Sagadahock National Bank, Bath, ME (Charter 1041)

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Location of several banks in Bath, Maine
The Sagadahock National Bank occupied the corner of Front and Centre Streets with the Lincoln National Bank moving here after the 1894 fire. View is toward the South. An expanded view of the vault alarm is in the upper right. Courtesy of Google Maps, ca2018

Sagadahock National Bank, Bath, ME (Chartered 1865 - Liquidated 1894)

Town History

Sanborn Fire Insurance Map of Bath, Maine, February 1890. The First National Bank is on Front Street next to the Bath National Bank and across from the Sagadahock House on the corner of Center and Front Streets. Courtesy of the Library of Congress
Sketch of the burned area from the great Bath fire of January 28, 1892
Sketch of the burned area inside the dashed line. An asterisk marks the origin of the fire in the stables of the Sagadahock House. The Sagadahock National Bank was located across from the Sagadahock House and suffered little damage from the great Bath fire of January 28, 1894.[1]

Bath is a city in Sagadahoc County, Maine. It is also the county seat of Sagadahoc County. The city is popular with tourists, many drawn by its 19th-century architecture. It is home to the Bath Iron Works and Heritage Days Festival, held annually on the Fourth of July weekend. It is commonly known as "The City of Ships" because of all the sailing ships that were built in the Bath shipyards. Bath is part of the Portland-South Portland-Biddeford metropolitan statistical area. Bath has a 2020 population of 8,766. In 1860 the population was 8,076, peaking in 1920 at 14,731.

Abenaki Indians called the area Sagadahoc, meaning "mouth of big river". It was a reference to the Kennebec River, which Samuel de Champlain explored in 1605. Popham Colony was established in 1607 downstream, together with Fort St George. The settlement failed due to harsh weather and lack of leadership, but the colonists built the New World's first oceangoing vessel constructed by English shipwrights, the Virginia of Sagadahoc. It provided passage back to England. Most of Bath, Maine, was settled by travelers from Bath, England.

The next settlement at Sagadahoc was about 1660, when the land was taken from an Indian sagamore known as Robinhood. Incorporated as part of Georgetown in 1753, Bath was set off and incorporated as a town on February 17, 1781. It was named by the postmaster, Dummer Sewall, after Bath in Somerset, England. In 1844, a portion of the town was set off to create West Bath. On June 14, 1847, Bath was incorporated as a city, and in 1854 designated county seat. Land was annexed from West Bath in 1855.

Several industries developed in Bath, including lumber, iron, and brass, with trade in ice and coal. The city and surrounding area is renowned for its shipbuilding and, at one point, was home to more than 200 shipbuilding firms. The industry began in 1743, when Jonathan Philbrook and his sons built two vessels. Since that time, roughly 5,000 vessels have been launched from Bath, which became the nation's fifth largest seaport by the mid-19th century. The clipper ships built in Bath sailed to ports around the world. The last commercial enterprise to build wooden ships in the city was the Percy & Small Shipyard, whose schooner Wyoming is considered the largest wooden ship in world history, and which was acquired for preservation in 1975 by the Maine Maritime Museum. The most well-known shipyard is the Bath Iron Works, which was founded in 1884 by Thomas W. Hyde. Hyde became the firm's general manager in 1888. It has built hundreds of wooden and steel vessels, mostly warships for the U.S. Navy. During World War II, Bath Iron Works launched one new ship approximately every 17 days. The shipyard today is a major regional employer, and currently operates as a division of the General Dynamics Corporation.

Bath had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.

Obsolete Title State

Charter

National Bank

Title

Federal

Charter

Charter # Fate
The Lincoln Bank 1813 The Lincoln NB 1865 761 1910 merged with First NB
The Sagadahock Bank 1836 The Sagadahock NB 1865 1041 1894 merged with Lincoln NB
The City Bank, Bath 1853 The First NB‡ 1863 61 1882 Charter expired, became Charter 2743
N/A N/A The First NB‡ 1882 2743 1960 merged with First NB of Portland
The Bath Bank 1855 The Bath NB 1864 494 1965 merged with Canal NB of Portland
N/A N/A The Marine NB 1865 782 1910 absorbed by Lincoln NB

‡Bank histories of Charter 61 and 2743 combined on one page.

Bank History

The Sagadahock Bank obsolete $5 banknote
The Sagadahock Bank obsolete $5 Haxby ME-170, dated Dec. 1847. Note features an expansive harbor view of Bath with many sailing ships and one steam sidewheeler flanked by a portrait of Washington at left and a Native American at right. Fidelity is represented by a vignette of a dog lying by a strong box with a key under his left paw at bottom center.
  • Organized April 7, 1865
  • Chartered April 20, 1865
  • Succeeded Sagadahock Bank
  • Liquidated April 11, 1894

On Wednesday, September 28, 1836, the Sagadahock Bank at Bath commenced operations. The officers were Joseph Sewall, esq., president; and Daniel F. Banker, cashier.[2]

In October 1838, Joseph Sewall was president of the Sagadahock Bank and Daniel F. Baker, cashier. The directors were Mr. Sewall, T.D. Robinson, Thomas Harward, John Smith, Wm. M. Reed, Wm. Purrington, and Moses Riggs.[3]

In February 1840, the directors were Joseph Sewall, president; Thomas D. Robinson, John Smith, William M. Reed, and Thomas Harward, all of Bath; William Purington of Bowdoinham; and Moses Riggs, of Georgetown. Daniel F. Baker was cashier.[4]

In November 1847, the directors were Thos. D. Robinson, president; Joseph Sewall, John Smith, William M. Reed, Lewis Blackmer, Wm. Purrington, Wm. V. Moses, directors. D.F. Banker was cashier.[5]

The Sagadahock Bank was incorporated in 1836 and remained in business until becoming the Sagadahock National Bank of Bath in 1865. The Statement of Condition of the Sagadahock National Bank as of the morning of the first Monday of July 1865, showed total resources of $219,756.29, with capital stock paid in $100,000, individual deposits $79,769.89, due to Sagadahock Bank for bills in circulation $26,106.00, and profit $11,877.34. Wm. M. Reed was president and Henry Eames, cashier.[6]

Around January 25, 1866, W.V. Moses, Esq. was chosen president of the Sagadahock National Bank in place of Wm. M. Reed, deceased.[7]

On Tuesday, January 8, 1867, the stockholders elected the following directors: W.V. Moses, president; C.L. Owen, Lincoln Webb, Moses Riggs, Franklin Reed, Alex. Robinson, directors; and Henry Eames, cashier.[8]

In January 1870, the directors were W.V. Moses, C.L. Owen, Lincoln Webb, Franklin Reed, Alfred Lemont, Alexander Robinson and Moses Riggs, directors; W.V Moses, president and Henry Eames, cashier.[9]

In January 1880, the directors were Franklin Reed, Lincoln Webb, Alfred Lemont, Converse L. Owen, W.F. Moses, Samuel Eames, and John A. Emery. Franklin Reed was president and Henry Eames, cashier.[10]

On Tuesday, January 8, 1889, stockholders of the Sagadahock National Bank elected the following directors: Franklin Reed, Alfred Lemont, Wm. F. Moses, H.F. Moses, and John G. Morse.[11] Franklin Reed was president and Henry Eames, cashier.[12]

On Tuesday, January 9, 1894, the officers were Franklin Reed, Alfred Lemont, Wm. F. Moses, John G. Morse, and Harry F. Morse, directors; Franklin Reed, president; and Henry Eames, cashier.[13]

On January 28, 1894, Bath's fine hotel, the Sagadahock House, in its day one of the best in the state, was destroyed in Bath's biggest fire. Between 8 and 9 o'clock Sunday morning, a fire started in a stable in the rear of the Sagadahock House which stood at Front and Center Streets at the site later occupied by the Sagadahock block. For want of a bucket of water at its discovery, this blaze spread into the worst conflagration in the city's history. The city's water supply had been shut off the day before because of a break in the main line. Mayor John O. Shaw sent telegrams calling for help from Brunswick, Lewiston and Portland Fire Departments. The local steam engines went to the Kennebec River for water causing a delay of over half an hour and by this time the blaze was beyond control. The large four story Sagadahock House became a mass of flames and the fire worked north to Webber's drug store, nearly opposite the head of Broad Street. Also burned out on that side of the street were the Lincoln National Bank, Hallet's drug store, John O. Shaw's book store, J.L. Douglas' clothing store, the Marine National Bank and D.T. Percy's dry goods store and second floor offices. Buildings opposite the Sagadahock House north nearly to Broad Street were consumed or badly damaged. In the center of these was the People's Twenty-Five Cent Savings Bank which was totally consumed while next north of it, the Times building, escaped with just the loss of editorial rooms on the second floor and all of W.S. Shorey's book bindery on the third floor. The guests in the hotel escaped with a portion of their personal effects; from the hotel stable some 20 horses and several carriages were saved. The valuables in the vaults of the Lincoln, Marine and Peoples Savings banks came out uninjured.[14] The loss was estimated at $750,000 with the Sagadahock and Central houses, three banks and a dozen stores gone. The Hyde Light Guards were called out to protect property. A bad chimney was thought to have been the cause of the fire.[15] 

On January 30th, a terrific snow storm had raged over night. The vaults of the Lincoln and Twenty-Five Cent banks were opened. The Lincoln National engaged quarters in the Sagadahock bank rooms and the Twenty-Five Cent bank in W.E. Hogan's law office. The Marine bank found lodgings in George Fisher's office, Bank block. The city depended on melted snow for its water, the gauge at City Hall registering only two pounds. Reporters and snap shot fiends were "thick as bees" ever since the fire was in progress and several papers issued illustrated editions.[16]

In March 1894, the matter of the Lincoln National Bank taking the place of the Sagadahock Bank was under consideration, but nothing definite would be done until the arrival of Mr. Charles W. Morse, a director of the Lincoln bank, from New York.[17] On March 28, the stockholders met to consider the consolidation with the Lincoln bank.[18] On Wednesday evening, April 11th, stockholders of the Sagadahock National Bank by nearly unanimous vote decided to go into voluntary liquidation for the purpose of consolidating with the Lincoln National Bank.[19] The Sagadahock National Bank entered voluntary liquidation on April 11, 1894. On April 27th, Henry Eames tendered his resignation as cashier of the Sagadahock bank after 41 years.[20]

F.H. Low was treasurer for the liquidation committee. In June 1895 a dividend of 8% was declared, payable on and after June 28th.[21]

Official Bank Title

1: The Sagadahock National Bank of Bath, ME

Bank Note Types Issued

1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of Henry Eames, Cashier and Franklin Reed, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $460,860 in National Bank Notes was issued by this bank between 1865 and 1894. This consisted of a total of 74,232 notes (74,232 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 - 3750
Original Series 3x10-20 1 - 1800
Series 1875 4x5 1 - 4830
Series 1875 3x10-20 1 - 1190
1882 Brown Back 4x5 1 - 6988

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1894):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Bath, 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
  1. ↑ Sun-Journal, Lewiston, ME, Mon., Jan. 29, 1894.
  2. ↑ Bangor Daily Whig and Courier, Bangor, ME, Wed., Oct. 5, 1836.
  3. ↑ Lincoln Telegraph, Bath, ME, Thu., Oct. 4, 1838.
  4. ↑ Lincoln Telegraph, Bath, ME, Thu., Feb. 27, 1840.
  5. ↑ The Northern Tribune, Bath, ME, Thu., Nov. 18, 1847.
  6. ↑ The Times Record, Brunswick, ME, Fri., July 7, 1865.
  7. ↑ Portland Daily Press, Portland, ME, Thu., Jan. 25, 1866.
  8. ↑ The Times Record, Brunswick, ME, Sat., Jan. 12, 1867.
  9. ↑ The Times Record, Brunswick, ME, Wed., Jan. 12, 1910.
  10. ↑ Portland Daily Press, Portland, ME, Thu., Jan. 15, 1880.
  11. ↑ The Times Record, Brunswick, ME, Tue., Jan. 8, 1889.
  12. ↑ The Times Record, Brunswick, ME, Tue., Jan. 8, 1889.
  13. ↑ The Times Record, Brunswick, ME, Tue., Jan. 9, 1894.
  14. ↑ The Times Record, Brunswick, ME, Fri., Jan. 28, 1944.
  15. ↑ Kennebec Journal, Augusta, ME, Mon., Jan. 29, 1894.
  16. ↑ The Portland Daily Press, Portland, ME, Wed., Jan. 31, 1894.
  17. ↑ The Times Record, Brunswick, ME, Fri., Mar. 9, 1894.
  18. ↑ The Times Record, Brunswick, ME, Tue., Apr. 10, 1894.
  19. ↑ Sun-Journal, Lewiston, ME, Thu., Apr. 12, 1894.
  20. ↑ The Times Record, Brunswick, ME, Sat., Apr. 28, 1894.
  21. ↑ The Times Record, Brunswick, ME, Wed., July 3, 1895.
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