USA > New York > Oneida County > Utica > Memorial history of Utica, N.Y. : from its settlement to the present time > Part 55
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The legislative act under which the Utica City Bank commenced is dated April 8, 1838, but it did not begin business until September I, 1848, when the organization was effected at a meeting held at Bagg's Hotel and the following directors were elected : Hiram Denio, Charles H. Doolittle, William Bristol, Isaiah Tiffany, Cyrus Clarke, Jared E. Warner, Edward Curran, S. V. Oley, Samuel A. Munson, George S. Dana, Charles S. Wilson, James M. Kimball, and James A. Mott. Hiram Denio was elected the first president and held the office until September 5, 1859, when he was succeeded by Jared E. Warner. On
1 See sketch of R. S. Williams in the biographical department of this work.
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MEMORIAL HISTORY OF UTICA.
the 10th of January, 1878, Mr. Warner resigned the office and Isaac Maynard succeeded. He died on the 23d of February, 1885, and on April 7, 1885, Charles S. Symonds assumed the office and has held it to the present. The first vice-president was Jared E. Warner, and upon his elevation to the presidency, as noted, he was succeeded by Daniel P. Cadwell. The latter died November 4, 1863, and the office was un- filled until September 6, 1864, when Charles McLean was elected who held the office until the 10th of January, 1878. He was succeeded by R. V. Yates, who died February 8, 1879, and Russell Wheeler was elected and still fills the office. The first cashier of the bank was Charles S. Wilson, who served in that capacity until March 6, 1868, when Charles S. Symonds took the office and continued until April 17, 1885, when he was elected to the presidency. Melville C. Brown succeeded and is the present incumbent. Francis H. Thomas was the first teller and was succeeded by John S. Hunt, and he in February, 1861, by Mr. Symonds. On November 29, 1881, he was succeeded by Mr. Brown. The original capital of this bank was $125,000, but on the 11th of May, 1849, it was increased $75,000. It remained at this amount until Jan- uary, 1888, when it was raised to $400,000. Business was first opened at No. 37 Genesee street. In 1862 the property on the corner of Gen- esee and Catherine streets was purchased, and in the next year a sub- stantial building was erected at that point. This was occupied until March 2, 1884, when a destructive fire swept over nearly the whole of that square, and the property and books of the bank were destroyed except the books in current use. The bank continued business in rooms furnished by Roberts, Butler & Co. until the 20th of March, when it removed to the Exchange building, where it remained until May 5, 1885. On that date it occupied its present handsome and convenient banking house situated on the former site. In May, 1865, the bank was re-organized under the national system. The institution has been a prosperous one from the beginning, and its prudent management has carried it through the various periods of stringency and panics without very material suffering. Its capital was impaired in 1868 by about $24,000 through failures of some of its customers. Its present gross resources are $1, 169,296.88, and its deposits are about $600,000.
Following are the names of the present Board of Directors : John
Eng by EG Withoms & B. N.
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ONEIDA COUNTY BANK.
Thorn, Thomas Foster, Charles S. Symonds, J. Stuart Lowery, William Heath, E. A. Tallman, George Young, Isaac N. Maynard, Thomas F. Baker, Dr. Alonzo Churchill, Samuel R. Campbell, John W. MacLean, Henry W. Miller.
The financial institution known as the Oneida County Bank was organ- ized in the year 1853, with a capital of $125,000, and the following Board of Directors : Chauncey S. Butler, Ira B. Cary, Charles H. Doolittle, Samuel Morgan, J. R. Noyes, Elias Root, David Dows, Benjamin Carver, Owen O'Neil, Samuel Cary, Richard S. Jones, George Thomas, John Car- ton, Francis Kernan, John F. Seymour, R. V. Yates. Its capital has al- ways remained the same, and it has always occupied its present quarters at No. 73 Genesee street. The first president of the bank was Ira B. Cary, who died in 1855, and was succeeded by Judge Charles H. Doolittle, who was elected in June of that year and served to the time of his death in 1874. In June, 1874, Francis Kernan was made president and con- tinued in the office until August 2, 1887, when the present president, John Milton Butler, was elected. Mr. Butler came to Utica in 1853 to enter this bank, of which he was made cashier in 1855, succeeding J. R. Noyes. He held that office until August, 1887, when he was elevated to the presidency. During his connection with the bank his wise and prudent counsel and his conservative course have given the institution an excel- lent reputation. The first vice-president of this bank was Judge Charles H. Doolittle, and when he was elevated to the presidency he was suc- ceeded by the present incumbent of that office, Chauncey S Butler. When John M. Butler was promoted from the cashiership, in 1887,1 he was succeeded by the present cashier, F. A. Bosworth. The institution has always maintained its credit and has passed through the several pan- ics almost unscathed. At the present time it shows profits amounting to more than $250,000.
The Second National Bank is located at No. 75 Genesee street, where it first began business. It was incorporated December 10, 1863, and was authorized by the Comptroller to do a banking business in January, 1864; its doors were opened in the following month. The first officers were as follows: William J. Bacon, president; Theodore S. Faxton, vice-president ; William D. Hamlin, cashier. Mr. Bacon declined the
I See biography of J. Milton Butler in the biographical department.
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MEMORIAL HISTORY OF UTICA.
presidency of the bank very soon after its organization, and was suc- ceeded by Theodore S. Faxton. The first Board of Directors were William J. Bacon, William D. Walcott, Robert Middleton, Daniel Crouse, William D. Hamlin, G. Clarence Churchill, Edward S. Brayton, Zenas C. Priest, and John Butterfield. The original capital stock was $300,- 000, which remains the same, and the institution now has a surplus of about $100 000. The affairs of this bank have always been judiciously and prudently managed, and its deposits now amount to more than $250,000, with over $500,000 of loans and discounts. Mr. Faxton held the office of president of the bank until his death in 1881, when he was succeeded by Edward S. Brayton, who continued in the office until his death in 1887, when he was succeeded by the present president, Will- iam M. White.
George R. Thomas filled the office of cashier until 1887, and in the fall of that year was succeeded by the present cashier, D. A. Avery. Mr. Avery is a native of Otsego County, and had an experience of twelve years as cashier of the Second National Bank of Cooperstown be- fore accepting his present position, to which he was called by the Board of Trustees without solicitation on his part. The present officers of the bank are as follows : William M. White, president; Henry Roberts, vice president ; D. A. Avery, cashier ; Willard Conkey, assistant cash- ier ; Frank R. Winant, book-keeper ; Henry Harmon, clerk. The Board of Directors are William M. White, Henry Roberts, G. Clarence Church- ill, Robert Middleton, Benjamin Allen, T. R. Proctor, M. H. Thomson, Henry Martin, D. C. Murray, N. E. Devereux, N. E. Kernan, and D. A. Avery.
The charter of the Utica Savings Bank1 was granted by the legisla- ture in the year 1821, incorporating " A Bank for Savings in the City of Utica." The incorporators and trustees named in the act were John C. Devereux, Ezekiel Bacon, Nathan Williams, Morris S. Miller, Sam- uel Stocking, Erastus Clark, Moses Bagg, David P. Hoyt, Montgomery Hunt, John H. Lothrop, Apollos Cooper, Thomas Walker, Rudolph Snyder, William H. Maynard, and Ezra Cozier. For some reason now unknown no further action was taken in the matter until 1839, at which time there were eleven savings banks chartered in this State, all of
1 Condensed from a history of the bank by Addison C. Miller.
585
UTICA SAVINGS BANK.
which with one exception, are still in operation. On the 26th of July, 1839, a charter was granted to the Savings Bank of Utica, and the in- stitution was at once organized and began business on May 18, of that year, in the office of Nicholas Devereux, on Bleecker street. Great credit must be given to the gentlemen who organized and promoted the establishment of this bank, without the least pecuniary compensation, with no possible benefit to come to them. They were directly prohib- ited from receiving any compensation for their services, or from borrow- ing or using a dollar of the funds of the bank, and denied the privilege allowed to all others of being depositors in the bank. They voluntarily assumed the responsibility of receiving, caring for and investing the money of the poorer and laboring classes. The system of savings banks was still in its infancy, its success was by no means assured. If they failed in giving due attention to its business ; if they were wanting in proper skill ; or if the system itself should prove a failure, they would be held responsible, not only by the depositors, but by the whole com- munity of Central New York.
By the provisions of the original charter the deposits which the bank could receive in the aggregate were limited to $500,000. The invest- ments were required to be made in United States or State stocks, or in the bonds of the city of Utica, or on bond and mortgage on real estate worth double the sum loaned, exclusive of buildings, except that the trustees were authorized to loan $3,000 of the funds of the bank upon approved notes. The directors were prohibited from borrowing or using the funds of the bank. The board was to regulate the rate of interest to depositors, so that they should receive a ratable proportion of all the profits of the bank, after deducting the expenses. The bank was required to report annually to the legislature and to the common coun- cil of the city. The trustees were authorized to accumulate gradually a surplus fund, not exceeding ten per cent. of the deposits, for the bet- ter security of the depositors. The amount to be deposited by any one person could not exceed $2,000, and the trustees could not become depositors. The charter was the model for many subsequent charters of savings banks in this county .. The first meeting of the board was held at the office of Nicholas Devereux, on the second day of May, 1839, when John C. Devereux was elected president, Thomas Walker vice-
74
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MEMORIAL HISTORY OF UTICA.
president, and Stalham Williams secretary. The second meeting was held at No. 12 Bleecker street, on the eighth day of May, 1839, at which a code of by-laws was adopted, and Stalham Williams was appointed the treasurer of the bank, which office Mr. Williams held for thirty four years, and until his death in 1873, at the age of ninety nine and a half years. The board was at first divided into committees of three, and it was the duty of those committees in turn each month to attend at the bank and direct as to its transactions.
On the 18th day of May, 1839, the first deposit was made in the sum of $100 by John Hurley, of whom nothing is known beyond the fact stated in the signature book, that he was an Irishman, twenty-four years of age, and lived at Boonville, and could not write his name. The growth of the bank was exceedingly slow. The number of accounts opened for the first eight years averaged about 200 each year. The number of open accounts on the first day of January, 1844, when the bank was five years old, was 209, and the amount of deposits was $27, 173.72, an average of $130 to each depositor. At the end of twenty years, on the first day of January, 1859, the number of depositors was 2,041, and the amount due depositors was $412,079.98, an average of $201. Ten years later, on January 1, 1869, the number of depositors was 6,037, and the amount due depositors was $1,907,256 65, an average of $310. January 1, 1879, the number of depositors was 11, 100, and the amount due depositors was $3,674,724.07, an average of $331. January I, 1889, the number of depositors was 16,994, and the amount due depos - itors was $4,418,339. 13, an average of $209 for each account.
In 1842 an act was passed authorizing the bank to loan on personal security to the amount of $5,000, instead of $3,000, as provided in the original charter, but providing that no such loans should be made with- out the consent of a majority of the board of trustees. In 1860 an act was passed limiting the deposits to $1,000,000, instead of $500,000. In 1864 the limit was increased to $2,000,000, and in 1869 to $3,000,000. In 1870 the charter was amended as to the manner of the investments upon bond and mortgage. Prior to that date the loans upon bond and mortgage were limited to one- half of the value of the mortgaged prem- ises, exclusive of the value of the buildings. This provision prevented the bank to a large extent from making loans on property in Utica, as
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UTICA SAVINGS BANK.
the value of the buildings in most cases exceeded many times the value of the land on which they were located. Thus if a borrower had a lot of the value of $500, upon which he erected a house costing $1,500, making the total value $2,000, the bank could not loan him to exceed one-half the value of the land, which would be $250, on property worth $2,000. Thus the mortgage loans of the bank were mostly upon farm lands. After considerable discussion in the board, it was finally agreed to apply to the legislature for permission to loan on productive un- incumbered real estate situate in Utica, to the extent of one-third the value, including buildings, but providing that no loan should exceed the sum of $10,000, and such permission was granted by the legislature. A further amendment was made limiting the amount of any single de- positor to $5,000. In 1871 the charter was again amended limiting the amount of deposits to $5,000,000, instead of $3,000,000.
On the 20th of June, 1851, the legislature passed an act incorporating the Central City Savings Institution of Utica, which continued in exist- ence until 1873, when it failed, and its affairs were wound up by John A. Goodale, who was appointed receiver for that purpose. On the 22d of March, 1865, the legislature passed an act incorporating the National Savings Bank of Utica. On the 14th of May, 1868, the legislature granted a charter incorporating the People's Safe Deposit and Savings Institution of the State of New York. A branch of the same was opened at Utica and also at Syracuse. The affairs of the National Savings Bank soon after became merged in the People's Safe Deposit and Savings Institution. The provisions of the charter of the latter bank have been justly criti- cised, and the bank was overtaken by bankruptcy early in the year 1872.
The failure of these two institutions caused some distrust among the depositors of the savings bank of Utica, which finally culminated in a run upon the bank in the latter part of December, 1872.
On Saturday, the 2Ist of December, there were thirty-four accounts closed, which was an unusually large number, but at no time was the bank crowded. A full house was expected Monday morning. Monday forenoon was unusually quiet. On opening the bank after dinner, how- ever, more depositors desiring to draw their money were found than could be promptly attended to. It was determined, if possible, to clear the
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MEMORIAL HISTORY OF UTICA.
bank, which was held open until 7 o'clock in the evening for that purpose, but finally closed without materially lessening the crowd waiting for their money. They were dismissed pleasantly, and invited to come at 9 o'clock the next morning, when their money would be given them as fast as they could get to the counter. The run continued until the following Saturday noon, at which time the officers succeeded in keeping the bank clear of a crowd, but the draft upon the bank caused by fright continued until about the 10th of January, 1873.
Many improvident charters were granted to savings banks by the legislature of this State between 1865 and 1873. Many of these banks were continually in trouble, which brought great discredit upon the whole system. In 1873 a commission was created in this State for the purpose of revising and amending the constitution. A general law had been many times proposed for the government of savings banks, but a general law would not prevent the legislature from granting special charters. Our respected townsman, Hon. Francis Kernan, was a member of the constitutional commission from this county. He had witnessed the trouble following the granting of special charters in the case of the two savings banks which had failed in Utica. He had a strong desire to make the savings banks in the State safe and secure in- stitutions, and it was upon the suggestion of the officers of this bank that Mr. Kernan secured the adoption of an amendment to article VIII. of the constitution, making it the duty of the legislature to conform all charters of savings banks, or institutions for savings, to uniformity of powers, rights and liabilities, and prohibiting the granting of any more special charters. This amendment was subsequently ratified by the people, and in 1875 the legislature passed a general act in conformity to the requirements of the amended constitution, since which no special charters have been granted, and to this general act all former charters were made to conform.
When the run on the bank in December, 1872, and January, 1873, had ceased, the trustees found that the bank had on hand in its vault about $500,000 of currency. They had sold and converted into money a portion of the securities of the bank, in order to be able to meet promptly the demands of the depositors. How and in what way this money was to be disposed of was a question for the board to determine. The run
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UTICA SAVINGS BANK.
had demonstrated the fact that the bank possessed deposits belonging to persons possessed of larger means than those for whose benefit the bank was designed. The fact that the People's Bank had been bidding for the business had doubtless stimulated the officers to allow deposits to increase, so as to make as good a showing of business as the active rival, but, fortunately, the bank, in its desire to secure business, had in no way lost sight of the absolute security of its investments.
After much discussion the board concluded that money held for busi- ness or commercial use should not be deposited in the Savings bank; that the business of the bank should be confined to persons who could not care for and invest their funds, but would be likely to lose their money if they did not have a safe place to deposit it. In accordance with the policies thus declared, notice was given to depositors (who were supposed to be able to take care of their funds) to the amount of $300,- 000 that they must withdraw their deposits, and that no more interest or dividends would be allowed on their accounts. In this way the bank had no difficulty in making a safe investment of the currency on hand at the end of the run, by paying it back to the designated depositors. Such has been and is still the policy of the bank. The board has re- peatedly given a like notice to depositors who they thought did not come within the class for whom the bank was created, and for whom it should be continued.
In 1851 the store on the east side of Genesee street, near the corner of Bleecker, which is now occupied by John H. Shehan, was put in use by the bank and was thus used for many years. This was sold in 1869, and the lot purchased on the corner of Genesee and Fayette streets, where was soon erected the handsome iron building in which the in- stitution is now tenanted. Following is a complete list of the trustees and officers of the bank from its organization to the present time :
Trustees .- Thomas Walker, 1839-63, died; John C. Devereux, 1839-49, died ; Sam- uel Stocking, 1839-58, died; Joseph Kirkland, 1839-44, died; Silas D. Childs, 1839-66, died ; Stalham Williams, 1839-73, died; John Savage, 1839-41, resigned ; Thomas H. Hubbard, 1839-57, died; John H. Ostrom, 1839-45, died; Hiram Denio, 1839-71, died ; Charles P. Kirkland, 1839-50, resigned ; James McGregor, 1839-54, resigned ; Joshua M. Church, 1839-61, died; William Francis, 1839-49, died ; Nicholas Devereux, 1839-56, died; Owen O'Neil, 1841-75, died ; William Walcott, 1844-59, died ; Francis Kernan, 1845-64, resigned; E. A. Wetmore, 1849-73, died; Thomas R. Walker, 1849-75, resigned ; James Sayre, 1854-77, died; John C. Devereux, 2d, 1856-84, died ;
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MEMORIAL HISTORY OF UTICA.
Samuel G. Wolcott, 1857-83, died ; Charles A. Mann, 1858-60, died ; Thomas H. Wood, 1860-74, resigned ; Truman K. Butler, 1860-88, died ; Thomas Buchanan, 1861-66. resigned ; Ward Hunt, 1863-73, resigned; Alexander S. Johnson, 1872-76, resigned ; Francis G. Wood, 1874-88, resigned ; John Carton, 1874-88, died; S. S. Lowery, 1877-78, resigned. The present trustees with the dates of their election are: Willliam J. Bacon, 1850; William D. Walcott, 1864; Ephraim Chamberlain, 1866 ; Addison C. Miller, 1867; William Kernan, 1873 ; G. Clarence Churchill, 1875; Alexander T. Good- win, 1876; William Blaikie, 1878; Robert Middleton, 1881; Edward Curran, 1883 ; Philo S. Curtis, 1885 ; Rufus P. Birdseye, 1888; James H. Williams, 1888.
Presidents .- John C Devereux, Thomas Walker, Hiram Denio, Edmund A. Wet- more, William J. Bacon.
Vice-presidents .- Thomas Walker, Hiram Denio, Silas D. Childs, Thomas R. Walker, Truman K. Butler, Ephraim Chamberlain, William D. Walcott.
Treasurers .- 1839, Stalham Williams, died 1873 ; 1878, Addison C. Miller, in service.
The present officers of this bank are as follows: Ephraim Chamber- lain, president ; Addison C. Miller, first vice-president ; Edward Cur- ran, second vice-president; A. C. Miller, treasurer ; Rufus P. Birdseye, secretary ; R. H. Thompson, teller ; John Welbon and M. J. Kernan, book-keepers. The report of January 1, 1891, gives the assets of the bank as $5,484,799.29; liabilities, $5,000,091.76; surplus on par val- ues, $484,707.53.
A. D. Mather & Co. (Asaph D. Mather and Joshua Mather) estab- lished a private banking house in Utica in March, 1866. The business was thus continued until the death of A. D. Mather on the 8th of April, 1880, when the firm of Joshua and Charles W. Mather was constituted. The business continued as a private bank until November, 1890, when the institution was organized as a State bank, with a capital of $200,- 000. Joshua Mather was made president; Charles W. Mather, vice- president; Edward Bushinger, cashier. These men still hold their re- spective offices. For two years a building which stood on the site of the present bank, corner of Genesee and Bleecker streets, was occupied. In 1868 the present structure was erected.
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ONEIDA GLASS COMPANY.
CHAPTER XVIII.
MANUFACTURES.
U TICA during much of its history has not been noted for its man- ufactures. Its situation near the head of Mohawk navigation and its consequent convenience as a place for the receipt and distribution of goods from the east, and the return of the products of agriculture from a rich and wide reach of country gave it a start as a fit place for com- merce. And in commerce its people were largely employed. But the lack of water power suitable for the driving of factories and mills, at a period when such power was wholly relied on, forbade that its industry and its capital should be directed to manufacturing. There were of course the usual complement of shoe shops, tin shops, chair, cabinet and wagon makers. There were tanners, iron founders, and nail makers. To wider and more aspiring methods of gain, and pending the period of the more developed uses of steam, Utica was by itssite wholly denied. Among its business men there has never been a lack of enterprise, but its manifestations were seen in the conduct of each one's private affairs. As wealth increased other fields were sought wherein to invest the sur- plus products of industry ; and with thought and hands busy at home, capitalists have added to their store while helping to build up towns at a distance in which they had small cause for personal concern. Nearer home they shared in the stock of some of the mills of the Sauquoit, and when in 1810 a factory was projected at Oriskany, over one-third of its subscribers, representing one fifth of the capital, were dwellers in Utica, the bulk of the capital having been obtained at the east.
The earliest instance known of a union of capital to further a manu- facturing enterprise of their own, was one formed for the making of glass, which was incorporated in February, 1809. It was known as the Oneida Glass Company, and had a capital of $100,000, Its establish- ment was brought about through the stimulus of an offer of co-opera- tion and assistance from Lawrence Schoolcraft, then superintendent of a company near Albany. The prominent men of this county sub-
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