Welden National Bank of Saint Albans, VT (Charter 3482)
Welden National Bank, Saint Albans, VT (Chartered 1886 - Receivership 1933)
Town History
St. Albans is the county seat of Franklin County, Vermont. At the 2020 census, the city population was 6,877. St. Albans City is surrounded by the town of Saint Albans which is incorporated separately from the city of St. Albans. The city is located in Northwestern Vermont, 29 miles north of Burlington, the state's most populous city which is located in Chittenden County.
One of the New Hampshire grants, St. Albans was chartered by Colonial Governor Benning Wentworth on August 17, 1763, to Stephen Pomeroy and 63 others. Named after St Albans, Hertfordshire, England, it was first settled during the Revolution by Jesse Welden. The war delayed further settlement until 1785, when many others began to arrive. Farmers found the rich, dark loam suitable for cultivation, as well as for the raising of cattle, horses and sheep. Butter and cheese were produced in great quantities. St. Albans also became known as "Railroad City," home to a major depot, operations center and repair shop of the Vermont and Canada Railroad. When the village was incorporated in 1859, it had an iron foundry, a manufacturer of freight cars, and a large number of mechanic shops.
The northernmost engagement of the Civil War, known as the St. Albans Raid, occurred here on October 19, 1864. In 1902, the City of St. Albans was incorporated, comprising two square miles within the town of St. Albans.
Saint Albans had four National Banks chartered during the Bank Note Era, and all four issued National Bank Notes. Saint Albans also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized February 17, 1886
- Chartered April 8, 1886
- Conservatorship March 16, 1933
- Receivership December 28, 1933
In March 1886, the Welden National Bank, with a capital stock of $100,000, was organized at St. Albans. Hon. J. Gregory Smith of St. Albans was president; E.C. Smith of St. Albans, vice president; Henry L. Millis of Boston, J.W. Hobart of St. Albans, F.O. Squire of Boston, and J.M. Foss of St. Albans, directors. The cashier was F. Stewart Stranahan of St. Albans.
On April 8, 1886, Valentine P. Snyder, Deputy and Acting Comptroller of the Currency, authorized the Welden National Bank of St. Albans to commence the business of banking. The new bank opened on Monday, April 26 at their banking rooms in the Welden House Building. In May, H.S. Clark, son of Dr. S.S. Clark of St. Albans, was appointed clerk in the Welden National Bank.
On Tuesday, January 10, 1933, at the annual meeting of the stockholders, the following directors were elected: E.C. Smith, J. Gregory Smith, C.R. Smith, P.E. Sullivan, W.O. Wise and H.H. Powers. The directors met immediately afterwards and elected E.C. Smith, chairman of the board; J. Gregory Smith, president; Bruce R. Corliss, assistant to president; D.L. McGarey, cashier and secretary; Harold P. Ledden, assistant cashier and trust officer. On March 20, 1933, E.C. Smith, conservator of the Welden National Bank, announced that the bank had received from Washington authority to receive deposits under section 206 of the Bank Emergency Act. Such new deposits were not subject to any limitation as to payment or withdrawal and, while the bank was in the hands of a conservator, would be held in cash, invested in the direct obligations of the United States, or deposited with a Federal Reserve Bank.
In August 1933, the Reconstruction Finance Corporation announced purchase of $50,000 worth of preferred stock of the Welden National Bank in St. Albans, contingent upon the sale by the managers of an equal amount of common stock to depositors and the public. The Welden National Bank in St. Albans, Charter No. 13800, would succeed the Welden National Bank of St. Albans, opening on an unrestricted basis on Saturday, October 14th, with E.C. Smith as president.
Official Bank Title(s)
1: The Welden National Bank of St. Albans, VT
Bank Note Types Issued
A total of $1,212,570 in National Bank Notes was issued by this bank between 1886 and 1933. This consisted of a total of 139,338 notes (120,492 large size and 18,846 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 - 900 1882 Brown Back 3x10-20 1 - 4756 1902 Red Seal 3x10-20 1 - 1400 1902 Date Back 4x5 1 - 4433 1902 Date Back 3x10-20 1 - 3470 1902 Plain Back 4x5 4434 - 13750 1902 Plain Back 3x10-20 3471 - 9317 1929 Type 1 6x5 1 - 1938 1929 Type 1 6x10 1 - 943 1929 Type 1 6x20 1 - 260
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1933):
Presidents:
Cashiers:
- Farrand Stewart Stranahan, 1886-1891
- John Curtis Stranahan, 1892-1913
- Bruce Ray Corliss, 1914-1932
- Donald Leo McGarey, 1933-1933
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Saint Albans, VT, 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
- Vermont Watchman and State Journal, Montpelier, VT, Wed., Mar. 17, 1886.
- St. Albans Daily Messenger, St. Albans, VT, Mon., Apr. 12, 1886.
- Vermont Watchman and State Journal, Montpelier, VT, Wed., May 26, 1886.
- St. Albans Daily Messenger, St. Albans, VT, Wed., Jan. 11, 1933.
- St. Albans Daily Messenger, St. Albans, VT, Mon., Mar. 20, 1933.
- Hardwick Gazette, Hardwick, VT, Thu., Aug. 3, 1933.
- Brattleboro Reformer, Brattleboro, VT, Fri., Oct. 13, 1933.