USA > Massachusetts > Essex County > Municipal history of Essex County in Massachusetts, Volume II > Part 19
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The Town Parish Methodists, however, were not accommodated by the meeting-house on Prospect street, and bought a place of worship in the old district school house, whose right to do so was disputed by the members of another denomination. For a while they carried on their services at the home of Mr. Samuel Curtes, who subsequently gave them a lot of land on which to build. In 1837 the foundation of a new church was laid and in the following year it was finished, dedicatory services being held November 17. L. B. Griffin was the first pastor, and from this time the two churches became separate charges. Without interrup- tion they have been supplied with pastors by the M. E. Conference, but from 1843 to 1847 one minister supplied both churches. Like the Pros- pect Street Church, this church was obliged to pass through financial difficulties. At one time the trustees had to mortgage their own property to save the church from passing under the hammer, but for many years it has been able to function with comparative ease, and now sustains pub- lic worship in a modern church.
The Harbor Methodists occupied their first house of worship on Tay- lor street till 1858, when they purchased from the seceders of the Inde- pendent Universalists the house on Elm street, occupied by them during the time they were separated from the parent church. In 1881 they erected the present Harbor Methodist Church edifice on Prospect street. The land was purchased at a cost of $4,800, and the building cost $18,- 400. The final mortgage on the property has been discharged and now the church is in a flourishing condition. The debt was paid off in Feb- ruary, 1920.
Bay-View Methodist Church was organized in 1870. Previous to this time Rev. A. J. Hall had conducted neighborhood meetings, but in April, 1870, Rev. Alonzo Sanderson was sent to this field and organized the church. Plans were matured for erecting a church building. The land was given by Kilby Sargent, and Col. G. W. Randall furnished the plans. In March, 1871, it was ready for occupancy and was dedicated the 15th of that month. During its first years, the financial struggle was fierce, but it emerged triumphantly from its difficulties, and has supported uninterrupted preaching services up to the present time, be- sides doing missionary work among the foreign population in its neigh- borhood.
East Gloucester Methodist Episcopal Church was organized Septem- ber 23, 1885, its first minister being Rev. Carl Anderson. Its first house of worship not being large enough, was sold, and the present church build- ing purchased of the Universalists. In 1919 the number of communi- cants was eighty-two.
The first Baptist church on Cape Ann was organized at Sandy Bay in 1808, and was styled the First Baptist Church of Gloucester. In 1830
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the church at the Harbor was formed and was called the Second Bap- tist Church, but after the setting off of the town of Rockport in 1840, the Harbor Church assumed the name of the First Baptist Church of Glou- cester. Its first minister was the Rev. Samuel Adlam, a native of Eng- land, who was installed March 24, 1831, and the first house of worship was a small building on Pleasant street, later sold to the Catholics. In 1850 a larger and better structure was erected on the corner of Pleasant and Warren streets, but while undergoing repairs and enlargement in 1869, was burned to the ground. In 1871 the present church was built. This church has had many able ministers and prominent members.
The East Gloucester Baptist Church had its beginning in two Sun- day schools, one held in the hall of the Engine House, and the other on Rocky Neck, in the house of David Smith, Susan E. Wonson having charge of the latter. In 1858 the house of worship was built, and from 1858 to 1861 Father Lysle ministered to these societies. In 1863 the society was organized into a church, Rev. Andrew Dunn being the first pastor. In 1869 the church was enlarged, and in 1870 a powerful re- vival added many to its communion. The Rev. John B. Wilson is the present pastor.
St. John's Episcopal Church grew out of services held in Magnolia Hall in the early sixties, the parish being organized in 1865. Magnolia Hall having been purchased and removed to another location, a church, practically the gift of Theron Dale, was very soon after built on its site. The Rev. Joshua K. Pierce was the first rector, John Stacy and Joseph Dan being wardens. During the rectorship of J. A. Mills, the chance! was redecorated. A parish house was also built in 1911. The present rector, J. H. C. Cooper, took charge of the parish in 1907; communicants approximately number three hundred and twenty-five.
Beside the church organizations mentioned above by Miss Babson, may be recalled the Swedenborgian church, formed in Gloucester in 1871 and continued about seventeen years, going down with the removal of Rev. Robert P. Rogers, previously minister of the First Parish (Uni- tarian) church, in 1887.
The First Church of Christ (Christian Science) was gathered by a Mrs. Leonard, of Brooklyn, New York, in 1884, the first meetings being held at the home of Mrs. Charles H. Boynton, on Prospect street. A charter was received from the Mother Church on April 29, 1899, and services have been regularly held from that time to this. There are at present approximately forty-five communicants, and a Sunday school of about twenty children. As yet they have no house of worship, but hold meetings in Grand Army Hall.
The Swedenborgen Church of the New Jerusalem was organized in May, 1871, Rev. R. P. Rogers, a former Unitarian minister, being pastor. At first meetings were held in the house of Mr. Rogers, and later in a hall. Upon Mr. Rogers' removal from the city, meetings were discon-
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tinued; and although missionaries at various periods have visited the city, there have not been a sufficient number of followers to unite for a regular worship.
The Jewish Congregation was organized in Gloucester in 1903 with eighteen members. At first, services were held in a hall, the Jacobs building, but in 1905 a house of worship was purchased by the congre- gation, the same being situated on Liberty street. The congregation now numbers about fifty-five. In 1914 the society felt the need of more room, and purchased a dwelling house on Prospect street, and converted it into a synagogue, which is still used. The president is I. Cohen, and Rev. J. Steinburg is resident rabbi.
The first attempt to establish a Young Men's Christian Association was made in 1858, a constitution and by-laws being adopted at a meeting held July 12 that year, and at a meeting August 2 the Association was organized by the choice of Charles C. Pettingell as president. There is no record of when the organization ceased to exist, but it is probable that the excitement of the Civil War diverted the interest of the public from local work. The present Young Men's Christian Association was organized February 19, 1873, its first meetings being held in the old Sav- ings Bank building, and in 1880 removed to Hough's block, now the Odd Fellows' building, and in 1882 purchased the old Odd Fellows' building, which it occupied until the erection of the present building on the corner of Middle and Hancock streets in 1905. This property, valued at $16,- 000 and known as the Dale estate, was purchased by George R. Bradford in the summer of 1899, and in January of the following year was pre- sented to the Association. Mr. Bradford died December 31, 1902, leaving a bequest of $15,000 to the Association on condition that a like sum be raised by the Association within two years after his decease, and in November, 1903, about $1000 more than the required amount had been secured in pledges. The first sod in the erection of the new building was turned May 14, 1904, and the cornerstone laid with proper ceremonies July 2 of the same year, the building being dedicated March 29, 1905, and has since been used by the Association. The Ladies' Auxiliary to the Young Men's Christian Association was organized in August, 1883. Mrs. Howard F. Smith is the present president. The Association has employed a general secretary since October, 1881, and a physical director since April, 1894. The 1921 president of the Association is Reuben Brooks, who has served since 1899.
The Salvation Army first established a branch in Gloucester, Sep- tember 29, 1897, but the work was carried on with indifferent success in different locations for a number of years, the officers in charge seldom re- maining here more than two years before being transferred elsewhere. The present officers in charge, Commandant Gunn and wife, took charge of the work October 2, 1912, and under their management the work re- ceived more general recognition than previously. They were relieved of
Essex-38
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th work by Adjutant Edward W. Shira, September 11, 1919, Comman- dant Gunn being sent to the latter's station at Newport, Rhode Island, and under Adjutant Shira a permanent home was purchased on Pleas- ant street. After two years at Newport, Commandant Gunn was re- turned to Gloucester, September 28, 1921, and at present continues in charge of the work. The plans of the Army include the erection of a building in which to hold services, work upon which is now progressing and which will be completed in 1922.
CHAPTER XL.
BANKS AND BANKING.
As a natural corollary of the steady expansion in the industrial and mercantile concerns of the communities which form the subject of men- tion in the chapter on banks and banking, stress is to be laid upon the conspicuous growth of financial institutions. Essex county, as the reader will note, possesses the second savings bank to be incorporated in the United States. Some of the other institutions have passed the century mark. In a number of instances, the growth in business has been no less striking than significant. To use an abused term, "service" is standing out in banking operations today, as one of the newer activities to which bank development has given rise. There is a closer correspondence be- tween many of the customers or depositors, and the various manage- ments. Not only are consultations invited, where depositors feel in need of counsel, but special efforts are also made in many of the banks to put a premium upon such visits, that thereby the uninformed or the ques- tioning depositor, may freely avail himself or herself of the counsel thus available. In another way, too, emphasis may well be laid upon a strik- ing departure from old time methods. We refer to the liberality with which the general run of banks and savings institutions resort to the use of printer's ink in their publicity enterprises. It is not necessary to go back hardly a generation to find banks, in overwhelming ratio, acting upon the theory that advertising was unethical. If there were any ad- vertising at all, this was confined to a mere stereotyped announcement, bare in detail and obviously removed from methods designed to stimulate the saving habit. Today, the charges for bank advertising amount in the aggregate to enormous sums, the country over, with no indications in sight, that the feature is duly to register a diminishing volume.
Incidental to the details that are incorporated in the following pages, one interesting fact should not be passed by without at least brief com- ment. It so happened, that at the time the banking chapter was in course of preparation, the president of the Emigrant Industrial Savings Bank of New York made public the statistics that had been gathered by him throughout the country, in connection with the work of the na- tional conference of mutual savings banks to encourage thrift. The figures showed, in brief, that the people of Massachusetts are the thrif- tiest in the entire country. In a population of 3,852,356, the Bay State has 2,593,287 savings bank depositors, or sixty-seven per cent. As with the State, so with New England in its entirety ; the saving habit, in the form exemplified above, was more pronounced than elsewhere in the Union. This popular thrift is naturally reflected in the recital of the growth of deposits in the savings banks and trust companies of the insti- tutions throughout Essex county.
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Salem-In 1782 a branch of the Bank of North America was located in Boston, and in 1784 the Massachusetts State Bank was estab- lished in that city. Eight years later, the first bank in Salem was or- ganized, the Essex Bank, which commenced business July 2, 1792, with a capital of $300,000. The Essex Bank occupied a room in the build- ing now known as the Central building, on Central street, for a time known as Bank street. This bank expired in 1819, though its affairs were not all wound up until 1822.
The Salem Bank, later styled the Salem National Bank, was or- ganized March 8, 1803, with a capital of $250,000, but in 1859 decreased to $187,000; in 1865 restored to $200,000; in 1873 increased to $300,- 000. Its earlier presidents were Benjamin Pickman, 1803; Joseph Pea- body, 1814; George Peabody, 1833; Benjamin Merrill, 1842; George Peabody, 1818-47; William C. Endicott, 1858; Augustus Storey, 1858; S. Endicott Peabody, 1882. In 1864 this bank became a National bank, and moved to the Holyoke Building, Washington street, in 1866.
The Merchants' Bank was incorporated June 26, 1811, and it is now known as the Merchants' National Bank. It is really the oldest bank in the city of Salem, and the only National banking concern there. It is now situated at Nos. 253-55-57 Essex street. Its original officers in- cluded Benjamin Williams Crowinshield, president; John Saunders, cashier ; directors, B. W. Crowinshield, Joseph Winn, Capt. Jothan Neal, Robert Stone, Jr., Hon. Joseph Story, Capt. James Deveraux, Stephen White, Joseph Ropes, Capt. John Dodge, Jr. The present officers are Henry Batchelder, president; Josiah H. Gifford, vice-president; Carl F. A. Morse, cashier; Albert H. Barrett, assistant cashier; Charles Howard Bates, assistant cashier. This bank's first capital was $100,- 000; it is now $200,000; surplus, $320,000; resources and liabilities, amount to $3,700,000. Its recent deposits were $3,000,000. In 1910 a fine brick-concrete bank building was constructed and is now valued at $180,000. This structure stands on the site of the birthplace of Hon. Joseph Hodges Choate, the famous lawyer and United States Ambas- sador to Great Britain. B. W. Crowinshield, the first president, was secretary of the Navy under Presidents Madison and Monroe.
What was styled the Commercial Bank, later the First National Bank, was incorporated in 1819, capital $300,000, but in 1830 reduced to $200,000. It became a National bank in 1864, being among the earliest National banks in the country.
The Exchange Bank was incorporated January 31, 1823, with $300,- 000 capital, later reduced to $200,000. It was moved from its first lo- cation in Essex street to the First Church building, December, 1864. Later its street number was 109 Washington street. It became the National Exchange Bank in February, 1865. Its earlier presidents were Gideon Tucker, John Webster, Henry L. Williams, Nathan Nichols.
The Asiatic Bank was incorporated June 12, 1824, with a capital of
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$200,000, shortly increased to $315,000. It commenced business in the Central Street Bank Building; removed from there to the East India Marine building, on Essex, opposite St. Peter's street, and in 1855 changed quarters to the Asiatic building, on Washington street. De- cember 8, 1864, it became known as the Asiatic National Bank. Ste- phen White was the first president, and Henry Pickering its original cashier.
The Mercantile Bank, incorporated March 4, 1826, opened with $200,000 capital in Central Bank building, on the west side of the street, but in 1827 moved to the opposite side. Nathaniel L. Rogers was its first president, John A. Southwick its first cashier. This institution, January 10, 1865, became the Mercantile National Bank.
The Merchants' and Traders' Bank was incorporated March 10, 1827, with a capital of $200,000, but for some reason never commenced business.
The Naumkeag Bank was incorporated March 17, 1831, with $200,- 000 capital, subsequently increased to $500,000. It commenced busi- ness in the Benjamin Dodge store building, on Essex street, opposite the Essex House, then was moved to the Manning building, and in 1872 to the second floor of the Asiatic building, Washington street. David Pingree was its first president. In 1864 this institution was changed to the Naumkeag National Bank. This is now the Naumkeag Trust Company, as detailed in the following paragraph:
The Naumkeag Trust Company was established October 7, 1909. In that year there were in Salem five National banks and one Trust company. It was about that time that the idea obtained among financiers there that it would be expedient to form a larger institution, which should be able to furnish better facilities to the public, with a safe deposit vault affording absolute security. The capital is $250,- 000. The present officers are as follows: Leland H. Cole, president; Robert M. Mahoney, vice-president; George A. Vickery, vice-president and secretary; William O. Chapman, treasurer. The present surplus and undivided profits are $275,000. This, together with the stock-holders' liability, furnishes a guarantee of over three- quarters of a million dollars for the protection of its depositors. The company commenced business in October, 1909, and took over the accounts of the oldest banks in Salem, the Salem National Bank, established in 1803, the Asiatic National Bank, established in 1824, Naumkeag National Bank, established in 1831, and later took over the business of the Mercantile National Bank, which was established in 1826. Coming down to the present time, it may be stated that this institution has re- sources and liabilities amounting to $5,439,119.45, and recent reports show that deposits amount to $4,851,999.07. The assessed value of the building owned by this corporation is $138,995. The general style of architecture is Colonial. The wood- work is mahogany, with bronze grill work. Absolute safety was the first con- sideration, but every possible arrangement was also made for the convenience of customers. The Safe Deposit vaults are entirely separate from the building, stand- ing on their own foundations. Over three hundred tons of steel and concrete were used in their construction and the entire work is the finest in all particulars. They are among the strongest vaults outside New York City. A savings department is maintained as well as a trust department, by which the company acts as executor and trustees under wills, administrator without a will or with will annexed.
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Other early banks were these: The Bank of General Interest, incor- porated March 17, 1831, with a capital of $200,000. John Russell was president, and William H. Russell, cashier. It ceased business in 1842.
The North American Bank, incorporated March 31, 1836, with an authorized capital of $300,000, for reasons now unknown never went into operation.
The Salem Savings Bank, still one of the strong financial institu- tions of this part of Massachusetts, was incorporated January 29, 1818, being the second savings bank incorporated in the United States. In 1886, between sixteen and seventeen thousand individual accounts were on the books as depositors. At that date the deposits amounted to $6,500,000. The first officers were Dr. Edward A. Holyoke, president; Joseph Peabody, vice-president; and William P. Richardson, treasurer. The present officers include Charles S. Rea, president; James Young, Jr., treasurer. The present amount in deposits is $12,098,428.42; sur- plus, $1,192,260.12; resources and liabilities, $13,244,213.56.
Upon the occasion of the one hundredth anniversary of the found- ing of this bank, the officers in charge (1918) had compiled and printed a beautiful and elaborate booklet setting forth the history of this, the sec- ond savings institution in the world ; for be it known that Boston had the first savings bank established in the world, and Salem the second. In this booklet are numerous historical sketches of great events in the country's early history which transpired in Salem, nearly two centuries before this bank started. From this booklet it is learned that the fol- lowing have served as presidents: Edward Augustus Holyoke, 1818-29; Joseph Peabody, 1830-44; Nathaniel Silsbee, 1844-51; Daniel A. White, 1851-61; Zachariah Fowle Silsbee, 1861-64; John Bertram, 1864-65; Joseph S. Cabot, 1864-74; Benjamin Hodges Silsbee, 1875-79; Peter Silver, 1879-83; William Northey, 1883-93; Edward D. Ropes, 1893- 1902; Charles S. Rea, 1902-to present time. The growth of deposits in this savings bank is indeed very marked: October, 1818, the number of depositors was 184; April, 1838, it was 2,724; April, 1848, 5,666; April 1858, 8,734; April, 1868, 12,364; April, 1878, 15,502; April, 1888, 16,- 676; April, 1908, 16,845; 1918, 22,023. The total amount of deposits on the bank's centennial anniversary amounted to $10,861,242.26. The dividends for that year amounted to four and one-half per cent.
The Salem Five Cent Savings Bank was incorporated in 1855, and opened for business in the Downing Block, No. 175 Essex street, later removing to the second floor of the Northey building. Edward D. Kim- ball was its first president. In 1886 it had deposits amounting to $2,- 500,000, with over eight thousand individual depositors. Today its statement show resources of $14,941,374.69 (May 24, 1921). The list of assets show almost three million dollars in United States bonds and nearly seven million dollars in loans and real estate. The total amount due the 31,279 depositors is $13,759,820.03. The present (1921) officers
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are Henry A. Hale, president; Harry P. Gifford, treasurer; O. S. Leigh- ton, assistant treasurer; board of investment, Henry M. Batchelder, Frank A. Brown, William R. Colby, Matthew Robson.
Roger Conant Co-operative Bank was incorporated November 9, 1894, at Salem, with officers as follows: Charles B. Balcomb, president ; Patrick F. Tierney, vice-president; Edward L. Millet, treasurer and secretary. The present (1921) officers are Vincent S. Peterson, presi- . dent; Josiah H. Gifford, vice-president; Joshua B. Merrill, treasurer; Robert B. Buckham, attorney; George B. Farrington, clerk. The authorized capital is one million dollars; paid in capital, $862,695.66; present surplus, $33,168.61 ; resources and liabilities, $797,479.66.
The Salem Trust Company was incorporated April 10, 1902, with a capital of $200,000. The first president was Graydon Stetson; Harry M. Wilkins, treasurer. Its capital is the same as when organized, and its surplus is $50,000. Its resources and liabilities amount to $1,769,- 625.13; recent deposits, $1,415,755.89. This institution succeeded to the First National Bank of Salem. The present officers are: Graydon Stetson, president; Forrest L. Evans and Frank D. Tuttle, vice-presi- dents; Harry M. Wilkins, treasurer; William C. Long and Alfonso F. Fischer, assistant treasurers.
Carmen-Kimball Company, bankers, Salem, established in 1919, suc- ceeding another private banking firm that had been established in 1907. The first capital was $10,000; today it has reached $30,000, with a sur- plus of $1,363.71; resources and liabilities, $154,162.32; recent deposits are $33,760.48. This business was established by Kevie Carmen, who sold out to the Nutile Sharpiro Company. Mr. Kevie's was the first business of its kind in Salem. It has developed materially and now serves the entire foreign population of the North Shore in all their busi- ness relations with their old homes. From a modest beginning when Mr. Carmen, in 1909, was the sole clerk, teller and cashier, it has grown until at the present time a force of five men are kept busy caring for the interests of its clients. The amount of money sent to Europe through this office totals well over the million dollar mark. During the distress period of 1920, this firm sent two representatives to Europe, mainly to Poland, for relief work in connection with money transmit- tances.
Lynn-In 1887 this was published concerning banking in the city of Lynn: "There are now (1887) in Lynn five banks of discount, with an aggregate capital of $1,1000,000, to wit: First National, capital, $500,- 000; Central National, $200,000; National City, $200,000; National Se- curity, $100,000; Lynn National, $100,000. There are also two savings banks, namely: Lynn Institution of Savings and Lynn Five Cents Sav- ings Bank, with aggregate deposits of $4,710,000 in January, 1887."
Great have been the financial changes wrought since the eighties in Lynn and all Essex county. An old directory shows that the Nahant
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Bank was incorporated in 1832 and failed in 1836. In 1854 the City Bank was incorporated, and reorganized in 1865 as a National bank.
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