History of the Connecticut Valley in Massachusetts, with illustrations and biographical sketches of some of its prominent men and pioneers, Vol. II, Part 88

Author: L.H. Everts & Co
Publication date: 1879
Publisher: Philadelphia : Louis H. Everts
Number of Pages: 896

USA > Massachusetts > Franklin County > History of the Connecticut Valley in Massachusetts, with illustrations and biographical sketches of some of its prominent men and pioneers, Vol. II > Part 88

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The first board of directors was chosen June 1, 1872, as fol- lows : Chester W. Chapin, W. K. Baker, Col. J. M. Thomp- son, J. A. Rumrill, J. B. Stebbins, D. L. Harris, II. S. Lee, Geo. C. Fiske, B. F. Bowles, C. O. Russell, and W. II. Wesson.

The incorporators were Chester W. Chapin, J. M. Thomp- son, John B. Stebbins, Daniel L. Harris, Clark W. Bryan, Henry S. Lee, HI. S. Ilyde, H. N. Case, Henry Alexander, Jr., W. K. Baker, B. F. Bowles, J. A. Rumrill, Henry Fuller, Jr., M. P. Knowlton, Chas. Merriam, C. O. Russell, Geo. M. Stearns, and J. D. Satford. C. W. Chapin was chosen pres- ident, and continued in that position until July 24, 1878, when he declined a re-election, and was succeeded by the present president, Col. J. M. Thompson. Mr. James D. Saf- ford was the first cashier, and >till ofhciates in that capacity. The present board of directors (1878) is as follows : J. M. Thompson, Chester W. Chapin, J. B. Stebbins, J. A. Rum- rill, Daniel L. Harris, Henry S. Lee, William K. Baker, E.

* Deceased.

828

HISTORY OF THE CONNECTICUT VALLEY.

S. Chapin, William Whiting, Chas. O. Russell, and Geo. (. Fisk. Capital, $500,000, with privilege of increasing it to $1,000,000.

THE MUTUAL FIRE ASSURANCE COMPANY OF SPRINGFIELD was incorporated in February, 1827, and was the fourth Mu- tual Insurance Company organized in the State .* The incor- porators were as follows : Zebina Stebbins, Joseph Carew, David Ames, Festus Stebbins, Walter Stebbins, John New- bury, Sahle Rogers, and JJacob Bliss. The charter of the com- pany was extended twenty years by act of Feb. 16, 1847, and made perpetual by act June 3, 1856. The following is a list of otlicers of the company from its organization to the present time, viz. :

Presidents .- Zebina Stebbins, from May 15, 1827, to July 25th same year, resigned; Joseph Carew, 1827-29; George Col- ton, 1829-38, resigned; William Child, 1838-41 ; Samuel Reynolds and Chas. Howard, elected and declined ; Philo F. Wilcox, 1841-50; Elijah Blake, 1850-69; W. C. Sturdevant, 1869, present ineumbent.

Secretaries .- William Bliss, 1827, died in 1838; Justice Willard, 1838-49, resigned; Lewis Gorham, 1849-68, died Jan. 27, 1868; Lewis A. Tift, 1868-74, died Aug. 31, 1874; Frank R. Young, 1874, present incumbent. The first treas- urer elected was William Bliss, who declined the office, and Sable Rogers was chosen instead, and served until the consoli- dation of the office with that of secretary, Oct .. 2, 1848.

The present (1878) board of directors is as follows; W. C. Sturdevant, Henry Fuller, Jr., Henry S. Lee, Elijah Blake, Eliphalet Trask, Henry Morris, Chas. L. Shaw, Alfred Rowe, and James Kirkham. The rash assets in 1878 were $100,614.92, and the whole amount of risks outstanding were $3,914,475. The total income for 1877 was $18,365.34, and the total ex- penditures $13,330.05.

This company insures only first-class farm dwellings, in amount not to exceed $4000 on any one building. Private barns are insured in amount not to exceed $500, and these are not taken unless with dwellings. No agents are employed, the business being done directly with the assured. When the fact is stated that for fifty-two years an average dividend has been returned of seventy per cent. of all the premiums paid, and from the twenty-five per cent. retained all the losses and expenses have been paid, and cash assets to the amount of $100,000 accumulated (of which sum $67,000 is surplus over all liabilities), it is proof sufficient of the very careful and judi- cious management of the company, both in the selection of risks and care of the funds.

SPRINGFIELD FIRE AND MARINE INSURANCE COMPANY.

In the month of March, 1849, the Springfield Fire and Ma- rine Insurance Company, of Springfield, Massachusetts, re- ceived its charter from the Legislature upon application of Edmund Freeman, George Dwight, and John L. King, the persons named in the act of incorporation. The first meeting of the subscribers to the stock of the company was held at the Massasoit House, April, 9, 1851, when the following-named gentlemen were elected directors: Edmund Freeman, Daniel L. llarris, Marvin Chapin, Chester W. Chapin, Andrew IIuntington, Edward Southworth, John L. King, J. B. Mer- rick, Albert Morgan, Waitstill Hastings, and George Walker, all of whom were thorough business-men and of marked abil- ity and influence,-men who felt the responsibility of their po- sition, and were ever faithful to discharge the duties imposed upon them. During the twenty-seven years since the organ- ization of the company, five of the original directors have been removed by death, namely, Huntington, South worth, King, Morgan, and Merrick, and three only remain in the

direction, Messrs. M. Chapin, C. W. Chapin, and D. L. Har- ris. The vacant places in the board from deaths and other causes have been filled by men honored and esteemed in their respective positions, having the same spirit of enterprise, cheerfully working with the executive officers in the various plans proposed from time to time to promote the interests and welfare of the company,-such men as William Birnie, Sam- uel S. Day, Willis Phelps, James Brewer, George C. S. South- worth, Dwight R. Smith, William Stowe, A. D. Briggs, C. L. Covell, F. H. Harris, Lombard Dale, Charles Merriam, N. A. Leonard, George A. Hull, and Henry E. Russell.

Messrs. Stowe and Dale remained in the board until they died, the former in November, 1871, and Mr. Dale in October, 1876. Messrs. Birnie, Briggs, Covell, Harris, and Leonard are members at this time.

Mr. Freeman, above mentioned, was chosen first president, and continued in office until 1874, when failing health com- pelled him to resign the position, which was filled by Dwight R. Smith, the then acting vice-president ; the continued pros- perity of the company under his management showing the wisdom of the board in electing him to that office. Mr. Freeman's record at the head of the company was a noble one, covering a quarter of a century, and a period of develop- ment in insurance rarely paralleled in any business. Ilis associate, Mr. William Conner, Jr., held the office of seere- tary from the organization of the company until 1866, when he resigned to take a similar position in the New York and Yonkers Insurance Company.

The company was quite prosperous during the fifteen years he was connected with it, no great conflagrations having oc- curred during that period save the one at Troy, N. Y., in 1862. The " fiery trials" came after this, as did also the strong competition for business. Mr. J. N. Dunham succeeded Mr. Conner as secretary, and was a very efficient officer, but, having private business at his home in Berkshire County which re- quired his attention, he resigned in 1868, when Mr. S. J. Ilall, who commenced the insurance business as far back as 1851, was elected in his place, and holds that position at the present time, proving himself a worthy officer. Mr. A. J. Wright, the treasurer, came to the company as clerk in 1864, but was soon promoted to the position of book-keeper, and in 1872 was elected treasurer.

It will be seen that few changes have been made in the ex- ecutive officers during the history of the company. In all these years a wonderful degree of harmony has prevailed in the board ; not a ripple of discord has ever occurred to mar its proceedings, which fact has contributed in no small degree to the success of the company.

If space permitted, mention might be made of the general and special agents of the company, and especially of the local agents, many of whom have served the company from the beginning, and in a most devoted and faithful manner, caring for its interests as they would for their own. The original cap- ital stock was $150,000, which has been increased from time to time up to $750,000, $250,000 having been added from the surplus funds. The premiums for the first year's business were $38,695.28. From these small beginnings the company has not only advanced and taken a position at the head of all other Massachusetts companies, but stands in the very front rank of the strongest companies in the country, and has an enviable reputation for fair and honest dealing with its patrons.

The great fire at Chicago in 187I drew heavily upon the funds of this company, as did also the great fire at Boston, one year later. The board of directors did not for one moment hesi- tate in either case as to the course to be pursued, and that was to pay the losses promptly, and assess the stockholders to make good the deficiency, and their views were unanimously adopted at the stockholders' meeting, the assessment in both cases amounting to ninety-five per cent. of the capital stock.

The subsequent success of the company has proved the

* The three companies preceding this in date of organization were the Wor- cester Mutual, in 1823, the Hingham Mutual, and Middletown Mutual, of Con- cord, in 1826.

RESIDENCE OF J. H. SOUTHWORTH, ROUND HILL, SPRINGFIELD . MASS.

829

HISTORY OF HAMPDEN COUNTY.

wisdom of this decisive act. Jan. 1, 1876, a Western depart- ment was established, with headquarters at Chicago, III., A. J. Harding, Esq., heing appointed general agent and manager, who was well qualified from long experience in the business of underwriting to take the position. Active measures were at once taken to establish agencies at all desirable points not already occupied by the company, and the result of the business thus far has been very satisfactory.

The total premiums received from the commencement of business amount to $10,087,741; amount of losses paid, $6,763,740; interest received on capital and surplus, $1,193,034. The cash dividends paid to stockholders amount to $1,242,041, and stock dividends from the surplus fund amount to $250,000, leaving a clear surplus now in hand, above all liabilities, of more than $300,000.

THE MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, an institution which has recently completed its first quarter of a century of business, was incorporated May 15, 1851, and its first policy was issued August Ist of the same year. It has been a settled principle of Massachusetts insurance legisla- tion that life companies should begin with a guarantee capital of $100,000, so that in the reports of this company up to 1867 allowance has to be made for this item. With this explana- tion, we can now turn to the consideration of the organization and progress of the company.

As in the case of the other Massachusetts companies, we find that there have been few official changes in the Massa- chusetts Mutual Life. The scanty list of officers is as follows :

Presidents .- Caleb Rice, elected July, 1851; retired March 1, 1873 (died). E. W. Bond, elected March 4, 1873.

Vice-Presidents .- E. D. Beach, elected July, 1851 ; retired September, 1867 (died). E. W. Bond, elected October, 1867; retired March 4, 1873 (elected president). C. McLean Knox, elected March 4, 1873 ; resigned January, 1874. Il. Fuller, Jr., elected January, 1874.

Secretaries .- F. B. Bacon, elected July, 1851 ; retired Jan- mary, 1870 (died). C. MeLean Knox, elected January, 1870; retired March 4, 1873 (elected vice-president). Avery J. Smith, elected March 4, 1873.

Actuaries .- James Weir Mason, elected 1869; resigned 1872. Oscar B. Ireland, elected 1872.

In the preceding list, embracing all who have in the 25 years of the company's existence filled the four principal offices, we find but nine names, five of whom are still in the service of the company. Of these, one held his position 22 years, another held his 19, both dying while in office; two vacated their positions on account of election to the next bigher office ; one, Charles MeLean Knox, dissolved official connection with the company for the purpose of entering its service in the ageney field ; and the present secretary had for some years prior to his election to his present office held the position of assistant secretary.

The first administration of the company, that of Caleb Rice, extends from 1851 to 1873, a period of 21 years and 7 months. For all purposes of comparison we shall assume that it closed with the year 1872, and that Mr. Bond's admin- istration began with 1873, as the figures for these dates are the more easily accessible. During 19 years of this period the secretary of the company was F. B. Bacon, an earnest worker and able coadjutor of the president. For most of the period Mr. Bacon discharged the duties of secretary and actuary, and much of the future success of the company was due to the thoroughness with which he performed the work that fell to him. All know with what skill and thorough integrity Mr. Rice discharged the duties of president ; and by the faithful lahors of these two officials, it may be safely said, the foun- dations of the company were laid strong and unshakable.

The beginnings of the company were small. During its first year it wrote but 312 policies, and during the second

but 223. The assets at the close of the first year were but $105,031, and at the close of the second but $108,397, while during the first five years of business the premium income was but little in excess of $100,000; yet in these years were laid the foundations of the company's success, the basis which made the after-building comparatively easy, and without which no building would have been possible. Mr. Rice's management was conservative, but not in unwise directions. The natural, healthy growth of the company he never aimed to check, but rather always to provide for and to foster by such means as could be wisely and safely employed ; and if it some- times seemed as if the company was slow in comparison with some of its rivals, the end has proved that it was the slowness of sound growth, and the management has been fully justified in its course by its success in keeping the company clear from those numerous complications in which an eager rush for new business and an eager desire for rapid growth have involved so many promising companies during the past few years. Many a man who adopts the wise course adopted by Mr. Rice does not live to see it bear fruit. Mr. Rice was happily more fortunate. For many years before his administration closed, the Massachusetts Mutual Life transacted a business satis- factory in magnitude and excellent in quality, and the last report to which he subscribed his name presented results which he could but have felt were an ample reward for his labors and a full justification of the course he had steadfastly pursued. At the time that this report was made the assets had grown to $4,120,410.14, the annual income to $1,571,461.02, the annual payments to policy-holders to $775,625.37, and the amount at risk to $33,196,008. The policies issued during the last year of Mr. Rice's administration had been 3204 in num- ber, covering $7,130,000 of insurance, the largest new business done by any Massachusetts company.

With Mr. Rice's death Mr. E. W. Bond, who had been for many years vice-president of the company, became president, and his administration of its affairs extends to the present time, beginning in 1873.

Mr. Bond was succeeded in the vice-presidency by Charles McLean Knox, who had been secretary since the death of Mr. Bacon, in 1870, and Mr. Knox was succeeded in the secretary- ship by Avery J. Smith, who for some years past had been assistant secretary. Mr. Oscar B. Ireland, who had been elected actuary in 1872, retained that position ; so that there was, in reality, the smallest possible change in the administra- tion of the company's affairs.

The report for the year 1875 shows the company's assets to amount to $6,102,914.03; its annual income to $1,512,783.43 ; its total payments to policy-holders to $776,267.34; its policies in force to $14,744 ; and its insurance in force to $35,029,074.

As showing its annual growth in assets, the following is also of interest :

Y FAR.

ASSETS.

INCREASE.

YEAR.

ASSETS.

INCREASE ..

1×52

$105,031

$5,031

1.564

$912,6>1

- $307,7~3

1853

108,397

3,366

1,286,502

373,521

1854

116,705

8,308

1×55.

126,234

9,529

1867

11,857,714

376,217

1856

150,475

24,241

1868.

22,446,335

588,641

1857

184,202

33,7.7

1×69.

2,879,957

433,502

1858

220,960

36.75%

1×70

3,419,304

539,347

1550.

271.298

50,338

1571

4,075,818

656,514

1860

343,313

72,015

182

4,501,909

4:6,081

1861

440,581

97.268

1×73

5,000,438

498,529

1862

$475,095

34,514

5,565,937

563,499

1863

604,-98

129,:03

1875.

6,102,915

546,978

The data furnished by the preceding table enable us to make the following exhibit :

Amount received from policy-holders.

$12,345,855

Amount of losses paid

$3,205,766

Ammemut of dividends apportioned ..

1,745,985

Amount paid for surrenders, etc.

1,470,9%

6,422,649

Excess of premium receipts ..

$5,923,206

Assets Dec. 31, 1875

6,102,015

Excess of assets.

$179,709

* l'aid its first divi.lend, $53,617.

+ Paid s second dividend, $258,450.

# Retirel its guarantee capital, $100,000.

¿ Began paying annual dividends.

+1,481,497

194,995

y W Was on

Gw. C. Fisk

l. 8. lyde

1845

+WASON -- 1872

CAR MANUFACTURING CO.

WASON IT'S CO. RAILWAY CAR BUILDERS,

831

HISTORY OF HAMPDEN COUNTY.

quality, and in quantity amply sufficient for the demand. The impetus given the city by the completion of the Western Railroad in 1839, and the rapidly increasing population in the vicinity of the depot, soon revealed the fact that no good water could be obtained on the lowlands east of Main Street. Not- withstanding this no move was made by the town in the mat- ter, and in June, 1843, the late IIon. Charles Stearns, a public- spirited and energetie citizen, undertook to supply the need by private enterprise. The immediate result of this scheme is shown by the following extract from the report of the water commissioners in 1874 :

" In June, 1843, he commenced building a reservoir on the site of the present Lomil ard Reservoir, and in September laid a line of log pipes therefrom to the depot, down Main as far as Howard Street, and in lateral streets leading from Main ; putting in altogether three miles and 814 feet of pipe; the first 100 feet being of seven-inch caliber, then 200 feet of six-inch, and the remainder to Main Street of four-inch caliber. The capacity of the reservoir was estimated at 2000) hogyheads, and in December of the same year it supplied the Western Railroad depot, the American and Massasoit Hotels, besides thirty other houses and stores. It was consi lered of great benefit as a protection against fire, though the Niagara Fire Engine Company, upon a challenge from Mr. Stearns, proved their ability to dispose of more water than could be supplied from his hydrants.

"In the winter of 1848, Mr. Stearns and his associates applied to the Legisla- ture for an act of incorporation for the purpose of snpjdying the 'village of Springfield with pine water.' After much opposition a charter was granted, May 10th ; and in June, 1848. 'The Springfield Aqueduct ('ompany' was organ- ize I, with a capital of $25,000, all of which was paid to Mr. Stearns for land, res- ervoirs, rights of way, pipes, fixtures, and the privileges under the charter. These included the Lombard, Hey wood, Stebbins, Chapin, and Worthington Reservoirs and springs, and ahont eleven miles of jupe. The number of families and con- cerus taking water at the time was 700, and the amount of rents was #2700 per year."

The rapidly increasing demand for water compelled the com- pany to enlarge its capital and increase its facilities. In July, 1864, the capital stood at $36,000, which, in 1867, had increased to $137,800. . Soon after the east Van Horn reservoir was con- structed, with an estimated capacity of 45,000,000 gallons; the Lombard reservoir was enlarged ; the west Van Horn reservoir built; the capital increased in 1870 to $184,800, and July 1, 1872, when the property was sold to the city, it stoud at $211,- 200. Although the purchase dated from July 1, 1872, actual possession was not taken until June, 1873.

Although various plans had been suggested by different persons in the matter of supplying the city with water, no municipal action was taken until 1860, when the council ap- pointed a committee, consisting of D. L. Harris, Mayor ; Wil- liam IHitchcock, Alderman ; and N. A. Leonard, II. S. Noyes, and Charles Woodman, " to make investigations regarding a supply of water from the 'hill,' estimate the cost of water- works, and communicate such facts to the council as they may deem appropriate." About this time a well twenty feet deep and ten feet in diameter was sunk at the intersection of State and Stebbins Streets for fire purposes, and it was esti- mated that water flowed into it at the rate of fifty gallons per minute. The surface of water in Lake Como, then known as Goose Pond, stood five feet above the water in this well, and as the sand plain was estimated at three square miles, while only a few feet below its surface an abundance of water was obtained, the committee reported that the hill would "supply an abundance of the purest and best water for all domestic, mechanical, industrial, and sanitary purposes." The result of this report was an organization, Sept. 10, 1860, of the City Aqueduct Company, composed of R. A. Chapman, P. B. Tyler, G. R. Townsley, and D. L. Harris. On the 20th of the following November 1950 feet of seven-inch pipe had been laid, and for more than six months the flow down the State Street pipe averaged forty gallons per minute. This enter- prise is thus spoken of in the report of the water commis- sioners for 1874 :

" The project encountered strong opposition from persons residing on the hill, who claimed that their wells were drained by the new works, and a remonstrance against further effort in this direction was sent to the City Government, repre- renting that such a diminution of water had been cansed as led to fears of the ultimate destruction of all sha le trees and vegetation in the neighborhood,' and

praying for a restoration of the former condition. In June, 1861. a report upon this remonstrance and petition was made to the City Council (Ion. S. C. Bemis, Mayor). This report recommended that the City purchase the works as they then stood, and accordingly, on the 10th of June, IsGI, the City Aqueduct Com- pany was paid the sum of $2921.12, and turned over its property to the City. On account of the continued and bitter opposition to the 'Harris plan,' as the hill drainage scheme was called, nothing further was done with that system, and in August, 18il, the flow of water suddenly and mysteriously stopped, though the well was full, and, so far as is known, has been in that condition ever since."

The question of a more adequate water-supply was agitated from time to time, and, in 1862, Mr. W. E. Worthen, an engi- neer from Brooklyn, N. Y., instituted a careful investigation of the various sources of supply. No action was, however, taken on his report, and, in 1871, Engineer Clemens Ilerschell, of Boston, made an examination of the supply, and, at a later period, George Raymond, of Fitchburg, Mass., also made examination. The celebrated " Holly system" of water- works, manufactured at Lockport, N. Y., was also investi- gated.

At the conclusion of all the examinations, it was decided that Iligher and Broad Brooks, tributaries of Chicopee River, in the town of Ludlow, were the most available and valuable sources of supply. Accordingly, the necessary steps were taken, and a reservoir at Ludlow was completed in 1875, and conveyed to the city through pipes by gravitation. This is known as the high service. The low service supply is taken from the reservoirs purchased of the Springfield Aqueduct Company.

The capacity of the Ludlow reservoir is 2,132,817,000 gal- lons; of the lower Van Ilorn reservoir, 73,655,095; the upper Van Horn, 27,952,720; and the Lombard reservoir, 8,970,262. The water commissioners' report for 1878 shows that the total length of pipe laid throughout the city is 61.24 miles. The gravitation system has proved a success in every respect, affording an abundance of water unsurpassed by the water-supply of any city in the State for clearness and purity.

The works are under the management of a board of water commissioners, at present constituted as follows : Charles O. Chapin, N. W. Talcott, and Samuel W. Porter. Mr. Chapin is president, and Mr. Porter secretary.

LEADING MANUFACTURING INTERESTS.

THE WASON MANUFACTURING COMPANY.

The founder of this immense industry, Thomas W. Wason, was born in Hancock, N. II., Dec. 28, 1811. lle worked at the carpenter's trade until thirty years of age, when he became foreman of the Cabot Manufacturing Company, at what was then known as Cabotrille, now Chicopee, Mass. In 1845 he removed to Springfield, where he formed a copartnership with his brother Charles, for the manufacture of railway-cars. It is said that their first shop was so small that a single finished car would more than fill the building. The first year they manufactured six single and two double freight-cars, for the Connecticut River Railroad, for which they received the sum of $4700. In 1846 the firm built a brick block in Liberty Street, where the business was continued until 1848, when it was moved to a part of a large building which had been erected for the Springfield Car and Engine Company. Here the business was continued under the firm-name of T. & C. Wason until 1851, when Charles Wason removed to Cleve- land, O., and Thomas carried on the manufacture two years alone, until 1853, when George C. Fisk, L. O. Hanson, and Josiah Bumstead became associated with him, and the firm became T. Wason & Co. The business rapidly increased, and in 1859 the firm purchased the premises occupied by them, also adjoining lands, amounting to nearly four acres. Mr. Wason also carried on a foundry, under the firm-name of Wason, Ladd & Co., where the iron-work used in the car- shop was cast.

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History of the Connecticut Valley in Massachusetts, with illustrations and biographical sketches of some of its prominent men and pioneers, Vol. II, Part 88

Author: L.H. Everts & Co Publication date: 1879 Publisher: Philadelphia : Louis H. Everts Number of Pages: 896

Author: L.H. Everts & Co
Publication date: 1879
Publisher: Philadelphia : Louis H. Everts
Number of Pages: 896