The State of New York National Bank, Kingston, NY (Charter 955)
State of New York National Bank, Kingston, NY (Chartered 1865 - Open past 1935)
Town History
Kingston is a city in and the county seat of Ulster County, New York. It is 91 miles north of New York City and 59 miles south of Albany. The population was 24,069 at the 2020 United States Census. In 1870 the population was 6,315 and it peaked in 1960 at 29,260.
Kingston became New York's first capital in 1777. During the American Revolutionary War, the city was burned by the British on October 13, 1777, after the Battles of Saratoga. In the 19th century, it became an important transport hub after the discovery of natural cement in the region. It had connections to other markets through both the railroad and canal connections.
Many of the older buildings contribute to three historic districts, including the Stockade District uptown, the Midtown Neighborhood Broadway Corridor, and the Rondout-West Strand Historic District downtown. Each district is listed on the National Register of Historic Places. The downtown area, once the village of Rondout and now the Rondout-West Strand Historic District, borders the Rondout Creek and includes a recently redeveloped waterfront. The creek empties into the Hudson River through a large, protected tidal area which was the terminus of the Delaware and Hudson Canal, built to haul coal from Pennsylvania to New York City. Rondout was a small farming village until 1825, when construction of the Delaware and Hudson Canal from Rondout to Honesdale, Pennsylvania, attracted an influx of laborers. When they completed the canal in 1828, Rondout became an important tidewater coal terminal.
Kingston had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes. Kingston also had three Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized January 31, 1865
- Chartered March 31, 1865
- Succeeded State of New York Bank
- Merged in 1869 with The First National Bank of Kingston (Charter 451)
- Bank was Open past 1935
On September 26, 1853, a new bank, the State of New York Bank, officially opened for business at its offices on Fair Street. That bank received its federal charter in 1865 and became The State of New York National Bank. It was located at 301 Wall street. Original officers of the State of New York Bank, elected in 1853, were Jacob Burhans, president; Henry H. Reynolds, vice president; Benjamin M. Hasbrouck, cashier, and Henry Brodhead, Jr., attorney. The bank's first board of directors consisted of Anthony Benson, William Hathaway, Harvey S. Ladew, Peter C. LeFever, Moses Mulks, Richard W. Tappen, Ezra Fitch, Jacob Burhans, Henry Brodhead Jr., Jacob D. Hasbrouck, Humphrey Jewell, Peter Masten, Henry H. Reynolds, Philip Hornbeck and Elijah DuBois. Henry Brodhead, Jr., the attorney, succeeded Burhans as president in 1860, and served in that capacity until 1868. His successors and the years they served were: Henry H. Reynolds, 1868; Andrew Near, 1868; Elijah DuBois, 1869-87; Charles P. Ridenour, 1888-1890; Henry Abbey, 1891; Jesse Myer, 1892-1901; James Van Leuven, 1902; D. N. Matthews, 1903-1935; H. R. Brigham, 1936.
In 1865, the First National Bank of Kingston constructed a red brick building on the corner of Wall and John streets, the lower floor of which was used as a banking house. James E. Ostrander was cashier of the First National Bank. On March 3, 1869 this building was purchased by the State of New York National Bank and the First National Bank was obtained through merger. This building stood as a landmark in Kingston for 81 years, although twice threatened by fire; the most serious fire occurred in the early morning hours of December 17, 1879 and the entire interior was destroyed. Inspection disclosed, however, the walls were in satisfactory condition and the bank was reconstructed without changing the exterior. The second fire, April 15, 1896, caused moderate damage and repairs were completed within two months.
Work started in 1946 on replacing the brick building with the present modern structure of granite and limestone. This three-story banking house which was officially opened in 1947 was used in its entirety for the service and convenience of the bank's patrons and employees.
100th Anniversary in 1953
John H. Saxe became president in 1937 and served continuously in that post. For him, 1953 was in more ways than one an anniversary year: It was the 100th anniversary of the bank he headed, it was his 50th wedding anniversary year, he had been a director of the bank for more than 35 years, and had been its president more than 15 years. The cashier in 1953 was Robert C. Murray, who had served in that capacity since 1942. Directors in 1953 were John H. Saxe, Peter A. Black, Matthew H. Herzog, A.B. Shufeldt, Allan L. Hanstein, Pratt Boice, Roscoe V. Elsworth, Stanley J. Matthews, A. Raymond Atkins, Arthur H. Wicks, and Clifford C. Rose.
The bank celebrated the completion of its first century of service with a banquet for its directors, 28 staff members and wives at the Governor Clinton Hotel. The late Chief Judge John T. Loughran was a director at the time of his death earlier in 1953. Each of the bank’s regular employees received a $100 bonus in observance of the anniversary. In the past 50 years the bank’s assets grew from $585,993.18 on September 26, 1903, to $10,354,258.68 on June 30, 1953.
Official Bank Title(s)
1: The State of New York National Bank, Kingston, NY
Bank Note Types Issued
A total of $2,049,890 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 252,412 notes (228,952 large size and 23,460 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 3700 Original Series 4x5 1 - 4950 Original Series 3x10-20 1 - 3000 Original Series 50-100 1 - 800 Series 1875 3x1-2 1 - 400 Series 1875 4x5 1 - 7380 Series 1875 3x10-20 1 - 3600 Series 1875 50-100 1 - 166 1882 Brown Back 4x5 1 - 5700 1882 Brown Back 3x10-20 1 - 5620 1902 Red Seal 4x5 1 - 1900 1902 Red Seal 3x10-20 1 - 1440 1902 Date Back 4x5 1 - 4600 1902 Date Back 3x10-20 1 - 3500 1902 Plain Back 4x5 4601 - 11050 1902 Plain Back 3x10-20 3501 - 8015 1929 Type 1 6x5 1 - 1908 1929 Type 1 6x10 1 - 906 1929 Type 1 6x20 1 - 246 1929 Type 2 5 1 - 3108 1929 Type 2 10 1 - 1536 1929 Type 2 20 1 - 456
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1936):
Presidents:
- Henry Brodhead, Jr., 1865-1867
- Henry H. Reynolds, 1868-1868
- Elijah Du Bois, 1869-1887 NOTE: there is a featured biography available
- Charles P. Ridenour, 1888-1890
- Henry Lamont Abbey, 1891-1891
- Dr. Jesse Myer, 1892-1901
- James Van Leuven, 1902-1902
- Delancy North Mathews, 1903-1934
- Henry R. Brigham, 1935-1935
Cashiers:
- Henry H. Reynolds, 1865-1867
- Elijah Du Bois, 1868-1868
- Charles Burhans, 1869-1875
- Francis A. Waters, 1876-1887
- Dr. Charles Wesley Deyo, 1888-1895
- Joseph M. Schaeffer, 1896-1921
- Russell Pittman Clayton, 1922-1933
- Harold Victor Clayton, 1935-1935
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Kingston (Wikipedia)
- General information on Ulster County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Kingston, 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
- The Kingston Daily Freeman, Kingston, NY, Sat., Sep. 26, 1953.