| Slot: |
$5 National Bank Note Fr. 394-612 |
| Item: |
$5 1882 Brown Back National Bank Notes |
| Grade: |
PMG 63 |
| Cert #: |
5012387-005
|
Owner Comments
Beautiful replacement to a low grade Brown Back for this elusive Michigan bank. Absolutely lovely!
The Second National Bank of Saginaw was organized with a 20-year charter in 1871, which was extended in 1891 and again in 1911. The first officers were Roswell G. Horr, cashier, and C.K. Robinson, president. On March 12, 1872, the bank acquired the business owned by the president, C.K. Robinson & Co. The capital was $200,000. The institution was located downtown next to the Bliss Block (Masonic Hall Building), where it remained for 24 years. From all accounts the bank was managed conservatively, and reports showed excellent profitability.
On January 1, 1893, the bank absorbed the Home National Bank of Saginaw, which traced its origin to the former Merchants National Bank and, before that, the private bank of W.L.P. Little & Co. established in November 1855. The Second National moved its office to the former Home National premises. By 1911 the capital was $500,000. On November 1, 1922, the Second National Bank took over the Commercial National Bank of Saginaw. At the time the Second National Bank had a capital of $1,000,000. Arthur D. Eddy was cashier, and George B. Morely was president. On January 29, 1929, its name was changed to the Second National Bank & Trust Company.
It seems that a large part of the history of banking in Saginaw could be placed in a comprehensive history of the Second National Bank and its acquisitions.
PMG graded 208 notes (as of 6/1/2019) for this Fr. # with 18 grading higher than this nice brown back.
|
| Slot: |
$10 National Bank Note Fr. 409-638 |
| Item: |
$10 1902 Plain Back National Bank Notes |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1198422-003
|
Owner Comments
Low serial number 11 is found on this beauty. It has the better Woods-Tate Treasury signature combo. The April 2019 issue of Bank Note Reporter recently had an excellent description of the Woods-Tate signature combination. Only nine banks were issued the plates since this combination of Register and Treasurer lasted only 7 months. For this Charter, only 754 sheets of 3-$10 and 1-$20 were printed. That means only 3,016 notes in total. Thus, only 2,262 $10 notes were printed from this Charter with the Woods-Tate. Peter Huntoon reported that only 185,388 Woods-Tate large National Bank Notes were spread over nine banks, this being one of the banks. Since only $5, $10 & $20 notes were printed with this signature combination a quick check of the PMG population report shows that the $5 Fr # is 611 (15 graded), the $10 Fr # is 637 (8 graded) and the $20 Fr # is 663 (3 graded). This, this note is the highest graded Woods-Tate signature combination in PMG's census. Wow. I still feel lucky to have picked up, at a very reasonable price, perhaps one of the highest graded notes for this rare signature combination. Notice the date on this 1902 series is August 17, 1928. That was the date for the organization of the bank. The Dunbar was founded by the Rockefeller family to provide banking services to the residents of Harlem. It was only one of two banks managed by African-Americans in the National Banknote era. Over 14,000+ charters and only TWO with African American managers. Astounding. American history and segregation that was built into the system, although tainted, is constantly trying to right the ship. PMG has graded only 8 notes of this Friedberg # and this is the only 66 EPQ with none higher! Top POP!!!
|
| Slot: |
$20 National Bank Note Fr. 424-662 |
| Item: |
$20 1902 Plain Back National Bank Notes |
| Grade: |
PMG AU 58 |
| Cert #: |
8050658-001
|
Owner Comments
I continue to be lured into Pittsburgh charters even though I have no connection to the city. I like Ch #252 because I may be able to build a set with most denominations and now I am a fan of Ch #6901 for the Mellon name. One of the great names in American history.
From Wikipedia:
Andrew William Mellon (/'m?l?n/; March 24, 1855 – August 26, 1937), sometimes A.W., was an American banker, businessman, industrialist, philanthropist, art collector, and politician. From the wealthy Mellon family of Pittsburgh, Pennsylvania, he established a vast business empire before transitioning into politics. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street crash of 1929. A conservative Republican, Mellon favored policies that reduced taxation and the national debt in the aftermath of World War I.
Mellon's father, Thomas Mellon, rose to prominence in Pittsburgh as a banker and attorney. Andrew began working at his father's bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. He later re-named T. Mellon & Sons as Mellon National Bank and established another financial institution, the Union Trust Company. By the end of 1913, Mellon National Bank held more money in deposits than any other bank in Pittsburgh, and the second-largest bank in the region was controlled by Union Trust. In the course of his business career, Mellon owned or helped finance Alcoa, the New York Shipbuilding Corporation, Old Overholt whiskey, Standard Steel Car Company, Westinghouse Electric Corporation, Koppers, the Pittsburgh Coal Company, the Carborundum Company, Union Steel Company, the McClintic-Marshall Construction Company, Gulf Oil, and numerous other businesses. He was also an influential donor to the Republican Party during the Gilded Age and the Progressive Era.
In 1921, newly-elected President Warren G. Harding chose Mellon as his Secretary of the Treasury. Mellon would remain in office until 1932, serving under Harding, Calvin Coolidge, and Herbert Hoover, all three of whom were members of the Republican Party. Mellon sought to reform federal taxation in the aftermath of World War I, cutting taxes on top earners but leaving in place a progressive income tax. Some of Mellon's proposals were enacted by the Revenue Act of 1921 and the Revenue Act of 1924, but it was not until the passage of Revenue Act of 1926 that the "Mellon plan" was fully realized. He also presided over a reduction in the national debt, which dropped substantially in the 1920s. Mellon's influence in state and national politics reached its zenith during Coolidge's presidency; one observer noted that "it would be fair to call the [Coolidge] administration the reign of Coolidge and Mellon."
Mellon's national reputation collapsed following the Wall Street Crash of 1929 and the onset of the Great Depression. Mellon participated in various efforts by the Hoover administration to revive the economy and maintain the international economic order, but he opposed direct government intervention in the economy. After Congress began impeachment proceedings against Mellon, President Hoover shifted Mellon to the position of United States ambassador to the United Kingdom. Mellon returned to private life after Hoover's defeat in the 1932 presidential election by Franklin D. Roosevelt. Beginning in 1933, the federal government launched a tax fraud investigation on Mellon, leading to a high-profile case that ended with Mellon's exoneration. Shortly before his death in 1937, Mellon helped establish the National Gallery of Art, a national art museum. His philanthropic efforts also played a major role in the later establishment of Carnegie Mellon University and the National Portrait Gallery.
Quotes
Strong men have sound ideas and the force to make these ideas effective.
Give tax breaks to large corporations, so that money can trickle down to the general public, in the form of extra jobs.
A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.
This note was inexpensive and I thought it would grade 40 or 45 so a pleasant surprise it came out to a 58. PMG ordained it with the comment "Good Embossing" which is great although I don't understand how embossing can be something special and the note not achieve a EPQ moniker.
|