New Bedford, Massachusetts : its history, industries, institutions, and attractions . t the business of the town had increasedsufficiently 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 countrv wasthen at war with England, the state of business was deemed so preca-rious that the affairs of the institution were concluded. ThomasHazard w
New Bedford, Massachusetts : its history, industries, institutions, and attractions . t the business of the town had increasedsufficiently 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 countrv 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 tirst 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 Bedford Commercial Bank w^as 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 w-as elected cashier at a salary of $500 per annum, and o. INDUSTRIAL AND FINANCIAL. 237 John Avery Parker, Cornelius Grinnell, Gideon Hovvland, GeorgeHowland, Seth Russell, Jr., James Arnold, Joseph Ricketson, ThomasNye, and Samuel Rodman, Jr., were chosen directors, with GeorgeHowland as president. The old bank building was a quaint affairand the subterranean vaults were calculated to defy the efforts ofthieves who might be disposed to break through and steal. GeorgeHowland was president of the institution until his death in 1851, whenEdward Mott Robinson was elected to the position. He filled theposition until i860, when Thomas Nye, Jr., succeeded him. ThomasS. Hathaway held the office from 1869 until 1878, and Francis Hath-away, the present incumbent, was elected in 1878. The Bedford Commercial Bank was organized as tiie NationalBank of Commerce, December 19, 1864, and Thomas Nye, Jr.,William J. Rotch, Thomas S. Hathaway, George Hussev, MatthewHovvland,
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