Banks of Sherburne, Chenango County New York

Town of Sherburne, Chenango County, New York

Banks

The Sherburne National Bank was organized May 4, 1865, with a capital of $100,000, (all paid in) in shares of $100 each. The charter continues twenty years from its organization, and permits an increase of capital to any sum not exceeding $200,000.

May 4, 1865, Joshua Pratt, Walter Elsbre, William Cook, Alonzo D. Gorham and Henry T. Dunham were elected directors; Joshua Pratt being chosen President, Walter Elsbre, Vice-President and Henry T. Dunham, Cashier. By-laws were adopted and it was voted to collect 25 per cent. of the capital stock in thirty days, and the remaining 25 per cent. in sixty days. At this time 50 per cent. had been paid in. The second installment of capital stock, $25,000, was paid May 30, 1865; the third and last, $25,000, July 1, 1865. Business was commenced July 4, 1865, in the building now occupied.

The directors elected Jan. 14, 1879, were Joshua Pratt, Walter Elsbre, William Cook, Alonzo D. Gorham and Henry T. Dunham. There has been no change in the official management since the organization.

Jan. 9, 1866, the first dividend, of three per cent. was ordered; July 10, 1866, and Jan. 14 and July 9, 1867, dividends of four per cent. were ordered; Jan. 7, 1868, and subsequently to the present time, semiannual dividends of five per cent. have been ordered.

Report of the condition of the Sherburne National Bank at the close of business, Oct. 2, 1879:--

RESOURCES

Loans and discounts $ 73,827.71
Overdrafts 243.30
U. S. bonds to secure circulation 100,000.00

U. S. bonds on hand 52,800.00
Other stocks, bonds and mortgages 35,299.00
Due from approved reserve agents 53,930.23
Due from State banks and bankers 3,709.23
Real estate, furniture and fixtures 3,749.48
Current expenses and taxes paid 1,083.48
Checks and other cash items 209.60
Bills of other banks 2,958.00
Fractional currency (including nickels) 43.76
Specie (including gold Treasury certificates) 2,495.00
Legal-tender notes 10,000.00
Redemption fund with U. S. Treasury (5 per cent. of circulation) 4,500.00

Total $344,848.79

LIABILITIES

Capital stock paid in $100,000.00
Surplus fund 50,000.00
Undivided profits 14,104.79
National bank notes outstanding 80,980.00
Individual deposits subject to check 59,501.94
Demand certificates of deposit 39,727.11
Due to other National banks 534.95

Total $344,848.79

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Source: Taken in part from Smith, James H., History of Chenango and Madison Counties, New York. D. Mason & Co. Syracuse, NY 1880.

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