USA > Massachusetts > Bristol County > A History of Bristol County, Massachusetts, vol 2 > Part 8
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560
BRISTOL COUNTY, MASSACHUSETTS
Drill & Machine Co., $600,000; New Bedford Cordage Co., $400,000; New Bedford Gas and Edison Lob Light Co., $1,590,000; Snell & Biscuit Co., $400,000; Standard Ring Traveler Co., $20,000; Taunton-New Bedford Cop- per Co., $800,000; W. C. Jones Co., $100,000; and many others. These fig- ures were all of the date of about 1918.
The following was written for the History of Bristol county a few years ago :
Concerning the city of Bedford it may be said that the immense textile manufac- turing business of Bedford has won for her great fame. Her whaling industry reached its greatest height in 1857, when the fleet consisted of three hundred and twenty-nine vessels of all kinds, requiring crews aggregating 10,000 men. The capital invested was about $12,000,000 and the value of the catch in 1857 was in oil and bone $6,178,728. The decline may best be understood by comparing the fleet of 1857 with that of the present (1918) day, when a few old ships and a dozen crafts comprised the fleet. In 1916 the value of the sperm oil catch of vessels owned in New Bedford was $180,000. No whale oil nor whale bone was taken. Whale and sperm oil is yet refined and sperm candles and spermaceti manufactured by the Frank L. Young Co. It was this great whaling industry of the years prior to 1857 which was the stumbling-block in the way of the Wamsutta mills, the first cotton factory established in New Bedford. As it is now one of the greatest of the city's textile plants and known wherever cotton goods are used. In the autumn of 1846 Joseph Grinnell then Congressman from the New Bedford district, headed a subscription list with $10,000 and secured for New Bedford a cotton mill which was intended for Georgia. A charter secured in 1846 by Abraham H. Howland from the Massachusetts legislature for a company styled the Wamsutta mills was turned over to Mr. Grinnell and his associates, who intended to secure $300,000 capital and erect a cotton mill of 15,000 spindles and 300 looms. But capital was enamored with whaling investment and its sure profits and hardly noticed such a common place suggestion as the erection of a cotton mills. So the best that could be done was $160,000 and with this they were obliged to start. Mill No. 1 was built to accommodate 15,000 spindles and 300 looms as intended, but the company was obliged to start the mill with 10,000 spindles and 200 looms. The machinery was started in 1849, all the overseers, carpenters, machinists and operatives being brought from Rhode Island, Connecticutt and Massachusetts towns. To provide living accom- modations for these the company was compelled to build and maintain tenements and boarding houses. The first product of the mill was the since famous Wamsutta sheet- ing. In 1854 the capital was increased to $600,000 and a second mill was built. From that date to the present expansion of plant and capital have been frequent, the eight mills of the company (in 1918) making over two hundred varieties of cotton goods. Joseph Grinnell, first president, died February 7, 1885, and was succeeded by Andrew G. Pierce, who had been treasurer for thirty years. Mr. Pierce was succeeded as president by William W. Crapo and again became treasurer of the company. Later Edward T. Pierce acted as treasurer of the mill a long period."
The success of the Wamsutta mills and the gradual falling away of profits of whaling, induced capital to look more favorably upon cotton manufacturing in New Bedford. In 1871 the first of the Potomska Mills was built in the south end of the city. This company was formed with a capital of $600,000 which has since been doubled. James Robinson president, was succeeded by Edward Kilburn, he by An- drew J. Pierce also a one-time. president and long time treasurer of the Wamsutta mills. With 1881 the "boom" was ushered in. Came the Grinnell Manufacturing Co. in 1882, the Acushnet Mill Corporation, the Oneko Woolen Mills, the New Bedford Manufacturing Co. all in the same year; in 1888-89 the City Manufacturing Co., the Howland Mills Corporation, with William D. Howland its first treasurer, the Hatha- way Manufacturing Co., the Bennett Manufacturing Co., all were organized. The Bristol Manufacturing, the Columbia Spinning, the Pierce and the Rotch Spinning com- panies all date their existence from 1892; the Whitman Mill from 1895; the Dart- mouth since 1896 and the others came in rapid succession. For equipment and product of New Bedford mills. 1922:
Bristol-36
Name No. Mills Capital
Bonds Spindles Looms Employees
PRODUCT
Acushnet Mfg. Co.
3 $1,500,000
Beacon Mfg. Co., Com.
1
1,200,000
Beacon Mfg. Co., Pfd.
1,000,000
Booth Mfg. Co., Com.
2
$59,000
56,164
1,354
700
Plain, Fancies and Silk Goods and Novelties.
Booth Mfg. Co., Pfd.
527,400
Bristol Mfg. Co.
1
1,000,000
67,040
1,876
650
Cotton and Silk Goods, Plain and Fancies, and Novelty Constructions.
1
2,000,000
125,000
2,800
1,200
Fine Cotton, Plain and Fancies, Yarns.
2
750,000
59,064
Yarn
600
Carded and Combed Yarn from Peeler, Egyptian and Sea Island Cotton.
Dartmouth Mfg. Corp., Com. 3
2,000,000
175,000
200,000
5,600
2,200
Plain, Fancy and Jacquard Cotton and Silk Goods.
Dartmouth Mfg. Corp., Pfd.
600,000
Fairhaven Mills, Com.
5
1,500,000
209,000
Yarn
2,000
Fairhaven Mills, Pfd.
2,000,000
Gosnold Mills Co., Com.
3
1,650,000
141,438
4,940
1,700
Fine Goods, Plain and Fancies, Jacquard, Silk and Cotton Mixtures.
3
1,500,000
126,000
3,135
1,000
Hathaway Mfg. Co.
2
1,600,000
111,012
3,194
1,300
Holmes Mfg. Co., Com.
1
600,000
69,552
Yarn
1,000
Kilburn Mills
2
1,500,000
126,032
None
1,250
Combed Cotton Yarns.
Manomet Mills
4
8,000,000
318,480
64
4,500
Combed Cotton Yarns and Cord Tire Fabric.
Nashawena Mills
3
4,500,000
203,000
4,400
2,200
Plain and Fancy Cotton and Jacquard Silk Novelties. Plain and Fancies, Silk and Mercerized Specialties.
+Nemasket Mills, Pfd.
300,000
1
350,000
21,500
73,000
1,400
680
Spinners of Combed and Carded Yarn, Egyptian and Sea Island Specialties. Fine Cotton Goods, Plain and Fancies.
2
4,800,000
196,000
Yarn
1,600
Combed Cotton Yarns.
Passaic Cotton Mills, Com.
7
200,000
Passaic Cotton Mills, Pfd ..
1,373,000
Pierce Bros., Ltd.
1
700,000
51,400
1,200
400
Fine Combed Yarn Cloths.
3
1,200,000
117,100
2,736
1,200
India Linons, and Lawns and Fancies.
Quissett Mills, Com.
I
1,250,000
4,000
80,000
Yarn
900
Sharp Mfg. Co., Com.
2
2,656,000
200,000
Yarn
2,000
Sharp Mfg.
Co., Pfd.
1,161,000
Soule Mills
1,260,000
92,640
2,300
900
Taber Mills
2
1,200,000
70,720
1,700
Wamsutta Mills
8
4,000,000
227,000
3,400
2,400
Whitman Mills
2
2,000,000
177,608
4,780
2,000
70
$61,735,200
$409,500
3,593,598 54,467
41,360
1
800,000
150,000
62,600
1,500
500
+Nemasket Mills, Com.
1
300,000
30,000
Yarn
250
N. B. Cot. Mills Corp., Com. N. B. Cot. Mills Corp., Pfd. Nonquitt Spinning Co.
750,000
156,028*
1,200*
3,700* Tire Fabries and Specialties.
Pierce Mfg. Corp.
2
600,000
116,008
3,426
1,000 Fancy and Fine Cotton and Silk Goods.
Quissett Mills, Pfd.
305,000
Spinners of Combed and Carded Yarns, all Plys and Des- criptions, Egyptians and Sea Island Specialties. Fine Combed Yarns.
Plain and Fancy Shirting, Handkerchiefs, Corset Cloth and Novelties.
700 Fancy Goods, and Lawns, Novelties in Fine Goods and Silks. Bleached and Brown Sheeting, Sheets and Pillow Cases, Shirtings, Lawns, Sateens, Fancies and Yarns.
Finest Plain and Fancy Cotton Goods; also Cotton and Silk Mixtures and Fine Yarns.
561
+Located in Taunton, but owned in New Bedford.
*In New Bedford, according to last information available.
HISTORY OF NEW BEDFORD
Spinners of Carded and Combed Yarn, Egyptian and Sea Island Specialties. Also Cord Tire Fabric.
Gosnold Mills Co., Pfd.
1,650,000
Grinnell Mfg. Corp.
Fine Cotton Goods, Plain and Fancies and with Silk Filling. Sateens, Twills, Shirtings, Plain and Silk Filled Goods. Fine Combed Yarns, Gassed, Mercerized, Bleached and Dyed, Commercial Mercerizing.
Holmes Mfg. Co., Pfd.
600,000
114,240 17,472
3,462
1,530
1,300 Sateens, Twills, Shirtings, Plain and Silk Filled Goods. Blankets and Napped Goods.
852,800
Butler Mill City Mfg. Co.
Neild Mfg. Corp.
Potomska Mills
562
BRISTOL COUNTY, MASSACHUSETTS
A striking feature of New Bedford's prosperity in 1916 was the number and estimated cost of new buildings in course of construction. The city applied for permits to expend nearly a half million dollars in new build- ings, including a new fire station, a police station, municipal baths, a pump- ing station and a portable schoolhouse. Private corporations applied for permits to build three new cotton mills and additions to other cotton mills or cotton mill storehouses. The New Bedford Gas and Electric Light Com- pany built and equipped a thoroughly modern power station at a cost of a million and a half dollars, and the Morse Twist Drill & Machine Com- pany began a large addition. The Cheney building in the dry goods dis- trict and the Holmes coal handling plants are examples of the substantial buildings and extensions erected for business purposes in all parts of the city.
No better proof of New Bedford's claim to be one of the fastest growing municipalities in the East is needed than the fact that during the year 1922 an excess of $7,000,000 were spent by the people of this city in constructing new homes, new churches, new tenements and new garages for themselves. The City Government alone spent $135,404.29 upon repairs and alterations to school houses and other public buildings. The following extract from the annual report of the Superintendent of Public Buildings for 1922 is of interest, showing as it does the recent building activity during the past year in New Bedford, the record of the year for expenditure in building exceeding that of any previous year in the history of the city :
A total of $7,057,240 was expended for new construction in the city of New Bed- ford during the year 1922, the largest expenditure for construction work in the history of the city. The next largest year was in 1910 when $7,037,337 was expended. The increase in 1922 was $1,240,609. The number of building permits granted for con- struction work in the city in 1922 was 1,216, the largest since the year 1913, when 1,245 building permits were granted.
The building figures for the year 1922 are all the more significant in view of the fact that more than half of the total expenditures was for dwelling house construction while in the year 1910 there was a large volume of industrial construction. The year 1910 was big boom year, when in addition to the industrial construction there were erected 639 dwellings, as compared with 544 erected in 1922. There were added in 1922 880 new tenements, 374 more than in 1921, and the greatest number added in the last ten years.
Another significant item of construction during the year 1922 was the large num- ber of garages erected, 477 of them as compared with 352 in 1921. The cost of garage construction in 1922 was $643,740. Of the 544 new dwelling houses added in 1922, 320 of them were of the two-family type and 216 were of the one-family or cottage type. The building statistics for 1922 are classified as follows:
New Dwellings
544
$3,917,600
Buildings for manufacturing and business purposes
8
528,500
Buildings for religious purposes
2
100,000
Buildings for educational purposes
2
146,000
Buildings for hospital purposes
2
70,000
Buildings for theatrical purposes
2
325,000
Buildings for apartment houses
2
100,000
Buildings for banking purposes
1
1
200,000
Stores singly and in block
71
577,500
Garages
477
643,740
Alterations and repairs
77
247,700
Miscellaneous
28
65,800
1216
$6,921,840
563
HISTORY OF NEW BEDFORD
City buildings, alterations, and repairs to school- houses and other buildings
135,400
Total
1216 $7,057,240
During the past winter two fine modern theatres have been built in the center of the city, the Empire and the Zeiterion, each at a cost of approximately $250,000. These complete a trio of modern theatres of concrete and steel construction, beauti- fully finished in their interior and located in the very heart of the city's business district.
New Bedford's modern and beautiful hotel, which was completed last year, and which has two hundred rooms with baths, has, during the past year, fulfilled the greatest need not only of New Bedford but of Bristol County. It has been patronized to a great extent by automobile tourists to and from Cape Cod, which is rapidly becoming the "Playground of the Country," this summer.
New Bedford makes no pretentions of being a fishing center of any importance like Gloucester or Boston, but the amount handled is not insig- nificant ; a century and a half has passed since New Bedford's history began as a definite part of the Great Commonwealth of Massachusetts, as well as the old town of Dartmouth as "Bedford Village." She has suffered as few cities have, and triumphed. She has long since been known as the leader in the production of textile manufactures. There is strength and solidity about her institutions, civic, religious, educational and commercial, that satisfies, and in all that goes to make a modern city there seems nothing lacking at this time-1923.
CHAPTER X.
BANKS AND BANKING
Just who the early bankers, so called, in old Dartmouth were, we cannot state. Such currency as was needed evidently came from without. At first the currency used in England was utilized here, later the "Continental Money," and still later the paper currency of Boston and other New Eng- land private concerns, authorized by the State but not guaranteed by the legislature. Indeed, it was not the need of the banks of issue that caused the banks of old Dartmouth to be established. It was for banks of discount rather than issue that the demand arose. The industry of the community was based purely on its maritime transactions. It soon became known that the people must be protected in their banking operations. Marine insurance companies were formed. All the banks of Dartmouth were to some extent the outgrowth of the needs of insurance companies of the marine type. Groups of men especially interested as the managers of the several marine insurance companies, organized the banks to aid the insurance companies in handling their risks.
Bedford Bank .- It was in this way that the first bank of Old Dartmouth, the Bedford, came into existence in 1803, and affiliated with the Bedford Marine Insurance Company, legalized a year or two later. Sixty thousand dollars seemed an ambitious capital, yet it was subscribed, and the bank was enlarged in capital, performing its functions until 1812, when the war with England injured all business and this bank had to close its doors.
564
BRISTOL COUNTY, MASSACHUSETTS
In 1816 the Bedford Bank was resurrected under the name of the Bedford Commercial Bank, and as such existed as a State Bank until 1864, when it was forced, as well as all the State banks, to reorganize under the National banking system, taking as its name the National Bank of Commerce, and as such continued until 1918, when it was liquidated after an honorable existence of ninety-five years, discharging its obligations and returning to its stockholders the capital they had invested.
The charter of this bank, extended in the record, was adopted by the Massachusetts Legislature, and approved by Governor Caleb Strong on March 7, 1803. It is a most elaborate act of incorporation, containing pro- visions afterward embodied in different forms in the general banking laws. William Rotch, Jr., Samuel Rodman and Edward Pope are named as the incorporators. The charter ended 1812, and the $60,000 capital was to be paid in silver or gold. The circulation was limited to twice the amount of the capital, and the loaning capacity was likewise limited to twice the amount of the capital. The Commonwealth could if it so elected take an additional $30,000 in the stock of the enterprise. No stockholder could have more than ten votes, no matter how much stock he might own in the enterprise. One section of the charter was unique and read as follows: "And be it further enacted that one-eighth part of the whole stock or fund of said Bank shall always be appropriated to loans to be made to citizens of this commonwealth, and wherein the Directors shall exclusively regard the Agricultural interests, which loans shall be made in sums not less than one hundred dollars nor more than five hundred dollars, and upon the per- sonal bond of the borrower, and collateral security by sufficient mortgage of real estate for a term of not less than one year." In 1803-4 the bank was authorized by the Legislature to increase its capital to $150,000.
The records make constant reference to the printing, signing and burning of the bills of the bank. John Maybin, of Philadelphia, on July 11, 1803, "shipt per sloop Eliza C. Norton, Mast', for New Bedford Bank 1 box containing 5,670 sheets of paper; 1 box containing a bank mold; 58 water mark letters, $152.13." This paper was kept by the bank and sent from time to time to Samuel Hill, engraver, of Boston, who probably held the "mold." For instance, in 1803 there is an entry: "This day delivered to Andrew Swain two hundred sheets of our NEW paper to be struck off in Boston by S. Hill engraver." Later "Received the above mentioned paper from Bos- ton, one hundred and ninety-nine and a half of which sheets were impressed with $27,735, the remaining half sheet was returned torn from Boston and burned by the directors." The above sheets were struck in denominations as follows : $5, $10, $20, $30, $7, $8, $9, $50. That fine descriptive writer, Mr. Ricketson, says of this institution: "Behind the front counter and oppo- site the entrance door was the fireplace of wood, which in earlier days and up to 1826 was the only method of warming the room, and on cold days of winter a cheerful fire was seen within it, sputtering and singing away to the chime of the jingling gold and silver."
In 1883 the National Bank of Commerce decided to build a new banking structure on the old site. On the north side of the entrance to the new building, where the whaling trophies have since been kept, the traditional business of insurance was carried on, no longer marine for the most part, but fire. Here Samuel H. Cook, on the very spot where he
565
HISTORY OF NEW BEDFORD
had worked for the Ocean Mutual, had his insurance offices so long as the bank continued to use the building. For nearly a century until about 1890, Water street between Union street and William street was the Wall street of New Bedford. Practically, all the banks, insurance offices, brokers, law- yers and telegraph offices were concentrated within these limits.
The Merchants National Bank, affiliated with and inspired by the Merchants' Insurance Company, came into existence in 1825, and had its charter renewed in 1831, and with the everchanging conditions of bank existence, the varying laws of regulation, the State and National require- ments, the complete change in the nature of the business of the commun- ity, it attained and has maintained its position as the most influential bank in the community. The first president and guiding star in the Merchants' Bank was John Avery Parker, born in 1769, who moved to New Bedford in 1803. Associated with him was James B. Congdon. These two men made a team which always pulled together, though of much different tempera- ment. The present building was opened in 1916. The officers in 1923: President, Henry C. W. Mosher; vice-president, Otis N. Pierce; cashier, Henry W. Taber; assistant cashier, James H. Coffin; directors: Henry C. W. Mosher, William W. Wood, Otis N. Pierce, Henry S. Knowles, Henry L. Tiffany, John W. Knowles, James E. Stanton, jr., William F. Read, John Duff, J. Henry Herring, William Ritchie, James Thomson. At the close of business September 14, 1923, loans and discounts amounted to $7,651,659.89; capital stock paid in, $1,000,000; the surplus fund, $1,500,000.
The Fairhaven Bank and the Fairhaven Insurance Company were chartered the same day, the enterprise being established by a group of Fairhaven whaling merchants. Both the bank and the insurance company had capitals of $100,000; in 1836 the bank's capital was increased to $200,000. Its present capital is $120,000. At the time when the whaling industry ceased to be profitable any longer, the merchants of Fairhaven were sorely smitten and the bank of course sustained heavy losses, yet it was able to adjust itself to the new condition and has since gradually attained a position of prosperous stability. Its resources are now about a half million dollars. Its first president was Ezekiel Swain, who served thirty-one years. He was also a heavy whaling ship merchant.
The Mechanics' Bank and the Mechanics' Insurance Company were in- corporated under separate legislative acts in June, 1831. A majority of the incorporators of both corporations were one and the same. It was Isaac Howland who signed the notice to the subscribers for the meeting of or- ganization. Thomas A. Greene was chairman, and James Thornton secre- tary. William R. Rodman was elected president, and James B. Congdon was made cashier, but soon withdrew in favor of his brother, Joseph Cong- don, whose salary was fixed at $1,000 per year, which was not increased for twenty-six years. The bank's first capital was $200,000; in 1854 it was raised to $400,000, and in 1857 to $600,000, its present capital. In 1864 the stockholders voted to surrender their charter and organize a national bank. For about two years there were two separate banks in operation. The bank paid in dividends six per cent. a year for about a half century. Among the interesting records of this institution is the following: "This bank together with all the other banks in the vicinity, suspended specie payments (May 12, 1837), or in other words, ceased to redeem their bills
566
BRISTOL COUNTY, MASSACHUSETTS
on demand." This entry is not to be construed literally. The bills were redeemed in perfectly good money, but not in coin. Occasionally the diffi- culty in obtaining specie was so great that almost all the banks of the country were forced now and then to suspend specie payments. At the time of the Civil War the suspension was practically universal. The re- sumption of specie payments after the war was looked forward to with much apprehension, which was not justified by the event. The trouble in obtaining speciee in 1837 and 1838 is evidence by the entries in the records urging the cashier to purchase it on the "best terms available." November 25, 1837, at a special meeting of the directors, Mr. Congdon was authorized to represent the bank at "The Convention of Banks in New York," held, doubtless, to consider the general situation. An entry in the bank record reads, January, 1836:
On the 13th instant the cashier committed to the care of John Sargent (of this town) $2,000 in bank bills to be delivered to the Suffolk Bank in Boston. They were not delivered in Boston as requested but lost on the road. On the 19th instant, said bundle containing two thousand dollars was found and returned to this bank in safety by - Godfrey, wagon-driver on the line between N. Bedford and Boston. Where- upon, voted: that the cashier be authorized to pay to the said Godfrey the sum of Fifty dollars it being a reward for finding and returning to this bank said package containing $2,000. Voted: That the cashier is authorized to pay to said John Sargent the sum of ten dollars and ninety-one cents, it being the amount expended by him in searching for said money.
The Mechanics' Bank received its Federal charter in June, 1864, retain- ing its State charter, however, till March, 1865. At that time it had out- standing a considerable amount of circulation which under the terms of the National banking law was redeemable within two years. After two years the old bills were outlawed, but so far as known no New Bedford bank ever took advantage of this statute of limitation. Even within this century the bank has redeemed bills issued by it prior to 1864.
The new National Bank picked up 5-20 U. S. bonds amounting to $600,000, an amount which represented the entire capital stock, by the deposit of which in the U. S. Treasury it could obtain the right to issue $540,000 of National Bank bills. The troublesome question was how to get these bonds from the old vault on Water street to the Treasury building in Washington. There were two or three so-called "express" companies in New Bedford, brought into existence about 1850 by the building of a rail- road between New Bedford and Taunton. Hatch, Gray & Company are perhaps the best recalled. The directors of the Mechanics' Bank, however, did not consider it safe to trust so much value to agents who would be quite unable to make good any miscarriage. It was decided that two officers of the bank should take the bonds to Washington. The cashier, Eliphalet W. Hervey, being a salaried officer, was naturally selected as one; the other, it was determined should be a member of the board of directors. Thomas Mandell, the president, said he was much too old for the job. John R. Thornton simply said he would not. Thomas Wilcox was too modest, wherefore by natural process of elimination the job was wished on William W. Crapo, the youngest member of the Board, then about thirty- five years of age. No extra compensation was suggested. The Bank did, however, pay the bare traveling expenses of its messengers. Mr. Crapo and Mr. Hervey obtained an old well-worn carpet-bag in which the
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