Second National Bank, Boston, MA (Charter 322)

From Bank Note History
Jump to navigation Jump to search
Main banking room of the Second National Bank of Boston, Massachusetts, ca1912
Main banking room of the Second National Bank of Boston, Massachusetts, ca1912.

Second National Bank, Boston, MA (Chartered 1864 - Open past 1935)

Town History

The Second National Bank of Boston, ca1912.
The Second National Bank of Boston, ca1912.

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

The Granite Bank obsolete $1 with signatures of Arch Foster, Cashier and J. Binney, President, dated Sept. 10th, 1833
The Granite Bank obsolete $1 with signatures of Arch Foster, Cashier and J. Binney, President, dated Sept. 10th, 1833. Courtesy of Heritage Auctions, www.ha.com
Entrance to the Minot Building located at 111 Devonshire Street, across the street from the McCormick Federal Building.  Inset (top left) shows the winged Pegasuses within the designs of the chapiters to the corner pilasters on the building. The pilasters (decorative columns that don't support weight) are from the ground through the second floor. The round columns between the pilasters have more traditional tops and don't include Pegasuses. Each face of the pilaster has two of them, coming out of a floral design.
Entrance to the Minot Building located at 111 Devonshire Street, across the street from the McCormick Federal Building.  Inset (top left) shows the winged Pegasuses within the designs of the chapiters to the corner pilasters on the building. The pilasters (decorative columns that don't support weight) are from the ground through the second floor. The round columns between the pilasters have more traditional tops and don't include Pegasuses. Each face of the pilaster has two of them, coming out of a floral design. Courtesy of Google Maps
Vault ca1912
Vault ca1912
  • Chartered March 16, 1864
  • Succeeded Granite Bank
  • Absorbed 6104 October 30, 1903 (National Suffolk Bank, Boston, MA)
  • Bank was Open past 1935
  • Merged with State Street Trust in February 1955 with title change to Second Bank-State Street Trust Company

The Second National Bank succeeded the Granite Bank in 1864. The Massachusetts Legislature on March 6, 1832,[1] chartered the Granite bank which commenced business the following year near the head of Commercial Wharf. The original board of directors consisted of John Binney, John Brown, Jos. V. Bacon, Jas. McGregor, Chas. Henshaw, Sherman G. Hill, John Kettell, Samuel S. Lewis, B. Lincoln, Jr., F.G. Shaw, Samuel May and A.C. Lombard. The first president was Mr. Binney and his successors were Messrs. George Denny, Jos. V. Bacon, Henry M. Holbrook, Alpheus Hardy, and Jas. H. Beal.[2]

In September 1833, the annual meeting of stockholders of the Granite Bank was held at 82 Commercial Street, opposite the bank. John Binney was president and Archibald Foster, cashier.[3]

In October 1841, the directors were J.V. Bacon (President), Benson Leavitt, S.H. Rich, B. Dodd, F. Gould, F.G. Shaw, Geo. Denny, J. McGregor, N. Faxon.[4]

In October 1849, the following gentlemen were re-elected directors for the ensuing year: George Denny, president; J.V. Bacon, Charles Brooks, F. Gould, H.M. Holbrook, J. McGregor, and G.R. Sampson.[5][6]

On October 20, 1851, stockholders elected to following directors: George Denny, James McGregor, J.V. Bacon, Charles Brooks, Henry M. Holbrook, George R. Sampson, Alpheus Hardy, and James H. Beal.[7] The bank was located at No. 61 State Street.[8]

On October 22, 1862, at the annual meeting of the stockholders, the board was re-elected as follows: James H. Beal, Joseph V. Bacon, Alpheus Hardy, Osborn Howes, E.C. Emerson, A.S. Wheeler, John R. Brewer, Jacob U. Seaver, and George C. Lord.[9] 

The Pan-Matanzas was the first three-mast schooner sailing from Boston, or any other port in the United States.  She was about 120 tons burthen, built in 1825, chartered by John A. Bacon and commanded by his brother, Captain Joseph V. Bacon. J.V. Bacon commanded the armed brig General Macomb on account of the probability of encountering murderous Spanish pirates before entering Matanzas. On one occasion the General Macomb had to fight her way into the port. J.V. Bacon became the resident agent at Matanzas for some time until called back home by the final sickness and death of his brother at Boston.[10]  The Pan-Matanzas was named from a mountain on the north coast of Cuba, situated about midway between Matanzas and Havana, which resembled a Spanish loaf or roll of bread (pan in Spanish). She ran in the trade between Boston and Matanzas and after a decade of existence, found her last resting place in the Gulf of Mexico. Captain Bacon then quit the seas and was at one time president of the Granite Bank.[11]

During the Civil War, James H. Beal, president of the Second National Bank, together with Franklin Haven, William Gray and J. Amory Davis, constituted Boston's representatives on a committee of associated banks that represented New York, Boston and Philadelphia, in the matter of furnishing the United States Government with money at this most critical time, and under the direction of Mr. Beal, the Second National Bank acted as the fiscal agent of the Treasury Department and disposed of $65 million of securities issued to meet the expenses of the war.[12]

In January 1867, at the annual meeting, the following gentlemen were chosen directors for 1867: James H. Beal, Joseph V. Bacon, Alpheus Hardy, Osborn Howes, E.C. Emerson, Alexander S. Wheeler, J.W. Seaver, George C. Lord, James L. Little, and William G. Weld.[13] 

On the evening of September 29, 1867, Archibald Foster, Esq., died at the house of a relative in Union Park after some years afflicted with heart disease. He was associated for many years with the Brazilian Consul and Portuguese Vice Consul at the port of Boston, and as cashier of the Granite Bank. He was widely-known and esteemed in business circles.[14]

In January 1880, the directors were James H. Beal (president), Alpheus Hardy, Osborne Howes, Elijah C. Emerson, Alexander S. Wheeler, James L. Little, Jacob W. Seaver, George C. Lord, William G. Weld, and Thomas P. Beal.[15]

In December 1887, announcement was made of Mr. James H. Beal's retirement at the end of the year. He would be succeeded by his son, Mr. Thomas P. Beal, who for several years had been the vice president.[16]

In December 1901, the directors were: James H. Beal, Thomas P. Beal, Charles F. Fairbanks, Alex. S. Wheeler, Edward W. Hutchins, Wallace L. Pierce, Jacob W. Seaver, John W. Wheelwright, W.B. Thomas, Joshua M. Sears, and Lucius Tuttle. The officers were Thomas P. Beal, president; Charles F. Fairbanks, vice president; T. Harlan Breed, cashier; Henry O. Fuller and Charles L. Burrill, assistant cashiers. The bank had capital $1,600,000, surplus and undivided profits $1,303,186.20, circulation $49,100, deposits $13,058,446.10 and total assets of $16,010,732.30.[17]

In 1912, after 40 years in the Sears Building at Washington and Court Streets, the Second National Bank of Boston, one of the oldest in New England, moved into its new banking rooms in the building at 111 Devonshire Street. The architects, Parker, Thomas & Rice, tried to preserve a pure Italian style in every detail of the building. The massive columns with richly ornamental capitals supported the building which was of white limestone. The officers of the Second National Bank were Thomas P. Beal, president; Wallace L. Pierce and Thomas P. Beal, Jr., vice presidents; T. Harlan Breed, cashier; John H. Symonds and Frank H. Wright, assistant cashiers. The directors were Thomas P. Beal, Edwin F. Atkins, Ezra H. Baker, Walter C. Baylies, Thomas P. Beal, Jr., Henry B. Day, Charles F. Fairbanks, Edward W. Hutchins, John S. Lawrence, Augustus P. Loring, Edward Lovering, Wallace L. Pierce, James M. Prendergast, Neal Rantoul, Jacob W. Seaver, and Lucius Tuttle.[18]

In January 1929, the following directors were re-elected: Ezra H. Baker, Walter C. Baylies, Thomas P. Beal, J. Whitney Bowen, Charles F. Broughton, W.H. Claflin, Jr., Howard Coonley, R.M. DeCormis, Raymond Emerson, Harvey P. Hood, 2d., Parkman D. Howe, Edward Lovering, Frederic Parker, William A. Parker, Elwyn G. Preston, E. Kent Swift, John F. Tinsley, Henry H. Wilder, and B. Loring Young. At a subsequent meeting of directors, Thomas P. Beal was re-elected president and John H. Symonds, R.M. DeCormis, Frank H. Wright and Merton E. Ober were re-elected vice presidents.[19] In June 1929, at a meeting of directors, Raymond C. Dexter, cashier of the Everett National Bank, was elected vice president of the Second National Bank of Boston. He would assume duties July 15th in charge of the Statler Branch which was opened in the Statler Building, corner of Arlington and Providence Streets. At the same meeting, Herbert E. Stone, first assistant cashier was appointed cashier, succeeding Frank H. Wright who continued as vice president. Leslie N. Rowe was appointed assistant cashier and Henry L. Pearce, auditor, succeeding John A. Hunneman, who continued as assistant cashier.[20]

A 1955 advertisement for the newly formed Second Bank-State Street Trust Company of Boston, Massachusetts.
A 1955 advertisement for the newly formed Second Bank-State Street Trust Company of Boston, Massachusetts.

In June 1950, William D. Ireland was elected a director of the Second National. Earlier in the year he was elected president, effective July 1st. Thomas P. Beal on July 1st became chairman of board; Redington M. DeCormis, vice chairman; and Robert Baldwin and Alfred S. Woodworth, senior vice presidents.[21]

On December 15, 1954, an agreement to merge the Second National Bank of Boston and the State Street Trust Company, creating the largest bank under state charter in New England, was approved by boards of directors of both banks. The merged institution would be known as Second Bank-State Street Trust Company with total resources of more than $350 million and deposits of more than $325 million. Special meetings of shareholders would be called in January to act on the agreement for consolidation. Edward L. Bigelow, president of the State Street Trust Co. would become board chairman of the new bank and William D. Ireland, president of the Second National Bank, president. The principal office of the merged bank would be the present quarters of the Second National Bank at 111 Franklin St. The trust departments would be combined eventually in the present main office of State Street Trust Company at State and Congress Streets. Other offices would continue to operate including Second National's office in the Statler Building and State Street's offices in Copley Square at 24 Federal Street, at Massachusetts Avenune and Boylston Street, and Sales Finance Department at 581 Boylston Street. Thomas P. Beal, then chairman of the board of Second National, and Allan Forbes, then chairman of the board of State Street, would continue as directors of the combined institution, serving as co-chairmen of a new advisory committee. Directors of the consolidated bank would include the following directors of the tow merging banks: Robert Baldwin, Thomas P. Beal, Edward L. Bigelow, Henry M. Bliss, Alden C. Brett, Ellis W. Brewster, Ralph F. Burkard, George A. Butts, W.H. Claflin, Allan Forbes, F. Murray Forbes, Jr., Everett W. Gammons, Edward B. Hanify, Curtis M. Hutchins, William D. Ireland, Michael T. Kelleher, Philip M. Morgan, Robert Proctor, H.S. Payson Rowe, Richard Saltonstall, William B. Snow, Sheridan J. Thorup, William Webster, and Moses Williams. Under the agreement, shareholders of the Second National Bank would receive 1.80 shares of stock in the consolidated institution for each share of Second National Bank stock. After a dividend of .375 shares per share, State Street Trust Co. shareholders would have 1.375 shares for each share held.[22] The merger was effective on February 21, 1955.[23]

Official Bank Title(s)

1: The Second National Bank of Boston, MA

Bank Note Types Issued

Original Series $1 bank note with pen signatures of A.J. Loud, Cashier and J.H. Beal, President
Original Series $1 bank note with pen signatures of A.J. Loud, Cashier and J.H. Beal, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of E.C. Brooks, Cashier and T.P. Beal, Sr., President
1882 Brown Back $5 bank note with pen signatures of E.C. Brooks, Cashier and T.P. Beal, Sr., President. Courtesy of the NBNCensus.com
1902 Date Back $100 bank note with pen signatures of J.H. Symonds, Cashier and Thos. P. Beal, Jr., President
1902 Date Back $100 bank note with pen signatures of J.H. Symonds, Cashier and Thos. P. Beal, Jr., President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $8,924,500 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 1,067,448 notes (1,067,448 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 - 20800
Original Series 4x5 1 - 17000
Original Series 4x10 1 - 16191
Original Series 3x20-50 1 - 4300
Series 1875 4x5 1 - 15700
Series 1875 4x10 1 - 8250
1882 Brown Back 4x5 1 - 18093
1882 Brown Back 3x10-20 1 - 8760
1902 Red Seal 4x5 1 - 18940
1902 Red Seal 3x10-20 1 - 15224
1902 Date Back 4x5 1 - 67500
1902 Date Back 3x10-20 1 - 53000
1902 Date Back 3x50-100 1 - 3104

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

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
  1. ↑ The Bankers' Magazine, Vol. 22, July 1867-June 1868, p. 977.
  2. ↑ The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 734-6.
  3. ↑ Boston Post, Boston, MA, Wed., Sep. 25, 1833.
  4. ↑ Boston Post, Boston, MA, Fri., Oct. 8, 1841.
  5. ↑ Boston Evening Transcript, Boston, MA, Mon., Oct. 15, 1849.
  6. ↑ Boston Evening Transcript, Boston, MA, Sat., Oct. 19, 1850.
  7. ↑ Boston Evening Transcript, Boston, MA, Mon., Oct. 20, 1851.
  8. ↑ Boston Evening Transcript, Boston, MA, Fri., June 13, 1851.
  9. ↑ Boston Evening Transcript, Boston, MA, Thu., Oct. 23, 1862.
  10. ↑ Boston Evening Transcript, Boston, MA, Mon., Aug. 24, 1885.
  11. ↑ Boston Evening Transcript, Boston, MA, Mon., Aug. 17, 1885.
  12. ↑ The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 734-6.
  13. ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 9, 1867.
  14. ↑ Boston Evening Transcript, Boston, MA, Mon., Sep. 30, 1867.
  15. ↑ Boston Post, Boston, MA, Thu., Jan. 15, 1880.
  16. ↑ Boston Evening Transcript, Boston, MA, Tue., Dec. 27, 1887.
  17. ↑ Boston Evening Transcript, Boston, MA, Mon., Dec. 16, 1901.
  18. ↑ The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 734-6.
  19. ↑ The Boston Globe, Boston, MA, Thu., Jan. 10, 1929.
  20. ↑ The Boston Globe, Boston, MA, Thu., June 6, 1929.
  21. ↑ The Boston Globe, Boston, MA, Thu., June 29, 1950.
  22. ↑ The Boston Globe, Boston, MA, Thu., Dec. 16, 1954.
  23. ↑ The Boston Globe, Boston, MA, Mon., Feb. 21, 1955.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Second_National_Bank,_Boston,_MA_(Charter_322)&oldid=50017"