Our county and its people. A descriptive work on Jefferson County, New York, Part 36

Author: Emerson, Edgar C., ed
Publication date: 1898
Publisher: [Boston] Boston History Co.
Number of Pages: 1368

USA > New York > Jefferson County > Our county and its people. A descriptive work on Jefferson County, New York > Part 36

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

The cashiers have been as follows: James Wood, 1816 20; Orville Hungerford, 1824-83; O. V. Brainard, 1833-66; Myers Thompson, 1566-71; Smith T. Woolworth. 1871-98.

In 1832 an effort was made to establish a second bank in the village, and at a public meeting held November 2; resolutions were passed favoring the proposition and resulting in the appointment of a commit- tee comprising Jason Fairbanks, Norris M. Woodruff, Loveland Pad- daek, Egbert Ten Eyck, John Fay. L. Bebee, John Sigourney, William Ruger and L. G. Hoyt, who were asked to prepare a petition to the legislature for a charter for an institution to be known as the Water- town bank. The committee acted accordingly and set forth in their memorial the necessities of another banking institution in the county seat, and also the commercial and agricultural advantages of the Black river region. But for some reason now unknown the project was not carried out, and no other bank was started in the village until after the adoption of the act to authorize the " business of banking." April 18, 1838.

The Bank of Watertown began business January 26, 1839, with a cap- ital of $100,000, although during the year next preceding the prelimi- nary steps were taken to bring about the organization. The persons most active in the enterprise were Orville Hungerford. Loveland Pad- dock. Norris M. Woodruff, William II. Angel and H. D. Sewall, who comprised the committee to prepare articles of association. After the incorporation was effected Loveland Paddock was elected president and W. II. Angel cashier. During the period of its career down to about 1860, when it suspended business, the subsequent presidents were Wil- lard Ives, John L. Goldsmith, T. C. Chittenden and William II. Angel. The latter became virtual owner of the bank and was sole manager of its affairs when the business was closed.

The National Bank and Loan Company, which stands second in point of seniority of service among the present financial institutions of the

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OUR COUNTY AND ITS PEOPLE.

city, was organized by George C. Sherman as a state bank, January 20, 1839, under the name of Watertown Bank and Loan company. Its original capital was $100,000. In January, 1849, Mr Sherman also organized the Merchant's Exchange bank, but very soon afterward merged it in the Watertown Bank and Loan company. Throughout the period of its history, and down to the time of his death in April, 1863, Mr. Sherman was the active spirit in the management of the bank, and much of its early and substantial success was due to his energy and capacity. In 1848 he abandoned his law practice and de- voted himself entirely to banking. Upon his death the bank virtually descended to his sons, and on the 20th of June, 1865, was reorganized under the national banking laws, as the National Bank and Loan com- pany. The new capital was fixed at 8:5,000, and the stock was entirely owned by members of the Sherman family. The first directors were George H., Charles A., Robert L., Mary A., and Sadie M. Sherman. George H. Sherman was the first president, and Charles A. Sherman the first cashier. Mr. Sherman remained president of the bank until his death, January, 1892, when a reorganization was effected, the Sherman family then disposing to various business men all but $12,500 of their stock. At this time George C. Sherman, former vice-president was elected president; Henry Purcell was chosen vice-president, and Wm. H. Hathway, cashier. These are the present officers of the bank. The directors are Geo. C. Sherman, Henry Purcell, Watson MI. Rogers, John MI. Tilden, Carl W. Haas, Chas. N. Sherman, Jno. Q. Adams, Darwin B. Gotham, Frank D. Pierce, Wm. H. Conger, Isaac L. Hunt, Lewis W. Day and Andrew C. Cornwell. The bank has a present sur- plus of $15,000 and an undivided profit account of $5,000.

The Black River bank, more frequently known as the Paddock bank, began business May 25, 1844, with a capital of $100,000, of which nine- tenths of the stock was owned by Loveland Paddock, the founder, and the balance by Oscar and Edwin L. Paddock. The concern did busi- ness on the square, about on the site now of J. S. Baird's jewelry store. It was continued with a fair degree of success until 1863, when the gov- ernment levied a tax on the issue of state banks, whereupon the insti- tution was resolved (June 8) into a national bank, under the style of the First National bank of Watertown. This was the first national bank in the county, and one of the first in the state, being No. 13. Of course the Paddocks were the largest shareholders and controlled the stock. Loveland Paddock was president to the time of his death, and

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THE CITY OF WATERTOWN.

was then succeeded by Edwin L. Paddock, former vice-president. Oscar V. Paddock, who had been cashier, was now elected vice-presi- dent, and was succeeded in his former position by George L. Woodruff. The bank continued business until about 1880 and then went into vol- untary liquidation.

The National Union bank, which for a period of many years has been regarded as one of the safe financial institutions of the county, was or- ganized originally as the " Union Bank of Watertown, " an associated free bank, incorporated June 14, 1852, with a capital of $100,000. The incorporators were llenry Keep, George S. Goodale, A. M. Woodruff, Walter N. Woodruff, Abner Baker, Washington Gennet, Orrin C. Utley, Loveland Paddock, Daniel Lee, J. H. Dutton, E. Q. Sewall, W. K. Hawkes, John White and John C. Sterling. On August 3, 1853, the stockholders elected a board of directors, and the latter at their first meeting chose Henry Keep, president; W. K. Hawkes, vice-president, and George S. Goodale, cashier. The first directors were Henry Keep, W. K. Hawkes, C. F. Symonds, Abner Baker, Washington Gennet, Merrill Coburn, Luther G. Hoyt, John Bradley, John Sigourney, Alex. Copley, W. H. Moffett, Anson Ranney and W. N. Woodruff. The Union bank did an extensive and successful business throughout the period of its history as a state institution, but on August 8, 1865, it was reorganized under the national banking act, and thenceforth became known as the National Union bank (No. 1507), of Watertown. The officers at that time were Merrill Coburn, president; Joseph K. Bates, vice-president, and Samuel B. Upham, cashier. The original capital stock of $100,000 was increased (in 1889) to $112, 440, and has so con- tinued. The subsequent history of the bank is a record of continued and gratifying success. The present surplus and undivided profit ac. count is $96,860, which statement is of sufficient evidence of the sta- bility of the bank and the capacity of its management. Since the bank was originally established, in 1852, the presidents have been as follows:

Henry Keep, 1852-53; W. K. Hawkes, 1853-55; Abner Baker, 1855-5>; Merrill Coburn, 1858-69; Alanson Skinner, 1869-77; Gilderoy Lord, 1877 $9; Azariah II. Sawyer, 1889-90; Wm. W. Taggart, 1890 , the present president. The cashiers have been George S. Goodale, 1852 56; Samuel B. Upham, 1856-92; Addison L. Upham, 1992 -. The present directors are as follows; W. W. Taggart (president). I. P. Powers, J. R. Stebbins, A. HI. Sawyer, W. W. Conde, Samuel Felt, Albert Fish, A. D. Remington, W. W. Butterfield, Henry Spicer, A. C. Middleton, R. C. Scott and O. B. Cadwell.

The Jefferson County Savings bank is the oldest and most substantial

OUR COUNTY AND ITS PEOPLE.

institution of its kind in the northern part of the state. It was incor- porated April 5, 1859, with 22 trustees, as follows; Abner Baker, Ber- nard Bagley, Alonzo Maxon, Clark Hewitt, John E. Dodge, B. F. Hotchkin, L. J. Bigelow, Peter Haas, Merritt Andrus, Chas. D. Smith, Fred Emerson, D. C. Tomlinson, John L. Marsh, Jacob Clark, Adriel Ely, James I. Steele, Wm. Estes, Patrick O'Dougherty, Ambrose W. Clark, Orlin Wheelock, Willard Ives and Charles B. Hoard. On the organization of the board, James I. Steele was elected president, Fred Emerson, vice president, and John L. Marsh. secretary and treasurer. A special allusion to the splendid result achieved by this well known institution seems needless, as its history and career are both well under- stood in financial circles throughout this part of the state. Sufficient evidence of the bank's popularity is seen in the fact that its depositors number 12,256 persons, while the aggregate deposits amount to more than two and one-half million dollars The market value of the bank's surplus is $287,915. The splendid savings bank building, conceded to be one of the finest business structures in the region, was erected in 1894. During the period of its history the presidents of the bank have been as follows:

James I. Steele, 1859-61; Addison M. Farwell, 1861-Jan. 20, 1886; Fred Emerson, 1886-Sept. 16, 1891; George B. Phelps, 1891-died Sept. 1, 1892; Talcott H. Camp, 1892-Feb. 7, 1897; George W. Wiggins, May, 1897 -. The treasurers have been John L. Marsh, 1859-60; R. L. Sherman, 1861-72; Chas. N. Ely, 1872-78; George Smith, 1878-96; A. T. E. Lansing, 1896 to the present time, although since 1893 he has practically performed the duties of the position.

The present officers are Geo. W. Wiggins, president; D). W. Baldwin, 1st vice- prest. ; J. A. Lawyer, 2d vice-prest. ; Ross C. Scott, secretary; A. T. E. Lansing, treasurer ; G. V. S. Camp, Ross C. Scott, N. P. Wardwell, R. H. Huntington, Henry Purcell, Alden F. Barker, Chas. W. Clare, Geo. W. Wiggins, Robert J. Buck, D. W. Baldwin, A. L. Upham, J. R. Miller, J. A. Lawyer, Geo. C. Sherman and F. R. Farwell, trustees.

The Merchant's Bank of Watertown opened for business in 18:0 under the management of Norris Winslow. The bank, however, had its origin in Wooster Sherman's private bank, which was established in December, 1851, and did business on the site now occupied by the Watertown National bank. Sherman sold out to Winslow, and the latter conducted the business until 1840 (April 1st) when the concern organized as a state bank with $150,000 paid up capital. The Mer- chant's bank was at that time and for several years afterward a solid financial institution, and numbered among its stockholders and diree-

THE CITY OF WATERTOWN.

tors such strong men as Willard Ives, Sylvanus Pool, Henry W. Eddy, Andrew Smith, John Johnson, George B. Phelps, George W. Wiggins, G. W. Candee, Norris Winslow, Judah Lord, Curtis Goulding, Jerome Ives, L. C. Greenleaf, Lotus Ingalls, John F. Moffett, Sidney Cooper and John M. Carpenter. Norris Winslow was president; ' Willard Ives, vice president, and John F. Moffett, cashier, and under this man- agement the bank did a successful business (increasing the capital to $300,000, May 20, 1872) until about 188] when misfortune came and the concern went into the hands of a receiver.

Henry Keep's individual bank began business in the village in Sep- tember, 1847, and continued until September, 1851, when the name was changed to Merchant's bank. It was then continued several years under the immediate control of Mr. Keep, who was regarded as one of the best financiers of the region. Here he laid the foundation for the large fortune that came to him in later years, and from which the city has long been materially benefited. The nominal capital of the Keep bank was $20,000, but the concern had no deposit account. On Aug- ust 1, 1850, Mr. Keep also established the Citizen's bank, but very soon afterward the business was removed to Ogdensburgh. In the same year he also established the Frontier bank, but in 1851 it was removed to Potsdam.

George F. Paddock & Co.'s individual bank was another of the old financial institutions which for a time found a place in local business circles. It was established about 1867 by George F. Paddock and Merritt Andrus, and began business where is now Rice's drug store. About 1845 the concern went into the hands of a receiver and paid its creditors about ten cents on the dollar.

Charles H. Harger & Son, bankers, began business at No. 5 Court street, on the Fairbanks' corner, in 1866, and continued about ten years, when the firm suspended and made a compromise with its creditors.

The Security bank was established about 1868, and was under the management of R. E. Hungerford. It began business in the building now occupied by the City National bank, but after a few years was transferred to Norris Winslow, who removed the quarters to the Tag- gart building and occupied the present drug store. The concern lived less than ten years and closed out after a compromise with its cred- itors.

1 Williard Ives became president in 1521.

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OUR COUNTY AND ITS PEOPLE.

The Watertown National bank was incorporated and organized in 1882, with $100,000 capital. The first directors were George W. Knowlton (president), Sidney Cooper (vice-president), George B. Phelps, Harrison Fuller, Geo. W. Wiggins, A. D. Remington, B. B. Taggart, C. A. Holden, Geo. E. Tucker, E. D. Babcock and Joseph Mullin. Nathaniel P. Wardwell was the first cashier. As a matter of fact, and of somewhat unusual interest in banking history in the city, it may be mentioned that since this bank was organized in 1882, there has been no change whatever in the managing officers. Indeed, the history of this bank in every essential respect has been a record of con- tinued and deserved success. Its present surplus and undivided profit account aggregates $95,000. The directors are Geo. W. Knowlton, S. F. Bagg, B. L. Taylor, E. B. Sterling, Albert Bushnell, James R. Mil- ler, Ifarrison Fuller, H. F. Inglehart, H. A. Brockway, G. W. Wiggins and Sidney Cooper.

The City National bank of Watertown was organized March 12, 1890, with a capital of $100,000, and notwithstanding the fact that it is the youngest regular financial institution in the city, it has from the ontset enjoyed a steady and healthful growth both in business and general popularity.

The first directors were Gilderoy Lord, John E. Kemp, R. E. IInngerford, John Pronty, Robert Lansing, Beman Brockway, R. E. Smiley, P. V. Poor and Samuel W. Reynolds. The first officers were Gilderoy Lord, prest. ; John E. Kemp, vice- prest .. and R. H. Iluntington, cashier. Mr. Lord died May 2, 1891, and was fol- lowed as president by John E. Kemp. He died June 2, 1896, whereupon C. R. Remington was elected his successor. Mr. Huntington was cashier until July 14, 1891, and was then succeeded by J. O. Hathway, the present cashier. The bank has a present surplus of $12.800. The directors and officers are C. R. Remington, prest. ; Fred Waddingham, vice-prest. ; Robert Lansing, Peron V. Poor, F. D. Roth, N. R. Caswell, C. M. Rexford, George H. Walker and P. B. Grant.

The Watertown Savings bank was incorporated October 2, 1893. The first trustees were Allen C. Beach, Byron B. Taggart, Levi H. Brown, Henry M. Ball, John C. Streeter, Silas L. George, Isaac P. Powers, Albert Bushnell, Alfred D. Remington, George H. Babcock, John M. Carpenter, Wooster Sherman and Augustus Goodale. The first president was Byron B. Taggart, who served in that capacity until his death, Jan. 20, 1897, when William W. Taggart, the present president, was elected. The first treasurer was Wooster Sherman, the founder in fact of the bank. He continued in that position until February 8, 1896, when the present treasurer, Oscar P. Haddock, was elected by the

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THE CITY OF WATERTOWN

trustees. The bank has about 500 depositors, and about $166,000 on deposit.

The Watertoren Savings, Loan and Building association was organ- ized December 19, 1882, and was incorporated January 7, 1888. The first officers were S F. Bagg, president; D. C. Middleton, vice-presi- dent ; George Adams, secretary, and George F. Clark, treasurer. Dur- ing the period of its operation this association has achieved almost remarkable results, and is now regarded as one of the necessary and solid institutions of the city. It now has 221 members. The presi- dents, in succession, have been S. F. Bagg, D. C. Middleton, James B. Wise, Dr. G. S. Farmer and William Il. Moore. The secretaries have been George Adams, W. W. Richey, Fred 11. Waddingham, J. L. Smith and William J. Shepard.

Insurance companies .- The first attempt to establish a fire insurance company in the county was made in 1836 (March 8) when the legislature passed an act incorporating the old Jefferson County Insurance com- pany, the organization of which in later years opened the way for similar institutions and thereby brought much prominence to the county seat. The act above mentioned authorized the company to do business for a period of twenty years, but at the end of that time the charter was ex- tended, and the company was known in business circles until about 1866.

The incorporators of the pioneer company were Alpheus S. Green, Jason Fairbanks, Orville Hungerford, George C. Sherman, Eli Farwell, Norris M. Woodruff, Thomas Loomis, Isaac H. Bronson, John Safford, Edmund Kirby, Wm. Boone, Joel Woodworth and Joseph Sheldon. who, with their associates, were constituted a body corporate and politic for the purposes mentioned in the charter. On March 17, 1836, the directors elected Norris M. Woodruff, president; A. S. Green, vice- president, and Robert Lansing, secretary ; and also chose an executive committee comprising directors Woodruff, Green, Fairbanks, Sherman and Farwell. The company carried on a snecessful fire insurance busi- ness for several years, but was at length compelled to yield to the superior strength and popularity of the Agricultural Insurance company, and about the middle of the sixties the old organization passed out of existence.

The Agricultural Insurance company has been the successful rival of all corporations of its class in the county, and from a small and informal beginning in 1853 has gradually developed into one of the largest and

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OUR COUNTY AND ITS PEOPLE.

most successful fire protective institutions in this state outside the great cities. In the month of August, 1851, at a meeting of farmers of Jef- ferson and Lewis counties, held at Evans' Mills, a mutual company was formed for the sole purpose of insuring farm property against loss or damage by fire. The corporation then organized was comprised of Alden Adams, Ira A. Smith, Harrison Blodgett, John C. Cooper, Gid- eon S. Sacket, Isaac Munson, Evelyn F. Carter, Joseph Fayel, Love- land Paddock, Wolcott Steele, William P. Babcock, Ashley Davenport, Ira Beaman, Hiram Dewey and Levi Miller. These comprised the directors of the company, and from the number officers were chosen as follows: Alden Adams, president; Isaac Munson, vice-president ; U. A. Wright, secretary; E. B. Fowler, general agent.

The early history of the company was more or less attended with obstacles, and only through the persistent efforts of Mr. Fowler and a few fellow-workers was its early organization maintained. In March, 1853, it was chartered as a mutual company, and during the succeeding two years about 1,500 policies were issued. In January, 1855, John C. Cooper succeeded to the presidency, and in the same year the legisla- ture authorized a removal of the offices and seat of operations from Evans' Mills to Watertown. In May following. Isaac Munson was elected secretary, and under the new management, in the new location, the business and affairs of the company took an upward turn; and from that time to the present the Agricultural Insurance company has been regarded as one of the most substantial institutions of both village and city.

In 1863, however, a radical change in the character of the company organization was made, and from that time dated a new era of pros- perity in its history. In November, 1862, the directors, agreeable to the consent of the policy holders, determined to reorganize as an incor- porated stock company, which transformation was accomplished in Feb- ruary, 1863. The incorporators were John C. Cooper, Hiram Dewey, Isaac Munson, Orrin R. Earl, J. M. Canfield, Ashley Davenport, T. C. Waite, E. F. Carter, H. D. Smith, J. M. Beaman, C. W. Inglehart, Alden Adams and John Winslow. The officers at this time were John C. Cooper, president ; Hiram Dewey, vice-president ; and Isaac Munson, secretary.

The capital stock was $50, 000, but was subsequently increased as fol- lows: In 1866 to $100,000; in July, 1822, to $200,000; in October, 1880, to $300,000; December, 1883, to $500,000, at which sum it has since

A. S. Sanger

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THE CITY OF WATERTOWN.

remained. From that time, as has been intimated, the company has constantly grown to its present vast proportions. For many years policies were only written on farm property and dwelling house risks, but within the last few years the management has enlarged its field of business by writing policies on all insurable property. During the period of its history, down to January 1, 1898, the Agricultural has paid losses aggregating more than $10,500,000. According to the 25th annual statement, its assets are $2, 289, 971,96; liabilities, $1, 851, 235.79; surphuis to policy holders, $935, 236. 12; net surplus, $435, 236. 17.

When the offices were removed to Watertown in 1855, the company found quarters in Washington hall, but soon afterward erected a three- story brick building just south of its first location. In 1843 the marble building was erected and occupied, and was later (1892) vacated for the present large and comfortable building further south on Washing- ton street. It was formerly the residence of Pearson Mundy, one of Watertown's foremost citizens.

During the period of its history, the civil list of the company has been as follows: Presidents-Alden Adams, 1851-55; John C, Cooper, 1855-77; John A. Sherman, 1877 82; Isaae Munson, 1882-86; Jean R. Stebbins, 1886-98. Vice presidents- isaac Munson, John Winslow, John A. Sherman, Evelyn F. Carter and Azariah Il. Sawyer, the latter elected January 20, 1892. Secretaries-U. A. Wright, Isaac Mun- son, Dr. HI. M. Stevens (died April 3, 1897), W. Il. Stevens, the latter elected April 22, 1897. Treasurers-Loveland Paddock, Isaac Munson, 11. M. Stevens, Sidney Cooper and W. II Stevens, the latter elected January 16, 1898.

The present officers and directors are Jean R. Stebbins, president; Azariah H. Sawyer, Ist vice-president ; C. Patterson, 2d vice-president ; W. 11. Stevens, secre- tary and treasurer : J. Q. Adams, assistant secretary; Hiram Barnum, superintend- ent of agencies; L. F. Phillips, cashier; J. Q. Adams, F. 1I. Munson, A. H. Sawyer, P. C. Williams, 1I. F. Inglehart, R. S. Whitman, Titus Sheard, Sidney Cooper, A. D. Shaw, W. II. Stevens, H. Barnum, J. R. Stebbins, E. B. Sterling. C. Patterson and D. M. Anderson, directors.

The Watertown Fire Insurance company was the direct outgrowth of the Agricultural Insurance Company, and was organized December ?, 1867, in less than two months after the suggestion to form a new com pany for the sole purpose of dwelling house insurance. The first offi- cers of the Watertown Fire Insurance Company were Norris Winslow, president ; Jesse M. Adams, secretary, and Henry S. Munson, general agent. Mr. Winslow resigned the presidency in 1876, and was suc- ceeded by Willard Ives, who remained at the head of the company as long as it continued business. The board of directors were largely from the Agricultural. The company did an extensive and successful

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OUR COUNTY AND ITS PEOPLE.

business for about fifteen years, when, in 1872, the Sun Fire Office of London came to the United States, and desiring business from the outset, bought out the Watertown Fire. The general offices of the Sun Fire were maintained in the city until about 1882, and were then re- moved to New York city.

The Northern Insurance company was originally incorporated March 23, 1812, under the name of " Black River Insurance Company," with $250,000 capital, and was thereafter known in business circles for a period of just ten years. The Black River company came into exist- ence in the year following the disastrous Chicago fire, by which event many substantial companies were wiped out of existence, hence the new local concern opened its career with every prospect of success. Its energetic agents succeeded in getting business from the outset, but in November, 1872, the serious Boston fire cost the company $80,000. The following year also proved disastrous, but the losses were promptly paid, and in the course of two more years the company became estab- lished on secure basis. In 1875 the directors changed the name to the Northern Insurance Company of New York, and from that time until it went out of business it was regarded as among the solid institutions of the country. The first president of the Black river company was Loveland Paddock, and the directors and stockholders were chiefly Watertown business men. After Mr. Paddock's death, in the summer of 1972, his son, George F. Paddock, succeeded to the presidency, and was in January, 1865, succeeded by Gilderoy Lord. He, in turn, was followed by George B. Phelps, under whom, in 1882, the company voluntarily went out of business, after having fulfilled all its obliga- tions.

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Our county and its people. A descriptive work on Jefferson County, New York, Part 36

Author: Emerson, Edgar C., ed Publication date: 1898 Publisher: [Boston] Boston History Co. Number of Pages: 1368

Author: Emerson, Edgar C., ed
Publication date: 1898
Publisher: [Boston] Boston History Co.
Number of Pages: 1368