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Labor Temple of Buffalo and Vicinity, Inc. - Stock Certificate

Inv# GS5789   Stock
Labor Temple of Buffalo and Vicinity, Inc. - Stock Certificate
State(s): New York
Years: 1916

Stock. Unusual!

Buffalo is the second-largest city in the U.S. state of New York and the seat of Erie County. It is located at the eastern end of Lake Erie, adjacent to the Canadian border with Southern Ontario, and is at the head of the Niagara River. With a population of 278,348, according to the 2020 census, Buffalo is the 76th-largest city in the United States. The city and nearby Niagara Falls share the two-county Buffalo–Niagara Falls Metropolitan Statistical Area (MSA). The MSA had an estimated population of 1.1 million in 2020, making it the 49th largest MSA in the United States. The Western New York region containing Buffalo is the largest population and economic center between Boston, Massachusetts and Cleveland, Ohio.

Before French exploration, the region was inhabited by nomadic Paleo-Indians, and later, the Neutral, Erie, and Iroquois nations. In the 18th century, Iroquois land surrounding Buffalo Creek was ceded through the Holland Land Purchase, and a small village was established at its headwaters. Buffalo was selected as the terminus of the Erie Canal in 1825 after improving its harbor, which led to its incorporation in 1832. The canal stimulated its growth as the primary inland port between the Great Lakes and the Atlantic Ocean. Transshipment made Buffalo the world's largest grain port. After railroads superseded the canal's importance, the city became the largest railway hub after Chicago. Buffalo transitioned to manufacturing during the mid-19th century, later dominated by steel production. Deindustrialization and the opening of the St. Lawrence Seaway saw the city's economy decline, diversifying to service industries such as health care, retail, tourism, logistics, and education while retaining some manufacturing. The gross domestic product of the Buffalo–Niagara Falls MSA was $53 billion in 2019.

The city's cultural icons include the oldest urban parks system in the United States, the Albright–Knox Art Gallery, the Buffalo Philharmonic Orchestra, Shea's Performing Arts Center, the Buffalo Museum of Science, and several annual festivals. Its educational institutions include the University at Buffalo, Buffalo State College, Canisius College, D'Youville College and Medaille College. Buffalo is also known for its winter weather, Buffalo wings, and two major-league sports teams: the National Football League's Buffalo Bills and the National Hockey League's Buffalo Sabres.

Before the arrival of Europeans, nomadic Paleo-Indians inhabited the Western New York region from the 8th millennium BC. The Woodland period began around 1000 BC, marked by the rise of the Iroquois Confederacy and its tribes throughout the state. Jesuit missionaries were the first Europeans to visit the area, in the 17th century.

During French exploration of the region in 1620, the region was sparsely populated and occupied by the agrarian Erie people in the south and the Wenrohronon (Wenro) of the Neutral Nation in the north. The Neutral grew tobacco and hemp to trade with the Iroquois, who traded furs with the French for European goods. The tribes used animal and war paths to travel and move goods across New York State. Centuries later these were gradually improved, paved and have since been developed as major roads. The Senecas wiped out and absorbed the Erie and Neutrals in the region during the Beaver Wars in the mid-17th century. Native Americans did not settle along Buffalo Creek permanently until 1780, when displaced Senecas were relocated from Fort Niagara.

Louis Hennepin and Sieur de La Salle explored the upper Niagara and Ontario regions in the late 1670s. La Salle's ship, Le Griffon, was the first to sail above Niagara Falls near Cayuga Creek in 1679. Baron de Lahontan visited the site of Buffalo in 1687. A small French settlement along Buffalo Creek lasted for only a year in 1758, and the region was ruled by Britain after the French and Indian War. After the American Revolution, the Province of New York—now a U.S. state—began westward expansion, looking for arable land by following the Iroquois.

New York and Massachusetts were vying for the territory which included Buffalo, and Massachusetts had the right to purchase all but a one-mile-(1600-meter)-wide portion of land. The rights to the Massachusetts territories were sold to Robert Morris in 1791. Despite objections from Seneca chief Red Jacket, Morris brokered a deal between fellow chief Cornplanter and the Dutch dummy corporation Holland Land Company. The Holland Land Purchase gave the Senecas three reservations, and the Holland Land Company received 4,000,000 acres (16,000 km2) for about thirty-three cents per acre.

Permanent white settlers along the creek were prisoners captured during the Revolutionary War. Early landowners were Iroquois interpreter Captain William Johnston, former enslaved man Joseph "Black Joe" Hodges and Cornelius Winney, a Dutch trader who arrived in 1789. As a result of the war, in which the Iroquois sided with the British Army, Iroquois territory was gradually reduced in the late 1700s by European settlers through successive statewide treaties which included the Treaty of Fort Stanwix (1784) and the First Treaty of Buffalo Creek (1788). The Iroquois were moved onto reservations, including Buffalo Creek. By the end of the 18th century, only 338 square miles (216,000 acres; 880 km2; 88,000 ha) of reservations remained.

After the Treaty of Big Tree removed Iroquois title to lands west of the Genesee River in 1797, Joseph Ellicott surveyed land at the mouth of Buffalo Creek. In the middle of the village was an intersection of eight streets at present-day Niagara Square. Originally named New Amsterdam, its name was soon changed to Buffalo.

The village of Buffalo was named for Buffalo Creek. British military engineer John Montresor referred to "Buffalo Creek" in his 1764 journal, the earliest recorded appearance of the name. A road to Pennsylvania from Buffalo was built in 1802 for migrants traveling to the Connecticut Western Reserve in Ohio. Before an east-west turnpike across the state was completed, traveling from Albany to Buffalo would take a week; a trip from nearby Williamsville to Batavia could take over three days.

British forces burned Buffalo and the northwestern village of Black Rock in 1813. The battle and subsequent fire was in response to the destruction of Niagara-on-the-Lake by American forces and other skirmishes during the War of 1812. Rebuilding was swift, completed in 1815. As a remote outpost, village residents hoped that the proposed Erie Canal would bring prosperity to the area. To accomplish this, Buffalo's harbor was expanded with the help of Samuel Wilkeson; it was selected as the canal's terminus over the rival Black Rock. It opened in 1825, ushering in commerce, manufacturing and hydropower. By the following year, the 130-square-mile (340 km2) Buffalo Creek Reservation (at the western border of the village) was transferred to Buffalo. Buffalo was incorporated as a city in 1832. During the 1830s, businessman Benjamin Rathbun significantly expanded its business district. The city doubled in size from 1845 to 1855. Almost two-thirds of the city's population was foreign-born, largely a mix of unskilled (or educated) Irish and German Catholics.

Fugitive slaves made their way north to Buffalo during the 1840s. Buffalo was a terminus of the Underground Railroad, with many free blacks crossing the Niagara River to Fort Erie, Ontario; others remained in Buffalo. During this time, Buffalo's port continued to develop. Passenger and commercial traffic expanded, leading to the creation of feeder canals and the expansion of the city's harbor. Unloading grain in Buffalo was a laborious job, and grain handlers working on lake freighters would make $1.50 a day in a six-day work week. Local inventor Joseph Dart and engineer Robert Dunbar created the grain elevator in 1843, adapting the steam-powered elevator. Dart's Elevator initially processed one thousand bushels per hour, speeding global distribution to consumers. Buffalo was the transshipment hub of the Great Lakes, and weather, maritime and political events in other Great Lakes cities had a direct impact on the city's economy. In addition to grain, Buffalo's primary imports included agricultural products from the Midwest (meat, whiskey, lumber, and tobacco), and its exports included leather, ships, and iron products. The mid-19th century saw the rise of new manufacturing capabilities, particularly with iron.

By the 1860s, many railroads terminated in Buffalo; they included the Buffalo, Bradford and Pittsburgh Railroad, Buffalo and Erie Railroad, the New York Central Railroad, and the Lehigh Valley Railroad. During this time, Buffalo controlled one-quarter of all shipping traffic on Lake Erie. After the Civil War, canal traffic began to drop as railroads expanded into Buffalo. Unionization began to take hold in the late 19th century, highlighted by railroad strikes in 1877 and 1892.

At the start of the 20th century, Buffalo was the world's leading grain port and a national flour-milling hub. Local mills were among the first to benefit from hydroelectricity generated by the Niagara River. Buffalo hosted the 1901 Pan-American Exposition after the Spanish–American War, showcasing the nation's advances in art, architecture, and electricity. Its centerpiece was the Electric Tower, with over two million light bulbs, but some exhibits were jingoistic and racially charged. At the exposition, President William McKinley was assassinated by anarchist Leon Czolgosz. When McKinley died, Theodore Roosevelt was sworn in at the Wilcox Mansion in Buffalo.

Attorney John Milburn and local industrialists and convinced the Lackawanna Iron and Steel Company to relocate from Scranton, Pennsylvania to the town of West Seneca in 1904. Employment was competitive, with many Eastern Europeans and Scrantonians vying for jobs. From the late 19th century to the 1920s, mergers and acquisitions led to distant ownership of local companies; this had a negative effect on the city's economy. Examples include the acquisition of Lackawanna Steel by Bethlehem Steel and, later, the relocation of Curtiss-Wright in the 1940s. The Great Depression saw severe unemployment, especially among the working class. New Deal relief programs operated in full force, and the city became a stronghold of labor unions and the Democratic Party.

During World War II, Buffalo regained its manufacturing strength as military contracts enabled the city to manufacture steel, chemicals, aircraft, trucks, and ammunition. The 15th-most-populous US city in 1950, Buffalo's economy relied almost entirely on manufacturing; eighty percent of area jobs were in the sector. The city also had over a dozen railway terminals, as railroads remained a significant industry.

The St. Lawrence Seaway was proposed in the 19th century as a faster shipping route to Europe, and later as part of a bi-national hydroelectric project with Canada. Its combination with an expanded Welland Canal led to a grim outlook for Buffalo's economy. After its 1959 opening, the city's port and barge canal became largely irrelevant. Shipbuilding in Buffalo wound down in the 1960s due to reduced waterfront activity, ending an industry which had been part of the city's economy since 1812. Downsizing of the steel mills was attributed to the threat of higher wages and unionization efforts. Racial tensions culminated in riots in 1967. Suburbanization led to the selection of the town of Amherst for the new University at Buffalo campus by 1970. Unwilling to modernize its plant, Bethlehem Steel began cutting thousands of jobs in Lackawanna during the mid-1970s before closing it in 1983. The region lost at least 70,000 jobs between 1970 and 1984. Like much of the Rust Belt, Buffalo has focused on recovering from the effects of late-20th-century deindustrialization.

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Condition: Excellent

A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.

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