First National Bank of Bath, ME (Charter 61-2743)

From Bank Note History
Jump to navigation Jump to search
The old First National Bank building
The old First National Bank building on the corner of Front and Lambard Streets. In 1890, the Bath National Bank was next door on Front Street with the telephone exchange on the 2d floor. Courtesy of Google Maps ca2023

First National Bank of Bath, ME (Chartered 1863 - Open past 1935)

Town History

Sanborn Fire Insurance Map of Bath, Maine, February 1890. The First National Bank is on Front Street next to the Bath National Bank and across from the Sagadahock House on the corner of Center and Front Streets. Courtesy of the Library of Congress

Bath is a city in Sagadahoc County, Maine. It is also the county seat of Sagadahoc County. The city is popular with tourists, many drawn by its 19th-century architecture. It is home to the Bath Iron Works and Heritage Days Festival, held annually on the Fourth of July weekend. It is commonly known as "The City of Ships" because of all the sailing ships that were built in the Bath shipyards. Bath is part of the Portland-South Portland-Biddeford metropolitan statistical area. Bath has a 2020 population of 8,766. In 1860 the population was 8,076, peaking in 1920 at 14,731.

Abenaki Indians called the area Sagadahoc, meaning "mouth of big river". It was a reference to the Kennebec River, which Samuel de Champlain explored in 1605. Popham Colony was established in 1607 downstream, together with Fort St George. The settlement failed due to harsh weather and lack of leadership, but the colonists built the New World's first oceangoing vessel constructed by English shipwrights, the Virginia of Sagadahoc. It provided passage back to England. Most of Bath, Maine, was settled by travelers from Bath, England.

The next settlement at Sagadahoc was about 1660, when the land was taken from an Indian sagamore known as Robinhood. Incorporated as part of Georgetown in 1753, Bath was set off and incorporated as a town on February 17, 1781. It was named by the postmaster, Dummer Sewall, after Bath in Somerset, England. In 1844, a portion of the town was set off to create West Bath. On June 14, 1847, Bath was incorporated as a city, and in 1854 designated county seat. Land was annexed from West Bath in 1855.

Several industries developed in Bath, including lumber, iron, and brass, with trade in ice and coal. The city and surrounding area is renowned for its shipbuilding and, at one point, was home to more than 200 shipbuilding firms. The industry began in 1743, when Jonathan Philbrook and his sons built two vessels. Since that time, roughly 5,000 vessels have been launched from Bath, which became the nation's fifth largest seaport by the mid-19th century. The clipper ships built in Bath sailed to ports around the world. The last commercial enterprise to build wooden ships in the city was the Percy & Small Shipyard, whose schooner Wyoming is considered the largest wooden ship in world history, and which was acquired for preservation in 1975 by the Maine Maritime Museum. The most well-known shipyard is the Bath Iron Works, which was founded in 1884 by Thomas W. Hyde. Hyde became the firm's general manager in 1888. It has built hundreds of wooden and steel vessels, mostly warships for the U.S. Navy. During World War II, Bath Iron Works launched one new ship approximately every 17 days. The shipyard today is a major regional employer, and currently operates as a division of the General Dynamics Corporation.

Bath had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.

Obsolete Title State

Charter

National Bank

Title

Federal

Charter

Charter # Fate
The Lincoln Bank 1813 The Lincoln NB 1865 761 1910 merged with First NB
The Sagadahock Bank 1836 The Sagadahock NB 1865 1041 1894 merged with Lincoln NB
The City Bank, Bath 1853 The First NB‡ 1863 61 1882 Charter expired, became Charter 2743
N/A N/A The First NB‡ 1882 2743 1960 merged with First NB of Portland
The Bath Bank 1855 The Bath NB 1864 494 1965 merged with Canal NB of Portland
N/A N/A The Marine NB 1865 782 1910 absorbed by Lincoln NB

‡Bank histories of Charter 61 and 2743 combined on one page.

Bank History

The City Bank, Bath, obsolete $50-$100 uncut proof sheet
The City Bank, Bath, obsolete $50-$100 uncut proof sheet, Haxby ME-150, Danforth, Wright & Co. The Presentation of the Declaration of Independence on the "C" note while the $50 design is dominated by a panoramic vignette featuring Commerce, Ceres, and Navigation flanked by a distant view of a town and a train crossing a bridge at left and sailing vessels with a distant town at right. The center portion of this vignette was copied by Hoyer & Ludwig for use on the T17 Confederate $20 Treasury Note in 1861. Courtesy of Heritage Auctions, www.ha.com
The Sagadahock House
The Sagadahock House just before the Bath City fire of January 28, 1894.
An advertisement from 1903 for the First National Bank of Bath, Maine.[1]
The Sagadahock Block at 11 Centre Street.
The Sagadahock Block built after the Sagadohock House was destroyed by fire in 1894. The Bath Trust Company was located here at 11 Centre Street. The NW corner of Front and Centre Streets (Thompson's Corner) was the location of Thompson Clothing. City Hall is at top right and the inset at bottom right shows detail of the brick work. Courtesy of Google Maps

Charter 61 Bank History

  • Chartered August 12, 1863
  • Succeeded City Bank
  • Liquidated June 30, 1882
  • Succeeded by 2743 (First National Bank of, Bath, ME)

Charter 2743 Bank History

  • Organized June 16, 1882
  • Chartered June 30, 1882
  • Succeeded 61 (First National Bank of, Bath, ME)
  • Assumed 761 by consolidation June 10, 1910 (Lincoln National Bank, Bath, ME)
  • Bank was Open past 1935

The City Bank, Bath, was in business from 1853-1868.

On August 3, 1852, in the Senate in Augusta, bills to incorporate the City Bank of Bath passed finally.[2] In October 1862, Oliver Moses, Esq., was chosen president of the City Bank, Bath, in place of Jas. H. McLellan, declined.[3] In September 1863, E.K. Harding, Esq., was elected president of the City Bank, Bath.[4]

On August 12, 1863, Hugh McCulloch, Comptroller of the Currency, authorized the First National Bank of Bath, County of Sagadahoc and State of Maine, to commence the business of banking.[5] The bank opened on September 1, 1863 with Oliver Moses, Esq., as president.[6]

In May 1864, the First National Bank declared its first dividend of 7%. This institution differed from any other national bank in the state in that it was a new bank organized under the National Banking Law, and not a reorganized institution.[7]

On Tuesday afternoon, January 10, 1865, at the annual meeting, stockholders elected the following directors: Oliver Moses, James D. Robinson, William Rogers, Charles V. Minot, Henry W. Swanton, James Drummond, Edward Sewall. Oliver Moses was president and Wm. D. Mussenden, cashier.[8]

On Tuesday, January 8, 1889, at the annual meeting, stockholders of the First National elected the following directors: Galen C. Moses, James D. Robinson, Chas. V. Minot, Augustus Palmer, Henry E. Palmer, H.W. Swanton, Milton G. Shaw, John R. Kelley, and F.O. Moses. John R. Kelley was president of the People's Twenty-Five Cent Savings Bank.[9] Galen C. Moses was president of the People's Twenty-Five Cent Savings and John R. Kelley was a trustee.[10]

In September 1902, it was learned that Charles W. Morse of New York had secured the controlling interest in the First National Bank of Bath. As he had long been credited with owning the controlling interest in the Lincoln National bank it was generally believed that a combination of the two banks would be made.[11] 

On September 29, 1902, the committee in charge of subscriptions for the new Bath Trust Co. reported that all the shares had been taken, one thousand at $100 each. With very few exceptions the stock was all held in Bath and mainly by Bath merchants and businessmen. The place for quarters was in the very heart of the business district and no expense would be spared in providing the furnishings and fixtures. A committee was appointed Monday evening to secure the necessary vaults, books, etc., and it was hoped that the new company will be ready for business about Nov 1st.  W.D. Mussenden, cashier of the First National Bank was must prominently mentioned as treasurer of the new institution. There was much speculation as to what Charles W. Morse of New York would do with the First National Bank as it was understood that many of the depositors were already pledged to the new Trust company. Many thought that if he really had control of the First National he would either liquidate it or consolidate it with the Lincoln which he had controlled for many years. Others thought it probable that he would organize another trust company and make a strong bid for business here. One thing was certain, Bath was about to see lively competition in banking circles.[12] The Bath Trust Co. completed a deal resulting in the purchase of the Conley & Crosby Block on Center Street. The trust company would occupy a portion of the main floor. The purchase of the block would throw the large stock of dry goods to be disposed of on the market.[13] On Thursday, October 23rd, stockholders elected the following trustees: Albert H. Shaw, Edward W. Hyde, Frank B. Nichols, D. Howard Spear, John S. Hyde, Henry E. Palmer, Harry S. Sawyer, Charles W. Clifford, Daniel T. Dougherty, Ellwell S. Crosby, Milton G. Shaw, Thomas P. Gibbons, Frank A. Small, James L. Spinney, Gardiner G. Deering, Charles A. Coombs, Samuel R. Percy, Charles Maxwell, Charles V. Minott, and Frank E. Southard.[14] Albert H. Shaw was elected president and Edward W. Hyde, vice president. The treasurer and clerk was Wm. D. Mussenden.[15]

In March 1903, the directors were E.W. Hyde, Oliver Moses, G.G. Deering, C.V. Minot, Charles Maxwell, Augustus Palmer, Wm. T. Donnell, H.H. McCarty, and Galen C. Moses. The officers were E.W. Hyde, president; Oliver Moses, vice president and Charles H. Potter, cashier. The bank had capital $200,000 and surplus $50,000.[16]

On Tuesday, January 11, 1910, at the annual election there was one change, Fred E. Drake taking the place of Joseph M. Trott on the board of directors. The directors were Galen C. Moses, Oliver Moses, C.V. Minott, Jr., Charles F. Magoun, Augustus Palmer, Gardiner G. Deering, William T. Donnell, Edward W. Hyde, and Frederick E. Drake. At the Bath Trust Co., there were several changes. R.H. Baxter was elected president in place of William B. Mussenden, the latter returning to his old position of treasurer, and J. Edward Hughes became assistant treasurer. Two new trustees were elected, D.L. Howard and A.A. Percy. The following were the new officers: R.H. Baxter, president; D. Howard Spear, vice president; W.B. Mussenden, treasurer, J.E. Hughes, assistant treasurer; Lulu M. Emery, bank clerk; R.H. Baxter, Frank S. Bowker, Charles W. Clifford, Charles A. Combs, B.H. Coughlin, Elwell S. Crosby, Gardiner G. Deering, Daniel T. Dougherty, T.S. Gibbons, D.L. Howard, J. Houghton McLellan, C.V. Minott, Jr., W.D. Mussenden, W.B. Mussenden, Samuel R. Percy, Augustus A. Percy, Harry B. Sawyer, Frank A. Small, and D. Howard Spear, trustees; R.H. Baxter, Charles W. Clifford, Charles A. Combs, Gardiner G. Deering, W.B. Mussenden, W.D. Mussenden, Samuel R. Percy, and D. Howard Spear, executive committee.[17]

On Saturday, April 30, 1910, the surprise announcement of another change in banking in the city of Bath whereby the First National and Lincoln National banks would consolidate. On Wednesday, the directors of the Marine National Bank upon the advice of Oscar L. Telling, chief of the division of reports of the comptroller's office at Washington, decided to consolidate with the Lincoln National Bank and was going through the process of liquidation. A meeting of the directors of the First National was held Friday afternoon and after considerable discussions, the directors were in favor of consolidation. The city of Bath had been supporting four national banks, a trust company and two savings institutions. The capitalization of the Marine was $100,000 and that of the First and the Lincoln, $200,000 each. Inspector Telling favored the consolidation of these banks owing to a lack of shipbuilding in the city which had been one of the principal industries to which the banks had loaned their money.[18] The consolidation of the First National and Lincoln National was made for the purpose of creating a large, strong bank with capital of $400,000. The new bank would occupy the quarters owned and occupied by the Lincoln National Bank.[19] The names of the officers and directors of the First National Bank after the consolidation with the Lincoln National were released on May 2d. J.R. Andrews would be president; Oliver Moses and F.H. Low, vice presidents; and W.S. Shorey, cashier. The 10 directors would include five from each institution.[20]

On June 10, 1910, stockholders of the Lincoln National Bank voted to confirm the action taken by their directors to combine with the First national Bank on a basis of share for share. The stockholders of the First National Bank voted unanimously in favor of the consolidation, with 1,732 of the 2,000 shares represented.[21] On July 26, 1910, the Lincoln National Bank sign was removed and the First National installed. That corner had been occupied by a bank for many years. The old Sagadahock Bank was once located on that site, moving across under the Sagadahock House, but winding up its affairs on the old site. The Lincoln Bank moved there after the Sagadahock House fire and now the First National, Marine National and Lincoln National were all in the same place. The First National Bank began its career in the office now occupied by the Worumbo Mills and the old City Bank vault was still there. The vault was six feet high and in those days was considered a first class affair, but today the doors on some of the new vaults were as big as the whole of the old vault.[22] At the close of business, September 1, 1910, the First National reported total assets of $1,688,744.70, with capital stock paid-in $400,000, undivided profits $10,373.31, circulation $348,150 and individual deposits $921,719.03. Wm. S. Shorey was cashier and the directors attesting to the correctness of the report were Oliver Moses, J. Edward Drake, and C.F. Magoun.[23]

In October 1911, Fred F. Blaisdell who had been for 17 years in the banking business in Bath would leave as assistant cashier of the First National Bank to become cashier of the Merchants National a new bank of Leominster, Massachusetts. Mr. Blaisdell was a graduate of the Bath High School when he entered as a clerk 17 years ago with the Lincoln National Bank where he made good and was promoted to assistant cashier. Later, when Cashier F.H. Low became working president of the Lincoln, Mr. Blaisdell became cashier and after the consolidation of the Marine and Lincoln with the First National, Mr. Blaisdell was retained as assistant cashier of the combined bank.[24]

On Tuesday, January 12, 1915, stockholders elected the following directors: J.R. Andrews, Oliver Moses, J.S. Hyde, G.G. Deering, George P. Davenport, C.V. Minott, Jr., G.C. Moses, Arthur G. Dunton, and J. Edward Drake.[25] The next day the directors organized with the re-election of J.R. Andrews, president; Oliver Moses, vice president; J. Edward Drake, secretary; William S. Shorey, cashier; D.L. Black, assistant cashier; and Daniel Williams, Harry E. Ring and Miss Jane D. Moulton, clerks.[26] On March 25, 1915, J.R. Andrews, president of the Hyde Windlass Co. died suddenly in New York City.[27] He had recently closed the contract for a complete battleship outfit of windlasses, steering gear, winches, etc. for the new battleship to be built at the New York Navy Yard. This was the fourth battleship outfit on the order books for Hyde Windlass Co.[28]

On Wednesday, September 19, 1923, William D. Mussenden, 88, veteran retired cashier and one of Bath's oldest and most prominent citizens, died about 2 o'clock in the afternoon. Mr. Mussenden was for 39 years cashier of the First National Bank which he opened in 1863, having gone there from the post office where he was head clerk at the request of Oliver Moses, the bank's first president. The bank was the first national bank in Maine. Mr. Mussenden remained cashier until December 2, 1902, when he went to the new Bath Trust Co. which he opened as the first treasurer, remaining there for three years when he retired from active business, being succeeded as treasurer by his son, William B. Mussenden. He took up flute playing as a youth and for a time was a member of the Arrowsie Band and later joined the Bath Band. In 1851 he became a musician with the Bath City Grays, the crack military organization of the State up to the time of the Civil War and the only military organization as a body which enlisted at the first call for troops.[29]

On Tuesday, February 20, 1951, Hon. Oliver Moses, 2nd, 83, a former Bath mayor and for half a century connected with the Worumbo Manufacturing Co., died at his home of Washington Street. He retired a month ago as president of the First National Bank, an office which he held for 35 years. The bank was founded in 1863 by his grandfather for whom he was named. He was chairman of the board at the time of his death. A life long resident of Bath, Mr. Moses was a descendant of a family of shipbuilders whose yards were second to none among those spread along the banks of the Kennebec in the days when Bath led the world in wooden ship construction. His grandfather, Oliver Moses, was one of the Maine's pioneer railroad builders, president of both the Androscoggin Railroad Co. and the Knox & Lincoln line. Mr. Moses was the son of Frank O. and Ann Marie Larrabee Moses. He graduated in 1887 from Phillips Exeter Academy at Exeter, New Hampshire. After a short time at the Eastman Business College at Poughkeepsie, New York, he returned to Bath and soon entered the employ of the Worumbo Manufacturing Co. at Lisbon Falls of which his uncle, Galen C. Moses was treasurer. He succeeded his uncle as treasurer upon his death in 1916. In 1899 he was elected a director of the First National Bank. He also was a trustee of the Bath Trust Co. and for many years, was prominent in the Sagadahoc Real Estate Association, serving as treasurer. Mr. Moses was at one time a corporator of the Bath Savings Institution. He served as mayor in 1923, having previously served on the Board of Aldermen.[30]

On Tuesday, January 12, 1960, plans to merge the Bath Trust Co. with the First National Bank of Bath were announced by officials of both institutions. They also said the resulting institution might then be merged with the First Portland National Bank. Subject to approval of stockholders, this would be the first bank merger in Bath for more than 50 years.[31]

At the start of business, Saturday, June 25, 1960, the merger of the First National Bank of Bath with the First National Bank of Portland became effective after final approval from the office of the Comptroller of the Currency. The merger was part of a three-way banking transaction which also saw the Thomaston National Bank merge with the Bath and Portland banks. Donald N. Small, president of the Bath bank would become a member of the advisory board of the First National Bank of Portland. Frederick M. Haggett, cashier of the Bath bank was elected a vice president of the new institution. Other officers of the First National Bank of Portland in Bath included William Skelton, senior vice president; John Coombs, vice president; and George Nugent, assistant vice president, all of the former Bath Trust Co. The merger gave the First National Bank of Portland two branches in the Shipbuilding City. Earlier the Portland institution, now the largest national bank in Maine, took over the former Bath Trust Co., giving it the largest trust department in Northern New England.[32]

Official Bank Title

1: The First National Bank of Bath, ME

Bank Note Types Issued

Original series $20 bank note
Original series $20 bank note with pen signatures of William D. Mussenden, Cashier and Moses Oliver, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $5 bank note
Series of 1875 $5 bank note with pen signatures of William D. Mussenden, Cashier and Moses Oliver, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of W.D. Mussenden, Cashier and J.R. Kelley, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $5 Replacement bank note
1902 Red Seal $5 bank note with stamped signatures of William S. Shorey, Cashier and E.W. Hyde, President. This is a Replacement note. Courtesy of the NBNCensus.com
1929 Type 1 $5 bank note
1929 Type 1 $5 bank note with printed signatures of W.S. Shorey, Cashier and Moses Oliver, President. Courtesy of Heritage Auctions, www.ha.com

Charter 61 Bank Note Types Issued

A total of $532,580 in National Bank Notes was issued by charter 61 between 1863 and 1882. This consisted of a total of 69,436 notes (69,436 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 - 3900
Original Series 4x5 1 - 2750
Original Series 4x10 1 - 3250
Original Series 3x20-50 1 - 1350
Series 1875 4x5 1 - 3239
Series 1875 4x10 1 - 2870


Charter 2743 Bank Note Types Issued

A total of $7,638,330 in National Bank Notes was issued by charter 2743 between 1882 and 1935. This consisted of a total of 958,002 notes (786,364 large size and 171,638 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 4x5 1 - 13388
1882 Brown Back 3x10-20 1 - 6652
1902 Red Seal 4x5 1 - 8500
1902 Red Seal 3x10-20 1 - 6500
1902 Date Back 4x5 1 - 32000
1902 Date Back 3x10-20 1 - 22000
1902 Plain Back 4x5 32001 - 95035
1902 Plain Back 3x10-20 22001 - 66516
1929 Type 1 6x5 1 - 14498
1929 Type 1 6x10 1 - 6368
1929 Type 1 6x20 1 - 1660
1929 Type 2 5 1 - 19806
1929 Type 2 10 1 - 13230
1929 Type 2 20 1 - 3446

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1936+):

Charter 61 Bank Presidents and Cashiers

Presidents:

Cashiers:

Charter 2743 Bank Presidents and Cashiers

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Bath, ME, 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. ↑ The Times Record, Brunswick, ME, Thu., Mar. 19, 1903.
  2. ↑ Bangor Daily Whig and Courier, Bangor, ME, Sat., Mar. 6, 1852.
  3. ↑ The Portland Daily Press, Portland, ME, Fri., Oct. 10, 1862.
  4. ↑ The Portland Daily Press, Portland, ME, Fri., Sep 4, 1863.
  5. ↑ The Times Record, Brunswick, ME, Fri., Aug 21, 1863.
  6. ↑ The Portland Daily Press, Portland, ME, Tue., Sep. 1, 1863.
  7. ↑ The Portland Daily Press, Portland, ME, Wed., May 4, 1864.
  8. ↑ The Times Record, Brunswick, ME, Thu., Jan. 12, 1865.
  9. ↑ The Times Record, Brunswick, ME, Tue., Jan. 8, 1889.
  10. ↑ The Times Record, Brunswick, ME, Wed., Jan 2, 1889.
  11. ↑ The Bangor Daily News, Bangor, ME, Mon., Sep. 29, 1902.
  12. ↑ The Bangor Daily News, Bangor, ME, Tue., Sep. 30, 1902.
  13. ↑ The Bangor Daily News, Bangor, ME, Fri., Oct. 3, 1902.
  14. ↑ The Times Record, Brunswick, ME, Thu., Oct. 23, 1902.
  15. ↑ The Lewiston Daily Sun, Lewiston, ME, Fri. Oct. 24, 1902.
  16. ↑ The Times Record, Brunswick, ME, Thu., Mar. 19, 1903.
  17. ↑ The Times Record, Brunswick, ME, Tue., Jan. 11, 1910.
  18. ↑ Sun-Journal, Lewiston, ME, Sat., Apr. 30, 1910.
  19. ↑ The Bangor Daily News, Bangor, ME, Tue., May 3, 1910.
  20. ↑ The Lewiston Daily Sun., Lewiston, ME, Tue., May 3, 1910.
  21. ↑ The Lewiston Daily Sun., Lewiston, ME, Sat., June 11, 1910.
  22. ↑ The Times Record, Brunswick, ME, Tue., July 26, 1910.
  23. ↑ The Times Record, Brunswick, ME, Thu., Sep. 8, 1910.
  24. ↑ Sun-Journal, Lewiston, ME, Wed., Sep. 20, 1911.
  25. ↑ The Times Record, Brunswick, ME, Tue., Jan. 12, 1915.
  26. ↑ The Times Record, Brunswick, ME, Wed., Jan. 13, 1915.
  27. ↑ Sun-Journal, Lewiston, ME, Thu., Mar. 25, 1915.
  28. ↑ The Times Record, Brunswick, ME, Sat., Jan. 2, 1915.
  29. ↑ The Times Record, Brunswick, ME, Wed., Sep. 19, 1923.
  30. ↑ The Times Record, Brunswick, ME, Wed., Feb. 21, 1951.
  31. ↑ Biddeford-Saco Journal, Biddeford, ME, Wed., Jan. 13, 1960.
  32. ↑ The Times Record, Brunswick, ME, Sat., June 25, 1960.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=First_National_Bank_of_Bath,_ME_(Charter_61-2743)&oldid=61175"