Pierce, Butler and Pierce Manufacturing Company
 | |
| Bath hardware and heating | |
| Industry | Bath hardware and heating |
| Fate | Bankrupt |
| Founded | 1839 |
| Founder | Sylvester Phineas Pierce |
| Defunct | 193x |
| Headquarters | Syracuse, New York, United States |
Area served | United States |
| Products | Bathtubs, lavatories, water closets |
| Revenue | $5,000,000 |
| Owner | Sylvester Phineas Pierce and his son William Kasson Pierce |
| Subsidiaries | Catchpole Manufacturing Company |
Pierce, Butler & Pierce Manufacturing Company (1839-193x) was a manufacturer of "heating and sanitary goods" for the bathroom in Syracuse, New York.[1] The company was founded by Sylvester Phineas Pierce and his son, William Kasson Pierce, was president of the firm from 1893 to 1914.[2]
History
Pierce, Butler & Pierce Manufacturing Company were manufacturers of boilers, radiators, baths, lavatories, water closets including "everything in heating, plumbing and power for export."[3] The business was first established in 1839 by Sylvester Phineas Pierce (19 Sept 1814 - 5 Nov 1893),[4] father of William Kasson Pierce (11 May 1851 - 5 Apr 1915),[5] who was president of the concern until late 1913.[2]
S. P. Pierce & Sons
Sylvester P. Pierce was born in Sauquoit, New York, and was married to Cornelia Marsh (11 May 1851 - ?) of Syracuse. His paternal great-grandfather and great-great-grandfather were natives of Plainfield, Connecticut. His grandfather, Dr. Spaulding Pierce, settled in Sauquoit in Oneida County, New York,[6] in 1796 and practiced medicine there until his death in 1824.[4]
Sylvester Pierce took an interest in business at an early age. In 1839 he arrived in Syracuse and established S. P. Pierce & Sons with his brother, Charles Pierce, and Ransom Curtis in No. 2 Slocum Building.[7] Curtis was his former employer when he served as clerk from an early age in Rome and Utica.[8]
In December 1839, they took up business at 10 South Salina Street.[8] The company manufactured crockery, fixtures, lamps and some plumbing products.[9] They were also known as "importers and jobbers of crockery, glass, plated ware and kerosene goods."[10] They imported goods from England and were able to run a successful business from the start. Curtis retired after four years, and Pierce continued the business and expanded his offerings to include goods from Germany, France and the Netherlands and his establishment became "one of the largest in the country."[7]
S. P. Pierce purchased the store he occupied in 1854 and in 1863 he purchased the Clinton Street property and in 1869 he built stores for his wholesale trade.[8]
By 1890, the original company, S. P. Pierce & Sons had continued in business and was located at 119 and 121 South Clinton Street in Syracuse.[8] In early 1893, the S. P. Pierce Building suffered a fire on the 3rd and 4th floors. Total losses were $12,500 and were covered by insurance. The cause of the fire was unknown and happened at 6:00 pm. S. P. Pierce was sitting at his desk in his office across the street and "an alarm was given by phone" to the fire department.[11]
General wholesale business
Son, William Kasson Pierce was a graduate of Cornell University in the class of 1873. After he left Cornell he spent two years in Europe and upon his return he studied law for a short time at one of the law offices in Syracuse before giving it up and entering the employment of his father.[5] He spent his early career at his father's firm, S. P. Pierce and Sons', crockery house, where he remained almost three years and acquired a "general business knowledge."[4]
In 1876, father and son formed a partnership with his sister's husband, William Allen Butler, under the name Pierce, Butler & Pierce doing a general wholesale business in gas, water and steam supplies as well as steam and sanitary engineering.[4] The business grew substantially and in 1886, after Butler retired, William K. Pierce organized the Pierce, Butler & Pierce Manufacturing Company with capital stock of $200,000. He was president of the new concern.[9]
William K. Pierce was married to Elinor Rust, daughter of Stiles M. Rust of Syracuse on June 16, 1880 They had one daughter, Rosamond Pierce,[4] who was married to Gere Hawley.[5] and two sons, William Rust Pierce and Harold Spencer Pierce.[12] The family lived at 811 James Street.[4] Both sons were also Cornell graduates.[5]
Catchpole manufacturing
By 1888, William K. Pierce expanded the business and purchased a large foundry and machine shops in Geneva, New York, and organized as the Catchpole Manufacturing Company with capital stock of $100,000.[9] Catchpole was owner of the Florida line of water boilers.[13] The two companies were reorganized in 1890 under the name Pierce, Butler & Pierce Manufacturing Company with capital stock of $600,000 and annual revenue of $1,000,000, up from $50,000 in 1876.[4]
The Florida boiler had been extensively marketed throughout the country on billboards along the railroads and in other prominent places, on which they depicted a tropical Florida scene along with the boiler and the caption that read "A Florida climate within your home in winter."[13]
Syracuse utilities
William K. Pierce also organized the Electric Light Company in Syracuse in 1882 and the firm obtained the franchise to install the first street lights in the city as well as supply electricity to "commercial houses."[4]
In 1888, he organized the Syracuse Heat & Power Company,[5] with a capital stock of $200,000. The company furnished heat and power to residents and businesses in the city having obtained a "valuable franchise from the city to conduct heat through mains placed in different streets."[14]
James Street fire
Fire broke out at 8:45 pm in the new 3-story brick building owned and occupied by Pierce, Butler and Pierce in Pearl and James Streets. Damage was estimated at $200,000. When the fire department arrived, the smoke was so dense and the heat so intense, every window on the east side of the building was cracked. The street was "thronged" with thousands of people watching the fire. It was thought the fire started from the charged storage batteries on the second floor. The block was built less than a year earlier at a cost of $50,000. It was considered "one of the finest of its kind in the city" and was built of brick with a gray limestone front and was finished in hardwood. The loss was less than half the value of the building and stock.[15]
Water boilers
Later he went on to establish the American Boiler Company in 1892[9] which was formed out of five of the largest manufacturers of water boilers, including the Pierce concern, were consolidated under the name of American Boiler Company with capital of $1,500,000.[4]
The company opened for business on February 1, 1893 and at that time sold out the company branch of the Florida steam and hot water business[14] to the new firm, an entity of Pierce, Butler and Pierce Manufacturing Company.[9] William K. Pierce was president, George E. Downe of Chicago was vice-president, A. P. Richardson of Chicago was secretary and Clarence V. Kellogg of Syracuse was treasurer. The main office was located in Chicago[4] and branches could be found in all "the larger cities" in the United States.[9]
In 1896, Pierce company purchased the stock of all the other stockholders and "united these large interests with its factories at Syracuse."[4] This was the last subsidiary corporation he formed.[9]
Company management
During 1890, Sylvester Pierce was vice-president and treasurer of Pierce, Butler & Pierce Manufacturing Company at 118 to 124 South Clinton Street and of Catchpole Manufacturing Company in Geneva, New York and Syracuse Heat and Power Company.[9]
Sylvester P. Pierce, 79, died on November 5, 1893, at his home at 620 James Street.[16]
On January 28, 1895 the annual election was held at the company's offices on South Clinton Street. Five directors were elected including; William K. Pierce, Marsh C. Pierce, C. Clinton Jenkins, Charles H. Pierce and Charles Kellogg. The officers of the company were William K. Pierce, president; Marsh C. Pierce, vice-president; C. Clinton Jenkins, treasurer and Alva C. Crampton, secretary.[17]
In 1902, annual election of officers took place on February 25 at company offices at 234-238 James Street. Elected officers were William K. Pierce, president; Marsh C. Pierce, vice-president; Thomas Wheatley, treasurer and Phillip M. Beecher, secretary. Company directors were William K. Pierce, Marsh Curtis Pierce, Charles H. Pierce, William M. Butler and Thomas Wheatley.[18]
Sanitary products
By 1904, the new company advertised in national trade journals that they had "highest financial standing and absolutely guarantee our goods." They also noted they were "responsible agents" in "cold" countries for heating and sanitary goods and in "hot" countries for baths, lavatories and water closets.[1]
In 1910, the company advertised their Pierce system of hot water warming. Their general offices were located at 234 James Street.[19]
Later that year, due to increased business, the firm had been obliged to enlarge its plant at Eastwood and provided employment to substanstially more men. William K. Pierce, president of the company, took a trip to Europe where the firm had 18 agencies in the principal cities.[20]
Company in receivership
On January 10, 1914, the company, by then a $5,000,000 hardware corporation and one of the oldest in New York State, was placed in the hands of Federal receiver. Creditors filed a petition asking to have the company adjudged bankrupt, and alleging its inability to pay its debts. The assets were placed at $3,291,242 and liabilities at $1,902,352.[2]
The business was the oldest in Syracuse, and "in point of gross tonnage shipments," the largest.[9]
It was expected that the business would recover with a reorganization and $500,000 new capital planned and the plant would not be closed. The resignation of W. K. Pierce as president was obtained as well as W. R. Pierce, Harold S. Pierce and Harry C. Pierce, also tendered their resignations as directors. The following were elected that same day to fill their vacancies; Wilbert L. Smith, president of the L. C. Smith & Bros. Typewriter Company, Mr. Williams, Arthur W. Loasby and A. M. Fox of Spencer, Trask & Company. Phillip M. Beecher, who had been with the company for 35 years, was chosen vice-president and general manager. Loasby, Williams, Fox and Beecher were elected at the same time as directors of the Kellogg-Mackay Company.[9]
Arthur W. Loasby was appointed receiver and the business continued to operate at that time. The Kellogg-Mackey Radiator Company of Chicago, which had also filed bankruptcy to the extent os $870,000 was the main creditor and the cause of Pierce's default.[2]
William K. Pierce, 64, "formerly a millionaire," committed suicide by shooting himself through the head on April 5, 1915, in Washington, D.C., at the home of Major Charles P. Lynch, his brother-in-law, after the Syracuse manufacturing company "had lost a fortune in few years." Pierce had insisted that the failure of the sanitary company was due to the acquisition of the Kellogg-Mackay Company of Chicago and to depression in general business conditions. he had estimated his personal worth at $1,250,000 in 1913 and by January 1914 he only had $60,665.11 remaining.[21]
Business continues
By January 1916, the industry was classified as "domestic engineering and mechanical contracting" and the company was listed as sellers of heating and steam in New York City, Brooklyn, Boston, Worcester, Philadelphia, Baltimore and Washington, D.C.. They were still manufacturing steam and hot water boilers and radiators as well as plumbing supplies. The company advertised their latest model, the Pierce Down Draft Heating Boilers with a "magazine feed that required 50% less attention." The boiler also burned "cheap fuel and saved 25% in coal."[22]
Later years
On August 22, 1934 the company was re-organized and the name was changed to Pierce Butler Radiator Corp. The reorganization committee was named in 1932 with Arthur W. Loasby as chairman. The new corporation received a $350,000 loan from the Federal Reserve Bank of New York in exchange for a mortgage on their properties. The reorganization plan called for a capital structure of 100,000 shares of $5 par value stock and eliminated both the preferred and common stockholders of the old corporation. The principal amount of the old mortgage bonds that were due on October 1, 1936, was $2,192,100 and the net salvage value of the mortgaged assets were given as $342,210, leaving a first mortgage deficiency of $1,649,790.[23]
Ames Iron Works of Syracuse was one of the plants of the corporation but its operations were not affected by the receivership.[23]
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References
- 1 2 Dun's Review. R. G. Dun & Company, New York, New York, March, 1904 p. 537. Retrieved July 2, 2011.
- 1 2 3 4 "Old Syracuse Firm Fails". The New York Times. New York, New York. January 11, 1914.
- ↑ Boyd, Andrew (1904). Boyd's Syracuse City Directory. Syracuse, New York: Boyd's.
- 1 2 3 4 5 6 7 8 9 10 11 Frederick Simon Hills. New York state men : biographic studies and character portraits, Volume 1. Albany; The Argus Company, 1910.
- 1 2 3 4 5 "Obituary - William K. Pierce" (PDF). Ithaca: Cornell Alumni News, VOL. XVII., No. 28, April 8, 1915. Retrieved August 30, 2011.
- ↑ History of Onondaga County, New York. Internet Archive, 2011. Retrieved August 30, 2011.
- 1 2 Dwight Hall Bruce. "Memorial History of Syracuse". ebooksread, 2011. Retrieved August 30, 2011.
- 1 2 3 4 Dwight C. Bruce. Onondaga Centennial: The Village and the City of Syracuse. Boston: The Boston History Company, Publishers, 1896, Vol. I, pp. 440-471. Retrieved August 30, 2011.
- 1 2 3 4 5 6 7 8 9 10 "Pierce Company Bankrupt; Files Petition To-Day" (PDF). The Post-Standard. January 10, 1914. Retrieved August 30, 2011.
- ↑ Boyd, Andrew (1884). Boyd's Syracuse City Directory. Syracuse, New York: Boyd's.
- ↑ "Two Stories Gutted". The Daily Courier. March 30, 1893.
- ↑ "William K. Pierce Ends Life by Shooting in Washington D.C.". Syracuse Journal. April 5, 1915.
- 1 2 Engineers and engineering, Volume 37. Engineers Club of Philadelphia, Philadelphia, 1920 p. 449. Retrieved July 3, 2011.
- 1 2 "Onondaga's Centennial: Gleanings of a Century". Internet Archive, 2010. Retrieved August 30, 2011.
- ↑ "Big Fire in James Street". The Evening Telegram. April 28, 1900.
- ↑ "Deaths". The Syracuse Daily Journal. November 6, 1893.
- ↑ "Annual Election". The Syracuse Courier. January 26, 1895.
- ↑ "Annual Election of Officers". The Evening Telegram. February 25, 1902.
- ↑ "Say". The Post-Standard. Syracuse, New York. September 12, 1910.
- ↑ "Wheels Hum in Midsummer an Unprecedented Era of Prosperity". Syracuse Herald. Syracuse, New York. July 14, 1901.
- ↑ "William K. Pierce". The New York Times. New York, New York. April 6, 1915.
- ↑ Domestic Engineering, Vol. 74. Domestic Engineering Company, Chicago, March 25, 1916, p.438. Retrieved July 3, 2011.
- 1 2 "Pierce, Butler & Pierce Corp. to be Re-Organized". Oswego Palladium-Times. Oswego, New York. August 23, 1934. p. 2.