Norwalk After Two Hundred & Fifty Years

Manufacturing concerns in New York and elsewhere had arrangements with the bank to have its notes sent to them for their weekly or semi-monthly payrolls. I re- call also that we had a' deal with Mr. E. S. Keeler, then ticket agent of the N. Y. & N. H. R. R., at 27th St. and 4th Ave., by which he paid out as change, only the notes of the Bank of Norwalk, sending us in exchange, by ex- press at stated intervals, larger notes of other banks which he had received from travelers. This was not only of value to the bank, but it also was a protection to the ticket office, inasmuch as counterfeit and broken bank bills were frequently returned to the agent with the state- ment that the traveler had received them in exchange at his office. If only one sort of bank notes was given out, this was a bar to such dishonest claims, and for a time our bank controlled this method of circulation." Bow different is this matter now, when a National Bank bill, secured by government bonds, is received without question or a thought regarding the particular bank that issued it ! The storm of 1857 was safely weathered, but follow- ing close came years of political unrest which culminated in the civil war of 1861. Fort Sumter fell Saturday April 13th. Sunday night Norwalk first heard Lincoln's call for 75,000 men. Early Monday morning Ebenezer Hill, after an unsatisfactory interview with the Brigadier General of Connecticut's militia, hired a drum, a fife and a hall and started the enrollment of a company which went to the front. Capt. James Russell states that "Uncle Eben" came to Bridgeport and gave each man a $10 bill,— the only money they got before leaving the state. The Bank of Norwalk directors believed, as was of- ten argued by its president, that if the government was not good, nothing was good, and from the first it threw all its influence and its resources on the side of the Union. April 19th the minutes record an offer of fifty thous- and dollars to the Governor of Connecticut. March 4th was the first purchase of U. S. 7.30 treas- ury notes, and at short intervals thereafter as money was available, purchases of bonds were made. It took cour- age and patriotism in those days to buy even govern- ment bonds. It is here worthy of note that on April nth, the gov- 368 ernment had offered five million notes on the market and only one million was subscribed. ' Early in 1865 the bank became a National Bank un- der the new law. Soon after the outbreak of the war silver and gold money disappeared from circulation. Specie payments were suspended by the United States, December 28, 1861. The famous United States greenback appeared early in 1862 and served well the purpose of money as far as de- nominations of one dollar or more were concerned, but for small change resort was had to postage stamps. A gummed postage stamp soon had a style of its own after passing from hand to hand as a substitute for money. The idea of value, however, resided in it, and "it went." The government soon printed postage stamps of the reg- ulation form, but upon paper of about the size of a visit- ing card having an ornamental border, and these were the renowned "shin plasters." Many issues of various designs were put in circulation before the nickel five cent piece and silver coins appeared again. The war brought out many patriotic societies, but none more important than the Association for the Care of Soldiers' Families. Prominent in the Norwalk Associa- tion were the Directors of the Bank of Norwalk. Its President was the Treasurer and the bank became head- quarters for the society. Many hours were devoted to the distribution of financial help, — giving counsel on family and business matters, and alas often comfort to the widow and the fatherless. Chas. L. Rockwell, the Teller of the bank, was an energetic, able and patriotic assistant in every good work of a local or national char- acter. On the night of September 30, 1869, the vault of the bank was blown up by nitroglycerine, and money and se- curities amounting to $170,000 were taken. After years of pursuit one only of the thieves' associates was landed in prison and a portion of the booty recovered, but the principal rascals were never caught. The first note discounted by the Bank of Norwalk was for a manufacturing company, and its interest in our local factories has been constant and liberal. The direc- tors have been largely associated with enterprises em- ploying many skilled men, and the principal payrolls of the town are drawn from accounts on deposit here. The capital, surplus and profits are $340,000, thus making it the largest National bank in the Norwalks. 259 It is a depositary for the United States and also the State of Connecticut. The present officers and directors are: E. Hill, President; E. J. Hill, Vice President; H. P. Price, Cash- ier; J. P. Treadvvell, Assistant Cashier. Directors, E. J. Hill, J. A. Osborn, E. K. Lockwood, D. W. Fitch, W. F. Bishop, J. C. Randle, O. E. Wilson and J. P. Tread- well. The First National Bank of South Norwalk was also the first bank in town to organize under the war measure establishing national banks. It was organized in 1864 with $200,000 capital, which was subsequently reduced to $100,000. A. E. Beard acted as President during its organiza- tion. He was followed by L. H. Moore for one year. Dudley P. Ely was next chosen President in 1865 and, with the exception of one year, acted for thirty years until his death in 1895. E. K. Lockwood served as Pres- ;dent one year, and Russell Frost, succeeding Mr. Ely, was President six years and until the winding up of the bank in 1901. Jonah J. Millard was the first cashier, acting twenty- five years until his death in 1889. Chas. E. Ferris was next cashier until 1901. Mr. Ferris had been in the em- ploy of the bank as clerk, bookkeeper, teller and cashier since 1865. A large amount of the stock was owned by its ven- erable President, Mr. Ely, and in a great measure he dominated the affairs and was responsible for the policy of the bank. Success crowned his thirty years of effort. Associated with the bank as director at various times were W. S. Hanford, C. F. Tolles, W. H. Ferris, F. Di- mon, L. Dibble, Tallmadge Baker, P. L. Cunningham, S. G. Ferris, A. J. Crofut, E. Scofield, G. C. Lockwood, R. B. Keeler, John Dingee, E. Sherwood, Samuel Clark, John H. Knapp, E. A. Woodward, A. Solmans, D. F. Benedict, A. E. Austin, A. Dibble, J. G. Jennings, S. L. Grumman and R. H. Golden. On June 22nd, 1876, was organized Norwalk's fourth bank, — the Central National. Thomas H. Morrison, Ambrose S. Hurlbutt and John P. Beatty were the committee actively engaged to obtaining subscriptions to the capital stock, and with H. F. Guthrie, G. M. Holmes, P. L. Cunningham, Wm. R. Smith, Chas. Smith and Sherman Morehouse constituted the first Board of Directors. Mr. Hurlbutt was, on June 880 27th, chosen President and served until 1888. when he resigned and was succeeded by Geo. M. Holmes, who still is in office. Thos. H. Morrison was the first Vice- President, acting in that capacity until his death which occurred at Nassau, N. P., February, 1884. Mr. Harri- son was the prime mover in organizing the institution and always took a great interest in the bank he founded. Mr. Holmes succeeded as Vice-President and subse- quently was chosen President, as above stated. Mr. E. L. Bover is the present Vice President, being elected in 1888. " The cashier, Mr. W. A. Curtis, has served in that capacity since the bank's organization. His earlier banking experience was with the Fairfield County National Bank, and subsequently in Chicago. The bank was authorized by the Comptroller of the Currency to commence business Aug. 29, 1876, and formally opened its doors Sept. nth. The present banking rooms, No. 26 Wall St., Gazette building, have been occupied from the start. The first dividend was paid January, 1878, and pay- ments have continued semi-annually since, amounting in the aggregate to $174,000 on the capital of $100,000. The present officers are G. M. Holmes, President ; E. L. Boyer, Vice President ; W. A. Curtis, Cashier, Cashier. Associated with the above as Directors are H. E. Dann, H. M. Kent, J. T. Prowitt and S. H. Holmes. The organization of the City National Bank of South Norwalk was the outgrowth of a general desire on the part of the business community for the establishment of a people's bank, and the first steps were taken at an in- formal meeting of citizens held on January 3rd, 1882, at the office of Nelson Taylor on Washington Street, at which meeting Edwin Adams presided. It was decided to start such a bank, and the full amount of the proposed capital stock of $100,000 was quickly raised by seventy- two subscribers. The bank was authorized to commence business March 4th, 1882. It opened its doors April 12, 1882, at No. 68 Washington Street, near the corner of South Main Street, and continued to occupy that location until x\pril 5th, 1898, when it moved into its present new and com- modious quarters, fitted with the latest improved vaults, at 99 Washington Street, in the United Bank building, erected jointly with the South Norwalk Savings Bank. The original officers of the bank were Robert H. 861 Rowan, President ; John H. Knapp, Vice President, and Jacob M. Layton, Cashier. Mr. Rowan served as Presi- dent (with the exception of about a year, during which time Tallmadge Baker acted as President), from the or- ganization of the bank until his sudden death on Septem- ber 20th, 1900. Mr. Knapp has been Vice President of the bank since its organization and still continues in the office. Mr. Layton is still Cashier of the bank, having also been continuously in office since the starting of the bank. John H. Ferris was elected to succeed Mr. Rowan as Presi- dent of the bank and is still in office.