The Bank of New York and its History Essay -- essays papers

The Bank of peeled York and its History On February 23, 1784, a small publicizing appeared in The New York Packet, one and only(a) of the many New York newspapers of that era. This advertisement announced that prominent New York citizens had established a bank. The bank, established by the prominent, would not formally open for business until June 9, 1784. That bank would come to be known as the bank of New York. Alexander Hamilton, a rise up-known New York attorney, was asked to write the formation of the new bank. He complied and therefore Alexander Hamilton was credited with the founding of the Bank of New York. The Bank of New York is the oldest bank in New York and along with that is one of the oldest banks in the world since banking the way we know it today began in the 18th century. Alexander Hamilton later went on to become the Secretary of the Treasury in chair George Washingtons first cabinet. In 1789, Hamilton negotiated the first loan obtained by the new D emocratic government. The amount of the loan was $200,000, and was mercantile establishmentd by The Bank of New York. Hence, not only is the Bank of New York one of the oldest banks in the world, but it is also a historic one because it was the first bank in the United States to issue a loan. Adding to that historic feeling, when the New York Stock Exchange was created in 1792, the first stock traded was the Bank of New Yorks stock. The Bank of New York played a major role in the economic growth in the New York metropolitan area. The Bank was also twisty with the growth of transportation. The construction of the Morris Canal in New Jersey and the Erie Canal in New York were partially funded by the Bank, which also provided financing to the steamboat companies that benefited from these waterways. Through enthronisations in nearly every railroad and utility, as well as in the construction of the New York City subway system, the Bank of New York continued to provide vital ca pital to the expanding American economy. However, far more than emphasis was given to conservative practices and retaining the confidence of our customers. That policy enabled the bank to survive the economic turmoil of the early twentieth century. Throughout its 200-year history, the Bank of New York has been involved in many mergers and acquisitions. Through mergers with the New York Life Insurance & Trust Company, The... ... to service our current needs. It is also important that they are committed to the ongoing investment in technology required to deliver the securities, cash and investment management support services we require. The Bank of New York is a well-established financial groundwork that has outlasted many financial hardships, including the Great Depression. It has a long history of providing excellent services to its customers. In the present day, The Bank of New York continues to live up to that reputation by offering its customers a variety of financial s ervices. The future can only get better for the Bank of New York. With the technological era in beneficial swing, the Bank of New York is taking full advantage by specializing in technological securities. In conclusion, The Bank if New York is a historical financial institution that played an important role in the economic growth of the United States. No other bank can say that it has done as more than for the United States as has done the Bank of New York. Bibliography1. http//www.gwdg.de/ifbg/bank_2.html2. http//www.bankofny.com/about/ahst.htm3. http//www.bankofny.com/util/usgx.htm4. www.bankofny.com