Mechanics National Bank, New Bedford, MA (Charter 743)
Mechanics National Bank, New Bedford, MA (Chartered 1865 - Closed 1919)
Town History
New Bedford is a city in Bristol County, Massachusetts,. It is located on the Acushnet River in what is known as the South Coast region. Up through the 17th century, the area was the territory of the Wampanoag Native American people. English colonists bought the land on which New Bedford would later be built from the Wampanoag in 1652, and the original colonial settlement that would later become the city was founded by English Quakers in the late 17th century. The town of New Bedford itself was officially incorporated in 1787.
The New Bedford Iron Foundry, located at the corner of Water and Coffin Streets, was founded by F.&I.C. Taber & Co., who were then located at the corner of Fourth and Bedford Streets. The firm of Taber & Grinnell succeeded to the business in 1847 and in 1859, Joseph G. Grinnell became the sole proprietor. Edmund Grinnell assumed control from his father in 1873. In 1889, the capacity of the works was 20 tons of castings per day with 90 men employed. The specialy of the works was light and heavy machinery and building castings.
During the first half of the 19th century, New Bedford was one of the world's most important whaling ports. At its economic height during this period, New Bedford was the wealthiest city in North America per capita. New Bedford was also a center of abolitionism at this time. The city attracted many freed or escaped African-American slaves, including Frederick Douglass, who lived there from 1838 until 1841. The city also served as a setting in Herman Melville's 1851 novel Moby-Dick. From 1876 to 1900, New Bedford served as the initial home port for the Revenue Cutter School of Instruction, the precursor of the United States Coast Guard Academy.
New Bedford had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized December 29, 1864
- Chartered January 23, 1865
- Succeeded Mechanics Bank
- Closed February 24, 1919
- Consolidated with 261 February 24, 1919 (First National Bank, New Bedford, MA)
The Mechanics National Bank occupied handsome quarters in the same stately building on Water Street at the foot of William as the Merchants National Bank. The Mechanics Bank was incorporated October 3, 1831. In March 1849, the legislature was petitioned for a renewal of the original charter which was expiring October 1, 1851, by limitation. The bank was reorganized as a national bank on June 3, 1864. The original capital was $200,000 which was increased to $400,000 April 12, 1854, and to $600,000 in June 1857. The original board of directors comprised William R. Rodman, Thomas Mandell, George T. Baker, Joseph R. Shiverick, John Perkins, Edmund Gardner, Pardon Tillinghast, Andrew Robeson, and Dudley Davenport. William R. Rodman was the first president, holding the office for 20 years, resigning in October 1851. Thomas Mandell succeeded him being elected president on October 11, 1851, and holding office until his death February 13, 1870. William W. Crapo was chosen president June 1, 1870. Joseph Congdon was the first cashier and he held the position until October 7, 1857, a period of 26 years, resigning on account of ill health. E. Williams Hervey succeeded Mr. Congdon as cashier, being elected October 7, 1857. He would hold that position until August 9, 1882, when he also resigned due to his health.[1]
| Director | Start | End | Notes |
|---|---|---|---|
| Rodman William R. | 1831 | 1851 | d. 1855 |
| Mandell, Thomas | 1831 | 1870 | President (1851-1870) d. 1870 |
| Baker, George T. | 1831 | 1843 | |
| Tillinghast, Pardon | 1831 | 1871 | d. 1871 |
| Shiverick, Joseph R. | 1831 | 1860 | |
| Perkins, John | 1831 | 1849 | |
| Gardner, Edmund | 1831 | 1872 | |
| Robeson, Andrew | 1831 | 1848 | |
| Davenport, Dudley | 1831 | 1848 | |
| Collins, James H. | 1843 | 1861 | |
| Cummings, William | 1848 | 1849 | |
| Howland, Johnathan | 1848 | 1849 | d. 1852 |
| Thornton, John R. | 1849 | past 1888 | |
| Swift, Jr., Jireh | 1849 | 1849 | |
| Taber, Edmund | 1849 | 1861 | |
| Taber, Henry | 1851 | 1852 | |
| Watkins, William | 1852 | 1880 | |
| Snow, Loum | 1860 | 1872 | |
| Crapo, William W. | 1861 | past 1903 | President (1870-1903) |
| Wilcox, Thomas | 1861 | 1861 | |
| Thomas, Sylvanus | 1866 | 1867 | |
| Pierce, Andrew G. | 1867 | past 1888 | Vice President (1881...1903) |
| Mandell, Edward D. | 1871 | past 1888 | |
| Hathaway, Horatio | 1872 | past 1888 | |
| Thomas, Henry F. | 1872 | 1880 | |
| Snow, Jr., Loum | 1876 | past 1888 | |
| Hervey, E. Williams | 1883 | 1919 | Cashier (1857-1881) |
| Kilburn, Edward | 1881 | past 1888 | |
| Denison, Henry C. | 1887 | 1919 |
In September 1875, the directors were William W. Crapo, John R. Thornton, Edward D. Mandell, Henry F. Thomas, Thomas Wilcox, Andrew G. Pierce, Jirch Swift, Horatio Hathaway, William Watkins, and Loum Snow. The officers were W.W. Crapo, president; E.W. Hervey, cashier; and J.W. Hervey, assistant cashier. The bank had capital $600,000 and surplus $275,000.[2] The Mechanics National Bank occupied handsome quarters in the same stately building on Water Street at the foot of William as the Merchants National Bank.[3]
On August 12, 1882, E.W. Hervey, cashier for 25 years, resigned.[4]
On Tuesday, January 12, 1886, the following were elected directors: William W. Crapo, Andrew G. Pierce, John R. Thornton, Jireh Swift, Thomas Wilcox, Edward D. Mandell, Horatio Hathaway, Louis Snow, Jr., E.W. Hervey, and Edward Kilburn.[5]
On Wednesday, January 18, 1899, circulars were sent to stockholders of the Citizens National Bank calling a special meeting to consider the voluntary liquidation of that institution pursuant to the consolidation with the Mechanics National Bank. There had been strong motivation of the management of both institutions in bringing about the consolidation. Arrangements were concluded by which Edward S. Brown, cashier of the Citizens National, would become cashier of the Mechanics National Bank. The management of the Citizens National had considered the location of the banking rooms as unfortunate and the question of moving to a location further up town was frequently discussed. Out of the discussion grew the negotiations which finally led to the consolidation of the two banks. The fact that the Mechanics Bank was called upon to select someone to assume the management of its affairs also had an influence. E. Williams Hervey was re-elected cashier after a retirement of several years soon after the suicide of Lemuel T. Terry. He was willing to accept the position with the understanding that he should be relieved from its responsibilities as soon as a permanent officer could be decided upon. With the choice of Mr. Brown, Mr. Hervey could retire once more. The capital stock of the Mechanics would remain at $600,000. J. Arthur Beauvais had been president of the Citizens from the first. Thomas B. Fuller was the first cashier and upon his death in 1886 was succeeded by E.S. Brown. George M. Kingman was the teller and along with William C. Hawes was expected to be employed by the new bank. The Mechanics Bank had been in existence for more than half a century, having been incorporated as a state bank in 1831 under the title of "the President, Directors and Company of the Mechanics Bank of New Bedford."[6]
In January 1919, the presidents of the First National Bank and the Mechanics National Bank of New Bedford announced the consolidation of the banks to stockholders, calling a special meeting for February 4th to ratify the plans. If approved, the new bank would be called the First National Bank and would be located at the southwest corner of Pleasant and Union Streets in the quarters occupied by the Mechanics National. The consolidated institution would have capital of $500,000 and undivided profits of $200,000. According to statements issued by the two banks, the combined capital, surplus and undivided profits totaled slightly over $3,500,000, so the balance of about $2,300,000 would be distributed.[7][8] On February 4th, shareholders of both banks unanimously voted to accept the recommendation of the directors to consolidate the two institutions under the charter and name of the First National bank. The directors of both institutions together with Thomas F. Glennon and William F. Potter were designated as the board of directors of the consolidated bank. The board selected as president Irving W. Cook, president of the Hyannis Trust Company of Hyannis as the active head of the new bank. The new bank had capital stock of $500,000, a surplus of $500,000 and undivided profits of $200,000 contributed equally by the two banks. The directors of the consolidated institution were as follows: Edward S. Brown, William W. Crapo, Henry H. Crapo, Herbert E. Cushman, Henry C. Denison, Thomas F. Glennon, John F. Hatch, Jr., Thomas S. Hathaway, E. Williams Hervey, Clark W. Holcomb, Charles M. Holmes, Joseph T. Kenney, William A. Mackie, Clarence R. O'Brion, Andrew G. Pierce Jr., Edward T. Pierce, Oliver Prescott, William F. Potter, Frederick D. Stetson, Thomas A. Tripp, and William R. West.[9]
Official Bank Title(s)
1: The Mechanics National Bank of New Bedford, MA
Bank Note Types Issued
A total of $5,775,450 in National Bank Notes was issued by this bank between 1865 and 1919. This consisted of a total of 697,332 notes (697,332 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 - 7000 Original Series 4x5 1 - 8875 Original Series 3x10-20 1 - 6700 Original Series 3x10-20 7951 - 13950 Original Series 20 6701 - 7950 Original Series 50-100 1 - 950 Original Series 500 1 - 150 Series 1875 3x1-2 1 - 5500 Series 1875 4x5 1 - 3500 Series 1875 3x10-20 1 - 9040 Series 1875 50-100 1 - 670 Series 1875 500 1 - 50 1882 Brown Back 4x5 1 - 37545 1882 Brown Back 3x10-20 1 - 15034 1882 Brown Back 50-100 1 - 951 1902 Red Seal 4x5 1 - 11500 1902 Red Seal 3x10-20 1 - 7500 1902 Date Back 4x5 1 - 24750 1902 Date Back 3x10-20 1 - 18300 1902 Plain Back 4x5 24751 - 32145 1902 Plain Back 3x10-20 18301 - 22346
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1919):
Presidents:
- Thomas Mandell, 1865-1869
- William Wallace Crapo, 1870-1903
- Henry Howland Crapo II, 1904-1914
- Edward Sisson Brown, 1915-1918
Cashiers:
- Eliphalet Williams Hervey, 1865-1881
- James Walter Hervey, 1882-1896
- Lemeul Tobey Terry, 1897-1897
- Eliphalet Williams Hervey, 1898-1898
- Edward Sisson Brown, 1899-1914
- Harry Childs Robinson, 1915-1918
Other Known Bank Note Signers
Bank Note History Links
- Mechanics National Bank, New Bedford, MA History (NB Lookup)
- William Wallace Crapo, President Mechanics NB, New Bedford, MA (SPMC PM#218)
- Massachusetts Bank Note History (BNH Wiki)
Sources
- New Bedford, 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
- ↑ New Bedford, Massachusetts; Its History, Industries, Institutions and Attractions, Mercury Publishing Co., New Bedford (1889), pp 239-242.
- ↑ The Boston Globe, Boston, MA, Sat., Sep 4, 1875.
- ↑ New Bedford, Massachusetts; Its History, Industries, Institutions and Attractions, Mercury Publishing Co., New Bedford (1889), pp 239-242.
- ↑ The Fall River Daily Herald, Fall River, MA, Sat., Aug. 12, 1882.
- ↑ Boston Globe, Boston, MA, Tue., Jan. 12, 1886.
- ↑ Fall River Daily Evening News, Fall River, MA, Thu., Jan. 19, 1899.
- ↑ The Evening Herald, Fall River, MA, Tue., Jan., 21, 1919.
- ↑ The Boston Globe, Boston, MA, Sat., Mar. 1, 1919.
- ↑ The Evening Herald, Fall River, MA, Wed., Feb. 5, 1919.