Chapin National Bank, Springfield, MA (Charter 2435)

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Statue of Deacon Samuel Chapin
Statue of Deacon Samuel Chapin, also known as The Puritan, a founder of Springfield, Massachusetts, located in Merrick Park, Chestnut Street, in front of the Springfield Central Library. Photo, ca1905, Courtesy of the Library of Congress

Chapin National Bank, Springfield, MA (Chartered 1879 - Liquidated 1929)

Town History

Two of Springfield's banks
Two of Springfield's banks, the Springfield Institution for Savings on Elm Street (left), and the Chapin National Bank, corner of Main and Lyman Streets (right), ca1913.[1]
American House, corner of Main and Lyman Streets
A March 1913 advertisement for the American House, corner of Main and Lyman Streets. This was also the location of the Chapin National Bank.[2]

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

The Chapin Banking and Trust Company

On Saturday, June 1, 1872, the subscribers to the stock of the new bank, now definitely named the "Chapin Banking and Trust Company," met to organize. The following board of eleven directors was chosen: Chester W. Chapin, William K. Baker, James M. Thompson, J.A. Rumrill, John B. Stebbins, Daniel L. Harris, George C. Fisk, B.F. Bowles, H.S. Lee, Charles O. Russell, and Walter H. Wesson. The banking house would be located on the corner of Main and Lyman Streets in the store occupied by Gunn & Merrill.[3] The new and elegant banking rooms of the Chapin Banking and Trust Company would be ready for occupation by August 1st. The offices of the Agawam Canal Co. and the Collins Paper Co., as well as Mr. Chester W. Chapin's private offices, would be transferred to the new quarters, thus making it a general business headquarters.[4] 

On Thursday, August 29, 1872, the commission, consisting of Charles R. Ladd and William L. Smith of Springfield, and M.B. Whitney of Westfield, appointed by Gov. Washburn to examine the affairs of the Chapin Banking and Trust Company, found everything correct, gold certificates for $500,000, one-half of the capital, on hand, and issued the necessary certificate, authorizing the company to commence business on Monday. The front room would not be completed by that day, but the back office was done, and would be used until the banking room was finished. The counter extended along the entire southern side of the room, curving at the end next to the street to make room for desks for the president and cashiers. Next came the teller's sanctum, while the remainder of the counter would be used by the clerks. The new safe, would be one of Herring's best, and weighed 7,500 pounds, but was not yet completed, and in its place in the fire-proof vault was temporarily supplied a smaller safe of the same kind.[5]

The Chapin Banking and Trust Company was incorporated under special act of the Legislature of Massachusetts, approved May 13, 1873. The capital stock paid in was $500,000, authorized to increase to $1,000,000. Directors were Chester W. Chapin, president, Boston and Albany Railroad; Wm. K. Baker, treasurer, Agawam Canal Co. and Collins Paper Co.; Daniel L. Harris, president, Connecticut River Railroad Co.; C.O. Russell, superintendent, Boston and Albany Railroad; John B. Stebbins, Homer Foot & Co.; J.M. Thompson, secretary, Adams Express Co.; Henry S. Lee, treasurer, Springfield Institution for Savings; Jas. A. Rumrill, attorney, Boston and Albany Railroad; Geo. C. Fisk, president, Wason Manufacturing Co.; B.F. Bowles, Samuel Fowles & Co.; and Ethan S. Chapin, Massasoit House. The officers were Chester W. Chapin, president; William K. Baker, vice president; and Jas. D. Safford, cashier.[6]

The Chapin National Bank

In August 1879, nearly all the stock had been subscribed for a new national bank in Springfield to be managed by James D. Safford, cashier of the Chapin Banking and Trust Company. Among the financial backers of the enterprise were D.B. Wesson, James M. Thompson and John B. Stebbins. The capital would be $200,000.[7] In September 1879, changes of president and cashier reported in The Bankers' Magazine included for the Chapin Banking & Trust Co., James A. Rumrill, president, for J.M. Thompson; and W.F. Callender, cashier, for J.D. Safford.[8]

On Tuesday, January 19, 1886, the stockholders of the Chapin National Bank met and re-elected the old board of directors. They were as follows: W.K. Baker, Chester W. Chapin, James A. Rumrill, C.O. Russell, A.B. Harris, Edward S. Bradford, Ethan S. Chapin, John Mulligan and William Whiting.[9] Directors met on the 25th and re-elected William K. Baker, president; and W.F. Callender, cashier.[10]

In September 1899, the directors were James A. Rumrill, Henry K. Baker, Edward S. Bradford, William Whiting, W.F. Callender, Charles C. Jenks, Chester W. Bliss, Theodore F. Breck, and George R. Yerrall. The bank was located at 241 Main Street, corner Lyman Street, and had capital stock of $500,000, and deposits of $1,200,000.[11]

The morning of January 20, 1909, James A. Rumrill, for years a summer resident of New London, died at his home in Springfield. Mr. Rumrill had been in ill health for months and was survived by Mrs. Rumril who was a daughter of the late Congressman, Chester W. Chapin. Mrs. Edward C. Hammond, who resided with her husband the year round at Great Neck, was a daughter. Mr. Rumrill was one of the wealthiest residents of Springfield. He was a director of the Boston and Albany system of the New York Central Railroad and president of the Boston and Albany's leased lines. He was one of the colony of summer residents at Great Neck Plains, Waterford, owning a handsome summer home there. Mr. Rumrill was one of the best known locally of the many summer residents, and the news of his death was received here by his many friends with profound regret.[12] At the time of his death he was a director in the Chapin National Bank.[13]

On Tuesday, January 21, 1913, at the annual stockholders' and directors' meetings, the only business of importance was the election of another member to the board of directors. The new member was William H. McClintock, making 15 members of the board. All other directors and officers were re-elected. The total resources were $2,817,381.16 with capital $500,000, surplus and profits $155,113.25, circulation $50,000, and deposits $2,112,267.91.[14]

1919 advertisement for the new Atlas Trust Company
December 1919 advertisement for the opening of the new Atlas Trust Company of Springfield.[15]
In May 1919, Edwin T. McKnight, president of the Massachusetts State Senate, also organizer of the Fidelity Trust Co. of Boston, Melrose Trust Co. of Melrose, Medford Trust Co. of Medford, Guarantee Trust Co. of Cambridge, Dorchester Trust Co. of Dorchester and other trust companies, was credited with being the prime mover in establishing the Atlas Trust Co. of Springfield.[16]  Plans were made for a new 11-sotry building located near Court Square.[17] Amidst vigorous and concerted opposition to its establishment,[18] a telegram stating that the charter of the Atlas Trust Co. had been granted by the State Bank Commission arrived Thursday afternoon, July 31st.[19] The trust company organized on Thursday, September 4th, at a meeting of the incorporators in The Worthy, with the election of Edwin T. McKnight, Arthur L. Bowen and Postmaster Thomas J. Costello, temporary president, treasurer and clerk, respectively, and George A. Bacon, Dr. Edward J. Mahoney and Eugene C. Perkins, permanent vice presidents. Twenty of the 35 directors allowed by the charter were elected. Instructions were given to a committee to secure the former quarters of the Hampden Savings Bank at Main and Fort Streets for temporary banking rooms. The directors elected were Arthur L. Bowen, Dr. Charles J. Downey, Henry Lasker, T. Walter Carman, Silvio Martinelli, William W. Benson, Dr. Edward J. Mahoney, Joseph G. Merrick, F. Arthur Metcalf, Thomas J. Costello, Thomas E. King, F.W. Norris, Chester M. Kelton, J. Wellington Rowland, William K. Tuohey, Mark Aitken, Edward R. Clark, Edwin T. McKnight, Willard B. Hamlin, and Guy E. Boynton.[20] In December John McMillan, 28-year-old paying teller of the Fidelity Trust Company of Boston, was elected treasurer of Atlas Trust Company by the directors at a meeting in the Worthy. Alderman Arthur G. Taylor was elected a director in place of Forris Norris and John B. Mauss, head of the export department of the Fisk Rubber Co., a director in place of Chester M. Kelton. The trust company would open in its new rooms in the Guyer Building, 455 Main Street, on January 5, 1920.[21][22]

On January 5, 1921, William F. Callender, former Chapin National Bank President, died at his home in Longmeadow, aged 67. He was a native of Hartford, Connecticut, where his father, W.H. Callender, was a banker. He was born September 2, 1853, and lived in Hartford until he was about 14 years old when he came to Springfield and attended the high school. He began his career in the banking line at the Springfield Institution for Savings as a clerk.[23] 

The Atlas Trust Company, having surrendered its original charter and ceased to function as a trustee, was converted into a national banking association under the name of Atlas National Bank of Springfield. The new charter, No. 12481, was received Monday, December 31st, 1923, by President Charles A. Frazer and since then the institution functioned as a national institution. There were no changes among the executive staff except the title of cashier was substituted for that of treasurer to conform with the law. The change in the status of this bank removed the only legal obstacle that stood in the path of its proposed consolidation with the Chapin National Bank. Under the law a national bank and a trust company may not be merged together. Only national banks may legally consolidate.[24] The Atlas Trust Company had a main office and two branches located within the limits of Springfield. The certificate was signed by J.W. McIntosh, Acting Comptroller of the Currency.[25]

On Friday, February 1, 1924, stockholders of The Chapin National Bank met at the banking rooms at No. 241 Main Street, Springfield, to consider the plan of consolidation with the Atlas National Bank of Springfield. On the same day stockholders of the Atlas National Bank met at their banking rooms at No. 455 Main Street to consider the plan of consolidation.[26] The plan was ratified by the stockholders of the two banks and on February 5th, Comptroller of the Currency Henry M. Dawes approved the merger. As a result of the merger, the banking rooms of the Atlas National Bank on Main Street opposite Court would be closed. Business would be handled at the main office at Main and Lyman Streets, the new Forest Park office at 526 Sumner Avenue which was expected to formally open on February 23rd; the North end Branch at 145 Main Street, and the branch at 144 Main Street, Indian Orchard. The fixtures of the Court Square office would be transferred to the new Forest Park office where the work of equipping the new banks was underway. The officers of the consolidated bank were as follows: H.A. Woodward, president; John C. Kemater, vice president; Harry Wells, vice president and cashier; Charles A. Frazer, vice president; Irving C. Hayes, assistant cashier; and G.W. Hutchinson, auditor. The directors were Chester W. Bliss, Wallace H. Bradley, Luman S. Brown, F.E. Carlisle, E.M. Coats, John M. Collins, Herman Isenburg, C.C. Jenks, John C. Kemater, Harold A. Ley, Howard F. Metcalf, Edward J. Pinney, J.C. Poole, George L. Riggs, Raphael Sagalyn, Charles T. Shean, E.C. Spear, Albert Steiger, William M. Stevenson, F.A. Upham, Frank H. Wesson, and H.A. Woodward. The manager of the new Forest Park office would be Ralph G. Fisk who had been associated with the Chapin National for a number of years. Vernon A. Curtis would continue in charge of the North End branch while Arthur G. Gran would continue in charge of the Indian Orchards branch. The legal steps necessary in negotiating the consolidation of the two hanks had been carried out by the law firm of Blodgett, Jones, Burnham & Bingham of Boston and by the firm of Harvey & Mulcare of Springfield.[27]

On Saturday, February 9th, 1924, the Atlas National Bank opened as usual for business from 9 o'clock in the morning until the late closing hour of 8:30 in the evening and the bank quietly closed its doors without any ceremony. Moving of furniture began and the large mahogany desk of President Charles A. Frazer, now vice president of the new bank, was moved from its familiar place in the front of the bank to a new setting in the Chapin Bank. No plans had been made as to the use of the former quarters at Court Square.[28] In May the Atlas Trust building at four stories with a frontage of 33 feet on Main Street was auctioned by the trustees of the Atlas Realty Trust, Arthur G. Taylor, Charles A. Frazer and Silvio Martinelli. It was located at the southeast corner of Main and East Court Streets.[29]

Report of the Condition of the Chapin National Bank
Report of the Condition of the Chapin National Bank at the close of business on October 4, 1929. The total resources were $9,493,291.35. The circulation outstanding was $497,450. The bank used the statue of Deacon Samuel Chapin in its advertising.[30]

On Tuesday, January 15, 1929, the Chapin National Bank's organization meeting resulted in the addition of three directors and the re-election of the three 1928 officers and the addition of a new officer. Charles A. Blodgett of the McIntosh Co.; Charles H. Craig of McClintock & Craig, architects; and Congressman-elect W. Kirk Kaynor; were added to the board of directors which in 1928 included Wallace H. Bradley, Luman S. Brown, Fred E. Carlisle, John M. Collins, James E. Davis, Herman Isenburg, Charles C. Jenks, Edward J. Pinney, J. Clarke Poole, Charles T. Shean, Albert Steiger, William G. Taft, Frederick A. Upham, Harry Wells, Frank Wesson, and Harry A. Woodward. The officers re-elected were Harry A Woodward, president; Harry Wells, vice president and cashier; Clarence White, assistant cashier. The new officer was Willis R. Cone whose position was that of assistant trust officer.[31] On Tuesday, August 13, 1929, at simultaneous meetings of the board of directors of the Springfield and Chapin national banks, it was voted to recommend to the stockholders that the two banks be merged under the name of the Springfield Chapin National Bank and Trust Company. Stock of both banks recently was quoted at $350 per share and the merger recommendation was for a share for share basis. The capital stock of the new bank would be $1,500,000, surplus $1,500,000, and undivided profits $660,000. The Chapin bank would move to the Springfield National Bank quarters as the building there had ample room for expansion. Stockholders' meetings were planned for September 24th. Branches of the Chapin National Bank would be continued as at present. The merger would make the Springfield Chapin the second largest commercial bank in the city putting it ahead of the Union Trust Company. The Third National would hold onto its first place in total resources, deposits and undivided profits. The Chapin National Bank started in 1872 as a state bank under the name of Chapin Banking and Trust Company in the interest of the large mercantile affairs of the late Chester W. Chapin. Mr. Chapin became its first president.[32] On Tuesday, September 24th, stockholders met at their respective banking houses and by a vote of better than 95% of the voting shares decided to merge. It was learned that the Old Colony Trust Company of Boston was represented on the board of directors by the recent election of Benjamin W. Gurnsey of Boston to succeed the late T. Walter Carman. Mr. Gurnsey was an official of the Old Colony associates, the stock-holding branch of the trust company and vice president of the Old Colony corporation, the securities branch of the trust company.[33]

The Springfield Chapin National Bank and Trust Company, a merger of the Springfield National Bank and the Chapin National Bank, opened for business on Monday, October 14, 1929, in the former quarters of the Springfield National Bank at Main and Bridge Streets. The merged bank had capital assets of over $3,000,000 and total resources of over $26,000,000, making it the fourth largest commercial banking institution outside of Boston.[34]

Official Bank Title

1: The Chapin National Bank of Springfield, MA

Bank Note Types Issued

Series of 1875 $5 bank note
Series of 1875 $5 bank note with pen signatures of George R. Yerrall, Cashier and William K. Baker, President. Courtesy of Heritage Auctions, www.ha.com
1882 Date Back $5 bank note
1882 Date Back $5 bank note with printed signatures of J.C. Kemater, Cashier and James R. Miller, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with top selvage
1902 Plain Back $5 bank note with top selvage and printed signatures of Harry Wells, Cashier and H.A. Woodward, President. The plate date is September 16, 1919, and printers' initials A.B. and S.S.L. are present in the top left selvage. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note
1929 Type 1 $10 bank note with printed signatures of Harry Wells, Cashier and H.A. Woodward, President. Courtesy of Heritage Auctions, www.ha.com

A total of $7,927,210 in National Bank Notes was issued by this bank between 1879 and 1929. This consisted of a total of 992,976 notes (985,916 large size and 7,060 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Series 1875 4x5 1 - 40998
Series 1875 3x10-20 1 - 18368
Series 1875 50-100 1 - 2340
1882 Brown Back 4x5 1 - 25750
1882 Brown Back 3x10-20 1 - 21200
1882 Date Back 4x5 1 - 5680
1882 Date Back 3x10-20 1 - 4176
1902 Plain Back 4x5 1 - 85405
1902 Plain Back 3x10-20 1 - 43732
1929 Type 1 6x5 1 - 855
1929 Type 1 6x10 1 - 309 C000309A-F000309A Not issued
1929 Type 1 6x20 1 - 14 C000014A-F000014A Not issued

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1879 - 1929):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

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
  • Detroit Publishing Co, (ca. 1905) Samuel Chapin Statue, Springfield, Massachusetts. (Photograph) Retrieved from the Library of Congress.
  1. ↑ The Republican, Springfield, MA, Tue., Mar. 11, 1913.
  2. ↑ The Republican, Springfield, MA, Tue., Mar. 11, 1913.
  3. ↑ The Springfield Daily Republican, Springfield, MA, Mon., June 3, 1872.
  4. ↑ The Springfield Daily Republican, Springfield, MA, Wed., June 19, 1872.
  5. ↑ The Springfield Daily Republican, Springfield, MA, Fri., Aug. 30, 1872.
  6. ↑ The Springfield Daily Republican, Springfield, MA, Tue., July 1, 1873.
  7. ↑ Boston Evening Transcript, Boston, MA, Sat., Aug. 16, 1879.
  8. ↑ The Bankers' Magazine, Vol. 34, July 1879-June 1880, p. 322.
  9. ↑ The Springfield Daily Republican, Springfield, MA, Wed., Jan. 20, 1886.
  10. ↑ The Springfield Daily Republican, Springfield, MA, Tue., Jan. 26, 1886.
  11. ↑ The Springfield Daily Republican, Springfield, MA, Fri., Sep. 8, 1899.
  12. ↑ The Day, New London, CT, Wed., Jan. 20, 1909.
  13. ↑ Transcript-Telegram, Holyoke, MA, Wed., Jan. 20, 1909.
  14. ↑ Springfield Evening Union, Springfield, MA, Tue., Jan. 21, 1913.
  15. ↑ Springfield Evening Union, Springfield, MA, Wed., Dec. 17, 1919.
  16. ↑ The Springfield Daily Republican, Springfield, MA, Tue., May 20, 1919.
  17. ↑ The Morning Union, Springfield, MA, Tue., July 8, 1919.
  18. ↑ The Republican, Springfield, MA, Thu., July 31, 1919.
  19. ↑ The Morning Union, Springfield, MA, Fri., Aug 1, 1919.
  20. ↑ Springfield Evening Union, Springfield, MA, Fri., Sep. 5, 1919.
  21. ↑ The Morning Union, Springfield, MA, Wed., Dec. 3, 1919.
  22. ↑ Springfield Evening Union, Springfield, MA, Wed., Dec. 17, 1919.
  23. ↑ The Springfield Daily Republican, Springfield, MA, Thu., Jan. 6, 1921.
  24. ↑ The Springfield Daily Republican, Springfield, MA, Thu., Jan. 3, 1924.
  25. ↑ The Morning Union, Springfield, MA, Fri., Feb. 1, 1924.
  26. ↑ The Morning Union, Springfield, MA, Thu., Jan. 3, 1924.
  27. ↑ Springfield Evening Union, Springfield, MA, Wed., Feb. 6, 1924.
  28. ↑ The Morning Union, Springfield, MA, Sun., Feb. 10, 1924.
  29. ↑ The Morning Union, Springfield, MA, Tue., Apr. 22, 1924.
  30. ↑ The Springfield Daily Republican, Springfield, MA, Wed., Oct. 9, 1929.
  31. ↑ The Republican, Springfield, MA, Tue., Jan. 15, 1929.
  32. ↑ The Republican, Springfield, MA, Tue., Aug. 13, 1929.
  33. ↑ The Springfield Daily Republican, Springfield, MA, Wed., Sep. 25, 1929.
  34. ↑ Springfield Evening Union, Springfield, MA, Mon., Oct. 7, 1929.
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