Norwalk After Two Hundred & Fifty Years

43,500 24,755 4,000 4,614,250 109,514 150,000 Oysters and Shell Fish Totals 312,500 13,290,000 368,500 15,790,000 201,095 4,971,587 146,045 5,184,349 1890 1891 1895 1896 Vessels Arriving and Departing No. of Round Trips No. of Round Trips No. of Round Trips No. of Round Trips Steamers Sailing Vessels Barges 650 500 370 1,051 475 600 358 200 303 605 131 257 1,520 2,126 861 993 Oyster Steamers and Small Sail Boats are not included. 252 Report for Year 1901 Freight Gross Tons Value Hard Coal 12,220 $61,200 Soft Coal 9,620 28,860 Blue Stone 300 4,500 Beach Sand 50 100 Building Materials 360 216 Crushed Stone 760 * 1,000 Brick 400 I 1,300 23,710 $97,176 Vessels Tonnage Draft Trips 67 Barges 22 Sail 100 to 900 tons 30 to 250 tons 5 to 11 feet 5 to 12 feet 67 22 BANKING IN NORWALK (By Eben Hill.) ANKING, according to the general acceptation of the term, had its incep- tion in Norwalk with the establish- ment of the Fairfield County Bank in 1824. Prior to that changes of money were effected at the stores of dealers in dealers of general merchandise, and loans were obtained from the more provident or more fortunate individuals in the commun- ity. The store of the early days was a department store more universal in its ambition than the great department stores of the present. All things vendable were expected to be here on sale,, and the transition from transactions purely mercantile to operations of a banking character easily followed in natural course. Thus we find about 1800 that the firm of Eliphalet Lockwood & Son was to a great extent the bank for Norwalk and vicinity. This firm had its store near the east end of the bridge in old Norwalk. It was largely engaged in the West India business — sending out in its own vessels live stock, horses, manufactured lumber, etc., and importing sugar, molasses and all West Indian products. Agents were located throughout the county and nearby towns in New York State and a large business transacted. The farmers and business men were quite generally accommodated with loans of money — notes being taken usually without security, the amounts being ordinarily from fifty to two hundred dollars. William and Buckingham Lockwood succeeded this firm and continued the business until 1828. The necessity for a regularly organized bank had ere this become evident, and in 1824 the Fairfield County Bank was organized under the state law. A branch bank was at the same time opened in Danbury. This branch bank became the Danbury Bank in 1844. The first president, Henry Belden, served twelve years and was followed successively by Clark Belden, eleven years ; A. E. Beard, five years ; Chas. Isaacs, six- teen years ; F. St. John Lockwood, twenty-one years ; 854 James W. Hyatt, three years, and O. E. Keeler, the pre- sent (1901) incumbent, eight years. The cashiers have been: John J. Barnard, E. M. Morgan, H. T. Morgan, T. Warner, Jr., J. Morehead, Geo. E. Millei, C. H. Street, L. S. Cole, L. C. Betts and L. C. Green. Among the directors are found the names of many of Norwalk's most respected citizens and successful busi- ness men. From its employees several of the important industries of Norwalk have drawn their managing men. In the list of its presidents are a Bank Commissioner of the State of Connecticut, a Treasurer of the United States and a Lieutenant Governor of the State. "Old Reliable'' is its sobriquet. In 1865 its banking system was changed to that of the National Banks, and under that system the business is carried on at present. Like any institution with an experience of three- quarters of a century, the bank has faced panics and losses, but always with a showing of financial strength which confirmed its credit and sound resources. The present capital is $200,000. Officers and Directors: E. O. Keeler, President; D. H. Miller, Vice-President; L. C. Green, Cashier; Directors, E. O. Keeler, D. H. Miller, F. St. John Lock- wood, Ira Cole, M. H. Glover, A. J. Meeker, C. F. Tris- tram, L. C. Green. Next in order of succession to the responsibilities 0/ caring for the financial interests of the town is the Bank of Norwalk. In the '50s Norwalk had outgrown one bank. Manufacturing interests had developed and demands of a bank-character existed which at times seemed too radical for the managers of the only financial institution in town. As a result the Bank of Norwalk was established in 1857. Ebenezer Hill, A. E. Beard, Isaac S. Beers, Jonathan Camp, John A. Weed, Chas. B. White, Stiles Curtis, F. Belden and Samuel Lynes were the active promoters. Hill, White, Curtis, Belden, Camp, Weed and Lynes con- stituted the first board of directors, being elected June 10, 1857. Ebenezer Hill, the first president, served eighteen years until his death, June 10, 1875. Stiles Curtis fol- lowed as president seven years, and in 1882 was suc- ceeded bv Ebenezer Hill, the son of the first president, who at this writing (1901) holds the position. 255 John A. Weed acted as cashier pro tern for two months, followed by Chas. G. Rockwood for seven months, who in turn was succeeded by R. B. Crawford. Mr. Crawford served for twenty-five years and was suc- ceeded in 1883 by the present cashier, Henry P. Price. The brown stone building now occupied by the bank was completed in 1858. Until the new building was ready the bank occupied a little wooden store on the north side of Wall street east of the present structure of the Norwalk Savings Society. Unpainted pine desks and counters attested the economy and thrift of the managers. A small safe held the assets, and two grain sacks protected the books. These were left convenient for quick removal in case of fire. Our honored townsman, Mr. Frank A. Ferris, is the only person now living who was connected with the new bank. The minutes recite that on motion it was voted to take Mr. Ferris as clerk on trial, and if he be found satis- factory he was to be engaged permanently. The young clerk evidently gave satisfaction, for he was subsequently duly voted the princely salary of $50 per annum. The cashier was rolling in wealth on $1,500 per year, and the president was serving on a nominal salary. At this time the compensation of the president of the older Fairfield County Bank was one cent for each signature on the bank's bills. Chas. L. Rockwell, of late years a financial leader in Meriden, Conn., and E. J. Hill, now vice-president of the bank and Connecticut's able and honored U. S. Con- gressman, began their business careers as boys in the Bank of Norwalk. Three months after the opening of the bank the financial cyclone of 1857 broke over the country. In September every bank in New York city suspended pay- ment. The hcrror of the situation can only be realized by recalling the system of banking then generally pre- vailing. Banks were organized under State laws. They issued bills generally to ninety per cent, of their capital. These bills were secured by nothing but the assets of the bank, and their remaining in circulation depended en- tirely on the confidence of the people in the bank's ability to redeem the bill in gold or silver on presentation. Banks kept on hand coin to the amount of twenty-five per cent, of their outstanding bills in order to be prepared for the ordinary demands of redemption, and in many cases they also arranged to have some banks in New 250 York or Boston redeem their bills when presented there. When bills were thus made redeemable in New York, the bank could safely reduce its own reserve, and the law allowed it to be only ten per cent. Thompson's Bank Note Reporter was on the desk of every cashier in the land. Bills of every bank were described in it ; the credit of every bank given ; and all information given to guard the public against bills of weak or failing banks. So long as the people believed they could get gold for a bill, it would pass freely from hand to hand ; but with the least breath of suspicion against a bank, its bills would be rapidlv presented for redemption, often beyond the present ability of the bank to pay. The result was sus- pension, often failure for the bank, and embarrassment for every holder of that bank's bills. Constant care was necessary to guard against "bad" money. As a result bank bills would circulate readily only where they were well known. A small or obscure bank could get little benefit from its circulation, for its bills would remain near home and be constantly present- ed for redemption. A high credit and their being known over a wide area were the factors necessary for the suc- cessful floating of circulation. The Bank of Norwalk had its bills redeemed in New York and Boston and they passed at par everywhere. The methods of issue is interestingly told by Mr. F. A. Fer- ris. "In those days the circulation was generally a very important function and arrangements were made with special customers to get out the bank notes along lines where they would be likely to stay out for some time. I well lemember occasions when notes were discounted for stock men who went through New York and Ohio to purchase horses, cattle, etc. In order to be sure that the representations of these customers were carried out, such bank notes furnished were often stamped with some single letter from a movable type, and in this way we could tell whether payments had been widespread and well scattered as promised, for if the notes came back for redemption in a bunch at about the same time, it would show they had been used in other ways. Some- times a little round hole made by a shoemaker's punch was used tc mark such bills and this device being placed in different portions of the bills for different occasions could be quite extensively used without interfering with the strength of the paper. Doubtless many people won- 857 dered for what purpose bank bills were thus mutilated.