USA > Connecticut > New London County > History of New London county, Connecticut : with biographical sketches of many of its pioneers and prominent men > Part 54
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there were then three) had experienced so much incon- venience from the increase of foreign bills that they had agreed not to receive the bills of any bank out of Boston (except the Bank of the United States) after the 1st of May ensuing; that they regretted ex- tremely the operation of the rule in the case of the Union Bank, New London, for if the other banks had been as attentive to redeeming their bills as that had been no such regulation would have been necessary. He then added that the board had been very desirous of making the New London Union Bank an exception to the rule, but no practical mode of doing so had occurred to them. They would be ready, however, to embrace any opportunity that might offer of accommodating the bank, or making any arrangement with it that should be mutually advantageous. This was soon after followed by a correspondence, the result of which was that Mr. Green was constituted the agent of the bank for the redemption of its bills in Boston, he being furnished by it with a deposit on the Union Bank, Boston, for that purpose. This is referred to as being the forerunner and probably the origin of that plan of redemption in Boston by the New Eng- land country bank which was afterwards so sys- tematically and rigorously enforced through the agency of the Suffolk Bank. In addition to the small bills of one, two, and threepence, etc., issued, as be- fore stated, for the purposes of change, the bank during the war of 1812, and perhaps earlier, issued bills for fractional parts of a dollar, such as six and a half, twelve and a half, twenty-five cents, etc. They also issued, as early as 1795, bills of the denomina- tions of four, six, and eight dollars, many of which continued in circulation until some time after the war. There is nothing tending to show that post-notes were ever issued by the bank. Nor is there any recorded action of the bank in regard to the suspension of specie payment during the war of 1812, or the re- sumption of the same after it. The only matter of record indicating a disturbed condition of the cur- rency at that period is found in a vote of the directors passed February, 1815, by which a dividend was de- clared payable in New York bills. The bank redeemed its own bills all through the war, but probably con- ducted most of its transactions as did the country gen- erally, in the depreciated currency of the times. The business of the bank was from the outset reasonably prosperous. Its first semi-annual dividend was two per cent. From thatit advanced by degrees to four per cent. semi-annually, until 1812, when there were two regu- lar dividends of four and a half per cent. each and an extra one of four and a half per cent., making for the year thirteen and a half per cent. In 1813 there were regular and extra dividends amounting in the aggregate to nineteen and a half per cent. But from what causes the bank was then able to make such does not now appear. From its commencement the bank never passed a dividend, nor, after the first year, ever paid less than six per cent. annually. Its first
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NEW LONDON.
president, Gen. Huntington, continued in office twenty-six years. His successors have been George Hallam, William P. Cleveland, Jonathan Starr, Robert Coit, and William H. Chapman.
The following is a list of presidents and cashiers from 1792 to 1882 :
Presidents .- 1792, Jedediah Huntington ; 1818, George Hallam ; 1825, William P. Cleveland; 1834, Jonathan Starr; 1853, Robert Coit; 1858, William H. Chapman, present incumbent.
Cashiers .- 1792, John Hallam; 1800, Robert Hal- lam; 1827, Ebenezer Learned; 1836, Joseph C. Sis- tare; 1851, Charles G. Sistare; 1860, Leonard C. Learned, present incumbent.
The present directors, 1881, are as follows : William H. Chapman, Robert Coit, Charles Prentis, Nathan Belcher, Julius W. Eggleston, George F. Tinker, Is- rael Matson, E. Clark Smith, Horace Coit.
New London City National Bank .- The New London Bank was chartered at the May session of the General Assembly in 1807, and held its first meet- ing of directors July 18, 1807, when Elias Perkins was chosen president, and Anthony Thatcher cashier. The first board of directors consisted of Elisha Den- ison, Elias Perkins, Edward Chappell, Isaac Thomp- son, William Williams, Jacob B. Gurley, Edward Hallam, Cushing Eells, and William Noyes. In July, 1808, Elias Perkins resigned, and Elisha Den- ison was chosen president, and held that office until 1828, when Jacob B. Gurley was chosen and con- tinued in office until 1847, when he resigned and Ezra Chappell was chosen president. In 1833, An- thony Thatcher resigned the office of cashier and E. F. Dutton was elected, and continued as cashier until 1853, when he was chosen president, to fill the vacancy occasioned by the resignation of E. Chappell, and R. N. Belden was chosen cashier. In 1856, E. F. Dutton resigned and A. N. Ramsdell succeeded him as presi- dent, which office he held until his death in 1873. During his administration the bank was organized into the national bank system, in 1865. Henry P. Haven was chosen president in 1876, and continued until his death, which occurred three months after his election. He was succeeded by J. N. Harris. In 1878, William H. Rowe was chosen cashier, in place of R. N. Belden, resigned, he having held the office for twenty-eight years.
The present board of directors are J. N. Harris, E. D. Avery, R. N. Belden, William Belcher, H. L. Cran- dall, Walter Learned, W. H. H. Comstock, D. D. Latham, E. T. Brown. The present officers are J. N. Harris, president; R. N. Belden, vice-president ; William H. Rowe, cashier. Capital stock, $100,000; surplus fund, $13,000.
The National Bank of Commerce .- On the 31st of August, 1852, books were opened for subscription to the stock of this bank, and on the 9th of the follow- ing month the first board of directors was chosen, as follows : Acors Barns, Lyman Allyn, Henry P. Haven,
Martin K. Cady, Daniel Latham, Benj. F. Brown, F. W. Holt, Chas. W. Strickland, and G. L. Ford. Of this board the latter two only are living, April 18, 1881.
At the same meeting Acors Barns was chosen presi- dent, and remained as such until his death, which oc- curred Nov. 18, 1862. Jan. 5, 1863, his son, W. H. Barns, was chosen to fill the vacancy, and is the pres- ent incumbent of the office. Oct. 4, 1852, Charles Butler was chosen cashier, and officiated in that capacity until his death, in March, 1878. 'On the 25th of the same month Mr. Charles W. Barns was chosen his successor, and is the present cashier. Mr. Barns at the time of his election was the youngest cashier except one in the State of Connecticut. The present teller is Mr. George B. Prest. Jan. 5, 1863, the following directors were chosen: Daniel Latham, Henry P. Haven, Chas. W. Strickland, Martin K. Cady, C. C. Comstock, Chas. Miner, John Dennis, W. H. Barns, and Henry R. Bond. The bank was organized with a capital of $100,000, which was increased, Jan. 17, 1853, to $150,000; July 7th, same year, to $207,200; and Jan. 14, 1873, to $300,000, its present capital.
At a directors' meeting held Nov. 28, 1864, it was voted "that in the opinion of this board it is desir- able to change this association from its present State organization to a national bank, and they recommend the stockholders to take such action as is required to effect this change immediately." The vote was passed unanimously, all the directors being present. At the same meeting the following-named gentlemen were appointed a committee to obtain the necessary number of signatures of stockholders to the articles of incor- poration, to draft by-laws, and to purchase the neces- sary United States bonds : William H. Barns, Daniel Latham, and Henry W. Bond. At a meeting held Dec. 5, 1864, the articles of association of the National Bank of Commerce were signed by all the directors. The customary oath required by act of Congress from directors of national banks was taken by all the directors before Abiel Converse, notary public, and signed and certified to and stamped before him. The certificate of officers and directors of the amount of capital paid up was signed and sworn to before Abiel Converse, notary public, by president, cashier, and directors. The organization certificate was also signed by the directors, stamped and acknowledged before Abiel Converse. Henry R. Bond was clerk.
At a meeting of the stockholders held Jan. 2, 1865, papers from the comptroller of the currency author- izing the National Bank of Commerce to commence the business of banking were read in the meeting by the chairman, after which the following directors were chosen : W. H. Barns, Daniel Latham, H. P. Haven, M. K. Cady, Charles Miner, C. C. Comstock, John Dennis, H. R. Bond, and C. W. Strickland. At a directors' meeting held May 13, 1872, it was voted to increase the stock 1036 shares, amounting to
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HISTORY OF. NEW LONDON COUNTY, CONNECTICUT.
$103,600, and at a meeting of the stockholders of the bank, Jan. 14, 1873, the chairman reported verbally the fact of increase of capital stock fifty per cent., and the subsequent reduction of the same seventy-two shares, so that the stock should stand at the sum of $300,000. It was also reported at this meeting that rooms in the new hotel building (Crocker House) had been rented for a term of fifty years, to be occupied in connection with the Mariners' Savings-Bank. A report was also made concerning the new safe.
Upon the death of the first cashier, Deacon Charles Butler, who had served the association so long and faithfully, the following minute was adopted at a meeting held March 18, 1878 : "Deacon Charles But- ler died at his residence in New London on the 13th day of March, 1878, after a life of quiet, unostenta- tious discharge of every duty as a man, merchant, and a citizen, at the advanced age of seventy-five years. He was brought up in the mercantile house of the late Maj. Thomas W. Williams, of this city, where by a long experience and accurate business discipline, brought to bear upon a character singularly pure, simple, and truthful, he became what he has been universally recognized in this community for more than a generation to be,-a man of unimpeachable character and spotless integrity. A safe counselor, a faithful officer, a true friend, and an humble and de- voted disciple of his Master, this board, with whom he has been associated for more than a quarter of a century, has its peculiar sorrow added to the general affliction. He was known to and loved by each of his associates, who bear their lasting testimony to his capacity, his gentleness, his scrupulous honor, and his faithfulness to every duty. Desiring to express our sense of his virtues and of our loss in some enduring form, we order these minutes to be entered upon the permanent records of this association, and tender to his mourning family our sincere sorrow and sympathy."
The bank is located in rooms built expressly for the purpose in the Crocker House Block, and is consid- ered one of the most complete and commodious bank- ing offices in this section. The bank is furnished with all the modern safeguards against fire and burglars. The safe is an improved pattern, weighs twenty tons, and, in addition to its capacity for the banking business, contains one hundred and ninety- nine tills, which are leased as safe deposits. The vault was built at a cost of fifteen thousand dollars. Business was first commenced in the second story of the Union Bank Building, and was continued there until May, 1873, when it was removed to its present location.
The Whaling Bank was organized in 1833, and reorganized in 1865 as a national bank. The present officers of the bank are as follows : President, S. D. Lawrence; Cashier, B. A. Copp; Clerk, John W. Tinker; Directors, S. D. Lawrence, Sidney Miner, A. Brandegee, F. W. Lawrence, Richard M. Jerome, W. D. Pratt.
The Savings-Bank of New London was incorpo- rated in May, 1827. Its incorporators were Wm. P. Cleaveland, Ebenezer Learned, Robert Coit, Edward Learned, Isaac Thompson, Ephraim Chesebrough, Archibald Mercer, Jirah Isham, Nathaniel I. Per- kins, Nathaniel Saltonstall, Peter Richards, Ezra Chappell, Increase Wilson, Wm. P. Cleaveland, Jr., Thomas West, Charles I. Stockman, Guy Turner, Thomas W. Williams, and Jacob B. Gurley.
The presidents from organization to the present time have been as follows: Ebenezer Learned, Ezra Chappell, Robert Coit, Wm. H. Chapman.
The office of secretary and treasurer from incorpo- ration to the present time has been held by Jos. C. Sistare, Francis C. Learned, Joshua C. Learned.
The present board of trustees are Wm. C. Crump, Wm. H. Chapman, Jos. B. Congdon, Wmn. H. Barns, Charles Prentis, John Darrow, Joshua C. Learned, J. W. Eggleston, Charles Baras, Robert Coit, J. Law- rence Chew, George F. Tinker, Erasmus D. Avery, Israel Matson, Samuel Green, William Smith, Arnold Rudd, Walter Learned, James Griswold, Chris. L. Avery, C. A. Williams, Horace Coit, D. B. IIempsted, F. H. Chappell, David A. Daboll, and Daniel L. Browning.
The first deposit was made on the 2d of July, 1827, by Robert Jones, and amounted to $10.
The present deposits are $3,114,108.51. This bank was the fourth incorporated in the State, the earliest being the Society for Savings in Hartford in 1819, Norwich Savings Society in 1824, and the Middle- town Savings-Bank in 1825; it is now the seventh in size.
The first depositor was a colored man, and his ac- count remained open until his death a few years ago.
The Mariners' Savings-Bank was incorporated by act of the General Assembly at its May session, 1867. The following is the list of its incorporators : William H. Allen, Ebenezer Morgan, Christopher Al- lyn, Henry R. Bond, Erasmus D. Rogers, George G. Benjamin, F. L. Allen, T. M. Waller, John M. Chap- man, C. S. Holt, John Dennis, John A. Tibbits, A. N. Ramsdell, Theophilus Brown, William G. Gorton, Daniel Latham, Samuel Green, Henry P. Haven, Charles D. Boss, Jr., C. W. Strickland, Rial Chaney, Elias F. Morgan, Charles Miner, Richard H. Chapell, Benjamin Stark, C. C. Comstock, James Griswold, J. N. Harris, J. T. Shepard, Robert A. Morgan, Wil- liam H. Barns, O. Woodworth, Leander Williams, Charles Howard, Erasmus L. Avery, Samuel P. Smith, Richard P. Huntley, Edward Church, William L. Peckham, Henry Williams, Charles M. Daboll, and J. C. Avery, by which will be seen that both the marine and mercantile interests of the city were well represented, as well as the interests of adjoining com- munities.
The following is a list of its first officers : President, Daniel Latham ; Vice-Presidents, Henry P. Haven, A. N. Ramsdell, Julius T. Shepard, James Griswold, Fred-
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NEW LONDON.
erick L. Allen, C. C. Comstock, W. H. Allen, Ebene- zer Morgan, Oliver Woodworth ; Directors, Henry R. Bond, Benjamin Stark, Rial Chaney, William H. Barns, and Richard H. Chapell ; Treasurer, The Na- tional Bank of Commerce; Secretary, Charles Butler ; Attorney, Thomas M. Waller.
Usually when institutions of the nature of savings- banks commence business it is necessary that it be done under the fostering care of some corporation or bank already established, and in this instance it was the National Bank of Commerce which assisted this young savings-bank, in order to relieve it from rent and other incidental expenses as much as possible. Hence arose the appointment at the first of the National Bank of Commerce as its treasurer. At the annual meeting held in July, 1869, John E. Darrow was chosen its secretary and treasurer, and has so continued to the present. The first deposits were made by two sailors, Aug. 8, 1867, the first, Manuel Roderique, $194.03, and the second, Lewis DePena, $167.58. This seems to have constituted the first day's business. At the meeting of the Legislature in May, 1868, the next Legislature after it began busi- ness, its report, under date of Jan. 1, 1868, was in brief as follows :
Whole amount of deposits. $11,915.46
Present number of depositors. 60
Amount since rganization. $13,700.46
Amount drawn since organization .. 1,785.00
Reports were made annually thereafter under date of January 1st of each year, until the time of the meeting of the Legislature was changed to January instead of May, and which occurred in 1877; since then the reports are dated October 1st in each year.
The last annual report, Oct. 1, 1880, gives
Whole amount of deposits.
$1,163,266.45
Present number of depositors.
2,274
Amount deposited during the year.
$267,046.90
Amount withdrawn during the year
159,707.80
Daniel Latham, the first president, continued from organization to May 15, 1870, when he resigned, and Henry R. Bond was elected to the presidency, and so continued until the annual meeting, July 26, 1876, when, he declining a re-election, Mr. William H. Barns was elected president, and has so continued to the present date.
The present list of officers is as follows : President, William H. Barns; Vice-Presidents, Julius T. She- pard, William H. Allen, Ebenezer Morgan, James Griswold, C. C. Comstock, Erasmus D. Avery, Samnel Green, Wm. L. Peckham, E. Clark Smith ; Directors, Benjamin Stark, Robert A. Morgan, Eldridge P. Beckwith, James Fitch, David D. Latham ; Secretary and Treasurer, John E. Darrow ; Attorney, Thomas M. Waller.
The bank has not failed in paying a dividend every six months of its existence, beginning March 1, 1868. Its business was done in the same rooms occupied by the National Bank of Commerce, in the second story of the National Union Bank Building, until May 17,
1874, when it removed to the commodious rooms under the Crocker House, on State Street, which were expressly fitted up for it and the National Bank of Commerce, and used by them jointly.
The Equitable Trust Company was chartered in 1869 and organized in 1872. Its exclusive business is the negotiation and sale of loans secured by mort- gage on real estate. Loans are made in Western States, and sales effected for the most part in Europe. Its capital is $1,500,000. The officers are as follows : President, Jonathan Edwards. Trustees, John Jacob Astor, New York ; Charles Barns, Williams & Barns, New London ; William H. Barns, president National Bank of Commerce, New London; Henry R. Bond, New London ; Augustus Brandegee, New London ; Willett Bronson, New York; Charles Butler, New York ; George C. Clark, Clark, Dodge & Co., bankers, New York ; Robert Coit, president New London N. R. R. Co., New London ; Jonathan Edwards, New York; J. N. Harris, president New London City National Bank, New London ; Adrian Iselin, A. Ise- lin & Co., bankers, New York ; A. Iselin, Jr., A. Ise- lin & Co., bankers, New York ; Eugene Kelly, Eu- gene Kelly & Co., bankers, New York; Robert Len- nox Kennedy, New York ; J. D. Leffingwell, Clinton ; George DeForrest Lord, Lord, Day & Lord, New York; A. A. Low, A. A. Low & Co., New York; Francis V. Parker, Parker & Stackpole, bankers, Boston; Joseph Patterson, president Western Na- tional Bank, Philadelphia; Henry E. Pierrepont, New York; William Remsen, New York; George A. Robbins, New York; James A. Roosevelt, Roose- velt & Son, New York; Alfred Roosevelt, Roosevelt & Son, New York; J. Gregory Smith, president Cen- tral Vermont Railroad, St. Albans, Vt .; Gustav Stell- wag, Kessler & Co., New York; C. A. Williams, C. A. Williams & Co., New London; Samuel Willets, Willets & Co., New York; Charles Stewart Wurts, Philadelphia. Executive Committee, Adrian Iselin, Samuel Willets, Gustav Stellwag, William Remsen, Willett Bronson, James A. Roosevelt, Eugene Kelly, Charles Butler, A. Iselin, Jr., Francis V. Parker, and the officers of the company, ex officio.
W. W. Perkins Post, G. A. R., was organized Sept. 10, 1879, with the following officers: George Havens, C .; Edward N. Crocker, S. V. C .; John C. Bliss, J. V. C .; Daniel Penbullen, Surg. ; Goetz Bachertz, Q.M .; Samuel H. Lloyd, Adjt .; George Saunders, Chap .; Jeremiah J. Jones, O. D .; H. C. W. Rogers, O. G. The present officers are C. S. Dar- row, C .; Goetz Bachertz, S. V. C .; Charles E. Searles, J. V. C .; Ambrose E. Lester, Surg .; Edward N. Crocker, Q.M .; William Douglass, Adjt .; Daniel R. Stevens, Chap .; George A. Buddington, O. D .; Edward Sullivan, O. G.
There was a post here called Strickland Post, No. 2, formed in 1868, but gave up their charter in 1874 or 1875.
Fire Department .- The present organization of
15
222
HISTORY OF NEW LONDON COUNTY, CONNECTICUT.
the fire department is as follows: Chief Engineer, William B. Thomas; First Assistant, Peter McMul- len ; Steamer No. 1, Niagara; No. 2, Nameaug; Hand-Engine No. 3, Relief; Hook-and-Ladder Com- pany No. 1, F. L. Allen Truck Company; Hose Com- panies, No. 3, W. B. Thomas, Williams, near Main ; No. 4, Konomoc, Church, near Union.
CHAPTER XVII. NEW LONDON -- (Continued). CIVIL AND MILITARY.
Representatives from 1670 to 1882.
1670 .- May, James Morgan, Cary Latham; October, David Witherby, John Prentice.
1671 .- May, Edward Palmes, David Witherby ; October, Capt. John Win- throp (absent), Edward Palmes.
1672 .- May, Edward Palmes, Wm. Dowglas.
1673 .- May, Capt. Edward Palmes; October, Capt. Edward Palmes.
1674 .- May, Maj. Edward Palmes; October, Maj. Edward Palmes.
1675 .- October, Lient. James Avery (absent), Charles Hill (absent).
1676 .- May, William Dowglass; October, Capt. James Avery, Daniel Witherell (absent).
1677 .- May, Daniel Wetherell, Capt. James Avery ; October, Maj. Ed- ward Palines, Capt. James Avery.
1678 .- May, Maj. John Winthrop, Capt. James Avery ; October, Maj. Ed- ward Palmes, Charles Ilill.
1679 .- May, Maj. Edward Palmes, Daniel Witherill; October, Capt. James Avery, Charles Hill.
1680 .- May, Daniel Witherby, Charles Hill; October, Capt. James Avery, Charles Hill.
1681 .- May, Maj. Edward Palmes, Daniel Witherby ; October, Daniel Witherby, Charles IIIIt (absent).
1682 .- May, Maj. Edward Palmes, Capt. James Avery ; October, Maj. Ed- ward Palmes, Capt. James Avery.
1683 .- May, Maj. Edward Palmes, Capt. James Avery ; October, Daniel Witherell, Christo. Christophers.
1684 .- May, Cupt. James Avery, Daniel Witherell.
1685 .- May, Daniel Witherell, Capt. James Avery ; October, Christo. Christophers, James Avery.
1686 .- May, Maj. Edward Palmes, Daniel Witherell.
1688 .- Sir Edward Andross, Governor.
1689 .- May, Capt. James Avory, Lieut. Daniel Witherell; October, Daniel Witherby, Ensign James Morgan.
1690 .- May, James Avery, John Morgan; October, Nehemiah Smith, William Douglass.
1691 .- May, Richard Christopher, William Duglass; October, Capt. James Morgan, Nehemiah Smith.
1692 .- May, Lieut. James Avery, William Duglass ; October, Capt. James Morgan, Ensign Clement Minor.
1693 .- May, Richard Christophers, Samuel Avery ; October, Andrew Leister.
1694 .- May, James Avery, Nehemiah Smith ; October, Samuel Fosdick, Capt. Thomas Avery.
1695 .- May, James Avery, James Morgan ; October, Alexander Pigon, Andrew Lelater.
1696 .- May, Clement Minor, Samuel Fosdick; October, Andrew Lester.
1697 .- May, Andrew Lester, William Dowglass : October, James Averye, Samuel Fosdick.
1698 .- May, Richard Cristophers, Ensign Nehemiah Smith; October, Lieut. Nehemiah Smith, Capt. Samuel Fosdick.
1699 .- May, Capt. Samuel Fosdick, Lient, Nehemiah Smith ; October, Capt. James Morgan, Nehemiah Smith.
1700 .- May, Samuel Fosdick, William Duglass ; October, Lieut. Nehe- mlah Smith, Enalgn John Hough.
1701 .- May, Lient. Nehemiah Smith, Samuel Rogers; October, Nehe- miah Smith, Ensign John Ilough.
1702 .- May, Nehemiah Smith ; October, Lient. James Averye, Jonathan Prentiss.
1703 .- May, Lieut. John Hough, Capt. John Prents; October, Nehemiah Smith, William Douglass.
1704 .- May, Wilt Donglass, Sergt. John Burr ; October, Capt. John Prents, Samuel Rogers.
1705 .- May, Andrew Lester, Robert Lattimer; October, Nehemiah Smith, Wilt Douglass.
1706 .- May, Lieut. John Ilough,1 John Richards; October, Capt. John Livingstone, Ensign John Richards.
1707 .- May, Lient. John Hough; October, John Richards, Capt. John Livingstone.
1708 .- May, Lieut. John Richards, William Duglass; October, Thomas Boles, James Rogers.
1709 .- May, Thomas Bolles, James Rogers ; October, James Rogers, Joshua Hempstead.
1710 .- May, William Douglas, John Prentts; October, John Richards, James Rogers.
1711 .- May, William Douglass, James Rogers; October, John Richards, James Rogers.
1712 .- May, William Douglass, John Plnm; October, James Rogers, Jr., Stephen Prentiss.
1713 .- May, John Richards, James Rogers; October, James Rogers, Lieut. John Richards.
1714 .- May, John Richards, James Rogers; October, James Rogers, Capt. John Hongh.
1715 .- May, Capt. James Rogers, Lieut. John Richards; October, Capt. James Rogers, Lieut. John Richards.
1716 .- May, Capt. James Rogers, Lieut. John Richards; October, Capt. James Rogers, Lieut. John Richards.
1717 .- May, Capt. James Rogers, John Richards; October, Capt. James Rogers, Lieut. John Richards.
1718 .- May, Capt. James Rogers, Joshua Hempstead; October, Capt. James Rogers, Lient. John Richards.
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