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The National Shawmut Bank Consolidation of 1898

Published online by Cambridge University Press:  24 July 2012

Marian V. Sears
Marian V. Sears
Affiliation:
Associate in Research in Business Administration, Harvard University
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Abstract

On the eve of the merger mania at the turn of the century, the reversal of the first two words in the name of the Shawmut National Bank made it the successor in a consolidation of ten national banks in Boston. Many of the characteristics of this consolidation are exceptions to common generalizations about corporations and control; mergers and motivations.

Type
Research Article
Information
Business History Review , Volume 39 , Issue 3 , Autumn 1965 , pp. 368 - 390
Copyright
Copyright © The President and Fellows of Harvard College 1965

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References

1 The five banks represented were the Provident Institution for Savings, Boston; the Lynn Institution for Savings; the Boston Five Cents Savings Bank; the Fall River Five Cents Savings Bank; and the Springfield Institution for Savings. See, Boston Evening Transcript, September 29, 30, 1898.

2 Bankers Magazine, vol. 57 (November, 1898), p. 833, quoting Boston Evening Transcript, n.d.

3 United States Investor, vol. 9 (October 1, 1898), pp. 1436–37.

4 United States Investor, vol. 9 (October 8, 1898), p. 1456.

5 Gras, N. S. B., The Massachusetts First National Bank of Boston, 1784–1934 (Cambridge, 1937), p. 149.Google Scholar

6 Kidder, Peabody & Company, “Agreement Between Savings Bank Committee and Kidder, Peabody & Company,” September 21, 1898, Bank Consolidation of 1898, p. 1. Papers in Baker Library, Harvard Graduate School of Business Administration.

7 Martin, Joseph G., A Century of Finance (Boston, 1898), p. 105.Google Scholar

8 Kidder, Peabody & Co., Bank Consolidation of 1898.

9 Ibid.

10 Boston Daily Advertiser, October 4, 1898.

11 Kidder, Peabody & Co., Letterbook, vol. III, p. 271. Papers in Baker Library.

12 Boston Daily Advertiser, October 4, 1898.

13 Ibid., October 5, 1898.

14 Ibid., September 30, 1898.

15 Boston Evening Transcript, September 30, 1898.

16 Boston Daily Advertiser, October 29, November 1, 1898.

17 Boston Daily Advertiser, September 30, 1898.

18 Ibid.

19 Boston Evening Transcript, September 30, 1898.

20 Kidder, Peabody & Co., Letterbook, vol. III, p. 289.

21 Kidder, Peabody & Co., Letterbook, vol. III, pp. 290–291.

22 Vol. 9 (December 24, 1898), p. 1828.

23 U.S. Comptroller of the Currency, Annual Report … (Washington, 1898), vol. II.

24 Kidder, Peabody & Co., Letterbook, vol. III, pp. 293, 294½.

25 United States Investor, vol. 9 (October 1, 1898), p. 1429.

26 Vol. 9 (October 8, 1898), p. 1456.

27 Vol. 9 (October 15, 1898), pp. 1486–87.

28 United States Investor, vol. 9 (October 22, 1898), p. 1532, and (October 8, 1898), p. 1456.

29 October 1, 1898.

30 Vol. 57 (October, 1898), p. 689.

31 Boston Daily Advertiser, October 11, 1898.

32 Kidder, Peabody & Co., Letterbook, vol. III, p. 269.

33 Boston Daily Advertiser, November 5, 1898.

34 Ibid., September 30, 1898.

35 ibid., October 15, 1898.

36 October 5, 1898, p 896.

37 United States Investor, vol. 9 (December 24, 1898), p. 1828.

38 Ibid.

39 Martin, Century of Finance, p. 107.

40 Kidder, Peabody & Co., Bank Consolidation of 1898.

41 United States Investor, vol. 9 (November 5, 1898), p. 1626, and (December 3, 1898), p. 1741.

42 Martin, Century of Finance, p. 111.

43 Bankers Magazine, vol. 57 (November, 1898), p. 833.

44 United States Investor, vol. 9 (October 15, 1898), p. 1500.

45 Boston Daily Advertiser, January 30, 1899.

46 Kidder, Peabody & Co., Letterbook, vol. III, p. 265.

47 Commonwealth of Massachusetts, Twenty-Fifth Annual Report of the Board of Commissioners of Savings Dankst 1900, Part I.

48 Boston Daily Advertiser, December 20, 1898, January 9, 1899; United States Investor, vol. 10 (April 22, 1899), p. 525 and (April 29, 1899), p. 538.

49 United States Investor, vol. 9 (October 1, 1898), p. 1429.

50 Kidder, Peabody & Co., Letterbook, vol. III, p. 292.

51 Ibid.

52 Kidder, Peabody & Co., Letterbook, vol. III, p. 265½, Francis H. Peabody, senior partner, to his son Frank E. Peabody.

53 Kidder, Peabody & Co., Bank Consolidation of 1898.

54 Commercial & Financial Chronicle, vol. 71 (August 11, 1900, and August 25, 1900), pp. 290, 375.