USA > Massachusetts > Essex County > Municipal history of Essex County in Massachusetts, Volume II > Part 22
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The Arlington Trust Company was established first as the Arling- ton National Bank in 1890, and was then located at No. 265 Essex street. Later it absorbed the Pemberton National Bank, and subsequently pur- chased its present site, corner of Essex and Lawrence streets. The first officers in charge of the present organization were as follows: Thomas M. Cogswell, president; James F. Lanigan, vice-president; James Hous- ton, treasurer. The present officers are John A. Brackett, president; Wil- liam H. Russell, vice-president; C. A. McCarthy, secretary and treasurer. The original capital was the same as today, $200,000; present surplus, $50,000; profits, $54,000; resources and liabilities, $4,000,000; recent amount of deposits, $3,600,000. This concern owns its building, erected in 1908, and it is valued at $125,000. Since 1918, this bank has grown very rapidly, the increase being over two million dollars.
The Merchants' Trust Company was established in 1911, as a
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consolidation of the Lawrence National Bank and Merchants National Bank, and in 1915, with the addition of the old Pacific National Bank. Its first officers were James R. Simpson, chairman; Harry K. Webster. chairman of board of directors; G. Fred Russell, president; A. C. Dame, secretary. The original and present capital is $300,000, with a present surplus of $150,000. The resources and liabilities are $7,209,220.16; recent amount of deposits, $6,565,309.02. The present bank building was erected in 1919, and is valued at $225,000. This bank is a member of the Federal Reserve system. It is directed by a board of directors of thirty-six men, well calculated to handle its large, increasing volume of business. The present officers are Henry L. Sherman, president; Arthur C. Dame, treasurer; Arthur J. Crosby, assistant treasurer; Edwad L. Southwick, assistant treasurer; Weston F. Eastman, assistant treasurer; also manager of the Broadway office.
The Lawrence Trust Company was incorporated in 1910, in July, but did not open its doors for business until November 23 of that year. Cor- nelius J. Corcoran, present head of the bank, was its first president, and Peter MacDonald was the first treasurer. In 1915, having outgrown its business quarters it moved to its present location at the corner of Essex and Hampshire streets. In 1919 the following was written concerning this bank:
The very latest methods and appliances for facilitating the handling of the busi- ness are in vogue. The institution was the first bank in the city to use bookkeep- ing machines which displaced 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 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 plan, the institution remains open until six p. m. each business day, thus giving the people employed in the shops and mills more opportunity with the bank. Two shifts of clerks are used in carrying out the plan.
Peabody-The Danvers Bank, later the South Danvers National Bank, was incorporated in 1825 with a capital of $150,000. The first president was William Sutton. The Warren Bank, later Warren Nation- al Bank, was incorporated in 1832 with a capital of $250,000. Its first president was Jonathan Shove.
The Warren Five Cent Savings Bank was incorporated in 1854, and was located in the Warren Bank, now the Warren National Bank, and continued there for a number of years, when it opened a separate bank- ing room. Its first president was Dr. George Osborn. In the spring of 1906 the bank was removed to its present quarters, having purchased the building formerly owned by the South Danvers National Bank. Its growth has been steady, and since 1904 its deposits and total assets have
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doubled in amount, being at the present time as follows: Deposits, $5,- 553,000.00; assets, $6,266,000. The vice-presidents are George E. Spaulding, William F. Sawyer, John A. Lord, Horace K. Foster, Ben- jamin G. Hall and Patrick H. O'Conor. The president is Arthur F. Poole ; treasurer, A. H. Merrill; assistant treasurer, Abbott B. Gallonpe; clerk, George R. Underwood. Mr. Merrill, the treasurer, has been connected with this bank for over fifty years, and Mr. Poole, present president, has filled the position he now holds since 1904, succeeding Mr. Rufus H. Brown, who served as president twenty-eight years. The present sur- plus is $609,451.09 ; resources, $6,315,886.67 ; liabilities, $5,706,435.58 ; re- cent deposits, $5,695,972.42.
The Warren National Bank of Peabody was established as a Na- tional Bank in December, 1864, being the successor of the old Warren State Bank. Its first capital was $250,000, which has been reduced to $200,000. Its present surplus is $160,943; resources and liabilities, $2,- 548,820 ; recent deposits, $2,025,794. The present officers are Lyman P. Osborn, president; C. S. Batchelder, cashier; Harry E. Trask, assistant cashier. It owns the brick building now occupied, which was built in 1854, and is now valued at $85,000. It has a board of fifteen directors. As this bank succeeded to the old State Bank, it really dates back eighty- nine years to 1832, during which period it has ever stood for honor and business ability in its financial management.
The Peabody Co-operative Bank was organized and incorporated in 1888. The first statement, in November, 1888, showed dues to the amount of $5,799, while the present dues are $1,623,198.00. The pres- ent surplus is $12,089.69 ; guarantee fund, $21,723.78; resources and lia- bilities, $2,222,485.31. The 1921 officers are P. H. O'Conor, president; Lyman P. Osgood, vice-president; Roy N. Howe, treasurer. This bank occupies leased rooms in the Thomas Block, in Peabody, and also has a branch at Cliftondale. The total number of shares in force is 34,238, and the number of shareholders is 3,432. The last dividend was at the rate of five and one-half per cent. per year. Among the assets named in the statement were real estate loans amounting to $2,015,850.00. The 65th semi-annual report, as required by law, was dated December 18, 1920.
Groveland-Being near to Haverhill and other larger towns and cities, Groveland has not really felt the need of a bank, but in the sixties it had a bank, as appears from early accounts of the place. In May, 1869, Nathaniel H. Griffith, Nathaniel Ladd and Edwin T. Curtis, and their associates, were incorporated as the Groveland Savings Bank, and the company's officers were Moses Foster, president, and Henry H. Griffith, treasurer. After operating for sixteen years the bank gradually wound up its affairs.
Rockport-The Rockport Bank was incorporated in 1851; capital stock, $100,000. Ezra Ames was its first president, serving until his
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death in 1874. Deacon Jabez R. Gott was elected cashier, served many years and finally resigned. When other State banks adopted the Na- tional Bank system, Rockport fell into line, and this concern became known legally as the Rockport National Bank. The bank has for its officers (1921), James W. Bradley, cashier; Elliot W. Grimes, teller. The directors not long since were Frederick W. Tarr, president; H. Chester Story, vice-president; James W. Bradley, Hosea E. Tufts, Levi W. Thurston, clerk; C. Harry Rogers and Lindley I. Dean.
Of the Granite Savings Bank, it may be said that after the closing of the Rockport Savings Bank some of the citizens felt that an institution for savings was needed. Accordingly, a petition to that effect was for- warded to the Legislature, and in 1884 the Granite Savings Bank was legally incorporated. William Winsor, J. Loring Woodfall, John W. Marshall, George Elwell, George M. McClain, Nathaniel Richardson, Jr., Francis Tarr, Frank Scripture, William H. Colbey, and George A. Lowe were named in the act of incorporation. The president at first was John G. Dennis; J. Loring Woodfall, secretary. The first deposit made in the bank was April 11, 1885. Today this bank is located at No. 9 Main street and had a short time since assets of more than $550,000. Its recent officials have been Henry Thurston, president; Benj. N. Tarr and Albert H. French, vice-presidents; Grafton Butman, treasurer; A. Carl But- man, assistant treasurer.
Manchester-The Manchester Trust Company was incorporated April 12, 1911, and commenced business May 1st of the same year. This bank was established by Messrs. Frank P. Knight, Oliver T. Roberts, William Hoare, Horace Standley, Frederick J. Merrill, George R. Dean, George L. Knight, Edward A. Lane, George S. Sinnicks, Michael J. Callahan, George W. Hooper, Maynard B. Gilman, George W. Blaisdell, Franklin K. Hooper, and Alfred S. Jewett. The capital has always been $100,000; its present surplus is $40,000; resources and liabilities, $896,- 000; recent amount in deposits, $784,000. The original officers were Oliver T. Roberts, president; R. W. Babson, Franklin' K. Hooper, vice- presidents; Ralph H. Mann, secretary and treasurer. The 1921 officers are Oliver T. Roberts, president; R. W. Babson, William Hoare, vice- presidents; Harrison C. Cann, secretary and treasurer. The February statement issued in 1921 gave the following figures: Assets amount to $917,729.73.
Merrimac - In February, 1864, the "First National Bank of Amesbury" was organized with a capital of $50,000, and its name was changed by act of Congress, December 27, 1876, to The First National Bank of Merrimac. Its charter was renewed in 1883. In June, 1864, its capital was increased to $75,000; and in May, 1875, to $200,000. Its original directors were Patten Sargent, Thomas T. Merrill, John S. Poyen, Benjamin F. Sargent and Wm. Gunnison. The first officers were: Patten Sargent, president; Wm. H. Haskell, cashier; John S. Poyen,
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clerk. The 1921 officers are Byron S. Sargent, president; Fred E. Sweet- sir, M. D., vice-president ; William B. Sargent, cashier. The first as well as present capital was $50,000; present surplus, $30,000; resources and liabilities, $296,361.41; recent deposits, $142,817.41. This bank leases its building quarters.
What was known as the Merrimac Savings Bank was incorporated In 1871. Its first officers were John S. Poyen, president; John P. Sar- gent, Isaac B. Little and J. B. Judkins, vice-presidents ; the treasurer was Wm. H. Haskell.
The Economy Co-operative Bank was organized July 26, 1889 and commenced business August 12, 1889. The original officers were George Adams, president; Alexander Smart, vice-president; Bailey Sargent, secretary and treasurer; the directors included George Adams, Alex- ander Smart, Bailey Sargent, Isaac B. Little, Sampson A. McConnell, George G. Larkin, John B. Judkins, Charles D. Ruggles, J. Austin Lan- caster, Frank E. Pease. The capital is limited to $1,000,000; present dues capital, $82,339; profits capital, $15,898.57; assets, $102,880.43; surplus and guaranty funds, $3,079.56. The 1921 officers are Fred S. Hardwick, president; Charles W. Morrell, vice-president; Clifton B. Heath, treasurer and clerk. In February, 1921, the statement showed assets $97,189.67. This bank now pays a dividend of six per cent. per annum to its shareholders. It was founded to aid those without much means to secure a home of their own, and in this aim it has been very successful.
Georgetown-The first bank in Georgetown was a State Bank, established under the name of the Manufacturers' Bank. It was char- tered in 1836, with a capital authorized at $100,000. Benjamin Little was president, and George Foot its first cashier. It was located in a wing of the old Pentucket Hotel. This concern was removed to Methuen about 1845.
The Georgetown Savings Bank was incorporated May 26, 1868. Its incorporators were George Boynton, Samuel Little, George J. Ten- ney, and others. Its first president was Jeremiah P. Jones. Its pres- ent officers are Lewis H. Bateman, president; Edward A. Chaplin, vice- president; Lewis H. Giles, secretary ; Sylvester A. Donoghue, treasurer. It now has a surplus of $57,812, with deposits amounting to $725,699.
The Georgetown National Bank was incorporated June 30, 1875. Its first officers were H. Prescott Chaplin, president; Stephen Osgood. vice-president ; George H. Carlton, cashier. Its present officers are H. Howard Noyes, president; Justin F. White, vice-president; Lawrence L. Chaplin, cashier. Its present capital is $50,000; surplus, $15,000.
Haverhill-The Pentucket Savings Bank of Haverhill was in- corporated March 17, 1891, by George H. Carleton, John A. Gale, E. O. Bullock, Dennis T. Kennedy, Charles H. Hayes, Augustin Bourneuf and W. Monroe Nichols. The present surplus is $224,038; resources and
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liabilities, $3,421,632.87. The bank is housed within a good brick struc- ture owned by the concern. The first officers were: President, George H. Carleton; vice-presidents, Oliver Taylor and John A. Gale; treasurer. Charles S. Titcomb. The officers at the present time are: President, George F. Carleton; vice-presidents, Daniel C. Hunt, Willard C. Cogs- well; treasurer, Henry B. George; assistant treasurer, H. Ivan Hall.
The Merrimack National Bank was founded in 1814. In spite of strong competition, it has enjoyed great and continued prosperity, while its deposits have constantly increased, having doubled during the last few years. In the great fire of 1882 the bank building was destroyed, the vault alone, with its valuable contents, being found intact. The present building is among the best in the State for solidity and safety. It has been remodeled of recent years at an expense of $40,000. The original home of this institution stood at the corner of Water and Stage streets. Its first president was David Howe, Esq., and the cashier Leonard White. Nathaniel Hill was the second president, and the third was David Marsh, who was succeeded by James H. Duncan, and he by Dr. Rufus Longley. Hon. E. J. M. Hale was president from 1855 to 1878, resigning after twenty-three years' service. All these years this bank was a State institution, but in 1864 it was converted into a national bank. In 1882, when the bank building was destroyed by fire, as men- tioned before, Charles W. Chase was president; he was followed by Dud- ley Porter, who in 1905 was succeeded by Charles W. Arnold. The cash- iers since Leonard White have been G. L. Bartlett, E. A. Porter, Samuel White, John L. Hobson, Ubert A. Killam and Arthur P. Tenney. The present officers are President, Charles W. Arnold; cashier, Arthur P. Tenney. John L. Hobson is vice-president. This is the oldest banking house in the city of Haverhill, and was the successor of the old Merri- mack Bank. Its present capital is $240,000; surplus, $240,000; undivid- ed profits, $140,000; resources and liabilities, $2,500,000; recent de- posits, $1,700,000.
The Haverhill Trust Company, organized May 14, 1891, is now lo- cated at No. 163 Merrimack street. The present officers are: George W. Lennox, president; Lewis H. Giles, vice-president and treasurer; Irving L. Keith, vice-president; James E. Knipe, assistant treasurer. Two hundred thousand dollars was the first and present capital; present sur- plus is $100,000; resources and liabilities, $4,068,512.82; recent deposits, $3,723,566.58. The bank occupies its own building, which it has owned since the date of incorporation. In 1906 the Second National Bank of Haverhill was taken over by the Haverhill Trust Company. The Trust Company is made up of two departments-the Banking department, with a capital stock of $200,000, and a Savings department, with assets of $806,026.11; it has deposits amounting to $835,712.50. The directors are Albert B. Blaisdell, Lawrence Callaghan, Charles C. Chase, Lester A. Colby, George H. Dole, W. Eugene Ellis, Lewis H. Giles, Milton A.
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Gilpin, Daniel C. Hunt, Irving L. Keith, David R. Knipe, George W. Lennox, Edson W. Noyes, D. S. Frank Page, Austin E. Ruddock, John W. Russ, Arthur R. St. Onge, Fred J. Thompson, Edmund C. Went- worth and Robert L. Wright.
The Haverhill Co-operative Bank, organized in August, 1877, is located at No. 9 Emerson street. Its first officers were President, Amos W. Downing; vice-president, M. Warren Hanscom; secretary, John W. Tilton; treasurer, George S. Little; directors, J. B. Swett, Charles But- ters, Nathan Longfellow, J. W. Bennet, O. B. Otis, Walter S. Goodell, Edward P. Hayes, John G. Scates and Charles T. Ford. The present officers are James G. Page, treasurer; Edward A. Fittes, president; the directors are Charles A. Bodwell, Charles H. Clark, Edward A. Fitts, Matthew J. Fowler, George E. Frye, Eugene J. Kempton, Samuel A. McGregor, Benjamin I. Page, James G. Page, John H. Saward. The present capital is $2,097,543.60, surplus, $61,230.77; resources and lia- bilities, $2,230,166.99. The deposits average $33,000 per month in dues.
The Haverhill National Bank, the third oldest institution in the city, was granted its original charter in 1836. The first location was on Main street, just above the present entrance to the District Court. Some few years later it moved to 83 Merrimack street, and in 1883 occupied quarters in the Masonic building at No. 117 Merrimack street. By 1913 the business had so increased that more room had to be provided, and land at the corner of Merrimack and Emerson streets was bought. Here a fine seven-story fireproof building, after strictly modern plans, was built. This was opened for business in June, 1915. August 5, 1916, the bank purchased the business of the Merchants' National Bank. Under the presidency of the late John E. Gale the bank had a steady growth, and later under the management of Henry M. Gilman, trained under Mr. Gale, the institution has progressed to the present date. In 1919 the statements showed a capital of $200,000 ; surplus and profits in excess of $400,000; and aggregate deposits of $3,200,000.
The First National Bank opened as a State Bank in 1849, as the Union Bank, and continued in business until June 17, 1864, when the National Banking act was passed by Congress, and it became a national bank, being the first national bank in the city of Haverhill. In the early days this bank was located at No. 94 Merrimack street. In 1880, as the shoe business was moving westward to Washington street, the First National, which was closely connected with the great shoe business of the city, purchased land at No. 46 Washington street, and erected a new building. This was destroyed by the fire of 1882, but was im- mediately rebuilt. In 1914 the bank purchased the premises at Nos. 73- 79 Washington street, where the present handsome quarters were pro- vided. The growth of the deposits of this institution has been as fol- lows: In 1904 it had $368,000; in 1907, $658,000; in 1910, $1,274,000; in 1914, $1,755,000; in 1918, $3,410,000. The recent officers of this
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bank have been Charles E. Dole, president; George F. Carleton, vice- president ; and Fred H. Harriman, cashier.
The Essex National Bank was formed July 5, 1851, as a State bank. The original president was E. J. M. Hale. Later the bank be- came a national bank, as it is today. It has a savings department as well as the ordinary branches of banking. Its deposits in 1907 were $220,200; in 1918 the amount was $1,747,693; the surplus in 1918 was $100,000; undivided profits amounted in 1918 to $50,205. The officers are Charles A. Pingree, president; Perley Leslie, vice-president; Fred L. Townsend, cashier; James C. Pease, paying teller.
The Haverhill Savings Bank, almost a century old, established Feb- ruary 8, 1828, has ever aimed to encourage the local thrift of the city. It has over 17,000 depositors, and assets of about an even nine million dollars. It is located at No. 153 Merrimack street, and its recent officers have been as follows: President, William W. Spaulding; vice-president, Fred D. McGregor; trustees, John L. Hobson, William H. Floyd, F. E. Hutchinson; William E. Bixby, Isaac Poor, William W. Spaulding, E. G. Frothingham, Charles E. Dole, Hazen B. Goodrich, Harold M. Goodwin, George W. Lennox, Herman E. Lewis, Ira A. 'Abbott, Charles D. Porter, John A. Lynch, Arthur H. Wentworth. The treasurer is Raymond Noyes; clerk, Alfred E. Collins.
The City Five Cents Savings Bank was organized April 29, 1870, and its books were opened in May following, in the office of the First Nation- al Bank, in a building where now stands the Daggett building. The then mayor of Haverhill, Warner R. Whittier, was chosen first presi- dent, and Elbridge G. Wood was elected treasurer. In September, 1876, Mr. Wood resigned and his place was filled by George W. Noyes, and he is still serving in that capacity. Several persons have served as presi- dent of this bank. Sylvanus P. Gardner succeeded Samuel W. Hopkin- son, serving until November, 1917, when George B. Nichols was chosen to succeed Mr. Gardner as president. Recent accounts show the de- posits to be almost four million dollars; in 1918 they were $3,689,654.
The Citizens' Co-operative Bank, with headquarters at No. 81 Merri- mack street, was written up in the Chamber of Commerce Journal in 1919 as follows :
In March, 1919, the balance sheet showed that $706,102 had been lent on real estate loans. It has been the means of many a man obtaining his own residence in Haverhill. The officers are President, Phil C. Swett; vice-president, William M. Spaulding. The purpose of this institution is to promote regular and systematic savings, especially by persons of modern circumstances; to help people to own their own homes, build or buy homes, etc. This bank provides a plan by which in- debtedness may be rapidly reduced by a monthly payment plan.
CHAPTER XLI.
RAILROADS AND TRANSPORTATION.
Prior to 1833 Essex county was without railroads-they were then in their infancy. When our ancestors first settled this county, they con- tented themselves, for a time, with the rude means of conveyance and transportation known to their savage neighbors. One writer says: "The favorite way to Boston, Plymouth and Cape Ann was by water. The 'dug-out' was much in use, being a pine log twenty feet long and two and one-half feet wide, in which they sometimes 'went fowling two leagues to sea.' These 'cannowes' seem to have been inspected at stated inter- vals by a town surveyor, and passed or condemned according to their fitness for their further service. It was in swimming for one of these, from a desire to visit the Indian Village at Northfield, that Governor Winthrop's son Henry, on the day after his arrival at Salem, was drowned in the North River."
The condition of the trail, which was the only land transit between Salem and Boston, is indicated by two writers of the same date. On April 12, 1631, Governor Endicott wrote to Governor Winthrop the fol- lowing letter from Salem: "Right worshipful: I did expect to have been with you in person at the Court, and to that end put to sea yester- day, and was driven back again, the wind being stiff against us. And there being no canoe or boat at Saugus, I must have been constrained to go to Mystic, and thence a foot to Charlestown, which at that time durst not be so bold, my body being, at this present, in an ill condition to wade or take cold."
In 1637 Governor Winthrop passed through Salem on foot, with a large escort, on his way to and from Ipswich, and next year visited Salem by water and returned by land. The first of Salem people who visited Boston, after its settlement, are said to have spent four days on the way, and, on the following Sabbath, to have put up a note of thanks in the First Church, for their safe guidance and return.
Historian Felt says the first public conveyance was a large che ~. chair, or two horse curricle, which ran from Portsmouth to Boston and back each week, in 1761. "An epidemical distemper" interfered with the business in 1768, but, two years after, Benj. Coates, then landlord at the Ship Tavern in School (now Washington) street, gave notice that he had bought a "New Stage Chaise" which would run between Salem and Boston "So that he will then, with the one now improved in that busi- ness, be able to carry and bring passengers, bundles and the like every day except Sunday."
Systematic staging probably began here about 1796, and in this business Benj. Hale, of Newburyport, seems to have been the pioneer of the route between Boston and Portsmouth, as was Seth Payne, of Port-
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land, on the lines farther east. Mr. Hale was a resolute, persevering man, and there was nothing worth knowing about staging which he did not know. Many improvements in stage springs are credited to him, as well as the introduction of the trunk rack, by which means the pas- senger's luggage was employed to ballast the coach, whereas formerly it had rested, a dead weight on the axles, jolting and tossing as though springs were yet to be invented.
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