345:. The bank planned to keep the Consolidated name operative until March 1, 1909. On March 2, 1909, Will-tarn O. Allison (W.O. Allison), president of Consolidated National Bank, was voted president of the new National Reserve Bank entity formed by Consolidated's absorption of Oriental Bank's assets. Thomas J. Lewis and R. W. Jones Jr. were elected vice presidents, and George W. Adams, cashier. With the merger of the reorganized Oriental Bank with the Consolidated National Bank of New York, capital was increased from $ 1,000,000 to $ 2,000,000. The National Reserve Bank of the City of New York formally opened its doors for business on March 8, 1909, at "the old banking quarters of the Oriental Bank" at 182 Broadway, corner of
341:, combined aspects of both banks. A special meeting was called for February 18 for final ratification by stockholders. On February 18, 1909, the bank stockholders voted to enact the merger proposed by the directors, to take over the assets of Oriental Bank and merge them with Consolidated, creating the National Reserve Bank of the City of New York. The plan increased capital of the bank from $ 1,000,000 to $ 1,200,000. At the same meeting, 23 directors were elected to the new board, including E. A. Fisher and
278:
when asked about the bank's ability to make money, stated "none of the banks has been making money. With money at 2.5 per cent, or 3 per cent., there is no chance to make money. The trust companies perhaps have been making money recently, but the banks have not." Willis S. Paine resigned the presidency of the
Consolidated National Bank of New York City around November 1905, with announced plans to travel the world.
277:
arguing for frequent examinations of bank finances. The annual directors meeting was held in
January 1905, with several directors resigning or voted out. Stock for the bank was originally issued at $ 200, and by September 20, 1905, was selling around $ 175, and had paid no dividends. President Paine,
327:
the proposal had been "the purpose of the
Consolidated National Bank's Directors to effect a reduction of the capital of their bank, which, with its surplus, is very much more than the present requirements of the business done, thereby returning to the stockholders a large amount of cash per share.
250:
reported it as a "new national banknote," writing that "the back of the note is green and not brown, as is the case with the notes of most other banks." At close of business day on
November 25, 1902, the bank had profits of $ 1,012,995, and deposits of $ 2,607,946. It also had loans of 2,529,810.
314:
control after another of the
Exchange officers have withdrawn from its Directorate." By July 1907, the bank's shares were selling on the open market for $ 180 each. E.R. Thomas sold his interest in the Consolidated National Bank in October 1907, also resigning from his positions. On December 14,
336:
On
February 2, 1909, Consolidated ratified a plan to acquire the Oriental Bank "by allowing its shareholders to subscribe to the shares of a new institution at $ 150 a share." The Oriental Bank had closed the year prior, but had paid its depositors in full. The new institution, to be named the
294:
reported that the bank "has not been doing well in the matter of earnings, and Mr. Thomas, it was said had been brought into the bank's management in the belief that he would be instrumental in building up its business." At the time, the bank's original organizer, M.H. Wagar, stated that the
221:
The
Consolidated National Bank was organized on July 1, 1902. With fourteen members on the bank's board of directors, the officers were headquartered at 51 Broadway, with capital of $ 1 million. In late August 1902, the bank elected three new directors. On September 12, 1902,
230:, with the first directors meeting held the subsequent week. The office was stated to be set for 37 Broadway in Manhattan. The bank opened at No. 57 Broadway on Monday, September 22, 1902, with capital of $ 1,000,000 and a surplus of $ 1,000,000.
967:"Topics in Wall Street; Erie Strong on Reported Buying by Harriman Interests. Some Unfavorable Aspects of Further Issues of Notes -- Wabash Strong -Market Very Quiet and Price Changes Small."
446:
On April 16, 1904, with Willis Paine still as president, four new directors were added. It was reported on April 16, 1904, that new directors were added to
Consolidated including
320:
310:
the next day, "the
Consolidated National Bank was founded with the idea of cornering the business of the Consolidated Exchange and its brokers, but since the bank passed into Mr.
251:
Total resources equated to $ 4,930,742. Then situated at 57 Broadway, in
September 1903, the bank took out a five-year lease on around 2,500 square feet of ground floor at the
474:
served as president, with Mortimer H. Wagar as vice president. John W. Griggs retired as a director around November 1905. On October 31, 1905, board vacancies were filled by
175:
withdrew its deposits with the Consolidated National Bank. In 1909, the bank voted to acquire the assets of Oriental Bank and merge them with Consolidated, creating the
299:"the institution from this time on was to be regarded as seeking a general business without any special reference to the interests of the Consolidated Exchange."
542:
1001:
459:
1025:
416:
372:
1410:
463:
396:
388:
1420:
1084:
1052:
966:
455:
440:
400:
392:
1253:
1026:"Frequent Examinations a Necessity for the Banks; Willis S. Paine Writes of the Vigilance Needed to Guarantee Safety to Depositors and Stockholders."
1111:
930:
755:
724:
242:
On October 23, 1902, the bank received the first amount of the cash it ordered, equating to $ 20,000 in the form of new five-dollar bank notes with
198:
reported that around $ 600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president
487:
447:
380:
903:
1425:
659:
491:
357:. In late April 1909, the National Reserve Bank, formerly named Consolidated National Bank, opened for business in the City Investing Building.
210:, from which he retired around 1902 to join the Consolidated National Bank. Also by February 11, 1902, a lease for portions of two floors in the
167:
and its brokers." The bank opened for business at 57 Broadway on September 22, 1902, and a year later the bank took out a five-year lease at the
1353:
1165:
690:
629:
1192:
467:
1405:
479:
404:
287:
93:
1138:
262:
It was reported on April 16, 1904, that Consolidated National Bank, with Willis Paine still as president, would begin clearing through the
366:
508:
203:
1000:
Greeley, Horace; Cleveland, John Fitch; Ottarson, F. J.; Schem, Alexander Jacob; McPherson, Edward; Rhoades, Henry Eckford (1905).
226:
reported that the organization of the Consolidated National Bank of New York had been completed with the filing of papers with the
295:
original business model of catering to Consolidated Exchange depositors had not worked well overall, and that, as reported by the
207:
1395:
1385:
20:
306:
withdrew its deposits with the Consolidated National Bank and moved them to the National Bank of North America. Wrote the
1380:
843:
1390:
490:, all who were selected by E.R. Thomas. Four vacancies remained on the board, after the retirement of Willis S. Paine,
1400:
879:
263:
246:. The remainder of the $ 250,000 in bank notes ordered by the bank was delivered in tens and twenty dollar bills.
1219:
880:"Full text of "The Shield; a magazine pub. quarterly by and in the interests of the Theta delta chi fraternity""
513:
503:
408:
599:
483:
218:
had been arranged for the institution, with three months estimated until the start of the bank's opening.
518:
303:
172:
256:
227:
809:
563:
1053:"Seeking to Control Consolidated National; Broker Carney Is Requesting Proxies for the Bank's Stock."
1354:"Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company."
691:"Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company."
1318:
371:
When the Consolidated National Bank was organized on July 1, 1902, the fourteen directors included
1415:
350:
346:
252:
168:
1085:"LO.F. Thomas Now Heads Consolidated National; Is Elected President to Succeed Willis S. Paine."
785:
The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods
475:
432:
338:
311:
176:
164:
74:
215:
1166:"Bank Merger Assured; The Consolidated All Ready to Absorb the National of North America."
8:
1193:"Bank Merger Vetoed; Consolidated National Not to Acquire the National of North America."
931:"Changes in New York Bank Conditions; The Exhibit Just Made to the Treasury Department."
756:"Consolidated Exchange - Closely Fought Election - Mr. Wagar Displaces President Wilson"
273:
On January 8, 1905, the bank's president Willis S. Paine published a full-page op-ed in
1358:
1323:
1258:
1224:
1197:
1170:
1143:
1116:
1089:
1057:
1030:
971:
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908:
848:
814:
760:
729:
695:
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604:
568:
451:
211:
194:
159:
323:. The deal was vetoed on December 17, 1907, by National's president. According to the
436:
420:
376:
342:
243:
199:
63:
328:
This cash was to be used in acquiring stock in the National Bank of North America."
290:
as new president, replacing Willis S. Paine after Paine's resignation. At the time,
157:, the institution was organized on July 1, 1902, with capital of $ 1 million. Wrote
725:"No Express Company Merger; Presidents of Three Concerns Deny Wall Street Reports."
783:
471:
384:
267:
231:
1293:
428:
412:
127:
1374:
1363:
1328:
1294:"The Brooklyn Daily Eagle from Brooklyn, New York on March 7, 1909 · Page 12"
1263:
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853:
819:
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700:
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573:
424:
150:
114:
108:
443:
as directors. The first directors meeting was held in late September 1902.
354:
319:
reported that Consolidated National Bank was in the works to acquire the
163:, the bank was "founded with the idea of cornering the business of the
103:
179:. The Consolidated name was operative for a short time afterwards.
137:
35:
270:
served as president, with Mortimer H. Wagar as vice president.
999:
462:. Early directors as of November 16, 1904 included Wagar,
1212:
838:
836:
995:
993:
286:The day before November 1, 1905, the board elected
281:
255:, which was located at the corner of Broadway and
833:
1372:
990:
804:
802:
1079:
1077:
1075:
1174:, New York City, p. 13, December 14, 1907
923:
654:
652:
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622:
331:
1248:
1246:
1244:
1242:
799:
608:, New York City, p. 3, February 10, 1906
94:National Reserve Bank of the City of New York
1072:
961:
959:
957:
896:
538:
536:
534:
649:
619:
237:
1411:1909 disestablishments in New York (state)
1239:
1158:
1131:
1061:, New York, p. 11, September 20, 1905
1003:The Tribune Almanac and Political Register
594:
592:
590:
367:Category:Consolidated National Bank people
349:in Manhattan, until new facilities at the
1421:American companies disestablished in 1909
1311:
1120:, New York, p. 16, February 24, 1909
954:
874:
872:
870:
775:
719:
717:
683:
638:, New York, p. 11, September 2, 1903
531:
509:List of bank mergers in the United States
204:Consolidated Stock and Petroleum Exchange
1288:
1286:
1284:
1282:
1280:
1228:, New York, p. 11, February 3, 1909
1185:
1104:
1093:, New York, p. 13, November 1, 1905
1045:
1023:
912:, New York, p. 16, October 24, 1902
748:
558:
556:
554:
427:. In late August 1902, the bank elected
1147:, New York, p. 2, October 21, 1907
630:"Consolidated National's New Quarters."
587:
208:Consolidated Stock Exchange of New York
1426:American companies established in 1902
1373:
867:
781:
714:
147:Consolidated National Bank of New York
55:September 22, 1902 (open for business)
1277:
1017:
551:
1406:1902 establishments in New York City
1024:S. Paine, Willis (January 8, 1905),
21:Consolidated National Bank of Tucson
153:. Also referred to in the press as
13:
1201:, New York City, December 18, 1907
202:. Wagar had been president of the
187:
14:
1437:
1346:
782:Nelson, Samuel Armstrong (1907).
856:, p. 12, September 12, 1902
1220:"Oriental Bank Merger Ratified"
737:, p. 13, February 11, 1902
282:1905-1907: Change in leadership
1366:, p. 12, January 28, 1914
943:, p. 29, December 7, 1902
703:, p. 12, January 28, 1914
672:, p. 6, February 19, 1909
321:National Bank of North America
1:
822:, p. 10, August 26, 1902
810:"Consolidated Bank Directors"
524:
514:Mutual Alliance Trust Company
504:List of banks in the Americas
1396:Banks disestablished in 1909
1386:Banks based in New York City
1331:, p. 27, April 25, 1909
979:, p. 12, April 16, 1904
844:"Consolidated National Bank"
360:
7:
1266:, p. 16, March 3, 1909
1254:"Allison Heads Bank Merger"
519:Consolidated Stock Exchange
497:
332:1909: National Reserve Bank
304:Consolidated Stock Exchange
173:Consolidated Stock Exchange
73:March 7, 1909 (merged into
10:
1442:
1381:Consolidated National Bank
600:"Drops out of Thomas Bank"
576:, p. 12, July 2, 1902
364:
228:Controller of the Currency
182:
155:Consolidated National Bank
27:Consolidated National Bank
18:
1391:Banks established in 1902
302:On February 9, 1906, the
133:
121:
99:
89:
81:
69:
59:
49:
41:
31:
16:Former New York City bank
1401:History of New York City
1139:"Undesired Controls End"
266:. By November 16, 1904
238:1902-1905: Early profits
234:was founding president.
149:was a bank operating in
53:July 1, 1902 (organized)
19:Not to be confused with
1112:"Brokers Sue Joe Weber"
904:"New National Banknote"
546:The Banking Law Journal
351:City Investing Building
253:Exchange Court Building
169:Exchange Court Building
1034:, New York, p. 36
660:"Oriental Bank Merged"
353:could be completed at
192:On February 11, 1902,
437:Bloomingdale Brothers
433:Lyman G. Bloomingdale
339:National Reserve Bank
177:National Reserve Bank
165:Consolidated Exchange
75:National Reserve Bank
564:"Wall Street Topics"
494:, and J. W. Griggs.
460:Charles H. Patterson
264:Fourth National Bank
548:, volume 19, p. 664
28:
1359:The New York Times
1324:The New York Times
1259:The New York Times
1225:The New York Times
1198:The New York Times
1171:The New York Times
1144:The New York Times
1117:The New York Times
1090:The New York Times
1058:The New York Times
1031:The New York Times
972:The New York Times
936:The New York Times
909:The New York Times
849:The New York Times
815:The New York Times
761:The New York Times
730:The New York Times
696:The New York Times
665:The New York Times
635:The New York Times
605:The New York Times
569:The New York Times
452:Thomas F. Manville
417:J. Temple Gwathmey
373:Jonathan B. Currey
292:The New York Times
275:The New York Times
248:The New York Times
224:The New York Times
212:Pinkerton Building
195:The New York Times
160:The New York Times
26:
1319:"Financial Notes"
464:Chas H. Patterson
421:Henry C. Brewster
397:Edward G. Burgess
389:R. A. Chesebrough
377:Mortimer H. Wagar
343:Mortimer H. Wagar
244:Benjamin Harrison
200:Mortimer H. Wagar
144:
143:
64:Mortimer H. Wagar
1433:
1367:
1340:
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1336:
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1021:
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948:
927:
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560:
549:
540:
456:William T. Brown
441:James G. Newcomb
401:Oscar L. Richard
393:Chalence Whitman
29:
25:
1441:
1440:
1436:
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1432:
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1371:
1370:
1352:
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639:
628:
627:
620:
611:
609:
598:
597:
588:
579:
577:
562:
561:
552:
543:Among the banks
541:
532:
527:
500:
472:Willis S. Paine
385:Willis S. Paine
369:
363:
334:
284:
268:Willis S. Paine
240:
232:Willis S. Paine
190:
188:1902: Formation
185:
171:. In 1906, the
124:
117:
111:
54:
24:
17:
12:
11:
5:
1439:
1429:
1428:
1423:
1418:
1416:JPMorgan Chase
1413:
1408:
1403:
1398:
1393:
1388:
1383:
1369:
1368:
1348:
1347:External links
1345:
1342:
1341:
1310:
1298:Newspapers.com
1276:
1238:
1211:
1184:
1157:
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1103:
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618:
586:
550:
529:
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516:
511:
506:
499:
496:
488:George B. Hays
448:Alonzo Burbank
429:Amzi L. Barber
413:John W. Griggs
409:George Crocker
381:George S. Hart
362:
359:
333:
330:
283:
280:
257:Exchange Place
239:
236:
189:
186:
184:
181:
142:
141:
135:
131:
130:
128:Mortimer Wagar
125:
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119:
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97:
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1365:
1364:New York City
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1330:
1329:New York City
1326:
1325:
1320:
1314:
1299:
1295:
1289:
1287:
1285:
1283:
1281:
1265:
1264:New York City
1261:
1260:
1255:
1249:
1247:
1245:
1243:
1227:
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1199:
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1006:. p. 395
1005:
1004:
996:
994:
978:
977:New York City
974:
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968:
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960:
958:
942:
941:New York City
938:
937:
932:
926:
911:
910:
905:
899:
885:
881:
875:
873:
871:
855:
854:New York City
851:
850:
845:
839:
837:
821:
820:New York City
817:
816:
811:
805:
803:
787:
786:
778:
763:
762:
757:
751:
736:
735:New York City
732:
731:
726:
720:
718:
702:
701:New York City
698:
697:
692:
686:
671:
670:New York City
667:
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655:
653:
637:
636:
631:
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623:
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593:
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574:New York City
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492:O. M. Farrand
489:
485:
484:Robert Maclay
481:
477:
473:
469:
465:
461:
457:
453:
449:
444:
442:
438:
434:
430:
426:
425:Perry Belmont
422:
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382:
378:
374:
368:
358:
356:
352:
348:
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329:
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322:
318:
313:
312:E.R. THomas's
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151:New York City
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115:United States
110:
109:New York City
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1300:. 1909-03-07
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883:
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790:. Retrieved
788:. p. 19
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764:. 2012-06-10
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468:O.W. Richard
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100:Headquarters
42:Predecessors
1335:January 19,
1270:January 19,
1232:January 21,
1205:January 20,
1178:January 20,
1151:January 21,
1124:January 21,
1097:January 21,
1065:January 21,
1038:January 21,
983:January 19,
947:January 19,
916:January 21,
884:Archive.org
860:January 19,
826:January 19,
741:January 19,
707:January 19,
676:January 19,
642:January 21,
612:January 20,
580:January 19,
480:O.F. Thomas
476:E.R. Thomas
405:O.D. Ashlay
347:John Street
288:O.F. Thomas
1375:Categories
1304:2017-01-15
1010:2017-01-15
889:2017-01-15
792:2017-01-15
768:2017-01-15
525:References
365:See also:
315:1907, the
123:Key people
90:Successors
361:Directors
206:, or the
104:Manhattan
498:See also
216:Broadway
134:Services
60:Founders
32:Industry
183:History
138:Banking
70:Defunct
50:Founded
36:Banking
486:, and
458:, and
439:, and
423:, and
325:Times,
297:Times,
214:at 57
140:, etc.
85:Merged
317:Times
308:Times
1337:2017
1272:2017
1234:2017
1207:2017
1180:2017
1153:2017
1126:2017
1099:2017
1067:2017
1040:2017
985:2017
949:2017
918:2017
862:2017
828:2017
743:2017
709:2017
678:2017
644:2017
614:2017
582:2017
82:Fate
45:None
435:of
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