Sunday, March 7, 2010

Cancel for March 7: Bank of New York


From the book "The English Manual Of Banking", by Arthur Crump:

"This was the first organized bank in New York. Its business was commenced as an association without charter on 9th of June, 1784, under the name of ' The President, Directors and Company of the Bank of New York,' in the Walton House, Franklin Square, then known as 159, Queen Street.

"The first president was General Alexander McDougall. The bank removed to Hanover Square and continued business as an association until 1791, when on the 21st of March of that year a charter was granted by the Legislature of New York for a period of twenty years, with a capital of $900,000, divided into 1800 shares of $500 each, with the addition of a subscription on the part of the State of 100 shares of the same amount-total, $950,000. Business under the charter began May 2nd, 1791.

"On the 18th of May, 1752, the Bank of New York was reorganized as an association under the general banking law of the State of New York, with the name and title of 'The Bank of New York,' and the capital increased to $2,000,000. On the 17th of April, 1857, the capital was increased to $3,000,000, and on July 6th, 1865, it was organized under the National Bank act under the name of 'Bank of New York National Banking Association.' "

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