Marine National Bank, Buffalo, NY (Charter 6184)
Marine National Bank, Buffalo, NY (Chartered 1902 - Liquidated 1919)
Town History
Buffalo is the second-largest city in the state of New York and the seat of Erie County. It is located at the eastern end of Lake Erie, at the head of the Niagara River, and is adjacent to the Canadian border in southern Ontario. With a population of 278,349 according to the 2020 census, Buffalo is the 76th-largest city in the United States. The city and nearby Niagara Falls together make up the two-county Buffalo–Niagara Falls Metropolitan Statistical Area (MSA), which had an estimated population of 1.1 million in 2020, making it the 49th largest MSA in the United States. Buffalo is located in Western New York, which is the largest population and economic center between Boston, Cleveland, and Pittsburgh. The population in 1860 was 81,129, peaking in 1950 at 580,132.
In the 18th century, Iroquois land surrounding Buffalo Creek was ceded through the Holland Land Purchase, and a small village was established at its headwaters. The village of Buffalo was named for Buffalo Creek. British military engineer John Montresor referred to "Buffalo Creek" in his 1764 journal, the earliest recorded appearance of the name. A road to Pennsylvania from Buffalo was built in 1802 for migrants traveling to the Connecticut Western Reserve in Ohio. Before an east–west turnpike across the state was completed, traveling from Albany to Buffalo would take a week; a trip from nearby Williamsville to Batavia could take over three days.
In 1825, after its harbor was improved, Buffalo was selected as the terminus of the Erie Canal, which led to its incorporation in 1832. The canal stimulated its growth as the primary inland port between the Great Lakes and the Atlantic Ocean. Transshipment made Buffalo the world's largest grain port of that era. After the coming of railroads reduced the canal's importance, the city became the second-largest railway hub (after Chicago). During the mid-19th century, Buffalo transitioned to manufacturing, which came to be dominated by steel production. Later, deindustrialization and the opening of the St. Lawrence Seaway saw the city's economy decline and diversify. It developed its service industries, such as health care, retail, tourism, logistics, and education, while retaining some manufacturing. In 2019, the gross domestic product of the Buffalo–Niagara Falls MSA was $53 billion.
Buffalo has a humid continental climate and temperatures have been warming with the rest of the US. Lake-effect snow is characteristic of Buffalo winters, with snow bands (producing intense snowfall in the city and surrounding area) depending on wind direction off Lake Erie.
Buffalo had 21 National Banks chartered during the Bank Note Era, and 20 of those banks issued National Bank Notes. Buffalo also had 31 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized March 7, 1902
- Chartered April 1, 1902
- Opened for business April 4, 1902
- Succeeded Marine Bank
- Absorbed Buffalo Commercial Bank in 1902
- Assumed 4741 by consolidation December 6, 1913 and its circulation (Columbia National Bank, Buffalo, NY)
- Liquidated January 4, 1919
- Succeeded by Marine Trust Company of Buffalo
Marine Bank was founded as a state-chartered bank on July 10, 1850, with capital of $170,000. It was founded by eight men from across New York, General James S. Wadsworth of Geneseo, J.P. Beekman of Kinderhook, New York, John Arnot of Elmira, John Magee and Constant Cook of Bath, William R. Gwinn of Medina, and George Palmer and James M. Ganson of Buffalo.[2] Both Palmer and Wadsworth had railroad connections. The two had financial interests in and served as directors of the Attica and Hornell Railroad, while Palmer had links also with the Buffalo and State Line Railroad. Palmer was elected president and Ganson was named cashier. The new institution was called Marine Bank because much of its early business depended on the economic vitality of Buffalo's lakefronts and riverfronts. Indeed, it was intended to finance the new shipping trade on the Great Lakes. From the first day it opened its doors on August 27th at 79 Main Street, in the Webster Block,[3] Marine was the prominent bank for the thriving grain and milling industry on the waterfront.
A counterfeit on the Marine Bank $5 was reported in April 1858. The vignette was a female with a sheaf of grain, on the right side was a female with a rake. The signatures were very good with that of James M. Ganson especially good. Those not intimate with the genuine plates were liable to be deceived, however, the vignettes and figures in the fraud were utterly unlike the genuine, though very well engraved.[4]
On Friday, March 26, 1897, at noon the American Exchange Bank of Buffalo voluntarily retired from the banking business and after 44 years as an important financial factor, forever closed its doors. The officers of the bank made arrangements with the Marine Bank to wind up its affairs, relinquishing its business to the Main Street institution. Depositors would be paid in full at the office of the Marine Bank of Buffalo, 220 Main Street. President John L. Williams of the American Exchange Bank was ill and could not make a statement. John B. Webber was the cashier of the American Exchange Bank.[5] The quarterly report of the American Exchange Bank as of the close of business on March 16th showed capital $200,000, Surplus and undivided profits 123,036.76, and deposits of $970,571.74. The directors were John L. Williams, Chas. H. Utley, Stephen O. Barnum, George P. Sawyer, Peter P. Miller, George E. Laverack, F.L.A. Cady, William C. Warren, John B. Weber and Joseph L. Hunsicker. The officers were John L. Williams, president; Stephen O. Barnum, vice president; John B. Weber, cashier; and A.B. Briggs, assistant cashier.[6]
In January 1902, the Buffalo Commercial Bank held the position as the oldest banking institution in Buffalo. It was founded in 1836 in the village of Attica, Wyoming County, where it continued as the Bank of Attica for five years, following its founder, G. Barrett Rich. It was conducted in Batavia until 1852 and in that year was moved to Buffalo. The bank had won the reputation of being one of the strongest in Western New York. Prior to 1856 it was a private bank first owned by the elder Rich and afterwards by him and his partners, among whom were his son Andrew J. Rich and his son-in-law, E.G. Spaulding. Its incorporation took place in 1856 and since then its presidents were Andrew J. Rich, John S. Ganson, Horace White, G. Barrett Rich 2d, James M. Ganson, George S. Hazard, G. Barrett Rich 3d, F.L. Danforth, Edward W. Eames, and Henry H. Persons who was elected president in 1898. The rest of the officers were George A. Plimpton, vice president; W.E. Danforth, cashier; J.W. Smith, assistant cashier. Additional directors were George L. Williams, Capt. J.T. Jones, James Ash, Charles H. Keep, Franklin D. Loeke, John M. Hull and Herbert G. Whalley.[7]
Marine National Bank (Charter 6184)
On April 1, 1902, after 52 years as a state bank, the Marine Bank received its national charter. The Marine National Bank had capital stock $200,000, surplus and undivided profits 41,220,927.53, and deposits $11,671,368.96.Buffalo Courier Express, Buffalo, NY, Thu., Apr. 10, 1902. On April 30, 1902, a deal was practically concluded for the Marine National Bank to absorb the Buffalo Commercial Bank. Stephen M. Clement was president of the Marine National; John J. Albright vice president; J.H. Lascelles, cashier; Henry J. Auer and Clifford Hubbell were assistant cashiers. In the directory were E.H. Hutchinson, G.L. Williams, Edmund Hayes, F.H. Goodyear, and George B. Mathews, besides the officers mentioned. Its capital was $200,000 and surplus $1,000,000.[8] A few days earlier the Manufacturers & Traders National Bank absorbed the Merchants' Bank of Buffalo, culminating a number of significant changes in the city's financial system. The consolidation would raise the deposits of the Marine Bank to $14 million, exceeding those of any other New York bank outside of New York City. The Commercial Bank for years occupied the building at the southeast corner of West Seneca and Pearl Streets. The Commercial Bank would be closed and not run as a separate institution. Buffalo now had 12 banking institutions including two trust companies.[9]
On December 31, 1902, at a meeting of the directors of the Marine National Bank held in the bank building at Main and Seneca Streets, the resignation of Henry H. Persons as second vice president of the bank was accepted. He said that his sole reason for resigning was that his other business connections demanded so much of his time. He said there was no truth in the report that he was contemplating opening a new bank in Buffalo or elsewhere. Mr. Persons was one of the receivers of the defunct Bank of Commerce, president of the Hayes Lithographing Co., president of the Fidelity Insurance Agency and president of the Bank of East Aurora. Mr. Persons became second vice president of the Marine Bank on May 1st when the Marine Bank bought the Buffalo Commercial Bank of which Mr. Persons had been president.[10]
At the close of business on Saturday, December 6, 1913, the business of The Columbia National Bank of Buffalo was merged with that of the Marine National Bank of Buffalo, under the name of The Marine National Bank of Buffalo. The officers were: S.H. Knox, chairman of the board; Geo. F. Rand, president; J.H. Laschelles, L.H. Gethoefer, and Henry J. Auer, vice presidents; Norman P. Clement, cashier; Emil Diffine, Merle H. Denison, Percy W. Darby, and Joseph G. Fischer, assistant cashiers. The capital stock was increased $2,500,000 to $5,000,000 and the surplus increased $2,500,000 to $5,000,000. The business of the combined banks would be transacted at the quarters of the Marine National Bank until the new Marine National Bank office was completed.[11] Later that year, the bank completed its new, 17-story office building in Buffalo known as the Marine Midland Trust Company Building. The building was designed by Buffalo architects Green & Wicks and was completed by Linquist and Illsey in April 1913 on the corner of Main and Seneca streets. The building served as the headquarters for Marine National Bank before moving across the street into Buffalo's tallest building, One Seneca Tower in 1972.
On Monday, June 8, 1914, at a meeting of a number of Buffalo bankers held at the office of the Marine National Bank, initial steps were taken towards the formation of a new trust company to be known as "The Bankers Trust Company of Buffalo," with a capital stock of $1,000,000, the stock of which had all been taken. The board of directors was to consist only of Buffalo bankers and would doubtless be located in the quarters recently occupied by the Columbia National Bank which merged with the Marine National Bank. L.H. Gethoefer, the second vice president with Marine National was prominently mentioned for the presidency. It was hoped to get the new trust company opened for business early in August.[13] On Monday, June 8, 1914, at a meeting of a number of Buffalo bankers held at the office of the Marine National Bank, the initial steps were taken towards the formation of a new trust company to be known as "The Bankers Trust Company of Buffalo," with a capital stock of $1,000,000, the stock of which had all been taken. The board of directors was to consist only of Buffalo bankers and would doubtless be located in the quarters recently occupied by the Columbia National Bank which merged with the Marine National Bank. L.H. Gethoefer, the second vice president with Marine National was prominently mentioned for the presidency. It was hoped to open the new trust company for business early in August.[14] Bankers Trust Company of Buffalo advertised its opening on August 10, 1914, at 242 Main Street [the old Bank of Buffalo building next to the Chamber of Commerce]. The officers were L.H. Gethoefer, president; Seymour H. Knox, vice president, R.J.H. Hutton, secretary and Bainbridge D. Folwell, treasurer.[15] The directors were John J. Albright, president, Ontario Power Co.; Joseph Block, president, Citizens Bank; Walter P. Cooke, Kenefick, Cooke, Mitchell & Bass; Le Grand S. DeGraff, vice president, State National Bank, North Tonawanda, New York; Louis H. Gethoefer, president; Clifford Hubbell, president, Central National Bank; Charles R. Huntley, vice president, Peoples Bank; Seymour H. Knox, vice president, F.W. Woolworth, Co.; Herbert A. Meldrum, president, American Savings Bank; and George F. Rand, president, Marine National Bank.[16]
On Tuesday, January 11, 1916, the stockholders of the Marine National elected the following directors: John J. Albright, Frank L. Bapst, James N. Byers, John L. Clawson, Walter P. Cooke, Howard A. Forman, Orin E. Foster, Mortimer B. Fuller, Anson C. Goodyear, William H. Gratwick, Edmund Hayes, Herbert H. Hewitt, William H. Hotchkiss, Hugh Kennedy, John D. Larkin, John H. Lascelles, George E. Lattimer, George F. Rand, William Rogers, Jacob F. Schoellkopf, James S. Thompson, and William H. Truesdale.[17]
In May 1917, Louis H. Gethoefer, formerly of Buffalo and the president of the Pittsburgh Trust Company, purchased a majority of the outstanding bonds of the Buffalo Gas Company.[18]
On Monday, December 30, 1918, stockholders of the Marine National unanimously approved the change from a national to a state financial institution. All officers and employees of both the Marine National Bank and the Bankers' Trust Company would be retained when the two institutions become a state bank.[19] The resources of the Marine bank were more than $75 million and of the Bankers' Trust Co. about $20 million. The state charter was expected soon after the first of the year under the name Marine Trust Company of Buffalo.[20]
Marine Trust Company of Buffalo
On Monday, January 6, 1919, The Marine Trust Company of Buffalo started business. In the process of transformation, the Marine National Bank became the Marine State Bank for a brief period late Saturday. Then it was changed into a trust company. As soon as the legal formalities were completed, it would absorb the Banker's Trust Company which was controlled by the same banking interests. Directors of the Marine Trust were John J. Albright, George A. Ball, Frank L. Bapst, James N. Byers, John L. Clawson, Charles Clifton, Walter P. Cooke, John T. Dillon, Howard A. Forman, Orin E. Foster, Mortimer B. Fuller, Anson C. Goodyear, Edmund Hayes, Herbert H. Hewitt, Charles R. Huntley, Hugh Kennedy, John D. Larkin, John H. Lascelles, George E. Lattimer, George F. Rand, William H. Rogers, Jacob F. Schoellkopf, William H. Truesdale, and Richard Wilhelm. The above list contained the names of two not previously members of the board of the Marine National Bank, Charles R. Huntley, president of the Buffalo General Electric company, and George A. Ball of the Ball Bros. Glass Manufacturing Co. of Muncie, Indiana. Directors of the new Marine Trust immediately organized by the election of the following officers: chairman of the board, George F. Rand; president, John H. Lascelles; vice presidents, Edward H. Letchworth, Henry Auer, Russell J.H. Hutton, Emil Diffine, and Raymond E. Winfield; secretary, Percy W. Darby; treasurer, Alva L. Dutton; assistant secretaries, Eugene L. Reed, William Hardleben, Jr., George E. Becker, Edwin J. Voltz and Henry J. Beitz; assistant treasurers, Abbott H. Seely and Henry H. Work. The directors also named the following executive committee: John L. Clawson, chairman; Frank L. Bapst, Walter P. Cooke and Jacob F. Schoellkopf.[21]
By the mid-1930s, Marine had acquired eight other banks. Marine had also taken the lead in the formation of Marine Midland Corporation, a holding company for 17 affiliated banks throughout New York. That first multibank holding company in the state was formed October 4, 1929; just 20 days later would be the Wall Street Crash of 1929.
As a result of 11 mergers throughout Western New York, Marine Trust Company became Marine Midland Trust Company of Western New York in the 1950s. The name was changed again in the 1960s to Marine Midland Trust Company of Western New York and again in 1970 to Marine Midland Bank-Western. In 1972, the bank moved its headquarters to a new 38-story tower, Marine Midland Center. The tower was the world headquarters of Marine Midland until 1998, and served as the headquarters of HSBC USA until 1999, when it moved its U. S. headquarters to New York City.
On January 1, 1976, Marine Midland merged all of its affiliated banks under the single charter of Marine Midland Bank, with headquarters in Buffalo. The new bank was divided into regions, with Marine Midland Bank-Western Region based in Buffalo.
Marine Midland Bank became a national bank once again in early 1980. As it entered the 1980s, assets were close to $20 billion. In 1980, The Hongkong and Shanghai Banking Corporation acquired a 51 percent controlling interest in Marine Midland Corporation. By then, it was the 13th largest commercial bank in the United States, with about 300 banking offices across New York and about 25 offices in foreign countries. HSBC acquired full ownership in 1987.
Mergers where other bank pages exist:
- ~1932 Northern New York Trust Company, Watertown, which succeeded the National Bank and Loan Company, Watertown, NY (Charter 1508) in 1910
- ~1932 Union Trust Company of Endicott; Marine Midland Trust Co., Binghamton; and Workers Trust Company, Johnson City were affiliated with Marine Midland Corp.
- February 24, 1940, Union Trust Company of Jamestown, a Marine Midland affiliate, began operating the former National Bank of Westfield and the Bank of Brocton as branch banks
- April 1951 Niagara County National Bank, Lockport, NY (Charter 639)
- April 1969 Tinker National Bank, East Setauket, NY (Charter 11511) merged with Marine Midland Banks, Inc.
Official Bank Title
1: The Marine National Bank of Buffalo, NY
Bank Note Types Issued
A total of $23,081,650 in National Bank Notes was issued by this bank between 1902 and 1919. This consisted of a total of 2,492,548 notes (2,492,548 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 35750 1902 Red Seal 3x10-20 1 - 33100 1902 Date Back 4x5 1 - 280000 1902 Date Back 3x10-20 1 - 192000 1902 Date Back 3x50-100 1 - 9502 1902 Plain Back 4x5 280001 - 296770 1902 Plain Back 3x10-20 192001 - 248015
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1919):
Presidents:
- Stephen Mallory Clement, 1902-1912
- Seymour Horace Knox Sr., 1913-1913
- George Franklin Rand, 1914-1917
- John Henry Lascelles, 1918-1918
Cashiers:
- John Henry Lascelles, 1902-1906
- Clifford Hubbell, 1907-1913
- Norman Parsons Clement, 1914-1916
- Emil Diffine, 1917-1917
- Merle H. Denison, 1918-1918
Other Known Bank Note Signers
- Louis Henry Gethoefer, Vice President 1913
Bank Note History Links
Sources
- Buffalo, NY, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ Buffalo Courier, Buffalo, NY, Sat., Mar. 27, 1897.
- ↑ The Buffalo Daily Republic, Buffalo, NY, Thu., July 11, 1850.
- ↑ The Buffalo Commercial, Buffalo, NY, Tue., Aug. 27, 1850.
- ↑ The Buffalo Daily Republic, Buffalo, NY, Wed., Apr. 28, 1858.
- ↑ Buffalo Courier, Buffalo, NY, Sat., Mar. 27, 1897.
- ↑ The Buffalo Commercial, Buffalo, NY, Thu., Mar. 18, 1897.
- ↑ The Buffalo News, Buffalo, NY, Sun., Jan. 5, 1902.
- ↑ The Buffalo News, Buffalo, NY, Wed., Apr. 30, 1902.
- ↑ The Buffalo Commercial, Buffalo, NY, Thu., May 1, 1902.
- ↑ The Buffalo Commercial, Buffalo, NY, Wed., Dec. 31, 1902.
- ↑ The Buffalo News, Buffalo, NY, Fri., Dec. 5, 1913.
- ↑ The Buffalo News, Buffalo, NY, Tue., Dec. 24, 1918.
- ↑ Buffalo Courier, Buffalo, NY, Tue., June 9, 1914.
- ↑ Buffalo Courier, Buffalo, NY, Tue., June 9, 1914.
- ↑ The Buffalo News, Buffalo, NY, Fri., Aug. 7, 1914.
- ↑ The Buffalo News, Buffalo, NY, Fri., Sep. 18, 1914.
- ↑ The Buffalo News, Buffalo, NY, Wed., Jan. 12, 1916.
- ↑ The Buffalo Commercial, Buffalo, NY, Fri., May 11, 1917.
- ↑ The Buffalo Commercial, Buffalo, NY, Tue., Dec. 31, 1918.
- ↑ The Buffalo News, Buffalo, NY, Tue., Dec. 31, 1918.
- ↑ The Buffalo Enquirer, Buffalo, NY, Mon., Jan. 6, 1919.