. Almon Danforth Hodges and his neighbors . equired, before receiving the certificates, todeposit with the Clearing House Committee securities as col-lateral for the loan at 75 per cent, of their value. The sus-pension of payments continued until November 1. Theeffects of the panic were widespread, and half a dozen yearspassed before complete recovery was realized. While serving as president of the Washington Bank, fatherheld for fifteen years the presidency of the Institution for Sav-ings in Roxbury and its Vicinity, being a member of the cor-poration during twenty-five years and a vice-presi
. Almon Danforth Hodges and his neighbors . equired, before receiving the certificates, todeposit with the Clearing House Committee securities as col-lateral for the loan at 75 per cent, of their value. The sus-pension of payments continued until November 1. Theeffects of the panic were widespread, and half a dozen yearspassed before complete recovery was realized. While serving as president of the Washington Bank, fatherheld for fifteen years the presidency of the Institution for Sav-ings in Roxbury and its Vicinity, being a member of the cor-poration during twenty-five years and a vice-president sevenyears. This institution, when he was first elected, had ondeposit $175,000 ; when he left it, nearly three millions ; andin the meantime it paid dividends averaging seven per cent,per annum. Fathers resignation as president was tenderedat the end of 1877, and was caused by his giving up his legalresidence in Roxbury. After the death of its second president, the bank, on Sep-tember 28, 1878, elected as its third president Mr. Eben. EBEN BACON, Third President of the Washington Bank. THE WASHINGTON BANK OF BOSTON. 263 Bacon wlio had already been a director for many years. continued in office until tlie end of 1895, when he re-signed, believing that the responsibilities of management wereovertaxing his physical powers. He remained, however, onthe board of directors so long as the bank existed. He wasthe son of Daniel Carpenter and Desire Taylor (Gorham)BacoU; was born in Brookline, Mass., 1830 or 1831, and diedin Jamaica Plain, February 22, 1905. On February 6, 1890, the directors voted that interestmight be paid on such deposits at such rates as the presi-dent might direct. This was a notable departure from theprevious conservative methods of the bank. But customswere changing, there was much competiton for business, andthe trust companies, which were growing numerous, all paidinterest on deposits. On April 21, 1893, the president reported to the board ofdirect
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