USA > Massachusetts > Worcester County > Lancaster > Lawrence yesterday and today (1845-1918) a concise history of Lawrence Massachusetts - her industries and institutions; municipal statistics and a variety of information concerning the city > Part 15
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ARCHIBALD WHEEL CO .:- Established in 1871; manufac- tures vehicle wheels of all kinds for both horse-drawn and motor vehicles, also steam fire engine, gun carriage, caisson and limber wheels ; weekly output, varies from 4,000 automobile wheels to 1,000 of larger and more expensive types ; employes, 127 in Lawrence plant, 46 at Guilford, Conn., 150 in southern mill getting material; weekly payroll, local plant $3,000, Guilford $850, South $2,000. This concern is one of the very largest of its kind in the country.
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LAWRENCE-YESTERDAY AND TODAY
A. G. WALTON & CO., INC .:- Established in 1916; manufac- tures misses' and children's Mckay shoes; weekly output, 35,000 pairs ; employes, 600 ; weekly payroll, $10,000; assessed valuation of property for 1917, $119,000.
LEWIS SCOURING MILL :- Established in 1870; wool scourers and carbonizers ; weekly output, 800,cco pounds ; employes, 475 : weekly payroll, $11,000 ; assessed valuation of property for 1917. $232,650.
EMMONS LOOM HARNESS CO .:- Established in 1866; largest manufacturers in the country of loom harness and reeds ; weekly output, 12,000 shades of harness and 1,200 reeds ; employes, 200 ; weekly payroll, $3,500 ; assessed valuation of property for 1917, $84,100.
ALFRED KIMBALL SHOE CO .:- Established in 1900; manufactures men's shoes ; weekly output, 2.500 pairs ; employes, 350; weekly payroll, $6,000; assessed valuation of property for 1917, $32,000.
FARWELL BLEACHERY :- Established in 1886; incorporated to bleach, dye, mercerize, or otherwise finish cotton piece goods ; weekly output, 1,000,000 yards ; employes, 350 ; weekly payroll, $5,000 ; assessed valuation of property for 1917, $283,500.
MERRIMACK PAPER CO .:- Established in 1895 : manufac- tures paper of all kinds; weekly output, 125 tons ; employes, 275 ; weekly payroll, $5,000; assessed valuation of property for 1917 $295,400.
J. W. HORNE & SONS CO .:- Established in 1871 ; manufac- tures paper mill machinery ; each year produces paper-making machin- ery enough to equip four mills ; employes, 120; weekly payroll, $3,000; assessed valuation of property for 1917, $201,200.
A great many smaller establishments, engaged in the manu- facture of a large variety of products, including 20 machine shops and foundries, are located in the manufacturing sections of the city. Included among their products are woolen, worsted and cotton fabrics, yarns, paper, paper mill machinery, steam engines, pumps, mill supplies, carriages, fire department trucks, wagons and supplies, boilers, iron, brass, copper and tin, cement, stone and marble products, bobbins, spools, shuttles and wood products, rugs, chemicals, soaps.
BANKING INSTITUTIONS
ESSEX SAVINGS BANK
The Essex Savings Bank, the largest bank in Essex County and the city's oldest savings institution, was incorporated March 15, 1847, and commenced business the following October in the rooms of the Bay State Bank, then located on the second floor of the old Bay State Bank building.
Charles S. Storrow was the first president and Nathaniel White, the first treasurer. Mr. Storrow served until 1860, and was followed by George D. Cabot who in turn was succeeded by Joseph Shattuck in 1877. Mr. Shattuck retired from the presidency in 1903, after twenty-six consecutive years of service, and Walter E. Parker, the present incumbent, was elected president.
Nathaniel White filled the office of treasurer until his death, which occurred September 12, 1866. He was regarded as one of the best financiers that Lawrence has ever known. James H. Eaton suc- ceeded Mr. White as treasurer, serving in that capacity until his death, March 23, 1901. His recognized ability in matters of finance won for him an enviable reputation, and accounts in a great measure for the marvelous growth and prosperity of the institution during his service of 34 years. At his decease, Joseph Shattuck, Jr., was elected treasurer. He resigned in September, 1902, to accept a similar position with the Springfield Institution of Savings, Springfield, Mass. Albert 1. Couch was elected to succeed Mr. Shattuck as treasurer. He has since held the position, maintaining the high standard of efficiency set by his predecessors.
The Essex Savings Bank has never failed to compound the interest each April and October, and the 140 dividends already paid aggregate over $13,850,000. The rate of dividends has always been as high as sound conservative banking would warrant. The assets of the bank today are $15,600,000, and its business is steadily increasing. The rate paid on deposits for the year 1917 was +1/2%.
The bank is located in its own building at the corner of Essex and Lawrence streets. Its quarters are roomy and attractive, and are well equipped for the handling of the enormous amount of business transacted. In 1917 they were considerably enlarged, being extended into a portion of the adjoining building which is also owned by the bank. The institution has by far the largest number of depositors, of any bank in the city.
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THE BAY STATE NATIONAL BANK
The Bay State National Bank, the city's oldest and one of its most prominent financial institutions, and only national bank, received its charter February 10, 1847. On May 17, the same year, the bank organized with Charles S. Storrow, as president, and Nathaniel White, as cashier. The capital stock was fixed at $200,000, but it was rapidly increased to $500,000, making it at that time the largest bank in Essex County. Soon after the organization of the bank, a piece of land was deeded to the institution by the Essex Company, at the northeast corner of Essex and Lawrence streets, and a substantial structure was erected thereon, a portion of which was occupied by the bank for 57 years. The price paid for the first purchase of land was $I per foot.
The original building was of brick, three stories in height, with banking rooms on the second floor. Here business was carried on for a period of 35 years, when the demand for a ground floor location became urgent. On April 17, 1861, two days before the gallant 6th Regiment marched through Baltimore, the directors voted $25,000 for the use of the Government. The bank became a federal institution in 1865. Early in the 70's the adjoining property on Essex street was purchased, and in 1882 the two buildings were united and banking quarters were fitted up on the corner, just beneath the original ones. In 1899, the bank acquired the property of Marcus S. Dodge in the rear of its own. Plans were made for the razing of the old building and erection of the handsome eight-story structure now occupied. In July, 1905, the bank moved into its new quarters. A few years later there was still another purchase of adjoining property, and in 1912 an addition was made to the building, increasing the frontage on Essex street to 76 feet. The structure extends to a depth of 206 feet on Lawrence street. The cost of construction was about $500,000.
The Bay State is the tallest building in the city. It is thoroughly up to the times in every way. The banking rooms are well equipped, and they are elaborately finished in Grecian marble with bronze and glass trimmings. There are six stores on the ground floor, besides the bank quarters. The second floor is largely devoted to mercantile purposes, while the upper floors are occupied by professional men, there being 230 offices.
The institution does a general banking business, including a finely equipped safe deposit department and savings department, also domestic and foreign exchange, etc. At the close of the year 1917, the capital stock was $375,000; its surplus, $225,000; its deposits, $2,200,000; its assets, $3,400,000.
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BANKING INSTITUTIONS
LAWRENCE SAVINGS BANK
The Lawrence Savings Bank, the second savings institution to be established in Lawrence, and one of the city's most prosperous banks, was chartered by special act of the State Legislature on March IO, 1868, and commenced business on May 14 of that year. It was first located in the brick block at the northeast corner of Essex and Jackson streets, occupying the corner room on the second floor. Five years later it moved to offices on the second floor of the Schaake block, over the post office which was then located on the ground floor of that building. Here the bank remained until 1893 when its present location at 255 Essex street was purchased from the Pemberton National Bank which had decided to go out of business.
The institution has been fortunate in the calibre of the men who have directed it. The first president was Milton Bonney, a former mayor, who served the bank from 1868 to 1883. He was succeeded by Hezekiah Plummer, from 1883 to 1897; Frederick E. Clarke, 1897 to 1899: Robert H. Tewksbury, 1899 to 1910; Daniel Saunders, 1910 to 1917. Alvin E. Mack now holds that office. The first treasurer was William R. Spalding who served from 1868 to 1891. He was followed by his son, William W. Spalding, from 1891 to 1901 ; Albert J. Couch, 1901 to 1902. Lewis A. Foye became treasurer in 1902, and still holds the position.
The growth of the institution has kept pace with the development of the city. In 1911 when it became necessary to enlarge its quarters, the old building was torn down, and the erection of the present hand- some structure started. On April 18, 1912, the new commodious, well arranged banking rooms were opened to the public. The equip- ment is modern in every respect. The massive vault is both burglar and fire proof, is the largest in Lawrence and for safety and security is unsurpassed by none. The fixtures are in harmony with the prosperous atmosphere .of the institution. In connection with the annual meeting on May 6, 1918, exercises commemorative of the 50th anniversary of the establishment of the bank were held.
On May 1, 1918, the bank's deposits amounted to $6,676,339, and its depositors numbered 15,179. Its guaranty fund and undivided profits account is $498,090. It has never paid less than four percent. dividends. It has $3,848,403 invested in first mortgages in Lawrence and vicinity, giving preference and every consideration to home build- ers in making its loans. It conducts school savings banks in the public schools of North Andover and Methuen.
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LAWRENCE-YESTERDAY AND TODAY
BROADWAY SAVINGS BANK
The Broadway Savings Bank, the city's youngest savings institu- tion, was established in 1872. Quarters were secured on the second floor of the Brechin block, corner of Broadway and Essex street. Here the bank was located until 1890 when it moved to the ground floor where it occupied rooms jointly with the Lawrence National Bank.
In 1905, at a cost of $60,000, the bank erected the building at 522 Essex street, in which it is now located. The banking quarters are attractive. They are equipped with all the latest desirable appliances for carrying on the business.
The first president of the bank was John Fallon, and the first treasurer, James Payne. The vice presidents were A. W. Stearns, J. A. Treat, Morris Knowles, H. C. Bacon, Thomas Scott and Jacob Emerson, Jr. The original board of trustees was composed of : Peter Smith, J. W. Smith, Peter Holihan, P. C. Kirk, D. M. Ayer, A. J. French, C. K. Pillsbury, P. G. Pillsbury, John Smith, F. L. Runals, S. W. Knight, D. C. Richardson, Jesse Glover, Patrick Murphy, James Payne, Daniel Hardy.
An interesting reminder of the establishment of the institution is in the possession of the bank in the form of a pass-book in which is credited the first deposit made on the opening day, May 1, 1872. The amount deposited was $10. One other deposit of $io was made on this account in 1877. The total deposit of $20, with accrued interest and dividends, now amounts to $122.10, which is a good illustration of the way money accumulates when deposited in savings banks.
In April, 1918, the assets of the institution were $6,000,000; surplus, $528,650 ; deposits, $5.381,000 ; number of depositors, 10.363. For more than a third of a century 4% in interest has been paid on deposits, with occasional extra dividends. The last dividend was 1/2% above the regular interest amount.
The treasurer of the bank is Clinton O. Andrews who succeeded Gilbert E. Hood upon the latter's death in 1905. For a number of years previously he was assistant treasurer.
The present officers are :- President, William F. Rutter ; vice president, W. E. Rowell ; board of investment, W. F. Rutter, W. E. Rowell, A. S. Lang, L. E. Locke, G. W. Hamblett ; board of trustees, C. O. Andrews, J. H. Bride, K. G. Colby, J. W. Cross, W. D. Currier, W. H. Gile, G. W. Hamblett, W. D. Hartshorne, J. E. Horne, A. S. Lang, L. E. Locke, F. L. Porter, W. E. Rowell, G. F. Russell, W. F. Rutter, G. L. Selden, H. L. Sherman, M. L. Shuttleworth, J. H. Stone, A. B. Sutherland, W. D. Twiss, Harry Wylde.
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BANKING INSTITUTIONS
MERCHANTS TRUST COMPANY
The Merchants Trust Company which is an outgrowth of the consolidation of the Merchants, Lawrence and Pacific National Banks, was established March 6, 1911. At that time the Merchants National Bank consolidated with the Lawrence National Bank. In January, 1915, the Pacific National Bank was merged in the new organization. The consolidation of these three national banks resulted in the forming of one of the city's strongest and largest financial institutions. A remarkable feature of the organization is the strength of its board of directors which is composed of men prominent in the industrial and mercantile affairs of the city.
The Merchants National Bank, a remarkably successful institution, was incorporated March 4, 1889, with a capital of $100,000, and commenced doing business at 240 Essex street in the fall of that year. In 1890 it erected a handsome building at 264 Essex street, which was then the finest banking quarters in the city. The Lawrence National Bank was organized in February, 1872, with a capital of $300,000, and began business in the Brechin block, corner of Essex street and Broad- way, where a branch office of the Merchants Trust Company is now maintained. The Pacific National Bank was organized in January, 1877, with a capital stock of $100,000.
When the Pacific National Bank was merged in the Merchants Trust Company, the latter moved into the quarters which had been occupied by the former at the corner of Appleton and Essex streets. Extensive improvements were made. The institution is equipped with the best facilities for the transaction of a general banking business. At the close of business May 10, 1918, the Merchants Trust Company had in deposits, $5,556,000 ; assets, $6,190,000 ; profit and loss, $85,000. The capital stock is $300,000, with a surplus of $150,000 paid in, making a working capital of $450,000.
The officers of the institution comprise :- President, George Fred Russell ; vice presidents, Fred C. McDuffie, Langdon E. Locke, Byron Truell ; treasurer, Henry L. Sherman ; secretary and assistant treasurer, Arthur C. Dame: assistant treasurer, Arthur J. Crosby; board of directors, F. M. Andrew, C. O. Andrews, J. H. Bride, A. H. Chamber- lain, D. J. Costello, J. W. Cross, M. J. Curran, W. D. Currier, A. B. Emmons, H. W. Field, J. C. Forbes, L. A. Foye, W. H. Gile, G. W. Hamblet, W. D. Hartshorne, H. W. Horne, J. E. Horne, C. J. R. Humphreys, G. E. Kunhardt, L. E. Locke, Ashton Lee, F. C. McDuffie, G. E. Murray, W. E. Parker, F. L. Porter, W. E. Rowell, G. F. Russell, W. F. Rutter. G. H. Simonds, A. B. Sutherland. J. P. Sweeney, Byron Truell, C. W. Walworth, P. C. Wiggin, H. K. Webster, G. L. Wright.
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LAWRENCE-YESTERDAY AND TODAY
ARLINGTON TRUST COMPANY
One of the progressive banking institutions of the city is the Arlington Trust Company which was chartered as the Arlington National Bank in 1890. It was first located at 265 Essex street. Later it absorbed the Pemberton National Bank. Shortly after- ward it secured the store of D. D. Mahony at the corner of Essex and Lawrence streets, its present location.
The bank organized with a capital of $100,000. Its first president was Hon. William S. Knox, and its first cashier, Albert Butler. On October 15, 1910, the institution was incorporated as a trust company, with a capital stock of $200,000. Upon reorganization, Thomas M. Cogswell was elected president and James Houston, treasurer.
With the incorporation as a trust company, the bank was given a new lease of life, and its growth has since been rapid. Several years ago it purchased the building which it occupies, and it is expected that the near future will see a handsome, modern structure on the site, with roomier banking quarters.
The institution numbers among its steady clients a good share of the substantial manufacturers, merchants and professional men of Lawrence and suburbs. A wise spirit of liberality, tempered with conservatism, has been an attractive feature of its management.
It deals in loans, discounts and deposits, besides exchange and letters of credit. The best of the new thrift ideas are in vogue in its savings department. The banking section provides attractive con- veniences. It is a custom now for women to have check accounts of their own at banks, and the Arlington has special facilities for handling business of this description. Another feature is the industrial depart- ment which has to do with small loans. The arrangement is such that the notes are redeemed through a weekly payment plan, thereby increasing the degree of security and at the same time making it easier for the borrower to meet the obligation.
At the close of 1917, this institution had in capital stock, $200,000 ; assets, $1,500,000 ; surplus, $23,081.58. The total deposits amounted to $1,437,820.52, including $859,637.69 in the banking department and $578,182.83 in the savings department.
The officers and directors comprise :- John A. Brackett, president ; Cornelius A. McCarthy, treasurer ; James A. Brogan, Joseph Jackson, Edward I. Koffman, Cornelius F. Lynch, William H. Merrill, Daniel J. Murphy, Alfred Sager, Moses Shuttleworth, A. L. Siskind, Robert T. Todd, William H. Russell, David Brown, George A. Mellen and James F. Lanigan.
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BANKING INSTITUTIONS
MERRIMACK CO-OPERATIVE BANK
The Merrimack Co-operative Bank, one of the fastest growing co- operative banks in the state, was organized March 21, 1892. The first president was John Breen, and the first treasurer, Cornelius A. Mc- Carthy who still holds the position. Quarters were secured at 263 Essex street, on the second floor. The bank was incorporated April 2, and began to do business April 28, 1892.
The most marked development in the growth of the bank occurred in the past five years, following the election of the incumbent president, John J. Hurley. In 1912 the assets were $111,000, and at the close of the year, 1917, they were $611,000, showing an increase of half a million dollars and nearly five times the amount gained in the preced- ing twenty years of existence. On December 31, 1917, there were 2,04I shareholders, representing 18,020 shares.
The bank continued to do business at 263 Essex street until April, 1916, when the facilities became so cramped that a more commodious location was secured in the quarters formerly occupied by the Mer- chants National Bank, 264 Essex street. Here are provided modern banking facilities that place the Merrimack Co-operative Bank among the finest equipped in the state. Included in the advantages, over the old quarters, is a large fire and burglar proof vault, besides grille enclosures which have made it possible to handle the business with greater efficiency.
The institution loans money on first mortgages on real estate and on the shares of its members. Many hundreds of Lawrence people have built and paid for their homes through the monthly payment plan of this bank. Dividends have been paid regularly since the bank was incorporated, and have averaged 534 percent. per annum during that period.
Shares go on sale quarterly, in February, May, August and November, and mature in II years and 10 months. A matured share is worth $200, the payments being $1.00 for each share per month and the profits amounting to about $58 per share upon maturity. No one member can hold over 40 shares. An attractive feature of the co- operative banking system is the compulsory saving idea which induces regularity in making deposits, and creates a habit of saving, that is most valuable, especially in cases of people who are not ordinarily inclined to be thrifty.
The board of directors is composed of :- J. J. Hurley, president ; J. J. Sullivan, vice president ; C. A. McCarthy, treasurer; F. C. Harmon, E. P. White, M. J. Sullivan, J. A. Levek, J. P. Mulholland, James McDowell, M. A. Sullivan, T. J. Buckley, A. H. Rogers, J. H. McDonald, Frank Quinn, J. A. Brogan, E. A. Hart, J. J. Petroske, F. W. Boody, George Gelineau, C. H. Sugatt, M. B. Dorgan.
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LAWRENCE -- YESTERDAY AND TODAY
LAWRENCE TRUST COMPANY
The Lawrence Trust Company, the city's youngest banking insti- tution, was incorporated July 19, 1910. It started doing business on November 23 of that year at 430 Essex street. Cornelius J. Corcoran, the present head of the bank, was elected the first president. Peter M. Macdonald was the first treasurer. The development of this institution has been remarkable. In less than five years after the commencement of business the bank outgrew the original quarters, and on June 15, 1915, it moved to its present location, corner of Essex and Hampshire streets.
The banking rooms are attractively finished in French marble with bronze and glass trimmings. The equipment is on most modern lines. The very latest methods and appliances for facilitating the handling of the business are in vogue. The institution was the first bank in the city to use bookkeeping machines which displace the ordinary individual bank ledgers. It was also the first in Lawrence to establish a Christmas Savings Club, a project which has since been generally adopted and which has proved very beneficial to the merchants. At the close of the last season the Lawrence Trust Company distributed, to the members of its Christmas Club, $300,000, most of which went into the channels of trade.
This bank is reputed to be the originator of the scheme of selling Liberty bonds by the weekly payment plan. A recent innovation adopted by it was a departure from the regular banking hours. Under the new arrangement the institution remains open until 6 p. m. each business day, thus giving the people employed in the shops and the mills more opportunity to do business with the bank. Two shifts of clerks are used in carrying out the arrangement.
The institution does a general banking business, including com- mercial, savings, safe deposit and industrial departments. The last named feature deals in small loans which are redeemed by a weekly payment plan. The capital stock of the bank is $100,000; the assets, $4,500,000 : surplus, $80,070.67 : deposits, $4,350,000. About two-thirds of the total deposits is in the savings department. There are 9.500 depositors in the savings department, and 1,750 in the commercial department. In addition, the industrial department carries 4,600 accounts, including those in connection with the first and second Liberty Loans, besides over 6,600 accounts under the third Liberty Loan. There are 9,600 members in its Christmas club, and 1,000 in its Vacation club, the latter of which is another of the new thrift ideas.
MERCANTILE DEVELOPMENT
The mercantile development of Lawrence has kept pace with the rapid growth of the city. It is not much longer than an ordinary life- time since Amos Pillsbury anchored his gondola at the north bank of the river just below the dam, then still in the process of construc- tion, and began dealing in boots and shoes. From that simple enter- prise has sprung a system of mercantile establishments, which has made this city one of the most important trading centres in Essex County.
One of the first store blocks, extending from the Bay State build- ing, at the corner of Essex and Lawrence streets, easterly along the main street to the corner of Pemberton street, known as City Block, is still with us, though the stores are greatly altered in appearance. The old fronts, with the poor equipment, small stocks and rural methods, have given way before the onrush of modern business, and. in general appearance and facilities, Lawrence's stores will compare favorably with those of any city of its size in the country.
Essex street, for a mile lined on both sides with attractive estab- lishments, is one of the longest and busiest shopping thoroughfares in the county. On Saturday night, the principal shopping period, fully 15,000 people have been known to traverse the street. Lower Broad- way is also popular with the great buying public, while of late years a large section of South Broadway has become a busy trade mart, dozens of business establishments having come into existence to meet the increasing shopping trade of the growing South Lawrence district. Up in the Arlington district, too, on upper Broadway are numerous shops. There is probably no greater variety nor larger number of stores in the state, outside of Boston, and there are several emporiums that would do credit to much larger cities.
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