USA > Massachusetts > Worcester County > Athol > History of Athol, Massachusetts > Part 33
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The other depository was the Athol Manufacturing Com- pany, known as the Factory Company. This was organized in: 1814 and a factory built where the Starrett plant now stands. One of its activities was the operation of a general store where the Memorial Building is now located. Athol Factory was the principal industry of this section for twenty-five years. This store served as a sort of jobbing house or clearing house for a wide area. It took the produce of the farmers, gave them credit for it and then furnished them such commodities as they desired. It received deposits of the surplus funds, giving notes of the company therefor.
For long years the chief factor in this company was Colonel Nathan Nickerson, a native of Phillipston, who came here early in the history of the company and for a good many years superintended its activities. He was prominent in all town affairs and trusted by everyone, but the severe financial panic of 1837 was eventually his undoing. The story of this is told in a later chapter.
Millers River Bank
About the preliminaries incident to forming the Millers River Bank there is little known. It was the pioneer financial institution in this section, chartered on March 28, 1854. Emory Washburn, then Governor of Massachusetts, signed the charter. Some two months previous Gardiner Lord, Jr., J. S. Cook, and Samuel Newhall had filed a petition in the Massachusetts Legislature by Josiah Haven, our Representative, lack of near- by banking facilities having prompted this request. As a result, on September 12, 1854 Millers River Bank opened for business in its two-story brick building on Main Street.
That the bank should have been located in this section of the town is surprising for this was then but a small part of Athol, the preponderance of the population and power resting at the old center, up town. Mr. Richardson in his diary does not give any data except to note that the bank was organized
400
BANKING -- FINANCIAL
and that he "foolishly had subscribed $1,000 for stock and had accepted a position on the Board of Directors." The first president was John Boynton of Templeton and the first cashier was Merrick E. Ainsworth, also of Templeton. There were representatives on the board from all the surrounding towns,
MILLERS RIVER NATIONAL BANK
-
MILLERS RIVER BANK BUILDING, 1854-1890 NOW STANDING AT 166 EXCHANGE STREET
even Warwick and Dana being represented. After two years, evidently there was some sort of disagreement and a change in management was made. Mr. Richardson simply notes that he was eliminated from the board but was restored to mem- bership later.
Seth Hapgood of Petersham who I believe is the ancestor of Norman Hapgood, and Alpheus Harding, Jr., of New Salem
401
HISTORY OF ATHOL
became President and cashier respectively. This was the begin- ning of a very long and notable service which Mr. Harding rendered to the people of this community. From the time he came here in 1856 virtually as a clerk to the bank until his death in 1900 he was a leader in all our banking activities. Mr. Hapgood continued as president until 1864 when he was
HON. ALPHEUS HARDING 1818 - 1903
succeeded by Isaac Stevens, an attorney, whose service was comparatively short as he died before he had held office any considerable length of time. In 1866 Mr. Harding was elected to the presidency, which he held until his death. George D. Bates then became president and served in that position to his death. He was succeeded by Parke B. Swift for three years, by Walter M. Hunt in 1917, and Carlos W. Tyler in 1932.
Interesting are the notes from Mr. Richardson's journal con- cerning the success of the bank in its first few years. In April, 1855, several months after the bank was organized, it had built the old bank building which is now removed to Exchange Street and had equipped the institution, paid for all these ex- penses except $3,000 still owed on real estate and was able to pay a four per cent dividend. Six months later the indebted- ness was wiped off, $1,000 was added to the surplus and
402
BANKING - FINANCIAL
another four per cent dividend declared. In April, 1856, $1,000 was added to the reserve and another four per cent dividend paid. In October, 1856, $1,400 was added to the reserve and again a four per cent dividend paid. Bank authori- ties now say that a newly organized bank is not expected to get out of the red for two years after its organization but Millers River Bank was able to do far better than that.
Following the enactment of tariff legislation in 1857 came another severe financial panic. At their meeting held October 12, 1857, the directors were informed that their account at the Elliott Bank of Boston was overdrawn $16,000; that most of the banks of the country outside of Massachusetts had suspended payments. On October 14, the Boston banks sus- pended and Millers River followed suit and for a time refused to pay out on deposits. Under date of December 10, 1857 Mr. Richardson's notes read that "most of the banks have resumed payment, Millers River among the rest."
This old Millers River was a State Bank, organized under a state charter and it continued in that capacity for practically ten years. These state banks were rather poorly supervised, many of them were ill-managed and there were many failures; all had the power to issue currency but when the banks failed, the currency lost its value; thus a man had to know the con- dition of the bank from which he accepted any paper money and therefore bank bills were handled at very much of a discount any considerable distance from the location of the bank. I remember within my own time going with my father to Royalston where we bought a cow from Mr. Elijah Reed. When father paid him in paper money for the cow, Mr. Reed said, "Will you guarantee all these banks are good that these bills are on?" Then father explained to me that this precaution was a relic of some twenty-five years before when paper money was not always good.
During the later years of the Civil War, there was great agitation for another banking system. The leader in this move- ment was Orlando H. Potter, a native of Charlemont who had gone to New York and eventually became a member of Congress. Soon a law was enacted which provided for the setting up of National Banks and placing a tax upon State Banks which soon drove them out of existence. Mr. Richard- son's diary tells how in April, 1864 he canvassed all these towns, getting the stockholders of the Millers River Bank to turn in their stock for some in the new National Bank.
For years this bank paid a twelve per cent dividend until
403
HISTORY OF ATHOL
in 1889 it had outgrown the old quarters. The new bank block was built and the old building removed. The dividends were reduced to ten per cent and so continued (with the exception of one extra dividend which was declared in Mr. Hunt's day) until all were suspended in 1933.
Athol Savings Bank
Athol Savings Bank was a child of the Millers River Bank. For years it was operated in the commercial bank quarters, manned by the same office force. The prime mover in the establishment of this bank was John C. Hill, a man of much ability and active in town affairs, long a director of Millers River Bank. Mr. Hill urged his associates on the National Bank Board to organize a savings bank. He made the prediction that if they would organize such an institution some of them would live to see the day when they would have $75,000 on
JOHN CHENEY HILL 1816 - 1890
deposit. The organization of this bank was effected in March, 1867. It has had five presidents, Capt. Charles C. Bassett, John G. Mudge, Alpheus Harding, Levi B. Fay, and Ralph D. Sutherland, and five Treasurers, Alpheus Harding, William D.
404
BANKING -- FINANCIAL
Luey, William G. Avery, Ralph D. Sutherland and Robert L. Dexter. Something of the growth of this institution is shown by a report of the State Bank Commissioners-
1868-330 depositors $ 40,035.86
1870-964 depositors
164,383.88
1871-1447 depositors
310,326.98
1879 817,346.96
1889-4386 depositors 1,503,278.88
1899-(last yr. of A.H.) 2,362,000.00
1930 12,500,000.00
It will be noted that the last year of Mr. Harding's connec- tion with the bank, its assets were more than thirty times the $75,000, which sum Mr. Hill had predicted some of them would live to see.
Athol National Bank
Just why the citizens of the dominant business section of Athol went without a bank of their own, I do not known but it was not until September, 1874 that a bank was organized up- town. For approximately forty years it was operated for the benefit of that upper village. During its existence it had but
THOMAS H. GOODSPEED 1833 - 1917
405
HISTORY OF ATHOL
two presidents, Thomas H. Goodspeed and E. Warren Tyler. It had in all five cashiers: Charles A. Chapman, later with the Southbridge Savings Bank; Frank W. Derby, later of Lowell, Spencer A. Reed, late of Westfield Savings Bank; Percy F. Spencer, now of Northampton; and Frank W. Wilson.
As business drifted away from that section of the town, this bank shrunk very materially in assets until finally it became apparent that it must come downtown if it was to continue in existence. There was a movement around 1890, headed by Charles M. Lee to move the bank to quarters to be built for it on the east side of Exchange Street just south of Starr Hall, and it was thought for a time the change would be effected, but the controlling interests of the bank refused to make the change. Finally, when Mr. Starrett built his block in 1913, this bank voted to abandon its quarters uptown and come downtown. This proved to be a wise move for it grew rapidly in assets and in surplus funds for a good many years.
Athol Co-operative Bank
Except for our new First National Bank and Athol Credit Union, Athol Co-operative Bank is the baby of our financial organizations. It was organized in July, 1889 by a group of men who felt the need of some further encouragement for thrift and home ownership in this community. For a time it did business in the old Engine House at 64 Exchange Street, and then for some seventeen years, it was located on the corner where the Y.M.C.A. now stands.
It has had in its career, three presidents and four treasurers: As president, George D. Bates to 1914; Oscar T. Brooks to 1920; William G. Lord to date; as treasurer, C. F. Richardson served until 1907 when the directors became dissatisfied with the activities of the bank and Mr. Richardson summarily re- signed. A. Foster Hamilton was then appointed. He served, except for about three years when William G. Lord was treas- urer, until his death in 1922 when Miss Alice V. Goodnow was appointed treasurer, being the first woman to be appointed to this important position in Massachusetts. In January 1951, she was succeeded by Norman P. MacInnes of Reading.
It was located for a time after 1907 in the G.A.R. block, later upstairs in the Millers River Bank block, until finally its directors started what proved to be an epidemic of bank build- ing in Athol. It had arrived at a point where it had about three-quarters of a million dollars in assets. Having outgrown
406
BANKING - FINANCIAL
its quarters it wanted a home of its own and so purchased the Warren Moore property at 90 Exchange Street and in 1924 erected a new bank building. At the time it moved into the new building, January 1925, it had just a few thousand short of a million dollars in assets. The bank continued to prosper until in 1930 it had assets of very close to two million dollars and in late 1953 has upwards of $4,000,000. in assets.
By 1946 this bank had outgrown the quarters that seemed so permanently adequate twenty years before and studies were begun on an expansion plan, but high construction costs and scarcity of materials precluded actual operations until late 1948. In 1949 this enlargement program was completed by which it has doubled its available floor space and has thor- oughly modernized its plant in every way.
The old semi-circular vestibule was removed and the office extended to the front wall, which is almost completely filled with windows.
Credit Unions
In the happy days for bankers during the Coolidge Admin- istration, a group of younger men without banking affiliations sought a charter for another financial institution.
First they explored the Trust Company set-up but with two commercial banks here it was intimated that another charter would not probably be granted here; next the Co-operative Bank field was explored with similar results. Finally in 1930 a Credit Union charter was asked for and secured.
Parker B. Kimball was picked as local manager and his office at 456 Main Street became its place of business, removing with him in a few months to the York Building.
An energetic corps of directors soon made this infant a factor in our financial life.
While its primary function is to make loans to worthy bor- rowers who for any reason cannot secure credit elsewhere, and it has carried on an ever increasing volume of that phase of financing, it also can invest some 70% of its assets in real estate mortgages, and in that field it has made great progress.
In 1938 it moved with the Kimball-Cooke Insurance Com- pany to the Dillon Block at corner of Main and Island Streets, eventually requiring the entire space there and necessitating the removal of the insurance business to No. 312 Main Street.
407
HISTORY OF ATHOL
In 1947 Joseph R. Linehan, teller at the old Athol National Bank when the Bank Holiday came, and afterwards Treasurer of Conway Savings Bank, became its treasurer and general manager, succeeding Parker B. Kimball who had held the office seventeen years.
It has had three presidents, Joseph W. Wilcox, Arthur H. Starrett, and Dr. Francis A. Reynolds, the present incumbent.
By its last statement, 1952, it has gross assets of $2,358,534.98, an increase of over 12% in twelve months.
First National Bank
In March 1933, shortly after it became apparent that neither National Bank could re-open, a delegation consisting of a representative of all four local banks went to Washington and through the good offices of Congressman Allen T. Treadway were able to obtain all the advice, and counsel the national capital had accumulated.
From this advice it became apparent that the advisable procedure was to organize a new bank which under the so- called Spokane Plan would buy the "sound" assets of the old banks thus enabling the receivers to speedily pay substan- tial dividends to creditors. It was immediately agreed that we could raise funds sufficient for a bank with a capital of $100,000. and a "surplus" of $50.000., and then and there in a room until a few days before a vacancy, with a packing case for a desk, upon the advice of a young man from the Southland as guidance (eventually this man became Chief Examiner at Boston), we agreed on procedure.
Quite a strain was put upon Athol Savings Bank to supply liquid funds to willing subscribers who turned to it for quick help, but before many weeks had passed the full capital and surplus was subscribed and on July 20, 1933 the bank was formally organized, taking the elaborate Millers River Bank quarters as its place of business.
The first organization was: Carlos W. Tyler, President; Arthur F. Tyler, Vice President; C. Stanley Newton, Clerk and Cashier; and the directors, aside from the president and vice president, were: Charles H. Cooke, Edwin A. Clare, John F. Hayden, Dana F. Higgins, Allen E. Hastings, William G. Lord, A. Abbott Laughton, Simon Mackay, A. William Plotkin, and Arthur F. Tyler. Sumner 1 A1-rs
After some two years this bank felt itself strong enough to
408
BANKING - FINANCIAL
acquire the real estate it was occupying, thus facilitating liqui- dation.
Carlos W. Tyler resigned in 1945 and was succeeded by William K. Durfee. Arthur F. Tyler died October 4, 1934 and was succeeded by Charles H. Cooke, and in 1945 Mr. Cooke died and William G. Lord became Vice President. C. Stanley Newton retired July 1, 1952 and has been succeeded by Albert P. Buswick.
The bank, according to its last statement, has deposits of $4,823,533.43, a capital of $100,000.00, a surplus of $200,000.00 and undivided profits of $97,550.80.
Franco-American Credit Union
Encouraged by the success of Athol Credit Union and in- spired by a laudable racial zeal, our citizens of Canadian- French ancestry set about organizing a credit union under their auspices. This group organized with Arthur A. Lessard as President and began business in the insurance office of Altenor A. Mallett on November 17, 1943. Although it received sub- stantial support and continued for a time to increase its assets, yet as is true of most if not all such institutions, it required much efficient attention for only a normal compensation. No one seemed to appear who was able and willing to perform this service and thus before long the promoters of the enterprise decided that it best suspend activities.
In 1951 the last item on its books was disposed of and the incident closed, it having paid in full all of its obligations.
Thus is told the story of crude financing methods of the early days and of organized banking for a century. It has been a story of much progress and of real service to our community. Many men have served on the various boards for little or no compensation looking to but one end-service to our people, and they thus in their sphere have done much to make Athol a town in which all can take real pride.
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CHAPTER XXIV MEXICAN WAR - CIVIL WAR
F OR thirty years after the cessation of hostilities in 1815 our nation was at peace with all both inside and outside our borders. Then came another conflict which was most unpop- ular in Massachusetts, the War with Mexico. Officially declared by our Congress on May 16, 1846, the war grew out of a dispute over the boundary of the new state of Texas, formerly a part of Mexico, and other complications.
Into this conflict New England sent only one regiment com- posed of citizens of its various states. I have searched the rolls of this regiment in vain to find a single Athol name included in it. There were names from adjacent towns but none from here. Albee Smith and some others who well remembered those times spoke of Daniel Baker from Orange and a few others, not from Athol.
Mary Farr told me that she thought some half a dozen went from Athol, but the only name she could remember was "Bill Case" who then worked for her father, Jonothan Wheeler, at Wheelerville (Pinedale). Although his record does not tie him with this town yet his age, general description, and occupa- tion (painter) all checked with Mrs. Farr's remembrance of him.
The story goes that after his discharge from the service, Case returned to Wheelerville and was given his former job of painting pails. To the children there he was much of a hero and he did his full part to make himself popular. He told them how fortunate it was that he went down to Mexico, for when he got there he found General Taylor unable to cope with the war problems and fearing ultimate defeat. So Case went right into General Taylor's tent, laid out a plan of campaign, and literally pushed the General forward, advising and directing him all the time until the war was won.
On the military rolls at Washington I found the name of William Case, a painter, born in Keene, New Hampshire, who served in the Marines and therefore I have only his name to list as our participant in that conflict.
Civil War
Scarcely fourteen years later the election of Abraham Lin-
410
MEXICAN WAR - CIVIL WAR
coln precipitated the secession of a group of Southern States and the opening of the Great Rebellion-the Civil War, or as it is now politely called, the War Between the States.
Rev. John F. Norton has told the story so well in his book, "Athol in Suppressing the Great Rebellion," that the only record I shall make of it here is the following list of those from Athol who participated:
Adams, Patrick T.
Clark, John
Clark, John S.
Clapp, Edward P.
Cleaveland, W. J.
Clutterbuck, W. L.
Bangs, Adolphus
Collins, Joseph H.
Barber, Harding R.
Collins, Marshall
Barton, Charles H.
Conant, A. W.
Barney, Charles H.
Conant, C. W.
Barry, T. G.
Conley, John
Batchelder, John L.
Connell, James
Beaman, Warren A.
Conners, James
Beard, William
Cook, Vernon S.
* Bent, Edgar
Crawford, Linus
Billings, David E.
Cummings, Frederic
Billings, J. B.
Cummings, J. B.
Blackmer, H. R.
Cotton, James
Bliss, John
Currier, G. W.
Bodet, Eli Boutwell, Otis B.
Darling, H. N.
Boyd, Cheney
Davis, A. S.
Bracewell, Joseph
Davis, Otis E.
Briggs, John S.
Dempsey, Patrick
Brock, Francis B.
Dimock, Anthony V.
Donelly, Terrence
Brock, Henry D. Broderick, Michael
Donelly, William
Brown, John S.
Dorn, John
Brown, Walter R.
Doyle, John
Bruce, Daniel
Driscoll, Jeremiah
Brunt, John
Drollett, Peter A.
Buckley, John
Burns, Thomas
Drury, Simeon S.
Dyer, Theodore J.
Caldwell, Dennis Carter, George Casavant, Daniel Casavant, John M.
Eagan, James Emerson, John D.
Chamberlain, L. A.
Chamberlain, W. E. Chartier, John
Chase, Ephraim F.
Chittenden, C. W. Chubb, Frederic A. Clark, George G. Clark, George H.
Fay, Farwell F. Fay, Freeborn R. Fay, Levi B. Fay, Joseph F. Fay, William G. Fedley, Radley Fisher, Charles D.
411
Fallon, Patrick Falvey, Joseph F.
Caswell, Adin W.
Dresser, George S.
Bruce, Daniel D.
Drury, George W.
Ames, Andrew J. Ames, Jeduthan W. Atwood, Lewis P. Ayers, Branch F.
Cobb, William
HISTORY OF ATHOL
Flagg, George A. Follett, Leyton W.
Jennings, Joseph E. Jillson, Milton N.
Folly, Patrick
Johnson Alfred
Folsom, A. B.
Johnson, Charles
Foster, Daniel W.
Johnson, Lewis
Foster, Elmer G.
Johnson, Thomas
Fouquet, Charles
Johnson, William H.
Fox, Columbus
Johnston, Henry
Fox, Patrick W.
Jones, John
Freeman, William
French, Aurin B.
French Van Buren
* Fry, William H.
* Fry, Silas
Fry, William A.
Kelley, James
Gates, Irving C.
Gerard, Julius
Giles, Sumner S.
Goddard, Alfred
Goddard, Charles V.
Gould, J. Orlando
Kennedy, William Kenney, Owen
Grawad, John
Green, Charles S.
Kenney, Thomas Kent, Charles J.
Gray, Charles Guilfoyle, Michael
King, John King, Lauriston 1.
Hager, Charles E.
Hale, Seth F.
Hand, James A.
Hanson, George R.
Haskins, Albert
Haskins, James, Jr.
Hastings, Edwin C.
Hicks, John
Hill, Andrew J.
Hill, Charles H.
Hill, Joseph
Hill, Samuel A.
Hill, William
Hodge, Abram
Hodge, James S.
Hohenfels, William
Holmes, Edwin
Locke, Amos H. Lord, Fernaldo L.
Holt, Aaron H.
Horton, Albert
Lucas, Isaac Lynch, John
Horton, Lovell H. Howard, Joseph W.
Howard, Willard Howe, Gardner Howe, John W. Hoyt, George H. Hudson, Michael J.
Madden, John Mars, J. N. Maynard, Martin L.
Huffman, William Hughes, William Humphrey, John Hunt, Horace
Jackson, Nelson
Keen, A. Kelley, Daniel
Kelton, C. Dwight
Kendall, Charles L.
Kendall, C. W.
Kendall, George L.
Kennedy, George
Kilburn, Joseph W.
Kneeland, Asa L. Kneeland, Ebenezer
Knowlton, C. Walter
Lacy, John Ladd, A. S. Lamb, Guilford W.
* Lamb, Zenas W. Larned, Daniel W. Leavett, William F. Leonard, Irving L. Leonard, Patrick Lewis, Enoch T. Lincoln, Elijah W. Lincoln, George W.
* Mayo, M. C. McCarron, Robert McCartey, Thomas McClellen, H. W. McCue, Michael
* McKee, William Mclaughlin, Edward McRae, George
412
Judd, Arthur N. Judd, William A.
MEXICAN WAR - CIVIL WAR
Meacham, George W.
Meacham, Norris B.
Merrill, Henry S.
Richardson, Delevan
Merrill, Isaiah S.
Richardson, James H.
Merrill, James L.
Richardson, William
Merrill, John F.
Riely, John
Merrill, Joseph A.
Ripley, Neri F.
Michael, George
Robbins, Harvey Rogers, William J.
* Miller, Albert
* Miller, Joseph
Sadler, Jacob
Mills, Jonathan B.
Sawin, Emory
Moore, Edmund
Sawin, Lewis H.
Moore, George F.
Sears, Charles
Moore, James A.
Seaver, Cutler
Mowry, John C.
Severance, George R.
Morse, Frederic P.
Shattuck, J. E.
Morse, George
Morse, Henry T.
Morse, John R.
Morse, Leander B.
Simonds, Albert
Simonds, Charles A.
Simonds, William O.
Smith, Charles
Smith, Henry
Smith, Henry N.
Smith, Hubbard V.
Smith, Joseph C.
Smith, Thomas
Smith, Warren E.
O'Brian, Robert
Oliver, Aaron
Oliver, Franklin, Jr.
Oliver, James, Jr.
Oliver, James, 2d
Oliver, Otis
Stevens, George W.
Stockwell, Harrison
Stockwell, Spencer
Stratton, Frederic A. Stratton, Henry H.
* Streeter, Charles Sullivan, Florence
Packard, J. Henry Parker, James C. Parkman, Chauncey, Jr. Peckham, Emory A. Pelkey, Peter Perry, Freeman G.
Taft, Charles E. Teel, Clinton
Tenney, George L.
Thayer, Horace O.
Thompson, Thomas
Thorpe, Lauriston A.
Thrower, Robert W. Thrower, William L. Tilden, Charles
Plunkett, John
Townsend, Edward L.
Pond, Albert D.
Townsend, George D.
Powers, Francis
Townsend, Harlan P.
Putnam, Rufus
Townsend, Henry D. Turner, William I.
Rand, John E. Reardon, Patrick
*Twichell, Benjamin M., Jr. Twichell, Nathaniel B.
Shepardson, W. A.
Sheridan, Charles
Nelson, George W. Nickerson, John F.
Nickerson, Joseph Nickerson, Ruel R. Nute, William
Oakes, Adin
Smith, William
Smith, William
Southland, Henry H.
Sprague, John W. Stanton, Peter
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