History of Rochester and Monroe county, New York, from the earliest historic times to the beginning of 1907, Part 27

Author: Peck, William F. (William Farley), 1840-1908
Publication date: 1908
Publisher: New York, Chicago, The Pioneer publishing company
Number of Pages: 648

USA > New York > Monroe County > Rochester > History of Rochester and Monroe county, New York, from the earliest historic times to the beginning of 1907 > Part 27

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THE SAVINGS BANKS.

We come now to the savings banks. The sixth of these incorporated by the legislature of the state and the first one east of Albany was the Rochester Savings bank, which has grown steadily stronger during the seventy-five years of its exist- ence. Vincent Mathews and Isaac Hills prepared the original charter and, although an effort was made to get the bill passed in 1829, it was not done till a year later. The incorporators were lævi A. Ward, Jacob Graves, Everard Peck, William S. Whittlesey, David Scoville, Edward R. Everest. Willis Kempehall, Jonathan Child, Ezra M. Par- sons, Ashbel W. Riley, Albermarle H. Washburn, Joseph Medbery, Lyman B. Langworthy, Elihu F. Marshall and Harvey Frink. They organized on May 10th, 1831, by the election of Mr. Ward as president, Mr. Frink as treasurer and Mr. Sco- ville as secretary. Until 1841 the bank occupied a portion of the old Bank of Rochester building on Exchange street: in that year it ererted and occupied the little stone structure on State street. used afterward by so many other financial insti- tutions and now taken by an express company; there it remained till 1853, when it was removed to its new and present location on the corner of East Main and Fitzhugh streets, which was then the most imposing edifice in the city and which was much enlarged in 1875. Deposits did not come in very rapidly. the first one being made on the Ist of July, of thirteen dollars, and there be- ing only nine accounts during the first quarter.

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HISTORY OF ROCHESTER AND MONROE COUNTY.

aggregating $114; by the beginning of the next year the business had risen to forty-two accounts with a total of $3,429.82, though during the month of February the receipts were only seven- teen dollars; the first dividend, on July 1st, 1832, amounted to $67.10. The present officers are Ho- bart F. Atkinson, president ; Rufus A. Sibley, Granger A. Hollister and James S. Watson, vice- presidents; Henry 8. Hanford, treasurer, and Thomas 11. Husband, secretary. The deposits are $20,825.322.98, the surplus is $1,731,297.89.

Next to this was the Monroe County Savings bank, which was incorporated on the 8th of April. 1850. under the title of the Monroe County Sav- ings lustitution, the first board of trustees con- sisting of Levi A. Ward, Everard Peck, Freeman Clarke, Nehemiah Osborn, Ephraim Moore, David R. Barton, George W. Parsons, William W. Ely, William N. Sage, Alvah Strong, Martin Briggs, Thomas Hanvey, Lewis Selye, Moses Chapin, Ebenezer Ely, Daniel E. Lewis, Amon Bronson, Joel P. Milliner, Charles W. Dundas, George Ell- wanger and Theodore B. Hamilton, Everard Peck was the first president and Freeman Clarke the first trensurer. It began business on the 3d of June in the year named in the office of the Rochester bank on Exchange street; it was removed in 1854 to what was then known as the City hall building on Buffalo street, where the Powers Hotel now stands, and four years later to the Mnsonic hall block. Having purchased a lot on State street the bank erected a building attractive in appearance, into which it moved in 1862, and which, somewhat enlarged after that, it has occupied ever since, The present officers are James E. Booth, president ; Ru- fus K. Dryer and Alexander M. Lindsay, vice- presidents; David Hoyt, secretary and treasurer : William B. Lee, attorney. The deposits amount to $16,551,490,38, the surplus is $1,476,818.70.

The Mechanics Savings bank began business on the 1st of June, 1867, its first trustees beirg George R. Clark, Patrick Barry, Lewis Selye. Thomas Parsons, George J. Whitney, George G. Cooper. Jarvis Lord, Samuel Wilder, Martin Reed, David Upton, Charles II. Chapin, Gilman H. Per- kins, Hamdet D. Scrantom, Oliver Allen, Edward M. Smith, Abram S. Mann, Charles J. Burke, Channeey B. Woodworth, A. Carter Wilder, James M. Whitney and Edward E. Sill, Mr. Clark being the first president and John HI. Rochester the first

secretary and treasurer. Upon its organization the institution purchased the building of the old Commercial bank, where it has always been located. The present officers are John J. Bausch, presi- dent : William R. Seward and William B. Hale. vice-presidents; Stephen G. Hollister, secretary and treasurer; Fedor Willimek, assistant secretary and cashier. The deposits are $3,556,391.15, the surplus is #233,175.56.

In November, 1869, the East Side Savings bank, which had been incorporated in the previous April. began business in the ell Washington hall block, on East Main and North Clinton streets, where it remained until 1884, when it moved into its own buildings, then just completed, on the opposite corner, where it still remains. Its first board of trustees consisted- of Isaac F. Quinby, Horatio G. Warner, Henry S. Hebard, Hiram Davis, Mi- chael Filon, William N. Emerson, Hector Me- Lean, Edward Ocumpaugh, James Vick, Elias Wollf, Truman A. Newton, Abner Green, David R. Barton. J. Morean Smith, Pliny M. Bromley, William A. Hubbard, Arannah Moseley, Erastus Darrow, Henry Lampert. Louis Ernst and Lucius L. May. Mr. Bromley was the first president Messrs. Emerson and Hebard vice-presidente. Platt B. Viele secretary and treasurer, Judge Warner attorney. The present officers are Benja- min E. Chase, president ; W. Henry Mathews and Alexander B. Lamberton, vice-presidents; Burton H. Davy, secretary and treasurer; Cassius C. Davy, attorney. The deposits are $6,466,818.70. the surplus is $281,117.92.

No particular description is needed of the Six- Penny Savings bank, started in 1854, which strug- gled along for four years and then gave up, as there was evidently no demand for its existence.

THE TRUST COMPANIES.

Trust companies, which now constitute so proin- inent a feature in the financial world, were slow in making thwir appearance in Rochester. What turned out to be the herald of that class in this city was the Rochester Safe Deposit company. which was started in 1868, with a capital of $100,- 000. and which for twenty years confined itself strictly to the business indicated by its name. Its first president was William N. Sage, the vice- president being Jonathan E. Pierpont, the secre- tary William J. Ashley and the superintendent

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Enos T. Baldwin. A charter was granted to it in 1883 to take on the business of a trust company, but it did not avail itself of the power+ thereby conferred until 1888, when, $200,000 having been subscribed, the new concern, under the title of the Rochester Trust and Safe Deposit company, took over all the business, assets and liabilities of the old company and on the 5th of June in the year named left the quarters which it had previ- ously occupied in the Monroe County Savings bank building and moved into the new one which it erected on Exchange street, near West Main. The directors at that time were J. Moreau Smith, Pat- rick Barry, Lonis Chapin, Robert M. Myers, Wil- liam N. Cogswell, George Ellwanger, William D. Ellwanger, C. B. Woodworth, C. C. Woodworth, Hiram W. Sibley, John H. Brewster, Henry C. Brewster, E. Frank Brewster, Frank A. Ward, Eugene T. Curtis, B. D. MeAlpine and Augustus Frank ; J. Moreau Smith was the president, H. C. Brewster and C. B. Woodworth the vice- prest- dents, Haywood Hawks the secretary, Cogswell, Bentley & Cogswell the counsel and Enos T. Baldwin the superintendent of vaults. In the early part of last year the company moved into its new building, a fine stone edifice, on West Main street, at the corner of Exchange. The present officers are V. Moreau Smith, president ; William C. Barry, vice-president ; Robert C. Watson, scere- tary ; Taylor D. Bidwell. assistant secretary; Aus- tin HI. Cole, superintendent. The deposits amount to $21,205,584.23.

Stimulated by the success of the foregoing the Security Trust company was formed in 1892. opening for business November 1st with deposits of $148,569.82, the capital stock being $200,000. The incorporators were William S. Kimball, Granger A. Hollister, Arthur Luetchford, Arthur G. Yates, Erickson Perkins, Benjamin E. Chase, J. Le Judson, Julius M. Wile, James S. Watson, Frank S. Upton, C. Walter Smith, George C. Buell, jr., George Wilder, Frederick A. Whittlesey, J. Alexander Hayden, Hiram W. Sibley, Gihnan H. Perkins, Thomas W. Finucane and George C. Hol- lister, who, with the addition of Donald Me- Naughton, William L. Mercer and Albert II. Ha ?- ris, became the first board of trustees; the officers then were Hiram W. Sibley, president ; Messrs. G. H. Perkins, Kimball and G. A. Hollister, vice- presidenta; Mr. Mercer, secretary. The first loca-

tion of the company was the old Osburn home- stead, on the corner of East avenue and Elm street, which was purchased and remodeled for the purpose; that being sold afterward and torn down to make way for the Liberty building, the company moved in 1894 to the Granite building, finally moving, in February, 1897, into its own office, then just completed, on East Main street, at the corner of South Water, where it still dwells, with an enlargement of its quarters two years ago. The present officers are Edward Harris, president; A. M. Lindsay, J. S. Watson and J. M. Wile, vice- presidents : Frank M. Ellery, secretary; George P. Culp, assistant. The deposits are $10,976,- 027.03.

The Union Trust company was organized De- cember 1st, 1897, with Erickson Perkins as presi- dent. B. E. Chase and Frank H. Clement vice- presidents, Frederick W. Zoller secretary, and as directors in addition to those G. N. Perkins, George C. Seager, W. W. Dake, Irving Rouse, J. E. MeKelvey, Abram E. Wollf, Frank Taylor, Thomas Brown, Charles B. Hudson and E. S. Et- tenheimer, the capital being $200,000. The con- pany eventually took over the business of the Union bank, in whose building it has always been located. The present officers are Frank Taylor, president ; George Weldon and Allan B. Fraser, vice-presidents; P. W. Zoller, secretary; Deloss M. Rose, assistant. The deposits are $3,830,000.

In February, 1898, the Fidelity Trust company came into existence, taking over all the busines+ of the Powers bank, in the office of which it has always been located. The first president was Lew- is P. Ross; vice-president, J. Ire Judson; secre- tary, J. Craig Powers; attorneys, Perkins & Hays; additional directors, R. K. Dryer, J. E. Booth, L. L. Williams, Walter W. Powers, J. J. L. Fried- erich, A. J. Katz, Joseph Michaels, J. C. Wood- bury, Edward Bausch, J. L. Judson, Fred C. Lochs. A. B. Hone, W. R. Seward, A. T. Hagen, W. B. Duffy, W. J. Ashley and Louis F. Ernst. The pres- ent officers are L. P. Ross, president ; J. C. Pow- ers, vice-president and manager : George J. Keyes. secretary. The deposits are $6.883,145,50.

The youngest of all the trust companies is the Genesce Valley, which opened for business Sep- tember 3d. 1901, in its own building on Exchange street. on the site that had been the home of sn many banking institutions since the formation of

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the old Bank of Rochester. Its first officers were last yrar amounted to about half a million less Henry C. Brewster, president; Frank HI. Hamlin than two hundred million dollars, a daily aver- age of over six hundred thousand. The present officers of the association are William C. Barry, president ; Rufus A. Sibley, vice-president ; John HI. Gregory, secretary and treasurer; Peter A. Vay, manager ; William G. Watson, assistant man- ager. The office is in the Powers block, where the representatives of the different banks meet each day for the transaction of business. and Charles H. Palmer, vice-presidents, the last. named being also the secretary; in addition in) those the directors were John F. Alden, Leo Bloch, Carroll E. Bowen, George C. Buell, R. Titus Coan, W. Deininger, T. B. Dunn, Charles P. Ford, J. S. Graham, W. B. Hule, A. B. Lamberton, F. C. Loeb, W. S. Morse, W. H. Mathews, T. M. Os- borne, C. E. Rider, Clinton Rogers, M. S. Sand- ford, John S. Sheppard, F. A. Stecher, D. D. Sully, V. F. Whitmore, J. C. Winters, W. E. Wood- bury. The present officers are the same as at first, with the addition of HI. C. Howlett, assist- tant secretary. The deposits are $5,670,284.79.

It will be seen from the foregoing that the amount of deposits in the Rochester savings banks on the first of January was a little less than fifty million dollars, counting in the surplus it was somewhat more than that sum; the trust compa- nies had at the same time a trifle more of deposits than the savings banks, so that the money of the people, safely stored away in the institutions of those two classes alone, was about one hundred mil- lion dollars, somewhat different from the state of things just seventy-five years before, when it was less than four thousand dollars.

THE CLEANING-HOUSE.

An important adjunct to any large collection of banks is the clearing-house, intended for the facili- tation of the exchange of items and settlement of balances among those institutions and a medium for united action upon all questions affecting their mutual welfare. The system was known in Rome, but sank into disuse after the fall of the empire and was revived in modern times, reaching its highest development in Italy, so that throughout the eighteenth century Piacenza was known as the clearing-house of Europe. The system was not adopted in Great Britain till 1760, when a clearing-house was established in Edinburgh, the one in London following fifteen years later: it did not come into use in New York till 1853, and Rochester, numerous as were the banks here, got along without it up to 1890. On the 1st of May in that year an association was formed here and it has been of the greatest usefulness ever since then. The report for 1906 shows that the clearings

The Rochester Stock Exchange is a still younger organization, having been formed only three years ago. It has been found to be of great advantage, in that its operations give a definite value to local stocks and thus prevent a ruinous variation in prices. Its transactions are very large, and the three daily calls are always well attended. The officers are Arthur B. Enos, president ; John A. Burgess, vice-president ; Arthur G. Moore, seere- tary ; Henry D. Quinby, treasurer.

THE INSURANCE COMPANIES.

Although insurance companies are not banking corporations, yet they are certainly financial in- stitutions. and the recent investigation in Nex York city shows how large a part they can play in the monetary world. They may, therefore, prop- erly be treated of in this chapter. Until lately Rochester was never conspienons in this direction. The Monroe fire insurance company with a capi- tal of $250,000, incorporated March 9th, 1825, lasted but little over a year, the Mutual Protection, in 1844, was almost equally shortlived, and the Farmers aud Merchants insurance company of Western New York, incorporated in 1850, existed only four years. There was one, however, that was quite successful for nearly thirty years, the Monroe County Mutual, organized March 21st, 1836. It insured only farm property, taking no risks in the city, and its policies ran for five years, the total amount of insurance being nearly one hundred million dollars. It was managed with singular economy, for its expenses, including salaries, never came to five hundred dollars a year. Its charter expired in 1856, but before that time arrived the business had become muprofitable by reason of com- petition, so the company wound up its affairs in February, 1865, turning over the small balance on hand to the Female Charitable society. A. M.

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Schermerhorn was the first president, Lyman B. Langworthy the last; Levi A. Ward was the sec- retary and treasurer during all of its existence.

At last one company came to stay, the Rochester German insurance company, organized February 22d, 18:2, with a capital of $100,000, by those ex- clusively of Teutonic extraction if not of birth, though since then several distinctively American have become both stockholders and directors. For sixteen years it was located on the second floor of the Rochester Savings bank building, but in 1888 it moved into its new structure on West Maia street, at the corner of Irving place, which was nearly doubled in size two years ago and which is to be still further enlarged to an almost equal extent during this year, after which the company will occupy the entire third floor. In common with most other concerns of the kind in the United

States, it suffered greatly by the San Francisco fire, but it met its losses there by the payment of more than six hundred thousand dollars, and ita report on the 1st of January showed that it had then a capital of $500.000, with a surplus of $530,- 000. Its first president was Louis Bauer, its first secretary Rudolph Vay, the present officers are Eu- gene Satterlee, president ; Albrecht Vogt, vice- president; HI. F. Atwood, secretary; J. F. Camp and H. R. Mutschler, assistants.

Of late years several insurance companies have come into existence, some of which, like the Em- pire State, were, after the lapse of a few years, wound up with loss to the stockholders; others of which, like the Title and Guarantee (afterward Indemnity) company, have been absorbed in larger concerns; others continue to do business in # moderate way.

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CHAPTER XVI

BENEFICENT ACTIVITIES.

The Female Charitable Society-The City Ilos- pital-St. Mary's Hospital-The State Hospital -Infants Summer Hospital-The Orphan Asy- lums-Homes for the Aged-The Industrial School-The Humane Society-Prevention of Cruelty-Children's Aid Society-The Woman's Union-The Playground League-Organization of Charity-The B'nai Prith-The Social Set- llement-The Boys Evening Home-The Needlework Guild-The Bible Society.

THE FEMALE CHARITABLE SOCIETY .*

The Rochester Female Charitable society is one of the oldest societies of the kind in the country, as the expressive adjective denoting its exclusive- Hess implies, asserting itself as distinctively a woman's society, in name at least, although the other sex was honored in the election of trustees. The St. Vincent de Paul society, in New York, and one or two others in the country ante-date it by a few years. In the village of Rochester there were no public schools, and so none for the children of the poor, as they could not afford to pay for their tuition ; so some of the prominent women of the village started what they called a "charity school." to which were to be admitted, as the con- stitution says, "none except orphans, or those whose parents are in such indigent circumstances that they are totally unable to defray the expenses of their children's tuition. Only two shall be ad-

mitted from one family at the same time, and they shall continue only four years cach, and the num- ber of scholars shall be limited to forty-five. None under four or over twelve years of age, excepting they be unfortunate. or for some special reason the directors see fit to admit them." There is a little touch of pathos as well as diversion in look- ing over the records of the school, inscribed on the antiquated yellow-leaved pages of the little blue book, and see the entries against the name of each scholar- its guardian, in many places, being Widow Rice, Widow Fox, and others of like record, the widow always being prominent.

Josiah Bissell, sr., offered the ladies a furnished room on State street, where the Bank of Commerce now stands, and there the school was carried on for two or three years. The founders of the school had formed themselves into a society, electing offi- vers who were called superintendents of the school. and several young ladies offered their services as teachers, rotating each week, so that the daty Was not burdensome. The school had been in existence from 1822, and in 1824 Wm. N. Fitzhugh gave a lot on North Washington street, "near the forest." for a school-house, but, as there was no money to build the school-house, it was necessary to call up- on the people of the village to help in the emer- geney, and Rev. Mr. Savage, the Baptist clergy- man, preached a sermon in behalf of the eause, and the munificent sum of $38 was given for the pur- pose, which it is needless to say was only a nucleus to a larger fund, which evidently was completed by other gifts, so that the school-house was built, and permanent teachers employed, one of whom was a Mrs. Sadler, and also a Mise Cook. In 1832 the

"This sketch was prepared by Mes. Oscar Craig. the president of the society.

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teacher and several pupils died of cholera, when it was so prevalent throughout the country, and the school was suspended for a time. Some of the supervisors of the school mentioned about this time are Mrs. T. II. Rochester, Mrs. Everard Peck, Mrs. Atkinson, Mrs. Child, Mrs. West, Miss Ma- thews; superintendents of the school, Miss Ewing and Miss Stone. Upon the founding of the public schools in 1841 it was discontinued, except the sewing-school. The school lot was sold in 1849, und the money received from the sale was kept for future use.

The records of the society from the beginning to 1827 either were not kept at all or were lost, 50 that in all the succeeding years it has been the inherited fact that the Charitable society was in truth formed on February 26th, 1822, at the home of Mrs. Everard Peck, corner of Spring and Souta Fitzhugh streets, and Mrs. Levi Ward was elected president and Mrs. Peck treasurer, no secretary being mentioned. In one history of the society, written in 1844, the writer, whose name is not given, says she is indebted chiefly to the memories of the early founders, and they do not furnish the most important items. She mentions the charity school, but only gives the name of the treasurer and the object of the society, being the relief of sick and indigent families, and the establishment of a charity-school. The records of 1832 are the first to give the officers and directors, visitors and collectors, although there were these officials prior to that period.

In 1627 Mrs. James K. Livingston was presi- dent, Mrs. Scoville vice-president, Mrs. Frederick Whittlesey treasurer, nine directresses, and eight women as school committee. To become a ment- ber of the society an annual fee of twenty-five cents was required, and in 1828 two collectors were appointed, who were assigned their districte, and went about the city to solicit this small con- tribution from the citizens. This was afterward increased to fifty cents, and the custom was kept up, with collectors for each ward, until a few years ago. The fourteen visitors were also assigned their duties, to ascertain the condition of the indi- gent and sick in the section given them, and to see that the children went to school and Sabbath school. The society was incorporated in 1855, with Messrs. S. G. Andrews, Levi A. Ward, John Wil- liams, Moses Chapin, William N. Sage, as trustees,

J. T. Talman, Everard Peck and S. D. Porter hav- ing previously had charge of the investments. One fact has been prominent in all the work of this organization, that it has been strictly undenomina- tional from the beginning. A custom adopted in the first years of its existence was the preaching of an annual sermon by one of the village clergy- men for the benefit of the society, all the other churches being closed for the occasion, and a col- lection being taken. In 1822 Rev. Mr. Cuming, the rector of St. Luke's church, was the first to per- form the duty, and the amount realized was about $36. In 1823 Rev. Dr. Penney preached the ser- mon. This custom was kept up until 1850, all the different clergymen taking their turn in the good work. In 1872 Rev. Dr. Shaw preached the fif- tieth anniversary sermon, reviewing the past as only he, with his knowledge of the society and its work in the past, could do. Personal effort was unstintingly bestowed by making garments, bed- ding and other articles. Mrs. Abelard Reynolds and Mrs. Byington each every year used to piece and quilt a bed quilt for the worthy canse, the task being continued by Mrs. Reynolds until a few years before her death, an unprecedented benefaction, considering her great age. During the previous voars the village had not been an ideal dwelling place, and the subject had been often brought up in the meetings of the board of having a work- house, and the ladies had written to Boston for in- fonnation, as to the mode of procedure to accom- plish their object. They applied to the common council, their plea was favorably received, and in 1814 the present penitentiary was built.

The work amongst the sick showed the need of a hospital. About 1845 the ladies attempted to arouse public interest in the project, not relaxing their efforts as time went on, in the meantime renting rooms in the Home for the Friendlegs for sick people about a year. In May, 1847, the City hospital was incorporated with a board of direc- tors comprising some of the prominent men of the eity, but nothing was done toward a building. In 1851 the Charitable society petitioned the eom- mon council to obtain the Western cemetery lot on West avenue, and after considerable delay in get- ting a title eventually the ground was secured. The common council agreed to transfer to the hospital directors the residue of the almshouse fund of $1.000. if they would raise the additional sum of

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History of Rochester and Monroe county, New York, from the earliest historic times to the beginning of 1907, Part 27

Author: Peck, William F. (William Farley), 1840-1908 Publication date: 1908 Publisher: New York, Chicago, The Pioneer publishing company Number of Pages: 648

Author: Peck, William F. (William Farley), 1840-1908
Publication date: 1908
Publisher: New York, Chicago, The Pioneer publishing company
Number of Pages: 648