Farmers and Mechanics NB, Hartford, CT (Charter 1321)

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Farmers and Mechanics Bank proof $100 obsolete, Haxby CT-155. A large central vignette of the bank is found above a small vignette of a horse at bottom center, at left a vignette of an arm and hammer resting on an anvil. Courtesy of Heritage Auctions, www.ha.com

Farmers and Mechanics NB, Hartford, CT (Chartered 1865 - Liquidated 1910)

Town History

Needed: a photo of the bank or other bank related items.

Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the 2010 United States census have indicated that Hartford is the fourth-largest city in Connecticut with a 2020 population of 121,054, behind the coastal cities of Bridgeport, New Haven, and Stamford.

Hartford was founded in 1635 and is among the oldest cities in the United States. It is home to the country's oldest public art museum (Wadsworth Atheneum), the oldest publicly funded park (Bushnell Park), the oldest continuously published newspaper (the Hartford Courant), and the second-oldest secondary school (Hartford Public High School). It is also home to the Mark Twain House, where the author wrote his most famous works and raised his family, among other historically significant sites. Mark Twain wrote in 1868, "Of all the beautiful towns it has been my fortune to see this is the chief."

Nicknamed the "Insurance Capital of the World", Hartford is home to the headquarters of many insurance companies, the region's major industry.

Hartford had 12 National Banks chartered during the Bank Note Era, and all 12 of those banks issued National Bank Notes. Hartford also had 14 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

In May 1833, bills for acts incorporating the Manufacturers' Bank at Farmington; New-London Bank at Mystic; Thompsonville Bank at Enfield; and Farmers' and Mechanics' Bank at Hartford were read first time.[1] On Thursday, May 30, an Act to incorporate the Thompson Bank passed and an Act incorporating the Farmers and Mechanics Bank at Hartford, after considerable debate, passed. The Act to incorporate the New-London County Bank, lost.[2] The legislature was in a mood to incorporate banks perhaps to fill the vacuum created by the loss of the Bank of the United States. In July, the subscription books were opened at Allyn's Hall. The bank's commissioners were William S. Holabird, Joseph Pratt, James Dodd, Benjamin B. Soule, and Chauncey F. Cleveland.[3] In September, Abraham Halsey, Esq., late teller of the Long Island Bank, Brooklyn, was elected cashier of the Farmers and Mechanics Bank.[4] Installments on subscriptions of the bank's stock were payable at their office in Allyn's Buildings, Main Street.[5]

On Tuesday, May 6, 1834, stockholders of the Farmers and Mechanics Bank met at their banking house and elected the following directors for the year ensuing: James Dodd, Thomas Belden, Joseph Pratt, William S. Holabird, Luther Loomis, John M. Niles, Jesse Savage, Horace Goodwin, 2d, Jeremiah Brown, James T. Pratt, Albert Day, George Mitchell, and Lemuel Humphrey. At a meeting of the directors, James Dodd, Esq., was unanimously re-elected president.[6]

In June 1845, a resolution was introduced in the legislature appointing State Directors of the various banks. Ellery Hills and Charles Boswell were appointed for the Farmers and Mechanics Bank[7] and subsequently confirmed by the Bank Committee.[8]

On May 6, 1846, stockholders of the Farmers and Mechanics Bank elected the following directors: Horace Goodwin, 2nd, Joseph Pratt, Luther Loomis, Elbridge Cutler, Horace Belden, Henry Keney, James Goodwin, Henry Thompson, Walter Pease, Jr., Charles Boswell, Samuel G. Savage, Giles P. Grant and William Indicott. At a subsequent meeting of the directors, Horace Goodwin, 2nd, was re-elected president and W.T. Hooker, cashier.[9] The dwelling house on the corner of State and Market Streets over the Farmers and Mechanics Bank was available to rent. H. Goodwin, 2d or W.T. Hooker were taking applications.[10]

In March 1850, the Farmers and Mechanics Bank decided on a plan for a two-story building with stone front to be erected on their present location, the first story for the bank's accommodation and the second for the Pension Office.[11] On May 7, 1850, stockholders elected the following directors: Horace Goodwin, 2d, Joseph Pratt, Elbridge Cutler, Henry Keney, James Goodwin, Henry Thompson, Charles Roswell, Giles P. Grant, Simeon L. Loomis, Robert S. Seyms, George A. Loomis, Lyman Stockbridge and Alfred Gill. At a meeting of the directors the same day, Charles Boswell was elected president in place of Horace Goodwin, 2d, who declined a re-election.[12] The office of the Farmers and Mechanics Bank was removed to No. 8 Exchange Building in rooms formerly occupied by the Protection Insurance Company.[13]

On February 10, 1851, a notice was published announcing the opening of the Farmers and Mechanics Bank in their new banking house, corner of State and Market Streets.[14]

In February 1853, George P. Bissell was appointed cashier in place of Mr. Hooker, removed to New York. Mr. Bissell was formerly teller in the State Bank of Hartford and for the past two years filled the post of cashier of the Western Bank at Springfield.[15]

In November 1854, John C. Tracy, cashier of the Winsted Bank, was appointed cashier of the Farmers and Mechanics Bank of Hartford in place of George P. Bissell, resigned. Wm. H. Fuller was appointed cashier of the Winsted Bank in place of John C. Tracy. Mr. Fuller had been with the Hartford Bank for a number of years.[16]

In August 1858, Charles Boswell, Esq., retired as president of the Farmers and Mechanics Bank, an institution he successfully conducted since 1850, on account of ill health. John C. Tracy, Esq., cashier, was elected president and James L. Chapman, teller, was elected cashier.[17]

In January 1868, the directors were Henry Keney, James Goodwin, Charles Boswell, WM. F. Tuttle, John B. Corning, John C. Tracy, S.F. Burnham, Henry Thompson, Edward B. Watkinson, H.S. Hayden, Franklin Clark, A.P. Pitkin, and Jonathan Goodwin.[18]

In January 1877, the directors elected John C. Tracy, president; Henry Keney, vice president; and James L. Chapman, cashier.[19] On Saturday, February 10, 1877, both John C. Tracy, president and Jas. L. Chapman, cashier of the Farmers and Mechanics National Bank in Hartford were arrested and bound over for trial in United States District Count set at New Haven on the fourth Tuesday in February. The bond for the president was fixed at $30,000 and that of the cashier at $25,000 and satisfactory bondsmen were found and they were released. The charges against the president were, first, making false statements in regard to the indebtedness of the American National Bank and the Continental National Bank of New York to the Farmers and Mechanics, the excess of about $220,000 of the actual indebtedness; and second, making fraudulent overstatements of "loans and bills discounted," the excess was around $400,000. Against the cashier, the charges were first, embezzling $7,500 of the funds of the bank; second, making a false charge of $7,500 against the First National Bank of Suffield; and third, was the same as the first charge against the president. The penalty provided by Congress for these offences was imprisonment for not less than five, nor more than ten years. The president and cashier resigned at the request of the directors and the bank was placed under the care of Mr. Keney, vice president, and of a leading director and stockholder. Both of the defaulting officers had always been held in the highest esteem in Hartford.[20] On Thursday, March 8th, the grand jury reported indictments against John C. Tracy and James L. Chapman.[21] 

On Friday, May 25, 1877, Judge Shipman of the United States District Court sentenced John C. Tracy to hard labor in the Connecticut state prison for 6 and 1/2 years, the maximum in his case being ten years and James L. Chapman to hard labor in the prison for five years and a fine of one dollar.  The time was the maximum; the fine might have been $2,000. The Judge stated that Mr. Chapman had appropriated sums amounting to $15,000, had sworn to false statements, and was to a certain extent conversant with the transactions of Tracy which were concealed from the directors.[22]

In January 1909, the stockholders elected John H. White, John G. Root, A.W.C. Williams, Henry H. Goodwin, Alembert O. Crosby, Atwood Collins, Sidney W. Crofut, Philip B. Gale, and Ulysses H. Brockway directors. The directors re-elected the following officers: John G. Root, president; William W. Smith, cashier; C.F. Sedgwick, assistant cashier.[23]

On February 14, 1910, ex-mayor John G. Root died at his home, No. 197 High Street at 8 o'clock, death due to arterio-sclerosis. He had been in poor health for more than two years. Mr. Root was born in Westfield, Mass., April 20, 1835. He was the son of Silas and Merilla Chapman Root, one of the settlers of Farmington. He received his education in Westfield and upon graduating entered a bank in Westfield for a short time. In 1855, he came to Hartford, and entered the City Guard and the Putnam Phalanx. He served as captain of the 22d Connecticut volunteer infantry during the civil war.[24] Mr. Root was connected with the highest rank of Masonry in the state. He was knighted in Washington Commandery, K.T. in 1861 and was eminent commander of that body in 1870. He was grand commander of the Connecticut Grand Commandery, Knights Templars in 1875. He was one of the few Masons in the city who had been honored with the thirty-third degree. In 1888 he was elected mayor on the Republican ticket, succeeding Morgan G. Bulkeley and defeating Charles M. Joslyn.[25]

At the end of February, it was rumored that the Hartfor National Bank would shortly acquire control of the Farmers & Mechanics National. Ulysses H. Brockway, a directors of the Farmers and Mechanics said he had heard the rumor before and that was over six months ago. He thought the death of John G. Root may have had something to do with the rumor this time. Frank P. Furlong, cashier of the Harford National, when asked what he had to say about the rumor, said "Not a blessed thing, it might upset something!" The directors of the Farmers and Mechanics were Judge J.H. White, A.W.C. WIlliams, Henry H. Goodwin, Alembert O. Crosby, Atwood Collins, Sidney W. Crofut, Philip B. Gale and U.H. Brockway.[26]

On Saturday, April 9, 1910, stockholders of the Farmers and Mechanics National Bank met to vote on liquidation and absorption by the Harford National Bank. Stockholders of the Harford National would meet on Monday the 11th to vote. The Hartford National would pay the stockholders $125 per share of Farmers and Merchants stock. It was also arranged for a number of directors of the Farmers & Mechanics to be taken on as directors of the Harford National. The most recent statement of the Farmers & Mechanics showed capital $500,000, surplus $100,000 and undivided profits $87,671.47, equivalent to a book value of $137 1/2 per share. The bank had about $657,000 of deposits subject to check and $135,428 of certificates of deposit. The fire insurance companies held 997 shares. The total market value was $111,820.[27] Henry H. Goodwin who was elected president about a month ago to fill the vacancy caused by the death of John G. Root, made the announcement of the stockholders' decision to liquidate.[28]

On April 11th, Henry H. Goodwin, Sidney W. Crofut, Philip B. Gale, and Dr. G.C.F. Williams were elected additional members of the board of directors of the Hartford National Bank at a special meeting of the stockholders. The purchase of the Farmers and Mechanics National was consumated on Saturday. Stockholders were brought together to act upon the proposition to amend Article 3 of the articles of association so as to increase the board of directors and allow for stockholders at each annual meeting to decide the maxium number of directors for the ensuing year. The four new directors were from the directorate of the Farmers and Mechanics National Bank.[29]

In July 1910, workmen employed by the Hartford Building Cut Stone Co. were tearing down and carrying away the stones in the building which was occupied by the Farmers and Mechanics National Bank at the corner of State and Market Streets. They found in the cornerstone of the building a tin box filled with old newspapers and other papers. The box was of Portland brownstone, 6 X 7 X 5 inches. The box was painted and on the inside cover was engraved some words which were impossible to make out due to rust spots. There was a paper giving the names of the founders and officers of the bank, but it was so damp that it did not hold together and only parts of names could be made out. There was a blank form of a check for $5 in the box. The bank was organized as a state bank in 1833 and was reorganized as a national bank in 1865. The date of the laying of the cornerstone was 1850, and the exact date was probably June 25, 1850. The date of The Hartford Daily Courant enclosed in the box was June 25, 1850, and the date of the Hartford Times was June 24, 1850.[30]

Official Bank Title

1: The Farmers and Mechanics National Bank of Hartford, CT

Bank Note Types Issued

Original Series $1 bank note with pen signatures of J.L. Chapman, Cashier and John C. Tracy, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $2 bank note with pen signatures of William W. Smith, Cashier and A. Oatman, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Brown Back $5 bank note with pen signatures of William W. Smith, Cashier and John G. Root, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,137,180 in National Bank Notes was issued by this bank between 1865 and 1910. This consisted of a total of 304,220 notes (304,220 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 - 3000
Original Series 4x5 1 - 17695
Original Series 3x10-20 1 - 5000
Original Series 3x50-100 1 - 260
Series 1875 3x1-2 1 - 13000
Series 1875 4x5 1 - 10750
Series 1875 3x10-20 1 - 8130
Series 1875 3x50-100 1 - 940
1882 Brown Back 4x5 1 - 8834
1882 Brown Back 3x10-20 1 - 4371
1902 Red Seal 4x5 1 - 1900
1902 Red Seal 3x10-20 1 - 1240
1902 Date Back 4x5 1 - 340
1902 Date Back 3x10-20 1 - 595

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1910):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Hartford, CT, 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. ↑ Litchfield Enquirer, Litchfield, CT, Thu., May 30, 1833.
  2. ↑ Litchfield Enquirer, Litchfield, CT, Thu., June 6, 1833.
  3. ↑ Hartford Courant, Hartford, CT, Mon., July 8, 1833.
  4. ↑ Hartford Courant, Hartford, CT, Mon., Sep. 2, 1833.
  5. ↑ Hartford Courant, Hartford, CT, Mon., Dec. 9, 1833.
  6. ↑ Hartford Courant, Hartford, CT, Mon., May 12, 1834.
  7. ↑ Hartford Courant, Hartford, CT, Tue., Feb. 15, 1853.
  8. ↑ Hartford Courant, Hartford, CT, Wed., June 11, 1845.
  9. ↑ Hartford Courant, Hartford, CT, Thu., May 7, 1846.
  10. ↑ Hartford Courant, Hartford, CT, Wed., Mar. 11, 1846.
  11. ↑ Hartford Courant, Hartford, CT, Wed., Mar. 6, 1950.
  12. ↑ Hartford Courant, Hartford, CT, Wed., May 15, 1850.
  13. ↑ Hartford Courant, Hartford, CT, Mon. May 13, 1850.
  14. ↑ Hartford Courant, Hartford, CT, Mon., Feb. 10, 1851.
  15. ↑ Hartford Courant, Hartford, CT, Tue., Feb. 15, 1853.
  16. ↑ Hartford Courant, Hartford, CT, Thu., Nov. 2, 1854.
  17. ↑ Hartford Courant, Hartford, CT, Thu., Aug. 12, 1858.
  18. ↑ Hartford Courant, Hartford, CT, Wed., Jan. 15, 1868.
  19. ↑ Hartford Courant, Hartford, CT, Thu., Jan. 11, 1877.
  20. ↑ The Meriden Daily Republican, Meriden, CT, Mon., Feb. 12, 1877.
  21. ↑ Hartford Courant, Hartford, CT, Sat., Mar. 10, 1877.
  22. ↑ Hartford Courant, Hartford, CT, Sat., May 26, 1877.
  23. ↑ Hartford Courant, Hartford, CT, Wed., Jan. 13, 1909.
  24. ↑ Norwich Bulletin, Norwich, CT, Tue., Feb. 15, 1910.
  25. ↑ The Journal, Meriden, CT, Tue., Feb. 15, 1910.
  26. ↑ Hartford Courant, Hartford, CT, Tue., Mar. 1, 1910.
  27. ↑ Hartford Courant, Hartford, CT, Sat., Apr. 9, 1910.
  28. ↑ Hartford Courant, Hartford, CT, Mon., Apr. 11, 1910.
  29. ↑ Hartford Courant, Hartford, CT, Tue., Apr. 12, 1910.
  30. ↑ Hartford Courant, Hartford, CT, Tue., July 19, 1910.
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