Silver Springs NB, Silver Springs, NY (Charter 6148)
Silver Springs NB, Silver Springs, NY (Chartered 1902 - Open past 1935)
Town History
Silver Springs is a village in Wyoming County, New York. The population was 689 at the 2020 census. In 1900, the population was 667, peaking in 1920 at 1,155. The Village of Silver Springs is within the Town of Gainesville, and is located on Route 19A. The Village of Silver Springs was incorporated in 1895 and had formerly been East Gainesville.
Silver Springs had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized January 18, 1902
- Chartered March 8, 1902
- Conservatorship March 20, 1933
- Licensed October 7, 1933
- Bank was Open past 1935
In January 1902, Comptroller Ridgley approved the application of J.M. Duncan, Addie P. Duncan, A.H. Clark, John A. Kennedy and Oscar Sammet to organize the Silver Springs National Bank with capital of $25,000. The bank opened in May in a temporary place fitted up in the office of the Worcester Salt Company to be used until the new building was completed around July 1st. The capital stock was $50,000 all paid-in, taken largely by the members of the Worcester Salt Company. The officers were J.M. Duncan, president; John G. Kershaw, formerly with the First National Bank of Perry, cashier. The bank had already commenced the first issuing of currency with Dr. Humphrey securing the first $10.
On February 28, 1904, J.M. Duncan died suddenly in Syracuse, New York. He had gone their to join his wife who was visiting at the home of her sister, Mrs. Harris. Mr. Duncan came to Silver Springs in 1885 in connection with the Worcester Salt company of which he was vice president and business manager. He was also president of the Silver Springs National Bank and of the Silver Springs Manufacturing Company. In March, at a meeting of the directors, Mrs. Joseph M. Duncan was appointed president and W.R. Platt a director. [NOTE: for more information, see "Addie P. Duncan (later Monroe), National Bank President," By Karl Sanford Kabelac, Paper Money, March/April 2013, Whole No. 284, pp 146-152 (link below)]
In January 1905, the stockholders elected the following directors: Hon. Timothy L. Woodruff, S.J. Whiton, Lorenzo Benedict, Mrs. Joseph M. Duncan, William H. Hawley, Jr., W.R. Platt, N.H. Lewis, William F. Graves, J.A. Kennedy, A.H. Clark, and J.G. Kershaw. The officers elected were Mrs. Joseph M. Duncan, president; N.H. Lewis, vice president; J.G. Kershaw, cashier.
In December 1954, the Citizens Bank of Arcade, the largest in Wyoming County, announced it was buying the Silver Springs National Bank at an undisclosed price. The bank in Silver Springs would be operated as a branch of the Arcade bank. Anson F. Sherman was president of the Citizens Bank. The Citizens had total assets of $7,000,000 and would have assets of $7,500,000 after the acquisition. President James E. Nash would continue in an advisory capacity, serving on an advisory board of the Silver Springs office along with Clayton Husted and George Hume, directors of the Silver Springs Bank. Mr. Sherman stated that farming in Wyoming County had become a big business, requiring facilities of a larger and stronger bank. He said, "We are primarily interested in satisfying the banking needs of the farmer and have had many years of experience in this field."
In January 1955, Robert H. Duquid and Edward Barber were promoted to assistant cashiers of the Arcade bank. Mr. Barber had charge of the new Silver Springs branch.
Official Bank Title(s)
1: The Silver Springs National Bank, Silver Springs, NY
Bank Note Types Issued
A total of $617,330 in National Bank Notes was issued by this bank between 1902 and 1935. This consisted of a total of 99,778 notes (74,940 large size and 24,838 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 1750 1902 Red Seal 3x10-20 1 - 1340 1902 Date Back 4x5 1 - 1975 1902 Date Back 3x10-20 1 - 1420 1902 Plain Back 4x5 1976 - 3950 Plate dated 1902 1902 Plain Back 3x10-20 1421 - 2608 Plate dated 1902 1902 Plain Back 4x5 1 - 9087 Plate dated 1922 1929 Type 1 6x5 1 - 2928 1929 Type 2 5 1 - 7270
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
- Silver Springs NB, Silver Springs, NY History (NB Lookup)
- Addie P. Duncan (later Monroe) National Bank President (SPMC PM#284)
- New York Bank Note History (BNH Wiki)
Sources
- Silver Springs, 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 Buffalo News, Buffalo, NY, Sat., Jan. 11, 1902.
- Democrat and Chronicle, Rochester, NY, Mon., May 12, 1902.
- The Buffalo News, Buffalo, NY, Mon., Feb. 29, 1904.
- The Buffalo News, Buffalo, NY, Sat., Mar. 19, 1904.
- The Buffalo Times, Buffalo, NY, Mon., Jan. 23, 1905.
- The Buffalo News, Buffalo, NY, Thu., Dec. 9, 1954.
- The Buffalo News, Buffalo, NY, Mon., Jan. 17, 1955.