History of Middlesex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I, Part 67

Author: Hurd, D. Hamilton (Duane Hamilton), ed
Publication date: 1890
Publisher: Philadelphia, J. W. Lewis & co
Number of Pages: 1034

USA > Massachusetts > Middlesex County > History of Middlesex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I > Part 67

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Dr. James Prescott Chaplin was the first president, and remained in office until his death, in October, 1828, when Deacon Levi Farwell was chosen to fill the vacancy, and who remained until he resigned in 1832, upon the opening of the Charles River Bank, of which he was the first president, and remained such until his death, in 1844.

Dr. Chaplin, the first president of the Cambridge Bank, was a man of great influence, and possessed a very strong personality, which gave to the institution a high standing from the start, and it has always been highly favored with an efficient and able board of directors.

The following persons have been presidents: James P. Chaplin, Levi Farwell, Samuel P. P. Fay, Thomas Whittemore, Benjamin Tilton, Lucius R. Paige, Rob- ert Douglass and Asa P. Morse, who holds the office at the present time.

The capital of the bank originally was $100,000, but was increased in 1830 $50,000; but upon the char- tering of the bank at Old Cambridge the capital was reduced to its original amount of $100,000, which it now is, and it is now known as the Cambridgeport National Bank, having been reorganized in 1865.

This institution, the oldest bank in Cambridge, has always been, and still is, in a sound and flourishing condition, and its present board of directors is a suffi- cent guarantee for its continued prosperity and suc- cess, and has now a surplus of $47,000.

The office of president has been filled by men of ability, not alone in financial matters, but in the varions walks of life, including two clergymen, one judge, one professor in Harvard College, besides others distinguished for their integrity and business qualifications.

The venerable Dr. Lucius R. Paige, the historian of Cambridge, who has been connected with this insti- tution for more than forty years, as cashier, president and director, is still a member of the board of direc- tors and attends its meetings at the advanced age of eighty-eight years.

MIDDLESEX BANK .- This bank was chartered in 1832, and was located at East Cambridge, with Hon. William Parmenter as president and William Whit- ney, cashier, and was one of the "Pet Banks," so called at that day on account of its being made a de- pository of government funds after the closing up of the United States Bank and before the establishment of the sub-treasury system for doing the same business for the government. This bank, although honestly and otherwise well managed, failed after a very short existence, as did most, if not all, the banks which had any connection with the "surplus revenue," and the Middlesex wound up its affairs, redeeming its circu- lation and paying its depositors in full, the loss fall- ing only upon its stockholders, who received forty- two per cent., and as a bank was not needed in that locality at that time, there was none until the year 1853, when the LECHMERE BANK was chartered, with a capital of $100,000.

Its first board of directors consisted of Lewis Hall, Francis Draper, Samuel Slocomb, Amory Houghton and K. S. Chaffee. Lewis Hall was chosen president, and holds the same office at this time (1890).

There were two parties that claimed the organiza- tion of this bank, viz., the petitioners for the charter and the subscribers to the stock, and it was not until after considerable delay that the Supreme Court de- cided the question in favor of the petitioners, and they organized by the choice of the board of directors as given above-Lewis Hall, president, John Savage. Jr., cashier. This bank has been successful from the start, paying regular dividends, and it has now a large surplus, and its stock commands a handsome premium, although it is rarely in the market.

The question of which party was entitled to the charter, the petitioners or the subscribers to the stock, was considered at the time a very important one, and was ably argued by eminent legal talent on both sides, the late Hon. Richard Fletcher for the pe- titioners, and the case was heard in Chambers before the full bench, etc. This bank has a surplus of $82,000. CHARLES RIVER BANK .- This bank, located in

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Harvard Square, Old Cambridge, was chartered as a State bank in 1832, with a capital of $100,000, with Levi Farwell as president and John B. Dana as cash- ier, and a board of nine directors, viz., Levi Farwell, J. Coolidge, C. C. Little, James Brown, A. Stearns, W. Brown, William Watriss, O. Sparhawk and Rob- ert Fuller.

The bank began business in the room now occupied by them at an annual rent of $150; cashier's salary, $900, and all other expenses extremely moderate.

The steward of Harvard College had his desk in the banking-room, and here the students of those days came to pay their college dues, and the Savings Bank, whose treasurer was the cashier, transacted all the business of that institution in the same room.

Although the capital of the bank has never been in- creased, its growth has been very marked. Its de- positors now number more than 1100, with deposits averaging half a million dollars, and its business with the clearing-house for the last year was more than $10,000,000. The bank has been highly fortunate in its cashiers, having had but two persons holding that office during its existence of fifty-eight years, Mr. John B. Dana, the first cashier, holding the office from 1832 until 1858, a period of twenty-six years, and Eben Snow from 1858 to 1890, more than thirty- two years.

The bank was reorganized in 1864 as the Charles River National Bank, and has a surplus of $67,495 and is in a highly flourishing condition, and the stock is seldom sold.

CAMBRIDGE MARKET BANK .- This bank was in- corporated in May, 1851, with a capital of $100,000, and the first meeting of the subscribers to the stock was held July 8, 1851, when the following persons were chosen directors : George W. Lewis, George Meacham, Henry Potter, Jacob F. Taylor, Z. L. Ray- mond and Calvin Dimick. George W. Lewis was chosen president, and Chester W. Kinsley cashier. The bank opened for business October 29, 1851, in the brick building erected for the purpose near Porter's Hotel, then the headquarters of the butchers and drivers on market days, and for whose particu- lar accommodation the bank was got up and located in close proximity to the "Cambridge Cattle Market," then held in that immediate vicinity. Although the local business was very light and the deposits merely nominal, its circulation was always large, and upon that they depended mainly for success, and by it in April, 1852, a dividend was declared and paid, after which time regular semi-annual dividends were paid during its existence of fourteen years, when, owing to the cattle market being removed to Brighton and Watertown, and as there was no local business where it was located, the stockholders decided to surrender their charter, and on the 1st day of October, 1865, the Cambridge Market Bank closed its doors for bus- iness, having paid all its depositors, redeemed its cir- culation, and paid its stockholders in full and above

the par value of the shares. The building was sold, and was some years used as a chapel by the St. James Protestant Church, then in its iufaucy, but is now occupied by the North Avenue Savings Bank and for other purposes.

CAMBRIDGE CITY BANK .- A charter was granted for this bank in March, 1853, simultaneously with the one for the Lechmere Bank at East Cambridge. Its first board of directors were George T. Gale, Elipha- let Davis, Henry M. Chamberlain, William P. Fisk, Samuel P. Heywood, George W. Whittemore and John Livermore. The bank began business in what is now the City Hall, September 1, 1853. John Liver- more was chosen president, Edward Richardson, cashier, and R. Litchfield, messenger; the capital was $100,000. At the time the charter was obtained for this bank, a petition was pending from the Cam- bridge Bank for an increase of $50,000 to its capital, but after a full hearing before the committee on banks and banking, leave to withdraw was given to the Cambridge Bank, and a charter was granted to the petitioners for a new bank with a capital of $100,- 000, which it now is, and it is now, and ever has been, in a sound and flourishing condition. Mr. Liver- more, one of the original directors-and its first pres- ident-is the only one of the number now living. This bank was reorganized in 1865 as the National City Bank of Cambridge, and has a surplus of $77,- 122.

CAMBRIDGE NATIONAL BANK was organized June 1, 1864. Commenced business August 1, 1864. The first board of directors were : Daniel R. Sortwell, pres- ident, Joseph H. Tyler, John N. Meriam, Thomas Cunningham, Charles J. Adams, Israel Tibbetts, Joseph A. Wellington, John C. Bullard, cashier. Authorized capital, $300,000 ; paid up capital, $100,- 000 ; undivided profits, $37,000. Daniel R. Sortwell, president; John C. Bullard, cashier. Directors, Daniel R. Sortwell, Joseph H. Tyler, Charles J. Adams, Thomas Cunningham, Alvin F. Sortwell, Gustavus Goepper, John C. Bullard.

HARVARD BANK .- This was one of the few banks organized under the General Laws of the State in 1860, and begun business March 5, 1861, and was located in Cambridgeport.

Its capital was $200,000, and its first board of di- rectors were: Newell Bent, Alanson Bigelow, D. U. Chamberlain, Lewis Colley, Edward Hyde, George Livermore, 'Z. L. Raymond, Charles Wood, Benjamin Tilton ; and the board organized by the choice of Ben- jamin Tilton as president. Willard A. Bullard was appointed cashier, which position he holds at the present time, 1790.

Mr. Tilton retained the office of president until his death, in November, 1882, and Daniel U. Chamber- lain was chosen as his successor and still holds the office, and is the only one of the original board now living.

This bank, starting almost alone under the General

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HISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.

Banking Laws of Massachusetts, and at a time of great embarrassment in the financial as well as political condition of the country, was looked upon and watched with a good deal of interest, not to say anxiety, but after successfully passing through the trying and perilons days of the last war, making no losses, but paying regular dividends, it was the first bank in Cambridge to adopt the National system and became what its present name indicates, the First National Bank of Cambridge, and continues to be in a sound and flourishing condition and has a surplus of $82,000.

The directors at the present time are: Daniel U. Chamberlain, Dana W. Hyde, Joseph A. Holmes, Henry Endicott, Henry N. Tilton ; Willard A. Bul- lard, cashier.

CAMBRIDGE SAVINGS BANK .- This institution was incorporated April 2, 1834, with only three corpora- tors, viz .: William J. Whipple, William Hilliard and Levi Farwell ; and at the first meeting of the original three Levi Farwell was chairman and William J. Whipple clerk, and they elected as corporators : Eliab W. Metcalf, Abel Willard, William Watriss, William Brown, John B. Dana, Charles C. Little.

The first meeting was held November 24, 1834, and was organized by the choice of Joseph Story, presi- dent; Simon Greenleaf, Samuel King, Charles Everett, Sidney Willard, vice-presidents.

December 19th, Judge Story declined serving as president, and Simon Greenleaf was chosen chairman in his place. James Hayward was chosen treasurer, and on January 5, 1835, Asahel Stearns was elected president by ballot, and was the first acting president.

The first loan made was $600 to the First Parish in Cambridge, March 3, 1835, and the second loan was to the First Baptist Society in Cambridge, April 1, 1835.

The first report of the treasurer was July 23, 1835, and is recorded as follows: To amount of deposit, $6351; deposits withdrawn, $455; expenses, $64.81; note of First Parish, $600; Baptist Society, $500; Charles River Bank stock, $816; deposit in Charles River Bank, $3915.19.

The first dividend was paid the fourth Thursday of July, 1835, amounting to $28.12, which was at the rate of four per cent. per annum. Since this time the growth of the bank has never been very rapid until quite recently. For this year, ending March 31, 1890, the deposits have been upwards of $200,000, and at the close of business March 31, 1890, the deposits were $2,613,132. Guarantee fund, $72,300; surplus, $28,- 910 ; undivided profits, $24,308.

The present board of officers are: Charles W. Sever, president; Edwin Dresser, William Kimball, vice- presidents; Oscar F. Allen, treasurer ; James H. Wyeth, secretary ; Arthur H. Boardman, book-keeper. The institution is in a sound and flourishing condition and has the confidence of the community in which it is located.

CAMBRIDGEPORT SAVINGS BANK .- Incorporated

1853. Present number of corporators, seventeen. Joseph A. Holmes, president; Henry W. Bullard, treasurer; Joseph A. Holmes, Daniel U. Chamber- lin, Benjamin R. Tilton, board of investment; J. F. Lane, clerk of the corporation. This bank is open for business every business day from 8.30 A.M. to 1.30 P.M. Deposits due to 9230 depositors, $3,217,070.95.

EAST CAMBRIDGE FIVE CENT SAVINGS BANK .- Incorporated April 29, 1854. Rev. F. W. Holland, president ; George Stevens, Lewis Hall, John Taylor, vice-presidents ; John Savage, Jr., treasurer. Its first dividend declared March, 1857, of three per cent., amounting to $775.62. October 10, 1859, George Stevens was chosen president and has continued in that office to the present time (1890). In March, 1873, Samuel Slocomb was chosen treasurer and con- tinued to hold the office until his death, in 1887, when his assistant, Mary Lowell Stone, was appointed, who died while holding the office, and William E. Lloyd was appointed, who is the present treasurer. The bank is in a sound condition and has an able board of officers. On the 1st of April, 1890, it had deposits, $1,514,912. Liabilities-Guarantee fund, $65,868; profit and loss, $22,859. Assets-Mortgage Loans, $988,557 ; loans on personal security, $401,248 ; bonds, town note, etc., $47,001; bank stock, $137,916; real estate, $18,300 ; deposits in banks, $39,652.

NORTH AVENUE SAVINGS BANK .- Incorporated 1872. Samuel F. Woodbridge, president; Milton L. Walton, treasurer; George W. Park, clerk. This bank is open for business on Monday, Wednesday, and Saturday, from nine to one o'clock, also Saturday evening from six to nine o'clock. On April 5, 1890, the deposits were $259,030; undivided profits, $6540; guarantee fund, $4200.

THE CAMBRIDGE MUTUAL FIRE INSURANCE CO. was organized in 1833 and began business in January, 1834. The preliminary meetings were held during March, April and May, and the organization per- fected June 7, 1833, at Sevey's Tavern.

The names of some of the incorporators were those who were then the principal business men of the town. Phinehas B. Hovey, Nathan Childs, William Fisk, Walter R. Mason, Aaron Rice, Samuel Pond, Jabez Fisher, Joseph Abbott, Charles Valentine, William H. Odiorne, Robert Fuller, Josiah Mason, Joseph Burridge, Newell Bent, I. A. Cooledge and others, all of whom have died except William H. Odiorne.

The first officers of the company were William H. Odiorne, president, and Henry M. Chamberlin, sec- retary.

The following persons have held the office of presi- dent during the fifty-six years: William H. Odiorne, Levi Farwell, Robert Fuller, Isaac Fay, Rufus Lamson, and Josiah W. Cook, the present incumbent, who has held the office for thirty-one years.

The office of secretary and treasurer has been held by bnt five persons during the fifty-six years of its existence-Henry M. Chamberlin, eighteen years ;

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Abraham Lansing, seven years ; Henry Thayer, seven years ; John A. Smith, seven years ; and Alfred L. Barbour, the present secretary, seventeen years, all of whom have passed away except the latter person.

The directors had hard work to get the company fully established upon a solid basis, and it was several times thought that they would have to abandon the enterprise. After a few years, however, they suc- ceeded, and just as they believed they were in a strong position, calamity came-a seeming fatality in church property-so that the company lost over $35,000 by the destruction of meeting-houses in 1842-43. This was a great blow to the company and nearly crippled it.

The directors, however, gave their personal notes, raised the money, and paid the losses.

The company then being upon the assessment plan, i.e., assessing each policy-holder for their proportion of the losses, many were compelled to retire from the company as the assessment became burdensome, but the company gradually increased in strength and members until, a few years later, it was decided to change the plan from an assessment to a full premium company and then at the end of the term of policy return such an amount as dividend as the directors deemed prudent and consistent with safety to the company. This system has continued ever since, and is the method adopted by all the Standard Mutual Companies of Massachusetts.

The dividends began with ten and twenty per cent. and have steadily increased until now they are pay- ing seventy per cent.

The business of the Cambridge Mutual was for many years mostly confined to Cambridge, and the amount transacted was small, but under the manage- ment of the present officers it lias scattered its risks all over New England, taking insurance only on the safer class of property. Its amount at risk at the present time, 1890, is over $10,000,000, while its assets have reached the sum of nearly $220,000.

The officers and directors of the company had le · looked to the time when they should have a ›me Office," and in 1888 they selected the site of - present magnificent building, a part of the old Murdock estate, on Main, corner of Inman Streets, 'd proceeded to erect a building which should alike a credit to the company and to the city.

he present officers of the company have long been sidents of Cambridge, Mr. Cook, the president, aving been born in West' Cambridge in 1805, and Mr. Barbour in Cambridgeport, in 1837. The di- rectors are mostly Cambridge men and counted among its prominent residents. Several of the di- "ectors are from other cities, representing the interests * the policy-holders in their localities.

The Cambridge Mutual may be classed as one of substantial business corporations of the city.

CHAPTER XIII.

CAMBRIDGE-(Continued).

MANUFACTURING AND INDUSTRIAL.

BY JOHN LIVERMORE.

CAMBRIDGE, although not laying claim to being a large manufacturing centre, has within its borders some very important establishments which have a world-wide reputation. It was iu Cambridge that printing had its birthplace in this country. More than 250 years ago Stephen Daye set up at the corner of Dunster Street and Harvard Square, in the house of the president of the college, the rude and clumsy printing-press which for nearly half a century was the only one in all British America, and now there is no other city of anything like equal population in which there is such extensive printing of the highest grade as at the Riverside Press, owned and conducted by the enterprising firm of Houghton, Mifflin & Co.

First in magnitude among the printing establish- ments of Cambridge is the Riverside Press, owned and operated by the above-named firm, and it is not too much to say that not only in the printing, but in everything that pertains to bookmaking from its man- uscript to its delivery to the reader, they stand in the foremost rank, both in the magnitude of its business and the high mechanical and artistic quality of its productions. The firm consists of five members-Mr. Henry O. Houghton, George H. Mifflin, Lawson Valentine, Thurlow W. Barnes and Henry O. Hough- ton, jr.

The premises of the Riverside Press are situated on the banks of Charles River, Cambridgeport, about two and a half miles from State Street, Boston. This establishment occupies an irregular piece of ground about 450 feet in length by 360 in breadth, beauti- fully laid out, a spacious and well-kept lawn occupy -; iug the northeast corner. In the middle of the lawn is the handsome fountain which was dedicated on Mr. Houghton's fiftieth birthday, April 30, 1873. The main building has a frontage on the east of 170 feet, and is four stories in height aud is surmounted by a tower. In the rear are various buildings for ware- houses, store-houses, engine-house, sheds, stables, etc. A magnificent Corliss-engine of 100 horse-power op- erates the entire machinery in all the buildings. All of the buildings are connected by automatic fire alarms and also with the city Fire Department. The Grinnell automatic sprinkler is in place throughout, and a fire brigade composed of sixty-five men em- ployed at the Press is kept in constant training. The entire premises are as neat and tidy as a Shaker sitting- room. The employes of the Press number about 600, half of whom are men and boys and half women and girls. The old-time custom of apprenticeship is still in vogue, with some modifications. Long service is the rule, and several members of the force were with -

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HISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.

Mr. Houghton when the Press was founded. The concern have offices in Boston, New York and Chi- cago, and their business is constantly increasing. We have very briefly sketched some of the prominent features and appliances of this concern and in closing we can only say that the influence of the Riverside Press has been felt far and wide, and it is hard to ex- aggerate the good it has exerted on the world of let- ters and the world of men, and a special incitement to young men to make the most of themselves in whatever department of life they are placed. Plnck, prudence, perseverance and the progressive spirit harnessed to the mechanical appliances of the age will work wonders. This is the lesson the young men may learn from the history of the Riverside Press whose motto has ever been, "Do your work well or not at all."

UNIVERSITY PRESS, John Wilson & Son (proprie- tors, John Wilson, C. E. Wentworth) .- This concern was established in 1639, and, with only a lapse of about twelve months, has been running ever since. They employ about three hundred hands with a weekly pay-roll of $3000. They do a large printing business, setting up and electrotyping nearly four hundred pages per diem and print over 100 reams of paper every day. They occupy the large building which was erected by Harvard College for a hotel (the Brattle House), hut was soon given np for that purpose and has been remodeled and is in every re- spect a well-appointed establishment. This firm is well known and is celebrated for the excellency of its workmanship and fair dealing with its numerons patrons.

THE MASON & HAMLIN ORGAN AND PIANO CO .- In 1854 Mr. Henry Mason and Mr. Emmons Ham- lin formed a partnership for the manufacture of melodeons in Boston. They began with a small im- perfect instrument, which they have continued to improve till, in its present perfected state, it com- mands the indorsement of the first artists of the world.

In 1861 a new form was given to the melodeon and the cabinet-organ introduced by that firm.

A stock company was formed in 1868, and in 1882 the present company was organized under the title of the Mason & Hamlin Organ and Piano Co., with branch houses in New York and Chicago.

The mannfacture was commenced in Cambridge Street, Boston, in a small way, and as the business increased adjoining dwelling-houses were bought up, and a new and substantial factory erected, but it was not long before the mannfacturing facilities were found to be inadequate and land was bought and the present extensive factory on the corner of Broadway and Brewery Street, in Cambridgeport, erected. Of the character of the huildings an idea may be formed when it is known that the solid and conservative Manufacturers' Mutual Insurance Companies of Bos- ton insure this factory, which is the only wood-work-

ing establishment. in the country they have ever taken in.

As organ-makers Mason & Hamlin have become famous all over the world, having carried off highest honors at all important International Exhibitions where their instruments were in competition during the last twenty-three years.

Eight years ago the company added to their exten- sive organ husiness the mannfacture of pianos on a new and improved method. From present appear- ances it would seem that their reputation in this branch will be as world-renowned as that which they have achieved as manufacturers of organs.

They, too, have been remarkably successful from a financial point of view. The Mason & Hamlin stock is one of the best paying investments and hard to get hold of.

HENRY THAYER & Co., manufacturing chemists. -In 1847 Henry Thayer hegan in a very small way to manufacture fluid extracts, an entirely new bnsi- ness in this country. Dr. Thayer was then the pro- prietor of a retail apothecary store on Main Street, Cambridgeport, and, although he had studied med- icine and received a degree as M.D., he did not con- fine his labors to the practice of his profession, but chose the more extensive field of "manufacturing chemist," for which he was peculiarly fitted and to which he gave his whole time and talents. Begin- ning in a small room, not more than ten or twelve feet square, in the rear of his store, the business rapidly increased, and he very soon had to seek for more extensive and convenient quarters. A rather small two-story wooden building was erected, where the business was carried on for a year or two, but very soon there was a call for more commodious quarters, and having associated with him Mr. John P. Putnam and Mr. Francis D. Hardy, they removed to the large brick building known as Douglass Block, where they remained until 1870, when they erected the premises on Broadway, which they now occupy as a laboratory and which, for complete appointment and adaptation for what it is intended, is a model establishment. The main building is fonr stories with a basement and sixty by eighty, with an annex sixty hy forty, containing the engine and " drug- mill "-the latter fitted with the requisite machinery for grinding and powdering all the articles used, thus preventing the adulteration either by accident or de- sign. The arrangements for labeling and putting up their goods is such as to render a mistake or error almost, if not quite, impossible, and is very ingenious. The firm enter this year, 1890, on their forty-third year of continued business under the same firm-name uninterrupted by any business disaster whatever. The members of the firm are recognized as among the leading pharmacists and manufacturing chemists . of the day, and it is not at all surprising their goods rank high among the medical faculty as well as by the business community all over the world, as their

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History of Middlesex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I, Part 67

Author: Hurd, D. Hamilton (Duane Hamilton), ed Publication date: 1890 Publisher: Philadelphia, J. W. Lewis & co Number of Pages: 1034

Author: Hurd, D. Hamilton (Duane Hamilton), ed
Publication date: 1890
Publisher: Philadelphia, J. W. Lewis & co
Number of Pages: 1034