Le Fevre and De Garmo were the first bankers, beginning business in Walden in 1870. They continued but a short time, and in 1873 the Exchange Bank was organized with George W. Stoddard in active charge. This was merged into the Walden National Bank in 1877 and was succeeded in 1897 by the National Bank of Walden, the name of the present institution. The Walden Savings Bank, the oldest and largest financial institution in the town, began business June 1, 1872, with the following officers: Seth M. Capron, president; Thomas W. Bradley, vice-president; and Peter LeFevre, secretary and treasurer.
The Montgomery National Bank began business November 1, 1905, with the following officers: William H. Senior, president; John A. Crabtree, vice-president; E. I. Emerson, cashier. Directors: William Eager, John J. Vanderoef, John A. Crabtree, Clunks D. Wait, J. Harvey Harris, Dr. E. Ross Elliott, William F. Lodge, Harvey Tuttle, William H. Senior, Walter R. Comfort, Fred W. Tower.
INDUSTRIES.
Nearly all the soil of this town is well adapted to successful agriculture in its varied forms. While much of the land has been devoted to meadows and grass, fine crops of grain were grown, wheat especially, in the earlier years of the settlement. Fruit is also grown to a considerable extent in some localities with profit. Orchards were planted in the town nearly a hundred years ago by Robert Griffith, John Miller, Andrew Graham, Hamilton Morrison and others.
The bonding of the town in aid of the Wallkill Valley and other railway construction had a depressing effect upon the people and their property for a time, and there was much opposition to the scheme, among the farmers especially. But the advantages of the railways became apparent in a few years, and probably no one would now care to abolish the present traffic facilities afforded or longer regrets the cost.
The opening of the Wallkill Valley Railway to Montgomery, in 1866 was a most important event for the town and county.
The Walden Woolen Factory was established in 1823 by Jesse Scofield and Dr. Coburn. It was at first known as the "Franklin Company." There were frequent changes in the firm and management in the succeeding years. But for over fifty years this old plant was the most important business feature of Walden, and it had much to do with its early growth and development. The buildings were of stone and of the most durable character, and the water-power ample.
The New York Knife Company has long been regarded among the largest cutlery plants in the United States. It was organized in 1852 and operated at Matteawan, Dutchess County, until 1856, when it was moved to Walden to the building formerly used as a cotton factory. Table and pocket cutlery of every kind and quality are made in this establishment, which has achieved world-wide fame in the hardware trade, domestic and foreign. Thomas W. Bradley was long the leading spirit of the concern, being the active superintendent as well as the president of the company. He served with valor and distinction in the Civil War, and became prominent in the military affairs of the State afterwards. He also served in the State Assembly in 1875-76, and at present represents this district in Congress.
The Walden Condensed Milk Company was organized in 1864 with a proposed capital of $50,000. But it was reorganized three years later under the name of the Highland Condensed Milk Company. The enterprise was finally abandoned soon afterward and the buildings were used by the Walden Soap Works. The Walden Brickyard began operations in 1868 with James Gowdy at its head. The Walden Knife Company was established in 1870 with W. E. Gowdy as president. It is entirely devoted to pocket cutlery. In 1891 Mr. Edward Whitehead became its president, since which time the industry has forged rapidly ahead, with the annual payroll exceeding a quarter of a million dollars. The Schrade Cutlery Company was organized in 1904. It is under the direct management of George Schrade and his brother, J. Louis Schrade. The Rider-Ericsson Engine Company, manufacturers of hot air pumping engines, is also a very important industry, giving employment to 125 men. The Wooster Manufacturing Company, makers of pants and overalls, conducts an extensive and increasing business. The firm of William Crabtree & Sons, manufacturers of worsted yarns with plants in Montgomery village and Newburgh, conducts an important industry. This was established in 1880 by William Crabtree and Arthur Patchett, both now deceased. Two hundred persons are given employment by this progressive firm.
The New York Condensed Milk Company established a very extensive branch of its business just north of Walden in 1880, at an initial cost of $200,000, and the buildings and entire plant have been greatly enlarged and improved since that time. It was intended to receive the milk from 5,000 cows at the outset. John G. Borden, who became one of the most prominent and progressive men in that region in after years, was the first president of this important plant. Since his death the great enterprise, with its model farms, has been carried on most successfully by his daughters, and it is still one of the great show places of this region of the State. The farms, though mainly in Ulster County, are highly cultivated and operated under the most modern methods.