🏦 DOCUMENT OVERVIEW

Original handwritten banking correspondence dated May 17, 1890, on the elegant Bank of Hampton letterhead from Hampton, Iowa. This letter concerns the completion of a MORTGAGE LOAN RENEWAL, execution of a MORTGAGE RELEASE, recording of a NEW MORTGAGE, preparation of a CERTIFIED ABSTRACT OF TITLE, and renewal of INSURANCE POLICIES. It offers an outstanding look at how late 19th-century Midwestern banks handled real estate financing for eastern investors.

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📑 DOCUMENT DETAILS

The letter is addressed to C. P. Cogswell of Norwich, Connecticut, and references a pending loan involving Mr. Reed.

The correspondence includes the following business matters:

• Acknowledges receipt of Cogswell’s letter dated May 13, 1890.

• States the bank is working to complete MR. REED’S LOAN as quickly as requested.

• Notes that MR. REED HAS JUST RETURNED FROM FLORIDA, delaying completion of the transaction.

• Explains that Mr. Reed has been given the NEW MORTGAGE PAPERS to examine and sign.

• Advises that once returned, the bank will immediately RECORD THE NEW MORTGAGE.

• Encloses a RELEASE OF THE PRESENT MORTGAGE for Cogswell to sign before a NOTARY PUBLIC and return.

• States they expect before the end of the month to send:

* NEW BONDS

* NEW MORTGAGE

* CERTIFIED ABSTRACT TO DATE

* ABSTRACT SHOWING THE NEW MORTGAGE AS FIRST LIEN

* HALF-YEAR INTEREST PAYMENT ON THE OLD LOAN

• Explains these documents will allow Cogswell to deliver the new bonds to his customers while proving the securities are properly protected by a FIRST LIEN.

• Mentions INSURANCE POLICIES expiring on JUNE 19 and JUNE 23.

• States RENEWAL RECEIPTS have already been secured and NEW POLICIES WILL BE ISSUED IMMEDIATELY, ensuring there is NO LAPSE IN INSURANCE COVERAGE.

The letter is signed:

YOURS TRULY,

LATIMER & INGLIS

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🕰️ HISTORICAL CONTEXT

During the GILDED AGE, Iowa banks frequently originated farm and real estate mortgages that were sold to investors throughout the eastern United States. This letter illustrates that process in remarkable detail. The recipient in Connecticut represents outside investment capital, while the Iowa bank manages every stage of the transaction, including document execution, mortgage recording, title verification, bond issuance, interest payments, and insurance protection. It is an excellent snapshot of professional banking practices in rural America during the late 1800s.

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⭐ WHY THIS STANDS OUT

Rather than being a routine bank notice, this is a detailed explanation of an active mortgage closing. The letter references a borrower returning from FLORIDA, execution of NEW MORTGAGE DOCUMENTS, recording of the mortgage, issuance of NEW BONDS, preparation of a CERTIFIED ABSTRACT, confirmation of a FIRST LIEN, payment of accrued interest, and renewal of INSURANCE POLICIES. These multiple financial and legal subjects make it an especially desirable piece for collectors of banking, mortgage, legal, insurance, Iowa, and financial history ephemera.

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📋 CONDITION

Original folded letter on decorative BANK OF HAMPTON letterhead with expected mailing folds, light toning, edge wear, and small losses along the right margin. The ornate engraved bank heading remains attractive, and the handwritten contents are highly legible, making this an excellent display and research example of 1890 AMERICAN BANKING CORRESPONDENCE.