New Bedford, Massachusetts; its history, industries, institutions and attractions . - to warrant the establishment of a bank and The BedfordBank was incorporated with a capital of $60,000. At the outset it wasthought this amount would be more than could be loaned, but in1804 it became necessary to increase the capital to the enormous sumof $150,000. In 1812, the old charter expired and as the country wasthen at war with England, the state of business was deemed so preca-rious that the affairs of the institution were concluded. ThomasHazard was the first president and John Pickens was the cashi
New Bedford, Massachusetts; its history, industries, institutions and attractions . - to warrant the establishment of a bank and The BedfordBank was incorporated with a capital of $60,000. At the outset it wasthought this amount would be more than could be loaned, but in1804 it became necessary to increase the capital to the enormous sumof $150,000. In 1812, the old charter expired and as the country wasthen at war with England, the state of business was deemed so preca-rious that the affairs of the institution were concluded. ThomasHazard was the first president and John Pickens was the the first directors were John Howland, Cornelius Grinnell,William Rotch, Jr., and Thomas Nye. There was no bank in New Bedford for an interval of four years,but in 1816 the Bedtbrd Commercial Bank was established with acapital of $100,000, which was increased in 1821 to $150,000 ; in 1825to $250,000; in 1831 to $400,000, and in 1851 to $600,000. JosephRicketson was elected cashier at a salary of $500 per annum, and o >? CO J>z7; O -n OO 3DO m.
Size: 1400px × 1784px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1800, bookdecade1880, bookidnewbedfordma, bookyear1889
