Landmarks of Albany County, New York, Part 39

Author: Parker, Amasa Junius, 1843-1938, ed
Publication date: 1897
Publisher: Syracuse, N.Y. : D. Mason
Number of Pages: 1374

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Mr. Alexander was succeeded in the office of president by the follow ing persons, who were elected at the dates given: John Townsend June 7, 1832; John L. Schoolcraft, August 31, 1854; Ezra P. Prentice June 13, 1860; Robert H. Pruyn, November 24, 1875; Daniel Manning March 4, 1882; Robert C. Pruyn, May 23, 1885.

Vice-presidents: Seth Hastings, June 18, 1836; John L. Schoolcraft

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October 28, 1839; Andrew White, June 16, 1855. The death of Andrew White, in 1857, made a vacancy until the election of Robert H Pruyn, November 2, 1872; Robert L. Johnson, November 24, 1875; Daniel Manning, April 9, 1881; Robert C. Pruyn, March 4, 1882; Nathan B. Perry, November 20, 1885; Grange Sard, April 11, 1890.

The following cashiers have been appointed: Henry Bartow, July 13, 1826; James Taylor, October 21, 1835; Andrew White, March 17, 1854; Powers L. Green, June 16, 1855; Visscher Ten Eyck, July 7, 1858; Eliphalet Wickes, August 11, 1862; James Martin, February 24, 1866; Edward A. Groesbeck, April 30, 1873.

Assistant cashiers: James Martin, August 11, 1862; Edward A. Groesbeck, November 2, 1872; Edward J. Hussey, December 1, 1891.

The present board of directors: Abraham Lansing, Simon W. Rosen- dale, Robert C. Pruyn, Grange Sard, Robert L. Fryer, James H. Man- ning, Hamilton Harris, Horace G. Young, Anthony N. Brady, Charles Tracey, William H. Weaver, William J. Walker. This bank has been the depositary of the State of New York for nearly sixty years.

Albany City National Bank .- This staunch institution was organized as the Albany City Bank April 30, 1834, with capital of $500,000. It began business on October 1, of that year, with Erastus Corning, presi- dent; Samuel S. Fowler, vice-president; Watts Sherman, cashier. Charles L. Garfield was appointed clerk in October, 1836 ; in June, 1837, he was appointed teller in place of Moses B. Wright, and held that po- sition many years. In 1840 the bank purchased from Joel Rathbone his store at 47 State street, and converted it into a bank building. Watts Sherman continued cashier until 1847, when his health failed and he was given a vacation in Europe, Henry L. Lansing taking the position in his absence. In October, 1850, John V. L. Pruyn was elected vice president. In July, 1851, Mr. Sherman resigned as cashier and Henry H. Martin was elected to the position. The charter of this bank expired January 1, 1864, and it was immediately reorganized under the National Banking Laws with the same officers and capital. The stockholders were then paid eighty per cent. in addition to their regular dividends, and the sum of $90,000 of the undivided profits of the old bank was carried as a surplus fund of the new one. On June 1, 1885, the charter of the bank was renewed with its present title. In December, 1870, Mr. Martin resigned as cashier and Amos P. Palmer was selected as his successor. Erastus Corning died in April, 1872, and was succeeded as president by his son, Erastus, who still holds the

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office. Father and son have served the bank in the capacity of presi- dent for a period of sixty-three years up to the present date (1897). In March, 1873, work was begun on a new bank building on the same site. and it was occupied in June, 1874. In February of that year the direc- tors reduced the capital of the bank to $300,000. In November, 1877. John V. L. Pruyn, one of the oldest officers of the bank, died and Eli Perry was elected vice-president in his place. Upon the death of Mr. Perry George H. Thacher succeeded to the office of vice-president, and after his death his son, George H. Thacher, was elected in his stead. The present officers are Erastus Corning, president; George H. Thacher and George I. Amsdell, vice-presidents; Jonas H. Brooks, cashier ; Joseph S. House, assistant cashier.

National Exchange Bank .- This bank was organized in 1838 as the Albany Exchange Bank, with capital of $311,100, and privileged to in- crease 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 presi- dent, George W. Stanton, Alfred Douglas, Galen Batchelder, Fred- erick J. 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 organ- ization, and before business was commenced, John Q. Wilson and Robert Hunter resigned as directors, and Ichabod L. Judson and Gay- lor Sheldon were appointed to fill the vacancies. A vacancy thus occurring in the office of president, George W. Stanton was elected president and filled the office until his death in April, 1841.

Some unfortunate speculations in the early history of this bank and the loss of money through other bank failures, weakened its credit so that at the outbreak of the Civil war its stock was offered at seventy cents on the dollar. Careful management by its officers, however. averted serious trouble, and when, in 1865, the affairs of the institution were wound up preparatory to forming it into a national bank, a creditable showing was made. On January 4, 1865, it became the National Albany Exchange Bank, with a capital of $300,000. Chaun- cey P. Williams, who had acted as receiver of the former bank, was appointed cashier; William Gould, president; William G. Thomas, vice president. Mr. Gould was succeeded as president by Ichabod L. Judson; he by Chauncey P. Williams. He died May 31, 1894, and the office was filled by John D. Parsons, jr., the present president. In

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1875 Theodore L. Scott succeeded Mr. Williams as cashier; he died in February, 1881, and was succeeded by Jonas H. Brooks. The latter was succeeded in 1891 by John J. Gallogly.

In view of the expiration of the charter of the bank on the 10th of January, 1885, the directors decided to not apply for the extension of its corporate existence, but recommended the formation of a new national banking association. Under direction of C. P. Williams, Lansing Merchant and A. V. De Witt the institution was given its present organization, the National Exchange Bank of Albany. The present paid up stock is $300,000; the surplus, $60,000.

Merchants' National Bank .- This institution was incorporated under the name of the Merchants' Bank January 19, 1853, with capital of $250,000. The first board of directors was 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. The bank began business at No. 59 State street April 7, 1853, with John Tweddle, president; John Sill, cashier. On April 22, 1865, the institution was organized as a national bank with its present title. In 1861 it was removed to its present quarters, No. 458 Broadway. In 1876 Richard Van Rensselaer became president, and was succeeded by the present incumbent, J. W. Tillinghast in 1880. Nathan D. Wendell was made cashier in 1864, and was succeeded by J. Irving Wendell in 1880. Nathan D. Wendell became vice-president in 1880 and held that office until his death in 1886, when he was succeeded by John G. Myers, the present incumbent. The present capital and surplus of this bank is $400,000.

Union Bank .- This institution was first organized under the general banking law as the Bank of the Union, June 8, 1853. It began busi- ness January 1, 1854, at No. 35 State street, with a capital of $250,000. The first board of directors was composed of Billings P. Learned, Gil- bert C. Davidson, William N. Strong, Chauncey Vibbard, Amos P. Palmer, Charles Coates, George H. Thacher, William 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, Bill- ings P. Learned.

John F. Batchelder was the first cashier, holding the office until his resignation in 1857, when he was succeeded by Adam Van Allen, who resigned in 1861, and was succeeded by Amos P. Palmer.

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In the early part of the year 1865, the stockholders of the Union Bank decided to abandon their organization under the State law, and organize under the National Bank act; and March 8, 1865, it was au- thorized to continue business, under the title of the Union Bank of Al- bany, for twenty years. At the expiration of its charter, March 8, 1885, by agreement with the stockholders, 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 .- This was one of the four banks that failed in 1861, to which allusion has been made; one of them has been described. The Bank of the Capitol was incorporated in 1853, with a capital of $300,000. The first directors were Thomas Schuyler, M. H. Read. John G. White, Adam Van Allen, A. D. Shepard James Van Nostrand. Matthew Vassar, Alfred Noxon, and Noah Lee. The latter was chosen president, and was succeeded by Thomas Schuyler, and he by John G. White. Horatio G. Gilbert was the first cashier, and was succeeded by John Templeton. The bank failed May 18, 1861, when M. H. Read was appointed receiver.

The National Bank was another of the four failures and went into operation in 1856, with a capital of $600,000, and the following directors : William E. Bleecker, Albion Ransom, James C. Kennedy, Richard J. Grant, Samuel W. Burnett, Charles Adams and Robert C. Martin. William E. Bleecker was chosen president, and Robert C. Martin, cashier. Both of these officers remained in their positions until the failure of the bank May 23, 1860. James Edwards was appointed receiver.

The Bank of the Interior was the fourth one of those which failed in 1861 and was incorporated in 1851. Josiah B. Plumb was its principal founder and was elected president, with John F. Batchelder, cashier : both men were in office at the time of the failure, May 1, 1861. Orlando Meads was made receiver.

First National Bank .- This bank was organized January 26, 1864, and began business on the 25th of the next month. It was the first bank in Albany organized under the national system and became the financial agent of the government for receiving and disbursing its funds in this vicinity. Thomas Schuyler was the first president, and Adam Van Allen the first cashier. The directors were Thomas Schuyler,

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Garret A. Van Allen, Matthew H. Read, Charles H. Adams, and Frank Chamberlain. Matthew H. Read was chosen president in 1869 and continued such until his death in 1883, when he was succeeded by Adam Van Allen. He died in 1884 aud was succeeded by Garret A. Van Allen. The present cashier, S. W. Rowell, has handed in his resigna- tion to take effect May 1, 1897, and up to the date of this writing his successor has not been appointed. The directors besides Mr. Van Allen are William M. Whitney, C. S. Merrill, John M. Bailey, Horace S. Bell, Noel E. Sisson and John A. Dix. The capital of the bank is $200,000; surplus, $160,000, and it has paid to stockholders since its organization, $756,000.

The Hope Bank .- Organized and incorporated under the general State law, began busines in 1863 with $100,000 capital. James Hen- drick was president and William Young, cashier. It was continued under these officers until 1874, when it was discontinued and the stock- holders paid in full. In the same year it was succeeded by the Hope Banking Company, of which Mr. Hendrick was president. This in- stitution was discontinued in 1877.

Albany County Bank -- This institution was incorporated under the State banking law, and commenced business May 15, 1871, in Tweddle Hall building. Removed to present building corner State and South Pearl streets, 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 N. Sill, Cornelius Smith, Joseph Mann, Henry A. Fonda and John Templeton. Jacob Learned was president from 1871 to 1878, when he was succeeded by B. W. Wooster. John R. Cornell now holds that office. John Templeton was the first cashier. The present cashier is Wm. N. S. Sanders with George C. Lee, assistant. James Moore is vice- president. Directors, John R. Carnell, James Moore, Jacob Leonard, James Mix, Seth Wheeler, Lansing Hotaling, Albert V. Bensen, Clif- ford D. Gregory, John J. White, Frank C. Herrick. The capital of this bank is $250,000.

The Park Bank of Albany was organized in 1889 with capital of $100,000. It has been prudently conducted and now has a surplus of $25,000. The officers are Grange Sard, president; Robert C. Pruyn, first vice-president ; James D. Wasson, second vice-president; Charles H. Sabin, cashier.

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SAVINGS BANKS.

The Albany Savings Bank is the second oldest savings bank in this State and was organized through efforts of William James, Charles R. Webster, Jesse Buel, John Townsend, and Joseph Alexander, who petitioned the Legislature for an act of incorporation. The act was passed March 25, 1820. The first officers of the institution were Stephen Van Rensselaer, president; William James, first vice president : Joseph Alexander, second vice-president; John Townsend, third vice- president; Charles R. Webster, Jesse Buel, Thomas Russell, Volkert P. Douw, William Durant, Douw Fonda, Simeon De Witt, Peter Boyd. John Spencer, John L. Winne, William McHarg, Matthew Gill, Har- manus Bleecker and Sylvanus P. Jermain, managers, none of whom received directly or indirectly, pay for their services. The first meet- ing of these officers was held May 16, 1820, at the Chamber of Com . merce 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 arrangements for the safe keeping of its funds. The deposits 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 1872 the business of the Savings Bank was conducted in the rooms formerly occupied by the First National Bank. It occupied its own building, No. 89 State street, in May, 1875, but is about to remove to a new structure, corner of Maiden Lane and North Pearl street.

Mr. Van Rensselaer was succeeded as president, in 1840, by John Townsend; in 1854, by Gerrit Y. Lansing; by Rufus H. King in 1863; by Harmon Pumpelly, in 1867; by Henry H. Martin, in 1882. J. Howard King is now president, with Marcus T. Hun, vice-president.

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.

This institution is one of the strongest in the State and has always had the confidence of the community. Its deposits have increased from about $14,000 in the first year until its assets now amount to nearly $20,000,000, with a surplus of about $2,250,000.

The Albany City Savings Institution was incorporated on March 29,

GEN. SELDEN E. MARVIN.

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1850, and began business in the Albany City National Bank build- ing, No. 47 State street. The first trustees were Erastus Corn- ing, sr , John Taylor, James Maher, Lansing Pruyn, James Kidd, James McNaughton, 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. Selden E. Marvin now holds that position. Watts Sherman was the first treasurer and was succeeded by Henry H. Mar- tin. In 1874 Amos P. Palmer took this office and was succeeded by Russell C. Case. The present treasurer is William S. Hackett. John E. Walker and Horace S. Bell, vice-presidents. The deposits and sur- plus amount to $2, 740,582.71. The present trustees are: Selden E. Marvin, Rodney Vose, George I. Amsdell, Francis H. Woods, Charles R. Knowles, James W. Cox, jr., John E. Walker, John E. Palmer, Geo. H. Thacher, E. De L. Palmer, Albert Hessberg, Horace S. Bell, Ed- ward J. Gallien, J. H. Brooks, John Bowe, P. N. Bouton.

The Mechanics' and Farmers' Savings Bank was incorporated April 12, 1855, and commenced business in the Mechanics' and Farmers' Bank building. Thomas W. Olcott was its first president. He was succeeded by his son, Dudley Olcott, who still holds the office. Both Thomas W. and Dudley Olcott held the office of secretary, of which the present incumbent is George G. Davidson. Charles Newman is vice-president, and Horatio N. Snow, accountant. The surplus on July 1, 1896, was $357,685.67. The deposits are nearly $2,000,000.

The Albany Exchange Savings Bank was incorporated in April, 1856, with James McNaughton, president, and Joseph M. Lovett, treasurer. The office of president has been held by William G. Thomas, Isaac A. Chapman, John E. McElroy, and William Dalton, the present incum- bent. In 1869 Chauncey P. Williams was elected treasurer. The present treasurer is Abraham V. De Witt, John De Witt Peltz is first vice-president, and James McKinney second vice-president.

The National Savings Bank was incorporated May 6, 1868, and began business in June of the following year. The first president was Eras- tus Corning, sr., who was succeeded by John H. Van Antwerp in 1872; he has held this position ever since. Albert P. Stevens was the first treasurer, and he also has held the office to the present time. John G. Myers and G. A. Van Allen are vice-presidents. On January 1, 1897, its deposits and surplus reached the total of $8,443,594.56, exhibiting

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a continuance of growth, year by year, measuring the confidence reposed in it by its depositors in a most assuring and satisfactory man- ner to its officers and trustees. Economy in its administration is evidenced by the fact that its president, Mr. Van Antwerp, has from the first declined holding the presidency as a salaried position.

The Home Savings Bank, located in its new building, No. 13 North Pearl street, in this city, was incorporated May 10, 1871. William White was the first president, holding the office up to the time of his death in January, 1882. He was succeeded by John D. Capron, who held the office until May, 1891. Peter Kinnear was then chosen to succeed him, and held the office until January, 1896, when he was succeeded by the present incumbent, James Ten Eyck, of the firm of Bacon, Stickney & Co., also past grand master of Masons in this State. Edmund L. Judson was treasurer from the organization of the bank up to the time of his death in April, 1890, when he was succeeded by the present incumbent, John D. Capron. The other officers are David A. Thomp- son, first vice-president; John H. Farrell, second vice-president; and Samuel L. Munson, secretary. The deposits on January 1, 1891, amounted to $1,604,204.23. The surplus on the same date was $91,- 719.80.

The Albany County Savings Bank was incorporated April 30, 1874, with Jasper H Pratt, president; who was succeeded by the present in- cumbent, Jasper Van Wormer. John Templeton was the first treasu- rer, and was succeeded by William N. S. Sanders, the incumbent. Al- bert V. Bensen has been secretary from the incorporation. Seth Wheeler, James Mix and F. C. Curtis are vice-presidents. Amount due depositors January 1, 1896, $4,359, 892.45; surplus, $200, 226.33.

MANUFACTURES.

While Albany has gained a high position as a center of political in- fluence, in art and educational affairs, and in the character of its financial institutions, it has also attained prominence through the number and importance of its manufacturing industries.

The iron industry in its various branches is one of the oldest and most important in the city. What is now the Townsend Furnace and Ma- chine Shop Company was established in 1807 by John and Isaiah Town- send, who were succeeded in 1838 by John Townsend alone, who was followed in 1849 by Franklin and Theodore Townsend. In 1856 Frank- lin Townsend became sole proprietor, and in 1867 admitted George P.

JOHN H. VAN ANTWERP.

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Jackson to a partnership. In 1871 Rufus K. Townsend, grandson of Isaiah, took his father's place in the business, and in July, 1882, upon the death of Mr. Jackson, became sole proprietor. Rufus K. Townsend died in December, 1895, and his father (Franklin) again assumed control of the business and organized a stock company with the above title and the following officers: Ledyard Cogswell, vice-president; John T Brady, secretary and treasurer; Ezra Loughren, superintendent.

The iron foundry of Isaiah Page & Son was established by the senior member of the firm in 1832, and occupied its present site in 1850. Will- iam B. Page became a member of the firm in 1883, and two years later Isaiah Page died. For more than fifty years this establishment has conducted a successful and honorable business.

The car wheel works now operated by Hon. John Boyd Thacher and his brother, George H. Thacher, jr., merit notice. This busi- ness was founded by George H. Thacher in 1852, and during many years some of the leading railroads in the country, including the New York Central, were supplied with wheels from this foundry. The Albany Saw, Steel and File Works, conducted by E. F. Decker & Bros., was established by Pruyn & Lansing (Robert H. Pruyn and Charles B. Lansing) in 1855. This firm was succeeded in 1879 by Lansing & Co., and they by the present firm in 1892. The name of the works sufficiently explains its character. Other iron industries have been conducted by Storks & Pruyn (established 1848), and operated later by Prince & Ott; Sullivan & Ehler, steam engines; James McKinney & Son, the Albany Malleable Iron Works, E. D. Ransom & Co., and others.

During many years Albany was the headquarters of stove manufac- turing in the United States, and the industry is a prominent one at the present time. Stoves were made here as early as 1827 by H. Nott & Co., and from that time onward the industry rapidly advanced. The great establishment of the Perry Stove Co. was started in 1837 by Treadwell & Perry and for fifty years carried on a large business. For reasons that need not be entered upon here the business was placed in the hands of Selden E. Marvin as receiver in 1895.

Rathbone, Sard & Co., manufacture the celebrated Acorn stoves and ranges, and have branches in Chicago, Detroit, and Aurora, Ill. The business was established in 1835 by Gen. John F. Rathbone, who is still president of the company. George Sard is vice-president and man- ager, and Edward Bowditch, secretary and treasurer. About 700 men are employed in Albany and 500 in Aurora. The Littlefield Stove Com-

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pany was organized in 1865 by D. G. Littlefield, who is now president of the company, with H. C. Littlefield, as treasurer. D. G. Littlefield is the inventor of the first successful base-burning stove. Among other firms that have been represented in this industry are the Albany Stove Company, organized in 1868; the Ransom Stove Company, Carroll & Co., the Albany Co-operative Stove Company, and several individuals.

The brewing industry in Albany had its inception in the early years of the city's existence, and before the granting of the Dongan charter, Arent Van Corlaer making ale here in 1661. In 1695 Ben C. Corlaer and Albert Ryckman were "authorized and directed to brew, for the use of the Common Council, three pipes of beer at £10 13s." Another early and prominent brewer was Harme Gansevoort who died in 1801. At about the same period a Mr. Gill was producing 150 barrels a year and boasted of the great quantity. At the present time there are manufactured in the city approximately half a million barrels of malt liquors annually. Robert Dunlop was an early brewer, as were also John McKnight, and Andrew Kirk, the latter on the site of the present Capitol City Brewery. Among the leading brewers of ale and lager in the city at the present time is the Beverwyck Brewing Company, which had its inception in a plant established in 1845 by James Quinn ; this brewery now has an annual product of 100,000 barrels of lager and 80, - 000 barrels of ale. The Albany Brewing Company had its inception in 1797 and now has a malting capacity of 150,000 bushels and produces more than 100,000 barrels of ale and porter annually. The Taylor Brewery was started in 1822 and is still in successful operation. The Fort Orange Brewing Company was formed in 1839 and was succeeded by the present Capitol City Brewing Company. In 1842 William Ams- dell founded the ale and porter brewery now conducted by his son, George I. Amsdell, the annual capacity of which is about 100,000 bar- rels. Other brewers of importance are Quinn & Nolan, the Hinckle Brewing Company, the Dobler Brewing Company, and the Hedrick Brewing Company, all of which are comparatively large producers. Intimately connected with this industry is the malting interest, in which John G. White and his son, Andrew G., John Tweddle, J. W. Tilling- hast, Thomas McCredie, William Appleton, Story Brothers, William Kirk and others have been prominent.

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Landmarks of Albany County, New York, Part 39

Author: Parker, Amasa Junius, 1843-1938, ed Publication date: 1897 Publisher: Syracuse, N.Y. : D. Mason Number of Pages: 1374

Author: Parker, Amasa Junius, 1843-1938, ed
Publication date: 1897
Publisher: Syracuse, N.Y. : D. Mason
Number of Pages: 1374