USA > Massachusetts > Middlesex County > History of Middlesex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II > Part 16
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An attack of paralysis, in 1879, clouded, with phy- sical weakness and suffering, the last six years of his long and busy life.
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HISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.
His wife survived him, but has deceased since the death of her husband. Of his family ouly one now remains, Hon. Edward M. Tucke, secretary of the Traders and Mechanics' Insurance Company, and at the present time (1890) a member of the Senate of Massachusetts.
The Railroad Bank .- This bank was incorporated in 1831. The names of Ebenezer Appleton, Eben- ezer Chadwick, William Lawrence, Kirk Boott, Lemuel Pope and John P. Robinson appear in the act of incorporation.
These gentlemeu, being mostly Boston men and owners of stock in the manufacturing corporations of Lowell, had, as their object, the establishment of a bank for the special use of these corporations. For nearly forty years the banking business of the cor- porations was done through this bank. From it also was for a long time obtained the money for the monthly pay-rolls of the operatives in the mills.
The first board of directors was: Luther Lawrence, Paul Moody, Elisha Glidden, Henry Cabot, Joshua Swan, Kirk Boott and Ebenezer Appleton.
The names of the presidents and cashiers, with the date of their appointment and the number of years of service are as follows :
Presidents : Luther Lawrence, 1831 (8 years) ; Pel- ham W. Warren, 1839 (6 years) ; B. F. French, 1845 (8 years) ; S. W. Stickney, 1853 (22 years) ; Jacob Rogers, the present incumbent, 1875. Cashiers : Pel- ham W. Warren, 1831 (8 years); S. W. Stickney, 1839 (14 years) ; John F. Rogers, 1853 (17 years) ; James S. Hovey, 1870 (15 years) ; Frauk P. Haggett, the present incumbent, 1885.
From 1831 to 1836 the banking-rooms of the insti- tution were at the corner of Central and Hurd Streets. From 1836 to 1845 it occupied a room in the second story of a building erected by itself, at the corner of Merrimack and John Streets, and on the site of the building now occupied by the Five Cent Savings Bank. From 1845 to 1859 it occupied a room in the bank building on Shattuck Street. From 1859 to 1889 it occupied rooms in the Carleton Block on Merrimack Street, now known as Odd Fellows' Block. Its present place of business is on Merrimack be- tween Kirk and John Streets. Its capital at its in- corporation was $200,000. From time to time the capital was enlarged as Corporation business increased until it reached $800,000. When this business di- minished it was reduced to $400,000, and this is its present capital. When, in 1885, the capital was re- duced to $400,000, a dividend of fifteen per cent. was paid from the accumulated surplus. No semi annual dividend has ever been omitted.
The names of the present board of directors are : Jacob Rogers, Sewall G. Mack, George Motley, George Ripley, James B. Francis, A. G. Cumnock, James Francis.
City Bank .- An institution called "The City Bank " was incorporated in March, 1836, Joseph
Locke, Jonathan Tyler and John Nesmith being named in the act of incorporation. But the financial distress and panic which came upon the country in the next year made it so difficult for the new bank to comply with the requirements of law, that the en- terprise was abandoned.
Appleton Bank .- This bank was chartered in 1847, sixteen years after the Railroad Bank began business. Its capital was at first $100,000, then $200,000, and at last $300,000. Its first directors were John A. Knowles, Isaac Farrington, J. B. French, John Nes- mith, Abner W. Buttrick, Sidney Spalding, George Bragdon, Ransom Reed, John W. Graves, none of whom now survive.
Below are the names of its presidents and cashiers, with date of their appointment and the number of years of their service :
Presidents : Jolin A. Knowles, 1847 (21 years) ; J. B. French, in 1876, who, from ill health, did not assume the active duties of his office; John F. Kimball, the present incumbent, 1876. Cashiers: John A. But- trick, 1847 (12 years); John F. Kimball, 1855 (18 ycars); E. K. Perley, the present incumbent, 1876. The present directors are : John F. Kimball, Addison Putnam, William E. Livingston, Freeman B. Shedd, D. W. C. Farrington, William Nichols, William S. Bennett, W. W. Wilder. The dividends have aver- aged about ten per cent. per annum.
This bank first occupied a brick building, owned by itself, on the corner of Central and Hurd Streets, on the site of which the bank erected in 1878 the elegant four-story building which it now occupies.
Prescott Bank .- This bank was incorporated in 1850 with a capital of $200,000, which, in 1865, when it became a national bank, was increased to $300,000. The first directors were: Joel Adams, Samuel Bur- bank, Daniel S. Richardson, Joshua Converse, Charles B. Coburn, Andrew C. Wheelock, Artemas L. Brooks, James H. Rand, Elijah M. Read, Rufus Clement, Isaac W. Scribner. The presidents have been : Joel Adams, appointed 1850; Charles B. Coburn, 1864 ; Daniel S. Richardson, the present incumbent, 1874. The cashiers have been : Artemas S. Tyler, 1850 (twenty-two years); Alonzo A. Coburn, the present incumbent, 1871. Its banking office was at first in a building on the site of the present Mansur Block on Central Street, but in 1865 the bank moved into the building (Nos. 26 and 28 Central Street) which was erected by itself. The present directors are: D. S. Richardson, George F. Richardson, Hapgood Wright, C. H. Coburn, Daniel Gage, N. M. Wright, C. A. Stott, W. A. Ingham, A. A. Coburu, J. W. Abbott, J. A. Bartlett.
Wamesit Bank .- This bank was incorporated April 28, 1853, with a capital of $100,000. Its pres- ent capital is $250,000. Its first directors were : Sidney Spalding, Horace Howard, Ignatius Tyler, Charles H. Wilder, Abiel Rolfe, Abram French, Henry C. Howe, Samuel Horn, Alphcus R. Brown.
TH
ter
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LOWELL.
In 1865 it was reorganized as a national bank. Its presidents have been : Horace Howard, appointed in 1853 : William A. Richardson, 1860; Charles Whit- ney, 1867 ; Henry C. Howe, the present incumbeut, 1887. Its cashiers have been : John A. Buttrick, 1853; G. W. Knowlton, the present incumbent, 1874. The present Board of Directors is: Samuel Horn, Prescott C. Gates, Seth B. Hall, William H. Wiggin, Perley P. Perham, Samuel Kidder, G. W. Knowlton, Francis Jewett, James W. Bennett, H. S. Howe. Its place of business is at 189 Middlesex Street, near the Northern Depot, in a brick block owned by the bank.
Merchants' National Bank .- This bank was incor- porated in 1854 with a capital of $100,000, which has been increased three times and is now $400,000. Its first directors were: Harlan Pillsbury, Thomas Nes- mith, Albert Wheeler, W. W. Wyman, Dauiel Swall, Joseph Bedlow, Samuel T. Laucaster, George F. Richardson, Hocum Hosford, Isaac S. Morse, Asa Hildreth. Its presidents have been : Harlan Pills- bury, appointed in 1854 (ten years); Royal South- wick, 1864 (eight months); Hocum Hosford, 1864 (two years) ; H. W. B. Wightman, 1876 (four years) ; Ar- thur P. Bonney, the preseut incumbent, 1880. Its cashiers have been : Eliphalet Hills, appointed in 1854 (one year); J. N. Pierce, Jr., 1855 (eighteen years) ; Charles W. Eaton, 1873 (eleven years) ; Wal- ter W. Johnson, the present incumbent, 1884. The present directors are : Arthur P. Bonney, Samuel T. Lancaster, William H. Anderson, Cyrus H. Latham, Amasa Pratt, William Shepard, Albert F. Nichols, Frank T. Jaques, Michael Collins, Arthur G. Pollard, George Runels. Until 1870 its office was in the scc- ond story of a building owned by itself (Merrimack Street, No. 39). Since that date it has been on the first story of the same building. This bank was changed to a national bank in 1864.
First National Bank .- This bank was organized un- der the national law February 16, 1864, with a capital of $250,000, which has remained unchanged. Its first directors were : James K. Fellows, James C. Ayer, Gilman Kimball, Isaac Place, James C. Abbott, Eph- raim Brown, J. W. Daniels, A. P. Bonney, Joseph H. Ely. Its presidents have been : Arthur P. Bon- ney, appointed 1864; James C. Abbott, the present incumbent, 1880. Its cashiers have been : George F. Hunt, 1864 (two years) ; George B. Allen, 1866 (four- teen years); Walter M. Sawyer, the present incum- bent, 1880. The present directors are : J. C. Abbott, Amos A. French, Ephraim Brown, Samuel N. Wood, Gilman Kimball, Patrick Dempsey, A. C. Taylor, Joseph S. Brown, W. H. Parker, John Lennon, Thomas Costello. Its place of business was at the corner of Central and Middle Streets until 1884, when it took possession of the building erected by itself on Central Street.
Lowell Co-operative Bank .- This bank was char- tered by the State of Massachusetts, April 29, 1885, with an authorized capital of $1,000,000. From its
organization its officers have remained the same. They are as follows : President, A. B. Woodworth ; Secretary, George W. Batchelder ; Treasurer, George E. Metcalf. The directors are: Joseph L. Sedgley, Leonard Evans, Jr., Charles T. Rowlaud, E. G. Baker, John O. Gulline, John Dobson, Thomas Col- lins, S. J. Johnson, James E. White, J. D. Hartwell, George W. Brothers, Edwin S. Bickford, Caleb L. Smith, James Markland, Samuel A. Byat.
The banking-office is at No. 6 Central Block, Cen- tral Street.
The profits (interest) credited to shares during the last year were 73 per cent.
The mouthly meetings are held ou the first Thurs- day after the 10th day of each month. Money is loaned at every meeting to build a house, buy a house or pay off a mortgage. Motto : "Save your money- own your home."
SAVINGS BANKS-Lowell Institution for Savings- The Lowell Institution for Savings was incorporated October, 1829, and was the first incorporated savings bank of our city. More than two years before this date the Merrimack Manufacturing Company had, without legislative sanction, received money from its operatives on deposit, with interest on the same con- ditions as those existing in savings institutions. In- terest at 6 per cent. per annum was allowed, and this interest ceased to be paid when the depositor left the employment of the company. This beueficent plan, however, being of somewhat doubtful expediency, as well as doubtful legality, was suspended in July, 1829.
In the Hamilton Mills a similar plan for saving the earnings of the operatives from the losses which they frequently suffered for want of a safe place of de- posit seemed greatly to be needed, and the agent, Mr. Samuel Batchelder, opened books of deposit for the operatives on the savings bank principle. But when it became doubtful whether the charter of the com- pany would allow banking business to be done by a manufacturing company, the agent, with others, pe- titioned the Legislature for the incorporation of a savings bank. The petition was granted and an act of incorporation was passed. But so small was the number of responsible men who participated in the work of establishing a bank thus incorporated, that the petitioners felt compelled to appoint themselves as trustees of the new institution. Mr. James G. Carney was induced to act as treasurer, and the ex- periment began.
The first important transaction of this institution was the negotiation of a loan of about $17,000 with the town of Lowell a few months after the bank bc- gan to receive deposits. The refusal of the town au- thorities, however, to continue to pay the rate of in- terest required by the bank, and the difficulty experi- enced by the institution in loaning its deposits upon the prescribed rates, raised the question, in the next year (1830), whether it would not be advisable cither to
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HISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.
" close the concerns of the institution or to reduce the rate of dividends." The result was that on Nov. 1, 1830, the rate of interest was reduced from 5 per cent. to 4 per cent. At the latter rate the bank con- tinued to pay dividends for about fifty years. Extra dividends, however, have from time to time been paid, but not oftener than once in three years.
The management of this institution has been emi- nently safe and conservative. It has, throughout the sixty years of its existence, been almost abso- lutely exempt from loss. Its first treasurer held his office for forty years, always prescribing to himself the most rigid and conscientious discharge of duty, and allowing in others no trifling or evasion of tbe rules prescribed. At no time of financial panic or peril has the confidence of the people of Lowell in this institution been shaken.
Its cautious and conservative management is indi- cated by the following by-law: "The funds of the institution may be invested in loans on mortgages of real estate within this State, provided that the whole amount loaned on mortgage shall not at any time ex- cecd a third part of the whole funds of the institu- tion at the time of making the loan, and no loan shall be made for more than half the value of the es- tate pledged."
The amount of deposits in this bank were, in 1830, $7937; in 1840, $305,895; in 1850, $705,761 ; in 1860, $1,146,093 ; in 1870, $1,388,128; in 1880, $2,909,753; in 1890, $4,384,871.
In 1878 the average amount of each depositor was $409, while forty years before, in 1838, it was $123. The amount of $100 deposited in this bank in 1829 would, in 1885, be $2479, and in 1890 about $2880.
The presidents have been : Elisha Glidden, 1829 to 1835; Theodore Edson, 1835 to 1883; Jolin O. Green, 1883 to 1886; Charles A. Savory, the present incum- bent, 1886.
The treasurers have been: J. G. Carney, 1829 to 1869; George J. Carney, the present incumbent, 1869.
Trustees for 1889 are: George Motley, Franklin Nickerson, C. A. Savory, S. Kidder, A. B. French, Frederick Bailey, A. St. John Chambre, J. W. B. Shaw, Frederick Taylor, Cyrus M. Fisk.
James G. Carney, who, for nearly forty years, was treasurer of this bank, deserves a special notice. He was born in Boston, February 14, 1804, and was trained to business in the service of William Gray, one of the most distinguished of the merchants of Boston, who, for two years, was Lieutenant-Governor of Massachusetts. Mr. Carney came to Lowell in 1828, when twenty-four years of age, to fill the office of first cashier of the Lowell Bank, which was estab- lished in that year. In 1829 he was elected treasurer of the Lowell Institution for Savings. He aided in organizing the Bank of Mutual Redemption in Bos- ton and was, at one time, its president. He was one of the originators of Lowell Cemetery and was among
its trustees. He was a man of marked personal dig- nity, of unusual firmness of character, and was re- markably accurate and methodical in his official work. His name will long live in Lowell. He died of pneu- monia, February 9, 1869, at the age of sixty-five years.
City Institution for Savings .- This bank was organ- ized 1847. The first president was Rev. Henry A. Miles, who, in 1853, was succeeded by Rev. Daniel C. Eddy. In 1857 Dr. Nathan Allen was chosen, president and remained in office twenty-two years. The present incumbent, Hon. F. T. Greenhalge, was elected president in 1889.
The first treasurer, John A. Buttrick, held the office twenty-cight years, and was succeeded, in 1875, by his son, Frederic A. Buttrick.
The banking office, ever since the organization, has been on the corner of Hurd and Central Streets.
The present Board of Trustees is : Frederic T. Greenhalge, William E. Livingston, N. M. Wright, William Nichols, Charles R. Kimball, William S. Bennett, Addison Putnam, John F. Howe, Samuel T. Lancaster, Edward K. Perley. Quarters commence on the second Saturday of January, April, July and October.
Amount of deposit October 5, 1889, $5,086,910. This very large deposit indicates the popular eonfi- dence in this institution. Its management has been marked throughout with wisdom and fidelity.
Brief mention should be made of John A. Buttrick, the first treasurer, to whose fidelity and ability the very high standing of this bank is largely due. He was born in Stetson, Maine, April 14, 1813. In his childhood his family removed to Framingham, in this State, and his youth was spent upon a farm. At the age of sixteen years he was a student in Phillips Academy in Andover, For several years he taught a private school in Medford. In 1839 he came to Low- ell, and for four years was in the grocery trade with his brother. From 1843 to 1847 he was treasurer of the city of Lowell. In 1847 he was chosen cashier of the Appleton Bank and treasurer of the City Institu- tion for Savings. Having resigned the cashiership of the bank in 1855, he devoted the rest of his life to the duties of treasurer of the Savings Bank. This was his life-work and here he gained a very honor- able name. His reputation is historie. His fellow- citizens loved to honor him. He was elected Repre- sentative and Senator to the State Legislature, and member of the School Committee. He was an honest man of simple manners. He was genial, compassion- ate and conscientious, and Lowell has lost few citi- zens who will be so affectionately remembered. He died March 31, 1879, at the age of sixty-six years.
Lowell Five-Cent Savings Bank .- This bank was in- corporated in 1854. Its presidents have been : Hora- tio Wood, 1854 to 1885; Sewall G. Mack, the present incumbent, 1885.
Its treasurer, Artemas S. Tyler, has been in office since its organization.
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LOWELL.
Trustees for 1889 : William F. Salmon, John H. McAlvin, C. E. A. Bartlett, Dudley Foster, Albiou C. Taylor, Charles Coburn, George F. Penuimau, Asa C. Russell, George F. Richardsou, George S. Cheney, Arthur Staples.
Deposits from five eents to $1000 are received. Hours of business from nine to one o'clock, and on Saturday evenings from seveu to nine o'clock. Quarters commenee on the first Saturday of January, April, July and October. Amount of deposits on September 28, 1889, $1,322,740.
The banking-rooms of this bank were the same as those of the Preseott Bank uutil the winter of 1874, when it took possession of the elegant building, with marble front, erected by itself, on the corner of Mer- rimaek and John Streets.
The Mechanics' Savings Bank .- This bank was or- ganized in 1861. Its presidents have been William A. Burke, 1861-87 ; Jeremiah Clark, the present in- eumbent, 1887. Its treasurers have been John F. Rogers, 1861-70; C. F. Battles, 1870-71; C. C. Hutchinson, the present ineumbent, 1871.
Trustees for 1889: J. Clark, Jacob Rogers, Isaac Cooper, Alfred Gilman, F. Rodliff, J. V. Keyes, A. G. Cumnock, C. S. Hildreth, John Davis, James Francis, W. W. Sherman, E. M. Tuek, James G. Hill, William D. Blanchard, James M. Marshall, Francis Carl, William G. Ward, Edwin H. Cum- mings, Edward N. Burke.
Quarters commence on the first Saturday of March, June, September and December.
Hours of business from 9 to 1 o'clock daily, and from 7 to 9 on Saturday evenings.
Amount of deposits on August 1, 1889, $1,880,201.
The first place of business of this bank was in the rooms of the Railroad Bank in Odd-Fellows' Hall, the treasurer, John F. Rogers, being also cashier of the Railroad Bank. But in 1871 the banks separated. The Savings Bank, with Mr. Hutchinson as treasurer, for two years occupied rooms in the rear of the dis- count bank. In 1873 the Savings Bank took posses- sion of the first story of the building on Merrimack Street, which it had erected for its use. It removed from the first story to the second story of this building in 1889.
John F. Rogers, the first treasurer of this bank de- serves a special notice. He was born in Exeter N. H., December 1, 1819. He fitted for college at Exeter, but did not pursue his studies further. Learn- ing the hardware business in New York, he set up a hardware store in Lowell in 1845. IG 1853 he became cashier of the Railroad Bank, and held the office through a period of seventeen years. From 1861 until his death, in 1870, he was treasurer of the Me- chanics' Savings Bank. Few men have lived a life so pure and so devout. Few were so much beloved and few so much lamented. He died in the prime of manhood, at the age of fifty-one years.
Central Savings Bank .- This bank was incorporated
in 1871. Its president from its incorporation has beeu Oliver H. Moulton. Its treasurers have been J. N. Pierce, 1871-72; Samuel A. Chase, the preseut ineumbent, 1873. Trustees in 1889 : O. H. Moulton, E. Brown, Patrick Lynch, Henry C. Church, George Runels, J. C. Abbott, E. Boyden, Cyrus H. Latham, Willard A. Brown, Amasa Pratt, Benjamin Walker, Joseph R. Haycs, John S. Jaques, J. P. Folsom, A. G. Pollard, George F. Scribner, Prescott C. Gates, S. N. Wood, Frederick Ayer, Joseph S. Brown, Dan- iel Swan, Robert Court, Charles W. Saunders, Ezra A. Adams, George L. Huntoon, George W. Young.
The quarters commenee on the first Saturday of February, May, August and November.
Its hours of business are from 9 to 1 o'clock, and on Saturday evenings from 7 to 9.
There is a safety-vault in eounection with the bank.
Amount of deposits, October 26, 1889, $1,915,172.
Its place of business is the Merchants' Bank build- ing, 39 Merrimack Street.
Merrimack River Savings Bank .- This bank was in- corporated in 1871. Its presideut, from its incorpora- tion has been J. G. Peabody. Its treasurers have beeu G. W. Knowlton, 1871-74; A. J. Flint, 1874- 79; Nathan Lamson, the present incumbent, 1879. Trustees in 1889 : A. D. Puffer, Atwell F. Wright, Charles Runels, C. J. Gliddeu, W. A. Ingham, F. Rodliff, Jr., Crawford Burnliam, J. C. Johnson, James W. Bennett, Horace Ela, B. F. Sargent, C. F. Var- num, G. W. Knowlton, C. E. Adams, Alfred Barney, R. G. Bartlett, Seth B. Hall.
The quarters commenee on the first Saturday of February, May, August and November.
The hours of business are from 9 to 12, and from 2 to 4 o'clock on Mondays, Tuesdays, Thursdays and Fridays; and from 9 to 12, and 7 to 9 o'clock on Saturdays.
Interest is paid on any sum, from $1 to $1000. No deposit received above $1600.
Amount of deposit, on October 26, 1889, $836,634.
The place of business is at 189 Middlesex Street, near the Northern Depot.
FIRE INSURANCE COMPANIES .- In the early days of Lowell almost all its fire insurance business was done by three companies, viz., the Middlesex Mutual Fire Insurance Company, of Concord, Mass .; the Merri- mack Company, of Andover, aud the Lowell Mutual Fire Insurance Company, of Lowell. The last of these three companies was for nineteen years the only fire insurance company in Lowell.
It was incorporated March 6, 1832, and commenced business in April following. Its first place of busi- ness was in the Railroad Bank Building, situated on the site of the present Appleton Bank Building, on Central Street. The office was subsequently removed to the Mansur Building, corner of Central and Mar- ket Streets, where it remaincd for over. forty years. About five years since, in 1884, it was removed to the
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HHISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.
second story of the building erected and occupied by the First National Bank.
Its presidents have been-Luther Lawrence, elected in 1832; Elisha Glidden, 1834; John Nesmith, 1836; Jonathan Tyler, 1837; Horace Howard, 1841; J. B. French, 1851; J. H. B. Ayer, 1853; J. K. Fellows, 1860; J. C. Abbott, the present incumbent, 1880.
Its secretaries and treasurers have been-Samuel F. Haven, 1832; Tappan Wentworth, 1835; J. M. Mansur, 1837; R. G. Colby, 1841; Isaac S. Morse, 1845; Jacob Robbins, 1852; George W. Bean, 1860; Wm. P. Brazer, 1862 (temporarily) ; James Cook, 1862; Charles W. Drew, 1877; E. T. Abbott, 1883.
The original directors, elected in 1832, were-Kirk Boott, Luther Lawrence, Elisha Glidden, Aaron Mansur, Nathaniel Wright, John C. Dalton, Seth Ames, Benj. Walker, Matthias Parkhurst.
The directors for 1889 were-Wm. H. Wiggin, J. K. Fellows, Win. P. Brazer, Charles A. Stott, Wm. E. Livingston, J. C. Abbott, Benj. Walker, Amos B. French, N. M. Wright, A. G. Pollard, E. T. Abbott, P. C. Gates.
For several of the first years of this company no premiums were paid, a deposit note being relied upon for assessment. The business of this company out- side of Lowell was formerly done by agents, who, for the sake of the profit arising from their commission, were found to take risks which ought to have been rejected. From these risks the company met with such serious losses by fire, that in 1853 it was voted not to take any more risks outside the city. The result has been most satisfactory. Losses by fire have now for many years been very few. The com- pany is in a highly prosperous condition, Dividends are paid of sixty per cent. for five years, fifty per cent. for three years, thirty-thrce and one-third per cent. for one year. The fact that all property in- surcd is in the city of Lowell may, to some, suggest the danger that a disastrous fire in the city would prove disastrous to the company ; but the excellent Fire Department of Lowell, the cautious manner in which property is insured, and the conservative character of the directors and officers of the company have gained for it the highest confidence of the citi- zens. The risks of this company in 1889 were nearly $3,000,000.
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