Bronze Work at the Pelham National Bank Building

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One of the most visible signs of the tragedy of the Great Depression in Pelham was the failure of the Pelham National Bank.  Organized in 1921, the bank was a successful little community bank patronized by many Pelham residents.  On January 23, 1925, the bank's fortunes changed.  Its Board of Directors named a local real estate developer flush with cash from the real estate bubble of the Roaring Twenties, John T. Brook, President of the bank. 

Brook began growing the bank and sold additional shares of stock in the institution.  He sold a plot of land he owned to the bank and built the Pelham National Bank Building that still stands at One Wolfs Lane (the former Post Office Building).  The building cost the bank an astounding $250,000.00 to build and opened on September 14, 1929, only six weeks before the Black Tuesday stock market crash of October 29, 1929. 

The Pelham National Bank closed on the National Bank Holiday decreed by Franklin Delano Roosevelt in March, 1933 and never reopened.  It was discovered that Brook had invested bank assets in the stock market.  The bank was insolvent.  Following the bank's failure, Brook was jailed after his Federal conviction for misapplying and misappropriating bank funds.  He received a five-year sentence.  Eventually, banking regulators were only able to return to Pelham residents pennies on the dollar as reimbursement for their lost deposits.  Some depositors lost their life savings.  To read more about the failure, see the list of articles, with links, at the end of today's posting.  

The failure of the Pelham National Bank meant that plans to expand the structure from its three stories, when built, to nine stories.  Indeed, the plans for expansion of the building were so serious that it was built to support the additional construction and an architectural rendering showing what it would look like once expanded was published locally.

Architect's Rendering for the Planned Pelham National Bank

Building. Many Pelham Residents Do Not Realize that the Building

Was Built with the Grandiose Plan to Enable it to Expand to Nine

Stories as the Bank Grew.  NOTE:  Click on Image to Enlarge.

Construction of the Pelham National Bank Building, 1 Wolfs Lane, was completed in 1929.  The building was designed by Holmes & Winslow, Architects.  It is a three story corner bank building with painted limestone façades on two elevations and with brick on the south side and rear.  It has a flat roof with a dentillated parapet with carved stone frieze in bas relief.  There are four pilasters on the front façade, two of which flank a monumental two-story, arched center entrance with a massive bronze doorway with grilles. 

Pelham National Bank Building, 1 Wolfs Lane, in 2014.

NOTE:  Click on Image to Enlarge.

When the Pelham National Bank Building opened on September 14, 1929, one of its most significant features was several tons worth of bronze castings used as architectural and decorative features including the monumental two-story arched center entrance.  The bronze work was cast by the Eagle Bronze Works of Mount Vernon, New York.

The Eagle Bronze Works was established in 1919 by Pelham resident L. John Gulatsi who has had many years' experience as a bronze craftsman.  In 1924, the company took over the Henry Bonnar Bronze Company of Mount Vernon, a firm which had existed for fifty years.  The entire Bonnard organization of skilled bronze workers became associated with the Eagle Bronze Works.  The Eagle Bronze Works became widely-renowned for the craftsmanship and quality of its work.  

In addition to its bronze work at the Pelham National Bank Building, the company crafted bronze pieces installed elsewhere in Pelham.  For example, it cast the memorial tablet in the foyer of Pelham Memorial High School, a tablet at Memorial Park, and the tablets installed on the First Fire District headquarters.  It also cast a bronze bust of Colonel Theodore Roosevelt that American Legion Post 50 presented to Pelham Memorial High School during the 1920s.  

The company also cast significant works that were installed in locations throughout the United States.  For example, it cast elements of the Bronx War Memorial at the entrance to the Bronx Parkway, the Spanish-American War Memorial in Mount Vernon, and the Ledgard Flagpole at Yale University.  It cast the beautiful bronze ticket windows, rails, and other bronze features incorporated in Grand Central Terminal and the aluminum tower of the Standard Oil building in New York City.  

At the Pelham National Bank Building, the company cast the bronze ornamental grillwork and features associated with the massive outer doors.  It crafted two bronze tablets on the outside of the building and a dedication tablet within the foyer.  It also crafted the bronze work on the tellers' cages, and the screen in front of the huge safe deposit vault.  Indeed, by the time of its work for the Pelham National Bank Building, the Eagle Bronze Works already had crafted similar bronze castings for a host of other banks including the Mount Vernon Trust Company, The American National Bank in Mt. Vernon, the Guarantee Trust Company in Atlantic City, and the South Norwalk Trust Company in South Norwalk, Connecticut.

It is difficult to ignore the beauty of the bronze works that form an important part of the Pelham National Bank Building each time one passes the lovely structure.  The Eagle Bronze Works, formed by Pelhamites, is responsible for that beauty.

John T. Brook in About 1925 When He Became President of

Pelham National Bank. Source: French, Alvah P., ed., History

of Westchester County New York, Vol. V, pp. 170-71 (NY, NY

& Chicago, IL: Lewis Historical Publishing Co. 1925).  NOTE:

Click on Image to Enlarge.

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"Bronze Work In New Bank Building Manufactured At Eagle Bronze Works
-----
Several Tons Of Metal Used In Casting Of Bronze Work For Pelham National Bank Building.  Two Prominent Pelhamites At Head Of Company

Bronze plays an important part in the decoration and security scheme of the new Pelham National Bank Building.  All the bronze work in the new building was designed and manufactured at the plant of the Eagle Bronze Works, Inc., in Mount Vernon.  This firm has earned an enviable reputation for the production of bronze for banking houses, and its work has been used in construction of many of the outstanding banks and public buildings in the Eastern states.

Pelham has a marked interest in the work of the Eagle Bronze Works, Inc.  Two of its chief executives made their homes in the Pelhams for many years, and are well known here.  L. John Gulatsi, president, and his son Richard L. Gulatsi, 1st vice-president and treasurer, until recently made their home on Eighth avenue.  The latter a veteran of the World War, was for two years commander of Pelham Post No. 50, American Legion.

Inspecting the new bank building, one is first impressed by the ornamental grillwork in bronze at the outer doors.  Two bronze tablets outside, and the dedication tablet within the foyer are examples of the tablet work of the Eagle Bronze Works.

Bronze work on the tellers' cages, and the screen in front of the huge Safe deposit vault afford another example of the widely diversified work of the company.  Similar work has been installed for the Mount Vernon Trust Co., The American National Bank, in Mt. Vernon; the Guarantee Trust Co., in Atlantic City and the South Norwalk Trust Co., in South Norwalk, Conn.

The ticket windows, rails, etc. in the Grand Central Terminal in New York City, and the aluminum tower of the Standard Oil building in New York City were also produced by the Eagle Bronze Works.

Here in the Pelhams there are several examples of the work of the Gulatsi's.  The memorial tablet in Pelham Memorial High School, the tablet at Memorial Park in North Pelham, the tablets on the First Fire District fire headquarters were cast at the company's plant.  

Not alone is their work confined to bronze building construction.  The company has repeatedly received high commendation for its portrait and monument work.  The bronze bust of Col. Theodore Roosevelt which was presented to Pelham Memorial High School by the American Legion, is a striking example of the portrait work.  Then, too, there are innumerable monuments and statues which have been erected throughout the Eastern states which have been not only manufactured but many of them designated also by the craftsmen at the Eagle Bronze Works.

Notable among these are the Bronx war memorial at the entrance to the Bronx Parkway, The Spanish-American War memorial in Mt. Vernon and the Ledgard flagpole at Yale University.

The company was recently commissioned to design and cast a bronze tablet to be erected at the new Brazil bridge in South America.  Distant orders include the bronze work for the new sub-treasury building in San Francisco; the city hall building in Cleveland, the public library in Detroit and a new bank in Honolulu.

In addition to its own staff of designers the Eagle Bronze Works does work for all the leading sculptors in the United States and many in foreign countries.  It is highly recommended by the country's greatest architects, and its officers are frequently called in to assist with the preliminary plans in designing the bronze work for construction of public buildings.

Bronze work figures largely in the safety scheme of bank construction.  Its great strength and tenacity make it of great value for the construction of banking screens, and grills at tellers' cages, vaults in counting rooms, and silver and fur vaults.  Few other metals apply themselves so readily to architecture and design and have sufficient strength to assure security.

The Eagle Bronze Works was established ten years ago, by L. John Gulatsi who has had many years' experience as a bronze craftsman.  Five years ago the company took over the Henry Bonnar Bronze Co. of Mount Vernon, a firm which had existed for fifty years previous.  The entire Bonnard organization of skilled bronze workers became associated with the Eagle Bronze Works.

Recently a new plant was opened on Bleeker street, Mt. Vernon and it has been there that all the bronze for the new Pelham National Bank building was designed, cast and finished.

The officers of the company are as follows:  L. John Gulatsi, president; first vice-president and treasurer, Richard L. Gulatsi; second vice-president, John R. Gould; third vice-president, Warren R. Fiske; secretary, John Fesler.  Jacob F. Arnold is plant manager."

Source:  Bronze Work In New Bank Building Manufactured At Eagle Bronze Works -- Several Tons Of Metal Used In Casting Of Bronze Work For Pelham National Bank Building.  Two Prominent Pelhamites At Head Of Company, The Pelham Sun, Sep. 13, 1929, p. 26, cols. 1-3.  

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I have written before about the Pelham National Bank, its failure during the Great Depression, and the Pelham National Bank Building.  For examples, see:

Bell, Blake A., The Failure of The Pelham National Bank, The Pelham Weekly, Vol. XIII, No. 39, Oct. 1, 2004, p. 12, col. 1. 

Wed., Nov. 30, 2005:  The Pelham National Bank Building in the Village of Pelham. 

Thu., May 05, 2005:  John Thomas Brook, Real Estate Developer and Failed Bank President. 

Wed., Feb. 19, 2014:  Dedication of the Post Office in the Pelham National Bank Building and More About Old Post Offices.

Mon., Mar. 23, 2015:  Pelham Residents Ravaged by the Great Depression: Record Sale of Tax Liens Advertised in 1932.

Mon., Apr. 13, 2015:  Obituary of John T. Brook, Jailed After Failure of the Pelham National Bank.

Fri., Jun. 05, 2015:  Another Pelham Mystery: Why Was the Planned Site of the Pelham National Bank Building Moved?

Fri., Aug. 14, 2015:  The Massive Real Estate Boom of the Roaring Twenties in the Little Town of Pelham.

Archive of the Historic Pelham Web Site.

Home Page of the Historic Pelham Blog.
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Another Pelham Mystery: Why Was the Planned Site of the Pelham National Bank Building Moved?

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The Pelham National Bank building, located at One Wolf's Lane, was constructed by John T. Brook in 1929.  It is a three-story limestone building built in the Art Deco style.  Designed by Charles A. Holmes of the architectural firm of Holmes & Winslow, it has a two-story arched central entrance with a bronze grilled doorway and four pilasters topped with figures in bas relief.  The building interior likewise includes Art Deco detailing including a painted ceiling, bas relief figures, a balcony and an ornate board room.  The Building was built with the grandiose plan to allow expansion of the building to nine stories as the bank grew.  

Pelham National Bank Building, One Fifth Avenue, in 2014.

John T. Brook, who built the bank, was a real estate developer who lived at 690 Timpson Street in the Village of North Pelham.  He served as president of the Peham National Bank from 1925 until November 1932.  The bank failed to reopen after the bank holiday of March, 1933 and went into the hands of a receiver several months later.  In December, 1934, John T. Brook was convicted in Federal court of misapplying and misappropriating bank funds and received a five-year prison sentence.  He died in Pelham on October 28, 1942, at the age of 67.  

John T. Brook in About 1925 When He Became President

of Pelham National Bank.  Source: French, Alvah P., ed.,

History of Westchester County New York, Vol. V, pp. 170-71

(NY, NY & Chicago, IL: Lewis Historical Publishing Co. 1925).

NOTE: Click on Image to Enlarge.

I have written extensively about the Pelham National Bank and John T. Brook.  See, e.g.:

Bell, Blake A., The Failure of The Pelham National Bank, The Pelham Weekly, Vol. XIII, No. 39, Oct. 1, 2004, p. 12, col. 1. 

Wed., Nov. 30, 2005:  The Pelham National Bank Building in the Village of Pelham. 

Thu., May 05, 2005:  John Thomas Brook, Real Estate Developer and Failed Bank President. 

Wed., Feb. 19, 2014:  Dedication of the Post Office in the Pelham National Bank Building and More About Old Post Offices.

Mon., Mar. 23, 2015:  Pelham Residents Ravaged by the Great Depression: Record Sale of Tax Liens Advertised in 1932.  

Until now I thought that I understood the vast majority of the history of the Pelham National Bank.  The bank was organized on March 18, 1921 with a capital of $50,000 and a surplus of $12,500.  Pelham resident and New York City silk merchant Loren Ogden Thompson founded the little bank which was Pelham's first. It opened its doors for business on Saturday, July 30, 1921 in the building that still stands at 89-91 Wolf's Lane.

Original Pelham National Bank Building that Was

Leased from the Owner by the Bank and Still Stands

at 89-91 Wolf's Lane in the Village of Pelham.

89-91 Wolf's Lane, the Original Pelham National Bank

Building, in a Photograph Taken a Few Years Ago.

The tiny little bank grew modestly in its first four years.  But it grew enough so that its administration became too great a burden for L. Ogden Thompson.  On January 23, 1925, Thompson stepped aside and the bank directors elected one of their fellow directors, real estate developer John T. Brook, president of the bank.

John Brook had grand expansion plans.  He sold additional shares of stock in the bank.  He dreamed of a nine story headquarters for the bank at First Street and Wolf's Lane.  He acquired the land for such a building in January 1927.  Brook built the bank's new headquarters and opened it for business on September 14, 1929, located at One Fifth Avenue.  

Architect's Rendering for the Planned

Pelham National Bank Building.

Many Pelham Residents Do Not Realize

that the Building Was Built with the Grandiose

Plan to Enable it to Expand to Nine Stories as the Bank Grew.

NOTE:  Click on Image to Enlarge.

Research now reveals an interesting new chapter in the history of the bank.  It turns out that shortly after John T. Brook became president of the bank on January 23, 1925, one of the first problems with which he had to wrestle was the impending expiration of the bank's lease of the premises at 89-91 Wolf's Lane.  That lease was set to expire on July 1, 1926.

Brook clearly yearned for the bank to own a substantial building to serve as its headquarters.  New research reveals that Brook immediately arranged for architect Robert Kilmartin to design a new bank building to be built on the triangular plot of land bounded by a sliver of Fifth Avenue and stretches of Harmon Avenue and Pelhamwood Plaza.  The map detail immediately below shows the location of that triangle of land that remains undeveloped to this day and is the site of, among other things, Pelham's September 11 Memorial.  The plot is essentially located diagonally across the intersection from where the bank building eventually was built.

Map Detail Showing Curved, and Roughly Triangular Plot Bounded by

Fifth Avenue, Harmon Avenue, Harmon Place and Pelhamwood

Avenue that Once was Planned as the Site for the Pelham

National Bank Building.  NOTE:  Click on Image to Enlarge.

With the expiration of the lease for the bank's premises nearing, by August, 1925, workmen began clearing the triangular plot of land and staking the planned location of the new bank building.  According to an article that appeared the same week in The Pelham Sun:

"Tentative plans call for the erection of a one-story structure of limestone and granite which will house the counting rooms and offices in the fore part of the building, the rear being occupied by safety deposit vault, burglar and fireproof storage for valuables and a refrigerated fur depository.  The interior decorations and furnishings will be in accord with the most up-to-date ideas in banking institutions.  Buidling will be commenced at an early date, workmen having commenced to clear and stake out the ground this week."

A mystery remains, of course.  Why was the one-story structure never built at this location?  Was the announcement part of some ploy to encourage the owner of 89-91 Wolf's Lane to come to the table to negotiate a reasonable extension of the lease set to expire the following year?  Were plans scrapped in favor of a more grandiose building that might require a different plot?  In short, why was the planned site of the new Pelham National Bank Building moved from the triangular plot of land adjacent to the train station to the location we know today as One Fifth Avenue?

Five Dollar Pelham National Bank Note that Sold

at a Numismatic Auction in December 2010 for $13,000.00.

NOTE:  Click on Image to Enlarge.

Pelham National Bank Seal.

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Below is the text of an article describing plans to build the new bank building on the triangular plot of land.  It is followed by a citation and link to its source.

"New Building For Pelham Bank On Fifth Avenue
-----
Workmen Are Staking and Clearing Location On Triangle Adjoining Station Approach
-----
Will Be One-Story Building of Native Stone and Granite To Cost $100,000
-----

A handsome addition to Fifth avenue buildings is promised in the erection of a $100,000 home for Pelham National Bank, plans for which have been drawn by Architect Robert Kilmartin.  The new home of Pelham's financial institution will be built on the triangular plot adjoining the northerly approach to the main line station of the New Haven Railroad station and bounded by Fifth avenue, Harmon avenue and Pelhamwood Plaza.  The location is admirable, being near to the station and on Pelham's main business thoroughfare.  It will front on Fifth avenue with a stairway giving easy access to the station yard from the bank premises.

Tentative plans call for the erection of a one-story structure of limestone and granite which will house the counting rooms and offices in the fore part of the building, the rear being occupied by safety deposit vault, burglar and fireproof storage for valuables and a refrigerated fur depository.  The interior decorations and furnishings will be in accord with the most up-to-date ideas in banking institutions.  Buidling will be commenced at an early date, workmen having commenced to clear and stake out the ground this week.  Everything must be complete by July 1st next year when the lease of the present bank premises will expire.

When interviewed by a Sun man regarding the new building, John T. Brook, president of Pelham National Bank stated:  'The business of the Pelham National has progressed in a very satisfactory manner.  It is now firmly established as a Pelham institution, owned by Pelham People.  Its progress has been such that the directors of the institution now feel warranted in providing for it a home which shall be not only an ornament of which the whole town will be proud but a thoroughly up-to-date bank in every respect.  There is a wide demand for fire and burglar proof depositories for valuables and the new building will amply provide for this need.'

Questioned as to the cost of the new bank structure Mr. Brook stated that the building will cost in the neighborhood of $80,000 and the interior furnishings $20,000.

Mr. Brook further discussed the future of Pelham with enthusiasm.  'When the parkway system is complete there will be great demand for property in Pelham.  I confidently look for another big increase in real estate values here within the next few years.'"

Source:  New Building For Pelham Bank On Fifth Avenue, The Pelham Sun, Aug. 14, 1925, p. 1, col. 1.   

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Obituary of John T. Brook, Jailed After Failure of the Pelham National Bank

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Organized in 1921, the Pelham National Bank was a successful little community bank patronized by many Pelham residents.  On January 23, 1925, the bank's Board of Directors named a local real estate developer, John T. Brook, President of the bank.  

Brook began growing the bank and sold additional shares of stock in the bank.  He sold a plot of land he owned to the bank and built the Pelham National Bank Building that still stands at One Wolfs Lane (the former Post Office Building).    

The Pelham National Bank closed on the National Bank Holiday decreed by Franklin Delano Roosevelt in March, 1933 and never reopened.  It was discovered that Brook had invested bank assets in the stock market and was insolvent.  Following the bank's failure, Brook was jailed after his Federal conviction for misapplying and misappropriating bank funds and received a five-year sentence.  Eventually, banking regulators were only able to return to Pelham residents pennies on the dollar as reimbursement for their lost deposits.  Some depositors lost much of their life savings.  To read more about the failure, see:  

Bell, Blake A., The Failure of The Pelham National Bank, The Pelham Weekly, Vol. XIII, No. 39, Oct. 1, 2004, p. 12, col. 1.

Wed., Nov. 30, 2005:  The Pelham National Bank Building in the Village of Pelham.  

Thu., May 05, 2005:  John Thomas Brook, Real Estate Developer and Failed Bank President.

Wed., Feb. 19, 2014:  Dedication of the Post Office in the Pelham National Bank Building and More About Old Post Offices.

Mon., Mar. 23, 2015:  Pelham Residents Ravaged by the Great Depression: Record Sale of Tax Liens Advertised in 1932.

John T. Brook, Ca. 1924-25.

Source:  French, Alvah P., ed., History of Westchester

County New York, Vol. V, pp. 170-71

(NY, NY & Chicago, IL: Lewis Historical Publishing Co. 1925).

NOTE: Click Image To Enlarge.

Today's posting to the Historic Pelham Blog transcribes the text of the obituary of John T. Brook that appeared on the front page of the October 30, 1942 issue of The Pelham Sun.  The text is followed by a citation and link to its source. 

"John T. Brook, Newsboy, Contractor And Millionaire Bank President, Who Lost All During Depression, Is Dead

Meteoric Career of Former President of Pelham National Bank Ended in New York Hospital Following Operations; Built Two Hundred Houses in Pelham, Including Pelnord, Pelbrook Hall and Peldean Apartment Buildings.
-----

John T. Brook of No. 690 Timpson street, Pelham, N. Y., contractor and banker, who began life as a newsboy at the old Grand Union Station in New York, became a millionaire and then lost everything during the financial panic of the late twenties, died in New York Hospital, New York City on Wednesday night after a month's illness.  He was 68 years old and was born in Vincennes, Ind., coming to New York at an early age.  His father and mother were English emigrants, coming from Liverpool.  They operated a general store in a building in West 34th street, New York City.  Tommy Brook as he was then known, delivered the orders before and after school.  Later he fought for his place among the newsboys who gathered around the old Grand Union terminal of the New York Central Railroad.  As a young man he started a trucking business, and at one time had an ash collection contract with the city.

His first adventure in the building and contracting business was forced on him.  He had leased a stable building, and after filling up empty stalls made it so profitable that the owner refused to renew a lease, hoping to take it over and receive the profits himself.  John T. therefore bought a piece of land nearby, and with the assistance of some bricklayer friends, built his own stable and kept his tenants.  His first speculation in real estate in New York brought him a handsome profit and the friendship of a man who was to have much to do with his successful realty speculation, Robert Fulton.  

Coming to Pelham in 1910 after being attracted to the town while looking out of a train window and then discovering it was only 30 miles to Grand Central, Mr. Brook purchased a large tract of land on Fifth avenue and built [illegible] building boom in the Pelhams beginning at Manor lane.  The huge demand for property here in the early twenties found buyers for his properties often before they were finished, sometimes sales being made from plans.

In 1921 he turned his attention to the erection of apartment houses, the Pelbrook Hall being the first and being followed by Peldean, Peldale and Pelnord apartments, beside the building in which The Pelham Sun office is now located.  He founded the Pelham Builders' Supply Co., the Great Eastern Sash & Door Co., and several other realty and building concerns, and during the days of the realty boom in New York and its suburbs, speculared largely and successfully in real estate, so that he became a millionaire.

He had a remarkable memory and an amazing ability for mental arithmetic, and for several years conducted his business transactions from memory.  He was finally compelled by the increasing sweep of his operations to install a large office staff.  In 1921 he was identified financially with the launching of a newspaper in Pelham called the Pelham Free Press, which failed after a life of six weeks.

Mr. Brook was president of Pelham National Bank which was founded in 1921 and opened in August of that year.  He succeeded Loren O. Thompson, its first president in 1926.  At that time he was engaged in building the original Post Office building at 105 Fifth avenue.  The day before it was due to open under Government contract, there was no front and no floor in the building, no lights, no partition furnishings erected.  By working all night with a very large force the post office opened for business the following morning at 8 o'clock.  It was typical of his tremendous energy.

Mr. Brook resigned from the presidency of the Pelham National Bank in November, 1932, being succeeded by Clyde Browne.  When the panic swept the country in March, 1933, the Pelham Bank in common with thousands of others was placed under a conservator's control.  Warnery Pyne was named receiver on July 21, 1933.  Subsequently several directors of the bank were indicted and the former president served a five-year sentence in Lewisburg, then facetiously termed the 'Bank presidents' rest,' on account of the number of former banking officials there.

During the last few years John T. Brook had attempted to stage a comeback in building speculatively in New Rochelle.

He leaves a widow, Fanny Dean Brook; two sons, John R. of New York and Thomas L. of Toronto, Canada; and a daughter, Mrs. Nicholas Vardalis of Tuckahoe.  

Funeral services will take place at the George T. Davis Memorial Chapel in New Rochelle today at 2 p. m.  Interment will be in Kensico.  The Rev. Herbert H. Brown, pastor emeritus of the Church of the Redeemer will officiate."

Source:  John T. Brook, Newsboy, Contractor And Millionaire Banke President, Who Lost All During Depression, Is Dead, The Pelham Sun, Oct. 30, 1942, Vol. 32, No. 30, p. 1, cols. 4-5.  

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Pelham Residents Ravaged by the Great Depression: Record Sale of Tax Liens Advertised in 1932

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Pelham was no different than most communities in the region during the Great Depression that began in late 1929 and continued through the 1930s.  Pelham was ravaged by the economic and financial calamity that beset America and the world.  

One of the most visible signs of the tragedy of the Great Depression in Pelham was the failure of the Pelham National Bank.  Organized in 1921, the bank was a successful little community bank patronized by many Pelham residents.  On January 23, 1925, the bank's fortunes changed.  Its Board of Directors named a local real estate developer flush with cash from the real estate bubble of the Roaring Twenties, John T. Brook, President of the bank.  

Brook began growing the bank and sold additional shares of stock in the bank.  He sold a plot of land he owned to the bank and built the Pelham National Bank Building that still stands at One Wolfs Lane (the former Post Office Building).  The building cost the bank an astounding $250,000.00 to build and opened on September 14, 1929, only six weeks before the Black Tuesday stock market crash of October 29, 1929.  

The Pelham National Bank closed on the National Bank Holiday decreed by Franklin Delano Roosevelt in March, 1933 and never reopened.  It was discovered that Brook had invested bank assets in the stock market and was insolvent.  After the bank's failure, Brook was jailed after his Federal conviction for misapplying and misappropriating bank funds and received a five-year sentence.  Eventually, banking regulators were only able to return to Pelham residents pennies on the dollar as reimbursement for their lost deposits.  Some depositors lost their life savings.  To read more about the failure, see:  

Bell, Blake A., The Failure of The Pelham National Bank, The Pelham Weekly, Vol. XIII, No. 39, Oct. 1, 2004, p. 12, col. 1.

Wed., Nov. 30, 2005:  The Pelham National Bank Building in the Village of Pelham.  

Thu., May 05, 2005:  John Thomas Brook, Real Estate Developer and Failed Bank President.

Wed., Feb. 19, 2014:  Dedication of the Post Office in the Pelham National Bank Building and More About Old Post Offices.

John T. Brook, Ca. 1924-25.

Source:  French, Alvah P., ed., History of Westchester County

New York, Vol. V, pp. 170-71 (NY, NY & Chicago, IL: 

Lewis Historical Publishing Co. 1925).

NOTE:  Click Image To Enlarge.

Another visible sign of the economic and financial tragedy suffered in Pelham as a consequence of the Great Depression was the massive increase in delinquent property tax payments and consequent tax liens levied against Pelham properties in 1932.  Town officials scrambled to try anything to alleviate the pain and suffering of Town residents resulting from the required sale of tax liens that they knew, in many instances, would lead to subsequent foreclosures.  Town Supervisor Joseph H. McCormick unsuccessfully sought State legislation to reduce the penalty for tax delinquencies from 12% to 7%.  Another plan to allow installment payments to pay off property taxes turned out to be administratively unworkable.  Finally, the Town proposed to postpone tax lien sales for a month to give residents a little more time to come up with the money.

On April 29, 1932, The Pelham Sun published the Notices of Sales of Tax Liens, together with an article about the massive increase in the number of tax liens offered for sale.  The list of liens covered much of three pages of the newspaper.  The listings included more than 1,300 tax liens for delinquent taxes offered for sale by the Town, the School District, the Village of North Pelham, and the Village of Pelham Manor.  The liens covered many residences as well as business including the real estate business of Pelham National Bank President John T. Brook.

Today's posting to the Historic Pelham Blog transcribes the text of the article about the record number of tax liens offered for sale.  The text is followed by a citation and link to its source, as well as links to each of the three pages of advertised tax liens for sale.

Architect's Rendering for the Planned

Pelham National Bank Building.  Many

Pelham Residents Do Not Realize that

the Building Was Built with the Grandiose

Plan to Enable it to Expand to Nine Stories

as the Bank Grew.

"Record List Of Tax Liens Advertised; Sale May Be Put Over For Thirty Days
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May 25 Is Regular Date for Sale of Liens; Supervisor and Mayors of Pelham Manor and North Pelham to Consider Postponement for Benefit of Taxpayers
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What is believed to be the record list of tax liens is published this week and advertised for sale by Supervisor Joseph H. McCormick.  The liens cover delinquent State, County, Town and School taxes in the three Pelham villages and village taxes in North Pelham and Pelham Manor.  For the benefit of many taxpayers who are victims of the financial depression it is planned to postpone the sale from May 25 to June 24.  Supervisor McCormick and Mayors Edward B. Harder and Lawrence F. Sherman are considering the thirty day moratorium.

The postponement of the sale is expected to benefit many property owners who are in severe financial straits because of the depression.  The extension of time may permit many to prevent mortgage foreclosures and avoid interest burdens which will be imposed when the tax lien is sold.  Several proposals for relief of delinquent taxpayers have been made during the last few months.  Supervisor McCormick attempted to effect legislation to reduce the penalty for tax delinquencies from 12% to 7%, but was unsuccessful.  It has also been proposed that taxes be paid in two installments, but confusion which would result in the halving of the three separate taxes on local property caused this plan to be abandoned.

Although the 1931 delinquents are greater in number this year than previously, Receiver of Taxes Robert A. Cremins reports that many taxpayers have paid their 1932 taxes during the first month of collection.  During April no collection fee was imposed.  Beginning Monday a penalty of 2% will be added to the tax.

The list of unpaid taxes will be found on pages 3, 4 and 13 of this issue of The Pelham Sun."

Source:  Record List Of Tax Liens Advertised; Sale May Be Put Over For Thirty Days, The Pelham Sun, Apr. 29, 1932, Vol. 23, No. 6, p. 1, cols. 1-2.  See also id. at p. 3, cols. 1-4; p. 4, cols. 1-6; and p. 13, cols. 1-8.  

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