USA > Massachusetts > Hampden County > Springfield > King's handbook of Springfield, Massachusetts : a series of monographs, historical and descriptive > Part 26
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KING'S HANDBOOK OF SPRINGFIELD.
H. Churchill; teller, C. A. Kibbe; bookkeeper, G. W. Hubbard; clerk, P. M. Taylor.
The Chicopee National Bank was started as "The Chicopee Bank," 22 years after the Springfield Bank, by the class of small traders and mechanics whose needs were looked upon with some disdain by the aristocracy of the old bank, whose funds were all absorbed in carrying the great manufactur- ing enterprises of the time. Its first president was George Bliss; first cashier, Henry Seymour ; and among its early patrons and directors were
HAFISK.
A, ROBBINS!
CHICOPEE BANK
THE CHICOPE WALLMARK
The Chicopee National Bank, Main and Elm Streets.
Dr. Edwards, James Brewer, and Henry Fuller, for the last 15 years presi- dent. Mr. Fuller's place of business, as a tailor, was on the corner of Elm and Main Streets, in a wooden building then used in part for post- office. About 1834 James Byers built the sober and now rather old-fash- ioned brick blocks, extending from the same corner on Main Street and on Elm Street. The Chicopee Bank soon took quarters on the same corner where it has since remained, and has always continued to be the favorite place of deposit of retail traders, and of loans to people of small means. It became a national bank in 1865; and had for its cashier, for many years, Thomas Warner, jun., whose death is announced as these pages are being prepared.
299
KING'S HANDBOOK OF SPRINGFIELD.
The present organization of the bank is as follows: President, Henry Fuller, jun .; directors, H. Fuller, jun., James D. Brewer, Horace Smith, Henry S. Lee, Varnum N. Taylor, Andrew J. Mackintosh, George L. Wright ; cashier, A. B. West; teller, Edward Pynchon; bookkeepers, Myron E. Cha- pin, G. H. Kemater, E. C. Knapp; clerk, L. W. White.
The Agawam National Bank was organized in 1846, with $100,000 capi- tal, as a State bank, and accommodated the upper end of the town, then created by the advent of the railroad. It included in its directors the lead-
TOHO
SH &
AGAWAM NATIONAL BANK
The Agawam National Bank, Main and Lyman Streets.
ing railroad and steamboat men, - namely, Chester W. Chapin, John B. M. Stebbins, Roderick Ashley, and J. B. Vinton. Mr. Chapin was the first president, and was succeeded in 1850 by Albert Morgan, who continued until his decease. Since then the presidents have been Theodore Stebbins and Marvin Chapin, who resigned in 1869, when the present president was elected. It became a national bank in 1865. In May, 1865, the bank was re-organized as a national bank, with $600,000 capital, $300,000 of which was paid in. Subsequently the capital called in amounted to $200,000, making the capital now $500,000, with a surplus and an undivided profit of $130,000. At this time its president and active manager is Henry S. Hyde,
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KING'S HANDBOOK OF SPRINGFIELD.
a leading member of the Wason Car Company, and of numerous and varied business enterprises. He is interested in telephone stock, and an active director of the American Exchange, London. Frederick S. Bailey has been cashier ever since the organization of the bank, 37 years. The corporation erected, at the corner of Main and Lyman Streets, its fine banking-house opposite the Massasoit House, in 1870, this site having been occupied by the bank ever since it began. In the basement is a large fire and burglar proof safe deposit vault for the storage of valuable property. Like the Chicopee Bank, the Agawam has always been noted for its attention to local patrons and its own customers. It has New-York and Boston corre- spondents, and also draws on the American Exchange in London, furnishing small drafts or letters of credit to any reasonable amount. The directors are : Marvin Chapin, John H. Southworth, Charles A. Nichols, Timothy M. Brown, Peter S. Bailey, Lewis J. Powers, Henry S. Hyde, Andrew J. Wright, and Benjamin F. Hosford; cashier, F. S. Bailey ; assistant cashier, W. M. Willard; teller, Sanford Lawton ; bookkeeper, C. L. Robinson; assistant bookkeeper, A. L. Spooner.
The John Hancock National Bank was organized as a State bank in 1850, with $100,000 capital, and located on "the Hill," in the building now occupied in part by C. C. Merritt's drug-store. The building bore in the pediment of the front, for many years, a white bust of the celebrated first signer of the Declaration of Independence, carved in wood. The bank, however, moved down town about 1857, and is now at 288 Main Street. Roger S. Moore has been its president since 1863; and among the members of the original board of directors is Col. James M. Thompson, who was president from 1850 to 1863. Edmund D. Chapin has been its cashier from the first. It became a national bank in 1865, with $1 50,000 capital, subse- quently increased to $250,000. The present organization follows: Direc- tors, R. S. Moore, W. H. Wilkinson, John Kimberly, J. M. Thompson, E. C. Rogers, William Merrick, E. D. Metcalf; cashier, Edmund D. Chapin ; teller, E. Dudley Chapin ; clerk, F. W. Russell.
The Pynchon National Bank was organized in 1853, to serve the south end of the town especially; and it was designed that it should be as far south as the corner of State Street. The site of its present building, which was immediately erected on the west side of Main Street, between Elm and State Streets, proved, however, the most eligible. Up to that time the corner of State and Main Streets had been the business centre of the town; the Western Railroad offices having been in the upper stories of the bookstore block which had been erected by the Ameses, and which was then occupied by the Merriams. Upon the bookstore corner were disbursed the large sums paid out monthly by railroad-contractors ; and across the street, where Homer Foot's block now is, was Warriner's tavern, where a good deal
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KING'S HANDBOOK OF SPRINGFIELD.
of the same money was consumed in drinks. Among those interested in the Pynchon Bank were Willis Phelps, "Gov." Beach, Homer Foot, J. B. Rumrill, George and Charles Merriam, the late Samuel Bowles, and William Stowe. Col. H. N. Case was the first president, and is the present execu- tive head, having served during the whole history of the bank except four years. Henry Alexander was the first cashier, and Frederick H. Harris and J. D. Safford have served in that capacity. Charles Marsh has been the
D. F.SWE
Copeland
The First National Bank, No. 455 Main Street.
cashier for 17 years. The bank has paid 312 per cent in dividends in 30 years, and has never passed a semi-annual dividend. The present directors are : H. N. Case, Homer Foot, Ephraim W. Bond, N. W. Talcott, James Abbe, Lawson Sibley, Charles Marsh ; cashier, Charles Marsh ; teller, George R. Bond; bookkeeper, W. C. Marsh.
The First National Bank was the first bank in the country to apply for organization under the National Bank Act. Other applications reached
302
KING'S HANDBOOK OF SPRINGFIELD.
Washington first, but its number is 14. It was also the first child in Spring- field of the financial era of the war, and has been managed from the first by its present head, James Kirkham. Dustin A. Folsom, the cashier, has held his position for II years. It occupies the first story of its own fine three- story granite bank building, No. 455 Main Street, opposite Court Square. The directors are : James Kirkham, Henry Morris, Orrick H. Greenleaf, George E. Howard, Henry J. Beebe, Eliphalet Trask, Walter H. Wesson, John Olmsted, John S. Carr, John West, B. Frank Steele ; cashier, D. A. Folsom ; assistant cashier, J. W. Kirkham ; teller, F. L. Safford ; bookkeeper, C. P. Johnson.
The Third National Bank was the second outgrowth of the national system, having been organized in 1864, and having already secured a renewal. Its originator and first president was George Walker, former bank-commissioner of Massachusetts under the State system, and now our consul-general at Paris. It has averaged somewhat over 10 per cent divi- dends since its organization, and is a United-States depository. Joseph C. Parsons of Holyoke is president; but the active manager of the bank is Frederick H. Harris, cashier since its organization. Its massive iron-front block, at the corner of Main and Hillman Streets, is a recent construction. The directors are: Joseph C. Parsons, Charles R. Ladd, A. B. Forbes, E. C. Taft, H. A. Gould, N. A. Leonard, C. L. Covell, J. S. McElwain, Freder- ick H. Harris ; cashier, F. H. Harris; assistant cashier, Frederick Harris ; teller, C. C. Haynes; bookkeepers, G. A. Buckland, A. F. Hitchcock ; clerk, S. H. Chamberlain.
The Chapin National Bank, at the corner of Main and Lyman Streets, was originally the Chapin Banking and Trust Company, organized in 1872, as a banking adjunct of Chester W. Chapin's large interests. It became a national bank in 1878, having as president William K. Baker, who had been for many years the confidential business adviser and right-hand man of Mr. Chapin. The directors are : William K. Baker, James A. Rumrill, Charles O. Russell, Azariah B. Harris, E. S. Bradford, Ethan S. Chapin, John Mulli- gan, William Whiting ; cashier, W. F. Callender; teller, C. M. Shedd ; book- keeper, G. R. Yerrall ; clerk, J. C. Kemater.
The City National Bank, on the corner of Main and Worthington Streets, was organized in 1879, with James D. Safford as president, and is the newest of the local banks. The directors are: James M. Thompson, John B. Stebbins, Marcus P. Knowlton, Nelson C. Newell, George B. Hol- brook, Elisha Morgan, James D. Safford ; cashier, Henry H. Bowman ; teller, E. A. Carter; bookkeeper, C. C. Morgan ; clerk, Frank Coenen.
The stock of all the national banks, it may be added, is quoted above par; and that of those banks of any age, at a considerable premium.
3ยบ3
KING'S HANDBOOK OF SPRINGFIELD.
NATIONAL BANKS.
Capital.
Surplus.
Deposits.
Circulation.
First .
$400,000
$185,000
$530,000
$225,000
Second .
300,000
225,000
196,000
275,000
Third
500,000
400,000
450,000
344,000
Chicopee
400,000
200,000
822,000
360,000
Agawam
500,000
130,000
553,000
450,000
Pynchon
200,000
121,000
190,000
90,000
John Hancock
250,000
40,000
166,000
225,000
Chapin
500,000
90,000
496,000
450,000
City
250,000
35,000
616,000
223,000
Totals (nine banks)
$3,300,000
$1,426,000
$4,019,000
$2,642,000
The Savings Banks have had a development quite as interesting as that of the banks of discount, and are the best monuments of popular industry, sobriety, and thrift. There are three savings banks, and none of them have ever asked advantage of any stay-law to meet the full demands of depos- itors. They all pay the same rate of interest, and are of equal standing for soundness. It will be observed that the number of depositors in these banks is equivalent to more than three-fourths of the entire population of the city. The observant reader, also, cannot fail to note the number of fidu- ciary officers, in all these banks, who have held their terms for remarkable periods. Several have been in office more than 25 years, and will probably remain so long as they continue to serve their institutions with equal fidelity. During all the period from the crisis of 1857 down to the present time, no defalcation of any magnitude, embezzlement, or breach of trust, has occurred, to bring loss and misery to those who commit their investments to these institutions. There have been cases of petty dishonesty in subordinates ; but they have been early detected, the losses have been made good by bondsmen, and the perpetrators have been turned out of their opportunities to prey upon the public.
The Springfield Institution for Savings, which was organized in 1827, is the oldest of these. It was the tenth organized in the State, dating II years after the first, "The Boston Provident." The meeting for organiza- tion was at the court-house, Aug. 2, 1827; and its purpose was declared to be " to provide a safe and profitable method of enabling the industrious and economical to invest such part of their property and earnings as they can conveniently spare, in a way which will afford security and profit." This purpose has been nobly fulfilled, all by the management of an uncompen- sated board of trustees, and by faithful service from its fiduciary officers. Josiah Hooker was the first president; the vice-presidents were George Bliss, Jonathan Dwight, jun., David Ames, Roswell Lee, John Chaffee,
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KING'S HANDBOOK OF SPRINGFIELD.
Joshua Frost, Robert Emery, and John Ingersoll; the trustees, Daniel Bon- tecou, John B. Kirkham, Diah Allen, Samuel Henshaw, William Child, Joseph Weatherhead, Benjamin Day, W. F. Wolcott, George Colton, George Bliss, jun., Charles Stearns, Moses Bliss, 2d, Oliver B. Morris, Justin Wil- lard, Samuel Raynolds.
Marshall Blake, a lad who had earned $20 driving the village cows to pasture, was the first depositor. He is now a well-known friend of Presi- dent Arthur, and Unit- ed-States collector of internal revenue for New-York City. John Howard was the first treasurer, and Samuel Raynolds secretary. For the year 1829 the deposits amounted to $1,130.42, and up to 1837 they were only $29,689. In those days the bank's office was with the Springfield Bank (as above de- IE SAVINGS ANKE scribed); and the funds were deposited with that institution, which paid 4 per cent interest. In 1844 the Springfield Institution for Savings, Main and State Streets. deposits reached $49,- 401 ; and the Spring- field Bank issued a notice to depositors to withdraw their funds, as it wished to relinquish them. This was a crisis in the history of the institution, but fortunately there were not lacking men with the courage to place it upon an independent foundation. A committee consisting of William Dwight, John Howard, Theodore Bliss, James Brewer, and Samuel Raynolds, advised "that the institution be continued." Henry Sterns was chosen treasurer, Dec. 24, 1849, thus separating the administration from that of the bank of discount : the office was then removed from the Springfield Bank Building to Foot's Block. Mr. Sterns remained treasurer till May, 1858, when the deposits reached $614,907. Henry S. Lee was then chosen treasurer, and has continued in the office. During his 25 years of service he has received in deposits $27,615,000, and paid $4,674,000 in dividends ; thus passing over $32,000,000 to the credit of depositors. The bank has owed much to the
305
KING'S HANDBOOK OF SPRINGFIELD.
fidelity of its presidents, John Hooker from 1827 to 1844; Theodore Bliss and William Dwight for short terms ; Josiah Hooker from 1847 to 1870; and since then, Col. James M. Thompson. Since 1862 Judge Shurtleff has been - secretary, and examiner of titles. The bank has never closed its doors, or failed to meet a depositor's demand. The rate of interest was at first 4 per cent, subsequently 5 per cent, with occasional extra dividends, and is now 4 per cent.
Of the 20,170 depositors, 10,415 are women, with $3,572,850 to their credit ; 5,870 deposits are of sums less than $50; 1,940 between $50 and $100; 2,490 between $100 and $200; and 3,516 between $200 and $500. The bank formerly had agents at Chicopee to receive deposits. The organization of savings banks at Chicopee, Holyoke, and other points within its original district, as well as in this city, has not seemed to check its growth. It erected its fine building in 1867. The present officers are : James M. Thompson, president ; John B. Stebbins, vice- president ; Henry S. Lee, treasurer; William S. Shurtleff, secreta- ry ; trustees, James M. Thompson, John B. Stebbins, Horace Smith, Elisha Gunn, Charles Marsh, Julius H. Appleton, Lawson Sibley, William H. Haile, Henry S. Lee ; auditors, Homer Foot, James D. Brewer, James POST OFFICE SAVINGS BANK D. Safford. Deposits are received up to $1,000, and principal and interest may ac- cumulate to $1,600 for Five Cents Savings Bank, Main and Court Streets. each depositor.
The Springfield Five Cents Saving Bank was organized in 1854. Its presidents have been Willis Phelps and Dr. Joseph C. Pynchon. Daniel J. Marsh has been treasurer since 1858. Trustees, James E. Russell, R. O. Morris, Charles A. Nichols, H. Q. Sanderson, Oliver Marsh, Henry M. Phillips, T. D. Beach ; vice-presidents, E. W. Bond, W. L. Smith, William Rice ; clerk and treasurer, D. J. Marsh ; teller, W. R. Hetherington ; book- keeper, F. M. Lander. The fine granite block occupied by this bank and
306
KING'S HANDBOOK OF SPRINGFIELD.
by the United-States Post-office, on the corner of Main and Court Streets, was completed in 1876. The bank also erected and owns the adjoining granite building known as the Republican Block, occupied by " The Spring- field Republican."
The Hampden Savings Bank was organized in 1852, with Albert Mor- gan as its first president. Its present president is Eliphalet Trask ; and its treasurer is Peter S. Bailey, who has served in that capacity since 1872. Trustees, Lewis J. Powers, Charles O. Russell, John Mulligan, J. M. Steb- bins, Timothy M. Brown, William H. Wright, Arthur I. Bemis, Hinsdale Smith, I. B. Lowell, John Olmsted, Richard F. Hawkins, Samuel Bigelow: vice-presidents, J. A. Rumrill, Marvin Chapin, H. S. Hyde, Frederick S. Bailey ; secretary and treasurer, Peter S. Bailey; teller, John B. Phelps ; clerk, C. E. Snow. The banking-quarters are under the Agawam National Bank, at the corner of Main and Lyman Streets, and have unusual facilities for safe deposits.
SAVINGS BANKS.
Deposits.
Market Value of Investments.
Depositors.
Springfield Institution for Savings
$8,100,919
$8,712,938
20,170
Five-Cents Savings Bank
1,742,543
1,814,590
6,452
Hampden Savings Bank .
1,762,888
1,872,274
3,644
Totals .
$11,606,350
$12,399,802
30,266
The Springfield Clearing-House was organized in 1873. Since that date, clearings have taken place daily at the Chicopee Bank, all the national banks being members of the association. Its officers at present are as fol- lows : President, Charles Marsh of the Pynchon Bank; secretary, Henry H. Bowman of the City Bank ; manager, A. B. West of the Chicopee Bank.
CLEARINGS AT THE SPRINGFIELD CLEARING-HOUSE.
1874 .
$29,691,073
1879
$25,782,512
1875
29,095,057
1880
31,847,9II
1876
26,032,555
188I
37,568,608
1877 .
24,749,047
I882
41,831,260
1878 .
22,313,256
1883
40,280,939
The Springfield Co-operative Bank was incorporated April 13, 1882, and commenced business May 9, 1882. At the end of 18 months' business (Oct. 31, 1883), there are 1,757 shares in force, $22,600 loaned on first mortgage on real estate, and $2,625 loaned shareholders on their shares in
307
KING'S HANDBOOK OF SPRINGFIELD.
the bank. It is intended especially for the benefit of all whose income is received at stated times, as weekly or monthly. Its operation teaches the value of the constant and regular saving of even small sums, and, by its plan of working, aids in the formation of the "saving habit." By the aid of this bank, any industrious person may become the owner of his own home, either by building, purchase, or the removal of an existing mort- gage. Its plan is as follows: The capital stock of $1,000,000 is divided into 5,000 shares of an ultimate value of $200. Any one desirous of receiv- ing the benefits of the bank takes as many shares (not exceeding 25), as he is able to save dollars monthly; that is, if he is able to save $5 per month, he will take five shares of stock, as the shares are to be paid for at the rate of one dollar on each share each month. These payments on shares are called dues, and are continued till the shares have reached their ultimate value of $200. It would, of course, take 200 months for the shares to reach their ultimate value, were it not for the profits which are added to the value of the shares as often as divided (usually each six months), and are in no case to be drawn till the shares mature; this reduces the time so that the average age of shares at maturity in similar institutions has been eleven years. The profits for the year ending Oct. 31 were 5 per cent for the actual time the money was in the bank, as each dollar begins to earn profit from the time it is paid in. Each month all money which is to be loaned is put up at auction, and sold to the bidder who will pay the highest premium for it, premium being what is paid above the regular rate of 6 per cent. Each shareholder is entitled to borrow $200 on each share he owns, pro- vided he can give satisfactory security, and is a successful bidder. In case payments cannot be kept up, the money paid in can be withdrawn, together with three-fourths of the profits, after one year, by giving one month's notice. Its officers are as follows : Oscar S. Greenleaf, president; Edward H. Phelps, vice-president ; Francke W. Dickinson, secretary; Charles H. Churchill, treasurer. Directors, F. A. Judd, H. E. Durkee, P. P. Kellogg, E. A. Hall, W. F. Cook, John Sharrocks, E. D. Metcalf, N. J. Benjamin, R. H. Smith; auditors, F. E. Cooper, G. H. Bleloch, R. H. Cleeland.
J. G. Mackintosh & Co. are private bankers ; but no account of banking as at present conducted in Springfield would be complete without a notice of this house, which was started at Holyoke in 1876, and came to Spring- field in 1878. The head of the house was formerly treasurer of the Germa- nia Mills at Holyoke. The house is the largest dealer in commercial paper between New York and Boston, and has led to something of a revolution in the manner of obtaining credit among the leading manufacturers of this sec- tion. Formerly they obtained their stocks and materials on five or six months' time, and went to the banks directly for any discounts needed : now they pay cash for their supplies by making commercial paper, which is
308
KING'S HANDBOOK OF SPRINGFIELD.
placed with Mackintosh & Co., and is disposed of by them to banks all over New England. It is, in short, the adaptation to this locality of methods of credit long in use in Boston and New York ; and the immediate effect of its introduction was to reduce materially the current rate of discounts in this vicinity. Mackintosh & Co. have at times handled $5,000,000 of commercial paper in one year. They have a branch house in Holyoke, under the man- agement of Thomas Shepard, which has about $100,000 in deposits, and does a large discount and banking business. They do also a general com- mission business in stocks and other securities for a large patronage, and the house has the reputation of a conservative counsellor in the manage- ment of investments.
The Active Banking Capital of Springfield in 1883 is thus about $5,000,- 000; deposits in national banks, $4,000,000; circulation, $2,640,000; deposits in savings banks, $11,600,000, secured by assets good for $12,400,000. In short, the banking interest of the city commands over $20,000,000. The clearings at the clearing-house rank in magnitude with those of cities much larger in population, being only exceeded in Massachusetts by those of Boston and Worcester.
- WILMOT LILLIE WARREN.
1
DR. 8. Lyde
309
KING'S HANDBOOK OF SPRINGFIELD.
The Insurance Companies.
THE MUTUAL FIRE. - SPRINGFIELD FIRE AND MARINE. - MASSACHUSETTS MUTUAL LIFE, ETC.
N TO city of its size in the United States has become so widely noted for its solid insurance-companies as has the city of Springfield. It is true, there have never been but few companies organized in this city : but they are nearly all here stik ; and, of the three that remain, two, -one life and one fire, -with gross assets of nearly ten millions of dollars, are re- spected from one end of the country to the other; while the third is known throughout New England as one of the oldest and safest of the Massa- chusetts mutual fire-companies.
In the early days of Springfield, the people all lent a helping hand at fires. On one Sunday, in the year 1827, as the church-bell was ringing for the morning service, a fire started, and destroyed the house of Zebina Steb- bins, which stood at the corner of Main Street and Ferry Lane. On this occasion, as many times previously, the men stood in line from the river- bank, and passed the water along in buckets, while a line of women returned the empty buckets to the river for a new supply. This indicates the primi- tive fire-department of these days. And equally primitive was the plan of indemnity. Whenever a resident met with a loss of a house or a barn by fire, his townsmen were pretty likely to build him another, some contributing money, some materials, and others labor ; and, at the raising, all drank cider, and perhaps a little New-England rum besides. This custom was found to be at times burdensome, and not always equitable; and it was mutually agreed between some of the better townsmen, to organize a company, where every one who chose might, by a small periodical payment in advance, secure for himself an equitable sum in case he should sustain a loss by fire.
The Mutual Fire-Assurance Company was accordingly organized ; and among its incorporators were Zebina Stebbins, Joseph Carew, David Ames, Festus Stebbins, Walter Stebbins, John Newbury, Sable Rogers, and Jacob Bliss. Of the 47 mutual fire-insurance companies in the Commonwealth, but three are as old as this company, which was incorporated Feb. 23, 1827, for the term of 20 years. The first meeting took place May 14 following, at Russell's Inn ; and Zebina Stebbins, the burning of whose house was the immediate impetus to the organizing of the company, was chosen president. The charter was extended 20 years by Act of Feb. 16, 1847, and made per-
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