LEADING  MANUFACTURERS  AND  MERCHANTS  CITY  OF  BROOKLYN


The SPRAGUE National Bank

Hon. Nathan S. SPRAGUE, president

Brooklyn, as one of the great national centres of financial transactions, has in 
no branch of business attained such a remarkable degree of development as in 
the prosperity and usefulness of her banks and fiscal institutions. The latest 
and one of the most important additions to the banking facilities of the city 
is the 'Sprague National Bank,' centrally located at the junction of Flatbush, 
Atlantic and Fourth avenues. 

In 1833 the Sprague National Bank, of Brooklyn, was organized with a capital of 
$200,000. During the thirty six months of its existence it has paid its stockholders 
in dividends $36,000 ($1,000 per month), carried $25,000 to the surplus account, and 
paid in premiums on its bond $33,000, making its earnings twelve per cent per annum 
after paying the premium on its bonds. 

There is a profit and loss account on the debit side of $1,596.91, the other items 
including besides capital and surplus due, bankers and depositors, $71,172 22; 
circulation issued, $180,000; taxes, $898.40, 
unpaid dividends, $3,693.00. 

On the other side of the account are: 
Government bonds, $216,200; 
five percent. fund, $9,000; 
loans and discounts, $333,781.74; 
due from banks, $407,861; 
furniture and fixtures, $2,500; 
exchange, gold, silver, etc., $62,435.86. 

The success of this bank, like that of the others which Colonel Sprague has managed, 
has been due entirely to the good judgment, perseverance, and large business 
acquaintance of its president. 

On June 30th, 1886, State Bank Superintendent Willis S. PAINE granted a charter to 
the City Savings Bank of Brooklyn. 

The board of directors include such men as:
Hon. D. H. BOODY, 
General Stewart L. WOODFORD, 
Theoplus OLENA, 
ex-Senator MURTHA, 
Dr. KRETSCHMER, 
State Commissioner BLACKFORD
and other gentlemen of like high standing in the financial, political, and social 
world. On the first day, the business of the bank was of enormous proportions, not 
less than one hundred and three accounts being opened, aud this rush of business 
has steadily augumented since. The location of the bank is one of the best possible, 
being almost opposite the Long Island railroad depot. The towns on this Island are poorly 
supplied with banking facilities, and as the Long Island railroad is the natural highway 
to the cities, a vast amount of this out-of-town business will fall to the City Savings 
Bank. Besides that, the section of the city where the bank is located is very populous 
and wealthy, and totally without savings bank facilities. The managers desire to, and 
undoubtedly will, build up an institution which shall be a credit to Brooklyn and Long 
Island. The officers of the bank are men well known in this city, while on the Finance
committee, Colonel N. S. Sprague has been placed by the unanimous vote of the trustees, 
of which board he is also a member. 

The Sprague National Bank receives deposits, discounts, commercial paper, deals in exchange, 
and transacts a general banking business. It makes a specialty of collections by means of 
its correspondents in all sections of the United States, Canada, and Europe. Its policy 
toward all the substantial interests of this section of Brooklyn is liberal and encouraging, 
and it gives judicious and valuable support to all kinds of commercial and industrial 
enterprise. The officers and directors include some of the most prudent, honorable, and 
successful men in the business community. 

They are as follows, viz.: 
Hon. Nathan S. SPRAGUE, president; 
F. K. SMITH, cashier. 

Directors : 
George F. BAKER, 
Stewart L. Woodford, 
Wm. HARKNESS, 
D. LOODY,, 
James MATTHEWS, 
Z. BERGEN, 
Wm. SPENCE, 
John S. LOOMIS, 
Jacob BERG, 
John CONDON, 
F. K. SMITH, 
F. O. SMITH, Jr., 
Edwin YATES. 
The bank is called after its projector and founder, the Hon. N. S. Sprague, who is one of 
our ablest and most highly esteemed financiers. 

Colonel N. S. Sprague was horn at Mount Holly, Rutland, Vermont. His parents were of 
the old-time Green Mountain stock, with all those sterling qualities of character which 
have made the descendants of the Puritans a marked race. The highest political honors 
have often been tendered him, even the Governorship of his State, but he has invariably 
declined the use of his name. 

In 1872 Colonel Sprague was elected a State Senator and served two years. While in the 
Senate he was appointed Chairman of the Committee of Finance. About this time he with 
General Baxter organized the Baxter National Bank, in which he remained a prominent 
director until quite recently, and the great success and prosperity of the institution 
is generally ascribed as due to his watchful care and good judgment. 

He has been several times elected to represent his town in the Legislature. While a 
member of the House of Representatives he was Chairman of the Committee of Ways and Means, 
and Chairman of the Committee on Reform Schools, lie was president of the Vermont 
Merino Sheep Breeders' Association for four years, and did much to make the association 
a live and valuable institution. He was also president of the Brandon Farmers' and 
Mechanics' Club for eight years. One of his public philanthropic acts was the erection 
at his own expense of the Vermont State building at the Centennial Exposition, one of 
the finest structures of its kind on the ground, the State Legislature having failed 
to make an appropriation for the purpose, the only case where a private individual 
did such a thing for his State. From the hour of its inception, Colonel Sprague has 
been the firm friend of the American Agricultural Association and has contributed 
both time and money to its success. 


With Special Thanks to: Cathy Harrison Speciale
Transcribed exclusively for the Brooklyn Genealogical Information Pages: Nancy E Lutz

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