Too much time has passed since I've posted one of these summaries of an institution. Since Missouri nationals are my primary focus and the town name tickles my fancy I'll write about the sole national bank in this town.
I pronounce the name as Cow-gill this may not be the "correct" way but I like saying it this way.
Regardless, the town came into existence in 1887 as a result of the Chicago, Milwaukee, and St. Paul Railroad actively building a line from the Iowa border down to Kansas City. Several towns were founded this year along the rail line not only Cowgill.
On to the bank which began as a state chartered bank called the Cowgill Bank. I have been unable to find the year it was opened; the first listing of the bank in the state's biennial banking report occurred in 1899. Capitalized at $10,000 with James Cowgill as President and J. W. Myers, Cashier.
In 1903, the bankers decided to convert from a state bank to a national bank. They increased their capital from $10,000 to $25,000. The Comptroller approved their application on July 25th. The First National Bank of Cowgill was nationalized.
The first notes printed for the bank were Series 1902 Red Seals. The sheets consisted of three $10's and one $20. The Kelly census shows two $10's reported.
The bank issued the next type of Series 1902 notes, Date Back. An example of which sold in 2003 for $2,760 at a Heritage Auction
https://currency.ha.com/itm/nationa...ption-071515The last large size notes issued by the institution were Series 1902 Plain Backs. The most recent sale was in Lyn Knight Memphis Sale in 2014 where a $10 brought $1,840.
When the small size Series 1929 commenced the banker's continued to issue tens and twenties before liquidating on June 15, 1931 and reorganizing as the First National Bank
in Cowgill. Capitalization at the time it liquidated was $35,000.
The succeeding bank had Charter # 13546 but issued no currency. Capital was reduced to $30,000. The bank survived the Depression and WWII years before exiting the banking business on August 2, 1947. (Source 1)
Someday I hope to travel to Cowgill to look for the bank building.
-MV
Source:Comptroller of the Currency Annual Reports
Source 1:
https://fraser.stlouisfed.org/files...945-1949.pdf
Posted 07/30/2017 3:51 pm
