History of Worcester County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II, Part 156

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 156

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On April 9, 1836, Calvin Willard, Stephen Salisbury and Harvey Blashfield, received a charter as the CITI- ZENS' BANK, with a capital of five hundred thousand dollars, an amount considerably larger than the com- bined capital of the other two banks. The first Board of Directors consisted of Harvey Blashfield, Benjamin Butman, Pliny Merrick, William Lincoln, Ebenezer Aldrich, Edward Lamb, Nymphas Pratt, Frederic W. Paine and Calvin Willard. That Mr. Butman,

the first president, and George A. Trumbull, the first cashier, came directly from the same offices in the Central Bank is a fact which excites our attention, but at this time it is impossible to discover the rea- sons. No Darwinian process had developed the "interviewer " in 1836. Mr. Butman was building a block of two stores, with offices overhead, on the northeast corner of Main and Maple Streets, which he called " Maccarty Block," because it was upon the site of the Nathaniel Maccarty homestead; but al- though Mr. Butman retained the ownership for many years, it was known to the people, with the block join- ing it on the north, as "Brinley Row." The north store was occupied by Mr. Butman as the leading grocery of the town; the corner store was fitted up for the Citizens' Bank, which remained there until March, 1881, when it was removed to its present quar- ters, at the corner of Main and Front Streets.

In fixing their capital at half a million dollars the projectors had not foreseen-for they were but human -the great depression in business and the financial revulsion which were impending. Prudence and even necessity compelled them to reduce the capital from time to time until the present limit of one hun- dred and fifty thousand dollars was reached. From the time when it had settled down to " bed-rock," its management has been wise and conservative, and it has returned a generous income to its stockholders.

The presidents since Mr. Butman have been : Nym- phas Pratt, chosen October, 1838; Pliny Merrick, October, 1839 ; Francis T. Merrick, October, 1842 ; Francis H. Kinnicutt, November, 1860; Benjamin W. Childs, September, 1885 ; and Samuel Winslow, January, 1889. Mr. Trumbull served as cashier until his death, in October, 1858. John C. Ripley, who had been clerk and assistant cashier for nineteen years, was cashier for eleven years until his death, October 10, 1869, and was succeeded by Lewis W. Hammond, the present incumbent.

THE MECHANICS' (NATIONAL) BANK is conteni- porary with the city itself, having been incorporated June 15, 1848, four months after the city received its charter. The corporators were Fred. Wm. Paine, Hen - ry Goulding and Wm. T. Merrifield, and the capital was $200,000, increased to $300,000 in 1851, and to $350,000, the present amount, in 1853.

The first Board of Directors included Wm. H. Goulding, Wmn. T. Merrifield, Francis H. Dewey, Wm. M. Bickford, Charles Washburn, Harrison Bliss, Ebenezer H. Bowen and Alexander De Witt. Mr. De Witt was president from 1848 to 1855, from October, 1857, to October, 1858, and from October, 1859, to October, 1860; Francis H. Dewey, October, 1855, to October, 1857; Henry Goulding, 1858-59; Harrison Bliss, 1860 to July, 1882; Charles W. Smith, to March, 1883; David S. Messinger, to April, 1888, when he resigned, and was succeeded by Francis H. Dewey, eldest son of the second presi- dent. The cashiers have been Parley Hammond,

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to July, 1854, succeeded by Scotto Berry to Febru- ary, 1866, when George E. Merrill, the present in- cumbent, was elected.

The bank began business in a new brick block, built by Gen. George Hobbs, on the south corner of Main and George Streets, but in October, 1851, re- moved to its present quarters, previously occupied by the Worcester Bank, in the Central Exchange. The bank entered the national system March 14, 1865.

On March 28, 1854, a charter was given to the CITY BANK, with a capital of $200,000, the cor- porators being William B. Fox, Henry Chapin and Frederic William Paine. The petitioners had asked for a capital of $300,000 ; but the number of applica- tions for bank charters in that year was unusually large, and the committee of the Legislature, disposed to be conservative, at first took the ground that no new bank was needed in Worcester. But Mr. Calvin Foster, who was interested in the new enterprise, employed Mr. Putman W. Taft to canvass the city and obtain statistics of the volume of business yearly carried on at that time. The result of Mr. Taft's work showed an amount so large as to carry conviction to the minds of the committee. The charter was granted, and the bank began business in the second story of "Harrington Corner " (corner of Main and Front Streets), a favorite site for banking. About the beginning of the year 1855, however, it removed to the rooms which had been especially fitted for its use in the new building erected by Mr. Foster, on the southwest corner of Main and Pearl Streets, where it has since remained. George W. Richardson was the first president, and was suc- ceeded hy Calvin Foster in 1878. Parley Hammond was the first cashier, and his successor, Nathaniel Paine, has held the office since 1857. It organized as a national bank in 1864. Its capital is now $400,- 000.

THE FIRST NATIONAL BANK, organized June 5, 1863, with a capital of one hundred thousand dollars was, as its name implies, the first one of the kind in Worcester. It was also the second in the State (the First, of Springfield, being its elder), and the seventy- ninth in the whole country. The first board of directors consisted of Parley Hammond, Ichabod Washburn, Nathan Washburn, Timothy W. Welling- ton, George Draper (of Milford), Edward A. Goodnow, Hartley Williams, Charles B. Pratt and Alexander Thayer. Mr. Hammond was the first president, and Mr. Goodnow has been president since January 8, 1867. Lewis W. Hammond was the first cashier, and was succeeded by Arthur A. Goodell July 18, 1864; George F. Wood, September 1, 1869; Arthur M. Stone, April 6, 1874, and Albert H. Waite, March 7, 1879. The bank was on the second floor at Harrington Corner until it moved into its present quarters in 1869. The original charter expired in June, 1882, but as Congress had not perfected the necessary legislation

which, a month later, gave existing banks the privi- lege of so amending their original articles of associa- tion as to extend their "period of succession" by an additional term of twenty years, another "First National Bank of Worcester " was, therefore, organ- ized June 4, 1882, which succeeded the former without any interruption or friction. Its capital is now three hundred thousand dollars, and surplus two hundred thousand dollars.

THE SECURITY NATIONAL BANK was authorized June 7, 1875, with a capital of one hundred thousand dollars, and did business at the north corner of Main and Pleasant Streets. The directors were : Wm. H. Morse (president), John W. Wetherell, Edward H. Stark, Harlan P. Duncan, Gilbert J. Rugg, Frederick W. Ward and Benjamin W. Childs. Albert H. Waite was cashier. The bank gave up business in 1878.

THE WORCESTER MECHANICS' SAVINGS BANK was the second savings bank in Worcester in order of in- corporation. It was chartered May 15, 1851. The presidents have been : Isaac Davis until 1855 ; Alex- ander De Witt to 1859; John S. C. Knowlton to 1862; Harrison Bliss until his death, in 1882; Francis H. Dewey until his death, in 1888; and J. Edwin Smith. Parley Hammond was treasurer for three years, and that office has been since filled, for nearly thirty-five years, by Henry Woodward. Except for the first three years, its rooms have been in the Central Ex- change. Its deposits amount to $4,255,975, and its assets to $4,452,872.

THE WORCESTER FIVE CENTS SAVINGS BANK was incorporated April 1, 1854, at the time when the new idea of receiving deposits of less than one dol- lar was coming in vogue, and has now a large num- ber of such accounts upon its books. Its first presi- dent was Charles L. Putnam, who was succeeded by George W. Richardson in 1877, Clarendon Harris in 1878, and Elijah B. Stoddard in 1884. Clarendon Harris, who was at the same time secretary of the State Mutual Life Insurance Company, was treasurer of this bank for the first eighteen years, being suc- ceeded by George W. Wheeler (who had been city treasurer for many years previous) and by J. Stewart Brown in 1884. Its banking-rooms have always been in some part of the building it now occupies. Pres- ent amount of deposits, $3,548,961 ; assets, $4,309,825.

On May 13, 1864, was incorporated the PEOPLE'S SAVINGS BANK. The great impulse to business caused by the war, and the high wages paid on account of the cheapness of an over-inflated currency, made the time seem opportune for establishing a fourth sav- ings bank in the city. This bank also promised a departure from the system which had been in vogue with the older banks throughout the Commonwealth. The practice had been to pay a fixed rate, gener- ally two per cent., as a semi-annual dividend, and to make a division of the surplus earnings once in five years. But about this time a number of new banks were started, which promised to divide all their prof-

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HISTORY OF WORCESTER COUNTY, MASSACHUSETTS.

its once in six months. The older banks in the State were compelled, nolentes volentes, to fall into line, un- til, in 1876, the Legislature stepped in and made the old system compulsory upon all.

The People's Saving Bank began business in the second story at the south corner of Main and Pleasant Streets. Its business rapidly increased, and in 1869 it moved into its own marble-front building on Main street, opposite the Common. Its first presi- dent was John C. Mason, who resigned January 27, 1877, and was succeeded by William Cross, who re- signed in 1879. Lucius J. Knowles filled the office until his death, February 25, 1884, and was succeeded by Samuel R. Heywood.

Charles M. Bent has been treasurer from the organ- ization of the bank. The deposits are now $5,108,- 796, and the assets $5,363,605.

The vast issue of bonds by the national govern- ment during the great Rebellion, accompanied and followed by the issues by States, municipalities and railroads, created a demand for depositories where the people could safely store their securities and other personal property of value. The WORCESTER SAFE DEPOSIT AND TRUST COMPANY received its first charter from the State as the Worcester Safc Deposit Company in March, 1868, and its second in May, 1869. It receives deposits subject to check at sight, paying interest of two per cent. per annum on daily balances of one hundred dollars or over, but does not issue bills. It is also authorized to act as trustee in probate matters and the like. It assumes the direct custody of valuables, and lets small safes in its strong vaults, to which the renter alone has access. Its capital is $200,000. George M. Rice ha- been president from the start. Samuel T. Bigelow was the first secretary, and was succeeded by Edward F. Bisco, July 1, 1872. It occupies the first floor o' its own building, opposite the City Hall, and the basement of the People's Savings Bank building, which joins it on the south.

THE STATE SAFE DEPOSIT COMPANY was organ- ized in 1887 solely for the purpose indicated by its name. Its vanlts are in an extension, to the west, of the granite building owned by the State Mutual Lift Assurance Company, and its vaults, doors, locks and. safes are marvels of construction. It rents its safer at rates from five dollars upwards per annum, and has a special vault for the storage of silver, jewelry and other articles of value. A. George Bullock i> president, Henry M. Witter secretary and Halleck Bartlett manager.

Co-operative banks, patterned after the building associations which had been so successful in Phila- delphia and elsewhere, were introduced here in 1877. The Worcester Co-operative Savings Fund and Loan Association was incorporated October 19th in that year. Its name was changed later to WORCESTER CO-OPERATIVE BANK. At the end of eleven years it had issued its seventeenth "series" of shares, had

$279,300 loaned on real estate, and $11,395 on the shares, a surplus of $2663, and a guaranty fund of $500. The number of shares " in force" was 7710.

The Home Co-operative Savings Fund and Loan Association was incorporated June 10, 1882; name changed to HOME CO-OPERATIVE BANK in 1883. In November, 1888, it had issued its thirteenth series of shares, had $173,300 loaned on real estate, and $5055 on shares, with a surplus of $5706 and a guaranty fund of $229; 5712 shares in force.

The EQUITY CO-OPERATIVE BANK began business in March, 1887. November 1, 1888, there were 3041 shares in force, in four series, with $35,850 loaned on real estate and $725 on shares, a surplus of $580 and a guaranty fund of $19.

Stephen C. Earle is president of the Worcester Co-operative Bank, Enoch H. Towne of the Home, and Iver Johnson of the Equity. Thomas J. Has- tings is secretary and treasurer of them all, and Ed- ward B. Glasgow is their solicitor. The continued prosperity of the city has been favorable to their success. They have not yet been put to the strain of the great financial depressions which at intervals sweep over the country. The loans are bid off at auction by shareholders at a rate of interest varying from six to eight per cent.

The advantage and convenience of a CLEARING- HOUSE, to banks and business people alike, is so great that it is difficult for the lay mind to conceive of the comparatively infinite labor and trouble which would be caused if, as in anti-secession times, a check could be deposited or cashed only at the bank on which it was drawn. The Worcester banks, free, in great measure, from a petty jealousy which would be in- compatible with harmony of action, joined in estab- lishing a Clearing-House in 1861, being only eight years behind New York City, where the first Clearing- House in the country was established in 1853, fol- lowed by one in Boston in 1866. The main feature of this system may be thus described : At a given hour of each day (say twelve o'clock) the messenger of each bank appears at the Clearing-House, bring- ing all the checks upon other banks in the city which his bank has received on deposit from its regular cus- tomers. These checks he has assorted and listed on slips, which show how much the other banks are severally indebted to his bank. We will suppose that the total amount of checks thus brought in, say from the "Sagabastock " Bank, is $50,000. Now, if the clerk at the Clearing-House finds that the aggregate amount of the checks upon the Sagabastock is but $48,000, the latter is creditor to the amount of $2,000, and receives from the manager of the Clearing-House a draft on Boston for $2,000, which he takes back to his bank with the $48,000 worth of checks, which are charged up to the various depositors by whom they were drawn; and as far as this part of the day's business is concerned, the Sagabastock teller and book-keeper will find no trouble in balancing their

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WORCESTER.

books at the close of the day. If, on the other hand, the other banks have brought in $52,000 worth of checks on our messenger's bank, against the $50,000 which he brought, he is informed that he is debtor to the Clearing-House by $2000. He reports this fact to his own hank, and before the close of business car- ries to the manager of the Clearing-House the check of his own bank on Boston for $2000. The manager mails to his correspondent hank in Boston the check> which he has received from the debtor banks, which offset the checks which he has given to the creditor banks, and the balance of the Clearing-House at its Boston bank is undisturbed.

The daily balances at the Clearing-House average about thirty per cent. of the whole volume of checks presented, or " clearings." The association includes the seven national banks of the city and the Worcester Safe Deposit and Trust Company. The annual clear. ings rose from $6,051,763 in 1861 to $10,314,804 in 1864 Dropping to $9,046,438 in 1865, they rose, year by year, to $28,931,349 in 1875. They fell to $25,169,157 in 1876. In 1881 they mounted to $49,224,751, but had dropped to $38,551,145 in 1885. The total for 1886 was $44,362,020 ; 1887, 844,298,632; 1888, $52, 070,112, which was "high-water mark." The clear- ings for the week ending December 22, 1888, the heaviest in the history of the association, amounted to $1,409,122, and the balances to $337,344. The clearings were made for several years in the rooms of the Central Bank, but have latterly been made at the Citizens' Bank. Henry A. Marsh is president of the association, and Lewis W. Hammond is secretary and manager.

INSURANCE.

The prudent householders of the county early appreciated the benefits of fire insurance, and secured the passage of an act, February 11, 1823, incorporat- ing the Worcester Mutual Fire Insurance Com- pany. Of the eighteen corporators, Levi Lincoln and Abraham Lincoln were of Worcester, and the rest from other towns in the county. The charter provided that no policy should be issued until sub- scriptions for at least two hundred thousand dollars been received ; that the operations of the company had should be confined to this county, and that property should not be insured for more than three-fourths of its value. The first meeting of the corporators was held June 19, 1823, at the Court- House. The first policy, signed by Rejoice Newton, president, and William D. Wheeler, secretary, was issued May 14, 1824. It insured Luther and Daniel Goddard-fifteen hundred dollars on their dwelling-house, occupied by themselves and their families, and the wood-house and barn attached thereto, and eleven hundred dol- lars on their brick store. The rate was one and three-quarters per cent. for the house and barn, and one and three-eighths per cent. on the store, the policy running for seven years. The house was situ- ated on the east side of Main street, midway between

Thomas and School streets, and the store was a little to the south. Policy No. 2 insured Rejoice Newton three thousand dollars on his house and barn and four hundred dollars on his furniture. The buildings were on Front Street, on the site of the Chase Build- ing. The rate was one and one-quarter per cent. for seven years. Nos. 3 and 4 were issued to Abijah Bigelow, and No. 7 to Daniel Waldo. Isaac Good- win was secretary of the company from December, 1828, to 1832; Anthony Chase, to 1853; Charles M. Miles, to 1879. Frederic W. Paine was president from 1831 to 1853; Anthony Chase from 1853 until his death, in 1879, and Ebenezer Torrey until his death, in 1888. Charles M. Miles was vice-president and manager from 1879 until his death, in 1887. John A. Fayerweather, of Westborough, is president ; Roger F. Upham, secretary and treasurer, and Frank P. Kendall, assistant secretary. Prudent manage- ment has brought continued prosperity and has secured the undiminished confidence of the people.

To meet the wants of merchants whose stocks in trade could not be insured in the older company, the Merchants' and Farmers' Mutual Fire Insurance Company was organized in 1846. Isaac Davis was president until 1884, and was succeeded by John D. Wash burn; Charles L. Putnam was secretary for sev- eral years, succeeded by John D. Washburn and by Elijah B. Stoddard, the present incumbent. The officers are men of large experience in insurance mat- ters, and the company, having safely weathered the great Boston fire of 1873, occupies a prominent posi- tion in the Commonwealth.

The First National Fire Insurance Company was organized in 1869, with Edward A. Goodnow presi- dent and Edward P. Howland secretary. Its capital is two hundred thousand dollars. Charles B. Pratt is president and R. James Tatman secretary.

The People's Mutual Fire Insurance Company was organized in 1847, and in 1865 was converted into a stock company. The "Boston fire" compelled it to wind up its business, paying its policy-holders a dividend of 73.6 per cent. E. H. Hemenway was the first president and Oliver Harrington secretary, who were succeeded by Henry Chapin and Augustus N. Currier.

The Bay State Fire Insurance Company, organized January 1, 1861, and having a capital of two hundred thousand dollars, and the Central Mutual Fire Insur- ance Company, organized a few years later, were also compelled to suspend business on account of the Bos- ton fire. At that time William S. Davis was presi- dent of the former, and W. C. Croshy secretary. Of the latter William T. Merrifield was president; L. C. Parks, vice-president; Henry K. Merrifield, secretary, and Albert Tolman, treasurer.

The Manufacturers' Mutual Fire Insurance Com- pany was chartered in 1834, for the special purpose of insuring manufacturing property. Its rooms were over the Citizens' Bank ; after a temporary suspension

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HISTORY OF WORCESTER COUNTY, MASSACHUSETTS.

it was re-organized, and in 1861 was merged with the Mechanics' Mutual Fire Insurance Company, under the name of the Worcester Manufacturers' Mutual Fire Insurance Company. Hon. George M. Rice is president and Samuel R. Barton secretary.

THE STATE MUTUAL LIFE ASSURANCE COMPANY was organized in 1845 with a perpetual charter. The project was bitterly opposed in the Legislature by ex- isting organizations, but it was carried through by the determined stand taken by John Milton Earle,1 who was a Representative in that year. Mr. Earle was a director and vice-president of the company until his death. For twenty years the company carried a guaranty capital of one hundred thousand dollars, but since that time, the capital having been retired, it has been purely mutual. The management has been prudent from the start, and at present, while conservatively safe, is "in touch " with the great wealth and business enterprise of the American peo- ple. The interest received on the invested funds has more than paid all the death claims to the present time. The presidents have been : John Davis,2 until his death, in 1853; Isaac Davis, who resigned Janu- ary 4, 1882; Alexander H. Bullock,3 who died sud- denly January 17, 1882; Philip L. Moen, 1882-83 ; and Augustus George Bullock. Secretaries : Claren- don Harris, 1845-83 (resigned); and Henry M. Witter. Treasurers : William Dickinson, 1845-83 (resigned) ; and A. George Bullock.

The assets of the company December 31, 1888, were $5,066,985, with 9,826 policies in force and a reserve, by the Massachusetts standard, of $793,046.

CHAPTER CLXXXVIII.

WORCESTER-(Continued.)

MEDICAL HISTORY.

BY SAMUEL B. WOODWARD, M.D.+

Individuals-Societies-Hospitals.

IN preparing this account of the medical men who have "fought the good fight and kept the faith," re- course has been had to genealogies, manuscripts, public records and to the memories of the oldest of those now living among us. To the kindness of the librarians of the Antiquarian Library and Public Library, who have allowed free access to books and manuscripts ; to members of the families of deceased

physicians ; to physicians themselves and particu- larly to Doctors Sargent, Chandler and Bemis, with- out whose aid the work would have been impossible, is due whatever of accuracy may have been attained. The necessary limits of the article render it neces- sary to omit all mention of those physicians now practising in Worcester who have not been at least twenty years in the harness, except as their names may appear in connection with societies and public institutions.

1675 .- At the first laying out of Quinsigamog, twenty-five acres of land were granted to Dr. Leon- ard Hoar, "to him and to his heyres." An ex-presi- dent of Harvard College, he, in 1671, had taken his degree at the University of Cambridge (England), and was then in practice in the vicinity of Boston. His death, in the same year, prevented actual settle- ment. The name of no physician can be found in the records of either the first or second attempts to found a town.

1718 .- ROBERT CRAWFORD, who came with the Scotch-Irish colony of 1718, was in all probability the first physician of the place. He lived on the "Green Hill farm ; " was employed as surgeon in the military expeditions of the time (in 1722 he was with Major John Chandler's company of scouts), and was alive at least as late as 1760. His wife died in 1730, aged twenty-six years, and was one of those buried in the Thomas Street burying-ground.

1736 .- DR. ZACHARIAH HARVEY, who, "in 1740, slew 67 rattlesnakes,"5 was here at least as early as 1736, when the birth of a son is recorded, and was still in town in 1747. The name appears also as Harney and Herny.

1743 .- In this year (January 17th) died Dr. Eben- ezer Whitney, leaving a "library valued at £4 68., and drugs to the amount of £6 188."

1744 .- DR. NAHUM WILLARD, son of Colonel Samuel Willard, of Lancaster, who commanded a regiment at the capture of Louisburg, and brother of Colonel Abijah Willard, mandamus councillor in 1774 and later Tory refugee, was born in Lancaster (Harvard), May 28, 1722; began practice in Worces- ter, at or about the time of his marriage to Elizabeth Townsend, of Bolton (January 17, 1744), and for more than thirty years lived on the south side of the Common, in a house standing on the present site of the French Catholic Church. With him boarded for some time, while teaching school here, John Adams, afterwards President of the United States, in whose diary is the following entry : "Three months after this (October, 1755) the selectmen procured lodgings for me at Dr. Nahum Willard's. This physician had a large practice, a good reputation for skill and a pretty library. Here were the works of Dr. Cheyne, Sydenham and others, and Van Swieten's commenta- ries of Boerhaave." Adams "read a good deal in

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History of Worcester County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. II, Part 156

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