First National Bank, Las Vegas, NM (Charter 2436)

The old First National Bank building on the corner of Seventh Street and Douglas Avenue, ca2023, with signage for the New Mexico Highland University. In 1928, the Las Vegas Savings Bank moved into the building of the defunct First National Bank and until 1949 it was the only bank in the community. The placard on the left side of the bank under the clock reads "The Bank of Las Vegas." Courtesy of Google Maps

First National Bank, Las Vegas, NM (Chartered 1879 - Receivership 1925)

Town History

Las Vegas is a city in and the county seat of San Miguel County, New Mexico. Once two separate municipalities (one a city and the other a town), both were named Las Vegas—West Las Vegas ("Old Town") and East Las Vegas ("New Town"); they are separated by the Gallinas River and retain distinct characters and separate, rival school districts. Las Vegas is located 110 miles south of Raton, 65 miles east of Santa Fe, and 122 miles northeast of Albuquerque. The population was 13,166 at the 2020 census. In 1890 the population was 2,312, growing to 4,719 by 1930.

Las Vegas was established in 1835 after a group of settlers received a land grant from the Mexican government. (The land had previously been granted to Luis Mara Cabeza de Baca.) The town was laid out in the traditional Spanish Colonial style, with a central plaza surrounded by buildings which could serve as fortifications in case of attack. Las Vegas soon prospered as a stop on the Santa Fe Trail. During the Mexican–American War in 1846, Stephen W. Kearny delivered an address at the Plaza of Las Vegas claiming New Mexico for the United States. In 1847, the town was the site of the Battle of Las Vegas, which was a part of the broader Taos Revolt by local Hispanos and Pueblo peoples against United States forces. In 1860, the United States Congress passed a law allowing the Cabeza de Baca heirs to choose other grants in lieu of their Las Vegas grant.

The Atchison, Topeka and Santa Fe Railroad arrived at Las Vegas from the north on July 4, 1879. To maintain control of development rights, it established a station and related development one mile east of the Plaza, creating a separate, rival New Town, as occurred elsewhere in the Old West. During the railroad era Las Vegas boomed, quickly becoming one of the largest cities in the American Southwest. Turn-of-the-century Las Vegas featured all the modern amenities, including an electric street railway, the "Duncan Opera House" at the northeast corner of 6th Street and Douglas Avenue, a Carnegie library, the Castañeda Hotel (a major Harvey House), and the New Mexico Normal School (now New Mexico Highlands University).

The arrival of the railroad in 1879 brought with it businesses, development and new residents, both respectable and dubious. Murderers, robbers, thieves, gamblers, gunmen, swindlers, vagrants, and tramps poured in, transforming the eastern side of the settlement into a virtually lawless brawl. Among the notorious characters were such legends of the Old West as: dentist Doc Holliday and his girlfriend Big Nose Kate, Dave Rudabaugh, Jesse James, Billy the Kid, Wyatt Earp, Mysterious Dave Mather, Hoodoo Brown, and Handsome Harry the Dancehall Rustler.

Las Vegas had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

Organized Aug 19, 1879
Chartered Sep 22, 1879
Succeeded Reynolds Brothers
The Raynolds Brothers: Pioneer Bankers of the West, (SPMC PM#78)
Assumed City Bank by consolidation Nov, 1888
Assumed 2454 by consolidation Jan 2, 1920 (San Miguel National Bank, Las Vegas, NM)
Assumed its circulation
Receivership May 4, 1925

The First National Bank of Las Vegas was organized in 1879 by Messrs. Jefferson and Joshua Raynolds, L.P. Browne, F.A. Manzanares and Geo. J. Dinkle. The first officers were J. Raynolds, president; L.P. Browne, vice president; Geo. J. Dinkle, cashier, and J.S. Pishon, assistant cashier. The First National was the outgrowth of the private banking institution of Raynolds Bros. who started in 1876.

In October 1881, the directors were J. Raynolds, L.P. Browne, Geo. J. Dinkel, C. Blanchard, and F.A. Manzanares. The officers were J. Raynolds, president; L.P. Browne, vice president; Geo. J. Dinkel, cashier; and J.S. Pishon, assistant cashier. The bank had capital of $50,000, surplus and profits of $25,277.40, circulation $45,000 and deposits of $557,834.87.

In November 1888, the City Bank was consolidated with the First National Bank of Las Vegas.

In May 1891, the bank had authorized capital of $500,000 with $100,000 paid in and surplus of $50,000. The officers were Jefferson Raynolds, president; Albert Lawrence, vice president; and Alfred B. Smith, cashier.

In March 1896, the officers were Jefferson Raynolds, president; John W. Zollars, vice president; A.B. Smith, cashier; and F.N. Smith, assistant cashier.

On Tuesday, January 9, 1900, at the annual meeting of stockholders, the officers elected were Joshua S. Raynolds, president; J.W. Zollars, vice president; and A.A. Jones constituting the directorate of the First National Bank. A.B. Smith and L.F. Adams continued in the capacities of cashier and assistant cashier, respectively.

In January 1901, the officers were Joshua S. Raynolds, president, John W. Zollars, vice president; A.B. Smith, cashier and L.F. Adams, assistant cashier. In June 1903, it was reported that Mr. L.F. Adams was nicely located in Lamar, Colorado. He was cashier of the State Bank of Lamar and was making money for its stockholders. He was instrumental in opening the state bank there.

On December 15, 1919, announcement was made of the consolidation of The First National Bank and the San Miguel National Bank under the name of the First National. The consolidated bank would have capital and surplus of $300,000. J.M. Cunningham, president of the San Miguel National would remain as president. Other officers would be S.B. Davis Jr., D.T. Hoskins, and Frank Springer, vice presidents; E.J. McWenie, cashier; Joshua Raynolds, J. Van Houten, James McNary, William J. Lucas, William G. Haydon, Chris Wigand, directors.

In January 1920, the First National Bank owned the property at the northeast corner of Seventh Street and Douglas Avenue in the business district of East Las Vegas and expected to erect a modern banking house. It was now one of the largest banks in the state after its acquisition of the San Miguel National Bank. A thorough study of modern banking houses throughout the country was planned.

On August 14, 1922, James G. McNary, president of the First National Bank and First Mortgage Company of El Paso, and the Bank of Dawson, New Mexico, was elected president of the First National Bank of Las Vegas, succeeding the late Dr. J.M. Cunningham. Percy Knight, assistant cashier of the First National Bank of El Paso and formerly business manager of the Santa Fe New Mexican and cashier of the Capitol City Bank of Santa Fe, was elected vice president to succeed D.T. Hoskins who resigned to become chairman of the board of directors. T.W. La Rue of Albuquerque was elected a director.

On Tuesday, January 8, 1924, the stockholders elected the following directorate: J. Van Houten, W.G. Haydon, J.H. Hicks, T.J. Johnsen, Clarence Iden, A.T. Rogers, Jr., J.S. Clark, Arthur C. Ilfeld, and John H. York. The officers elected were J. Van Houten, president; Arthur C. Ilfeld and W.G. Haydon, vice presidents; E.J. McWenie, cashier and R.R. Devine, assistant cashier.

On Saturday, May 2, 1925, The First National Bank of Las Vegas failed to open for business following the passage of a resolution by the directors Friday night on the advice of the national bank examiner. The national bank examiner took charge of the bank which had deposits of $860,000.60 and assets of $1,387,401.59. Frozen paper was given as the reason for the closing.

On December 15, 1925, David Cowan, receiver of the defunct First National Bank paid a dividend of 35% to depositors which totaled $255,000. Mr. Cowan was director of federal bank examiners when the bank closed and was placed in charge as receiver. The Las Vegas Savings Bank was another of the defunct banking institutions with F.P. Delgado as receiver.

On February 16, 1929, orders filed in the federal court approved the final steps to wind up the affairs of four banks that failed in New Mexico in 1925. The First National of Las Vegas, First National of Fort Sumner, First National of Mountainair and Citizens National of Roswell were the banks affected. The court approved the sale of the remaining assets of the Las Vegas bank to the Las Vegas Mortgage Company for $4,800. Receivers were instructed to destroy all the books and records of the defunct institutions before closing the chapter.

Official Bank Title(s)

1: The First National Bank of Las Vegas, NM

Bank Note Types Issued

Series of 1875 $10 bank note with pen signatures of L.F. Adams, Assistant Cashier and J.W. Zollars, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1882 Brown Back $20 bank note with printed signatures of E.D. Raynolds, Cashier and A.B. Smith, Vice President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $10 bank note with printed signatures of E.J. McWenie, Cashier and J. van Houten, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,712,130 in National Bank Notes was issued by this bank between 1879 and 1925. This consisted of a total of 142,932 notes (142,932 large size and No small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Series 1875	4x10	1 - 7452	Territory
1882 Brown Back	3x10-20	1 - 6700	Territory
1882 Date Back	3x10-20	1 - 3800	Territory
1882 Date Back	3x10-20	1 - 2600
1882 Value Back	3x10-20	2601 - 4894
1902 Plain Back	3x10-20	1 - 12887

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1879 - 1925):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

Las Vegas, NM, 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
The Las Vegas Gazette, Las Vegas, NM, Thu., Oct. 27, 1881.
Las Vegas Daily Optic, East Las Vegas, NM, Sat., May 16, 1891.
Las Vegas Daily Optic, Las Vegas, NM, Fri., Mar. 20, 1896.
Las Vegas Daily Optic, Las Vegas, NM, Wed., Aug. 30, 1899.
Las Vegas Daily Optic, Las Vegas, NM, Tue., Jan. 9, 1900.
El Independiente, Las Vegas, NM, Thu., Jan. 3, 1901.
Las Vegas Daily Optic, Las Vegas, NM, Tue., June 30, 1903.
Albuquerque Morning Journal, Albuquerque, NM, Tue., Dec. 16, 1919.
Albuquerque Journal, Albuquerque, NM, Sun., Mar. 28, 1920.
Albuquerque Journal, Albuquerque, NM, Aug. 15, 1922.
The Santa Fe New Mexican, Santa Fe, NM, Wed., Jan. 9, 1924.
The Idaho Statesman, Boise, ID, Sun., May 3, 1925.
Albuquerque Journal, Albuquerque, NM, Thu., Dec. 10, 1925.
Carlsbad Current-Argus, Carlsbad, NM, Fri., Feb. 22, 1929.