NATIONAL CITY BANK OF NEW YORK, The, chartered 16 June 1812, under "An Act to incorporate the stockholders of the City Bank of New York," was directly related to the dissolution of the first Bank of the United States, the charter of which, dated 1791, had expired in 1811, and was not extended, owing to political opposition to the Bank of the United States. The closing of the bank creating a need for a new strong banking insti tution in the metropolis, the directors of the City Bank of New York arranged that the holders of stock in the Bank of the United States might exchange that stock, upon equi table terms, for stock in the City Bank, and this offer was availed of to the extent of 10,000 shares, or $500,000 par value, of City Bank stock. As this comprised more than a majority of the original capital, the City Bank may be fairly said to have been a direct off spring of Alexander Hamilton's Bank of the United States. It opened for business in the banking-room that had been occupied by the New York branch of the Bank of the United States, at 52 Wall street, and remained in that location until it moved in 1908 into its present home, a handsome modern structure with a perfect equipment at 55 Wall street. The authorized capital of the bank was $2,000,000 in shares of $50 each, but it commenced busi ness with $800,000 of capital paid up at one of the most critical periods of the country's history. The records of the institution afford complete evidence of the political and com mercial activities and condition of the nation from 1812 onward. Upon the establishment of the national banking system the bank sur rendered its State charter and entered the new system as The National City Bank of New York. The efforts of successive management have always been energetically directed toward broadening and perfecting the service of the institution for the accommodation of the rapidly expanding business interests of the United States, and the volume of business handled by the bank has increased until all banking records for an institution without branches in its own country have been sur passed. The bank has been foremost in its
efforts to develop international trade, it has established branch banks in South America, the West Indies and, in Carribean countries. It has also acquired the International Banking Corpo ration, which has branches in many parts of the world; a large number of these are located in the Orient and Far East. For over 16 years The International Banking Corporation has been serving the commercial interests with banking facilities. At the present time the bank has 51 branches doing a general banking busi ness and aiding in the development of inter national commerce. The latest statement, 4 March 1919, shows the capital at $25 000,000, surplus and undivided profits $54,495,613, loans, discount investments, $484,153,179, deposits $770,263,453, total resources $894,270,410. Night and day forces are continuously at work. The bank's staff consists of 1,700 employees and con nected with the clerical force is the City Bank Club organized in 1904, and now numbering practically all employees as members. Educa tional work with recreation is systematically carried on; notable among the activities are the advanced courses of instruction, largely attended, in economic banking, foreign. exchange, law and kindred subjects.