The Press., 1905-09-20

OF 5O cents snare (oQuaL Co III per
cent on the capital paid in was
voted to be paid shareholders. Six
per cent. was paid to depositors. The
second Wednesday of July was agreed
upon as the date for the annual meet
ing of the bank, and that date was
never changed.
At the annual meeting in 1857
William Smith was added to the list
of directors. At the same meeting a
dividend of 81. 25 per share was voted
to be paid the shareholders, equiva-
lent to % per cent. on amount of cap
ital paid in. May LIST, 1858, the di-
rectors voted that cit is expedient to
close up the present organization and
petition the legislature for charter
for a savings bank as usually grant
ed" George M. Ives, Farley Con-
verse and l.. w. Crane were appointed
committee to draft a petition to
the legislature for a savings bank to
be called the Stafford Springs Saw
ings bank" June goth of that year
the legislature granted the charter,
but changed the name to "The Saw
ings Bank of Stafford Springs. - July
18th, 1858, another dividend was
voted to the shareholders of 81 per
share, equivalent to 20 per cent. on
the amount paid in, the shareholders
receiving during the three years the
original bank was in existence divi-
dends equaling 50 per cent. and a
final dividend of the return of the
capital stock paid in. The corpora
tors of the new bank were Farley
Converse, George M. Ives, Gideon N.
Merrick, Charles P. Rider, S. T. Pres
ton, S. Newton, Timothy Merrick,
Lucian Holt, Elijah Carpenter, Lu-
cius Eldridge, H. G. Whitford, H. T.
Small, L. W. Crane, Chauncey Smith,
W. G Fowler, William Smith, Rob
ert Sharpe. The first meeting of the
new corporation was held July 6,
1858, and at that meeting the follow
ing corporators we're elected and add
ed to the original list: Clark H.
Grant, Henry Thrall, G. H. Baker,
Ephraim Dimmick, John W. Sharpe,
Harvey Walker, Solva Converse,
Harvey Merrick. Bylaws were
adopted and officers elected, Farley
Converse elected president; George
NJ Ives, CLARK H Grant, Ephraim
Dimmick, vice presidents, and Harvey
Merrick, Harvey Walker, Henry
Thrall, L. W. Crane, S. T. Preston,
G. H. Baker and John W. Sharpe, di-
rectors. M. R. West was chosen at
torney. July 10th it was voted to
"take of the Stafford Springs Savings
bank" their accounts due depositors
and carry out the agreement to pay
said depositors six per cent interest
per annum; provided the sharehold-
ers of said savings bank will execute
bond of indemnity to this savings
bank of five per cent. of the stock
owned by each shareholder. Aug
ust 9Th, 1857, it had been voted to
"close the affairs of the Stafford
Springs Savings bank and to transfer
to the Savings Bank of Stafford
Springs the accounts with our depos-
itors and the assets of the institution
according to our books on the first day
of July last" September "a, 1858,
the final meeting of the original saw
ings bank was held, and the first saw
ings bank ever in existence in the
town was completely merged into the
Savings Bank of Stafford Springs.
After the completion of the Stafford
bank building in 1959-the building
swept away by the flood of 1877
the Savings Bank of Stafford Springs
was moved from the Office of the
Granite Mill Co. into the new bank
building. Not long after its removal
into its new quarters serious differ
ence of views and methods arose be-
tween George M. I've, the president
of the Stafford bank, and the cashier
of the Stafford bank and treasurer of
the savings bank, Simeon Newton.
The imperious nature of both men
caused the divergence of views to ul-
innate into a bitter personal fued.
One of the largest and most exciting
bank meetings ever held in the state
was held in the new bank building.
At that meeting, after a prolonged
wordy battle by the contending par
ties and an eloquent presentation of
the merits of each side by eloquent
attorneys and sympathizing friends,
a change was voted in the officers,
and Farley Converse became president
of both banks and Mr.. Ives retired
from active association and relation
with each bank. From that time IN
til the retiring of Mr.. Newton from
the town in 1875 a most bitter per-
sonal war was kept up by the con-
tending parties in the original differ
ence. The war was carried into So
cial, church and political relations,
the peace of the community was dis
regarded and factional forays precipi-
tated in every conceivable manner.
In 1869 an overturn in the directory
of the Stafford National bank the
Stafford bank reorganized into Ma
tional bank deposed Mr.. Newton
from the cashiership of the National
bank, and caused the removal of the
Savings bank of Stafford Springs from
the rooms of the National bank to the
west end of Col. Warren's building, a
structure occupying the ground now
covered by the Warren brick block.
The war upon the savings bank was
then prosecuted more relentlessly than
ever. Printers ink was used freely,
and the region about Stafford was
flooded with circulars charging almost
every wrong upon Mr.. Newton in his
management of the savings bank.
The aid of the legislature was in
voked, and special. examinations of
Ill Lo h.