Bradford Rhodes (Mamaroneck, NY)

Bradford Rhodes

Bradford Rhodes (Feb 25, 1845 – April 15, 1924)

Biography

Cover of The Bankers' Magazine, Vol. 52, Jan. to June 1896 showing the consolidation with the Rhodes' Journal of Banking effected in 1895.

• Name: Bradford Rhodes
• Birth: February 25, 1845 Chippewa Twp., Beaver Co., PA
• Death: April 15, 1924 Mamaroneck, NJ (Buried Valhalla, NY)
• Editor and publisher of The Bankers' Magazine

Bradford Rhodes, famous banker, publisher, and legislator led a life as varied and checkered with adventure as a book hero.

The Life of Bradford Rhodes

Bradford Rhodes was born on a farm in Chippewa Township, Beaver County, Pennsylvania, February 25, 1845. His father, William Rhodes, Sr., was a hard-working, patient, broadminded man; his mother, Mary Marie (Baird) Rhodes, a noble, home-loving woman. His parents had married early in life, the father being twenty-two and the mother eighteen. Bradford was the only son born of this marriage. In 1852, when he was only seven years old, his mother died at the age of thirty-four. His eleven year old sister, Margaret, managed the house and cared for him, assisted by his mother's widowed sister, Sarah Hudson, “Aunt Sallie", who also taught the district school, which the growing boy attended. She was a superior woman and an excellent teacher. In 1853 William Rhodes married Eliza Isabel McMillan, who died eighteen months after the marriage. One child, Joseph William, was born of this union.

Three years later, in 1856, another marriage took place to Mary Jane Whann, and of this marriage nine children were born--three girls and six boys with several of them becoming prominent in various spheres of activity. From 1857 to 1861, Bradford Rhodes put in most of his time on the farm and in attending the district school, also taking one brief summer course at the old Darlington Academy. He showed aptitude in mathematics, reading and spelling, and was often sent around to other schools as the champion speller of his own school. His sister Margaret, then in her twenty-first year, married Wiliam Bradshaw Hunter, February 20, 1862, and shortly thereafter Mr. and Mrs. Hunter left for their new home near Andrew, Jackson County, Iowa. In March 1863, Bradford Rhodes had obtained his father's consent to visit Pittsburgh, and while there he noticed a new steamboat, the ‘’Davenport’’, lying at the dock, with her destination advertised in big letters. The prospective adventures of a river voyage, combined with a desire to visit his sister and her husband, prompted him to seek passage on the new vessel. On being told by the captain that the fare to Davenport was $21, he confessed that he had no money but was willing to work his way through. Arrangements were made on this basis. The trip occupied fifteen days. After visiting his sister a short while, he secured work on a nearby farm at $25 per month. The following winter he taught school at $30 per month, "boarding around." In the spring of 1864, he returned to his old home, going by way of Chicago, and having saved some money was able to travel first class this time. In the fall of that year he enlisted in the 134th Pennsylvania Volunteers (Col. M.S. Quay's regiment), and was in Camp Curtin at Harrisburg for several weeks.

He had passed the doctor and received his uniform and equipment but was disappointed in a desire to serve his country by the refusal of the mustering officer to swear him in, owing to a rather frail and youthful appearance. During the next few years employment was found as a teacher in the public schools including the principalship of Darlington Academy, 1867 and 1868. An ambition to become a physician next engaged his attention, and in pursuit of this object he went to Cleveland and entered as a student at the Cleveland Medical College (1869-70). To help in paying expenses a position was taken as head teacher in a graded school in one of Cleveland’s suburbs. After about a year's study at the institution, a decision was reached that a business life would be more congenial and profitable, and the resolution was made to go to the chief business center of the country, New York.

An obstacle to the immediate carrying out of this resolution was lack of funds. This difficulty was obviated by obtaining a loan on a cherished timepiece. Arriving in New York without money, aid in securing much-needed employment was given by the Y. M. C. A. in about ten days work was obtained as a reporter on a daily newspaper, and about a year later a more important position was secured on the New York Commercial Bulletin. From about this time dates the beginning of business activities by Mr. Rhodes. In December 1873, he established ‘’The Safeguard’’, a publication devoted to savings bank interests.

Not only in the conduct of this paper, but before the Legislature at Albany and a committee of Congress at Washington, Mr. Rhodes labored with diligence and effect on behalf of these institutions, and his services were helpful in securing legislation looking to the safety of these custodians of the people's savings. In 1877 ‘’The Safeguard’’ was broadened in its scope to include the interests of all classes of banks and rechristened Rhodes' Journal of Banking. This publication steadily grew in popular favor and soon became the leading bankers' publication in the United States. In July 1895, Mr. Rhodes purchased ‘’The Bankers’ Magazine’’, consolidating the two publications under the latter title. As an editor and publisher of financial books and magazines, Mr. Rhodes took a prominent part in shaping the country's banking and financial legislation, working always on behalf of sound principles. He disposed of his publishing interests in 1903.

The Banker's Magazine was established in 1846. In 1894, the entire property and good-will of the Banker's Magazine and the Banker's Almanac and Register were purchased from the Homans Publishing Company by Mr. John G. Floyd who was for nearly 30 years a member of the firm of William B. Dana & Co., publishers of New York Commercial and Financial Chronicle. After Rhodes' purchase, the name of the publication thereafter was The Bankers' Magazine to which was added Rhodes' Journal of Banking as a subtitle. As the Bankers' Magazine was the older of the two publications covering a period of 50 years it seemed unwise and unjust that the name should be lost or subordinated to that of a younger publication.

While establishing himself in business, Mr. Rhodes married Caroline Augusta Fuller on February 27, 1878. Caroline was a daughter of James Malcom and Jane Augusta (Spelman) Fuller. Mr. Fuller was a member of the banking firm of Cammann & Co., New York City, and for many years an influential member of the Stock Exchange. Mr. Fuller was the thirteenth member of the Stock Exchange. The Rhodes' established a home at Quaker Ridge, a select residential section, the original Fuller estate, near Mamaroneck in Westchester County, New York, where they lived surrounded by a large circle of friends. They had no children. Mr. Rhodes' nephew, Richard Ralston Hunter, his sister Margaret's seventh son, became a member of the family at an early age. [Mr. Hunter became a senior vice president of the Chase National Bank].

After a protracted illness Mrs. Rhodes died November 24, 1917. She was a devoted wife, endowed with an attractive personality, known as a charming hostess, and was a helpmate to her husband in the truest sense of the word. Besides being a successful editor and publisher Mr. Rhodes established three banks, of all of which he led as president. These institutions were the Thirty-fourth Street National Bank (1902), New York, the Union Savings Bank of Westchester County (1887), and the First National Bank of Mamaroneck, N. Y. (1891). He resigned the presidency of the Union Savings Bank after twenty-five years of continuous service, but still retained the presidency of the First National Bank of Mamaroneck. Although relaxing somewhat from his former strenuous activities, Mr. Rhodes was still in vigorous health and kept fully occupied in caring for his various business interests. Plenty of work and regular habits of life, he said, accounted for his good physical condition. Political honors of Mr. Rhodes have included three terms as member of the Assembly of the New York Legislature (1888, 1889, 1890), a nomination for State Senator (1891) and for Congress (Sixteenth New York District, 1892). He carried his district in the Presidential year when the popular tide was unfavorable, running 1,114 votes ahead of his ticket.

In the election for Senator he was defeated, though carrying his own county. The nomination for Congress he declined on account of the demands of his business affairs. In the New York Legislature Mr. Rhodes served as chairman of the Committee on Banks and was instrumental in securing the passage of the Savings Bank Investment Law, and the Anti-Bucket Shop Law, as well as other reform measures. Mr. Rhodes was a member of the Empire State Society of the Sons of the Revolution, the Chamber of Commerce of the State of New York, the Union League Club, the Transportation Club and the Larchmont Yacht Club. The foregoing sketch was prepared by Elmer I. Youngman, Editor, Bankers’ Magazine, New York, and for many years associated with Mr. Rhodes in the publishing business.

Later life and death

On Tuesday morning, April 15, 1924, Bradford Rhodes, founder of the Union Savings Bank and well-known Mamaroneck resident, passed away at his home on Weaver Street. Mr. Rhodes resided in the Quaker Ridge section for the past 46 years. After a long and eventful career, he died at the age of eighty. He was the son of William Rhodes and Mary Maria Baird. He was a banker, editor and publisher of financial books, and also founder of the Thirty-fourth Street National Bank in New York. He is survived by his wife, Caroline. Interment was at Kensico Cemetery.

Senate Testimony October 1913

Statement of Bradford Rhodes made before the Committee on Banking and Currency, United States Senate, October 24, 1913.

Hon. James A. O'Gorman, Senator from New York, asked, "Mr. Rhodes, what has been your banking experience?" Mr. Rhodes--Besides being president of the First National Bank of Mamaroneck, New York, I am a member of the board of trustees of the Union Savings Bank of Westchester County and was the organizer and for twenty-five years president of this institution. I was also for many years editor and publisher of Rhodes' Journal of Banking, and in 1895 purchased The Bankers' Magazine, consolidating the two publications. [His statement consists of 10 pages with supporting banking statistics. Two statements are provided below.]

The adherence to Government bonds as a basis of bank circulation has heretofore rendered it impossible to impart any marked degree of elasticity to the note circulation. The bill now before you wisely departs from this policy.

I would suggest that the notes be made redeemable in gold rather than in lawful money. Since lawful money is substantially exchangeable for gold, we gain nothing by putting this intermediate step between the notes and gold, and I think we should gain much by declaring the notes themselves to be gold obligations. It is, in fact, an evidence of our good faith and our ability to pay when we put all our circulating medium on a gold basis.

Bank Officer Summary

During his banking career, Bradford Rhodes was involved with the following bank(s):

• The Union Savings Bank of Westchester County: President 1887-1912
• First National Bank/First NB & TC, Mamaroneck, NY (Charter 5411): President 1900-1919
• Thirty-Fourth Street NB, New York, NY (Charter 6441): President 1903

$5 Series 1882 Brown Back bank note with pen signatures of R.G. Brewer, Cashier and Bradford Rhodes, President. Courtesy of Heritage Auctions, www.ha.com

$10 Series 1902 Red Seal bank note with SN 1A and pen signatures of C.J. Beard, Cashier and Bradford Rhodes, President. Courtesy of GreatCollections.com

Sources

• The Bankers' Magazine, Vol. 65, July - Dec. 1902 p. 346.
• Bradford Rhodes on Findagrave.com
• Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project