Bi-centennial history of Albany. History of the county of Albany, N. Y., from 1609 to 1886. With portraits, biographies and illustrations, Part 121

Author: Howell, George Rogers, 1833-1899; Tenney, Jonathan, 1817-1888
Publication date: 1886
Publisher: New York, W. W. Munsell & Co.
Number of Pages: 1452

USA > New York > Albany County > Albany > Bi-centennial history of Albany. History of the county of Albany, N. Y., from 1609 to 1886. With portraits, biographies and illustrations > Part 121

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

In March, 1873, it was resolved to erect a new banking house on the same ground, 47 State street. E. L. Roberts, an architect from New York, fur- nished the plans for the present bank building, which is three stories high, with granite front, and one of the finest public edifices in the city. Dur- ing its building the bank occupied rooms in the Exchange Building, on the north side of the main floor.

June, 1874, the bank moved into the new build- ing. February, 1874, the Board resolved to reduce its capital from $500,000 to $300,000.

The death of John V. L. Pruyn, who held the office of Vice-President, and was one of the oldest officers of the bank, occurred in November, 1877. The Hon. Eli Perry was elected in his place.

The present Board of Directors consists of the following, viz .: Erastus Corning, George H. Thacher, A. P. Palmer, Selden E. Marvin, Amasa J. Parker, Robert L. Banks, John V. L. Pruyn, Jr., Amasa J. Parker, Jr., Erastus Corning, Jr.

The Albany Exchange Bank was incorporated in 1838, to continue for 662 years, with a capital of $311, 100, privileged to increase it to $10,000,000. It was among the earliest associations under the General Banking Act passed in April of that year. Its first Board of Directors was composed of John Q. Wilson, who was elected President, George W. Stanton, Alfred Douglas, Galen Batchelder, Fred- erick K. Barnard, Lansing G. Taylor, John Thomas, Robert Hunter, Oliver Steele, Henry Greene, John M. Newton, James McNaughton, Giles Sanford, Samuel Stevens, Robert L. Noyes. Soon after organization, and before business was commenced, John Q. Wilson and Robert Hunter resigned as Directors, and Ichabod L. Judson and Gaylor Sheldon were appointed to fill the vacan- cies. A vacancy thus occurring in the office of President, George W. Stanton was elected Presi-

dent, which office he filled until his death in April, 1849.

The early history of this bank is a record of unfor- tunate speculations. Notably was the purchase of $50,000 of the bonds of Arkansas, which proved worthless, thus rendering one-sixth of the actual capital of the bank wholly unavailable and unpro- ductive. Besides this loss much money was lost by other bank failures. So severely had the bank suf- fered by losses, that at the outbreak of the Civil War its stock was offered at seventy cents on the dollar without finding buyers. But by careful manage- ment on the part of its officers, they managed to carry on its business, and when the affairs of the bank were wound up in 1865, preparatory to forming a National Bank, a creditable showing of its financial affairs was made. This was mainly accomplished by the wise efforts of C. P. Williams, the present President.

Samuel Pruyn succeeded Mr. Stanton as Cashier, and remained in this position until a National Bank was formed. The first Cashier of this Bank was Noah Lee, who was succeeded in 1853 by James M. Lovett, who in turn was succeeded by Chaun- cey P. Williams.

The Exchange Bank closed its business as a State association January 31, 1865, and the Na- tional Exchange Bank of Albany, having been organized for that purpose, succeeded to its busi- ness, and has done a prosperous and lucrative bus- iness ever since. Its capital is $300,000. Located at 450 Broadway.

The first President of this Bank was William Gould. He was succeeded by Ichabod L. Judson, who in turn was followed by Chauncey P. Will- iams. Mr. Williams was succeeded by Stephen H. Allen. In 1875, Chauncey P. Williams becamc President, and has most acceptably filled this position ever since. His entire connection with the banking institutions of Albany has been most creditable.

The first Cashier of this Bank was Chauncey P. Williams. In 1875, Thomas L. Scott was Cashier until his death in 1881, when he was succeeded by Jonas H. Brooks, the present Cashier.

The Merchants' Bank was incorporated January 19, 1853, under the general banking law, with a capital of $250,coo. The first Board of Directors was composed of John Tweddle, Billings P. Learned, Richard Van Rensselaer, Matthew J. Hallenbeck, Gilbert L. Wilson, Maurice E. Viele, Henry P. Pulling, Joseph N. Bullock, John Sill.

It began business at No. 59 State street, April 7, 1853, with John Tweddle, President, and John Sill, Cashier.

It became a National Bank April 22, 1865, and is now known as the Merchants' National Bank. In 1869 it removed its location to its present quar- ters, 458 Broadway. In 1876, Richard Van Rens- selaer became President. He was succeeded by J. Wilbur Tillinghast. Nathan D. Wendell was made Cashier in 1869, and was succeeded by J. Irving Wendell in 1874. Present capital, $200,000.

Union Bank. - This institution was first organized under the general banking law as the Bank of the

532

BANKS AND BANKERS.

Union, June 8, 1853. It began business January I, 1854, at No. 35 State street, with a capital of $250,000. The first Board of Directors was com- posed of Billings P. Learned, Gilbert C. Davidson, William N. Strong, Chauncey Vibbard, Amos P. Palmer, Charles Coates, George H. Thacher, Will- iam L. Learned, John H. Reynolds, Daniel D. T. Charles, Alfred Wild, Le Roy Mowry and Adam Cottrell. Billings P. Learned was the first President of this Bank, holding the position from the date of its organization to the time of his death, April 16, 1884, when he was succeeded by his son, Billings P. Learned.

Mr. Learned was born in Norwich, Connecti- cut, June 24, 1813; graduated from Yale College in 1834; studied law and practiced his profession for a short time at Lockport, N. Y., but soon after abandoned it on account of poor health. He after- ward engaged in business at Troy for a short time, and then removed to Albany and engaged in the manufacture of stoves with George H. Thacher. When the Union Bank was established he was elect- ed its President, and as a banker was known and respected for integrity and upright business habits.

John F. Batchelder was the first Cashier of this Bank, until he resigned in 1857, when he was succeeded by Adam Van Allen, who resigned in 1861, succeeded by Amos P. Palmer.

In the early part of the year 1865, the stock- holders of the Union Bank decided to abandon their organization under the State law, and organ- ize under the National Bank Act; and March 8, 1865, it was authorized to continue business, under the title of the Union National Bank of Albany, for twenty years. At the expiration of its charter, March 8, 1885, by agreement with the stockhold- ers, this bank was satisfactorily closed and its affairs liquidated in full. Shortly after its organization as a National Bank, a bank building was erected at No. 446 Broadway, which was occupied until the expiration of its charter. The last Cashier was James C. Cook, who held this position from 1870.

Bank of the Capitol was incorporated in 1853, and went into operation April 1st of this year, with a capital of $300,000, on the corner of State and James streets. Its first Directors were Thomas Schuyler, M. H. Read, John G. White, Adam Van Allen, A. D. Shepard, James Van Nostrand, Mat- thew Vassar, Alfred Noxon and Noah Lee.

The first President was Noah Lee, who was suc- ceeded by Thomas Schuyler, who was followed by John G. White. Horatio G. Gilbert was its first Cashier. He was followed by John Templeton. This bank failed May 18, 1861, when Matthew H. Read was appointed receiver.

National Bank. - This bank went into operation in 1856, at No. 53 State street, with a capital of $600,000. The first Directors were William E. Bleecker, Albion Ransom, James C. Kennedy, Richard J. Grant, Samuel W. Burnett, Charles Ad- ams and Robert C. Martin. William E. Bleecker was chosen President, and Robert C. Martin, Cash- ier. Both of these officers remained in their positions until the failure of the bank May 23, 1861, being the last of the four Albany banks which

failed during this month. James Edwards was ap- pointed receiver.

The Bank of the Interior was incorporated under the general banking law in 1857, and went into oper- ation at No. 61 State street July 22d of that year. Josiah B. Plumb, its principal founder, was elected President, and John F. Batchelder, Cashier, both of whom were in office when the bank failed, May 1, 1861. Orlando Meads was made receiver.

The First National Bank of Albany was organized January 26, 1864. Commenced business at its pres- ent location, Nos. 35 and 37 State street, February 25, 1864. It was the first bank in Albany organ- ized under the laws of the United States, and be- came the financial agent of the Government for the receiving and disbursing of its funds in this city and vicinity.

Thomas Schuyler was its first President, Adam Van Allen was its first Cashier. Its first Board of Directors were: Thomas Schuyler, Garret A. Van Allen, Matthew H. Read, Charles H. Adams, Frank Chamberlain. Its capital in 1884 was $200,000; its surplus, $207,000. Aggregate amount of divi- dends paid to stockholders since its organization is $564,150.

Matthew H. Read was President from 1869 to his death, in 1883, when he was succeeded by Adam Van Allen, who, upon his death, in 1884, was suc- ceeded by Garret A. Van Allen. Ledyard Cogswell is Cashier. The Directors are: Garret A. Van Allen, Albert Wing, Jesse C. Potts, J. Townsend Lansing, Joseph W. Russell.

Hope Bank was incorporated under the general banking law of the State, and commenced business at the corner of James and State streets in 1863. Capital, $100,000. James Hendrick was made President and William Young, Cashier. It was continued under these officers until 1874, when it was discontinued and its stockholders paid in full. It was succeeded in 1874 by the Hope Banking Company, which was controlled by a Board of Di- rectors. James Hendrick was President of the com- pany. It was discontinued in 1877.

Albany County Bank. - This institution was in- corporated under the State banking law, and com- menced business May 15, 1871, in Tweddle Hall Building. Removed to present building January 16, 1883. Capital, $200,000. Its first Board of Directors was composed of Jacob Learned, B. W. Wooster, Theodore D. Smith, A. W. Brumaghim, Royal Bancroft, Elvin Taylor, Francis M. Sill, Cornelius Smith, Joseph Mann, Henry A. Fonda and John Templeton. Jacob Learned was Presi- dent from 1871 to 1878, when he was succeeded by B. W. Wooster, who still remains. John Tem- pleton has been its only Cashier.

SAVINGS BANKS.

Albany Savings Bank .- In 1820, William James, Charles R. Webster, Jesse Buel, John Townsend and Joseph Alexander petitioned the Legislature to be made a corporate body, under the name of the Albany Savings Bank, that they might receive on deposit such sums of money as might be offered by

534

HISTORY OF THE COUNTY OF ALBANY.

tradesmen, mechanics and others. An act of in- corporation was passed March 25, 1820.

The first officers designated by the act of incor- poration, consisted of Stephen Van Rensselaer, President; William James, First Vice-President; Joseph Alexander, Second Vice-President; John Townsend, Third Vice-President; Charles R. Web- ster, Jesse Buel, Thomas Russell, Volkert P. Douw, William Durant, Douw Fonda, Simeon DeWitt, Peter Boyd, John Spencer, John L. Winne, Will- iam McHarg, Matthew Gill, Harmanus Bleecker and Sylvanus P. Jermain, Managers, none of whom received directly or indirectly, pay for their services. The first meeting of these officers was held May 16, 1820, at the Chamber of Commerce room, when Sylvanus P. Jermain was appointed Secretary; and a short time after, John W. Yates was made Treasurer.

The first deposit was made June 10, 1820, the money being received at the New York State Bank, with which the Savings Bank had made arrange- ments for the safe keeping of its funds. The de- posits received this day amounted to $527. The first depositor was Joseph T. Rice, a silversmith. The arrangements made with the New York State Bank continued until 1828, when a contract was made with the Commercial Bank to keep and invest the funds of the Savings Bank. In 1871 the busi- ness of the Savings Bank was conducted in the rooms formerly occupied by the First National Bank. Its present elegant building. No. 89 State street, was erected in 1874-75 and first occupied May 11, 1875.

The business of this institution has been con- ducted in such a manner as to gain unbounded public confidence. The amount of business done has been steadily on the increase. In the second year of its existence $14,333 were deposited, repre- senting 297 depositors; in 1849, $707, 595 were de- posited, mostly in sums under $100; in 1874, $3,456,598; and on the Ist of January, 1885, the deposits in the bank amounted to $8, 237, 161.03; the assets, $9, 592,005. 18.

Mr. Van Rensselaer was succeeded as Presi- dent, in 1844, by John Townsend; in 1861, by Garrit Y. Lansing; by Harmon Pumpelly, in 1869; by Henry H. Martin, in 1882.

John W. Yates was succeeded as Treasurer, in 1844, by James Taylor; by Visscher Ten Eyck, 1861; James Martin, 1869; Henry H. Martin, 1874; Theodore Townsend in 1882.

The Albany City Savings Institution was incor- porated on March 29, 1850, and began business, and still continues it, in the Albany City National Bank Bullding, 47 State street. The first Trustees were Erastus Corning, Sr., John Taylor, James Maher, Lansing Pruyn, James Kidd, James Mc- Naughton, John V. L. Pruyn, William Humphrey, Watts Sherman, John T. Norton, James Goold, Samuel Pruyn, Henry H. Martin, John Knower, John McKnight, William Boardman, John G. White, Ellis Baker, Christopher W. Bender and Thomas Noonan. The first President was Erastus Corning, Sr., who was succeeded by his son, Erastus Corning. Watts Sherman was the first

Treasurer of this Bank. He was succeeded by Henry H. Martin, who in. 1874 was followed by Amos P. Palmer. The present Treasurer is Russell C. Case. The amount deposited in this bank, Jan- uary 1, 1885, was $2, 153,077.57; assets, $2,263,- 542.76.

The Mechanics and Farmers' Savings Bank was incorporated April 12, 1855, and commenced busi- ness in the Mechanics' and Farmers' Bank Build- ing. Thomas W. Olcott was its first President. He was succeeded by his son, Dudley Olcott. Thomas Olcott and Dudley Olcott have both been Secretaries of this institution. The present Secre- tary is George G. Davidson. The amount de- posited January 1, 1885, was $1, 312, 588.05; assets, $1,536,089.62.

The Albany Exchange Savings Bank was incor- porated April, 1856, and commenced business at 450 Broadway. James McNaughton and William G. Thomas have been Presidents of this Bank. Isaac A. Chapman is the present President. Joseph M. Lovett was the first Treasurer. Chauncey P. Williams was elected in 1869, and has remained in this position ever since. Amount deposited Janu- ary 1, 1885, $712,612.56; assets, $820,519.52.

The Hope Savings Bank commenced business in connection with the Hope Bank in 1866, and con- tinued to do business until 1877, when its affairs were settled by paying its depositors in full and suspending business. Officers: John Tracey, Pres- ident; B. W. Arnold and Hamilton Harris, Vice- Presidents; William A. Young, Treasurer.

The National Savings Bank was incorporated May 6, 1868, and commenced business at No. 57 State street, June 28, 1869. Its first President was Erastus Corning, Sr., who was succeeded by John H. Van Antwerp in 1872. Albert P. Stevens has been Treasurer and Secretary ever since it began operation. Amount deposited January 1, 1885, $3,344, 369. 71; assets, $4,022, 172.87. Present lo- cation, 59 State street.

The Home Savings Bank was incorporated May 10, 1871, and commenced business at No. 40 State street. Its first President was William White, who was succeeded by the present officer, John D. Capron. Edmund L. Judson is Treasurer, and William Lacy, Secretary. Amount deposited Jan- uary 1, 1885, $506,926.47; assets, $536, 887.80.

Albany County Savings Bank was incorporated April 30. 1874, and commenced business in the Albany County Bank Building, No. 71 State street. James H. Pratt was its first President. He was succeeded by Jasper Van Wormer, its present head officer. Albert V. Benson has been Secretary, and John Templeton, Treasurer of this Bank ever since its organization. Amount deposited January 1, 1885, $833,994.98; assets, $916, 297.91.

The following Albany Savings Banks have been in- corporated at the dates given, but either failed to commence operations or continued business for a short period: Albany Dime Savings Bank, 1854; Six- penny Savings Bank, 1854; Mercantile Savings Bank, 1855; and the Union Savings Bank, 1855.

Besides the incorporated banking institutions of Albany, a number of individuals at a comparatively

Grattis Going

535

ERASTUS CORNING, SR.

early date conducted a private banking and broker- age business in Albany. Among the earliest of these private bankers were Jacob Evertsen, George Jones, Washburn & Co., William Watson & Co., Thomas Squires, and Chauncey S. Titus. Prob- ably the oldest private banker now doing business in Albany is Evert Evertsen, a son of Jacob Evert- sen, who commenced business in 1843. Henry R. Pierson commenced a private banking and brokerage business in Albany in 1876, in the Mu- seum Building. May, 1880, he removed to 38 State street. In 1883, his son, Henry R. Pierson, Jr., became a partner, under the firm name of Henry R. Pierson & Son.

In 1872, Babcock & Robinson commenced busi- ncss. In 1882 the firm was changed to Robin- son & Co.

A branch office of Spencer, Trask & Co. was established here in 1880, on the corner of Maiden lane and James street. In 1881 it was removed to the present location, corner State and James. The business at Albany is successfully and prudently conducted by George J. Peabody, a member of the firm.

John F. Smyth commenced a banking and bro- kerage business here in 1882; he failed in 1884, and was succeeded by the present firm of I. B. New- comb & Co.

ERASTUS CORNING, SR.

The men who leave the strongest and most en- during impressions upon the times in which they live, are those who possess indomitable energy, courage, and what may be called will-force, the central power, giving strength and propulsion to character.

"We often over-estimate the value of talent, because it dazzles us and obscures its weakness. We are apt to underrate the importance of will- power and exertion, because their works are less shining. Brilliant talents gracefully adorn life, but it is will, energy, enterprise, and plain practica- bility, without which apparatus of books, teach- ers, criticism, ancient language and literature are of little moment. Resolution to work, love of work, and ability to work are substitutes to every- thing except genius; they are, indeed, the rival of genius."

These remarks apply with great force to the char- acter and career of Erastus Corning, who, with the possession of qualities we have described, rose to the front rank of distinguished men of the State of New York.

He also possessed a practical mind, which gave success to great financial schemes, to public im- provements, and to large mechanical interests. Many of these interests bear the impress of his mind, and it can well be said that he has left upon the City of Albany impressions of his public spirit and influence that perpetuates his name and fame as visibly as did the public spirit and energy of Pericles on his native city, Athens.

Mr. Corning inherited his sterling mental and physical qualities from a stalwart English ancestry,

who trace their genealogy far back in English his- tory. Corning, originally spelled De Cornu, is a striking example of obtaining family names from trade, pursuit, or some special gift. The name, originally French, De Cornu, was acquired from the horn of the hunter, as the origin of the family was a famous hunter. After the edict of Nantes the De Cornus, with many ancient families, were compelled to leave the country and seek refuge, some in Holland, some in England. Of the De Cornus who went to England, some dropped the French prefix De, calling themselves Cornus, which, by a very easy transition, became Corning. This is proven by many things, one of the strongest being the horn of the hunter counterchanged on the shield, divided per fess, or and .gules, with the motto Crede Cornu, as their arms, thus proving a common descent.

Some of the Corning family entered ardently into the support of Cromwell, and, after the Com- monwealth was overthrown, one of the family most distinguished in its support was compelled to flee to America to avoid the vengeance of Charles II, and settled near Boston. He was the progenitor of the Corning family in America. From him Samuel Corning, of Beverly, Mass., was a direct descendant. He was a man of large influence and distinction, as appears by the records of Beverly as far back as 1641. He was one of those vigorous and intelligent persons for whom Massachussetts has ever been celebrated. The father of Erastus Corn- ing was Bliss Corning, born in 1765, at Preston, Conn. He was a lineal descendant of Samuel Corning, inheriting all those virtues which charac- terized his ancestor.

It will be seen that Bliss Corning was born at that period of American history, amid those popu- lar storms which were the preludes of the Revolu- tionary War. When the stirring scenes of Concord and Lexington awoke the colonies to a sense of the great struggle before them, the deepest patriotic ardor was aroused in Bliss Corning. He was then too young to join his countrymen in the conflict for freedom, but before four years of it were over he became a soldier in the Continental army, in which he manfully served during the remainder of the war. How valiantly and faithfully he served his country is evinced by the fact that a generous pen- sion was assigned him, which he received down to the time of his death.

Soon after the close of the war he was united by marriage to Miss Lucinda Smith. The family of Miss Smith was of the highest respectability ; her father and two of her brothers served with distinc- tion in the Continental army.

Not long after the marriage of Bliss Corning, he removed to Norwich, Conn., where, on December 14, 1794, his son Erastus, whose biography we are tracing, was born. He was one of eleven children born to his father and mother.

When Erastus was thirteen years of age his father removed to Chatham, and there devoted him- self to agricultural pursuits. The boy began his rudimentary education at Norwich, Conn. One of his last teachers here was Peletiah Perit, who after-

536

HISTORY OF THE COUNTY OF ALBANY.

ward rose to distinction in the commercial circles of New York, and who, at the time of his death, was President of the Chamber of Commerce in that city.

After his removal to Chatham, the only institu- tion of learning within the reach of young Corning was the common district school. In it, under the instruction of excellent teachers, he made the best use of his advantages, acquiring an excellent prac- tical business education.

It soon became evident to his father that Erastus possessed a mind of uncommon business energy, and that it took the direction of mercantile pursuits. Fortunate advantages presented themselves for the gratification of his ambition. While at school in Chatham, his uncle, Benjamin Smith, was a promi- nent hardware and iron merchant at Troy, N. Y., doing business under the firm name of Hart & Smith.

Mr. Smith's intuitive knowledge of character saw the promising business qualities of his nephew, and solicited his father to permit him to become a clerk in his establishment. After the young man's edu- cation was sufficiently advanced, the father con- sented, and Erastus Corning became a clerk in the firm of Hart & Smith.

Both members of this firm were leading citizens of Troy, and his uncle held many important official positions in its government. Few young men, therefore, ever had a more useful, or more exem- plary guide for a successful business education than young Corning had in his uncle.

When he first entered the employ of this firm it was his business to clean lamps, sweep the store, remove and replace the shutters, sleeping on a bunk in the store. His employers at first feared that on account of his lameness-being then com- pelled to use crutches-he would not be useful in the store. He soon taught them their error. From the position we have described he worked himself up to great usefulness and a conspicuous place, and finally to a fortune. While at Troy, his uncle, Mr. Smith, gave him permission to keep a box of oranges and lemons on the front steps for sale, and retain the proceeds of the sales. As he received the fruit from New York by sloop, he managed to secure a small income.

While in this establishment he laid the founda- tion of his great fortune, exhibiting there the same untiring energy and straightforward integrity which characterized him through life. With quiet per- sistence he began acquiring that knowledge of men and books that in after life became so conspicuous in him. Constantly engaged by day in the busy scenes of mercantile life, clear headed and clean, he devoted himself to the interest of his employers. When the busy hours of the day were over, books from the libraries gave him their richest treasures. How usefully to himself and the public he subse- quently used these treasures will be seen.

Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.

Bi-centennial history of Albany. History of the county of Albany, N. Y., from 1609 to 1886. With portraits, biographies and illustrations, Part 121

Author: Howell, George Rogers, 1833-1899; Tenney, Jonathan, 1817-1888 Publication date: 1886 Publisher: New York, W. W. Munsell & Co. Number of Pages: 1452

Author: Howell, George Rogers, 1833-1899; Tenney, Jonathan, 1817-1888
Publication date: 1886
Publisher: New York, W. W. Munsell & Co.
Number of Pages: 1452