USA > Massachusetts > Suffolk County > Professional and industrial history of Suffolk County, Massachusetts, Volume II > Part 27
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The Atlantic Bank was reorganized under the National Bank act in December, 1864, at which time its present name was adopted and the capital increased to $150,000. For the first three years of its existence this bank was located on State street, above Kilby, but since 1831 it has been located on its present site, corner of Kilby and Doane streets.
The condition of the Atlantic National Bank, as reported to the comptroller of the currency, at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts $1,211,644.88
U. S. bonds to secure circulation 50,000,00
Stocks, securities, etc-
561,800.00
Due from approved reserve agents 175,764.18
Dne from other National Banks. 51,007.57
Banking house, furniture and fixtures
267,311.50
BANKING INSTITUTIONS.
Current expenses and taxes paid
12,041.53
Premiums on U. S. bonds
7.000,00
Checks and other cash items
125.83
Exchanges for clearing-house
8,203.97
Bills of other banks
1,120.00
Fractional paper currency, nickels and cents
45.60
Specie
150,081.00
Legal tender notes.
15,500,00
Redemption fund with U. S. Treasurer (5 percent. of circulation)
2,250.00
Total
$2,511,896.06
LIABILITIES.
Capital stock paid in
S 750,000.00
Surplus fund. .
300,000,00
Undivided profits
72,092.51
National Bank notes outstanding
41,500 00
Dividends unpaid.
326.00
Individual deposits subject to check.
1,094,099 19
Demand certificates of deposit
9,166.91
Certified checks
100.00
Due to other National Banks
74,559.39
Due to State Banks and bankers
169,665.68
Liabilities other than those above stated
86.38
Total
$2,516,896.06
MERCHANTS' NATIONAL BANK.
'The Merchants' National Bank began business in July, 1831, with a capital of 8500,000. Edward Eldredge was its first president. After two or three years he resigned, and Mark Healy was elected. Mr. HIcaly resigned in 1836, and Franklin Haven became president of the bank and continued to Jannary, 1884, when he was succeeded by Franklin Ilaven, jr., who now holds the office. Mr. Haven, from IS68 to 1829, was assistant treasurer of the United States at Boston.
Among the carly friends and stockholders of the bank were James Savage, Samuel May, John C. Proctor, William Tuckerman, Henry G. Chapman, William Sturgis, William Appleton, John Bryant, Nathan Appleton, Francis G. Gray, Peter C. Brooks. The first board of directors was composed of William Eager, N. F. Cunningham, John B. Jones, Cushing Mitchell, John C. Proctor, Luke Fay, William Tuckerman, Mark Healy and Horace Gray. Edward Brooks was a director seventeen years. Samuel Hooper, who died in 18;5. was a director thirty-six years. Israel Whitney, who died in 18;1,
278
SUFFOLK COUNTY.
was a director thirty-four years. James K. Mills entered the board in 1837, and left it in 185 ;. Colonel William P. Winchester was elected a director in 1837, and continued thirteen years till his death. David Henshaw (who was collector of the port and secretary of war) was a director sixteen years. Francis C. Gray, "learned in the science of banking as he was in the science of government and of international law," was a director fifteen years. John P. Bayley, who died in 1880, was a director for twenty years. J. Huntington Wolcott was a director twenty-nine years. William Amory held the office of director twenty-six years, his first election being in 1855.
The present board consists of T. Jefferson Coolidge, John F. Ander- son, Franklin Haven, jr., George A. Gardner, Howard Stockton, Na- thaniel Thayer and Abbott Lawrence.
In 1836 the bank purchased of the Bank of the United States its building on State street and reconstructed the interior, leaving un- changed its classic façade and colossal stone columns. Subsequently the bank purchased the adjoining estates and greatly changed the ap- pearance of the building; but the directors' room remains essentially the same as when used by the Bank of the United States for that pur- pose.
The bank was selected as a fiscal agent of the government and de- pository of public moneys in October, 1833, and in that capacity it has always acted whenever a bank was so employed. It early established collection and exchange accounts in all the principal cities of the Union. At the instance of the government an arrangement was made in 1833 by which the notes of this bank were redeemed in coin at cer- tain designated banks in New York, Philadelphia, Baltimore and Wash- ington. This arrangement was carried through by a committee con- sisting of Franklin Haven, David Henshaw, and Samuel D. Bradford.
The capital of the bank was rapidly increased, until about 1.852 it became four millions with right under its charter to increase to five millions. But it was not considered expedient to exercise that right, one of the reasons being the inauspicious condition of the country dur- ing the years which preceded the civil war.
In 1863 the national banking and currency law was passed, and it was deemed expedient to place the bank under its jurisdiction. But a considerable portion of its stock was held in Europe and the measure was opposed by the foreign stockholders who had no confidence in the perpetnity of the Federal government. An act of the State Legisla-
279
BANKING INSTITUTIONS.
ture was passed authorizing the bank to reduce its capital to three mill- ions by purchase and cancellation of one thousand of its shares, and shares abroad and at home were purchased at a moderate premium, and the bank in 1864 was duly placed under the jurisdiction of the United States as a national bank.
The bank took a leading part in furnishing funds to the government during the war, and in its rooms the committee was wont to meet for the purpose of aiding the secretary of the treasury in placing the national loans.
It has been a principle of this bank, never departed from, to afford to the business community all the facilities within its power for carry- ing on industrial pursuits and the internal trade and commerce of the country. The bank has never passed a dividend. It paid dividends as a State Bank, $6,206.250; as a National Bank, $6,553, 446. 15; total, $12, 159, 696. 15.
The condition of the Merchants' National Bank, as reported to the comptroller of the currency, at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts. -
$7,274,494.59 .01
Overdrafts, secured and unsecured
U. S. bonds to secure circulation
135,000.00
U. S. bonds to secure deposits
65,000.00
Stocks and bonds.
306,799.95
Due from approved reserve agents
175,286.67
Due from other National Banks
$31,193.66
Due from State Banks and bankers
3,369.44
Banking-house
600,000.00
Current expenses and taxes paid
02,034.04
Checks and other cash items
17,455.06
Exchanges for clearing-house
,
.
1
818,403.98
Bills of other banks
20,826.00
Nickels and pennies
613.31
Specie
461,044.85
Legal tender notes
93,050.00
U. S. certificates of deposit for legal tenders 70,000.00
Redemption fund with U. S. Treasurer (3 per cent. of circulation)
6,075.00
Total $11,540,646.56
I.IABIL.ITII.S.
Capital stock paid in
- $3,000,000.00
Surplus fund 1,500,000.00
Undivided profits
2.11,343.12
1
1
1
1
t
1
1
280
SUFFOLK COUNTY.
National Bank notes outstanding
121,500,00
Dividends unpaid
2,952.00
Individual deposits subject to check
5,339,990.88
Demand certificates of deposit
945.53
Certified checks
1-18,062.25
Deposits of U. S. disbursing officers
45,258.96
Due to other National Banks
385.793.61
Due to State Banks and bankers
851,800.21
Total
$11,540,646.56
Franklin Haven is the only one of the original officers of the Mer- chants' Bank still surviving. He was born in Cambridge in 1804. At the age of twenty he was appointed receiving and paying teller of the Globe Bank, at the same time Charles Sprague, the " poet banker," became cashier. At the organization of the Merchants' Bank he was appointed cashier, and in 1836 was chosen president, the Merchant's Bank at that time being the bank of largest capital in New England. In 1834 he was appointed pension agent for Massachusetts, and retained the office until 1854. After the suspension of specie payment in May, 1831, Mr. Haven was among the earliest advocates of its resumption. During the early part of President Tyler's administration the exigencies of the government were so urgent that to meet the want of the treasury Congress authorized a loan of twelve millions. Mr. Haven was called to Washington and invited by Secretary Forward to accept the ageney of disposing of the loan in Europe, President Tyler and several members of his cabinet joining in the solicitation. Mr. Haven, however, doubting the expediency of endeavoring to negotiate a loan abroad until a portion of it had been obtained at home, declined the mission, but was afterwards instrumental in placing it among our capitalists. In 1849, during the administration of General Taylor, Mr. Haven was appointed assistant United States treasurer. He resigned the office in 1853, but at the request of President Pierce continued in the discharge of its duties for nearly a year after tendering his resigna- tion. In 1850 Mr. Ilaven was appointed one of the original board of directors of the Illinois Central Railroad by the Legislature of that State. He held this post for thirteen years, and upon retiring from it, the stockholders recognized his services by the presentation to him of a service of silver plate. In 1858 he was appointed by Governor Banks chairman of the State Board of Commissioners for the Public Lands, and rendered valuable services in bringing this enterprise to a successful
281
BANKING INSTITUTIONS.
result, the State realizing, exclusive of expenses, something over three millions of dollars from the sales of these Back Bay lands. For many years he was a director of the Eastern Railroad, and was an early advo- cate of the Boston Clearing-house and its first president. During the Civil War Mr. Haven rendered valuable services to the government. In 1861-1862 he was chairman of the committee of Boston banks for collecting assessments and subscriptions on account of the government loans, and for distributing the bonds and treasury notes received in exchange. He attended in the capacity of delegate various bank conventions held in New York, called at the request of Secretary Chase, for consultation in regard to the means of replenishing the treasury. He was summoned several times to Washington to confer with the secretary and committee of ways and means upon questions of public finance, and his judgment and suggestions were not infre- quently the basis of official and legislative actions.
TRADERS' NATIONAL BANK.
The Traders' Bank was chartered May 31, 1831, with a capital of $500,000. The applicants for a charter were: Samuel May, John Brazer Davis, Thomas Thatcher, Francis Watts, Levi Bartlett, John Stearns, Joshua Sears. Robert Farley and Charles Brown. The con- ditions of the charter were in the main identical with those of the charters granted by the State Legislature during the preceding twenty years.
Annexed is a list of the most widely known stockholders of the Traders' Bank in 1831, and the number of shares, at $100 each, for which they subscribed :
Crockett, Seaver & Co. 50
Edward D. Peters 20
Daniel Hammond 25
Robert C. Hooper 32
George W. Thayer
10
Daniel Denny 25
Samuel Goddard 10
Jonathan Phillips 25
Thomas Gray 20
George P. Jones 25
William Little 10
Jonas Read. 25
Samuel D. Bradford
50
Pliny Cutler 20
Samuel C. Gray
32
Henry Lee 30
Otis Everett
20
Provident Institution for Savings 225
S. G. Williams
24
Atlantic Insurance Co. 639
Simon Stearns 25
The first board of directors chosen consisted of the following citizens, long prominent and estcemed in the mercantile and financial history of
36
282
SUFFOLK COUNTY.
Boston: Jeffrey Richardson, George Howe, George Seaver, David Dudley, Henry Lec, Prince Howes, William B. Reynolds, Deming Jarvis, B. F. Copeland, Jabez Fisher, Josiah Stickney and Thomas Lord. Of this board there are now no survivors; the last two, Jeffrey Richardson and Jabez Fisher, died a few years ago, both having lived to an advanced age. After election, as Messrs. Richardson and Howe declined to serve, Messrs. Jonas Crane and Jabez C. Howe were chosen in their stead.
The original officers of the Traders' Bank were as follows: President, David Dudley; cashier, E. L. Frothingham; first teller, Charles P. Blaney ; first bookkeeper, Jeremiah Gore.
There have been eight presidents of the Traders' Bank, and the fol- lowing shows when they were elected and the length of their terms of service :
David Dudley, from 1831 to 1841, 10 years.
Isaac Parker,
1841 " 1858,
Adam W. Thaxter, .. 1858 - 1861, 3
Benj. B. Williams, . . 1861 - 1821, 10
Edward Sands,
1821 " 1886, nearly 16 ..
F. S. Davis,
1886 - 1889, 3
..
A. L. Fennesy, .. 1889, served for only a brief period.
WV. L. Faulkner, July 12, 1890, to present time.
The first cashier, E. L. Frothingham, served from 1831 to 1831; Jeremiah Gore from 1837 to 1860; Frederick S. Davis from 1860 to 1881, when he was succeeded by A. N. Cooke, who filled the position for more than three years. Following Mr. Cooke, J. E. Toulmier, C. T. Linley and T. W. Andrew served as cashiers for brief periods in the order named. C. C. Domett, the present cashier, was chosen in February, 1892.
The original location of the bank was on India street, but in 1840 the location was changed to 91 State street, where it remained for many years and until its removal to its present quarters, corner of Congress and Water streets.
The Traders' Bank was reorganized under the National Banking act July 15, 1865, as the Traders' National Bank, with a capital of $600,- 000, which was reduced to its present limit, $500,000, in February, 1884. The first board of directors elected, after organization was per- fected as a national bank, consisted of B. B. Williams, Deming Jarvis,
BANKING INSTITUTIONS.
Franklin Snow, Jabez Fisher, Francis J. Parker and Edward Sands. The directors of the bank for 1892 are: B. F. Dutton, A. D. Mcclellan, W. A. Faulkner, Andrew W. Preston, Denman Blanchard, Frank R. Iladley, George W. Armstrong, Joseph W. Work, H. J. Jaquith, D). N. Skillings and S. P. Colt.
'The condition of the Traders' National Bank, as reported to the comptroller of the currency, at the close of business March 6, 1893, was as follows:
RESOURCES,
Loans and discounts $1,416,853.09
Overdrafts, secured.
7,603.88
Overdrafts, unsecured 7 60
U. S. bonds to secure circulation
350,000.00
Stocks, certificates, etc
64,872.50
Due from approved reserve agents
159,320.50
Due from other National Banks
106,849.53
Banking-house, furniture and fixtures
3,571.28
Current expenses and taxes paid
22,607.13
Premiums paid on U. S. bonds
47,500.00
Checks and other cash items
12,205.00
Exchanges for clearing-house
40,605.51
Bills of other banks.
4,715.00
Fractional paper currency, nickels and cents
82.044
Specie
28,088.90
Legal tender notes
76,650.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
11,250,90
Total
$2,353,782.92
LIABILITIES.
Capital stock paid in $ 500,000.00
Surplus fund
50,000.00
Undivided profits
44,240.15
National Bank notes outstanding
315,000,00
Individual deposits subject to check
$878,107.44
Demand certificates of deposit
39,574.82
Certified checks
17.748.33
935,430.59
Due to other National Banks
466,610.30
Due to State Banks and bankers
42,501.88
Total
$2,353,782.92
1
SECOND NATIONAL BANK.
The Second National Bank of Boston was originally the Mercantile and subsequently the Granite Bank. The act of incorporation was
284
SUFFOLK COUNTY.
passed March 5, 1832, and approved March 6, 1832. The original in- corporators named in the aet were: Isaac MeLellan, Robert G. Shaw, Samuel S. Lewis, John Kettell and Charles Henshaw; the charter to continue till October 1, 1851. The capital was fixed at $500,000, in shares of $100 each. It was prescribed by the charter that the Mer- cantile Bank must be located on Commercial street, as near as possible to the head of what was then known as Exchange Wharf, afterward called Commercial or Granite Wharf, on which a number of the orig- inal directors and stockholders transaeted their business.
Among the first stockholders of the Mercantile Bank, and the number of shares for which they subscribed, were:
Charles Cazenove & Co. 50
Bixby, Valentine & Co. 100
Robinson, Tyson & Co.
50
Charles Hood 100
E. Weston 50
Daniel C. Bacon 100
Marshall P. Wilder 100
Nathaniel Faxon
100
E. Hathaway & Co. 100
Daniel D. Brodhead 350
MeLellan, Palliston & Co. 150
John Kettell 350
Joseph V. Bacon
50
P. & C. Flint & Co.
L. Jellison
60
S. Train & Co. 50
B. C. Clark
50
John Henshaw 100
Thaddeus Nichols, jr.
50
P. & S. Sprague 100
Samuel May
60
Samuel May & Co.
50
Humphrey & Pierce.
100
John D. Bates 20
Joseph Lord, jr.
50
Benjamin T. Reed 20)
Robert Farly
100
John Brown 100
George W. lleard
100
David Henshaw
F. Watts 100
John K. Simpson 100
Daniel Denny & Co. 100
Robt. G. Shaw 100
John H. Bradford & Co.
60
Francis G. Shaw 100
E. & W. B. Reynolds
50
John R. Adam 100
John H. Pearson & Co.
50
Henry Oxnard 100
William B. Reynolds
50 Charles Henshaw 350
The name of the Mercantile Bank was changed by an act of the Legislature to the Granite Bank on the 11th of March, 1833, and on April 8th of same year the following directors were elected: John Bin- ney, John Brown, Charles Henshaw, A. C. Lombard, Samuel S. Lewis, Francis G. Shaw, James McGregor, Sherman G. Hill, Enoch Train, John Kettell, B. Lincoln, jr., and Joseph V. Bacon.
In 1851 the capital of the Granite Bank was increased from $500,000 to $600,000 ; in 1852 to $750,000; in 1853 to $900,000; in 1864 to $1,000,- 000, and in 1869 to $1,600,000.
William Savage 50
C. Bradbury 100
285
BANKING INSTITUTIONS.
The Granite Bank became the Second National Bank on the ad of February, 1864. From the date of its incorporation under the National Bank act this bank has enjoyed deserved success, despite the serious drawbacks of war, panics, and exceptionally severe financial crises.
The following is a list of the presidents of the Granite or Second National Bank, with dates of their terms of service :
John Binney, Apr. 12, 1833, to Apr. 16, 1838,
John Kettell, pro tem .. " 16, 1838, " Oct. 22, 1838.
Joseph V. Bacon, Oct. 22, 1838, " Dec. 19, 1842.
George Denny, Dec. 19, 1842, " Jan. 14, 1852.
Henry M. Holbrook, Jan. 29, 1852, " July 12, 1854.
Alpheus Hardy, July 12, 1851, " Oct. 23, 1852.
James H. Beal, Oct. 23, 1851, " Jan. 1, 1888.
Thomas P. Beal, Jan. 1, 1888, " present time.
The cashiers have been as follows:
Archibald Foster, July 19, 1833, to Feb., 1848. Andrew J. Loud, Mar. 8, 1848, " Apr. 1, 1878. Edward C. Brooks, Apr. 1, 1878, " present time.
Since its first organization, February 3, 1832, the bank has occupied four locations, viz. : first on Commercial street, at the head of Exchange Wharf; then from October 19, 1840, to December, 1843, at 61 State street; from 1860 to 1869 in the building built for the bank at the cor- ner of State and Merchants' Row, and since 1869 in the Sears building. The directors of this bank for 1892 are: James H. Beal, Jacob W. Seaver, Alexander S. Wheeler, Osborn Howes, George C. Lord, John W. Wheelwright, William G. Weld, Charles F. Fairbanks, Edward W. Hutchins, Wallace L. Pierce and Thomas P. Beal.
This institution took a prominent part in connection with govern- ment loans during the late civil war, its directors liberally and patri- otically doing their full share to sustain the financial credit of both the State and nation.
The condition of the Second National Bank, as reported to the comp- troller of the currency at the close of business March 6, 1893, was as follows:
RESOURCES.
Loans and discounts .. -$4,612,057.36 U. S. bonds to secure circulation 50,000,00
Due from approved reserve agents $11,880.68
Due from other National Banks 981,115.40
286
SUFFOLK COUNTY.
Current expenses and taxes paid
40,830.02
Checks and other cash items
7,880.72
Exchanges for clearing-house 186,760.68
Bills of other banks 12,200.00
Fractional paper currency, nickels and cents
15.25
Specie
338,839.00
Legal tender notes
38,000.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
2,250.00
Total
$7,082,249.11
LIABILITIES.
Capital stock paid in
$1.600,000.00
Surplus fund
900,000.00
Undivided profits
270,918.08
National Bank notes outstanding
45,000.00
Dividends unpaid
1,188.00
Individual deposits subject to check Demand certificates of deposit
2,080,271.54
96,187.39
Certified checks
21,500.00
Due to other National Bank
1,771,193.48
Due to State Banks and bankers
295,990.62
Total
$7.082,219.11
HAMILTON NATIONAL BANK.
The Hamilton Bank, the predecessor of the present Hamilton National Bank, was one of three Boston banks chartered in 1832, viz. : The Ham- ilton, Market, and Granite. The Hamilton Bank charter was accepted by the stockholders of the bank February 14, 1832. It was to continue till October 1, 1851, with a capital fixed at $500,000. Among the most prominent of the incorporators named in the act were William Thorn- dike, William Appleton, Abbott Lawrence, Henry Cabot, Ebenezer Francis and John Bryant. The first board of directors was elected February 14, 1832, and consisted of William Thorndike, J. Wiley Ed- mands, Thomas G. Cary, Thomas Wigglesworth, Edward Francis, George H. Kuhn, Daniel Denny, Willard Sayles, William Phipps, Marshall P. Wilder, James Cushing and Henry Cabot. On February 15, 1832, Ilon. William Thorndike was elected president, and a few days later the following additional officers were selected : Joseph Hall, jr., cashier; John W. Rand, teller; Otis Turner, bookkeeper, and Joseph L. Hammand, assistant clerk.
President Thorndike died July 12, 1835, and was succeeded by Daniel Denny, who served from July, 1835, till his death in February, 1872.
287
BANKING INSTITUTIONS.
S. S. Blanchard was elected as Mr. Denny's successor and continued as president until February 18, 1883, when A. 11. Bean was chosen presi- dent, and has continued as such to the present time.
Joseph Hall, jr., the first cashier, served in that capacity until Janu- ary 13, 1844; from that time until his deccase, July 13, 1855, Otis Tur- ner was cashier. The latter was succeeded by S. S. Blanchard, who continued from that time until he was chosen president in February, 1872, when George W. Newhall was made cashier, and has since held the position.
The Hamilton Bank was originally located in a two-story stone build- ing once occupied by the State Bank on the site of the present Exchange building. It afterwards occupied the premises 66 State street. In 1869 it removed to 40 State street, where it remained until the completion of its present premises, 60 Devonshire street, in 1820.
The condition of the Hamilton National Bank, as reported to the comptroller of the currency at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts
$1,840,878.17
Overdrafts, unsecured
235.79
U. S. bonds to secure circulation
50,000.00
Stocks, certificates, etc
1,265.00
Due from approved reserve agents
113,825.99
Due from other National Banks.
320,809.55
Current expenses and taxes paid
15,170.78
Checks and other cash items
334.25
Exchanges for clearing-house
196,750.83
Bills of other banks
6,340.00
Fractional paper currency, nickels and cents
99.46
Specie
32.054.00
Legal tender notes
91,618,00
U. S. certificates of deposit for legal tenders
2,250.00
Duefrom U. S. Treasurer, other than 5 percent. redemption fund
10,000.00
Total
$2,711,631.82
LIABILITIES.
Capital stock paid in
$ 250,000.00
Surplus fund
200,000,00
Undivided profits
129,313.45
National Bank notes outstanding
15,000.00
Dividends unpaid.
15.00
Individual deposits subject to check
1,251,141.04
Demand certificates of deposit.
1,100.00
288
SUFFOLK COUNTY.
Certified checks 74,774.07
Cashier's checks outstanding
10,071.18
Due to State Banks and bankers
250,217.08
Total
$2.711,631.82
MARKET NATIONAL BANK.
The act to incorporate the President, Directors and Company of the Market Bank in Boston was dated February 29, 1832. Levi Lincoln was then governor; Edward D. Bangs, secretary of state; William Thorndike, president of the Senate; and William B. Calhoun, speaker of the House. The act was approved by the governor, March 1, 1832. The capital was fixed at $500,000-5,000 shares of $100 each, and the whole to be paid in within one year from the passage of the act; the charter to be in force till October 1, 1851. The incorporators named in the act were: Josiah Marshall, David R. Griggs, John Kendrick, William F. Otis, Amos Binney, James Fullerton, and John A. MeGaw. The charter of the Market Bank contained a special provision that the stock should be only transferable at the banking-house and on its books; and that no part of it should be transferred by way of security for the performance of any obligations until two years from the payment of the first installment.
The following list has been selected from the records of the original stockholders of the Market Bank. Most of those mentioned were prominent citizens of Boston sixty years ago, and all are dead. The number of shares is mentioned for which each subscribed :
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