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State Savings Bank
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- Description:
- This 8-page letter was handwritten in black ink on slightly yellowed paper by George H. Russell who was the President of the State Savings Bank. The bank letterhead is printed in black text at the top. The text of the letter has been transcribed as follows: "Detroit's Banking, Retrospective" George H. Russel 31 Dec 1900 To Detroit in 2001 A.D. Our worthy and honorable Mayor William C. Maybury has requested me to write a few words for the "Century Box" on the subject of my present occupation, Banking - I much regret that no time is given me to properly prepare an article upon so important a subject as such a city and people as then may be resident here. Now I can only briefly and hastily give such recollections and present facts that may occur to me. Born in Detroit Nov 29. 1847 educated in its Public Schools I have lived in this good city over fifty three years. I commenced work in 1863 and since then have been engaged and actively connected with the manufacturing interests of this city (particularly in the manufacture of Pig Iron, Castings Car Wheels, Cars, Structural Steel, Chemicals, etc.). I did not enter the Banking business until Dec 1889 when I accepted the presidency of the State Savings Bank which then had deposits of about $1,000,000.00 and ranked thirteenth in place. Now the State Savings Bank in its new marble building has deposits of over $9,000,000.00 and holds first place among the banks of this city and state. Living in the city during the last half of this great century in a period when Detroit's population has increased from 20,000 to 300,000 people, I have seen many changes. From a few private and incorporated banks having a total deposit of less than one million dollars, we now have fifteen (15) State Banks, six National Banks, two Trust Company[ies], one private banker having total deposits of over $73,000,000.00. I can remember the Michigan State Bank, The Michigan Insurance Bank, The Peninsular, The Farmers and Mechanic's Bank and the State Bank all incorporated and ably managed under such men as C.C. Trowbridge, John A. Wells, John Owen, H.K. Sanger, H.H. Brown, H.J. Stringham, L.M. Mason, J.C.W. Seymour, Walter Ingersoll, J.P. Hall, Emory Wendell, A.H. Adams and many others whom I knew and pleasantly remember. Then the Detroit Savings Fund Institute a specially chartered Savings Bank, upon the mutual plan, organized by H.N. Walker, Elon Farnsworth, Samuel Lewis, A.H. Adams and others, was our first bank for savings. The incorporated banks after surviving the "Wild Cat" period and the varying values of different state bank currency gave way to the National System in 1863 - which for some years did nearly all the commercial business but through this time the private banks of A.H. Dey, Wen. A. Butler and G.A. Ives and David Preston did a successful business. Then after 1870 the Peoples Saving's Bank organized by Francis Palms and M.W. O'Brien and the Wayne County Savings under S. Dow Elwood, W.B. Wesson and Herman Kiefer occupied this field of State and Savings Banks until 1883 when the State Savings Bank was organized by David Hamilton, T.S. Anderson and R.S. Mason. In 1887 the new banking law was passed and as a Constitutional Amendment was confirmed by a vote of the people in 1888. From this time until the panic of 1893 several banks were organized whose statements and officers names appear in the pamphlet enclosed. These banks enter the 20th Century in strong condition and with the best prospects. The country takes place as the leading nation in the world and New York City soon will become the clearing center for the financial interests of all nations. The outlook is bright but the future of business and banking depends so much upon the political condition in our great Republic that one cannot look far into the future. At present the business is good and it is a pleasure to do banking and to be associated with such men as M.W. O'Brien, D.M. Ferry. F.W. Hayes, Hugh McMillan, Alex McPherson, Wm Livingstone, Alex McGregor and others who lead the chief financial institutions of our city. Wishing that I could see the development of another 100 years I leave to younger bankers and those that follow them my blessing. George Howard Russel. I am the son of Dr. Geo. B. Russel who came here in 1836 and of Anna Davenport born in Detroit in 1827. She was the daughter of Lewis Davenport who came from Vermont and of Sarah Homer born in Detroit in 1809. G.H.R."
- Date Issued:
- 1900-01-01T00:00:00Z
- Data Provider:
- Detroit Historical Society