The Newtown bee. (Newtown, Conn.) 1877-current, 1889-02-22
BRIDGEPORT NATIONAL.

BRIDGEPORT NATIONAL.
AZ the October session of the Connec-
tlcut Legislature of 1906, the Bridgeport
bank, now the Bridgeport national bank,
was Incorporated and subscription books
were opened Mt the house of Ezra Greg
ory. Two hundred thousand dollars was
the capital stock of the bank, divided I'M
to 1000 shares of 5000 each, of which /.
Bronson q Co. of Greenfield held $3.50.
The rest were divided among 60 others,
all representative men OF the day and
leading citizens, many of them, of other
towns than Bridgeport. In accordance
with an advertisement in the old Bridge
port Advertiser, long since gone the way
of all flesh, the stockholders met at Ezra
Gregory's, Tuesday, February 3, 1907, to
perfect organization. These directors
were chosen and authorized to apply to
the Legislature for such changes in the
charter of the bank as they might think
necessary: Isaac Bronson, Greenfield
Hin; Birdsey Norton, Goshen; s. w.
johnson, Stratford; John s. Cannon,
Salmon Hnbbell, Lambert Lockwood,
David Minott, Bridgeport; Jesup Wake
man, Fairfield; Ebenezer Jesup, Sauga-
tuck.
At the directors meeting, which follow
ed Immediately, Isaac Bronson was chos-
en- president and George Hayt was soon
elected cashier.
A building, erected in 1906, was occu-
MED. 1t was an unpretentious two-story
house In which the cashier lived ana
which was, undoubtedly,a notable struct-
ure for those days.
Five per cent. of the capital stock had
been paid at the time of subscribing and
20 per cent. in 60 days, while the residue
was subject to the order of the directors.
In 1910, it was decided to call in % per
cent. additional. Another call for %
per cent. was issued in 1911.
Through all the War of 1912, the bank
pro spered and paid all dividends, besides
some extra ones, without the suspension
of specie payments. Outside loans, of
course, were necessary to do this and
ultimate results, for, in 1916, 100000,
half the capital stock, was returned to
the stockholders.
After the election of Ebenezer Jesup
of Saugatuck to the presidency, in 1882,
the capital of the bank was increased
$4,000 by subscription from the School
fund OF Connecticut and $4,000 by in
stallments collected on the stock. The
great panic of 1878 found the bank
somewhat involved and the administra-
ton was changed. The stock was also
reduced to $4,000, but, by Legislative
permission, it was again increased to
$4,000 in July, 1888. From 1887 tc
1912, no dividends were paid, but the
value OF the stock, which had been fai
below par, was raised until it reached
and permanently passed the turning
point, par.
In 1854 and 1865, the capital of the
bank was increased by subscriptions
from societies to 215,s50, in 4,317 shares
.mof $50 each. March z, 1865, the bank
wasle changed from State to Nationa
hank. but the stockholders and officers
remained the same. As in its earliest
wears, the bank has been especially for
tunate in its officers since the re-organi
zation In 1887 and it has experienced
remarkable prosperity. Efficient, We
conservative and economical in manage
ment, It has, during nearly the entir
period, paid dividends above the average
From 1864 to 1884 it paid not less thar
10 per cent. per annum and IL per cent
for nine of those years. Since 1884, tn
same high standard has been maintained
Isaac Bronson, the first president
served from 1907 TO 1923, when John S
Cannon held the Office for four years
After Mr. Cannon's death, Mr. Bronson
was again chosen president and retaine,
the position until 1882. He was pres
ident for p years, longer than any Q
his successors. Ebenezer Jesup Of Sau
gatuck was president from 1892 to 1888
and he was followed by Silvanus Ster
ling, 1887 to ls4s; Hanford Lyon, 1874
to 1919; Sherman Hartwell, 1919 to 1869
Monsoon Hawley, who succeeded M
Hartwell, Is still In the presidential
chair. The first cashier was Georg
Hayt, who, In 1925, was succeeded b
his son, Josiah s. Hayt; Charles Hi
came next and remained till the re-ol
ganization OF 1887, when George Blu
roughs took the position and held it 70
81 long years. Frank N. Benham, VIII
began his duties in 1872, Is still in office
The original bank building has alread
been spoken Of In 1857, 1t was re-mod
eled and appears as a square business
like structure, with fiat roof and genera
air az modern enterprise about IL. Thi
did very well FOR . time, but the increas
Of business during the succeeding 2
years rendered radical change necel
sary, almost imperative. Accordingl,
with the cooperation Of the City saving
bank, handsome building was erecte
on the northeast corner Of Main an
Bank streets.
(3rapite copings md steps lead mp I
M TIC broad una massive entrance On Mai
N Gt1e1G IlilS ehoxa. te the hnixha M "