USA > Vermont > Washington County > Waterbury > History of Waterbury, Vermont, 1763-1915 > Part 22
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The board of directors and officers remained about the same for years, with an occasional vacancy to be filled. Asa R. Camp was chosen director, January 13, 1857, in place of Orrin Perkins; while H. A. Hodges was chosen, in place of Vernon W. Waterman, January II, 1859. On the retirement of B. F. Goss, January 10, 1860, O. W. Drew became director.
At a meeting of the directors, December 26, 1862, upon a report of an auditing committee, to investigate the financial concerns of the bank, it was voted to pay a semi-annual dividend of 4 per cent on the capital stock of the bank, exclu- sive of the government tax on January 1, 1863, and, further, to pay $700 to the directors as salary for the year. An entry in the record, made April 2, 1863, is significant of the nation's predicament at that time, when it was voted "that the presi- dent invest, ten thousand (10,000) dollars in U. S. Five-twenty bonds and deposit fifteen thousand (15,000) U. S. Currency with the U. S. sub-treasurer of the bank funds." Profits to June 26, 1863, were shown to be $9,068.16, and a dividend of 4 per cent was voted to be paid to the stockholders on and after July 1, 1863. C. N. Arms was made director, February 3, 1864,
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in place of Samuel Merriam, resigned. Profits, up to June 30, 1864, were shown to be $12,348.52. A dividend of 72 per cent, free of government tax, was voted to the stockholders Decem- ber 27, 1864. At a meeting on January 10, 1865, Healy Cady was elected director in place of A. R. Camp, resigned.
At a directors' meeting, March 30, 1865, it was voted to take steps to obtain consent of the stockholders changing the organization of the bank to that of a national bank, and to take measures looking to an increase of the capital stock to a sum not exceeding $200,000. A resolution was duly passed April 1, 1865, by the stockholders, converting the Bank of Waterbury into the Waterbury National Bank, and continuing the old board of directors and cashier. The total number of shares represented were 1,684, divided among 138 individuals. Appropriate articles of association, under the National Bank- ing Act, were adopted by the directors, June 23, 1865, and a certificate of organization was duly executed by the directors. The condition of the Bank of Waterbury June 23, 1864, showed earnings of $14,421.51.
The Waterbury National Bank was authorized to com- mence business (September 1, 1865) under a certificate of the Comptroller of the Currency, dated July 17, 1865, with a paid-up capital of $100,000. Mr. Curtis Wells was duly elected cashier, in place of Mr. James K. Fullerton, March 29, 1870. Nathaniel Moody was elected director, in place of O. W. Drew, January 14, 1873. On withdrawal from the board of Leander Hutchins, January 13, 1874, Paul Dillingham was elected president and W. P. Dillingham was elected a direc- tor. W. H. H. Bingham replaced Healy Cady on the board, January 12, 1875. The resignation of Mr. Curtis Wells as cashier became effective February 1, 1883, and Mr. Charles Wells was elected cashier to serve after February 1, 1883.
An amendment to the articles of association was adopted extending its corporate existence to June 23, 1905, under an act approved July 12, 1882, and the same certified to the Comptroller of the Currency.
At a meeting held June 30, 1887, it was voted "that the directors have agreed to lease of Honorable Paul Dillingham,
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rooms to be built on the present site suitable for a banking house, with a good fireproof vault and safe, for the term of ten years at the option of the officers of the bank at a rental of two hundred dollars a year."
The first meeting of the directors in the new banking rooms was held December 31, 1887. J. W. Brock was elected a director January 14, 1890, upon the withdrawal of Paul Dillingham whose letter of resignation bore that date. An appropriate resolution of appreciation and gratitude to the retiring president was passed and entered on the record. William P. Dillingham succeeded to the office of president; J. H. Hastings was elected vice-president, and W. B. Clark, assistant cashier; Justin W. Moody was made director in place of Nathaniel Moody.
Frank N. Smith was appointed assistant cashier to take the place of Charles Wells, who took leave of absence for his health, March 5, 1894. Cornelius L. McMahon of Stowe was elected a director, in place of W. H. H. Bingham, deceased, December 31, 1894. Mark C. Canerdy was elected director, in place of J. W. Brock, January 10, 1899. J. F. Shipman was elected director, in place of C. N. Arms, January 8, 1901. Charles Wells tendered his resignation as cashier (effective November I, 1901) and W. B. Clark was appointed cashier in his stead, October 7, 1902. E. E. Joslyn was made clerk on the same day, and afterwards (December 31, 1902) assistant cashier. A. W. Ferrin was elected director, in place of J. H. Hastings, January 12, 1904.
At a duly called meeting of stockholders, February 24, 1904, it was resolved to reduce the capital stock in the sum of $50,000, leaving the total capital $50,000. There were 2,206 shares represented, all in favor of the resolution. Cer- tification of approval of this reduction of capital stock was duly made by the Comptroller of the Currency March 2, 1904.
At the meeting of January 8, 1907, George W. Morse was elected director in place of H. A. Hodges, who retired, receiving a vote of appreciation and thanks. W. B. Clark was made director in place of A. W. Ferrin. On January 12, 1909, H. D. Brown was elected director in place of Justin W. Moody.
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PERIOD 1900-1915
Mr. Brown's death left a vacancy which was filled by the election of C. C. Graves as director on August 24, 1909. The death of Mr. Canerdy left a vacancy in the board which was filled by the election of Mr. Harry C. Whitehill. Mr. C. C. Graves was elected vice-president, in place of Mr. Canerdy, September 27, 1910. Resolutions upon the death of Mr. Canerdy were passed and spread upon the minutes October 4, 1910.
July 10, 1911, was the date on which it was voted to establish a new Savings Bank and Trust Company at the present loca- tion and to purchase the present bank building at the price of $3,000. Notice of liquidation, dated May II, 19II, was duly sent to the shareholders and a meeting was called for July II, 19II. The resolution placing the Waterbury National Bank in voluntary liquidation under sections 5220 and 5221 of the United States Revised Statutes was passed July II, to take effect October 1, 1911, 1,073 shares voting in the affirmative. Subscriptions were thereafter received by the commissioners for the stock of the Waterbury Savings Bank and Trust Company, and notices of allotment were sent out. The old board of directors and officers were continued with the addition of W. E. Jones as director, at a meeting September 5, 19II. The formal instrument of transfer to the Waterbury Savings Bank and Trust Company, reciting the consideration of $75,000, was executed by the Waterbury National Bank September 30, 1911. A statement of the bank's con- dition showed resources to be $634,780.09. Under liabilities were: capital, $50,000; circulation, $35,000; deposits, $516,- 549.47; profit and loss, $13,230.62; surplus, $20,000. The appraised value of resources at the close of business, September 30, 19II, was $627,980.09.
Extracts from the act to incorporate the Waterbury Savings Bank and Trust Company, approved November 24, 1896, follow :
SECTION I. The subscribers to the capital stock of the corporation hereby established, and their successors and assigns are constituted a corporation and body politic, by the name of Waterbury Savings Bank and Trust Company; and by that name may sue and be sued, may have a common seal, and the same may alter at pleasure; may purchase and hold 17
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real and personal estate, for their own use, and such real and personal estate as may be received in the collection of debts, and may sell and convey the same, and shall have and enjoy all the privileges incident to corporations; and said savings bank and trust company shall be established in the town of Waterbury in the county of Washington.
SECTION 2. The capital stock of said corporation shall be fifty thousand dollars, with power to increase the same to an amount not exceeding two hundred thousand dollars, by a vote of a majority of the whole capital stock at a meeting of stockholders called for that purpose and shall be divided into shares of the par value of fifty dollars each to be paid in at such time and in such manner as the board of directors may provide.
SECTION 3. William P. Dillingham, Charles C. Graves, W. B. Clark, J. F. Shipman, George W. Morse, H. C. Whitehill, J. F. Somerville, W. J. Boyce, J. W. Moody of Waterbury, Vermont, C. L. McMahon of Stowe, Vermont, W. E. Jones of Waitsfield, Vermont, Frank Gillett of Richmond, Vermont, are appointed commissioners for receiving subscriptions for shares in the capital stock of such corporation, etc., etc.
SECTION 10. The corporation hereby created shall have power
I. To receive moneys on deposit or in trust at such rate of interest or on such terms as may be agreed upon, the rate of interest to be allowed for the deposits not to exceed the legal rate.
2. To accept and execute all such trusts, of every description not incon- sistent with the laws of Vermont as may be committed to it by any person or persons whomsoever, or by any corporation, or by order of the supreme court, probate court or any other court of record of this state.
3. To take and accept, by grant, assignment, transfer, devise or bequest, and hold any real or personal estate or trusts created in accordance with the laws of this state, and execute such legal trusts on such terms as may be declared, established or agreed upon in regard thereto; and in case no terms are established, declared or agreed upon, then the trust property is only to be invested as provided by the terms of this act.
4. To accept from and execute trusts for married women, in respect to their separate property, whether real or personal, and to act as agent for them in the management of such property.
5. To accept deposits where public officers or municipal or private corporations are authorized or required by law to deposit money in a bank, and such deposits may be made by such officers or corporations with the said Waterbury Savings Bank and Trust Company.
6. To act as agent for the purpose of issuing, registering or countersigning the certificates of stock or other evidences of debt of any corporation, association, municipality, state or public authority, and for the collection of interest and dividends on such terms as may be agreed upon.
7. To purchase and sell stocks, bonds, mortgages and other evidences of indebtedness.
8. To issue letters of credit upon such terms as may be agreed upon by the directors.
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PERIOD 1900.1915
By-laws of the new Savings Bank and Trust Company were adopted October 2, 1911. At the first annual meeting of directors, January 9, 1912, held after the beginning of business October 1, 1911, the following officers were elected: president, W. P. Dillingham; vice-president, C. C. Graves; clerk, Harry C. Whitehill. These officers were reelected to office for 1913, 1914 and 1915, Mr. Harry C. Whitehill con- tinuing as secretary from 1913.
The by-laws provide for eight directors, a board of invest- ment to loan and invest funds, the receipt of moneys as business deposits subject to check as well as for savings, upon which latter interest is allowed; compensation of I per cent for the care and management of estates, or trust property, in the absence of special agreement, terms and conditions of loans, monthly statements of loans and condition of bank, rates of interest, deposit books and the like.
The trust department of the Waterbury Savings Bank and Trust Company is charged with the administration of all legal trusts, whether committed to it by an individual, group of individuals or corporations voluntarily or under order of court. Vermont has been slow to adopt the trust company idea as developed elsewhere in the administration of estates. The old practice of appointing an individual to act as execu- tor, trustee, administrator or guardian persists in spite of almost daily examples of its peril. The result is found in all the probate districts of the state; intermediate and final accountings are long overdue, as a rule; lack of system by individual representatives in their methods of accounting prevails; hit-or-miss compliance with statutory requirements is all too common.
A testator reposes faith and confidence in a personal friend and, as a mark of his friendship, singles out his friend as one upon whom to impose the responsibility of administering his estate. He does this often without considering that such assumption of responsibility presupposes ample solvency, not only for the time being, but for the indefinite period of adminis- tration, ample time to give the business, systematic and methodical business habits, stability of and accessibility to
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the personal representative at all times. In how many instan- ces of individual personal representatives are these qualifications united? It should be clear that a corporate body, organized for the purpose, with facilities designed for the purpose, with a self-perpetuating life, having instant accessibility, unques- tioned solvency and solidity and superior advantages for the legal investment of trust funds under the strictest supervision, is much to be perferred to an individual in such a capacity. It has been argued that in the case of guardianship of minor children, nothing can supply the "personal touch," or the individual ability to deal with the problems of youth; the answer is that under the direction of a skilled and experienced trust officer, competent persons may be found with the requisite ability for dealing with all necessary problems without the danger of the "personal touch,"-sometimes a thing to be avoided.
The officers and directors of the Waterbury Savings Bank and Trust Company, elected January 12, 1915, were: W. P. Dillingham, president; C. C. Graves, vice-president; Harry C. Whitehill, secretary; W. B. Clark, treasurer ; J. F. Shipman, C. L. McMahon, W. E. Jones.
An effort has been made by the compiler to secure returns from those in active professional and business life in the town; responses have been delayed for one or another cause but a list is appended containing the names and data of nearly all.
The Consolidated Lighting Company owns and operates the power plant at Bolton (Winooski) Falls. The water privilege was secured by the Consolidated Lighting Company in 1895 and 1896. Construction of the plant was begun in 1898, being finished late in that year. This location is an extremely irregular gorge of solid rock and very great difficul- ties in construction were encountered. These, however, were finally overcome so that in 1899 the plant was in fair operating condition, having a capacity of 1200 horse power, which was at that time supposed to be sufficient for all time to come. The capacity of the plant was found to be inadequate as early as 1903 and in 1905 and 1906 an addition was made to the power plant building and the capacity increased by about
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PERIOD 1900-1915
1800 horse power, which has since been found to be sufficient to take care of all available water at that point, so that the present capacity of the plant is approximately 2000 horse power. The plant has been subject to the usual and unusual recurrences of damage by flood and similar severe conditions which have necessitated from time to time various changes in the construction; the result is that at the present time the plant is in what might very safely be called excellent operating condition. This is the largest hydraulic plant at present operating in this territory. The transformer houses are in Winooski Street and at Duxbury Corners. The pres- ent officers of the Consolidated Lighting Company are: president, A. B. Tenney; first vice-president, D. E. Manson; second vice-president, H. T. Sands; treasurer, E. A. Bradley.
The lawyers of Waterbury are: Honorable William P. Dill- ingham, whose sketch appears elsewhere; George H. Dale, Esq., and C. B. Adams, Esq., Taking them in reverse order, C. B. Adams was born in Randolph, Vermont, September 2, 1887, the son of J. B. and Effie (Thurston) Adams. He was educated at the district schools at Randolph, was graduated at the State Normal School at Randolph in 1905, the Montpelier Seminary in 1907, the University of Maine College of Law, taking the degree LL. B., in 1913. He was admitted to the Maine bar in August, 1912, and the Vermont State bar in October, 1914, coming to Waterbury that same month.
George H. Dale, Esq., was born in Moretown, April 18, 1858. He was married for the first time to Hattie L. Sawyer, July 4, 1880; for the second time to Lettie Lefebvre, April 14, 1903. Mr. Dale was educated in the common schools of Moretown; he studied law in the office of Columbus Clough, in Waterbury, and was admitted to practice in October, 1896. He took up his residence in Waterbury nine years before, in 1887. Mr. Dale is a justice of the peace and an assistant judge of Washington County Court. He has served as presi- dent of the village, treasurer of the village and in other town and village official capacities.
The physicians and surgeons are: George Smith Bidwell, born in Rutland, Vermont, January 8, 1865. He married,
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HISTORY OF WATERBURY, VERMONT
first, Louise G. Bartlett of Hartford, Connecticut; two daugh- ters of this marriage are living. He married, second, Katrina M. Landt of Waterbury, Vermont. Doctor Bidwell received his early preliminary education in the public schools of Ver- mont; was graduated from the Battle Creek (Michigan) High School in 1883; received the degree of M. D. from the school of Medicine of the University of Vermont in 1890. Doctor Bidwell was a resident practitioner in the Retreat at Hartford, Connecticut, and has been connected with the medical staff of the Vermont State Hospital at Waterbury. He has been engaged in general practice in Waitsfield and Water- bury since 1897. He is a member of the Washington County Medical Society, Vermont State Medical Society and the American Medical Association. Doctor Bidwell specializes in diseases of the heart and kidneys.
Watson Lovell Wasson was born in Mineville, New York, January 8, 1874, and married Miss Pearl Randall of Water- bury, Vermont, October II, 1905. He is a graduate of Sher- man Collegiate Institute, Moriah, New York. He spent one year at Middlebury College and received his professional education at the University of Vermont Medical School, taking the degree of M. D., in 1901. Doctor Wasson also took short courses at the Montreal Hospital and the Harvard Medical School; he began practice in Waterbury in July, 1901. Doctor Wasson is a member of Washington County Medical Society, Vermont State and American Medical associations, member of New England Society of Psychiatry, professor of Mental Diseases in University of Vermont, and pathologist in the Vermont State Hospital at Waterbury.
Eugene A. Stanley was born June 10, 1875, at Franconia, New Hampshire; he married Miss Eva B. Fairbrother, August 22, 1901, and has children, Ruth B., Esther R., Margaret G. and Robert C. He was graduated from Dow Academy in Franconia; was graduated from Cleveland (Ohio) University of Medicine and Surgery in 1897 and in 1903 entered Jefferson Medical College and was graduated from there in June, 1904. Doctor Stanley practiced in Bradford, Vermont, with Doctor J. H. Jones from 1897 to April, 1899, when he removed to
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PERIOD 1900-1915
Waterbury. He was appointed on the staff of the Vermont State Hospital January 1, 1908. He is a member of the Washington County Medical Society and the Vermont State Medical Society.
Stewart Louis Goodrich was born in Dorset, July 4, 1882. He received his preliminary education at Hardwick Academy and Mount Hermon School. He received the degree of Doc- tor of Medicine from the University of Vermont. Doctor Goodrich practiced in Burlington before coming to Waterbury September 13, 1911. He married Miss Fontinelle Nichols of Waterbury. He is a member of Chittenden County and Ver- mont State Medical Societies, American Medical Association and the Alpha Kappa Kappa Fraternity.
Fred Elton Steele, Jr., was born in Stockbridge, Vermont, September 11, 1883, and married Emilie K. Grow, February I, I9II; there is one son of the marriage, Fred Elton Steele, 3d, born November 4, 1911. Doctor Steele received his pre- liminary education at Gaysville High School, his degree of B.S. at Norwich University, M. D. at Baltimore Medical College and University of Maryland. He came to Waterbury in June, 1907, after one year spent in Maryland General Hospital. Doctor Steele is a member of Phi Chi Medical Society, the Washington County Medical Society, the Vermont State Medical Society and the American Medical Association.
Harry Daniel Hopkins received his preliminary educa- tion at the district schools and Green Mountain Seminary. He was graduated at Montpelier Seminary in 1897, and at the Baltimore Medical College with degree of M. D. in 1901. He married Miss Bessie B. Crane of Baltimore, Mary- land, April 25, 1901. After an interneship of two years in Maryland General Hospital, he practiced in Jericho Center until 1910 when he came to Waterbury. He is a member of the Burlington and Chittenden Clinical Society, Vermont State Medical Society and American Medical Association. Doctor Hopkins is the son of C. S. and the grandson of Daniel Hopkins.
Truman James Allen (unmarried) was born in Royalton, Vermont, May 12, 1888. His early education was had in the public schools of Royalton and at Montpelier Seminary, being
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HISTORY OF WATERBURY, VERMONT
graduated from the latter in 1906. Doctor Allen received his degree of Doctor of Medicine from the College of Medicine of the University of Vermont in 1912. After serving as an interne in the Mary Fletcher Hospital at Burlington, Doctor Allen came to Waterbury December 1, 1913. He is a member of the Burlington and Chittenden County Medical Society, Vermont State Medical Society, a Fellow of the American Medical Association and a member of the medical staff of the Vermont State Hospital.
Doctor Henry H. Fullerton (unmarried) practices dental surgery. He was born in Waterbury August 21, 1873; he received his preliminary education at Waterbury High School and Montpelier Seminary ; was graduated as Doctor of Dental Surgery from the Pennsylvania College of Dental Surgery in 1908. He served for one year as assistant oral surgeon at the College; was for two years dental interne at the Philadel- phia Hospital for Incurables; was appointed dental interne at Philadelphia General Hospital for two years, having passed the state dental board examinations in Pennsylvania and Vermont. He is entitled to practice in New York and New Jersey. Doctor Fullerton opened an office in Odd Fellows Block in the autumn of 1908; in 1910 he removed to the Knight Block where he maintains his present office, said to be one of the best equipped in New England. His predecessors as dentists were Doctor A. S. Wrisley, Doctor J. T. Wheelock, Doctor Avrill, Doctor A. C. Patterson, Doctor C. M. Bugbee.
James K. Fullerton was born January 2, 1837, the son of Horatio F. and Sophia (Jeffords) Fullerton, at Berlin, Vermont. He married Sophia Burnham of Brookfield, Vermont, in 1863, and came to Waterbury in 1864. Mr. Fullerton became cashier of the Bank of Waterbury and, when this became the Waterbury National Bank, he remained with the institution five years. Afterwards he became associated as junior mem- ber with the firm of Richardson & Fullerton, successors to Haines & Richardson; after sixteen years he sold out his interest to his partner and was elected town clerk in 1896. Mr. Fullerton is one of the local justices of the peace and is still town clerk. He also served as town treasurer for about
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PERIOD 1900-1915
fifteen years prior to 1885. There are four children: James B. of Willimantic, Connecticut (married), Lema (Fullerton) Somerville, Henry H., and Dean S., of Waterbury.
The firm of W. J. O'Neill and T. C. O'Neill began business in 1896, dealing in meat and groceries. The business was organized in 1882 by H. E. Boyce who was their predecessor. W. J. O'Neill sold out to B. A. Campbell June 4, 1915. W. J. O'Neill was appointed postmaster June 16, 1914.
The Mount Mansfield Electric Railroad Company operates the electric trolley line connecting with the Central Vermont Railway at Waterbury and running northwest through Water- bury to Stowe, Vermont; the road was built in 1897 and opened December 18, of that year.
P. G. Lord is a dealer in groceries; the business was or- ganized in May, 1910, and is located at Colbyville. Mr. Lord came here from Shrewsbury, Rutland County, where he served as postmaster in President Roosevelt's administration.
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