Hadley Falls National Bank, Holyoke, MA (Charter 1246)

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Hadley Falls Bank obsolete $10 proof, Haxby MA-695. Vignette of the falls on the Connecticut River.
Hadley Falls Bank obsolete $10 proof, Haxby MA-695. Vignette of the falls on the Connecticut River. Courtesy of Heritage Auctions, www.ha.com

Hadley Falls National Bank, Holyoke, MA (Chartered 1865 - Liquidated 1916)

Town History

Hadley Falls Bank obsolete $5 dated January 1st, 1859, Haxby MA-695, signed by Charles W. Ranlet, Cashier and Chapin, President.  A very rare genuine issued note where most of the known survivors are either proofs or counterfeits.  American Bank Note Company of New York plate.  At center, a man on a white horse, horse with head over back of black colt. Another man sitting on a fence.  Dog on ground at left and two sheep at right.  Plant at right of fence appears to be a well-done depiction of mullein used as an herbal treatment for coughs, congestion, chest colds, bronchitis, and inflammation.  A large tree in background and house at right beyond the hill.
Hadley Falls Bank obsolete $5 dated January 1st, 1859, Haxby MA-695, signed by Charles W. Ranlet, Cashier and Chapin, President.  A very rare genuine issued note where most of the known survivors are either proofs or counterfeits.  American Bank Note Company of New York plate.  At center, a man on a white horse, horse with head over back of black colt. Another man sitting on a fence.  Dog on ground at left and two sheep at right.  Plant at right of fence appears to be a well-done depiction of mullein used as an herbal treatment for coughs, congestion, chest colds, bronchitis, and inflammation.  A large tree in background and house at right beyond the hill. Courtesy of Heritage Auctions, www.ha.com

Holyoke is a city in Hampden County, Massachusetts, that lies between the western bank of the Connecticut River and the Mount Tom Range. Located 8 miles north of Springfield, Holyoke is part of the Springfield Metropolitan Area, one of the two distinct metropolitan areas in Massachusetts. As of the 2020 census, the city had a population of 38,238. The area was named for an early Springfield settler, Elizur Holyoke, who had first explored the area in the 1650s. Following land acquisitions and development by the Hadley Falls Company, the town of Holyoke was officially incorporated on March 14, 1850. Holyoke's population rose from just under 5,000 in 1860 to over 60,000 in 1920.

Holyoke is among the early planned industrial cities in the United States. Built in tandem with the Holyoke Dam to utilize the water power of Hadley Falls, it is one of a handful of cities in New England built on the grid plan. During the late 19th century the city produced an estimated 80% of the writing paper used in the United States and was home to the largest paper mill architectural firm in the country, as well as the largest paper, silk, and alpaca wool mills in the world. Although a considerably smaller number of businesses in Holyoke work in the paper industry today, it is still commonly referred to as "The Paper City". Today the city contains a number of specialty manufacturing companies, as well as the Massachusetts Green High Performance Computing Center, an intercollegiate research facility which opened in 2012. Holyoke is also home to the Volleyball Hall of Fame and known as the "Birthplace of Volleyball", as the internationally played Olympic sport was invented and first played at the local YMCA chapter by William G. Morgan in 1895.

While managing the Holyoke Testing Flume in the 1880s, hydraulic engineer Clemens Herschel invented the Venturi meter to determine the water use of individual mills in the Holyoke Canal System. This device, the first accurate means of measuring large-scale flows, is widely used in a number of engineering applications today, including waterworks and carburetors, as well as aviation instrumentation. Powered by these municipally-owned canals, Holyoke has among the lowest electricity costs in the Commonwealth, and as of 2016 between 85% and 90% of the city's energy was carbon neutral, with administrative goals in place to reach 100% in the future.

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

Bank History

  • Organized April 3, 1865
  • Chartered June 9, 1865
  • Succeeded Hadley Falls Bank
  • Hadley Falls Trust Company merged both the Hadley Falls National Bank and the Home National Bank (Charter 3128)
  • Liquidated December 30, 1916
  • Succeeded by Hadley Falls Trust Company of Holyoke, MA

In June 1851, besides passing the free banking law, under which any fifty persons may associate and carry on banking, issue bills, etc., by depositing with the State Auditor, State, town or U.S. stocks as security for their circulation. The Legislature chartered the following new banks under the old system: Hadley Falls Bank, Holyoke, capital $100,000; Westfield Bank, Westfield, $100,000; Cambridge Market Bank, Cambridge, $100,000; Faneuil Hall Bank, Boston, $500,000; Blackstone Bank, Boston, $250,000; Essex Bank, Haverhill, $100,000. The new Hadley Falls Bank organized by choice of the following directors: Chauncey B. Rising, president; John Ross, Wm. Melcher, R.G. Marsh, and Cyrus Frink of Holyoke; Joel Miller of South Hadley Falls; W. Street of Northampton; A.D. Chapin of Springfield; and -- Perry of West Springfield.

In July 1853, Mr. John R. Warriner, a native of Pittsfield and for some time cashier of the Hadley Falls Bank at Holyoke, having secured an invitation to take the place of Mr. Colt as Cashier of the Agricultural Bank, who resigned, would begin the duties on August 1st.

The Cincinnati Enquirer reported that late on Sunday night, May 16, 1858, officers Blenke and Worrell made an arrest of two men named Sampson and Pullan for having in possession counterfeit money. It was the custom for the two officers to visit the depot of the Ohio and Mississippi Railroad every evening just as the cars were about to leave. On their way down they saw a man come out of a house which had long been suspected of harboring dealers in counterfeit money. The arrested him and on searching him found a roll of bank notes amounting to about $14,000, all in $5 notes on the Hadley Falls Bank of Holyoke, Mass. They discovered Sampson had been in conversation with a man named Pullan whom the officers also arrested. On his person they found $1,000 in the same kind of money.

Holyoke had four banks in 1875:

  • Holyoke Savings Bank, charted 1855, located at Johnson's Block, Dwight Street. President Joel Russell; Treasurer R.B. Johnson.
  • The Mechanics Savings Bank, chartered 1872 located at Holyoke House Block, Dwight Street. President, James H. Newton; Treasurer, C.B. Prescott.
  • The Hadley Falls National Bank, chartered in 1851. President C.W. Ranlet; Cashier, H.P. Terry.
  • Holyoke National Bank, chartered 1872. President William Whiting; Cashier C.B. Fisk.

On Tuesday, January 12, 1886, stockholders at the annual election chose the following board of directors: Chas. W. Ranlet, Broughton Alvord, Jones Kendall, William Skinner, William A. Chase, Spencer A. White, E.H. Ball, C.B. Prescott, and William Nash.

On June 20, 1902, Charles W. Ranlet died at his home 121 Dwight Street after an illness of about a week. He was born at Epping, Rockingham County, New Hampshire on June 28, 1819, the son of Moses and Temperance (Leighton) Ranlet. He attended the Exeter schools and after working for his brother, Daniel, in 1836 he entered the employ of the Newmarket Manufacturing Co. of New Hampshire as errand boy. He was soon promoted to accountant due to his aptitude for figures. After a brief job in Gloucester City, New Jersey, he took a position as bookkeeper in the Dwight Manufacturing Co. of Chicopee in 1846. He then went to New York City as bookkeeper for Osborne & Little of Fulton Street and through the influence of "Uncle" John Chase, came to Holyoke in 1848 as bookkeeper in the Hadley Falls Company, later being paymaster. When the Hadley Falls bank was established, he was made the cashier, a position he held until 1866 when he was elected president. The bank was first located in the store later occupied by J. Russell & Co. and when it was moved to its present location, the plan for the building was drawn by Mr. Ranlet. He led the institution until his retirement in 1900. When Holyoke became a city, he was elected its first city treasurer in 1873, serving for 9 years.

On Tuesday, January 13, 1903, at the annual meeting of the stockholders, the directors elected were: Charles B. Brescott, Philander Moore, Ernest Lovering, Joseph A. Skinner, Robert Ranlet, Frank H. Metcalf, Asro A. Coburn, Charles W. Johnson and Hubbell P. Terry.

A 1922 advertisement for the Hadley Falls Trust Company with the logo dating it opening in 1917 at top left.  Total resources of the bank at the close of 1920 were $9,497,202.38 and at the close of 1921 $9,558,132.11.  Despite a year of general depression in business and financial circles, the savings department added $361,274.55 and the trust department $386,250.44.
A 1922 advertisement for the Hadley Falls Trust Company with the logo dating it opening in 1917 at top left.  Total resources of the bank at the close of 1920 were $9,497,202.38 and at the close of 1921 $9,558,132.11.  Despite a year of general depression in business and financial circles, the savings department added $361,274.55 and the trust department $386,250.44.

On Tuesday, January 11, 1916, the directors were re-elected as follows: Philander Moore, Joseph A. Skinner, Frank H. Metcalf, Azro A. Coburn, Thomas S. Childs, Edward P. Bagg, Herbert J. Frink, Henry L. Russell, Frank B. Towne, and J. Lewis Wyckoff. Joseph A. Skinner was president; Edward P. Bagg, vice president; and H.J. Bardwell, cashier.

In October 1916 it was reported that the Hadley Falls Trust Company being incorporated to do business in Holyoke could mean the elimination of the Hadley Falls National Bank and the Home National Bank. If the plan for consolidation occurred, the trust company would operate a main and a branch banking room in two sections of the city served previously by the two national banks. The officers of the trust company would be drawn largely from the present officers of the two national banks and the aggregated capital and surplus would be $750,000. The Connecticut Valley offered to Holyoke a large base for trust company business heretofore conducted in Springfield. The Home National Bank was located in the YMCA Building. The officers were Fred F. Partridge, president; Oren D. Allyn, vice president; Louis Harvey, cashier; and Joseph C. Drapeau, assistant cashier.

On Tuesday, November 28, 1916, a special meeting of the stockholders was held for the purpose of voting on the plan to transfer deposits and assets to the Hadley Falls Trust Company of Holyoke and to then place the institution into voluntary liquidation. Announcement followed of the merger of the Hadley Falls National Bank and the Home National Bank, combining both banks into the Hadley Falls Trust Company effective January 2, 1917. 

The Hadley Falls Trust Company began with capital of $500,000 and a surplus of $250,000 and would operate with headquarters in the present quarters of the Home National Bank and the Hadley Falls bank would be a branch office.  The officers were Joseph A. Skinner, president; Fred F. Partridge, first vice president; Edward P. Bagg, second vice president; Harry J. Bardwell, third vice president; Louis Harvey, secretary and treasurer; and Joseph C. Drapeau, assistant treasurer.  The directors of the trust company were Geo. P.B. Alderman, Oren D. Allyn, Edward P. Bagg, Pierre Bonvouloir, Thomas S. Childs, Herbert J. Frink, Lewis M. Gaylord, Arthur C. Hastings, Frank H. Metcalf, Philander Moore, James H. Newton, Fred F. Partridge, James M. Ramage, Henry L. Russell, Joseph A. Skinner, Albert Steiger, Jeremiah A. Sullivan, Clifton F. Tilley, J. Lewis Wyckoff, and Frank B. Towne.

Official Bank Title(s)

1: The Hadley Falls National Bank, Holyoke, MA

Bank Note Types Issued

Original Series $1 bank note with pen signatures of H.P. Terry, Cashier and Charles W. Ranlet, President.
Original Series $1 bank note with pen signatures of H.P. Terry, Cashier and Charles W. Ranlet, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $2 bank note with pen signatures of H.P. Terry, Cashier and Charles W. Ranlet, President.
Series of 1875 $2 bank note with pen signatures of H.P. Terry, Cashier and Charles W. Ranlet, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of H.J. Bardwell, Cashier and Joseph A. Skinner, President.
1882 Brown Back $5 bank note with pen signatures of H.J. Bardwell, Cashier and Joseph A. Skinner, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $5 bank note with pen signatures of H.J. Bardwell, Cashier and Joseph A. Skinner, President
1902 Date Back $5 bank note with pen signatures of H.J. Bardwell, Cashier and Joseph A. Skinner, President. Courtesy of Adam Stroup

A total of $2,285,500 in National Bank Notes was issued by this bank between 1865 and 1916. This consisted of a total of 338,224 notes (338,224 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 - 8400
Original Series 4x5 1 - 7400
Original Series 3x10-20 1 - 2000
Original Series 50-100 1 - 190
Series 1875 3x1-2 1 - 1840
Series 1875 4x5 1 - 3915
Series 1875 3x10-20 1 - 2924
1882 Brown Back 4x5 1 - 14590
1882 Brown Back 3x10-20 1 - 1975
1902 Red Seal 4x5 1 - 1750
1902 Red Seal 3x10-20 1 - 1300
1902 Date Back 4x5 1 - 19500
1902 Date Back 3x10-20 1 - 14200
1902 Plain Back 4x5 19501 - 22520
1902 Plain Back 3x10-20 14201 - 15847

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1916):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Holyoke, 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
  • Greenfield Democrat, Greenfield, MA, Mon., June 2, 1851.
  • The Recorder, Greenfield, MA, Mon., June 30, 1851.
  • The Pittsfield Sun, Pittsfield, MA, Thu., July 21, 1853.
  • Boston Evening Transcript, Boston, MA, Fri., May 21, 1858.
  • The Boston Globe, Boston, MA, Thu., Oct. 21, 1875.
  • Transcript-Telegram, Holyoke, MA, Tue., Jan. 12, 1886.
  • Transcript-Telegram, Holyoke, MA, Sat., June 21, 1902.
  • Transcript-Telegram, Holyoke, MA, Tue., Jan. 13, 1903.
  • Transcript-Telegram, Holyoke, MA, Tue., Jan. 11, 1916.
  • Transcript-Telegram, Holyoke, MA, Tue., Oct. 24, 1916.
  • Transcript-Telegram, Holyoke, MA, Tue., Dec. 21, 1916.
  • Transcript-Telegram, Holyoke, MA, Tue., Jan. 10, 1922.
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