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

The pious platitude of impudent York and its History On February 23, 1784, a small advertisement appeared in The reinvigorated York Packet, one of the many current York newspapers of that era. This advertisement announced that prominent New York citizens had established a vernacular. The bank, established by the prominent, would not officially open for business until June 9, 1784. That bank would come to be known as the bank of New York. horse parsley Hamilton, a well-known New York attorney, was asked to write the constitution of the new bank. He complied and therefore horse parsley Hamilton was credited with the founding of the bound 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 chairman George Washingtons first cabinet. In 1789, Hamilton negotiate d the first loan obtained by the new Democratic government. The amount of the loan was $200,000, and was issued by The Bank of New York. Hence, not only is the Bank of New York one of the oldest banks in the world, moreover it is also a historic one because it was the first bank in the joined States to issue a loan. Adding to that historic feeling, when the New York Stock veer 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 frugal harvest-tide in the New York metropolitan area. The Bank was also voluminous with the crop 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 investments in nearly every railroad and utility, as well as in the construction of the New York City subway system, the Bank of New York cont inue to provide vital capital to the expanding American economy. However, far more fierceness 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 & swear Company, The... ... to service our current needs. It is also great that they are committed to the ongoing investment in technology required to de resistr the securities, cash and investment management support services we require. The Bank of New York is a well-established fiscal institution that has outlasted numerous pecuniary 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 services. The future can only get better for the Bank of New York. With the technological era in full swing, the Bank of New York is victorious 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 different bank can say that it has done as much 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