In connection with a notice of the originator of the Savings Bank in Cleveland it is appropriate to briefly sketch the history of that organization, which has worked so much good and which ranks to-day among the most important and most valued institutions in the city. The suggestion was first made by Mr. Otis in the Winter of 1848-9, and its organization was advocated on the ground of public benevolence. At the request of several prominent persons, Mr. S. H. Mather, the present secretary and treasurer, examined the character and practices of several eastern institutions of a similar character. A charter was drafted, principally from those of two well known institutions of the kind then in operation at Boston and Hartford. In the New England States every city and many villages and country towns have organizations of this character.
In March, 1849, the Legislature granted corporate powers to W. A. Otis, H. W. Clark, L. Handerson, J. Lyman, M. L. Hewitt, N. Brainard, Ralph Cowles, J. H. Gorham, A. Seymour, D. A. Shepard, James Gardner, J. A. Harris, J. H. Bingham, J. A. Briggs, S. H. Mather, J. A. Foot, and C. J. Woolson, and their successors, to be appointed by themselves, the corporate powers to continue thirty years. The corporators appointed John W. Allen president, S. H. Mather secretary, and J. F. Taintor treasurer, and commenced business in August, 1849, at the rear of the Merchants Bank, on Bank street. Mr. Taintor was at the time teller in the Merchants Bank, and it was supposed that he could attend to all the business of the Savings Society outside of banking hours. This was soon found to be impracticable, and at the end of about two years Mr. Taintor withdrew, leaving to Mr. Mather the joint office of secretary and treasurer.
At the end of three years the deposits were only $100,000. In the latter part of the year 1856, the society became able to have a better office, and moved into 118 Bank street, corner of Frankfort, under the Weddell house. The deposits in 1859, after ten years of business, were only about $300,000, but the concern had been so closely managed that a surplus was accumulating from the profits on investments over the six per cent. interest paid to depositors. From that time the business of the institution steadily increased until on the 1st day of January, 1869, its deposits considerably exceeded two and a half millions of dollars, and out of a large surplus had been built one of the finest and most substantial buildings in the city, on the north side of the Park. Such have been the fruits of the suggestion of Mr. Otis; such the success of the organization in which he took so deep an interest during his life.
On the announcement of the death of Mr. Otis, a meeting of bankers was immediately called for the purpose of taking some action in testimony of their respect for the deceased. All the banks were fully represented, as were the private banking firms. T. M. Kelly, of the Merchants National Bank, was called to the chair, and J. O. Buell, of the Second National Bank, appointed secretary. Appropriate remarks were made by the chairman and others, after which a committee, composed of T. P. Handy, H. B. Payne, Joseph Perkins, Henry Wick, and E. B. Hale, reported the following resolutions, testifying to the respect and esteem felt for Mr. Otis as a man of business, as a good citizen, and as a Christian:
It having pleased God to remove from our midst, on the morning of the 11th inst., Wm. A. Otis, who, for more than 22 years, has been associated with many of us in the business of banking, and has occupied a prominent position both in the early organization of the State Bank of Ohio, and of the Society for Savings of Cleveland, of which latter Society he was for thirteen years president, and at the time of his death was the president of the Commercial Bank of this city, and who by his wise counsels, his high regard for integrity and mercantile honors as well as by an exemplary Christian life, had secured the esteem and confidence of his associates and fellow citizens, and who, after a good old age, has been quietly gathered to his rest, therefore,
Resolved, That while we deeply mourn the loss of our departed brother, we commend his virtues, and especially his high standard of Christian integrity, for the imitation of the young men of our city as the most certain means to a successful business life, and a fitting preparation for its final close.
Resolved, That we deeply sympathize with the family of our deceased friend in the loss that both they and we are called to sustain, feeling assured that after so long a life of Christian fidelity this loss, to him is an infinite gain.
Resolved, That a copy of these resolutions, signed by the Chairman and Secretary, be furnished the family of the deceased and be duly published in our city papers.
J. C. Buell, Secretary. T. M. Kelly, Chairman. Cleveland, May 12, 1868.