N is for Note – Banknote that is

Pope County Museum A-Z is a continuing feature of our blog. Periodically, I will highlight an item or items from our Museum collection.

First National Bank of Glenwood Banknote

First National Bank of Glenwood Banknote

An article in the October 21, 1904 edition of the Glenwood Herald announced that a charter had been granted to for a National Bank in Glenwood. The principal shareholders of the new First National Bank of Glenwood were P. Peterson, Alba Webster and W.F. Dougherty (Formerly of the Bank of Glenwood). The were aided by two gentlemen from Sauk Centre.

Banknote - back

Banknote – back

“Capital stock of the new institution is $25,000, secured by bonds deposited in the U.S.Treasury, who in return will issue National Bank Currency for the greater part of the amount.

First National Bank Building in 1912

First National Bank Building in 1912

It will be quite a novelty to citizens of this village and vicinity to have the pleasure of receiving bank notes bearing the name of Glenwood upon them.”

We have a $10 banknote in our collection from the First National Bank of Glenwood.

The bank closed and was re-organized in 1924, then a run on the bank forced it to close its doors in June of 1926, by August it was in liquidation proceedings. It was one of many banks that failed in the 1920s. On average 600 banks closed each year from 1921-1929.

First National Bank Building in 2012

First National Bank Building in 2012

The bank was located on the Northwest corner of Minnesota Avenue and Franklin Street. The building still stands and today is home to the Dough-Nuts Bakery.

Advertisements
This entry was posted in Collection Notes and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s