Chasing down the descendants of my great grandfathers brother, Ernest M. Martin, I uncovered some intriguing material. Ernest, and my great grandfather Henry A. Martin were both stenographers and telegraph operators. I hadnt previously identified their employers. I assumed they were Western Union. Both men picked up and left Auburn in May of 1883 to work as stenographers in New York City. I speculated that perhaps it might have to do with the soon to be completed Brooklyn Bridge since young people from all over the tri-state area were streaming into the city to work as professionals in Manhattan while living in Brooklyn. What I found today has given me pause. I found they were employed in the Auburn, NY offices of stockbrokers Watson & Cox and Co. handling the wire. Irregularities were occurring at the time and investors were beginning to question what was happening with their money. Local reporters went to Mr. Watson and asked him point blank why were people losing money? He said it was nonsense...that crops were great and there was no reason for panic. It wasnt long before Watson & Cox, Co. had closed their doors and the principal brokers were indicted for grand larceny. Though they went through a trial in 1885, they were not convicted. What was of interest to me beyond the intrigue of the economic impact on Auburns citizens was the fact that Watson & Cox was affiliated with the NYC brokerage Townsend & Yale that hired my grandfather and his brother and brought them from Auburn to NYC. In 1883. Men who would know EVERY transaction and message in and out of those offices on Genesee St. There is no evidence that Ernest and Henry were called to testify and they both worked for decades as stenographers on the Stock Exchange. I also found no evidence that Henry EVER returned to Auburn except to marry in July of 1884. He remained in Brooklyn until his death in 1932. Ernest married his Auburn sweetheart at the same time and immediately returned to Brooklyn. Only Ernests wife and daughters returned to visit her parents. There is much to read on the Watson & Cox case. Just collecting it and organizing it has been Herculean. The effect on Auburns economy was felt for years.
Posted on: Tue, 20 Jan 2015 00:16:46 +0000
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