Volume 2 - ElectricCanadian.com

CHAPTER II.1867 TO 1901.We may now turn back a little in our story and review thebusiness beginnings of The Canadian Bank of Commerce. Ithad opened its doors in May, 1867, and during the three yearsthat ensued, while Senator McMaster was fighting his diplomaticbattles at Ottawa, the directors and staff were busylaying the foundations of a great business structure. Thehearty welcome which had been extended by the investingpublic when the stock was placed on the market was paralleledby the response of the commercial community, not only atToronto but at other points in Ontario, as soon as the bankbegan business. As stated in the foregoing chapter, branchesat London, St. Catharines and Barrie were authorized almostsimultaneously with the opening of the head office and duringthe next few years the directors were constantly asked toconsider requests from other towns for branches in theircommunities. In Toronto the premises at the south-eastcorner of Yonge and Colborne Streets, 1 erected andoriginally owned by Ross, Mitchell and Company, and lateroccupied by the Bank of Upper Canada, were purchasedfrom the assignees of that bank for the use of the headoffice.The London branch was placed in chargeof Mr. H. S.Strathy, who had been connected with the Gore Bank.Mr. Verschoyle Cronyn, the bank's solicitor in that city,was appointed local director. Mr. H. C. Barwick was mademanager at St. Catharines, with Mr. James Norris, of thefirm of Norris and Neelon, contractors, as a local director. 21See plate 7, facing page 54.*The custom of appointing local directors at many of the branches was continuedfor some years, but was discontinued in 1878.