bank of the Commonwealth of Boston held at the banking rooms of the National Shawmut Bank, 60 Congress Street, it was voted to place the bank in voluntary liquidation. William A. Tower and Richard N. Saltonstall were appointed liquidating agents. Nearly every share of stock was represented and the vote was unanimous. The bank had been merged into the National Shawmut Bank.[8][9] On December 28th, the State National Bank moved to the quarters formerly occupied by the Commonwealth.[10]

On November 21, 1904, William Augustus Tower, 81, senior member of the banking firm of Tower, Giddings & Co, 105 Devonshire Street, Boston, died at his home in Lexington of pneumonia. Col. Tower, son of Oren and Harriet (Gleason) Tower, was born in Petersham Feb 26, 1824. At the age of 15 he was thrown upon his own resources and became a clerk in Lancaster and a few years later was admitted to partnership with his employer. Two years later he entered the flour and grain business in Haymarket Sq. as a member of the firm of Rice, Tower & Co. In 1855 he moved to Lexington. About this time he became a member of the Chicago firm of Watson, Tower & Co., but retained his business Interests. He resided in Chicago until 1860, when he returned to Massachusetts and again settled in Lexington. In 1867 Col. Tower organized the banking firm of Tower, Giddings & Co. From 1870 to 1873 he was president of the Concord Railroad in New Hampshire and in 1877 and 1878 was head of the Nashua & Lowell Railroad. Col. Tower was a whig in the early days and afterward became a republican. In 1863 he was a member of the Massachusetts house of representatives. He was a member Gov Rice's staff and held the rank of colonel. In 1882 Col. Tower was elected a member of the governor's council from the 3d district. Col. Tower was married in Lancaster April 29, 1847, to Julia, daughter of Austin and Sallie (Wellington) Davis. Four children were born to them, two of whom are living, Ellen M. and Richard G. Tower, the latter is a member of the firm of Tower, Giddings & Co.[11]

On November 29, 1912, Charles D. Fullerton, 61, died at his home in Brookline. Born in South Abington (now Whitman), he was first employed in a bank in Plymouth and from there came to the National Bank of the Commonwealth where he became assistant cashier. When the Brockton National Bank was established, he became its cashier. Mr. Fullerton gave up his position in the bank to establish an insurance business in Brockton, building it up to one of the leading agencies of Plymouth County, later establishing a similar business in Boston.[12]

Official Bank Title

1: The National Bank of the Commonwealth of Boston, MA

Bank Note Types Issued

Original Series $10 bank note
Original Series $10 bank note with pen signatures of J.J. Eddy, Cashier and E.C. Sherman, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Brown Back $20 bank note
1882 Brown Back $20 bank note with pen signatures of A.T. Collier, Cashier and W.A. Tower, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,127,730 in National Bank Notes was issued by this bank between 1871 and 1901. This consisted of a total of 215,408 notes (215,408 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 4x5 1 - 4000
Original Series 3x10-20 1 - 11200
Series 1875 3x10-20 1 - 10585
1882 Brown Back 4x5 1 - 14829
1882 Brown Back 3x10-20 1 - 13238

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1871 - 1901):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

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
  1. ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 14, 1874.
  2. ↑ The Boston Globe, Boston, MA, Sun., Aug. 12, 1886.
  3. ↑ Boston Evening Transcript, Boston, MA, Thu., May 3, 1900.
  4. ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 8, 1901.
  5. ↑ Boston Evening Transcript, Boston, MA, Fri., July 12, 1901.
  6. ↑ The Boston Globe, Boston, MA, Fri., July 19, 1901.
  7. ↑ Boston Post, Boston, MA, Wed., Nov. 20, 1901.
  8. ↑ Fall River Evening News, Fall River, MA, Tue., Dec. 24, 1901.
  9. ↑ Boston Evening Transcript, Boston, MA, Tue., Dec. 24, 1901.
  10. ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 1, 1902.
  11. ↑ The Boston Globe, Boston, MA, Tue., Nov. 22, 1904, p. 6.
  12. ↑ Boston Evening Transcript, Boston, MA, Sat., Nov. 30, 1912.
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