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

Charles Eugene Selover, Sr. Starts Over

Selover Milling Company of Moravia, Cayuga Co., New York

We left Charles Eugene Selover, Sr. in February 1894 facing legal liabilities arising from the failure of the Madison Square Bank, of which he was a Director and Assistant Cashier. Susan had given birth to their second son, William Ingalls Selover, on 17 August 1893, little more than a week after the collapse of the Bank. Charles was without a full-time job although he held corporate offices in several enterprises. The future must have loomed somewhat bleakly in Passaic, New Jersey. One thing Charles was not, however, was a quitter!

Susan and Charles began March 1894 with a visit to Cy and Philomena Straat at Cortland. The Selovers must have been planning to leave Passaic at that time because by May they were renting apartments at Moravia where Charles seemed determined to raise capital via the family milling company to once again raise himself by his bootstraps, assisted, of course, by investors. One not so charitable view appeared in an Elmira newspaper.

CHARLES E. SELOVER. He Comes to the Front with Another 'Great Enterprise.' NEW YORK, May 26.-Despite the recent heavy rains, water inundations, river deluges and such like, Charles E. Selover, once of a Cortland bank, later of the busted Elmira national bank, and still later of the collapsed Madison Avenue bank, of New York city, is still on earth, and though not in the water, is on the high tide. Mr. Selover now belongs at Moravia, N. Y., and he, of course, has a scheme. . . . Just now Mr. Selover appears to be interested in floating some shares of the Selover Milling Company. The following advertisement . . . appeared in . . . a New York paper. . . . 'We offer 1,500 shares, eight per cent, preferred stock at par, $100 per share, of the Selover Milling company, incorporated 1886, under New York state laws, Capital stock, $300,000. . . .' NEWS IN ELMIRA. The foregoing will be news to Elmirans. If the Selover Milling company is organized to grind out banks and bank charters it will be a novelty. The advertisement is a little lame, in not stating what kind of milling this company does. Between Moravia, Cortland, Elmira and New York Charles E. Selover is widely known.

-- Thomas Tryniski (scan), Roger Post (transcriber), Charles E. Selover. He Comes to the Front with Another "Great Enterprise" (Elmira Chemung Co., NY, Elmira Telegram, Sunday, 27 May 1894), Old Fulton New York Post Cards http://www.fultonhistory.com

The results of Charles's efforts to sell stock in the Selover Milling Company are not known. Charles did find time to make business and social visits to Cortland in June, August, and December of 1894. He and Susan visited the Cy and Philomena Straat family in October, and Susan spent several weeks with the Straats following Thanksgiving.

Cortland Wagon Company of Cortland, Cortland Co., New York

Charles was part of the Office Staff of the Cortland Wagon Company during some or all of 1895. His brother-in-law, F. Cyrus Straat, was Secretary of the operation and probably a significant shareholder. Possibly Cy was able to help Charles with employment although Charles may well have been a minor shareholder in the company from his earlier residence in Cortland. Quite probably Charles moved his family to Cortland in 1895 because a 40-mile daily commute from Moravia to Cortland and return by horse and buggy does not seem possible. One oblique reference to the Selovers and Straats in 1895 identifies both to be from Cortland at that time.

A rare glimpse of the athletic side of Charles's character was revealed by his participation in a charity baseball game in Cortland in August 1895. He was a member of the "East Siders" team with Cy Straat. Cy managed the only home run of the game, but the "East Siders" were beaten 32 to 20 by the "West Siders" of Main Street.

On 30 October 1895, the officers and employees of the Cortland Wagon Company enjoyed a dinner at the Messenger House in Cortland. Charles and Cy were both in attendance. Both men would be in attendance nearly a year later on 1 September 1896 when a banquet honoring Cy Straat was given by the Company at the Cortland House. Cy was largely severing his relationship (Secretary and Treasurer) with the Company to move to New York City and join the Mutual Loan Association of New York as Treasurer.

Cortland Omnibus & Cab Company of Cortland, Cortland Co., New York

Charles E. Selover, Sr. had maintained a relationship with the Cortland Omnibus & Cab Company from as early as August 1885 when he and W. H. Newton purchased majority ownership in the firm. Charles is known to have served as Treasurer of the Company in 1887, if not before; Vice President in 1893; and Secretary in 1894-1896. F. Cyrus Straat served as a Director of the Company in 1893 and likely other years as well. Despite what would be described as "a flourishing business" during some years of its existence, the business was closed by the Sheriff on 6 January 1896 for outstanding indebtedness of $18,945.17, including six notes held by the National Bank of Cortland. Business was described as "very dull" in the period preceding the foreclosure. Approximately 35 employees remained on the payroll when the foreclosure occurred.

Closure of Cortland Omnibus & Cab Company would have been another financial blow to Charles Selover. How much ownership he had in the Company at its closure is not known, but in profitable years, at least, Charles would have derived income from his stock, and in all years likely was compensated for serving as a corporate official.

Manufacturer of Specialties in New York City

Charles Selover mentioned in testimony some years later that he had engaged in manufacturing "specialties" in New York City at some point following his years in banking. The year 1896 seems to be the only time largely unaccounted for during this period of Charles's life and likely is when he went to New York City. This move may have been prompted by failure of the Cortland Omnibus &  Cab Company. What "specialties" Charles manufactured is not known, and the episode appears to be another failed enterprise, rarely mentioned and largely undocumented, in Charles's career.

As mentioned above, Charles was back in Cortland on 1 September 1896 to attend the banquet honoring Cy Straat of the Cortland Wagon Company. Charles also was in Moravia on 15 January 1897 when he was elected as a Director of the Selover Milling Company, of which his father was elected a Director and President. Subsequent events show that Charles likely had returned to Central New York from New York City by the end of 1896.

Charles Eugene Selover, Sr. Claws Back with the Melrose Woolen Company

The Melrose Woolen Company of Auburn, Cayuga Co., New York

Newspaper articles appearing in mid-April 1897 described incorporation of the Melrose Woolen Company, which intended to operate at Auburn by leasing the old Canoga Woolen Mill, recently vacated by the Rose Valley Woolen Company, for manufacture of "rose" blankets. Incorporation papers listed Directors David F. Wallace of Cortland; Charles E. Selover, formerly of Cortland; and Thomas A. Holland of Auburn. The Melrose Woolen Company was capitalized at $15,000 with Wallace as President, Selover as Vice President and Treasurer, and Holland as Secretary and Superintendent.

Charles Selover's family was living in Cortland at this time, but he was working in Auburn as the Melrose Woolen Company entered operation. On 9 May 1897, Charles traveled to Cortland to visit his family on a Sunday. It may be that Charles's family had remained in Cortland the entire time since their move there in 1895, even while he engaged in manufacturing specialties in New York City, supposed to have occurred in 1896.

Little appears about the operation of the Melrose Woolen Company during the summer of 1897. At the time of its formation, the Company claimed to be aiming to hire up to 100 workers and to produce 75,000 blankets per year. The accuracy of this projection is not known. If the projection was even partially accurate, large amounts of wool would be required as raw material. This probably explains why Charles applied for a seat on the Wool Exchange at Beach Street and West Broadway (today's Tribeca Park area) in Manhattan in early September 1897.

Rumors, a Robbery, and a Tramp

A rumor circulated in Elmira in early October 1897, and was printed in the local newspaper with the caveat that the report could not be verified, that Charles had been shot and killed while hunting in the Maine woods. It is entirely possible that Charles went hunting in Maine; however, he was very much alive and little more than a week later had reported the theft of 18 solid silver spoons from his residence at 188 North Street in Auburn. The burglary was seen as quite curious because the doors and windows were believed locked before the family retired, the apparent thief had eaten a chunk of roast beef and taken a plate of cold potatoes, and much additional silver and a plainly visible pocketbook containing money remained untouched. No more has been learned of the incident, but it does show that Charles had obtained a house in a respectable neighborhood and moved his family from Cortland to Auburn by October 1897.

All was quiet at the Selover residence until 22 April 1900 when a tramp demanded entry to the home. He was refused. The police were called but failed to find the offender.

Selover and Ingalls Families Domestic Events

William Selover, Jr., Charles's father of Moravia, accompanied by his second wife, Eliza M. Harris and son William Harris Selover visited Charles's family in Auburn on Friday, 26 November 1897, the day after Thanksgiving. Charles and his father surely would have discussed the activities of the Selover Milling Company of Moravia and the Melrose Woolen Company of Auburn in addition to social pleasantries. Things would have been looking pretty good to Charles by the end of 1897, after the down years following the collapse of the Madison Square Bank, although he still faced the outcome of ongoing litigation over the failure. As earlier mentioned, that remaining thorn in Charles's side would come to an end in April of 1898.

Back in the domestic realm, Mrs. David. H. Ingalls, Susan Ingalls Selover's sister-in-law from Cortland, returned home in early July 1898 after a stay at the Selover home in Auburn. This visit was followed the next month by the birth of Charles and Susan's third son, Newton Post Selover, which occurred on 19 August 1898 at Auburn. In October 1899, Charles and Susan and two of their children visited with Charles's father at Moravia over a Sunday. Mason Boynton Ingalls, Jr. and Brownell Bulkley of Cortland traveled to Auburn to visit Charles in early August 1900. Mason was a nephew of Susan.

Charles and Susan attended the 50th Wedding Anniversary celebration for Stilwell M. Benjamin and Harriet Amelia Eggleston at their home on West Court Street in Cortland on 1 October 1900. Susan and her sister, Philomena Ingalls Straat, took a turn presiding at the reception table. Cy Straat also was in attendance at the event. Charles and Susan remained in Cortland to celebrate the 11th Wedding Anniversary of Louise Benjamin and N. H. Waters the following night at the Waters residence.

Charles Selover apparently renewed his participation in Masonic activities, of which little had appeared in print since his earlier days at the National Bank of Cortland, by attending the Annual Conclave of Knights Templar of New York held in Geneva, Ontario Co., New York in late October 1898. Charles did not march in the parade with other members of the Cortland Commandery, however. Eighteen months later, Charles and Susan Selover attended the Annual Ball of the Cortland Commandery No. 50, Knights Templar, on 20 April 1900 at Taylor Hall in Cortland. Dr. Cassius E. Ingalls, Susan's brother, attended as well, accompanied by Susan's niece, Mrs. Eastman. Charles and Susan remained in Cortland for several days before returning home to Auburn.

Melrose Woolen Company Supplies Blankets for the Spanish-American War

The United States declared war against Spain on 25 April 1898, thus entering the Spanish-American War. The War created a large demand for goods to support the United States military forces. Among these goods were blankets for military personnel. The Melrose Woolen Company won a contract for 125,000 indigo-dyed wool blankets at $3.25 each less than a month after war was declared. On 17 June 1898 the Deputy Quartermaster-General at Philadelphia awarded the Melrose Woolen Company a contract for 6,000 blankets at $8.25 each with an option to obtain 3,000 more. This was followed by an order in late August 1898 for 70,000 additional wool blankets for the United States Marine Corps. These blankets were to weigh 3 pounds each, bear the imprint "U. S.," and be tastefully bordered in blue and gold. The Melrose Woolen Company was forced to lease the old Chamberlain Mills (aka Phoenix Mills and later Seneca Knitting Company) of Seneca Falls, Seneca Co., New York to provide additional manufacturing capacity in the face of these orders.

Military demand for goods apparently had not wound down immediately after the Spanish-American War because the Melrose Woolen Company had received an order for 25,000 Army blankets in November 1898. They also were producing 150,000 yards of Kersey uniform fabric and 150,000 yards of blouse flannel for the military at that time. Business must have been looking good for the Melrose Woolen Company in the summer of 1898!

David F. Wallace Sells His Stock in the Melrose Woolen Company

David F. Wallace, President of the Melrose Woolen Company, disposed of his interest in the company before September 1898. Wallace surely was reading the papers and had learned that hostilities in the Spanish-America War had ceased on 12 August. He likely had surmised that the military would be unlikely to continue placing large orders for blankets and uniform fabrics. It may be that Wallace wanted to get out while still on top.

Who purchased Wallace's stock is not clear. Vice President Charles Selover may have taken up at least part of these shares, as may have the company Superintendent, Thomas A. Holland. With the departure of David F. Wallace, it appears that Charles assumed the reins as President and continued his role as Treasurer. No further mention of a Melrose Woolen Company Vice President is found.

Production Problems and Litigation

Not everything at the Melrose Woolen Company had gone to plan in 1898. Litigation filed by the Company against the Jaeck Brothers Company of Philadelphia in December 1898, if not before, revealed that Jaeck had sold an inferior product as indigo dye to Melrose. The Jaeck product ran and faded badly with the result that the U.S. Army rejected much of Melrose's initial run of blankets although they later accepted them at a reduced price. Melrose completed the contract with its own dye and had no further problems but sued Jaeck to recover losses incurred.

The case was first scheduled for the Equity and Special Term of Supreme Court at Auburn in January 1899. Like most such proceedings, the lawsuit dragged on until October 1899 before finally being heard after legal maneuvering in September. The Melrose Woolen Company's case must not have been persuasive because the Jaeck Brothers Company ended up winning about $300 plus costs (for $1,700 of dye for which Melrose had already paid $412 on account) in their consolidated countersuit. The outcome of an Appellate Court appeal by Melrose more than a year later at Rochester, Monroe Co., New York is not known.

Production of Domestic Fabric

The last military order for blankets or fabric from the Melrose Woolen Company seems to have been
that placed in November 1898. The Company's potential product mix in 1899 was listed in a trade publication as Army blankets, woolen blankets, steamer rugs, dress goods, and clothing, but by the summer of 1900 production was primarily, if not solely, "ladies dress goods." The mill was stated to be operating full time. Another trade publication listed the Melrose Woolen Company still producing ladies' dress goods with Charles E. Selover as President and Treasurer in 1901.

Disaster Strikes Charles Eugene Selover, Sr. and the Melrose Woolen Company

Woolhouse Fire

The Woolhouse of the Melrose Woolen Company was located on Canoga Street some distance from their main operation at Old Canoga Mill off Washington Street. Early on the morning of 3 October 1900 fire mostly destroyed the building and its contents. Losses were estimated to be $30,000 to $40,000. Woolhouse contents included 28,000 pounds of wool, 1,000 blankets, several thousand pounds of materials, and some items of machinery. The financial impact of this fire on the Melrose Woolen Company, if uninsured, likely was catastrophic.

Trying To Recover

A financial notice appeared in mid-January 1901 stating that the Melrose Woolen Company was filing to increase its Capital Stock by $15,000. In light of later events, this appears to have been an attempt by Charles to raise money to get him through a rough patch and is reminiscent of Charles's effort back in 1894 to increase the capitalization of the Selover Milling Company in Moravia. The extent to which either effort garnered additional investment is not apparent.

Evidence of financial strain on the Selover family appeared on 5 March 1901 when the mortgage on Charles and Susan's house and lot at 39 Prospect Street in Cortland was subject to a court decree, obtained by the Cortland Savings Bank, mandating sale of the property at public auction on 30 March. The Selovers had owned the home since 1884. The house sold to an employee of the Savings Bank for only $2,500, which was considered an extremely low price for the property. The fact that Charles could not make his mortgage good is telling.

Auburn Blanket Company Moves In

Next we see an announcement in late June 1901 that a firm to be called the Auburn Blanket Company would take over plant and business of the Melrose Woolen Company. The Auburn Blanket Company was backed by wealthy capitalists of New York City and would be run by H. C. Nellis of Picqua, Miami Co., Ohio as President and General Manager. It is not clear that Charles Selover got anything for his stock, which may have been rendered worthless following the fire at the Woolhouse. The old Canoga Mill would now be leased to the Auburn Blanket Company by the National Bank of Auburn, which indicates that the Melrose Woolen Company's lease for the property had expired or was terminated.

Creditors Seek Relief

The debts incurred by the Melrose Woolen Company during its final year or more of operation would now come due. It is likely that Charles Selover, as President of the firm, and presumably a stockholder, would have been held liable to the extent allowed by law. On 12 August 1901, a Judgment of $164.50 was rendered against the Melrose Woolen Company in City Court in favor of the Auburn Telephone Company and an execution issued for seizure of property to be sold at auction. Just over one week later, a Judgment of $650.76 was rendered in City Court against Melrose in favor of Mrs. Laura E. Holland (widow of Thomas A. Holland, who had died that spring), Albert T. Holland, and Lewis Wendell for their separate claims. The Court issued executions under this Judgment as well. Goods under the first execution were sold on 9 September 1901 and purchased for $150 by the Melrose Woolen Company Bookkeeper, George W. Callaghan, presumably so that the Company could retrieve its goods for resale at a higher price elsewhere, unless Callaghan was buying on his own account. The fate of the goods seized under the Judgment for the Holland family and Mr. Wendell is unclear.

Charles Eugene Selover, Sr. Hits Bottom Again

Charles largely disappears from the newspapers in late 1901. His fortunes had ebbed as the year drew to a close. One ray of hope might have been the $500 left to him pursuant to the Will of his uncle, John D. Welty, admitted to probate ca. 3 August 1901. When Charles would actually receive his inheritance is not known.

A 1902 City Directory lists Charles's residence as 123 North Street, a move from 188 North Street that might indicate downsizing. The listing retains Charles's occupation as Melrose Woolen  Company, however. Perhaps he was still marketing residual merchandise. It is not apparent how Charles was managing to hang on during 1902. He may have had some small income from previous ventures, such as his interest in the Selover Milling Company, sufficient to feed his family.

To be continued. . . .

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

Charles Eugene Selover, Sr. and the Madison Square Bank of New York City

Leaving Elmira Behind

We have seen that Charles and Susan Selover were highly motivated to advance themselves in banking and business during The Gilded Age of America. It is perhaps not surprising that Charles would not hesitate to continue his climb in the banking profession. We left him as President and Director of the First National Bank of Elmira in early 1891, having served in that capacity for about 18 months from the bank's founding.

Charles tendered his resignation as President of the First National Bank of Elmira on or before 1 March 1891, reportedly in response to a lucrative offer from the Madison Square Bank of New York City. Nevertheless, Charles apparently retained ownership of 250 shares of the First National Bank of Elmira when he took his position with Madison Square Bank in April 1891. These shares, with those of other shareholders, were later listed by Elmira National Bank official J. J. Bush in a tax lawsuit over their assessed value. Charles was listed as having debts, presumably to the First National Bank of Elmira, equivalent to the value of 25 of his 250 shares.

Charles traveled to Moravia, Cayuga Co., New York, the site of his early banking career, to visit friends and relatives in mid-March before his move to New York City, which probably occurred before 1 April 1891. Susan and Charles, Jr., however, appear to have temporarily returned to their former home in Cortland, or possibly to the home of Susan's sister, Philomena Ingalls Straat, in that town. Charles, Sr. made several trips from New York City to Cortland in April, trips probably made more urgent by Susan's pregnancy and birth of a daughter, Kate Miller Selover, on 27 April 1891.

Charles moved his family from Cortland to a house on High Street at Passaic, Passaic Co., New Jersey in late September 1891. In mid-October, Mr. and Mrs. F. Cyrus Straat traveled from Cortland to visit Charles and Susan in their new residence for several days. Charles and Cy undoubtedly discussed their various mutual business ventures and investments during the visit.

Charles Eugene Selover, Sr., Assistant Cashier of the Madison Square Bank

Charles had gone from being "a big fish in a small pond" to "a small fish in a big pond" with his move to the Madison Square Bank where his new position was that of Assistant Cashier. If not so initially, he later was also a Director of the Madison Square Bank, located at 202 5th Avenue in Manhattan. We don't have too much insight into Charles's activities during his first year at this institution.

In July 1892, Charles accompanied his sister-in-law, Philomena Straat, and her children on their return to Cortland from a vacation at Asbury Park, Monmouth Co., New Jersey. Charles visited with Mr. and Mrs. Straat in Cortland over a Sunday before returning to New Jersey. Both Charles and Susan returned to Cortland several weeks later to visit the Straats. Susan appears to have remained with her sister in Cortland for the month of August because Charles returned from New York City in early September to rejoin his wife.

Charles became a Director of the Automaton Piano Company in 1892, in which role he continued in 1893. It was later revealed that the Company obtained a loan of $10,000 from Joseph F. Blaut, President of the Madison Square Bank, with essentially worthless shares of the Cyclostyle Company put up as collateral by the Automaton Piano Company. The pot was sweetened when the Automaton Piano Company gave 1,000 shares of its own stock to Blaut as inducement for the loan. The shares were not held by the Madison Square Bank but were held by Blaut who later gave 500 of the shares to Charles. Charles was then made Treasurer of the Automaton Piano Company, presumably to keep an eye on their affairs for the bank. The Automaton Piano Company deal again illustrates mixing of personal business and bank business in what was apparently a "Wild West" of banking in the 1880s and 1890s.

Charles E. Selover and F. Cyrus Straat were elected Directors of the Cortland Omnibus & Cab Company in January 1893. The Directors then elected Charles as Vice President of the Company, which was stated to be in a very flourishing condition.

Collapse of the First National Bank of Elmira

Charles Eugene Selover, Sr. had been gone from Elmira for over two years when the First National Bank of Elmira suddenly collapsed near the end of May 1893. The immediate cause of the bank's closure seemed to be its extensive loans to Col. D. C. Robinson, a stockholder and Director of the institution, and his inability to cover his debts. Last minute negotiations with the Mutual Life Insurance Company for a bailout at first looked promising, but after due consideration the insurance company declined to proceed, and the First National Bank of Elmira closed.

Blame, of course, was thrown about to see what would stick. Charles, as the first President of the bank, came under criticism for the Georgia timberland deal executed during his former tenure when the bank receiver sold the bank's interest in 20,000 acres of Georgia timber for a paltry $1,600. Charles defended his management of the bank but did not wish to comment on the receiver's sale. A local lumberman, however, stated that adjacent Georgia timberland in which he held an interest was formerly valued at $3/acre but had increased to $5/acre with recent construction of a new railroad in the area. Charles seemed somewhat vindicated by that assessment, given that the land should have sold for in excess of $60,000.

Charles traveled from New York City to Auburn, Cayuga Co., New York and made a visit with his cousin, Mrs. J. M. Calhoun on 11 June 1893. If there was a business aspect to this trip related to failure of the First National Bank of Elmira, it was not mentioned in the news account of Charles's visit.

Collapse of the Madison Square Bank of New York City

The Madison Square Bank suffered a collapse on about 9 August 1893, just over two months after the First National Bank of Elmira had failed. A Clearing House Committee had found that Madison Square Bank was deficient $90,000 in funds, which forced Madison Square to close. To make matters worse, the Automaton Piano Company, of which Charles was a Director, was reported insolvent the following day. This company owed the Bank $31,021.25. The two failures presumably were linked because the Madison Square Bank had loaned money to the Automation Piano Company on collateral of little value. At this point, the 500 shares of the Automaton Piano Company that had been given to Charles presumably became worthless, or nearly so.

At first, Charles pursued his other business interests. He and Susan had sold a lot on Elm Street in Cortland for $5,000 only a few days before collapse of the Madison Square Bank. It may be that Charles saw the handwriting on the wall before the bank failed and hastened to bolster his cash reserves for the trouble ahead. He did have remaining debts at the failed Elmira Bank, part of which he had repaid in July 1893. Charles also continued his business interests in Cortland with his election as Director and subsequently Secretary of the Cortland Omnibus & Cab Company in early September.

Legal Aftermath of the Madison Square Bank Failure

The bank failure would have severe consequences for Charles Selover, who as Assistant Cashier and Director could be held criminally and civilly liable. This came to pass when he was arrested at Passaic, New Jersey on the evening of 23 October 1893 on a misdemeanor charge of violating New York State banking laws by failing to do his duty as Director. Charles was jailed by a New Jersey judge to be held for two weeks awaiting extradition proceedings. Apparently this was a more forceful approach than desired by the Assistant District Attorney in New York City who requested that the judge release Charles so that he could appear with his attorney in New York, which subsequently occurred. Charles was bailed on $5,000 bond put up by a friend, then traveled to Cortland on 28 October, presumably with Cy Straat who had come to New Jersey to assist him in his time of need.

Charles's case did not go before a Grand Jury until late November 1893. The Grand Jury handed up misdemeanor indictments of the Directors of Madison Square Bank on 27 November. The following day the indicted men each were required to put up an additional $5,000 bail or $10,000 apiece. Charles, with his legal problems momentarily on hold, cast about for new financial pursuits, and fell back on the old family milling business at Moravia, Cayuga Co., New York. He had assumed the Secretary and Treasurer's positions for the Moravia Milling Company by mid-December.

The year 1894 began with a bit of good news for Charles Selover. The Court of Oyer and Terminer in New York City dismissed the indictments against five of the former Madison Square Bank Directors, Charles included, on the grounds that the original charges lacked specificity. On the other hand, the good news soon was followed by bad. A civil suit test case for $4,000 was brought in mid-January against the Directors by a depositor seeking recovery of his funds. Filings indicated that Charles owned 100 shares of the Madison Square Bank originally valued at $10,000. Back in the criminal law arena, the Assistant District Attorney moved to resubmit charges against the Directors to the February Grand Jury. The Court of Oyer and Terminer took the Assistant District Attorney's motion under advisement after hearing counter arguments by attorneys for the Directors in mid-February 1894, but it appears that the charges were eventually dropped with Charles escaping further prosecution.

Charles, as former Assistant Cashier of the Madison Square Bank, was required to testify at the perjury trial of the Joseph F. Blaut, former President of the Bank. In the course of this testimony, Charles was revealed to have purchased and paid for 50 shares of the Madison stock and purchased another 50 shares for $7,500 for which he gave a note to the bank and in return was issued a Cashier's Certificate for the purchase amount. Presumably these constituted the same 100 shares previously referenced as owned by Charles. Further testimony by Charles revealed that he was ordered by Blaut not to include $150,000 in notes in a financial statement and that Blaut said he could verify the statement pursuant to a special contract that he held.

Civil litigation over the failed Madison Square Bank dragged on for the next four years. On 5 April 1895, notice of an amended summons naming Charles among the Defendants was issued on behalf of the creditors of the Madison Square Bank, Plaintiffs. The fate of this suit is not known; however, an apparently separate suit by the receivers of the Bank against Joseph F. Blaut, Charles E. Selover, and two others was settled on 28 April 1898 for $50,152. The share of this burden allotted to Charles is not known. It is likely that Blaut would have borne the major share.

Not to be forgotten were legal liabilities arising from the collapse of the First National Bank of Elmira. Charles had been indebted to the Bank when it failed. On 6 October 1897, the receivers of the Elmira Bank sold the claims, judgments, and demands belonging to the Bank at public auction. Among these was a judgment for $1,101.67 against Charles secured by 16 shares of the former Madison Square Bank.

Thus ended the long and solid start followed by the rather rapid rise and fall of Charles Eugene Selover, Sr. in the banking business. Charles was down but not out as he went on to reinvent himself in subsequent years.

To be continued. . . .

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

The Boyhood of Charles Eugene Selover, Sr.

Niles

Charles Eugene Selover, Sr. was born in Niles, Cayuga Co., New York on 3 June 1853, the son of William Selover, Jr. and Ann Elizabeth Welty. Their farm was located on present-day Rockefeller Road slightly southeast of Seward Point in Niles School District #12 on the east side of Owasco Lake. Charles presumably attended School #12 at Nine Corners (present-day Austin) until he was about 12 years of age. For Charles, views to the west would have encompassed the blue water of Owasco Lake contrasted with green fields falling away to the lake. In the fall, the scene would have been highlighted by trees dressed in brilliant colors, while in winter the whistling west wind and snow would have made his journey to school and back an adventure, if not a difficult slog.

Charles as a young boy also would have engaged in farm tasks with his father. Chores might have involved feeding horses and other livestock in addition to helping his mother, perhaps with bringing in firewood or splitting kindling or pumping water from the well. We can't know how Charles felt about the farm life as a boy, but he eventually set his sights on other pursuits.

Moravia

The precise time that Charles and his father removed from Niles to the Village of Moravia, Cayuga Co., New York is unclear but probably followed soon after the death of Charles's mother in 1866. By 1870, William Selover, Jr. had remarried and was established in the manufacture of wagon wheel spokes near Moravia where Charles was attending the school. The new Union Free School had opened in April 1870. Charles likely completed his education at that institution.

Having left the farm, Charles had new opportunities in the village environment. Moravia Village had a modest amount of water power available in Mill Creek and its adjacent Montville tributary of Dresserville Creek. Several mills of various sorts operated on these creeks. One was the planing and sawmill operated by Charles's father in Montville, presumably the same operation that manufactured spokes. William also had taken an interest in a flour mill by 1873, in conjunction with his first cousin Morris C. Selover. In addition to manufacturing, Moravia had the usual mix of retail businesses and trades to serve the village and surrounding countryside.

Financial services were also present. William Selover, Jr. had become one of the founding shareholders of Moravia National Bank in 1863, created to serve the banking needs of the Moravia area. This fact would set the course for the career of Charles Eugene Selover, Sr. who began working at Moravia National Bank as early as 1870, according to some accounts. That being the case, Charles would have been about 17 years old.

Charles Eugene Selover, Sr. Begins His Career in Banking

First National Bank of Moravia

William Selover, Jr. as a founding shareholder in the First National Bank of Moravia would have been well placed to find an employment opportunity in the bank for his son, Charles. Later accounts state that Charles was both a Bookkeeper and Teller during his time at the Moravia bank. Charles appears to have started at the bank in bookkeeping but advanced to Teller after several years. This is confirmed by the 1875 New York State Census, which listed Charles as a Teller, age 22, living in his father's household in Moravia. Charles seems to have been well established in his banking career by this time and would remain with the Moravia bank for a portion of the following year before again advancing his career elsewhere.

The Alert Fire Company, Moravia's First Fire Department, and Other Moravia Activities

Citizens of Moravia Village organized a Volunteer Fire Department during a meeting at Smith's Hall on 3 May 1876. Charles E. Selover was elected treasurer of the new Department and also was listed among the volunteer fire fighters. The first company came to be named The Alert Fire Company with dress uniforms consisting of red shirts and black pants. Charles's time with the Company seems to have been short because he removed to Cortland, Cortland Co., New York before the end of 1876.

Charles must have become a member of the Masonic Lodge in Moravia during his time at the First National Bank of Moravia because he was noted as a permanent part of their exercises when he attended a meeting there in June 1879 after traveling from Cortland.

National Bank of Cortland

Charles E. Selover was appointed Cashier of the National Bank of Cortland in January 1877 after he had served briefly in a special role at the Bank upon recommendation of a government Bank Examiner. This implies that Charles left the First National Bank of Moravia in the summer or fall of 1876 to take up his employment in Cortland, a village some 20 miles distant by road from Moravia. He most likely viewed his move as an advancement, both in terms of responsibility and employment by a larger institution at the county seat of Cortland County.

Charles was appointed a Notary Public for Cortland County shortly after he assumed the role of Cashier at National Bank of Cortland. He would continue to be authorized as a Notary in Cortland County until 1890. Within two months of becoming Cashier at the Cortland bank, the Moravia newspaper noted his oratorical skills for a speech delivered in Cortland. Charles was again elected Cashier of the bank in 1878 and 1879. He also was elected as a Director of the bank in 1879. In February 1879, Charles appeared among other citizens of the Town of Cortlandville on a remonstrance against an attempt to repudiate railroad bonds of the Town. That summer he spent his annual vacation in late August and early September with his father and stepmother in Moravia.

From 1880 through 14 August 1889, Charles continued in his role as Director and Cashier of the National Bank of Cortland until a new opportunity presented itself in Elmira, Chemung Co., New York. Among Charles's actions during this time was to become a subscriber, on behalf of the National Bank of Cortland, to the first telephone exchange in town in March 1882. Charles made a business trip to Moravia with J. E. Eggleson for the Cortland bank in October 1884. In January 1885, Charles represented the bank's interest as a creditor in a bankruptcy at DeRuyter, Madison Co., New York. Charles returned to DeRuyter in September 1885 with R. T. Peck to explore the feasibility of establishing a new national bank in that town. Charles traveled to New York City in May 1888 on a business trip, presumably representing the interests of the Cortland bank.

In March 1889, the National Bank of Cortland advertised for the sale of $20,000 in mortgage coupon  bonds by the Homer Wagon Company, secured by the buildings and property of the Company in addition to $20,000 insurance. The property was leased to Charles, in his role as Cashier of the Bank, as Trustee on the bondholders' behalf. The separation between Charles's role as Cashier and his own private interest in this venture as lessee is not clear to me.

Marriage of Charles Eugene Selover, Sr. and Caroline Susan Ingalls

The federal census of 1880 showed Charles as a Bank Cashier, age 27, boarding in the household of Otis C. Smith at 20 Court Street in the Village of Cortland, Town of Cortlandville. Less than two weeks later, Charles married Caroline Susan Ingalls (who always went by Susan), daughter of Hiram Green Ingalls and Adelia Campbell Newton on 23 June. She had been born on 19 March 1855 in the Town of Summerhill, Cayuga Co., New York and had spent her early youth there. By 1870, Susan's family had removed to Cortland. Susan was a Photograph Retoucher and Finisher at the Silverman Studio in Cortland at the time of her marriage. She continued in her profession following marriage, somewhat unusually for a married woman of the day.

Charles and Susan spent their honeymoon at Rochester, Monroe Co., New York, staying at the Osburn House in that city before returning to Cortland. A more extensive trip of three months' duration followed in 1882 when the couple traveled to Hot Springs, Garland Co., Arkansas where Charles sought treatment for his rheumatism in the spa waters. Charles and Susan vacationed at Woodville, Ellisburg, Jefferson Co., New York in September of the following year, a location near the mouth of Sandy Creek and Lake Ontario. Charles purchased a house at 39 Prospect Street (now Prospect Terrace) in Cortland in the fall of 1884. Susan and Charles's first son, Charles Eugene Selover, Jr. was born there on 1 September 1885. The house had been well prepared for a newborn by installation of a Florida Improved Steam Boiler in the house at about that time.

Charles Eugene Selover, Sr.'s Recreational Activities During His Cortland Residence

Charles joined his father, William Selover, Jr., and Leander Fitts in early to mid-September 1884 for a few days on the shores of Lake Ontario in northern Oswego Co., New York. Leander Fitts was a partner in William Selover, Jr.'s flour mill at Moravia. In the same month the following year, Charles journeyed to Jefferson Co., New York for a stay of two weeks, presumably on or near the shores of Lake Ontario. His main activity on these trips may have been fishing because he later traveled to Minetto on the Oswego River in Oswego County in company with several other men in August 1886 for that express purpose. Several months later, Charles made a hunting and fishing trip with another man to Woodville in Jefferson County, a place he had visited with Susan early in their marriage.

Community Activities and Organizations at Cortland

By 1881, if not sooner, Charles had become a member of Cortlandville Lodge No. 470, Free & Accepted Masons (F. & A. M.). He served as Junior Warden of the Lodge in 1882 and as Treasurer during 1887-1888. Charles also was a member of the Cortland Commandery, No. 50, Knights Templar and served as Guard in 1884-1885. Susan and Charles attended the Commandery's Annual Ball as late as 1900. By 1886, Charles was also a member of Cortland Chapter No. 194, F. & A. M. and served as Secretary in 1887.

The various Masonic organizations in which Charles enjoyed membership occupied his social life. He attended the Annual Communication of Cortlandville Lodge, No. 470 F. & A. M. in December 1881, and in March 1883 attended Easter services at Grace Episcopal Church with other members of Cortland Commandery, No. 50, Knights Templar. The following year, Charles attended the Annual Conclave of the same organization at Cortland in April and the Annual Conclave of the Grand Commandery of Knights Templar at Buffalo, Erie Co., New York in October. He again attended the Annual Conclave of the Cortland Commandery in 1885.

Susan and Charles together served on the Children and Flower Committee for the Independence Day celebration at Cortland in 1886. Charles was a member of a Citizen's Committee appointed in February 1888 to prepare for a Convention of the State Firemen's Association in Cortland.

Charles was among the Vice-Presidents of a newly organized Republican Campaign Club in October 1882. The next spring, Charles was among the nominees for Village Treasurer but placed second to Fitz Boynton. Charles was chosen as Secretary Pro Tem of the Blaine and Logan Club in August 1884, formed to support the Republican candidates for President and Vice President. From 1886 until 1889, Charles was among the Commissioners of Union Free School District No. 1 at Cortland. He also served as a Teller at the Republican Caucus in September 1886 to select Delegates to the County Nominating Convention. In January 1888, Charles was appointed to the Republican Membership Committee. His last political act in Cortland was receipt of a single write-in vote for Village Treasurer in 1889 when Fitz Boynton ran unopposed.

In the realm of religion, Charles Eugene Selover, Sr. became Sunday School Treasurer at the Presbyterian Church and Trustee of the Presbyterian Society in 1883. He also was a member of the Young Men's Christian Association (YMCA) and served as a Director in 1884. Charles was Treasurer of the Cortland County Sunday School Association in 1888-1889. In 1889, he also was a member of the Building Committee for construction of the new Presbyterian Church at the corner of Church and Railroad (now Central Avenue) streets in Cortland. The cornerstone was placed 24 July 1889, an event Charles attended with other members of the Building Committee.

Charles and Susan Selover's Business Ventures In and Around Cortland

Charles and Susan started their marriage in "The Gilded Age," and seem to have been no strangers to the quest for wealth amidst rapid industrial growth. Neither seemed satisfied to simply draw a wage, and both worked to advance their prospects through business activities in Cortland.

Charles made several property purchases and sales in Cortland beginning in early 1882 with a lot on Railroad Street obtained for $1,200. That summer, he sold a lot on Crandall Street for $1,400. He then purchased an estate for $900 in early fall 1882. His next purchase seems to have been his previously mentioned house on Prospect Street in 1884.

Susan, after working for the Silverman Studio for several years, became a Photograph Retoucher and Finisher with the Photograph Rooms of C. I. Page, who soon sold to E. M. Santee, between September 1882 and March 1885. She then became Proprietor, with Eloise Schutt, of Selover & Schutt, photographers, at 46 North Main Street. She continued this business at least through the spring of 1889 while raising her son, Charles, Jr.

Charles became a major shareholder and Treasurer of the Cortland Omnibus and Cab Company in 1886. This enterprise constructed omnibuses, express wagons, milk wagons, etc. in Cortland, and Charles's interest and roles in the company would continue beyond his period of residence in Cortland. Beginning in 1887, Charles became a stockholder in his father's milling enterprise at Moravia, sometimes known as the Selover (Moravia) Milling Company. The following year, Charles became Director and President of the Cortland Lumber Company organized with $12,000 capital, with panel saw mills to be built at West Branch, Ogemaw Co., Michigan to process basswood. Charles's brother-in-law, Frank Cyrus Straat, was a partner in this enterprise.

To be continued. . . .

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

Family History of Charles Eugene Selover, Sr. in Cayuga County, New York

The ancestry of Charles Eugene Selover, Sr. in Cayuga County, New York extends back to the earliest settlement of the area around Owasco Lake by families of Dutch ancestry in the last decade of the 18th Century. Charles would represent the 4th generation of his family in Cayuga County.

Isaac Selover (1760-1843), Mary McGee Selover (1769-1831), and Mary Young DeWitt Selover (1774-1852)

Isaac Selover removed from Middlesex Co., New Jersey where he had been born in 1760 and settled in the Town of Sempronius east of Owasco Lake in 1793. This was only a year after the earliest settlers (e.g., the Brinkerhoff family) had arrived, and Sempronius was then part of Herkimer County, New York. Sempronius next became part of Onondaga County in 1794, finally coming to rest in Cayuga County when it was formed in 1799. The portion of Sempronius in which Isaac settled became the Town of Niles, Cayuga Co., New York in 1833.

Whether or not Isaac's wife, Mary McGee, and oldest child, Catherine, accompanied him from New Jersey in 1793 isn't clear. One source shows Isaac and Mary's second child, Abram, being born at Cranbury, Middlesex Co., New Jersey in the fall of 1794. It is possible that Mary and the children remained in New Jersey until Isaac had built suitable shelter in what was then the wilderness. Isaac and Mary eventually had at least eight children, all but Catherine and perhaps Abram born in present-day Niles.

Isaac was a member of the Reformed Dutch Church of Owasco, serving as a Deacon in 1810. Mary McGee Selover died in 1831. She is buried in Selover Cemetery #150 in Niles. Isaac then married (2nd) Mary Young DeWitt and lived until 1843. He also is buried in Selover Cemetery, as is his second wife who died in 1852.

William Selover, Sr. (1797-1862), Gertrude Duryee Selover (1798-1817), and Margaret Post Selover (1795-1880)

Believed to be the second son of Isaac and Mary McGee Selover, William Selover, Sr. was born 25 December 1797 in Sempronius. He married (1st) Gertrude Duryee (1798-1817), probably in 1814 or 1815. Gertrude bore a son, Isaac Selover, apparently before January 1816 based on Isaac's age at death, but she died about 2 years later on 16 November 1817. Gertrude also is buried in Selover Cemetery.

William married (2nd) Margaret Post 1818-1819. Margaret was the daughter of George Post and Anna Groom who had followed George's father, Christopher Post, from New Jersey to settle in the Town of Aurelius (later Fleming), Cayuga Co., New York on the western shores of Owasco Lake in May 1798. Margaret joined William on his farm near the southwest corner of Niles (Sempronius before 1833) where they lived through 1855. They were censused in the Town of Moravia, Cayuga Co., New York in 1860 living in the southern part of Moravia Village near the Cady residence. William and Margaret had four children:  George, Mary Ann, Gertrude, and William, Jr.

William Selover, Sr. died in 1862. He is believed to be buried in the Selover Cemetery. Margaret lived with her granddaughter, Eveline A. Thornton Calhoun, in the Town of Throop, Cayuga Co., New York and in the City of Auburn, Cayuga Co., New York before her death in 1880. Margaret also is buried in the Selover Cemetery.

William Selover, Jr. (1828-1920), Ann Elizabeth Welty Selover (1827-1866), Eliza M. Harris Selover (1842-1898), and Ella C. Hicks O'Donnell Selover (1857-1916)

Like his father, William Selover, Jr. began his career as a Farmer in Niles, a bit north of his father's farm. William married (1st) Ann Elizabeth (aka A. Elizabeth) Welty ca. 1851. Ann Elizabeth was the daughter of Philip Welty and Nancy Decker and a granddaughter of Adam Welty, Sr., an early settler of the Town of Owasco, Cayuga Co., New York who had come in from Pennsylvania by 1800. Adam Welty, Sr. was among the men who subscribed to the Building Fund for the "Meeting House of the United Congregation of the Reformed Low Dutch church at the Owasco Outlet," informally known as Sand Beach Church. His son, Philip, was closely associated Peter Bogart, his brother-in-law and a  son of another early settler of Owasco, Dr. Jacob Bogart.

William and Ann Elizabeth only had one child, Charles Eugene Selover, Sr., before Ann Elizabeth's death in May 1866. She was buried in the Auburn Section of Soule Cemetery in the Town of Sennett, Cayuga Co., New York. William seems to have removed from Niles to Moravia after the death of his first wife. One source states that William married (2nd) Eliza M. Harris in September 1869. She was a young School Teacher, daughter of William Harris and Elspy S. Douglas of Moravia. William and Eliza were censused together in Moravia in 1870. William's occupation at that time was Spoke Manufacturer. He later would be listed as Proprietor of the Selover Milling Company in Moravia, an operation that appeared under several other names over the years.

Eliza and William had a son, William Harris Selover, 21 years the junior of his half-brother, Charles Eugene Selover. Eliza died in 1898 and was buried in Indian Mound Cemetery in Moravia. William married (3rd) Ella C. Hicks, the widow of Fred O'Donnell, ca. 1902. They continued to reside in Moravia. Ella died in 1915 and also is buried in Indian Mound Cemetery. William had removed to Brooklyn, Kings Co., New York by 1917 where he resided with his son, Charles, until dying in 1920. William's remains were brought back to Moravia for burial in Indian Mound Cemetery.