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The Columbia University Libraries reserve the right to refuse to accept a copying order if, in its judgement, fulfillment of the order would involve violation of the copyright law. Author: First Trust & Deposit Company... Title: The story of a bank Place: Syracuse Date: [1919] MASTER NEGATIVE # COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 733 F51 First trunt o; deposit conpany, Syracuse, lUY. ?ho story of a bank; bein{^ a brie'" histori/ of the First trust h deposit conpany, 18r)3-1919, Llyracuso, ll.Y, ^I^IO^ 58 p. illus,, photos. ?.0^ on. 1 RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: REDUCTION RATIO: /^ ^ DATE FILMED : &r>A^ IMAGE PLACEMENT: lA (fl^ IB IIB INITIALS: TRACKING # : At^ r^avcc FILMED BY PRESERVATION RESOURCES, BETHLEHEM. PA. 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Loasby, President of the First Trust & Deposit Company -. 22 Vice Presidents 24 Secretaries and Treasurers 26 Cook's Coffee House, 1865 30 North Side Office, 100 North Salina Street - - - 40 The President's Office 42 The Banking Room 44 The Directors' Room 46 Reception Room for Women 48 The Safe Deposit Department 50 View of the Banking Room from the Balcony - - - 52 The Bookkeeping Department ------ 54 % I I I THE STORY OF A BANK CHAPTER I TRUST & DEPOSIT COMPANY OF ONONDAGA The humble walls that marked its birth Were built on honor, truth and worth; Today it proudly lifts in air To Faith and Thrift a temple fair! 1804 the Legislature of the State of New York authorized the conveyance of 250 acres of land, which now forms substantially the business section of Syracuse, to Abraham Wal- ton for $26.60 an acre. The hamlet which grew up on the Walton Tract was first called "Bogardus Corners," and, later, successively, as it developed first into a village and then a city, "Cossits Corners," "South SaHna," "Milan," "Corinth" and "Syracuse," which last name it took in 1819. In 1913, the sixty-fifth year after the incorporation of the city, the plot forming a part of one of the acres of the Walton purchase, sixty-six by sixty-six feet, which forms the 12 THE STORY OF A BANK THE STORY OF A BANK 13 n I Warren Street front of the banking house of the First Trust & Deposit Company, was sold to the First National Bank of Syracuse with the old building upon it, which did not add materially to its value, for $132,000. The village of Syracuse was incorporated in 1825, the city in 1848. Among its citizens were men with faith in the future and of cour- age and enterprise in affairs of business. One group of these subscribed the articles of asso- ciation of the First National Bank of Syracuse on April 11, 1863, in the dark days before Gettysburg was fought and Vicksburg fell. Another received the charter of the Trust & Deposit Company of Onondaga on May 4, 1866, when the tremendous debt incurred in the Civil War and the staggering problems which the country faced, greatly discouraged business initiative. Both institutions grew to be leaders in the fields of banking which they had chosen. The new Trust Company opened its doors for business in 1869. It took over the assets and business of the First National Bank on January 1, 1919, the latter surrendering its charter. The consolidation of the two insti- tutions upon the semi-centennial of the Trust Company makes the time appropriate to pre- sent to the public which the two banks have served in the past, and which the Trust Com- pany will serve in the future, the two histori- cal sketches herein contained. The group of representative citizens, men concerned in the commercial, financial, indus- trial and civic interests of the city, who pro- jected the Trust & Deposit Company of Onondaga, had faith in the future of the little city. They believed that Syracuse was certain to share in the continued unrivaled growth of the Empire State. They had confidence that the central city of the commonwealth, midway between the Hudson and Lake Erie, would become an important business center, and that the consequent advance in population and industry would require continuously greater banking facilities. 14 THE STORY OF A BANK THE STORY OF A BANK 15 Their names and respective subscriptions to the company's authorized capital of $100,000, were: shares SHARES A. A. HOWLETT 50 Jacob Grouse 50 H. W. Van Buren 50 E. B. Judson 50 T. B. Fitch 50 J. Terwilliger 50 E. B. Wicks 50 Geo. J. Gardner 30 J AS. M. Ellis 50 Jas. Franchot 50 W. B. Smith 50 Allen Munroe 50 Lyman Clary 50 W. D. Stewart 10 O. C. Potter 50 R. Franchot 50 Frank Hiscock 50 D. A. Moore 50 J AS. J. Belden 50 Silas F. Smith 10 A. C. Powell 50 W. J. Hough 50 E. S. Dawson 50 C. E. Smith 50 J. J. Glass 50 D. P. Phelps 50 J. W. Barker 50 Henry Gifford 50 G. P. Ken YON 50 W. A. Judson 50 C. B. Sedgwick 50 G. F. COMSTOCK 25 G. M. Kennedy 50 T. G. Alvord 25 C. Andrews 50 John J. Grouse 50 John A. Green 50 R. G. Wynkoop 10 C. T. Longstreet 50 J. Gorkey, Agt. 5 D. P. Wood 50 E. W. Leavenworth 50 N. F. Graves 50 Of these men, many were later distinguished in various fields. Frank Hiscock rose to be a member of the United States Senate and a leader among the able and brilliant members of that body. James J. Belden became Mayor of Syracuse, a Representative in Congress and a financier of wide repute. Charles Andrews, after being Mayor of Syracuse, entered upon a long judicial career which finally led to his elevation to the office of Chief Judge of The Court of Appeals of the State of New York. George F. Comstock was made a member of the same court. George N. Kennedy became a Justice of The Supreme Court of the State. Elias Leavenworth was Mayor of Syracuse and President of the Syracuse Savings Bank. E. B. Judson was the organizer and first President of the First National Bank of Syra- cuse and Mayor of the City. E. S. Dawson became President of the Onondaga County Savings Bank. To others reference will be made later. After the grant of the charter by the Legis- lature on May 4, 1866, many stockholders' THE STORY OF A BANK 17 - North Side of Hanover Square, 1866 meetings were held to discuss the plan and scope of the coming institution. In 1866 Syracuse could not be hurried. It had many citizens who recalled the past as if it were yesterday — the coming of the "Monte- zuma," first of canal boats, in 1820; the mighty development of the salt industry in the '30s; the arrival of the first railway train in '39. They recalled, too, the visit of Lafayette in '25, the coming of Henry Clay in '39, the famous Jerry Rescue case in '51. Shaken a little by the four years of the Civil War, in which Syra- cuse had borne a loyal and manly part, the city still camped on the borderland between village stolidity and the civic energy characteristic of the modern city. It was not until March 28, 1868, that the founders effected an organization — Cornelius T. Longstreet, merchant and financier, was elected president, and Daniel P. Wood, vice- president. In September, Mr. Longstreet re- signed, holding his office, however, until the election of a successor. On December 14, THE STORY OF A BANK 17 North Side of Hanover Square, 1866 * meetings were held to discuss the plan and scope of the coming institution. In 1866 Syracuse could not be hurried. It had many citizens who recalled the past as if it were yesterday — the coming of the "Monte- zuma," first of canal boats, in 1820; the mighty development of the salt industry in the '30s; the arrival of the first railway train in '39. They recalled, too, the visit of Lafayette in '25, the coming of Henry Clay in '39, the famous Jerry Rescue case in '51. Shaken a little by the four years of the Civil War, in which Syra- cuse had borne a loyal and manly part, the city still camped on the borderland between village stolidity and the civic energy characteristic of the modern city. It was not until March 28, 1868, that the founders effected an organization — Cornelius T. Longstreet, merchant and financier, was elected president, and Daniel P. Wood, vice- president. In September, Mr. Longstreet re- signed, holding his office, however, until the election of a successor. On December 14, THE STORY OF A BANK 19 North Side of Hanover Square, 1869 the following officers were chosen— the first official roll of the new institution: PRESIDENT Dudley P. Phelps VICE-PRESIDENTS Daniel P. Wood Edward B. Judson EXECUTIVE committee Edward B. Judson Allen Munroe T. B. Fitch E. W. Leavenworth James J. Belden Daniel P. Wood President Phelps, one of the founders of the institution, lawyer, early railroader, banker. Treasurer of the Onondaga County Savings Bank at the time of his election, brought eight years of banking experience to the new institu- tion. Of the vice-presidents, Daniel P. Wood, lawyer and distinguished legislator, was presi- dent of the Onondaga County Savings Bank and one of the most active and useful of Syracusans. He held a vice-presidency in the Trust & Deposit Company until his death in 1891. The second vice-president was Edward B. Judson, to whom we have referred above. North Side of Hanover Square, 1869 THE STORY OF A BANK 19 the following officers were chosen— the first official roll of the new institution: PRESIDENT Dudley P. Phelps VICE-PRESIDENTS Daniel P. Wood Edward B. Judson EXECUTIVE committee Edward B. Judson Allen Munroe T. B. Fitch E. W. Leavenworth James J. Belden Daniel P. Wood President Phelps, one of the founders of the institution, lawyer, early railroader, banker, Treasurer of the Onondaga County Savings Bank at the time of his election, brought eight years of banking experience to the new institu- tion. Of the vice-presidents, Daniel P. Wood, lawyer and distinguished legislator, was presi- dent of the Onondaga County Savings Bank and one of the most active and useful of Syracusans. He held a vice-presidency in the Trust & Deposit Company until his death in 1891. The second vice-president was Edward B. Judson, to whom we have referred above, 20 THE STORY OF A BANK and who was well known as a financier through his connection with the First National Bank of Syracuse. Each of the members of the executive com- mittee of the new company was a man of practical banking experience. In the spring of 1869, fifty years ago, the company, the seventh trust company, in the order of their incorporation, in the state, began business in four leased rooms in the basement of what was then the new Onondaga County Savings Bank Building, now the Gridley Build- ing, with Matthew J. Myers as secretary. It made its bid for popular favor in a modest fashion and awaited it hopefully. The accompanying engravings showing the appearance of the north side of Hanover Square just prior to 1869 and in 1869, after the western part of the Onondaga County Savings Bank had been erected, will be found inter- esting. During its earlier years the company carried on a commercial banking business, but in the THE STORY OF A BANK 21 winter of 1872 a readjustment was made, and while it was considered advisable to continue the commercial business in a manner that would benefit the company's stockholders, it was decided that this should be done through a state or national bank that could take over the commercial banking business. The State Bank of Syracuse, therefore, was organized in 1872 by stockholders of the Trust Company, whereby mutually beneficial rela- tions were established between the two cor- porations. It was agreed on January 15, 1873, that the business of both banks should be carried on in the rooms occupied by the Trust & Deposit Company and that so far as pos- sible the same officers and subordinates should conduct both. On February 1, the State Bank began business. The discounts of the Trust & Deposit were turned over to the new organization, and savings and the administra- tion and execution of trusts became practically the former institution's only business. Dudley P. Phelps was president of each of the affiliated Arthur W. Loasby President of the First Trust & Deposit Company A .^v*.^;-'' ■ THE STORY OF A BANK 23 institutions and Matthew J. Myers, secretary. The next five years were uneventful, but both company and city showed marked prog- ress. Syracuse was nearing the 55,000 popu- lation mark. It had added territory and another railroad and its famous university. In March, 1878, John J. Grouse, a leading merchant, mayor of Syracuse in the Nation's centennial year, was elected president, George Barnes and Matthew J. Myers, vice-presidents, and James Barnes, secretary. Late in 1880 arrangements were made for new quarters in the southwest corner of the ground floor of the Syracuse Savings Bank Building, erected in 1876, and shown in the engraving, and there the company presently found facilities which largely stimulated its growth. President Grouse resigned in January, 1881, and Joel Thayer, of Skaneateles,took his place. Death soon cut short President Thayer's activities and in June, 1881, George Barnes, railroad promoter, publicist and manufacturer, THE STORY OF A BANK 23 Arthur \V. Loasby President of the I'irst Trust & Deposit Company institutions and Matthew J. Myers, secretary. The next five years were uneventful, but both company and city showed marked prog- ress. Syracuse was nearing the 55,000 popu- lation mark. It had added territory and another railroad and its famous university. In March, 1878, John J. Grouse, a leading merchant, mayor of Syracuse in the Nation's centennial year, was elected president, George Barnes and Matthew J. Myers, vice-presidents, and James Barnes, secretary. Late in 1880 arrangements were made for new quarters in the southwest corner of the ground floor of the Syracuse Savings Bank Building, erected in 1876, and shown in the engraving, and there the company presently found facilities which largely stimulated its growth. President Grouse resigned in January, 1881, and Joel Thayer, of Skaneateles,took his place. Death soon cut short President Thayer's activities and in June, 1881, George Barnes, railroad promoter, publicist and manufacturer, THE STORY OF A BANK 25 was elected to the vacancy and held the office for seven years. In February, 1882, Frank Hiscock became one of the two vice-presidents, the other being Jonathan C. Chase. The accession of Mr. Hiscock to the board proved a developing and helpful factor in the company's progress. At the time of his election he was a member of Congress, and five years later his election to the United States Senate took place. President Barnes resigned in 1888 because of failing health, and Francis Hendricks was elected in his stead. Mr. Barnes remained as a Director until his death in 1892. Following the death of Mr. Barnes, the vice- presidency was filled by the election of Frank H. Hiscock, one of the leading lawyers of the state. His elevation to the State Supreme Court Bench, in 1896, caused a severance of his connection with the company as one of its officers. After several years in the Supreme Court, Mr. Hiscock became an Associate Judge of the Court of Appeals of the State, and 4 THE STORY OF A BANK 25 Lucius M. Kinno THi: VICK-PRKSini-.M^ THKI IR^TTR^^rMH.I•'^■^lT < OMIVWY Fredk W. Barker Louis S. Brady I 'J I 'I Edward S. Tcfft Mercer V. White was elected to the vacancy and held the office for seven years. In February, 1882, Frank Hiscock became one of the two vice-presidents, the other being Jonathan C. Chase. The accession of Mr. Hiscock to the board proved a developing and helpful factor in the company's progress. At the time of his election he was a member of Congress, and five years later his election to the United States Senate took place. President Barnes resigned in 1888 because of faiHng health, and Francis Hendricks was elected in his stead. Mr. Barnes remained as a Director until his death in 1892. Following the death of Mr. Barnes, the vice- presidency was filled by the election of Frank H. Hiscock, one of the leading lawyers of the state. His elevation to the State Supreme Court Bench, in 1896, caused a severance of his connection with the company as one of its officers. After several years in the Supreme Court, Mr. Hiscock became an Associate Judge of the Court of Appeals of the State, and Thorp Hiscock Assistattt Stcretary Albert B. Merrill Assistant Secretary :i Frederick E. Maurer Secretary £ hrff Thomas J. Waldorf Assistant Secretary Harry W. Parrctt Assistant Secretary George A. Cholet Assistant Treasurer William A. Boyd Treasurrr Eugene A. Tholens Assistant Treasurer , ,., ■■^.f.i...^,.ii. ..■■■^^m.....i....>l..^»t»>tk^.ii>ii>>in > i ii V> i ^»«> i > > ^ I THE STORY OF A BANK 27 fl % \ in 1916 was elected Chief Judge, being the second of those closely connected with the Trust Company to fill that high position. Both the company and the city grew rapidly during the years between 1880 and 1890. The population of Syracuse more than doubled in the ten years, increasing from 51,792 in 1880 to 108,374 in 1890. The city had advanced in many other ways, notably in the extent and variety of its manufacturing plants, and the officers and directors of the Trust & Deposit Company on its twentieth birthday felt that the progress of the institution was commen- surate with that of the rapidly advancing city. In July, 1908, Frederick W. Barker became first vice-president of the company and his experience and general ability immediately contributed to the institution's increasing suc- cess. Mr. Barker had been the first cashier of the Robert Gere Bank, established in May, 1880, with James J. Belden, president. When the Robert Gere Bank was merged with the First National Bank in 1900, Mr. Barker ^ THE STORY OF A BANK 27 Thorp Hiscock Assistant Siiri-larv Albert B. Merrill .•l5S«5/u»ir Secretary Frederick K. Maurer Secrt-lary Thomas J. Waldorf Assistant Secretary Harr>' VV. Parrett Assistant Secretary George A. Cholet Assistant Treasurer William A. Bovd TtfdUiiir Eugene A. Tholens Assistant Treasurer in 1916 was elected Chief Judge, being the second of those closely connected with the Trust Company to fill that high position. Both the company and the city grew rapidly during the years between 1880 and 1890. The population of Syracuse more than doubled in the ten years, increasing from 51,792 in 1880 to 108,374 in 1890. The city had advanced in many other ways, notably in the extent and variety of its manufacturing plants, and the officers and directors of the Trust & Deposit Company on its twentieth birthday felt that the progress of the institution was commen- surate with that of the rapidly advancing city. In July, 1908, Frederick W. Barker became first vice-president of the company and his experience and general ability immediately contributed to the institution's increasing suc- cess. Mr. Barker had been the first cashier of the Robert Gere Bank, established in xMay, 1880, with James J. Belden, president. When the Robert Gere Bank was merged with the First National Bank in 1900, Mr. Barker 28 THE STORY OF A BANK became a vice-president of the latter institu- tion. Later he was president of the State Bank of Syracuse, the position he held when elected first vice-president of the Trust & Deposit Company. In 1913 the company, steadily advancing, entered a new regime. Mr. Hendricks resigned the presidency and became the first incum- bent of the newly-created office known as chairman of the board. To the presidency was elected Arthur W. Loasby, his election taking effect July 1, 1913. The new president had virtually grown up amid banking environments and in a banking atmosphere. Sixteen years previous to his election to the presidency he had begun his banking career as a clerk in the First National Bank. His first step upward made him a loan teller in 1900, and seven years later he was manager of the Bond Department. Shortly afterwards he became assistant cashier. In 1910 he was vice-president of the First National and three years later— having been just sixteen THE STORY OF A BANK 29 I. years on the way— was elected president of the Trust & Deposit Company and also a direc- tor of the State Bank of Syracuse. At the same time that Mr. Loasby was elected president, Lucius Kinne was chosen secretary of the company. Mr. Kinne was another example of the trained banker who wins his way step by step. He had been identified with the company from the 70s, and when the bank was young had served as a teller, bookkeeper and manager of the safe- deposit vaults, all at one time. In January, 1914, the capital stock of the company was increased from $100,000.00, the original amount, to $500,000.00. In September, the capital stock of the company was increased from $500,000.00 to $1,000,000.00, and the new capital was used in the purchase of the assets and business of the State Bank of Syracuse, which discontin- ued business on October 1, 1914. This was the first bank absorbed by the Trust Company in its upward progress. THE STORY OF A BANK 31 Cook's Coffee House, 1865 Site of the Present Home of the First Trust & Deposit Company In 1910 the Federal census gave Syracuse a population of 137,249. In 1915 the State cen- sus credited the city with 146,587. It was the fourth of the interior cities of the state in population, and the fifth in industries. The seemingly hopeless Httle swamp-bound settle- ment of 1819— when it first secured its name and a separate identity— had grown during the century into an important and bustling munic- ipality—and the Trust & Deposit Company, in its forty-sixth year of existence, had kept pace with the growing community. In January, 1916, Francis Hendricks resigned from the chairmanship of the board of trustees. In accepting his resignation the trustees took occasion to refer to his distin- guished services to the company, as well as to the community at large. At the same meeting the office of Chairman of the Board was abolished. Death again entered the banking family when on October 29, 1916, James Barnes passed away. He had served the company as 32 THE 'STORY OF A BANK THE STORY OF A BANK 33 secretary from March, 1878, to July, 1913, more than thirty-five years. He resigned his office because of the infirmities of age, having reached his eighty-first year. He continued to serve as trustee until his death. The company entered all the activities result- ing from the war with Germany and her allies with patriotic enthusiasm, contributing men to the active military service and also to the organized War-work campaigns of Syracuse. Mr. Loasby served as chairman of the Liberty Loan Committee for Onondaga County throughout the whole period of the war. Mr. C. A. Chase, one of the trustees of the com- pany, was Coal Administrator for the City of Syracuse. Mr. Huntington B. Crouse, another trustee, was Food Administrator. In November, 1918, the Trust & Deposit Company became a member of the Federal Reserve system. Close and pleasant business relations had existed for years between the Trust Company and the First National Bank of Syracuse, and there developed in the officers and directors active in the management of the two institu- tions, a belief that their consolidation would prove to the advantage of both and to the business communities which they served. As a result a plan for uniting the two was worked out in the fall of 1918 by their respective offi- cers and directors. Briefly, it provided for a sale to the Trust Company of all the assets and business of the Bank and a surrender of the charter of the latter, and an increase in the stock of the Trust Company from $1,000,000.00 to $2,500,000.00, to provide the capital required to make the above purchase. A part of the shares representing the new capital was allotted to the stockholders of the Bank in such man- ner that they respectively acquired the number thereof equal to the number of the Bank shares which they held at the date of the dis- continuance of its business, and the remainder were sold to the stockholders of the Trust Company, including therein the Bank stock- holders who had become Trust Company ■J 34 THE STORY OF A BANK Stockholders as a part of the consolidation of the two institutions. As a part of the consoli- dation, the name of the Trust Company was changed to "First Trust & Deposit Com- pany," and the board of thirteen trustees was replaced by a board of thirty directors to pro- vide for representation thereon of the new stockholders who had formerly been interested in the Bank. The First National Bank was the second bank to be directly taken over by the Trust Company, but inasmuch as the Bank had, dur- ing its existence, taken over the New York State Banking Company and the Robert Gere Bank, of which a more detailed account is contained in the sketch of the history of the Bank, found later herein, the Trust Company, by the last consolidation, took unto itself the assets and business of four banks formerly prominent in the business life and history of Syracuse. On November 12, 1918, a special meeting of the Board was called to act upon the plan THE STORY OF A BANK 35 described above, and to authorize the submis- sion thereof to the stockholders. On December 6, one of the most eventful days in the history of the company, the execu- tion of the contract with the First National Bank was ratified and approved by the stock- holders. As a part of the consolidation, the Trust Company acquired the banking house of the Bank shown on page 10, at the southeast cor- ner of South Warren and East Washington Streets, and on January 1, 1919, the Bank dis- continued business and the Trust Company took possession of this building, making it the main office of the Company. The site is famous in local annals. From 1868 until 1913 the Vanderbilt Hotel stood upon it, and for many years prior it had been occupied by Cook's Coffee House, a noted caravansary and the scene of many stirring events in the history of Syracuse. The old quarters of the Trust Company in the Syracuse Savings Bank Build- ing at the corner of North Salina and James A i 36 THE STORY OF A BANK Streets has been continued as a North Side Office. The first annual meeting of the First Trust & Deposit Company was held on January 15, 1919, when the following officers were elected: president Arthur W. Loasby vice-presidents Louis S. Brady Frederick W. Barker Edward S. Tefft Lucius M. Kinne Mercer V. White secretary Frederick E. Maurer assistant secretaries Thorp Hiscock Thomas J. Waldorf Albert B. Merrill treasurer William A. Boyd ASSISTANT treasurers George A. Cholet Eugene A. Tholens THE STORY OF A BANK 37 President Loasby, under whose direction the Trust & Deposit Company of Onondaga had grown so rapidly, was the natural choice for president of the new organization. For First Vice-President, Louis S. Brady, who had come to the First National Bank in 1915 from the Fifth Avenue Bank of New York City, was selected. With him were associated Frederick W. Barker, identified with both the Trust & Deposit Company of Onondaga and the First National Bank; Edward S. Tefft, another veteran banker; Lucius M. Kinne, who was one of the early active officers of the Trust Company, and Mercer V. White, who had filled the position of trust officer. For secretary, Frederick E. Maurer, who had served as assistant secretary of the Trust Com- pany, was chosen, and William A. Boyd, who had been cashier of the First National Bank, was elected to the office of treasurer. The assistant secretaries and assistant treas- urers were selected with the view to building 38 THE STORY OF A BANK an organization that would be efficient and progressive. The directors of the first and present Board of the First Trust & Deposit Company are: Frederick P. Assmann F. W. Barker Charles J. Barnard Louis S. Brady Alexander T. Brown William R. Cahill H. WiNFIELD ChAPIN C. A. Chase A. H. CowiE Charles M. Crouse H. B. Crouse George Doheny E. L. French Henry H. S. Handy Alfred W. Hudson M. Crouse Klock W. S. Landon A. W. LOASBY John A. Mathews Irving S. Merrell A. E. Parsons Edward L. Pierce Edward I. Rice Bert E. Salisbury Dr. L. a. Saxer Deforest Settle W. W. Wiard Horace S. Wilkinson Leroy B. Williams Edwin D. Winkworth J CHAPTER II THE FIRST NATIONAL BANK OF SYRACUSE THE First National Bank of Syracuse was organized through the energy and foresight of Edward B. Judson, to whom reference has previously been made, on April 11, 1863, under the National Bank Act of February 25 of that year. Mr. Judson was determined that Central New York should be one of the first sections in the country to inaugurate the new system. Charters were issued to the bank applicants in June, 1863, and charter No. 6 fell to the First National Bank of Syracuse. This was the first charter granted a New York bank, the state receiving but one charter out of the first twelve— Ohio taking five, Pennsylvania two, Connecticut two, Indiana one, IlHnois one and New York one. The capital stock of the First National Bank of Syracuse was $100,000.00 and the original THE STORY OF A BANFC 41 Stockholders were: Dennis McCarthy, Ger- shom P. Kenyon, Charles B. Sedgwick, John M. Jaycox, John W. Barker, Orlin Mead, C. Tyler Longstreet, John Crouse, Edward B. Judson. All were residents of Syracuse. On April 20, 1863, the nine men who sub- scribed for the stock of the new bank were con- stituted the first Board of Directors. Edward B. Judson was elected president and John Crouse, vice-president. On July 20 the bank was opened for business at No. 16 Salina Street. From these primitive quarters the institution soon removed to the Bastable Block. In October the directors felt warranted by the unexpected press of business to increase the capital stock to $250,000.00. In 1873 when the First National was ten years old, it had a staff of five employees, one of whom was Edward N. Westcott, who became famous as the author of "David Harum," in which the character of John Lennox is gener- ally regarded as a portrayal of the author. In 1876 the bank entered a new home in the 111 1 THE STORY OF A BANK 43 h The President's Office i east end of the building of the Onondaga County Savings Bank on Water Street, where it remained for twenty years. There were changes— deaths, removals, resignations— in the Board of Directors, but the bank contin- ued its steady growth. At the end of the first year its assets were $232,000.00, and in 1883 they had increased to $1,500,000.00. In 1897 the First National removed to the new building erected by the Onondaga County Savings Bank at the junction of South Salina and East Water and East Genesee Streets, where convenient and attractive quarters were secured on the Genesee Street front. These quarters for a time proved sufficiently com- modious to accommodate the bank's growing requirements. During this period the First National took over the business of two State banks located in Syracuse, the New York State Banking Company, which had become insol- vent, and the young and vigorous Robert Gere Bank. The latter institution was established in May, 1880, by James J. Belden, and was I ) I THE STORY OF A BANK 45 The Banking Room i named after Mrs. Belden's father, a leading business man of the city. The original officers of the Robert Gere Bank were: James J. Belden, President; A. Cadwell Belden, Vice- President; Frederick W. Barker, Cashier. The president and cashier retained their offices throughout the history of the institution. The transfer to the First National Bank was ef- fected on March 3, 1900. President Edward B. Judson died in January, 1902, after thirty-nine years of continuous service as president of the bank he founded and fostered. He was, as shown by the refer- ences previously made to him herein, a man of many activities, a public-spirited citizen, a philanthropist, and his death was a serious loss to both the bank and the city. He was succeeded in the presidency by his son, Edward B. Judson, Jr. The business of the First National doubled in its first twenty years. It doubled again in its next ten years. In January, 1910, President E. B. Judson, Jr., died, and Vice-President The Directors' Roou THE STORY OF A BANK 47 Charles W. Snow succeeded him. Mr. Snow's successor as vice-president was Albert P. Fowler, and a little later, Arthur W. Loasby was elected to the vice-presidency, which had remained vacant since the retirement of Frederick W. Barker, who became Presi- dent of the State Bank. In 1913 land was secured for a new banking and office building. In April the capital stock of the First National was increased from $250,000.00 to $1,000,000.00. In June, 1913, Vice-President Loasby re- signed to accept the presidency of the Trust & Deposit Company of Onondaga. Mr. Loasby had been with the First National Bank sixteen years, and was the third executive officer of that bank to accept the presidency of another Syracuse banking institution. Shortly after Mr. Loasby's resignation Alfred W. Hudson was elected Vice-President to succeed him. Mr. Hudson began his bank- ing career with the Fifth Avenue Trust Com- pany of New York, later entering the State THE STORY OF A BANK 49 Reception Room for Women t : m Banking Department, becoming Deputy Superintendent of Banks, which office he held for several years, when he resigned to become Deputy Comptroller of the State of New York. In 1914 Mr. Snow resigned as President and became Chairman of the Board, and at this time Mr. Hudson was elected President, which office he held until the merger of the Bank and the Trust Company was effected on January 1, 1919. i In November, 1918, came the official an- nouncement of the proposed tentative plan of the merger of the First National with the Trust & Deposit Company of Onondaga, of which an account is contained in the Trust Company history. In December, the execu- tion of the merger contract was ratified and the details approved. The foregoing sketches have brought the histories of the Trust & Deposit Company of Onondaga and the First National Bank down to January 1, 1919, the date of their THE STORY OF A BANK 51 The Safe Deposit Department consolidation into the First Trust & Deposit Company, the largest banking institution in the State of New York outside of those in the cities of the first class. To the future, the "First Trust,'' as it is already popularly and colloquially termed, looks forward confident of a continuance of its prosperity and the maintenance of the happy relations which have always existed between it and all whose business brings them into contact with it. No trust company or bank surpasses it in the facilities and convenience which it offers for the transaction of business. The building of the First Trust & Deposit Company is one of the finest structures in Syracuse, and one of the most complete bank- ing homes in the nation. The area of the site is 12,540 square feet. The original cost. of site and building was in excess of $600,000.00. The foundation walls and steel work were designed for a twelve-story structure, but the amended plans provided for a four-story build- ing, the three lower stories of white granite, THE STORY OF A BANK 51 The Safe Deposit Department consolidation into the First Trust & Deposit Company, the largest banking institution in the State of New York outside of those in the cities of the first class. To the future, the 'Tirst Trust," as it is already popularly and colloquially termed, looks forward confident of a continuance of its prosperity and the maintenance of the happy relations which have always existed between it and all whose business brings them into contact with it. No trust company or bank surpasses it in the facilities and convenience which it offers for the transaction of business. The building of the First Trust & Deposit Company is one of the finest structures in Syracuse, and one of the most complete bank- ing homes in the nation. The area of the site is 12,540 square feet. The original cost. of site and building was in excess of $600,000.00. The foundation walls and steel work were designed for a twelve-story structure, but the amended plans provided for a four-story build- ino-, the three lower stories of white granite, THE STORY OF A BANK! 53 View of the Banking Room from the Balcony the fourth story of white terra cotta. Steel girders and hard brick construction walls make the edifice as fireproof as modern build- ing science can devise. With the completion of the consolidation of the two institutions, plans were immediately set in motion for improvements of the banking rooms, designed to add to their facilities, their convenience and their beauty. With these additions and embellishments completed it is doubtful if there is a bank structure in the country that excels the build- ing of the First Trust & Deposit Company in architectural beauty and in essential con- venience and modern completeness. The main banking room is bright and spacious and the ceiling has a height of twenty- five feet. At the rear of the main room is the safe deposit department where every safeguarding device known to building skill is utilized for the protection of the great vault. The basement is fitted up for the storage of the bank's books and other property and for I ■>, ■■' >*"!^S. II III III ill t View of the Banking Room from the Balcony THE STORY OF A BANK 53 the fourth story of white terra cotta. Steel girders and hard brick construction walls make the edifice as fireproof as modern build- ing science can devise. With the completion of the consolidation of the two institutions, plans were immediately set in motion for improvements of the bankmg rooms, designed to add to their facilities, their convenience and their beauty. With these additions and embellishments completed it is doubtful if there is a bank structure in the country that excels the build- ing of the First Trust & Deposit Company in architectural beauty and in essential con- venience and modern completeness. The main banking room is bright and spacious and the ceiling has a height of twenty- five feet. At the rear of the main room is the safe deposit department where every safeguarding device known to building skill is utilized for the protection of the great vault. The basement is fitted up for the storage of the bank's books and other property and for THE STORY OF A BANK 55 ; 1 The Bookkeeping Department M' 1 the safeguarding of large articles or packages belonging to bank customers. All that mahogany and marble and bronze and ornamental details and rich decorations can do to make the building pleasing and practical for both patrons and employees has been done unstintedly. In order to accommodate the public more thoroughly, and to exemplify the slogan, "The Bank of Personal Service," the First Trust & Deposit Company continues to use the rooms so long occupied by the Trust & Deposit Company of Onondaga, on North SaUna Street, which are known as the North Side office, the main office being in the South Warren Street structure. While it is pleasant to be able to offer to the public the plant and conveniences to which we have alluded, we realize that those are but superficial recommendations. The faith of a community in a bank rests not upon stone or steel, but upon the confidence possessed by the people in the men respon- The Bookkeeping Department THE STORY OF A BANK 55 the safeguarding of large articles or packages belonging to bank customers. All that mahogany and marble and bronze and ornamental details and rich decorations can do to make the building pleasing and practical for both patrons and employees has been done unstintedly. In order to accommodate the public more thoroughly, and to exemplify the slogan, "The Bank of Personal Service," the First Trust & Deposit Company continues to use the rooms so long occupied by the Trust & Deposit Company of Onondaga, on North SaUna Street, which are known as the North Side office, the main office being in the South Warren Street structure. While it is pleasant to be able to offer to the public the plant and conveniences to which we have alluded, we realize that those are but superficial recommendations. The faith of a community in a bank rests not upon stone or steel, but upon the confidence possessed by the people in the men respon- 56 THE STORY OF A BANK sible for its management. Of those who are now the directors and officers of the Company, it would be inappropriate to speak. By their works, not words, must they be known. To the long line of eminent and honorable men who have watched over the welfare of the Company and of its depositors and customers during the fifty years of its existence, we may point with pride. It is an inspiration to us to preserve in the future the faith born of the past. The brief sketches herein contained are offered in commemoration of a half-cen- tury of work of which we are proud. We hope that we may so do, that when the full century of the Company's existence shall have been rounded out, those who shall fill the places which we fill now will be able to speak of the institution which we shall have passed on to them as proudly as we speak of it today. If so, the reward will be sufficient. The Directors and Officers of the First Trust & Deposit Company THE STORY OF A BANK OFFICIAL ROSTER— 1868-1919 57 presidents C. T. LONGSTREET 1868- Dudley P. Phelps 1868-1878 John J. Crouse 1878-1881 Joel Thayer 1881- George Barnes 1881-1888 Francis Hendricks 1888-1913 Arthur W. Loasby 1913- vice-presidents D. P. Wood 1868-1878 Edward B. Judson 1868-1874 C. T. LONGSTREET 1874-1875 Lyman Clary 1875-1876 Peter Burns 1876-1878 George Barnes 1878-1881 Matthew J. Myers 1878-1881 Frank Hiscock 1881-1899 Jonathan C. Chase 1881-1888 George Barnes 1888 1892 F. H. Hiscock 1892-1907 A. K. Hiscock 1899-1908 Frank Hiscock 1907-1914 Frederick W. Barker 1908- Louis S. Brady 1918- Lucius M. Kinne 1918- Edward S. Tefft 1918- Mercer V. White 1918- I) 58 THE STORY OF A BANK SECRETARIES Matthew J. Myers James Barnes L. M. KiNNE, Assistant L. M. KiNNE, Secretary M. V. White, Assistant Thorp Hiscock, Assistant Frederick E. Maurer. Assistant Frederick E. Maurer. Secretary T. J. Waldorf, Assistant A. B. Merrill, Assistant Harry W. Parrett, Assistant treasurers William A. Boyd Geo. a. Cholet, Assistant E. A. Tholens, Assistant 1868-1878 1878-1913 1903-1913 1913-1918 1917-1918 1917- 1917-1918 1918" 1918- 1918- 1919- 1918- 1918- 1918- i ¥ - i P B Iii j "llFiWWW^^wfT^I M i *■ ■ ■^T«!»^»< m^i" "***• f Date Due IDl'&a F5» First trust & deposit company, Syra. ouBa, N*Y* The story of a bank... -j. 10Feb'32iyi rV--_^ ^^^^^'-AJicX ^ American Bank Service Association hiH 06^ (^ 1 w^ ^51 « I ^miQ 1995 ^^5181832 END OF TITLE