National Shawmut Bank, Boston, MA (Charter 5155)
National Shawmut Bank, Boston, MA (Chartered 1898 - Open past 1935)
Town History
Boston is the capital and most populous city of the Commonwealth of Massachusetts and 24th-most populous city in the U.S. The city proper covers about 48.4 square miles with a population of 675,647 in 2020, also making it the most populous city in New England. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to some 8.2 million people, making it the sixth most populous in the United States.
Boston is one of the oldest municipalities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from the English town of the same name. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the siege of Boston. Upon American independence from Great Britain, the city continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public park (Boston Common, 1634), first public or state school (Boston Latin School, 1635), first subway system (Tremont Street subway, 1897), and first large public library (Boston Public Library, 1848).
Today, Boston is a thriving center of scientific research. The Boston area's many colleges and universities make it a world leader in higher education, including law, medicine, engineering and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology and government activities.
Boston had 84 National Banks chartered during the Bank Note Era, and 75 of those banks issued National Bank Notes. Boston also had 63 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized November 12, 1898
- Chartered November 16, 1898
- Succeeded 582,408,1029,778,525,2846,672,993,1295 (See Table 1 Below)
- Absorbed 1827 December 24, 1901 (NB of the Commonwealth, Boston, MA)
- Absorbed 359 December 24, 1901 (Third National Bank, Boston, MA)
- Absorbed 529 January 31, 1907 (National Exchange Bank, Boston, MA)
- Assumed 379 by consolidation May 7, 1908 (NB of the Republic, Boston, MA)
- Absorbed 536 November 29, 1912 (Eliot National Bank, Boston, MA)
- Absorbed 11339 May 20, 1927 (Citizens National Bank, Boston, MA)
- Bank was Open past 1935
- Huntoon, Peter, "Boston National Bank Shakeout of 1898", Encyclopedia of U.S. National Bank Notes
Arthur C. Haskell Photographic Collection 1910s-1930s with 9 historic photographs of the interior and exterior of the National Shawmut Bank.
On November 16, 1898, Comptroller of the Currency Dawes authorized the establishment of the National Shawmut Bank of Boston with a capital of $3,000,000. The organization of the new bank, the successor of nine smaller Boston national banks to be liquidated by the local syndicate, was hastened somewhat by the attempt by rival banks to secure a slice of the prospective business of the Shawmut. Names of some of the most substantial business men in Boston were among the directors and two members of the board and two of the incorporators, Messrs. Webster and Winsor were of the banking house of Kidder, Peabody & Co., indicating that this firm would have very important influence on the new institution. The directors were: James P. Stearns, president of the Shawmut National Bank; Micajah P. Clough of Charles A. Coffin & Co., shoe manufacturers; George M. Coburn of George M. Coburn & Co., shoe manufacturers; Edmund D. Codman, president of the Fitchburg Railroad; Eben S. Draper, the well-known Hopedale manufacturer [Governor of Massachusetts from 1909 to 1911]; William A. Gaston, president of the Boston Elevated Railway Co.; Daniel B. Hallett, president of the Boston National Bank; Hon. Edward D. Hayden, vice president of the Boston & Albany Railroad; Henry L. Higginson of Lee, Higginson & Co.; Henry S. Howe of Lawrence & Co., mill agents; Horatio Newhall, president of the Columbian National Bank; William S. Spaulding of Nash Spaulding & Co.; Frank G. Webster of Kidder, Peabody & Co.; Robert Winsor of Kidder, Peabody & Co.; Jeremiah Williams, president of the North National Bank; Alfred S. Woodworth , president of the National Eagle Bank. The executive staff of the new bank was follows: James P. Stearns, president, Frank H. Barbour cashier, Wallace S. Draper and Charles F. Smith, assistant cashiers. Mr. Barbour was the assistant cashier of the Shawmut and succeeded J.G. Taft, the cashier of the Shawmut National Bank who opted to fill the less onerous position of paying teller. D.B. Hallett was asked to assume the position of vice president, and had the matter under consideration.
Table 1. Banks consolidated to form The National Shawmut Bank of Boston, Massachusetts.
| National Bank Title | Charter
Number |
Liquidation
Date |
Circulation
(High) |
Bank Succeeded | Capital
(1898) |
Location in
1891 |
|---|---|---|---|---|---|---|
| The Shawmut National Bank | 582 | Dec. 8, 1898 | $900,000 | Not Applicable | $1,000,000 | 60 Congress St. |
| The Boston National Bank | 408 | Dec. 19, 1898 | $800,000 | Old National Bank | $1,000,000 | 95 Milk St. |
| The Columbian National Bank | 1029 | Dec. 9, 1898 | $798,600 | Columbian Bank | $1,000,000 | Ames Bldg. |
| The North National Bank | 525 | Dec. 17, 1898 | $800,000 | North Bank | $1,000,000 | Cor. Franklin and Devonshire Sts. |
| The Hamilton National Bank | 778 | Jan. 10, 1899 | $243,000 | Hamilton Bank | $750,000 | 60 Devonshire St. |
| The Lincoln National Bank | 2846 | Dec. 12, 1898 | $270,000 | Not Applicable | $500,000 | Equitable Bldg. |
| The National Bank of North America, | 672 | Dec. 22, 1898 | $599,673 | Bank of North America | $1,000,000 | 106 Franklin St. |
| The National Eagle Bank | 993 | Dec. 13, 1898 | $719,190 | Eagle Bank | $1,000,000 | 95 Milk St. |
| The National Revere Bank | 1295 | Dec. 19, 1898 | $1,350,000 | Revere Bank | $1,000,000 | 100 Franklin St. |
In January 1899, James M. Codman made a 20 year lease of the building at 80-84 Water Street to the National Shawmut Bank. The bank had occupied the first floor and part of the basement and second floor of the adjoining building at 60 Congress Street and after extensive renovations, planned to occupy the first and portions of the basement and second floor in connection with its present quarters. The land and building were assessed at $73,000.
In 1923, Colonel William A. Gaston, chairman of the board of directors since January 1, 1918, resigned, but would continue as a director, active in the business of the bank. Alfred L. Aiken, who resigned the governorship of the Federal Reserve Bank of Boston to become president of the Shawmut when Colonel Gaston left that position, was elected chairman to succeed Colonel Gaston. At the same meeting of the directors, Walter S. Bucklin was elected to succeed Mr. Aiken as the president of the bank. Mr. Bucklin was president of the Liberty Mutual Insurance Company, one of the largest mutual liability insurance companies in the country. He participated in the organization of the company in 1912, when the workmen's compensation act became law. He was its vice president and general manager up to 1914 when he became president. Mr. Bucklin was born in New York City, of New England stock. He graduated from Colby Academy, New London, New Hampshire.
National Bank Landscape after formation of The National Shawmut Bank
Consolidation of the nine national banks in 1898 represented over 20% of the Boston National Banks. In terms of capitalization, the new National Shawmut Bank was tied with the Merchants National Bank with $3 million in capitalization.
Table 2. Capitalization of National Banks in Boston after formation of The National Shawmut Bank of Boston, Massachusetts [Click on Expand below to open the table of 43 Boston and 2 Roxbury banks]
| National Bank (NB) Title | Ch. No. | Capitalization (1898) | |
|---|---|---|---|
| N Shawmut B | 5155 | $3,000,000 | |
| Merchants NB | 475 | $3,000,000 | |
| State NB | 1028 | $2,000,000 | |
| Third NB | 359 | $2,000,000 | |
| Second NB | 322 | $1,600,000 | |
| Atlas NB | 654 | $1,500,000 | |
| Commerce | 554 | $1,500,000 | |
| N Hide and Leather B | 460 | $1,500,000 | |
| NB of the Republic | 379 | $1,500,000 | |
| N Union B | 985 | $1,000,000 | |
| New England NB | 603 | $1,000,000 | |
| Tremont NB | 625 | $1,000,000 | |
| Shoe and Leather NB | 646 | $1,000,000 | |
| N Exchange B | 529 | $1,000,000 | |
| Faneuil Hall NB | 847 | $1,000,000 | |
| N Webster B | 1527 | $1,000,000 | |
| Eliot NB | 536 | $1,000,000 | |
| Suffolk NB | 629 | $1,000,000 | |
| Globe NB | 936 | $1,000,000 | |
| Blackstone NB | 514 | $1,000,000 | |
| NB of Redemption | 515 | $1,000,000 | |
| First NB | 200 | $1,000,000 | |
| NB of the Commonwealth | 1827 | $1,000,000 | |
| Continental NB | 524 | $1,000,000 | |
| Old Boston NB | 1015 | $900,000 | |
| Massachusetts NB | 974 | $800,000 | |
| Washington NB | 601 | $750,000 | |
| Atlantic NB | 643 | $750,000 | |
| Fourth NB | 2277 | $750,000 | |
| Boylston NB | 545 | $700,000 | |
| Freemans NB | 665 | $500,000 | |
| Central NB | 2103 | $500,000 | |
| Manufacturers NB | 2111 | $500,000 | |
| Metropolitan NB | 2289 | $500,000 | |
| Lincoln NB | 2846 | $500,000 | |
| Winthrop NB | 3204 | $300,000 | |
| N Security B | 1675 | $250,000 | |
| Mechanics NB | 932 | $250,000 | |
| Commercial NB | 3923 | $250,000 | |
| Mt. Vernon NB | 716 | $200,000 | |
| Broadway NB | 551 | $200,000 | |
| *Peoples NB of Roxbury | 595 | $300,000 | |
| *N Rockland B of Roxbury, Boston | 615 | $300,000 |
In January 1923, at the annual meeting of the stockholders, Thomas Hunt of the law firm of Gaston, Snow, Saltonstall & Hunt was added to the board of directors. Edward A. Davis, an assistant cashier, was elected a vice president; and George E. Pierce of the credit department was elected an assistant Cashier.[1]
In January 1924, stockholders elected the following directors: Alfred L. Aiken, Norman I. Adams, Nathaniel F. Ayer, Spencer Borden, Jr., Jacob F. Brown, Walter S. Bucklin, Micajah P. Clough, Charles K. Cobb, Harold J. Coolidge, Maurice J. Curran, Harold S. Edwards, William A. Gaston, Edwin Farnham Greene, Henry S. Howe, Thomas Hunt, Louis K. Liggett, H. de Forest Lockwood, Ronald T. Lyman, Harold Murdock, Robert S. Potter, William T. Rich, Joseph, B. Russell, Levenett, Saltonstall, William E. Spaulding, Henry B. Sprague, John E. Thayer, Jr., Bayard Tuckerman, Jr., and William H. Wellington. The officers elected were Alfred L. Aiken, chairman; Walter S. Bucklin, president; Norman I. Adams, Robert S. Potter, W.A. Burnham, John Bolinger, Albert M. Creighton, Frank A. Newell, Frank C. Nichols, and Edward A. Davis, vice presidents; James E. Ryder, cashier; and Clarence E. Dunaven, auditor.[2]
Merger with Fleet in 1995
Fleet was already one of the three largest banks in New England, together with Shawmut National Corporation and its largest affiliate Shawmut Bank, and Bank of Boston. Despite this, state and federal regulators allowed Fleet to merge with Shawmut in 1995. The merger created the largest bank in New England, with over 30 percent of the region's deposits. It was also the ninth largest in the United States. Although Fleet was the surviving company, the merged bank was based at Shawmut's old headquarters at One Federal Street in Boston.
Official Bank Title
1: The National Shawmut Bank of Boston, MA
Bank Note Types Issued
A total of $36,873,980 in National Bank Notes was issued by this bank between 1898 and 1935. This consisted of a total of 4,598,084 notes (4,598,084 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 1882 Brown Back 4x5 1 - 299580 1882 Brown Back 4x10 1 - 41500 1882 Brown Back 3x10-20 1 - 133768 1882 Date Back 4x5 1 - 336465 1882 Date Back 4x10 1 - 309832 1882 Date Back 3x10-20 1 - 8000 1882 Date Back 3x50-100 1 - 10920 1902 Plain Back 4x5 1 - 6380 1902 Plain Back 3x10-20 1 - 3076
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1898 - 1936):
Presidents:
- James Pierce Stearns, 1899-1906
- William Alexander Gaston, 1907-1917 NOTE: A featured biography is available
- Alfred Lawrence Aiken, 1918-1922
- Walter Stanley Bucklin, 1923-1935
Cashiers:
- Frank Herbert Barbour, 1899-1912
- Benjamin Joy, 1913-1916
- William Appleton Burnham, Jr., 1917-1917
- James Edward Ryder, 1918-1927
- Stanley Porter Wyatt Sr., 1928-1935
Other Bank Note Signers
Wiki Links
- Massachusetts Bank Note History
- General information on Boston (Wikipedia)
- General information on Suffolk County (Wikipedia)
- General information on Massachusetts (Wikipedia)
Sources
- Boston, 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
- The Bankers Magazine, Vol. 77, July 1908-Dec. 1908, p. 629.
- Boston Evening Transcript, Boston, MA, Thu., Nov. 17, 1898.
- The Boston Globe, Boston, MA, Mon., Oct. 24, 1898.
- The Boston Globe, Boston, MA, Tue., Oct. 25, 1898.
- The Boston Globe, Boston, MA, Tue., Jan. 10, 1899.