1902 PB series City National Bank of Gloversville NY

Description

City National Bank of Gloversville NY, 1902 PB
The first settlers came to the Mohawk valley in 1752 to the area that eventually became Gloversville. There were large forests of hemlock trees in the area, the bark of which was ideal for leather tanning. Tanning and glove manufacturing became the mainstay of the area. The community, which was first known as “stump city” chose the name Gloversville in 1828 and incorporated as a village in 1853. The glove and mitten manufacturing was a home based industry with over 40 small businesses in 1850. The city eventually became the glove capital of the world, producing 90% of the gloves sold in the United States.
One of the earliest banks in Gloversville was the Manufacturing and Merchants Bank of Gloversville, first incorporated 1 May 1887. Its first president was William H. Place and first cashier was Edward Wells. The original capital stock was ,000, which was increased to 0,000 in 1891 and then again to 0,000 in 1906.
It was announced in the 5 January 1909 issue of the Johnstown Daily Republican that the Manufacturing and Merchants Bank of Gloversville converted into a national banking association under the name of the City National Bank of Gloversville, with capital increased to 0,000, with surplus and profits over 0,000. In its last year of operation in 1908 M&M Bank did extremely well and declared a semiannual dividend of 8 percent and added an extra dividend of 5 %.
The City National Bank of Gloversville was officially authorized by the Treasury Department, Office of Comptroller of Currency in Washington, DC on 2 January 1909 and issued charter number 9305. The officers of M&M Bank became the officers of the new institution. William H. Place was president, Warren E. Whitney, Vice president, and Charles N. Harris, cashier.
Several years later on 5 February 1929 the bank became the City National Bank and Trust Company of Gloversville. In the mean time the bank constructed a magnificent neoclassical style national bank at 14 North Main Street in 1917.
Charles Norton Harris remained as the bank cashier until around 1915 when he became president. He filled that position until he became Chairman of the Board of Directors in 1939, just prior to his retirement in 1940.
Carl P. Wendell started at the City National Bank as a bookkeeper and worked his way up to a clerk position by 1920. He was promoted to assistant cashier and by 1930 became cashier. He signed the majority of notes issued by the bank although others who served as assistant cashiers also signed them. Frank Borden Holmes signed some of the notes and William Barkley McLaren signed some others. Mr. Wendell was promoted to Vice President of the bank before he passed away in 1942.
This note is blue seal series of 1902, with the second issue series print date of December 30, 1908. It has the signatures of William Tecumseh Vernon, Register of the Treasury, and Charles Henry Treat, Treasurer of the United States. It has charter number 9305 and serial number 63329
. It was signed by
C. P. Wendell
, Cashier and
Chas. N. Harris
, President.
This is a nice circulated bank note with wide margins on three sides. It is lightly soiled and has noticeable vertical fold lines on the back. It has no pinholes and decent ink signatures of
C. P. Wendell
and
Chas. N. Harris
. In a recent census there were 47 first title large notes known.