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The History of New York State Editor, Dr. James Sullivan Online Edition by Holice, Deb & Pam |
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EDWARD JOSEPH DUNN
Elmira, city of beautiful vitas, by reason of the loveliness of
surrounding hills, takes no less pride in the achievements of her people
than in the beauty conferred by nature. Charming traditions and colorful
history add to her interest ever since that intrepid soldier,
Major-General John Sullivan, made the beginnings of history for Elmira
and surrounding territory by his conquest of the Six Nations of Indians
in the Finger-Lakes Region of New York State. Many the tale of prowess
handed down to older present residents of the city had its origin in the
very own families of these residents. Grandparents and
great-grandparents have told of days spend in rural shop and store,
where, during the wars of the Rebellion, the affairs of General George
Washington and that great financier, Alexander Hamilton, were familiarly
discussed. Glibly did old residents of Elmira relate the courage, the
accomplishments, the intimate personal affairs sometimes, of these and
other great men of the times, so that the early history of American is
but a memory of yesteryears hereabout. Vigilant ever in the preservation
of authentic annals, Elmira has been constantly engaged in the perennial
task of making and recording history, sifting the untrue from the true,
preserving for posterity with fidelity of detail the storied achievement
of her sons and daughters. When that great task shall have been
completed no name will shine on the pages of local history with more
deserved splendor for high achievements and distinguished philanthropy
than the name of Edward Joseph Dunn, banker and capitalist. Edward Joseph Dunn, was born in Elmira, January 23, 1866. He was of
Irish ancestry, his parents being Patrick Dunn and Bridget (O'Brien)
Dunn. His father, being superintendent of the Elmira Gas Light Company,
Edward Joseph began his career with a clerkship in that company, adding
to it a clerkship also in the Arnot Real Estate Company. After five
years' experience therein, he became bookkeeper in the Chemung Canal
Trust Company. As time advanced, Mr. Dunn's knowledge of banking increased, until
thoughts financial and ideas of investments became habitual and
spontaneous. Probably later life benefited more greatly by his wisdom as
a financier than the bank wherein he started his career when still in
his 'teens. By instinct, by training, and by an intrinsic ability to
master financial detail and to carry it verbatim ina peculiarly
retentive memory, he rose to the position of one of the most highly
respected bankers in the country. He guarded this reputation jealously,
permitting no problem of important procedure to be concluded without his
personal scrutiny during his long association with the Chemung Canal
Trust Company. The history of Mr. Dunn's association with the Chemung Canal Trust
Company began, as already stated, with his accepting the position of
bookkeeper. In 1900 he became assistant cashier. Three years later he
had opportunity to give convincing evidence of his unusual ability.
Mathias H. Arnot, then president of the bank, was Mr. Dunn's personal
friend and reposed great confidence in him. He himself, being in failing
health, many duties of important nature fell to the lot of Mr. Dunn,
especially in the proposed merger of the banking interests of the
Chemung Canal Bank, as it was then called, and the interests of the
Elmira Trust Company. Simultaneously with the actual decision on this
union of the two banks, Mr. Dunn was made treasurer, and, as such, was
in complete jurisdiction over the intricate mass of detail involved in
the merging of these important institutions. He discharged with facility
the arduous duties of this task, proving himself eminently worthy of the
authority and trust reposed in him. Mr. and Mrs. Dunn were in France when they received a cable message
bearing the news of the death of the late James B. Rathbone, who in the
intervening years has become president of the Chemung Canal Trust
Company. They started on a homeward journey immediately; but before
their ship reached port in American, the local press was publishing
prophecy of the probably coercion of Mr. Dunn, by Page 298 bank officials; for the office of president. It was a generally known
fact that Mr. Dunn was extremely reluctant to assume the presidency for
many reason; but especially because of the pressure of his many other
business interests at the time. He yielded to persuasion, however, but
only when the need for his leadership at the time was made insistently
manifest by his colleagues. Therefore, in 1919, he became president of
the Chemung Canal Trust Company, severing relations with the bank only
when ill health, shortly before his much lamented death, made such
action advisable. At the time of his resignation, Mr. Dunn had the satisfaction of
realizing their sound financial standards had been established and that
a program of safe investment and financial procedures was successfully
functioning. Few retiring bank presidents could experience as complete
gratification as he, for his retrospective and prospective keen
financial vision saw unquestionable prosperity ahead in the bank's
possession of funds comparatively of such reserve power as had been the
experience or joy of few, if any, other banking houses of the same class
at that time. It is a noteworthy fact, not generally known, that when death
unexpectedly summoned this gifted man to other rewards, he had begun to
make definite plans for the opening of a new banking institution in
Washington, District of Columbia. Had time permitted, his realization of
this project would have been of keen satisfaction to him. His plans
called for the assembling of a notable board of directors, composed of
nationally known financiers recognized for honor, dependability and
wisdom in monetary matters. With these, and with his own wisdom born of
a natural instinct for finance and mellowed by valuable experience, he
would have had opportunity to demonstrate in the larger and more
advantageous setting of the nation's capital city his high ideals in
banking procedure. Judging by his record as a banker, his proposed
Washington foundation might have stood as an example among banking
institutions throughout the country. Among his many commercial interests, that of the Eclipse Machine
Company had the most astounding result. At the same time this business
organization and success demonstrated his remarkable power for
administration. The estate of his late friend, Mathias H. Arnot, had
been left in his care, he being co-executor with the late James B.
Rathbone, who was acting as vice-president of the Chemung Canal Trust
Company at the time. In order to increase the resources of the estate
and bring it to the best financial condition, Mr. Dunn assumed the
re-organization of the Eclipse Company, a part of the estate by reason
of loans made by Mr. Arnot to the company previous to his death. Placing
the organization upon a firm business basis, it had already begun to
function more successfully when Mr. Dunn's attention was directed to a
new mechanical device for automobiles. The Eclipse had been engaged
principally in the manufacture of bicycle parts until Mr. Dunn brought
into the factory a "self-starter," for automobiles known as
the Bendix Drive. Realizing the possibilities for greater ease and
efficiency in the driving of automobiles by means of eliminating the old
objectionable method of "cranking" cars, with this proposed
device, he proceeded with the purchase of rights for manufacturing it;
and in a record time and at a record price he procured the sole rights
tot he patent's use in manufacture, from the inventory, Vincent Bendix.
The foresight proved the sesame to his greatest source of wealth.
Likewise, those interested with him in the Eclipse Company reaped reward
far out of proportion to the monetary investments made. Legitimate
profit it was in every case, due to Mr. Dunn's keen foresight, prompt
action and wise management of the rapidly increasing business at the
Eclipse plant. So greatly in demand did this device become that nearly
one hundred per cent of American made cars were equipped with it as well
as proportionately large percentage of cars manufactured abroad. By
placing the manufacture of this article in care of the Eclipse machine
company, Mr. Dunn accomplished three important ends,. First of all, he
transmuted the loans made by his friend's estate into excellent
resources; secondly, he made for his associates and for himself large
fortunes from incredibly small investments; and thirdly, he had the
personal satisfaction of arousing a spirit of industrial enthusiasm in
his native city. How completely the rehabilitation of Eclipse Company contributed to
the industrial energizing of the city of Elmira was evident when his
widow sold the Dunn interests in the concern, which were the controlling
interests, to General motors Corporation, one of the greatest
corporations governing automotive industries in the world. Unduly
fearful that the plant might be moved elsewhere, many did not realize
that Mrs. Dunn's action was taken with the understanding that this sale
would mean worthy perpetuation of the business her husband had so Page 299 carefully built up, and wit her own expressed wish that the Eclipse
would remain in Elmira to give continued employment to the large numbers
registered in the organization. Opportunity was given Mr. Dunn during his presidency of the Elmira
Chamber of Commerce to demonstrate his broad vision and practicality for
the city at large. Positive action marked his regime; and all Elmira
felt his spirit of progress and accomplishment for the general good. His
term of office stands out conspicuously as one of the most successful in
the history of the Elmira Chamber of Commerce. AS president of the
Elmira Community Service, Incorporated, he emphasized and amplified this
generous spirit of contribution to the public welfare. He sponsored the
public playground movement and allied activities, enthusiasm and
efficient management being a moving force for real accomplishment in
every enterprise. There was scarcely a detail in the admirable service
of the playground system that he did not inaugurate or supervise in some
state of its development. The same spirit dominated his activities as a
leader among Rotarians and as a member of the Kiwanis. Much more of a civic project than a personal one was Mr. Dunn's
formation of the Dunn Realty Corporation. Realization of urgent need for
the development of a more expansive business center than had as yet been
provided for in the plan of the city's interests, was felt deeply by
both Mr. and Mrs. Dunn. As is the case in the growth of all cities, time
and the story of progress with the years brought their demands for
expansion and improvement to the city of Elmira. The home of Mr. and
Mrs. Dunn on North Main Street overlooked the exact geographical center
of the city; and because it was the main artery of the city, it had
appealed to their judgment as the logical choice for development as a
new and important business street. Mrs. Dunn herself had heard all her
life from grandfather, father and in the almost daily conversation of
her household that Main Street was destined for many reasons to become
the principal business street of Elmira eventually. Its easy
accessibility from all surrounding territories, its rapid development as
a busy traffic thoroughfare, making it unfit for residential purposes;
and the fact already stated, that it was the geographical center of the
city--all appealed to reason. The property still occupied by Mrs. Dunn
as a city residence had been originally purchased from the notes Colonel
William E. Judson by Mrs. Dunn's maternal grandfather, John Purcell, a
well-known and successful business man of his generation in Elmira.
Later, the property was inherited by Mrs. Dunn's mother and became the
residence of the Hon. and Mrs. J. J. O'Conor, Mrs. Dunn's parents. Still
later, Mr. and Mrs. Dunn themselves occupied it. Consequently, with the
advantage of an outlook, most of her childhood, girlhood and womanhood,
upon the promoting features for the centralization of development of
business on the appropriate thoroughfare, her enthusiasm abetted and
inspired that of her business and his ventures and building program for
the development of North Main Street. Therefore, the Dunn Realty
Corporation acquired large properties on the street, and erected
business buildings noteworthy for stability of foundation, excellence of
materials in the superstructure with exceptionally fine window display
features, and for admirable provisions for future expansion by the
addition of more stories. A mere list of Mr. Dunn's business affiliations is amazing. He was
president of the Eclipse Machine Company of Elmira, the Eclipse Machine
Company, Limited, of Walkerville, Ontario, Canada and the Eclipse
Company of Hoboken, New Jersey; president of the Eclipse Textile
Devices, really an associate foundation of the Eclipse Machine Company
of Elmira; president of the Dunn Realty Corporation, already mentioned;
executor of the Mathias H. Arnot Estate of Elmira, also hereinbefore
mentioned; a director of the Elmira Water, Light and Railroad Company; a
director of the Elmira Knitting Mills; a director of the Johnson Oil
Refining Company of Chicago, Illinois; a director of the Shepard
Electric Crane and Hoist Company of Montour Falls, New York; president
of the Arctic League, a charitable organization; vice-president of the
Arnot Art Gallery; vice-president of the Elmira Council, Boy Scouts of
America; chairman of the Building and Advisory committee of St. Joseph's
Hospital, Elmira; president of the St. Vincent de Paul's Society, also a
charitable organization; a director of the American-La France Fire
Engine Company; and ex-president and director of the Elmira Chamber of
Commerce. In his activities with all these organizations, especially those that
mean the industrial and public improvement of the city of Elmira, Mr.
Dunn was one of the most constructive leaders engaged in such civic
work. It was his spirit of looking forward to better conditions for the
city at large which inspired both him and Mrs. Page 300 Dunn in their broad vision for realty development mentioned above.
Visualizing a city of which Elmirans might be well proud; a city planned
with a view to beauty and utility as well, they viewed in prospect an
active business center in logical location, with Main Street become a
broader thoroughfare, well-paved, modern in every detail, lined with
buildings modern and well-constructed also--a street comparable
favorably with the principal business streets of other important cities
in the country. With this vision in mind, these interested and
intelligent leaders planned, designed and accomplished as much of the
realization of that vision as the limited period of Mr. Dunn's busy life
permitted. Not content with mere presiding offices in charitable organizations,
Mr. Dunn took active means to conduct an extensive personal program of
philanthropic enterprise. He gave not only funds, but personal service,
time and his price less advice, to many a failing heart and cause.
Thousands upon thousands of dollars passed from the wealthy resources of
Mr. and Mrs. Dunn into needy hand, most of it secretly. Only when the
entire tale of human life shall have been told, will the world know the
extent of benefits conferred by these fine Christian people. However, even recorded charities, the nature of which made publicity
inevitable, tell a hallowed tale of generous philanthropy and practical
sociology. The authorities of St. Joseph's Hospital, Elmira, repeatedly
bear witness, in private and in public, to the fact that the
benefactions of Mr. and Mrs. Dunn made their present excellently
equipped institution possible, declaring that it is a blessed reality
because of the prodigal giving of not only incalculable sums of money of
these people, but also of the equally important aid of executive
service. Notable among the practical public services of Mr. Dunn was his
saving for the city of its baseball and sports center. Several years ago
the city was in danger of losing this property, then known as Recreation
Park. When the fact was brought to Mr. Dunn's attention, he acted with
characteristic promptitude and efficiency. He purchased the field,
transferred its management to the Dunn Field Corporation and stipulated
that whatever profit accrued therefrom should be donated to charity.
This act, a genuine public service, merited the abiding gratitude of
sports-enthusiasts and the public in general. In the period of the World War, the ablest of America's executives
were called upon to manipulate the new organizations that suddenly came
into being to aid the nation's conquest at arms. Among them, Mr. Dunn
was asked to take the important office of executive chairman of eight
counties of the War Industries Committee and was a member of the
Committee of the Sixth Region of War Industries, which had headquarters
in Rochester, New York. Mr. Dunn's club memberships included the following: Old Colony Club
of New York; Society of Automobile engineers; Engineers' Club of New
York; Knights of Columbus; Elmira Lodge, Benevolent and Protective Order
of Elks; Old Timers' Club of America; Congressional Club of Washington,
District of Columbia; Aviation Country Club of Detroit, Michigan;
Catholic Club of New York; Elmira City Club; Elmira Golf and Country
Club; Elmira Rotary; Elmira Kiwanis; the Century and Pine Cliff Clubs,
both of Elmira. Mr. Dunn married, June 29, 1904, Julia O'Conor, the eldest daughter
of the late Hon. and Mrs. J. J. O'Conor. A review of the Hon. J. J.
O'Conor accompanies this biography. Mr. and Mrs. Dunn experienced
twenty-three happy years of wedded life, marked by unswerving loyalty,
unity of interests, and Mrs. Dunn's constant contribution to her
husband's efforts of intelligent interest, helpful encouragement and
inspirational counsel. Daughter and granddaughter of men of achievement,
her inherited zest for accomplishment imbued her home and the life of
her husband with a constructive spirit of idealism. She aided him in
giving practical expression to his own instinctive desires for
philanthropy and zeal. Jointly, these two devoted people gave to the
world an example of such human conduct as is rarely to be found in the
lives of those blessed with so generous a share of this world's wealth
and prestige. In a summary of the distinctive traits of Mr. Dunn's character and of
his achievements, emphasis must be placed upon his great-hearted
philanthropy. Even among philanthropists, his record stands more
admirable by comparison, for his giving had that rare quality of
involving ever a part of himself. Truly might one apply to his
charities, and his kind heart which prompted them the beautiful passage
spoken to Sir Launfal by the visioned Christus: He who gives himself with his Page 301 Beneficent, kindly, brave in the face of the great adventure of death, he passed into realms eternal Sunday
morning, October 24, 1927. Members of every religious denomination
mourned his departure. Great and lowly bowed heads in sincere sorrow.
Time has deepened the sense of loss of this great benefactor, for none
so public spirited and generous in self-sacrifice has come to replace
him. A financier of financiers, but, most of all, a gentleman at heart
whose fine spirit apprehended the needs of crying humanity, Edward
Joseph Dunn shall take his place worthily indeed in the most lasting
annals recorded in the history of the city he best loved and served--his
native city of Elmira. |
The History of New York State, Lewis Historical Publishing Company, Inc., 1927
This book is owned by Pam Rietsch and is a part of the Mardos Memorial Library
Transcribed by Holice B. Young
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