Seymour H. Knox I
From Wikipedia, the free encyclopedia
This article is about the Buffalo merchant and businessman; see Seymour Knox for other people with this name.
Seymour Horace Knox I (1861 Russell, Saint Lawrence County, New York-1915), was a Buffalo, New York businessman who made his fortune in five-and-dime stores. He merged his more than 100 stores with his first cousins, Frank Winfield Woolworth and Charles Woolworth, to form the F. W. Woolworth Company.
Contents |
[edit] Five and Dime Stores
He initially became a partner with the Woolworths by jointly opening a Reading, Pennsylvania Woolworth & Knox store with them on September 20, 1884 using his entire life savings. His second store in Newark, New Jersey was short lived, but his partnership thrived nonetheless. The third venture in Erie, Pennsylvania enabled them to buy out the Newark lease. He partnered with Frank to open the first Buffalo store, opened at 409 Main St., on October 13th, 1888. By 1889 he was able to buy out his cousin's. He became a friendly rival who bought Woolworth merchandise at wholesale and sometimes traded in competition. He formed another brief partnership with another friendly rival Earle Perry Charlton from 1889-1895 opening his Buffalo "S.H. Knox Co." 5 and 10 Cent Store in 1890.[1]. The chronology of later stores is a little conflicting by source. One source says that the second Buffalo store was opened at 549 William St. on June 20th, 1891.[2] Another says Knox opened his 2nd store on December 18, 1893, at 519 Main Street four days after the first store at 409 Main Street was destroyed in the Wonderland Building Fire.[3] This store moved to 395 Main Street in 1895. He continued to build his S.H. Knox Co. 5 and 10 Cent Store empire. By the time of the 1911 incorporation of F. W. Woolworth Company Knox was the 2nd largest of 6 store operators with 98 U.S. and 13 Canada locations. In 1912, he received $12 million of the $65 million merger proceeds and was appointed Director and Senior Vice-Principal of the Corporation. Knox is remembered as the pioneering city centre store operator. His Detroit, MI store was the first outside of the agricultural and small market towns. Many of the Woolworth friendly rivals emulated his plan.
[edit] Post Woolworth Career
In 1913, he purchased Stephen Clement's interests in Marine National. At his death Seymour was Vice President of the Woolworth Co. and Chairman of the Board of the Marine Trust Co. He was the first of 3 generations of the family to serve as Chairman.
[edit] Family
His father, James Horace Knox, was a farmer who married Jane E. McBrier. James' grandfather had fought in the Revolution. William Knox, came to Massachusetts from Belfast, Ireland in 1737.
His wife Grace Millard Knox, established The University of Buffalo's first endowment fund. They married in 1890 and had 3 children: Seymour H. Knox II (Seymour, Jr.), Marjorie, and Dorothy. Among his grandchildren were Seymour H. Knox III and Northrup R. Knox, the original principal owners of the Buffalo Sabres.
[edit] Upbringing
Seymour attended the Russell district school and at fifteen, though he had never gone to high school, began to teach school himself. At seventeen he moved to Hart, Michigan, where for a few years he worked as a salesclerk. Then he left for Reading where in partnership with his first cousins. He later donated the Knox Memorial Central School Building that was dedicated on July 30, 1913 and served the town until 1986 Knox Memorial School and Edwards Central School merged.
[edit] Trivia
The Reading store's first several hours had no sales. However, after a lunch walk with the partners, they returned at 1:30 to find the local factory had been let out at 1PM with their paychecks. He never looked back.
He bred champion trotters and pacers and was a Polo enthusiast.
[edit] Notes
- ^ Photo from http://freenet.buffalo.edu/bah/h/knox/tc.html.
