Suffolk County, Massachusetts - The whole text, 1894 (part 7 of 17)

The first president of the State Bank, the eminent merchant and well beloved citizen, William Gray, ^ served from September 23, 1811, to October 3, 1815. His successors have been as follows: William Ward, from October 2, 1815, to October (J, 182:i; George Hallett, president//v /r/u., October 8 to October :?0, 182:5; Ezra A. Bourne, October 30, 1823, to June 25, 1841 ; Thomas P. Cushmg, president /rf /cw/. , June 25, 1841, to August 2, 1841; Samuel Frothingham, August 2, 1841, to August 23, 1852; George Howe, /ro /cw., August 23, 1852, to July 7, 1853; Samuel Frothingham, July 7, 1853, to Novembers, 185S; George Howe, November 8, 1858, to November 7, 1850; James McGregor, November 7, 185!l, to January 8, 1807; Amos W. Stetson, January 8, 18()7, to December 1, 1890; Samuel N. Aldrich, December 15, 18U0, to the present time. Mr. Aldrich was appointed by President Cleveland, United States assistant treasurer early in 1S,S7, which position he resigned to accept the presidency of the bank. He is a lawyer by profession, and previous to his appointment by President CIe\-eland was engaged in practice in Boston.

'Mr. Gray was born at Lynn, June 27, 1750, and died at Boston. November 25, 1825. At the time of his death he had the reputation of being the largest ship owner in America. He was the owner at one time of sixty square rigged vessels, and had attained the highest mercantile eminence. After serving in the State Legislature he was elected lieutenant-governor on the ticket with Klbridge Gerry in 1810. He was a Democrat in politics, sustaining the embargo, notwithstanding it inflicted heavy loss upon him. He lived in Summer street in a house afterwards occupied by Governor Sullivan. He was a man of practical benevolence. He aided the government largely in 1812. and it is said but for him the Omstiintion would not have got to sea and electrified the nation by her exploits. Mr. Gray was also the farst president of the State Hank, the first Democratic institution that obtained a charter in Massachusetts. Aftei the Treaty of Ghent, Mr. Grav presided over a public dinner given to John Quincy Adams, at which the venerable patriai-ch, John Adams, was president. - Dmke's LnHitiita*-k^ oj Bcsion.

Amos W. Stetson, previous to his election as president of the bank, had been a director and a member of the well-known house of Atherton, Stetson & Co. He is a son of Caleb Stetson, for a long time president of the Shoe and Leather Bank. He is an able writer upon financial subjects, and in 18G4 published a volume entitled "Our National Debt and Currency, or the Age of Greenbacks," a treatise which attracted much attention at the time.

C. B. Ratten, cashier for twenty-one years, had been for eighteen years before connected with the Suffolk Bank, and was with it when its largest scale of business was in operation, and when it employed one hundred clerks in connection with the arduous duties of the vSuffolk Bank system.

The original capital of the State Bank was reduced to ij! 1,800, 000 on March 1, 1817, and increased to $2,000,000 in 1805, in which year the bank was reorganized under the National Bank act, under its present title of the State National Bank. Its board of directors for 1892 is as follows: Amos W. Stetson, Henry C. Weston, Henry R. Reed, John L. Brewer, William H. Allen, Frederic Amory, Charles U. Cotting, Henry A. Gowing and Samuel N. Aldrich.

This bank has been eminently a conservative institution, and its dividends reflect credit upon the wisdom of its management. Its history is fraught with incidents that savor of the romantic, and with matters of high financial importance.

The condition of the State National Bank, as made to the comptroller of the currency at the close of business, March 0, IS'.KJ, was as follows ;

New England National Bank

The New England Bank was the fifth established in Boston and was chartered June 17, 1813. The bill to incorporate it passed the Hottse (Timothy Bigelow, speaker) and the Senate (John Phillips, president) June 15, 1813; was approved by Governor Caleb Strong, June 16, 1813, and four days later was attested by Alden Bradford, secretary of state. The following prominent citizens were created a corporation by the name of the President, Directors and Company of the New England Bank: John Gore, Samuel May, Robert G. Shaw, Edward Blake, jr., Samuel Dorr, Nathaniel R. Sturgis, George Lyman, David Greenough, Samuel Cabot, jr., Francis Lee, Allan Melville, Edward Motley, Ebenezer Appleton, David Hinckley, John Wood, Samuel G. Williams, Daniel P. Parker, James S. Colbum, Israel Munson, Thomas K. Thomas, John Bumstead, William Gill, Henry Bassett, jr., Benjamin Rich, John Bryant, Henry G. Rice, Enoch Bartlett, William S. Shaw, Thomas Gushing, Richard D. Tucker, William Sturgis, Patrick T. Jackson, Francis C. Lowell, William Ropes, Francis Welch, Asaph Stone, Thomas Cordis, Phineas Upham, Charles Barrett, Benjamin Watson, and their associates.

This bank was to continue from the first Monday in October, 1813, to the first Monday in October, 1831, and was to be subject to the same rules, etc., as those of the State Bank chartered in 1811, with the ex- ception of certain specified modifications. The capital stock was not to exceed $l,000,0()(l, in shares of $100 each, one-fourth of each share to be paid in before October 1, one-fourth before January 1, 1814, and the residue when directed by the stockholders. Certain other features of the charter are worthy of mention. The bank was to " have, hold, purchase, receive, possess, enjoy and retain " lands, rents, tenements and hereditaments to the amount of $50,000, and no more, at any one time, but was not restrained from holdiny real estate in mortgage or on execution, as security for, or in payment of, any debts due the bank. It was not to loan moneys, make discounts, nor issue any bills or promissory notes, till the capital in gold or silver in its vaults amounted to $250,000 - one-fourth of its whole capital. And this fact was to be ascertained by three commissioners appointed by the governor. Moreover, the bank must loan to the Jitate any required sum, not exceeding ten per cent, of the capital stock, reimbursable by five annual installments, or any shorter period, with interest not exceeding five per cent. The State also had the right to subscribe an amount, not more than $500,000, in addition to the capital stock, and subject to the usual bank rules and regulations.

The following were among the most prominent of the original shareholders in the New England Bank at the time of its organization, with the number of shares subscribed :

It will be .seen that the .seventy-four of the original stockholders subscribed for 5, 480. shares, amounting to $548,000, on an average of seventythree shares each. Harvard College took the largest number, 200 shares, while the families of the Appletons, Bradlees, Lawrences, Sturgises, vShaws and Goddards were well represented. All of the names in the list have been long identified with the history of Boston. Many of the descendants, but none of the original stockholders, are now living.

The first directors of the New England Bank were twelve in number, and were chosen at a meeting of the stockholders " at the rooms of said bank," in the Old Exchange Coffee Hou.se, October 4, 181:). They consisted of Edward Blake, jr., Samuel Dorr, Nathaniel Goddard, John Gore, David Greenough, Francis C. Lowell, Daniel P. Parker, Benjatnin Rich, William Ropes, Lemuel Shaw, William Sturgis and John D. Williams. Nathaniel Goddard was chosen president, and Ebenezer Goddard cashier. As the powers and duties of the directors specified in the original "By-Laws, Ordinances and Regulations " were similar to those of other then existing banks, we give the following as a .specimen of all. They were certainly sufficiently numerous, varied and comprehensive : They were to have full power to procure a suitable place for transacting the bank business, by purchase or lease, and to sell, dispose of and exchange the same; they must erect or prepare suitable buildings, with safe and convenient vaults and with suitable furniture and apparatus; they were to appoint and fix the times at which the first and second installment of $25 on each share must be paid in, and to give notice thereof; to appoint a cashier, tellers, clerks and other suitable officers; to prescribe and define their respective duties ; to order suitable bonds to be given and oaths to be taken by them for securing the faithful discharge of their respective duties; to fix, determine and pay their respective salaries and compensations; to procure all necessary plates, stationery and other articles for the use of the bank; to fix discount days; to make rules and regulations concerning discounts ; to prescribe forms for bonds and mortgages ; to make rules and regulations concerning loans on bonds and mortgages; to appoint a suitable person "of the profession of the law," as solicitor; to prescribe his duties and fix his compensation ; to prescribe all necessary forms for powers of attorney to be used at the bank ; to make all necessar)' rules and regulations for their own government and for the management of the interests of the institution, "not repugnant to the rules and regulations established by the stockholders, the act of incorporation, or the constitution and laws of this Commonwealth ; " and finally they were to "generally enjoy, possess and exercise all the powers granted to this corporation in cases not otherwise specially provided for." The thoroughness of these manifold directions for the directors is worthy of all praise, except that in the last clause. Those responsible and weary gentlemen might possibly possess and exercise all these powers, but to be able to "enjoy" them must have been beyond the possibilities.

One of the original ordinances of the New England Bank may have suggested the present " Safe Deposit " system for the security of valuables. It was enjoined that the bank should take charge of the cash of all those who might choose to place it there, free of expense; and should keep it subject to the owner's order, payable at sight. Deposits of ingots of gold, bars of silver, plate, or other valuable articles of small bulk, were received in the same manner and returned on demand of the respective depositors. This practice was long ago abolished. It assumed a responsibility heavy and troublesome. The services it rendered are now performed by safe deposit companies, which make it a highly systematic and remunerative business.

The New England Bank was for a period of seventy years located at 07 State street, corner of Kilby, a location of historic interest. It was at this spot that the famous Boston Massacre took place, and on the site of the old building at that time stood a popular tavern known as the " Bunch of Grapes. " In 188fi it sold its building to the Washington Insurance Company and removed to its present location in the Ecpiitable Building, corner of Milk and Devonshire streets.

The New England Bank was once largely engaged in receiving and paying what were called country bank bills, and also in negotiating bills of exchange on England, and this business it continued until the Suffolk Bank introduced its system of redeeming bills of country banks. In January, 18(i.5, its charter was changed to the New England National Bank, at which time it paid to its stockholders an extra dividend of twenty-five per cent, on its capital of $1,000,000. Forgeries upon this bank have been trifling, and its record with regard to runs and suspensions is the same as that of other leading Boston banks. As a State and National bank, since its incorporation in 1813, it has never passed but one dividend - in 1826 - a period of eighty years, covering practically the financial history of the country.

The presidents of the New England Bank have been as follows: Nathaniel Goddard, 1813 to 1823; Samuel Dorr, 1833 to 1833; Philip Marrett, 1833 to 1840; Thomas Lamb, 184(1 tol884; Samuel Atherton, 1884 to 1890; Charles W. Jones, 1890 to the present time. The ca.shiers have been Ebenczer Frothingham, jr., 1813 to 1824; Philip Marrett, 1824 to 1833; Seth Pettee, 1833 to 1874; Charles F. Swan, 1874 to the present time. The present officers and directors are: Charles W. Jones, president; Charles F. Swan, cashier; Arthur C. Kellock, paying teller; Jacob C. Hartshorne, receiving teller; Amos L. Swindlehtirst, bookkeeper; Henry C. Grant, collection clerk. Directors: Samuel Atherton, John T. Bradlec, Charles W. Jones, John D. W. Joy, William G. Means and J. Herbet Sawyer.

The condition of the New England National Bank, as made to the comptroller of the currency at the close of business March C, 1893, was as follows :

Tremont National Bank

The Trcmont National Rank was oriijinally incorporated under the name of the Manufacturer.s' and Mechanics' Bank, February 14, 1814, with a capital ot l|l,5(;)0,0()0, of which the Commonwealth might subscribe $500,000, one-third of the stock to be reserved for manufacturers and mechanics. The incorporators named in the act were: George Sullivan, John Bellows, William Appleton, Winslow Lewis, William Cochran, Thomas B. Wales, Seth Knowles and Ezra A. Bourne. Among the original stockholders of this bank, with the number of shares taken by each, were : of commerce and fathei's of manufactures. Many of them were also pioneers in that banking system violently, because ignorantly, opposed in this country at first, but soon so triumphantly vindicated by their foresight, honor and sagacious management, that then and to this day the banks of Boston have been proverbial for soundness, and have become features in her character, which justify no small degree of local pride.

The first board of directors was chosen at a meeting of the stockholders held March 1, 181-4, and was composed of the following members: Benjamin Russell, John Bellows, George Sullivan, Thomas B. Wales, Isaac Stevens, E. T. Andrews, Jonathan Dorr, Winslow Lewis, Joseph H. Dorr, vSamuel Fales, Seth Knowles and Jonathan Hunnewell. At the same meeting John Bellows was chosen president and Chester Adams cashier. With these officers, and Daniel Woods, first teller; Andrew Oliver, second teller; William Coffin, first bookkeeper; (ieorge Wheeler, second bookkeeper, and John Wheelwright, discount clerk, the bank commenced operations in a room under the Massachusetts Bank. The land on which the Tremont National Bank building stands was purchased in April, 1814, for $17,000, a very high price in those days. The building which now occupies this site was erected in 1852.

The name of the Manufacturers' and Mechanics' Bank was changed to Tremont Bank by act of the Legislature passed March 8, 1830, at which time the capital was reduced to $500,000, having previously been reduced from original amount, $1,500,000 to $750,000, February 11, 1810. At the time the name of this institution was changed to Tremont Bank, Henr}- Jacques was president and James Dalton cashier. The directors were: Henry Jacques, S. T. Armstrong, Joseph Eveleth, David R. Grigg, Levi Merriam, Isaac Stevens, E. T. Andrews, Caleb Curtis, Henry H. Fuller, John F. Loring, Benjamin T. Reed, and George Wheelock. In 1850 the capital was increased to $1,000,000, in 18G0 to $1,500,000, and in 1805 a stock dividend of 33>i per cent, was made, making the capital $2,000,000. December 14, 1804, the bank was reorganized as a national bank, under its present title of The Tremont National Bank; its officers and directors at this time were Andrew T. Hall, president; Amos T. Frothingham, cashier; Andrew T. Hall, Nathan B. Gibbs, Charles B. Shaw, W. Endicott, jr., Isaac Thacher, William Perkins, Ezra H. Baker, Thomas M. Devens, directors. The presidents of the bank from its organization to the present in order of service have been as follows: 1814 to 1818, John Bellows;

M8 Suffolk County

1819 to 1823, John Phillips; 1824 to 182ii, Isaac vStevens ; 1830 to 1832, Henry Jacques; 1832 to 1843, Samuel T. Armstrong; 1843 to 1875, Andrew T. Hall; 1870 to 1887, William Perkins; 1887 to the present time, Aaron Hobart. The cashiers have been: 1814 to 1819, Chester Adams; 1819 to 1847, James Dalton; 1847 to 1891, Amos T. Frothingham ; 1891 to the present time, D. E. Snow. In 1857 Enoch Train retired after a service of twenty-seven years as a director. In 18G4 Caleb Smith died after serving thirty-five years as a director. In 18(;9 Charles B. Shaw died, having served as a director for twenty-six years. In 1875 Andrew T. Hall died, having served as president and director for forty-four years. In 187G Ezra H. Baker died after a service of thirty years. In 1880 Nathan B. Gibbs died after a service of forty years as a director. In 1883 Isaac Thacher died after serving for fortythree years as a director. In 1887 William Perkins died after a service of forty-four years as president and director. James Dalton retired after serving for twenty-eight years as cashier, while Amos T. Frothingham, at the time of his death in 1891, had been continuously connected with the bank as teller or cashier for fifty-six years. Aaron Hobart, the present president of the bank, has been a director for thirtytwo years; William Endicott, jr., for thirty years, and Thomas H. Devens for twenty-eight years. D. E. Snow, cashier, has been connected with the bank for forty-two years; John K. Hinckley, receiving teller, for forty-one years; J. J. Underbill, paying teller, and Charles O. Tufts, book-keeper, each for thirty-nine years. The board of directors for 1892 is composed of the following members: Aaron Hobart, Thomas M. Devens, William Endicott, jr., Francis A. Osborn, George Thacher, Henry Endicott and Francis H. Manning.

The condition of the Tremont National Bank at the close of business, March 6, 1893, as reported to the comptroller of the currency, was as follows :

Suffolk National Bank

On the loth of February, ISIS, a charter \va.s granted b\- the Let^-i.slattire of Massachusetts to a banking institution known as the Suffolk Bank, which was destined to exert upon the currency of New England an influence little dreamed of by its projectors, but so wholesome that it gave uniformity and stability to its currency, reduced the discount on it to a minimum and by holding it in check tended to keep it in a sound and healthy condition. Among the subscribers to the stock of this bank were many of the most influential men of the day, such as William and Nathan Lawrence, John W. Boott, Eben and John Breed, Otis Everett, Ebenezer Francis, Williatn, Abbott and Amos Lawrence, William Payne, Patrick T. Jackson, Charles Lowell, Daniel P. Parker, George Bond, Samuel R. Miller, William Prescott, Caleb Loring, Nathaniel P. Russell, S. G. Williams, Alfred Willis, John Wood, Edmund Munroe and Gardiner Greene. The first directors were: Ebenezer Breed, Andrew Ritchie, Thomas Motley, Samuel Hubbard, John W. Boott, George Bond, Daniel P. Parker, William Lawrence, Eliphalet Williams, Edmund Munroe, Patrick T. Jackson and Ebenezer Francis.

The bank was opened for business on the first day of April, ISIS, on the second floor of the building on State street owned by Barney .Smith, Ebenczer Francis having been previously elected president, and Matthew Parker cashier. In April, 1S19, the bank was moved to the second floor of the building on the corner of State and Kilby streets, then and for many years occupied in part by the New England Bank. The directors at once, in addition to the regular business of the bank, turned their attention to foreign exchange. To the business of buying and selling exchange was added that of buying in London United States stocks and dollars. The foreign exchange business was continued until April, lS2(i, when a final settlement was made with its London agents, and the bank turned its attention almost exclusively to receiving and redeeming the bills issued by the New England banks.

The redemption of country bank notes by the .Suffolk Bank began in February, 1810, at which time a committee composed of the president, Ebenezer Breed, and Nathan Appleton reported as follows: " That it is expedient to receive at the Suffolk Bank the several kinds of foreign moneyi which .are now received at the New England Bank, and at the same rates. That if any bank will deposit with the Suffolk Bank $5,000 as a permanent fund, with such further sums as shall be sufficient from time to time to redeem its bills taken by this bank, such bank will have the privilege of receiving its own bills at the same discount at which they were purchased."

With the New England Bank, which for some time had been redeeming foreign bills, the Suffolk at once entered into a lively competition, and as a natural result the discount on country notes was materially lessened. Previous to this time the discount on Massachusetts bills had been one per cent. , and on bills of other States much greater. Competition at once reduced the rate on the former to onehalf of one per cent. , and even lower.

At this time the city was flooded with country money. The circulation consisted almost entirely of the notes of banks outside of Boston. With more than one-half of the banking capital of New England, the Boston banks supplied only one twenty-fifth of the bills in use. Two of the directors of the Suffolk Bank, John A. Lowell and William Lawrence, had become deeply impressed with the evils attending this

1 By the term " foreign money" was meant, not the money of foreign countries, but the notes issued by banks outside of Boston. This distinction it will be necessary to bear in mind for a clear understanding of what follows.

imdne issue of conntr\- money. In view of tliis fact, they were appointed a committee to confer with the other banking institutions of Boston ccmcerning- meastires which might check the enormous issue of country, and especially Eastern, money, and of securing to the bills of the Roston banks a just proportion of the circulation. They addressed a letter to each of the Boston banks clearh' stating the evils existing, assessed in proportion to their respective capitals, be raised by the several" banking instittitions who may agree to the arrangement, to be placed at the disposal of one or more banks for the purpose of sending home the bills of the New England banks in such way as may be expedient. That this capital shall be paid in the bills of the several banks, which shall be indiscriminately paid out for the purchase of Eastern money. That the profit or loss shall be in common, after charging a reasonable compensation for any extra service rendered bv the officers of the bank receiving them. That this fund shall be withdrawn at any time by a vote of a majority of the banks concerned, and that the president and directors of the receiving bank shall beat liberty to decline continuing the agency when they see fit, expecting no remuneration for the services which tlicy may render in this business for the common good."

This letter led to a meeting of representatives of the Massachusetts Bank, Union Bank, State Bank, Manufacturers' and Merchants' Bank, Eagle Bank and Suffolk Bank, which was held April 24, 182-1-, when it was voted that the sum of $300,000 was necessary to carry the scheme into effect, divided in the following proportion among the respective banks: State, $50,000; Massachusetts, $50,000; Union, $40,000; Manufacturers' and Merchants', $40,000; Columbian, $30,000; Eagle, $30,- 000; Suffolk, $00,000. These sums were subsequently ratified by the banks interested, and the Suffolk Bank was chosen as the agent of the associated banks. It was agreed that the Suffolk Bank should receive from the associated banks all this foreign money at the same or less discount than the New England Bank or other banks in Boston received it, and should send it home for redemption; that any bank might withdraw by giving thirty days' notice, and that the Suffolk Bank might give up the business at any time by giving the same notice.

Under this arrangement the Suffolk Bank began the receiving of foreign money on the 2+th f)f May, 1S24. The country banks were naturally very much excited and loud in their opposition. They fell that the result would be the curtailment of their circulation and the necessity of keeping a larger specie reserve. In derision they called the associated banks the " Holy Alliance," and some dignified the Suffolk Bank with the title of the "Six Tailed Bashaw." But they soon found that a promise to pay, printed on the face of a bank note, meant a promise to pay in specie on demand, and that the Suffolk Bank was not to be frightened or turned out of its course by sarcastic words. The charge of the foreign money affairs was placed by the directors in the hands of a committee composed of Ebenezer Breed, William Lawrence, John A. Lowell and Jeffrey Richardson. Two of this original committee, John A. Lowell and Jeffrey Richardson, served during the whole continuance of the system, forty-two )'ears, and William Lawrence until his death in 1848, a period of twenty-three 3'ears.

On the 25th of April, 1825, Ebenezer Francis resigned the presidenc)' of the bank and vSamuel Hubbard was elected in his place. Mr. Hubbard resigned in the following November, and Henry B. vStone was chosen as his successor. Mr. Stone was the first teller of the Suffolk Bank when it opened for business in 1818. Subsequently, and at the time of his election as president, he was cashier of the Eagle Bank.

Although hostility to the Suft'olk Bank system gradually abated as it became more widely extended, still many of the country banks felt that it was arbitary and oppressive. In 183-1: the redemption business had increased from $80,()0() to $100,000 daily. In 1838 the Suffolk Bank had practically a monopoly of the foreign money business. During the preceding five years it had paid to its stockholders an average annual dividend of eight and eighth-tenths per cent., and in September, 1S3'.I, it was voted to increase the capital to one million dollars. At the same time an extra dividend was paid out of its surplus profits. In 1847 redemption had increased to such an extent that it became almost impossible to count the foreign money received daily. The average daily redemption in 1850 was about $750,000, and the business was very remunerative. Since the extra dividend of thirty-three and one-third per cent, in 1839 the bank had paid dividends to its stockholders of eight per cent, annually to 1847, and from 1847 to 1852 ten per cent. annually, besides which a surplus of $330,000 was accumulated. During the year 1857, $400,000,000 were redeemed. This amount for New England alone was nearly double the sum redeemed for the whole United States for the fiscal year 1876-77 by the Redemption Bureau at Washington under the L^nited States Bank act. For the years following

1S5?, up to the time of the discontinuance of the system, was a period of bitter competition and hostility, which finally led the directors to abandon this feature of their banking business. This occurred in April, 18GG, at which time the directors, in giving up the business, placed the following upon the records of the bank:

"The SuiTolk Bank has had for many years no motive beyond that of securing to the community a continuance of the acknowledged benefits of the system. The labor, expense and risks of the birsiness have been equal to any remuneration received from the use of the deposits. We can not consent any longer to have the bank placed in the position, as is charged against us, of carrying on the business merely for its profits, nor can we be expected to stand out against public opinion, prejudiced and excited, in sustaining a system, however beneficial to the public, after it has become unremunerative and hazardous to the stockholders of the bank. If public sentiment is now against it, and if it is less appreciated by the trading community and the city banks than heretofore, the cause is not to be found in the mode of pursuing it. The time has arrived for surrendering our agency in the system as heretofore conducted. Our responsibility in it must cease, because its main feature, the right to send home bills for specie, can not be given up without destroying its efficiency, becau.se our exercise of this right is effectually made use of by those hostile to the Suffolk Bank system to place the bank in a false position before the public, and because imder existing circumstances the bank does not wish to stand in the way of a trial of the attempted experiment of a foreign money .system to be conducted on less stringent principles."

For more than forty years the Suffolk system had exerted a most wholesome influence on banking in New England, keeping a salutary check upon the issues of the banks and giving this section a nearly uniform bank note currency. "It was the underh'ing principle of the Suffolk Bank s3-stem," says Mr. Whitney in his history of this bank, already so largely drawn upon for facts and figures, "that any bank i.ssuing circulation should keep itself at all times in a condition to be able to redeem it; that it should measure the amount by its ability to do so; and that the exercise at any time of the right to demand specie of a bank for its bills was something of which the issuing bank had no right to complain. The directors enunciated this principle when they first entered into the foreign money business in their controversy with the agent of the Springfield Bank in 1 and they acted upon it dur- ing the wliolc existence of the system, and they gave up the business beeause the exercise of the right was made use of effectually, by banks hostile to the s^'stem, to place the bank in a false position before the public. Yet the bank had not labored in vain; it found the currency of New England in a chaotic condition ; but by pvitting this principle in practice it had brought order out of confusion, and had compelled the banks to keej) themselves stronger than they otherwise would, and to live up to a principle, the justice of which they could not deny, although the practice of it might cause them to forego some seeming immediate profits, and to this latter class must be attributed much of the hostility it provoked."

On the 15th of June, 18-J-'.), Mr. Henry B. Stone died, having served as president of the Suffolk Bank for twenty-three years, and to him, under the careful guidance and wise counsel of the foreign money committee, was due the great measure of success which the bank attained. He was succeeded as president by Jeffrey Richardson, who had been a director since 1823. In 1837 Matthew S. Parker, after having served for nineteen years as cashier, resigned, and was succeeded by Isaac C. Brewer. Mr. Brewer continued in the service of the bank for sixteen years, when he resigned, and Edward Tyler was elected in his stead.

Mr. Richardson continued as president until April, 1854, when failing health compelled him to resign. Mr. J. Amory Davis was elected as his successor. In May, 1802, Mr. William Grubb died, after having served in the bank as principal officer of the foreign money department for nearly forty years. He was a most faithful, able and judicious officer. He was succeeded by Mr. Eli E. Russell, who had been in the employ of the bank for twenty-nine years. Mr. Russell remained in charge of this department of the business until it vi-as discontinued.

After the passage of the present National Bank act in 1864, the vSuffolk Bank reorganized under that act as the Suffolk National Bank. At this time its capital was increased from $1,000,000 to $1,500,000. The redemption of foreign money now being at an end, the bank turned its attention to the regular business of discounting commercial paper. Its success was marked till the panic of 1873, having paid an average dividend of nine and three-eighths per cent, per annum, and accumulated a surplus of $200,000. It was in a strong condition when the panic came, and was able to meet all of its obligations without being obliged to resort to clearing house certificates by the pledge of its securities.

On the oth of May, ISdo, Mr. Davis, the president, died. l'(ir a short time thereafter Mr. Nathaniel Davis temporarily sei"ved as president. He was followed by Mr, Samuel W. Swett, who resigned in in 1ST4, and Mr. Henry Austin Whitney was chosen as his successor. Two years later Mr. Whitney resigned to take the presidency of the Boston and Providence Railroad Company. Mr. Swett temporarily held the position until April 1, 1876, when Mr. Whitney was again elected president, in which position he still continues to serve.

The condition of the Suffolk National Bank, as reported to the comptroller of the currency at the close of business, March (i, LS'.lo, was as follows :

National City Bank

In 1S23, one year before the Bank of England resumed specie payment, and three years after the financial crash of 1819 in this country, the City Bank of Boston was chartered. The charter, which was granted February 21, 1822, was to continue from April, 1822, to October, 18:)2. The capital was to be $oO(),000 in gold and silver in addition to such part as the Commonwealth should subscribe, divided into shares of $100 each. Among the original stockholders, with number of shares purchased, were :

The first meeting of the stockholders was held on Friday, March 8, 1822, at the Old Exchange Coffee House, at which meeting two hundred and forty votes were cast and the following directors were chosen ; Barney Smith, Thomas Cordis, George Brinley, Eliphalet Williams, Samuel K. Williams, Luther Faulkner, Pliny Cutler, Jesse Putnam and Joseph H. Adams. On Februarj- lit, 1827, the capital was increased to $1,000,000, and has since remained at this amount.

The City Bank was reorganized under the National Bank act, November 10, 18(i4, when its present name, the National City Bank, was received. Its directors at the time the change was effected were: William T. Andrews, Charles W. Cartwright, Christopher C. Chadwick, Arthur L. Devens, Joseph B. Glove, Patrick Grant, Samuel R. Payson, S. Endicott Peabody and Charles L. Thayer.

Ba Nking Ins Ti Tut Ions

The singular alternations in terms of service between Messrs. Cartwright and Andrews were occasioned by their mutual absences in Europe and elsewhere. The cashiers of the City Bank have been as follows : Samuel K. Williams, John Pickens, Eliphalet Williams, J. E. Williams, Charles C. Barry, George W. Grant, May 23, 1887, Charles C. Barry's connection with the bank began in June, 1837, as bookkeeper, and continued as such until 1851, when he was elected as cashier. He resigned the latter office on May 23, 1887, after a continuous service in the bank for fifty years.

The present officers of the bank are: President, Leverett S. Tuckerman ; cashier, George W. Grant ; directors. Royal P. Barry, Richard Briggs, Edmund W. Converse, William R. Dupee, George Mixture, Edward L. Pickard, Samuel P. Colt, Henry B. Sprague, Alfred Winsor and Leverett S. Tuckerman.

The condition of the National City Bank, as reported to the comptroller of the currency at the close of business, March 0, 1893, was as follows;

National Eagle Bank

The banking- in.stitution, now known as the National Eagle Bank, was chartered the same day as the City Bank, under the name of the Merchants' Bank, with a capital of $500,000. The name was afterwards changed by the committee on banks to Eagle Bank. The petition for its incorporation was signed b}- the following merchants and capitalists: Henry Gray, Joseph Balch, William Goddard, Abbot Lawrence, William B. Swett, John A. Lowell, Josiah Marshall, Samuel Dorr, Elisha Bingham, Nathaniel Curtis, Henry Hall, Enoch Silsby, Titus Welles, vSamuel May, Benjamin Thompson, Joshua Blake, William Lawrence and Robert Waterston.

The Merchants' Insurance Company was largely interested in the establishment of this bank, and at its outset in 1822 took 2,400 of the 5,000 shares of the corporation. Many of the original stockholders afterwards became of great business eminence, and some attained national and world-wide celebrity. The following are some of the most prominent of the original list :

Geo. Hallett. A. & A. Lawrence. John A. Lowell. Elijah Loring. John Lowell, jr. Josiah ^larshall. Samuel May. James Means. Jeremiah Nelson. Oliver Putnam. Augustus Peabody. Wm. B. Reynolds. Robert Roberts. Wm. B. Swett.

The original oificers chosen by the stockholders were as follows: President, Titus Welles; cashier, H. B. Stone; directors, Titus Welles, Elsha Bingham, Henry Hall, Enoch Silsby, William Goddard, Thomas West, Augustus Peabody, John Williams, Robert Waterston, Benjamin Thompson, George Hallett and William B. Swett.

In 1853 the capital of the Eagle Bank was increased to $700,00(1, anxl in ISfiO to $1,000,0110. In April, ISGo, it was reorganized under the National Bank act, under its present name of the National Eagle Bank.

This institution has had but three presidents: Titus Welles, who served from 18-^2 to 1851; Waldo Flint, from 1851 to 1807; and Robert S. Covell, who was elected in 18(;7 and still continues as president. He has been connected with the bank for fort^'-three years.

The condition of the National Eagle Bank, as i-eported to the comptroller of the currency at the close of business, March C, 1803, was as follows :

Columbian National Bank

The Columbian Bank was incorporated by an act of the Legislature passed February 20, 1822. By that act Phineas Upham, Edmund Dwight, Samuel Appleton, William Appleton, Thomas Motley and Daniel Parker, their associates, successors and assigns, were incorporated to continue from the third Wednesday in April, 1822, to the first ^Icmday in October, 1831, the bank always to be subject to the same rights, privileges and immunities contained in the charter which incorporated the State Bank, excepting certain specified modifications and additions. The amount of bilks to be issued by the bank was not to exceed fifty per cent, of its actual capital in specie. Its capital was to consist of $500,000 in gold and silver, to be besides such part as the State might subscribe, and divided into shares of $100 each. The first stockholders' meeting was held at the Exchange Coffee House on Tuesday, April 9, 1822, at which time the following citizens were chosen as the first board of directors: William Appleton, Warren Dutton, Edminid Dwight, William H. Eliot, Henry Lincoln, Amos Lawrence, Dudley L. Pickman. Thomas Motley, William Sturgis,

Augustus Tliorndike, Samuel Whitmire, jr., and Ebenezer Applcton. At the same time William Sturgis was chosen president, and William Coffin, jr., cashier.

S02 Suppolk County

Long terms of service seem to have characterized the officers of the Columbian Bank, a fact which speaks equally well for the institution and themselves. The longest term of service was that of George Cushman, who died at an advanced age at his home in Hingham several years ago. He came to the bank at its commencement in 1822, as its bookkeeper, and after forty-three years he retired on the 15th of May, 1865, the bank making him a present of $2,000 as a parting souvenir. Among the deceased directors who served for conspicuously long periods were John Gardner, formerly treasurer of the Hamilton Woollen Company; George M. Barnard, George W. Lyman, William R. Robeson and Isaac Sweetser, formerly president of the Washington Insurance Company.

The original locality of the Columbian Bank was at the southwest corner of State and Devonshire streets (formerly Wilson's Lane). From 1871 until its removal to its present elegant quarters in the Ames Building, it was for about sixteen years located at 65 vState street and for about five years at 60 Devonshire street.

In October, 1854, the capital of the bank was increased to $750,000, and on April 16, 1861, to its present amount, $1,000,000. It became a national bank in April, 1865. The board of directors for 1802 is as follows: Charles Henry Parker, Joseph S. Lovering, George B. Chase, Gamaliel Bradford, C. A. Coleman, Charles W. Chamberlin, Frank E. Sweetser, Horatio Newhall, J. T. Coolidge, Herbert Lyman and Nelson S. Bartlett.

The condition of the Columbian National Bank, as reported to the comptroller of currency at the close of business, March G, 1803, was as follows :

Globe National Bank

The eleventh bank which wa.'i chartered by the Legislature of ^lassachusetts was the Globe Bank, now known as the Globe National Bank. It was incorporated in June, 1824, with a capital of $750,000, which was increased to $1,000,000 in 18-27. The first board of directors was composed of Abel Adams, Levi Bartlett, Stephen Fairbanks, Samuel Henshaw, David Low, James Read, Benjamin Seaver, Enoch Silsby, Lewis Tappen, Isaac C. Pray, Francis Watts and Daniel Weld. Isaac C. Pray was elected the first president of the bank, and served until December, 1S29, and on January 11, 1830, James Read was elected as his successor. Mr. Read continued in office till March 17, 1842, when he resigned, and was followed as president by Ignatius Sargent, who served till December 21, 1864, when he resigned.

was organized until the change was effected under the National Bank system, Charles Sprague, the "banker poet," had served as cashier, and his connection with the bank served not a little to give the institution popularity and fame. After the reorganization as a national bank, the following were elected as directors: William B. Stevens, Ignatius Sargent, Stephen Fairbanks, F. H. Story, S. H. Pearce, N. Thayer, F. A. Gray, P. C. Brooks, E. R. Mudge. William B. Stevens was elected president and Charles James Sprague cashier. These two officers continued to serve in their respective positions until 1881, when C. O. Billings was chosen president and Charles Cole cashier, and have since served as such officers. Mr. Billings has had a varied experience in banking and for some time very acceptably filled the responsible position of bank examiner.

For many years the Globe Bank was located in the rather quaint looking granite structure, with portico and pillared front in the Doric style of architecture, which stood at the corner of State street and Wilson's Lane. The latter thoroughfare has of late years been widened and is now known as the extension of Devonshire street. From its original location the (xlobe Bank removed to 40 State street, where it remained until the latter part of 180-.J, when it removed to its present quarters in the building erected by the bank, corner of State street and Merchants' Row. The directors of the bank for 18'.i2 are: Charles E. Stevens, C. O. Billings, Charles G. White, James L. Wesson, George H. Ball, Charles H. Cole, Horace H. Stevens, Henry Brooks and A. S. Bigelow.

Charles Sprague, the well-remembered poet, was so long connected with the Globe Bank that mention of either calls up memories of both. That gifted and exemplary citizen was born in Boston, October 1701, and died here Jan. 22, 1875. At an early age he left the schools of this city to acquire a knowledge of trade, and in 1812, at the age of twentyone, he commenced the business of merchant on his own account, and continued in it till the year 1824, when he was elected cashier of the Globe Bank. He now divided his attention between the notes of Parnassus and tho.se of the financier. While fingering the notes of the bank he found leisure to twang the lyre, and proved himself, like Fitz Greene Halleck, an expert at both. His banking duties did not prevent him from studying the works of masters of English poetry, nor from writing the admirable poems on which was based the reputation by which mainly he will be made known to posterity. His first pro- ductions that attracted attention were a series of brilliant prologues, the first of which was written for the Park Theatre in New York in 1S21. His "Shakespeare Ode" was delivered in the Old Boston Theatre, in Federal street, in 1823, at an exhibition in honor of Shakespeare. It is one of the most vigorovts and exquisite lyrics in the English language. " Curiosit)' " is the longest and best of his poems. It was delivered before the Phi Beta Kappa Society at Cambridge, in August, 1S-2!I. Several of his shorter poems evince great skill in the use of language, and show him to have been a inaster of the poetic art. When he wrote poetic addresses, he so invariably won from all competitors the offered prize, that finally he refused to write for a prize, declaring with great magnanimity that henceforth he would leave the field open to vounger artists. He was an ardent admirer of painting, and his residence at the South End, where he dwelt for so many years, was a mtiseum of pictures. Everywhere he was respected for his integrity and beloved for his kindness of heart. He was a man of ready wit, of which the follo^i'ing gives a good example : A stranger, it is said, once applied to him at the counter of the Globe Bank for his autograph, and asked him how much he would charge. "One dollar," replied the cashier. The man tendered the dollar, and Sprague, who was fond of a quiet joke, handed him a one dollar note of the Globe Bank with his name en it as cashier I Mr. Sprague's son, Charles James Sprague, who succeeded his father as cashier of the bank, also paid court to the muses, but only to a limited extent.

Washington National Bank

The Washington Bank was the twelfth Boston bank chartered by the Massachusetts Legislature, and obtained its charter February 25, 1825. The original incorporators were : Daniel Baxter, William Doll, Thomas Hunting, Joseph P. Cooke, Jonathan P. Stearns, John Thompson, Thomas Brewer, Josiah Knapp, French & Weld, Aaron Baldwin, Benj. A'. French, Charles Thacher and Windsor Fay. The bank was to continue, according to its original charter, from the third Monday in March, 1825, to the first Monday in October, 1831. The capital was to be $500,000 in gold and silver, in addition to such amount as the State might elect to subscribe. The first meeting of the stockholders of the bank was held at the Lafayette Hotel March 23, 1825, when the following officers and directors were cho,sen: Aaron Baldwin, president; Henry Jaccjues, cashier; Aaron Baldwin, Thomas Brewer, Samuel Bradlee, Joseph P. Cooke, Charles Davis, Windsor Fay, Oliver Fisher, Josiah Stedman, John Thompson, Daniel Weld, Moses Williams and Barnabas T. Loring, directors.

The Washington Bank was eminently a South End institution at the beginning, subscribers to its stock incUtding such well known residents of that quarter of the city as were then, represented by the names of John Parker, Jttstin Andrews, Benj. Atkins, Lemuel Brackett, Edward Bugbec, John L Brown, Lewis Ballard, Hosea Ballmi, Thomas Brewer,

Thomas Carter, Stephen Cliild, ( ), W. Champnc}', David Dudley, Elias H. Derby, Luther Felton, Windsor Fay, Benjamin V. French, Jonathan Goddard, Benjamin J. Gilbert, George Hayward, William Ilaydcn, James Hendley, Thomas Hunting, Barnabas T. Loring and John Lowell. The bank was first located in a building nearly opposite Beach street and near the spot where previously grew the famous " Liberty Tree." A short time thereafter it was removed to the comparatively small but substantial structure built expressly for the bank at the corner of Beach and Washington streets. Many of our readers will remember that its granite front, with long steps, vestibule and cylindrical pillars, was fashioned in the simple "manly Doric " st}de of architectttre. Here the bank was located for some twenty years, when experience proved it far better for the expanded interest of the bank that it should be located in State street, then and always the centre of Boston's banking affairs. It now has handsome quarters in the Exchange Building.

The Washington has had only three presidents since its origin. Mr. Baldwin served till 185(1, a period of twenty-five years, and was succeeded in November of that 3'ear by Almon D. Hodges, who was followed by Eben Bacon, the present head of the bank.

Some of the directors served for unusually long periods. Among them, Moses Williams, who was one of the original directors and remained so until ISiiCi, a period of forty-one 3'ears. Josiah Stedman, also an original director, .served until 1808. a period of forty-three years. Josiah P. Cooke, still another member of the first board, retired in ISCiCi, after a tenn of forty-one years. Alanson Tucker was a director for thirty-two years. James H. Champne}' was an officer in the bank for many years, having entered its service in 1834.

The board of directors for I8il'2 is as follows; Eben Bacon, Edward I. Brown, Caleb A. Curtis, John C. Inches, J. M. Pcndergast, C, Minot Weld, James R. Hoojjer, William B. Lambert and Henry B. Chapin.

The financial condititm of this bank, as reported to the comptroller of the currency at the close of business March (i, 1803, was as follows:

North National Bank

The North, now the North National, was the thirteenth Boston bank, and was chartered June 18, 1825, with a capital of $500,00(1. William Little, William B. Bradford, Ebenezer Clou,g-h, Henry J. Oliver, Ezra Eaton, Theodore Dexter, Henry D. Gray, P. P. F. De- H'rand, " their associates and assigns," were the original corporators ; the bank to continue till Monday, October 1, ISol. At a meetinsj; of the stockholders, embracing such men as Amos and John Binney, iVndrcw Blanchard, jr., Joseph Ballister, Edward H. Adams, Frederick Gould, David Henshaw, John D. Howard, William Little, Robert Lyon, Henry Orne, Thomas Power, William S. Rogers, David Thacher, and many others of the leading merchants and financiers of Boston of that dav, held at the Hancock school-house on July 1, 1825, the following- board of directors was elected: George Hallett, Henr_v Orne, Amos Farnsworth, J. B. Brown, John Gray, jr. , Isaac Danforth, Robert Lyon, George Darracutt, E. H. Adams, and Thomas Thacher. At the same time John Binney was elected president and Gordon Steele cashier.

As an evidence of the judicious management of the Norlfc Bank during the earlier years of its existence, its history during the memorable panic of 18:57 furnishes a striking incident. In common with other Boston banks it was compelled to suspend specie payment on the 12th of May of that year, but the bank stood stronger at that moment than at any previous period. During the whole of that crisis in financial affairs the North Bank did not lose a single dollar by any loan, nor did it have a single piece of paper which had been dishonored during that period; in fact, though its business was moderate, the pi'ofits even enabled it to pay a dividend in October, ISST. A report of the directors at this time declared that the bank was in a condition to join with any other banks to bring about a return to specie payment, and that it was in great degree owing to the skill and judgment of the cashier, Gordon Steele, and his associates, that "amid the wrecks around them " they were able to make so favorable a statement of the bank's affairs. The honorable exhibit then made was in pleasing contrast with that of the banks which went under never to rise again, and whose alleged mismanagements were subjected to the caustic reviews and censure of the Boston journals of that da}-.

The original location of the North Bank was at 20 North 'Market street. In 184:! it was moved to the Merchants' Exchange Building in State street; in ISO-t to 18 Kilby street; subsequently to 5:3 Devonshire street, and since Jime, 1S74, its location has been, as at present, at the southeast corner of Franklin and Devonshire streets. Its capital was increased to $7/)(),0(l(.» in April, 185'J, and has since been increa.sed to $1,000,000. It became the North National Bank on October (j, 18G4, and at the first meeting of the stockholders held thereafter, on Januarj' 10, 18IJ5, the following men were chosen directors, each receiving the whole number of votes cast, 1504: Charles G. Nazro, Elijah Williams, Henry T. Dulund, James O. Safford, George Whitney, Leonard S. Jones, John Worcester, and Rufus S. Frost.

Mr. Burbank entered the employ of the bank in 18(!4, and enjoys a well-earned reputation as a careful and conscientious officer. The administration of President Ransom was characterized by an increase of business unprecedented in the history of the bank. President Witherbee died October 4, 1801, and " in the harness," as it were, after having faithfully served the bank for a period of fifty-four years. William H. Learned, the present vice-president of the bank, a well-known and active business men, has served in the board of directors since 1874.

The board of directors for 1802 is as follows: Rufus S. Frost, Will- H. Learned, Jeremiah Williams, Samuel N. Brown, Leander Beal, George Hutchinson, John Hopewell, jr., Edgar Harding, Horace W. Wadleigh, Joseph A. Brown.

The condition of the North National Bank, as reported to the comptroller of the currency, at the close business, March (i, 1803. was as follows:

Bunker Hill National Bank

Previous to lS2o the merchants of Charlestown made use of the Boston banks, which up to that time afforded quite sufficient facilities for the local business interest of the place. In the j'ear named, however, many of the leading merchants of the town thought the trade and commercial interest of the town had grown to such proportions as to require a purel}' local institution. This led to the incorporation of the Bunker Hill Bank, which was chartered by the Legislature of Massachusetts in 1825, with a capital of $150,000. The first board of directors was elected July 27, 18-25, and was composed of Timothy Walker, Nathan Tufts, Isaac Mead, David Devens, Isaac Warren, Seth Knowles, Thomas J. Goodwin, Jotham Johnson and Elias Phinney. July 30, three days later, the board organized with choice of Timothy Walker as president, and August iU of the same year Henry Jacciues was chosen cashier. The banking room at this time was in the old Washington Hall building on Main street, now occupied by Kidd's drug store, and here it remained about five years, or until 1830, when it took possession of its banking rooms in a building on the present site occupied by the bank in City Square, at the corner of what is now called Park street. In the great fire of 18:55 this building was damaged, and while it was being rebuilt the bank occupied a portion of the brick building numbered 18 on Main street. A granite building was erected on the old site, which is remembered by many old residents. In 1855 the present brick building occupied by the bank was erected.

There have been but five presidents of the Bunker Hill Rank. Timothy Walker served from 1825 to 1835; Daniel Devens from 1835 until his death in August, 1855; Edward Lawrence from 1855 until his death in 1885; Timothy T. Sawyer from 1885 to 1890; and Charles R, Lawrence from the latter date until the present time. Edward Lawrence was elected a director of the bank in October, 1842, and served in this capacity for forty-three years, and as president for thirty years, a term of service exceeded by few in the banking history of Boston.

Henry Jacques, after serving as cashier for three years, was succeeded by Thomas Marshall, who filled this important position for thirty-one years, from 1828 to 1850, during which time he was associated with three presidents of the bank, Timothy Walker, Daniel Devens and Edward Lawrence. On the death of Cashier Marshall, in 1859, George Lincoln was chosen cashier, and held the position imtil 1864, and was succeeded by James Adams, jr., who served from May 27, 18f54, to February 2, 1875. Mr. Adams was succeeded by Charles R. Lawrence, son of Edward Lawrence, who held the office until 1890, when he was elected president of the bank. ^Ir. Lawrence was succeeded as ca.shier by Fred. K. Brown, who has held the position until the present time.

The capital of the bank was first increased September 7, 1847, when it was made $200,000. In January, 1854, it was increased to $300,000, and in 18(!5, when it became a national bank, it was increased to $500,- 000, of which increase the sum of $100,000 was an extra dividend from the surplus of the bank. The bank has never had but one vice-president, George A. Kettell being elected to that office April 14, 18(55, when the president, Mr. Lawrence, was about to start for Europe, and held the position until his death in April, 18(19.

The condition of the Bunker Hill National Bank, as reported to the comptroller of the currency at the close of business March 0, 1893, was as follows:

The personal efforts of no one was more thoroughly identified with the growth and development of the Bunker Hill Bank than those of Hon. Edward Lawrence, for so many years its president. He was a son of Stephen Lawrence and a descendant of the Lawrence family so closely identified with the history of Groton and Littleton. He was born in Harvard, Jttne 21, 1810, and fronr April, 1835, tmtil his death in 1885, a period of sixty years, was a resident of Charlestown. He was for many years largely interested in the manufacture of furniture as a member of the firm of Forster, Lawrence & Co. In 1850 the firm was dissolved, and from that time Mr. Lawrence carried on the business alone until 18f):5, when he retired, and from that time until his death principally devoted his time to the manifold duties incumbent upon him as president of the Bunker Hill Bank.

He early took an active interest in public afifairs and under the old town government was for man)' years one of the selectmen of the town. After Charlestown became a city, he served six years as a member of the board of aldermen. He was also a member of the House of Representatives from Charlestown in 1858 and 1850, and a member of the Senate in 1873. He was one of the prime movers in securing- the introduction of the Mystic water into Charlestown, and was for twelve years chairman of the Mystic Water Commissioners and the Mystic Water Board. He was a man of excellent business judgment, a careful financier, and a well recognized power in the community.

Atlantic National Bank

The fourteenth bank, chartered by the Massachusetts Legislature, was the Atlantic Bank, now the Atlantic National Bank. The act was passed February 11, 18'28, the persons named in the act being James Reed, Thomas Searle, and John Pickens. Organization was perfected and operations begun in March, 18"28, with a capital of $50(1,000, and what was unusual, if not unprecedented among the banks then existing here, it paid a dividend of two per cent, within six months of the day it began business.

The original officers of the bank were: President, John Pickens; cashier, Benjamin Dodd; directors, John Pickens, Edward D. Peters, George G. Jones, Hercules M. Hayes, Thomas Searle, James Pickens,

The presidents of the bank with period of service have been as follows: John Pickens, March 5, 18'^8, to May 25, is:j(i; Pliny Cutler, May '25, 1830, to October 2, 1854; Nathaniel Harris, October i, 1854-, to January 12, 1869, and Isaac Pratt, jr., January 12, 1869, to the present time. Benjamin Dodd served as cashier from date of organization of the bank until April, 1S75 - a period of forty-seven years - when he was succeeded by the present cashier, James T. Drown. On the board of directors of this bank, at different periods from its incorporation, the foUowinjj have served: Edward D. Peters, George G. Jones, James Pickens, Jeremiah Hill, Henry F. Baker, Isaac Livermore, Lorenzo Draper, William Rollins, William G. Lambert, Samuel Philbrick, William F. Otis, Benjamin Loring, William W. Stone, James Johnson, Charles Stoddard, Oilman Prichard, Francis Fisher, Benjamin D. Whitney, Montgomery Newell, Amasa Walker, George Hallett, James Allison, George W. Crockett, Abraham T. Lowe, S. S. Littlebrook, S. S. Arnold, Ezra C. Hutchins, W. R. P. Washburn, John S. Jenness, Abel G. Peck, James H. Kelsey, Henry Claflin, Cyrus Dupee, Shadrach Robinson, John A. Dodd, Edwin A. Robinson, Edward G. Nickerson, John E. Lyon, Edward E. Rice, George W. A. Williams, John Pearce and J. Thomas Vose. The present directors are Isaac Pratt, jr., T. guincy Browne, S. T. Snow, Edward A. Abbott, Edmund T. Pratt, James T. Drown, William Read, N. Willis Bunistead and Oscar F. Howe.

The Atlantic Bank was reorganized under the National Bank act in December, 1864, at which time its present name was adopted and the capital increased to $75(1,000. For the first three years of its existence this bank was located on vState street, above Kilby, but since 1831 it has been located on its present site, corner of Kilby and Doane streets.

The condition of the Atlantic National Bank, as reported to the comptroller of the currency, at the close of business, March (i, 180:!, was as follows :

Merchants- National Bank

The Merchants' National Bank began business in July, 1831, with a capital of SoOO.OOO. Edward Eldredge was its first president. After two or three years he resigned, and Mark Healy was elected. Mr. Healy resigned in 183(i, and Franklin Haven became president of the bank and continued to January. 1884, when he was succeeded by Franklin Haven, jr., who now holds the office. Mr. Haven, froni i>:r.>: to 1870, was assistant treasurer of the United States at Boston

Among the earh- friends and stockholders of the bank were James Savage, Samuel May, John C. Proctor, William Tuckerman, Henrj- G. Chapman, William Sturgis, William Appleton, John Br\-ant, Xathan Appleton, Francis G. Gray, Peter C. Brooks. The first board of directors was composed of William Eager, N. F. Cunningham, John -B. Jones, Cushing Mitchell, John C. Proctor, Luke Fay, William Tuckerman, Mark Healy and Horace Gray. Edward Brooks was a director seventeen j^ears. Samuel Hooper, who died in 18T5, was a director thirtj'-six years. Israel Whitnej-, who died in 1871, was a director thirty-fonr years. James K. Mills entered the board in 1837, and left it in ISST. Colonel William P. Winchester was elected a director in 1837, and continued thirteen years till his death. David Henshaw (who was collector of the port and secretary of war) was a director sixteen years. Francis C. Gray, "learned in the science of bankin;:;- as he was in the science of g-ovcrnment and of international law," was a director fifteen years. John P. Bayley, who died in 1880, was a director for twenty years. J. Hiintinoton Wolcott was a director twcnt3'-nine years. William Amory held the office of director twenty-six years, his first election being in 1855.

The present board consists of T. Jefferson Coolidge, John F. Anderson, Franklin Haven, jr., George A. Gardner, Howard Stockton, Nathaniel Thayer and Abbott Lawrence.

In 183<) the bank purchased of the Bank of the United States its building on vState street and reconstructed the interior, leaving unchanged its classic facade and colossal stone columns. Subsequently the bank purchased the adjoining estates and greatly changed the appearance of the building; Init the directors' room remains essentially the sanae as when used by the Bank of the United States for that purpose.

The bank was selected as a fiscal agent of the government and depository of public moneys in October, 1833, and in that capacity it has always acted whenever a bank was so employed. It early established collection and exchange accounts in all the principal cities of the Union. At the instance of the government an arrangement was made in 1833 by which the notes of this bank were redeemed in coin at certain designated banks in New York, Philadelphia, Baltimore and Washington. This arrangement was carried through by a committee consisting of Franklin Haven, David Henshaw, and Samuel D. Bradford.

The capital of the bank was rapidly increased, until about 1-852 it became four millions with right under its charter to increase to five millions. But it was not considered expedient to exercise that right, one of the reasons being the inauspicious condition of the country during the years which preceded the civil war.

In 1803 the national banking and currency law was passed, and it was deemed expedient to place the bank under its jurisdiction. But a considerable portion of its stock was held in Europe and the measure was opposed b}- the foreign stockholders who had no confidence in the perpetuity of the Federal government. An act of the State Lcgisla- tiire was passed authorizing;- the hank to reduce its capital to three millions by purchase and cancellation of one thousand of its shares, and shares abroad and at home were purchased at a moderate premium, and the bank in ISiU was duly placed under the jurisdiction of the United States as a national bank.

The bank took a leadin;^' part in furnishing' funds to the g-overnment durint;' the war, and in its rooms the committee was wont to meet for the purptjse of aiding- the secretary of the treasury in placing the national loans.

It has been a principle of this bank, never departed from, to afford to the business community all the facilities within its power for carrying- on industrial pursuits and the internal trade and commerce of the country. The bank has never passed a dividend. It paid dividends as a State Bank, $(;,306.-250; as a National Bank, $(),553,4:-l:(l. 15 ; total, $12, 759, (;-.)(;. 15.

The condition of the Merchants' National Bank, as reported to the comptroller of the currenc}-, at the close of business, March G, lS!i;i, was as follows :

Franklin Haven is the only one of the original officers of the Merchants' Bank still surviving. He was born in Cambridge in 1804. At the age of twenty he was appointed receiving and paying teller of the Globe Bank, at the same time Charles Sprague, the "poet banker," became cashier. At the organization of the Merchants' Bank he was appointed cashier, and in 183G was chosen president, the Merchant's Bank at that time being the bank of largest capital in New England. In 1837 he was apix.nnted pension agent for Massachusetts, and retained the office until 18,54. After the suspension of specie payment in May, 183T, Mr. Haven was among the earliest advocates of its resumption. During the early part of President Tyler's administration the exigencies of the government were so urgent that to meet the want of the treasury Congress authorized a loan of twelve millions. Mr. Haven was called to Washington and invited by Secretary Forward to accept the agency of disposing of the loan in Europe, President T3der and several members of his cabinet joining in the solicitation. Mr. Haven, however, doubting the expediency of endeavoring to negotiate a loan abroad until a portion of it had been obtained at home, declined the mission, but was afterwards instrumental in placing it among our capitalists. In 1840, during the administration of General Taylor, Mr. Haven was appointed assistant United States treasurer. He resigned the office in 18.5:], but at the request of President Pierce continued in the discharge of its duties for nearly a year after tendering his resignation. In 1850 Mr. Haven was appointed one of the original board of directors of the Illinois Central Railroad by the Legislature of that State. He held this post for thirteen years, and upon retiring from it, the stockholders recognized his services by the presentation to him of a service of silver plate. In 18.58 he was appointed by Governor Banks chairman of the State Board of Commissioners for the Public Lands, and rendered valuable services in bringing this enterprise to a successful result, ihe vState realizing-, exclusive of expenses, something' over three millions of dollars from the sales of these Back Bay lands. For many years he was a director of the Eastern Railroad, and was an early advocate of the Boston Clearing-house and its first president. During the Civil War Mr. Haven rendered valuable services to the government. In 1SI11-18G2 he was chairman of the committee of Boston banks for collecting assessments and subscriptions on account of the government loans, and for distributing the bonds and treasury notes received in exchange. He attended in the capacity of delegate various bank conventions held in New York, called at the request of »Secretary Chase, for consultation in regard to the means of replenishing the treasury. He was summoned several times to Washington to confer with the secretary and committee of ways and means upon questions of public finance, and his judgment and suggestions were not infrequentlj' the basis of official and legislative actions.

Traders' National Bank

The Traders' Bank was chartered May 31, 1831, with a capital of $50(1,0(10. The applicants for a charter were: Samuel May, John Brazer Davis, Thomas Thatcher, Francis Watts, Levi Bartlett, John Stearns, Joshua Sears, Robert Farley and Charles Brown. The conditions of the charter were in the main identical with those of the charters granted by the State Legi-slature during the preceding twenty years.

Annexed is a list of the most widely known stockholders of the Traders' Bank in 1831, and the number of shares, at $100 each, for which they subscribed:

The first board of directors chosen consisted of the following citizens, long prominent and esteemed in the mercantile and financial history of

Boston: Jeffrey Richardson, George Howe, George Seaver, David Dudley, Henry Lee, Prince Howes, William B. Reynolds, Deming Jarvis, B. F. Copeland, Jabez Fisher, Josiah Stickney and Thomas Lord. Of this board there are now no survivors; the last two, Jeffrey Richardson and Jabez Fisher, died a few years ago, both having lived to an advanced age. After election, as Messrs. Richardson and Howe declined to serve, Messrs. Jonas Crane and Jabez C. Howe were chosen in their stead.

The original officers of the Traders' Bank were as follows: President, David Dudley ; cashier, E. L. Frothingham ; first teller, Charles P. Blaney; first bookkeeper, Jeremiah Gore.

There have been eight presidents of the Traders' Bank, and the following shows when they were elected and the length of their terms of service :

The first cashier, E. L. Frothingham, served from ISlil to ls;i7; Jeremiah Gore from 18:37 to 18fJ0; Frederick S. Davis from ISOO to 1881, when he was succeeded by A. N. Cooke, who filled the position for more than three years. Following Mr. Cooke, J. E. Toulmier, C. T. Linley and T. W. Andrew served as cashiers for brief periods in the order named. C. C. Domett, the present cashier, was chosen in February, 1892.

The original location of the bank was on India street, taut in 1840 the location was changed to 91 vState street, where it remained for many years and until its removal to its present tjuarters, corner of Congress and Water streets.

The Traders' Bank was reorganized under the Nati(_)nal Banking act July 15, 18li5, as the Traders' National Bank, with a capital of $(100,- 000, which was reduced to its present limit, $500,000, in February, 1884. The first board of directors elected, after organization was perfected as a national bank, consisted of B. B. Williams, Deming Jarvis,

Franklin Snow, Jabcv, Fisher, Francis J. Parker and Edward Sands. The directors of the bank for 1S9-2 are: B. F. Dutton, A. D. McClellan, W. A. Faulkner, Andrew W. Preston, Denman Blanchard, F'rank R. Hadlcv, Georgfe W. Armstronjj, J<iseph W. Work, H. J. Jaquith, I). N. Skillinos and S. P. Colt.

The condition of the Traders' National Bank, as reported to the com]3troller of the currency, at the close of business March (!, IS'.ili, was as follows: passed March 5, 1832, and approved March (i, 18.']2. The oriu-inal incorporators nained in the act were: Isaac McLellan, Robert G. Shaw, vSamuel vS. Lewis, John Kettell and Charles Henshaw; the charter to continue till October 1, 1851. The capital was fixed at i|o( )(),()()(), in shares of $100 each. It was prescribed by the charter that the Mercantile Bank must l)e located on Commercial street, as near as possible to the head of what was then known as Exchange Wharf, afterward called Commercial or Granite Wharf, on which a number of the original directors and stockholders transacted their business.

The name of the Mercantile Bank was changed by an act of the Legislature to the Granite Bank on the 11th of March, 18:5:5, and on April 8th of same year the following directors were elected: John Binney, John Brown, Charles Henshaw, A. C. Lombard, Samuel S. Lewis, Francis G. vShaw, James McGregor, Sherman G. Hill, Enoch Train, John Kettell, B. Lincoln, jr., and Joseph V. Bacon.

Banking Institutions. 2S5

The Granite Bank became the Second National Bank on the .^d of February, 1811-4. From the date of its incorporation under the National Bank act this bank has enjoyed deserved success, despite the serious drawbacks of war, panics, and exceptionally severe financial crises.

Since its first organization, February 3, 1832, the bank has occupied four locations, viz. : first on Commercial street, at the head of Exchange Wharf; then from October 19, 1840, to December, 1843, at (;i State street ; from 1800 to 1809 in the building built for the bank at the corner of State and Merchants' Row, and since 1809 in the Sears building. The directors of this bank for 1892 are: James H. Beal, Jacob W. Seaver, Alexander S. Wheeler, Osborn Howes, George C. Lord, John W. Wheelwright, William G. Weld, Charles F. Fairbanks, Edward W. Hutchins, Wallace L. Pierce and Thomas P. Beal.

This institution took a prominent part in connection with government loans during the late civil war, its directors liberally and patrioticall}' doing their full share to sustain the financial credit of both the State and nation.

The condition of the'Second National Bank, as reported to the com]3- troller of the currency at the close of business March 0, 1893, was as follows :

Hamilton National Bank

The Hamilton Bank, the predecessor of the present Hamilton National Bank, was one of three Boston banks chartered in 1832, viz. : The Hamilton, Market, and Granite. The Hamilton Bank charter was accepted by the stockholders of the bank February 14, 1832. It was to continue till October 1, 1851, with a c£ipital fixed at $500,000. Among the most prominent of the incorporators named in the act were William Thorndike, William Appleton, Abbott Lawrence, Henry Cabot, Ebenezer Francis and John Bryant. The first board of directors was elected February 14, 1832, and consisted of William Thorndike, J. Wiley Edmands, Thomas G. Gary, Thomas Wigglesworth, Edward Francis, George H. Kuhn, Daniel Denny, Willard Sayles, William Phipps, Marshall P. Wilder, James Gushing and Henry Gabot. On Februar}- 15, 1832, Hon. William Thorndike was elected president, and a few days later the following additional officers were selected: Joseph Hall, jr., cashier; John W. Rand, teller; Otis Turner, bookkeeper, and Joseph L. Hammand, assistant clerk.

S. S. Blanchard was elected as Mr. Denny's successor and continued as president until February 18, 1SS3, when A. H. Bean was chosen president, and has continued as such to the present time.

Joseph Hall, jr., the first cashier, served in that capacity until January 13, 1844; from that time until his decease, Juh- 13, 1855, Otis Turner was cashier. The latter was succeeded by S. S. Blanchard, who continued from that time imtil he was chosen president in February, 1873, when George W. Newhall was made cashier, and has since held the position.

The Hamilton Bank was originally located in a two-story stone building once occupied by the State Bank on the site of the present Exchange building. It afterwards occupied the premises 6(5 State street. In 1809 it removed to 40 State street, where it remained until the completion of its present premises, 60 Devonshire street, in 1870.

The condition of the Hamilton National Bank, as reported to the comptroller of the currency at the close of business, March (i, 1S!)3, was as follows :

Market National Bank

The act to incorporate the President, Directors and Company of the Market Bank in Boston was dated February 20, 18o2. Levi Lincohi was then governor ; Edward D. Bangs, secretary of state ; William Thorndike, president of the Senate; and William B. Calhovm, speaker of the House. The act was approved by the governor, March ], 1832. The capital was fixed at $500,000 - 5,000 shares of $100 each, and the whole to be paid in within one year from the passage of the act; the charter to be in force till October 1, 1851. The incorporators named in the act were: Josiah Marshall, David R. Griggs, John Kendrick, William F. Otis, Amos Binney, James Fullerton, and John A. McGaw. The charter of the Market Bank contained a .special provision that the stock should be only transferable at the banking-house and on its books ; and that no part of it should be transferred by way of security for the performance of any obligations until two years from the payment of the first installment.

The following li,st has been selected from the records of the original stockholders of the Market Bank. Most of those mentioned were prominent citizens of Boston sixty years ago, and all are dead. The number of shares is mentioned for which each subscribed :

A host of pleasant memories is summoned up at sight of these names in this record of transaction of more than half a century ago, as for instance, that of James T. Austin, the distinguished attorney-general ; Barnard ct Trull, the leading distillers of the West End - Mr. Barnard being afterwards for a time proprietor of the Boston Herald, and of its temporary rival, the Boston Ledger; John Binney, first president of the North Bank in 182o; Chandler & Howard, long eminent merchants on Central Wharf; Delano it Whitney, wholesale druggists for many years in Chatham street; Charles S. Evans, for a time messenger of the jMarket Bank; Benjamin Loring & Compan}', the leading stationers; William Hayden, jr., editor of the old Boston ^J//rtjr,

Whij; daily, on State street - "the lying At/ds," as Daniel Webster onee affectionately termed it; William Lawrence, formerly of the old house of A. & A. Lawrence, on Federal street; Isaac Rich, largely engaged in the fishing interest; Amasa vStetson, the father of Amos W. Stetson, the president of State Bank ; and Jacob vSleeper, senior partner in the clothing house of Carney & Sleeper.

Following a notice published in the Boston Daily Courier, the first meeting of the stockholders of the Market Bank was held in the Franklin Hotel, March 1'.), 1833, when a committee of eleven was chosen to distribute the stock. At a second meeting, May 7, 1832, a board of directors was chosen, but they never served, as the bank did not really go into full operation until October 1, 1832, when the following officers and directors were chosen: President, Amos Binney; cashier, vSamuel O. Mead ; directors, Amos Binney, W^illiam B. Reynolds, D. R. Griggs, D. P. Brodhead, Abijah White, Josiah Stickney, William H. Delano, Matthias Amesbnry, C. O. Whitmore, Benjamin Sewall, AbnerH. Bowman and John A. McGaw.

The presidents of the Market Bank, five in number, have been as follows: Amos Binney, from October 1, 1832, till his death in January, 1833; William B. Reynolds, who served from that time till October li), 1839; Josiah Stickne3^ who served till October 27, 1800, a period of more than twenty-one years; Charles O. Whitmore, who continued as president from October 27, 180O, until November 15, 1885, when he was followed by his son, Charles J. Whitmore, who has since served in this capacity with conspicuous ability and fidelity.

There have been three cashiers: Samuel O. Mead, the first cashier, chosen October 1, 1832, served till September 20, 1810. He was succeeded by Jonathan Brown, who was appointed bookkeeper of the bank October 30, 1833, and served as such until September 24, 1810, when he was appointed cashier pro ton., and was chosen cashier April 24, 1841. Then and for several years Mr. Brown was the youngest bank cashier in Boston, and after the death of Benjamin Dodd he became the oldest cashier of any Boston bank. He resigned the office on July 1, 1879. In recognition of his long service the directors caused to be recorded upon the records of the bank, among other tributes to his personal and official character and worth, the following testimony:

For more than forty years Mr. Brown has been cashier of the Market Bank, and in all the changes and vicissitudes of the institution during this period he has proved himself a valuable and faithful officer, and by his ability, integrity and devotion to the duties of his office he has secured the respect and confidence of the directors of the bank, and has richly earned the gratitude of the stockholders whose interests have so largely been committed to his keeping.

As a further expression of their kind feelings, the directors, on the part of the stockholders, presented Mr. Brown with an elegant serv'icc of silver, costing $500, which is treasured by the recipient with justifiable pride and satisfaction. Mr. Brown was succeeded as cashier by Josiah O. Bennett, who has since served in this capacity.

All of the original directors of the Market Bank are now dead. Charles O. Whitmore and Benjamin Sewall were the last of the original board; the former died in 1885, after a continuous service as director for fifty-three years, and the latter in October, 18T9, having been connected with the bank as director for forty-seven years. Charles S. Evans, an original stockholder iii IS^'i, and afterward messenger, was connected with the institution for many years. Samuel H. Walley became a director in 1835 and contintied as such for a number of years.

The Market Bank became the Market National Bank July 19, 1864. The original capital was increased from $500,000 to $800,000 October 7, 1839, at which sum it has ever since remained. Its original location was at No. 1 City Wharf, opposite the east end of Ouincy Market, and received its name on that account. In July, 184r'2, it was removed to the Merchants' Exchange in State street, and in 1870 to 8(i State street, corner of Merchants' Row. Here it remained until 1889, when it was removed to its present location in the Fiske Building, 89 >State street. It has never had a suspension of specie payment, nor any run upon it, save when they were common to all other well regulated banking institutions. The only forgery which it has suffered to any considerable extent occurred in the third year of its existence, in 1835. An individual at that time forged the names of different parties on paper to the amount of $8,000; and the Market, Massachusetts, and other banks, were the losers by the operations. The forger was foimd, arrested, and released on $10,000 bail, which he forfeited by flight. The $16,000 was paid into the State treasury, and there it has remained ever since, the State refusing to refund the $8,000 which were stolen.

The officers of the Market National Bank for 1892 are as follows : President, Charles J. Whitmore; vice-president, Richard H. Weld; cashier, Josiah Q. Bennett; assistant cashier, H. F. Smith; directors, Herbert Nash, F. H. Raymond, George Hyde, Charles W. Hubbard, B. P. Cheney, B. P. Cheney, jr., C. J. Whitmore, Richard H. Weld and H. L. Millis.

The condition of the Market National Bank, as reported to the comptroller of the currency at the close of business March (!, 1893, was as follows:

Atlas National Bank

The Atlas Bank, the predecessor of the Atlas National Bank, was incorporated March 28, IS:?:!, with a capital of $50(),()()0, and to continue to October 1, 1851. The incorporators named in the act were: Robert Edes, James Harris, Benjamin A. CSould, Richard Fletcher and Bradford Lincoln.

The foregoing list contains fifty subscribers in all, or an average of .$10,000 to eacH subscriber, an amount never before, and it is doubtless if ever since, averaged by the subscribers to any bank stock in Boston.

The first board of directors, chosen October 38, 1833, was composed of the following members : Edward Eldredge, Edward Crafts, Samuel Hubbard, John Borland, William Hales, Samuel C. Gray and Henry Lee. The first president of the bank was Edward Eldredge, who served till June 13, 1837, when Samuel C. Gray was elected and continued in the office until his death in December, 184!>. The latter was followed by Charles H. Brown, who held the position from December 21, 184:0, to his death in 1871. John H. Foster served from that time till his death in 1872, when M. D. Spaulding was elected as his successor, and served till he resigned in October, 1877. From the latter date to 1882 William P. Htmt filled the office of president. Mr. Hunt was succeeded by John G. Wethercll, who has since served as president of the bank.

The first cashier of the Atlas Bank was Joseph White, who continued in this capacity from the organization of the bank until his death in 1807. He was succeeded by Charles L. Lane, who h.nd been connected witli the bank from 1850, first as messenger, in 1851 as bookkeeper, and subsequently as discount clerk and assistant clerk. Charles L. Lane was succeeded by the present cashier, Benjamin P. Lane, who has been an attache of the bank since 1851.

Henry W. Richard has been bookkeeper of the Atlas Bank since 1804, and Joseph L. Foster, the present assistant cashier, has been connected with the bank in an official capacity since 1873. John G. Wetherell has been a director of the bank since 1858; Frederick L. Richardson since ISOli, and William P. Hunt since 1872.

The original location of the Atlas Bank was in Congress street. It was afterwards removed to the Suffolk Bank building on State street, and subsequently occupied the old Atlantic building, corner of Kilby and Doane streets, for twenty-three years, but since 1875 has been located in the Sears building, corner of Washington and Court streets.

The Atlas Bank was operated as a State bank until 1864, when a reorganization was perfected under the National Banking act, when the present style. Atlas National Bank, was received. Its original capital of $500,000 has since been increased to $1,500,000. The present directors are John G. Wetherell, Frederick L. Richardson, Charles M. Clapp, Henry Woods, David Nevins, Jeremiah Abbott, John W. Farrell, John P. Spaulding and Matthew Luce.

In the opening years of its career the Atlas Bank had more than a common share of losses and arduous struggles for existence, but it has been happily free from forgeries and defalcations, and has now long maintained rank among the most successful of Boston banks.

The condition of the Atlas National Bank, at the close of business March 0, 1893, as reported to the comptroller of the currency, was as follows :

People'S National Bank

The People's Bank, now the People's National Bank, was incorporated April 15, 183:3, with a capital of $200,000, subsequently reduced to $100,000. Its original directors were : Samuel J. Gardner, Samuel Guild, Aaron Kingsbury, Elijah Lewis, Richard L. Munroe, Charles Davis, jr., Elisha Wheeler, Eben Crafts, Gardner Brewer, Chester Guild, James Cheever and John Webber. It was changed to a national bank November 19, 18G4, at which time Henry Guild was president, who with B. F. Campbell, George Lewis, William S. Leland, A. P. Richardson, George G. Kennedy and F. O. White composed the board of directors. At this time its capital was increased to its present amount, $300,000. The officers of the bank for 1892 are: Samuel B. Hopkins, president ; A. P. Richardson, cashier, and Frederick Guild, Ivory Harmon, Timothy Smith, Samuel B. Hopkins, Wm. S. Leland, A. P. Richardson, Geo. G. Kennedy, F. O. White, directors.

The condition of the People's National Bank at the close of business March (J, 1893, as reported to the comptroller of the currency, was as follows :

I.Iaisii.Ities Shoe And Leather National Bank

The vShoc and Leather Dealers' Bank, now known a.s the vShoe and Leather National Bank of Boston, was incorporated by an act of the Lej^islature on April !), 1836. By this act Cheever Newhall, James Cheever and Josiah M. Jones, their associates and assii^-ns, were made a corporation entitled; "The President. Directors and Company of the Shoe and Leather Dealers' Bank of Boston," to contintie until October 1, 1851 ; the capital to con.sist of $500,000. The first meeting (.if the stockholders was held at the old Exchange Coffee House on the 25th of April, 1830, and in choice of directors 920 votes were cast, the following being elected as members of the first board: Cheever Newhall, Joseph Whitney, Jonathan Forbttsh, James Cheever, Josiah M. Jones, (.Jeorge W. Thayer, Joseph Southwick, Samuel Guild, John Albree, Elijah C. Emerson and Luke Brooks. Enoch Pluminer was at this meeting elected cashier. On the 2d of May following, Enoch Baldwin was chosen president, and as John Albree and Samuel Guild had declined to serve as directors, Enoch Baldwin, Isaac Williams and B. C. Harris were elected in their stead, so that the first board consisted of twelve directors.

Subjoined is a list of some of the most prominent of the orio-inal stockholders of the Shoe and Leather Dealers' Bank in 1S:J(; and 1837, with the number of shares they held at $100 each :

Enoch Baldwin continued as president of the bank until November 2, ISoT, when he resigned "in consequence of advancing years." Caleb Stetson, one of the earliest directors, was elected in his stead. Mr. Stetson was succeeded in 18G8 by John C. Potter, who served as president until his death, April 25, 1870. In May following Seth Turner was elected as Mr. Potter's successor. Prior to his election Mr. Turner was president of the Randolph Bank of Randolph, Mass. Mr. Turner was succeeded by Benjamin E. Cole in 1883, who resigned in January, 1887, and was followed by John I. Henry. The latter served until December 20, 1888. On January 8, 1889, James C. Elms was elected Mr. Henry's successor, and has served until the present time.

There have been four cashiers of the Shoe and Leather Bank: Enoch Plummer, from its origin to Noveinber (i, 1843 ; George W. Thayer, from that time till May II, 184:7; Samuel Carr, from that date until his death, August 21, 1889; and James E. Patch, from August 23, 1889, to present time. Mr. Carr was connected with this bank from its commencement in 183(j. His two sons inherited his exemplary qualifications as a bank officer : George E. Carr, formerly of the Bunker Hill and Tremont Banks, and later cashier of the Everett National; Samuel Carr, jr., after several j-ears' experience in the bank his father had been

The capital of the bank was increased to $75(),(mi(i in May, 18-19, and has since been increased to $1,000,000. On November ;iO, 18(i4, the bank was converted into a National Bank under its present title of the Shoe and Leather National Bank. The locations of this institution have been as follows: First, in the old State Bank Building, whose site is now occupied by the Exchange Building on State street ; second, in State street, opposite Merchants' Row; third, at the corner of State and Kilby streets, over the New England Bank; fourth, at lo and 15 Kilby street, where the bank bought the estate and erected a building in 1852; and fifth, ever since November, 1875, in the Equitable Building, corner of Milk and Devonshire streets.

Among the most prominent directors of the Shoe and Leather Bank was Wm. B. Spooner, who served in that capacity for thirty-eight years. For fully half a century he was one of the leading men in the hide and leather business of Boston. He was born in Petersham, Mass., April 20, 180(1. He came to Boston when quite a young man and obtained employment in the store of Josiah M. Jones. At the age of twentyfour he commenced business on his own account, and from that time until his retirement from business, January 1, 1874, he was acti\'ely engaged in mercantile pursuits. He was prominent in the hide and leather trade of Boston, was highly successful and a much respected member of the community. With the exception of two years' service in the Legislature, he never held political office, but was always one of the most active and zealous workers in behalf of philanthropic and benevolent institutions. He was United States commissioner for State of Massachusetts to the Centennial Exhibition at Philadelphia, in which he took deep interest and to which he devoted much time and service.

The directors of the Shoe and Leather National Bank for 18'.)2 arc as follows: E. H. Dunn, James C. Elms, Edward E. Floyd, Charles C. Poor, Frank C. Potter, George D. Colburn, William H. Moody, Griffin Place and J. E. Toulmin.

The condition of the Shoe and Leather National Bank at the close of business, March (J, 1893, as reported to the comptroller of the currency, was as follows :

It is impossible to give the history of this bank in its earlier days, as we should like to do, from its records, owing to the fact that in the great fire of November 9, 1872, all the books and papers of the bank were destroyed. It is, however, within the memory of some that the Freemans Bank was originally located at the corner of Summer street and Sea street, and afterwards on Piper's Whai-f, on Sea street, and still later on the opposite side of Sea street (afterwards Federal street), and from there it removed to the Church Green Building, at the junction of Bedford street and Summer street, where it occupied a floor in the second story of the building facing Church Green.

Many will recall the spire and porch of the church that stood on that spot for many years before and after the encroachment of trade had begun on »Summer street and the adjoining neighborhood, and not a few will remember the Rev. Alexander Yormg and the Rev. Orville Dewey, and other great divines of the Unitarian faith who held forth in the high pulpit of the sacred edifice.

The Freemans Bank came int(.i the National Bank system in lS(i5, and in October of that year it paid a dividend regular and extra of twenty-five per cent.

As we have indicated, all the records of the bank prior to the great fire of 1872 are matters largely of memory and tradition. On the night of Saturday, the 9th of November of that year the whole of vSummer street, as well as all the adjoining business sections of the city, were enveloped in the great conflagration that has passed into history. Among the buildings destroyed was the one in which the Freeman's Bank was located. The vault which contained the books and records of this bank, embracing its whole history, together with the bills, notes and evidences of debt, fell from the second stciy and striking on a granite post was perforated, and the contents, charred and blackened and partially or wholly destroyed, were all that remained with which to begin business on Monday following the fire. The only book that was saved that threw any light upon the dealings of the bank was one that a clerk had asked to take home on Saturday night to discover a slight error in a column of figures.