CORNELL UNIVERSITY LIBRARY BUSINESS Cornell University Library HG 2613.S94F52 The First National Banic of Syracuse :the 3 1924 019 341 829 Cornell University Library The original of tiiis book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924019341829 TABLE OF CONTENTS Chapter I. Chapter II. Chapter III. Chapter IV. Chapter V. Chapter VI. Chapter VII. The National Bank Acts . The Founding of the Bank The First Charter Period . The Second Charter Period The Third Charter Period The First National To-day The New Bank Building . Administration since Organization A Financial Digest National Banks of Syracuse . . PAGE • 7 II 19 29 37 45 49 54 56 57 OFFICERS AND DIRECTORS OFFICERS Charles W. Snow, President Albert P. Fowler, Vice-President Alfred W. Hudson, Vice-President Edward S. Tefft, Cashier George A. Cholet, Assistant Cashier DIRECTORS Dennis McCarthy Charles W. Snow Frederick R. Hazard Hendrick S. Holden Charles M. Crouse Edward I. Rice Albert P. Fowler Charles J. Barnard Alexander T. Brown Robert Dey Edward S. Tefft M. Crouse Klock Horace S. Wilkinson Alfred W. Hudson CHAPTER I THE NATIONAL BANK ACTS The national banking system was created by act of Congress approved February 25, 1863. The First National Bank of Syracuse was organized un- der that act April 11, 1863. The national bank acts were the product of the clear-sighted states- manship of Salmon P. Chase. The First National Bank of Syracuse, which received the sixth charter issued by the federal government, was founded by Edward B. Judson, as a direct result of Secretary Chase's enthusiasm and patriotic determination. The Secretary asked the counsel and the help of several bankers, Mr. Judson among them, in in- augurating the national bank system and the help was promptly and generously given by the young Syracuse banker and his associates, enterprising and prosperous business men in the young and growing city of Central New York. When Mr. Chase came to the office of Secretary of the Treasury, with war imminent and the means of carrying it on uncertain, he set his mind about a federal currency system which should supplant the anarchy in bank note issues then existing and which should aid the government in the financing of war. The states were chartering banks of issues 8 THE FIRST NATIONAL BANK OF SYRACUSE upon such security as the various legislatures deem- ed to be satisfactory. There were in 1861 1600 of these banks with capital of $430,000,000 and circu- lation of $200,000,000, three-fourths of it in the Northern and Western states which remained loyal. In the New England and Middle States a deposit was required to secure note issues and most of the Western states were equally careful. Nevertheless there were banks which gave no adequate security; and the variety of notes made counterfeiting easy. In 1 861 more than 5,000 kinds of spurious notes were in circulation. Secretary Chase knew that the only remedy for this riot of paper money was a national bank system and he determined to get it. It was not until 1 865 that he saw it carried out substantially as he had proposed it, after three Con- gressional contests had been fought and won against the opposition of the state banks. In 1 86 1 he stated as the principle of a national paper currency that "Congress under its constitu- tional power to lay taxes and regulate the issue of coin possesses ample authority to control the credit circulation," and that as a paper circulation is a loan by the people without interest, the govern- ment is reasonably entitled to the profit from it. The features of the bill which Secretary Chase outlined were the issue of bank notes redeemable in coin, the use of United States bonds exclusively as a basis for paper currency not redeemable in coin, and the supervision of all note issues by the government. Thus he proposed to secure a uni- THE FIRST NATIONAL BANK OF SYRACUSE 9 form and safe currency, and to relieve the financial embarrassment of the Federal Government. It was not until 1863 that the first of the national bank acts, then described as the National Currency act, was enacted, in response to an urgent message from the President. It was passed by a narrow margin in each house. It authorized the charter- ing of associations to deposit with the treasury of the United States bonds in amount not less than one-half of their capital; it permitted these banks to receive notes to the amount of 90 per cent, of the bonds deposited; and it exempted the banks from taxation. As the act permitted state banks similar privilege of note issue of 80 per cent, of the value of bonds deposited the temptation to organ- ize under the new act was not great. Secretary Chase had asked bankers to confer with him at Washington before and after the enact- ment of' this bill, which was the first halting step in the direction of a national banking system. He appealed to his friends to aid him and the Republic by establishing national banks which should be the bulwark of the Treasury Department, which was as sorely pressed as were the armies in the field. Jay Cooke used his influence in New York to arouse the interest of the financiers, the editors and the public. The bankers whom Mr. Chase had called upon set about fulfilling where they could the duty he had laid upon them, satisfied that it was both the patriotic and the prudent course, — commend- ed alike by the needs of the nation in war and 10 THE FIRST NATIONAL BANK OF SYRACUSE the needs of the people for a sound and uniform currency . Mr. Judson and his associates were one of the twelve groups whose applications for charters were received immediately after the act was adopted. The second national bank bill was offered in March, 1864. It made easier the change of state to national banks. The third bill was adopted in March, 1865, after Secretary Chase had retired. It contained the provision for a tax of ten per cent on state bank notes. A prohibitive tax on state issues had been always in Chase's mind. He had not been able to accomplish it. When it was achieved in 1865 the banking system was set upon a sound foundation. So faint was the attraction of the first national bank act that in December 1863, only thirty-four new banks had been char- tered under it; the act of 1864 so encouraged con- version that in December of that year there were 600 national banks; and a year later the tax on state bank notes had transferred them to 1650 na- tional banks having a circulation of $400,000,000. CHAPTER II THE FOUNDING OF THE BANK It was in 1849 that Edward B. Judson, then 36 years old, removed from Constantia, where he had been successful in business, to Syracuse, where he immediately engaged in banking. Mr. Judson was born in Coxsackie, Greene County, January 11, 1813. His uncle opened a banking office in the village and the boy worked there as a clerk. At the age of 22 he moved to Oswego County where he engaged in the lumber business at Constantia with his brother, William A. Judson. He also engaged in iron manufacture. He was 'ouccessful in busi- ness and found time to take an interest in politics too. In 1839 and 1841 he represented Oswego County in the Assembly. The year after Mr. Judson came to Syracuse the Merchants Bank was organized. John D. Norton was its president and Mr. Judson its vice-president. Two years later the Salt Springs Bank was organ- ized with Thomas G. Alvord as president. Mr. Judson, one of the incorporators and original direc- tors, became cashier. This position he held for six years when he resigned to aid in the organization of the Lake Ontario Bank of Oswego, in the expect- ation that as chief executive officer he would make 12 THE FIRST NATIONAL BANK OF SYRACUSE his home ultimately in that city, although he had during these early years in banking become associ- ated with several business enterprises in Syracuse. The Lake Ontario Bank, of which Mr. Judson was cashier, was called a "bankers' bank" because of the distinguished bankers from the larger cities of the state who were stockholders, among them being John A. Stevens, Charles H. Russell and Henry F. Vail of the Bank of Commerce of New York, Erastus Corning, Rufus H. King and Thur- low Weed of Albany, Hamilton White and Horace White of Syracuse and Luther Wright of Oswego. Mr. Judson's reputation as a banker, already state- wide, was strengthened by his new association. When Secretary Chase therefore called the bank- ers to advise with him and help him perfect and later put in operation a national bank act it was natural that Mr. Judson should be one of those called into conference at Washington. He be- lieved in the national bank system. He saw that it was inevitable. He knew well the obstacles in the way of its establishment on a sound and sure foundation. He was then the responsible and re- spected head of a successful bank. But he deter- mined to stake his future upon the success of the national bank system and he had the confidence of the business men of the city of Syracuse. When he declared that it was his judgment that a national bank should be opened in Syracuse he could count upon the generous support of his friends and busi- ness associates. THE FIRST NATIONAL BANK OF SYRACUSE 13 Secretary Chase had asked Mr. Judson as he asked other bankers to open a national bank under the law of February 25th and Mr. Judson had agreed to do it. The application came from Syra- cuse soon after the law was approved. It required several months to prepare the bureau at Washing- ton for the issuance of charters. Upon June 20, 1863, charters were issued to four banks and upon June 22 to eight more. These twelve in the order in which charters were issued as they stand to-day on the books of the Treasury Department are : The First National Bank of Philadelphia, Pa. The First National Bank of New Haven, Conn. The First National Bank of Youngstown, Ohio. The First National Bank of Stamford, Conn. The First National Bank of Sandusky, Ohio. The First National Bank of Syracuse, N. Y. The First National Bank of Cleveland, Ohio. The First National Bank of Chicago, Illinois. The First National Bank of Dayton, Ohio. The Second National Bank of Dayton, Ohio. The First National Bank of Fort Wayne, Ind. The First National Bank of Erie, Pa. The only New York State bank in this roll of honor is The First National Bank of Syracuse. All of these banks excepting the First and Second of Dayton are active to-day under their original char- ter numbers. In April, six weeks after the act had been ap- proved, the organizers of the proposed bank met No. I. No. 2. No. 3- No. 4- No. S- No. 6. No. 7- No. 8. No. 9- No. 10. No. II. No. 12. 14 THE FIRST NATIONAL BANK OF SYRACUSE in the offices of the leading law firm of the city. The first record of the Banking Association tells the story of the organization thus : "At a meeting of the subscribers to the Capital Stock of the First National Bank of Syracuse, N. Y., held at the office of Messrs. Sedgwick, Andrews & Kennedy, April 1 1, 1863, the following Certificate and Articles of Organization were adopted and signed : "The undersigned, Edward B. Judson, John Crouse, C. Tyler Longstreet, Dennis McCarthy, Gershom P. Kenyon, Charles B. Sedgwick, John M. Jaycox, John W. Barker and Orlin Mead, all residents of the City of Syracuse, N. Y., being united to form an Association under and in pursu- ance of an Act of Congress entitled 'An act to pro- vide a National Currency secured by the pledge of United States stocks, and to provide for the circu- lation and redemption thereof,' approved February 25, 1863, do hereby certify, "First — ^That the name assumed by the said As- sociation shall be and is The First National Bank of Syracuse, N. Y. "Second — ^That the operations of said Association in discounts and deposits shall be carried on in the City of Syracuse, County of Onondaga and State of New York. " Third — ^That the amount of the Capital Stock of said Association shall be $100,000, divided into 1,000 shares of $100 each. "Fourth — ^That the names and places of residence of the several shareholders, and the number of THE FIRST NATIONAL BANK OF SYRACUSE IS shares held by each of them respectively are as fol- lows: NAMES Dennis McCarthy Gershom P. Kenyon Charles B. Sedgwick John M. Jaycox John W. Barker' OrHn Mead C. Tyler Longstreet John Crouse Edward B. Judson SHARES 50 so so SO SO SO 200 200 300 All of the above residing in this city. "Fifth — ^Thatthe said Association shall commence on the first day of May A. D. 1863. "Sixth — ^And we do further declare that this Cer- tificate is made by us whose names are hereto signed in order to enable us to avail ourselves of the ad- vantages of the said Act of Congress hereinbefore referred to. "In testimony whereof, we have hereunto set our hands and affixed our Seals, this eleventh day of April A. D. 1863." The only public notice of the organization of this important enterprise which was to mean so much to the city was this news item in the Syracuse Stan- dard, April 13, 1863 — the war news in that day occupied so completely the interest of the public that the newspaper gave scant attention to any business proposition: "New Bank in SYRACUSE-Arrangements have been nearly perfected for the establishment in this i6 THE FIRST NATIONAL BANK OF SYRACUSE city of a Banking Institution under the recent Act of Congress. The Association embraces among its members some of the best business talent among us. Mr. E. B. Judson is to be President of the new Institution and will, therefore, continue to re- main here, instead of removing to Oswego, as he had before determined to do. The public will be glad to hear of this change of purpose on the part of Mr. Judson who, uniting business acquirements of a high order to excellent social qualities, is a cit- izen whose departure from among us would be a severe loss to our city. The amount of Capital Stock will be as large as circumstances require." The shareholders met on April 20th at the Me- chanics Bank and elected as the first board of direc- tors of the new bank the nine men who had sub- scribed for the stock. Edward B. Judson was elected president and John Crouse vice-president, and committees were appointed to perfect the or- ganization. Upon May 29th George B. Leonard was elected cashier, to act also as teller until busi- ness should demand a separation of the duties. Nearly a month before the charter was received therefore the bank was ready for business. Of these preparations for the opening of the new bank the newspapers of the day carried only two short items. In the Syracuse Daily Journal of July 13, 1863, there appeared, over the signature of Samuel T. Howard, acting Comptroller of the Currency, a statement, dated June 22, 1863, that "The First National Bank of Syracuse, having com- plied with the necessary Act of Congress, is author- THE FIRST NATIONAL BANK OF SYRACUSE 17 ized to commence the business of banking," and the further announcement that "The First National Bank of Syracuse will commence business on Mon- day, July 20th. Until their banking office in the Bastable Block is completed, their place of business will be at No. 16 South Salina Street, over Hodge & Stevens' Hat Store." The original board of directors was composed of leaders in the industrial and commercial life of the young city. John Crouse had come to Syracuse ten years before from Canastota and organized the wholesale grocery business of John & James Crouse with his brother James, He had not only been successful in the grocery business, but had been an organizer and vice-president of the City Bank. Cornelius Tyler Longstreet, starting in business as a merchant tailor in Geddes when seventeen years old, had built up the largest wholesale cloth- ing business in New York State outside of New York City. He removed his business to New York in 1846, but when the bank was opened had moved to this city where he had built Renwick Castle for his residence. He had been for twelve years a director of the Merchants Bank. Dennis McCarthy had already built up the dry goods business of D. McCarthy & Co., started by his father in the village of Salina, and had served as a member of the Legislature and Mayor of the city and was later to serve as Member of Congress and State Senator. i8 THE FIRST NATIONAL BANK OF SYRACUSE Orlin Mead was a leading salt manufacturer. Charles B. Sedgwick was senior member of the law firm of Sedgwick, Andrews & Kennedy, a dis- tinguished member of a distinguished partnership whose name is still retained in the modernized and enlarged Granger block. John W. Barker, father of Frederick W. Barker, was a partner of Allen Monroe in the milling busi- ness, and one of the organizers of the prosperous Onondaga Salt Company. John M. Jaycox was a wholesale grocer and part- ner of John A. Green in the Syracuse Courier. Gershom P. Kenyon was in the wholesale and retail drug business in the McCarthy Building, be- ing senior partner in the widely known firm of Ken- yon & Potter. The First National entering a new field in com- petition with well established banks operating un- der state charters had the great advantage of a president who had to a high degree the confidence of bankers and business men, and directors who were leaders in the commercial community. Its success was immediate. fi 1 '""15ke First Board CHAPTER III THE FIRST CHARTER PERIOD 1 863-1 883 OFFICERS AND DIRECTORS IN 1863 Edward B. Judson, President John Crouse, Vice-President George B. Leonard, Cashier C. Tyler Longstreet Dennis McCarthy Gershom p. Kenyon Charles B. Sedgwick John W. Barker Orlin Mead John M. Jaycox The new bank opened for business July 20, 1863, in the temporary quarters at No. 16 Salina Street. The quarters were modest, and the business that was done, measured by 20th century standards was small indeed. The bank had keen competition from the Bank of Syracuse established in 1839, the Mer- chants Bank established in 1850, the Mechanics Bank established in 1851, and the Salt Springs and the Burnet Banks established in 1852. It was also an experiment, the first national bank in New York state,, and there were prophesies that the state banks would not be friendly. But Mr. Judson had no doubts and his directors had none. Their lease of the Salina Street rooms was only temporary, pending the completion of offices for their use in the Bastable block. The Bastable was the finest business block in the 20 THE FIRST NATIONAL BANK OF SYRACUSE city and the offices looking out upon Genesee street were admirably located. It was not a ground floor location, but to place a banking office on the same physical plane with general mercantile business was the exception in those days. The bank had three rooms, a directors' office, the banking office and a bedroom. The bedroom was a necessary feature of the banking quarters, for here slept the youngest clerk on the staff, — regardless of his years, his physical prowess, or his fighting spirit, — so that if burglars sought entrance he could sound the alarm and give battle. He had other duties, however, that made his res- idence in the bank desirable. He had to sweep out early in the morning before the bank opened for business, and he had to attend to the big stove that had the position of honor in the center of the bank- ing office. The Postoffice had been removed from the Granger block across the street to the Bastable in 1863. To reach the offices of the First National Bank it was necessary to go through the Post- office, climb a flight of stairs and follow a winding hall. The windows and doors were guarded by heavy shutters and sheet iron doors. As a further safeguard a watchman was kept in the building and a peekhole was cut in one of the doors so that he might, while making his rounds, peer into the bank and see that no one was disturbing the slumber of the clerk. There were two safes, one within the other, the outer for the books, the inner for the THE FIRST NATIONAL BANK OF SYRACUSE 21 currency. The teller of the bank was the custo- dian of the key to this safe, and upon him rested the sole responsibility of opening it for business each morning. Mr. Judson was the active and energetic head of the new bank. Mr. Leonard combined for only a short period the duties of cashier and teller. It was only a few years before the staff had been en- larged by the addition of a teller and bookkeeper and a discount clerk. On October i, 1863, the bank made its first re- port to the government, as follows : RESOURCES Loans and Discounts .... . . $ 68,770.30 Du? from Banks . . ... . 78,620.70 Legal Tender Notes 8,020.00 Cash Items . . 8,054.35 Bonds Deposited with U. S. Treasurer 60,000.00 Bills of Solvent Banks ... 8,036.00 Expense Account . .... 386.26 LIABILITIES Capital ... ... Profit and Loss Due to Banks . . . . Due Treasury of the United States Due Depositors . ... ^231,887.61 ^100,000.00 835-67 3.389-97 75,000.00 52,661.97 $231,887.61 This was so excellent a showing that on October 31st the directors determined to increase the capi- tal stock. Upon that date the following resolution was adopted: ^^ Resolved, That we whose names are herewith 22 THE FIRST NATIONAL BANK OF SYRACUSE announced, being directors of the First National Bank of Syracuse, do assent and do determine to increase the capital stock of this institution in the sum of $150,000.00 so that the amount of capital stock, when all paid in, shall be $250,000.00." The nine directors of the bank had taken all of the original stock, but a portion of the new issue was set aside for sale to others, thus to en- large the interest in the success of the bank. There were subscriptions to the new issue from many men prominent in the community. The increase in the amount of capital stock from $100,000 to $250,000 in the first year was the only increase authorized from the founding of the institution until 1913. At the close of the first year, when the stockhold- ers re-elected the old directors and looked forward to the first dividend soon to be declared and to the rapidly increasing volume of business they had every reason to feel gratified at their success. The number of national banks in the country was still few. Mr. Judson with others who had been in- strumental with him in establishing banks organ- ized the National Banking Association. He be- came in 1864 chairman of the Executive Committee of the Association and for eleven years continued in that ofiice. In this capacity it was his duty to encourage the incorporation of national banks. The Act of 1864 made this much easier than it had been. It permitted banks to retain their old names with the prefix "National," whereas the original Three Homes of the First ^nal ^ THE FIRST NATIONAL BANK OF SYRACUSE 23 Act had required that banks having national char- ters should use the word "National" with the proper numeral. Banks which had been long established and which had names they were reluctant to part with came under the national banking act in great numbers after this act was passed. It is to this change in the law that Mr. Judson referred when in his address at the annual convention of the Asso- ciation in New York in October, 1864, he made this prophesy and promise for the national banking sys- tem of the country: "The system of banking that we are now adopt- ing is destined, in my judgment, to become the only one that has any vitality in this nation, and I have no doubt that the State banks generally will find it for their interests to make the change. Many of them, and very justly too, have a pride in keep- ing up the name under which they have been so successful and gained such a widespread reputa- tion; but under the late act that is obviated, and they can retain the old name if desired. "Again allow me to say to you, in adopting this new system let us try and live up strictly to the act under which we are organized. If we do, I have no fear of its success ; and I hope if the Comptroller of the Currency finds that in our reports, which the law requires us to make, we do not keep up our re- serve fund, but allow our accounts to be overdrawn at the points where our funds should be to take care of our circulation and deposits, he will at once give us notice to wind up our institutions. I consider that clause in the law, which requires us to keep up a large reserve fund, one of the most important in 34 THE FIRST NATIONAL BANK OF SYRACUSE the act, and I hope the Comptroller will have it strictly enforced." In May, 1864, the First National Bank declared its first dividend of 5 per cent, and established a surplus fund of ^12,500. In November a second dividend of 5 per cent, was declared. In 1865 two dividends of 5 per cent, were declared and the sur- plus was increased to $50,000. In 1866 the semi- annual dividend was 10 per cent. It was 5 per cent, in 1867 and '68, then 7 per cent, from 1869 to May, 1876. In November, 1876, and in 1877 the amount was 5 per cent, with an extra dividend of 20 per cent, in 1877. In 1873, ten years after the bank had opened, there was a staff of five men in its employ, not in- cluding the president. In that year Edward N. Westcott, son of Amos Westcott who had been mayor of the city in i860, and himself widely known later as the author of "David Harum," became tel- ler, serving for eight years, when he became cashier of Wilkinson & Company's Bank. In the same year Edward S. Tefft entered the bank as messen- ger by day and guard by night. In 191 3 Mr. Tefft completed 40 years of continuous service. In this year, 1873, the business had so grown that the leasing of new quarters was considered. A con- ference was held early in 1874 with the directors of the Mechanics Bank with a view to purchasing property in Water Street adjoining the build- ing of the Onondaga County Savings Bank, but THE FIRST NATIONAL BANK OF SYRACUSE 25 without satisfactory result; thereupon new nego- tiations were opened with the Onondaga County- Savings Bank, then occupying its new building now known as the Gridley block, for the erection of an annex on Water Street to which the First National proposed to take a twenty-year lease. In April, 1875, a lease was made for new offices to be built especially for the use of the First National. The old brick structure known as the Standard block was torn down and a new and handsome building similar in architectural design to the Savings Bank was erected and was occupied by the First National upon May ij, 1876. For twenty years it remained the bank's home. The new rooms up a short flight of steps from the street, convenient and easy of access for business men, were reasonably expected to serve the bank and the public for many years. There was a steel lined vault with a burglar proof safe provided in place of the antiquated method of protection in the Bastable block, and a contemporary historian re- cords with pride that "at the paying teller's desk is a little knob which touched by one's finger con- veys by electricity warning to police headquarters." In the newspaper reports of the bank's new quar- ters they were described as "elegant, spacious, con- venient and pleasant, with every modern safeguard that can be obtained or imagined and with vaults a model of neatness and safety; in fact with all the fixtures as nearly perfect as art can make them." If this was hyperbole it was excusable. The new 26 THE FIRST NATIONAL BANK OF SYRACUSE offices were in all respects a vast improvement on the old in equipment, in spaciousness, in all the conveniences for ^he transaction of banking busi- ness. They served the growing institution admir- ably for the twenty years of its lease. In the first twenty years period six of the nine members of the original board of directors retired. Mr. Barker and Mr. Jaycox sold their stock in June 1864. James J. Belden, contractor, mayor of the city thirteen years later, and later still congress- man, was elected in place of Mr. Barker and re- mained a member of the board for twenty-five years. Burr Burton was elected in place of Mr. Jaycox. Mr. Burton was a salt manufacturer and foundryman. He died in May, 1865, and was suc- ceeded by Jacob Crouse, who was in the wholesale grocery business with his uncle. Gershom P. Ken- yon resigned in January, 1873, having removed to New York City, and was succeeded by William A. Judson, brother of the president, who was in the salt business. Mr. Judson resigned in 1877 and D. Edgar Crouse, son of John Crouse, and partner with him, was elected a director. Orlin Mead died in March, 1878, and William A. Judson, who had resigned his membership only a year before, was elected in his stead. C. Tyler Longstreet died in April, 1881, and was succeeded by Edward B. Jud- son, Jr. Charles B. Sedgwick, the lawyer on the board, died in 1883, after twenty years service and was succeeded by the cashier, George B. Leonard. The report of the condition of the bank's business THE FIRST NATIONAL BANK OF SYRACUSE 27 in March, 1883, at the close of twenty years of use- fulness in the community was as follows: RESOURCES Loans and Discounts . . . ' $ 989,327.23 Overdrafts 417-96 U. S. Bonds to Secure Circulation . . ... 278,000.00 U. S. Bonds on Hand .... . 22,000.00 Other Stocks, Bonds and Mortgages ... . 1,778.44 Due from Approved Reserve Agents . . . 50,889.67 Due from Other National Banks . . 42,873.75 Due from State and Private Banks and Bankers . 16,291.10 Furniture and Fixtures 1, 800.00 Current Expenses and Taxes Paid 7,741.49 Premium Paid on Bonds for Circulation . . 4,112.34 Exchanges for Clearing House i3>373-92 Bills of Other Banks 2,500.00 Specie, viz.. Gold Coin ^13,000.00; Silver Coin ^11,769.73 . 24,769.73 Legal Tender Notes ... 20,000.00 Redemption Fund with U. S. Treasurer 12,500.00 ?i,488,37S-63 LIABILITIES Capital Stock Paid in ... . . . . . $ 250,000.00 Surplus Fund . . 50,000.00 Undivided Profits ... . . 120,157.68 Circulating Notes Received from the Comptroller . 250,000.00 Individual Deposits Subject to Check . 746,473.01 Due to Other National Banks 70,081.44 Due to State and Private Banks and Bankers . . 1,663.50 ^1,488,375.63 The bank which did a business of ^232,000 in 1863, had grown in twenty years to do a business of ^1,500,000. The population of the city had grown from 30,000 to 70,000. This progress was not merely satisfactory, it was beyond anticipation. CHAPTER IV THE SECOND CHARTER PERIOD 1883-1903. OFFICERS AND DIRECTORS IN 1883 Edward B. Judson, President John Grouse, Vice-President George B. Leonard, Cashier Dennis McCarthy William A. Judson James J. Belden D. Edgar Crouse Jacob Crouse Edward B. Judson, Jr. Charles B. Sedgwick When the First National Bank renewed its char- ter with its capital stock still $250,000, the surplus fund was $50,000, the undivided profits $120,000, and the business of the bank for the year just closed aggregated nearly $1,500,000. During the follow- ing period the growth of business was still more rapid. With this steady increase in business, which as the city grew in wealth and population promised to continue in increasing ratio, it became clear early in the nineties that new offices must soon be se- cured, more commodious, more convenient, and more modern in appointments. The Onondaga County Savings Bank, which was also outgrowing its accommodations, determined to build a com- bined banking and office building upon the site of the historic Syracuse House at the south-east cor- 30 THE FIRST NATIONAL BANK OF SYRACUSE ner of Genesee and Salina Streets. In this building it was provided that there should be ground floor offices for the First National Bank, with an entrance from East Genesee Street. The First National Bank removed in September, 1897, into these offices in which was every convenience and safeguard for the expeditious and orderly transaction of business. The offices have admirably served their purpose, although in recent years the force of clerks has been so enlarged that it has been necessary to engage offices in other parts of the Savings Bank Building for their accommodation. During this period the First National took over the business of two state banks of the city, the New York State Banking Company, which had become insolvent, and the young and vigorous Robert Gere Bank, which business added to that of the First National, substantially increased its financial strength. The Robert Gere Bank was established May 8, 1880, by James J. Belden, and was named for Mrs. Belden's father, for years a prominent and respected business man in this community. The original officers were James J. Belden, President, A. Cad- well Belden, Vice-President, and Frederick W. Bar- ker, Cashier. The President and Cashier retained their offices throughout the whole history of the bank. Upon the death of A. Cadwell Belden, Martin A. Knapp became Vice-President, and at the time of consolidation these three, with James THE FIRST NATIONAL BANK OF SYRACUSE 31 M. Belden and Charles G. Belden, comprised the directorate. The bank had its offices in the Larned Building until 1888, when it removed to the Snow- Building. In 1895 Mr. Belden erected a new build- ing for the use of the bank and for his private offices in Water Street, adjoining the offices then occupied by the First National. This building, now occu- pied by Edward I. Rice, Inc., was most complete and substantial in all its appointments. The Rob- ert Gere Bank had capital stock of $100,000 and a surplus fund of $200,000. In 1890 its financial re- port showed loans and discounts of $1,642,000 and total business of nearly $2,000,000. In the next decade there was a healthy increase. Mr. Belden was, however, divesting himself of business cares and responsibilities, and negotiations were opened which resulted on March 3, 1900, in the assumption by the First National of the entire business of the Robert Gere Bank, which vacated its offices and sold its building. The deposits of the Robert Gere Bank taken over by the First National were about $800,000. By this consolidation Mr. Barker be- came Second Vice-President and a Director of the First National Bank, with powers and responsibil- ities worthy his signal abilities. The New York State Banking Company in the summer of 1902 was in financial difficulties so seri- ous that the state banking department closed its doors. This company was originally the Burnet Bank, incorporated in 1852. It continued in busi- 32 THE FIRST NATIONAL BANK OF SYRACUSE ness under State laws until the adoption of the national., banking act. The Second National Bank had beeii chartered late in 1863 and did business in the Bastable Block, where it was a neighbor of the First National. The Third National began busi- ness January i, 1864. Soon after, the Burnet Bank was chartered as the Fourth National. It continued as a national bank until 1872 when it surrendered its charter and became the New York State Bank- ing Company. Nathan F. Graves was President from the organization in 1852 until his death in 1896, when Rasselas A. Bonta, who had entered the bank as clerk, succeeded him. The bank had of- fices on the second floor of the Wieting Block. The business of the bank had been declining for several years, when in 1902 several failures of manufactur- ing companies wiped out the surplus and on Sep- tember 1 8th the bank closed its doors. Its latest report had shown capital $100,000, surplus $20,000, undivided profits of $36,127, due depositors $342,436 and due banks and trust companies $178,197. Upon September 27th, after President Judson, Mr. Barker and Bank Examiner George S. Leonard had gone carefully over the books of the institution the following announcement was given out, to the relief of the depositors in the Banking Company: "Depositors and creditors of the New York State Banking Company on and after September 29th, and between the hours of 10 a. m. and 3 p. m., should call at the office in the Wieting Block and JOHN KS CAS.THY THE FIRST NATIONAL BANK OF SYRACUSE 33 have their pass-books written up and certified. After that they can be presented at the First Na- tional Bank for payment." The affairs of the bank were promptly and satis- factorily liquidated without loss to any of the par- ties concerned. During this period the bank lost its President by death and its Cashier by resignation, both of whom had served the bank since its incorporation. Mr. Leonard resigned in January, 1897, to become Pres- ident of the Salt Springs National Bank, and was succeeded by Edward S. Tefft, who had been ap- pointed assistant cashier in 1884. Jacob W. Wal- ter became assistant cashier. President Judson died Wednesday, January 15, 1902, after nearly 39 years' continuous service as President. He had celebrated his 89th birthday the preceding Saturday and the day before his death was at his desk at the bank. While Mr. Judson's chief and dearest interest was the banking institution he had founded and had seen grow to great strength, he was associated with many banking and business enterprises of Syracuse. He was vice-president of the Trust & Deposit Company of Onondaga on its incorpora- tion in 1869. He was for years a trustee of the Metropolitan Trust Company of New York. He was an incorporator and treasurer of the Syracuse Northern Railway, organized in 1870. He was at 34 THE FIRST NATIONAL BANK OF SYRACUSE one time a director of the New York Central Rail- road. He was an organizer of the Merchants Ex- press Company, started during the war to operate in Central New York, and when this concern was taken over by the American Express Company his interest was transferred to the larger company, of which he was a director and a member of the Fi- nance Committee. He was an incorporator and a director of the State Bank of Syracuse. He was for years a stockholder and director in the Syracuse Glass Company and the Salt Springs Solar Coarse Salt Company. His philanthropic interests were many. He was long treasurer of St. Joseph's Hos- pital, trustee of the Home in Townsend Street; he was for years President of the Board of Trustees of the May Memorial Church and a trustee of Wells College. Edward B. Judson, Jr., was elected President of the bank in succession to his father in May, 1902. Charles W. Snow was at the same time chosen to fill Mr. Judson's place as Vice-President. During this period of the bank's history the sur- plus was increased in 1888 to $150,000, in 1892 to $200,000. The growth in the bank's business is best shown, however, in the following report of the condition of business February 6, 1903, at the close of the second charter period : THE FIRST NATIONAL BANK OF SYRACUSE 35 RESOURCES Loans and Discounts on which Officers and Di- rectors are liable either as Payers or Indorsers ^188,794.29 Loans and Discounts on which Officers and Di- rectors are not Liable as Payers or Indorsers $2,316,111.91 $2,504,906.20 U. S. Bonds to Secure Circulation 150,000.00 U. S. Bonds on Hand ... .... 50.00 Premium on Bonds for Circulation 4.00 Stocks, Securities, etc., including Premium on same . . 172,443.22 Banking House Furniture and Fixtures 425.00 Due from National Banks 50,586.92 Due from State and Private Banks and Bankers, Trust Com- panies and Savings Banks 188,786.91 Due from Approved Reserve Agents 524,276.32 Exchanges for Clearing House .... . 25,904.97 Bills of Other National Banks . . .... 41,250.00 Fractional Paper Currency, Nickels and Cents ... 2,3 10.63 Gold Coin $ 72,000.00 Gold Certificates 80,000.00 Silver Dollars 5,842.00 Silver Certificates 43,403.00 Fractional Silver Coin 16,437.00 Total Coin and Certificates . . . 217,682.00 Legal Tender Notes 45,000.00 262,682.00 Redemption Fund with U. S. Treasurer . . . 7,500.00 Due from U. S. Treasurer 3,502.50 $3,934,628.67 LIABILITIES Capital Stock Paid in . . . ... $ 250,000.00 Surplus Fund . ■ . . . . 250,000.00 Undivided Profits $57,915.10 Less Current Expenses and Taxes . . 17,718.66 40,196.44 Circulating Notes Secured by U. S. Bonds .... 150,000.00 Due to National Banks ... . 51,811.07 Due to State and Private Banks and Bankers . 29,714.15 Individual Deposits Subject to Check . ... 3,162,907.01 $3,934,628.67 36 THE FIRST NATIONAL BANK OF SYRACUSE The two members of the original board of direc- tors who still remained on the board at the begin- ning of the second charter period were Dennis McCarthy and John Crouse, Mr. McCarthy died in 1886 and was succeeded by his son of the same name, who is to-day the oldest member of the board in point of service. John Crouse and his son, D. Edgar, sold their stock in 1 888. William A. Judson, who had first become a member of the board in 1873, died in 1886. Edward F. Rice, for years a lead- ing dry goods merchant of the city, took Mr. Jud- son's place, and Erastus F. Holden and Charles W. Snow were chosen directors in place of the Messrs. Crouse. Edward B. Judson, Jr., became Vice- President, a position which John Crouse had held since the organization of the bank. In January, 1889, Mr. Belden retired and John McCarthy was chosen in his place. In 1893, the number of direc- tors was increased from nine to eleven and Osgood V. Tracy and Horace White were elected additional directors. In 1897, when Mr. Leonard resigned, Frederick R. Hazard was chosen director. In De- cember, 1899, two directors died, Mr. Rice and Mr. Holden. It was early in the next year that the business of the Robert Gere Bank was taken over and Frederick W. Barker became director in place of Mr. Rice. Hendrick S. Holden succeeded to his father's place on the board. Jacob Crouse died in 1900 and was succeeded by his son, Charles M. Crouse. Edward I. Rice became a director in 1902, succeeding Mr. Judson. yd'ij P^ W. Jy4.4,.cyur THIKD PR-ESTDEN'T :OR, 1S26 ;B^SIDF «T, aSO£ - li9JO KT '910 I , w////''^//m//f////////////, m CHAPTER V THE THIRD CHARTER PERIOD 1903 OFFICERS AND DIRECTORS IN 1903 Edward B. Judson, Jr., President Charles W. Snow, Vice-President Frederick W. Barker, Vice President Edward S. Tefft, Cashier Dennis McCarthy Frederick R. Hazard John McCarthy Hendrick S. Holden Osgood V. Tracy Charles M. Crouse Horace White Edward I. Rice While the business of the bank had doubled dur- ing the twenty years ending in 1903, it is interest- ing to note that it doubled again in the next ten years. The surplus account was increased to $250,000 in May, 1905, and by a transfer to this account of $250,000 more, it was increased to $500,- 000 on July 3, 1906. In 1905 a department was opened for the purchase and sale of bonds and se- curities. The next year a safe deposit department was added. In the last ten years of the bank's history many changes have taken place. Of the eleven directors in 1903, only six remain. John McCarthy, a bro- ther of the elder Dennis McCarthy, died in May, 1903. He had been engaged successively in the lumber, the hardware, and finally in the dry goods 38 THE FIRST NATIONAL BANK OF SYRACUSE business with his brother under the firm name of D. McCarthy & Company. Albert P. Fowler, of the present law firm of Fowler & Vann, was cho- sen to succeed Mr. McCarthy. On April 7, 1908, Frederick W. Barker, who had served as Vice- President and director for eight years, resigned to accept the Presidency of the State Bank of Syra- cuse, and at the same time Arthur W. Loasby was elected to succeed Jacob W. Walter as assistant cashier. Osgood V. Tracy, a director for sixteen years, associated with his sons in the grocery firm of O. V. Tracy & Company, died in February, 1909, and was succeeded by Charles J. Barnard, Presi- dent of the Syracuse Dry Goods Company. On the evening of Sunday, January 16, 1910, President Judson, at the age of 56, passed from this life, being ill but two days with an attack of pleural pneumonia. During the twenty-nine years in which he was identified with the First National Bank Mr. Judson had come to be widely recog- nized as a sound, progressive banker, a business man of unswerving integrity, good judgment and enterprising spirit, and, like his father, as generous as he was modest in his benefactions. As a youth, Mr. Judson attended the school of Dr. Isaac Bridgman in this city, and after his grad- uation entered the employ of the Syracuse Glass Company, of which his father was President. After a period of about three years he became senior part- ner in the firm of Judson & Ryder engaged in THE FIRST NATIONAL BANK OF SYRACUSE 39 the manufacture of matches. The factory, which was located in West Water Street, was later sold to the Diamond Match Company. Mr. Judson then became associated with his father in the Salt Springs Solar Coarse Salt Company, and also inter- ested himself in the building of the Grape Street car-line, which was being constructed by the Sev- enth & Eleventh Ward Railroad Company. Mr. Judson was elected to the directorate of the First National Bank in 1881, and upon the retire- ment of Mr. John Crouse in 1888, was elected to the Vice-Presidency, thereafter devoting most of his time to the business of the bank. At the death of his father in January, 1902, Mr. Judson succeed- ed to the Presidency of the bank. In addition to this position he was at the time of his death President of the Onondaga Pottery Company and the Salt Springs Solar Coarse Salt Company, and Vice-President of Pass & Seymour, Inc. Charles W. Snow, having served as Vice-Presi- dent for eight years, succeeded Mr. Judson as President, and as Mr. Snow's successor Albert P. Fowler was chosen Vice-President. In January, 1910, Horace White resigned and was succeeded by Alexander T. Brown, President of the Brown-Lipe Gear Co., and at the annual meeting the following year the Board of Directors was increased from eleven to fourteen members. Mr. Tefft, Mr. Loasby amd M. Crouse Klock were elected as the new Directors, and at a subsequent 40 THE FIRST NATIONAL BANK OF SYRACUSE meeting of the board, Mr. Loasby was elected to the Vice-Presidency which had been vacant since the retirement of Mr. Barker. The increase in the business of the bank, together with the opening of new departments for the ser- vice and convenience of its cUents, caused the Di- rectors to consider the advisability of removing to larger quarters. Consequently, at a meeting held on February 28, 1913, it was determined to pur- chase the Vanderbilt Hotel and Summers property at Warren and Washington Streets, adjoining Van- derbilt Square, and there to erect a new banking and office building. As a still further evidence of the increasing demands made by the clients of the First National Bank, it was decided by the Board of Directors on April 15, 1913, to increase the capi- tal stock, which had remained at ^250,000 for nearly fifty years, to $1,000,000, in order the more adequately to finance some of the city's rapidly growing industries. At this meeting the Board also declared a special cash dividend of $180 per share to each stockholder. Mr. Loasby served as Vice-President until June 3, 191 3, when he resigned to accept the Presidency of the Trust & Deposit Company of Onondaga. He had been with the bank for sixteen years and by his faithful and highly intelligent work had shown himself worthy the promotion. He was the third executive officer of the First National Bank to ac- cept the Presidency of another Syracuse Bank. At the meeting at which Mr. Loasby's resignation was 1 ^IREOTORS CONTINUED THE FIRST NATIONAL BANK OF SYRACUSE 41 accepted, George A.,Cholet was appointed assistant cashier. As a successor to Mr. Loasby, Alfred W. Hudson was later elected to the office of Vice- President. Mr. Hudson began banking as a boy in the Fifth Avenue Trust Company of New York City. He later served for several years in the Banking Department of the State of New York. At the time of his election to his present position he was an officer in a New York Trust Company. In November, 191 3, occurred the death of James Pass, President of the Onondaga Pottery Company, who succeeded Mr. Barker as a director in June, 1908. At a subsequent meeting of the Board of Directors, Mr. Hudson was elected a successor to Mr. Pass, and Horace S. Wilkinson, President of the Halcomb Steel Company, was chosen a Direc- tor to fill the vacancy caused by the resignation of Mr. Loasby. It is pertinent at this time to compare the busi- ness done at the close of the first quarter of the bank's history in 1863 and the close of the first charter period in 1883, together with that of the second charter period in 1903, and with the last re- port rendered the Comptroller of the Currency at Washington, D. C. on October 21, 191 3. Year 1863 Loans and Discounts $ 68,770.30 Capital $ 100,000 Surplus and Undivided Profits $ 835.67 Deposits $ 52,661.97 Resources $ 231,887.61 1883 989,327.23 250,000 170,157.68 746,473.01 1,488,375.63 1903 2,504,906.20 250,000 290,196.44 3,162,907.01 3,934.628.67 I913 5,278,356.09 1,000,000 788,845.65 5,819,300.93 7,793,243.43 In connection with the figures shown in the above 42 THE FIRST NATIONAL BANK OF SYRACUSE table, it is of interest to note that there has been paid to the share-holders of the bank since its or- ganization dividends amounting in all to^2,257,50O. As a fitting close to this chapter it may be said that on December 24, 191 3, the day following that on which the President of the United States affixed his signature to the Federal Reserve Act, a special meeting of the Board of Directors was held, at which time application was made to The Reserve Bank Organization Committee for membership in the Federal Reserve Bank to be organized for this district. THE FIRST NATIONAL BANK OF SYRACUSE 43 REPORT OF THE CONDITION OF THE FIRST NATIONAL BANK OF SYRACUSE AT THE CLOSE OF BUSINESS, OCTOBER 21, 1913 RESOURCES Time Loans ^3,824,713.43 Demand Loans 1,453,642.66 Overdrafts 270.63 U. S. Bonds to Secure Circulation . . . 150,000.00 Real Estate Owned 206,885.26 Other Stocks and Bonds 924,835.92 Cash on Hand and in Banks .... 1,223,195.53 Due from U. S. Treasurer .... 9,700.00 Total ^7,793,243.43 LIABILITIES Capital Stock Paid in $1,000,000.00 Surplus Fund 500,000.00 Surplus and Profits (earned) .... 288,845.65 National Bank Notes Outstanding . . 150,000.00 Due to Banks 3S>096.85 Deposits S.819,300.93 Total ....... $7,793,243.43 ilk ^Ke Present BoARD5^ D I RECTORS Continued Board ^Directors Continued ALPSED W.HUDSON 191S M.CROUSE JKiOCK HORACE S.WILKINSON 1913 CHAPTER VI THE FIRST NATIONAL TO-DAY That the First National Bank has grown so steadily year by year for the past half century, that its resources at first so meager are now so great, that it has thrice been compelled to seek more com- modious quarters, that it has an organization of thirty-eight employees where it began with two clerks, are the convincing evidence that it has borne an intimate and vital relation to the industrial and commercial advance of Syracuse and the surround- ing territory and that it has kept pace with the progress in banking methods, the most striking feature of which has been the multiplication of services which the bank offers to its customers. The resources and facilities of the bank are de- voted to the commercial and industrial develop- ment of this city. Its policy has been proper liber- ality in helping small industrial and mercantile enterprises to become strong, and as they have prospered in business the bank has shared in their success. There are many business concerns in Cen- tral New York which have been its customers for nearly half a century. The broad policy of the bank in aiding them to develop their business has made them its constant and earnest friends. 46 THE FIRST NATIONAL BANK OF SYRACUSE Four of the officers of the bank devote themselves exclusively to the management of its affairs. The various departments which go to make up the greater modern bank of to-day are in charge of capable men selected for their special duties. The bank is always ready to make loans to its customers either upon satisfactory collateral or acceptable notes. Of course, most of the loans based upon notes are made to business concerns of the city, which submit statements of their assets and liabilities, and maintain bank accounts com- mensurate with their borrowings. The bank provides every convenience for its patrons whether their accounts -are large or small. A special department is maintained for the opening of accounts where the new-comer is courteously received, and the methods of both opening an ac- count and maintaining it are carefully explained. There is also a department for the handling of the accounts of the women depositors of this institu- tion with a special clerk in charge. Checks are cashed in new currency. This feature of the busi- ness will be extended and made even more attrac- tive in the new bank building, where there will be quarters for the exclusive use of women customers. A special interest department is maintained. Funds that are not to be actively used in business may be deposited at the prevailing rate of bank interest. The Draft Department, in addition to furnishing drafts payable in New York, Chicago, Philadelphia, THE FIRST NATIONAL BANK OF SYRACUSE 47 and other large cities of the United States, offers its customers foreign drafts, payable in any part of the world and in the currency of the country where the draft is made payable. It issues letters of credit and Travelers' Checks to those who may be anticipating trips in this country and abroad. The bank is also prepared to furnish those who are going abroad with money of the countries they pur- pose visiting. The bank has trustworthy connec- tions with the banking centers of Europe and is prepared, therefore, to transact for its customers foreign business of every sort, bills of exchange, letters of credit, foreign coin and bank notes, also the transfer of money by draft and cable. Further the officers are pleased, if their services are desired, to assist in obtaining passports for customers who are going abroad. The Bond Department, established eight years ago, receives the exclusive attention of one of the officers of the bank and has proved of steadily in- creasing usefulness to the investing public. This department is always ready to execute orders for any investments which may be given it, and com- plete files are maintained giving the latest informa- tion about all securities offered to the public. The facilities which the Bond Department offers for the man or woman with money to invest, whether the amount is much or little, are being more and more recognized and employed. The Safe Keeping Department will take care of securities deposited with it, and, if desired, will 48 THE FIRST NATIONAL BANK OF SYRACUSE attend to the collection of bonds and coupons as they mature. To take temporary care of securities is one of the important functions of this depart- ment. It is the custodian of many securities owned mostly by those who are traveling or who reside outside of Syracuse. The bank has modern safety deposit vaults for the use of its customers. No article of value should be to-day left in a private house or office. The First National offers boxes of varying sizes to meet the requirements of each individual for rent at moderate sums, and special facilities are also of- fered for the temporary storage of packages or trunks. The vault is in charge of a special attend- ant. The bank issues a monthly trade letter, being a carefully prepared review of business and financial conditions from all leading trade centers of the world. CHAPTER VII THE NEW BANK BUILDING Attention has already been called in a previous chapter to the determination of the Board of Di- rectors to erect for the First National Bank a home of its own on the historic site of the Vanderbilt House and the adjoining property on East Wash- ington Street. After some delay incident to the securing of proper title, deeds were finally given to the First National Bank by which it obtained at the southeast corner of Warren and Washington Streets a piece of property measuring 66 feet on each street. Adjoining this square and facing East Washington Street there was also purchased a rect- angular piece of property measuring 62 feet in front and having a depth of 132 feet, in all an area of 12,540 square feet. Upon this site it has been consigned to the archi- tects, to construct a banking and office building which will add materially to the architectural adorn- ment of the city and, when completed, will repre- sent an outlay of at least one-half million dollars. While the foundation walls and steel work of the building are designed for a twelve story structure, the present plans call for a building of four stories, the three lower ones of which will be constructed so THE FIRST NATIONAL BANK OF SYRACUSE of white granite with the fourth story of white, impervious, glazed terra cotta. Hard brick con- structional walls will be built around a skeleton frame-work of steel. The column and floor girders will be of steel and the building throughout will be as absolutely fire-proof as modern inven- tion can devise. The first and second floors of the building will comprise the main banking offices and a mezzanine floor; while the two upper stories will be subdivided into convenient sized offices, arranged en suite. From Warren Street a large entrance-way will open to the main banking room, on the left of which will be located the executive officers of the bank, while on the right will be customers' rooms, public telephone and lavatory, over which there will extend the mezzanine floor, which will also be used for the business of the bank. The ceiling ex- tending over all will have a height of 25 feet. In the main banking room a special department for the convenience and comfort of ladies will be main- tained, and the tellers and bookkeepers will be given ample space for prompt and efficient service to customers. The tellers' cages will be entirely covered by steel, burglar-proof grilles with self- closing steel gates. The banking room throughout will be fitted with San Jago mahogany cabinet work and will have imported marble for counters and wainscoting, bronze metal screens, marble floor- tiling and ornamental plastering. On the main banking room floor and at the rear THE FIRST NATIONAL BANK OF SYRACUSE 51 of the rectangular area a space of over 4,000 square feet will be devoted to the Bond and Safe Deposit Departments, so designed as to give privacy to the clients of the bank. In this space there will be built a large vault weighing more than fifty tons, the doors of which will be constructed of chrome steel and will weigh over twenty tons, with a meas- urement of over twenty inches in thickness. These doors will be secured by heavy bolts and operated by triple movement time locks and other automatic devices; within, the walls will be lined with safe deposit boxes of various sizes for the safe keeping of the valuables of the bank's customers. This vault will be so placed as to be entirely clear of all the walls of the building so that a view of all sides may be obtained in order to prevent any possi- bility of outside attack. The entire Safe Deposit Department will be surrounded by steel grille work with heavy locked gates in charge of a regular at- tendant. Within this grille work there will also be a writing parlor and coupon rooms. A burglar- proof vault, similar in construction to the one al- ready described, though smaller, will also be built near the tellers' cages for the storage of currency, silver and securities of the bank. A book vault of fire proof construction will also be built within easy access to the bookkeepers and in which books, documents and papers of the bank will be kept. In the basement there will be con- structed fire-proof storage vaults for the old books and records of the bank, also for the storage of S2 THE FIRST NATIONAL BANK OF SYRACUSE trunks, books and large packages belonging to the bank's customers. Other parts of the basement will be occupied by a heating, lighting and vacuum cleaning plant. Entrance to the two upper stories of the building may not only be had from the main banking room, but also from the office entrance at the extreme end of the Washington Street side of the building, the corridor from which will lead to the rapid-running electric traction elevators which will give access to the upper floors of offices. These ofiices will be of convenient size, well finished, and will have all mod- ern improvements. In short, the whole plan of the builders is to de- sign and construct so as to keep pace with the re- quirements of this rapidly growing community. ADMINISTRATION PRESIDENTS OF THE BANK Edward B. Judson 1863-1902 Edward B. Judson, Jr 1902-1910 Charles W. Snow 1910- VICE PRESIDENTS John Crouse 1 863-1 888 Edward B. Judson, Jr 1888-1902 Frederick W. Barker 1900-1908 Charles W. Snow 1902-1910 Albert P. Fowler 1910- Arthur W. Loasby 1911-1913 Alfred W. Hudson 1913- CASfflERS George B. Leonard 1 863-1 897 Edward S. TeflFt 1897- ASSISTANT CASHIERS Edward S. Tefft 1884-1897 Jacob W. Walter 1 897-1908 Arthur W. Loasby 1908-1911 George A. Cholet 1913- MEMBERS OF THE BOARD OF DIRECTORS 1863 TO I9I3 Edward B. Judson 1863-1902 John Crouse i 863-1 888 C. Tyler Longstreet 1 863-1 881 Gershom P. Kenyon 1 863-1 873 John W. Barker 1 863-1 864 Dennis McCarthy . 1 863-1 886 THE FIRST NATIONAL BANK OF SYRACUSE 55 Charles B. Sedgwick 1863-1883 Orlin Mead 1 863-1 878 John M. Jaycox 1863-1864 James J. Belden 1864-1889 Burr Burton 1864-1865 Jacob Crouse 1865-1900 William A. Judson .... 1873-1877 1878-1886 D. Edgar Crouse 1877-1888 Edward B. Judson, Jr 1881-1910 George B. Leonard 1883-1897 Edward F. Rice 1887-1899 Dennis McCarthy 1887- Erastus F. Holden 1 888-1 899 Charles W. Snow . 1888- John McCarthy 1 889-1903 Osgood V. Tracy 1893-1909 Horace White 1893-1910 Frederick R. Hazard 1897- Hendrick S. Holden 1900- Frederick W. Barker 1900-1908 Charles M. Crouse 1900- Edward I. Rice 1902- Albert P. Fowler 1904- James Pass 1908-1913 Charles J. Barnard i909~ Alexander T. Brown 1910- Robert Dey 1910- EdwardS. Tefft 191 1- Arthur W. Loasby 1911-1913 M. Crouse Klock 191 1- Horace S. Wilkinson 191 3~ Alfred W. Hudson 1913- The Board originally consisted of nine members. On Jan- uary 3, 1893, the number was increased to eleven, and on January 3, 191 1, the number was still further increased to fourteen. A FINANCIAL DIGEST Year 1864 i86s 1 866 1867 1868 1869 1870 1871 1872 1873 1874 187s 1876 1877 1877 1878 1879 1880 1881 1882 1883 1884 i88s 1886 1887 1888 1889 1890 1891 1892 1893 1894 189s 1896 1897 1898 1899 1900 1901 1902 1903 1904 190S 1906 1907 1908 1909 1910 i9ri 1912 1913 1913 Nov. 1 Surplus and Capital Undivided Profits Deposits Dividend $ 250,000 $ 12,500.00 $ 222,623.01 $ 12,500 250,000 48,899.22 344,351.44 25,000 250,000 73,046.99 226,229.79 37,500 250,000 86,028.79 283,326.56 37,500 250,000 108,009.60 310,294.79 25,000 250,000 128,705.41 185,716.47 30,000 250,000 132,779.07 322,827.91 35,000 250,000 142,004.47 224,014.58 35,000 250,000 145,128.24 404,282.18 35,000 250,000 157,229.78 231,288.81 35,000 250,000 160,046.25 273,505-94 35,000 250,000 161,398.24 288,559.23 35,000 250,000 165,981.59 285,301.21 35,000 250,000 177,589-07 432,532.20 25,000 Special Dividend 50,000 250,000 116,692.71 578,576.71 30,000 250,000 120,865.29 472,321.00 35,000 250,000 123,361.78 616,652.70 35,000 250,000 127,149.02 552,336-85 35,000 250,000 131,658.35 522,051.38 35,000 250,000 134,166.05 629,318.10 35,000 250,000 144,916.28 836,245.82 35,000 250,000 149,890.24 934,535-83 35,000 250,000 155,821.35 1,101,787.09 35,000 250,000 164,400.29 1,182,879.50 35,000 250,000 165,545-94 1,155,074,60 35,000 250,000 181,469.40 1,240,301.10 35,000 250,000 199,296.62 1,428,970.53 35,000 250,000 205,063.84 1,618,792.01 35,000 250,000 229,753-95 1,660,860.84 35,000 250,000 249,689.41 1,812,791.2s 35,000 250,000 256,908.67 1,892,915.68 35,000 250,000 270,660.83 2,181,924.29 35,000 250,000 285,207.56 2,348,790.72 35,000 250,000 273,996.80 2,229,521.69 35,000 250,000 289,646.92 2,144,044.51 35,000 250,000 277,819.51 2,281,231.68 35,000 250,000 282,547.58 3,124,609.47 3S,ooo 250,000 293,895-38 3,274,554-68 35,000 250,000 300,854.96 3,337,786.91 35,000 250,000 295,812.64 3,363,450.68 35,000 250,000 298,256.35 3,639,599-53 35,000 250,000 464,566.01 4,028,831.16 35,000 250,000 560,767.26 3,670,469.50 35,000 250,000 647,809.40 3,628,244.77 35,000 250,000 648,769.57 3,633,884.83 35,000 250,000 703,516.28 4,296,439.10 35,000 250,000 761,976.04 4,809,110.51 35,000 250,000 841,331-77 4,935,064.75 35,000 250,000 901,658.57 5,686,161.33 50,000 250,000 982,061.78 5,6x4,674.03 50,000 Special Dividend 450,000 1,000,000 726,186.28 5,787,235.27 35,000 ir! '^-' •a 2 O -a CO CIS pq G O • »-i ■1-1 Iz; «j ^ u o O 3 u OS 3 1 a 13 u +-> •? 3 nS 4-> CJ M ^ i3 +-" rt bo .« 2 bo " Nt N -s 4-1 ^ ^-s fa c4 1 s U 1^ V > Liq., Liq. Ivent ve ve +J ^ '4J '■M • '4-> ^ -<■ S ■+^ '+3 <1 > ^ u u <>< > > ^q Ovo^\0^ O O O ■SOOoOooOOOOOOoooO onC>On S'-''-i„wi-|1-1mmi-iI- V 43 J3 J3 J3 ^ ^ CO ctf •Si t)-iooo tJ-t1-O^00VOVO LYMAN BEOS. Inc. PRINTERS SYRACUSE, N. Y.