USA > Connecticut > New London County > A modern history of New London County, Connecticut, Volume II > Part 4
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The meeting was held at half-past two, in the parlors of the Metropolitan Hotel on Bank street, and was called to order by Thomas M. Waller. Henry P. Haven was chosen chairman, and Thomas M. Waller, secretary. The char- ter was formally accepted, and it was voted that "the seal of the bank shall consist of an anchor surrounded by the words Mariners Savings Bank of New London, Connecticut."
By-laws were adopted, and the following officials were edected: Captain Daniel Latham, president ; Henry P. Haven, James Griswold, W. H. Allen, A. N. Ramsdell, F. L. Allen, Ebenezer Morgan, L. T. Shepard, C. C. Comstock, Oliver Woodworth, vice-presidents; Henry R. Bond, W. H. Barnes, Benja- min Stark, Richard H. Chappell, Rial Chaney, directors; National Bank of Commerce, treasurer ; Charles Butler, secretary ; Thomas M. Waller, attorney.
Thomas M. Waller was attorney for the bank until 1885, when he be- came Consul-General of the United States at London. Previously he was mayor of New London from 1873 to 1879, and governor of the State from 1883 to 1885. He was succeeded as attorney by Charles W. Butler, son of Charles Butler, the first secretary, who in turn was suceeded in 1894 by Charles
448
NEW LONDON COUNTY
B. Waller, judge of the Court of Common Pleas, and son of ex-Governor Waller, the first attorney and organizer of the bank.
The first office of the bank was with the National Bank of Commerce, which then occupied quarters on the second floor of the Union Bank build- ing. In 1872 the Bank of Commerce moved to its offices in the Croker House block, and the Mariners Savings Bank moved also and occupied the rear of the room, remaining with the Bank of Commerce until January I, 1907, when the Mariners Savings Bank moved to its own new home next to the post office. The first depositors were two sailors -- Manuel Roderique, who placed $194.03 to his credit ; and Louis De Pena, who deposited $167.03- this constituting the first day's business. The deposits at the end of the first decade and each succeeding period of ten years until the fiftieth anni- versary show remarkable gains. The deposits of the bank on March 1, 1877, were $1,054,411.51 ; March 1, 1887, $1,576,480.91 ; March 1, 1897, $2,092,844.71 ; March 1, 1907, $3,432,326.99; March 1, 1917, $4,788,462.99.
The first dividend was declared on March 1, 1868, at the rate of seven per cent., which rate was continued until September, 1871, when the divi- dend was reduced to six per cent., and continued at six per cent. until March 1, 1877, when it was again reduced to five per cent., and to four per cent. on September 1, 1880, at which rate it has continued until the present time, not a dividend period ever having been passed.
The presidents of the bank have been eight: Daniel Latham held from organization in 1867 until May 15, 1870, when he resigned. He was suc- ceeded by Henry R. Bond, who declined a reelection after serving five years, 1871-1876. William H. Barnes was the third president, his term covering the decade 1876-1886. Christopher C. Comstock, the fourth president, served but one year, and in 1887 was succeeded by Daniel D. Latham, who held until 1898. The sixth president, William H. Allen, guided the bank's des- tinies five years, 1898-1903, then gave way to George C. Strong, who was president six years, 1903-1909. James P. Johnston, the eighth president, was elected in 1909 and has served until the present date, June, 1922.
John E. Darrow was secretary-treasurer of the bank thirty-four years, 1869-1903. Two of the original board of trustees elected in 1867 were living at the time af the fiftieth anniversahy in 1917-Charles D. Boss, whose service had been continuous, and Thomas M. Waller. One of the original incorpo- rators, William L. Peckham, was vice-president of the bank from January, 1874, until his death in 1911, at the age of ninety-three. Thomas A. Miner, of Groton, was a vice-president for twenty-one years preceding his death in . 1914, at the age of ninety-four; these two men were contemporary officials of the bank when both were past ninety. John E. Darrow, previously re- ferred to, was the first individual treasurer of the bank, the Bank of Com- merce having acted in that capacity during the first two years, 1867-1869. In 1903 P. Le Roy Harwood succeeded Mr. Darrow, and was holding the office of secretary-treasurer at the end of the fifty-year period in 1917, the bank having had but these two treasurers during the half century, Mr. Har- wood yet being in office as vice-president and treasurer.
449
BANKS
The following were the vice-presidents of the bank since organization : Henry P. Haven, 1868-1876; A. N. Ramsdell, 1867-1873; J. T. Shepard, 1867- 1874; James Griswold, 1867-1892; F. L. Allen, 1867-1872; C. C. Comstock, 1867-1886; W. H. Allen, 1867-1898, 1903-1907; Ebenezer Morgan, 1867-1883 ; Oliver Woodworth, 1867-1872; E. D. Avery, 1872-1893; Norman B. Church, 1872-1874; Samuel Green, 1873-1889; William L. Peckham, 1874-1912; E. Clark Smith, 1876-1882; Robert A. Morgan, 1882-1885; D. D. Latham, 1883- 1887; Hiram D. Harris, 1886-1896; C. W. Strickland, Jr., 1887-1903; F. S. Newcomb, 1887-1907; George C. Strong, 1887-1903; Eldridge P. Beckwith, 1889-1897; John Hopson, 1892-1911; Thomas A. Miner, 1893-1915; Richard C. Morris, 1896-1904; James P. Johnston, 1897-1909; F. H. Parmelee, 1904- 1921 ; A. R. Darrow, 1906-1917; Charles A. Klinck, 1920; P. Le Roy Harwood, 1921.
The directors of the first fifty years ending July 1, 1917, were: Henry R. Bond, Benjamin Stark, Rial Chaney, W. H. Barnes, Richard H. Chappell, Thomas A. Miner, W. R. Perry, Horace Landphere, Joseph Starr, Albert R. Darrow, Daniel Latham, J. N. Harris, Robert A. Morgan, James Fitch, Daniel D. Latham, Eldridge P. Beckwith, Henry L. Dudley, Daniel P. Hempstead, F. S. Newcomb, George C. Strong, John W. Luce, C. W. Strickland, Jr., John S. Morgan, Charles Allyn, Thomas W. Gardner, Richard C. Morris, James P. Johnston, Isaac W. Thompson, F. H. Parmalee, George E. Starr, Elisha V. Daboll, Charles H. Klinck, P. Le Roy Harwood, Charles B. Waller, William T. May, Charles S. Starr, Christopher L. Avery, Sidney A. Brown.
The board of trustees in service July 1, 1915, with year of election : Charles D. Ross, 1867; J. S. Nichols, 1887; W. Fitzmaurice, 1891 ; James P. Johnston, 1891 ; P. H. Parmalee, 1891 ; Charles H. Klinck, 1896; M. Wilson Dart, 1896; P. H. Shurts, 1896; R. A. Brubeck, 1896; William T. May, 1902; S. L. Ewald, 1902; J. D. Cronin, 1902; Edward T. Brown, 1903; Charles B. Walker, 1903; William H. Reeves, 1903; P. Le Roy Harwood, 1904; James R. May, 1906; S. H. Miner, 1906; C. L. Avery, 1910; Charles A. Gallup, 1910; Henry Holt Smith, 1910; Sidney A. Brown, 1914; G. Fred Brown, 1915.
The officers of the bank are (1922) : James P. Johnston, president ; Charles H. Klinck, P. Le Roy Harwood, vice-presidents; P. Le Roy Har- wood, treasurer ; Henry Holt Smith, secretary and assistant treasurer ; Charles B. Waller, attorney. Directors-William T. May, Charles A. Gallup, Charles H. Klinck, P. Le Roy Harwood, Sidney A. Brown, Percy C. Eggleston, James P. Johnston.
The following statement is of April 25, 1917, showing the condition of the Mariners Savings Bank as reported by certified public accountant W. P. Landon at the end of the first half century of existence :
ASSETS Cash on Hand and on Deposit 85,456.90
Loans on Real Estate .. ... . $2,165,570.00 Loans on Collateral Security 217,997.83 Notes of Towns, Counties, etc. 108,200.00
$5,074,622.38
LIABILITIES
Amount Due Depositors. ... . $4,837,791.30 Surplus Account 175,000.00 N.L .- 1-29
Municipal Bonds 559,525 00 Railroad Bonds 1,750,720.00
450
NEW LONDON COUNTY
Corporation Bonds
29,625.00
Interest Account 15,028.35
Bank Stocks
105,135.00
Profit and Loss Account. . .. 32,382.23
Banking House
50,000.00
Safe Deposit Account (in-
Suspense Account
210.00
come)
230.50
Expense Account
2,143.21
Special Bond Account. 14,190.00
Advances on Mortgaged
Property
39.44
$5,074,622.38
The following is a statement of condition of this bank as of March I, 1922:
ASSETS
Banking House
50,000.00
U. S. Liberty Bonds and
Foreclosed Real Estate.
397.95
Notes $92,344.27
Railroad Bonds 1,778,936.28
Municipal Bonds
308,350.00
Corporation Bonds
167,050.00
Bonds of Foreign Countries. 372,002.00
Bank Stocks
98,800.00
LIABILITIES
Town, County and School
Deposits
$5,905,406.06
District Notes
64,200.00
Surplus 200,000.00
Personal Loans
3,627.50
Profit and Loss 137,324.99
Mortgage Loans
2,762,565.00
Collateral Loans
349,300.25
$6,242,731.05
The bank was the pioneer in night banking in New London, and has always been among the leaders in promoting thrift movements.
The Dime Savings Bank - The Dime Savings Bank, of Norwich, was established in 1869, and in 1874 bought the building at No. 40 Main street, vacated by the Norwich Probate Court, occupied it the same year, and has since been located there. The bank is one of the solid institutions of the city, and in its more than half a century of life has filled a useful and important place in the financial world.
The Dime Savings Bank was organized September 26, 1869. Assets- "Faith-Hope-Courage." Liabilities-"Sundry bills for blank books and stationery, amount unknown." The officers of the company on that Septem- ber 26, 1869, were: Trustees-E. R. Thompson, Amasa C. Hall, E. N. Gibbs, Francis J. Leavens, Gurdon A. Jones, Jr., N. T. Adams, A. S. Bolles, H. H. Osgood, Julius Webb, P. St. M. Andrews, Charles T. Palmer, Elijah Kinney, Willis R. Austin, Charles R. Richards, James Burnet, Curtis Jillson, Horace Whitaker, John E. Ward, William C. Osgood, E. B. Trumbull.
President, E. R. Thompson ; vice-presidents-Amasa C. Hall, H. H. Os- good, W. R. Austin. Directors-Horace Whitaker, James Burnet, William C. Osgood, A. S. Bolles, G. A. Jones, Jr., C. T. Palmer, E. N. Gibbs, F. J. Leavens. Attorney, A. S. Bolles; secretary and treasurer, George D. Coit.
For twenty-nine years Edward R. Thompson guided the destinies of the Dime Savings Bank wisely and well. He was succeeded in 1898 by Hugh Henry Osgood, who held the office two years, giving way in 1900 to J. Hunt Smith, who was president of the bank nine years. The fourth president of the bank was Francis J. Leavens, who was president until September 25, 1921. The present head of the institution is Gardner Greene, the fifth man to hold that office.
Advances for Taxes and In- surance 779.93
Cash in Banks and in Vault .. 194,377.87
$6,242,731.05
451
BANKS
Under President Leavens the bank celebrated its golden anniversary with suitable ceremonies, including a banquet, a feature of which was a menu which was accompanied by a statement showing the growth in fifty years, as follows :
Statement-September 26, 1869. Assets-"Faith, Hope and Courage." Liabilities-"Sundry Bills for Blank Books and Stationery, Amount Un- known."
Statement, September 10, 1919, a half century later :
ASSETS
As above, plus a satisfactory degree of public confidenee, and the following
items audited this day by the State Bank Examiner:
Real Estate Loans .. $1,280,380.73
Collateral and Personal
Total Assets
$3,706,230.19
Loans 106,737.65
LIABILITIES
U. S. Bonds and Foreign
Total Deposits
$3,509,849.58
Government Bonds and W.
S. S. . 397-373.5.1
Interest, Surplus and Profit
and Loss
189,435.14
Municipal and State Bonds .. 478,769.00
Railroad and Corporation
Bonds 1,189,796.75
Total Liabilities
$3,706,230.19
The last statement made under date of May 1, 1922, shows continued prosperity :
ASSETS
Banking House
14,000.00
Cash in Bank 200,856.45
Personal Loans 13,850.00
United States Bonds 416,084.76
Foreign Government Bonds 388,607.73
Municipal Bonds 337,559.00
LIABILITIES
Railroad Bonds 1,069,134.25
Deposits
$3,860,224.05
Railroad Stocks 3,000.00
Surplus
120,000.00
State Bonds
24,210.00
Profit and Loss. 41,255.82
Corporation Bonds
54,812.50
Bank Stock 64,170.00
$4,021,479.87
The following constitutes the bank's president personnel: Corporators -Gardiner Greene, Frank L. Woodard, Reuben S. Bartlett, J. Frank Clark, Royal G. Holmes, Arthur E. Story, Russell F. Smith, Gurdon L. Bidwell, Frank H. Pullen, Wallace S. Allis, Charles H. Phelps, William B. Young, B. P. Bishop, Albert S. Comstock, Walton C. Davenport, Maxton Holms, Shepard B. Palmer, John H. Perkins, Walter F. Lester, Otto E. Wulf, Frank A. Bill, Arthur L. Peale, William B. Birge, Edmund W. Perkins, James C. Henderson, Lucius Briggs, James L. Crawford, Herbert B. Cary, F. B. Ricket- son, Arthur E. Sherman, Charles A. Saxton, Charles D. Greenman, Edwin H. Baker, Jr., Herbert W. Gallup, Arthur M. Thompson W. Tyler Olcott, Richard S. Gernon, Dickson H. Leavens, Morris L. Bergstresser, Samuel E. Holdridge, Carl W. Brown, E. LaRue Bliven, Hugh B. Campbell.
President, Gardiner Greene; vice-presidents-Reuben S. Bartlett, Wil- liam B. Young, B. P. Bishop. Directors-Frank L. Woodard, Shepard B.
Bank Stock 64,170.00
Banking House and Real Es- tate 17,101.00
Tax and Expense. 8,108.30
Cash
163,793.22
Liberty Loan Subscribers ...
6,945.47
Caslı on Hand 9,777.66
$4,021,479.87
Real Estate Loans $1,321,659.79
Collateral Loans 103,757.73
452
NEW LONDON COUNTY
Palmer, Walter F. Lester, Charles H. Phelps, Edmund W. Perkins, James C. Henderson, Herbert B. Cary, Russell F. Smith, Frank H. Pullen. Treasurer, Frank L. Woodard; secretary and assistant treasurer, John H. Perkins; at- torney, Edmund W. Perkins.
Treasurer Frank L. Woodard has been with the bank since 1878, and treasurer since 1888, being one of the oldest bankers of the city in point of years of service. John H. Perkins has been with the bank since 1888.
The Jewett City Savings Bank - Now approaching the fiftieth an- niversary of its birth, the Jewett City Savings Bank reviews a career of use- fulness and prosperity in which many individuals have participated. The bank declarcd its first dividend three months after beginning business, at the rate of seven per cent. per annum, then reduced to six, to five, and finally to the regular savings bank rate, four per cent.
The bank was chartered June 11, 1873, with the following corporators : Thomas L. Shipman, John W. Fanning, Thomas A. Clark, John R. Tracy, Ira G. Briggs, Jeremiah K. Adams, George Sanger, Erastus C. Kegwin, Phineas Boyle, William Soule, Joseph E. Leonard, Frederic P. Patridge, Alfred F. Brown, Levi J. Branch, Daniel S. Anthony, Asher P. Brown, Alfred A. Young, Welcome A. Browning, Andrew C. Burnham, Philetus Rathbun, James O. Sweet, Hezekiah L. Reade, Silas E. Sherman, Beriah H. Browning, Henry L. Johnson, John A. Rockwell, Israel Mathewson, Cornelius Murphy, Edwin Lathrop, Patrick Murtha.
First Officers-Hezckiah L. Reade, president; Asher P. Brown, vice- president : Henry T. Crosby, secretary-treasurer. Trustees-Thomas A. Clark, John R. Tracy, Phineas Boyle, Welcome A. Browning, James O. Sweet, John A. Rockwell, Andrew C. Burnham, Alfred A. Young, Silas E. Sherman, Beriah H. Browning, William Soule, Cornelius Murphy. Attorney, Erastus C. Kegwin.
The bank began business in the building formerly used as a banking house by the Jewett City Bank, but in 1889 erected the building which it has since occupied. The first depositor was Miss Mary L. Brown, who placed $100 to her own credit, June 23. 1873. Miss Brown's account remained an active one on the bank's books until finally closed, June 10, 1921.
Hezekiah L. Reade, the first president of the bank, served until July II, 1900; then, when the directors would have elected him for the twenty-eighth time, he declined the honor. The board then clected James O. Sweet presi- dent, he serving until his death, March 27, 1913. The board chose Edward M. Anthony to succeed Mr. Sweet, he serving until the next regular election, July 9, 1913, when he was chosen to the office, which he has since ably filled, being the third president to serve the bank during its nearly half a century of life. Henry T. Crosby, the first secretary-treasurer, was succeeded by Charles Edw. Prior, who served until February 1, 1895. when he resigned. Frank E. Robinson was chosen to fill out Mr. Prior's unexpired term, then at the regular meeting of the corporators was regularly elected to the office of secretary-treasurer, as he has been annually during the years, twenty-
453
BANKS
seven, which have since intervened. The bank has had but three secretary- treasurers since organization, Mr. Robinson yet being in office.
Present Officers (1922) -- Edward M. Anthony, president; John C. Hawkins, vice-president ; Daniel L. Phillips, vice-president ; Frank E. Robin- son, secretary and treasurer. Directors-Frank E. Robinson, John Potter, Albertus C. Burdick, Adelbert R. Young, Arthur M. Brown, Archibald M. Clarke, John H. Tracy.
Statement January 1, 1922:
RESOURCES
Cash on Hand and in Banks 26,320.76
Real Estate Loans.
$336,204.00 50,280.00
Town, Borough, and School District Loans
169,475.00
Municipal Bonds
252,895.50
Surplus
50,000.00
United States Bonds.
361,245.75
Bonds of Foreign Countries
188,039.72
Interest, less Current Ex-
Railroad Bonds
429,425.00
Public Utility Bonds. 40,000.00
Bank Stocks
65,200.00
Banking House 7,000.00
$1,926,085.73
When Mr. Robinson assumed the duties of his present office, February I, 1895, the bank had seventeen hundred depositors, their deposits amounting to $737,000. At this date, June 8, 1922, the number of depositors has reached twenty-five hundred and fifty, and their deposits total something over $1,800,- 000. The showing bears out the statement made in the beginning, that "the bank reviews a career of usefulness and prosperity," and, we may add, and honor.
The Jewett City Trust Company - The Jewett City Trust Com- pany, located in Jewett City, opened its doors for business October 3, 1921. The company has a capital of $25,000, and a paid in surplus of $6,250. At the end of the first six months deposits were $140,000.
The officers are: L. M. Carpenter, president; Daniel F. Finn, Joseph C. Worth, vice-presidents ; H. M. Dunbar, treasurer ; Edward A. Faust, secretary. Directors-L. M Carpenter, Joseph C. Worth, Edward A. Faust, Andrew McNicol, James H. Shea, Daniel F. Finn, H. M. Dunbar, Alex. McNicol, George H. Jennings, W. C. Terry, A. D. Tripp.
The Bankers Trust Company - Among the youngest of the financial institutions of New London county, the Bankers Trust Company began busi- ness on Franklin Square, Norwich, Connecticut, December 14, 1921. A state- ment of condition three months later, March 10, 1922, shows a remarkable growth during that short period :
ASSETS
demand) 22,908.36
Bills Discounted $42,532.06
Mortgage Loans
1,500 00
Demand Loans (without col-
Town and City Notes. 4,800 00
lateral)
1,275.00
Funds Set Aside for Savings
Collateral Loans (time and
Depositors 53 339.02
$1,926,085.73 LIABILITIES
Deposits $1,782,519.30
Profit and Loss. 69,228.23
penses and Taxes Paid .. . . 24,211.45
Rent
126.75
Collateral Loans
454
NEW LONDON COUNTY
ASSETS-(Continued)
LIABILITIES
Stocks and Securities. ... 24,850.00
Capital Stock $100,000.00
Furniture and Fixtures ..
1 5,289.66
Due to Banks and Bankers.
2,943-43
United States and National
Savings Deposits
53,339.62
General Deposits
299,146.01
Bank Notes
50,418.00
Gold Coin
1,187.50
Silver Coin
4,099.89
Treasurer's Checks
54.90
Checks, Cash Items and Ex- changes
1,649.52
Other Assets, viz .:
Christmas Savings or Thrift Funds
900.50
Prepaid Interest on Bonds
314.28
Other Liabilities, viz .: Sus-
Expense Account
5,047.80
pense Account
5.45
$500,440.16
$500,440.16
Officers-Angus Park, president; Timothy C. Murphy, Charles A. Sax- ton, Joseph C. Worth, vice-presidents ; George A. Finn, secretary and treas- urer. The directors are: David B. Disco, James J. Donahoe, Edwin W. Higgins, Angus Park, Herbert M. Lerou, Charles D. Foster, Louis J. Fon- taine, Timothy C. Murphy, Martin Rozychi, William H. Cruikshank, James Graham, Abner Schwartz, Joseph C. Worth, Charles A. Saxton, George A. Finn.
With such an auspicious beginning, the future seems bright for this addition to the financial family of the county.
The Pawcatuck Bank and Trust Company - This, the youngest of all New London county financial institutions, began business in Pawca- tuck, Connecticut, March 2, 1922, with a capital of $25,000. The officers are : Elias B. Hinckley, president ; R. J. Randall, chairman of board ; F. S. Opie, H. A. Stahle, vice-presidents; F. M. Robertson, cashier ; C. C. Gray, secre- tary. Directors-William H. Casey, Charles F. Champlin, F. L. Furness, Charles C. Gray, Elias B. Hinckley, George O. Murphey, Fred S. Opie, Lee Perley, R. J. Randall, H. A. Stahle, George H. Stone, Frank N. Wilcox, William A. Wilcox, F. S. Nardone.
One hundred thousand dollars on deposit, and has accumulated a surplus of $6,250.
The Winthrop Trust Company - This company opened for business in temporary quarters in the Plant building, 310 State street, New London, Connecticut, on March 1, 1922, being the two hundred and seventy-sixth year after the founding of New London by John Winthrop, the younger.
Officers-P. LeRoy Harwood, president; Ernest E. Rogers, vice-presi- dent; Frank C. Cutler, secretary-treasurer. Directors-Ward T. Alling, W. Ellery Allyn, Arthur P. Anderson, Rosemary O. Anderson, Charles Borland, Sidney A. Brown, Donald Chappell, Waldo E. Clarke, Cornelius C. Costello, Marion R. Davis, Percy C. Eggleston, Harry T. Griswold, James G. Ham- mond, Philip Z. Hankey, Frank J. Howell, Ludwig Mann, James R. May,
Surplus
25,000.00
Due from Banks and Bankers
271,225.09
Certificates of Deposit, de mand
19,000.00
Certified Checks
50.25
Revenue Stamps
3.38
455
BANKS
Robert J. Sisk, Frank B. Walker, Charles B. Waller, E. O. Winship, Thomas A. Woodruff, Homer Brooke.
Report of the condition of the Winthrop Trust Company, New London, Connecticut, at the close of business on May 5th, 1922 :
ASSETS
Demand Loans (without col-
lateral)
$13,625.00
Expenses
5,037.60
Collateral Loans (time and
demand)
88,255.00
Motgage Loans
500.00
Other Loans
42,374.00
LIABILITIES
Capital Stock $100,000.00
Surplus
25,000.00
Savings Deposits
10,178.91
United States Bonds
9,922.50
Stocks and Securities.
47,418.47
Furniture and Fixtures
4,088.46
Due from Reserve Agents ..
56,895.26
Due from Banks and Bank- ers
740.21
United States and National Banks Notes
5,736.00
Gold Coin
215.00
Silver Coin
340.50
LIinor Coin
18.97
Checks, Cash Items and Ex-
changes
10.63
on loans discounted).
1,479-33
Other Assets, viz .: Bank Ac-
ceptances
19,868.89
Accrued Interest on Stocks and Bonds Paid Our .. 508.33
Total Assets
$305,743.70
Bonds to Secure Savings
Deposits
8,077.25
Funds Set Aside for Savings Depositors
2,111.69
General Deposits
164,866.64
Treasurer's Checks
3,597.21
Certified Checks
5.00
Exchange, Collection Charges on Drafts 5.24
Interest Earned on Savings Funds
10.03
Other Liabilities, viz .: In-
surance Commission
1.42
Commission on Sales, Stocks and Bonds 31.83
Interest Earned
568.15
Discount (nnearned interest
Total Liabilities $305,743.76
CHAPTER XVI FIRE INSURANCE IN NEW LONDON COUNTY By WALTER F. LESTER
A Primitive Necessity .- The spirit of mutual dependence so profoundly voiced by the framers of the Mayflower Compact has never failed to pervade the colonies planted by them, nor the communities which later developed therefrom. Indeed, into the fabric woven by those who "solemnly and mutually"" covenanted and combined themselves together "into a civil body politic for our better ordering and preservation," there entered as the basic element the relation of each to the other. Periods of dire distress at times sorely tried these relations, yet through the deep cultivation and refinement of common disaster they proved too well-rooted to suffer destruction, and endured. Through mutual understanding, therefore, as well as necessity, our forefathers came to be among the world's most noble exponents of the exhortation, "Bear ye one another's burdens."
Built upon such a foundation and fostered by hereditary spirit in the succeeding generations, were it possible for our humane institutions of to-day to have achieved a lesser degree of development? Quite naturally these people who believed in personal equality ; who established and protected a like oppor- tunity for all in religion and education ; whose men stood as sentinels about the church, guarding the worshipping congregation against the ravages of the hostile savage ;- quite naturally these people had anxiety to protect themselves against the ravages of a fickle friend-usually one of their potent allies, but erstwhile their most vicious enemy. As a result we find written into the early records and later into the official statutes, rules and laws relating to the prevention of and protection from damage by fire. These regulations were primitive and the natural deduction from the circumstances, but a person of even average intelligence would declare them to be so self- evident as to be superfluous. Ordinarily this would be true, yet, ever since fire underwriting has been a factor in the economic world, those engaged in the business have been endeavoring to understand the psychologic phenom- enon of mankind's apathy to the great hazards of fire, and the most elementary warnings seem essential, though universally unheeded. Undoubtedly it was in recognition of this trait of human nature that our New England ancestors came to a realization that losses by fire were sure to occur and that precau- tionary measures to prevent fire would frequently fail, making it necessary to find some means through which the individual loser would not be obliged to suffer all the burden alone, but that the toll exacted might be distributed over the entire community. There appears therefore as early as 1640 frag- mentary references pointing to the fact that a mutual understanding, at least, was entered into among the people of some of the separate communities in southern New England looking toward a contributorship or assessment levied on the many to cover the misfortune of the few. This of course was quite natural, as in some sections the idea of all real property of whatever
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