First National Bank, Putnam, CT (Charter 448)
First National Bank, Putnam, CT (Chartered 1864 - Receivership 1924)
Town History
Putnam, originally known as Aspinock, then part of Killingly, is a New England mill town incorporated in 1855 in Windham County. Created from sections of Killingly, Pomfret, and Thompson, the town was named in honor of Revolutionary War General Israel Putnam. The Quinebaug River flows North to South through Putnam. Putnam has common boundaries with Thompson on the north (approx. 6 mi.), with Rhode Island on the east (approx. 2 mi.), with Killingly on the south (approx. 7 mi.) and with Pomfret and Woodstock on the west (approx. 4 mi.). The population in 1860 was 2,722, growing to 7,348 by 1900. As of the 2020 Census, the population was 9,224.
Putnam was a key contributor in providing clothing and other goods to the Civil War soldiers. There were numerous mills and a train ran through the town, providing transportation for the goods being produced.
On August 19, 1955, Putnam was devastated by floods from torrential downpours caused by two hurricanes, which hit Connecticut within the span of a week. Hurricane Connie affected Connecticut on August 13, dropping between four and six inches of rain across the state. Hurricane Diane soaked the state with 14 inches of rain on August 18–19. The result was flooding in many of the state's rivers, including the Quinebaug River. The resulting torrent of water destroyed homes, businesses and factories. Floating magnesium barrels burst, lighting up the night. The railroad bed was washed away.
Putnam had three National Banks chartered during the Bank Note Era, the First National Bank (Charter 448), the Thompson National Bank (Charter 1477) and the Citizens National Bank (Charter 12594) and only two of these banks issued National Bank Notes. The Thompson National Bank began in Thompson, Connecticut, adopting Putnuam in 1893. The Citizens National Bank did not issue National Bank Notes.
Bank History
- Chartered June 1, 1864
- Receivership August 13, 1924
The first of the savings institutions to commence business in eastern Windham County was the Putnam Savings Bank which opened its doors on July 19, 1862, a charter having been granted by the legislature the previous May. This bank operated from James W. Manning's store where it remained until the national bank was organized. It was afterwards operated above the First National Bank and in the new brick building in 1866. The two banks were very close in their business affairs and in the personnel of their administrations up to 1875, when a change in the national banking laws required a more stringent separation.[1]
The establishment of a national bank in Putnam was first discussed at the office of Hon. Gilbert W. Phillips, March 3, 1864, not quite two years after the Putnam Savings Bank commenced business. Articles of association were adopted and $100,000 was subscribed. On March 23, the First National Bank of Putnam was opened for business in what was formerly Stockwell's jewelry shop. The first president was Edmund Wilkinson and Charles S. Billings was the cashier. A brick building was erected in 1866 and John A. Carpenter was made cashier, a position which he filled with great credit up to the time of his death, November 22, 1907.[2]
The death of Samuel Knight Spalding occurred at his home, corner of Grove and King Streets, Putnam, at 8 o'clock Saturday evening, January 30, 1909, after an illness of six months. Mr. Spalding came from an old and prominent family of New England and one which had been particularly conspicuous for military valor and loyalty to their country. Samuel Spalding was born in Danielson on October 25, 1842, son of Simon and Sarah R. (Ballard) Spalding. He attended the Killingly school until 10 years of age, when he moved with his parents to Thompson, where he continued his schooling until 1856, when he moved to Pomfret. From 1859 to 1862 he engaged in farming at Pomfret Landing in company with Lucian Holmes. This occupation was Interrupted by his enlistment for service in the Union Army July 28, 1862. Mr. Spalding was captured by the enemy June 15, 1863, near Winchester, Virginia, and was incarcerated in Libby Prison and Belle Island, being paroled July 10, 1863. More serious in its results, however, was a gunshot wound which he received May 15, 1864, at Newmarket. During his service, Company B, 18th Connecticut Volunteer Infantry, was heard of in many fierce battles, Mr. Spalding participating in all of them and proving himself a valorous soldier. On June 27, 1865, he was mustered out of service at Harper's Ferry. Upon returning from the field, he returned to Putnam, where he filled a clerical place at the Morse mills, going from there to Worcester, where he learned the machinist's trade, which he followed for three years. Later he was with a manufacturer of brass instruments for about three years. He then spent three years with the Pratt & Whitney Company in Hartford. In 1870 Mr. Spalding returned to Putnam and acted as night watchman in the First National Bank of Putnam for a year and a half. He then was advanced to bookkeeper and clerk for the same length of time, after which he was acting teller, continuing until his death. From December 4, 1874, to 1900 he was clerk of the probate court under Judge John A. Carpenter. In political thought he was an ardent republican and worked faithfully in the interest of his party. For ten years he served as town auditor and was agent for the town deposit fund for a long time. He served the Putnam council, No. 340, Royal Arcanum, as a trustee for ten years and held the office of treasurer at the time of his death. He was a charter member of A.G. Warner post, No. 54, GAR, having served as its commander in 1888 and as quartermaster in 1908. He was active in the Association of the Union ex-Prisoners of the war of the rebellion of Hartford and was one of the first vice presidents for a term of two years.[3]
In January 1910, the newly elected officers were Charles H. Brown, president; John F. Carpenter, vice president; G. Harold Gilpatric, cashier; E.A. Wheelock, J.W. Cutler, C.H. Brown, J.F. Carpenter, A.A. Houghton, L.E. Smith, R.H. Bradley, John O. Fox, and G.H. Gilpatric.[4] As of November 1910, the capital was $150,000, surplus and undivided profits $80,000, individual deposits $473,666.75, demand certificates $13,782.79.[5]
On September 3, 1916, Charles Hathaway Brown and his wife Mrs. Caroline E. (Spalding) Brown, had a Golden Wedding Anniversary they celebrated with a Sunday dinner with out-of-town relatives, Mr. and Mrs. Kendall B. Castle and Mrs. H. Newton Brown of Rochester, and Mrs. Elmer G. Tucker of Worcester. Mr. Brown was treasurer of the city of Putnam ever since Putnam was inaugurated a city in 1896 and president of the First National Bank of Putnam.[6]
On Thursday, August 7, 1924, State Treasurer G. Harold Gilpatric shot himself in the head in an attempted suicide was fighting for his life and had expressed a desire to recover. Dr. S.B. Overlook, his physician, performed an operation to relieve the pressure of the bullet on nerve centers and believed the patient had a chance to recover. Federal bank examiners arrived the morning of the 7th at the Putnam bank and were at work all day on the books where Gilpatric was cashier. Assistant Cashier Guy L. Baker was unusually insistent that Cashier Gilpatric who was absent come to the bank at once. Finally Baker went to the Gilpatric home and broke into the house which was locked. The bank examiners completed their work late, but made no statement. The directors met both morning and afternoon and only stated that the bank was solvent. Deputy Governor Paddock of the Federal Reserve Bank of Boston arrived in Putnam in a heavily guarded automobile bringing $50,000 in cash as a result of an exchange of telegrams with members of the board of directors. During the day there were a few 100% withdrawals, but as the accounts were not large, they caused no alarm at the bank.[7] On August 12th, Governor Templeton said he felt certain that there was no cause for alarm as to the funds of the state, but nevertheless he was not taking any chances. State auditors were working to check the accounts of the state treasury. The First National Bank of Putnam was closed by Federal orders brought about by the defalcations of its cashier, G. Harold Gilpatric. Gilpatric was in the Day-Kimball Hospital with no material change in his condition. He was expected to live if no complications set in.[8]
The embezzlement of Gilpatric from the First National Bank placed Liberty bonds and other funds involved beyond the reach of Federal Bank officials. What he did with the money was a mystery. Mr. Gilpatric, still in a semi-critical condition at the hospital had bedside conferences with National Bank Examiner Norwin S. Bean, expressing his wish to help, but had been unable actually to lend any material assistance toward recovering the large sums taken from negotiable securities entrusted to his care and from the bank's loans supported only by straw names.[9]
In September 1924, Comptroller of the Currency Dawes approved an application to organize the Citizens National Bank of Putnam, Connecticut, which would absorb and take the place of the insolvent First National Bank of that city. As a condition of the issuance of the charter for the new bank, Mr. Dawes announced that it had been agreed between himself and the organizers that they would purchase the banking house of the First National and certain other assets at full value. The proceeds of the purchase would be made available to the depositors of the defunct bank in the form of deposits in the new institution.[10] The application of the Citizens National Bank was filed with the comptroller of the currency on August 18th.
Around November 6, 1924, an application for a state charter for the Cargill Trust Co. of Putnam was granted by the state banking commission following a hearing at the Capitol when unexpected determined opposition was presented by the incorporators of the proposed Citizens National Bank of Putnam and certain trustees of the Putnam Savings Bank. State Treasurer Anson T. McCook and Comptroller Frederick M. Salmon were in attendance of the meeting held in the old Senate Chamber and presided over by Commissioner John B. Byrne. The Cargill Trust would have capital of $100,000 and surplus $50,000. The trustees of the Putnam Savings Bank who signed the petition opposing the new charter for the Cargill Trust Co. were: President Ernest B. Kent, vice president John F. Reardon, Alfred L. Bonico, Henry T. Child, Ray C. Bosworth, John Ash, George D. Clark, Meloncthon Riddick, C.A. Haystrom, George E. Brousseau and Samuel Reynolds. The petitioners for the charter were Byron D. Bugbee, Luther M. Keith, George E. Dresser, Silas M. Wheelock, Louis E. Law, J.F. Carpenter, George S. Bradley, and Leon N. Walker, of Putnam; John P. Grosvenor of Pomfret; John J. Reardon of Grosvenordale; Nathan D. Price of Hartford; Newton A. Ballard of Putnam and Dr. George E. McClellan of Woodstock.[11]
On November 11, 1924, a charter was granted to the Citizens National Bank. The promoters elected Samuel Reynolds, president; A. Newton Vaughn, Judge H. Geissler, and Alexander Gilman, vice presidents. The directors were the above officers and the following: Dr. Joseph C. Hoppin of Pomfret; Asa M. Ross of Putnam; J. Keegan of Thompson, John W. Whipple, William P. Warren, S. Nikoloff of Putnam; L.P. Faucher of North Grosvenordale; Edgar H. Corttis of North Grosvenordale; Mayor Victor Chapdelaine of Putnam; Albert H. Williams of Woodstock; James A. Parker of Boston; Earl C. Rogers of Putnam; and Mrs. Ethel M. Goodridge. Whitman Danielson, one of the directors, would serve temporarily as cashier until a selection could be made from the several bankers who sought the cashier's position. The Citizens bank would open for business in the First National bank building while the new Cargill Trust Co. would have quarters in the old Thompson bank building on Union Street, Putnam.[12]
In December 1924, state auditors reported that Gilpatric, serving a long term in the Federal penitentiary at Atlanta, took none of the state's funds during his long career of defalcation. Their recommendations as to a better method of accounting in the state treasurer's office, coupled with the suggestion that the incumbent be paid an adequate salary and required to give up private financial business during his public term were up for consideration by the incoming session of the Legislature.[13]
In January 1925, the State Board of Education of the Blind secured the services of Miss Marion Darrah, a blind woman of Atlanta, Georgia to teach the Braille system of reading and typewriting to G. Harold Gilpatric who was serving a 15 year's sentence at Atlanta for embezzlement from the First National Bank of Putnam. The assistance was enlisted by his brother, Raymond Gilpatric of New Britain who had recently given employment in a factory office to a blind typist trained by the state board. The former State Treasurer aimed to learn the touch system in the hope of securing employment as a typist after his release and in that way earn money to help repay some of the defalcations.[14]
On February 16, 1927, G. Harold Gilpatric died in Atlanta Penitentiary from apoplexy which indirectly was due to effects of the self-inflicted gunshot wound. A protest was made over the flying of flags at half-staff over the capital. The custodian of the state capitol in answer said that flags were half-staffed in conformity to custom of so displaying them upon the death of a former state officer.[15]
The Cargill Trust Company of Putnam was merged with the Hartford National Bank and Trust Company in 1964. G. Stanley Shaw was president of the trust company and became a vice president of the Hartford National.[16]
Official Bank Title
1: The First National Bank of Putnam, CT
Bank Note Types Issued
A total of $1,743,530 in National Bank Notes was issued by this bank between 1864 and 1924. This consisted of a total of 246,528 notes (246,528 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 - 3300 Original Series 4x5 1 - 2500 Original Series 3x10-20 1 - 2252 Original Series 50-100 1 - 652 Series 1875 4x5 1 - 5320 Series 1875 3x10-20 1 - 1300 1882 Brown Back 4x5 1 - 18669 1882 Brown Back 3x10-20 1 - 984 1902 Red Seal 4x5 1 - 4000 1902 Red Seal 3x10-20 1 - 4100 1902 Date Back 4x5 1 - 8400 1902 Date Back 3x10-20 1 - 4880 1902 Plain Back 4x5 8401 - 11880 1902 Plain Back 3x10-20 4881 - 7001
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1924):
Presidents:
- Edmund Wilkinson, 1864-1867
- Gilbert Wheeler Phillips, 1868-1887
- James Winchell Manning, 1888-1901
- Charles Hathaway Brown, 1902-1923
Cashiers:
- Charles S. Billings, 1864-1866
- John Anthony Carpenter, 1867-1905
- John Frederic Carpenter, 1906-1908
- George Harold Gilpatric, 1908-1923
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Putnam, 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
- ↑ Norwich Bulletin, Norwich, Ct., Mon., Jan. 2, 1911.
- ↑ Norwich Bulletin, Norwich, Ct., Mon., Jan. 2, 1911.
- ↑ Norwich Bulletin, Norwich, CT, Mon., Feb. 1, 1909.
- ↑ Norwich Bulletin, Norwich, CT, Sat., Jan. 15, 1910.
- ↑ Norwich Bulletin, Norwich, Ct., Mon., Jan. 2, 1911.
- ↑ Hartford Courant, Hartford, CT, Tue., Sep. 5, 1916.
- ↑ Hartford Courant, Hartford, CT, Sat., Aug. 9, 1924.
- ↑ Hartford Courant, Hartford, CT, Wed., Aug. 13, 1924.
- ↑ The Bridgeport Telegram, Bridgeport, CT, Fri., Aug. 15, 1924.
- ↑ Record-Journal, Meriden, CT, Thu., Sep. 18, 1924.
- ↑ Hartford Courant, Hartford, CT, Fri., Nov. 7, 1924.
- ↑ Hartford Courant, Hartford, CT, Sat., Nov. 8, 1924.
- ↑ The Bridgeport Telegram, Bridgeport, CT, Sat., Dec. 20, 1924.
- ↑ The Bridgeport Telegram, Bridgeport, CT, Fri., Jan. 9, 1925.
- ↑ The Journal, Meriden, CT, Thu., Feb. 17, 1927.
- ↑ Hartford Courant, Hartford, CT, Thu., Dec. 30, 1965.