USA > Massachusetts > Hampden County > Our county and its people : A history of Hampden County, Massachusetts. Volume 2 > Part 19
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
Subsequent events proved the wisdom of this proceeding, and in the course of a few years the savings institution became established on a firm foundation ; and it has since continued to grow in strength and public favor until it has come to be recog- nized as one of the most solid institutions for savings in all New England. In proof of this assertion we have only to refer to the present condition of its affairs. The depositors number over 40,000 persons, and the total deposits aggregate $16,614,075.50. Few similar institutions in the country can make a better showing.
The first officers were John Hooker, president; George Bliss, Jonathan Dwight, jr., David Ames, Roswell Lee, John Chaffee, Joshua Frost, Robert Emery and John Ingersoll, vice-presidents ; Daniel Bontecou, John B. Kirkham, Diah Allen, Samuel Hen- shaw, William Child, Joseph Wetherhead, Benj. Day, W. F. Wolcott, George Colton, George Bliss, jr., Charles Stearns, Moses Bliss 2d, Oliver B. Morris, Justice Willard and Samuel Reynolds, trustees.
When the savings institution was separated from the Spring- field bank in 1844, new quarters were found for the former in Foot's building, but in 1867 the trustees caused to be erected the substantial building at the corner of Main and State streets, the subsequent and present home of the corporation.
The succession of presidents is as follows: John Hooker, 1827-44; Theodore Bliss and William Dwight, each for brief
237 ( )
Henry S. Lee
THE CITY OF SPRINGFIELD
terms from 1844 to 1847; Josiah Hooker, 1847-70; James M. Thompson, 1870-84; John B. Stebbins, 1884-99; Henry S. Lee, 1899-now in office. The treasurers have been John Howard, 1827-49 ; Henry Stearns, 1849-58; Henry S. Lee, 1858-99 ; Joseph C. Booth, 1899-now in office.
The present officers of the institution are as follows: Henry S. Lee, president1 ; Julius H. Appleton, vice-president ; Joseph C. Booth, treasurer ; W. N. Caldwell, clerk ; Henry S. Lee, Julius H. Appleton, Marcus P. Knowlton, Edward P. Chapin, Arthur B. West, John A. Hall, Homer L. Bosworth, W. N. Caldwell and John McFethries, trustees ; James D. Safford, W. C. Marsh and H. W. Haskins, auditors.
The Hampden Savings bank was incorporated and organized in 1852, and "was the creation of Chester W. Chapin, who had in view the establishment of a bank near the depot, to accommo- date the employees of the Western railroad and others from out of town, who might desire to make deposits out of their monthly earnings." On the formal organization of the bank (May 21, 1852) Albert Morgan was elected president; James T. Ames, Chester W. Chapin, Franklin Morgan and Eliphalet Trask, vice- presidents ; Frederick S. Bailey, treasurer ; Samuel S. Day, Will- iam Melcher, Ezekiel Blake, Sylvanus Adams, Andrew Hunting- ton, Stephen C. Bemis, Gilman Jaquith, Hiram Q. Sanderson, Henry Gray, Ephraim W. Bond, Thomas W. Wason and Edward Southworth, trustees.
Previous to 1873 the savings accounts were kept in the Aga- wam bank, to which in a measure the savings bank was auxiliary, but in that year the institutions were separated and in 1899 the savings bank was removed to its present quarters on the west side of Main street. From the time of its organization the affairs of the bank have been prudently and conservatively managed, and the hopes of the founder were realized in the opening of many ac- counts by railroad employees and others of the wage-earning ele- ment of the city's population.
Mr. Morgan continued in the presidency from 1852 to 1856, and then was succeeded by Stephen C. Bemis, who served until
1Mr. Lee died March 29, 1902, and Julius H. Appleton has been elected in his place.
( )
239
OUR COUNTY AND ITS PEOPLE
1871. Eliphalet Trask was the next president, serving until his death in 1890. John Mulligan followed next, and was succeeded in February, 1899, by Charles L. Gardner, the present president. During the half century of its existence, the bank has had only two treasurers, Frederick S. Bailey, who was the active manager of its affairs from 1852 to 1870, and then was succeeded by Peter S. Bailey, who is still in office.
According to the most recent published statement of its condition, the Hampden Savings bank has a deposit fund of more than $3,300,000, and total assets of more than $3,529,000. The present officers are as follows: Charles L. Gardner, president; Henry S. Hyde and Lewis J. Powers, vice-presidents; Peter S. Bailey, clerk and treasurer; Louis C. Hyde, Elijah Belding, Frank E. Carpenter, W. Chaplin Bemis, E. Dudley Chapin, F. H. Stebbins, William F. Callender, J. F. Bidwell, W. E. Wright, Mase S. Southworth, Dwight O. Gilmore and George R. Ester- brook, trustees.
The Springfield Five Cents Savings bank was chartered and organized in 1854, and was the first institution of its kind in the city to specially invite small savings, its patrons being allowed to deposit sums as small in amount as five cents, and from that to $1,000. Dr. George W. Rice was the guiding spirit of the enter- prise, and in his early efforts in behalf of the bank he was aided by Willis Phelps and Dr. Joseph C. Pynchon. On the organiza- tion of the officiary Mr. Phelps was chosen president, and Dr. Pynchon, treasurer. In 1858 Dr. Pynchon became president and Charles Marsh was made treasurer.
Dr. Pynchon was continued in the presidency until 1889, when he died, and was succeeded by Ephraim W. Bond. The latter died December 5, 1891, and was followed as president by Dr. William Rice, who served until his death, August 17, 1897, when Robert O. Morris was elected his successor. In 1859, Charles Marsh, treasurer, was made cashier of the Pynchon bank, upon which Daniel J. Marsh was elected to the vacant office in the savings bank. He still serves in that capacity and now ranks with the oldest bankers in the city ; and it may truthfully be said that in a large degree the success of this institution has been due to his prudent management of its business affairs.
( 240 )
THE CITY OF SPRINGFIELD
From the outset the business of the bank has been conducted with gratifying success. During the first year the deposits amounted to $99,406, and from that time they have increased until the aggregate account at present is more than $6,077,000.
The present officers of the bank are as follows: Robert O. Morris, president; Henry M. Phillips, Oliver Marsh, Charles A. Nichols, vice-presidents ; Daniel J. Marsh, treasurer; Robert O. Morris, Henry M. Phillips, Charles A. Nichols, Alfred M. Cope- land, Henry S. Dickinson, Richard W. Rice, Aaron Bagg, George Leonard, Daniel J. Marsh, Oliver Marsh, Ralph W. Ellis, James H. Pynchon, William H. Gray and Henry D. Marsh, trustees ; Henry D. Marsh, clerk ; Oliver Marsh, William H. Gray, finance committee ; Alfred M. Copelana, George Leonard, Richard W. Rice, auditing committee.
INSURANCE COMPANIES
The history of insurance in Springfield dates from the early years of the last century. At one time the city gave promise of unusual prominence as the home of many companies, and for a time the leadership of Hartford in this respect was questioned. Still, of all the old insurance companies chartered, organized and for a time continued in this city, only three have survived the ravages of time and experience and are in successful operation to-day. Some of our older citizens will remember the old Massa- soit and Hampden insurance companies, and the first Springfield Fire insurance company, all of which lived for a time and then passed naturally out of existence. At a later date there were organized in succession the Washington Mutual Life and the Citizens' insurance companies, which, like the majority of their predecessors, found actual experience at variance with theory, and as a result they, too, fell by the wayside. A like fate over- took nearly all the later assessment companies, each of which promised much and accomplished little for the good of mankind.
The Mutual Fire Assurance company of Springfield, the old- est institution of its kind in the city, and one of the oldest in the state, was chartered and organized in 1827, and was the result of an accident. On a Sunday morning early in that year, when the
16-2
241 ( )
OUR COUNTY AND ITS PEOPLE
meeting house bell was calling the inhabitants to worship, a fire broke out in the dwelling house of Zebina Stebbins, and in spite of the efforts of the villagers and the fire company the building was destroyed. It was a custom of the period, and one which had existed almost from the time the town was founded, in case of serious loss by fire by one of the townsmen his neighbors would generously join together and replace the building or contribute money for that purpose ; and occasions are not wanting in which the town voted to make good the losses of sufferers by fire. This not only was a custom of the age, but also was purely mutual in- surance without the formality of charter or organization.
Zebina Stebbins, the victim of the Sunday morning fire in Ferry lane, was a conspicuous figure in early Springfield history. He did not need contribution on the part of his neighbors, but the fire itself suggested to his mind the need of an insurance com- pany in the town, and he set about the work to accomplish that end. As a result of his efforts the legislature, on February 23, 1827, granted a charter to the Mutual Fire Assurance company of Springfield, naming as incorporators Zebina Stebbins, Joseph Carew, David Ames, jr., Festus Stebbins, Walter Stebbins, John Newbury, Sable Rogers and Jacob Bliss. At a meeting of in-
terested persons held at Russell's inn on February 14, an infor- mal organization of the company was effected. William Bliss was chosen permanent secretary, but the election of other offi- cers was deferred until the next day. On the 15th Zebina Stebbins was made president; William Bliss, treasurer ; and Ze- bina Stebbins, Jacob Bliss, Joseph Carew, Sable Rogers, Theo- dore Bliss, David Ames, jr., and Francis M. Carew, directors.
From the beginning of its history to the present time the policy of the company has been very conservative, and not once has it departed from its old traditions. As a purely mutual corporation it could not well do otherwise and keep faith with the pledges and purposes of the organizers. There are no sal- aried officers, other than the secretary and treasurer, the direc- tors receiving a nominal compensation for attending meetings ; and there are no agents whose commissions make inroads on the revenues of the company, and every endeavor is made to keep
242 ( )
THE CITY OF SPRINGFIELD
down the expense account for the benefit of policy holders. The company insures only dwelling house property, yet its fame and popularity is such that about 2,700 policies are constantly out- standing. Covering the entire period of the company's history, the directors have returned to policy holders an average divi- dend of 80 per cent., and for the last nine years have returned a dividend of 90 per cent. The actual cost to the assured on a policy is about $1.25 on each $1,000 for five years. The assets now aggregate $200,000. The company never has been embar- assed by serious losses and its business department always has been in safe hands.
The presidents of the company have been as follows : Ze- bina Stebbins, May 15-July 25, 1827; Joseph Carew, July 25, 1827-Oct. 5, 1829 ; George Colton, Oct. 5, 1829-March 9, 1838; William Child, March 9, 1838-Oct. 4, 1841; Samuel Reynolds, Oct. 4, 1841, declined ; Charles Howard, declined; Philo F. Wil- cox, Oct. 4, 1841-Oct. 11, 1850; Elijah Blake, Oct. 11, 1850- Oct. 4, 1869; W. C. Sturtevant, Oct. 4, 1869-died Aug. 21, 1891 ; Alfred Rowe, Oct. 6, 1891-Oct. 7, 1895 ; George B. Hol- brook, Oct. 12, 1895-now in office. The secretaries have been William Bliss, 1827-38; Justice Willard, 1838-49; Lewis Gor- ham, 1849-68; Lewis A. Tifft, 1868-74; Frank R. Young, Sept. 19, 1874-now in office. The treasurers have been William Bliss, 1827, declined ; Sable Rogers, 1827-48. (On Oct. 2, 1848, this office was consolidated with that of secretary.)
The officers in 1901 are: George B. Holbrook, president; Frank R. Young, secretary and treasurer; John West, Edwin McElwain, James L. Johnson, H. Curtis Rowley, Henry A. King, Azel A. Packard, Julius H. Appleton, George B. Holbrook and Frank R. Young, directors.
The Springfield Fire and Marine Insurance company, one of the most successful corporations of its character ever char- tered under the laws of Massachusetts, was incorporated by an act of the legislature, passed April 24, 1849, with an authorized capital of $150,000 "for the purpose of making insurance against losses by fire and against maritime losses." The act authorized the company to conduct its business twenty years
( 243 1
OUR COUNTY AND ITS PEOPLE
(later on the charter was made perpetual) and to hold real es- tate not exceeding $15,000 in value. The incorporators were Edmund Freeman, George Dwight, John L. King, and their associates and successors.
Previous to the formal act of incorporation the company in an embryo state began making history, through its founder, Marvin Chapin, a man of means and influence in Springfield. Loyal always to the town (the city then was not incorporated) and its institutions, he argued earnestly in favor of an insurance company at home, which property owners and insurers might patronize rather than contribute to the support of corporations having no local interests, but which annually took away large sums of money in premiums. At first his efforts met with little encouragement, but finally business men saw the logic of his argument and by their promise to take stock the enterprise was made a success.
After the charter was granted no further action was taken until April 9, 1851, when the persons interested held a meeting at the Massasoit house for the purpose of accepting the act and completing the organization. At a meeting held May 19, Wil- liam Conner, jr., was elected secretary, and then it was reported that two rooms in the City hotel building had been hired for the business operations of the company. It was voted to call in $50,- 000 of the capital, and to begin business July 1 by the issue of policies, no single risk to be written for a larger sum than $5,000. Two years afterward an office was opened in New York city, and soon after the company branched out into other states; and now the Springfield F. & M. does business wherever American fire in- surance companies issue policies. The losses for 1851 amounted to $356.25, and the total fire risks written during the year were $1,784,916, and marine risks, $8,280.
The first officers of the company were Edmund Freeman, president, and William Conner, jr., secretary and treasurer. The first board of directors comprised eleven prominent business and professional men, who were identified not only with the history of the company but also with the best interests of Springfield in general. All, except Mr. Walker, were elected to the director-
( 244 )
THE CITY OF SPRINGFIELD
ate on April 9, 1851, and served for the period set opposite their respective names : Marvin Chapin, died June 27, 1899; Ed- mund Freeman, died Jan. 25, 1879; Daniel L. Harris, died July 11, 1879; Chester W. Chapin, died June 10, 1883; Andrew Huntington, died August 18, 1858; Edward Southworth, died Dec. 11, 1869 ; John L. King, resigned 1852 and died September 5, 1872; Jacob B. Merrick, died June 9, 1863; Albert Morgan, died Sept. 24, 1860; Waitstill Hastings, died May 24, 1888; George Walker, resigned 1876 and died Jan. 15, 1888.
After six years of successful operation it was determined to secure more commodious quarters for the company, and accord- ingly a committee was appointed to select a suitable site for a building. In 1857 land was purchased at the corner of Main and Fort streets (where once stood the old Pynchon fort, or mansion) the consideration paid being the sum of $5,600. On this historic land the home office building of the company was erected, and was occupied in 1858.
The Springfield F. & M. has passed the fiftieth year of its history-a half century of remarkable success when we consider the many serious events which during that period have worked the downfall of hundreds of kindred enterprises. True it is that during this period our own home company has not escaped dis- aster, and while the losses in the Boston fire of 1872 (the most serious in the history of the company) swept away the accumu- lated surplus and impaired the capital to the extent of $150,000, the stockholders stood firmly together, paying all demands with- out complaint and showing no disposition to part with their cer- tificates on account of the losses of that and the preceding year, or at any other time when disturbances in business circles neces- sitated heroic action to maintain the integrity of the company.
Several times during the period of its history the capital stock of the company has been increased to keep step with grow- ing conditions. In 1859 it was doubled, and in 1866 it was in- creased from $300,000 to $500,000. In later years as business operations were extended and the company became recognized as one of the most reliable insurance concerns in the country, still further increases were made, the last of which, in July,
( 245 )
OUR COUNTY AND ITS PEOPLE
1901, raised the capital from $1,500,000 to $2,000,000. On January 1, 1901, the total assets were $5,159,623.47, while the total liabilities, including capital, amounted to $3,340,480.06. At that time the net surplus was $1,819,143.41, and the surplus as regards policy holders, $3,319,143.41. Since it began business the company has paid losses aggregating $27,459,196.69.
The succession of officers of the company is as follows :
Presidents-Edmund Freeman, April 9, 1851-resigned April 11, 1874 ; Dwight R. Smith April 20, 1874-died April 15, 1880 ; Jarvis N. Dunham, May 31, 1880-died Dec. 2, 1891; An- drew J. Wright, Dec. 7, 1891-died March 14, 1895; A. Willard Damon, April 8, 1895-now in office.
Vice-presidents-Dwight R. Smith, April 14, 1868-April 20, 1874; Andrew J. Wright, Dec. 8, 1890-Dec. 7, 1891; Charles E. Galacar, Sept. 25, 1896-now in office.
Secretary and Treasurers-William Conner, jr., May 26, 1851-resigned Feb. 5, 1866; Jarvis N. Dunham, March 5, 1866- resigned June 6, 1868; Sanford J. Hall, July 6, 1868-resigned April 1, 1872.
Secretaries-Sanford J. Hall, July 6, 1868-died Dec. 28, 1900 ; William J. Mackay, Jan. 1, 1900-now in office.
Treasurers-Andrew J. Wright, April 9, 1872-Dec. 7, 1891; Henry M. Gates, Dec. 7, 1891-died April 30, 1899; Francis H. Williams, May 8, 1899-now in office.
Assistant secretaries-Sanford J. Hall, Nov. 12, 1866-July 6, 1868 ; Charles A. Birnie, April 17, 1884-Feb. 10, 1890; A Wil- lard Damon, Dec. 8, 1890-April 8, 1895; William J. Mackay, April 15, 1895-Jan. 1, 1901.
Directors, 1901-Frederick H. Harris, Marshall Field, James L. Pease, Mase S. Southworth, Henry S. Lee, Warren D. Kinsman, Homer L. Bosworth, William A. Harris, A. Willard Damon, Charles E. Galacar.
The Massachusetts Mutual Life Insurance company, the survivor of all the numerous life insurance companies which dur- ing the last thirty years have striven to gain a permanent foot- hold in this city, was incorporated by an act of the legislature, approved May 15, 1851, and from that time has been numbered
( )
246
THE CITY OF SPRINGFIELD
among the most successful institutions of its kind in the state. A mutual organization from the outset, its founders aimed to es- tablish a firm financial basis by providing a guarantee capital of $100,000, but in 1867 this feature was abolished and the company became in fact, as well as in name, a purely mutual corporation.
The real founders of the company were George W. Rice and Dr. Alfred Lambert, the former at one time having been the rep- resentative of a foreign life company, while the latter was its medical examiner in the town. They conceived the idea of es- ยท tablishing a life insurance company in Springfield, and set about the missionary work necessary to educate the pubic to that end. The ultimate result of their labors was an informal organization, pledges to the guarantee capital, and a lively interest in having a home life company established on an equitable basis of opera- tion. 3 Then followed the act of incorporation, the principal persons mentioned in which were Alexander H. Avery, James M. Thompson and William Rice, and their associates and successors.
On May 27 the stockholders held a meeting, perfected a tem- porary organization and elected the following board of directors : James M. Thompson, Alexander H. Avery, Harvey Danks, Ches- ter W. Chapin, William B. Calhoun, Samuel S. Day, George Bliss, George Ashmun, Henry Gray, Edmund Freeman, William Rice, Rufus Chandler, George Dwight, E. F. Moseley, Caleb Rice, Henry Fuller, jr., Erasmus D. Beach, John Hamilton, Al- fred Lambert and W. W. Boyington On June 20 the board voted to employ a secretary-F. E. Bacon-who also was to act as managing officer of the company's business. In August the first policy was written, the assured being director Harvey Danks. From that time forward the work was vigorously pushed and offices were established in various places in this and other states.
The early years of the company's history were accompanied with many vicissitudes, and on at least one occasion the perma- nence of the institution was threatened; but in the course of a few more years the former experiences served as object lessons for the future and success was assured. Now, having passed a half century of active business life, and having in that time
( )
247
OUR COUNTY AND ITS PEOPLE
grown from a small organization struggling for existence to one of the strongest and safest insurance corporations in all New England, the fondest hopes of the founders have been realized to their fullest extent, though none of the original factors in its creation have lived to witness its best achievements in the clos- ing years of the nineteenth, or its splendid condition at the be- ginning of the twentieth century.
During the last decade of the century just closed the assets of the company increased more than 133 per cent., and the sur- plus more than 167 per cent. On December 31, 1900, the assets aggregated $26,245,622.04, while the liabilities amounted to $23,- 920,986.53 ; surplus, $2,324,635.51. From 1851 to the close of the year 1900 the company paid death claims amounting to the gross sum $20,163,430.97; endowments matured, $3,370,018.00; and dividends, $9,559,142.03.
This gratifying sucecss has been due largely to the con- fidence of the public in the stability of the company, and this sta- bility, in turn, has been the result of efficient management and the high character of those who have composed the officiary of the company.
The presidents of the company have been Caleb Rice, 1851-73 ; Ephraim W. Bond, 1873-86 ; M. V. B. Edgerly, 1886-95 ; John A. Hall, 1895-now in office. The vice-presidents have been Erasmus D. Beach, 1851-67 ; Ephraim W. Bond, 1867-73 ; C. Mc- Lean Knox, 1873-74; Henry Fuller, jr., 1874-85; M. V. B. Edg- erly, 1885-86 ; Henry S. Lee, 1886-now in office. The secretaries have been F. E. Bacon, 1851-70; C. McLean Knox, 1870-73; Avery J. Smith, 1873-81 ; John A. Hall, 1881-95 ; Henry M. Phil- lips, 1895-now in office. The actuaries have been James W. Mason, 1860-73; Oscar B. Ireland, 1873-now in office.
The present officers and directors are as follows: John A. Hall, president; Henry S. Lee, vice-president; Henry M. Phil- lips, secretary ; Oscar B. Ireland, actuary; Julius H. Appleton, Henry S. Hyde, Marcus P. Knowlton, N. C. Newell, Lewis J. Powers, John A. Hall, Henry S. Lee, Henry M. Phillips, Charles S. Warburton, William W. McClench, John S. Tilney, John F. Anderson, jr., Edward A. Groesbeck, John R. Redfield, George B.
( 248 )
THE CITY OF SPRINGFIELD
Chandler, Edwin D. Metcalf, John K. Marshall, Albert E. F. White and Charles S. Mellen, directors.
THE STREET RAILWAY SYSTEM
During the early years of the war of 1861-65, at a time when nearly all of the progressive cities of New England were agitat- ing the subject of street railroads, a movement was set on foot looking to the establishment in Springfield of such a carrier sys- tem.
On March 30, 1863, the legislature passed an act to incor- porate the "Springfield horse railroad company," with a capital of $100,000, and authority to construct and operate a horse rail- road with single or double tracks from such points on Main street as the city council might determine, reserving to the city the privilege to purchase the road after the expiration of ten years.
The incorporators named in the act were Chester W. Chapin, George Bliss and Henry Alexander, jr., all of whom were conspicuous figures in early city history. But however praiseworthy may have been the purpose of these citizens, their scheme never was developed into life, and beyond securing the charter and a general discussion of the matter nothing was ac- complished, probably owing to the uncertainties of the war then in progress in the South.
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.