Manufacturers and Traders NB, Buffalo, NY (Charter 6186)
Manufacturers and Traders NB, Buffalo, NY (Chartered 1902 - Liquidated 1925)
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.
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. 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 26, 1902
- Chartered April 2, 1902
- Opened for business April 3, 1902
- Succeeded Manufacturers & Traders Bank
- Absorbed Merchants Bank in 1902
- Assumed 850 by consolidation January 10, 1917 and its circulation (Third National Bank, Buffalo, NY)
- Liquidated November 25, 1925
- Succeeded by Manufacturers & Traders Bank of Buffalo
On Monday, April 28, 1902, at joint meeting of the officers and directors of the Manufacturers and Traders' National Bank of Buffalo and the Merchants' Bank of Buffalo, it was voted to merge the latter institution with the former effective the 29th. Only recently had the Manufacturers and Traders' bank changed from a state to a national institution effective the first week in April.
The Merchants Bank of Buffalo organized in 1881 with A.P. Wright as president for the first three years followed by William H. Walker of the wholesale shoe firm of William H. Walker & Co. and who was the current president in 1902. Other officers at the time were vice president Robert B. Adam, cashier F.W. Fiske, assistant cashier William H.D. Barr, directors William H. Walker, Truman G. Avery, R.R. Hefford, Robert B. Adam, J.F. Schoelkopf, Jr., J.R. Smith, F.W. Fiske, Daniel N. Lockwood, George Urban, Jr., and George F. Sowerby. The last statement of the Merchants Bank had loans, $864,649.63; stocks, bonds and real estate, $252,331.47; cash, $399,426.33; total $1,516,407.43. Capital was $300,000; undivided profits $104,530.61; deposits, $1,111,876.82; totaling $1,516,407.43.
Big capitalists attracted as stockholders in the Manufacturers and Traders' after its reorganization were J. Pierpont Morgan & Co., A.J. Cassatt, president of the Pennsylvania Railroad Company; Samuel Rea, vice president of the Pennsylvania Railroad Co., Thomas De Witt Cuyler of Phila., Clement A Griscom, president of the International Steamship Co., Levi C. Weir, President of the Adams Express Co., Morris K. Jessup, president of the New York Chamber of Commerce; William H. Truesdale, president of the Delaware, Lackawanna and Western Railroad; George F. Baker, president of the First National Bank of New York and many of the directors of the Lackawanna Steel Co. Letters to depositors were sent by president Robert L. Fryer and cashier Harry T. Ramsdell of the Manufacturers and Traders National Bank.
After remaining at West Seneca Street near Pearl for a number of years, the bank was removed to the Hayon Building, later occupied by the People's Bank. The location then changed to No. 270-272 Main Street, the bank having acquired an interior piece of property adjacent to the Townsend Building at the corner of Main and West Swan Streets. The location included the Colt block on West Swan Streen and in 1900 a new building was erected covering these premises. This was occupied until 1913 when ground was broken in May for the banking home on the corner of Main and Swan Streets. This structure was occupied in October 1914.
At the end of 1915 The Manufacturers and Traders National Bank had Capital stock of $1 million, surplus and profits of $2.786 million, circulation of $980,850.00 and Deposits of just over $30 million. Officers were Harry T. Ramsdell, President; Franklin D. Locke, vice president; Samuel Ellis, cashier; Walter Aspinwall, Henry W. Root and Edward W. Kuhn, assistant cashiers.
A joint announcement appeared in the Buffalo Evening News declaring that the Third National Bank was acquired by The Manufacturers and Traders National Bank on October 28, 1916. All assets were transferred from the Third to the quarters in the Manufacturers and Traders bank building where all future business would be conducted. By virtue of this merger The Manufacturers and Traders National Bank had resources exceeding $45 million and planed to increase capital to $2 million making a combined capital plus surplus of $4 million. The Third National Bank closed after a long and honorable run having been the oldest national bank in Buffalo since 1886. Credit for the excellent condition of the Third was given to the retired president Mr. John W. Robinson and the very recently elected president, Mr. William A. Morgan. At a meeting of the board of directors of the Manufacturers and Traders National Bank, Mr. Morgan was elected a director.
On Tuesday, January 13, 1925, stockholders elected the following directors: Franklin D. Locke, chairman; John C. Bradley, Samuel Ellis, Thomas D. Lockwood, Hugh McLean, Edward McM. Mills, Robert W. Pomeroy, Harry T. Ramsdell, Elbridge Gerry Spaulding, William C. Warren, Arnold B. Watson and Harry Yates. The executive officers were Franklin D. Locke, chairman; Harry T. Ramsdell, president; Arnold B. Watson, Samuel Ellis, James M. Carter, Charles M. Ramsdell, and Kenneth Macdonald, vice presidents; Edward W. Kuhn, cashier; H.W. Root, Frank H. Stephan, Stephen H. Stall, Charles F. McHenry, Charles C. Dearing, J. Donald Ellinwood, Jr., and Arnold L. Eaton, assistant cashiers; and Thomas L. Battell, manager of the safe deposit department.
A special meeting of the stockholders of the Fidelity Trust was held at the office on 284 Main Street on December 14, 1925 to vote on the merger with the Manufacturers and Traders Bank of Buffalo. The merger with the Fidelity Trust Company saw Mr. Harry T. Ramsdell, president of the Manufacturers and Traders National Bank made Chairman of the Board of the new institution, the Manufacturers and Traders Trust Company. Lewis G. Harriman, President of the Fidelity Trust Company became president of the new corporation. The merger occurred on Monday December 14, 1925.
Under heavy police guard, nearly $100,000,000 in cash and securities were whisked across the street from the Fidelity Trust Company building to the Manufacturers' and Traders' Bank. It was Saturday, April 17, 1926 at 2 o'clock and there were police on horseback, police on the corner with rifles and clubs and the treasure passed in baskets, boxes and filing cabinets. The guards from the bank were everywhere and officials stood by watchful. In the short span of 4 minutes traffic was stopped and the transfer made without incident. The doors of the Fidelity Trust Co. were closed and employees found their new desks on the other side of Swan Street on Monday morning.
Official Bank Title(s)
1: The Manufacturers and Traders National Bank of Buffalo, NY
Bank Note Types Issued
A total of $13,837,750 in National Bank Notes was issued by this bank between 1902 and 1925. This consisted of a total of 1,645,264 notes (1,645,264 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 - 7250 1902 Red Seal 3x10-20 1 - 10720 1902 Red Seal 50-100 1 - 160 1902 Date Back 4x5 1 - 63830 1902 Date Back 3x10-20 1 - 35668 1902 Date Back 50-100 1 - 3000 1902 Date Back 3x50-100 1 - 1400 1902 Plain Back 4x5 63831 - 179330 Plate dated 1902 1902 Plain Back 3x10-20 35669 - 93255 Plate dated 1902 1902 Plain Back 4x5 1 - 75655 Plate dated 1922 1902 Plain Back 3x10-20 1 - 39806 Plate dated 1922 1902 Plain Back 3x50-100 1 - 2320 Plate dated 1922
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1925):
Presidents:
Cashiers:
- Harry Thomas Ramsdell, 1902-1915
- Samuel Ellis, 1916-1918
- Walter Aspinwall, 1919-1922
- Edward W. Kuhn, 1923-1925
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Buffalo (Wikipedia)
- General information on Erie County (Wikipedia)
- General information on New York (Wikipedia)
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://bbdata.banknotehistory.com
- The Buffalo Review, Buffalo, NY, Tue., April 29, 1902.
- Buffalo Evening News, Buffalo, NY, Mon. Jan. 3, 1916.
- Buffalo Evening News, Buffalo, NY, Sat., 28 Oct 1916.
- The Buffalo Commercial, Buffalo, NY, Tue., Jan. 11, 1916.
- Buffalo Enquirer, Buffalo, NY, Sat., Jan. 15, 1916.
- Buffalo Evening News, Buffalo, New York, 23 Oct 1916.
- Buffalo Courier, Buffalo, NY, Wed., Jan. 14, 1925.
- The Buffalo Times, Buffalo, NY, Sat., Oct. 10, 1925.
- Buffalo Courier, Buffalo, NY, Sat., Dec. 12, 1925.
- The Buffalo Times, Buffalo, NY, Sun., Apr. 18, 1926.
- The Buffalo Times, Buffalo, NY, Sun., Sep. 26, 1926.
- Democrat and Chronicle, Rochester, NY, Sun., July 1, 1934.