Essex County, Massachusetts - Chapter 4, 1888

By Henry M. Batchelder

The Essex Bank - The Salem National Ban!,: - The ilerchants'' Natiaiuil Bank - The Commercial Bank - The National Exchange Bank - The Asiatic Nationnl Bank - The Mercantile National Bank - The Mechanics' and Traders' Bank - The NaumJceag National Bank - The Bank of General Interest The North American Bank - The Salem Savings Bank - The Salem

In 1782 a branch of the Bank of North America was located in Boston, and in 1784 the Massachusetts Bank was established in that city. Eight years later the first bank was opened in Salem. It was styled the " Essex Bank," and commenced business July 2, 1792, with a capital of about three hundred thousand dollars.

It was in 1786 that, by Congressional order, accounts were kept in dollars, dimes and cents instead of pounds, shillings and pence. On account of business troubles, specie payments w^ere suspended from 1837 to 1839, and again at the breaking out of the Civil War in 1861. This last suspension lasted until

The Essex Bank, occupied a room in the building now known as the " Central Building," on Central Street, which street was for a time known as Bank Street. It expired in 1819, though its affairs were not fully wound up till 1822.

The Salem Bank now the Salem National Bank, was incorporated March 8, 1803, with a capital of two hundred thousand dollars. This was increased to two hundred and fifty thousand dollars in 1823 ; reduced in 1859 to one hundred and eightyseven thousand five hundred dollars ; restored to two hundred thousand dollars in 1865 ; increased in 1873 to three hundred thousand dollars, which is the present capital. Its presidents have been Benjamin Pickman, 1803; Joseph Peabody, 1814; George Peabody, 1833; Benjamin Merrill, 1842; George Peabody, 1847 ; William C. Endicott, 1858 ; Augustus Story, 1875 ; S. Endicott Peabody, 1882. Its cashiers : Jonathan Hodges, 1803 ; John Moriarty, 1810 ; Charles M. Endicott, 1835; George D. Phippen, 1858.

The bank was originally located in a brick building on the south side of Essex Street, next west of the Benjamin Pickman estate, nearly opposite St. Peter Street. This building stood in from the street, and was erected for the accommodation of the Salem Bank and the Salem Marine Insurance Company on the lower floor, and the East India Marine Museum on the second.

The Salem Bank adopted the national system in 1864, and moved to the Holyoke Building, Washington Street, in 1866, where it is still located.

The Merchants' Bank was incorporated June 26, 1811, with a capital of two hundred thousand dollars, which was afterwards increased to four hundred thousand dollars, and reduced in 1845 to the original figure. The bank was first located in the Union Building, on the corner of Essex and Union Streets, later in the Bowker Block, and in 1855 removed to the second floor of the then newly-built Asiatic Building on Washington Street. In 1883 it was removed to its present location, in the Northey Building, on the corner of Essex and Washington Streets. Its presidents have been Benjamin W. Crowninshield, 1811 ; Joseph Story, 1815; John W. Treadwell, 1835 ; Benjamin H. Silsbee, 1851 ; George R Emmerton, 1880. Its cashiers : John Saunders, 1811 ; John W. Treadwell. 1813; Francis H. Silsbee, 1835; Benjamin H. Silsbee, 1848 ; Nathaniel B. Perkins, 1851 ; George R. Jewett, 1883 ; Henry M. Batchelder, 1883. The bank became the Merchants' National Bank, December 30, 1864.

The Commercial, now First National Bank, was incorporated February 12, 1819, with a capital of three hundred thousand dollars, which was reduced to two hundred thousand dollars in 1830, and restored in 1851. This bank first opened its doors at its present location, in the Central Street Bank Building. It presidents have been Willard Peele, William Sutton and Eben Sutton. Its cashiers : Nathaniel L. Rogers, Zachariah F. Silsbee and Edward H. Payson. It was the first bank in the city to enter the national system, becoming the " First National Bank " in June, 1864.

The Exchange Bank was incorporated January 31, 1823, with a capital of three hundred thousand dollars, which was afterwards reduced to the present amount, two hundred thousand dollars. It commenced business in a building on the site of William Gray's garden, No. 172 Essex Street, the building extending to the corner of St. Peter Street. It was removed to the First Church building in December, 1864, occupying at that time the rooms on the corner of Washington Street, but was transferred to the southwest corner of the building in 1875. The bank is now numbered 109 on Washington Street. Its presidents have been Gideon Tucker, John Webster, Henry L. Williams, Nathan Nichols. Its cashiers : John Chadwick, Joseph H. Webb. It became the National Exchange Bank February 18, 1865.

The Asiatic Bank was incorporated June 12, 1824, with a capital of two hundred thousand dollars, which was increased to three hundred and fifteen thousand dollars. It commenced business in the Central Street Bank Building ; removed from there to the East India Marine Building, on Essex, opposite St. Peter Street, and in 1855 changed its quarters to the Asiatic Building, on Washington Street, where it is still located. Its presidents have been Stephen White, Nathan W. Neal, Thomas P. Pingree, Joseph S. Cabot, Leonard B. Harrington ; and its cashiers : Henry Pickering, Joseph S. Cabot, William H. Foster and Charles S. Rea. Mr. Foster, who retired from the office of cashier in 1884, had been in the service of the bank for sixty years, since its organization. It became the Asiatic National Bank December 8, 1864.

The Mercantile Bank was incorporated March 4, 1826. Its capital has always been two hundred thousand dollars, and it has always been located on Central Street, first in the Central Building, on the west side of the street, and since 1827 in its present quarters in the Central Street Bank Building, nearly opposite. Its presidents have been Nathaniel L. Eogers, David Putnam, John Dwyer, Aaron Perkins, Charles Harrington. Its cashiers: John A. Southwick, Stephen Webb and Joseph H. Phippen. The bank became the Mercantile National Bank January 10, 1865.

The Mechanics' and Traders' Bank was incorporated March 10, 1827, with a capital of two hundred thousand dollars, but never commenced business.

The Naumkeag Bank was incorporated IMarch 17, 1831, with a capital of two hundred thousand dollars, which was subsequently increased to five hundred thousand dollars. It commenced business in the store of Benjamin Dodge, on Essex Street, opposite the Essex House, thence was removed to the Manning Building, now Bowker Place, from there to the East India Marine Building, and in 1872 to its present quarters, on the second floor of the Asiatic Building, Washington Street. Its presidents have been David Pingree, Edward D. Kimball, Charles H. Fabens, William B. Parker, David Pingree, (Jr.,) and Joseph H. Towne. Its cashiers have been Joseph G. Sprague, Joseph H. Towne and Nathaniel A. Very. The Naumkeag became the Naumkeag National Bank in December, 1864.

The Bank of General Interest was also incorporated March 17, 1831, with a capital of two hundred thousand dollars. John Russell was president and William H. Russell cashier. It ceased business in 1842.

The North American Bank was incorporated March 31, 1836, with an authorized capital of three hundred thousand dollars. It never went into operation.

The Salem Savings Bank was incorporated January 29, 1818, as the " Institution for Savings in the town of Salem and Vicinity." The name was changed to the Salem Savings Bank in 1843. It commenced business on Central Street, thence removed to the Bowker Building, and in 1855 to the present location in the Asiatic Building, Washington Street.

1844 ; Dauiel A. White, 1851 ; Zach. F. Silsbee, 1861 ; John Bertram, 1864; Joseph S. Cabot, 1865; Benjamin H. Silsbee, 1875; Peter Silver, 1879; William Northey, 1883. The treasurers have been William P. Richardson, 1818 ; William Gibbs, 1820 ; William Dean, 1821 ; Peter Lander, Jr., 1822 ; Daniel Bray, 1823; Benjamin Shreve, 1837; Henry Ropes, 1839 ; William Wallis, 1861 ; Charles E. Syraonds, 1865 ; William H. Simonds, Jr., 1879. In 1855 the btink removed to the Asiatic Building, Washington Street, which it now owns. Its depositors number between sixteen and seventeen thousand, and the amount on deposit averages $6,500,000.

The Salem Five Cents Savings Bank was incorporated in 1855. It opened for business in the second story of the Downing Block, No. 175 Essex Street, removing from there into its present quarters on the second floor of the Northey Building. Its presidents have been Edward D. Kimball, 1855 ; Edmund Smith, 1861 ; Henry L. Williams, 1862; John Kinsman, 1879 ; William H. Jelly, 1882. Its treasurers : J.Vincent Browne, 1855; Charles H. Henderson, 1868. The number of depositors is over eight thousand, and the amount on deposit averages more than $2,500,000.

The aggregate capital of the national banks of Salem is $2,015,000, and the combined surplus funds and undivided pro6ts on August 1, 1887, was over $900,000. The amount on dej^osit on the same date was over $1,700,000.