Norwich Bulletin Newspaper, January 2, 1911, Page 14

Bank interests of New London and Windham counties are ably pro- vided for by twelve National banks, an cqual number of Savings banks, one Trust company, and one State bank. Sixteen of these are in the four cities of Norwich, New London and Willlmantic. Something of their history is given in the series of sketches on this page. In the smaller communities are several national and savings banks, mot so large as the city banks, it is true, but none the less efficiently managed. Thess include the First National bank of Stonington, Myst River National bank of Mystic, Groton Savings bank of Mystic, Jev ott Clty Savings bank, and Stonington Savings bank. EIGHT BANKS OF CITY OF NORWICH WITH LONG AND NOTABLE RECORDS. NORWICH BAVINGS S8OCIETY HAS SECOND LARGEST DEPOSITS IN THE STATE—THAMES NATIONAL SHOWS LARGEST SUR- PLUS AND UNDIVIDED PROFITS. From the chartering of the old Norwich bank in May, 1796, the first of the city, the merchants and manufacturing interests of Norwich enjoyed the support of strong and resourceful financial institutions. safely every crisis of their time, the present banks of the city through with added strength, and, conducted with marked #iefll and integrity, stand today safer than ever before and more emtrenched In the coufidence of the people. NEW BANK BUILDINGS. with the strensthening of resources in recent years has come in building operations among the local banks, which has of them with fine modern banking homes that compar the state. Sixteen years ago the Norwich Savings So- | ] I b 53 n lead, erecting a modern and well-equipped bank building, occupled for the first time, January 1st, 1895. This was fol- years ago by the Thames Loan and Trust company with a building tn “bankers’ row” on Shetucket street. The past National bank entered its magnificent new granite bank fa architectural design and perfectly fitted for modern The First National bank has also contributed to the it of "bankers’ row” by putting in a fine new front for its adjolning the Thames Natlonal. Chelsea Savimgs bank has under course of construction a new building of classic Greek architecture which will take first rank ormamental buildings of the city. The Merchants National AUneas Natiomal bank, and the Dime Savings bank still retain buildings, substantial and suitable for business needs, al- ite s elegant in their appointments as the buildings of ate. OLD NORWICH BANK STARTED IN 179. years ago the banking history of Norwich began with the he olé Norwich bank, the first in the city. This was in ‘The mext financial institution came 28 years later, when the Savings Soclety started in 1824, and the old Norwich bank was r of being the first depository of the newly established e igi;" | I il ke H 2 i old Norwich bank became a mational bank, closing entury’s record of honorable successful management. Financial management of the same high standard has given the Norwich oty a eareer of distinguished progress and success, enabling at the present time the second largest total deposits of any Sank in the staie. o m CHANNEL IMPROVEMENT BY THAMES BANK. later than the Norwich Savings Soelety, the Thames bank charter from the legisiature in 1826, with a privilege of in- capital of $200,000 to $800,000 under certain conditions, Years rporation known as the Thames Channel company had been the purposs of improving the river upon which so much of the prosperity of the city depended, and the Thames bank was required, befors exercising the banking privilege, to acquire a majority of the shares of the company at $20 per share, and also ultimately, as sur- rendered, all the shares on the same terms. In adCition the bank was to expend the sum of 33,000 in deepening the channel of the River Thames snd to spend annually in perpetuity the sum of $500 or so much as should be necessary to maintain the channel at a depth of ten feet. To reim- burse iteelf for this outlay, the bank had the privilege of collecting toils upon the shipping at this port. This was a source of friction and much critielam between collector and captains of vessels and was practically discontinued about 1856. When the Thames bank became a national bank im 1864, it was relieved of the legal incumbrance to maintain the channel. The career of the Thames bank was followed with remarkable success, & tribute to wise and prudent management. In 1856 it had increased Its eapital to $500,000, and on the same day that it commenced business as a national bank, January 1, 1865, its capital had been increased to $1,000,000. & now stands with the largest ratio of surplus and undivided profits com- pared te liabilities of any bank in the state. QUINEBAUG BANK IN 1832, The third bank chartered was the Quinebaug bank, in 1832, with a eapital of $600,000. By provisions of the charter which required the bank te subscribe $100,000 to the capital stock of the Boston, Norwich and New London Railroad company, with a provision for a further subscrip- #on of an equal sum if called for by the directors of the railroad cor- poration, the bank pald practically $200,000 for its charter. The raflroad stock beeame practically worthless, and because of technical reasons the bank failed to receive a promised exemption from taxation for a full and proper period, this exemption having been provided for by a stipulation that the capital stock of the bank should not be taxed until bank and rail- read together should be enabled to make a 6 per cent. dividend on their wnited capital stock. FOURTH BANK WAS THE MERCHANTS. In May, 1333, a fourth bank, the Merchants bank, was started with a eapital of $300,000. Again the deepening and improving of the river channel came up and the new subscribing stockholders were required within five years to expend $30,000 or $10 per share for the purpose mamed. That the expenditure would be certain was shown by the alter- mative that any unexpended balance should go into the state treasury. » i il i H L TWO UNDER FREE BANKING ACT. The next bank establithed was the Uncas bank, in 1852, under the Free Bank Act with a capital of $200,000 which was subsequently in- ereased to $300,000. About the same time the Shetucket bank with $100,000 eapital was organized under the same law, but in two or three years by the repeal of the Free Banking Act, both these banks passed under the same laws as all the other chartered banks of the state. CHANGED TO NATIONAL BANKS. After the passage of the Enabling Act of 1363 by the state of Con- mecticut, permitting state banks to become national banks, upon sur- rendering their charters, but keeping the same in life for three vears for Nquidating purposes, the national banks of Norwich were organized in the following order: No. 224, Second National bank: No. 458, First Na- tional bank; No. 867, Thames National bank; No. 1187, Uneas National bank; No. 1358, Norwich National bank; No. 1481, Merchants National bamk. The Second National bank was organized as a Natfonal associa- tion and had not been a state bank. Betors this a First National bani had been partially organized, and @eming under control of the Quinebaug bank, it was decided to forego fhe old title name, aad the Iirst National bank was Incorporated in 1864 with a capital stock of $300,000. On June 19, 1857, the Pequot bank was ehartered, but the charter was repealed the next vear. The Shetucket bank, organized under the State Banking law, was discontinued some years since. The list of Norwich banks fs completed by mention of the Chelsca Savings baak, incorporated in 1858, the Dime Savings bank organized in 1800, and the Thames Loan and Trust company, incorporated in 1871 with & eapital stock of $100,000. The Farmer's and Mechanics Savings bank ‘wes amother of the city’s financlal institutions. It was started in 1534, ut discontinmed a few years later, NEW LONDON BANKS HAVE GROWN WITH CITY’S GENERAL PROSPERITY. THREE NATIONAL BANKS AND TWO SAVINGS BANKS—NEW AND REMODELED BUILDINGS ARE ORNAMENT TO THE CITY—STA- TISTICS 8HOW HIGH AVERAGE PER CAPITA OF SAVINGS. & generel rule DAOKS aTe MOSt ProspaTois when (he i trie merchaat ond menufacturer, They are (oo | associated o however, I8 tv B large exient a residential ity and a eeuntry foy milles about. The high szrade of its THE PROSPERGUS BANKS OF NORWICH NORWICH BULLETIN, MONDAY, JANUARY 2, 1811 stores brings to it a large proportion of the trade of New London county. During the past year, its manufacturing business has been about normal in most cases and a little above normal in a few. Within a few vears all the banks in New London have either erected new buildings or remodeled their old quarters, so that today the bank buildings in the city are an ornament to it. $720 PER CAPITA OF SAVINGS. The population of New London is about 20,000, and it has two savings banks; the Savings bank of New London, incorporated in 1824, which has deposits of about $10,700,000, and is one of the strongest savings banks in the United States; while the Mariners Savings bank, incorporated in 1867, has deposits of about $3,700,000. Both these banks pay dividends at the rate of 4 per cent. It will be noted that the total deposits of the two banks amount to about $14,400,000, which is roughly speaking $720 per capita on a basis of 20,000 population. This is high, and is due to the fact above stated, that New London is a centre for trade and for the accumulation of savings as well. Dividend Capital. Surplus (about) Deposit (about) Rate. Commeree .........$300,000 750,000 8% City «ee. 125,000 300,000 7% Whaling ........... 150,000 65,000 10% The amounts of deposits in these institutions very little from vear to vear, although the Bank of Commerce is perhaps growing more than the others. WHALING BANK ADOPTS MODERN METHODS. The Whaling bank was the clearing house (so-called) of the late Sebastian Lawrence, and has never been an active competitor in tre b ing business of New London. During the past year, however, the instal- lation of a telephone, the erection of a new sign over the door, the reno- vation of the building, as well ds an ad in the newspapers, has anncunced to the public a desire on the part of this conservative institution to com- pete with the other banks. Thus far its deposit list has not increased perceptibly, which goes to show that the patrons of banks in New London are conservative and not likely to make changes for slight reasons. There is one state bank, the Union bank which has capital, $300,000; surplus and undivided profits (about) $125,000; deposits, $500,000; divi- dend rate, At these institutions are well officered and effi- cient. The fact that no interest is paid on deposits shows that the banks live in peace and harmoney. Although it is said by many that the year of 1911 will not be a year of good business, it is not probable that the summary for that year will show much change in the figures of the banking institutions. There is no Trust company in New London, although there are two charters in existence. Should a Trust company be started, it will very likely change the whole atmosphere of banking, and create competition which at the present time does not exist. There is, however, no im- mediate prospect of a Trust company being started, and until that time the banks will doubtless continue their present record of stability and tism, BANKS OF EASTERN WINDHAM COUNTY IN PUTNAM, DANIELSON AND BROOKLYN. FIVE FINANCIAL INSTITUTIONS SHOW A HALF CENTURY OF PRUDENT, PROGRESSIVE MANAGEMENT—WINDHAM COUNTY NATIONAL BANK OF DANIELSON, DATING FROM 1822, HOLDS THE SENIORITY. banks in castern Wind- financial institutions no A half century covers th ham county, with one exception history of all of th o five doing business in the towns of Killingly, Puinam and Brooklyn, the Windham County National bank of Danielson, came into previous to the Civil war, the close of which, it is evident, brought a restoration of confidence and expamsion of industrial interests in this section, attended by the construction of the big cotton manufacturin plants, and opened opportunities for bankers that were not presented when agriculture was the chief pursuit of the people. FIRST CHARTER IN 1822 IN BROOKLYN. Brooklyn was the first of the eastern Windham county towns to have a banking institution. in 1822 that the Windham County bank of yn was chartered tate bank. Under this status it conducted sful business u a succes il 1865, when advantage was taken of the Na- tional Bank Act and the institution converted to that class. Like the other banks still doing business in the towns above indicated, this pioneer bank found the clos, the war an opportune time to prepare for a ged order of thi When it was organized as a national bank in its name was changed from the Windham County bank of Brooklyn under which it was incorporated, to the Windham County National bank of Brooklyn. Under this title its charter was renewed in 1885, twenty vears after its organization in the national bank class, and again re- newed in 1905. REMOVAL FROM BROOKLYN TO DANIELSON. Up to 1894 this institution had always done business in the to Brooklyn, where a building adequate to its needs had been erected, in 1894, it was under an act of the legislature removed to Danielson, a; n of bu a took the name of the Windham County National bank of Danielsonvill It was located in the new Phoenix building. Four years later, in 1895, endly interests had purchased a controlling interest in the stock of the irst National bank of Killingly, organized in 1864, and in business in what is now Danielson since that time, and the Windham County N. tional took over the accounts of the First National of Killingly and the latter institution was placed in voluntary liquidation. The elimination of the First National bank gave the Windham Coun- ty National bank a clear field commercial banking, the only other national bank in this part of the county being at Putnam. The quarter: that had been occupied in Daniclson for four years wer banking rooms of the ¥ National, also in the Phoenix building, w occupied by the Windham County National, this continuing to be th quarters. MEN OF PROMINENCE IN CHARGE. Many men prominent in the affairs of Windham county in the past 87 years have been identified with the ad ation of the affairs of this bank. A review of the stockholders and directors' records, which are held intact since 1822, give an interesting insight of the affairs of an ably conducted institution. In the present directors’ room may be seen the old state bank bills that the institution issued in denominations of one, two, three, five and ten dollars, but they have all been withdrawn from circulation. The capital stock, reduced from a larger amount, is $60,000, the surplus $25,000, and the deposits are in excess of $350,000. It is a strong, ably managed bank and one that enjoys the confidence of th; people. PUTNAM NATIONAL BANK'STARTED IN 1884. The establishment of a national bank in Putnam was first discussed at the office of Hon. Gilbert W. Phillips, March 3, 1864, not quite two vears after the Putnam Savings bank commenced to do busin Arti- cles of association were adopted and stock subseribed amounting to $100,000. On March 23 the First National bank of Putnam was opened for business in what was formerly Stockwell’s jewelry shop. The first president was Edmund Wilkinson, who came of a family that is notable in the history of Putnam and Charle Billings was the cashier. In a short time after organization the capital stock was increased by $50,000. The present brick building was erected in 1866 and John A. Carpenter made cashier, a position which he filled with great credit to the bank as he also served it in other capacities up to the time of his death, Novem- ber 22, 1907. The capital stock is still $150,000. Its surplus and undivided profit amount to $80,000, individual deposits, $473,666.75, demand certificates $13,752,79, these figures being the totals for November of 1910. This bank, serving not only Putnam but various nearby manufacturing and agric tural centcrs, has always had the inestimable benefit of sound and wise guidance. The effort to make it model and attractive has paid dividends to both stockholders and patrons. FIRST SAVINGS BANK OF PUTNAM. The first of the savings institutions to commence business in eastern Windham county was the Putnam Savines bank, which opened its doors on July 19, 1862, a charter having been granted by the legislature the previous Ma: This bank commenced business in James W. Manning’s store, where it remained until the national bank organized. It was afterwards located in the small building above referred to where the Putnam Na- tional bank w ing business. When the present brick building was er The d in 1866, by two hanks wers the 1tional hank the Savings bank also moved there. fact, close relation to each other both in administrations up to 1875, when a laws required a more stringent separation. spered In unusual degree, The deposits, surplus and interest on October 1St of this year amount- sd to $2,951528.57, these resources baving sreadily imcreased io their present proportions from small beginning. change in the n Both banks, ho WINDHAM COUNTY SAVINGS OF DANIELSON. The next of the savings institutions to begin business in these parts was the Windham County Savings bank of Danielson. A bill chartering this bank passed the lesislature in 1855, but it was not orzanized until 1864. In this year an act continuing the validity of the charter granted in 1855 passed the legislature during the month of May. The bank opened in the Bates block, corner of Main and Union streets, this being the same buildinz now occupied by Henry Knight and Joseph Farron. The First National bank of Killingly, organized in the same year and placed in liquidation in 1898, as told elsewhere in this article, was also located in this same buildins. ‘In 1867 the savings bank was removed to its new building, locating on the second floor, where the bus was conducted until 10 years ago, when it was housed in its present quarters on the street floor of the bank building. BROOKLYN'S PROSPEROUS SAVINGS BANK. Incorporated in 1872, the Brooklyn Savings bank has made a fine re- cord, earned the confidence of the public and thoush it is located in a village four miles distant from steam or trolley lines has constantly in- creased its strength and also its value to the people that it serves. The bank commenced business in the banking rooms of the Windham County National bank in Brooklyn on September 2, 1872, and has been located in the same building up to the present time, having purchased it from the Windham County bank, by which it was erected, in 1906. TREASURER WITH LONGEST TERM OF OFFICE Apollos Richmond was the first president, serving from 1872 to 157 During the same period, Cransen C. Cundall was the secretary and treas urer. Clarence A. Potter succeeded Mr, Crandall as treasurer in 1876, and has continued with the bank in that capacity up to the present time, be- ing the oldest treasurer in point of years of service, though not in age, of any in the banks here written of. The deposits December 1st amounted to $1,586,866. BANKS HAVE AIDED TO PROSPERITY. All of these banks have contributed materially to the success and prosperity of the people in the various towns that they ser Their in- tegrity and usefulness have been big assets In the development of th section from a strictly agricultural center to a combination of that line endeavor with the big manufacturing interests that have attracted and oyment to thousands of people. WILLIMANTIC’S JUST PRIDE IN TWO STRCNG FINANCIAL INSTITUTIONS. WINDHAM NATIONAL AND WILLIMANTIC SAVINGS INSTITUTE ABLY CONDUCTED—A THIRD BANK ABOUT TO START, THE WILLIMANTIC TRUST COMPANY. The busy, bustling, progressive and growing city of Willimantic, while not possessing as many banking institutions as some of her sister cities, has at the present time two sound, substantial and unquestionably safe banks, with another about to be started, to which her citizens point with pardonable pride. These two banks have passed throush the shoals of pannicky and troublous times safely and having weathered the storms to which more than one similiar institution fell a victim, today stand out conspicuously among the banks of the commonwealth and country full worthy of the great confidence reposed in them by the people. REMOVED HERE FROM OLD WINDHAM. The Windham bank was organized in 1832 in the Old Town and was & state institution until in the course of National events it went into the National Banking system in 1865. From the time of its organization the NEW LONDON, WILLIMANTIC AND PUTNAM Strong in Resources and the Confidence of the People-Managed with Prudence and Integrity They Are Leaders Among the Financia! Insti- tutions of the State--New Modern Banking Houses That Are Omam_ents to Their Home Cities. { bank 4id business in Old Windham up to the time it moved to Williman- tice in March, 1879, occupying quarters in the front room of the present ‘Willimantic Savings Institute building at the corner of Main and Bank streets. The bank continued to do business here until January, 1896, when it removed to its present quarters, its own fme building at 779 Main street, ON THE ROLL OF HONOR. Late in the '70's and early 'S0's, the bank was unfortunate in ite n- vestments and suffered considerable loss, being connected with the Marins National bank and Grant & Ward failures. Since 1886, howsver, under the bank’s able president and efficient board of directors the imstitution has shown a steady, healthful and satisfying substantial growth. The Windham National bank is among the Roll of Honor banks and at the present time stands sixth among the banks of the state in point of percentage of surplus to capital. The capital of the bank is $100,000 and its surplus and profits approximately $150,000. The presidents and cashiers of the bank during its upwards of thre quarters of a century’s life have been as follows: First president, John Baldwin, from organization until 1550; first cashier, Joel W. White, from 1832 to 1840; second president, Henry S. Walcott, from 1840 to 1872 second cashier, Samuel Bingham, from 1840 to 1886; third president, Thomas Ramsdell, from 1872 to 1886; fourth and present prestdent, Guil- ford Smith, was elected in January, 1836. The third and present cashler, H. Clinton Lathrop was elected March 17, 1886, To such mien as the above the bank owes, in great measure, its present excellent condition and the citizens of Willimantic may well fesl preud of their only Natlonal bank. DOUBLES DEPOSITS IN FIVE YEARS. The Willimantic Savings Institute is actually the oldest bank in the city, although it was organized ten years later than the frst mentioned bank, opening for business in 1842 in what was known as the Windham company’s store on upper Main street and continued to stem the tide of cireumstances until July 22, 1870, when it removed to its present building at the corner of Main and Bank streets. This bank has grown from & small institution to a strong and still growing one that is fast becoming recognized throughout the commonwealth and country and this is es pecially true the last half decade. The bank showed deposits of $604,000 at the close of the year 1910, thus standing out uniquely in the history of banking institutions by being able to point with great satisfaction to the remarkable achievement of practically doubling its deposits within « period of about five years. The principal officers of the institute during its existence thus far were: TFirst president, Oliver Kingsley, Jr., from 1342 to 1847; vice-presi- dent, Horace Hall; treasurer, John Tracy; second president, Horace Hall, from June, 47 to '69; third president, John Tracy, from June, 1870 to May, 1874, when he died; Henry F. Royce was treasurer from Tracy's time untf March, 1888, being succeeded by F. F. Webb until June, 1889; fourth pres- ident, Whiting Hayden, from June, '74 until June 20, 1836, when he died. The fifth president was Edwin A. Buck, who was elected June 21, 1838, and served until he returned to private life being succeeded by Sflas ¥, Loomer as the sixth president on June 17, 1889. N. B. Webster, the present treasurer of the bank, was elected to that position at this time M. E, Lincoln was the next and seventh president being elected in June, 1897, vice Loomer resigned. Mr. Lincoln served the institute faithfuily and is today considered one of the hest presidonts that the bank has had. He declined a re-election in 1906, and on June 1Sth of that year, H. C\ Murray was elected to sueceed him and is still holding the office of presi~ dent, > elghth that the institute has had, and has the good wishes of everyone who knows him for a continuauce of she office for many years to come. CITIZENS STARTING NEW TRUST COMPANY. The Willimantic Trust company is about to throw open its doors ts the public and expects to start business in the Jordan buflding, whers the postoffice is now situated, about tho first of February. This latter institutiom gives every promise of starting off well and being able to continue along safe lines as it is backed by some of the city’s most suceessful and honored citizens. This completes the trio of the Thread City's good banking institutions. The Record of the Year 1910 - HAS BEEN GIVEN YOU BY THE “BULLETIN” COVERING THE VARIOUS INDUS- TRIES IN THE COUNTY. Let Us Tell You Briefly of the Part Taken in Those Activities By The Thames Loan & Trust Co. During the year our Deposits increased $200,452.57 The number of our Depositors increased Two Hundred and Ten This growth was in keeping with our development since we opened by business in 1903. The comparative figures given below will be of interest, as they show the amount of Deposits and Total Assets at the close of each year. Dec. 31st, 1903 1904 1905 1906 1907 1908 1909 1910 Deposits $137,289.24 288,17946 540,635.37 57513493 532,515.35 593,650.19 844,312.96 1,044,795.53 Assets 327,692.06 466,75478 1729,890.36 825,176.17 778,176 92 802,737.05 1,014,855.52 1,245,262.29 A continued growth that indicates a vigorous and healthy condition, yet we are not satisfied; we want to do better banking, and more of it; we want to count among our CUSTOMERS, and as our friends everyone in this community who is earning and spending money, and who is not now making use of a Bank account. Do you know that we are organized and equipped for the following purposes: TO HELP YOU SAVE MONEY. TO HELP YOU CARE FOR We issue Savings Department yoUR SAVINGS. Pass Books bearing interest at YOUR A%~ Interesy figuted from the ‘We sell Certificates of Deposit first of each month, on d of Betore’ the 10¢H of that draw interest from d Amount practical- issue to day of withdrawal, in- terest rate depending upon the length of time the deposit Te- made on or each month. 1y unlimited. TO HELP YOU BOTH SPEND mains undisturbed. Especially AN e noNE < desirable for the funds of es- AVetinave sthecommerciar e tates waiting distribution, or partment for checking accounts, 3 ¢ for accumulations waiting in- an absolute necessity, if you are in busin and a great con- vestment. These Certificates venlence if you are in the pro. are salable at face value and in- pe or only a household terest at any time. Saves time, annoyance and money, and furnishes you a re- liable voucher for every TO HELP YOU COLLECT MONEY. moneyed transaction. Every person who spends money We can forward drafts making should have such an account. TO ASSIST YOU IN YOUR BUSI. NESS. If your condition is such as to warrant it, we can loan you the money necessary to make your business a success. demand upon those indebted to you, in other towns; for you money deposited in banks at a distance, and can collect drafts with bills of lad- ing attached, covering goods shipped anywhere. can draw TO HELP YOU IN YOUR REMITTANCES. TO RELIEVE YOU FROM . ANXIETY. We can serve you as Executor, £ you transmit money to friends . Trustee or Guardian. Think of at’a distance. or in the payment of obligations, we can sell you the advantage over the indivi- drafts drawn direct on our own 2 - correspondents, in practically all dual in the same capacity, Fi- the large cities of the civilized nancial responsibility, fixed office world. . hours, always accessible, mod- TO HELP YOU IN YOUR erate charges and under state PLEASURES. supervi : We issue Letters of Credit and i merican Bankers’ Association THE FRIENDSHIP OF A Money Orders to help you spend GOOD BANK. your money in travel, at home i or abroad. These money orders is a v ble asset. Ask the are safer and better than real TRt has it what it has money for use in travelling 4 . enah 1 him to do, then begin TO HELP YOUR DEVELOPMENT, your acquaintance by opening We can act as Trustee under an account, ith the feeling that the mortgage securing your the officers of this bank are in- Bond Issue, or hold the security back of your Collateral Trust Notes. In these mortgages we have no financial interest, but act in the interest of the actual owners of the bonds. terested in are re vou sistent you and that y and ¥ willing to serve possible way coa- with good banking. n every If you are not making use of all the facilities ot this modern banking inst tution, don’i hesitate to ack questions. You can gain information in no other way so easily. The Thames Loan & Trust Company, Shetucket Street, Norwich, Conn. Open Saturday Evenings 7.30 to 9 o’clock.