Second National Bank, Springfield, MA (Charter 181)
Second National Bank, Springfield, MA (Chartered 1864 - Liquidated 1906)
Town History
Springfield is a city in the Commonwealth of Massachusetts and the seat of Hampden County. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers: the western Westfield River, the eastern Chicopee River, and the eastern Mill River. As of the 2020 Census, the city's population was 155,929, making it the third-largest city in Massachusetts, the fourth-most populous city in New England after Boston, Worcester, and Providence, and the 12th-most populous in the Northeastern United States.
Springfield was founded in 1636 by English Puritan William Pynchon as "Agawam Plantation" under the administration of the Connecticut Colony. In 1641 it was renamed after Pynchon's hometown of Springfield, Essex, England, following incidents, including trade disputes as well as Captain John Mason's hostilities toward native tribes, which precipitated the settlement's joining the Massachusetts Bay Colony. During the American Revolution, George Washington designated it as the site of the Springfield Armory for its central location, subsequently the site of Shays' Rebellion. The city would also play a pivotal role in the Civil War, as a stop on the Underground Railroad and home of abolitionist John Brown, widely known for his raid on Harpers Ferry, and for the Armory's manufacture of the famed "Springfield rifles" used ubiquitously by Union troops. Closing during the Johnson administration, today the national park site features the largest collection of historic American firearms in the world. Springfield has several nicknames—"The City of Firsts", due to the many innovations developed there, such as the first American dictionary, the first American gas-powered automobile, and the first machining lathe for interchangeable parts; "The City of Homes", due to its Victorian residential architecture; and "Hoop City", as basketball was invented in Springfield in 1891 by James Naismith.
Hartford, the capital of Connecticut, lies 24 miles south of Springfield, on the western bank of the Connecticut River. The city of Springfield is home to Springfield College, Western New England University, American International College, and Springfield Technical Community College, among other higher educational institutions.
During the 19th and 20th centuries, Springfielders produced many innovations, including the first American-English dictionary (1805, Merriam-Webster); the first use of interchangeable parts and the assembly line in manufacturing (1819, Thomas Blanchard); the first American horseless car (1825, Thomas Blanchard); the mass production of vulcanized rubber (1844, Charles Goodyear); the first American gasoline-powered car (1893, Duryea Brothers); the first successful motorcycle company (1901, "Indian"); one of America's first commercial radio stations (1921, WBZ, broadcast from the Hotel Kimball); and most famously, the world's second-most-popular sport, basketball (1891, Dr. James Naismith). Springfield would play major roles in machine production, initially driven by the arms industry of the Armory, as well as from private companies such as Smith & Wesson, established by Horace Smith and Daniel B. Wesson. Similarly, the industrial economy led Thomas and Charles Wason to establish the Wason Manufacturing Company, which produced the first manufactured sleeping car. The largest railcar works in New England, Wason produced 100 cars a day at its peak; the company was eventually purchased by Brill in 1907 and closed during the Depression in 1937. Among numerous other industries, during the first half of the 20th century Springfield also produced brass goods, chemicals, clothing and knit goods, paper goods, watches, boilers, engines, manufacturing machinery, silverware, jewelry, skates, carriages, buttons, needles, toys, and printed books and magazines.
Springfield had 11 National Banks chartered during the Bank Note Era, and 10 of those banks issued National Bank Notes.
Bank History
- Chartered January 2, 1864
- Succeeded Springfield Bank
- Liquidated March 30, 1906
- Transferred business to Union Trust Company of Springfield, MA
The Springfield Bank was organized in 1814 and remained in business until succeeded by the Second National Bank of Springfield in 1864.
Springfield Bank
On Wednesday, June 1, 1814, a bill relative to the Springfield Bank passed to be enacted.[2]
In October 1846, the following gentlemen were re-elected directors of the Springfield Bank: John Howard, O.B. Morris, Wm. Dwight, Josiah Hooker, George Dwight. John Howard was re-elected president and Lewis Warriner, cashier. The usual semi-annual dividend of 3 1/2 percent was declared.[3]
On October 3, 1849, at a meeting of the stockholders, Messrs. John Howard, Benjamin Day, Josiah Hooker, George Dwight, Aazariah Boody, Cicero Simons, and Edward A. Morris were chosen directors for the ensuing year. Hon. John Howard who had long been connected with the institution as its president declined a re-election. The directors chose Benjamin Day, Esq., as his successor.[4] Mr. Day was a brother-in-law of George Dwight. On October 23rd, Hon. John Howard, son of Rev. Bezaleel Howard, died in Springfield.[5]
Early on Thursday morning, September 2, 1858, Edward A. Morris, president of the Springfield bank, died at the residence of his brother, Judge Oliver B. Morris after a short but severe illness with dysentery. He was born in Wilbraham, Hampden County, in 1801, but early in life moved to Springfield, and entered the service of Moses Bliss, merchant, on State Street. Samuel Reynolds was at the same time a clerk for Daniel Bontecou on Main Street, and the two young men, after attaining majority, united in business under the name of Reynolds & Morris, and for twenty-five years or more were among the leading merchants of the town, occupying the stand later held by Mr. A.W. Lincoln. Industry and integrity in a high degree marked their business conduct. Some ten years since, they gave up trade, and Mr. Reynolds became president of the Chicopee Bank, and while in that position he died. Mr. Morris several years later followed him in a bank presidency, succeeding Mr. Benjamin Day in the Springfield Bank, and now has followed his old friend and partner to the grave. Both were often alike called to service in our municipal affairs, and Mr. Morris was the leading member of the board of assessors for some years. Intelligent and sensible in all business and public affairs; conscientious in the discharge of every duty; just to friends and generous to all; kind and genial in temperament; pure and pious in all his life--few men were more widely known or better beloved in this community than Mr. Morris. Mr. Morris was never married, but through the families of his brothers had a wide range of relatives, by all of whom he was held in esteem and love.[6]
In November 1861, the Republican Union candidate for mayor was Henry Alexander, Jr., president of the Springfield Bank. His popular manners and intimate knowledge of city affairs ensured strong support.[7] He was defeated when Stephen C. Bemis was re-elected mayor, receiving 1,067 votes compared to 990 for Henry Alexander, Jr.[8]
The Second National Bank of Springfield
On January 2, 1864, Hugh McCulloch, Comptroller of the Currency, authorized the Second National Bank of Springfield to commence the business of banking.[9]
On Monday, January 29, 1900, Gurdon Bill, president of the Second National Bank for the past six years, resigned the office at a meeting of the board of directors. Walter G. Morse, secretary of the United States Envelope Company and manager of the P.P. Kellogg & Co. division of the envelope company, was elected to the office and also made a member of the board of directors. Mr. Bill would retain his position on the board of directors of the bank where he had been almost continuously since January 1869. The board was then composed of Henry Alexander, Jr., Josiah Hooker, Benjamin Day, William Gunn, Alfred Rowe, George B. Morris, Horace Kibbe, Hinsdale Smith, and Mr. Bill. The directors also elected Charles H. Churchill, cashier; and Frederick W. Ferree teller.[10]
Gurdon Bill, founded a publishing house in 1854. He started the business in a small way with an office in the old Chicopee bank building then on Elm Street. His brother, Fred Bill was at one time with him and the firm went under the name of G. & F. Bill. Mr. Charles A. Nichols began as a clerk for Gurdon Bill in 1861 and was admitted to partnership in 1866 and the firm become Bill, Nichols & Co. After 16 years of success at the head of the concern, Gurdon Bill withdrew in 1869 and another brother, Charles Bill, became the partner of Mr. Nichols, but he retired in 1873 when Mr. Nichols became the owner and the name became C.A. Nichols & Co.[11]
On Monday, February 13, 1905, the stockholders of the Agawam National Bank met and formally voted to wind up the affairs of the institution. Of the 3,000 shares, 2,572 were recorded in favor of liquidation. The Second National Bank would be the medium through which liquidation would be accomplished and without expense to the Agawam bank. The directors of the latter bank were appointed a liquidating committee. The books would be transferred to the banking rooms of the Second national and depositors would be paid in full immediately. The bank owed its depositors $92,000 and had about $55,000 in cash with additional reserve of about $440,000. Stockholders were estimated to receive from 70 to 75% of the par value of the stock with liquidation completed in about a year. The cashier of the Agawam, William M. Willard, would be retained to assist in winding up the bank's affairs. The Agawam Bank Block building which the institution owned at 231 Main Street had a book value of $66,500 and an assessed value of $57,000. The building was next to that owned by Lewis J. Powers and Mr. Powers was a prospective buyer.[12]
On March 5, 1906, stockholders of the First National Bank voted to ratify the action taken by the directors to liquidate and consolidate with the Union Trust Company.[13]
On Tuesday, January 10, 1905, stockholders met in the banking rooms at 405 Main Street for the election of directors and the transaction of other business.[14] The stockholders elected the following directors: Gurdon Bill, Dwight O. Gilmore, Theodore W. Leete, Walter G. Morse, Henry M. Phillips, William P. Porter, Frank C. Rice, George A. Russell, and Horace P. Wright.[15]
On Saturday, February 17, 1906, a majority interest of the Second National Bank voted to merge with the Union Trust Company. The Union Trust Co. previously absorbed the First National and City National banks and the John Hancock National would vote to liquidate and close its affairs through the Union Trust Company. The passing of the four national banks together with the Agawam National Bank which liquidated voluntarily a year ago was thought to be the foundation for the organization of a strong banking institution under the national banking act. This bank would be capitalized at not less than $500,000.[16] However, this national bank was never organized.
On March 28, 1906, stockholders of the John Hancock National Bank ratified the action of the directors in voting a month ago to liquidate and join the Union Trust Company.[17] Edmund D. Chapin, president of the John Hancock National Bank was elected a director of the Chapin National Bank to succeed Chester W. Chapin. President Chapin was the oldest bank official in Western Massachusetts.[18] The John Hancock National had capital stock $250,000, surplus $50,000, and loans and discounts $503,974 and was the fourth national bank to liquidate and unite with the trust company.[19]
In November 1906, the merger overtures made by the Union Trust Company were rejected by the directors of the Springfield Safe Deposit and Trust Company. John G. Mackintosh, president of the Springfield Safe Deposit and Trust Co. said that there was absolutely no possibility of a merger. Since opening in 1886 under President Mackintosh, this institution had grown to a considerable strength having a capital of $500,000, surplus of $500,000 and total assets of $4,731,230.11. The Union Trust Company had $500,000 capital, $250,000 surplus, and $4,261,105.10 total assets and had plans for a new building on the site of the old Second National Bank. Among its directors were Nathan D. Bill, Henry H. Skinner, James B. Carroll, Lewis J. Powers, Henry J. Beebe, Edwin A. Carter, Lewis F. Carr, William E. Gilbert, William Endicott, Jr., George Nye, Jr., Frank C. Rice, Charles W. Bosworth, Robert P. Perkins, A.N. Mayo, Neal Rantoul, James W. Kirkham, Dwight O. Gilmore, Walter G. Morse, Walter H. Wesson, and Robert Winsor. Charles W. Bosworth was president and W.E. Gilbert, vice president and treasurer.[20]
On Thursday, November 13, 1919, Walter G. Morse, 57, formerly a prominent resident of Springfield, died suddenly on Chambers Street, New York City. He was born in Winchester, New Hampshire and had spent virtually all his life in Springfield. After high school, he entered the paper business, soon reaching an executive position with the P.P. Kellogg Company of Springfield. Later he served as president of the Second National Bank until its consolidation with the Union Trust Co. After five years as treasurer of the Atlas motor company of Brightwood, he entered the hotel business. With Fred T. Kellogg and George Dwight Pratt of Springfield, he bought the Wolcott Hotel at Fifth Avenue and Thirty-first Street and was treasurer of the hotel until his death.[21]
William E. Gilbert, 79, chairman of the board of directors of the Union Trust Company and form many years one of Western Massachusetts' leading bankers, died suddenly shortly after 10 o'clock Christmas morning 1948 in his Springfield home. Mr. Gilbert was president of the Union Trust for 23 years until he resigned in 1940, becoming chairman of the board. He was born in Springfield August 28, 1870, son of George Stebbins Gilbert and Ella (Parkhurst) Gilbert. In 1888 he began his banking career as a clerk in the Third National Bank, leaving after four years to be a teller in the old City National Bank. In 1899 at the age of 30, he became cashier of that bank, the youngest bank cashier in the area. Edwin A. Carter, one of the founders of the Union Trust was a teller at City National when Mr. Gilbert worked there and the two formed a friendship and business association. The became investors and developers of notable manufacturing enterprises including Chapman Valve, Baldwin-Duckworth Chain Co., Fiberloid Corp., Wico Electric, Fisk Rubber, and the Torrington Company. In 1906 when Union Trust was formed under the leadership of Henry H. Skinner by a merger of City National, First National, Second National and John Hancock National banks and the Hampden Loan and Trust Co., Mr. Gilbert was made vice president and treasurer. The deposits of the merged institutions totaled $2,800,000 and the starting capital was $500,000 with a surplus of $250,000.[22]
Official Bank Title
1: The Second National Bank of Springfield, MA
Bank Note Types Issued
A total of $1,618,650 in National Bank Notes was issued by this bank between 1864 and 1906. This consisted of a total of 217,830 notes (217,830 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 - 6816 Original Series 4x5 1 - 10250 Original Series 4x10 1 - 5750 Original Series 3x20-50 1 - 1400 Series 1875 4x5 1 - 7456 Series 1875 4x10 1 - 3750 Series 1875 3x20-50 1 - 400 1882 Brown Back 4x5 1 - 11020 1882 Brown Back 3x10-20 1 - 3423 1882 Brown Back 50-100 1 - 535 1902 Red Seal 4x5 1 - 520 1902 Red Seal 3x10-20 1 - 3405
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1906):
Presidents:
- Henry Alexander, Jr. , 1864-1877
- Alfred Rowe, 1878-1886
- Albert Thomas Folsom, 1887-1893
- Gurdon Bill, 1894-1899
- Walter Greenough Morse, 1900-1905
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Second National Bank, Springfield, MA History (NB Lookup)
- Massachusetts Bank Note History (BNH Wiki)
Sources
- Springfield, 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
- ↑ The Republican, Springfield, MA, Tue., Mar. 11, 1913.
- ↑ The Recorder Greenfield, MA, Tue., June 14, 1814.
- ↑ The Springfield Daily Republican, Springfield, MA, Fri., Oct. 9, 1946.
- ↑ The Springfield Daily Republican, Springfield, MA, Thu., Oct. 4, 1849.
- ↑ The Springfield Daily Republican, Springfield, MA, Wed., Oct. 24, 1849.
- ↑ The Springfield Daily Republican, Springfield, MA, Fri., Sep. 3, 1858.
- ↑ The Springfield Daily Republican, Springfield, MA, Fri., Nov. 29, 1861.
- ↑ The Springfield Daily Republican, Springfield, MA, Fri., Dec. 6, 1861.
- ↑ The Springfield Daily Republican, Springfield, MA, Wed., Jan. 6, 1864.
- ↑ The Springfield Daily Republican, Springfield, MA, Tue., Jan. 30, 1900.
- ↑ The Springfield Daily Republican, Springfield, MA, Fri., Mar. 28, 1890.
- ↑ The Springfield Daily Republican, Springfield, MA, Tue., Feb. 14, 1905.
- ↑ Fall River Daily Evening News, Fall River, MA, Mon., Mar. 5, 1906.
- ↑ The Springfield Daily Republican, Springfield, MA, Mon., Jan. 9, 1905.
- ↑ The Springfield Daily Republican, Springfield, MA, Wed., Jan. 11, 1905.
- ↑ Boston Evening Transcript, Boston, MA, Mon., Feb. 19, 1906.
- ↑ Boston, Evening Transcript, Boston, MA, Wed., Mar. 28, 1906.
- ↑ Transcript-Telegram, Holyoke, MA, Wed., Mar. 7, 1906.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Feb. 20, 1906.
- ↑ Transcript-Telegram, Holyoke, MA, Mon., Nov. 5, 1906.
- ↑ The Republican, Springfield, MA, Fri., Nov. 14, 1919.
- ↑ The Morning Union, Springfield, MA, Sun., Dec. 26, 1948.