The Bank Of New York And Its History

Below is a short sample of the essay The Bank Of New York And Its History. If you sign up you could be reading the rest of this essay in under two minutes. Registered users should login to view the essay.

The Bank Of New York And It's History

The Bank of New York
Table of Contents
1. History of The Bank of New York
2. Services for Customers
A. Individuals
B. Businesses
C. Public Entities
D. Government Entities
3. Highlights of The Bank of New York
4. Consolidated Financial Statements
5. Bibliography
The Bank of New York
Table of Contents
1. History of The Bank of New York
2. Services for Customers
A. Individuals
B. Businesses
C. Public Entities
D. Government Entities
3. Highlights of The Bank of New York
4. Consolidated Financial Statements
5. Bibliography
HISTORY OF THE BANK OF NEW YORK
On February 23, 1784, a small advertisement appeared in The New York Packet, one 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 officially open for business until June 9, 1784. That bank would come to be known as the bank of New York. Alexander Hamilton, a well-known New 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 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 President George Washingtons first cabinet. In 1789, Hamilton negotiated 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, 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 York's stock.
The Bank of New York played a major role in the economic growth in the New York metropolitan area. The Bank was also involved 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 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...

The complete article is about 1707 words and 6.83 pages long.

To continue reading the complete article, subscribe below and get free instant unlimited access.

Once you have registered for an Account, No refunds can be issued.
Please make sure you look over the site before you purchase an account!!!