USA > New York > Cayuga County > History of Cayuga County, New York : with illustrations and biographical sketches of some of its prominent men and pioneers > Part 33
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CHARLES F. SMITH, wholesale and retail dealer in crockery, 83 Genesee street, commenced busi- ness in March, 1877, with a stock valued at $6,- coo, which he has since increased to $12,000 to $15,000. His sales have been largely increased and necessitated the fitting up of a basement for storage and the accommodation of his wholesale trade.
BANKS OF AUBURN.
The banking business of Auburn was an out- growth of its manufacturing and commercial in- terests, to the convenient and successful transac- tion of which banks were indispensable. The business of the village had been transacted for about twenty years without them and their necessity was so apparent as to unite the wealth-
ier men of the County in a project for organizing a bank.
THE NATIONAL BANK OF AUBURN, on Genesee street, opposite State street, was incorporated March 31st, 1817, as the Bank of Auburn, with a nominal capital of $200,000, which was not paid in full till 1835. At a meeting held at the house of Canfield Coe, July 7th, 1817, Nathaniel Garrow, Enos T. Throop, George Leitch, John Bowman, James Porter, Archy Kasson, Hezekiah Good- win, Horace Hills, Walter Weed, David Brincker- hoff, Wm. McCartey, Joseph Cott and Thomas Mumford, all of whom are dead, were elected directors. Thomas Mumford was elected Presi- dent and held the office two years, when Daniel Kellogg was chosen and performed the duties of the office till 1835. He was succeeded by John H. Beach, who retained the office till 1839, when choice was made of George F. Leitch, who served in that capacity till Dec. 24th, 1845, when Cornelius Cuyler was elected. He was succeeded in 1849 by James S. Seymour, who performed the responsible duties of the office till his death Dec. 3d, 1875. C. H. Merriman was President one year, and was succeeded by S. L. Bradley, the present incumbent. The first cashier was James S. Seymour, who performed the duties of that office till he was chosen president in 1849. C. H. Merriman succeeded to the cashiership, and he also retained that position till he was promoted to the presidency in 1875. He was succeeded by James Seymour, who still holds the office, and who performed the duties of teller of this bank from 1850 till promoted to the cashiership. With the exception of Thomas Alcott of Albany, Mr. James S. Seymour was, at the time of his death, the oldest bank officer in the State, he having performed the duties of cashier and president in this bank a period of fifty-eight years. To his energy, prudence and ability, is the success of this institution very largely due. His memory is redolent of good deeds and kindly acts.
He needs no other monument to endear his memory to posterity, than his own beneficent gifts. His noble charities evince at once, the purity of his character and the wisdom of his judgment. Religion and learning, the orphans, the dependent poor, and the sick, were all re- membered, and he made a wise and liberal pro- vision for each and all. Calvary Church, the Seymour Library, the Orphan Asylum, the Old
179
BANKS AND BANKERS.
Ladies' Home, and the Auburn Hospital were but a part of the objects upon which he bestowed liberal proportions of his large estate, furnishing in his beneficence, and in his wise discrimination of objects, an admirable model for the imitation of the opulent.
Mr. Merriman held the positions of teller, cashier and president of this bank forty-two years, and until ill health compelled him to retire. This was the first bank in Auburn, and it has exerted a vast and beneficial influence upon the material interests of the community, although it was its misfortune, at an early day, to experience much bitter opposition from certain of its share- holders, who contended for its control, and sought to accomplish that purpose by efforts to depress its stock. But, happily, it outlived that antago- nism, and although it has passed through many hard struggles and sustained many losses, it has, upon the whole, been very successful. The total amount of dividends paid to its stockholders to July, 1878, is $1,290,202, which is a little more than ten and a half per cent. per annum on the present capital, which was not paid in full till 1835. The change in name occurred Aug. 17th, 1865, when it became a National Bank. The bank first oc- cupied a room in Demaree's tavern which was fitted up for its use, and removed thence to the handsome brick building now occupied, which was erected for its use in 1818. Following is the official report to June 29th, 1878 :
RESOURCES.
Loans and Discounts. $442,514 72
Overdrafts
1,875 57
U. S. Bonds to secure circulation, (par value)
172,000 00
U. S. Bonds on hand, (par value)-
30,000 00
Other Stocks, Bonds and Mortgages, 7,540 00
Due from approved Reserve Agents, 31,072 49
Due from other National Banks 4,067 98
Due from State Banks and Bankers_ Real Estate $3,408 15
278 94
Furniture and Fixtures, 500 00
3,908 15
Checks and other cash items, includ- ing stamps.
490 57
Bills of other Banks
13,455 00
Fractional Currency, (including
nickels)
132 50
Silver Coin
1,774 91
Legal Tender Notes
21,750 00
Redemption Fund with U. S. Treas-
urer, (not more than five per cent. on circulation). 7,740 00
$738,600 83
LIABILITIES.
Capital Stock paid in $200.000 00
Surplus Fund 40,000 00
Undivided Profits
49.286 06
Circulating Notes received from
Comptroller $154,800
Less amount on hand with Comptroller for burning. 1,000
153,800 00
Dividends Unpaid
.10,111 00
Individual Deposits subject to Check $178,488 97
Demand Certificates of Deposit 77,380 23 255,869 20
Due to other National Banks. 4,208 81
Due to State Banks and Bankers 325 76
Bills Payable. 25,000 00
$738,600 83
THE CAYUGA COUNTY NATIONAL BANK, 43 Genesee st., was incorporated March 14th, 1833, under the safety fund banking law of the State of New York, with a capital of $250,000, which was reduced in October, 1874, to $200,000. As an evidence of the prosperity of the village at that time, the abundance of money and the con- fidence in banking, it may be stated that five times the amount required for the capital of this bank was subscribed, of which each subscriber could hold but his pro rata share. The first Di- rectors were Geo. B. Throop, Nathaniel Gar- row, John Seymour, Robert Muir, Eleazer Hills, Isaac S. Miller, Levi Lewis, Stephen Van Anden, Rowland Day, Peter Yawger, Wm. H. Noble, Sherman Beardsley, and Charles Pardee, all of whom have long since passed away, except the last, who died a few months since, while residing at Skaneateles. Nathaniel Garrow was elected President and held that office till his death, in 1839. He was succeeded by John Beardsley, who performed the duties of that office till 1843, when, having been appointed agent and warden of Auburn Prison, he resigned, and his son, Nel- son Beardsley, was elected to that position and has since held it. The latter gentleman accepted the position at a time when its duties were ex- tremely onerous, and with the full expectation of speedily resuming his professional duties. The interests of the bank were very much depressed, and he came into office as the representative of a party who realized that its condition required heroic treatment to restore it to a sound financial
31-2
180
CITY OF AUBURN.
basis. The task was a herculean one, but Mr. Beardsley's persistent and well-directed efforts have been rewarded with a most gratifying suc- cess, though he has not felt at liberty to resume legal practice until it was too late to be desirable to do so. Geo. B. Throop was elected cashier and held that office till late in 1840. In January, 1841, Josiah N. Starin was selected to fill the position vacated by Mr. Throop, and performed the duties it devolved upon him, till June, 1873, when he resigned and was succeeded by A. L. Palmer, the present incumbent, who had pre- viously acted in the capacity of teller, succeeding Geo. Pomeroy. On Mr. Palmer's promotion to the cashiership, Chas. C. Button, who for four- teen years previously had been discount clerk, became teller, a position he still occupies. Jan- uary Ist, 1863, the bank was reorganized under the general banking law of the State, with the title of Cayuga County Bank, under which it did busi- ness till 1865, when it became a national bank, under its present title. The building now occu- pied by the bank was erected in 1834, at a cost of $35,000. It is a plain, substantial structure, built of Cayuga limestone. It was repaired dur- ing the year 1878, at a cost of $5,000, and is now commodious and convenient. The upper rooms have been fitted up for offices.
Following is an official report of its condition June 29th, 1878 :
RESOURCES.
Loans and Discounts
$528,674 51
Overdrafts
413 18
U. S. Bonds to secure circulation.
200,000 00
Other Stocks, Bonds and Mort- gages
8,040 00
Due from approved reserve agents,
57,577 20
Due from other National Banks __
5,167 80
Dne from State Banks and Bank- ers
3,448 89
Real Estate, furniture and fixtures,
Checks and other cash items.
23,500 00 6,618 13
Bills of other Banks.
7,365 00
Fractional Currency, (including nickels)
70 28
Specie, (including gold Treasury Certificates)
1,017 60
Legal Tender Notes.
27,000 00
Redemption Fund with U. S.
Treasurer, (five per cent. of cir- culation).
9,000 00
Total $877,892 59
LIABILITIES.
Capital Stock paid in $200,000 00
Surplus Fund 7,000 00
Undivided Profits 7,070 22
National Bank Notes outstanding.
180,000 00
Dividends unpaid.
40 00
Individual deposits subject to
check 174,224 61
Demand Certificates of Deposit_
252,155 94
Due to other National Banks. ... Due to State Banks and Bankers_ 1,923 22
13,478 60
Notes and Bills re-discounted
42,000 00
Total $877,892 59
The present Directors are: Nelson Beardsley, A. G. Beardsley, M. S. Myers, W. E. Hughitt, T. J. Munro, David Titus, R. A. Nelson, Chas. N. Ross, Elmore P. Ross, and D. Warren Adams. The bank has sustained some serious reverses, but on the whole has enjoyed a very fair degree of prosperity. The average annual dividend dur- ing the whole period of its existence is eight and one-fourth per cent.
The AUBURN SAVINGS BANK was organized under a charter granted by the Legislature of New York, March 19th, 1849, as the Auburn Savings Institution, and its name changed by act of the Legislature, April 24th, 1869. The first trustees were Charles B. Perry, Nelson Beards- ley, Daniel Hewson, Thomas Y. How, Jr., C. C. Dennis, John Olmsted, John L. Watrous, Syl- vester Willard, James O. Derby, Spencer Par- sons, Samuel Blatchford and J. N. Starin ; Wil- liam Beach, the thirteenth trustee, being absent. Judge Charles B. Perry was elected President, and Charles P. Wood, Treasurer, each of whom filled his respective position till his death, the former, December 30th, 1859, and the latter Oc- tober 7th, 1878. The Institution began business on Saturday, May 19th, 1849, in the front room, second story, north side of Genesee street, over the store then occupied by A. W. Hollister & Co., and owned by Eleazer Hills, the room being now a part of the carpet room of Charles A. Lee. The rate of interest allowed on deposits to Janu- ary, 1854, was four per cent. At that date it was increased to five per cent., and subsequently to six per cent. per annum ; but the statute now provides that it shall not exceed five per cent. per annum. In 1859, having outgrown its sec- ond story office, it was removed to the south side of Genesee street, occupying the ground floor of No. 72, a building erected for it by Alonzo G.
RESIDENCE OF
S. WILLARD. GENESEE ST. AUBURN, N. Y.
18
BANKS AND BANKERS.
Beardsley. January 18th, 1860, Sylvester Wil- lard, M. D., was elected President, in place of Charles B. Perry, deceased, and still continues in that office. In 1869, purchases of ground were made and plans arranged for the erection of the handsome and commodious banking house on the corner of Genesee and South streets. This building was completed in 1871, and occupied by the Bank on the 19th of May of that year, the twenty-second anniversary of its business exist- ence.
From the date of its removal to 72 Gene- see street, where it first assumed the outward appearance of a bank, it grew rapidly in favor, its deposits steadily increased, and in 1876, reached the aggregate of $2,042,253, including surplus. The aggregate deposit, including sur- plus, July Ist, 1878, the date of the last report to the Bank Department, was $1,660,975. Since its organization, it has dealt with 22,800 deposi- tors, and has paid them, in interest alone, more than $1,100,000. The present number of open accounts is about 6,600. The present trustees and officers are : Sylvester Willard, M . D., Presi- dent ; John Olmsted, first Vice-President ; Jos. Osborn, second Vice-President ; Nelson Beards- ley, Attorney ; David Wright, Isaac S. Allen, Lorenzo W. Nye, John W. Haight, S. L. Brad- ley, I. F. Terrill, D. M. Osborne, Dennis R. Al- ward and William C. Beardsley. Edward H. Townsend, the Assistant Treasurer, has held that position nineteen years.
THE NATIONAL EXCHANGE BANK, corner of · Genesee and South streets, was organized Jan- uary 30th, 1856, as The Auburn Exchange Bank, under the law of April 18th, 1838, entitled “an act to authorize the business of banking," with a capital of $150,000, which was increased to $200,- 000 in February, 1857. The first directors were W. T. Graves, W. C. Beardsley, Sedgwick Aus- tin, Charles G. Briggs, Nathan Burr, Cary S. Burtis and J. Ives Parsons. W. T. Graves was unanimously elected President, and W. C. Beardsley appointed Cashier, March 5th, 1856. Hezekiah Earll of Skaneateles was elected Vice-President, April 21st, 1856, and was suc- ceeded by Nathan Burr, June 24th, 1862. Jan- uary 26th, 1863, C. S. Burtis was elected Vice- President, and A. G. Beardsley, Director, to fill vacancies occasioned by the death of Nathan Burr.
The resignation of W. T. Graves as President, was tendered January 26th, 1864, and accepted January 30th, 1864, with highly complimentary resolutions. At the latter date Wm. C. Beards- ley, the former Cashier, was elected President, and John Y. Bostwick, Cashier, to fill the vacan- cy occasioned by the promotion of Mr. Beards- ley. Lyman Soule was elected Director and Vice-President in June, 1865. June 12th, 1865, the Directors were authorized to take action un- der the name of The National Exchange Bank of Auburn, to secure the benefits of the Assembly act of January 19th, 1865, enabling the banks of this State to become associations for the purpose of banking, under the law of the United States, entitled "an act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3d, 1864. The bank was authorized to do business under that name and act of June 28th, 1865. J. Y. Bostwick resigned as Cashier, February 19th, 1866, and Charles A. Myers was elected to that position June 14th, 1866. September 27th, 1867, W. C. Beardsley resigned as President, and Lyman Soule, as Vice-President, to take effect October 2d, 1867, and W. T. Graves was elected to fill the vacancy occasioned by the former, and W. C. Beardsley, that occasioned by the latter. Julius Earll was elected Vice-President, January JIth, 1870, and was succeeded by O. Lewis, January 16th, 1872, Wm. B. Woodin, January 14th, 1873, and Cary S. Burtis, January 13th, 1874.
Charles A. Myers resigned the position of Cashier October 14th, 1874, and Edwin S. Newton, the present incumbent, was appointed to fill the vacancy October 16th, 1874. The present Directors are : Lyman Soule, Charles G. Briggs, Cary S. Burtis, Orlando Lewis, W. T. Graves, Robert G. Stewart, and Gurdon S. Fan- ning. The bank commenced business in the Colonnade Block, and was removed thence to its present location, May Ist, 1877. The dividends paid by this bank have averaged eight and one- half per cent. per annum for the whole period of its business. This fact evinces the excellent business qualifications of its managers, and dis- closes the secret of the deserved popularity of this bank. The following is a report of its condition June 29th, 1878 :
182
CITY OF AUBURN.
RESOURCES.
Loans and Discounts
$313,921 40
Overdrafts
1,560 31
U. S. Bonds to secure circulation
137,000 00
Other Stocks, Bonds and Mort- gages
4,000 00
Due from approved reserve agents Due from other National Banks __
16,562 55
10,433 50
Due from State Banks and Bank- ers
496 77
Checks and other cash items
7,323 25
Bills of other Banks
1,237 00
nickels) (including
234 27
Specie, (silver coin)
1,267 10
Legal Tender Notes
6,165 00
Redemption Fund with U. S.
Treasurer, (5 per cent. of circula- tion,)
10,000 00
$510,201.15
LIABILITIES.
Capital Stock paid in
$200,000 00
Surplus Fund
11,000 00
Undivided Profits
12,426 64
National Bank Notes outstanding_
123,300 00
Individual deposits subject
to
check
104,702 82
Demand certificates of deposit
55,277 54
Due to other National Banks
3,279 77
Due to State Banks and Bankers. 214 38
$510,201 15
WM. H. SEWARD & CO.'s BANKING HOUSE was organized in 1860 as a private bank, under the name of Wmn. H. Seward Fr. & Co., by Genl. Wm. H. Seward Jr., in cöpartnership with Hon. Clinton D. McDougall. It was organized for the purpose of transacting a strictly banking business, and the prosperity which has attended this House is due largely to the fact that such purpose has been rigidly adhered to. The origi- nal cöpartnership was continued till 1869, when Hon. Theodore M. Pomeroy, at present a mem- ber of the firm, was admitted to an interest in the business. In 1870 Mr. McDougall withdrew and the business has since been conducted by the remaining partners. In 1876 the firm name was changed to Wm. H. Seward & Co. The original capital has been steadily increased from time to time as the wants of the business de- manded, until now, in capital, deposits, discounts and business generally it takes rank with the best chartered banks in Central New York, and its credit is unquestioned with all banking insti-
tutions in the United States and Canada. This House early recognized the necessity of meeting the demand for foreign exchange more efficiently than had been done, and has established such relations for that purpose as now enable it to draw its own drafts upon all the principal com- mercial centers of the civilized world. This branch of its business has proved of great ad- vantage to the citizens of Auburn and vicinity in making foreign remittances. The banking house of the firm is located at the corner of Genesee and Exchange streets, in a new and elegant building erected especially for the purpose by Mr. Seward, and furnishing one of the most com- modious and best arranged banking offices to be found in the State. Its vaults and safes are all new and of the most approved patterns, thorough- ly fire proof, with as perfect protection in all respects as the present attainments of mechanical skill can provide. Mr. George M. Watson, the teller, Mr. Joseph C. Anderson, the book-keeper and Mr. S. Cady Titus, the discount clerk, have been long connected with this institution and are widely and most favorably known throughout the County.
THE FIRST NATIONAL BANK OF AUBURN, 106 Genesee street, was incorporated Jan. 15th, 1864, with a capital of $100,000, which was increased in 1875 to $300,000, by consolidation with the Auburn City National Bank, which was organized July 8th, 1853, commenced business on North street, under the Academy of Music, subsequent- ly removed to the corner of Genesee and North streets, to the place now occupied by H. J. Brown, and thence to the building erected for it and oc- cupied since the consolidation by The First Na- tional Bank of Auburn, which commenced busi- ness at 123 Genesee street. The incorporators and first directors of the latter bank were Nelson Beardsley, E. P. Ross, Alonzo G. Beardsley, Josiah N. Starin, Wm. Hills, and Charles P. Wood. E. P. Ross was elected President and held that office till January, 1876, when he was succeeded by Charles N. Ross, the present in- cumbent, who was President of the Auburn City National Bank on its consolidation with this. Alonzo G. Beardsley was elected Cashier, and was succeeded July 8th, 1864, by Chas. N. Ross, who held the office till the consolidation, when Charles O'Brien, the present incumbent, who was cashier of the Auburn City National Bank at the time of
Fractional Currency,
183
BANKS AND BANKERS.
the consolidation, was appointed to that position. The present Directors are, E. P. Ross, Nelson Beardsley, Augustus Howland, A. G. Beardsley, Charles N. Ross, I. F. Terrill, James Kerr, Samuel D. Otis, Benj. A. Fordyce, W. E. Hewitt and James Fitch. This bank, with a single ex- ception, has uniformly paid a four and five per cent. semi annual dividend.
Following is an official report of its condition June 29th, 1878 :
RESOURCES.
Loans and Discounts
$731,898 79
Overdrafts
10,303 66
United States Bonds to secure
Circulation
257,000 00
Other Stocks, Bonds and Mort- gages
17,941 30
Due from approved reserve agents
17,816 84
Due from other National Banks __
3,422 05
Due from State Banks and Bankers
1,716 29
Real estate, furniture and fixtures
30,659 87
Current expenses and taxes paid
4,327 65
Checks and other cash items.
6,742 36
Bills of other Banks.
5,757 00
Fractional Currency
556 59
Specie
1,100 00
Legal Tender Notes
29,000 00
Redemption Fund with United
States Treasurer, (5 per cent. of circulation)
11,565 00
Due from United States Treasurer
(other than 5 per cent. Redemp- tion Fund)
1,500 00
$1,131,307 40
LIABILITIES.
Capital Stock paid in
$300,000 00
Surplus Fund
15,000 00
Undivided Profits
39,897 55
Circulation
231,300 00
Dividends Unpaid
122 00
Individual Deposits subject to
check
217,754 67
Demand Certificates of Deposit
270,949 06
Due to other National Banks.
1,784 12
Notes and Bills rediscounted
54,500 00
$1,131,307 40
THE CAYUGA COUNTY SAVINGS BANK, corner of Genesee and State streets, was incorporated by special act of the Legislature, in 1864, as The Mutual Savings Bank of Auburn, with the fol- lowing named incorporators, who were the first trustees, viz., James S. Seymour, Augustus How- land, Cyrus C. Dennis, Elmore P. Ross, Hon.
Edwin B. Morgan, Corydon H. Merriman, Hon. Christopher Morgan, Benjamin B. Snow, William H. Seward, Jr., Hon. Theodore M. Pomeroy, Horace T. Cook, Samuel Adams, Guernsey Jew- ett, Horatio J. Brown, David Tompkins, Daniel Hewson and Morell S. Fitch, and perfected its organization February Ist, 1865, by the election of the following named officers : Cyrus C. Den- nis, President ; H. J. Brown, Vice-President ; W. H. Meaker, Secretary and Treasurer ; and Richard C. Steel, Attorney. The name was changed July Ist, 1875. The Bank commenced business on the corner of Genesee and North streets, with the Auburn City National Bank, and removed with that bank to their new building in March, 1869. They bought the property where they are at present located, January Ist, 1872, and occupied it July 31st, 1875. H. J. Brown was elected President July 10th, 1866, on the death of Cyrus C. Dennis, in May of that year, and Horace T. Cook was elected Vice- President the same date, to fill the vacancy occa- sioned by Mr. Brown's promotion to the Presi- dency. Both these gentlemen still hold the offices to which they were respectively elected.
On the change of the law in 1875 requiring two vice-presidents, Daniel Hewson was elected Sec- ond Vice-President, which office he still holds. Mr. Meaker has been Secretary and Treasurer since the date of its organization, and July 10th, 1866, he was elected Trustee to fill the vacancy occasioned by the death of C. C. Dennis. July Ioth, 1866, David Tompkins resigned as Trustee, and his son, Henry G. Tompkins, was elected in his stead. On the death of the latter, Hon. Charles C. Dwight was elected July 27th, 1875, to fill the vacancy thus occasioned. November 23d, 1875, Cyrenus Wheeler, Jr., was elected Trustee to fill the vacancy occasioned by the res- ignation of Samuel Adams. December 28th, 1875, Charles Standart was elected Trustee to fill the vacancy occasioned by the death of James S. Seymour. April 10th, 1876, Hon. E. B. Mor- gan and M. S. Fitch, resigned the Trusteeship, and William C. Barber and William G. Wisc, were elected to fill the vacancies. April 25th, 1876, Oscar F. Knapp was elected Trustee to fill the vacancy occasioned by the resignation of Augustus Howland. June 26th, 1877, Edward H. Avery and Joseph W. Dunning were elected Trustees to fill vacancies occasioned by the deaths
184
CITY OF AUBURN.
of C. H. Merriman and Hon. Christopher Mor- gan. The following is a copy of the official re- port to the Bank Department July Ist, 1878 :
RESOURCES.
Bonds and Mortgages
$309,335 00
Stock Investments at cost.
206,978 58
Amount Loaned on Stocks.
6,700 00
Banking house and adjoining store, at cost
27,000 00
Other Real Estate, at cost
11,747 16
Cash on deposit in Banks or Trust Companies $44,213 25
Cash on hand 5,871 75
50,085 00
Amount of other assets
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