State National Bank, Boston, MA (Charter 1028)
State National Bank, Boston, MA (Chartered 1865 - Liquidated 1912)
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 April 4, 1865
- Chartered April 17, 1865
- Succeeded State Bank
- Absorbed 460 January 27, 1902 (National Hide and Leather Bank, Boston, MA)
- Liquidated November 9, 1912
- Absorbed by 475 (Merchants National Bank, Boston, MA)
The State Bank secured its charter in 1811. It was in consequence of the expiration of the charter of the United States Bank and the probable need of additional banking capital to alleviate the distress and embarrassment which was thought might result. The charter for the State Bank was applied for with a capital of $3,000,000. Among the petitioners were Lieutenant Governor William Gray, Henry Dearborn, Russell Sturgis, and John Brazer. After much opposition a bill granting the charter was passed on June 26, 1811, and the State Bank was authorized to do business from October 1, 1811 to October 1, 1831. The State Bank was the fourth bank chartered by the state of Massachusetts, the charters previously granted were for the Massachusetts, the Union, and the Boston Bank, the last named being under the control of the Federalists.[2]
The provisions of the bill were peculiar. The capital stock was to consist of not more than $3,000,000 in gold and silver, in addition to such amount as the Commonwealth should subscribe, and divided into shares of $100 each, to be paid in five equal installments. There were also certain provisions for holding directors personally liable in case the debts exceeded twice the amount of capital stock actually paid in. The charter further provided for loans to the Commonwealth, if required, at a rate not to exceed 5% per annum and the Commonwealth might become interested in the bank to the amount of $1,500,000 in addition to the original capital of $3,000,000. One-tenth of the funds of the bank must also always be appropriated to loans to be made to citizens of the Commonwealth not resident in "the town of Boston," and in making such loans the directors were to "wholly and exclusively regard the agricultural and manufacturing interests."
Varying amounts of stock were apportioned to the different counties and was subscribed by about 1600 stockholders. The first meeting was held in the Boston Exchange Coffee House on August 29, 1811. At a subsequent meeting by-laws were adopted and a board of directors chosen. William Gray was elected the first president and John P. Clark, cashier. On October 30, 1811, the bank gave notice that it was ready for business and a few months later, the bank bought the old United States Bank building on State Street, between Kilby and Congress Streets, for $40,500.
On January 17, 1817, the stockholders voted to reduce the capital stock from $3,000,000 to $1,800,000, scaling the par value of the stock to $60 and paying back $1,200,000 to the stockholders. In 1825, the salary of the president was increased from $1,000 to $1,600 in recognition of then incumbent Mr. E.A. Bourne, he having been on duty at the bank every business day for two years without vacation. In 1826, Mr. Bourne was paired with Cashier George Homer.[3]
In 1836 the Legislature declared the bank's charter void at the instance of certain parties who had been offended in not being able to secure for themselves all the accommodation they desired on the grounds that by charging exchange on checks and drafts when money was stringent, it had violated the usury laws. A petition signed by leading businessmen and ably supported was introduced at the next session to reverse the decision before the annulment of the charter took effect, it being shown that the custom of the State Bank was general with all the banks and fully agreed to by its customers.
In April 1865, the bank became a national banking association under the name of the State National Bank. That year the capital was increased to $2,000,000, a stock dividend of $200,000 being declared.
The Union Building occupied an ideal location in the center of business near the State House and across Exchange Lane from Israel Hatch's Coffee House from which the New York stage started. The Union Bank, established in 1791/2, purchased the property in 1799, altering it to suit its increased needs and renting the unneeded rooms. In 1826 a new structure was raised and in 1850 the property was sold, the Union Bank continuing as a tenant. From the photo, ca1880, it may be seen that the State National Bank occupied quarters to the right of the National Union Bank and Washington Fire & Marine Insurance Company.[4]
On Tuesday, January 12, 1869, the following were elected directors: James P. Thorndike, Samuel T. Dana, Abner Kingman, James McGregor, Daniel N. Spooner, John Field, A.W. Stetson, Joshua Stetson, James P. Melledge, and R.M. Mason.[5]
On Tuesday, January 8, 1901, stockholders elected the following directors: A.W. Stetson, H.C. Weston, H.R. Reed, William H. Allen, Frederick Amory, C.U. Cotting, S.N. Aldrich, Allen Curtis, Lester Leland, and Gordon Abbott.[6] Late in 1901 the National Hide and Leather Bank was merged into the State National. For many years the State Bank was located in the Union Building at 40 State Street, moving from there to the corner of Water and Devonshire Streets in 1902. When the Second National absorbed the Suffolk, the State Bank availed itself of the opportunity of securing the latter's fine rooms on the ground floor of the State Mutual Building, 50 Congress Street, and moved there on February 15, 1904.
In 1908, the directors were Frederic Amory, treasurer of the Jackson Co.; Allen Curtis of Curtis & Sanger; Lester Leland, treasurer, Boston Rubber Shoe Co.; Gordon Abbott, president, Old Colony Trust Co.; Richard H. Stearns of R.H. Stearns & Co.; Jacob Rogers, trustee of the J.C. Ayer estate; George G. Davis of Davis & Furber Machine Co.; A.L. Ripley, president; A.D. Foster, president, N.E. Mutual Life Insurance Co.; Frank W. Stearns of R.H. Stearns & Co.; Charles E. Cotting, treasurer, Fifty Associates; Robert H. Stevenson, Jr., of Farnsworth, Thayer & Stevenson; S. Parker Bremer of Parker, Wilder & Co.; Lewis P. Bartlett, Jr., of B.F. Spinney & Co. The officers were Alfred L. Ripley, president; Allen Curtis, vice president; George B. Warren, cashier; W.F. Burdett, assistant cashier. The bank had total resources of $14,540,596.87.
In October 1912, officers and directors of the State National Bank were: Alfred L. Ripley, president; Allen Curtis, vice president; George B. Warren, cashier; W.F. Burdett, assistant cashier; Gordon Abbott, Alfred L. Aiken, Frederick Amory, Robert W. Atkins, Lewis P. Bartlett, Jr., S. Parker Brewer, Charles E. Cotting, Allen Curtis, George G. Davis, Frederick A. Flather, Alfred D. Foster, Lester Leland, Alfred L. Ripley, John Jacob rogers, Frank W. Stearns, and robers H. Stevenson, Jr.[7] The merger of the Merchants National and State National banks of Boston, two of Boston's old-time banks well-known to many generations of financial interests, resulted in making the Merchants the third largest in terms of deposits, poised to play an important part in the future of the city.[8]
On and after October 14, 1912, the business of the State National Bank would be transacted at the Merchants National Bank located in the Sears Building at Washington and Court Streets. The Sears building was a temporary location for the Merchants National during the erection of their new building and banking rooms.[9] The officers were Eugene V.R. Thayer, president; Alfred L. Ripley, vice president; and Alonzo P. Weeks, vice president and cashier. The Merchants National had resources $30 million and deposits $25 million.[10]
Official Bank Title(s)
1: The State National Bank of Boston, MA
Bank Note Types Issued
A total of $6,098,260 in National Bank Notes was issued by this bank between 1865 and 1912. This consisted of a total of 744,468 notes (744,468 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
*Huntoon, Peter and Walcutt, Doug, "Starred Plate Letters on Reentered Series of 1875 and 1882 National Bank Notes," Chapter N3, The Encyclopedia of U. S. National Bank Notes, Table 1, p. 8.Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 5400 Original Series 4x5 1 - 15565 Original Series 4x10 1 - 10175 Original Series 3x20-50 1 - 6266 Original Series 100-100 1 - 1486 Original Series 500-1000 1 - 117 Series 1875 3x1-2 1 - 19564 Series 1875 4x5 1 - 29550 Plate reentered in 1879* Series 1875 4x10 1 - 18025 Series 1875 3x20-50 1 - 3661 1882 Brown Back 4x5 1 - 43148 1882 Brown Back 3x10-20 1 - 14015 1882 Brown Back 50-100 1 - 1161 1902 Red Seal 4x5 1 - 4518 1902 Red Seal 4x5 5001 - 6000 1902 Red Seal 3x10-20 1 - 3765 1902 Date Back 4x5 1 - 5405 1902 Date Back 3x10-20 1 - 4678
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1912):
Presidents:
- James McGregor, 1865-1866
- Amos William Stetson, 1867-1890
- Samuel Nelson Aldrich, 1891-1908 NOTE: a featured biography is available
- Alfred Lawrence Ripley, 1909-1912
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
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. 78, Jan. 1909-June 1909, pp 517-8.
- ↑ The Bankers' Magazine, Vol. 77, July 1908-Dec. 1908, pp 636-637.
- ↑ Fall River Monitor, Fall River, MA, Sat., Oct. 7, 1826.
- ↑ The Bankers' Magazine, Vol. 78, Jan. 1909-June 1909, pp 517-8.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 12, 1869.
- ↑ Boston Evening transcript, Boston, MA, Tue., Jan. 8, 1901.
- ↑ Boston Evening transcript, Boston, MA, Tue., Oct. 8, 1912.
- ↑ The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 621-622.
- ↑ The Boston Globe, Mon., Boston, MA, Aug. 5, 1912.
- ↑ The Boston Globe, Boston, MA, Mon., Oct. 14, 1912.