before, and the two taking two-fifths of its stock. It is an interesting
fact that no bill has ever been issued by either Rochester bank without
the well known signature of John McDuffee, either as president or
cashier; and he still actively administers the interests of the bank he
originated in another form forty-eight years ago.
In addition to this Rochester interest, Mr. McDuffee was one of the
original grantees of the Dover National Bank, and for a short time was a
director; but his interest became more in the Strafford Bank, at Dover,
of which (new charter) he was the second heaviest stockholder, Daniel M.
Christie being the first. He became a director in the Strafford National
Bank in 1870, and still actively holds that position. The stock of this
bank (par, one hundred dollars) has this year sold at one hundred and
sixty dollars.
The Norway Plains Savings Bank, at Rochester, was chartered in 1851, and
Mr. McDuffee became its treasurer, being succeeded by his son Franklin
in 1867, and himself becoming president,--an office in which he still
remains. It is worth, recalling, that, although this bank was ordered,
in the panic, to pay out only five-sixths of any deposit, it
subsequently petitioned for leave to pay, and did credit to every person
affected, the remaining sixth.
Mr. McDuffee early saw the advantages of manufacturing to a community.
By his own means and a liberal allowance of banking facilities he has
greatly aided their development, the first such enterprise in Rochester,
the Mechanics' Manufacturing Company, being decided to locate there by
the new banking facilities. Mr. McDuffee was a director. It was a
manufacture of blankets, and its successor is the Norway Plains
Manufacturing Company. The original company Mr. McDuffee carried safely
through the crisis of 1837. The mill-property at the Gonic Mr. McDuffee
bought in 1845, to lease to N. V. Whitehouse, that business might not be
given up. He held his purchase for about ten years. The effort was
successful, and the property was eventually taken by a joint stock
company. Stephen Shorey, owning some facilities for manufacturing at
East Rochester, came to Mr. McDuffee to see if the bank would advance
means to build. Mr. McDuffee at once pledged the means, and the mills
were built. A stock company afterwards purchased mills and machinery,
and the thriving village of East Rochester owes its prosperity to Mr.
McDuffee's liberal policy. Thus have been developed the three principal
water-powers of Rochester.
Public-domain text, read in full here on John Shaqi.
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