History of Middlesex County, Massachusetts, with biographical sketches of many of its pioneers and prominent men, Vol. III, Part 93

Author: Hurd, D. Hamilton (Duane Hamilton) ed
Publication date: 1890
Publisher: Philadelphia, J. W. Lewis & co
Number of Pages: 1278

USA > Massachusetts > Middlesex County > History of Middlesex County, Massachusetts, with biographical sketches of many of its pioneers and prominent men, Vol. III > Part 93

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WATERTOWN.

came up to the wharf below the buildings of the Walker Pratt Company, and discharged her cargo on the wharf. This lumber was from trees cut on the farm of Mr. Simon Barrett, of Hope, Maine. This was taken over to Camden, Maine, put into this ves- sel, under the command of Captain Pendleton, and brought to Boston, and up the Charles River to the bridge, and discharged upon the wharf and land of Mr. Luther Barrett. With this lumber, Mr. Barrett built the large shop on what is now Beacon Square, which he occupied as a paint-shop, the lower story being for the storage of carriages, the painting being done in the second-story to which the usual inclined plane led. (This shop, having been accidentally burned after the death of Mr. Barrett, was replaced by the present structure, which we have said was oc- cupied by Luther Bent in the early days of bis furni- ture business).

A little dredging would make the whole river navi- gable to the bridge, and be of very great value to the town.

It is hoped that a new era in the navigation of the river has begun. The old condition of the river may be restored and improved.

On the 30th of July, 1890, the first steam vessel was launched by Mr. John Cassidy, from his land, which was once, as shown by specimens found, an old Indian camping-ground, just above the United States Arsenal. This may be followed immediately by the building of others. To make these of such use as they should be, the river, of course, should be cleared of impediments, the draws should be improved, and in the course of time we may hope to see the beautiful scenery along the banks, as in the days of our fathers, enjoyed by those passing up and down, more rapidly now and more easily, by the aid of steam, to where the terraced slopes of Newton and Watertown greet the eye.

This vessel of Mr. Cassidy's, of about 400 tons bur- den, a double-propellor, named the " Watertown," was launched in the presence of over five thousand people, including the officials of Newton, Waltham, Belmont and Watertown; with a band of music, with speeches and congratulations, and a banquet, to the delight of all. So far, your historian can go. May some future writer record the success of an experiment begun two hundred and sixty years after that of Cradock near his "impaled park " on the Mistick.

Wood, in 1633, said "Ships of small burthen may come up to these two towns (Cambridge and Water- town), but the oyster banks do bar out the bigger ships." It will be possible to avoid the oyster banks, if only the general government do what it should to clear the channel and encourage the formation and maintenance of that commerce that would bless not only the old town of Watertown and the immediate neighborhood of Boston and Massachusetts Bay, but the entire country as well.

Doubtless the policy of England in dredging out and improving the mouths of her rivers and estuaries,

-fitting training courses for supplying her navy with skilled men,-helps to keep alive the spirit of emula- tion iu naval improvements as well as to furnish the practical education required to enable her in any time of need to man her navies with an irresistible force. It is dictated by wisdom and practical economy. It would be pleasant to behold, with the improved con- dition of usefulness of the Charles River for naviga- tion, also that condition of wholesomeness of its waters, indicated by the presence of the multitudes of fishes found by our fathers. The testimony of science is that this desirable condition is only a question of the application of the proper means, with energy.

BANKS AND BANKING .- The banks, although among the most important agencies through which the busi- ness is conducted, have, as a matter of evolution, come late in the growth of the old town. The town of Water- town is now very well accommodated with institutions for the deposit and safe keeping as well as for the loans and collections of money, and the ordinary trans- action of monetary affairs.

The Union Market National Bank was organized iu 1873. The first meeting of the association for organization was on the 9th of April, 1873. It was voted at first to call the bank the Watertown National Bank, but it afterwards was decided to call it the Union Market National Bank, and that the capital should be $100,000, with the privilege of increasing to $300,000.

Those who signed the certificate of organization were John H. Conant, Charles J. Barry, Royal Gilkey, George K. Snow, George N. March, Thomas L. French and James S. Allison.

It was voted that there should be seven directors, and the following were chosen : George N. March, George K. Snow, Royal Gilkey, Thomas L. French, Charles J. Barry, John H. Conant and James S. Alli- son.

In the choice of president there was at first a tie between Charles J. Barry and George N. March, but at the next meeting one of the directors having re- turned from Washington, Geo. N. March was elected.

Capt. J. K. Stickney was made cashier. On May 23d, Messrs. Barry and French resigned from the board, and S. F. Woodbridge, of Cambridge, and N. E. Hollis, of Boston, were elected.

A code of by-laws was adopted in June, and on the 7th of July, 1873, the bank opened for business, the board of directors met in their room, and notes were discounted.

George N. March continued to occupy the presi- dent's chair till the fall of 1883, when Oliver Shaw took his place.

Tilden G. Abbott was elected assistant cashier in July, 1873. Before 1880 Capt. Stickney resigned his post as cashier, and was elected vice-president, which position he continues to hold. T. G. Abbott was made cashier, which position he held until January, 1884, when he left suddenly with loss to the bank.

HISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.

Capt. Stickney, as vice-president, performed the duties of cashier until Mr. Noah Swett was appointed cashier on the 20th of February, 1884.

George S. Parker was made assistant cashier in January, 1887, and Harry Brigham clerk in October of the same year.

The capital stock was fixed in 1873 at $100,000; in May, 1874, increased to $200,000; December 30, 1876, reduced to $150,000; May 17, 1881, increased again to $200,000, and March 5, 1884, decreased again to $100,000. At this last amount it still stands, although there appears from the books to be a large surplus.

The stockhohlers were originally wholly in the town, although now probably more than one-half of the stock is held out of town.

The history of the bank was in its earlier days one of varying fortane, but for the past few years, under the conservative management of its present officers, of promise for the future. The bank has proved a great convenience to the business men of the town, never refusing small loans to citizens of the town who can furnish good security, allows more ready transfers, and facilitates the accumulation of ready funds for building purposes, and for the general nses of business.

Its stock is seldom offered in the market; the last sale noticed, which was in 1889, was at about $140, the par value being $100. It has paid dividends of five per cent, semi-annnally for several years,

The Watertown Savings Bank was incorporated by act of the Legislature, April 18, 1870. The persons named in the act of incorporation were Nathaniel Whiting, Charles J. Barry and Joshna Coolidge. The first meeting of the incorporators was held September 1, 1870, when the charter was accepted and twelve associate members were elected. The bank was opened for business in a room on the second floor of Noyes' Block, November 10, 1870, when the deposits of the first day amounted to $924. At the expiration of five years, the bank was removed to the first floor of McMasters' Block, and opened for business every day in the week from one to four p.M., and on Thurs- day evenings from seven to nine o'clock. This caused a great increase in its deposits. During the first six years of its existence, before the new law went into effect, dividends of six per cent., computed from the first day of each month, were earned and paid.

With regard to the management of its affairs, it may be said that depositors have never been required to give the legal notice of intention to withdraw funds, not even in the panics of 1873 and 1878. Of all the loans made, the only direct loss sustained from its commencement has been the sum of $204, and only one foreclosure of a mortgage has been made, and in this the auction sale brought nearly three times the loan claimed by the bank. The interest on every outstanding loan has been paid in full to October, 1889.

This is a record of which the investment committee of the bank should have full credit, their only reward. The unpaid service of successful business men is ren-

dered to the bank as an encouragement to small in- vestments, which may be spared by those earning small amounts, for the building of homes and for pro- vision against the days when sickness or old age re- quire aid.

The number of persons holding books is 3054. The amount on deposit is $367,781.79.

In 1880 the bank was removed to the Union Market National Bank Building, and in 1887 the bank was removed to the first floor of Barnard's Block, where in the summer of 1890 the room was refitted and im- proved in appearance. After the death of the presi- dent, Charles J. Barry, Dr. Alfred Hosmer accepted the post of president, which he held until March 25, 1890, when Albert O. Davidson was elected to the position.

In Dr. Hosmer's presidency the by-laws were thor- oughly revised, a work in which Dr. Hosmer took great interest, and was untiring in establishing the best possible forms of doing business, including a new and model deposit-book for the use of depositors.

A statement of the condition of the bank June 30, 1890, is as follows :

Deposits . $368,447.03

Undivided Earnings

11.542.42

Guarantee Fund .

9,092.00

Real Estate Loans

. $227,540.71

Personal Loans

10,000.00

Railroad Bonds .

72,262.50

Municipal Securities

34,315.00

Bank Stock

35,718.87

Expense Account

761.42

Cu8h

8,482.95

1890-91-OFFICERS.

President, Albert O. Davidson ; Vice-President, John K. Stickney ; Clerk, Ward M. Otis ; Trustees, John K. Stickney, Oliver Shaw, S. S. Gleason, A. O. Davidson, Wm. H. Ingraham, Geo. E. Priest, Ward M. Otis, Chester Sprague, J. B. Woodward, E. B. Eaton, C. D. Crawford, R. P. Stack, C. Q. Pierce, C. W. Stone; Board of Investment, Albert O. Davidson, Wm. H. Ingraham, Calvin D. Crawford ; Treasurer, George E. Priest ; Book-keeper and Cashier, Wm. E. Farwell ; Corporators, Joshua Coolidge, John K. Stickney, Oliver Shaw, D. B. Flint, Francis Kendall, S. S. Gleason, A. O. Davidson, Alfred Hosmer, Wm. H. Ingra- ham, George E. Priest, Ward M. Otis, J. B. Woodward, T. P. Emerson, Chas. B. Gardner, E. B. Eaton, C. D. Crawford, R. P. Stack, O. Q. Pierce, J. J. Sullivan, Moses Fuller, W. A. Learned, C. W. Stone, Fred. G. Barker, H. W. Otis, F. H. Edgcomb, A. H. Hartwell, A. A. L. Gordon, Julian A. Mead, Chester Sprague, Fred. E. Crawford.

The Watertown Co-Operative Bank was organized June 5, 1888; chartered June 23, 1888 ; began busi- ness June 28th, with an authorized capital of $1,000,- 000, with regular monthly meetings on each fourth Thursday.

It has already entered on its fifth series of shares, has invested its money among its own shareholders, enabling some to build houses for themselves and pro- viding them a systematic and easy mode of payment, while earning for the shareholders a good rate of interest. The dividends earned so far are at the rate of six per cent., while all the necessary expenses of starting such an institution have been paid, and there is a small surplus in the treasury.

The present officers are Charles Brigham, president ; A. H. Hartwell, vice-president ; S. S. Gleason, secre-

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WATERTOWN.

tary and treasurer; with a board of fourteen direc- tors, including besides the above, G. C. Holt, L. B. Porter, L. S. Frost, HI. H. Powell, J. E. Hackett, J. H. Norcross, H. W. Otis, L. S. Cleveland, H. D. Skinner, T. P. Emerson and A. B. Cole. The auditors are G. F. Robinson, J. H. Perkins and E. J. Smith. At- torney, F. E. Crawford.

The purpose of this bank is to help wage-earners to become investors and real property-owners, at least owners of their own houses. The system has a strong advocate in the present Governor of the State, Gov. Brackett, and has proved its capacity for good in many places, notably in Philadelphia, where thou- sands of houses have been built by its aid.

CHAPTER XXXIV.

WATERTOWN-(Continued).

MANUFACTURING AND MECHANICAL INDUSTRIES. -For a place of the size of Watertown, its industries are numerous and varied. Situated at the head of tide-water on the Charles River,-a river that might better bear its ancient and appropriate and more sug- gestive name, Massachusetts River, --- it was, when first discovered by our English ancestors, the scene of ac- tivity, the home and fishing-ground of a considerable tribe of Indians. Gathered about its fall, where " the sweet waters mingled with the tide" from the ocean were the more intelligent and active of the red men, busy, at certain times in the year, in harvesting the abundance of fishes that, following the law of nature, were on their way through the rapids or over the dam to their spawning-grounds, or rather waters, in the upper courses of the river and its tributaries.

Civilization and the progress of the arts have brought great changes in the kind of industries here pursued. The abundant supply of water, soft and clear, except when polluted by the increase of popu- lation and of manufactures, is still available for other uses. It furnishes by gravity, in its flow to the sea, abundance of power, and when roused to greater ac- tivity by Pennsylvania coal, is capable to an almost unlimited extent of turning the wheels of machinery, or of performing those other uses which the inven- tive genius of man is making so helpful in the life of the world.

The situation of Watertown, so near the sea and so near Boston, now the great centre of trade aud man- ufactures and wealth, the metropolis of New Eng- land, and with such abundant facilities for communi- cation with all parts of the country, is particularly favorable for all kinds of manufactures which require to be distributed by railroad or by steam-boat to other parts of the country.

With a little effort on the part of its citizens, and a

fair amount of help from government in dredging the stream, steamers or sailing vessels bearing freight could come to or go from the bridge or the river banks. Considerations of health, as well as the re- quirements of the æsthetic sense of a half million of people, will demand also that such improvements of very valuable natural advantages of river bed, with its double flow of tides, and its constant outflow of the rain-fall of a large district, shall at no distant day be accomplished.

Thus, all the natural facilities for large manufact- uring industries have been furnished, and the natural and beneficial growth in the demands of a large and rapidly increasing people, in the direction of utility and health and beauty, promise constant in- crease in these facilities. Why should capital be so timid in developing what capital will eventually find so necessary for its own interests in this particular lo- cation.

Enterprise here would hasten those changes for the better which the experience of older places has shown to be wise, and which the natural growth of population makes so desirable as to become inevitable, and which could be early made at far less expense than later.

The improvement of the river bed, of the river banks, the arrangement of border streets, so as to facilitate access to the river, the use of the river for transportation and for pleasure, and especially as an ever living, ever changing river park, the voice of great cities and small cities, of London, Paris, Flor- ence and Pisa, for instance, not to mention those nearer home, shows what might be accomplished at an early period with far less expense than later. With this whole region under large municipal control, this improvement would doubtless be undertaken more quickly. In view, however, of the dreaded dangers of such concentration of power as this would imply, our people will probably continue to enjoy in prospect only the water-park of the future and post- pone its realization for their children, or their chil- dren's children.

The Walker & Pratt Manufacturing Company .- One of the largest industries of this town is conducted by this corporation, which manufacture and sell, both at wholesale and at retail, stoves, ranges and furnaces, hot water and steam heaters, and steam and hotel cooking apparatus. They also make a specialty of apparatus for the ventilation of buildings, and do tin, copper and sheet-iron work as well as tin-roofing.

The company, as at present organized, was incorpor- ated under the general laws of the State, in 1877, with a capital of $300,000. The buildings occupied here in town extend from the river along the bridge nearly to Main Street, and along Main Street nearly to Beacon Square, with the exception of a narrow line of stores and the grist-mill immediately upon the street, covering an area of about two acres. The principal store-house is on Galen Street, a long, fine

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IIISTORY OF MIDDLESEX COUNTY, MASSACHUSETTS.

looking brick structure, two stories high, while the principal foundry is on the eastern side of their grounds, nearly opposite the end of Mount Auburn Street. This is also built of brick and, with its high windows, must be well adapted to the needs of the moulders, while it presents a neat and tidy appear- ance on the street. As one approaches the village of Watertown from either of the Newtons, over the an- cient bridge, known in colonial times as the Great Bridge, the first which was thrown across the Charles River, he is struck by the appearance of the massive buildings on the right, with brick walls and their solid stone substructure rising apparently out of the midst of the river, and the extensive wharf extending many hundred feet down the stream, ready, one can see, to utilize the improvements in the river which some future river and harbor bill will make possible.

It is true this wharf is at present partly covered with buildings, some of which are of brick, and by piles of flasks and other useful lumber, such as is necessary in all large iron foundries. If, however, the improvements in the river bed should be extended by dredging as far as the bridge, as Mr. Pratt hoped and labored to have done, and as doubtless will some- time be done, we should see the masts of vessels or the smoke-stacks of steamers at these same wharves, with their cargoes of coal and irou, and the piles of stoves, ranges, and steam and hot-water heaters ready for shipment to all parts of the world.

'The officers of the corporation at present, 1890, are George W. Walker, president; George E. Priest, treasurer; Oliver Shaw, general superintendent. There are four directors, George W. Walker, George E. Priest, Arthur W. Walker and Oliver Shaw.

The foremen in charge of some of the principal departments of their manufactory are: F. HI. Edge- comb, in the patent-shop; Wm. F. Atwood, in the moulding-room; George B. Moore, in the mounting- shop ; John Applin, in the machine-shop.

About one hundred and thirty men are employed at the Watertown factory, and about $2000 per week is required to pay their wages. In Boston a large building on Union Street, Nos. 31, 33 and 35, is occu- pied as a wholesale and retail store aud for the various purposes of their business, for pipe-work, tin-work, stove-rooms, ete., where forty or fifty men are em- ployed as tin-plate workers, steam-fitters, and sales- men. Of course other salesmen are kept "on the road." There is an agency in San Francisco which sells quite extensively on the Pacific coast. Con- siderable quantities are sent to Southern Africa, through Boston and New York exporters, although the larger part of their trade is for the New England market.

The company use about 2000 tons of iron and 800 tons of coal and coke each year in the Watertown works. Svine idea of the extent of foundry work may be gained by the quantity of moulding sand required for the moulds, which of course is used many times, when we reflect that 100 tons of it are bought

each year. Of course thousands of feet of lumber are required for flasks and patterns, for packing and freighting.

The teaming is in the hands of Mr. George H. Sleeper, who keeps ten horses and three men at work all the time, in trucking between the Watertown works and the Boston store. Large use is made also of the Fitchburg and the Boston and Albany Railroads for iron and coal and for sending away the produets of their manufacture.

The $300,000 stock is held by a few persons, princi- pally by four or five stockholders who have been in the business for years, or who have gained it by in- heritance. It is seldom or never quoted on the market.

When this industry started in 1855 it was as a foun- dry and was established by Miles Pratt, Allen S. Weeks, William G. Lincoln, John J. Barrows and Thomas Barrows, under the firm-name of Pratt, Weeks & Company.

Iu the spring of 1857 the firm dissolved, and Mr. Pratt carried on the business during the rest of the year alone. Then a company was formed by Mr. Miles Pratt, Mr. Luke Perkins aud Mr. Wm. G. Lincoln, under the firm-name of Pratt & Perkins.

The business continued under this name until the autumn of 1862, when Mr. Lincoln and Mr. Pratt bought out Mr. Perkins, and then the business was conducted under the firm-name of Miles Pratt & Company. This firm continued the business, which was somewhat varied and greatly enlarged during the war, until 1874, when it was consolidated with George W. Walker & Co., of Boston, under the firm name of Walker, Pratt & Company, which combination con- tinued without further change until it was incor- porated, in 1877, under the present style as the Walker & Pratt Manufacturing Company. At first the busi- ness was small, employing about twenty men, and was confined to the manufacture of parlor and cooking stoves.

When the war broke out, in 1861, the firm went into the manufacture of ammunition and gun-carriage castings. The demands of the nation were urgent, the capacity of the works was increased gradually until about one hundred men were kept constantly employed. The story of the war, especially at the front, is ever filled with interest. It is of a time that tried what there is in man, and frequently called out the noblest traits of character. Not less at home, frequently, was it necessary to strain every nerve and exhaust every device which inventive genius could originate to quickly turn "the plough-share and the pruning-hook," the materials which had been devoted to the quiet purposes of peace, into those effective engines and missiles of war now required to save the life of the nation, suddenly attacked by a desperate enemy who had prepared to wage, in spite of all warnings, a sudden and destructive warfare for the possession of the seat of government and against the very life of the Nation. How the bold spirits, with-

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out thought of their own lives, rushed to Washington, and what dangers and difficulties they encountered, we have often heard. While no diminution of honor can be permitted in speaking of their labors, it might be asked what could they have done without being supported and supplied by those at home. Miles Pratt was especially active in every way ; a zealous and fervent man, fertile in devices, and of great ex- ecutive ability, he could be active in serving his country at home. Colonel Rodman, then in com- mand of the Arsenal here in Watertown, and Miles Pratt together talked over the needs of the Nation in arms and missiles of war. Colonel Rodman asked of Mr. Pratt if iron balls could be made by his men en. gaged in moulding stoves and furnaces. Mr. Perkins, the superintendent in the foundry, entered into the needs of the hour. All the men were ready to try what they could do. Long before any orders could come, or any expenditures could be authorized by Government, without waiting to see if or how they were to be paid, the men were at work moulding shot for canister, for 12-pound guns, for 24-pound guns, even for 13-inch and 15-inch guns-yes, both solid shot and shells. Colonel Rodman, as an effective ord- nance officer who knew just what was needed, seconded by the spirit and ingenuity of a large body of men, organized and spurred on by Miles Pratt and his assist- ants did much to supply the men at the front with the effective implements of war. Those from Watertown had the confidence of men in action. Of course all that could be done here was bnt a mite compared to the de- mands nf an army which increased to over a million men. But these works were rapidly increased through 1861 and 1862. Two hundred and seventy-five (275) tons of iron per month were used under contract for the manufacture of war materials ; 2500 to 3000 tons of iron per year were moulded into shot and shell for the preservation of the Union.

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History of Middlesex County, Massachusetts, with biographical sketches of many of its pioneers and prominent men, Vol. III, Part 93

Author: Hurd, D. Hamilton (Duane Hamilton) ed Publication date: 1890 Publisher: Philadelphia, J. W. Lewis & co Number of Pages: 1278

Author: Hurd, D. Hamilton (Duane Hamilton) ed
Publication date: 1890
Publisher: Philadelphia, J. W. Lewis & co
Number of Pages: 1278