The Merchants' National Bank of the City of New York was an American bank based in New York City.
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | April 7, 1803 |
| Defunct | 1920 |
| Fate | Merged with Bank of the Manhattan Company |
| Successor | JPMorgan Chase |
| Headquarters | 42 Wall Street, New York City, New York, United States |
Area served | New York |
Key people | Oliver Wolcott Jr., Joshua Sands, Richard Varick |
| Products | Financial services |
History
editOn April 7, 1803, fourteen men met at 25 Wall Street to sign the Articles of Association, which were drawn up by former U.S. Secretary of the Treasury Alexander Hamilton, of the Merchants' Bank in the City of New York.[1]
In 1803, a total of 24,925 shares, at $50 per share were owned by investors, totaling $1,246,250 (equivalent to $25,357,000 in 2023).[1] Elbert Adrian Brinckerhoff, son-in-law of W. R. Vermilye (former president of the New York Stock Exchange and brother of Merchants' Bank president Jacob D. Vermilye) was long associated with Merchants' Bank.[2]
Pursuant to a merger agreement dated March 1, 1920 (and approved by the Superintendent of Banks on the same day), the Merchants' National Bank merged with the Bank of the Manhattan Company[3] (the earliest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.), which was established in 1799 by Aaron Burr.[4] The merger became effective on March 27, 1920.[5] Merchants' president, Raymond E. Jones, became vice president and second in command of the combined institutions.[6]
The capital stock of the Merchants Bank at the time of its merger into The Manhattan Company was $3,000,000 consisting of 30,000 shares of the par value of $100 each all of which were listed upon the New York Stock Exchange.[5] On March 1, 1920, the Bank then known as The Merchants' National Bank of the City of New York, was converted from a national bank into a state bank under the name of The Merchants' Bank of the City of New York.[5]
42 Wall Street
editSince its establishment, the Bank occupied 42 Wall Street next door to the Manhattan Company (and its bank).[4] In 1839, they constructed a new building. That building was torn down and in 1883, foundation work began on a new building in the same location.[7] Construction of the Merchants' National Bank building was completed in 1885. The building stood after the bank's 1920 merger until it was also demolished in 1929 to make way for the banks combined headquarter's at 40 Wall Street.[8]
List of presidents of Merchants' National Bank
edit- Oliver Wolcott (1803–1804)[1]
- Joshua Sands (1804–1808)[1]
- Richard Varick (1808–1820)[1]
- Lynde Catlin (1820–1833)[1]
- John I. Palmer (1833–1858)[1]
- Augustus Ely Silliman (1858–1868)[1]
- Jacob Dyckman Vermilye (1868–1892)[1]
- Robert M. Gallaway (1892–1917)[1]
- Theodore E. Burton (1917–1919)[9]
- Raymond E. Jones (1919–1920)[6]
References
edit- ^ a b c d e f g h i j Hubert Jr., Philip Gengembre (1903). The Merchants' National Bank of the City of New York: A History of its First Century. New York: Printed for the bank by Trow Directory, Printing & Bookbinding Company. Retrieved 10 January 2020.
- ^ "E,.A. BRINCKERHOFF, BANK PRESIDENT, DIES; Head of Merchants' Bank Rode the First Pony Express in This Country TWICE MAYOR OF ENGLEWOOD Member of the Vigilance Committee In California Under Coleman In Pioneer Days" (PDF). The New York Times. 24 March 1913. Retrieved 10 January 2020.
- ^ "The Chase Manhattan Corporation | American corporation". britannica.com. Encyclopedia Britannica. Retrieved 10 January 2020.
- ^ a b Schulz, Bill (29 July 2016). "Hamilton, Burr and the Great Waterworks Ruse". The New York Times. Retrieved 10 January 2020.
- ^ a b c The Commercial and Financial Chronicle. National News Service. 1920. p. 265. Retrieved 10 January 2020.
- ^ a b "RAYMOND E. JONES, BANKER 4 DECADES; Vice President of Manhattan Co. 23 Years Dies on Coast Began as Office Boy" (PDF). The New York Times. 26 April 1944. Retrieved 10 January 2020.
- ^ The Printing Art: An Illustrated Monthly Magazine Devoted to the Graphic Arts. Vol. XXXV. Cambridge, U.S.A.: Cambridge University Press. 1920. Retrieved 10 January 2020.
- ^ "The Skyscraper Museum: THE RISE OF WALL STREET WALKTHROUGH". www.skyscraper.org. Retrieved 10 January 2020.
- ^ "Head of $52,000,000.00 Bank at 34. Raymond E. Jones, one time messenger boy, made president of the Merchants National of New York which was established in 1803". Bankers Monthly. 36. Hanover Publishers: 19. February 1919. Retrieved 10 January 2020.