Norwalk After Two Hundred & Fifty Years

The original directors were Robert H. Rowan, John H. Knapp, Tallmadge Baker, Josiah R. Marvin, Edwin Adams, Andrew J. Crofut, John H. Ferris, Christian Swartz and Edwin H. Mathewson. Of these five still remain in office, viz.: John H. Knapp, John H. Ferris, Josiah R. Marvin, Christian Swartz and E. H. Mathew- son, and with Henrv Seymour, Samuel Grumman, J. Wallace Marvin and John H. Light constitute the pres- ent Board of Directors. The bank has always been conservatively managed and singularly successful, and has paid regular dividends semi-annually ever since its first year of existence of not less than 6 per cent, per annum and has accumulated a surplus of $100,000, equalling the capital of the bank, and has besides $25,000 of other undivided profits. Its aim has been to be a solid and successful bank, and its success is a matter of just pride to those who have man- aged its affairs and a satisfaction to the public and its patrons. The youngest child in Norwalk's family of banks is the South Norwalk Trust Company. Organized April 4th, under a special charter of Connecticut, it began busi- ness April 15th, 190 t. The capital is $50,000. This bank receives deposits subject to check as the ordinary banks of deposit and discount ; it also has a Savings Bank department, and further acts as Trustee, Administrator or Executor of estates. This last men- tioned duty is undertaken by no other institution in town and in that respect, if in no other, the new company finds a welcome in the business community. The President is R. H. Golden ; Vice President, E. O. Keeler; the Secretary and Treasurer, Charles E. Hoyt. The Directors are F. A. Ferris, Asa B. Wood- ward, Nelson Taylor, W. H. Perry, E. O. Keeler, T. I. 862 Raymond, Theodore S. Lowndes, F. A. Smith and R. H. Golden. In this board is represented the older banks, the legal profession, and the business and property in- terests of the town. In its special field this institution should meet with abundant success. The Savings Ranks of Norwalk, as will be seen by noticing the names of the incorporators and managers, were started by men already interested in the banks of deposit and discount. They have been of great help to the town, and the thanks of the community are due to the Directors who have given without compensation so much of their time and care to the interests of the thrifty and saving people of Norwalk and vicinity. Being managed on lines differing from the National Bank, the Savings Banks as a rule gave their attention to other classes of investments, although at times when the manufacturing and other interests have required it, the Savings Banks have liberally discounted paper, not in competition, but rather to the assistance of the National Banks. The history of a savings bank, as a rule, does not make an exciting narrative, particularly when it is care- fully managed and its depositors successful and thrifty. Norwalk's savings banks have enjoyed every advantage contributing to a peaceful financial life. Once only the Norwalk Savings Society by having a "run," precipitat- ed by the thoughtless attempt at wit on the part of a local newspaper. In the rear of the Street Railway barn was a high mound which had furnished the building sand of Norwalk for several years and was believed to contain a further abundant supply. Without previous indication the sand was exhausted and cobbles only were found. The local paper, departing from its usual course of re- cording the sickness of Mrs. Smith's child or the paint- ing of Brown's rear fence, essayed a "scoop" on the sand- bank incident and announced that the managers of the oldest bank in town were astounded to discover that their reserved deposits, which they believed to be good were on examination found to be worthless. The explanation that the statement referred to a sandbank was never read bv many bank depositors, but grabbing their books, they demanded payment from the old Norwalk Savings Society. To the credit of the paper it must be said that every effort was made by it to overcome the ill effects of its silly joke. Unauthorized statements and injudicious news items have in other cases and in other papers done harm to the business interests of Norwalk, even where every wish of the publishers was for the growth of the industry referred to. The Norwalk Savings Society was chartered by the vState of Connecticut in 1849. The corporators were Clark Bissell, Edw. C. Bissell, Thomas B. Butler, Chas. C. Betts, Eli B. Bennett, Algernon E. Beard, Wm. H. Benedict, Stiles Curtis, Josiah M. Carter, Jonathan Camp, Jr., Thomas C. Hanford, Joseph W. Hubbell, Charles Isaacs, Gould D. Jennings, William K. James, Charles Mallory, William S. Lockwood, Stephen Olmstead, James Reed, Stephen Smith, Asa E. Smith, George St. Tohn, William C. Street, Charles Thomas, John A. Weed. Of these Chas. C. Betts is now the only survivor. Clark Bissell, was President until 1857, followed by W. S. Lockwood until 1871, Wm. C. Street until 1878, L. P. Weed until 1880, Wm. B. E. Lockwood until 1889, and George M. Holmes, the present incumbent. T. Warner, Jr., 1849- 1856, Joseph W. Hubbell 1856- 1870, and George E. Miller have held the offices of Sec- retary and Treasurer. The piesent banking rooms in the United Bank Building were opened in 1868. Thirty dollars was the first deposit, followed in successive years by the mighty accumulation of $2,664,000. The Fairfield County Savings Bank was chartered in 1874, the incorporators of Norwalk being: Wm. K. James, Asa E. Smith, Eli B Bennett, Joseph W Hubbell, Samuel Lynes, Winfield S. Moody, Thomas Merrill, Thos. H. Morison, Alfred H. Camp, Evert Quintard, Bradley O. Banks, Edward W. Stewart, Elbert Curtis, Wm. A. Lockwood, Chas. H. Street, Martin S. Craw, Edward Merrill, Joseph O. Randle, Henry F. Guthrie, Augustus C. Golding, Chas. Olmstead, Samuel Beatty, Thomas I. Stout, of Norwalk ; XM Edward H. Nash, of Westport; George A. Daven- port and Samuel Morehouse, of Wilton; and Noah W. Hoyt, of New Canaan. The first officers were William K. James, President, Samuel Lynes, Vice-President and Charles H. Sweet, Secretary and Treasurer. The Bank began business on the first day of Oc- tober, 1874. in the rooms with the Fairfield County Na- tional Bank. The rapidly increasing business of the hank made it necessary in 1890 to find a home by itself, and consequently an arrangement was entered into with The National Bank of Norwalk to enlarge their building and lease the westerly half of it. Since this change the assets as well as the surplus of the bank have more than doubled. Fiftv-three semi-annual dividends have been paid, the first amounting to $580.11 and the last $15,299.- 44. Six per cent, was paid until Oct. 1877, when the rate was reduced to five, which was paid for two years. Tn Oct. 1870, a four per cent, rate was made which, save for two exceptions (ib8o and 1884 — 4% per cent, each,) was paid until April 1, 1899; since then 3^ per cent, has been paid. Wm. K. James continued to serve as President until his death in September, 1877, and was succeeded by Dr. Samuel Lynes who was followed by Winfield S. Moody, and at his death by Judge Asa B. Woodword, the present incumbent. Dr. James G. Gregory is Vice-President. Mr. Street served as Secretary and Treasurer for six years and was succeeded by Lester S. Cole who held office un- til 1888. James PL Bailey was his successor and in 1896 died while in the service. Victor S. Selleck was chosen to succeed him and is still in office. The bank from a small beginning has grown until now its assets are nearly $1,000,000.00. The South Norwalk Savings bank was originally in- corporated June 23, i860, under the name of "The Me- chanics Savings Society," with the following named gen- tlemen as incorporators: Eben Hill, Nathan C. Ely, Daniel K. Nash, Chas. Brown, L. H. Moore, C. N. Case, John A. Weed, Alfred Tryon, Chas. B. White, Chester F. Tolles, John T Cape, Frank H. Nash, 265 Moses B. Pardee, Burr Knapp, Thomas L. Peck, George Seymour, David R. Austin, H. H. Elwell, Fred'k Bclden, Wm. H. Benedict, Gould Benedict, Thos. R. Griffiths, Davis Hatch, Lorenzo Dibble, John Hutchins. On June 17th, 1869, the name, by act of the Legis- lature, was changed to "The South Norwalk Savings Bank." The first officers, Daniel K. Nash, President, A. E. Beard, Vice President ; Chester F. Tolles, Secretary and Treasurer, and Managers, Eben Hill, John A. Weed, Thos. L. Peck, Chas. B. White, F. H. Nash, Frederick Belden, L. Dibble, L. H. Moore, M. B. Pardee, Thos. B. Griffiths, Geo. Seymour, H. H. Elwell, Alfred Knapp, Wm. H. Benedict and H. M. Prowitt, were elected July i8, i860. All of the above, both corporators and officers, are now dead, Chester F. Tolles being the last one to go. The first deposit was made about October 1, i860. From the time of opening the bank for business un- til about October 1, 1868, deposits were taken at the office of Chester F. Tolles and also at what was then the Bank of Norwalk, now the National Bank of Norwalk. The first interest to depositors was paid January 1, 1861, at the rate of 6 per cent, per annum, and interest has been paid regularly each six months. The interest paid July 1. 1901, made the total amount of interest paid since or- ganization $5x6,253.18. From about October 1, 1868, to about May 1, 1875, business was done in the drug store of Thos. L. Peck, \o. 14 North Main street, and about May 1, 1871, mov- ed to the Fairfield Fire Insurance Company's building on South Main street. On the morning of May 17, 1875, the Fairfield Fire Insurance building was destroyed by fire and many papers and records of the bank were lost. The bank opened for business the next day in the Music Hall block, remaining there until the new building of the Fairfield Fire Insurance Company was completed, when it was moved back into its old quarters. In March, tSyy, the bank was moved from the In- surance Company's building to No. 38 Washington street, where it continued until April 12th, 1882, when it moved into No. 68 Washington street with the Citv Na- tional Bank.