USA > New York > Onondaga County > History of Onondaga County, New York > Part 44
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The original capital of the bank was placed at $100,000 ; this has since been increased to $250,- 000. Upon effecting the organization Mr. Judson became President, and Mr. George B. Leonard, Cashier, and no change in the official management has since occurred. Indeed but two changes have
taken place in the directorship, one caused by re- moval from the city, the other by death. The Board of Directors is now comprised of E. B. Jud- son, C. T. Longstreet, James J. Belden, Jacob Crouse, Orlin Mead, John Crouse, C. B. Sedgwick, Dennis McCarthy and D. Edward Crouse.
The Executive Committee for the year 1877 con- sists of three members of the Board, Messrs. E. B. Judson, John Crouse and Jacob Crouse, but the active every-day management falls upon the Presi- dent-a gentleman who has been connected with the banking interest of the city ever since 1851, and to whom reference is again made in connection with the Merchants National Bank. Mr. Judson has been a resident of this city for twenty-nine years, coming from Constantia, where he was engaged in the manufacture of lumber and iron. He still car- ries on the manufacture of lumber there, as he has for forty years, and in this city he is interested in the manufacture of iron, salt and glass. The man- agement of the business of the Bank, however, re- quires most of his time. Mr. Judson was also one of the original incorporators and Vice-President of the Merchants Bank, now the Merchants National Bank, of this city, one of the organizers of the Trust and Deposit Company of Onondaga, a direc- tor of the Bank of Syracuse, and one of the organ- izers of the "Salt Springs Bank," and for some years its Cashier. Resigning the latter position, he
204
HISTORY OF ONONDAGA COUNTY, NEW YORK.
went to Oswego to take charge of the Lake Ontario Bank owned by bankers throughout the State-a place which his financial abilities well fitted him to fill.
The following is the official statement of this bank made on the first of October, 1877 :
RESOURCES.
Loans and Discounts $588,659 23
Overdrafts
536 54
United States Bonds to secure circu- lation
278,000 00
United States Bonds on hand {par value)
6,800 00
Other Stocks, Bonds and Mortgages .
11,200 00
Due from Approved Reserve Agents .. in Gold
190,030 85
Due from other National Banks 31,241 80
Due from State Banks and Bankers 3,437 26
Current Expenses and Taxes Paid
7,632 60
Exchanges for Clearing House
26,724 85
Fractional Currency and Nickels
3,638 00
Specie - Gold Coin $134 SS
Silver Coin 500 00
634 88
Premiums Paid. 812 73
Legal Tender Notes
30,810 00
Redemption Fund with U. S. Treas-
urer, (not more than 5 per cent. on circulation )
12,500 00
Total $1,286,206 96
LIABILITIES
Capital Stock Paid in $250,000 00
Surplus Fund .. 50,000 00
Undivided Profits
140,001 59
Circulating Notes received from
Comptroller 250,000 00
Individual Deposits subject to check, 593,466 03
Due to other National Banks.
2,739 34
Total $1,286,205 96
The premises of the First National Bank will compare favorably with any banking office in the country, and were fitted np expressly for its use when the Onondaga Savings Bank building was erected. The equipments and furniture are all of the first order. At the paying teller's desk is a lit- tle knob which, touched by one's finger, conveys by electricity warning to the police headquarters ; the vault is of solid masonry and steel lined, with trip- ple doors, and the burglar-proof safe is a model of its kind. A night watchman is also always on duty each night.
SALT SPRINGS NATIONAL BANK.
This institution is the outgrowth of a State Bank, and was organized as the Salt Springs Bank in 1852, with a capital of $200,000. The first Board of Directors consisted of David Munro, Thomas G.
Alvord, George H. Waggoner, James E. Heron, Henry S. Candee, Matthew Murphy, Cornelius Lynch, Dennis McCarthy, Edward B. Judson, George Geddes, William Clark, Orla F. Whitney, Sands N Kenyon, John D. Norton and B. Davis Noxon. Mr. A. A. Howlett became a director the same or the following year. Thomas G. Alvord was the first President, and E. B. Judson the first Cashier. Mr. Alvord was succeeded by W'm. Clark, he by Alfred A. Howlett in 1859. Mr. Howlett has continued to be President ever since The cashier- ship has undergone some changes. When Mr. Jud- son retired, Mr. Cornelius Alvord was Cashier for a time, and upon his death and before the election of Thomas J. Leach, in 1859, Mr. Howlett officiated. Since then, the presidency and cashiership have been respectively filled by these gentlemen.
The Salt Springs Bank continued as such, oper- ating under the general banking law of the State, till 1865, when it was deemed advisable to merge its business in that of a national bank. It accord- ingly obtained a charter from the government, sim- ply interpolated the word " national," and continued its business under the same management and with the original capital of $200,000. When the Syra- cuse Savings Bank building was ready for occu- pancy, the Salt Springs National Bank removed to one of the elegant suites of offices in it, and there it will doubtless remain.
That the management of this bank has been fruitful of satisfactory results is evinced by the fact that its surplus is now $55,000. Its deposits ap- proximate from two hundred to two hundred and fifty thousand dollars, and its loans and discounts range from $300,000 to $450,000, depending upon circumstances. We herewith present the official statement, dated October 1, 1877 :
RESOURCES.
Loans and discounts. $370,750 68
Overdrafts . 436 91
U. S. Bonds to secure circulation. . . 111,000 00
Other stocks, bonds and mortgages. . 432 00
26,236 55
Due from Approved Reserve Agents Due from other National Banks. .... Due from State Banks and bankers .. Checks and other cash items ...
7,928 42
Exchanges for Clearing House, in- cluding gold checks 11,011 96
Bills of other banks
6,422 00
Silver coin . . $ 370 So
Gold treasury certificates ... 8,000 00
8,370 So
Legal tender notes
16,800 00
Redemption fund with U. S. Treas- urer, (not more than 5 per cent. on circulation : 4,995 00
5,371 41
1,385 00
93,518 00
205
HISTORY OF ONONDAGA COUNTY, NEW YORK.
Due U. S. Treasurer, (other than 5
per cent. on redemption fund,) .. $16,800 00
Total
$590,140 73
LIABILITIES.
Capital stock paid in
$200,000 00
Surplus fund
40,000 00
Undivided profits
11,493 35
Circulating notes received from
Comptroller.
1 16,700 00
Individual deposits sub-
ject to check $218,315 89
Demand certificates of
deposit 2,422 45
220,738 34
Due to other national Banks
1,209 04
Total $590,140 73
The following is the present Board of Directors : Jacob Crouse, David A. Munro, Charles Hubbard, J. W. Truesdell, George Geddes, Payne Bigelow, William Brown Smith, Erastus Phillips, Alfred A. Howlett, I. H. Munroe, Daniel Gates, Elizur Clark, Giles Everson and George N. Crouse.
The President, Mr. Howlett, devotes his whole time to the business of the bank. He has lived in this city about twenty-five years, and while con- nected with large enterprises of one kind and another in Syracuse, has also been interested else- where, especially in pork packing at Delphi, Indiana, under the firm of Spears, Case & Co. At Oswego he has been engaged in milling and the provision trade, firm of Howlett, Gardner & Co., and in private banking at Oswego, firm of Ames, Howlett & Co. For some time he also officiated as President and Vice-President of the Chenango Valley Railroad, in the building of which he was largely interested. For twenty years or more Mr. Howlett has been engaged in salt manufacture, and has been busy in many enterprises.
Mr. Leach, the Cashier, is a banker by profession. Previous to becoming associated with the Salt Springs Bank, he had been Teller in the old Salina Bank, and now brings to bear upon his multifarious duties his comprehensive knowledge gained in the school of experience.
THIRD NATIONAL BANK.
The Third National Bank of Syracuse has been in existence about fourteen years, and during that time it has made for itself a record such as any monetary institution may well be proud of. It was organized in the latter part of 1863, but did not begin business till January 1, 1864. Its capital was placed at $ 150,000, at that time supposed ample for the transaction of its prospective business. Events demonstrated the reverse, however, and in
May, 1864, it was increased to $200,000. This did not suffice, and on the 21st of November, of the same year, the capital was again increased, this time to $300,000, at which amount it has since re- rained, increased, of course, by the accumulated surplus, which is now $79,000.
The first Board of Directors of the Third National consisted of the following named gentlemen : John W. Barker, James M. Munro, Charles Pope, Allen Munroe, Timothy R. Porter, H. W. VanBuren, Lucius Gleason, Frank Hiscock and James Munroe. The first President was James Munroe ; he was suc- ceeded by Allen Munroe, and in January, 1871, Mr. Lucius Gleason, the present incumbent, was elected to the Presidency. The first Cashier was Francis H. Williams, who retained the position till February, 1873, when Mr. George S. Leonard be- came Cashier.
Official statement of the Third National Bank made on the 6th day of October, 1877 :
RESOURCES.
Loans and Discounts $416,043 45 United States Bonds to secure circu-
lation. 275,000 00 United States Bonds to secure De- posits. . 100,000 00
Other Stocks, Bonds and Mortgages .. 28,225 79 Due from Approved Reserve Agents. Due from Approved Reserve Agents (gold ). 4,005 66
Due from other National Banks .
16,505 42
Due from State Banks and Bankers. . 248 55
Exchanges for Clearing House.
4,450 33
Bills of other Banks. 4,255 00
121 28
Legal Tender Notes .
10,000 00
Redemption Fund with U. S. Treas-
urer, (five per cent. of circula- tion ).
12,375 00
Total $878,345 48
LIABILITIES.
Capital Stock paid in $300,000 00
Surplus Fund
60,000
Undivided profits. 23,388 87
National Bank Notes outstanding . 247,500 00
Individual Deposits subject to check ..
200,929 83
United States Deposits . 42,833 28
Due to other National Banks. 2,684 66
Due to State Banks and Bankers
1,008 84
Total. . $878,345 48
The President of the Third National, although attending to his official duties, resides in the neigh- boring village of Liverpool, where he was born. A large part of his life has been passed in mercantile pursuits. Since 1842, he has also been extensively
6,615 00
Fractional Currency (in'ding Nickels) Specie, silver .
500 00
206
HISTORY OF ONONDAGA COUNTY, NEW YORK.
engaged in the manufacture of salt, continuing the business, in addition to carrying on large coal min- ing interests in Pennsylvania. Of late years, how- ever, the management of the bank has chiefly oc- cupied his time.
The present Board of Directors are Lucius Glea- son, Frank Hiscock, Harmon W Van Buren, James J. Belden, George P. Hier, Giles Everson, Payne Bigelow. Frank H. Hiscock, and George S. Leonard.
The Third National Bank is now located in a very elegant suite of offices in the White Memorial Building, second floor, and is one of the representa- tive monetary institutions of the city. It is the designated United States Depository of internal revenue for this district, and also acts as "Clearing House " for the ten associated banks of the city. The Clearing House has now been in operation about three years, and is conducted on the same principles as the New York Clearing House. Mr. Leonard, the cashier of the Third National Bank, is the Manager.
MERCHANTS NATIONAL BANK.
The history of this bank comprises a period of about twenty-seven years. It was organized under a State charter in 1850 as the Merchants Bank. Of that corporation, John D. Norton was President ; Edward B. Judson, Vice-President ; Eli H. Sher- man, Cashier. These gentlemen, together with Herrick Allen, Marcus Cone, Peter Outwater, Jr., Charles C. Richardson, Joseph F. Sabin, James M. Baker, Lucius D. Cowan, Ilarvey Loomis, Simon C. Hitchcock and Jacob M. Cook, comprised the Board of Directors. The names of these gentle- men will be remembered, especially by the older citizens of Syracuse ; they were the leading busi- ness men of that day, and now all are deceased ex- cept Mr. Judson. The capital of the Merchants Bank was placed at $135,000. At a special meeting of the Board in the fall of 1851, this capital was increased to $160,000, and subsequently, to meet the demands of the business, the capital was again increased to $180,000. Continuing business as a State Bank till June, 1865, the Merchants was then merged in a National Bank, with an authorized capital of $500,000, the paid-in capital remaining $180,000. Jefferson Freeman was President, and since him, the presidency has been filled by Mr. Kennedy, Mr. Stevens, and Mr. R. N. Gere, the latter gentleman being elected President in 1868.
Mr. Gere has long been a resident of Geddes and has been intimately identified with the prom- inent interests of this section. He has been a
prominent salt manufacturer, and is now President of the Syracuse Iron Works. He is also President of the Geddes Street Railroad Company, is con- nected with the Blast Furnace, and in manufactur- ing and other circles has always borne a part of whatever work was necessary. His time is now largely occupied with the management of the Iron Works, though he exercises the general supervision of a president over the affairs of the bank.
Mr E. R. Plumb has been Cashier since June, 1864, he succeeding Peter Outwater, Jr., deceased. Such have been the changes in the official manage- ment. The present Board of Directors : George N. Kennedy, J. A. Sherman, George P. Hier, E. R. Plumb, R. Nelson Gere, H. D. Denison, George Stevens. Peter Burns and N. S. Gere.
While the capital of the Merchants National Bank is nominally $180,000, it is really $280,000, for the surplus is $100,000. The loans and dis- counts approximate $400,000, and the deposits $225,000-a mere mention of facts to show in what esteem the bank is held.
Its official statement, made October 1, 1877, is as follows :
RESOURCES.
Loans and discounts $368,142 07
Overdrafts. 1,519 21
U. S. bonds to secure circulation . 143,500 00
Due from approved reserve agents .. .
40,010 38 Due from other National Banks
10,213 81
Due from State Banks and bankers .
14,420 83
Real Estate.
2,261 97
Current expenses and taxes paid.
3,817 67
Exchanges for Clearing House ...
3,042 87
Bills of other banks
5,000 00
Specie. . 602 46
Legal tender notes.
15,000 00
Redemption fund with U. S. Treas-
urer, (5 per cent. of circulation)
6,457 50
Total . . $613,988 77
LIABILITIES.
Capital stock paid in .. $180,000 00
Surplus fund.
50,000 00
Undivided profits. 52,381 61
National Bank notes outstanding.
129,150 00
Individual deposits subject to check .
188,386 49
Demand certificates of deposit .
10,000 00
Due to other National Banks. 1,885 37
Due to State Banks and bankers
2,185 36
Total. $613,988 77
The management of the bank is largely with the Cashier, a gentleman who has been connected with banking operations for twenty years. In 1856 he entered the Merchants Bank as book-keeper, sub- sequently became teller, and now for thirteen years has been Cashier.
207
HISTORY OF ONONDAGA COUNTY NEW YORK.
The bank has pleasant, roomy quarters in the Wieting Block, corner of South Salina and West Water streets, with every convenience for the trans- action of its large and increasing business.
SYRACUSE NATIONAL BANK.
The history of this bank now belongs wholly to the past, it having closed up its business in 1877. While it was in existence it was the old- est bank in the city, having been organized as the " Bank of Syracuse " under the general State bank- ing law, in 1839. John Wilkinson, Esq., was its first President, and Horace White, Cashier. The bank entered upon a career of prosperity which it maintained without abatement for a long series of years, being one of the leading monetary institu- tions of the city. Its capital in 1839 was $200,- 000, which remained the same till its close. Mr. Wilkinson died while occupying the position of President, on the 19th of September, 1862, and Mr. Hamilton White became President for a short time ; he was succeeded by Mr. John H. Chiddell, who in turn yielded the Presidency to Hon. Andrew D. White, a gentleman better known in educational than in banking circles-the President of Cornell University. But one change occurred in the Cash- iership ; Horace White being succeeded by Mr. Orrin Ballard in 1856, who henceforth became the active manager of the bank. Mr. Ballard has been by profession a banker, having had experience in the business here and elsewhere from boyhood. The bank, however, during its career of prosperity, was indebted to the talents and capital of Hamil- ton and Horace White, Esqs., who gave it its im- petus and largely shaped its fortunes. These gen- tlemen, together with John Wilkinson, Esq., the first President of the bank, were early and promi- nent residents of the city, and for many years in- timately identified with all its leading interests.
The Bank of Syracuse continued business under its State organization till 1865, when it availed itself of the national banking law under the name and style of the Syracuse National Bank. Thus it con- tinued till the close of its business in 1877. The stock holders have all been paid up, and the affairs of the bank are in a satisfactory state of settle- ment.
STATE AND PRIVATE BANKS.
MECHANICS BANK.
The Mechanics Bank of Syracuse was originally organized in August, 1851, under the old free banking law of the State. It began business in November following with a paid-up capital of $ 140,- 000, and through the changes which the bank has
since passed the original capital has been retained. Upon its organization Thomas B. Fitch was elected President and E. B. Weeks Cashier. The original incorporators were, Edward B. Weeks,* Jonathan R. Warner,* Cornelius T. Longstreet, John P. Ballard, Alfred H. Hovey,# Charles B. Sedgwick, Joseph Bruce,* George Salmon,* Curtis Moses and Joel Thayer. Of these original incorporators the only ones now remaining with the bank are Messrs. Longstreet, Thayer and Fitch. Mr. Longstreet is a native of the vicinity ; for years he was connected with the trade of Syracuse, and subsequently was engaged in trade in New York City. His efforts were productive of substantial results, and about fifteen years ago he retired from business. Mr. Thayer is a resident of Skaneateles ; he is largely identified with some of the heaviest manufacturing interests of the city, and at his home is engaged in banking, milling and other operations.
Mr. Weeks remained President until his death in 1872, when Mr. James M. Ellis was elected to the Presidency. Such have been the changes in the official management. The Mechanics Bank con- tinued business as a State Bank till July, 1865, when it obtained a charter as a National Bank. It was known and continued business as the Mechanics National Bank till 1873, when the National charter was resigned, and the name became, as of old, simply the Mechanics Bank, and the same general business has been adhered to.
The bank was originally located in the building immediately south of Wieting Block on Salina street, which was sold to Dr. Wieting. From there it removed to the Larned Block, where it remained about one year, or until the spring of 1876, when removal was made to the elegant banking offices now occupied by it in the Syracuse Savings Bank Building.
The active management of the Mechanics Bank is with the President and Cashier, both of whom are old residents of the city. Mr. Ellis is a native of Onondaga Hill, and for twenty-three years has been connected with business interests here, as a merchant, manufacturer and banker. Mr. Fitch has resided here since 1831 ; till 1846, he was en- gaged in the drug trade, and during most of the time since has been a banker. Both he and Mr. Ellis are also copartners in the jobbing boot and shoe house of Dunn, Salmon & Co. Their man- agement of the affairs of the bank has been charac- terized by a liberal and judicious spirit, and the effect is to be seen in the business of the institu- tion. The following named gentlemen constitute
* Deceased.
HISTORY OF ONONDAGA COUNTY, NEW YORK.
the present Board of Directors : James M. Ellis, T. B. Fitch, C. T. Longstreet, Joel Thayer, John Dunn, Jr., F. S. Wicks, E. F. Rice.
STATE BANK OF SYRACUSE.
The founders of the State Bank of Syracuse were, for the most part, gentlemen who had been incorporators of the Trust and Deposit Company. The special charter of the last named Company did not admit of a general commercial banking busi- ness, which the incorporators wished to combine with the peculiar features of the Trust and Savings Bank, and therefore a new enterprise under the name of the State Bank of Syracuse, was organized under the general banking law, and began business on the first of February, 1873. The paid-up capi- tal was $too.ooo, most of the stock being held in this city. The officers of this bank are John J. Crouse, President ; Frank Hiscock, Vice l'resident ; Matthew J. Myers, Cashier ; and the Board of Di- rectors, John J. Crouse, Frank Hiscock, George Barnes, Henry L. Beard, George N. Kennedy, Thomas Molloy and M. J. Myers. This bank docs business in the same office with the Trust and De- posit Company, viz. : in the Onondaga County Savings Bank building, but the capital and business of the two institutions are wholly distinct, and the formation of the State Bank has added a valuable banking capital to the monetary interest of Syra- cusc.
The active management of the business of the bank is with Mr. Myers, the Cashier, although there is an Executive Board composed of Messrs. Crouse, Hiscock and Barnes. Mr. Myers has been con- nected with the banking interest of Syracuse for more than twenty years. In 1855 he entered the Burnet Bank as book-keeper, and afterwards became its teller. For a time he was with Wilkinson & Co.'s Bank, and for a number of years receiving teller of the Onondaga County Savings Bank. Then he became Cashier of a bank in the oil regions of Pennsylvania, and also carried on a private bank there for a short time. He has been Cashier of the State Bank of Syracuse since its organization, and is also Secretary of the Onondaga Trust and Deposit Company. The bank transacts a general business, and although not long established, has won for itself a good reputation in monetary circles.
NEW YORK STATE BANKING COMPANY.
The origin of this bank goes back to 1852, when the Burnet Bank was incorporated under the State banking law. In this capacity it continued to do business till after the national banking system was adopted, when it was merged in the " Fourth Na-
tional Bank of Syracuse," and continued to do bus- iness as such till the national charter was resigned in 1872. At this date the name of the New York State Banking Company was assumed, and the bank has continued without any change in the general character of its business.
Mr Nathan F. Graves. one of the old and well- known citizens of Syracuse, has remained President of the bank ever since its original incorporation in 1842. By profession, Mr. Graves is an attorney. and he is now one of the old members of the Syra- cuse bar. Since making his home in this city he has become largely interested in real-estate mat- ters ; he has built and now owns a large number of residences in the city. For a number of years he was a member of the Board of Education and its President, and he has also been Mayor of the city. In brief, his life has been both public and active. While he still continues to give the business of the bank more or less of his personal attention, the active management of its details devolves upon Mr. R. A. Bonta, the Cashier. Mr. Bonta entered the Burnet Bank in 1856 as a clerk. Subsequently he became book-keeper, then teller, and in 1864 was made Cashier, a position he has since retained.
The New York State Banking Company retains its old location in Wieting Block, second floor, where it has pleasant and well furnished apartments for the transaction of its business. Being a private bank, we can make no authorized statement of its capital, deposits or discounts. Nor is it necessary, since its character as a reliable and prosperous monetary institution is well known to the public. The present officers are, Nathan F. Graves, Presi- dent ; John White, Vice-President ; R. A. Bonta, Cashier : George L. Bonta, Teller ; J. Frank Cock- ings, Discount Clerk ; William S. Reed, Book- keeper. and Louis L. Cole, Clerk.
WILKINSON & Co.'s BANK.
The Banking House under this firm name was established nearly twenty years ago by Alfred Wilkinson and S. H. Slosson, the last named gen- tleman supplying the needed capital. It has been in existence long enough to be regarded as one of the permanent institutions of Syracuse. Since its organization no change has occurred in the firm style, and but one change each in co-partnership and location. Beginning its career in the Syracuse House Block, it continued to occupy that place till 1874, when removal was made to the very central location now occupied, corner of South Salina and Railroad streets. In 1863, Mr. Slosson retired and J. Forman Wilkinson became a partner with his brother.
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