Friday, May 9, 2008

A Little Taste of History (14)

Topic: Early Banks of New York City #1

The Citizens' Savings Bank
The Citizens' Savings Bank, of 56 and 58 Bowery, at the corner of Canal Street, one of the most notable institutions of the kind in the City of New York, is in a sense the creation of its President, Mr. Edward A. Quintard. It may at least be said that he has made the history of the bank what it is. Its two highest executive offices he has successively occupied during the long period of thirty-five years, having been its Vice-President from the date of the organization of the institution in 1860, to 1867, while since 1869 he has been its President. The Citizens' Savings Bank is one of the double column" financial institutions, its assets on January 1, 1897, being $12,747,153.09. The total number of accounts which had been opened at the same date were 236,184. Of these 7,575 were new accounts for the year 1896.

The Bank of New Amsterdam
Organized in 1891 under the State Banking Act, the Bank of New Amsterdam has been successful from its inception. It is located in the Metropolitan Opera House, northwest corner of Broadway and Thirty-ninth Street, and transacts a general business, being a leading depository for business family, and personal accounts of that wealthy district. The bank is provided with every facility, has a special department for ladies issues letters of credit to travelers in all parts of Europe, and gives its depositors all the discount facilities consistent with sound banking. It does an extensive business in Eastern Exchange, and has correspondents in all the principal cities. Mr. Frank Tilford became President of the Bank of New Amsterdam on July 7, 1896, at which time the average deposits were about $1,500,000. On November 3, 1898, the average deposits were $3,500,000 with surplus and profits of $376,000, which shows a very large increase in its business.

The German Savings Bank
In the City of New York, of which Hon. Philip Bissinger has been President since 1864, is among the most notable financial institutions in the United States. At present writing its total resources reach the aggregate sum of more than $44,000,000, while the number of its open accounts is 93,000. Principally through the activity of Mr. Bissinger, the bank was organized in 1859 by twenty-five incorporators. The bank was organized in the belief that the growing tide of German immigration afforded an opening for a German savings institution. This judgment was vindicated at once, for at the end of its first year of existence the bank could boast of 1,873 depositors and deposits amounting to $259,954.87. (16)

Sources Utilized to Document A Little Taste Of History

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