Lemon Estate Note for $100,000 from National City Bank, 1907

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St. Joseph Museums

The image depicts a typed letter dated November 2nd, 1907, addressed to James Stillman, Esq., President of the National City Bank in New York City. The letter expresses gratitude for a telegram received the previous day and mentions the submission of a note worth $100,000 at thirty days, signed by Milton Tootle Jr., Graham G. Lacy, and The Lemon Estate, secured by the collateral listed. The makers of the note reportedly own nearly all stock of the Tootle-Lemon National Bank, except for $25,000 held by a party in New York. The collateral items listed include endorsements from Passaic Print Works, Hamilton Woolen Co., Joy, Langdon & Co., Mills & Gibbs, and Acceptances Garner & Co., with specified due dates and amounts ranging from $5,000 to $25,000.

The image depicts a typed letter dated November 2nd, 1907, addressed to James Stillman, Esq., President of the National City Bank in New York City. The letter expresses gratitude for a telegram received the previous day and mentions the submission of a note worth $100,000 at thirty days, signed by Milton Tootle Jr., Graham G. Lacy, and The Lemon Estate, secured by the collateral listed. The makers of the note reportedly own nearly all stock of the Tootle-Lemon National Bank, except for $25,000 held by a party in New York. The collateral items listed include endorsements from Passaic Print Works, Hamilton Woolen Co., Joy, Langdon & Co., Mills & Gibbs, and Acceptances Garner & Co., with specified due dates and amounts ranging from $5,000 to $25,000.

Name/Title

Lemon Estate Note for $100,000 from National City Bank, 1907

Entry/Object ID

AM2015.1.187

Scope and Content

Lemon Estate Note for $100,000 from National City Bank, 1907. Note for $100,000 for 30 days handed to National City Bank, New York by Milton Tootle, Jr., Graham G. Lacy, and The Lemon Estate, collateral listed. Remark that the note makers own all stock in Tootle Lemon Bank except for $25,000 owned by a New Yorker. The bank describes its strategy in avoiding a bank panic locally and needing money for country banks who help move produce to market. The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis[1] – was a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy.

Lexicon

Nomenclature 4.0

Nomenclature Secondary Object Term

Letter

Nomenclature Primary Object Term

Correspondence

Nomenclature Sub-Class

Other Documents

Nomenclature Class

Documentary Objects

Nomenclature Category

Category 08: Communication Objects

LOC Thesaurus for Graphic Materials

Banks

Search Terms

Panic of 1907, 1907 Bankers' Panic, Knickerbocker Crisis, Tootle Lemon & Co. Bank, Lacy Family, Tootle Family

Condition

Overall Condition

Fair

Maintenance

Maintenance History

Date

May 5, 2015