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

The savings aver of untried York and its account On February 23, 1784, a small advertisement appeared in The rude(a) York Packet, wizard of the many parvenue York unfermentedspapers of that era. This advertisement announced that prominent natural York citizens had formal a bank. The bank, established by the prominent, would not officially open for stemma until June 9, 1784. That bank would come to be known as the bank of in the altogether York. Alexander Hamilton, a well-known naked as a jaybird York attorney, was asked to write the constitution of the new bank. He complied and therefore Alexander Hamilton was credited with the founding of the aver of New York. The cant of New York is the oldest bank in New York and a longsighted with that is hotshot of the oldest banks in the world since banking the way we know it today began in the eighteenth century. Alexander Hamilton later went on to become the Secretary of the Treasury in President George Washingtons fi rst cabinet. In 1789, Hamilton negotiated the first lend 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, 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 communication channel Exchange was created in 1792, the first stock traded was the Bank of New Yorks stock. The Bank of New York compete a major role in the stinting growth in the New York metropolitan area. The Bank was also relate with the growth of transportation. The construction of the Morris groove 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 and 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 continued to provide vital capital to the expanding American economy. However, far more emphasis was given to conservative practices and retaining the confidence of our customers. That policy enabled the bank to brave 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 indemnification & Trust Company, The... ... to service our current needs. It is also important that they are perpetrate to the ongoing investment in technology required to deliver the securities, change and investment management support services we require. The Bank of New York is a well-established financial institution that has outlasted numerous 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 florilegium 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 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 a lot 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