First National Bank of Cooperstown stock certificate 1900 (New York)

Stunning stock certificate with multiple vignettes. New York state seal at the top, warrior lady liberty to the right, statue of Leatherstocking to the left, and a perched eagle at the bottom. Issued and cancelled, Dated 1900 over the 18__ space. Approximately 9.75 x 6.75 inches.

In 1863 during the Civil War, the National Banking Act was passed. On February 15, 1864, the First National Bank of Cooperstown was organized with Charter No. {409} 280. The major reasons for its organization were to acquire the circulation privilege of federal bank notes and to become a depository of federal funds. There were five directors, all of whom were associated with the Otsego County Bank, and they held all the new institution’s capital stock, which was then assigned proportionally to the existing ownership of the Otsego County Bank. George W. Ernst, who was commissioner of internal revenue for this congressional district, was president of the new organization for one month. He then resigned, and Calvin Graves became a director and president of the First National Bank.

In 1864 a New York State law placed a heavy tax on circulation. In the tax book of the town of Otsego for that year, a tax of $14,582.48 was levied against the Otsego County Bank. In 1865 because of the slowness of state banks in joining the National Banking System, the Federal Government placed a 10 percent tax on the circulation of state banks.

Because of these taxes, on March 14, 1866, the following resolution was passed: “The directors are of the opinion that the interest of the stockholders require that the association should be dissolved.” On May 14, 1866, notice was given to the superintendent of banks of New York State that the Otsego County Bank intended to close the business of banking on that date. On the same day at a meeting of the board of directors of the First National Bank, this minute was made: “Resolved; that in consideration and upon condition that the Otsego County Bank agrees to transfer and set over to this bank all its accounts, profits, etc., that the First National Bank hereby agrees to {410} assume and pay all losses that may arise to the Otsego County Bank.”

Cooperstown is a village in and county seat of Otsego County, New York, United States. Most of the village lies within the town of Otsego, but some of the eastern part is in the town of Middlefield. Located at the foot of Otsego Lake in the Central New York Region, Cooperstown is approximately 60 miles west of Albany, 67mi southeast of Syracuse and 145mi northwest of New York City. The population of the village was 1,852 as of the 2010 census. Cooperstown is best known as the home of the National Baseball Hall of Fame and Museum. The Farmers' Museum, opened in 1944, on farmland that had once belonged to James Fenimore Cooper. The Fenimore Art Museum and Glimmerglass Opera are also based here.

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