USA > Michigan > Kent County > Grand Rapids > Grand Rapids and Kent County, Michigan: History and Account of Their Progress from First. Vol. I > Part 63
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HISTORY OF KENT COUNTY, MICHIGAN
18, 1881, Thomas M. Peck resigned as vice-president, but his resig- nation was not accepted until Jan. 17, 1882, at which time a resolu- tion was passed to wind up the affairs of the Farmers' and Mechanics' Bank and reorganize under the name of the Fourth National Bank, with nine directors. On Jan. 9, 1882, the Fourth National Bank was chartered-circulation $50,000. On Jan. 17, A. J. Bowne was elected vice-president and the capital was increased to $300,000 and the circu- lation to $100,000. On Feb. 27, 1884, A. B. Watson presented his resignation as president and I. M. Weston as cashier, but they were not accepted until May 27, when A. J. Bowne was elected president, I. M. Weston vice-president, H. P. Baker cashier, and H. W. Nash assistant cashier. On Jan. 13, 1885, George C. Peirce was elected vice-president, to succeed I. M. Weston. On Sept. 7, 1886, the circu- lation was reduced to $50,000. On Oct. 9, 1888, H. P. Baker resigned as cashier, and on the same date Delos A. Blodgett was elected vice- president in place of George C. Peirce, and H. W. Nash was elected cashier. Upon the death of Mr. Bowne in 1892, his chair as president was filled by D. A. Blodgett. S. F. Aspinwall was elected vice- president, William H. Anderson cashier, and John A. Seymour assist- ant cashier. In 1893 George W. Gay succeeded Mr. Aspinwall, and on March 21, 1898, upon the voluntary retirement of D. A. Blodgett from active responsibilities, William H. Anderson was made presi- dent, John A. Seymour cashier, and Levant Z. Caukin, assistant cash .. ier. George W. Gay died in 1899 and John W. Blodgett succeeded him as vice-president of the bank. The officers in 1918 were: Wil- liam H. Anderson, president; Levant Z. Caukin, vice-president, and J. Clinton Bishop, cashier. From the time that Mr. Anderson was elected cashier in 1892, the bank has shown a steady growth. Its capital, which was then $300,000, has remained the same, while its surplus and undivided profits, which were then about $37,000, are, in 1918, over $300,000, regular dividends having been paid in the mean- time. Its deposits were then about $800,000, and are now over $3,000,000. In 1902, parties interested in this bank secured the ma- jority of the stock of the People's Savings Bank, and in the same year they further purchased a control of the stock of the Fifth Na- tional Bank, since which purchase representative directors of this bank have served also as directors in these other institutions.
The Fifth National Bank of Grand Rapids was organized March 9, and opened for business April 15, 1886, with the following Board of Directors : William Dunham, J. D. Robinson, George E. Dowling, R. G. Peters, W. Steele, C. E. Belknap, Leonard Covell, Hubert Wei- den, Henry Idema, T. W. Strahan, J. E. Earle, Peter Weirich, and A. D. Plumb. An office was opened in a building erected especially for it on West Bridge street The project of starting a bank on the West Side had been agitated several times previous to the organization of the Fifth National, but without success, and not by the parties who finally undertook the project. The officers elected at the outset were : William Dunham, president ; J. D. Robinson, vice-president, and Wil- liam H. Fowler, cashier. Mr. Dunham was president until Oct. 16, 1890, when he was succeeded by J. D. Robinson, and he in turn by J. Edward Earle, who held office until Nov. 4, 1897. C. D. Stebbins was then elected president and held office until April 28, 1899, when
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R. D. Graham was elected to that position, and he was the last presi- dent of the institution under that name. In March, 1902, the bank's offices were removed from the west side of the river to the east side, and established on the corner of old Canal and Erie streets. On Aug. 1, 1908, the Fifth National Bank was merged with the Commercial Savings Bank, under the corporate name of "Commercial Savings Bank of Grand Rapids, Michigan."
The Kent County Savings Bank was organized under the State law Dec. 24, 1884. The incorporators were forty in number and the capital stock was placed at $50,000, divided into one thousand shares of $50 each. The first Board of Directors consisted of A. J. Bowne, A. B. Watson, Joseph Heald, D. A. Blodgett, J. C. Bonnell, John A. Covode, James Blair, E. Crofton Fox, and Thomas J. O'Brien. The first meeting of the directors was held Jan. 16, 1885, when the Board organized by the appointment of the following officers: Joseph Heald, president ; J. C. Bonnell, vice-president ; J. A. S. Verdier, cash- ier. The bank was opened for business Jan. 26, 1885. On May 3, 1887, J. A. Covode was elected vice-president, to succeed Mr. Bonnell. On Jan. 4, 1889, the bank met with a great loss in the death of its president, Joseph Heald, who had won the confidence and respect of his associates, as well as the high esteem of the people of Grand Rap- ids. John A. Covode succeeded to the presidency, and from 1888 T. J. O'Brien was vice-president, until 1891, when Henry Idema, being the active manager of the institution, was elected to that position. J. A. S. Verdier remained as cashier. In 1908 the bank was reorganized and chartered as the Kent State Bank, with Henry Idema as presi- dent, John A. Covode as vice-president, and J. A. S. Verdier as cash- ier. These officers have remained unchanged up to the present time, with the exception that, in 1912, Casper Baarman succeeded Mr. Ver- dier, who is deceased, as cashier. This bank has a capital stock of $500,000, and in May, 1918, had a surplus and undivided profit ac- count of $749,000, with deposits of $8,494,000.
The Michigan Trust Company was organized July 15, 1889, its functions being: The acceptance of any trust to which it may be appointed-the classes of trusts having broad range-the company acts as executor of wills, administrator of estates, guardian for minor children and for incompetent persons; trustee for married women in respect to their separate property ; trustee for any person or corpora- tion in the management of property; trustee for bondholders under mortgage made by individuals or corporations ; registrar and transfer agent for railroads and other corporations; agent for the person or corporations in the care of their property and in collections ; assignee and as receiver ; depositary for court funds and the funds of estates and trustees ; and as agent for other persons in the purchase and sale of all kinds of investment securities, stocks, bonds, mortgages, etc. It also takes charge of the whole or any part of any person's estate; invests idle funds in bonds and mortgage or other securities as di- rected; loans its capital on real estate and collateral security, and maintains and manages safety deposit vaults, renting safes in which may be stored the securities or valuables of the renter. It receives and stores any valuables and becomes responsible for their safe keep- ing, and it transacts as agent any business with which it may be en- trusted. Perhaps the most important feature of the business trans-
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acted by such a company is its administration of estates. By law such a company is obliged to deposit $100,000 of securities with the Treasurer of State, to be held by him in trust for the security of its patrons. Its capital is $200,000, paid in; the additional liability of the stockholders is $200,000. The affairs of the institution are under the supervision of the State Banking Department, subject to the ex- amination of the Commissioner of that department, and its statements are published at the same time as those of State banks. The features of the law under which such trust companies are organized were con- ceived by Grand Rapids parties. The act was drafted by them, was presented to the Legislature in the session of 1889, was passed, and was approved by the Governor May 23, and is known as "An act to provide for the incorporation of Trust, Deposit and Security Compa- nies." In May, 1918, the capital was $200,000, deposits $1,183,000, and surplus and undivided profits, nearly $925,000. The present of- ficial force is as follows: Lewis H. Withey, president; Willard Barn- hart, vice-president; Henry Idema, second vice-president; F. A. Gorham, third vice-president ; Claude Hamilton, secretary, and John H. Schouten and Emerson W. Bliss, assistant secretaries. Mr. Withey has been president of the company since its inception, has given it his entire time, and has built up an institution which ranks among the best of its kind in the country.
In 1893, the Peninsular Trust Company was organized by promi- nent capitalists, among whom was Enos Putman. It did a modest business for some years, but in 1900 this company sold out its inter- ests to the Michigan Trust Company, which occupied the field alone until 1913, when the Grand Rapids Trust Company was organized, with William E. Elliott, president; Robert D. Graham, Lee M. Hut- chins, and Joseph H. Brewer, vice-presidents; Adolph H. Brandt, treasurer, and Hugh E. Wilson, secretary. In 1914, Robert D. Gra- ham became president, William E. Elliott, first vice-president, and Joseph A. Carroll, assistant treasurer. In 1915, Alex. W. Hompe succeeded Mr. Elliott as vice-president, and in 1917 Leon T. Closter- house was made assistant secretary. In May, 1918, the capital of the Grand Rapids Trust Company was $300,000, deposits $382,000, and surplus and undivided profits, $175,000.
The Commercial Savings Bank was organized on May 4, 1903. It began business in the Fall of that year on the corner of old Canal and Lyon streets, in the building formerly occupied by the Fourth National Bank. On Nov. 4, 1904, a branch office was established at the south end of Division street. This bank was organized by Charles B. Kelsey, who had been in the banking business seventeen years, filling positions at different times in the Kent County Savings Bank and the People's Savings Bank; in fact, he organized the People's Savings Bank, Feb. 9, 1891, and was the first cashier of that institu- tion. On Aug. 1, 1908, the Commercial Savings Bank was merged with the Fifth National Bank, under the corporate name of "Com- mercial Savings Bank of Grand Rapids, Michigan," and as such it has continued up to the present time. The present officers of the bank are as follows: William H. Anderson, president; Christian Bertsch, vice-president ; C. L. Ross, cashier, and D. D. Pratt, assistant cashier. A statement of the bank, made in May, 1918, showed deposits of
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$2,478,000; capital stock, $300,000; surplus and undivided profit ac- count, $87,000.
The State Bank of Michigan was established in May, 1892. Dan- iel McCoy was the first president and Charles F. Pike was cashier. In July, 1892, M. H. Sorrick succeeded Mr. Pike as cashier, and in April, 1903, Caspar Bauman succeeded H. N. Morrill as assistant cashier. This bank was started with a capital of $200,000, which was later reduced to $150,000. It did a profitable business until 1908, when it was merged with the Kent County Savings Bank into the Kent State Bank.
The People's Savings Bank was organized in 1891, largely through the instrumentality of Charles B. Kelsey. The capital stock of the bank was fixed at $100,000, and has remained at that figure, but it has a surplus of $125,000, and at the time of its May, 1918, statement, the undivided profits were $32,645.91. The present offi- cers of the bank are: W. H. Gay, president; E. D. Conger, vice- president ; T. William Hefferan, cashier, and William Smitten, as- sistant cashier.
The South Grand Rapids State Bank was established in 1906. It has a capital stock of $25,000, with surplus and undivided profits of $33,185.79. Its officers are as follows: W. T. Shaffer, president ; W. H. Richardson, vice-president ; Benjamin C. Porter, cashier, and Ben- jamin C. Porter, Jr., assistant cashier.
The Farmers' and Merchants' Bank (Madison Square) was es- tablished in 1914, and it has a capital stock of $25,000, with surplus and profits of $1,800. Its present officers are: William McCrodan, president ; Bert M. Heth, vice-president; Frank J. Cook, cashier ; Charles A. Mills and Henry J. Kleiman, assistant cashiers.
The private bank of George E. Ellis was opened for business in 1917, and in June, 1918, a Morris Plan Bank was established in Grand Rapids. The Comstock Park State Bank, at Comstock Park, was also organized in the Fall of 1917. Of this institution, Delbert H. Power is the president, Dwight Lydell is vice-president, Glenn S. Whitmore is cashier, and Robert L. Power is assistant cashier.
In Kent County, outside of the city of Grand Rapids, there are a number of prosperous banking institutions. The Farmers' & Mer- chants' Bank, at Ada, was established in 1916. Its capital stock is $25,000. It is a branch of the bank of the same name in Grand Rap- ids.
The Farmers' State Bank of Alto was organized Oct. 18, 1904, and commenced business on Dec. 28 of the same year. Its capital stock is $20,000, and its deposits have grown as follows: In 1905, $19,160.98; 1910, $153,781.77 ; 1915, $194,376.38; 1917, $273,988.20. The first officers were: George E. Bartlett, president ; Edson O'Har- row, vice-president ; John Q. Watts. vice-president, and Frank E. Campau, cashier. At present the bank has a surplus of $10,000, and resources of over $300,000. The present officers are: Edson O'Har- row, president ; Carrie M. Campau and Volney C. Walton, vice-presi- dents, and Edward B. Campau, cashier.
The Byron Center Bank was established in 1912. P. Holleman is the president and R. O. Deweerd is the cashier.
The State Bank of Caledonia, established in 1904, has a capital
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stock of $20,000. Charles Rice is president, F. W. Ruchs and Isaac C. Wenger are vice-presidents, and J. C. Proctor is the cashier.
The Cedar Springs State Bank, established in 1898, has a capital stock of $20,000. Fred Hubbard is president, James A. Skinner is vice-president, H. W. Wheeler is cashier, and Lee Griswold is assist- ant cashier.
The Grandville State Bank, established in 1907, has a capital stock of $20,000. D. M. Jenison is president, J. D. Brook and H. Minderhout are vice-presidents, and George M. Corrigan is cashier.
The Kent City State Bank has a capital stock of $20,000. Manly W. Burtch is president, A. H. Saur and B. N. Keister are vice-presi- dents, and M. E. Moore and C. A. Johnson are cashiers.
The village of Lowell has two prosperous banking institutions. The Lowell State Bank, established in 1891, has a capital of $30,000. E. D. McQueen is president, S. S. Lee is vice-president, Daniel G. Mange is cashier and Lena Murphy is assistant cashier. The City State Bank was established in 1907 with a capital stock of $25,000, and with A. W. Weeks as president and W. A. Watts as cashier. Its present officers are: R. Van Dyke, president; D. G. Look and Wil- liam T. Condon, vice-presidents; Harry Day, cashier. Its resources have gained over $100,000 during the past year and now amount to a total of $460,000.
The McCords State Bank was organized July 10, 1917, and com- menced business in the Fall of that year, with a capital stock of $20,- 000. The officers are: John E. Rockefellow, president; William S. Hesche, vice-president; Edward B. Campau, cashier, and George F. Campau, assistant cashier. The directors are John E. Rockefellow, Edward B. Campau, William S. Hesche, Charles S. Cook, and Henry Kieft.
The Rockford State Bank was established in 1906, and it has a capital stock of $20,000. H. C. Hessler is president, J. L. Snyder and L. E. Sears are vice-presidents, D. F. Beverly is cashier, and E. J. Muir is assistant cashier.
The Exchange Bank of Sand Lake was established in 1905, and has a capital stock of $10,000. R. T. Hamilton is cashier and F. E. Shattuck is assistant cashier.
Sparta has two banking institutions. The Sparta State Bank, established in 1898, is capitalized at $18,000. C. A. Bloomer is presi- dent, Manly W. Burtch is vice-president, C. A. Johnson is cashier, and O. S. Burke is assistant cashier. The People's State Bank, es- tablished in 1911, has a capital stock of $25,000. Albert A. Anderson is president, C. J. Rice and H. A. Shaw are vice-presidents, and L. A. Anderson is cashier.
The Grand Rapids Clearing House Association was organized Dec. 30, 1885. Its charter members were the Old National Bank, the National City Bank, Grand Rapids National Bank, Fourth National Bank, Grand Rapids Savings Bank, and the Kent County Savings Bank. The Fifth National Bank was organized in 1886, and joined the Association in April of that year. The first officers of the Asso- ciation were Harvey J. Hollister, president; H. P. Baker, secretary ; Alonzo B. Porter, manager. The present officers are: Henry Idema, president ; Eugene D. Conger, vice-president ; George F. Mackenzie, secretary ; Clyde L. Ross, treasurer, and Otis H. Babcock, manager.
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The Clearing House performs an important part in the relationship of the banks with each other, in that it gives opportunity for frequent discussion on matters of interest to the different members, and en- ables the bankers to meet for consultation as to the best method of handling their business. In addition to this it has provided for cer- tain safeguards which may be used in time of financial stress. It re- sults in a very friendly feeling among the banks and a determination to stand together to protect the public from disastrous financial cri- ses. In 1893 occurred a financial panic in this country, which was ap- parently the culminating effect of a period of over-speculation. Banks throughout the country began to fail and each day some new disaster followed until depositors became almost universally timid and made steady and quiet withdrawal of funds from their banks, even though no specific criticism might have been made against them. This with- drawal came so rapidly that the local banks became seriously con- cerned as to their ability to keep on paying out currency continually and have it hidden away and not used for immediate circulation. De- posits in all the city banks shrank from $9,591,000, in December, 1892, to $6,598,000, in October, 1893,-nearly $3,000,000, or 31 per cent .- while loans, bonds and mortgages were called in from $9,796,000 to $7,707,000, a reduction of over $2,000,000, or 21 per cent. Such re- ductions as these in a manufacturing community are only brought about by very strenuous effort on the part of both lender and bor- rower. The crisis was passed in October. It speaks highly for the ability and character of the men in control of the banking interests that no bank was obliged to close its doors during the emergency, and all regained what deposits they lost and many more besides. Since that time nothing of especial interest has effected the banks as a whole, with the exception of the panic in 1907, and this caused barely a ripple in the banking circles of Grand Rapids.
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CHAPTER XL. THE FURNITURE INDUSTRY.
THE PIONEER CABINET MAKER-WILLIAIM HALDANE-OTHER EARLY WORKMEN-HISTORY OF THE DEVELOPMENT-PROGRESS BY YEARS.
By William Widdicomb.
The furniture industry of Grand Rapids had its birth in the sys- tem prevailing eighty or more years ago in the smaller towns throughout the country. The cabinet maker produced by hand the simple pieces of furniture required, offering them for sale in his own workshop, or, when the business was sufficiently advanced, a small salesroom adjoining. Usually the cabinet maker was both workman and merchant. All of the earlier efforts at furniture making in our city were of this character.
The first cabinet maker to appear in our valley was William Haldane, so long and pleasantly known as "Deacon" Haldane. His home and little cabinet shop were located where now stands the Michigan Trust Building. Archibald Salmon came at about the same
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time and had a shop near Deacon Haldane's. Samuel F. Butler appeared not long after, locating on Bond avenue, near the present Reid Auto Company's garage. Several years later Abraham Snively established a little furniture store in a building where the Morton House now stands. Deacon Haldane only of these men remained permanently in the business, passing away at a good old age not many years ago.
At about the time of Deacon Haldane's arrival David Wooster, Zephaniah Adams and John L. Smith had a chair shop about where the present gas works are located, for which power was afforded by the small stream running down from Division street; and here was the first furniture produced with the aid of power. There is little evidence now that a stream sufficiently large to furnish power existed at that spot, yet I can clearly recall the brook which entered Grand River just below the lower boat landing, after meandering through the lowland. The dam had entirely disappeared, but some of the timbers and other evidences of the water power were there in my earlier days. It may surprise you to know that a stream of this mag- nitude existed where now there is not the slightest trace of such stream, nor even the valley through which it flowed.
In this little water power shop chairs were made to be peddled around the country among the few settlers. It is said this power was used as early as 1834 by Smith, yet further enquiry which I have made does not confirm this fact. Deacon Haldane always claimed he was the pioneer cabinet maker of the valley.
These earlier settlers were followed by Loren W. Page, James T. Finney and Nehemiah White and, later on, by William T. Powers, Albert Baxter and Cyrus C. Bemis. Baxter's History of Grand Rap- ids states that Powers and Haldane introduced working by machinery about 1847. This first use of power was on the canal in a portion of the sash and blind shop which Deacon Haldane's brother was then operating, and was simply the use of the machines the brother had in the sash and blind business. About 1853 the Deacon set up a small steam engine on the bank of the river, where his cabinet shop had been located for several years, at the place now occupied by the cen- tral portion of the Pantlind Hotel Building. The first furniture man- ufacturing of any magnitude with the aid of power was established by William T. Powers on the canal bank at Erie street. E. Morris Ball became a partner of Mr. Powers in 1851, with a store on Pearl street where now is the Rood block. Mr. Powers retired from the firm in 1855 and the business was continued by Ball, Noyes & Colby. It is well known that at about this time one or two of the Pullman Brothers appeared and conducted a small furniture establishment upon old Canal street, opposite Crescent street.
E. W. and S. A. Winchester built a factory at the foot of Lyon street, where the excavation had been made for a lock at the time the canal was built, the original intent of the canal being an improvement in navigation, rather than a factor for producing water power. The Winchester Brothers' store was upon old Canal street where the pres- ent Heyman Company's store is located. The severe panic of 1857 compelled the Winchester Brothers to transfer their business to C. C. Comstock, which date represents Mr. Comstock's connection with
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furniture manufacturing. Mr. Comstock succeeded in keeping the business alive during the strenuous times and conditions prevailing after the 1857 panic until the greater activity appeared resulting from the war, and in 1863 formed a partnership with Messrs. James and Ezra Nelson, the name becoming Comstock, Nelson & Company. In 1865 T. A. Comstock, Mr. Comstock's son, was taken into the firm, also Manly G. Colson and James A. Pugh, who were foremen in the manufacturing departments, the firm name changing again to Nelson, Comstock & Co.
In 1857 George Widdicomb rented a room in the pail factory, south of Bridge street bridge then operated by David Caswell, hav- ing his store on old Canal street directly opposite Bronson street, now Crescent street.
The present Godfrey residence, east of Fulton Street Park, was occupied during the early war days by Henry Wilson as a cabinet shop. He was the first cabinet maker to produce furniture of the finer quality. No doubt there are yet in Grand Rapids pieces of the furniture which he made. Prior to that time any expensive furniture was shipped from the East by way of the Lakes and Grand River to the city. I recall some very sumptuous furniture brought here by Dr. Shepard about 1858, it having been seriously injured in transit, and my father was called upon to make the necessary repairs.
While my father had shipped furniture to Milwaukee prior to the war, the manufacturing business, as we understand it today, was es- tablished by Julius Berkey in 1860, with Alphonso Hamm as a part- ner, in a small shop on Erie street, Chicago being the market for what they produced. The partnership was soon dissolved, for Mr. Hamm was an exceedingly visionary man and there could be no accord be- tween him and a man of Julius Berkey's energetic and prudent char- acter. Later Julius Berkey occupied a small portion of the second floor in a factory building built by William A. Berkey in the Fall of 1857, where the present Berkey & Gay Company's factory now stands. It was a great barnlike structure of two floors, 50 by 100 feet in di- mension, used as a planing mill and sash, door and blind factory. William A. Berkey was a very hopeful man and felt confident the day was not far distant when he could develop sufficient business to occupy these great premises. The times were very stringent and this hope was not realized until in the years following the war. Julius Berkey's small part of the second floor was enclosed from the remainder of the open lofty building, and there he engaged in making a walnut table which was soon known as the "Berkey table," a little, inexpensive af- fair and the origin of the widely known and magnificent Berkey & Gay business. Mr. Berkey continued the business with a fair degree of success and in 1862 formed a partnership with Elias Matter, Mr. Berkey, perhaps, having the experience and Mr. Matter a very small sum of money as capital.
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