BY: BG EDITOR
Apr 11, 2020 — GREENWOOD, BC (BG)
F. J. Finucane
PART ONE
The story of Francis J. Finucane, one of early Greenwood's notable citizens, is also a story about the history of banks in our city. The Boundary Creek Times offered this summary of the banks operating here in late 1898:[1]
"There are three chartered banks in Greenwood. Up to November 2nd, 1898, the banking business of the city and district was transacted by the Bealey Investment & Trust company. On that date the Bank of British North America and the Canadian Bank of Commerce opened branches in the city, and ten days later the Bank of Montreal had a branch established here. …
The establishment of three chartered banks in the city was celebrated by a sumptuous banquet, tendered by the business men to visiting bank managers and resident bankers. The three banks, which have branches here, are among the strongest in Canada. The Bank of Montreal has a paid up capital of $12,000,000, a reserve fund of $6,000,000, and undivided profits of $981,328. It was established in 1817… It has forty-five branches in Canada, including eight in this province, viz., Greenwood, Nelson, New Denver, New Westminster, Rossland, Vancouver, Vernon and Victoria. Mr. F. J. Finucane is manager of the Greenwood branch, his assistants being Messrs. Strickland and Seymour."
The establishment of three chartered banks in the city was celebrated by a sumptuous banquet, tendered by the business men to visiting bank managers and resident bankers. The three banks, which have branches here, are among the strongest in Canada. The Bank of Montreal has a paid up capital of $12,000,000, a reserve fund of $6,000,000, and undivided profits of $981,328. It was established in 1817… It has forty-five branches in Canada, including eight in this province, viz., Greenwood, Nelson, New Denver, New Westminster, Rossland, Vancouver, Vernon and Victoria. Mr. F. J. Finucane is manager of the Greenwood branch, his assistants being Messrs. Strickland and Seymour."
Mr. Finucane's arrival in Greenwood was reported by the Times in late November, 1898,[2] when he took the reins from G. A. Henderson, manager of the Bank of Montreal in Vernon:
"Mr. F. J. Finucane arrived from New Denver on Tuesday to take charge of the Greenwood branch of the Bank of Montreal. Mr. Finucane has been in the Kootenays for several years and is thoroughly acquainted with the banking business in a mining district. Mr. Henderson will return to Vernon in a few days."
His arrival was also announced in this advertisement for the bank:
Boundary Creek Times — Dec 03, 1898
Mr. Finucane quickly got involved in the local business community, being put straight to work by the Greenwood Mining and Commercial Association, a precursor to the Board of Trade:[3]
"Mayor Wood, F. J. Finucane, C. Scott Galloway, J. F. Hemenway, W. T. Smith and F. Keffer were appointed a committee to take such steps as they may deem expedient in order to hold and control the trade of all the mining camps.
Ralph Smailes, W. M. Law, F. J. Finucane, D. A. Cameron and W. L. C. Gordon will prepare a memorial dealing with the establishment of a customs house at Greenwood, the improvement of the mail service and the immediate construction of the C. P. R. telegraph line."
Ralph Smailes, W. M. Law, F. J. Finucane, D. A. Cameron and W. L. C. Gordon will prepare a memorial dealing with the establishment of a customs house at Greenwood, the improvement of the mail service and the immediate construction of the C. P. R. telegraph line."
By the start of 1899, Mr. Finucane joined the first of many Greenwood social clubs and organizations he would be involved with over the years. In January he was elected vice-president of The Greenwood Club, with C. Scott Galloway presiding.[4]
In March he was made a director of the Greenwood Waterpower company, which would have its own long and interesting history.[5] In fact, F. J. Finucane would become involved in many projects that were fundamental to Greenwood's growth, including its transportation infrastructure. He was a strong advocate of the Corbin Charter, which was endorsed by the Commercial Association for the building of a railway that would offer competition to the C.P.R., thus lower rates for local mining producers. The new rail line was to be called the Kettle River Valley Railway.[6]
By the summer of 1899, the Greenwood Mining & Commercial Association had transformed into the Greenwood Board of Trade, which received its charter of incorporation that August.[7] A first board of officers were elected — S. Scott Galloway, President, D. A. Cameron, Vice-president, and R. E. Gosnell, Secretary, and the list of directors included: F. J. Finucane, Duncan Ross, Wm. Law, A. T. Kendrick, R. Smailes, Thos. Hardy, J. J. Campbell and James Kerr. In a Persons of Note feature from September 2018, we told the story of Mr. Paul Johnson, who led the Greenwood smelter project. When Johnson stood at a Board of Trade banquet to announce that Greenwood would indeed be the site of the smelter, in competition with other regional locations, F. J. Finucane raised a glass to him:[8]
"F. J. Finucane then rose to propose the toast, "Our Guests." He congratulated the city upon the presence of his friend, Paul Johnson. He had known Mr. Johnson for five years and he could not speak too highly of him. When his hearers knew him longer they could appreciate him better than he (the speaker) could tell them. Mr. Johnson stood at the head of his profession. He was the biggest man in the business (laughter), big in body, big in intellect, big in heart. (Applause.) Paul Johnson easily led in the smelting world. The trusted expert of the Guggenheimrs and other financiers, Greenwood was to be congratulated that the citizen of the world, the "cosmopolite" was to become a citizen of Greenwood, to become interested in her future. (Great applause)"
In the autumn of 1899, Mr. Finucane joined a party of financiers to view the Montreal-Boundary Creek project, which featured big ledges of pay ore. Along for the trip was Edward Woodhead, a wealthy businessman from Liverpool.[9] By the end of the decade, just a year after his arrival, Francis Finucane was personally invested in a number of mining projects. One of these was the Review Gold Mining Company, headquartered in Spokane.[10]
In the spring of 1900, Mr. Finucane welcomed a group of railway magnates from the C.P.R., who were put up at the Armstrong hotel, [11] and he hosted them at a dinner at the Clarendon. "The dinner was an informal one without any dry speeches, but plenty of wit and humor."
In mid-March, the Times reported that Mr. Finucane had 'opened the throttle' on a new project, being a big machinery plant at the Sunset Mine at Deadwood camp:[12]
"At noon Wednesday the big plant at the Sunset mine in Deadwood camp was formally started on its career of opening up big ore bodies. No pretty girl being present to break the proverbial bottle of wine, this pleasant duty fell to F. J. Finucane, manager of the Bank of Montreal, who accompanied the interesting ceremony with an appropriate congratulatory speech.
A party went out from the city at the invitation of Henry Johns, superintendent of the company, to witness the ceremony. … As soon as the mine was reached Mr. Johns took charge of the party and placed the plant in charge of Mr. Finucane, who immediately dispensed with the services of George Fraser, the chief engineer. The bank manager demonstrated to the satisfaction of his audience that he himself knows something about engineering. He opened the throttle like a veteran, the big balance wheel of the compressor plant began to move slowly and regularly, and was rewarded by being baptized in Mumm's extra dry."
A party went out from the city at the invitation of Henry Johns, superintendent of the company, to witness the ceremony. … As soon as the mine was reached Mr. Johns took charge of the party and placed the plant in charge of Mr. Finucane, who immediately dispensed with the services of George Fraser, the chief engineer. The bank manager demonstrated to the satisfaction of his audience that he himself knows something about engineering. He opened the throttle like a veteran, the big balance wheel of the compressor plant began to move slowly and regularly, and was rewarded by being baptized in Mumm's extra dry."
On the way home from the outing, a horse being ridden by one of the men began to act up (perhaps he'd gotten into the Mumm's), but was brought into hand by Messrs. Finucane and Rendell.
At the turn of the century, as the Empire's interests were developed in Canada, there were numerous gatherings of the Chambers of Commerce of the Empire. One of these, the fifth congress, was the subject of a previous feature, "When the Empire Came to Greenwood". In April 1900, the Board of Trade appointed F. J. Finucane to serve as their delegate to the fourth congress of the Chambers of Commerce of the Empire, to be held in London from June 26th to 29th.[13] A special BOT committee met the following month to formulate a resolution that Finucane would present at the Congress. The event was reported on locally in July:[14]
"A London, England, correspondent writes: "Quite a number of British Columbians have arrived during the last few days. Amongst the number are Mr. J. Coote, late of Messrs. McLeod & Coote, Vancouver; Mr. Henry A. Barton, of Nelson; Mr. C. Pringle, a well known lawyer of Greenwood; Mr. F. J. Finucane, manager of the Bank of Montreal…"
Mr. Finucane had travelled to London with Clive Pringle, attending the Congress as part of a three-month holiday trip to Europe. When he returned to Greenwood, he was met with tales of the political finagling that had gone on in his absence, as the competing Canadian Bank of Commerce sent its representative to City Council to try and spirit away the city account from Finucane and the Bank of Montreal.[15] This story was mentioned in our series, "A Political Dogfight in Greenwood, Part 3".
THE CITY'S ACCOUNT
"The eagerness of a strong financial institution like the Canadian Bank of Commerce to secure the city's account is a good advertisement for the city, but it is bad policy to secure this advertisement by unfair treatment of the Bank of Montreal. The latter bank was always ready to help the city when it was weak and needed the support of its financial strength. The loss of the city's account will not affect the Bank of Montreal, but it is always unways unwise for cities, as well as individuals, to turn down old friends when a favorable opportunity presents itself.
The apparently more favorable terms of the Canadian Bank of Commerce were the natural outcome of a bright bank manager's efforts to secure hew business, but if the council were determined (in the pointed words of Ald. Sharpe) to pawn the debentures to the highest bidder, it was due the Bank of Montreal that final action should be delayed until the arrival of Mr. Finucane when, no doubt, he would have been prepared to go his competitor one better."
"The eagerness of a strong financial institution like the Canadian Bank of Commerce to secure the city's account is a good advertisement for the city, but it is bad policy to secure this advertisement by unfair treatment of the Bank of Montreal. The latter bank was always ready to help the city when it was weak and needed the support of its financial strength. The loss of the city's account will not affect the Bank of Montreal, but it is always unways unwise for cities, as well as individuals, to turn down old friends when a favorable opportunity presents itself.
The apparently more favorable terms of the Canadian Bank of Commerce were the natural outcome of a bright bank manager's efforts to secure hew business, but if the council were determined (in the pointed words of Ald. Sharpe) to pawn the debentures to the highest bidder, it was due the Bank of Montreal that final action should be delayed until the arrival of Mr. Finucane when, no doubt, he would have been prepared to go his competitor one better."
After much debate and wrangling, Mr. Finucane lost his account with the city, but that did not deter him from carrying on much good business on Greenwood's behalf.
(To be continued…)
FOOTNOTES:
[1] Boundary Creek Times — Dec 24, 1898, p. 37
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170335
[2] Boundary Creek Times — Nov 26, 1898, p. 12
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170620
[3] Boundary Creek Times — Dec 17, 1898, p. 6 & 10
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170324
[4] Boundary Creek Times — Jan 14, 1899, p. 10 & 11
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170355#
[5] Boundary Creek Times — Mar 25, 1899, p. 1
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170448
[6] Boundary Creek Times — Apr 19, 1899, p. 1
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170189
[7] Boundary Creek Times — Aug 26, 1899, p. 2
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170220
[8] Boundary Creek Times — Sep 02, 1899, p. 7
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170718
[9] Boundary Creek Times — Oct 21, 1899, p. 3
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170611
[10] Boundary Creek Times — Dec 23, 1899, p. 1
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0170306
[11] Greenwood Weekly Times — Mar 10, 1900, p. 3
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0172710
[12] Greenwood Weekly Times — Mar 17, 1900, p. 1
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0172753
[13] Greenwood Weekly Times — Apr 14, 1900, p. 4
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0172754
[14] Greenwood Weekly Times — Jul 13, 1900, p. 6
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0172803
[15] Greenwood Weekly Times — Aug 22, 1900, p. 2
https://open.library.ubc.ca/collections/bcnewspapers/xboundarycr/items/1.0172805
