The Claremont National Bank, Claremont, NH (Charter 596)
The Claremont National Bank, Claremont, NH (Chartered 1864 - Liquidated 1934)
Town History
Claremont is the only city in Sullivan County, New Hampshire. The population was 12,949 at the 2020 census. In 1860 the population was 4,026 growing to 12,377 by 1930.
The city was named after Claremont, the country mansion of Thomas Pelham-Holles, Earl of Clare. On October 26, 1764, colonial governor Benning Wentworth granted the township to Josiah Willard, Samuel Ashley and 67 others. Although first settled in 1762 by Moses Spafford and David Lynde, many of the proprietors arrived in 1767, with a large number from Farmington, Hebron and Colchester, Connecticut. The undulating surface of rich, gravelly loam made agriculture an early occupation. Spafford was deeded land from Col. Samuel Ashley, who was given a charter to establish a ferry across the Connecticut River in 1784, the location of which is still known as Ashley's Ferry landing.
The Monadnock Mills Co. and Sullivan Mills Co. were responsible for the two most prominent collections of manufacturing structures in the Lower Village District. Monadnock Mills' textile operations began with its founding in 1842, and lasted through 1932, shuttering operations following the decline of the textile industry in New England during the 1920s. By the 1920s, Sullivan Mills Co. had become New Hampshire's largest machining company, as well as Claremont's largest employer. Sullivan's Machinery division merged with Joy Mining Machinery in 1946, becoming Joy Manufacturing Co. Its founder, inventor Joseph Francis Joy, stayed on as general manager of the facility, which remained the dominant employer in Claremont through the 1970s.
Claremont had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized November 23, 1864
- Chartered December 1, 1864
- Succeeded Claremont Bank
- Conservatorship March 17, 1933
- Liquidated January 9, 1934
- Succeeded by 13829 (Claremont National Bank, Claremont, NH)
- Circulation assumed by 13829 (Claremont National Bank, Claremont, NH)
In June 1843, the Claremont Bank at Claremont and the Exeter Bank at Exeter gave notice that they would close their concerns and divide their stock. These bank furnished a safe and sound currency for the people in their immediate vicinities as well as in the state.[1] An 1845 list of closed and broken New England Banks included the New Hampshire banks of Claremont Bank, Claremont; Grafton Bank, Haverhill; Hillsboro Bank, Hillsboro; and Wolfborough Bank, Wolfborough.[2]
In July 1846, the New Hampshire Legislature adjourned on the 10th having passed 166 acts and resolutions. Among the Acts were those chartering the Strafford Bank, State Bank of Lebanon, Great Falls Bank, Claremont Bank, Belknap County Bank, and Manchester Savings' Bank and increasing the capital of the Manchester Bank.[3]
In 1847, Geo. B. Upham was president of the Claremont Bank and late member of Congress. In 1943, George Baxter Upham, died at age 87. He was an attorney and known as the "Father of the Boston Subway" and instigator of many measures for the public welfare. Mr. Upham was born at Claremont, son of James Phineas Upham, founder of the Sullivan Machinery Co. He received the same name as his grandfather, the Congressman, and an uncle. The Upham family first settled in Malden, Mass. what is now Melrose, Mass. in about 1636. The original Upham homestead still stands and is maintained by the Upham Memorial Society.[4]
In October 1851, very dangerous counterfeit five dollar bills on the Claremont Bank were in circulation with check letter A, payable to N. Farewell, dated April 9, 1849, signed Uriel Dean, cashier and Ambrose Cassit, president.[5]
On Tuesday, January 11, 1870, at the annual meeting of the stockholders, George N. Farwell, Nathaniel Tolles, Aurelius Dickinson, Chas. H. Eastman, William E. Tutherly, Chester Pike and William Clarke were unanimously chosen directors. At a subsequent meeting of the directors, George N. Farwell, Esq., was re-elected president.[6]
In April 1877, the Claremont National Bank and the Sullivan Savings Institution at Claremont had just completed one of the most tasteful and well-arranged bank structures north of Concord. The building was two-stories high and 65 feet deep with a frontage of 36 feet. It was made of brick and dressed Concord granite. The front had three arches supported by four polished granite columns. This, with the beveled cut granite and the Gothic style of finish, gave it an elegant appearance. The interior was finished with highly polished black walnut and had spacious apartments for all banking business. Substantial vaults on each story were 8 feet by 6 feet. W.P. Wentworth, Esq., of Boston was the architect and all work was performed under his care.[7]
On Thursday afternoon, February 24, 1887, Hon. George N. Farwell, president of the Claremont National Bank died at his home at the age of 83 years. Mr. Farwell was born in Claremont and with the exception of one year in business at St. Albans, Vermont, had always lived there. For 30 years he was engaged in the manufacture of shoes, retiring from that business to engage in banking. In 1848 he organized the Sullivan Savings institution and was its first treasurer and a leading director ever since. In 1849 he organized the Claremont Bank. From its organization he was one of the directors and for many years its president. He represented Claremont in the Legislature in 1868 and 1869. He left one daughter, Mrs. William Breck and two sons, one of them Hon. John L. Farwell of Claremont.[8]
In November 1896, the affairs of the Sullivan Institution for Savings and of its former president John L. Farwell, then in Europe, were estimated as short over $1,000,000 to $1,500,000. Farwell's mismanagement was the accepted cause for the bank's failure, though nothing dishonest was credited to him, his personal estate having suffered as well as those of others. Mr. Farwell's father established the bank and when it passed into the hands of the son, it was a model of its kind, always paying the highest rate of interest to its depositors. The first intimation that Mr. Farwell was losing his grip as an investor came two years earlier when his friend, George Olcutt, treasurer of the Charlestown bank, committed suicide after the failure of his institution. Then a run began on the bank and $500,000 was drawn out before the bank closed its doors after a heroic fight to save the institution by President Farwell. Men were sent west to look into the western loans which the bank held to a large extent. It was found that in large part they were entirely worthless.[9] Rev. William B.T. Smith was appointed to a vacancy on the board of directors of the Claremont National Bank.[10]
In 1897, Frank P. Vogel, agent of the Monadnock Mills and who held the office of president of the Claremont National Bank after Mr. Farwell and a director of the national bank, made the following statement, "On November 1, 1869, the Claremont National Bank showed a surplus of $66,000 from that date to April 1, 1897, the 'knife' has been put to all questionable assets and the total amount charged off is $36,000, laying surplus now at $30,000; of this amount so charged off, much is due to depreciation in market value of stocks and bonds and already a part of this apparent loss has been regained by the better market prices and since February 1, we have received over $1,000 from western notes that were charged off in the above amount of $36,000. The assets of the Claremont National Bank do not show any premium on the $50,000 of government bonds, neither do they show the value of bank buildings, one-half of which is owned by the bank the the building is assessed at $12,000, adding premium on bonds, $5,500, and half building, $6,000, to surplus of $30,000 and we have $41,500 surplus and the value of the stock is $127.50 per share."[11]
On March 25, 1941, Edward J. Rossiter, 69, prominent in New Hampshire banking circles died at Claremont General hospital. A native of Claremeont, he graduated from Dartmouth College in 1895 and was an official of the Claremont National Bank from 1896-1933.[12]
Official Bank Title
1: The Claremont National Bank, Claremont, NH
Bank Note Types Issued
A total of $2,859,120 in National Bank Notes was issued by this bank between 1864 and 1934. This consisted of a total of 349,678 notes (312,940 large size and 36,738 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 5750 Original Series 3x10-20 1 - 2900 Original Series 50-100 1 - 500 Series 1875 4x5 1 - 3733 Series 1875 3x10-20 1 - 2050 1882 Brown Back 4x5 1 - 7000 1882 Brown Back 3x10-20 1 - 5710 1902 Red Seal 4x5 1 - 4000 1902 Red Seal 3x10-20 1 - 2500 1902 Date Back 4x5 1 - 7850 1902 Date Back 3x10-20 1 - 5860 1902 Plain Back 4x5 7851 - 26135 1902 Plain Back 3x10-20 5861 - 18207 1929 Type 1 6x5 1 - 3771 1929 Type 1 6x10 1 - 1866 1929 Type 1 6x20 1 - 486
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1934):
Presidents:
- George Nicholas Farwell, (Sr.), 1865-1886
- John Louis Farwell, (Sr.), 1887-1896
- Stephen Farley Rossiter, 1897-1904
- James Duncan Upham, 1905-1932
- Francis Wayland Johnston, 1933-1933
Cashiers:
- John Louis Farwell, (Sr.), 1865-1880
- George Nicholas Farwell, 2d., 1881-1894
- John L. Farwell, Jr., 1895-1896
- Frank Houghton Foster, 1897-1932
- George Nelson Barrett, 1933-1933
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- The Claremont National Bank, Claremont, NH History (NB Lookup)
- New Hampshire Bank Note History (BNH Wiki)
Sources
- Claremont, NH, 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 Woodstock Mercury, and Windsor County Advertiser, Woodstock, VT, Fri., June 16, 1843.
- ↑ North Star, Danville, VT, Mon., Mar. 3, 1845.
- ↑ Middlebury Register and Addison county Journal, Middlebury, VT, Tue., July 21, 1846.
- ↑ The Boston Globe, Boston, MA, Tue., Jan. 12, 1943.
- ↑ Vermont Watchman and State Journal, Montpelier, VT, Thu., Oct. 30, 1851.
- ↑ Vermont Chronicle, Bellows Falls, VT, Sat., Jan. 22, 1870.
- ↑ The Boston Globe, Boston, MA, Wed., Apr. 25, 1877.
- ↑ Vermont Journal, Windsor, VT, Sat., Mar. 5, 1887.
- ↑ Biddeford-Saco Journal, Biddeford, ME, Fri., Nov. 20, 1896.
- ↑ Bellows Falls Times, Bellows Falls, VT, Wed., Nov. 18, 1896.
- ↑ Daily Evening Item, Lynn, MA, Mon., July 12, 1897.
- ↑ The Brattleboro Reformer, Brattleboro, VT, Wed., Mar. 26, 1941.