USA > Massachusetts > Hampden County > Our county and its people : A history of Hampden County, Massachusetts. Volume 2 > Part 18
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THE CITY OF SPRINGFIELD
never at any time was the soundness of the institution brought into question. The present paid in capital is $400,000, and the deposit account, both in amount and number of depositors, com- pares favorably with that of any bank in the city. The present surplus fund aggregates $150,000, and about $55,000 stands credited to the undivided profit account. The present officers of the bank are A. J. McIntosh, president ; Arthur B. West, cashier ; Henry S. Lee, George L. Wright, Arthur B. West, A. J. McIn- tosh, George S. Taylor and B. D. Rising, directors.
The Agawam bank, predecessor institution to the Agawam National bank, was incorporated by an act of the legislature passed February 12, 1846, the corporators being Chester W. Chapin, Addison Ware and Edmund Freeman. The original capital was $100,000, and was increased in 1848 to $200,000, and to $300,000 in 1857. The act provided that the bank should be located and maintained within twenty-five rods, north or south, of the Western railroad in Springfield, which fact in a measure may account for the continuous location of the bank in the vicin- ity of the railroad for more than half a century. The principal reason that has impelled the directors to remain in this locality is in the fact that the surroundings are entirely congenial, and in this busy center of trade and traffic the bank has become one of the fixed and leading institutions.
The first board of directors comprised Chester W. Chapin, Horatio Lyon, Wells Southworth, Albert Morgan, J. B. Vinton, James Barnes, Benjamin Day, Willis Phelps and Addison Ware. Mr. Chapin was the first president and Frederick S. Bailey the first cashier. Mr. Chapin was continued in office until 1850, when Albert Morgan succeeded him. The latter died in 1856 and was succeeded by Thomas Stebbins, who continued until the election of Marvin Chapin in 1862. Mr. Chapin was president throughout the reorganization period and until 1870, when he declined a re-election. Mr. Bailey as cashier and active officer of the bank had a long and honorable service in that capacity, and on his retirement was succeeded by the present cashier, W. M. Willard.
The Agawam National bank, No. 1,055, was organized in May, 1865, with a paid-in capital of $300,000, and an authorized
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capital of $500,000. When the reorganization was effected there was no change in the officers and board of directors. On Mr. Chapin's retirement from the presidency in 1870, Henry S. Hyde was elected his successor and was continued at the head of the bank until January, 1901, when he retired and was succeeded by Mr. McGregory.
From the time it was first established in 1846 to the present day the Agawam bank, state and national, has held a high standing in financial circles in New England, and it always has been regarded as a safe and well managed institution. The present officers are H. W. McGregory, president; W. M. Willard, cashier ; H. W. McGregory, George Nye, jr., William H. Chapin, Charles A. Nichols, Mase S. Southworth, Lewis J. Powers and Henry M. Brewster, directors.
The Western bank, of Springfield, was incorporated by an act of the legislature passed May 1, 1849, the corporators, who also were its guiding spirits throughout its brief career, being Eliphalet Trask, Samuel Bailey, Samuel Day, and their asso- ciates. The original capital was $100,000, the amount being in- creased in 1850 by an additional $150,000.
The bank began business under favorable circumstances and was well officered. Its first and only president was Caleb Rice, while Charles P. Bissell was the first cashier. He was succeeded by George P. Bissell, and the latter, in turn, by J. L. Warriner. Among the other prominent men who were at some time identified with the business affairs of the bank there may be recalled the names of Eliphalet Trask, Edmund Freeman, H. N. Case, W. N. Flynt, William Rice, Willis Phelps, W. C. Sturtevant, Samuel S. Day, William Birnie, Chauncey L. Covell and others, who served in the capacity of directors. Eventually, however, the bank be- came involved in loans to western railroads and other enterprises, and failing in an emergency to realize on its securities it was forced to suspend.
The John Hancock bank was incorporated by an act of the legislature passed April 6, 1850, the corporators being James W. Crooks, James M. Thompson, Walter H. Bowdoin and Solomon Hatch, who are remembered by our older citizens as four of the
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foremost men of the town in their time, and whose connection with the organization of the bank inspired confidence in the enterprise on the part of the public. The original capital was $100,000, but afterward the amount was increased to $150,000. The bank was organized at a meeting held at the old Armory house, on the hill, for this was distinctively an institution of that locality, the charter itself providing that it be established on the south side of State street "on the hill, near the armory." In 1857 the legislature authorized its removal to "some more con- venient location," and accordingly in the same year the concern was established in its present quarters on Main street.
Although Mr. Crooks was the guiding spirit of the enterprise even to the extent of suggesting its name, he was too much occu- pied with other business affairs to assume its management, there- fore Colonel Thompson was chosen president, and Edmund D. Chapin, the present president, was made cashier. The first board of directors included such well known business men as Mr. Crooks, Col. Thompson, W. H. Bowdoin, Solomon Hatch, Edward F. Moseley, Pliny Cadwell, Alexander H. Avery and Roger S. Moore. For eight years the bank did business on the hill, and then it was resolved to move nearer the active center of trade on Main street. This being accomplished the old bank's career was continued with gratifying success to its stockholders until 1865, when a reorganization under the national banking act was effect- ed. Col. Thompson was president until 1863, when he was suc- ceeded by Roger S. Moore. Mr. Chapin was cashier of the state bank throughout the period of its existence and for several years after it was reorganized as a national bank.
The John Hancock National bank, No. 982, was organized in 1865 with $150,000 capital stock (subsequently increased to $250,000) and since that time it has been one of the leading finan- cial institutions of the city. Mr. Moore was elected its first president and served in that capacity until 1890, when he was succeeded by Edmund D. Chapin, who for many years has been regarded as the mainstay of the bank, and its active managing officer. When Mr. Chapin became president E. D. Metcalf was chosen vice-president and E. Dudley Chapin was made cashier.
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This personnel of the officiary has been changed but little in later years.
A glance at the bank report discloses a healthful condition of affairs in connection with the John Hancock bank. Its policy for years has been conservative, therefore safe and prudent, hence the confidence felt in its management by the business public. The last report of its condition shows a surplus and undivided profit account of more than $90,000, and a total de- posit account of more than $400,000. The present officers and directors are Edmund D. Chapin, president; E. Dudley Chapin, cashier ; Edmund D. Chapin, John Kimberly, Edward C. Rogers, L. Z. Cutler, Edward H. Wilkins and E. Dudley Chapin, directors.
The Pynchon bank was incorporated under the state laws relating to banks, in 1853, and was established in a location at the southern end of the business center of the city. at that time. The state was not wholly in favor of granting bank charters indiscriminately and it was necessary that incorporators furnish some logical reason for founding their institution, and the need thereof. The old Agawam bank was started within twenty rods of the Western railroad depot, to accommodate trade in that vicinity ; the John Hancock bank was started on the hill, near the armory, where trade then was increasing; and in the same manner the Pynchon bank was intended to accommodate the mer- chants and other business interests in the south part of the city, near the corner of State street.
Among the prominent men interested in founding the bank were Willis Phelps, Homer Foot, "Gov." Beach, George Mer- riam, Charles Merriam, J. B. Rumrill, Col. Case, Samuel Bowles and William Stowe, each of whose names is frequently mentioned elsewhere in connection with events of early city business his- tory. H. N. Case-Col. Case-was the first president, and Henry Alexander, jr., was the first cashier. In 1865 the bank was reorganized as the Pynchon National bank, No. 987, and in 1869 the capital was increased from $150,000 to $200,000.
The presidents of the Pynchon bank, both state and national, were H. N. Case, 1853-58 ; James Kirkham, 1858-62; H. N. Case,
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1862-89 ; Charles Marsh, 1889-91; Edward D. Chapin, 1891-1901. During the same period the cashiers were Henry Alexander, jr., 1853-58 ; Frederick H. Harris, 1858-63; James D. Safford, 1863- 66; Charles Marsh, 1866-89 ; George R. Bond, 1889-1901.
For almost half a century the Pynchon bank was numbered among the solid financial institutions of Springfield, and deser- vedly enjoyed the confidence of the public, as well as a large pat- ronage ; but on June 24, 1901, owing to certain investments on which immediate returns were not possible; the comptroller' of the currency ordered a suspension of business. At that time the bank's capital was $200,000 and its surplus was $100,000. The officers and directors in 1901 were Edward P. Chapin, president ; George R. Bond, cashier ; Edward P. Chapin, H. C. Rowley, John S. Sanderson, James T. Abbe, William O. Day, Charles C. Lewis and George R. Bond, directors.
The First National bank, No. 14, of Springfield, was char- tered in 1863, and its founders are said to have constituted the first body of business men in the entire country to apply for a charter after the national banking act went into effect. How- ever, other applications were received first, hence in the numeri- cal order this bank was given the number 14. It was organized February 24, 1863, with $150,000 capital, the amount being in- creased to $300,000 in 1864, and to $400,000 in 1871. The first directors were James Kirkham, Henry Morris, Orick H. Green- leaf, Daniel B. Wesson, Samuel Norris, W. K. Baker and George E. Howard.
On the organization of the board, Mr. Kirkham was elected president, and from that time until his death in February, 1893, he was at the head of the bank and its chief managing officer. In March following John Olmsted was elected president and still serves in that capacity. His successful business career is too well known in Springfield to need mention here, and the reader only has to refer to the institutions of the city to ascertain how he has been a factor in local events. Julius H. Appleton was the first cashier, being succeeded in 1866 by James D. Safford, who, in turn, was succeeded in 1872 by Dustin A. Folsom, the present cashier and active officer of the bank.
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The First National bank is one of the solid financial institu- tions of the Connecticut valley in Massachusetts, and in banking circles in New England it always has held an enviable standing; and its affairs never were more prosperous than at the present time. Its capital is $400,000; surplus, $80,000; undivided pro- fits, $32,753. The officers and directors are as follows: John Olmsted, president; Dustin A. Folsom, cashier; F. L. Safford, assistant cashier ; John Olmsted, John West, Peter Murray, Henry J. Beebe, Harlan P. Stone, Alfred N. Mayo, James W. Kirkham, and B. Frank Steele, directors.
The Third National bank of Springfield, No. 308, in the numerical succession, and second of the original national banks in this city, was organized in 1864, under the immediate super- vision of George Walker, who in later years attained a standing of prominence in financial circles both in this country and in Europe. The bank was formally organized February 20, 1864, with $500,000 capital, and opened its doors for business with these officers and directors: George Walker, president; Freder- ick H. Harris, cashier; George Walker, John L. King, John Wells, Joseph C. Parsons, Emerson Gaylord, Edmund Freeman, Clark W. Bryan, Joseph Carew and Aaron Bagg, directors.
Mr. Walker continued at the head of the bank until 1876, when he was succeeded by Joseph C. Parsons. On the death of the latter in 1886, Frederick H. Harris, the former cashier (and who in one capacity or another has been identified with banking history in the city since 1839) was elected president and still holds that relation to the institution. Frederick Harris, son of the president, was appointed assistant cashier in 1873, and on the election of his father to the presidency, he was chosen cashier, which position he still holds.
Except as one board of officers has succeeded another in the evolution of time and events, there has been little change in the personnel of the management of the Third National bank. When the institution was founded it at once became a prominent factor in the financial history of the city, and from that time its pro- gress has been onward until it came to be regarded as one of the safest banking houses in New England. For many years it has
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been a depository for government funds, and at various times its disbursements for the armory pay-rolls has been exceedingly large. The building at the corner of Main and Hillman streets was erected in 1875, and even now it is numbered among the more substantial structures of the city. The building committee, un- der whose supervision the work of construction was done, com- prised Henry A. Gould, James H. Newton and Joseph Carew.
The Third National bank has a capital of $500,000, a sur- plus of $400,000, an undivided profit account of more than $66,000, and a total deposit account of over $1,600,000. In a large degree this gratifying success was due to the capacity of Mr. Walker, yet since his death the conduct of the business has been in equally reliable hands in his successor. At the present time the officers and directors of the bank are as follows: Frederick H. Harris, president; Frederick Harris, cashier ; Frederick H., Harris, Henry A. Gould, J. S. McElwain (Holyoke), Charles R. Ladd, Aaron Bagg, jr., A. W. Damon and Frederick Harris, directors.
The Chapin National bank was first incorporated in 1872 under the state laws, as the Chapin Banking and Trust company, and was named in allusion to Chester W. Chapin, its founder and principal stockholder, and also one of Springfield's foremost business men for many years. Indeed, it is doubtful if any other man was more closely identified with vast and varied busi- ness interests in the city and county than was Mr. Chapin. The first directors of the banking and trust company were Chester W. Chapin, William K. Baker, James M. Thompson, James A. Rumrill, John B. Stebbins, Daniel L. Harris, Henry S. Lee, Geo. C. Fisk, Charles O. Russell and W. H. Wilkinson. (Having mentioned Mr. Chapin's close relation to business interests in the city, it is also proper to state in this connection that no bank previously organized in Springfield had a stronger board of directors than the original Chapin bank.) Mr. Chapin was the first president, Mr. Baker the first vice-president, and James D. Safford the first cashier.
Thus officered and with a capital of $500,000, the bank opened its doors for business and in the course of a few years it
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THE CITY OF SPRINGFIELD
was recognized as one of the most successful financial institutions of the city. There was little change in the officiary of the board of directors before 1879, when James A. Rumrill succeeded Mr. Chapin in the presidency, and William F. Callender, who had been teller in the bank since it was started, was made cashier in place of Mr. Safford. On October 1, 1879, the state charter was surrendered and the bank was reorganized under the national banking act as the Chapin National bank, No. 2,435.
From the time the Chapin bank began business it has been a strong financial institution, always popular with the public, well managed and officered, yet the best results have been achieved since the reorganization of 1879. In its present condition the bank has a capital of $500,000, a surplus of $100,000, and an un- divided profit account of $65,000. The deposit account aggre- gates over $1,300,000. The officers and directors are William F. Callender, president, who was elected to that office June 3, 1897, succeeding Mr. Baker; George R. Yerrall, cashier, elected April 5, 1893, succeeding Mr. Callender, who was made vice-president at that time ; James A. Rumrill, Edward S. Bradford, Samuel R. Whiting, William F. Callender, Charles C. Jenks, Chester W. Bliss, Dr. Theodore F. Breck and George R. Yerrall, directors.
The City National bank of Springfield, No. 2,433, was organ- ized September 9, 1879, with $250,000 capital, and with James D. Safford (formerly cashier of the Chapin banking and trust com- pany) as president, and Henry H. Bowman (now president of the Springfield National bank) as cashier. The first directors were James M. Thompson, John B. Stebbins, Marcus P. Knowl- ton, Nelson C. Newell, George B. Holbrook and James D. Safford.
Throughout the period of its history Mr. Safford has been president and active managing officer of the bank, and the certain success achieved by the institution is largely due to his efforts. Mr. Bowman was cashier until succeeded by Edwin A. Carter, in January, 1893, and the latter was, in turn, succeeded in 1900 by William E. Gilbert, the present cashier.
The managers of the bank at the outset adopted a liberal policy, and its affairs always have been conducted in accordance with progressive business methods, hence its success and the
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popular standing it has in business circles in the city. Accord- ing to the latest published report of its condition, the bank has a surplus and undivided account of over $160,000, and a deposit account of more than $1,163,000.
The present officers and directors are as follows: James D. Safford, president; William E. Gilbert, cashier; Marcus P. Knowlton, Nelson C. Newell, Luke S. Stowe, Lewis F. Carr, Edwin A. Carter, James B. Carroll and James D. Safford, directors.
The Springfield National bank, the youngest of the city's financial institutions established under federal laws, was organ- ized May 6, 1893, with a capital of $200,000, but notwithstanding this it is unquestionably one of the strongest banks in New Eng- land. Eight years of business shows an accumulated surplus of $200,000, undivided profits amounting to more that $61,000, and a deposit account of over $2,243,000. The original officers (Henry H. Bowman, president; George B. Holbrook, vice-presi- dent ; and Ralph P. Alden, cashier) are still in their respective positions, and in the personnel of the board of directors there has been little change. W. C. King, B. D. Rising and A. H. Over- man, who were members of the first board are not now of the number. The present directors are Robert W. Day, Ralph W. Ellis, W. D. Kinsman, Franklin Pierce, F. G. Tobey, Michael Dunn, George B. Holbrook, C. A. Crocker, George W. Tapley, Henry H. Bowman and Ralph P. Alden.
The Springfield Safe Deposit and Trust company, the oldest banking concern of the city doing business under state laws, and also one of the most substantial institutions of its kind in the entire region, was organized in December, 1885, and opened its doors for business in July, 1886. The original charter was granted in 1873 to Henry Alexander, jr., Smith R. Phillips, Charles O. Chapin, Samuel B. Spooner and Samuel Palmer, but as no organization was effected under the charter within the required time the company forfeited its rights and subsequent legislation was necessary to revive it.
The first board of directors, chosen in 1885, comprised J. G. McIntosh, Samuel Bigelow, C. H. Haywood, Edwin McElwain,
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Nathan D. Bill, A. B. Wallace, Charles D. Rood, J. S. Hurlbut, Timothy Merrick, Rodney Wallace, William Skinner, W. L. Brown, J. S. McElwain, Joseph Metcalf, G. H. Newman, J. L. Warriner and Samuel Blaisdell. The first officers were J. G. McIntosh, president; W. A. Lincoln, treasurer; Timothy Mer- rick, Samuel Bigelow, A. B. Wallace, William Skinner and Joseph Metcalf, executive committee. The original capital of $300,000 was subsequently increased to $500,000, and although a safe deposit and trust company within the strict interpretation of the name, the institution always has done a general banking business, and, except in the issue of currency, has greater power than is extended to national banks.
For more than fifteen years the Springfield Safe Deposit and Trust company has been an important factor in the business history of the city and state. Its affairs always have been well managed and it has gained especial popularity in mercantile and manufacturing circles. As has been stated, the company's capi- tal is $500,000, the surplus and undivided profit account aggre- gates more than $311,000, and its deposit account is above $2,- 700,000. The total assets are more than $3,544,000.
The present officers of the company are J. G. McIntosh, president; W. A. Lincoln, vice-president ; George H. Kemater, treasurer ; J. G. McIntosh, A. B. Wallace, Joseph Metcalf, Sam- uel Bigelow, W. H. Heywood, John E. Stevens, Edwin McEl- wain, Luke Corcoran, A. A. Marston, Albert D. Nason, J. Searle Hurlbut and W. A. Lincoln, directors.
The Hampden Trust company was incorporated by a special act of the legislature, June 1, 1887, under the name of the Hamp- den Loan and Trust company, by Emerson Gaylord, Henry S. Hyde, Henry M. Phillips, Edward H. Lathrop, William W. Wright, Daniel J. Marsh and Charles A. Kibbe. The object of the company was to carry on a general banking, loan and trust business under the laws of this state, and the incorporation ap- pears to have been suggested by Col. M. V. B. Edgerly, who aimed to conduct the business in connection with the Massachu- setts Mutual Life as auxiliary to that corporation. However, under the charter nothing was accomplished for several years,
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and the company in fact was not organized and ready for busi- ness until the spring of 1895.
The first officers were Col. Edgerly, president; Henry M. Phillips, vice-president; and William G. McIntyre, treasurer. Before the business was fairly started Col. Edgerly died and John A. Hall was thereupon elected his successor. He served one year and was succeeded by Gov. Haile, who died in February, 1901, and during whose term in the presidency the company be- came firmly established in banking circles in the city. On the death of Gov. Haile, William G. McIntyre, the former treasurer, was elected president of the company, and at the same time Say- ward Galbraith, originally clerk and later assistant treasurer, succeeded to the vacancy created by the advancement of Mr. McIntyre.
Six years of business have demonstrated the usefulness and success of the Hampden Trust company (the name having been changed May 1, 1901) as one of the financial institutions of Springfield. The company does a general banking business, having a deposit account of nearly $1,500,000, and in addition thereto acts as trustee, executor or administrator of estates of deceased persons, and also as registrar for corporations. Indeed, under its charter and the laws of the state the company possesses all the advantages of national banks, except in the issue of cur- rency, and in many respects has greater powers. The latest report of its condition shows a capital of $100,000, undivided profits amounting to $57,000, and trust accounts aggregating nearly $200,000.
The present officers of the company are William G. Mc- Intyre, president; William F. Whiting and Henry C. Haile, vice- presidents ; Sayward Galbraith, treasurer; Henry M. Phillips, William E. Wright, William B. Plunkett, Peter Murray, Henry C. Haile, William W. McClench, Edmund P. Kendrick, William F. Whiting and William G. McIntyre, directors.
The Springfield Institution for Savings, the oldest corpora- tion of its kind in Hampden county and one of the oldest in Massachusetts, dates back in its history-an unbroken record of successful business operation-to the year 1827, when it was
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brought into existence by a special act of the legislature. When business was begun the institution was conducted as an auxiliary to the old Springfield bank, and occupied the same building until 1844. At first its business was quite limited, the deposits in the year mentioned amounting to less than $50,000. About that time the trustees were disposed to wind up its affairs, but finally ap- pointed a committee (William Dwight, John Howard, Theodore Bliss, James Brewer and Samuel Reynolds) to consider the prem- ises and suggest a plan of action for the future. The committee reported in favor of continuing the bank, and accordingly it was separated from the old patron institution and started out on an independent career.
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