USA > Massachusetts > Suffolk County > Professional and industrial history of Suffolk County, Massachusetts, Volume II > Part 32
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RESOURCES.
Loans and discounts
$1,346,596.82 7.80
Overdrafts, unsecured.
U. S. bonds to secure circulation
50,000.00
Stocks, certificates, etc 20,439.00
Due from approved reserve agents
118,120.57
Due from other National Banks
5,281.24
Current expenses and taxes paid
8,400.51
Checks and other cash items 18.35-1.1.1
Bills of other banks 17,655.00
Fractional paper currency, nickels and cents.
750.10
Specie
109,084.50
Legal tender notes
38,965.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
2,250.00
Total
$1,745,897.73
LIABILITIES.
Capital stock paid in
$ 300,000.00
Surplus fund
150,000.00
Undivided profits
42,361.17
National Bank notes outstanding
44,200.00
Dividends unpaid
1,366.00
Individual deposits subject to check
1.170,666.16
Demand certificates of deposit
37,331.10
Total
$1,745.897.73
336
SUFFOLK COUNTY
BOSTON NATIONAL BANK.
The Boston National Bank was organized under a State charter. June 4, 1853, with a capital of $300,000, which in April, 1854, was increased to $250,000. The original directors were John H. Wil- kins, Otis Daniell, J. E. Hazelton, William H. Hill, David Kim- ball, A. K. P. Cooper, J. M. S. Williams, Abraham T. Lowe, and Jonathan Preston. John H. Wilkins was elected its first president and Charles B. Hull cashier. March 24, 1864, a reorganization was perfected under the National Bank aet, when the name of the institution was changed to its present title of the Boston National Bank. In 1868 the capital stock was increased to $1,000,000. Charles B. Ilull, the first cashier of the bank, and later president, was at one time treasurer of the Commonwealth. The present officers of the bank are Silas Pierce, president, who has been a director since 1879; D. B. Hallett, cashier, who has been in the service of the bank since 1855, and David Bates, assistant cashier, whose connection with the bank dates from 1869. The directors for 1892 are David L. Webster, Charles S. Kendall, William A. Russell, Lyman Nichols, Silas Pierce, J. E. Hall, John C. Howe, and W. W. Blackmar.
The report of the officers of this bank to the comptroller of the eur- reney, made at the close of business, March 6, 1893, shows the condi- tion of the bank to have been as follows:
RESOURCES.
Loans and discounts $2,551,981.76
248.45 Overdrafts, secured
U. S. bonds to secure circulation 50,000.00
Stocks, certificates, etc 210,162.50
Due from approved reserve agents 269,318.32
Due from other National Banks
786,293.23
Due from State Banks and bankers
2,698.70
Other real estate and mortgages owned
10,900.00
Current expenses and taxes paid
18,365.44
Premiums paid on U. S. bonds
8,000.00
Checks and other cash items
8,428.67
Exchanges for clearing-house
120,024.07
Bills of other banks 6,134.00
Specie.
230,475.00
Legal tender notes
57,000.00
U. S. certificates of deposit for legal tenders 20,000.00
Redemption fund with U. S. treasurer (5 per cent. of circulation) 2,250.00
Total
$4,352,279.14
33:
BANKING INSTITUTIONS
LIABILITIES.
Capital stock paid in. .
$1,000,000.00
Surplus fund
157,000.00
Undivided profits.
120,091.63
National Bank notes outstanding
45,000.00
Dividends unpaid
63.00
Individual deposits subject to check
2,308,855.30
Demand certificates of deposit
50,206.23
Certified checks ..
1,800.00
Due to other National Bank
542,488.90
Due to State Banks and bankers
101,774.08
Bills payable
25.000.00
Total
$4,352,279 14
MONUMENT NATIONAL BANK.
The Monument Bank of Charlestown, now the Monument National Bank, was granted a charter on March 28, 1854, with a capital of $150, - 000. The meeting of the petitioners for organization was held at the Savings Bank, 15 City Square, on May 10 following, at which a code of by-laws was adopted and the following named gentlemen elected to constitute a board of directors, viz. ; Peter Hubbell, jr., James Dana, James Lee, jr., George W. White, James H. Conant, James (). Curtis, and Alexander Beal. At subsequent meetings of the directors, Peter Hubbell was chosen president and George L. Foote, of Cambridge, cashier.
At the first annual meeting of the subscribers to the capital stock. held October 3, 1854, the same directors were re-elected with one ex- ception, Andrew Sawtell being substituted for Mr. Beal. With this board of directors, president and cashier before named, the Monument Bank opened for business on March 14. 1855, and entered at once upon a prosperous career, paying its first dividend of three per cent. on the Ist of October following.
During the first decade, which covered the history of the bank as a State corporation, the banking institutions of the country were com- pelled to encounter the memorable panic of 1857, and later, the fail- ures, depression and general derangement of business occasioned by the civil war. It was not to be expected that the Monument Bank, however well handled, would pass through unscathed. During this ten years its total loans amounted to $9,328,000, and it losses to $19,940, or 213, of one per cent. of the amount loaned, under the circumstances
$3
338
SUFFOLK COUNTY.
a very creditable showing. Notwithstanding these losses the ban continued its regular dividends in April and October of each year, dividing among its stockholders for this entire period an average annual dividend of seven and fifteen-hundredths per cent.
At the date of its annual meeting in October, 1864, a large majority of the banks throughout the country having reorganized under the National Banking aet, the directors were authorized to take such action as would enable the bank to become a national banking associa- tion under this act. This change was subsequently made by the direct- ors without any interruption of business, the Monument Bank assum- ing its new title of the Monument National Bank of Charlestown, May 1, 1865. The board of directors at this time consisted of Peter Hub- bell, James O. Curtis, Andrew Sawtell, Bradley M. Clark, Josiah F. Guild and Amos Stone, Clark and Guild having been elected at the annual meeting in October, 1858, and Mr. Stone in October, 1863.
Mr. Hubbell held the office of president until his death, which occurred January 9, 1871; James O. Curtis was elected his successor and served until his death, March 3, 1890, when he was succeeded by the present president of the bank, Amos Stone. Mr. Stone has been a director since 1863. He is also president of the Charlestown Five Cents Savings Bank and of the Mutual Protection Fire Insurance Com- pany.
Mr. Foote resigned his position as cashier in December following the reorganization of the bank for the purpose of entering the private banking business in Boston, but his valuable experience was retained in the interest of the bank by his immediate election as a member of the board of directors. He was succeeded as cashier January 1, 1866, by the present incumbent of the office, Warren Sanger, who has ably and most efficiently discharged the duties of the position.
Of the members of the board of directors for 1892, consisting of Amos Stone, Henry C. Rand, George B. Neal, Warren Sanger and Mark F. Burns, Mr. Stone is the oldest in point of service, having been elected in 1863. Mr. Rand was elected in 1879, Mr. Neal in 1880, Mr. Sanger in 1888, and Mr. Burns in 1891.
The Monument Bank bequeathed to its successor, the Monument National Bank, a good reputation, a good business and a reserve of undivided profits equal to twenty-five per cent. of its capital. Com- mencing under these favorable auspices just after the close of the civil war, the bank, under the national system, has continued its career of
339
BANKING INSTITUTIONS.
prosperity and success. Conservative management, as applied to the payment of dividends, as well as to the general affairs of the bank, has placed this institution in the front rank of the national banking associa- tions of Boston.
According to the report of the officers of this bank to the comptroller of the currency at the close of business, March 6, 1893, its condition was a follows:
RESOURCES.
Loans and discounts
$613,436.02
Overdrafts, secured and unsecured
30.97
U. S. bonds to secure circulation.
50,000.00
Stocks, securities, ete
77,500.00
Due from approved reserve agents
111,015.22
Current expenses and taxes paid
4,341.61
Checks and other cash items.
5,345.95
Bills of other banks ..
2,736.00
Fractional paper currency, niekels and eents
11.34
Specie .
25,365.80
Legal tender notes
11,200.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
2,250.00
Total
$903,232.91
LIABILITIES.
Capital stock paid in
$150,000.00
Surplus fund
160,000.00
Undivided profits
70,610.42
National Bank notes outstanding
42,900.00
Dividends unpaid
150.00
Individual deposits subject to check
473,236.96
Demand certificates of deposit
6,177.11
Due from other National Banks
158.42
Total
$903,232.91
NATIONAL MARKET BANK OF BRIGHTON.
The National Market Bank of Brighton was incorporated as a State institution, under the name of the Market Bank of Brighton, March 28. 1854. Among the incorporators named in the act were: Life Baldwin. Charles Heard and Granville Fuller. Its original capital was $100,000. which has since been increased to $250,000. It was reorganized under its present name in 1865. The present officers of the bank are as fol- lows: President, Granville Fuller; cashier, Frank G. Newhall; direct- ors, B. M. Fiske, G. A. Fuller, Hiram Barker, Granville Fuller, Albert A. Taylor, Homer Rogers and Henry F. Coe.
4
340
SUFFOLK COUNTY.
The following is the report of the officers of this bank to the comp- troller of the currency, at the close of business, March 6, 1893:
RESOURCES.
Loans and discounts 573,975.51
1,146.21
Overdrafts, unsecured
U. S. bonds to secure cireulation 50,000.00
Stocks, certificates, etc. 17,500.00
Due from approved reserve agents
2,471.70
Current expenses and taxes paid
2,282.50
Premiums paid on U. S. bonds
7,375.00
Cheeks and other eash items.
8,810.06
Bills of other banks
5,618.00
Fractional paper currency, nickels and cents
187.77
Specie_
11,608.00
Legal tender notes
15,000.00
Redemption fund with U. S. treasurer (5 per cent. of eireulation)
2,250,00
Total
$ $38,224.75
LIABILITIES.
Capital stock paid in
250,000.00
Surplus fund
50,000.00
Undivided profits
19,921.93
National Bank notes outstanding. .
40,500.00
Dividends unpaid
1,170.00
Individual deposits subject to check
$318,236.01
Cashier's cheeks outstanding 57,425.33
375,661.34
Due to other National Banks
968.48
Total
$ 738,22.1.75
NATIONAL IIIDE AND LEATHER BANK
The National Hide and Leather Bank was incorporated in May, 1852, as a State institution, under the name of the Hide and Leather Bank, with a capital of $1,000,000. The original board of directors consisted of John Field, Albert Thompson, Lee Claflin, John Baury, Henry Poor. William Claflin, Daniel Harwood, N. W. Keen, Samuel Atherton, T. Batcheller, James S. Stone and Frederick Jones.
The original stockholders of this bank included the following promi- nent citizens and firms :
John B. Alley-
150
Alderman & Gore 50
P. Ames & Sons
100
George M. Barnard
25
Samuel Atherton
111
T. & E. Bateheller . 100
341
BANKING INSTITUTIONS.
O. Bennett
50
John P. Ober 50
Henry Boggs
50
Charles H. Parker 50
Campbell, Harwood & Co.
50
Charles C. Poor 50
William Claflin .
200
Henry Poor
Lee Claflin
350
Charles Rice. 50
1). M. Christie
50
Nathan Robbins 100
Field, Converse & Co.
100
James S. Stone
John Field
54
Albert Thompson 50
Fay & Stone
50
James Tucker, jr. 20
Joseph Holmes
50
James P. Thorndike 50
Daniel Harwood
104
Mace Tisdell 50
C. C. Harvey
50
E. W. Upton 100
William H. Hill
50
Robt. Upton 50
Frederick Jones
67
Foster Waterman 50
Keen, Reed & Bryant
140
Pierce, Brothers & Flanders. 50
N. M. Keen
100
Rising, Lester, Child & Co. 50
At a meeting of the directors, held at the American House June 25, 1854, Lee Claflin was chosen president.
On the 10th of March, 1864, the directors were empowered, when they should deem it expedient, after having obtained the consent of the owners of two-thirds of the capital stock, to take the usual steps to transform the institution into a national bank. On March 26, 1864, it was voted to become a national bank, and on the 24th of June follow- ing it commenced operations as the National Hide and Leather Bank. Since then the capital has been increased to its present amount. $1,500,000.
This bank was located in 1857 at ît Pearl street, and from April 1, 1858, to January, 1863, in the Suffolk Bank building. At the latter date it moved into the Simmons Block, corner of Congress and Water streets, where it remained until the building was destroyed in the great fire of 1822. Since April, 1844, it for a time was located at 20 Federal street, corner of Franklin, but now occupies fine quarters corner of Congress and Milk streets.
The Hide and Leather Bank has had four presidents: Lee Claflin from June 25, 1854, to October 19, 1860; Daniel Harwood from that date till succeeded by ex-Governor William Claflin, who remained till January, 1825, when he resigned and was succeeded by the present president, George Ripley. Mr. Ripley was cashier of the Hartford Bank, Hartford, Conn., in 1860. From that year until 18to he was engaged in the manufacture of paper in Lowell, Mass. From 1812 to 1825 he was national bank examiner.
342
SUFFOLK COUNTY.
This bank has had five cashiers: John S. March, from its origin until he was made vice-president ; James D. Martin from that time until he resigned, April 28, 1868, when he was succeeded by William Bassett; George N. Jones, who resigned February 28, 1878, when he was suc- eceded by the present cashier, Samuel Carr, jr.
The National Hide and Leather Bank has suffered by no forgeries, but in the early part of 1868 a defalcation of over $500,000 was dis- covered in the accounts of the cashier, who had for years permitted certain outside parties to overdraw to that amount, although it is not supposed that he received or expected to receive any pecuniary benefits from the collusion.
The directors of this bank for 1892 are: William Claflin, Alfred L. Ripley, George Ripley, R. H. Stearns, Gilman B. Dubois, Jacob Rog- ers and George G. Davis. Of this board, William Claflin has served ever since the origin of the bank.
The condition of this bank, as reported to the comptroller of the cur- reney at the close of business March 6, 1893, was as follows:
RESOURCES.
Loans and discounts
$3,023,089.45 2.433
Overdrafts, unsecured
U. S. bonds to secure circulation
50,000.00
Stocks, certificates, etc.
218,790.24
Due from approved reserve agents
271.991.95
Due from other National Banks
339,633.04
Current expenses and taxes paid
27,407.66
Checks and other cash items
3,073.77
Exchanges for clearing-house
163,748.72
Bills of other banks
1.908.00
Fractional paper currency, nickels and cents
1,191.43
Specie
199,574.15
Legal tender notes
32,871.00
Redemption fund with U. S. treasurer (5 per cent. of circulation) 2,250.00
Total
$4,335,531.84
LIABILITIES.
Capital stock paid in
$1,500,000.00
Surplus fund.
300,000.00
Undivided profits 152,416.63
45,000.00
Dividends unpaid.
72.00
Individual deposits subject to check
901,461.77
Demand certificates of deposit 30,328. 18
Certified checks.
10,450.00
National Bank notes outstanding
343
BANKING INSTITUTIONS.
Due to other National Banks.
1,111,365.39
Due to State Banks and bankers
284,437.57
Total
84,335,531.84
NATIONAL BANK OF REDEMPTION.
The year 1858 was marked by the disturbance of the Suffolk Bank system. For several years previously the banks of New England had contemplated the establishment of a bank to perform the work of assort- ing country money, the profits on which were supposed to be large, to be divided among them. With this view the Bank of Mutual Re- demption was incorporated in 1855, with an authorized capital not exceeding $3,000,000, to which the banks of Massachusetts were to subscribe one-half and the other New England banks the other half ; no bank to subscribe over five per cent. of its capital. The new bank was subjected to special restrictions in regard to its issues and loans. It was not until 1858 that the Bank of Mutual Redemption commenced operations with a capital of 8561,200 and the following directors: James G. Carney, of Lowell, Mass. ; Franklin Nichols, Norwich, Conn. ; Almon D. Hodge, Boston; Stephen N. Mason, Woonsocket, R. I. ; Charles Francis Adams, Quincy, Mass .; Ezra Farnsworth, Boston; Francis H. Dewey, Worcester, Mass. ; Jacob H. Loud, Plymouth, Mass. ; Geo. W. Thayer, Boston; Chester W. Chapin, Springfield, Mass., and Adam W. Thaxter, Boston. James G. Carney was chosen president and Henry P. Shed cashier. The Suffolk Bank system had produced results so excellent, and assumed a position of so much importance that the majority of the Boston banks were opposed to the attempt to sup- plant it, and refused the Bank of Mutual Redemption admission to the Clearing-house Association. The division of the business of redemp- tion caused considerable bitterness; the friction arising finally led the Suffolk Bank directors to give notice that they would discontinue the business of assorting country money after November, 1858. The Bank of Redemption having subsequently signified its readiness to receive country money at the rate of twenty-five cents per $1,000, several of the Boston banks made a permanent arrangement with the Suffolk Bank on this basis. Others transferred their business to the Bank of Mutual Redemption, which in April, 1858, had one hundred and forty-three banks, or about half the banks of New England, as its stockholders. At this early date the bank employed a clerical force of fifty in its re- demption department alone. The system of redemption of country
344
SUFFOLK COUNTY.
money was successfuly conducted until the establishment of the national bank system which rendered it no longer useful or practicable.
In October, 1864, this bank was organized as the National Bank of Redemption, under the National Banking act, making at the time a stock dividend of twenty per cent. and increasing its capital stock to $1,000, - 000, since which time it has always paid from six per cent. to ten per cent. in annual dividends, and now shows surplus and profits of over half a million dollars. The general and special character of its organ- ization as a bank of redemption gave it a most fortunate relationship as a reserve agent for many New England banks, a feature which has been preserved to the present day, and which is now so prominently manifest in its bank deposits of over $5,000,000, besides individual de- posits of over $2,000,000. Chas. A. Presbrey is the oldest officer of the bank, having been cashier since February, 1863. James B. Case has been president since November, 1888. The directors for 1892 are: James B. Case, Jacob Edwards, Charles A. Grinnell, Dexter N. Richards, Theophilus King, O. H. Alford, J. Albert Walker, Henry M. Knowles and Spencer W. Richardson.
The condition of this bank, as reported to the comptroller of the cur- reney at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts $5,189,909.24
Overdrafts, secured and unsecured
3,078.29
U. S. Bonds to secure circulation 400,000.00
Stocks, securities, etc. 31,231.78
681,983.05
Due from other National Banks
1,083,530.97
1)ue from State Banks and bankers
37,205.35
Interest and exchange
33,648,57
Current expenses and taxes paid
44,205.19
Premiums paid on U. S. bonds
55,000.00
Checks and other cash items
7,412.23
Exchanges for clearing-house
891.721.46
Bills of other banks
16,015.00
Fractional paper currency, nickels and cents
13.46
Specie
557,402.85
Legal tender notes
52,006.00
U. S. certificates of deposit for legal tenders.
10,000.00
Redemption fund with U. S. treasurer (5 per cent. circulation)
18,000.00
Due from U. S. treasurer, other than 5 per cent. redemption fund
8,000.00
Total
$9,120, 153.44
Due from approved reserve agents.
4
315
BANKING INSTITUTIONS.
LIABILITIES.
Capital stock paid in ..
$1,000,000.00
Surplus fund .
-100,000.00
Undivided profits
158,548.35
National Bank notes outstanding
3.17,100.00
Dividends unpaid
252.00
Individual deposits subject to check
1,954,621.28
Demand certificates of deposit
97.102.58
Certified checks.
150.152.16
Due to other National Banks
3,431, 290.69
Due to State Banks and bankers
968,086.45
Bills payable
610,000.00
Total
$9 120,453.44
NATIONAL BANK OF THE REPUBLIC.
At the office of the China Mutual Insurance Company, on the 14th of December, 1859, the first meeting of the subscribers to the stock of the Bank of the Republic was held for the purpose of organizing, choosing directors, etc. The capital stock was fixed at $600,000, in shares of $100 each. The whole number of shares already subscribed was found to be 1,82%, representing 334 votes, all of which were cast for the following ten gentlemen, who were accordingly elected the first board of directors: David Snow, Aaron Kimball, Horatio Chickering, Thomas Nickerson, S. G. Palmer, Asa Jacob, Charles W. Pierce, Joseph J. Whiting, Franklin L. Fay and Joseph F. Dane. The articles of association were then accepted and signed by the following twenty- seven subscribers, who took the number of shares affixed to their names, and who were the real founders of the bank :
David Snow.
John J. Newcomb, 2.7
Gen. John S. Tyler,
10 Charles S. Kendall, 10
Joseph Nickerson,.
100
Pierce Brothers & Flanders, 110
Charles B. F. Adams,
100
S. G. Palmer,. 50
J. Baker & Co ..
20
S. G. Palmer & Co.,
Horace Scudder & Co.,
100
12. 1 .. Fay, 50
Daniel Harwood.
10
Fay & Stone. .
Frederick Jones,
10 John Borrowscale, 10
F. Nickerson & Son,
100
Aaron Kimball. 100
Iloratio Chickering.
50
Joseph J. Whiting.
50
A. & AA. Jacobs,
100
Thomas Nickerson,
50
Horatio Otis Briggs.
Nickerson & Co ..
Joseph T. Dane.
100
Plumer & Co .. . 10
Edwin Briggs,
=
346
SUFFOLK COUNTY.
Thus the shares subscribed for on that day, December 11, 1859, were 2,055, representing $205,500. On the same day, by unanimous vote, David Snow was elected president of the bank. On the 31st of the same month, T. C. Severance was chosen cashier; Charles A. Vialle paying teller, and Lloyd Briggs messenger. On the 9th of January, 1860, Nathan P. Lamson was chosen bookkeeper.
The bank was opened for business in February, 1860, in the Wiggles- worth Building on State street. On the 17th of May following it was voted to increase the capital to $1,000,000. At the fourth annual meeting of the stockholders held in November, 1863, a formal ballot was taken relative to changing to the National Bank system, and of the whole number of votes cast, 157, all but ten were in favor of the meas- ure. Pursuant to this result on the 16th of March, 1864, at a special meeting of the stockholders, the preliminary steps were taken to become a national bank. On the 13th of April, 1864, Hugh MeCulloch, comptroller of the currency, sent a certificate authorizing the bank to com- inence operations as a national bank, and on the 2d of May it did so under its present name, National Bank of the Republic. It was the third bank in Boston organized as a national bank, the Safety Fund having been the first and the Granite second.
David Snow continued as president of the institution from its origin until his death January 12, 1826. On the 24th of the same month he was succeeded by Harrison Otis Briggs. Mr. Briggs had been a director of the bank almost from the beginning, and from 1853 to 1858 had been a director of the Broadway Bank, South Boston. Mr. Briggs was succeeded by Charles A. Vialle, who has since ably filled the position.
T. C. Severance, the first cashier of the bank, resigned on the 13th of February, 1862, on account of seriously impaired health. The office was then tendered to Charles A. Vialle, but he declined, and William Bassett, jr., was elected. Mr. Bassett resigned on June 4, 1863, when Charles A. Vialle was selected and held the position until elected presi- dent. He was succeeded by Henry D. Forbes, who has been in the service of the bank for twenty-eight years. Mr. Vialle is the only one of the original officers still connected with the bank. He commenced his banking career as messenger in the Suffolk Bank, was afterwards teller in the Bank of the Metropolis, and has served the Bank of the Repub- lie (State and national) throughout its whole existence with conspicu. ous ability and fidelity.
BANKING INSTITUTIONS.
On the 1st of April, 1869, the capital stock of this institution was in- creased from $1,000,000 to $1,500,000, one-half of the assessment, $500,000, was a stock dividend of twenty-five per cent. and amounting to $250,000. This institution was a fiscal agent of the United States Treasury Department from 1864 to 1872, and during this time negotiated very large amounts of treasury notes, 6-30's; and of 10-40 bonds. The largest amount it subscribed for, in one day, was $1,500,000. At one time it had a deposit of over $5,000,000 of government money.
The board of directors of the National Bank of the Republic for 1892 is composed of Frederick D. Allen, George W. Merrett, Albert Stone, Charles W. Fieldl, C. A. Vialle, Jacob P. Bates, William G. Benedict and Costello C. Converse.
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