USA > Massachusetts > Suffolk County > Professional and industrial history of Suffolk County, Massachusetts, Volume II > Part 40
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463.15
Cash on hand.
13,349.96
Total
$1,562,001.58
LIABILITIES.
Deposits
$1,508,616.51
Guaranty fund
41,141.56
Interest account 12,243.45
Total
81,562,001.58
129
SAVINGS BANKS.
UNION INSTITUTION FOR SAVINGS.
A charter for the Union Institution for Savings was granted to Moses B. Williams, Patrick Donahoe, John C. Crowley and their associates February 8, 1865. The bank commenced business on May 1, 1865, at No. 328 Washington street, and in August, 1820, removed to the stone structure erected for its use on the corner of Chauncey and Bedford streets. Later on it removed to corner of Washington street and Hay- ward Place, remaining in this location until a few months ago, when it removed to its present location, corner of Tremont and La Grange streets. This savings institution was largely the outgrowth of the Catholic element in Boston, being strongly advocated by Right Rev. John B. Fitzpatrick, Very Rev. J. J. Williams, the present archbishop of Boston, and Rev. John MeElroy. At the time of its inception it was difficult to obtain loans on Catholic church property from the savings banks of the city, whose depositors were to a large extent Irish Roman Catholics. This institution broke down the existing prejudice against such loans, and at the present time they are eagerly taken and considered among the safest investments. The Union Savings Bank has been managed with care and ability, and during the great run on savings banks which occurred some years ago it proved to be one of the strongest institutions of its kind in the State. The original vice-presi- dents of the bank were Patrick Donahoe, Wm. H. Thorndike, Rev. James Fittore, Daniel S. Lamdon, Michael Doherty, Joshua D. Ball, William I. Bowditch, Rev. George F. Harkins, John Conlon and R. Geo. A. Hamilton; trustees, R. R. S. Andros, J. G. Blake, T. Camp- bell, Hugh Carcy, James Collins, M. 11. Gleason, Ambrose Kohler, Joseph A. Lafrome, Francis MeLaughlin, Theo. Metcalf, William Murray, Hugh O'Brien, William S. Pelletier, John Il. Fallon, Samuel Tuckerman, Thomas J. Lee, Moses B. Williams and Robert Il. Waters. John C. Crowley, the first president of the bank, continued in that office until 1880, when he was succeeded by llon. Ilugh O'Brien, who has since served in this capacity. Mr. Ilugh O'Brien was mayor of Boston for four years, and is now chairman of the Board of Survey of the city. George C. Emery at the time of his death in 1886 had been connected with the bank as treasurer from its organization. He was succeeded by William S. Pelletier, one of the original organizers of the bank, who still holds the position. Joseph D. Fallon has been vice- president since since 18 ;.. The present trustees are John G. Blake, Henry Canning, Michael M. Cunniff, John Curtin, James G. Davis, C.
430
SUFFOLK COUNTY.
F. Driscoll, William A. Dunn, Joseph D. Fallon, John E. Fitzgerald, M. F. Gavin, C. P. Harkins, Thomas B. Fitz, Edmund Readon, P. H. Kendricken, John M. Maguire, John J. Mundo, Owen Nawn, Hugh ()'Brien, William S. Pelletier, W. J. Porter, P. F. Sullivan, Joseph Walker, Michael J. Ward and N. M. Williams.
The condition of this bank for the year closing October 31, 1892, was as follows:
ASSETS.
Pubhe funds as per schedule
315,000,00
Bank stock as per schedule
183,549.50
Loans on bank stock 43,000.00
Railroad bonds as per schedule 223,300.00
Loan on railroad bonds 50,000,00
Real estate (for banking purposes)
175,000,00
Real estate by foreclosure
42,838.43
Loans on real estate
2,101,110.00
Loans on personal security
1,292,000.00
Loans on depositors' books
250.00
Deposits in banks, on interest
190,666.61
Cash on hand
12,510.29
Total
$4,629,224.83
LIABILITIES.
Deposits
$4,330,759.85
Guaranty fund
133,600.00
Interest account
85,799.24
Profit and loss account
78,537.85
Suspense account
112.00
Mortgage and interest suspense
416.39
Total
$4,629,224.83
The total number of open accounts at the date of the foregoing report was 10,063. The amount of deposits for the year was $1,060, 292.21, and during the same period $941,342. 29 was paid out to depositors.
IIOME SAVINGS BANK.
The Home Savings Bank was incorporated March 12, 1869, and opened for business February 1, 1870, with Henry Smith as president and E. O. Rockwood as treasurer. The present president of the bank, Charles H. Allen, has filled that position since 1880, and is also presi- dent of the Central National Bank, a trustee of the Boston Sinking Fund, and prominent as a financier and executor of important trusts.
134
SAVINGS BANKS.
W. E. Hooper, treasurer, was chosen in 188 ?. He has been connected with the bank since August, 1820. The trustees of the bank, repre- senting some of the most prominent financiers and capitalists of Boston, are as follows: Charles V. Whitten, Louis Weissbein, Thomas F. Temple, William P. Hunt, Joel Goldthwait, Charles W. Bradstreet, Henry D. Hyde, Alonzo S. Weed, Albert T. Whiting. Charles M. Clapp, Henry Baldwin, Newton Talbot. Weston Lewis, William H. Thomes, Charles J. Hayden, David W. Farquhar, George L. Damon, Freeman M. Josselyn, James H. Freeland, Henry Frost, George K. Guild, James G. Haynes, A. L. Fessenden, Rufus G. F. Candage, Henry C. Morse, Ira G. Hersey, Edward P. Mason, Homer Rogers, Stephen W. Reynolds, Edwin Robinson, George A. Fernald, William G. Benediet, Charles B. Perkins, Frederick A. Turner, Henry C. Jack- son. Levi L. Willeutt; investing committee, Charles II. Allen, Newton Talbot. John W. Leighton, Thomas F. Temple, Albert T. Whiting, Henry C. Jackson.
In October, 1891, this bank had open accounts with 19,000 depositors, and the amount standing to their credit was $4,094, 218.48, or an aver- age amount of $?24.61 to each depositor, while its guarantee fund and undivided earnings amounted to $205,613.98, with total assets of $4,326,438.68.
The condition of this bank on October 31, 1892, is shown by the fol- lowing report :
ASSETS.
Public funds as per schedule $ 147,500.00
Loan on public funds
4,000.00
Bank stock as per schedule.
398,500.00
Loans on bank stock
26.100.00
Railroad bonds as per schedule
192,300.00
Loans on railroad bonds
35,000.00
Loans on railroad stocks
106,800,00
Railroad notes.
15,000.00
Real estate by foreclosure
10,025.00
Loans on real estate
2,048,270.00
Loans on personal security
1,617,657.53
Deposits in banks, on interest.
165,670.60
Expense account.
1,238.76
Premium account
451.50
Tax title account
142.85
Suspense account
27.73
Cash on hand
2,289.17
Total
$4,830,973.11
432
SUFFOLK COUNTY.
LIABILITIES.
Deposits
$4,564,252.56
Guaranty fund
194,000.00
Interest account 29,467.96
Profit and loss account
43,223.84
Real estate income account. ..
28.78
Total
$4,830,973.14
The number of open accounts at date of foregoing report was 19,386. The amount deposited during the year was $1, 419, 853.93, and during the same period $1, 128, 110.31 was withdrawn by 14, 124 depositors.
NORTH END SAVINGS BANK.
This institution was chartered February 12, 1820, and commenced operations with the following officers: President, Robert Marsh; vice- presidents, Alonzo M. Giles, Mathew Kearney, Thomas Mair, and Clin- ton Viles; clerk, George S. Derby; treasurer, George C. Trumbull ; trustees, Henry C. Brooks, William C. Burgess, Michael Carney, Har- vey Carpenter, E. H. Dunn, Dennis F. Flagg, H. W. Fuller, Henry R. Glover, Adrin B. Hull, Nathaniel Hamilton, Peter Harvey, James Healey, William A. Holmes, Thomas L. Jenks, Samuel P. Langmaid, E. Rollins Morse, George W. Parmenter, Lewis Rice, C. J. F. Sher- man, N. B. Shurtleff, Jesse Tirrell, Charles A. Vialle, Charles E. Wig- gins, and William C. Williamson.
The bank was first located at 80 Union street, where it remained un- til March, 18;4, when it was removed to 89 Court street, and two years later to its present quarters 5; Court street.
There have been but three presidents of the bank : Robert Marsh, Na- thaniel J. Rust, and Thomas L. Jenks, the latter having been connected with the bank ever since its organization. The present officers of the bank are as follows: President, Thomas L. Jenks; vice-presidents. Clinton Viles, Lucins Slade, Increase E. Noyes, and James Wentworth Brown; treasurer, Herbert C. Wells; clerk, William C. Williamson ; trustees: Charles G. Burgess, John Henry Coffin, John H. Colby, Will- iam A. Holmes, Andrew J. Lovell, I. E. Morrison, L. Foster Morse, Henry Pfaff, Francis Raynes, Henry B. Rice, Isaac B. Rich, Joseph R. Richards, Wallace F. Robinson, William Robinson, Nathaniel J. Rust, William G. Shillaber, Addison Smith, Adoniram J. Taylor, James M. Upton, Frederic L. Walker, J. Otis Wetherbee, Charles E. Wiggin.
433
SAVINGS BANKS.
Rare good judgment has marked the management of this institution, and its condition, as shown by the following report, made October 31, 1892, reflects great credit upon those entrusted with its control.
ASSETS.
Public funds as per schedule
S $4,900.00
Bank stock as per schedule
140,057.00
Loans on bank stock
20,800 00
Railroad bonds as per schedule
151,906.25
Real estate by foreclosure ..
3,161.27
Loans on real estate
721,418.00
Loans on personal security .
264,100.00
Loans to counties, cities or towns (notes)
20,390.00
Loans on depositors' books
157.00
Deposits in bank, on interest
43,000.00
Expense account
2,149.23
Suspense account
848.89
Cash on hand.
4,019.61
Total
$1,446,907.25
LIABILITIES.
Deposits.
$1,385,014.00
Guaranty fund.
33,350.00
Interest account
28,543.25
Total
$1,446,907.25
The total number of open accounts at the time of the foregoing re- port was 4,320; amount of deposits for the year $564,425.83, represent- ing 6,191 depositors.
WILDEY SAVINGS BANK.
The Wildey Savings Bank is a comparatively new institution, having been incorporated March 18, 1892, and was the first savings bank to be inaugurated in Boston for twenty-one years. The officers are: John J. Whipple, president; George F. Taft, treasurer; and J. Lawrence Mar- tin, clerk. The first report of its condition, made October 31, 1892, seven months after date of incorporation, shows the following facts:
ASSETS.
Loans on real estate
$40,100.00
Loans on personal security
6,800.00
Deposit in bank, on interest
2,914.90
Expense account.
5,644.83
Furniture and fixtures
1,151.43
Cash on hand.
2,539.80
Total
$59,150.96
55
434
SUFFOLK COUNTY.
LIABILITIES.
Deposits
$55.610.61
Interest account
795.78
Due on mortgage loan
2,744.57
Total
$59,150.96
Mr. Whipple, the president of the bank, is a resident of Brockton, Mass., and is of extended banking experience, having been for ten years, previous to the organization of this bank, president of the Brock- ton Savings Bank, of which he is still a trustee. Of the vice-presidents Henry Denver, of Springfield, is superintendent of the Western Union Telegraph Company there; Alfred S. Pinkerton, of Worcester, is a prominent member of the bar, and is president of the Massachusetts Senate; Edwin L. Pilsbury, of the Charlestown District, is commis- sioner of public works of Boston ; George F. Taft is secretary and treas- urer of the Allston Co-operative Bank, and is treasurer of this bank. Besides the president and vice-presidents the board of trustees includes Jay B. Crawford, Henry A. Thomas, Asa T. Newhall, Hon. John M. Raymond, Charles Q. Tirrell, Francis E. Merriman, Charles A. Mayo, Charles N. Alexander, Alexander B. Bruce, George H. Howard, Har- vey Il. Pratt, Dr. Herbert A. Chase, J. Lawrence Martin, William F. Cook, Julius L. Clarke, and William E. Ford.
The annexed table will show the amount of deposits for each savings bank in Boston, the number of open accounts, amount of deposits, and number of deposits for the year ending October 31, 1892:
BANKS.
Total Am't of deposits.
Number
of open
accounts.
Amount of
year ending
Oct. 31, 1892.
Number of
deposits for 1.
year ending
Oct. 31, 1892.
Boston Five Cents Savings Bank
$ 19,520,989.74
130,548 $ 5,800.882.86
116.653
Boston Penny Savings Bank_
1,508,616 57
7.395
433,604.21
10,708
Brighton Five Cents Savings Bank.
433,325.71
2,172
157,815.08
3,737
Charlestown Five Cents Savings Bank
4.779,546.09
14,726
819,575.76
12,788
East Boston Savings Bank
2,415,246 98
9,424
726,078.00
15,162
Eliot Five Cents Savings Bank
3,009,546.09
9,942
803,583.43
11,319
Franklin Savings Bank
7,861,089.61
16,183
1,855,345.53
14,900
Home Savings Bank
4,564.252.56
19,386
1,419,853.93
19,014
Institution for Savings in Roxbury.
5,528,889.20
14,317
1.306,829.00
17,679
North End Savings Bank
1,385,014.00
4,320
564.425.^3
6,191
Provident Institution for Savings
33,071.034.15
87,808
6,598,512.39
87,839
South Boston Savings Bank
2.756.8 6.83
14,842
832.940.22
20,669
Suffolk Savings Bank
26,517,023.38
59,703
5,556,253 00
55,637
Union Institution for Savings
4,330,759.85
10,063
1,060,292.21
9.590
Warren Institution for Savings
7,313,844.49
17,660
1,112,909.00
12,242
Wildey Savings Bank
55,610.61
201
65,482.88
464
Total
$125,051,655.86
418,780 $29,123,383.33| 414,542
deposit for
435
SAVINGS BANKS.
The amount of deposits, as shown in the above table, execeds the de- posits for the preceding year by over $2,500,000, while, if the present amount of deposits were divided among the people of Suffolk county on the basis of the eensus report of 1890, it would give to each and every person nearly $260, a showing, probably, not execeded by any equal population in any part of the United States. The average amount due depositors is nearly $300.
TRUST COMPANIES.
NEXT to the national banks in the money market of Boston stand the trust companies, which are under the control and supervision of the commissioners of savings banks. This is a branch of banking and in- vestment which has developed during recent years very rapidly in Bos- ton, and which has proven a great benefit to both the community and the stockholders. The capitalization of most of them is large, and the deposits with which they have been entrusted form an important element in Boston's financial operations.
Following will be found brief accounts of each of these companies, and statement of their financial condition :
The Massachusetts Hospital Life Insurance Company was incorpor- ated February 24, 1818, and has a capital of $500,000. William Minot is president, and Abbott Lawrence actnary. The assets of this com- pany, November 1, 1892, were $22, 481,051.25; deposits $19,962, 640,08, undivided earnings $1,132, 740.41, and surplus fund $66,599.58.
The Boston Safe Deposit and Trust Company was incorporated April 13, 1864, and has a capital of $1,000,000. The officers are: Frederick M. Stone, president; Frank C. Mills, treasurer; E. P. Bond, secretary ; Frederick W. Lincoln, Solomon Lincoln, James Longley, George C. Lord, Daniel Needham, Otis Noreross, John Felt Osgood, William E. Putnam, M. Denman Ross, Nathaniel J. Rnst, Thomas J Whidden, Henry S. Shaw, Benjamin F. Stevens, Frederick M. Stone, Gerard C. Tobey, and Frank G. Webster, directors. The assets of this company, November 14, 1892, were $8,791,646.90; deposits $6,035,561.34 ; surplus $800,000; undivided profits $134,532.82.
The New England Trust Company was chartered in April, 1869, and commenced business in February, 18:1, with a capital of $500,000. Its statement, made to the commissioners of savings banks in Massa- ehnsetts, October 31, 1892, shows that the capital stock of the company paid up amounted to $1,000,000, its guarantee fund to $1,000,000, its undivided profits to $343,611.55, while it held deposits aggregating
43%
TRUST COMPANIES.
$13,867,834.50, and had total resources in its banking department of $16,215,561. In its trust department the company held general and special funds amounting to $1, 125, 122.45, and had total assets of $1.761,555.98. A trust banking business is transacted, and deposits may be made at any time and interest is allowed on daily balances of $500 and upwards. The company is authorized to receive and hold money or property in trust, or on deposit from courts of law or equity, administrators, assignees, guardians, trustees, corporations and indi- viduals. It also acts as transfer agent for railroads and other stock corporations, and as agent for the purpose of issuing, registering or countersigning bonds and certificates of stock. William Endicott, jr., president of the company since January, 1880, is of the dry goods house of C. F. Hovey & Company, president of the Suffolk Savings Bank for Seamen and Others, and a director of the Tremont National Bank and of the Massachusetts Mutual Fire Insurance Company. Mr. David R. Whitney, the actuary, is also vice-president of the Provident Institution for Savings, formerly the president, and now a director of the Suffolk National, and of the Massachusetts Hospital Life Insurance Company, and a trustee of Mount Auburn Cemetery. N. H. Hench- man, secretary of the company, has held that position from its organi- zation. C. W. Merrill is assistant secretary. The vice-presidents are Charles H. Dalton, Charles F. Choate, and J. Lewis Stackpole. Besides the president and vice-presidents, the board of directors includes Amos W. Stetson. Charles U. Cotting. James J. Storrow, Jacob Edwards. Edmund Dwight, John F. Anderson, Alexander Cochrane, Nathaniel Thayer, Frederick L. Ames, T. Jefferson Coolidge, Franklin Haven, jr., Robert Codman, Henry C. Weston, George Dexter, and Roger Wolcott.
The Massachusetts Loan and Trust Company was organized in 1870 with a capital of $500,000, since increased to $1,000,000. The com- pany receives money on deposit subject to check and allows interest on daily balances; makes special rates of interest on money payable at a fixed time ; makes advances on staple merchandise, foreign or domestic, on bills of lading or warehouse receipts, and under its charter is authorized to receive and hold, collect and disperse money, securities or property in trust, or otherwise, from individuals, executors and administrators, guardians, trustees, or by order of court, or to act as trustee and financial agent for any person, societies, corporations or municipal authority ; and the company also acts as trustee under mort-
438
SUFFOLK COUNTY.
gages for railroads and other corporations, and as agent for the pay- ment of bonds, coupons, dividends, etc., and as transfer agent for the stocks and bonds of incorporated companies, makes collections of rents, coupons and dividends for depositors, and takes custody of real and personal securities. Its statement, dated February 1, 1893, showed in addition to its capital stock of $1,000,000, a surplus fund of $200,000, and undivided earnings of $57, 176.52, while it held deposits of $2,063, - 454.20, and had total resources of $3,442,936.98. The president, Stephen M. Crosby, is one of the well known financiers of Boston, and gives to the affairs of the company an administration which has been a leading factor in promoting its growth. Mr. Frank W. Reynolds, the treasurer, has also aided largely in the prosperity of the company. In addition to these gentlemen the board of directors ineludes Samuel Atherton, president of the New England National Bank of Boston; Cyrus G. Beebe, Samuel Carr, Isaac Fenno, Eugene N. Foss, and Joseph H. Gray, vice-president of the Bank of North America; Henry D. Hyde, Jerome Jones, Moses Kimball, Benjamin F. Spinney, treasurer of the Thomson-Houston Electric Company; Richard H. Stearns, and Edward Whitney. The company is an approved depository of the Commonwealth and a legal depository for savings banks.
The International Trust Company was incorporated in 1879, under State laws, with a capital of $500,000, which was increased in 1892 to $1,000,000, fully paid up. It conducts a general banking and trust company business, allowing interest on deposits subject to check, and special rate when payable at specified dates, its checks being received through the Boston Clearing-house. It also discounts commercial paper, makes loans on approved security or collateral, and collections itpon points in the United States, Canada, and Europe, draws sterling bills of exchange on the London and Westminster Bank, limited, of London, England, which may be cashed anywhere; makes cable trans- fers, acts as fiscal agent for States, municipalities, railroads and corpo- rations for the payment of bonds, coupons, dividends, etc., and is a legal depository for States, municipalities, banks, corporations, firms and in- dividuals, administrators, executors, trustees, guardians, and courts of law and equity. The company also acts as trustee under mortgages or deeds of trust from railroads and other corporations, registrar and transfer agent of the stock and bonds of incorporated companies, etc., and in connection with the business there is a trust department, which is kept separate and distinct from the general business, for the accept-
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111
439
TRUST COMPANIES.
ance of trust under any will or instrument creating a trust, trust de- posits, and the care and management of property in this State. Its statement made to the commissioners of savings banks in Massachusetts, October 31, 1892, showed, in addition to its capital of $1,000,000, a sur- plus fund and undivided profits amounting to $942, 961. 12, deposits $5, - 950,599.60, and total assets of $2,913,520.27 in its banking department. In its trust department it held trust deposits of $1,041,522.95, and had total assets $1,052, 151.29. The handsome eight-story banking building lately erected by the company at 45 Milk street, is one of the finest architectural additions to the office buildings of Boston, The president it John M. Graham, and Mr. Henry L. Jewett secretary, both of whom have been important factors in promoting the success and increasing the business of the bank. The board of directors, in addition to Presi- dent Graham, includes Hon. William Claflin, who is also vice-president ; Robert M. Morse, John Hogg. Lyman Nichols, A. N. Burbank, John C. Paige, ex-Congressman William W. Crapo, John P. Spaulding, Joseph S. Kendall, Hon. Patrick A. Collins, Thomas F. Temple, C. J. H. Woodbury and Aaron Davis Weld.
The Bay State Trust Company was incorporated in November, 1887. It transacts a general banking business, and also acts as agent and trus- tee in connection with financial affairs, trustee on mortgages, and as trustee and registrar for railroad companies, etc., covering all of the functions usual to a regular trust company and safe deposit organiza- tion. In the banking department an active business is done, the re- sources aggregating $1,806, 260.99, while in addition to the capital stock of $200,000 the company had at its last statement, October 1, 1892, accumulated a surplus fund of $25,000, and undivided earnings of $5,000, while it held deposits of $1,548, 162.11. The business of the company is reposed in the hands of gentlemen of the highest standing in the community, Mr. Francis W. Hunnewell being president, and Mr. Alfred Rodman actuary. President Hunnewell is a director of the Chicago, Burlington and Quincy Railroad, identified with other impor- tant railroad and business interests, and is one of the best known of the capitalists in Boston ; and Mr. Alfred Rodman, the actuary of the com- pany, who is in active charge as executive manager, has had a long financial experience. Besides these gentlemen the board of directors includes Frederick L. Ames, John F. Anderson, T. Jefferson Coolidge, jr., Charles U. Cotting, George P. Gardner, Franklin Haven, jr., Wal- ter lfunnewell, Henry S. Howe, Abbott Lawrence, William Minot, jr., Lucius M. Sargent, Nathaniel Thayer and Stephen M. Weld.
440
SUFFOLK COUNTY.
The American Loan and Trust Company was incorporated March 12, 1881, and commeneed business, August 29 following, with a paid up capital of $100,000, which has since been increased to $1,000,000. This company receives deposits subject to check, allowing interest thereon, and extends to its patrons all the facilities for business that may be re- quired of a banking corporation. It is a legal depository for admin- istrators, executors, assignees, trustees, and guardians, and exercises all the privileges permitted by law to trust companies. The officers are: S. Endicott Peabody, president; E. A. Coffin, treasurer; N. W. Jordan, actuary; Oliver Ames, Thomas Nickerson, George C. Lord, Albert A. Pope, Royal E. Robbins, F. Gordon Dexter, Frederick L. Ames, Isaac T. Burr, David P. Kimball, and S. Endicott Peabody, di- rectors. From the report to the savings banks commissioners. October 31, 1892, the following figures are taken: Capital $1,000,000; assets $6,156,836.13; deposits $1, 284,328.34; surplus fund $400,000; undi- vided profits $89,333.30. E. A. Coffin, the treasurer, and N. W. Jor- dan, the actuary, have been with the company since 1881. Mr. Pea- body is well known in financial circles both in Boston and New York.
The Mercantile Loan and Trust Company was incorporated May 29, 1888, and has a capital of $250,000. The officers for 1892 are as fol- lows: Hales W. Suter, president; R. J. Monks, actuary; Silas Peirce, N. J. Rust, Hales W. Suter, Amos F. Breed, R. J. Monks, C. C. G. Thornton, W. A. Wilde, Charles L. James, C. A. Hopkins, George H. Bond, A. N. Burbank, H. D. Verxa, A. D. Foster, and A. F. Luke. The condition of the company, October 31, 1892, was as follows: As- sets $194,618.44; deposits $419,844.85; undivided earnings $18, 851.95; surplus fund $9, 406. 13.
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