History of Worcester County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II, Part 155

Author: Hurd, D. Hamilton (Duane Hamilton)
Publication date: 1889
Publisher: Philadelphia : J.W. Lewis & Co.
Number of Pages: 1464

USA > Massachusetts > Worcester County > History of Worcester County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II > Part 155

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HISTORY OF WORCESTER COUNTY, MASSACHUSETTS.

In the summer of 1882 Mr. Charles Wilkinson took a lease of the theatre, and became the first resident manager. He opened it August 24, 1882, with a per- formance by the Alice Oates Opera Company. It was during Mr. Wilkinson's management that the first matinees, now so popular, were given in the theatre. The first experiment was not very encouraging, the receipts being only about twenty-five dollars, while the same company in the evening took over five hun- dred dollars. In November, 1882, the theatre was opened on Sunday evening for the first time, with a reading by J. E. Murdock, the veteran actor, and about five years later Rev. W. H. H. Murray lectured there on Sunday evening. In 1885 a large part of the stock of the Music Hall corporation changed hands, and the new owners made radical changes in the in- terior of the building, with special attention to the matter of safety against fire, and it now compares very favorably with the metropolitan theatres.

Mr. Wilkinson retained the proprietorship till his death, which took place March 2, 1888. During his management, a period of about seven years, he endeavored to present to his patrons first-class enter- tainments, and as a rule he succeeded in so doing, and Worcester theatre-goers were given an opportunity to hear many actors and actresses of established reputa- tion in their favorite rôles. Such well-known repre- sentatives of the dramatic art as Henry Irving in "Louis XI.," Joe Jefferson in "Rip Van Winkle," Lawrence Barrett as Hamlet, Denman Thompson as Joshua Whitcomb, Edwin Booth, Wilson Barrett, Charles Wyndham, J. T. Raymond, Madame Mod- jeska, Salvini, E. A. Sothern, Frank Mayo, Mary Anderson, Fanny Davenport, Margaret Mather, Fanny Janauschek, Rosina Vokes, Mrs. Langtry and many others of high rank on the stage appeared during Mr. Wilkinson's management.

Since the death of Mr. Wilkinson, his wife, Lillie Marden Wilkinson, has had the management, and has continued it upon the same plan as her husband, in giving to the public as good a class of performances as they would patronize. It is understood that at the close of the present season (1888-89) the management is to pass into other hands, and that extensive changes and improvements in the entrance and auditorium are contemplated.

Mention should be made of an amateur company of young ladies and gentlemen, who, a few years before the late war, appeared in farces and comedies in a small hall in the upper story of the late Dr. John Green's Block, on Main Street.1 The young gentle- men of the company became, a few years later, the founders of the present Quinsigamond Boat Club.

During the Civil War several amateur performances were given at the theatre, or in some public hall, by ladies and gentlemen, for the benefit of the United States Sanitary Commission, or for local aid to troops

passing through the city to and from the seat of war. Most of these performances were given under the patronage of Mrs. Governor John Davis. Among the pieces thus produced were: "Still Waters Run Deep," "Follies of a Night," " Ici on Parle Français," and " Up at the Hills."

Since the close of the war the local post of the "Grand Army of the Republic" have from time to time produced military plays at the theatre, for the benefit of their charitable fund, which have been most generously patronized.

In later years the Quinsigamond Boat Club have given several excellent dramatic entertainments, in which the various parts, both male and female, were taken by members of the club and their friends. In this way they have presented the travesty of " Romeo and Juliet" in 1877, and again in 1879 ; the extravaganza of "Lord Bateman," 1878; " The Le- gend of the Rhine," 1879 ; and in April, 1888, "The Talisman, or the Maid, the Monk and The Minstrel." All of these were largely musical, and the club were ably assisted by local male vocalists.

In December, 1883, Mr. W. H. Bristol opened the " Dime Museum " in Washburn Hall, giving an ex- hibition of giants, dwarfs and curiosities of various kinds, with a variety stage performance. This is still continued and appears to have a generous pat- ronage.

In 1882 and for a few years thereafter, dramatic per- formances were given at Bigelow's Garden and Skating Rink in the summer months, during which time seve- ral of the popular burlesque operas, like "Pinafore " and " Patience," were produced and drew large houses. In the same period entertainments were given by travelling theatrical combinations and minstrel shows, with occasional visits from Boston theatre companies.

The foregoing notice of dramatic representations in Worcester is necessarily very incomplete, the space given to this subject permitting only a brief general review, and many interesting details have been omitted.

CHAPTER CLXXXVII.

WORCESTER-(Continued.)

BANKING AND INSURANCE.

BY CHARLES AUGUSTUS CHASE, A.M.

THE National Ægis of December 21, 1803, con- tained an editorial article, three columns in length setting forth in full the advantages which would innre to a community from the establishment of a bank. A number of gentlemen had met at Barker's tavern,1 on the evening of the 18th, Isaiah Thomas presiding, and had voted that it would be advan-

1 Now owned by the Merchants' and Farmers' Fire Insurance Company.

" Now the Exchange Hotel.

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WORCESTER.

tageons to the county to have a bank established at Worcester; that as soon as one thousand shares should be subscribed for, at one hundred dollars a share, an application should be made to the Legisla- ture for an act of incorporation ; and that the sub- scription paper should be opened at Barker's tavern on the first Tuesday of January following. Benjamin Heywood, Francis Blake, Isaiah Thomas, William Paine and Daniel Waldo, Jr., were chosen a commit- tee to secure the subscriptions and call a meeting of the subscribers for organization. An advertisement in the Ægis and the Massachusetts Spy, headed " A Country Bank," set forth that "an association of gen- tlemen belonging to the town of Worcester, having contemplated the advantages which would accrue to the agricultural, commercial and mechanical inter- ests of the county from the establishment of a bank in the town of Worcester," had appointed a commit- tee to invite subscriptions from the citizens of the county, and gave notice of the place and manner in which subscriptions might be made. The response to this call was so liberal, that it was found that one hundred and eighty-three subscribers had applied for a total of twenty-six hundred and twelve shares. These subscriptions were graded down to fifteen hundred by a committee, and application was made for a charter with a capital of $150,000, instead of the sum first proposed. The charter was granted March 7, 1804 :- "An act to incorporate Daniel Waldo and others by the name and stile of the President, Directors & Com- pany of the WORCESTER BANK."

The corporators, besides the above-named commit- tee, were Daniel Waldo, Sr., Stephen Salisbury, Na- than Patch, William Henshaw, Nathaniel Paine and Elijah Burbank. The charter, which was to run for eight years from October 1, 1804, provided that the whole amonnt of capital should be paid in before March 1, 1805; that the bank might hold real estate for banking purposes to the amount of $20,000; that neither their circulation nor their loans should at any time exceed twice their capital stock actually paid in and existing in gold and silver in their vaults. No bills conld be issued of a less value than five dollars, and none between five and ten dollars; and the Com- monwealth reserved the right to become an owner in the stock to an amount not exceeding $50,000 of additional stock to be created.

As there were no savings banks then in existence, it was also provided that one-eighth part of the whole funds of the bank should always be appropriated to loans to the "agricultural interest," of not less than one hundred dollars or more than five hundred dollars each, and for a term not less than one year; and the bank was bound to loan to the State, whenever re- quired by the Legislature, any sum not exceeding $15,000, reimbursable in five annual instalments and at a rate of interest not exceeding five per cent. The charter was accepted at a meeting of subscribers to the stock, held April 10, 1804. At the same meeting

Daniel Waldo, Benjamin Heywood, Samuel Flagg, Isaiah Thomas, Daniel Waldo, Jr., Theophilus Whee- ler and Samuel Chandler were elected directors. William Paine, Samuel Brazer, Ephraim Mower, Oliver Fisk and John Farrar were charged with the duty of looking up a site for a banking-house and of preparing a suitable plan. On the 20th of the same month, on recommendation of the committee, it was voted to purchase the lot of land belonging to Capt. Daniel Heywood, opposite to land owned by Na- thaniel Paine, Esq., " situate on the Main Street, in Worcester, stated to contain one hundred and twenty- six rods," and "to build a house of brick that will accommodate a family and answer for banking pur- poses." This site, now occupied by the Central Ex- change, was purchased, and a brick building, having two belts of marble on the front, was erected. It con- tained, besides the banking-rooms, a hall for the meetings of the stockholders and a tenement which was occupied by Hon. Daniel Waldo (second of that name) for several years, until he built his mansion just south of the bank, on the site of Mechanics' Hall. The north part of the first floor was afterward used as the post-office. The bank continued to occupy its rooms until the building was destroyed by fire in 1842. It kept the rooms (now occupied by the Me- chanics' National Bank) in the New Central Ex- change until 1851, when, in connection with the Bos- ton and Worcester Railroad Company, the Worcester Bank block was erected, the bank securing full own- ership in the following year.

As the time approached for the expiration of the original charter, a renewal was asked for from the Legislature. "Conflicting interests "-doubtless the exertions of the Boston banks-secured a rejection of the first petition, and of a second memorial. But at the June session in 1812 a new charter was granted, the capital being increased to two hundred thousand dollars.

The directors of the original bank in May, 1804, elected Levi Thaxter as cashier and Robert B. Brig- ham accountant, with the understanding that they should " enter themselves at some bank in the town of Boston, to be instructed, at their own expense, in the duties of their respective offices." A seal, having on it for device a buck, was adopted. Daniel Waldo, Jr., was anthorized "to contract with Peter Marsh and Tarrant King, of Sutton, and David Hearsey, of Worcester, bricklayers, to work at $1.58} per day, board and liquor included." The banking-rooms were first used October 6, 1804, for a directors' meet- ing, at which Daniel Waldo, Jr., was elected presi- dent in his father's place. By-laws were adopted on the day following. It was decided that no discount should be made for a longer time than sixty days; that every note presented for discount should have one or more endorsers, unless stock was pledged as collateral security ; that every person other than the promissor offering a note for discount should endorse

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HISTORY OF WORCESTER COUNTY, MASSACHUSETTS.

it; that every note should be attested by one or more witnesses; that no person should have his note re- newed for more than four-fifths of the original sum ; and at every renewal one-fifth of the original sum shall be paid. The first semi-annual report to the State, January 7, 1805, showed : Capital stock, $150,- 000; debts due (i.e., loans), $185,645; monies de- posited, $166 [!]; notes in circulation, $146,030 ; note of other banks, $10,090; coined metals on hand, $121,488.46.

The directors of the Worcester Bank had been justly indignant at the course of some of the Boston banks in opposing a renewal, in 1811-12, of the orig- inal charter of the bank here. When, therefore, the Suffolk Bank of Boston, in 1825, established the sys- tem, which in the end proved most beneficial, of a compulsory redemption of the bills of country banks, it was resisted by the Worcester Bank. A contest ensued, in which the Worcester Bank was sustained by the court. It afterwards fell in with the systems voluntarily and " not upon compulsion."

The managers of the bank have ever been judi- ciously conservative, and this trait, together with the patriotism of the directors, made the bank an effective ally of the government at the outbreak of the Civil War, in 1861. The bank made heavy loans to the government, and its own reputation and vir- tual endorsement induced the people of the city and its neighborhood to make heavy investments in the public funds, the bank acting as agent for the gov- ernment in the matter. On the establishment of the national banking system, the propriety of organizing under that system commended itself to the judgment of the directors, but they did not like to surrender their old name and be thereafter known only by a number. In compliance with a general demand from the old banks of the country, the original Na- tional Banking Act was so modified as to allow them to retain their former names, prefixing or affixing the word "national." Having secured this privilege, at a special meeting of the stockholders, May 9, 1864, it was voted unanimously, on recommendation of the directors, to organize as the Worcester National Bank, with a capital of three hundred thousand dol- lars. The patriotic remarks of the Hon. Levi Lin- coln, senior director, and the Hon. Stephen Salis- bury, president, on the occasion, are spread upon the records of the bank. The Worcester Bank was, therefore, the first of the State banks here to adopt the national system. That its next younger sister, the Central Bank, should be the first to follow its example, ten weeks later, was eminently appropriate. The capital of the Worcester Bank had been in- creased to two hundred and fifty thousand dollars in 1851 and to three hundred thousand dollars in 1853. It is now five hundred thousand dollars.

The presidents of the Worcester Bank have been : Daniel Waldo, April 12 to October 6, 1804; Daniel Waldo, Jr., October, 1804, until his death, July 9,

1845 ; Stephen Salisbury, July, 1845, until his death, August 25, 1884; Stephen Salisbury, son of the latter, to the present time. Cashiers : Robert B. Brighani, 1804-12; Samuel Jennison, 1812-46; Levi Lincoln Newton, 1846-47 ; William Cross, 1847-64 (and vice- president, 1864-80); Charles B. Whiting, 1864-68; James P. Hamilton, 1869. Edward O. Parker, who had been connected with the bank for twenty-three years, and assistant cashier for nine years, resigned his position March 1, 1889.

The success of the Worcester Bank and the benefit which it conferred upon the whole central portion of the State prompted the leaders of thought and of business affairs, in due time, to establish a savings bank, to receive and carefully invest the surplus earnings of the people, and while thus encouraging good habits and promoting the prosperity of their depositors, to still further benefit the community hy loaning out the money thus collected, in loans upon mortgages or other good security. At that time, as now, every town in this county had one or more citizens who were the natural trustees of the people. It was they who were consulted on business matters, who were most frequently appointed as executors of wills or as adminstrators of estates. These men, as well as the lawyers, used to visit Worcester often, and especially at court times, and they co-operated in the movement to establish a savings bank. The National Ægis of December 5, 1827, aided the movement by an able editorial article of a column's length.

The first report of the proceedings which we find, states that at an adjourned meeting, held at Thomas's Coffee-House,1 December 6, 1827, a committee pre- viously appointed (whose names are not given) re- ported a petition for an act of incorporation, which was signed by the gentlemen present, and another committee was appointed to present it to the Legisla- ture. The petition was granted, and the charter of the WORCESTER COUNTY INSTITUTION FOR SAVINGS was issued February 8, 1828. It provided that the annual meeting should be held " some time during the regular term of the sitting of the Supreme Judicial Court for the county of Worcester, in the spring of each year,"-a time especially convenient for the trustees and corporators, who represented nearly every town in the county. On April 9, 1828, Isaac Good- win, as secretary of the petitioners, published the charter, and called the corporators to meet at Thomas's Coffee-House on the 17th. The charter members were :- Daniel Waldo, Solomon Strong, Frederic W. Paine, Samuel B. Thomas, Pliny Merrick, Ben- jamin Butman, Andrew H. Ward, Stephen Salisbury, Jr., Seth Hastings, Samuel Jennison, Silas Brooks, David Brigbam, William Steadman, Stephen God- dard, Calvin Willard, Simeon Sanderson, Oliver Fiske, Jesse Bliss, Benjamin Adams, Charles Allen,

1 The successor of Barker's Tavern ; also called, in 1804, Rice's Inu or " Sign of the Golden Ball." Now the Exchange Hotel.

Charles a chase

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WORCESTER.

William S. Hastings, George Wall, James Draper, John W. Lincoln, Isaac Goodwin, John M. Earle and Emory Washburn. At the first meeting one hundred and seventy-two new members of the cor- poration were elected, and fifty-six were added at an adjourned meeting held two weeks later. These rep- resented nearly every town in the county. Daniel Waldo was elected president, with twelve vice-pres- idents, and a board of twenty-four trustees. Isaac Goodwin was chosen secretary, and Samuel Jennison, cashier of the Worcester Bank, was the first treasurer. Of all the gentlemen named the last to survive was the Hon. Stephen Salisbury, who died August 24, 1884. The oldest living corporator is Henry W. Miller, Esq., of Worcester, who was elected May 1, 1828.

Mr. Waldo continued president until his death, in 1845, and was succeeded by Stephen Salisbury, who served until 1871, Alexander H. Bullock serving for the next thirteen years, until his death, in January, 1884. Stephen Salisbury, son of the second presi- dent, was elected president in April, 1884. The sec- retaries have been : Isaac Goodwin, elected 1828; William Lincoln, 1833; Thomas Kinnicutt, 1843; John C. B. Davis, 1848; Joseph Mason, 1850 ; Jo- seph Trumbull, 1853; J. Henry Hill, 1854. Mr. Jen- nison served as treasurer for twenty-five years, re- signing in October, 1853, when the deposits amounted to $1,473,312.1 He was followed by Charles A. Ham- ilton, who held the office until his death, October 30, 1879. Charles A. Chase was elected treasurer No- vember 10, 1879.

The original by-laws provided that the bank should be open every Wednesday from 2 until 5 o'clock P.M. The pass-books explained that this was "to save ex- pense to those who put in their money, who would otherwise be obliged to pay more for the time of the clerks, if they were to attend every day." All money received was to be either specie or bills current at the Worcester Bank, and all payments were to be made in the same manner. The first deposit, fifteen dol- lars, was made by Hon. Abijah Bigelow, in the name of his daughter, Miss Hannah Bigelow, June 4, 1828. The account was closed in August, 1874, after her death. The whole amount of deposits credited to the account was $460, and the payments amounted to $1758.36. At the close of the second year the total deposits in the institution amounted to $13,645. In contrast with this accumulation of two years it is in- teresting to observe that on the 31st day of Decem- ber, 1888, the teller received from 469 depositors the sum of $41,178.65 during the seven working hours of that single day. The whole amount of deposits on January 1, 1889, was $10,480,487.47, and the assets, at their par value, amounted to $11,084,307.12.

Isaac Goodwin, secretary of the corporation, made

the second deposit, fifty dollars, for Mrs. Sarah Thayer, of Sterling. Among the well-known names which follow early in the list are : (4) Aaron Ban- croft, for Nancy J. Young, " domestic ; " (7) Samuel Swan, for his son, Reuben Swan; (8) Benjamin Chapin, for John K. L. Pickford ; (11) George Allen, for Lydia K. Adams ; (13) John Brazer, by Samuel Brazer ; (14) William Lincoln ; (23-26) Samuel Jen- nison, for his children ; (27-29) Levi Lincoln, for his two daughters and for Hannah Cook, a domestic. The oldest account now open is No. 77. This de- posit, and No. 78, also now open, were made by Re- becca Foster, wife of the Hon. Dwight Foster, of Brookfield, for a granddaughter and grandson respec- tively. No. 77 still stands in the name of the origi- nal beneficiary, and No. 78 has been assigned to the great-grandson of Mrs. Foster. The next open ac- count, No. 113, was made by Henry K. Newcomb, for Elizabeth Chandler Blake. The next, No. 140, was made by John B. Shaw. Over 90,000 accounts have been opened with depositors, and the number now outstanding is upwards of 23,300.

The promise by the founders of the iustitution of handsome returns to depositors has been more than kept. Here is a striking instance of the accumula- tion of a small sum of money to which its earnings have been added semi-annually. On March 6, 1841, Mr. Samuel R. Jackson, of Providence, who had pre- viously been a merchant in Worcester, deposited the sum of $15 for one of his daughters. Other sums, making in all a total of $80, were deposited to her credit during the eight years following, and for this $80 received by the institution, the depositor now has a credit of $1,106.83. This fact speaks whole volumes in behalf of the policy set forth in the first article of the original by-laws, " of enabling the industrious and economical to invest such part of their property and earnings as they can conveniently spare, in a manner which will afford thein both profit and secur- ity."

As the pioneer banking institutions of the county it has seemed proper to give the histories of the Wor- cester Bank and the Worcester County Institution for Savings somewhat in detail. With the growth of the city, stimulated by the growth of the Blackstone Canal to Providence in 1828, and the granting of a charter for a railroad to Boston in 1831, other institu- tions of the same kind were established, at first in Worcester and afterwards in many other towns of the county.

THE CENTRAL BANK, with a capital of $100,000, was chartered March 12, 1829, the corporators being William Eaton, Leonard W. Stowell, Isaac Davis, Thornton A. Merrick, David Stowell, Pliny Merrick, William Jennison, Daniel Heywood, Gardiner Paine, Samuel Allen, Jr., Levi A. Dowley, Benjamin But- man, Asahel Bellows, Daniel Goddard, Isaac Good- win, Artemas Ward and Anthony Chase. Benjamin Butman was president until his resignation, in

1 A full and admirable biographical sketch of Mr. Jennison, from the pen of Rev. George Allen, appeared in the daily Spy and daily Tran- script of March 17, 1860. Justice to the merits of his successor was also given by the newspapers and by the bank trustees.

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HISTORY OF WORCESTER COUNTY, MASSACHUSETTS.

August, 1836, and has been succeeded by Thomas Kinnicutt until his death, February 17, 1883, and the present incumbent, Joseph Mason. Otis Corbett was first cashier from May 16 to November 30, 1829, being succeeded by George A. Trumbull, who retired with the president in 1836. William Dickinson served from 1836-50; George F. Hartshorn, 1850-56 and 1859-62; George C. Bigelow, 1856-59; and the present incument, Henry A. Marsh, was elected in 1862, after serving the bank for nine years in other positions. The bank was reorganized under the national system May 18, 1864, and in 1865 increased its capital from $250,000 to $300,000. The banking office until 1853 was in the rooms now occupied by the Five Cents Savings Bank ; then for sixteen years in the second story at " Harrington Corner " (corner of Main and Front Streets), and since 1869 on the first floor of the People's Savings Bank building.

THE QUINSIGAMOND BANK, with a capital of one hundred thousand dollars, was incorporated March 25, 1833, the corporators being Nathaniel Paine, Samuel M. Burnside, John Coe, Otis Corbett, Icha- bod Washburn, Stephen Salisbury, Frederic William Paine, Thomas Kinnicutt, George T. Rice and Levi A. Dowley. Samuel D. Spurr, Frederic William Paine, Isaac Davis, Alfred D. Foster, Levi A. Dow- ley, Emory Washburn and Samuel Damon consti- tuted the first Board of Directors. The bank was opened in Dr. Green's block, now owned by the Merchants' and Farmers' Insurance Company, but soon removed to the south end of Flagg's building, at the north corner of Sudbury Street, and after- wards, September, 1854, to its present site, nearly opposite the original location. This bank and the Worcester National own the buildings which they occupy in part. The Quinsigamond Bank went into the national system in 1865. Its capital was in- creased to one hundred and fifty thousand dollars May 22, 1851, and to two hundred and fifty thousand dollars March 28, 1854. Its first president was Alfred D. Foster, who was succeeded by Isaac Davis, 1836- 42; William Jennison, 1842-53; William Dickinson, to 1854; Isaac Davis, 1854-78; Edward L. Davis, 1878-84 ; and by Elijah B. Stoddard in 1884. Charles A. Hamilton was the first cashier, serving for twenty years, until 1853, when he resigned to become treas- urer of the Worcester County Institution for Savings. His successors were : Joseph S. Farnum, from 1853 to 1873; Alden A. Howe, 1873-81 ; and John L. Chamberlin, 1881.

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History of Worcester County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II, Part 155

Author: Hurd, D. Hamilton (Duane Hamilton) Publication date: 1889 Publisher: Philadelphia : J.W. Lewis & Co. Number of Pages: 1464

Author: Hurd, D. Hamilton (Duane Hamilton)
Publication date: 1889
Publisher: Philadelphia : J.W. Lewis & Co.
Number of Pages: 1464