New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-18
SOME BANK NAMES.
INDICATIONS OF THE INTERESTS WITH
WHICH THEY WERE ONCE
AFFILIATED

seem queer to those people to whom the early
history If these financial institutions Is un-
! known The names represent industries and in
terests with which the bank officials are not
| conversant but in most instances there were
good reasons for adopting the names by which
the banks are known.
| The Shoe and Leather Bank was established
by and for the benefit Of the leather merchants.
and it's first place Of business was in Ihe
swamp in William and John SITS. The first
! president Of the bank was Lorng Andrews. one
OF NETWORKS most prominent leather mer-
chants Like all banks which were started for
the accommodation of a particular line of bust
ness it drfted away from the original lines.
ami when it ceased to be shoe and leather
bank except in name it removed it's place of
| business from The swamp to Broadway
The Manhattan Company has a charter when
| vas granted in 1899 for the purpose Of ntroduc-
| ing pure water in the city. At that time there
was only bank in NewYork and its man
! ayers opposed the establishment Of any rival
institution. and had the aid Of Alexander Hami-
ron in their opposition But Aaron Burr came
20 the rescue of the men who were anxious to
embark in the banking business. and framed 4
| bill which gave a corporation the right to fur
nsh the city with pure water The bill con-
|
capital might be employed in any business
! transaction not inconsistent with the laws IF
the State. The.new corporation had a capital Of
| S20OOOO0 to begin business with. and besides
laying water-pipcs and fulfilling the objects ot
the charter began a banking business at once.
| The introduction OF Croton water ended the
fulness Of ;he Manhattan Company as a water
| supply company. but the corporation still main
| tans an antique plant in the lower part OF the
city in order that the letter Of the charter may
| BE- lived up to
| One OF NETWORKS most prosperous financial
| institutions. the Chemical National Bank was
I organized in 1924 the Chemical Manufact-
uring Company" With the privilege Of doing
| banking business. Among it's first directors
were some Of the leading dealers in and i'm
portcrs Of drugs. and when the charter expired
| In 1874 the corporation had a line Of deposits
Of about 100000 A new bank. with a capital
| Of 100000 formed in that year under the
| title Chemical Bank with John Q. Jones az
| president The first place of business OF the
| Chemical Bank in Broadway. opposite St
l'aul's Chapel part Of the site Of the present
| Park Bank
few prominent members Of the old Corn
Exchange. which was the predecessor Of the
New-York Produce Exchange organized the
corn FxchtfiSe BANK IN 1913, with Edward w.
Durham president. 1t had modest quarters
in its early days. but occupies roomy apart
| ments in the Corn Exchange. 1t is one Of the
banks with a distinctive business name which
| continues TO do business in the same lines now
when it organized its chief customers
being in the grain, coffee cotton and provision
| trades
The Callatin National Bank was named for
Albert Gallatin after its reorganization When
it was founded in 1929 it named the Ma
tonal Bank of New-York." when the bank
was to be reorganzed a subscription of 81 .oO0.s
900 called for. Only $IjOO0O could ID
raised. ana John jacob AstOr promised to SUBJ
scribe the requisite S250000 for the privilege ~
naming the banks president. His request
granted He named Gaatin who had served
United States Senator from Pennsylvania, az
Secretary of the Treasury under jefferson and
Madison Minister to France and mem
Der of the Commission which negotiated the
Treaty Of Client. He retired from the presi-
dency in 1898 at the age Of eighty and was sue
ceeded by his son. James Gallatin. who retained
the place for thirty years and when National
bank charter was granted to the institution in
1860 il assumed its present name
When the butchers and drovers' headquarters
were at the Bulls Head in the Bowery. the men
were instrumental in organizing the bank which
still bears the distinctive title although its buSi-
ness has grown beyond and away rom the orig
inal goal The bank established in the
Bowery near Broome-st.. and was the first in
sttution Of that kind to open its doors for busi-
ness on that street Colonel Nicholas Fish was
81.