Charles Eugene Selover, Sr.: From Niles Farm Boy To New York City Banker To San Franciso Importer - Part III

Charles Eugene Selover, Sr. and the First National Bank of Elmira

Formation of the First National Bank of Elmira

Charles Eugene Selover, Sr. had diligently spent over 12 years as the Cashier of the National Bank of Cortland, as well as serving as a Director of the Bank, by the end of summer 1889. A group of investors determined to form a new bank in the City of Elmira, Chemung Co., New York with an initial capitalization of $200,000 and to begin operation in August 1889. Among the investors behind the First National Bank of Elmira was Charles's brother-in-law, F. Cyrus Straat, Secretary of the Cortland Wagon Company. Charles held at least a modest stake in the enterprise and was chosen to become the new bank's first President, presumably based on his previous extensive banking experience at Moravia and Cortland.

Charles resigned his Cashier position at Cortland National Bank on 14 August 1889 and shortly assumed his role as President of the First National Bank of Elmira. The new bank's exact opening date is not certain, but it was in full operation by early September 1889 in the new Robinson Building at 159 Lake Street in Elmira. Susan Ingalls Selover remained behind in Cortland until the end of the year when she and their first son, Charles E. Selover, Jr., permanently joined Charles Sr. in Elmira.

Charles Eugene Selover, Sr., President of the First National Bank of Elmira

Stockholders of the First National Bank of Elmira met in early January 1890 and voted to make Charles a Director of the Bank. The Directors then met and elected Charles to continue in his role as President of the Bank. Charles and Susan seem to have had the freedom and wherewithal to engage in occasional visiting and travel in 1890. At the end of January, they visited friends in Cortland. Charles then made a business trip to Washington, DC in mid-March. Upon his return, Charles made a visit to Cortland. The next month he visited his father in Moravia, Cayuga Co., New York on 20 April and attended a funeral in Cortland on 29 April. Finally, Charles and his family vacationed for three weeks on Martha's Vineyard with the F. Cyrus Straat family in August 1890.

Charles Eugene Selover, Sr., First Vice President and Trustee of the Elmira Savings Bank

The newly formed Elmira Savings Bank opened in the Robinson Building at 159 Lake Street in Elmira on 1 November 1890. Charles was named First Vice President and Trustee of the savings institution in addition to his roles as Director and President of the First National Bank of Elmira. Both institutions were in the Robinson Building; however, it not clear whether they occupied separate suites or were separated in name only.

Not long after taking up his duties as First Vice President of the Elmira Savings Bank, Charles was listed as donating $5 to the Elmira Citizens' Committee's Appeal For Subscriptions in Aid of the Irish Cause. This cause was the effort of the Irish people to obtain Home Rule for Ireland. Charles thus was sympathetic to the Irish people who were under the thumb of English rule.

Georgia Timberland Deals

Charles left Elmira for a trip to Georgia on 1 December 1890. Later events would reveal that his purpose was to make investments in Georgia timberland on behalf of the First National Bank of Elmira. These investments were characterized several years later as "wildcat lumber schemes." It seems that an entity called the Evans Land and Lumber Company issued bonds that were deposited in the Elmira Bank. Charles was Treasurer of the Evans Land and Lumber Company, and his brother-in-law, F. Cyrus Straat, also was listed in the Company's charter. Charles and Cy were still investors in manufacturing enterprises in Cortland and probably saw an opportunity to supply themselves with cheap lumber for wagonmaking and other purposes by acquiring forest land in Georgia. Little separation between bank business and personal business is apparent during this era of banking history, if the actions of Charles Eugene Selover, Sr. are an example.

All seemed well at the Directors' Meeting of the First National Bank of Elmira in early January 1891. The bank, with a capitalization of $200,000, had returned $19,458.68 in profits and surplus. Charles was re-elected as a Director and President. Not two months later, however, Charles resigned his position as President after being offered a more lucrative position with the Madison Square Bank in New York City.

To be continued. . . .