Baxter National Bank/Central NB, Rutland, VT (Charter 1700)
Baxter National Bank/Central NB, Rutland, VT (Chartered 1870 - Open past 1935)
Town History
Rutland is the only city in and the seat of Rutland County, Vermont. It is located approximately 65 miles north of the Massachusetts state line, 35 miles west of New Hampshire state line, and 20 miles east of the New York state line. Rutland is the third largest city in the state of Vermont after Burlington and South Burlington. Rutland City is completely surrounded by Rutland Town, which is a separate municipality. As of the 2020 census, the city had a total population of 15,807. In 1880 the population was 7,502, growing to 17,315 by 1930.
The town of Rutland was chartered in 1761 and named after John Manners, 3rd Duke of Rutland. It was settled in 1770 and served as one of the capitals of the Republic of Vermont. In the early 19th century, small high-quality marble deposits were discovered in Rutland, and in the 1830s a large deposit of nearly solid marble was found in what is now West Rutland. By the 1840s, small firms had begun excavations, but marble quarries proved profitable only after the railroad arrived in 1851. Rutland eventually became one of the world's leading marble producers. A large number of Italians with experience in the industry immigrated and brought their families to Rutland.
Rutland had seven National Banks chartered during the Bank Note Era, and six of those banks issued National Bank Notes.
Bank History
- Organized August 10, 1870
- Chartered August 17, 1870
- Bank was Open past 1935
- Acquired by 2905 (Killington National Bank, Rutland, VT) December 1936
In August 1870, the Baxter National Bank was organized in Rutland with the following directors: H. Henry Baxter, president; John N. Baxter, vice president; John W. Cramton, Trenor W. Park, Bennington; N.T. Sprague, Jr., Brandon; Henry F. Lathrop, Pittsford; Harvey Kingsley, Walter C. Landon and George E. Royce of Rutland. The capital of the bank was $300,000 with the right to increase it to $500,000.[3] The bank would temporarily occupy the rooms in the Bardwell House block, next door south of B. and D.C. Billings' store. A new and substantial banking house was planned for soon.[4] On November 21, 1870, William H.C. Dow, bookkeeper for the Baxter National Bank, died at the early age of 21 years. On the organization of the Baxter National he accepted the position of teller. The loss of Willie Dow was missed in many a circle.[5]
In January 1876, the officers of the Baxter National Bank were H. Henry Baxter, president; John N. Baxter, vice president; George R. Bottum, cashier; Horace Baxter, teller; and Frank M. Davis, bookkeeper. The directors were H. Henry Baxter, John N. Baxter, Trenor W. Park, John W. Cramton, Nathan T. Sprague, Jr., Henry F. Lathrop, Harvey Kingsley, Walter C. Landon, George E. Royce, George R. Bottum, and Walter C. Dunton. [6]
In January 1883, the officers and directors elected were H.H. Baxter, president; John N. Baxter, vice president; J.W. Cramton, George E. Royce, Henry F. Lothrop, Walter C. Landon, George R. Bottum, cashier. Levi G. Kingsley, E.D. Keyes, James C. Dunn, Charles Clark, teller.[7]
On Tuesday, January 11, 1910, the Baxter National Bank elected the following directors: John A. Mead, Walter C. Landon, F.M. Butler, E.C. Tuttle, W.W. Nichols, E.E. Keyes, W.R. Kinsman, L.G. Kingsley, and C.B. Hinsman. The officers elected were J.A. Mead, president; W. C. Landon, vice president; Charles Clark, cashier; and Fred C. Spencer, assistant cashier and teller.[8]
On Tuesday, January 14, 1919, at the annual meeting of the stockholders of the Baxter National Bank, the following directors were elected: John A. Mead, Walter R. Kinsman, Carl B. Hinsman, E.E. Keyes, W.W. Nichols, F.M. Butler, E.C. Tuttle, A.G. Coolidge, and F.M. Wilson. The directors organized by electing Dr. Mead, president; Mr. Kinsman, vice president; Fred C. Spencer, cashier and Harold A. Spafford, assistant teller.[9]
In January 1927, directors were Carl B. Hinsman, director, Howe Scale Co.; Judge Fred M. Butler; Judge Ashbel G. Coolidge; Erwin E. Keyes, E.D. Keyes & Co.; Charles H. Landon, W.C. Landon & Co.; Wallace W. Nichols, Nichols & Barney; Egbert C. Tuttle, The Tuttle Co.; Herman W. Vaughan, directors, Hollingsworth & Whitney Co. The officers were Carl B. Hinsman, president; Chas. H. Landon, vice president; and Fred C. Spencer, cashier. At the end of 1926, the bank's total resources were $855,693.17.[10]
In April 1928, the Baxter National Bank began business in its new quarters in the Mead building at the corner of Center Street and Merchants Row, the new banking rooms being among the finest in the city. The stockholders sanctioned the plan to change the name of the institution to the Central National Bank.[11] In October 1928, it was announced that Rutland would have the tallest building in Vermont when Mr. and Mrs. Carl Hinsman announced that work would begin at once on a modern, seven-story office building on the site of the old Baxter National Bank building on the east side of Merchants row opposite the railroad station. The structure would be known as the Service building and was scheduled to be completed by May 1, 1929. All but the front wall of the present structure would be left intact. Two large stores would occupy the ground floor, one on each side of the main entrance. The six floors above would be devoted to offices and suites. The first floor front would be of ornamental cast iron while the remained of the front wall would be of pressed brick of a light color. A parapet wall about 10 feet in height would surmount the seven stories to balance the long effect of the building. On the front center of the roof would be a tower supporting a lantern. Hutchins & French, Boston architects, designed the building. The contract for construction was awarded to the C.D. Marsh Company of Woodsville, New Hampshire.[12]
In July 1929, work of erecting a front on the new service building was progressing rapidly. The workmen were placing masonry and windows on the seventh floor. Above that floor on the front of the building would be a parapet wall of pressed brick and ornamental stone terminating in a 15-foot tower. The top of the tower would be ornamented with a five-foot copper lantern which, when lighted, would be visible for miles in all directions.[13]
In January 1930, the board re-elected at the Central National Bank comprised Carl B. Hinsman, Erwin E. Keyes, Wallace W. Nichols, Fred M. Butler, Ashbel G. Coolidge, Frank M. Wilson, Charles H. Landon, Herman W. Vaughan, Lawrence C. Jones, William C. Huntress, and William H. Lawrence, all of Rutland. Carl B. Hinsman was re-elected president, and Charles H. Landon, vice president. Fred C. Spencer was reappointed as cashier.[14]
On Saturday, December 5, 1936, the Killington National Bank and Rutland Trust Company opened to public inspection in their new quarters formerly occupied by the Central National Bank. Henry O. Carpenter* was president of the Killington National along with Cleon A. Perkins, vice president; Henry A. Dahlgren, cashier; and Mr. Carpenter, Mr. Perkins, Frederick S. Chaffee, Walter A. Clark, H. Edward Dyer, Howard F. Woodfin, Horace A. Colburn and Edwin W. Lawrence. *Mr. Carpenter died on May 19, 1936.[15]
In June 1937, liquidation of the Central National Bank which started at the same time as the taking over of the bank's quarters by the Killington National Bank and the Rutland Trust Company, had progressed to the point where stockholders received $165 per share of their $100 par value stock. Carl B. Hinsman, president of the bank said that further payments possibly would be made before the final dissolution of the bank. The liquidation was authorized by directors on November 19, 1936, and by stockholders on December 21st. All depositors were paid in full either by withdrawal or transfers to the Killington bank or the Rutland Trust Company which purchased the banking fixtures and equipment of the Central National Bank and leased the latter's quarters in the Mead building.[16]
On Saturday morning, February 8, 1941, Carl B. Hinsman, 67, prominent Rutland businessman died at his home, The Homestead, 36 Washington Street. Mr. Hinsman was born at St. Johnsbury on December 25, 1873, the son of Charles B. and Kate R. Bagley Hinsman. Upon the death of his father in 1880, he became a member of the family of his uncle, Leon G. Bagley where he remained until his marriage in 1902. Mary Sherman Mead, daughter of former Gov. and Mrs. John Abner Mead, and Carl B. Hinsman were married at The Homestead on June 25, 1902. They soon established their new home on Prospect Street. Upon finishing studies at Rutland High School, he began his business career with the Howe Scale Company in a clerical position, advancing eventually to president. He remained a director of the company until his decease. He was president of the Rutland Manufacturing Company, the Baxter National, later Central National, Bank. He served as a member and president of the Rutland board of aldermen in 1901 and 1902 and as a senator from Rutland County in 1915 and 1916.[17]
Official Bank Title
1: The Baxter National Bank of Rutland, VT
2: The Central National Bank of Rutland, VT (4/18/1928)
Bank Note Types Issued
A total of $4,041,230 in National Bank Notes was issued by this bank between 1870 and 1935. This consisted of a total of 422,861 notes (399,824 large size and 23,037 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: Original Series 3x1-2 1 - 7000 1: Original Series 4x5 1 - 11500 1: Original Series 3x10-20 1 - 4500 1: Series 1875 4x5 1 - 12386 1: Series 1875 3x10-20 1 - 8760 1: 1882 Brown Back 4x5 1 - 5000 1: 1882 Brown Back 3x10-20 1 - 27500 1: 1882 Date Back 4x5 1 - 1856 1: 1882 Date Back 3x10-20 1 - 377 1: 1902 Date Back 3x10-20 1 - 5600 1: 1902 Plain Back 3x10-20 5601 - 20233 2: 1902 Plain Back 3x10-20 1 - 844 2: 1929 Type 1 6x10 1 - 2566 2: 1929 Type 1 6x20 1 - 708 2: 1929 Type 2 10 1 - 2609 2: 1929 Type 2 20 1 - 784
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1870 - 1935):
Presidents:
- Horace Henry Baxter, 1870-1883
- John Willey Cramton, 1884-1900
- Araunah Waterman Hyde, 1901-1903
- John Abner Mead, 1904-1919
- Carl Bingham Hinsman, 1920-1935
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
- Baxter National Bank/Central NB, Rutland, VT History (NB Lookup)
- Vermont Bank Note History (BNH Wiki)
Sources
- Rutland, VT, 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 Boston Globe, Boston, MA, Sun., Jan. 8, 1911.
- ↑ Rutland Daily Herald, Rutland, VT, Mon., June 27, 1927.
- ↑ The Burlington Free Press, Burlington, VT, Wed., Aug. 24, 1870.
- ↑ Rutland Weekly Herald, Rutland, Thu., Aug. 25, 1870.
- ↑ Rutland Weekly Herald, Rutland, VT, Thu., Dec. 1, 1870.
- ↑ The bank had capital of $300,000.The Rutland Daily Globe, Rutland, VT, Wed., Jan. 12, 1876.
- ↑ Argus and Patriot, Montpelier, VT, Wed., Jan. 17, 1883.
- ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 12, 1910.
- ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 15, 1919.
- ↑ Rutland Daily Herald, Rutland, VT, Sat., Jan. 15, 1927.
- ↑ The Springfield Daily Republican, Springfield, MA, Sun., April 22, 1928.
- ↑ The Springfield Daily Republican, Springfield, MA, Sun., Oct. 14, 1928.
- ↑ Rutland Daily Herald, Rutland, VT, Fri., July 12, 1929.
- ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 15, 1930.
- ↑ Rutland Daily Herald, Rutland, VT, Sat., Dec. 5, 1936.
- ↑ Rutland Daily Herald, Rutland, VT, Sat., June 5, 1937.
- ↑ Rutland Daily Herald, Rutland, VT, Mon., Feb. 10, 1941.