USA > Massachusetts > Hampden County > Our County and Its People A History of Hampden County, Massachusetts > Part 6
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60 | Part 61 | Part 62 | Part 63 | Part 64 | Part 65 | Part 66 | Part 67 | Part 68 | Part 69
This bank, the youngest of our city's financial institutions, shows a healthful condition throughout the period of its his- tory. It has a surplus of $50,000 and an undivided profit account of more than $3,500. Its deposit account aggregates more than $266,000, including time certificate deposits. The present di- rectors are Edwin L. Munn, William H. Brooks, George A. Munn, Stephen A. Mahoney and George W. Parker.
The Holyoke Savings Bank, the oldest institution of its kind in the city, was incorporated February 21, 1855, by Jones S. Davis. Jonas Kendall. C. W. Blanchard, Albert Graves, Cyrus Frink. Thomas H. Kelt, Charles W. Ranlet, H. Hutchins, James K. Mills, R. G. Marsh, Warren Chapin, Gustavus Snow. Asa O. Colby and John C. Parsons and their associates. The first meet- ing of incorporators was held March 29, 1855. when Cyrus Frink was elected president ; Otis Holmes, C. W. Blanchard and Jones S. Davis, vice-presidents : James K. Mills, secretary. Mr. Snow was appointed treasurer in April, 1856.
From the time of organization to the present the Holyoke Savings bank has been an important factor for good in the his- tory of our city, and its managing officers always have been men of high character and unquestioned integrity. In the office of president Mr. Frink was succeeded in 1860 by Joel Russell, and
5-8
( 65 )
Digizind by Google
OUR COUNTY AND ITS PEOPLE
the latter, in turn, in 1884, by George W. Prentiss, the present incumbent. For several months in 1859-60 D. D. Crombie served as president. Mr. Snow served only one year as treasurer, 1855-6, and then was succeeded by Robert B. Johnson, during whose incumbency of the office the bank enjoyed a continuous and healthful growth. When he was appointed in 1866 the total desposit account aggregated $77,000, while the total assets amounted to $81,000, and the semi-annual dividends amounted to $1,300. The last dividend paid during his treasurership was $70,000, nearly the amount of deposit account in 1866. Now the depositors in the bank number about 11,000 persons, and the total assets amount to more than $4,552,000, the interest bearing deposit account being more than $4,280,000. Mr. Johnson died November 1. 1899, and was succeeded by his son, Charles W. Johnson, the present treasurer of the bank.
The present officers and trustees of the bank are as follows: George W. Prentiss, president: William Whiting, Robert Rus- sell. W. A. Prentiss, vice-presidents : Charles W. Johnson, treas- urer; A. G. Magna, secretary ; M. H. Whitcomb, L. A. Taber. James A. Clough. Thomas A. Dillon, J. F. Sullivan, M. W. Pren- tiss, G. C. Gill. F. E. Nourse. F. A. Whiting, H. O. Hastings, William S. Loomis, C. H. Prentiss, James E. Delaney, D. H. Ives and W. S. Perkins, trustees.
The Mechanics' Savings Bank was incorporated March 12. 1872, by Roswell P. Crafts, Timothy Merrick, James H. Newton, Henry A. Chase, Augustus Stursberg, John Delaney, Stephen Hohnan and their associates. The first officers and trustees were James H. Newton, president : Timothy Merrick, John Delaney. Roswell P. Crafts. vice-presidents : C. B. Prescott, treasurer ; Ed- ward W. Chapin, secretary.
The bank began business May 20, 1872. and from that time it has been recognized as one of the safe and substantial financial institutions of our city. Its affairs of management always have been in prudent hands and it is looked upon as one of the per- manent savings banks of the county. The present depositors number about five thousand persons, and the deposits aggregate more than $1,567,000. During its history about fifteen thousand
( 66 1
Ilgazed by Google
THE CITY OF HOLYOKE
accounts have been opened. At the present time the total assets exceed $1,677,945.
The presidents of the bank have been James H. Newton, Timothy Merrick and Lemuel Sears, the latter having been elected in May, 1894. Mr. Prescott has been treasurer through- out the entire period of the bank's history.
The present officers and trustees are as follows: Lemuel Sears, president; Roswell P. Crafts, J. S. Webber, George H. Smith, vice-presidents; Charles B. Prescott, treasurer; Edward W. Chapin, secretary ; Lemuel Sears, Roswell P. Crafts, J. S. Webber. George H. Smith, E. W. Chapin, J. S. MeElwain, James Connor, C. W. Rider, E. P. Bagg, Hubbell P. Terry, A. W. Esleeck, Cornelius O'Leary, William H. Heywood, George F. Fowler, H. E. Gaylord, Arthur B. Chapin, trustees.
The Peoples' Savings Bank was incorporated March 19, 1885, by Anderson Allen, Moses Newton, James E. Delaney, Frederick Taylor, James Ramage, John E. Clark, John Tilley and their associates, for the purpose of carrying on a savings bank business in Holyoke in conformity with the laws of the state. The first officers were William Skinner, president ; An- derson Allen, John E. Clark, James Ramage, vice-presidents ; John J. Reardon, secretary ; Frank H. Chamberlin, treasurer; J. C. Hubbard, George A. Clark, J. J. O'Connor, James H. New- ton, Moses Newton, H. J. Frink, George H. Hills, John K. Judd, R. H. Seymour, John Tilley, D. H. Newton and H. K. Bird, jr., trustees.
Mr. Skinner was president of the bank until August 1, 1901, when he resigned and was succeeded by Mr. Tilley. Frank H. Chamberlain was appointed treasurer when the bank began business and has served in that capacity to the present time.
The Peoples' Savings bank has total assets of more than $1,166,000; deposit accounts aggregating over $1,220,000, and about 3,500 depositors. Its affairs are prudently managed and the institution has an enviable standing in the business com- munity.
The present officers are John Tilley, president; James Ram- age and John E. Clark, vice-presidents; A. L. Green, secretary ;
( 1
67
Digiized by Google
OUR COUNTY AND ITS PEOPLE
Frank H. Chamberlin, treasurer; John Tilley, James Ramage, John E. Clark, J. C. Hubbard, J. A. Sullivan, A. L. Green. H. J. Frink, O. D. Allyn, D. H. Newton, J. D. Hardy, George A. Clark, Moses Newton, J. K. Judd, J. N. Hubbard, L. M. Gaylord and Seymour E. Gates, trustees.
Co-operative Banks .- In addition to the regular commercial and savings banks mentioned on preceding pages, some brief allusion may properly be made to the two co-operative banks of the city, neither of which are banks of deposit. yet enjoy certain powers given to institutions of that character and are under the supervision of the banking department of the commonwealth. Both are corporations of value in the business history of the city and are worthy of the publie patronage.
The Holyoke Co-operative Bank was chartered July 24, 1880, and began business August 25 following, with an author- ized capital of $1,000,000. The officers of this bank in 1901 are as follows: Charles L. Newcomb, president ; Thomas W. Doyle, vice-president : Dwight O. Judd, secretary and treasurer ; Thomas W. Doyle, James S. Lassiter, W. H. Bullard, S. B. Win- chester, Thomas J. Tierney, J. H. Montgomery, John Hildreth, James Parfitt, jr., Thomas D. O'Brien and Frank J. Phelps. di- rectors.
The City Co-operative Bank was organized July 1, 1889, chartered July 16, and began business July 23, 1889; authorized capital, $1.000,000. This bank was chartered by and always has been conducted in the especial interest of the French people of Holyoke. It is a safe, substantial concern, capably officered, and is worthy of the patronage of all who would avail themselves of its benefits. The officers for 1901 are Daniel Proulx, president : Joseph L. Laporte, vice-president : Pierre Bonvouloir. secretary and treasurer : A. F. Gingras, John St. John, Leon Laporte, Val. Moquin, O. E. Genest, S. J. Bonvouloir, A. J. N. Desmarais, L. T. Beaulieu and Joseph Masse, directors.
INDUSTRIAL HOLYOKE
The city of Holyoke owes its wonderful progress and pros- perity during the last half century to the numerous manufactur-
( 68 )
Dlg ized by Google
THE CITY OF HOLYOKE
ing establishments which have been built up along the line of the system of artificial water courses constructed by the Hadley Falls company and its successor corporation, the Holyoke Water Power company; and we may further say with equal truth that both Holyoke and the manufacturing concerns owe their exist- ence to the construction and operation of the company's system. Previous to the preliminary purchases of land by George C. Ewing in 1846 and 1847 the locality now included within the
Crafts' Tavern
1 manufacturing district was hardly more than an agricultural region, with a few scattered factories of not more than ordinary importance along the river bank, while on the eleven hundred acre tract which comprised the company's ultimate purchase there were probably not more than a dozen or fifteen dwelling houses, occupied chiefly by farmers and the few employees of the mills. At that time the village settlement was situated on
1 69 )
Dignzoo by Google
OUR COUNTY AND ITS PEOPLE
the Northampton road (now the street of that name), where also was located the Ireland parish postoffice, one or two stores, as many small shops and the hotel, the latter under Landlord Crafts being perhaps the chief center of attraction in the town : and not even the commendable enterprise of the original Hadley Falls company had the effect to draw away the denizens of the settlement and locate them in the vicinity of the primitive wing dam and its little canal, which marked the first advance in Holyoke's industrial history.
The first Hadley Falls company was incorporated March 10, 1827, by John Chapin, Stephen Chapin, Warren Chapin and Alfred Smith, who were authorized by an act of the legislature to construct a wing dam on the river for the purpose of divert- ing the waters for manufacture of cotton and woolen goods, grain, wood, iron and other metals, in the town of West Spring- field; and, further, the company was authorized to hold real and personal estate not exceeding the total value of $36,000. (In 1832 the amount was increased to $80,000). This was the real beginning of Holyoke's industrial history and development. The company, in accordance with its plans, caused the wing dam to be constructed not far from the site of the present old wooden dam, and extended it diagonally out into and up the river a suffi- cient distance to turn the waters into the little canal or raceway which the proprietors had built. Then the mills were erected, the grist mill, the sawmill, the cotton and woolen mill, and also the furnace for various manufactures of iron. One of these old struc- tures is still standing and forms a part of the extensive works so long known as the Parsons Paper company's mill. In the course of time many of the rights of the pioneer company were trans- ferred to the concern which immediately preceded the second Hadley Falls company, then were conveyed to that corporation and ultimately became part of the franchise and property of the Holyoke Water Power company.
Soon after 1845, when manufacturing capitalists were cast- ing about for favorable locations for mill sites, the lower falls and rapids between South Hadley and West Springfield at- tracted considerable attention on account of the unusual natural
( 70 )
Dia zed by Google
THE CITY OF HOLYOKE
advantages offered by a fall in the river of sixty feet in a dis- tance of less than a mile and one-half; but at this point on the east side several mills were in operation with others of less note on the west side, the former being fairly successful and the latter in an uncertain condition of prosperity. It was then, in 1846, that George C. Ewing came to the locality as member and repre- sentative of the firm of Fairbanks & Co., of New York, and cer- tain New England capitalists, and began acquiring mill and property rights, having in contemplation the construction of a dam across the river and a system of water power canals on the level lands on the west side. In March, 1847, the enterprising agent secured deeds conveying to his principals thirty-seven acres of land, and also secured the rights and franchises of the old Hadley Falls company.
About this time, it is said, a change was made in the char- acter of the purchasing company and an incorporation act was secured for the proprietors, the capital being $4,000,000. Offi- cers were chosen and Mr. Ewing still retained his former position as land agent. Early in January, 1848, the Fairbanks interest was withdrawn from the concern, Mr. Ewing resigned and was succeeded by A. C. Rising, and in April following the company was succeeded by the Hadley Falls company.
The Hadley Falls company was incorporated by an act of the legislature, approved April 28, 1848, naming as corporators Thomas H. Perkins, George W. Lyman, Edmund Dwight and their associates, who were authorized to construct and maintain a dam across Connecticut river and one or more locks and canals in connection with said dam; to create water power for manu- facturing purposes, and to hold real estate of the value of not. more than $500,000, exclusive of improvements. The authorized capital of the company was $4,000,000.
Following the incorporation and organization, the company became legally possessed of the property rights and franchises of its predecessor, and then. through its managing officers and land agents. purchased additional lands to the aggregate of 1,100 aeres for the purpose of carrying into effect the grand system of water power development outlined by its engineers and pro-
( 71 )
Dazed by Google
OUR COUNTY AND ITS PEOPLE
moters. The work of constructing the dam was begun at once, and was carried forward with such vigor that on November 19, 1848, the structure was finished and the gates were closed that the basin might be filled with water. In every part the work apparently had been well done, yet the engineers evidently had miscalculated the immensity of pressure upon the dam, and about the middle of the afternoon of the same day it gave way and was swept down the river, a huge wreck on a mighty, rush- ing tide.
The dam had cost the company $75,000, but its loss had not the effect to dishearten the investors in the enterprise, while the wise heads who from the outset had declared that the undertak- ing was impossible of successful accomplishment found tem- porary relief and gratification in their oft-repeated "I told you so." However, without unnecessary delay the company again set to work and built a new and stronger dam, at an expense of $150,000, and on October 22, 1849, the basin again was filled with water; this time with entirely satisfactory results, for the old structure still stands. It was materially strengthened in 1869-70 by the construction of a powerful supporting "apron," and with subsequent incidental repairs answered every requirement of the company until 1900, when the present massive stone dam was completed.
But in addition to building two dams and constructing an efficient system of water power canals for manufacturing pur- poses, the Hadley Falls company performed other good works, notably that in establishing a water supply for the "New City" and laying main and service pipes throughout the settled portion of the village. This was done in 1848 and the two years next following, and from that time until 1882 the Holyoke water sup- ply for fire and domestic purposes was received from the com- pany's reservoir on the elevated lands about seventy-five rods from the end of the dam. However, notwithstanding the ulti- mate success of the company's efforts in accomplishing all that was undertaken during the early years of its history, it was doomed to an unfortunate and premature end ; not through mis- management or miscalculation as to power rights to be leased,
( )
72
Dlg ized by Google
1
THE CITY OF HOLYOKE
but rather to the financial depression which swept over the coun- try in 1857 and left in its wake the ruins of thousands of busi- ness enterprises. Yielding, therefore, to the inevitable, the com- pany became insolvent and its affairs were placed in the hands of receivers. Then was organized a new company -the Holyoke Water Power company-the corporation which has been a chief controlling factor in establishing Holyoke's reputation as one of the leading industrial cities of the whole country.
The Holyoke Water Power company was incorporated by a special act of the legislature, approved January 31, 1859, with $60.000 capital (increased to $1,200,000 by act of March 1. 1889), by William Appleton, George W. Lyman, Francis Bacon, Augus- tus H. Fiske and their associates, "for the purpose of upholding and maintaining the dam across the Connecticut river con- structed by the Hadley Falls company, and one or more locks and canals in connection with said dam."
Upon the organization of the company it superseded in all respects the Hadley Falls company and was subrogated to all the rights. powers and privileges of the latter under its charter. Like the predecessor company the new organization was and still is to all intents and purposes a foreign corporation, its stock be- ing owned largely by non-resident investors, but in the course of time about one-twelfth of the stock has come into the ownership of citizens of Holyoke, while a greater number of shares are owned in Springfield: but despite the fact that the corporation cannot be regarded as local, its managing officers and directors always have shown a considerate regard for local interests and almost every worthy canse has found in it a liberal benefactor. At least one church society of each of six or more denominations has been given land for a house of worship and at least six park sites have likewise been donated to the public use through the generosity of the directors, while the land on which stands our splendid library building was a voluntary gift from the same source. Every canal bridge in the city, with possibly two ex- ceptions, was originally built by this company or its predecessor.
At the same time the company has been ever mindful of its own interests and of its lessee mill proprietors and their inter-
( 1
73
Digiized by Google
OUR COUNTY AND ITS PEOPLE
ests. The original system of canals was ample for the time of the Hadley Falls company, but under the new management the water ways have been extended and on occasion widened and deepened to meet the ever increasing demand for power rights and privi- leges. It is not considered within the proper scope of our chap- ter to detail at length the numerous changes made in the canal system during the ownership of the company, and it will suffice to state that the power furnished always has been ample for the demands of the time, and none of the lessees have had cause for complaint at the hands of the lessor.
About 1868 the dam was found to leak in places as a result of age and the constant action of the water, and to remedy the defects and give added strength to the structure a considerable outlay of money was made in building an "apron." Again, in 1895, the company having been highly prosperous in preceding years, it was deemed wise to construct a new dam of sufficient height and strength to meet the requirements of the mill owners for years to come. Accordingly, in that year the present solid masonry dam was begun and the work was completed January 3. 1900; and as a result the Holyoke Water Power company now has one of the largest and most substantial structures of its kind in the world. The dam itself, with immediate appurtenances, contains 50,000 yards of solid masonry, is thirty feet in height, 97.95 feet above tide water at Saybrook, and was built at an ex- pense to the company of $530,000. It is located about one hun- dred feet below the old dam of 1849, and between them the bed of the river is gradually, yet surely. filling with earth deposits; and when this shall have been accomplished by the action of the water alone the new massive stone dam will stand for ages in- vulnerable against the pressure from above.
During the period of its history, few residents of Holyoke have been directly connected with the management of the com- pany's business. James M. Siekman has been in the company's employment for nearly thirty years, in the capacity of civil en- gineer and also as land agent. As engineer he succeeded William A. Chase, who became treasurer of the company. Edward S. Waters. the present treasurer, has been in the office in this city about fifteen years.
( 74 )
Doiized by Google
THE CITY OF HOLYOKE
By an act of the legislature, passed and approved March 3, 1873, the Holyoke Water Power company was authorized to man- ufacture gas and sell the same to the city for illuminating pur- poses ; and at a later date the company installed machinery and established an electric lighting plant both for illuminating and power purposes.
The complete system of canals established by the company in carrying forward its great enterprise during the last forty- five years is almost too well understood by every Hampden county citizen to require a detailed description in this chapter. On the South Hadley side of the river (where the company ac- quired ownership by purchase of the stock of the "Proprietors of Locks and Canals on Connecticut River," this action having been confirmed by the legislature, February 18, 1884), the water is fed into a short canal to supply power to several large fac- tories, and the balance of the river's flow is admitted into a more elaborate canal system on the Holyoke side through thirteen gate- ways, which are operated by a water wheel set in the tower at the end of the dam.
A contemporary writer, in describing the canal system on the Holyoke side of the river, says: "At the inshore end of the bulkhead is a stone lock for the passage of boats. The receiving canal is 1,013 feet long, 140 feet wide at the bottom and four feet wider at the surface, is stoned on either side, as is nearly the en- tire system, forming a right angle with the dam and running from it nearly southeast. From its eastern end the waters are turned, in a southwesterly direction, into the upper level canal which, fifteen feet deep, continues a mile and a quarter in a straight line, at first as wide as the supply canal, but narrowing at the rate of one foot in width for every 100 feet in length, and ending with a width of 80 feet. Parallel with this canal, and of like dimensions, distant 400 feet easterly, and 24 feet lower, runs the second level canal,1 into which fall the waters of the former, after flowing through the mills and moving their machinery."
"From the north end of this waste-water canal its waters
"The second level canal is also fed directly from the supply canal In case the draft of water from the upper level is not sufficient to operate the mills on the second level.
( 75 1
Dghized by Google
Digliand by Google
ยท
THE CITY OF HOLYOKE
are carried into another canal which runs easterly and at length southerly, following the contour of the river, and ultimately flowing into the third level canal projected from the south end of the second level canal first named, thus forming a canal border about two miles long, whose waste waters, after service in the riparian mills, fall into the Connecticut. Fortunately, in the topographical features of the adjacent lands, this magnificent water system was wisely supplemented by a system of streets running parallel with and at right angles to the adjacent canals, with only such modifications of the plan as the changes in direc- tion of the riparian canal rendered necessary. The upper and second level canals traversing the busiest portion of the city are crossed by streets at intervals of 1,000 feet. while half-way be- tween each two of these streets are others without bridges. The large territory embraced within the boundaries of the water sys- tem is practically a level plain, but from the upper level canal westward the ground rises rapidly, attaining nearly its greatest average height about 830 feet from the center of the first level canal."
During the period of their history the water power com- panies have disposed of much of the land comprising their ex- tensive purchases (to which reference has been made) and espe- cially such portions thereof as were not adjacent to the canal system. In such cases the fee in the land was conveyed, but along the canals, on tracts which can be utilized for manufactur- ing purposes, the conveyances are in the nature of perpetual leases, with reversion to the company on non-fulfillment by the lessee of the conditions of the lease. The lessor furnishes land and guaranteed water power for which an annual rental is paid. Mill powers are granted for moderate consideration, and are far less expensive to proprietors than steam power for operating machinery. The responsibility for failure in water power rests upon the company, and thus relieved of hazard in this respect and being provided with ample power for all manufacturing pur- poses, Holyoke industrial enterprises have been able to compete with those of the larger commercial centers and still hold an advantage in their own favor.
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.