Merchants National Bank, Poughkeepsie, NY (Charter 1380)

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The old Merchants National Bank
The old Merchants National Bank at 285 Main Street, ca2024. Courtesy of Google Maps

Merchants National Bank/Merchants NB & TC, Poughkeepsie, NY (Chartered 1865 - Open past 1935)

Town History

The old Poughkeepsie Trust Company
The old Poughkeepsie Trust Company at 236 Main Street, ca2024. Courtesy of Google Maps
The Merchants' Bank in Poughkeepsie Obsolete $1 bank note
The Merchants' Bank in Poughkeepsie Obsolete $1 bank note, Haxby NY-2285, with signatures of J.H. Fonda, cashier and M.J. Myers, president, dated July 2d, 1845. Courtesy of Heritage Auctions, www.ha.com

Poughkeepsie (/pəˈkɪpsi/ pə-KIP-see), officially the City of Poughkeepsie, which is separate from the Town of Poughkeepsie around it, is a city in the U.S. state of New York. It is the county seat of Dutchess County, with a 2020 census population of 31,577. The City of Poughkeepsie and neighboring Town of Poughkeepsie are generally viewed as a single place and are commonly referred to collectively as "Poughkeepsie", with a combined population of 77,048 in 2020. Poughkeepsie is in the Hudson River Valley region, midway between the core of the New York metropolitan area and the state capital of Albany. It is served by the nearby Hudson Valley Regional Airport and Stewart International Airport in Orange County, New York.

Poughkeepsie has been called "The Queen City of the Hudson". It was settled in the 17th century by the Dutch and became New York State's second capital shortly after the American Revolution. Poughkeepsie is situated between the Lower Hudson and the Capital District regions, and the city's economy is stimulated by several major corporations, including IBM. Educational institutions include Marist College, Vassar College, Dutchess Community College and The Culinary Institute of America. The Eastman Business College was a business school located in Poughkeepsie, New York. It operated from 1859 until it closed in 1931. At the height of its success, the school was one of the largest commercial colleges in the United States. Eastman Business College was founded in 1859 by Harvey G. Eastman in Poughkeepsie. Rather than merely being a theoretical school, students gained practical experience in the business arts by actually performing the tasks that would be expected of them in their working careers, a novel approach at the time.

The name Poughkeepsie is derived from a word in the Wappinger tribe's Munsee language, roughly U-puku-ipi-sing, meaning 'the reed-covered lodge by the little-water place', referring to a spring or stream feeding into the Hudson River south of the downtown area. English colonist Robert Sanders and Dutch colonist Myndert Harmense Van Den Bogaerdt acquired the land from a local Native American tribe in 1686, and the first settlers were the families of Barent Baltus Van Kleeck and Hendrick Jans van Oosterom. The settlement grew quickly, and the Reformed Church of Poughkeepsie was established by 1720.

The city of Poughkeepsie was spared from battle during the American Revolutionary War and became the second capital of the State of New York after Kingston was burned by the British. In 1788, the Ratification Convention for New York State included Alexander Hamilton, John Jay, and George Clinton. They assembled at the courthouse on Market Street and ratified the United States Constitution, and New York State entered the new union as the eleventh of the original Thirteen Colonies to become the United States. In 1799, a new seal was created for the city.

The community was set off from the town of Poughkeepsie when it became an incorporated village on March 27, 1799. The city of Poughkeepsie was chartered on March 28, 1854. The population in 1860 was 14,726, growing to 34,288 by 1930. Major bridges in the city include the Walkway over the Hudson, a former railroad bridge called the Poughkeepsie Bridge which reopened as a public walkway on October 3, 2009; and the Mid-Hudson Bridge, a major thoroughfare built in 1930 that carries U.S. Route 44 over the Hudson.

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

Bank History

A 1901 advertisement for the Poughkeepsie Trust Company
A 1901 advertisement for the Poughkeepsie Trust Company.[1]
A 1956 advertisement for the Dutchess Bank & Trust Company
A 1956 advertisement for the Dutchess Bank & Trust Company.[2]
  • Organized May 20, 1865
  • Chartered July 1, 1865
  • Succeeded Merchants Bank
  • Bank was Open past 1935

In February 1845, the Merchants' Bank in Poughkeepsie, a new banking association in conformity with the general banking law of New York organized in Poughkeepsie.[3] On Monday, March 17th, books for subscriptions for $50,000 of capital were opened at the office of Alexander Forbus. The committee for subscriptions was composed of Alexander Forbus, James Emott, Jr., and A.J. Coffin.[4] The Merchants' Bank filed in the Comptroller's Office in Albany the appointment of the Phoenix Bank in the City of New York as the agent for the redemption of its circulating notes as required by the Act entitled "An Act relating to the redemption of Bank Notes" passed March 4th, 1840.[5] In July, 1845, Thompson's Bank Note Reporter said the Merchants Bank in Poughkeepsie commenced business under the charge of M.J. Myers, president, and J.H. Fonda, cashier. The capital was $150,000 all paid in. The circulating notes ($100,000) were secured by $70,010 of 6% and $30,000 of 5% New York State stocks. The Phoenix Bank of New York was said to redeem theses notes at par. The cashier had been connected with the Dutchess County Bank (the charter of which had expired), first as teller and recently as cashier for some 15 years.[6] The directors were Matthew J. Myers, Alexander Forbus, John T. Schryver, Isaac Merritt, Abraham G. Storm, Caleb Barker, James Emott, Jr., Solomon V. Frost, Thomas M. Vail, John Adriance, George Pomeroy, Alexander J. Coffin, David Arnold, directors. The new institution would go into operation on July 2d. It was intended to take the place of the Dutchess County Bank, the charter of which expired July 1st and which therefore was bringing its business to a close.[7]

The quarterly report of the condition of the Merchants' Bank in Poughkeepsie on May 1, 1847, showed loans and discounts of $187,474.88, loans and discounts to directors of this bank of $13,966.00, banking house and lot $7,000, stocks of the State of New York $125,820, specie $4,593.59, bills of solvent banks on hand $16,222.70 and total resources of $391,822.84. The liabilities included capital $150,000, profits, $8,469.40, actual circulation $116,951.00, due depositors $100,387.73, and due banks $16,014.71. Matthew J. Myers was president and James H. Fonda, cashier.[8]

On Saturday morning, May 22, 1852, Matthew J. Myers, aged 51 years, died at Poughkeepsie.[9] On Tuesday, July 6th, James Emott, Esq. was elected president of the Merchants' Bank by a unanimous vote. The office had become vacant by the decease of Matthew J. Myers, Esq.[10]

The Merchants National Bank of Poughkeepsie, Dutchess County (No. 1380) was organized in July 1865 with capital of $150,000, limited to 250,000. The president was Judge James Emott; cashier, Joseph C. Harris; both of the late Merchants' Bank in that city. Their New York correspondent was the National Bank of the Commonwealth.[11]

On January 1, 1867, the following gentlemen were chosen directors for the ensuing year: James Emott, Solomon V. Frost, E. Butler, Richard A. Varick, John S. Sleight, Caleb Morgan, Leonard Carpenter, Edward C. Southwick, LeGrand Dodge, George Corlies, John H. Otts, John P. Adriance, and William S. Johnston. Inspectors for the next annual election were Richard C. Southwick, William J. Carpenter, and Henry M. Taylor. At a subsequent meeting of the board of directors, James Emott was unanimously elected president and Richard A. Vatick, vice president. J.C. Harris was cashier.[12]

In February 1869, Joseph C. Harris was appointed vice president of the Merchants National Bank to fill the vacancy caused by the resignation of Dr. Richard A. Varick. The many friends of Mr. Harris were pleased to learn that the officers of the bank had thus handsomely acknowledged his services.[13] On February 18th, Joseph C. Harris died. His funeral on the 22d was attended by an immense concourse of people who gathered at the Washington Street Methodist Episcopal Church for the obsequies. All the city officers including the mayor and common council were present.[14] That week the supervisors of the county would meet to elect a county treasurer in place of Mr. Harris. The board hoped someone would fill the remaining term for the benefit of the family and the blind son.[15]

On Tuesday, January 5, 1875, directors elected were James Emott, LeGrand Dodge, Caleb Morgan, John S. Sleight, John H. Otis, Leon M. Vincent, Geo. Corlies, Wm. C. Arnold, Wm. S. Johnston, Henry S. Frost, Wm. S. Carpenter, J. Spencer Van Cleef, and Walter C. Fonda. Inspectors selected for the next annual election were Wm. J. Carpenter, Henry M. Taylor, and J. Parker Heath. At a subsequent meeting of the board of directors, James Emott was unanimously elected president, and LeGrand Dodge, vice president. W.C. Fonda was the cashier.[16]

On Tuesday, January 3, 1888, the stockholders elected the following directors for the ensuing year: Le Grand Dodge, Wm. S. Johnston, Leon M. Vincent, Willit H. Southwick, J.S. Van Cleef, Albert Tower, Walter C. Fonda, John Kinkead, Walter R. Case, and Leon Carpenter. Inspectors chosen for the next annual election were Wm. J. Carpenter, Henry M. Taylor, and J. Parker Heath. The board of directors unanimously elected Le Grand Dodge, president, and Wm. S. Johnston, vice president. W.C. Fonda was cashier.[17] On May 10, 1888, in the Senate, the House bill for the relief of the Merchants National Bank of Poughkeepsie by the issue to it of a duplicate 4% $10,000 bond in place of one lost or destroyed was passed.[18] On May 22, the president approved the act for the relief of the Merchants National Bank of Poughkeepsie.[19]

On January 2, 1900, at the annual election held at the banking house, the following were chosen directors: I. Reynolds Adriance, Walter C. Fonda, J. Spencer Van Cleef, Walter R. Case, William A. Adriance, Charles N. Arnold, Leonard Carpenter, James Roosevelt, James H. Ward. The inspectors for the next annual election selected were John Schwartz, Richard A. ?worth and John Leeming. I. Reynolds Adriance was unanimously elected president and Charles N. Arnold, vice president.[20] 

On Tuesday, August 27, 1901, the necessary papers for the incorporation of the Poughkeepsie Trust Company were filed in the office of County Clerk Bostwick. The capital stock of the company was $125,000 divided into 1,500 shares. The stockholders were Robert H. Hunter, James W. Hinkley, Isaac W. Sherrill, George M. Hine, Hudson Taylor, Arthur G. Tobey, Thomas W. Barrett, J. Wilson Poucher, Peter H. Troy, Stephen G. Guernsey, Benjamin P. Wayne, Charles W.H. Arnold, William H. Frank, Samuel K. Rupley, Hames L. Williams, Adna F. Heaton, James B. Platt, and Charles Morschauser.[21] A certificate of authorization to begin business was issued on Sunday, September 8th by Banking Superintendent Kilburn. Its capital stock was $125,000, divided into 2,500 shares.[22]  On Tuesday, September 10th, the directors elected the following officers:  S.G. Guernsey, president; Hudson Taylor and Hon. Jacob Lefever, vice presidents; Thomas W. Barrett, treasurer; William C. Champlin, secretary; J.W. Hinkley, Isaac W. Sherrill, S.G. Guernsey, Adna F. Heaton, and C.W.H. Arnold, executive committee.[23] The Poughkeepsie Trust Company was a consolidation of the Poughkeepsie National Bank (Charter 1306) and the City National Bank of Poughkeepsie (Charter 1305).[24]

On January 5, 1915, at the annual election, the following gentlemen were chosen directors for the ensuing year: Charles N. Arnold, I.R. Adriance, Wm. A. Adriance, Horatio N. Bain, Robt. J. Stuart, Walter C. Fonda, William T. Ward, Herbert R. Gurney, Fitz James Nesbitt, and William T. Lane. The inspectors for the next annual election were Richard A. Kenworthy, Edwin V. Sidell, and James W. Wood. At a subsequent meeting of the board of directors, Charles N. Arnold was unanimously elected president and I. Reynolds Adriance, vice president. W.C. Fonda was cashier.[25]

On January 8, 1918, at the annual election, the following gentlemen were chosen directors for the ensuing year: I. Reynolds Adriance, Charles N. Arnold, Wm. A. Adriance, Horatio N. Bain, Robt. J. Stuart, Wm. T. Lane, Walter C. Fonda, William T. Ward, Herbert R. Gurney, Fitz James Nesbitt, and Gilbert F. Foote. The inspectors for the next annual election were Richard A. Kenworthy, Edwin V. Sidell, and James W. Wood. At a subsequent meeting of the board of directors, I. Reynolds Adriance was unanimously elected president and Charles N. Arnold and Herbert R. Gurney, vice presidents.[26] Late the night of March 9, 1918, Horatio N. Bain, proprietor of the Nelson house of Poughkeepsie, died in his 61st year. Mr. Bain was widely known as a hotelman and breeder of trotting show horses. He was active in the New York State Hotelmen's Association.[27] On April 24th, Mrs. Carrie Belding Bain, widow of Horatio N. Bain, for many years proprietor of the Nelson House, secretary of the Hudson River Driving Park Association, and prominent horseman, was elected a member of the board of directors of the Merchants National Bank to take the place of her husband. She said she would actively serve as a director. The Nelson House was sold by Mrs. Bain a few days earlier to Walter Averill of Millbrook for $225,000.[28]

On Friday afternoon, November 14, 1924, Herbert Reed Gurney, president of the Merchants National Bank and former treasurer of Vassar College, died at his home, 8 Garfield Place, from an attack of pneumonia. He came to Poughkeepsie 32 years ago first as a member of the faculty of Riverview Military Academy, then as an attorney, later as treasurer of Vassar College, and finally as president of the Merchants Bank. Mr. Gurney became one of the best known and most prominent of Poughkeepsians. Mr. Gurney was born in Brockton, Mass. in 1869, the son of Joshua and Lucy gurney. He received his early education in the schools of Whitman, Mass., and graduated from Bowdoin College in 1892. After teaching for 10 years at Riverview Academy, he entered the New York Law School receiving his degree in 1905. He was a member of the Board of Health and the Board of Education and a director of the Bardavon Theatre Corporation.[29]

On January 8, 1929, the following were chosen directors: Carrie B. Bain, Pelton Cannon, M. Glenn Folger, John P. Adriance, Francis W. Platt, Alexander Caven, Samuel L. Robinson, Dwight R. Sedgwick, and Theodore H. Miller. The officers elected were Pelton Cannon, president; Carrie B. Bain, vice president; William B. Carle, cashier; ralph I. Lawrence, assistant cashier and assistant trust officer; M. Glenn Folger, trust officer. Inspectors at election were Edwin V. Sidell, William McLaughlin, and William E. Seely.[30] On Monday evening, July 8, 1929, Mrs. Carrie B. Bain, one of Poughkeepsie's and Dutchess County's most prominent women for many years died at Vassar Hospital suffering a relapse after an operation performed last Wednesday. Mrs. Bain was born in Dover Plains on September 25, 1858, the daughter of David L. and Mary Belding, a member of one of the oldest families in eastern Dutchess. She was prominently identified as a member of the board and vice president of the Merchants National Bank and Trust Company. She was one of the very few woman national bank directors in New York State, at one time there being only two others. As far as known, she was the only woman vice president. Mrs. Bain was a member of the Board of Managers of the Hudson River State Hospital and also served on the board of the Old Ladies' Home for a long period. Mrs. Bain never relaxed interest in the place of her birth. When her husband was living he conducted the famous Elm Stock Farm about one-half mile from Dover Plains which was famous for its line of trotters and pacers. Since Mr. Bain's death, his widow maintained her estate at Dover Plains. She filled the office of vice president in a manner that left no doubt as to her understanding of finance. Mrs. Bain's death created the second vacancy in the board of directors of the bank in three days. Francis W. Platt, publisher of The Eagle-News who died Saturday, was an associate member of the directorate and often praised Mrs. Bain's ability and character.[31]

On October 15, 1956, the Poughkeepsie Trust Company and Merchants National Bank merged and opened for business as Dutchess Bank & Trust Company. Complete banking services were available at 236 Main Street or 285 Main Street.[32]

In 1988, the Bank of New York completed the merger with Dutchess Bank & Trust Company, acquired in the takeover of former Dutchess Bank parent Irving Bank Corp. The 10 Dutchess Bank branches were added to Bank of New York's 8-branch network in Dutchess County. Robert Hannan was named president of the bank's reorganized Dutchess Division.[33] Jack McEnroe was president of Dutchess Bank.[34]

Official Bank Titles

1: The Merchants National Bank of Poughkeepsie, NY

2: Merchants National Bank & Trust Company of Poughkeepsie, NY (7/1/1929)

Bank Note Types Issued

Original Series $1 bank note
Original Series $1 bank note with SN 1C and pen signatures of W.C. Fonda, Cashier and Richard A. Varick, Vice President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $5 bank note
Series of 1875 $5 bank note with pen signatures of W.C. Fonda, Cashier and L.G. Dodge, Vice President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note
1882 Brown Back $10 bank note with pen signatures of W.C. Fonda, Cashier and I. Reynolds Adriance, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note
1902 Plain Back $10 bank note with stamped signature of W.C. Fonda, Cashier and pen signature of Carrie B. Bain, Vice President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note
1929 Type 1 $20 bank note with printed signatures of W.B. Carle, Cashier and Pelton Cannon, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $100 bank note
1929 Type 1 $100 bank note with printed signatures of W.B. Carle, Cashier and E.K. Satterlee, President. Barnhart Brothers and Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $20 bank note
1929 Type 2 $20 bank note with a binary SN and printed signatures of R.I. Lawrence, Cashier and E.K. Satterlee, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,076,450 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 160,460 notes (120,098 large size and 40,362 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 3x1-2 1 - 200
1: Original Series 4x5 1 - 3500
1: Original Series 3x10-20 1 - 4800
1: Original Series 50-100 1 - 600
1: Series 1875 4x5 1 - 1095
1: Series 1875 3x10-20 1 - 418
1: Series 1875 50-100 1 - 130
1: 1882 Brown Back 3x10-20 1 - 7035
1: 1882 Brown Back 50-100 1 - 1031
1: 1902 Red Seal 3x10-20 1 - 1402
1: 1902 Red Seal 50-100 1 - 266
1: 1902 Date Back 3x10-20 1 - 3700
1: 1902 Date Back 50-100 1 - 500
1: 1902 Plain Back 3x10-20 3701 - 10311
2: 1929 Type 1 6x5 1 - 1038
2: 1929 Type 1 6x10 1 - 1966
2: 1929 Type 1 6x20 1 - 530
2: 1929 Type 1 6x50 1 - 106
2: 1929 Type 1 6x100 1 - 42
2: 1929 Type 2 5 1 - 12110
2: 1929 Type 2 10 1 - 4725
2: 1929 Type 2 20 1 - 1435

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Poughkeepsie, NY, 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. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Sat., Dec. 21, 1901.
  2. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Mon., Oct. 15, 1956.
  3. ↑ The Buffalo Commercial, Buffalo, NY, Thu., Feb. 20, 1845.
  4. ↑ The Poughkeepsie Eagle, Poughkeepsie, NY, Sat., Mar. 22, 1845.
  5. ↑ The Evening Post, New York, NY, Mon., June 23, 1845.
  6. ↑ The Daily National Pilot, Buffalo, NY, Sat., July 12, 1845.
  7. ↑ The Poughkeepsie Eagle, Poughkeepsie, NY, Sat., Feb., 15, 1845.
  8. ↑ The Poughkeepsie Eagle, Poughkeepsie, NY, Sat., May 8, 1847.
  9. ↑ New York Daily Herald, New York, NY, Sun., May 21, 1852.
  10. ↑ The Poughkeepsie Eagle, Poughkeepsie, NY, Sat., July 10, 1852.
  11. ↑ The Bankers' Magazine and Statistical Register, Vol. 20, 1865-1866, p. 177.
  12. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Thu., Jan. 10, 1867.
  13. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Mon., Feb. 1, 1869.
  14. ↑ New York Daily Herald, New York, NY, Mon., Feb. 22, 1869.
  15. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Wed., Feb. 24, 1869.
  16. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Wed., Jan. 6, 1875.
  17. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Sun., Jan. 15, 1888.
  18. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Sat., May 12, 1888.
  19. ↑ The Patriot-News, Harrisburg, PA, Wed., May 23, 1888.
  20. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Sat., Jan. 27, 1900.
  21. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Wed., Aug. 28, 1901.
  22. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Mon., Sep. 9, 1901.
  23. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Thu., Sep. 12, 1901.
  24. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Sat., Dec. 21, 1901.
  25. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Fri., Jan. 22, 1915.
  26. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Wed., Jan. 9, 1918.
  27. ↑ Buffalo Courier, Buffalo, NY, Mon., Mar. 11, 1918.
  28. ↑ New York Herald, New York, NY, Thu., Apr. 25, 1918.
  29. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Sat., Nov. 15, 1924.
  30. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Wed., Jan. 9, 1929.
  31. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Tue., July 9, 1929.
  32. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Mon., Oct. 15, 1956.
  33. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Tue., Mar. 13, 1990.
  34. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Sun., Dec. 25, 1988.
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