First NB of the Thousand Islands, Alexandria Bay, NY (Charter 5284)

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Postcard of the First National Bank of the Thousand Islands, Alexandria Bay, New York, ca1910s.
Postcard of the First National Bank of the Thousand Islands, Alexandria Bay, New York, ca1910s. Courtesy of Adam Stroup

First NB of the Thousand Islands, Alexandria Bay, NY (Chartered 1900 - Receivership 1933)

Town History

Needed: other bank related pictures or ephemera.
Needed: other bank related pictures or ephemera.

Alexandria Bay is a village in Jefferson County, New York, within the town of Alexandria. It is located in the Thousand Islands region of northern New York on the St. Lawrence River. It lies near the Thousand Islands Border Crossing of Canada and the United States. In its heyday as a late 19th century and early 20th century resort, its main access was via steamer from Clayton, NY. The population of the village was 1,078 at the 2010 United States Census. In 1900 the population was 1,511, peaking in 1930 at 1,952.

Boldt Castle is a 120-room mansion on Heart Island, located near Alexandria Bay. The castle was designed by the firm of W. D. Hewitt and G.W. Hewitt, Architects of Philadelphia, who also designed Druim Moir Castle in Philadelphia. Boldt Castle was built at the turn of the century by multi-millionaire George C. Boldt for his wife, Louise, as a testimony of his love for her. Mr. Boldt invested over $2.5 million to build this replica of a Rhineland castle.

Boldt planned on presenting it to his wife on Valentine's Day. Work was underway on the eleven buildings that would comprise the castle complex when in January 1904 Louise Boldt died, ending the dreams of a lifetime. George Boldt ordered that all work be stopped and for 73 years the Castle and the other structures on the island were left to the forces of nature. The Thousand Islands Bridge Authority acquired the property in 1977; since that time, several million dollars have been spent rehabilitating and restoring the castle and surrounding structures. Ferries allow access to the castle on an hourly schedule daily.

Alexandria Bay had one National Bank chartered during the Bank Note Era and it issued National Bank Notes.

Bank History

  • Organized March 24, 1900
  • Chartered April 11, 1900
  • 2: Conservatorship March 18, 1933
  • 2: Receivership December 7, 1933

The December 31, 1932 report of condition showed Loans and discounts of $752,280, Capital of $50,000, Surplus of $46,288, Circulation of $14,820 and Total Deposits of $649,705. In 1934, the Report of the Comptroller of the Currency showed at the time of failure the bank had a book value of good assets of approximately $735,947 and of doubtful assets of $218,783.

Official Bank Title(s)

1: The First National Bank of the Thousand Islands, Alexandria Bay, NY

2: The First National Bank of the Thousand Islands [1929] Alexandria Bay, NY

Commas were infrequently used in national bank titles. For Series of 1882 and 1902, a comma was used necessitating the appearance of the town name, Alexandria Bay, above the will pay line. Thus, a distinctive title is observed for these notes. In 1929, the comptroller of the currency removed the comma from the title. For other examples, see Huntoon, Peter, "Spelling and Punctuation Created National Bank Note Title Varieties," Chapter L19, The Encyclopedia of U. S. National Bank Notes.

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of Charles U. Putnam, Cashier and A.C. Cornwall, President.
1882 Brown Back $10 bank note with pen signatures of Charles U. Putnam, Cashier and A.C. Cornwall, President. Courtesy of NBNCensus
1902 Plain Back $20 Proof for The First National Bank of the Thousand Islands, Alexandria Bay.  Like the Series of 1882 title layout, the use of a comma necessitated that the town name, Alexandria Bay, appear above the will pay line.  This proof was approved May 4, 1920.
1902 Plain Back $20 Proof for The First National Bank of the Thousand Islands, Alexandria Bay.  Like the Series of 1882 title layout, the use of a comma necessitated that the town name, Alexandria Bay, appear above the will pay line.  This proof was approved May 4, 1920.  Courtesy of the Smithsonian Institution Archives.
1929 Type 1 $20 bank note with printed signatures of Davis Comstock, Cashier and A.C. Cornwall, President.
1929 Type 1 $20 bank note with printed signatures of Davis Comstock, Cashier and A.C. Cornwall, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $303,630 in National Bank Notes was issued by this bank between 1900 and 1933. This consisted of a total of 24,342 notes (21,204 large size and 3,138 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 3x10-20 1 - 1310
1: 1882 Date Back 3x10-20 1 - 1500
1: 1882 Value Back 3x10-20 1501 - 1990
1: 1902 Plain Back 3x10-20 1 - 2001
2: 1929 Type 1 6x10 1 - 403
2: 1929 Type 1 6x20 1 - 120

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1933):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Alexandria Bay, NY, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
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