USA > Massachusetts > Bristol County > New Bedford > History of New Bedford and its vicinity, 1620-1892 > Part 49
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514
HISTORY OF NEW BEDFORD.
1871 to 1875; Abram T. Eddy, 1876; Walter P. Winsor, 1879; William Watkins, 1879 ; Thomas M. Stetson, 1880; Edward S. Taber. 1881; Edmund Grinnell, 1882 to 1888; Wilham Baylies, 1885; Edward T. Pierce, 1886; Humphrey W. Seabury, 1887 to 1891; Savory C. Hathaway, 1887 ; Mathew Luce, 1888; Sidney W. Knowles, 1888 ; Thomas B. Tripp, 1890; Thomas A. Tripp, 1891.
The present officers are: President, Edward S. Taber ; cashier, Walter P. Winsor; directors, Abram T. Eddy, Walter P. Winsor, William Watkins, Thomas M. Stetson, Edward S. Taber, William Bay- lies, Savory C. Hathaway, Edward T. Pierce, Mathew Luce, Sidney W. Knowles, Thomas B. Tripp, and Thomas A. Tripp.
The Merchants' National Bank has its present comfortable quarters in the south half of the building at the foot of William street, but antici- pating the wants of its customers and the public needs, coming with increased population, it will ere long be installed in a fine block, which in all probability will soon be erected on the sight of the present Liberty Hall building, which property is owned by the bank. This bank is really the outgrowth of the Merchants' Bank which was organized July 13, 1825, with a capital of $150,000. While the bank was doing busi- ness under the State laws in 1828, this amount was increased to $250,- 000, again in 1831 to $400,000 and in 1851 to $600,000. The first board of directors consisted of John Avery Parker, Samuel Borden, Job Eddy, Abraham Barker, Joseph Bourne, William H. Allen, David R. Greene, John Coggeshall, jr., and Alfred Gibbs. Mr. Parker was president of the bank until his death, December 23, 1853, being suc- ceeded by Charles R. Tucker, who held the office until his death Decem- ber 21, 1876. Jonathan Bourne was the next president, and was followed in 1889 by the present incumbent, Gilbert Allen. James B. Congdon was the first cashier, holding that office thirty-three years. He resigned January 1, 1858, and was succeeded by Peleg C. Howland, who devoted many years of faithful application to the welfare and best interests of the institution. He died October 26, 1885, and was followed in the position by Henry C. W. Mosher, the present cashier. Gideon B. Wright and Lloyd S. Swain are the tellers. February 14, 1865, the bank was reorganized as the Merchants' National Bank of New Bedford with the following board of directors: Charles R. Tucker, Abraham Barker, David R. Greene, Gideon Allen, Thomas Bradley, Dennis Wood, Jonathan Bourne, William P. Howland and Andrew Hicks. The capi-
515
VARIOUS BANKING INSTITUTIONS.
tal stock at this time was $600,000 with a surplus of $166,050.58. The capital was increased to $1,000,000 in 1869, at which figure it still re- mains, and the present surplus is $500,000.
The directors of this bank since the beginning, with the years of their term of serv- ice, have been as follows: John Avery Parker, 1825 to 1854; William H. Allen, 1825 to 1829; Abraham Barker, 1825 to 1871; John Coggeshall, jr., 1825 to 1844; Joseph Bourne, 1825 to 1828; Alfred Gibbs, 1825 to 1842; Job Eddy, 1825 to 1853; David R. Greene, 1825 to 1880; Samuel Borden, 1825 to 1849; William C. Nye, 1829 to 1831 ; Gideon Allen, 1832 to 1878; Nehemiah Leonard, 1832 to 1843; Edward L. Baker, 1843'to 1864; Charles R. Tucker, 1844 to 1876; Danis Wood, 1850 to 1878; William Penn Howland, 1850 to 1869: Jonathan Bourne, 1854 to 1889; Andrew Hicks, 1854; Thomas Bradley, 1855 to 1873; George F. Bartlett, 1866; Wilham R. Wing, 1866; George R. Phillips, 1866 to 1889 ; Joseph Arthur Beauvais, 1872 to 1875; George F. Kingman, 1876; Stephen G. Driscol, 1876 to 1881; Lewis S. Judd, 1877 to 1886; Samuel C. Hart, 1878; Thomas H. Knowles, 1878; Gilbert Allen, 1879; Abraham H. Howland, jr., 1879 to 1887; Francis B. Greene, 1880; William N. Church, 1882; George S. Homer, 1887 ; James Delano, 1888; Charles M. Tripp, 1889.
The present officers are as follows: President, Gilbert Allen ; cash- ier, Henry C. W. Mosher ; directors, Andrew Hicks, George F. Bart- lett, William R. Wing, George F. Kingman, William N. Church, Thomas H. Knowles, Samuel C. Hart, Gilbert Allen, Francis B. Greene, James Delano, George S. Homer, and Charles M. Tripp.
An organization known as the New Bedford Clearing House was es- tablished September 1, 1888, comprising as its members the national banks of New Bedford. James W. Hervey was elected president and Edward S. Brown, secretary, both gentlemen still holding those posi - tions. All clearings are made at the National Bank of Commerce under the management of James H. Tallman.
The New Bedford Safe Deposit and Trust Company occupies the brick building at the corner of Acushnet avenue and William street. The company was incorporated by an act of the Legislature in 1887, with a capital stock of $100,000, and authority to increase it to $500,- 000. The first business was transacted in June, 1888, and in the fol- lowing November the capital stock was increased to $200,000. At that date the number of depositors was one hundred eighty-two, and the deposits amounted to $150,000. At the present time the deposits have increased to over $475.000, and the number of depositors to 1 384. The company has a fine vault for the safe deposit of any article cf
516
HISTORY OF NEW BEDFORD.
value, built by the Hall Safe and Lock Company of Cincinnati, Ohio, and aside from acting as agent for any corporation or city in issuing certificates of stock, bonds, or other evidences of indebtedness and for payment of dividends thereon, the company does a general banking business, identical with that of a national bank, excepting in the matter of issuing bank notes. Interest is allowed on daily balances and credited monthly. Storage rooms are also maintained for the safe keeping of pictures, silver ware and jewelry. The directors of the in- stitution are : Charles E. Hendrickson, William D. Howland, Abbott P. Smith, Benjamin F. Brownell, Savory C. Hathaway, Lot B. Bates, Stephen A. Brownell, Standish Bourne, Frederic Taber, John W. Macomber, Lemuel Le Baron Holmes, George C. Hatch, Charles- A. Gray, Charles C. Paisler. Charles E. Hendrickson was the first president and held that office until 1891, when he was succeeded by John W. Macomber. The present officers of the bank are: President, John W. Macomber ; vice-presidents, Rufus A. Soule, Abbott P. Smith ; cashier, Edmund W. Bourne; secretary, Edward T. Tucker; executive committee, William D Howland, John W. Macomber, Lemuel Le Baron Holmes, Standish Bourne, Lot B. Bates, Frederick Taber.
The New Bedford Institution for Savings was one of the earliest sav- ings banks of the State, the first one being the Provident Institution for Savings, which was organized in Boston in 1816. The next one was the Salem Savings Bank, incorporated in 1818, the New Bedford insti- tution coming into existence August 15, 1825. Among other savings banks organized about the same time were the Springfield Institution for Savings, in 1827, and the Worcester Institution in 1828. The sav- ings bank which is the subject of this sketch was incorporated by the following gentlemen:
William Rofeb, jr. Gilbert Russell, Cornelius Grinnell, Andrew Robeson. Hayden Coggeshall, Benjamin Rodman. John Avery Parker, Eli Haskell, Richard Williams, George Howland, Joseph Bourne, Abraham Shearman, jr., William W. Swain. Thomas Rotch. Thomas A. Greene, Charles W. Morgan. Samuel Rodman, jr .. John B. Smith. William C. Nye, Thomas S. Swain, William H. Allen, Lemnel Williams, jr., John How- land. jr., Charles H. Warren, William P. Grinnell, Joseph Ricketson, Charles Grinnell, Nathan Bates, John Coggeshall. jr .. James Howland 2d, and Gideon Howland.
The first officers were as follows:
President, William Rotch, jr .; treasurer, Abraham Shearman, jr .: secretary, John B. Smith ; trustees, Wilham Rotch, jr .. Gilbert Russell, Cornelius Grinnell, Hayden
517
NEW BEDFORD INSTITUTION FOR SAVINGS.
Coggeshall, John A. Parker, Eli Haskell, Joseph Bourne, Abraham Shearman, jr., Thomas Rotch, Thomas A. Green, Charles W. Morgan, Samuel Rodman, jr., William C. Nye, Thomas S. Swain, John Howland, jr., William P. Grinnell, Nathaniel Bates, John Coggeshall, jr., and Gideon Howland.
Following is a list of officers from 1825 until the present time :
Presidents, William Rotch, jr., Abraham Barker, Thomas Mandell, Pardon Tilling- hast, William C. Taber, and William Watkins,
Secretaries-John B. Smith, Abraham Shearman, jr., Thomas A. Green, Joseph Ricketson, George Howland, jr., James B. Congdon, Charles R. Tucker, William C. Taber, Edmund Taber, Henry T. Wood, and William G. Wood.
Treasurers-Abraham Shearman, jr., William C. Taber, George W. Baker, William C. Taber (treasurer pro tem.), Reuben Nye, William C. Coffin, and Charles H. Pierce.
The present officers are as follows :
President, William Watkins; vice-presidents, William J. Rotch, Edward D. Mandell; treasurer, Charles H. Pierce ; clerk, William G. Wood ; auditors, Benjamin Irish, Robert B. Gifford ; auditor of depositor's accounts, Benjamin Irish ; trustees, John R. Thornton, George A. Bourne, William J. Rotch, William Watkins, Edward D. Mandell, Gilbert Allen, Andrew G. Pierce, Charles H. Gifford, Asa. C. Pierce, William G. Wood, William C. Taber, jr., Abram T. Eddy, Horatio Hathaway, Edward S. Taber, Thomas M. Hart, Charles W. Clifford, Francis Hathaway, William A. Robinson, Charles W. Plummer, Isaac B. Tompkins, jr., George D. Watkins, William D. Howland, Jonathan Handy, Morgan Rotch, Lemuel T. Terry, Edmund Wood, Charles P. Rugg, Gideon Allen, jr. Edward T. Pierce, Henry H. Crapo, Charles M. Taber, Gardner T. Sanford, Charles H. Lawton.
The first deposit, fifty dollars, was made by Rhoda E. Wood, of Fair- haven, August 15, 1825. A report of the institution issued December 28, 1825, shows that $13,051 had been deposited since its organization, and that during that time no deposits had been withdrawn. During the first two weeks of its existence $950 had been deposited by eleven persons. The annual report of the institution for the year 1829 shows that the deposits for that year were $48,392.68 and the dividends credited during the same period $4,765.35. The total amount of de- posits on hand January 7, 1830, was $134, 195.61. At that time there were 748 depositors. In the year 1830 there were deposited $77,795 .- 66 and the dividends credited were $6,313.84. Total amount of funds deposited and earned on hand January 11, 1831, was $199,699.51, and the number of deposits 973.
The amount of deposits October 5, 1891, was $11,459, 133.97 ; guar- anty fund, $523,000; undivided earnings, $80,880.31. The number of
518
HISTORY OF NEW BEDFORD.
accounts was 21,743. The total amount of regular dividends paid by the institution to date is $12,800,879.31, which exceeds the present total amount of deposits. The institution has never missed a semi- annual dividend. The present commodious building on the corner of William and North Second streets has been occupied since 1854, prior to which time the institution was located in the rear of the Merchants' Bank building, with entrance on Hamilton street.
The New Bedford Five Cent Savings Bank is located on the west side of Purchase street, at the corner of Mechanic's lane, but has in course of erection a magnificent building on the same street, between William and Union, which will soon be occupied. The bank was incorporated April 14, 1855, by the following men : Thomas B. White, William H. Taylor, Lemuel Kollock, Ivory H. Bartlett, Alexander H. Seabury, Charles Almy, Henry H. Crapo, George Howland, jr., and Asa R. Nye. Of these George Howland, jr., is the only survivor. The first officers were as follows :
President, George Howland, jr ; vice-presidents, Henry H. Crapo, Alexander H. Sea- bury ; treasurer, John P. Barker : secretary, Charles Almy ; trustees, George Howland, jr., Henry H. Crapo, Alexander H. Seabury, John P. Barker, Charles Almy, Thomas B. White, Ivory H. Bartlett, Nehemiah Leonard, Andrew Robeson, Edward W. How- land, Moses Howe, Joshua Richmond, George F. Barker, Dennis Wood, Charles Hitch, James Durfee, Lemuel Kollock, Asa R. Nye, Edward D. Mandell, William P. How- land, Alden G. Ellis, J. Arthur Beanvais, Moses G. Thomas, Samuel Ivers, Simpson Hart, Abner J. Phipps, William H. Taylor, James Taylor, William L. Rodman, Horatio Leonard, and John Wood.
The following have served as officers of the organization to the pres- ent time :
President, George Howland, jr .; secretaries, Charles Almy, James Taylor; vice-pres- idents, Alexander H. Seabury, Dennis Wood, Frederick S. Allen, Lemuel Kollock, and Walter Clifford; treasurers, John P. Barker, from May, 1855, to October, 1855; James C. Ricketson, from October, 1855, to April 6, 1861 ; Barton Ricketson, jr., from April, 1861, to May, 1889; William H. Pitman, June 10, 1889, to the present time.
The present officers are : President, George Howland, jr .; vice-pres- idents, Frederick S. Allen, Walter Clifford; treasurer, William H. Pit- man ; clerk, James Taylor; trustees, George Howland, jr., Frederick S. Allen, Walter Clifford, James Taylor, Samuel Ivers, Thomas Wilcox, William G. Taber, E. Williams Hervey, James P. Macomber, Warren Ladd, Edwin Dews, Loum Snow, Frederick S. Gifford, J. Augustus
519
VARIOUS BANKING INSTITUTIONS.
Brownell, Thomas H. Knowles, Otis N. Pierce, Benjamin T. Cum- mings, John F. Swift, Henry C. Denison, Samuel H. Cook, George N. Alden, George F. Kingman, Horace Wood, Oliver F. Brown, William J. Kilburn, William R. Wing, Edward B. Whiting, Samuel C. Hart, William Baylies, Frederick S Potter, Parkman M. Lund, Frederick H. Hooper, George H. H. Allen, J Arthur Beauvais, Gilbert D. Kingman, Oliver P. Brightman, Cyrenius W. Haskins, James Delano, George B. Richmond.
The first deposit, $25, was made by Horace W. Barker, May 26, 1855. At the present time the deposits have reached $4,641,064.78 ; guaranty fund, $150,985.51 ; undivided earnings, $97,024.20.
The New Bedford Co operative Bank, or Loan Association, was or- ganized July 3, 1881, chartered three days later, and began business August 19. On the first night $374 was paid in. The membership has increased from forty or fifty to seven hundred and four and the present amount of real estate loins is $235,747 73; the amount of share loans $18,965 00. The earnings for the past six months have averaged six per cent. The authorized capital of the institution is $1,000,000. The present officers are : President, Geo. R. Stetson ; vice president, Benj. F. Brown 11; secretary, Charles R. Price ; treas- urer, Gideon B. Wright; directors, Benjamin Anthony, Oliver P. Brightman, Jasper W. Braley, Jethro C. Brock, John L. Gibbs, Henry Howard, Samuel S. Paine, Rufus A Soule, John A. Bates, Charles S. Paisler, David W. Holmes, Andrew R. Palmer, Stephen A. Brownell, Samuel Jones; auditors, Isaac B Tompkins, jr, Frederic Taber, Daniel W. Cory; attorney, Hosea M. Knowlton.
The Acushnet Co-operative Bank was organized November 12, 1889, chartered November 15, and commenced business the following day. The bank is located with the New Bedford Co operative Bank in the Winslow building on Union street. It was organized at a time when the rates for money were very high, and the great increase in the mem- bership of the New Bedford Co-operative Bank made it appear advis- able to the officers of that institution to organize another bank. The first series of shares was issued in November, 1889, consisting of 1,087 shares issued to 160 members in the first six months. The bank had at that time six real estate and no share loans. The total issue of
520
HISTORY OF NEW BEDFORD.
shares is now 1,893, and the membership 263. There are twenty-four real estate loans amounting to $33,050 00, and nineteen share loans, amounting to $2,295.00. The authorized capital is $1,000,000. The officers of the bank are: President, Rufus A. Soule; vice-president, Charles S. Paisler; secretary, Charles R. Price; treasurer, Gideon B. Wright; directors, Benjamin Anthony, O. P. Brightman, J. C. Brock, J. A. Bates, Lot B. Bates, J. W. Braley, B. F. Brownell, John Eldridge, jr., David W. Holmes, William A. Kirby, George R. Stetson, Frederick Taber, Charles M. Taber, Edmund W. Bourne; attorney, William M. Butler ; auditors, Daniel W. Cory, Albion T. Brownell, Benjamin H. Anthony.
The private banking house of Sanford & Kelley is located at 47 North Water street. The partners are Gardner T. Sanford and Charles S. Kelley. They do an investment business, are members of the Boston Stock Exchange, and are stock auctioneers. They have a private tele graph wire connecting their office with that of their correspondents in Boston, by which they have telegraphic connection with New York, Philadelphia, Chicago, and Providence. They were the first in this city to lease a private wire. The business was established in 1848 by the late Edward L. Baker. He sold out to Samuel P. Burt, his confidential clerk, in 1865. In 1875 Mr. Burt took as partners Mr. Sanford and Mr. Kelley, under the firm name of S. P. Burt & Co., Mr. Burt being located in Milwaukee, Wis. On the death of Mr. Burt, in the West in 1884, the surviving partners formed the present firm.
The Bristol County Mutual Fire Insurance Company was organized in Taunton, being chartered February 29, 1829, and was removed to this city September 14, 1839, Joseph S. Tillinghast then being ap- pointed its secretary. At his death George N. Alden was chosen sec- retary. The amount insured up to 1891 was $3,564,346. The present officers are: President, James Taylor ; secretary and treasurer, George N. Alden ; directors, James Taylor, Oliver P. Brightman, George F. Kingman, Thomas H. Knowles, Isaac H. Coe, William R. Wing, Sam- uel C. Hart.
New Bedford Board of Trade .- This organization, numbering about 200 of the representative business men of the city, was organized March 5, 1884, with Frederick Swift as president. The board had for its ob-
fear Shelley
521
BOARD OF TRADE.
ject the industrial, financial, and architectural improvement of New Bed- ford, and has been so far successful that since its organization there have been invested in home manufacturing $4,000,000, and the population increased more than 6,000. It held industrial exhibitions during two successive years-1887, 1888-and another in 1890, which were well patronized and wielded a powerful influence upon the people in favor of home investments. The board includes among its officers and members men who have the best interests of New Bedford at heart, and who never neglect an opportunity to speak and act for its welfare and advancement. Frederick Swift retained the position of president of the board from 1884 to 1886, when he was succeeded by Jireh Swift, jr., who held the office until 1888. Since that time Isaac B. Tompkins, jr., has been the president. The officers and directors for 1891 are: President, Isaac B. Tompkins, jr. ; vice-presidents, Jireh Swift, William J. Rotch, Francis Hathaway, Samuel C. Hart, Charles S. Kelley, Frederick Swift ; secre- tary and treasurer, George R. Phillips; assistant secretary, Augustus A Wood; directors, William A. Robinson, George R. Stetson, George S. Homer, Walter Clifford, William D. Howland, Thomas B. Tripp, William G. Wood, William Baylies, Eben C. Milliken, William C. Taber, William R. Wing, James Delano, William N. Church, William Lewis, William Sanders, Lemuel Le B. Holmes, Charles S. Ashley, Stephen A. Brownell, Rufus A. Soule, George M. Eddy, Antone L. Sylvia, William H. Besse, A. G. Alley, jr. The rooms of the board are at 33 North Water street.
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522
HISTORY OF NEW BEDFORD.
CHAPTER XXVI.
THE PRESS OF NEW BEDFORD.
An Early Field for Journalism -- The First Publication in New Bedford - Extracts from Its Contents -- The Second Newspaper -- Other Early Journals - The News- papers of the Present Day.
'EW cities in New England can boast of the publication of a weekly newspaper at as early a date as New Bedford. The people who composed a large share of our inhabitants in the latter part of the eight eenth century were highly intellectual as a class, and hence the field was a good one for the establishment of a newspaper. In the year 1792, when our republic had reached only the sixteenth year of its independ- ence, appeared The Medley, or New Bedford Marine Journal, edited and printed by John Spooner, " at his office near Rotch's wharf." The first number appeared Tuesday, November 27, 1792, was a sixteen col- umn folio, and was the first newspaper ever published in New Bedford. It was devoted to miscellany, marine news, political events, some for- eign news and advertising. In his address to the public the editor says he " flatters himself, that so long as his exertions tend to scatter the rays of knowledge, of morality, and of refinement among the people, the public will afford him every reasonable encouragement, in propor- tion to the utility of his exertions." Advertisements were inserted, not exceeding twelve lines, three weeks for four shillings, each contin uation nine pence. Among the advertisements in the first few issues we find that of William Rotch, jr., who "respectfully informs his cus- tomers and friends he has for sale, wholesale and retail, at his store in New Bedford, sail cloth of an excellent quality," coarse and fine sheet- ing, large and small looking-glasses, glass tumblers, twine and cordage, flour and shipbread, pork and salt, Philadelphia and Russia bar iron, paints of several kinds, sheathing paper, wrapping paper, etc.
The brig Mary is advertised to sail on or before the 20th of Decem - ber for Havre de Grace, Cornelius Grinnell, master. " For freight or
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THE FIRST NEWSPAPER.
passage apply to Seth Russell, or to the master on board." The sloop Mayflower, Gibbs West, master, is advertised to sail for New York and Chesapeake, on or about the Ist of December. " For freight or passage apply to Elisha West," etc.
Caleb Greene respectfully informs his friends and the public in gen- eral, " that he carries on and proposes to enlarge the bookbinding busi- ness in its several branches. He has for sale account books for shop- keepers, tradesmen, etc .; books for records and school books. Also black and red ink of the best quality."
John Spooner announces that he has just received from New Lon- don, and has for sale a long list of books, including Bibles, Testaments, spelling books, hymn books, poems, histories, books of adventure, any of which " will be given in exchange for clean cotton and linen rags, old sail cloth or junk." The printer also announces that he will receive of country customers any kind of produce, or wood, "if they prefer cash to it," in payment for newspapers, or of any farmer who wishes to become a customer.
The second issue, published Saturday, December 1, 1792, contained the speech of President Washington to both houses of Congress, deliv - ered in the Senate chamber November 6 of that year.
The third number contained, among other things, the Congressional proceedings of the Second Congress of Confederated America, third session, Philadelphia.
Joseph Damon offers for sale, December 8, 1792, " a large well built vessel, just launched, 591/2 feet keel, 221/2 feet beam, 9 feet in lower hold, 4 feet between decks."
The first marriage notices found in the paper are those of Berialı Howland, of Westport, to Mrs. Lucy Brightman, of this town ; at Nan- tucket, Charles Coffin to Mrs. Meriam Parker; Thomas Marshall to Miss Ruth Dow; Jonathan Waldo Colesworthy to Miss Polly Coffin ; Capt. Joseph Clasby to Miss Hannah Chadwick.
For seven years this primitive sheet greeted the eyes of the inhabit- ants of this vicinity, and not one of those who searched its columns is living to-day, while many of their grandchildren have lived and passed from our view. The Medley was discontinued in September or Octo- ber, 1799, Mr. Spooner having sold his interest in the paper and print- ing business to Abraham Shearman, jr.
524
HISTORY OF NEW BEDFORD.
The Columbian Courier, edited by Abraham Shearman, jr., which appeared first on December 8, 1798, was the second paper published in New Bedford. It was also a sixteen- column folio, devoted to " authen- tic intelligence, foreign and domestic, and to accomplish which the ed- itor will avail himself of every arrangement which he can form for that purpose ; " proceedings of Congress and the Legislature, and other acts of government " as may be generally interesting, mercantile and marine information and articles of a local nature, with others adapted to a newspaper." Advertisements were inserted at reasonable rates. The Courier continued to appear each week until March 1, 1805, when it was discontinued.
The Old Colony Gazette appeared in October, 1808. The name was altered to the New Bedford Gazette in 1811, and again to the Bristol Gazette in 1812, at which time its place of publication was removed to Fairhaven. The large proportion of Federalists on this side of the river had given the paper poor support, and the removal was made to gain the patronage of the many Democrats of Fairhaven. The publication ceased after the issue of July 10, 1813. Billings & Tucker had charge of it until 1810, and were succeeded by Joseph Gleason, jr., who, hav- ing received an appointment in the army, disposed of the paper to Paul Taber February 5, 1813.
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