USA > Massachusetts > Bristol County > New Bedford > History of New Bedford and its vicinity, 1620-1892 > Part 48
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This committee reported favorably to the subscription of $25,000 of the stock of the new company, and its action was ratified at a special meeting held for that purpose. The steamboat company had subscribed for $12,500, and this only left $12,500, which was taken by the citizens of the city. Nearly all the latter was subscribed by men who held stock in the other two companies.
Warren Ladd, Andrew G. Pierce and Weston Howland had been ap- pointed a committee to construct the road. Work was commenced on Purchase street near the head of Pearl street, and was pushed so rapidly that on June I it was completed as far as the Parker House. On June 13 the road was completed to the Ferry depot as called for by the contract. Twelve horses for the road arrived from Prince Edward's Island on June 15, and seven cars were provided in the same month, four of them being for two horses. A baggage car for the accommo- dation of passengers to the Vineyard was soon added to the equipment of the road. The first car- house was erected just west of the north de- pot ; it was 30 by 60 feet in size, and was built by William A. Kirby. On the 28th of June one of the cars was run over the road for the first time, and on the Ist of July the collection of fares was commenced.
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HISTORY OF NEW BEDFORD.
Patronage of the road was unexpectedly large from the first, and in July it became necessary to hire two cars of a Boston road.
On the Ist of August work was begun on the Fairhaven division of the road, and it was finished to the north end of the bridge on the 9th of September. October 7 the cars began running to Fairhaven.
In May, 1873, the directors of the road voted to extend the city line from School to South on Third street, and subscription books were opened for an increase of the capital stock of from $10,000 to $15,000 for that purpose. The road was already making a showing that was gratifying to the stockholders, and property owners along the line of its route could see that the value of their property was being enhanced, It was about this time that cars commenced to run Sunday trips, not, however, without considerable doubt on the part of the directors that it would prove to be a paying venture, as their announcement that the step was an experimental one plainly shows. Arrangements were made to connect with Hersom's Omnibus Line to the west part of the city, and the advantages of easy means of communication to any section was demonstrated by the increased activity in real estate in that locality. The ferry between this city and Fairhaven had for years been a source of great convenience to the public, but was now run at a pecuniary loss, as the horse cars received the greater part of the travel. Although strenuous efforts were made to have the railroad continue to run it, its last trip was made September 30, 1873.
In July, 1873, land was purchased of John Church on Main street in Fairhaven for a stable and car house. A house was standing upon the lot at the time which was sold to John P. Ellis and afterward removed to the west side of Water street. The car house was built 132 feet in length, extending from Main to Middle streets, and 35 feet wide. A large stable joined it on the north, givng the building a frontage of 126 feet on Main street, and the stable had a rear of 50 feet. The first annual meeting of the stockholders was held November 5, 1873. The old board of directors was re-elected, except that Thomas B. Tripp took the place of Nathan S. Ellis, who had died during the year. The net earn- ings of the road were shown to have been 6 per cent. on the capital, 21,530 round trips having been made, carrying 347,771 passengers. At this meeting an additional subscription of $10,000 to the capital stock was called for, to extend the main line to Washington square.
505
STREET RAILWAYS.
At the annual meeting in 1874 it was shown that the net receipts of the road, over and above expenditures for the year, were $117.03. Al- though it had not proved the greatest success, viewed from the stock- holders' standpoint, it had shown itself to be an important factor in the city's growth. Advancement and great increase in value of property had marked every step it had taken in the line of extension of its tracks. In the year 1877 it was extended on Fourth to Rockland street, and in less than a year it was found that this extension had doubled the busi- ness of the road from what it was the year before.
Warren Ladd had been elected president of the road, and with his acceptance of the office the affairs of the company advanced with re- newed prosperity. The car stable on the corner of Weld and Purchase streets was built in 1878. In 1882 the capital stock of the company was increased to $135,000, a step rendered necessary by extensions of the line At that time the cars ran to Cove street, and the Fairhaven cars to Parker street. In 1887 the road was extended to Jenney street towards Cannonville. The board of direction had remained without change up to that time, with the exception of the election of Charles H. Gifford in place of Thomas B. Tripp; at the annual meeting of 1884 Jonathan Bourne was placed in the board in place of James V. Cox, de- ceased.
In 1885 the Acushnet Street Railway Company was incorporated, with a capital of $125,000, and became a formidable rival of the old company, and it was war to the hilt between the two companies. The first year the Acushnet showed a deficit of $106.80, and the old road a profit of $6,762.15. In 1887, in seven months of warfare, the New Bedford and Fairhaven road shrunk $6,364.83, and the Acushnet road fell behind $16,197.28. In this year the two roads consolidated, and in this way at least one-third of the expenses of operating the same amount of track was obviated. The new road was known as the Union Street Railway, and in the last five months of the year the net income was $21,614 79, and still the interests of the general public were better sub- served than before.
S. C. Hart was chosen president of the road, succeeding Mr. Ladd, and held the position until August, 1891, when he was succeeded by Weston Howland. Upon Mr. Ladd's retirement from the office he
64
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HISTORY OF NEW BEDFORD.
was highly complimented by his associates, and given credit for a large share of the success of the enterprise.
William H. Allen was superintendent of the road from August, 1887, to January, 1890, and then on the resignation of Andrew G. Pierce as treasurer he was elected to fill the vacancy, and at the same time Frank- -lin Woodman was elected superintendent.
October 18, 1890, electric cars were run on one line of the company for the first time, the motive power being furnished then as now by the New Bedford Gas and Edison Lighting Company, and two eighty- horse power generators are required.
The company owns several large and commodious buildings-the stable and car-house in Fairhaven, to which an addition has been made since it was built, the large stable and car-houses at the corner of Weld and Purchase streets, where accommodations are found for ninety horses, and about thirty cars are stored ; the central station, where 100 horses are cared for and thirty five cars are housed, and the Mt. Pleasant elec- tric car station, where the eight electric cars are stored.
The First Telegraph Line .- A wire was strung from Fall River to New Bedford during the year 1847, and was known as the Magnetic Telegraph. The first office was located at 34 North Second street in the same building with Henry Lindsey's reading-room, and Clifford Thomas was the first telegraph operator, and had charge of the office. He was succeeded in 1852 by Benoni R. Paine, and prior to 1856 the office was moved to No. 30 Purchase street. Under Mr. Paine's management the office was subsequently moved to the Ricketson block on Union street where it remained for several years. At this time it was known as the Union Telegraph Office, and contemporary with it the Commercial Tel- egraph Company maintained an office at No. 9 North Water street, employing E. O. Laughton as superintendent and.manager. The com- panies were consolidated later on, being known as the American Tele- graph Company. The Western Union took possession of the wires in 1866 and the office was removed to its present quarters at 32 North Water street, August 1, 1870. Mr. Paine retained the position of man- ager under the successive companies until the time of his death, Sep- tember 11, 1881, when he was succeeded by George S. Hoyt, who had been an operator in the office for many years. Mr. Hoyt continued as
5ยบ7
THE TELEGRAPH AND TELEPHONE.
manager until September 1, 1889, when he resigned to engage in other business. He was followed by the present manager, John Q. Ryder. Besides the main office there are three branch offices in New Bedford and one in Fairhaven. There are fourteen wires in the switch board at the main office, which includes direct connection with Boston and New York as well as all important intermediate stations. Six operators, a clerk and five messengers are employed, and the office is under the jurisdiction of the Third District, Eastern Division, with headquarters at Boston.
The Telephone .- The modern telephone first made its appearance in Southern Massachusetts in 1879. The first meeting toward organizing a stock company to erect and operate telephone lines in New Bedford was held January 24, 1880, and the Southern Massachusetts Telephone Company was organized February 2, 1880. The first officers were Charles W. Clifford, president ; Samuel Ivers, clerk and treasurer ; directors, Charles W. Clifford, Morgan Rotch, S. A. Williams, Fred S. Potter, Moses E. Hatch, Edmund Grinnell, Samuel Ivers. Systems were successively secured in Fall River, Taunton, Brockton and other places, and the company controls the entire system in Southern Massa - chusetts. The New Bedford central office is located in the Waite build- ing on William street, and Moses E. Hatch is the manager. The original capital stock was $30,000, and the number of subscribers in New Bedford did not exceed ten or a dozen. The capital stock has been increased from time to time to $450,000 and the total number of subscribers is now about 2,500, more than 800 of them being located in New Bedford. The present officers are : President, Charles W. Clifford ; clerk and treasurer, Samuel Ivers; directors, Charles W. Clifford, Oliver P. Brightman, Walter Clifford, Morgan Rotch, Moses E. Hatch, Samuel Ivers, William H. Forbes, Thomas Sherwin, Sidney W. Knowles.
Old Hotels .- Two of the oldest hotels in Southern Massachusetts are the Parker House and the Mansion House The Parker House was opened and dedicated on Thursday, February 10, 1842, by a sumptuous dinner given by its first hosts, Messrs. Horton & Son. The hotel had for years been the mansion and residence of John Avery Parker, and. was a familiar object to all the old residents of the community. On the occasion of its opening as a hotel there were nearly 200 citizens and
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HISTORY OF NEW BEDFORD.
strangers present, who partook of the good things prepared for them. Among those present were Messrs. Baylies and Holmes of Taunton, Weeks of Boston, and Thomas of Worcester. Grace was impressively pronounced by Rev. Sylvester Holmes, and later on at the close of the repast, Rev. Thomas M. Smith returned thanks in a brief and appro- priate manner. Many brilliant speeches and remarks were made, and toasts suitable to the occasion were tendered, among which were " The Parker House," responded to by J. A. Parker, esq. ; " The homes of New Bedford," by Colonel Clifford ; " The health of the hostess of the Parker House," drank standing, by W. T. Hawes; "The Nestor of the ocean, Commodore Crocker," by the president, and many other excellent and appropriate terms, including a rousing toast to " Our Host," by Will- iam Eddy. The Parker House has been a popular hostelry ever since and is now under control of Holder M. Brownell.
The Mansion House was formerly the residence of William Rotch. It was converted into a hotel and first opened in that capacity Decem- ber 18, 1828, by J. Webster. It has in the three score years' service as a public house witnessed many changes in the appearance of the " Four Corners " and has been greatly altered and enlarged. It is impossible to get an accurate list of the different proprietors of the hotel, but it was conducted for many years by Lewis Boutell, and was purchased in 1878 by S. T. Viall and Charles T. Cook, from the heirs of the Boutell estate. Messrs. Viall and Cook are the present owners. Charles W. Ripley has been the proprietor since 1885 and the house has been a successful en- terprise under his management, so much so, that a large addition was built to the north end of the old structure in 1887 and in 1891 exten- sive alterations made in the interior of the hotel, connecting it with the building just east which now forms a part of it. In front of the Man- sion House on Union street, in the early part of the century were two or three poplar trees, and two poplar trees on Second street. When the house was modeled into a hotel these trees were cut down.
509
THE FIRST BANK.
CHAPTER XXV.
FINANCIAL INSTITUTIONS OF NEW BEDFORD.
New Bedford as a Financial Center - Elements of its Monetary Stability -The First Banking Institutions - Other State and National Banks - Savings Institutions - Board of Trade.
T HE National Bank of Commerce, which by two successions and change of name is the outgrowth of the first bank ever established in this town, has an interesting history. By reference to old newspaper files and early town records we find that in 1803 the business of the town had reached proportions sufficiently large to warrant the estab- lishing of a bank. In that year the Bedford Bank was incorporated with a capital of $60,000, an amount which at the beginning of the en- terprise was thought would be more than could be loaned ; but in 1804 prosperity had so far attended the venture as to make it necessary to increase the capital to $150,000. The old charter expired in 1812, during the last war withi England, and all branches of business were in such an unsettled state that the affairs of the bank were concluded and for an interval of four years following, New Bedford was without a bank- ing house. Thomas Hazard was the first president of this early bank and John Pickens the cashier, while among the directors were John Howland, Cornelius Grinnell, William Rotch, jr., and Thomas Nye.
The Bedford Commercial Bank was organized in 1816, with a capi- tal of $100,000, which in 1821 was increased to $150,000 ; in 1825 to $250,000 ; in 1831 to $400,000, and in 1851 to $600,000. Joseph Ricketson occupied the position of cashier at a salary of $500 per year, and John Avery Parker, Cornelius Grinnell, Gideon Howland, George Howland, Seth Russell, jr., James Arnold, Joseph Ricketson, Thomas Nye, and Samuel Rodman, jr., were chosen directors, with George Howland as president. Mr. Howland retained the position of presi- dent until his death in 1851, when he was succeeded by Edward Mott Robinson, who was followed in 1860 by Thomas Nye, jr. Thomas S.
510
HISTORY OF NEW BEDFORD.
Hathaway was president from 1868 until 1878, since which time Fran- cis Hathaway has held that office. On December 19, 1864, a reorgan- ization took place and the Bedford Commercial Bank became the Na- tional Bank of Commerce, with directors of follows: Thomas Nye, jr., William J. Rotch, Thomas S. Hathaway, George Hussey, Matthew Howland, Charles L. Wood, William Hathaway, jr., Thomas Knowles, Henry Taber, and William C. N. Swift. The present capital of the bank is $1,000,000, to which amount it was increased in 1874, and the present surplus is $200,000. The old bank building at the time of its erection, with its improved subterranean vaults, was believed to be burglar proof. The present building was begun in 1883 and completed and occupied in July, 1884 It is a handsome structure and one of the city's best examples of modern architecture.
The directors of the bank since its organization in 1816, with the years of their term of service, have been as follows :
John Avery Parker, 1816 to 1825; Cornelius Grinnell, 1816 to 1831; Gideon How- land, jr., 1816 to 1825; George Howland, 1816 to 1852 ; Seth Russell, jr., 1816 to 1834; James Arnold, 1316 to 1836, 1837 to 1838, 1840 to 1854; Joseph Ricketson, 1816 to 1842; Thomas Nye, 1816 to 1831; Samuel Rodman, jr., 1816 to 1849; Nathaniel Hath- away, 1825 to 1832; Thomas Rotch, 1825 to 1826; Charles W. Morgan, 1826 to 1848; Joseph Grinnell, 1831 to 1832; William T. Russell, 1831 to 1837 ; Thomas S. Hathaway, 1832 to 1878; Jireh Perry, 1832 to.1849; Thomas Nye, jr., 1834 to 1869, 1871 to 1883; Edward Mott Robinson, 1836 to 1840, 1848 to 1860; William Hathaway, jr., 1838 to 1886 ; Abraham H. Howland, 1842 to 1847; Charles L. Wood, 1847 to 1882; William C. Nye, 1849 to 1850; William C. N. Swift, 1849; George Hussey, 1849 to 1866 ; Will- iam J. Rotch, 1852 : Matthew Howland, 1852 to 1885 ; Frederick Parker, 1859 to 1862; John Hunt, 1860 to 1862; Henry Taber, 1862; Thomas Knowles, 1862 to 1878; John H. Clifford, 1866 to 1872 ; Leander A. Plummer, 1867 to 1885 ; James Robinson, 1872 to 1875 .; Benjamin T. Cummings, 1877 to 1882; Charles W. Clifford, 1878; Francis Hath- away, 1878; Frederick Swift, 1880; Morgan Roteh, 1882 ; William A. Robinson, 1882 to 1889; Oliver Prescott, 1883 to 1890; Otis N. Pierce, 1883; Charles W. Plummer, 1883; Joseph F. Knowles, 1883; Walter Clifford, 1885; }Ianly U. Adams, 1885; Will- iam D. Howland, 1896; Francis H. Stone, 1891. The cashiers have been as follows : Joseph Ricketson, 1816-44; James H. Crocker, 1834-38; Thomas B. White, 1838-75; Benjamin F. Coombs, 1875-76; and James H. Tallman, 1877 to the present time. The teller is Horace Wood.
The present officers are as follows : President, Francis Hathaway ; vice-president, William C. N. Swift ; cashier, James H. Tallman ; di- rectors, Francis Hathaway, William C. N. Swift, Henry Taber, William
5II
MECHANICS' NATIONAL BANK.
J. Rotch, Charles W. Clifford, Frederick Swift, Charles W. Plummer, Walter Clifford, Morgan Rotch, Otis N. Pierce, William D. Howland, Manly U. Adams, and Francis H. Stone.
The Mechanics' National Bank occupies the north half of the bank building on the east side of Water street at the foot of William. The structure is fashioned after the style of old colonial architecture and is one of New Bedford's landmarks. It was originally a State bank, and was incorporated October 3, 1831, under the title of " the President, Directors, and Company of the Mechanics' Bank of New Bedford." A petition was tendered the Legislature for a renewal of the original char- ter, March, 1849, which would expire by limitation October 1, 1851. Notwithstanding the fact that the bank was reorganized as a National bank June 3, 1864, it did not discontinue business as a State bank until March 31, 1865. The original capital was $200,000, which was increased to $400,000 April 12, 1854. The present capital is $600,000 to which amount it was raised in June, 1857. The present surplus is $225,000. The first board of directors comprised William R. Rod - man, Thomas Mandell, George T. Baker, Joseph R. Shiverick, John Perkins, Edmund Gardner, Pardon Tillinghast, Andrew Robeson, and Dudley Davenport, Those who have served as directors, with the dates of their service have been :
William R. Rodman, 1831 to 1851; Thomas Mandell, 1831 to 1870; George T. Baker, 1831 to 1843 ; Joseph R. Shiverick, 1831 to 1860; John Perkins, 1831 to 1849; Edmund Gardner, 1831 to 1872; Pardon Tillinghast. 1851 to 1872; Andrew Robeson, 1831 to 1843 ; Dudley Davenport, 1831 to 1843; James H. Collins, 1843 to 1861; William Cum- mings, 1843 to 1849; Jonathan Howland, 1843 to 1849 . John R. Thornton, 1849 ; Jireh Swift, jr., 1849; Edmund Taber, 1849 to 1861; Henry Taber, 1851 to 1852; William Watkins, 1852 to 1880; Loun Snow, 1860 to 1872; William W. Crapo, 1861; Thomas Wilcox, 1861 ; Sylvanus Thomas, 1866 to 1867; Andrew G. Pierce, 1867 ; Edward D. Mandell, 1871; Iloratio Hathaway, 1872; Henry F. Thomas, 1872 to 1880; Loum Snow, jr., 1876; E. Williams Hervey, 1883; Edward Kilburn, 1884 to 1889; Henry C. Denison, 1887 ; Wilham C. Taber, jr., 1890.
William R. Rodman was the first president, holding the office twenty years, resigning in October, 1851. His successor was Thomas Man- dell, who was elected October 11, 1851, and retained the office until his death, February 13, 1870. William W. Crapo, now president of the in- stitution, was chosen to that position June 1, 1870. Joseph Congdon, the first cashier, held that position twenty-six years, resigning in Octo-
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HISTORY OF NEW BEDFORD.
ber 7, 1857 on account of ill health. E. Williams Hervey succeeded Mr. Congdon as cashier and retained the position until August 9, 1882, leaving it on account of feeble health, after having been in the service of the bank for twenty-nine years, nearly twenty-five of which was spent as cashier. The present cashier, James W. Hervey, was his suc- cessor. Lemuel T. Terry is the assistant cashier, and the bank's offi- cers are as follows: President, William W. Crapo ; vice-president. Andrew G. Pierce ; cashier, James W. Hervey ; directors, William W. Crapo, Andrew G. Pierce, John R. Thornton, Jireh Swift, jr., Thomas Wilcox, Edward D. Mandell, Horatio Hathaway, E. Williams Hervey, Loum Snow, jr., Henry C. Denison, and William C. Taber, jr.
The Citizens' National Bank is located in their handsome new build- ing at the northwest corner of William and Second streets. The bank was incorporated May 17, 1875, with a capital of $250,000, and the following board of directors: J. Arthur Beauvais, John P. Knowles, William J. Kilburn, Joseph H. Cornell, Lewis S. Judd, and John F. Tucker. Mr. Beauvais was at that time engaged in a banking enter- prise and was elected president, a position which he still holds. The present capital of the bank is $500,000 and this amount is supplemented by a surplus and undivided dividends of $125,000. The first cashier was Thomas B. Fuller, who died in 1886, and was succeeded by Edward S. Brown, the present incumbent. George M. Kingman is teller. The names of those who have comprised the bank's board of directors follows :
J. Arthur Beauvais, 1875; John P. Knowles, 1875; William J. Kilburn, 1875; Charles Tucker, 1875; Joseph H. Cornell, 1875 to 1886; Henry T. Wood, 1876 to 1883: George Marston, 1880 to 1883; Fred S. Potter, 1881; Oliver P. Brightman, 1884; Wendell H. Cobb, 1884 to 1888; Thomas B. Fuller. 1885 to 1886; David B. Kempton, 1886; Cyrenius W. Haskins, 1887; Hosea M. Knowlton, 1889; Benjamin Wilcox, 1889; David L. Parker, 1891.
The present officers are: President, J. Arthur Beauvais ; cashier, Edward S. Brown ; directors, J. Arthur Beauvais, John P. Knowles, William J. Kilburn, Fred S. Potter, Oliver P. Brightman, David B. Kempton, Benjamin Wilcox and David L. Parker.
The new building was first occupied April 1, 1891, and is constructed of Long Meadow Free Stone.
513
THE FIRST NATIONAL BANK.
The First National Bank, located at the southeast corner of Union and Second streets, had its origin in the organization of the Marine Bank, April 3, 1832, with a capital of $200,000 Joseph Grinnell was its first and only president. The first board of directors comprised Joseph Grinnell, Nathaniel Hathaway, Kimball Perry, Joseph S. Tilling- hast, Alexander H. Campbell, Ephraim Kempton, Benjamin Russell, Joseph R. Anthony, and William W. Swain John E. Williams, William M. Sisson and John P. Barker were the cashiers. Its name was changed to the First National Bank in 1864, and it was the first national bank in the city and one of the first to adopt the national banking system. The directors under its reorganization as the First National Bank were Joseph Grinnell, Ward M. Parker, William Gifford, Edward W. How- land, Edward C. Jones, Lemuel Kollock, George F. Barker, Otis Sea- bury, and Ivory H. Bartlett, jr. Joseph Grinnell continued to act as president of the bank until January, 1878, when he was succeeded by Edward W. Howland. William Watkins was the next president, and he was followed by Edward S. Taber, who at present holds that posi- tion. The capital of $200,000 as originally established was increased in 1833 to $300,000, in 1851 to $500,000, in 1855 to $600,000 and in 186 to $1,000,000, at which figure it now stands. The bank's surplus aggregates $200,000, and since its organization it has been designated as a depository of United States funds. Walter P. Winsor succeeded John P. Barker as cashier in 1874 and continues to hold that position. George B Hathaway is the teller.
The directors since the organization as the Marine Bank, with the years in which their terms of service began and ended, have been as follows :
Joseph Grinnell, 1832 to 1885; William W. Swain, 1832 to 1845; Nathaniel Hath- away, 1832 to 1837 ; Joseph S. Tillinghast, 1832 to 1835; Joseph R. Anthony, 1832 to 1840; Kimball Perry, 1832, six months : Alexander H. Campbell, 1832 to 1834; Ben- jamin Russell, 1832 to 1833 ; Ephraim Kempton, 1832 to 1863; Stephen Merrihew, 1832 to 1837; William C. Taber, 1833 to 1857 ; James Howland 20, 1834 to 1861; Atkins Adams, 1835 to 1850; Alexander H. Sealmry, 1837 to 1840, and 1867 to 1887 : Edward C. Jones, 1837 to 1880; Ward M. Parker. 1840 to 1881; Lemuel Kollock. 1840 to 1888; Edward W. Howland, 1845 to 1879; William Gifford, 1851 to 1866 . George F. Barker, 1857 to 1865; Otis Seabury, 1860 to 1875; Ivory II. Bartlett, jr .. 1862 to 1865; James Henry Howland, 1865 to 1884 ; Joseph C. Delano, 18 5 to 1886 ; Charles H. Gifford, 1866 to 1881; John P. Knowles 2d, 1867 to 1887 ; Samuel P. Burt.
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