The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1911-02-07
BANKER WAS ECCENTRIC
New London Man Who Left
100000 Opposed to
Telephones


Sebastian Duffy Lawrence. of New
London. whose estate. inventoried at
approximately 10000 900. paid the
State Of Connecticut the greatest sum
ever paid as an Inheritance tax in this
state. was one of the most unique
bank presidents in the country. Mr..
Lawrence's bank, the National Whal-
ing Bank Of New London. was one of
the most unique banks in the country.
says the Hartford Times.
Still. Mr.. Lawrence was peculiar,
and 1t was not to be wondered at that
his bank was a peculiar bank. Nearly
everyone in town knew. If he or she
cared to know. that the National VIVA
ling bank had no telephone. That was
a popularity or pretty near one at
least. Imagine any one of the banks
of Hartford. with their private ex-
change. trying to do business for one
receiving teller would find it difficult
to do his share of the Hartford banks
business without his phone. The pres
ident. cashier and clerk of the Wha'-
ing bank did business for many years
without telephone connections. Nobody
in New London thought this strange
Whaling bank was just as sound an
institution as any bank in the Unit
ed States.
But. banks are usually considered
in the same breath with lavishness.
The money gods. who preside over
that their banks should have sumptu-
GUS homes. It was not so with Mr..
Lawrence. For many years the Ma
tional Whaling banks counting room
was lighted by a single gas jet. No
welsbach mantle. either. for Mr.. Law
renee. II it was late in the afternoon
and the day was unusually dark the
clerk or cashier might obtain the pres
ident's permission to light the gas. it
is said. After Mr.. Lawrence we 1t
home for the day 1t might be observed
from the outside that an oil larnp
illumination for the studious bank
workers. Mr.. Lawrence bore down
heavily when he wrote economy"
Under the Lawrence administration
there were no dividend checks. 1t was
evident the president did not counten-
ed Whaling bank stock he called at
the bank for his money; no check was
sent to him. With a dividend due
and payable stockholder might OBJ
tain his dividends by signing his name
in the dividend book The dividend
was paid to him in cash.
Mr.. Lawrence had an adversensss
to checks In any form. The story. to
illustrate his feelings in this line is told
to well known New London business
man. who went into the Whaling bank
to make payment. He passed a
check through the opening in the graf
ing The check was referred to Mr..
Lawrence
The bank president waved the paper
aside with the remark. 1--WE don't
take checks here"
'That check is as good as the mon
~ yafOrfo6 tho hIYSinaoS MAN Sopne
what put out.
His remark fell on barren soil. for
Mr.. Lawrence simply answered. "Weil.
II it's as good as money. go out and
get it cashed. bring us the money"
No amount Of argument could con-
vince Mr.. Lawrence that there WAS
anything gained by doing business in
checks. It may be gathered that Mr..
Lawrence would be very likely to drive
trade away. That Is just what he did.
Bolton A. Coop. his successor says
that Mr.. Lawrence did not encourage
deposits being made in his bank
The story Is told Of the astute old
bankers driving depositor out of the
bank with his deposit. This man in
CURED the i'll will of Mr.. Lawrence by
suggesting that the bank do business
along certain lines differently from the
way it had been doing for years. Mr..
Lawrence ordered the clerk to deter
mine the amount of the invaders de-
post. pay it to him and then tell him
to keep out.
with the methods of some of the bus
lest banks in the state, those of Hart
ford. for instance. which advertise to
give new bills for checks. Nearly ev-
eryone who did deposit in the Whal-
ing bank. knew Lawrence. Everyone
was aware of his business ability and
his policies. so nearly opposite other
policies. gave depositors and stock
holders great confidence. A man. who
this week received dividend check
and proxy blank from the National
Whaling bank, remarked that it was
the first one he ever saw.
That dividend checks have been dis
trfbuted this year due to the new man
agement. guided by President Bolton
A. Coop, who succeeded Mr.. Lawrence.
Mr.. Coop was schooled in the Law
renee school. He is progressive
manifest itself when Mr.. Lawrence
was alive. but it began to show soon
after
Mr.. Lawrence left the bank (ani
he did not leave it physically Until he
died) in a fair way to winding UP It's
career. A clause in his will provided
that the trust companies. to which his
shares of stock were consigned, should
vote to liquidate and surrender or de-
cline to renew its charter. However,
MT Lawrence ala not count On staying
with US as long as he did. He drew
his own will (and 1t was a document
with more ambiguous clauses than any
exhibited in recent years. in 1895
Within a few years 1905 the charter
expired and as Mr.. Lawrence had no
idea of releasing his hold on things in
that year he renewed the charter
himself for twenty years. Besides, the
trust companies could not have wound
up the banks affairs, had they been
ever so conscientious in carrying out
Mr.. Lawrence's Intentions They
could only vote about rs per cent nf
the stock and it takes a wo-thirds
vote to bring about the measure that
Mr.. Lawrence was aiming at. The
testator thereby undid what he was
trying to do. None of the other stock
holders In an institution that has paid
a 10 per cent. dividend per annum for
thirty years wanted to liquidate
1t may be observed that Mr.. Law
renee was president of the bank near
ly forty-five years and the days that
he did not sit at his desk in that
length of time were few. He lived by
rule: did business by rule and ::
seemed at times as If life was all bus
mess to him. For instance. mis- gate
was locked to all callers after z o'cIock
In the evening. II you wanted t, ne