USA > Connecticut > New London County > A modern history of New London County, Connecticut, Volume II > Part 2
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The first cashier of the bank, Anthony Thatcher, held the office twenty- six years, until 1833, when he resigned, Elijah F. Dutton succeeding him. Mr. Dutton after twenty years as cashier, 1833-1863, resigned to accept the office of president, which he held three years, 1853-1856. Mr. Dutton was succeeded as cashier by Richard N. Belden, who held the office for twenty years, 1853-1873. At the death of President Ramsdell in 1873, Cashier Bel- den became President Belden, he being succeeded as cashier by Edwin R. Belden. In 1876 Richard N. Belden returned to the cashier's desk, holding until January 27, 1877, when he gave way to William H. Rowe, whose term of office was longer than that of any other cashier of the bank-thirty years, 1877-1907. Frank E. Barker was cashier, 1907-1910; John R. Latham, the present incumbent, succeeding him in the latter year.
The present (1922) officers are: William Belcher, president; Herbert L. Crandall, vice-president; L. T. Sheffield, vice-president; J. R. Latham, cashier ; Ira S. Avery, assistant cashier.
Directors-William Belcher, L. Tracy Sheffield, Arthur Keefe, Frank V. Chappell, Charles A. Gallup, Herbert L. Crandall, Samuel A. Goldsmith, Wil- liam E. Withey, John R. Latham, William M. Darrow.
Statement of the New London City National Bank at the close of busi- ness, December 31, 1921 :
431
BANKS
RESOURCES
LIABILITIES
Notes and Discounts $1,202,825.92
Capital Stock
$200,000.00
United States Bonds.
490,247.21
Surplus
100,000 00
Bonds for Investment.
158,313.73
Undivided Profits
19,692.40
Banking House
50,000.00
Reserved for Taxes
2,500.00
Cash due from Banks.
287,439.99
Dividends Unpaid
6,699.00
Redemption Fund
10,000.00
Circulation
200,000.00
Deposits
742,590.34
Savings Deposits
924,345.11
$2,198,826.85
$2,198,826.85
In 1920 a savings department was added to the bank, and authority ob- tained to administer trusts and settle estates.
-
The Merchants National Bank of Norwich-Dating from the organ- zation of the Merchants Bank of Norwich, which was organized in July, 1823, the Merchants is the oldest National Bank now doing business in Nor- wich, the Thames dating from 1825, the Uncas from 1852. The first board of directors consisted of: F. A. Perkins, Walter Lester, N. K. Fitch, Elisha Tracy, James L. Ripley, Samuel Kellogg, Epaphras Porter, William Williams, Jr., John Lathrop, Charles E. Lester, Stephen Fitch, Charles Coit, Sherwood Raymond, Lewis Hyde, Joseph H. Doane.
The presidents of the bank have been, in turn, William Williams, Jr., Henry B. Tracy, John Brewster, J. Hunt Smith, and Costello Lippitt, the dean of Norwich bankers, who was chosen the fifth president of the bank, January 19, 1909, and is the present head of the oldest of Norwich National Banks. Joseph Williams was chosen the first cashier, his successors having been Joel W. White, James M. Meech, and Charles H. Phelps, the present incum- bent, who was elected February 1, 1886, having been acting cashier since 1885.
In June, 1865, a National Bank charter was applied for and secured, the Merchants National Bank then beginning business. The paid in capital of the bank is $100,000. The officers of the bank are: Costello Lippitt, presi- dent; Frank L. Woodard, vice-president; Charles H. Phelps, cashier. These with Lucius Brown, James C. Henderson, Joseph Hall and L. Henry Saxton, comprise the board of directors. Arthur E. Storey is assistant cashier. The bank building is located on Main street.
Charter No. 1481. Reserve District No. I. Report of condition of the Merchants National Bank at Norwich, in the State of Connecticut, at the close of business on May 5th, 1922 :
RESOURCES
1. Loans and Discounts .... $390,456.56
2. Overdrafts, unsecured 69.33
4. U. S. Government securi- ties owned: Deposited to se- cure circulation (U. S. bonds, par value) .. .$100,000.00
LIABILITIES 17. Capital stock paid in .... $100,000.00
13. Surplus fund 35,000.00
19. Undivided prof- its
. .. $29.492.52
e Less current ex- penses, interest and taxes paid 2,914.34
26,578.18
432
NEW LONDON COUNTY
All other United
States Govern- ment securities (including pre- miums, 75,100.00
20. Circulating notes out- standing
100,000.00
23. Amount due to State banks, bankers and trust companies in the United States
51,024.69
5. Other bonds, stocks, se- curities, etc.
21,450.00
standing
896.96
6. Banking House
5,000.00
Total of Items 23 and 24, $51,431.65.
S. Lawful reserve with Fed- cral Reserve Bank.
28,845.58
Demand deposits (other than bank deposits) subject to reserve (deposits payable within 30 days):
10. Cash in vaults and amount duc from National Banks
103,408.34
26. Individual deposits sub- ject to check 427,880.30
30. Dividends unpaid 75.00
13. Checks on other banks in the same city or town as reporting bank
5,516.57
14. Miscellaneous cash itema items
3,746.76
3,746.76
15. Redemption fund with U. S. Treasurer and due from U. S. Treasurer ....
5,000.00
Total $740,965.13
Total
$740,965.13
The Norwich Savings Society - This, the oldest financial institution in Norwich, and almost the oldest savings bank in the State of Connecticut, dates back to the administration of James Monroe, twenty-fourth President of the United States; to the time when slavery was a "God-given" institu- tion; when Queen Victoria was a girl; when but two cities of the United States, New York and Philadelphia, had over 100,000 population; when Chi- cago was a town of 4,000 people; when emigrants came in sailing vessels; when Calvin Goddard was mayor of Norwich, John Hyde was postmaster, and Lafayette street was the only thoroughfare through which to reach the river.
The Society was incorporated in May, 1824, with the following members : Charles Rockwell, Charles P. Huntington, John Lathrop, Russell Hubbard, Amos H. Hubbard, John L. Buswell, P. Newcomb Kinney, Eber Backus, Joseph Williams, Jabez Huntington, Bela Peck, John Breed, Dwight Ripley, Nathaniel Shipman, Lyman Brewer, Isaac Story, Francis A. Perkins, George L. Perkins, William C. Gilman.
At the first meeting other members were elected, making the original forty members. The first officials were: Charles Rockwell, president ; Jabez Huntington, John L. Buswell, William C. Gilman, Russell Hubbard, vice- presidents ; George L. Perkins, John Lathrop, Richard Adams, Joseph Wil- liams, Charles P. Huntington, Erastus Coit, Roger Huntington, John Breed, Lyman Brewer, directors and trustees; Francis A. Perkins, treasurer ; Joseph Williams, secretary.
175,100.00
24. Certified checks out-
11. Amount due from banks, bankers and trust compa- nies in the United States (other than included in Items 8 and 10)
2,372.10
Total of demand deposits (other than bank de- posits) subject to re- serve, Items 26 and 30, $427,955.30.
433
BANKS
Presidents from organization have been: Charles Rockwell, two years; Jabez Huntington, until 1833; Charles W. Rockwell, seven years, resigned; William Williams, five years, resigned ; Henry Strong, 1847-1851 ; Lafayette S. Foster, 1851-1856; Joseph Williams, 1856-1866; Charles Johnson, 1866- 1879; Francis Nichols, 1879-1891 ; Amos W. Prentice, 1891-1894, died ; John Mitchell, 1894-1901, died ; Charles Bard, 1901-1913. Arthur H. Brewer, the present head, was elected in 1913, succeeding Mr. Bard.
Treasurers-Francis A. Perkins, 1824-1833; Jabez Huntington, 1833- 1847; Francis A. Perkins, 1847-1863; Benjamin Huntington, 1863-1878; Cos- tello Lippitt, elected assistant treasurer and treasurer in 1878, and is yet (1922) treasurer and secretary, also a vice-president, having been in the bank- ing business fifty-eight years.
Prior to 1847, deposits were received and general business transacted in the old Norwich Bank. But in 1847 a banking house was erected at a cost of $5,000 on Main street, next east of Trinity Church. That building was occupied until June 27, 1864, when a new building was occupied, the old building later becoming the home of the Dime Savings Bank. For thirty-one years the Norwich Savings Society occupied that second building, then moved to the newly completed building which is yet their home, opening for business January 1, 1895. For thirty-five years the Society was the only savings bank in Norwich, but in 1858 the Chelsea Savings Bank was organ- ized, and the Dime Savings Bank in 1869. The Farmers and Merchants Savings Bank, organized in 1854, discontinued a few years later.
The first deposit was made in the Norwich Savings Society, July 23, 1824, in the name of Dorcas Mansfield, of Norwich, the amount, $200. The second deposit, $30, was made July 26, 1824, in the name of William C. Gilman, of Norwich. A perusal of the accompanying statement shows the amount now deposited to be in excess of nineteen millions of dollars. At a meeting of the directors in 1870, General William Williams introduced a resolution that the bank receive no more deposits after that year, saying: "Why, gentle- men, our deposits now total five millions of dollars, and who will care for this enormous sum after we are gone?" The Society has passed through many financial crises, and today is stronger and safer than ever. In only one year, 1854, has a dividend been passed. It is one of the best known institu- tions of the county, and from its successful past a greater future is argued.
Officers-Arthur H. Brewer, president; Lucius Brown, S. Alpheus Gil- bert, Costello Lippitt, Charles D. Noyes, vice-presidents; John Porteous, Charles R. Butts, Nelson J. Ayling, Ebenezer Learned, John T. Almy, Henry A. Tirrell, Charles Henry Osgood, Frank B. Ricketson, John P. Huntington, directors; Costello Lippitt, secretary and treasurer ; Charles R. Butts, assist- ant treasurer ; John P. Huntington, attorney.
Trustees-Lucius Brown, Costello Lippitt, Adams P. Carroll, Arthur H. Brewer, George B. Prest, Charles S. Johnson, Nathan A. Gibbs, Frank W. Brewster, Reuben S. Bartlett, Charles R. Butts, Albert H. Chase, William H. Shields, John Porteous, Ebenezer Learned, Dwight L. Underwood, Angus Park, John T. Almy, Allyn L. Brown, James L. Hubbard, Lewis R. Church, N.L .- 1-28
434
NEW LONDON COUNTY
Chauncey B. Woodworth, Frank E. Palmer, John P. Huntington, Henry A. Tirrell, Reuben B. S. Washburn, Traver Briscoe, S. Alpheus Gilbert, Charles D. Noyes, Charles Henry Osgood, John C. Morgan, James M. Young, Nelson J. Ayling, William A. Norton, Frank B. Ricketson, John F. Rogers, W. Rus- sell Baird, Charles D. White, Arthur F. Libbey, Guy B. Dolbeare, Edwin H. Baker, Jr.
Statement, May 31st, 1922:
ASSETS
Cash in Banks and Safc. 550,308.40
Loans $3,964,202.39
United States Bonds 1,988,167.38
$20,909,017.37
Foreign Government Bonds. 1,397,575.80
State Bonds
123,288.00
Municipal Bonds
3,609,746.65
Railroad Bonds
8,335,953.50
Surplus 600,000.00
Water Co. Bonds
14,156.25
Undivided Profits 699,381.32
Telephone Bonds
346,393.75
Railroad Equipmcn Trust
$20,909,017.37 Notes
2S6,219.44
Stocks. Pank, etc.
170,542.59
Banking House
100,000.00
Safe Deposit Department ...
22,463.22
LIABILITIES
Deposits $19,609,636.05
The par or maturity value of bonds exceeds book values as above by $1,398,- 452.56.
The Thames National Bank, Norwich, Connecticut-There have been six National Banks organized and chartered in Norwich - The First National, successor of the Quinnebang Bank, incorporated in May, 1832, or- ganized as the First National Bank in June, 1865, capital $250,000; Lucius W. Carroll, president; Lewis A. Hyde, cashier. The Thames National Bank, successor to the Thames Bank, of further mention. The Merchants National, successor to the Merchants Bank, of further mention. The Second National Bank, organized in March, 1864; J. Hunt Adams, the first president; James D. Mowry, cashier. The Shetucket National, organized in April, 1853; Charles Osgood, president; David O. Strong, cashier; this bank was nationalized May 15, 1865 ; capital $100,000. The Uncas National, organized in 1852. Of these seven banks, three survive at this writing, June 1, 1922-The Thames, Merchants, and Uncas, the others having been closed or merged with exist- ing banks. The history of the three yet doing business will be given in this chapter.
The Thames Bank was the second institution of the kind chartered in Norwich, with a capital of $200,000, in 1825. By its charter the bank was obliged to purchase the stock of the Norwich Channel Company, and "main- tain a depth of at least ten feet of water in the channel of the Thames river at common and ordinary tides." The charter also permitted the bank to collect toll from all vessels coming to Norwich. These provisions of the charter were complied with so long as the bank operated under its State charter. The bank was also obliged to receive deposits from the State school fund, ecclesiastical societics, colleges and schools, at par, and pay on such deposits such dividends as were paid to their stockholders. The first bank rooms were on Main street, where the John & George H. Bliss jewelry store
435
BANKS
is now located. The capital stock was increased to $300,000 in 1847, and again in 1854 to $500,000.
The bank prospered, and was able in 1861 to vote "That to assist the State in meeting the requisition of the President for troops for the mainte- nance of the general government, the Thames Bank offer a loan of $100,000." That amount was paid into the treasury of the State of Connecticut when the question was an open one whether there would be a government when it became due. Prosperity made it necessary to add to the facilities of the bank in order to properly meet the demands of increasing business, and in 1862 the bank erected enlarged quarters on Shetucket street. In 1864 the Thames Bank was succeeded by the Thames National Bank, which was char- tered with an authorized capital of $2,000,000, of which $1,000,000 was paid in, and another career of prosperity was entered upon. Its National Bank charter was renewed in 1884 and again in 1904, the home of the bank cen- tering in the same quarters on Shetucket street until 1911, when the present building begun in 1910 was finished and occupied.
On April 21, 1920, the Thames National Bank was granted the right to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with National Banks, are permitted to act under the laws of the State of Connecticut, subject to regulations prescribed by the Federal Re- serve Board.
The first president of the Thames Bank was William P. Greene, who served seventeen years, 1825-1842. He was a man of prominence, who left a deep imprint upon his city, notably in that part known as Greeneville. Ed- ward Whiting was president from 1842 until 1851, when he was succeeded by Franklin Nichols, who served until 1890. The fourth president was Edward N. Gibbs, who served from 1890 to 1897. The fifth president was Stephen B. Meech, he serving from 1897 to 1909. The sixth president was Willis A. Briscoe, who served from 1909 to 1913. The seventh president, Charles L. Hubbard, served from 1913 until 1918, when Arthur H. Brewer, the eighth president, was elected, and is yet in office.
President Brewer is a grandson of Lyman Brewer, the first cashier of the bank. 1825-1857. Cashier Brewer was succeeded by Charles Bard, who served until 1871, when he gave way to Edward N. Gibbs, who served from clerk to president, and went from the Thames National Bank in 1892 to become treasurer of the New York Life Insurance Company. Edward N. Gibbs was succeeded as cashier in 1889 by Stephen B. Meech, who was in turn succeeded by Charles W. Gale in 1894. Mr. Gale was followed in 1918 by the present cashier, Nathan A. Gibbs.
Among prominent men of Norwich who have served the bank in official capacity may be named Lafayette S. Foster (lawyer and statesman and act- ing Vice-President of the United States after the assassination of President Lincoln), who was a director; Charles W. Gale, who was clerk, officer and
436
NEW LONDON COUNTY
director for nearly fifty-six years; Ebenezer Learned, elected a director in 1850; Alfred A. Young, in 1852; James L. Hubbard in 1855; James Lloyd Greene and Lorenzo Blackstone, in 1864; Walter M. Buckingham, Timothy P. Norton, Hugh H. Osgood, John Mitchell, Thomas D. Syles, each a director, and many others. Costello Lippitt, dean of the Norwich banking fraternity (1922), for fifty-eight years a banker, was connected with the Thames Bank for a time.
The present officers are: Arthur H. Brewer, president and director ; Oliver L. Johnson, vice-president and director; Nathan A. Gibbs, cashier and director; William T. Crandall, assistant cashier; Leonard P. Church, trust officer and assistant cashier ; Walter M. Buckingham, assistant cashier ; Henry L. Bennett, assistant cashier. The other directors not officers are: John Porteous, William Young, Grosvenor Ely, Arthur M. Brown, James L. Hubbard, Charles H. Osgood, Walter F. Lester, Hugh B. Campbell.
The following statement shows the bank's condition at the close of busi. ness, May 5, 1922:
RESOURCES
LIABILITIES
Loans and Discounts ..... .$2,488,805.74
Capital $1,000,000.00
Customers' Liability, a/c Ac-
Surplus
550,000.00
Undivided Profits 116,282.65
ceptances Executed by this Bank
50,000.00
U. S. Government Securities
940,886.48
Taxes 2,099.06
Bonds, Securities, etc. (other than U. S.)
844,930.75
Circulation
396,400.00
Banking House, Furniture, etc. .
138,137.50
Certified Checks
Reserve with Federal serve Bank
162,715.73
Banks ...... .$821,950.80
Cash and Cash Items ..
152,828.89
Demand Deal-
Due from Banks and Bankers
493,696.86
crs Accounts. 1,875,222.75
Due from U. S. Treasurer ..
20,000.00
Interest carned, not collected
23,296.83
Time and Postal Savings 402,387.55
United States .. 69,134.98
3,168,696.10
Acceptances Executed by
this Bank for Customers .. 50,000.00
Letters of Credit. 16,000.00
$5,315,298.78
$5,315,298.78
The Savings Bank of New London-Soon now, the Savings Bank of New London will reach the century mark of life, ninety-five of those years having been passed, during which an exceptional record of success and prosperity has been compiled. In all those years the bank has never passed a dividend, and moneys deposited have always been available for immediate use. Being purely a mutual institution, it is conducted solely in the interest of its depositors and the community which it serves. The profits accrue for the benefit of its depositors, and its investments, carefully regulated by law, are restricted to those that experience has proven to be of unquestioned safety.
Today the Savings Bank of New London has more than 22,000 depositors,
Re-
and Due to
Unearned Discount
15,820.97
Deposits:
Reserved for Interest and
437
BANKS
and resources amounting to more than $16,000,000. Its loans on real estate amount to more than $6,300,000, and have been the means of enabling thou- sands of persons to own their own homes. Its Christmas Club, starting in December in each year and running for fifty weeks, provides a method where- by thousands of its patrons establish funds for themselves to mature and be available at a time when extra money is especially needed. Its mail depart- ment, which is yearly gaining in popularity and size, is a means for safely and conveniently transacting banking without the necessity of a personal visit to the bank. By this method, business is being carried on with de- positors throughout the country and in foreign countries as well. During the last few years, many changes have been effected in the system of book- keeping in this institution and in the convenience of the banking rooms. To- day there are few banks more conveniently laid out for the workers, and none using better, simpler or more effective methods of accurately keeping its various accounts.
The Savings Bank of New London was incorporated in May, 1827, being the fourth savings bank to do business in Connecticut. The first Connecticut Savings Bank to incorporate was The Society for Savings in Hartford, 1819; the Norwich Savings Society following in 1824; the Middletown Savings Bank, in 1825; the Savings Bank of New London, in 1827. The incorpo- rators of the lastnamed bank were: William P. Cleaveland, Robert Coit, Isaac Thompson, Archibald Mercer, Nathaniel I. Perkins, Ebenezer Learned, the first president; Edward Learned, Ephraim Cheeseborough, Jireh Isham, Na- thaniel Saltonstall, Peter Richards, Increase Wilson, Thomas West, Guy Turner, Ezra Chappell, William P. Cleaveland, Jr., Charles I. Stockman, Thomas Williams, Jacob B. Gurley.
Business was begun July 1, 1827, in the banking rooms of the Union Bank on State street, that institution the first bank in Connecticut, having organized in 1792. The first business of the savings bank was a deposit of ten dollars made by Robert Jones, a colored man, and the total deposits for the first month amounted to but one hundred and seventy dollars. The total resources of the bank for the end of the first year were $2,301. From such a humble beginning has the bank grown to its present proportions. There have been but six presidents at the head of this institution in its life of nearly a century, Ebenezer Learned being the first. He served for one year, and was succeeded by Ezra Chappell, whose term of office was from 1828 to 1832. Ebenezer Learned was reelected president in 1832, and served for twenty years. Robert Coit became president in 1852, his term expiring in 1866, when he was succeeded by William H. Chapman, who was president until his de- cease in 1912, more than forty-five years. Frank L. Palmer was president for four years, and he was succeeded by William Belcher, who is also presi- dent of the New London City National Bank. The treasurers have been : Robert Coit, 1827; Joseph Sistare, 1828-1852; Francis C. Learned, 1852-1871 ; Joshua C. Learned, 1871-1892; Walter Learned, 1892-1915; William Belcher, 1915-1918; Charles E. White, the present treasurer.
Officers, 1921-William Belcher, president; Alfred Coit, Horace C. Learned, Belton A. Copp, vice-presidents; Charles E. White, secretary and
438
NEW LONDON COUNTY
treasurer ; George Whittlescy, assistant secretary and assistant treasurer. Directors-William Belcher, Alfred Coit, George B. Prest, Bolton A. Copp, Horace C. Learned, George Whittlesey, Graham S. Hislop, Charles E. White, Albert C. Woodruff.
Statement made by the Savings Bank of New London, December Ist, 1921 :
ASSETS
Banking House
100,000.00
Loans on Collateral Security 483,395.00
Cash in Bank and Vaults. .. 396,254.60
Loans on Personal Security . 12,000.00
Municipal Notcs 212,366.67
$16,792,276.40
United States Securities 1,377,426.38
State and Foreign Bonds. 823,500.00
LIABILITIES
Municipal Bonds
1,550,000.00
Deposits $15,264,153-34
Railroad Bonds
4,632,750.00
Surplus
1,221,374.07
Public Utility Bonds 275,000.00
Undivided Profits
305,503.99
Bank Stocks
331,675.00
Partial Payments on Liberty
Railroad and Other Stocks ..
77,620.00
Bonds
1,245.00
Real Estate, Insurance and Taxes
1,535-75
$16,792,276.40
The National Whaling Bank-For fully eighty-nine years the Na- tional Whaling Bank as a State and National institution has been one of the helpful, trustworthy factors in the upbuilding of New London, the com- munity it still serves. Three generations have profited by the intelligent man- agement of the institution, and that it has been of service to thousands in a financial way as well as having done so at a profit to its stockholders, is the record of the National Whaling Bank, of New London.
A commission composed of S. Ingham, Lyman Law, John Brandegee, J. Lawrence and Albert Latham met early in 1833, and having been granted a charter for a bank in New London, organized the same on the first day of July, that year. The name, The Whaling Bank, was adopted for this new enterprise, as practically all the stockholders in this bank were connected with the whaling industry. It has always been in the same location.
The following were the larger original stockholders, with number of shares taken by each : Peter C. Turner, 100; Wantan A. Weaver, 100; Abner Bassett, 100; C. Wilson, 100; Lyman Law, 100; S. Ingham, 100; J. Lawrence, 200; John Brandegee, 200; Noyes Billings, 100; William W. Billings, 100. Shares were valued at $25 each.
On July 8, 1853, the first stockholders' meeting was held in the Prentis Hotel, where the following officers and directors were elected: Coddington Billings, president. Directors-Joseph Lawrence, Aborn Smith, Abner Bas- sett, John Brandegee, Peter C. Turner, Sabin Smith, Acors Barns, Daniel Hempstead. Peter C. Turner resigned from the directorate in August of the same year, the vacancy being filled by Wantan A. Weaver.
Old records of this bank show a rather unusual circumstance which arose one day in 1834, through which it was necessary to swear in a cashier pro tem. Mr. Turner found it impossible to be present this particular day, for one reason or other, and as a note had to be signed, the directors requested J. C.
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