Evening star., 1938-05-26
NEW YORK BANK
TO USE OLD NAME
Trustees to Submit Plan to
StoCkhoIders-Data of
Historic Interest.
)ispatch to The Star.

Anew = SASAAs @s~~y ~
the Bank of New York g. Trust Co.
have voted to return to the original
name by which this, the Oldest bank
in New York, was known when it was
founded in 1874 by Alexander Hamil-
ton and other prominent New Workers.
Following approval Of stockholders at
a meeting to be held June II. 1888,
the bank will drop "& Trust Co."
from its name and will become the
Bank of New York." as it was known
for 1873 years out Of the 154 years 1t
has been in business.
The bank adopted its present r,ame
only in 1922 when it merged with the
New York Life Insurance & Trust
Co., itself one of the older financial
institutions in New York, founded in
1880. to make insurance on lives"
grant annuities and execute trusts.
The change in the banks name does
not in any way imply change in the
nature of its business, it was stated.
It will continue its present trust serv-
ices and commercial banking
activities.
Organized in 1884.
Organized at meeting of business
men held on February "a, 1874, at the
Merchants Coffee House, it was the
first bank in New York. city Of 5000
people. The organization of the bank
represented the constructive ambition
of patriotic New York business men
which persisted even after seven years
of bitter times, ending only with the
departure of the British troops. New
York had been burned, many of its
weed-grown streets had become pas
ture for COWS, its fences and orchards
had been destroyed for fuel, its
wharves were decaying and its treas
ury was exhausted.
The first president Of the bank was
Gen. Alexander McDougall, who had
become a leader in civic affairs after
distinguished service in the Revolu-
tionary War. Among the original di-
rectors and early presidents OF the
bank was Isaac Roosevelt, great-great-
great-grandfather of Franklin Delano
Roosevelt. He served as head Of the
bank from 1885 to 1871.
One of the most active founders OF
the bank was Alexander Hamilton; he
served as director and wrote its orig
inal constitution, which served as
model for the State charter granted
to the bank in 1891 This charter, pro-
vided for IN a bill passed by the Legs
lature and signed by Gov. George
Clinton on March 81. 1871, was the
first issued by the State and conferred
upon the bank the distinction OF being
the first incorporated institution OF Its
kind in New York. 1t, in turn, be-
came the model for subsequent char
ters, and in a very real way Hamilton
and his associates in the Bank of New
York laid the foundation for the
banking law of New York, and to
some extent of the Nation.
Hold U. S. Warrant No. 1.
When Hamilton became the first
Secretary of the Treasury, the first
loan he arranged for the Government
5000, 0,000-Was from the Bank of New
York AS evidence of the first draft
against this loan, the bank still has
in its possession United States Treas
urv warrant No. l..
At the time the bank was incor-
porated under New York State laws in
1871, its first official statement showed
resources including specie Of ST 1,320,-
978.41 and paper of $3.50 Is Sd, the
two ssifications-specie and paper
being made necessary by the paper
money imitation rampant in the chaotic
years following the close of the Revo-
lutionary War.
Without interruption, the Bank OF
New York has paid dividends in every
year but one, 1887. when State law
prohibited all banks from paying
dividends because of panic conditions,
and in that instance the back dividend
was paid the following year. The bank
has successfully faced all panics and
economic crises that have occurred
in its more than a century and half
of business. Among these have been
the panic of 1887, the panic of 1857,
the crisis of 1873, the bank panics of
1884 and 1898, the panic of 1907, the
depression of 1921 and that which
began in 1929.