Bristol County, Massachusetts - Chapter 15: Taunton Banks, 1924

The story of the banking institutions in Taunton has its beginnings as far back as the year 1812; and among some of the very old banks in New England are those of this city. Present-day bankers and financial men share with satisfaction a retrospect of moneyed institutions here that have had the backing of capable business men for more than a century; and the prospect, based upon conservative example, indicates a community progressive in mercantile, real estate, and all leading business concerns.

The old Taunton Bank was incorporated June 8, 1812, and the following names of the first board of directors constitute those of men who took the lead in their day: Simeon Tisdale, Samuel Fales, Joseph Tisdale, Samuel Crocker, Eliphalet Williams, Job Godfrey, Jr., Marcus Morton, John West, James L. Hodges, Nicholas Tillinghast, John Presbrey, Jonathan Ingell. Samuel Fales was elected president, and James L. Hodges cashier. Again in 1820 there are to be found additional names of directors, as follows: Thomas S. Baylies, Francis Baylies, Robert Dean, Silas Shepard, Galen Hicks, Jonathan Ingell (who was president that year). The same board was elected in 1820 and 1821, with the exception that Laban Wheaton, of Norton, took the place of Robert Dean. There is no trace of the records from 1822 to 1827, in which year John West died; and we find that Job Godfrey served until 1831; Marcus Morton until 1835; Francis Baylies until 1830; William Reed until 1831; Daniel Brewer until 1837; Nathaniel Wheeler to 1830; Benjamin Ingell to 1838; Samuel Crocker to 1837. Those who served as directors since that time were Abiathar Williams, William Baylies, D. G. W. Cobb, John M. Williams, Nathaniel Crandell, George A. Crocker, Abiezer Dean, Anselm Bassett, Thomas J. Coggeshall, James M. Williams, Charles Babbitt, Ellis Hall, Enos W. Dean, Samuel B. King, Stephen Rhodes, Charles Robinson, John Walker, Abraham Gushee, Edmund Baylies, Matthew Briggs, Simeon Williams, Lovett Morse, Elkanah Andrews, Andrew H. Hall, Charles R. Vickery, Charles F. Davenport,

The Taunton Bank was reorganized as a national bank in 1865. Charles J. H. Bassett, George A. Washburn, Henry M. Lovering and Albert H. Tetlow were its presidents. George W. Andros and Charles L. Godfrey were cashiers.

The Cohannet Bank was one of the short-lived banking institutions of the early part of the last century. It was incorporated in 1829 and began business in 1831, with these directors: John M. Williams, Daniel Wilmarth, Jr., William Reed, Henry Washburn, William A. F. Sproat, William Hodges, James W. Crossman, Benjamin Ingell, Frederick Crafts, John M. Williams. The latter was the first president, James W. Crossman second, and William A. F. Sproat third; and the cashiers were Hiram M. Barney and William A. F. Sproat. After the failures of 1837-1842 the bank closed.

The Bristol County National Bank, incorporated in 1832 with a capital of $100,000, was organized as a national bank in 1865. The presidents have been William A. Crocker, Nathan Stetson, Theodore Dean, Hezekiah W. Church, Seth L. Cushman; the cashiers, Golden Dearth, William Meunscher, William Brewster, A. L. Place, Seth L. Cushman, Harry W. Town- ' send, Albert H. Tetlow. The list of members of the board of directors from the first included: Charles Richmond, Nathan Lazell, William A. Crocker, Peter H. Pierce, Samuel L. Crocker, Artemas Hale, Charles Babbitt, Jesse B. Smith, Sylvanus L. Mitchell, Philander Washburn, Barney Dean, Horatio Pratt, Jesse Hartshorn, Nahum Stetson, Benjamin B. Howard, Oakes Ames, Francis Williams, Willard Lovering, Robert S. Dean, Charles Porter, Henry Washburn, Horatio L. Danforth, James W. Crossman, Samuel B. King, W. W. Pool, H. W. Church, Elisha T. Wilson, Theodore Dean, Edwin Keith, Cromwell Leonard, Salmon Washburn, Charles Foster, Oliver Ames, Sr., Oliver Ames, Jr., Albert Field, Laban M. Wheaton, James H. Anthony, Sylvanus N. Staples, William Lathan, N. Bradford Dean, Josiah L. Bassett, William O. Snow, Joseph E. Wilbar, Henry W. Morse, Seth L. Cushman, Philander Williams, Thomas L. Church, Charles D. Stickney; also John H. Eldridge, 1895-1911; Frederick S. Hall, 1900-11; Herbert M. Staples, 1893-1914; William E. Walker, 1894- 1913; Charles H. Blaine, 1904-16; Charles F. Foster, 1912-1916; Robert M. Leach, 1913-1916; William R. Park, Jr., 1912-16; Abbott F. Lawrence, 1896- 1916; Arthur C. Staples, 1904-16; Albert H. Tetlow, 1911-1916; Enos D. Williams, 1897-1916.

Albert H. Tetlow was elected cashier in 1902, continuing in that office until 1916. Seth L. Cushman became associated with the bank as teller in 1869; was elected cashier in 1881, and president in 1887, continuing as such until 1916. In that year the bank, by vote of the stockholders, went into voluntary liquidation, and Mr. Cushman was elected as the agent to close its affairs. The tellers during the terms from 1890 to 1916 have been Charles F. Foster, Frederick S. Dunbar and Harold W. Eldridge.

In 1892 the building that had been the home of the bank from its organization, in 1832, was remodelled and enlarged into the structure now owned and occupied by the Bristol County Trust Company.

The Bristol County Trust Company was organized and incorporated under the laws of the Commonwealth of Massachusetts, receiving its charter February 16, 1917, and commencing business March 19, that year. The officers have been as follows: President, Albert H. Tetlow, died July 24, 1922; vice-president, William E. Dunbar; clerk of the corporation, William E. Dunbar; board of directors: Joseph L. Anthony, Charles H. Blaine, Brenton G. Brownell, William E. Dunbar, Robert M. Leach (resigned September 6, 1921), Frederick Ludlam, Nathan Newbury, William R. Park, Jr., Arthur C. Staples, Albert H. Tetlow (deceased), Frank L. Tinkham; treasurer, Charles L. Godfrey (died September 21, 1921); assistant treasurer, Allston Estes Williams; treasurer, Allston Estes Williams, from and after September 21, 1921; assistant treasurers: Harold W. Eldridge, June 13, 1920-August 13, 1921; Henry S. Hastings from September 15, 1921. Director from October 29, 1921, Albert R. White; from August 8, 1922, Allston Estes Williams; president, from and after January 9, 1923, Nathan Newbury.

The Machinists' Bank was organized in 1847, with a capital of $50,000; and on March 4, 1865, it was reorganized as Machinists' National Bank. The officers in their succession are as follows: Presidents, William Mason, 1847-57; Marcus Morton, 1857-64; Charles R. Vickery, 1864-83; Edward King, 1883-89; William C. Davenport, 1889 - . Cashiers: Edward R. Anthony, 1847-49; Charles R. Vickery, 1849-64; Church Vickery, 1864-76; Edward King, 1878-83; William C. Davenport, 1883-99; John H. Dalglish, 1899-1917; William O. Kingman, 1917 - . The board of directors: H. W. Church, Jesse Hartshorn, George B. Hood, C. T. James, Cyrus Lothrop, 2nd, Willard Lovering, Nathaniel Morton, Horatio Gilbert, William Mason, Marcus Morton, Simeon Presbrey, Horatio Pratt, Isaac Pierce, Samuel C. West, Albert Barrows, Artemas Briggs, A. J. Barker, Edmund H. Bennett, Horace Lewis, Nathan Rand, Thomas R. Drake, George B. Atwood, James P. Ellis, Charles R. Vickery, Charles L. Lovering, Samuel Colby, B. C. Vickery, Samuel L. Crocker, Albert Alden, Nathan Wilmarth, Lemuel L,. White, Zaccheus Sherman, Edward King, William H. Bent, Edward B. Maltby, Thomas J. Lothrop, Abel W. Parker, William C. Davenport, A. Gilbert Williams, Henry F. Bassett, George W. Colby, Henry J. Fuller, Joseph K. Milliken, Walter T. Soper, Marcus A. Rhodes.

The Bristol County Savings Bank was organized by an act of incorporation, March 2, 7846, and for the past seventy-seven years has cared for savings of the people of this community, the average per cent. of dividends for the past fifteen years having been 4.21. The amount due depositors in 1850 was $150,000; in 1923, $8,525,000. The total number of depositors January 10, 1923, was 13,951, and the assets at that time amounted to $9 476,022.41.

The clerk of the corporation is Randall Dean; the trustees: Joseph L. Anthony, Merle T. Barker, Charles W. Davol, Randall Dean, Charles F. Foster, Frank A. Hubbard, William R. Mitchell, Thomas J. Morton, William R. Park, Jr., Clinton V. Sanders, Walter T. Soper, Edwin A. Thomas, Harry P. Thomas, Ernest K. Vanderwarker. Board of investment: Merle T.. Barker, Charles W. Davol, Thomas J. Morton, Walter Ty Soper, Edwin R. Thomas. Auditing committee: Charles F. Foster, Clinton V. Sanders, Walter T. Soper.

At the annual meeting, held January 6, 1890, the trustees reported deposits of $1,393,508.26, and total assets of $1,479,178.39. John E. Sanford was elected president; Charles L. Lovering, vice-president; Henry R. Wood, clerk of the corporation. The presidents in succession since then: Henry F. Bassett, January, 1908; vice-presidents: Arthur M. Alger, January, 1912; Nathan Newbury, 1920. Clerks: Reuben W. Chase, January, 1911; William E. Hart, January, 1917; Clayton L. Reynolds, January, 1923.

_ The Mechanics Co-operative Savings Fund and Loan Association of Taunton was the fifth to be organized in the State, receiving its charter September 14, 1877. By an act of Legislature passed in 1883, the names of such organizations were changed to co-operative banks. At the first election, the officers chosen were: President, Elijah Tolman; vice-president, Nathan Lawrence; secretary, John O'Neil; treasurer, Frank L. Fish. Directors: Cyrus Savage, Matthew Kennedy, Lyman A. Blake, Benjamin F. Pizer, Abraham Coleman, William C. Beattie, William H. Foulds, William W. Swan, George L. MacAusland, John Hewitson, George L. Johnson, George E. Chace, William Gornall, Thomas Leach, Samuel Biggin. During the past forty-five years there have been ninety-two different directors, the following-named having been elected for twenty-five years and over: Cyrus Savage, 32 years; J. J. Green, 32 years; William A. Manchester, 32 years; William W. Swan, 30 years; John C. MacDonald, 27 years; Herbert O. Woolley, 26 years; Frank R. Knox, 25 years.

For the first ten years, shares were issued but once a year, in January; but in July, 1887, the first mid-year series was opened, and this plan was continued until 1916, since which time the new series has been issued every three months. The fortieth annual report of the bank showed an increase in capital of $170,223.60, and 195 more members, with a gain in shares of 1813. ;

The Taunton Co-operative Bank was opened for business March 7, 1889, the original petitioners to whom the charter was issued having been Henry M. Lovering, Charles Foster, William Reed, Jr., J. Y. Anthony, Ezra Davol, Edward Mott, L. A. Rounds, Daniel Carey, Henry A. Dickerman, FE. R. Sprague, Leander Soule, Samuel L. Crocker, Timothy Gordon, R. Henry Hall, Erastus Maltby, William H. Fox, William H. Bent, William C. Lovering, Arthur M. Alger, Joseph B. Hanson, P. W. Hewins, Edmund H. Bennett, George A. Congdon, W. §S. Jones, A. C. Rhodes. The bank's first president was Henry M. Lovering, and the original security committee were Benjamin Roebuck, Albert Davol, and Daniel Carey. Its secretary was Charles L. Godfrey; the treasurer in the first years of the loan fund's existence was Charles Foster. In the four decades of the bank's history four men have held the office of president; Mr. Lovering was succeeded by Henry W. Colby, he by John Barker and Mr. Barker by Daniel Carey, who now holds that office. The office of secretary and treasurer is now combined, and is held by Albert C. Francis; previous secretaries had been

Charles L. Godfrey, Herbert O. Morse and John J. Barker, while past treasurers were Charles Foster and George E. Dean. Men who have served in the post of attorney for the bank have been Judge A. E. Alger, Judge Lloyd E. White, William J. Davison, Carlton L. Sanford and Everett S. White. On March 1, 1921, a meeting of co-operative bank directors was held in Taunton, with bank officers present from this city, Fall River, Norton, Attleboro, Mansfield, Dighton and Middleboro, who decided to form a permanent organization, with Arthur R. Knox, of Taunton, as president, and Chester A. Reid, of Taunton, as permanent secretary.

The office of clerk or secretary and treasurer was combined June 16, 1913. The amount of capital in 1922 was $741,541.91; the number of shareholders, 1130.

The East Taunton Co-operative Bank was organized September 28, 1909, and received its charter November 12, 1909, commencing business November 15 that year, with an authorized capital of $1,000,000, the bank being at the office of the Corr Manufacturing Company, East Taunton. The first president was Luther Dean; vice-president, Arthur E. Robbins, and the treasurer, Arthur H. Chase. The first board of directors consisted of the following-named: President Luther Dean and Vice-President Arthur E. Robbins; Chester S. Hart, E. M. S. Chandler, Harrison K. Dean, Frederick Ludlam, Peter H. Corr, Charles W. Sanders, Chester R. Barstow, Benjamin §. Bosworth, William Harrop, Joseph D. Murphy, Frank Padelford, Henry H. Robinson, Matthew J. Mitchell, George L. Walker, George M. Lincoln.

The present officers are: President, Arthur E. Robbins; vice-president, E. M. S. Chandler; treasurer, Albert H. Chace; directors: Arthur E. Rob-

The Old Colony Co-operative Bank was organized February 7, 1918, and began business March 11, that year. The shares are issued quarterly, and an individual can hold from one share to forty shares. Interest is compounded quarterly, with recent dividends at the rate of 5% per cent. The original board of directors consisted of William J. Dana, James B. Galligan, John C. Santos, James P. Corr, Dr. Michael C. Golden, James P. Lamont, Noah Lemaire, Charles J. Nichols, John O'Hearne, Henry J. Hebert, James J. Donovan, Louis J. Antine, Manuel C. Silvia, Howard M. Poole, Joe Lockwood, Matthew A. Higgins, Gaetano Orsi, Francois Beaulieu, Louis Swig. The present board consists of: Louis Swig, Dr. Pierre G. Blais, James P. Galligan, Luther J. Anthony, John O'Hearne, Manuel F. Silvia, Louis J. Antine, Howard M. Poole, Matthew J. Higgins, James M. Westgate, James P. Corr, William J. Dana, Dr. Michael C. Golden, Noah Lemaire, Henry J. Hebert, Manuel G. Silvia, Joe Lockwood, Gaetano Orsi, Henry J. McNelly. James H. Carney is secretary and treasurer.

The Taunton Morris Plan Company was incorporated January 16, 1917, by the following: William C. Davenport, Clinton V. Sanders, Henry F. Bassett, Robert M. Leach, William R. Mitchell, Edgar W. Sturgis, Lewis M. Witherell, William R. Park, Jr., Charles W. Davol, Henry A. Dickerman, Brenton G. Brownell, Herrick Brown, Stanley R. Hall, William H. Reed and Nathan Newbury. March 1, 1917, the corporation started business at 15 Weir street, with William C. Davenport, president; Albert H. Tetlow, vice-president; Robert M. Leach, vice-president; Harrison W. George, treasurer. There they did business until April 15, 1922, when they moved to 9 Winthrop street, into their own property, to be remodelled for _ their purposes.

Albert H. Tetlow was elected president from 1919 and continued until 1920, and since that time the board has been as follows: Harry Carlow, president; Arthur C. Staples and William R. Park, Jr., vice-presidents; Harrison W. George, treasurer; and the following directors: Henry F. Bassett, R. Frank Brooks, Jr., Charles H. Blaine, Vere Brown, Brenton G. Brownell, Harry Carlow, William C. Davenport, Charles W. Davol, Henry A. Dickerman, Harrison W. George, Stanley P. Hall, Frederick Ludlam, William R. Mitchell, Nathan Newbury, William R. Park, William H. Reed, Clinton V. Sanders, George W. Seeley, Arthur C. Staples, Edgar W. Sturgis, E. K. Vanderwarker, Richard E. Warner, Richard Wastcoat, James P. Whitters, Lewis M. Witherell.

Officers and other representatives of the Co-operative banks of Taunton and near-by cities and towns held their first meeting for organization at the Inn in Taunton, February 28, 1921. Nearly one hundred were present, and Arthur R. Knox, of the Mechanics Co-operative Bank, was elected president, and Chester A. Reid, of the Weir Co-operative Bank, permanent secretary. The object of the league of banking men thus formed was to educate the public in the ways of their banking system, and to teach thrift, and the meetings are being held mainly to discuss the problems of the co-operative bank. The organization has had such speakers as George H. Wyman and Charles H. Bethune, both presidents of the Massachusetts Bank League; Senator Silas D. Reed, and others interested in the co-operative bank. At the meeting in 1923, Albert C. Francis, of the Taunton Co-operative Bank, was elected president, and Chester A. Reid, of the Weir Bank, secretary. At that time the membership consisted of the following-named:

Weir Co-operative Bank: Chester A. Reid, Henry D. Atwell, Arthur C. Staples, Edwin A. Tetlow, John A. McDonald, Harry Carlow, Howard H. Presbrey, Randall Dean, John Fitzgerald, Harry Blood, J. Arthur Quigley, Clarence Parker, Reuben W. Chase, A. R. Leonard.