USA > New York > Onondaga County > Past and present of Syracuse and Onondaga County, New York : from prehistoric times to the beginning of 1908 > Part 63
USA > New York > Onondaga County > Syracuse > Past and present of Syracuse and Onondaga County, New York : from prehistoric times to the beginning of 1908 > Part 63
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PAST AND PRESENT OF ONONDAGA COUNTY
CHAPTER LA.
OTHER THINGS THAT HELPED SYRACUSE.
Liberal to the point of being the most potent force in the city's indus- trial activity, and conservative and watchful to a degree which has given a faith and strength that is the city's financial anchor, the banks of Syracuse have been built to a point that is the pride of every person conversant with the financial situation of recent years. In 1907, when banking operations in large Eastern cities were quickly reflective of the panicky and fickle money and stock market, the banks of Syracuse, month after month, reported record clearances. Even in August, usually the lowest point of the year. the clear- anres of the Syracuse Commercial banks led all the cities in the Middle Atlan- tic states in gains over the two previous years. The clearances in August. 1907, were nine million three hundred and eighty-five thousand eight hundred and seventy-two dollars, a gain of forty-four and three-tenths per eent above 1906, when they were six million five hundred and two thousand nine hundred and twenty-eight dollars, and fifty-seven per cent above 1905, when the figure of five million nine hundred and eighty thousand six hundred and seventy-three was reached.
To the banks of Syracuse, and of course that means the men who have composed their boards and rosters of officials. the industrial progress of the city is directly attributable. The liberal employment of their capital in manufacturing, trading and the many industries that make the city's place in the marts of the state and nation, and the brave way in which financial crises have been met and passed, are the important things that have pushed the city forward. It is all a chapter upon which the bankers have a right to look back with pride-a chapter not always given its due credit, but none the less the absolute sinew and backbone of the city's stability, past, present and future.
Some idea of the changes in business can be gauged from these surplus figures advertised by the banks of 1894 when compared with those of the present :
Onondaga Savings $1,365,409
Syracuse Savings 770,983
First National 200,000
Third National 100,000
State Bank of Syracuse 100,000
Merchants' 220,000
Robert Gere 200,000
Bank of Syracuse
85,000
Commercial
45,000
New York State Banking Company
60,000
Salt Springs
100,000
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PAST AND PRESENT OF ONONDAGA COUNTY
The changes in banks in twenty years shows in a measure how solid in general have been these institutions. In this period the New York State Banking Company and Robert Gere Bank have been lost, the American Exchange National Bank organized and lost, and the Commercial Bank and Syracuse Trust Company gained.
The oldest bank, with the exception of the Syracuse Savings Bank, is the Merchants' National, organized as the Merchants' Bank in 1850. Besides age the bank achieved a reputation for conservatism, coming to its present strength and influence under the regime of President George N. Kennedy. Today the bank boasts a surplus of two hundred and fifty thousand dollars with the capital stock of one hundred and eighty thousand dollars of the '80s still unchanged. At the present time Hiram W. Plumb is president, William G. Tracy, vice-president, and Charles A. Bridgman, cashier. The list of directors elected in 1908 included these officers and Charles B. Everson, Fred Frazer, George G. Kenyon, Grant D. Green and L. L. Thurwachter. In January, 1908, the dividend was placed at fourteen per cent, two hundred and twenty-five was bid for the stock and two hundred and fifty asked.
The Salt Springs National Bank, organized as the Salt Springs Bank in 1852, after long periods of success came through a trying out process which has made it even a greater institution than when Alfred A. Howlett was the stanch financier in the president's chair. Starting with a capital of one hundred and twenty-five thousand dollars, which was increased to two hundred thousand dollars, chartered as a national bank in 1865, it today boasts of a surplus of one hundred thousand dollars. On September 4, 1899, the Salt Springs National Bank was removed from the Syracuse Savings Bank building to the former Onondaga County Savings Bank building, which had become the Gridley block by the purchase of Francis W. Gridley on January 26, 1899, and handsome chambers were built. From January 3, 1860, to January 11, 1897, Alfred A. Howlett was president and from January 11, 1897, to January 17, 1898, George B. Leonard and later Franeis W. Gridley had control. Other presidents who have served with honor to the bank and worked indefatigably for its success have been T. Jefferson Leach, Williams H. Stansfield and Senator Francis II. Gates. Senator Gates was re-elected president in 1907. Mr. Stansfield was made vice-president, Leonard H. Groesbeck cashier, and G. Howard Avery assistant cashier. Besides Messrs. Gates, Stansfield and Groesbeek, the other directors were John W. Gates, Charles A. Hitchcock, Isaac H. Munro and Edward H. O'Hara. In 1908 there were bids of one hundred and twenty-five for the stock and one hundred and thirty-seven and a half asked.
The New York State Banking Company, so long located in the Wieting block upon the Clinton Square corner, had its doors closed upon September 18, 1902, its business finally being taken over by the First National Bank. The New York State Banking Company originated in the Burnet Bank in 1852, became the Fourth National, and in 1872 took its last title.
Strength was piled upon strength in many ways to build the First National Bank of today, the most famous bank in Syracuse. Conservative to a
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PAST AND PRESENT OF ONONDAGA COUNTY
degree, taking pride in a surplus and adhering to the interests of its eus- tomers during hard times as well as in fair financial weather, gave it an enviable record. The influence of Edward B. Judson who organized the bank in 1863 and remained its president until his death, was never lost, for Edward B. Judson, Jr., thoroughly inheriting his father's qualities, succeeded in the bank. This was the sixth national bank in the United States. In 1907 there was a surplus of five hundred thousand dollars joined to the capi- tal stock of two hundred and fifty thousand dollars. In 1900 the Robert Gere Bank, established May 8, 1880, with James J. Belden, president and Frederick W. Barker, cashier, was consolidated with the First National Bank. The Robert Gere Bank, until June, 1888, occupied rooms on the second floor of the Larned building, and was then removed to the Snow building, and in January. 1895, occupied its own bank building east of the old Onondaga County Sav- ings Bank building. When the new Onondaga County Savings Bank build- ing was erected, provision was made for the First National bank upon the ground floor. Genesee street side, as in the old building, and the new quar- ters were taken up in 1897. In 1907 there was put in the great steel vault which is known as the safest "strong box" in the city. C. W. Snow was vice-president in 1907, F. W. Barker second viee-president, and Edward S. Tefft eashier. Besides Messrs. Judson, Snow and Barker, the directors were Dennis MeCarthy, Horaee White, Osgood V. Traey, Frederick R. Hazard, Hendrick S. Holden, E. I. Rice, Charles M. Crouse and Albert F. Fowler. The building up of a bond department became an important feature of the bank in later years. With a dividend of fourteen per cent the stock January 1, 1908, had reached three hundred and seventy-five offered and four hundred asked.
Upon January 1, 1864, the Third National Bank, which had been organized in 1863, began business. It was the first commercial bank in the city to put up its own building, and such a one that it is still artistic in appearance in the day of pretentious office buildings. It was in 1887 that the Third National Bank went from the White Memorial building to the new home at North Salina and James streets. James Munroe, the first president of the bank, was succeeded by Allen Munroe, and in January, 1871, Lucius Gleason was elected and served until his death in 1891, when he was succeeded by Henry Laey, the president of today. That this bank came through a litiga- tion that would have swamped an institution less secure, was not only proof of its strength but of the desire for the control of its stock. In 1908 Jacob Amos was vice-president, and Lucius G. Lacy eashier, with Edward N. Wilson, Charles M. Warner, Edward Moir, Alexander T. Brown, H. A. Moyer and W. C. Lipe upon the directorate. With its last dividend ten per cent, the stock had reached one hundred and fifty bid on January 1, 1908, with one hundred and seventy-five asked.
The State Bank of Syraeuse, organized on February 1, 1873, with a eapi- tal stoek of one hundred thousand dollars, became one of the best known banks in Syracuse. handling many publie funds and by its reliability and earefulness successfully warding off criticism which so frequently comes to
520
PAST AND PRESENT OF ONONDAGA COUNTY
depositaries of city, county, state and government funds. Many county treasurers had their offices in and did all their business through this bank, and when the last bankruptcy law went into effect the State Bank was named depositary. Francis Hendricks was the first president of the bank, and he was succeeded by Albert K. Hiseoek. In 1908 the directors elected were Francis Hendricks. Frank Hiscock, Albert K. Iliscoek, George A. Wood, George Doheny, Carlton A. Chase, John J. Cummins, William A. Dyer, William K. Pierce, James Barnes and Alfred Mercer. Francis Hendricks was vice- president and George A. Wood cashier. There were bids of four hundred and twenty-five for the stoeks with five hundred asked on January 1. 1908, and the last dividend was sixteen per cent.
The Bank of Syracuse organized under the state laws in the spring of 1884, afterward became the National Bank of Syracuse increasing its stock until in 1907 there was six hundred thousand dollars capital stock and two hundred and fifty thousand dollars surplus and profits, the value of the stock being placed at one hundred and forty. Upon October 17, 1907, the stock was, sold at one hundred and sixty-two dollars and fifty cents a share and went up to one hundred and sixty-five. The first rooms of the Bank of Syracuse were in the White Memorial building, but in 1896 the ornate and beautiful building to the east of the Onondaga County Savings Bank building in East. Genesee street was erected, and these offices were ocenpied in 1897. In 1907, L. C. Smith was president, John Dunn, Jr., and F. C. Eddy, vice-presidents, C. H. Sanford cashier and Frank L. Barnes assistant cashier. Besides Messrs. Smith, Dunn and Eddy, the directors consisted of W. L. Smith, W. S. Peck, II. C. Hemingway, J. F. Durston. A. R. Peck, F. C. Soule, A. E. Nettleton. Douglas N. Green, H. W. Smith, Robert Dey. B. L. Smith and T. G. Cranwell.
The Commercial National Bank was incorporated on April 13, 1891, with a capital stock of two hundred and fifty thousand dollars, and Henry J. Mowry president, Hendrick S. Holden vice-president and Anthony Lamb cashier. The first banking offices were in the Larned building upon the Washington street side, and, upon the completion of the University build- ing the handsome banking offices were taken which are now occupied on the Warren and Washington streets corner, second floor. By 1908 the capital stock had been increased to five hundred thousand dollars, and to this was linked a surplus of two hundred and sixty thousand dollars, with deposits of more than two million dollars. While the bank was organized under the general banking laws of the state in 1891, it was converted to the national system in 1903. In 1907 Ilendrick S. Holden was president, George M. Barnes vice-president and Mr. Lamb cashier. The directors were Messrs. Holden, Barnes and Lamb, F. R. Hazard, William Nottingham, Donald Dey, Jacob Amos, Willis A. Holden, John S. Gray, Charles A. Hudson, Charles MI. Warner, Edward Joy, Louis Will, James M. Gilbert aud Ralph S. Bowen. With a dividend of seven per cent there was one hundred and forty offered and one hundred and forty-five asked for the stoek on January 1, 1908.
The ill-fated American Exchange National Bank was organized in 1897
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PAST AND PRESENT OF ONONDAGA COUNTY
with a capital stock of two hundred thousand dollars, and opened on Deeem- ber 1 of that year.
If the value of stoek and general popularity are factors, then the Trust and Deposit Company of Onondaga will have to be deemed the most suc- cessful banking institution in the city. It has been a common thing upon the stock boards of the city to see six hundred and seven hundred bid for shares and no offerings, for very little of the stock is trans- ferred. The Trust and Deposit Company was the pioneer in the trust com- pany business in Syracuse, being organized in 1869, building up its prestige with business-like care and consideration. Dudley P. Phelps was the first president. In 1907 Francis Hendricks was president. Albert K. Hiscock and Frank Hiscock viec-presidents. James Barnes secretary and Lueins M. Kinne assistant secretary. Besides these officers the trustees were Alfred Mereer, George A. Wood, William K. Pierce. John J. Cummins, Carleton A. Chase, William A. Dyer and George Doheny. Bids of eight hundred were made for the stoek in 1908 with eight hundred and fifty asked. the last divi- dend being twenty-eight per eent. the best bank dividend in the city.
The Syracuse Trust Company. the youngest of the city's banking institu- tions, commeneed business on July 1. 1903. and upon July 1. 1907, had assets of four million three hundred and two thousand dollars, deposits of three million five hundred and eighty-two thousand dollars, and more than five thousand five hundred depositors. During the year 1907 there were one thousand new names added. Frederick R. Hazard was president, James M. Gilbert secretary, and George M. Barnes treasurer. The capital stock on January 1, 1908, was three hundred thousand dollars with three hundred and forty-three thousand three hundred and forty-five dollars surplus and profits, and deposits of two million six hundred and thirty-one thousand six hundred and twenty-three dollars. The resources were three million three hundred and thirty-six thousand one hundred dollars. Besides Messrs. Haz- ard, Barnes and Gilbert, the directors were William Nottingham, Wilbert L. Smith, Hendrick S. Holden, Willis A. Holden, William H. Stansfield Frank C. Soule, Gates Thalheimer, John S. Gray, Edwin Nottingham, Albert E. Net- tleton, Edward Joy, Anthony Lamb, George J. Sager, J. Wiltsie Knapp, Hiram W. Plumb. Lewis C. Merrell, J. Frank Durston, Michael E. Driscoll and Dean E. Brown. With the last dividend eight per cent, stock was offered at two hundred and fifty January 1, 1908, and eight hundred and twenty-five bid.
The oldest existing savings bank is the Syracuse Savings Bank, incor- porated March 30, 1849, just after Syracuse had become a city. On July 1, 1907. the assets had reached thirteen million seven hundred and forty thous- and three hundred and twenty-five dollars, with a surplus of seven hundred and seventy-five thousand three hundred and fifty-eight dollars. The bank building, one of the first pretentious structures to be erected in the city, and occupied first in June, 1876. cost three hundred and fifty thousand dollars. but was carried on the ledgers of 1907 as worth two hundred thousand dol- lars. This bank showed its loyalty to Syracuse by carrying city bonds, which in 1907 amounted to one million two hundred and fourteen thousand two
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PAST AND PRESENT OF ONONDAGA COUNTY
hundred and fifty dollars with sixty thousand six hundred and thirty-five dol- lars in county bonds. When E. W. Leavenworth resigned the presidency of the bank in February, 1883, Hon. Charles P. Clark was chosen to the vacancy, holding faithfully and efficiently to his trust until his death in 1907, when George Doheny, long the attorney for the bank, succeeded. The trustees then were Frank Hiscock, Francis Hendricks, John Dunn, Jr., Wing R. Smith, Jacob Amos, J. Frank Durston, Nicholas Peters, Carleton A. Chase, William Cowie, A. Judd Northrup, E. D. Dickinson, Edward Joy, Dennis MeCarthy, Harvey A. Mover. Allen C. Fobes, DeForest Settle and William Muench. In 1894 the bank made extensive alterations in its building at a cost of thirty thousand dollars. and again in 1903, there were quite radical changes, the cost being fifteen thousand dollars.
Incorporated on April 10, 1855, the Onondaga County Savings Bank has reached the high record of savings institutions in deposits, loans, building and contribution to the city's growth. During the presidency of Edward S. Daw- son, a charter member of the board of directors to his death, the efficient board achieved the finest business building in the city. The corner stone of the new bank building was laid November 5, 1896, Charles L. Stone making the chief address. At this time the bank reached fourth in inerease of sur- plus of savings banks of the state outside New York and Brooklyn. The Building Committee was composed of Alva W. Palmer, Chairman, William H. Warner, Edward A. Powell. Charles W. Snow, George M. Barnes, Rasselas A. Bonta and Edward S. Dawson. Robert W. Gibson of New York, was the architect, and the Moulton-Starrett Company of Chicago, the builders. The structure is of granite. Indiana limestone and steel, and is strictly fireproof. The assets in 1887 were seven million five hundred and eighty seven thousand five hundred and fifty-seven dollars; in 1890, nine million one hundred and seventy-five thousand four hundred and thirty-two dollars; in 1895, twelve million thirty seven thousand nine hundred and thirty-nine dollars; in 1900, seventeen million four hundred and twenty-two thousand seven hundred and fourteen dollars, and on January 1. 1908. twenty-four million five hundred and nineteen thousand six hundred and eighty-three dollars. On July 1, 1897, there were thirty-four thousand two hundred and thirty-six open accounts. the aggregate deposits being twelve million six hundred and eighty- eight thousand seven hundred and seventy dollars, with a surplus of one mil- lion five hundred and one thousand six hundred and twenty-nine dollars. On January 1. 1908. the open account list had reached fifty-four thousand nine hundred and sixty. the aggregate deposits being twenty-three million four hun- dred and forty-two thousand six hundred and eighty-three dollars. There
have been but four presidents, Hon. Allen Munroe from June 1, 1855, to June 3, 1876; Hon. Daniel P. Wood to May 1, 1891; Edward S. Dawson to his death in 1907, Rasselas A. Bonta being the suecessor. It was this bank which furnished three hundred thousand dollars to build the City Hall and seven hundred and ten thousand dollars of the city's water bonds. George B. Kent was vice-president at the time the new building was erected, and Wil- liam E. Abbott had the record of being a member of the board of directors
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PAST AND PRESENT OF ONONDAGA COUNTY
from the chartering of the bank until his death. The trustees in 1908 were Rasselas A. Bonta, Charles L. Stone. Anson N. Palmer, Edward A. Powell, Salem Ilyde, George N. Barnes. William D. Dunning, Adolph II. Schwarz, Charles W. Snow, Henry M. Rowling, Hiram W. Plumb, Frederick R. Hazard, Osgood V. Tracy. Clinton T. Rose and Charles A. Hudson. The business done during the year 1907 amounted to eight million eighty-five thousand five hundred and twenty-eight dollars, and the net surplus was one million seventy-six thousand eight hundred and twenty-five dollars. Clinton T. Rose was the treasurer, and A. E. McChesney went upon the board in 1908, succeeding William H. Warner.
The report of the Committee on Bank Stoek, made to the Board of Super- visors in 1907, is interesting for showing the valnes, acknowledged to be extremely low and conservative, in the year's assessments:
Shares
Assessed Value of Stock
Value Per Share
Lysander-
First National Bank of Baldwinsville $1,000
$129,564.70
129,5647
State Bank of Baldwinsville
600
85,770.22
142.9503
Skaneateles-
National Bank of Skaneateles
600
161,123.98
268.5399
Tully-
First National Bank
250
30,000.00
120.
Syracuse-
Commercial National Bank of Syracuse 5,000
664,926.00
132.9832
First National Bank
2,500
795,393.00
318.1572
Merchants' National Bank
1,800
360,179.00
200.0994
Salt Springs National Bank
2,000
255,675.00
127.8375
National Bank of Syracuse
6,000
756,486.00
126.081
State Bank of Syracuse
1,000
421,146.00
421.146
Third National Bank
3,000
371,579.00
123.8598
$23,750
$4,031,842.88
The newspaper changes of the past decade have been more radical than for any previous period, many of the old stand-bys even being swept up by the tide of reorganization. The Evening News, a penny paper, was estab- lished by former Mayor Thomas Ryan in 1892. the first issue being on February 8. It lasted for five years, being proceeded against for insolveney by the Attorney General on January 19, 1897, a receiver named the following day, purchased by Thomas Ryan on March 4, and publication suspended on July 20. 1897. The Catholic Sun Company was incorporated on April 30, 1892. The Courier Printing Company went into the hands of a receiver on November 14, 1893, and was sold on January 31, 1894. Upon February 6, 1894, Milton
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PAST AND PRESENT OF ONONDAGA COUNTY
H. Northrup retired from the editorship of the Courier, after continuous ser- vice since May 1, 1870. Again, on April 22, 1897, the Syracuse Courier Com- pany went into the hands of a receiver, and was sold to John F. Nash, who then came here from Albany, on November 6, 1897. Upon April 30, 1898, the Courier was sold to the Commercial Bank, and the Courier Publishing Com- pany was incorporated on May 18 following. Later the Courier was changed into the Telegram, becoming an evening penny paper, and, upon November 22, 1905, that paper suspended publication, being followed by receivership pro- ceedings.
James Devine and James E. Ratchford purchased the Sunday Times on February 15, 1897, and upon February 27 following the Syracuse Times Publishing Company was formed. On April 20, 1899, the Times Publishing Company took dissolution proceedings and James E. Ratchford was named receiver. The 13th of the following January the paper made its exit.
The Skaneateles Democrat, after five years' suspension, was revived on Deember 28, 1905.
The postoffice as an indication of the city's business has been an interesting measure. The first time in the city's history when the sales at the stamp window exceeded two hundred thousand dollars was in 1892, when they reached two hundred thousand two hundred and twenty dollars and forty-three eents. a gain of ten thousand six hundred and five dollars and sixty-four cents over 1891, and thirty-one thousand and forty-four dollars more than 1890. In 1907 the receipts of the postoffice exceeded five hundred thousand dollars for the first time, being slightly more than five hundred and fifteen thousand dollars. In 1906 the receipts were four hundred and eighty-three thousand dollars. In 1907 the monthly gains showed an average of elose upon ten per cent. At this time the postoffice had twenty-four stations besides the main office. For six months preceding December 31. 1907, the mails were weighed. The report made by Superintendent of Mails Charles W. Rhines to Postmaster Dwight H. Bruee, showed a total weight of one million five hundred and sixty-eight thous- and eight hundred and twenty-seven pounds for the six months, of which nine hundred and eighty-six thousand five hundred and sixty-three pounds, or sixty-three per cent, was second elass matter, the receipts for which were seven thousand six hundred and seventy-nine dollars and sixteen cents, or less than three per cent of the total receipts. In 1906 Congress passed the bill appropriating one hundred and fifty thousand dollars for a site for a new Federal building. In 1908 Wilfred M. Seoville was superintendent of the Money Order division ; John J. Murray superintendent of the Registry division; Edward M. Bostwick superintendent of the Free Delivery division, and John P. Listman superintendent of the Inquiry division. Dwight H. Bruce was named postmaster to succeed Milton H. Northrup, and upon December 19. 1905. was re-appointed for the second time. Milton H. Northrup was first appointed postmaster March 14, 1888. succeeded by Carroll E. Smith, October 16. 1889; Milton H. Northrup, May 23, 1893, Dwight H. Bruce, July 24, 1897, re- appointed January 10, 1902.
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The Internal Revenue office of the Twenty-first District, located in the Federal building in Syracuse, with Peter E. Garlick as Collector, showed a gain in collections in 1907 of nearly twenty per eent over 1906, the total being two million one hundred and thirty-four thousand two hundred and seven dollar approximately for the year, while in 1906 the collections exactly were one million seven hundred and forty-five thousand six hundred and forty- three dollars and twenty-one cents. The chief deputy collector at this time was Jesse W. Clarke.
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