Buffalo General Electric Co. - Stock Certificate

Stock printed by American Bank Note Company.

At the beginning of the 20th century, Buffalo emerged as the premier grain port globally and a central hub for flour milling in the United States. Local mills were pioneers in utilizing hydroelectric power generated from the Niagara River. In 1901, Buffalo hosted the Pan-American Exposition, which followed the Spanish-American War, highlighting the nation's progress in art, architecture, and electrical innovation. The exposition's highlight was the Electric Tower, adorned with more than two million light bulbs, although some displays reflected jingoistic and racially charged sentiments. During this event, President William McKinley was assassinated by anarchist Leon Czolgosz, and upon McKinley's death, Theodore Roosevelt was inaugurated at the Wilcox Mansion in Buffalo.

Attorney John Milburn, along with local industrialists, successfully persuaded the Lackawanna Iron and Steel Company to move from Scranton, Pennsylvania, to West Seneca in 1904. The job market was highly competitive, with numerous Eastern Europeans and residents from Scranton competing for employment opportunities. Between the late 19th century and the 1920s, a series of mergers and acquisitions resulted in the distant ownership of local businesses, adversely impacting the city's economy. Notable instances include Bethlehem Steel's acquisition of Lackawanna Steel and the subsequent relocation of Curtiss-Wright in the 1940s. The Great Depression brought about significant unemployment, particularly affecting the working class. During this time, New Deal relief programs were implemented extensively, and the city became a stronghold for labor unions and the Democratic Party.

In the course of World War II, Buffalo experienced a resurgence in its manufacturing sector, as military contracts allowed the city to produce steel, chemicals, aircraft, trucks, and ammunition. By 1950, Buffalo was the 15th most populous city in the United States, with its economy heavily dependent on manufacturing, which accounted for eighty percent of local jobs. The city also boasted over a dozen railway terminals, underscoring the continued significance of the railroad industry.
The St. Lawrence Seaway was initially suggested in the 19th century as a more efficient shipping route to Europe and later evolved into a collaborative hydroelectric initiative with Canada. Its integration with an enlarged Welland Canal resulted in a bleak forecast for Buffalo's economic landscape. Following its inauguration in 1959, the city's port and barge canal became largely obsolete. The shipbuilding industry in Buffalo began to decline in the 1960s due to diminished waterfront activities, marking the end of a sector that had been integral to the city's economy since 1812. The downsizing of steel mills was linked to the pressures of rising wages and unionization movements. Racial tensions escalated, leading to riots in 1967. The trend of suburbanization resulted in the selection of Amherst for the new University at Buffalo campus by 1970. Bethlehem Steel, resistant to modernizing its facilities, initiated significant job cuts in Lackawanna during the mid-1970s, ultimately closing the plant in 1983. Between 1970 and 1984, the region experienced a loss of at least 70,000 jobs. Similar to many areas in the Rust Belt, Buffalo has been concentrating on recovery from the impacts of deindustrialization that occurred in the late 20th century.

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