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{{Short description|Former New York City bank}}
{{distinguish|Consolidated National Bank of Tucson}}
{{distinguish|Consolidated National Bank of Tucson}}
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'''Consolidated National Bank of New York''' was a bank operating in [[New York City]].<ref name=lawjournal/> Also referred to in the press as '''Consolidated National Bank''', the institution was organized on July 1, 1902 with capital of $1 million.<ref name=nyt-ws/> Wrote the ''[[New York Times]]'', the bank was "founded with the idea of cornering the business of the [[Consolidated Exchange]] and its brokers."<ref name=nyt-drop/> The bank opened for business at 57 Broadway on September 22, 1902,<ref name=lawjournal/> and a year later the bank took out a five year lease at the [[Exchange Court Building]].<ref name=nyt-quarters/> In 1906, the [[Consolidated Stock Exchange]] withdrew its deposits with the Consolidated National Bank.<ref name=nyt-drop/> In 1909, the bank voted to acquire the assets of Oriental Bank and merge them with Consolidated, creating the [[National Reserve Bank]]. The Consolidated name was operative for a short time afterwards.<ref name=nyt-oriental/><ref name=nyt-mutual>{{Citation
'''Consolidated National Bank of New York''' was a bank operating in [[New York City]].<ref name=lawjournal/> Also referred to in the press as '''Consolidated National Bank''', the institution was organized on July 1, 1902, with capital of $1 million.<ref name=nyt-ws/> Wrote ''[[The New York Times]]'', the bank was "founded with the idea of cornering the business of the [[Consolidated Exchange]] and its brokers."<ref name=nyt-drop/> The bank opened for business at 57 Broadway on September 22, 1902,<ref name=lawjournal/> and a year later the bank took out a five-year lease at the [[Exchange Court Building]].<ref name=nyt-quarters/> In 1906, the [[Consolidated Stock Exchange]] withdrew its deposits with the Consolidated National Bank.<ref name=nyt-drop/> In 1909, the bank voted to acquire the assets of Oriental Bank and merge them with Consolidated, creating the [[National Reserve Bank]]. The Consolidated name was operative for a short time afterwards.<ref name=nyt-oriental/><ref name=nyt-mutual>{{Citation
| year =January 28, 1914
| date =January 28, 1914
| title = Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company.
| title = Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =12
| page =12
| url =https://query.nytimes.com/gst/abstract.html?res=9906E1DB1730E733A2575BC2A9679C946596D6CF&legacy=true
| url =https://www.nytimes.com/1914/01/28/archives/mutual-alliance-takes-over-bank-national-reserve-office-will.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref>
}}</ref>
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==History==
==History==
===1902: Formation===
===1902: Formation===
On February 11, 1902, ''[[The New York Times]]'' reported that around $600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president [[Mortimer H. Wagar]].<ref name=nyt-feb/> Wagar had been president of the [[Consolidated Stock and Petroleum Exchange]], or the [[Consolidated Stock Exchange of New York]],<ref name=nyt-wagar>{{cite news|url=https://query.nytimes.com/gst/abstract.html?res=9C02E3D61339E733A25751C1A9609C946197D6CF&legacy=true |title= Consolidated Exchange - Closely Fought Election - Mr. Wagar Displaces President Wilson.|newspaper=[[The New York Times]] |date=2012-06-10 |accessdate=2017-01-15}}</ref> from which he retired around 1902 to join the Consolidated National Bank.<ref name=bookpage19>{{cite book |author= |title=The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods |year=1907|website=Books.google.com |page=19 |url=https://books.google.com/books?id=VhopAAAAYAAJ |accessdate=2017-01-15}}</ref> Also by February 11, 1902, a lease for portions of two floors in the [[Pinkerton Building]] at 57 [[Broadway (Manhattan)|Broadway]] had been arranged for the institution, with three months estimated until the start of the bank's opening.<ref name=nyt-feb>{{Citation
On February 11, 1902, ''[[The New York Times]]'' reported that around $600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president [[Mortimer H. Wagar]].<ref name=nyt-feb/> Wagar had been president of the [[Consolidated Stock and Petroleum Exchange]], or the [[Consolidated Stock Exchange of New York]],<ref name=nyt-wagar>{{cite news|url=https://www.nytimes.com/1900/06/12/archives/consolidated-exchange-closely-fought-election-mr-wagar-displaces.html |title= Consolidated Exchange - Closely Fought Election - Mr. Wagar Displaces President Wilson.|newspaper=[[The New York Times]] |date=2012-06-10 |accessdate=2017-01-15}}</ref> from which he retired around 1902 to join the Consolidated National Bank.<ref name=bookpage19>{{cite book |title=The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods |year=1907|page=19 |url=https://books.google.com/books?id=VhopAAAAYAAJ |accessdate=2017-01-15|last1=Nelson |first1=Samuel Armstrong }}</ref> Also by February 11, 1902, a lease for portions of two floors in the [[Pinkerton Building]] at 57 [[Broadway (Manhattan)|Broadway]] had been arranged for the institution, with three months estimated until the start of the bank's opening.<ref name=nyt-feb>{{Citation
| year =February 11, 1902
| date =February 11, 1902
| title = No Express Company Merger; Presidents of Three Concerns Deny Wall Street Reports.
| title = No Express Company Merger; Presidents of Three Concerns Deny Wall Street Reports.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =13
| page =13
| url =https://query.nytimes.com/gst/abstract.html?res=9D06E3DA1530E733A25752C1A9649C946397D6CF&legacy=true
| url =https://www.nytimes.com/1902/02/11/archives/no-express-company-merger-presidents-of-three-concerns-deny-wall.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref>
}}</ref>


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.<ref name=nyt-ws>{{Citation
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.<ref name=nyt-ws>{{Citation
| year =July 2, 1902
| date =July 2, 1902
| title =Wall Street Topics
| title =Wall Street Topics
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =12
| page =12
| url =https://query.nytimes.com/gst/abstract.html?res=9E05E2D81330E733A25751C0A9619C946397D6CF&legacy=true
| url =https://www.nytimes.com/1902/07/02/archives/wail-street-topics.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> In late August of 1902, the bank elected three new directors.<ref name=nyt-directors>{{Citation
}}</ref> In late August 1902, the bank elected three new directors.<ref name=nyt-directors>{{Citation
| year =August 26, 1902
| date =August 26, 1902
| title =Consolidated Bank Directors
| title =Consolidated Bank Directors
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =10
| page =10
| url =https://query.nytimes.com/gst/abstract.html?res=9D07EEDF143BE733A25755C2A96E9C946397D6CF&legacy=true
| url =https://www.nytimes.com/1902/08/26/archives/bullion-and-mining.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> On September 12, 1902, the ''New York Times'' reported that the organization of the Consolidated National Bank of New York had been completed with the filing of papers with the [[Controller of the Currency]], with the first directors meeting held the subsequent week. The office was stated to be set for 37 Broadway in Manhattan.<ref name=nyt-first-meeting>{{Citation
}}</ref> On September 12, 1902, ''The New York Times'' reported that the organization of the Consolidated National Bank of New York had been completed with the filing of papers with the [[Controller of the Currency]], with the first directors meeting held the subsequent week. The office was stated to be set for 37 Broadway in Manhattan.<ref name=nyt-first-meeting>{{Citation
| year =September 12, 1902
| date =September 12, 1902
| title =Consolidated National Bank
| title =Consolidated National Bank
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =12
| page =12
| url =https://query.nytimes.com/gst/abstract.html?res=9902E6D6113DEE32A25751C1A96F9C946397D6CF&legacy=true
| url =https://www.nytimes.com/1902/09/12/archives/receivers-of-american-alkali-company.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> 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.<ref name=lawjournal>[https://books.google.com/books?id=euVCAQAAMAAJ&pg=PA665&lpg=PA665&dq=New+York+%22Consolidated+National+Bank%22+Mortimer+H.+Wagar&source=bl&ots=NwiR79kBqS&sig=w2AYFAyLZOYADOdqeMxywpNXIi0&hl=en&sa=X&ved=0ahUKEwicxcab3MTRAhUj7IMKHWSGAagQ6AEIJDAC#v=onepage&q=New%20York%20%22Consolidated%20National%20Bank%22%20Mortimer%20H.%20Wagar&f=false Among the banks] ''The Banking Law Journal'', volume 19, p. 664</ref> Willis S. Paine was founding president.<ref name=shield/>
}}</ref> 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.<ref name=lawjournal>[https://books.google.com/books?id=euVCAQAAMAAJ&dq=New+York+%22Consolidated+National+Bank%22+Mortimer+H.+Wagar&pg=PA665 Among the banks] ''The Banking Law Journal'', volume 19, p. 664</ref> [[Willis S. Paine]] was founding president.<ref name=shield/>


===1902-1905: Early profits===
===1902-1905: Early profits===
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 [[Benjamin Harrison]]. The remainder of the $250,000 in bank notes ordered by the bank was delievered in tens and twenty dollar bills. The ''New York Times'' 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."<ref name=nyt-banknote>{{Citation
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 [[Benjamin Harrison]]. The remainder of the $250,000 in bank notes ordered by the bank was delivered in tens and twenty dollar bills. ''The New York Times'' 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."<ref name=nyt-banknote>{{Citation
| year = October 24, 1902
| date = October 24, 1902
| title = New National Banknote
| title = New National Banknote
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 16
| page = 16
| url = https://query.nytimes.com/gst/abstract.html?res=9C04EEDD1E30E132A25757C2A9669D946397D6CF&legacy=true
| url = https://www.nytimes.com/1902/10/24/archives/for-threeplatoon-system-demonstration-by-wives-of-policemen-in.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> 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. Total resources equated to $4,930,742.<ref name=nyt-conditions>{{Citation
}}</ref> 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. Total resources equated to $4,930,742.<ref name=nyt-conditions>{{Citation
| year =December 7, 1902
| date =December 7, 1902
| title =Changes in New York Bank Conditions; The Exhibit Just Made to the Treasury Department.
| title =Changes in New York Bank Conditions; The Exhibit Just Made to the Treasury Department.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =29
| page =29
| url =https://query.nytimes.com/gst/abstract.html?res=9D06E0DB1E30E132A25754C0A9649D946397D6CF&legacy=true
| url =https://www.nytimes.com/1902/12/07/archives/changes-in-new-york-bank-conditions-the-exhibit-just-made-to-the.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> 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 [[Exchange Court Building]], which was located at the corner of Broadway and [[Exchange Place (Manhattan)|Exchange Place]].<ref name=nyt-quarters>{{Citation
}}</ref> 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 [[Exchange Court Building]], which was located at the corner of Broadway and [[Exchange Place (Manhattan)|Exchange Place]].<ref name=nyt-quarters>{{Citation
| year = September 2, 1903
| date = September 2, 1903
| title = Consolidated National's New Quarters.
| title = Consolidated National's New Quarters.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 11
| page = 11
| url = https://query.nytimes.com/gst/abstract.html?res=9907E3DE1439E433A25751C0A96F9C946297D6CF&legacy=true
| url = https://www.nytimes.com/1903/09/02/archives/consolidated-nationals-new-quarters-time-extended-for-hooley.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref>
}}</ref>


It was reported on April 16, 1904 that Consolidated National Bank, with Willis Paine still as president, would begin clearing through the [[Fourth National Bank of New York|Fourth National Bank]]. Also, four new directors were added.<ref name=nyt-clear>{{Citation
It was reported on April 16, 1904, that Consolidated National Bank, with Willis Paine still as president, would begin clearing through the [[Fourth National Bank of New York|Fourth National Bank]].<ref name=nyt-clear>{{Citation
| year =April 16, 1904
| date =April 16, 1904
| title =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.
| title =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.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =12
| page =12
| url =https://query.nytimes.com/gst/abstract.html?res=9F02EEDB1038E733A25755C1A9629C946597D6CF&legacy=true
| url =https://www.nytimes.com/1904/04/16/archives/topics-in-wall-street-erie-strong-on-reported-buying-by-harriman-in.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> Early directors as of November 16, 1904 included Wagar, [[Chas H. Patterson]], [[O.W. Richard]]. [[Willis S. Paine]] served as president, with Mortimer H. Wagar as vice president.<ref>{{cite book|url=https://books.google.com/books?id=i2sTAAAAYAAJ&pg=PA395&lpg=PA395&dq=New+York+%22Consolidated+National+Bank%22+Mortimer+H.+Wagar&source=bl&ots=b5Soc8mOI7&sig=E6KkqXwlGgJZffi7MJdPipMsW3k&hl=en&sa=X&ved=0ahUKEwicxcab3MTRAhUj7IMKHWSGAagQ6AEIIjAB#v=onepage&q=New%20York%20%22Consolidated%20National%20Bank%22%20Mortimer%20H.%20Wagar&f=false |title=The Tribune Almanac and Political Register |page=395 |website=Books.google.com |date= |accessdate=2017-01-15}}</ref>
}}</ref> By November 16, 1904 [[Willis S. Paine]] served as president, with Mortimer H. Wagar as vice president.<ref name="books.google.com">{{cite book|url=https://books.google.com/books?id=i2sTAAAAYAAJ&q=New+York+%22Consolidated+National+Bank%22+Mortimer+H.+Wagar&pg=PA395 |title=The Tribune Almanac and Political Register |page=395 |accessdate=2017-01-15|last1=Greeley |first1=Horace |last2=Cleveland |first2=John Fitch |last3=Ottarson |first3=F. J. |last4=Schem |first4=Alexander Jacob |last5=McPherson |first5=Edward |last6=Rhoades |first6=Henry Eckford |year=1905 }}</ref>


On January 08, 1905, the bank's president Willis S. Paine published a full-page op-ed in the ''New York Times'' arguing for frequent examinations of bank finances.<ref name=paine>{{Citation
On January 8, 1905, the bank's president Willis S. Paine published a full-page op-ed in ''The New York Times'' arguing for frequent examinations of bank finances.<ref name=paine>{{Citation
| last =S. Paine
| last =S. Paine
| first = Willis
| first = Willis
| year = January 8, 1905
| date = January 8, 1905
| title = Frequent Examinations a Necessity for the Banks; Willis S. Paine Writes of the Vigilance Needed to Guarantee Safety to Depositors and Stockholders.
| title = Frequent Examinations a Necessity for the Banks; Willis S. Paine Writes of the Vigilance Needed to Guarantee Safety to Depositors and Stockholders.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 36
| page = 36
| url = https://query.nytimes.com/gst/abstract.html?login=email&res=9B04E5DB1738EF32A2575BC0A9679C946497D6CF&legacy=true
| url = https://www.nytimes.com/1905/01/08/archives/frequent-examinations-a-necessity-for-the-banks-willis-s-paine.html?login=email
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> 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, 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."<ref name=nyt-seek>{{Citation
}}</ref> 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, 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."<ref name=nyt-seek>{{Citation
| year = September 20, 1905
| date = September 20, 1905
| title = Seeking to Control Consolidated National; Broker Carney Is Requesting Proxies for the Bank's Stock.
| title = Seeking to Control Consolidated National; Broker Carney Is Requesting Proxies for the Bank's Stock.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 11
| page = 11
| url = https://query.nytimes.com/gst/abstract.html?res=9D03E4D6173DE733A25753C2A96F9C946497D6CF&legacy=true
| url = https://www.nytimes.com/1905/09/20/archives/seeking-to-cotrol-consolidated-national-broker-carney-is-requesting.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> Willis S. Paine resigned the presidency of the Consolidated National Bank of New York City around November of 1905, with announced plans to travel the world.<ref name=nyt-resigned/><ref name=shield>{{cite web|url=https://archive.org/stream/shieldmagazinepu01dome/shieldmagazinepu01dome_djvu.txt |title=Full text of "The Shield; a magazine pub. quarterly by and in the interests of the Theta delta chi fraternity" |website=Archive.org |date= |accessdate=2017-01-15}}</ref>
}}</ref> 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.<ref name=shield>{{cite web|url=https://archive.org/stream/shieldmagazinepu01dome/shieldmagazinepu01dome_djvu.txt |title=Full text of "The Shield; a magazine pub. quarterly by and in the interests of the Theta delta chi fraternity" |website=Archive.org |date= |accessdate=2017-01-15}}</ref><ref name=nyt-resigned/>


===1905-1907: Change in leadership===
===1905-1907: Change in leadership===
The day before November 1, 1905, the board elected [[O.F. Thomas]] as new president, replacing Willis S. Paine after Paine's resignation. At the time, the ''New York Times'' 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 original business model of catering to Consolidated Exchange depositers had not worked well overall, and that, as reported by the ''TImes,'' "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."<ref name=nyt-resigned>{{Citation
The day before November 1, 1905, the board elected [[O.F. Thomas]] as new president, replacing Willis S. Paine after Paine's resignation. At the time, ''The New York Times'' 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 original business model of catering to Consolidated Exchange depositors had not worked well overall, and that, as reported by the ''Times,'' "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."<ref name=nyt-resigned>{{Citation
| year = November 1, 1905
| date = November 1, 1905
| title = LO.F. Thomas Now Heads Consolidated National; Is Elected President to Succeed Willis S. Paine.
| title = LO.F. Thomas Now Heads Consolidated National; Is Elected President to Succeed Willis S. Paine.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 13
| page = 13
| url = https://query.nytimes.com/gst/abstract.html?res=9B0DE4D91130E333A25752C0A9679D946497D6CF&legacy=true
| url = https://www.nytimes.com/1905/11/01/archives/of-thomas-now-heads-consolidated-national-is-elected-president-to-s.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref>
}}</ref>


On February 9, 1906, the [[Consolidated Stock Exchange]] withdrew its deposits with the Consolidated National Bank and moved them to the National Bank of North America. Wrote the ''Times'' 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. [E.R.] THomas's control on after another of the Exchange officers have withdrawn from its Directorate."<ref name=nyt-drop>{{Citation
On February 9, 1906, the [[Consolidated Stock Exchange]] withdrew its deposits with the Consolidated National Bank and moved them to the National Bank of North America. Wrote the ''Times'' 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. [[Edward Russell Thomas|E.R. THomas's]] control after another of the Exchange officers have withdrawn from its Directorate."<ref name=nyt-drop>{{Citation
| year =February 10, 1906
| date =February 10, 1906
| title =Drops out of Thomas Bank
| title =Drops out of Thomas Bank
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York City
| location =New York City
| page =3
| page =3
| url =https://timesmachine.nytimes.com/timesmachine/1906/02/10/101832860.html
| url =https://timesmachine.nytimes.com/timesmachine/1906/02/10/101832860.html
| accessdate =January 20, 2017
| accessdate =January 20, 2017
}}</ref> By July 1907, the bank's shares were selling on the open market for $180 each.<ref name=nyt-open>{{Citation
}}</ref> By July 1907, the bank's shares were selling on the open market for $180 each.<ref name=nyt-open>{{Citation
| year = February 24, 1909
| date = February 24, 1909
| title = Brokers Sue Joe Weber
| title = Brokers Sue Joe Weber
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 16
| page = 16
| url = https://query.nytimes.com/gst/abstract.html?res=980CEED81738E033A25757C2A9649C946897D6CF&legacy=true
| url = https://www.nytimes.com/1909/02/24/archives/lincoln-essays-in-final-sifting-the-work-of-passing-upon-them-is.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> E.R. Thomas sold his interest in the Consolidated Nationa Bank in October 1907, also resigning from his positions.<ref name=nyt-thomas>{{Citation
}}</ref> E.R. Thomas sold his interest in the Consolidated National Bank in October 1907, also resigning from his positions.<ref name=nyt-thomas>{{Citation
| year = October 21, 1907
| date = October 21, 1907
| title = Undesired Controls End
| title = Undesired Controls End
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 2
| page = 2
| url = https://query.nytimes.com/gst/abstract.html?res=9B04E3DC173EE033A25752C2A9669D946697D6CF&legacy=true
| url = https://query.nytimes.com/gst/abstract.html?res=9B04E3DC173EE033A25752C2A9669D946697D6CF&legacy=true
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> On December 14, 1907, the ''Times'' reported that Consolidated National Bank was in the works to acquire the [[National Bank of North America]].<ref name=nyt-absorb>{{Citation
}}</ref> On December 14, 1907, the ''Times'' reported that Consolidated National Bank was in the works to acquire the [[National Bank of North America]].<ref name=nyt-absorb>{{Citation
| year =December 14, 1907
| date =December 14, 1907
| title =Bank Merger Assured; The Consolidated All Ready to Absorb the National of North America.
| title =Bank Merger Assured; The Consolidated All Ready to Absorb the National of North America.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York City
| location =New York City
| page =13
| page =13
| url =https://query.nytimes.com/gst/abstract.html?res=950DE2DB173EE033A25757C1A9649D946697D6CF&legacy=true
| url =https://www.nytimes.com/1907/12/14/archives/bank-merger-assured-the-consolidated-all-ready-to-absorb-the.html
| accessdate =January 20, 2017
| accessdate =January 20, 2017
}}</ref> The deal was vetoed on December 17, 1907 by National's president. According to the ''Times,'' 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. This cash was to be used in acquiring stock in the National Bank of North America."<ref name=nyt-veto>{{Citation
}}</ref> The deal was vetoed on December 17, 1907, by National's president. According to the ''Times,'' 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. This cash was to be used in acquiring stock in the National Bank of North America."<ref name=nyt-veto>{{Citation
| year =December 18, 1907
| date =December 18, 1907
| title =Bank Merger Vetoed; Consolidated National Not to Acquire the National of North America.
| title =Bank Merger Vetoed; Consolidated National Not to Acquire the National of North America.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York City
| location =New York City
| page =
| page =
| url =https://query.nytimes.com/gst/abstract.html?res=9C07E7DD1539E733A2575BC1A9649D946697D6CF&legacy=true
| url =https://www.nytimes.com/1907/12/18/archives/bank-merger-vetoed-consolidated-national-not-to-acquire-the.html
| accessdate =January 20, 2017
| accessdate =January 20, 2017
}}</ref>
}}</ref>


===1909-1914: National Reserve Bank===
===1909: National Reserve Bank===
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 [[National Reserve Bank]], combined aspects of both banks. A special meeting was called for February 18 for final ratification by stockholders.<ref name=nyt-oriental-ratified>{{Citation
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 [[National Reserve Bank]], combined aspects of both banks. A special meeting was called for February 18 for final ratification by stockholders.<ref name=nyt-oriental-ratified>{{Citation
| year = February 3, 1909
| date = February 3, 1909
| title = Oriental Bank Merger Ratified
| title = Oriental Bank Merger Ratified
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =New York
| location =New York
| page = 11
| page = 11
| url = https://query.nytimes.com/gst/abstract.html?res=9C07E1DA1031E733A25750C0A9649C946897D6CF&legacy=true
| url = https://www.nytimes.com/1909/02/03/archives/oriental-bank-merger-ratified.html
| accessdate =January 21, 2017
| accessdate =January 21, 2017
}}</ref> 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 [[Mortimer H. Wagar]]. The bank planned to keep the Consolidated name operative until March 1, 1909.<ref name=nyt-oriental>{{Citation
}}</ref> 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 [[Mortimer H. Wagar]]. The bank planned to keep the Consolidated name operative until March 1, 1909.<ref name=nyt-oriental>{{Citation
| year =February 19, 1909
| date =February 19, 1909
| title =Oriental Bank Merged
| title =Oriental Bank Merged
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =6
| page =6
| url =https://query.nytimes.com/gst/abstract.html?res=9803E4D91731E733A2575AC1A9649C946897D6CF&legacy=true
| url =https://www.nytimes.com/1909/02/19/archives/say-operators-rule-courts-investigators-blame-owners-and-mine.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> On March 2, 1909,<ref name=nyt-merger/> Will-tarn O. Allison<ref name=eagle/> (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,<ref name=nyt-merger/> and George W. Adams, cashier.<ref name=eagle>{{cite web|url=https://www.newspapers.com/newspage/53931880/ |title=The Brooklyn Daily Eagle from Brooklyn, New York on March 7, 1909 · Page 12 |website=Newspapers.com |date=1909-03-07 |accessdate=2017-01-15}}</ref> 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.<ref name=eagle/> The National Reserve Bank of the City of New York formally opened its doors for business on March 8, 1909,<ref name=eagle/> at "the old banking quarters of the Oriental Bank"<ref name=nyt-merger/> at 182 Broadway, corner of [[John Street]] in Manhattan,<ref name=eagle/> until new facilities at the [[City Investing Building]] could be completed at [[165 Broadway]].<ref name=nyt-merger>{{Citation
}}</ref> On March 2, 1909,<ref name=nyt-merger/> Will-tarn O. Allison<ref name=eagle/> (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,<ref name=nyt-merger/> and George W. Adams, cashier.<ref name=eagle>{{cite web|url=https://www.newspapers.com/newspage/53931880/ |title=The Brooklyn Daily Eagle from Brooklyn, New York on March 7, 1909 · Page 12 |website=Newspapers.com |date=1909-03-07 |accessdate=2017-01-15}}</ref> 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.<ref name=eagle/> The National Reserve Bank of the City of New York formally opened its doors for business on March 8, 1909,<ref name=eagle/> at "the old banking quarters of the Oriental Bank"<ref name=nyt-merger/> at 182 Broadway, corner of [[John Street (Manhattan)|John Street]] in Manhattan,<ref name=eagle/> until new facilities at the [[City Investing Building]] could be completed at [[165 Broadway]].<ref name=nyt-merger>{{Citation
| year =March 3, 1909
| date =March 3, 1909
| title =Allison Heads Bank Merger
| title =Allison Heads Bank Merger
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =16
| page =16
| url =https://query.nytimes.com/gst/abstract.html?res=9407E4D71031E733A25750C0A9659C946897D6CF&legacy=true
| url =https://www.nytimes.com/1909/03/03/archives/glad-he-won-a-prize-for-teachers-sake-young-pringle-writes-of-his.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref> In late April 1909, the National Reserve Bank, formerly named Consolidated National Bank, opened for business in the City Investing Building.<ref name=nyt-notes>{{Citation
}}</ref> In late April 1909, the National Reserve Bank, formerly named Consolidated National Bank, opened for business in the City Investing Building.<ref name=nyt-notes>{{Citation
| year =April 25, 1909
| date =April 25, 1909
| title = Financial Notes
| title = Financial Notes
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =27
| page =27
| url =https://query.nytimes.com/gst/abstract.html?res=9A00EFD8173EE033A25756C2A9629C946897D6CF&legacy=true
| url =https://www.nytimes.com/1909/04/25/archives/financial-notes.html
| accessdate =January 19, 2017
| accessdate =January 19, 2017
}}</ref>
}}</ref>
Line 256: Line 257:
==Directors==
==Directors==
{{see also|Category:Consolidated National Bank people}}
{{see also|Category:Consolidated National Bank people}}
When the Consolidated National Bank was organized on July 1, 1902, the fourteen directors included [[Jonathan B. Currey]], [[Mortimer H. Wagar]], [[George S. Hart]], [[Willis S. Paine]], [[R. A. Chesebrough]], [[Chalence Whitman]], [[Edward G. Burgess]], [[Oscar L. Richard]], [[O.D. Ashlay]], [[George Crocker (businessman)|George Crocker]], [[John W. Griggs]], [[J. Temple Gwathmey]], [[Henry C. Brewster]], and [[Perry Belmont]].<ref name=nyt-ws/> In late August of 1902, the bank elected [[Amzi L. Barker]] (possibly [[Amzi L. Barber]]), [[Lyman G. Bloomingdale]] of [[Bloomingdale's|Bloomingdale Brothers]], and [[James G. Newcomb]] as directors.<ref name=nyt-directors/> The first directors meeting was held in late September 1902.<ref name=nyt-first-meeting/>
When the Consolidated National Bank was organized on July 1, 1902, the fourteen directors included [[Jonathan B. Currey]], [[Mortimer H. Wagar]], [[George S. Hart]], [[Willis S. Paine]], [[R. A. Chesebrough]], [[Chalence Whitman]], [[Edward G. Burgess]], [[Oscar L. Richard]], [[O.D. Ashlay]], [[George Crocker (businessman)|George Crocker]], [[John W. Griggs]], [[J. Temple Gwathmey]], [[Henry C. Brewster]], and [[Perry Belmont]].<ref name=nyt-ws/> In late August 1902, the bank elected [[Amzi L. Barber]], [[Lyman G. Bloomingdale]] of [[Bloomingdale's|Bloomingdale Brothers]], and [[James G. Newcomb]] as directors.<ref name=nyt-directors/> The first directors meeting was held in late September 1902.<ref name=nyt-first-meeting/>


It was reported on April 16, 1904 that new directors were added to Consolidated including [[Alonzo Burbank]], [[Thomas F. Manville]], [[William T. Brown]], and [[Charles H. Patterson]].<ref name=nyt-clear/> John W. Griggs retired as a director around November of 1905.<ref name=shield/> On October 31, 1905, board vacancies were filled by [[E.R. Thomas]], [[O.F. Thomas]], [[Robert_Maclay_(merchant)#Family|Robert Maclay]], and [[George B. Hays]], all who were selected by E.R. Thomas. Four vacancies remained on the board, after the retirement of Willis S. Paine, [[O. M. Farrand]], and J. W. Griggs.<ref name=nyt-resigned/>
On April 16, 1904, with Willis Paine still as president, four new directors were added.<ref name=nyt-clear/> It was reported on April 16, 1904, that new directors were added to Consolidated including [[Alonzo Burbank]], [[Thomas F. Manville]], [[William T. Brown]], and [[Charles H. Patterson]].<ref name=nyt-clear/> Early directors as of November 16, 1904 included Wagar, [[Chas H. Patterson]], [[O.W. Richard]]. [[Willis S. Paine]] served as president, with Mortimer H. Wagar as vice president.<ref name="books.google.com"/> John W. Griggs retired as a director around November 1905.<ref name=shield/> On October 31, 1905, board vacancies were filled by [[Edward Russell Thomas|E.R. Thomas]], [[O.F. Thomas]], [[Robert Maclay (merchant)#Family|Robert Maclay]], and [[George B. Hays]], all who were selected by E.R. Thomas. Four vacancies remained on the board, after the retirement of Willis S. Paine, [[O. M. Farrand]], and J. W. Griggs.<ref name=nyt-resigned/>


==See also==
==See also==
Line 271: Line 272:
==External links==
==External links==
*{{Citation
*{{Citation
| year =January 28, 1914
| date =January 28, 1914
| title = Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company.
| title = Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company.
| publisher =''[[The New York Times]]''
| work =[[The New York Times]]
| publication-place =[[New York City]]
| location =[[New York City]]
| page =12
| page =12
| url =https://query.nytimes.com/gst/abstract.html?res=9906E1DB1730E733A2575BC2A9679C946596D6CF&legacy=true
| url =https://www.nytimes.com/1914/01/28/archives/mutual-alliance-takes-over-bank-national-reserve-office-will.html
}}
}}

{{DEFAULTSORT:Consolidated National Bank}}
{{DEFAULTSORT:Consolidated National Bank}}
⚫
[[Category:Banks based in New York City]]
[[Category:Consolidated National Bank| ]]
⚫
[[Category:Banks based in New York City]]
[[Category:Banks established in 1902]]
[[Category:Banks established in 1902]]
[[Category:Banks disestablished in 1909]]
[[Category:Banks disestablished in 1909]]
[[Category:History of New York City]]
[[Category:History of New York City]]
[[Category:1902 establishments in the United States]]
[[Category:1902 establishments in New York City]]
[[Category:1909 disestablishments in the United States]]
[[Category:1909 disestablishments in New York (state)]]
[[Category:Consolidated National Bank]]
[[Category:JPMorgan Chase]]
[[Category:American companies disestablished in 1909]]
[[Category:American companies established in 1902]]

Latest revision as of 00:27, 15 March 2023

Not to be confused with Consolidated National Bank of Tucson.
Consolidated National Bank
IndustryBanking
PredecessorsNone
FoundedJuly 1, 1902 (organized)
September 22, 1902 (open for business)
FoundersMortimer H. Wagar
DefunctMarch 7, 1909 (merged into National Reserve Bank)
FateMerged
SuccessorsNational Reserve Bank of the City of New York
HeadquartersManhattan,
New York City
,
United States
Key people
Mortimer Wagar
ServicesBanking, etc.

Consolidated National Bank of New York was a bank operating in New York City.[1] Also referred to in the press as Consolidated National Bank, the institution was organized on July 1, 1902, with capital of $1 million.[2] Wrote The New York Times, the bank was "founded with the idea of cornering the business of the Consolidated Exchange and its brokers."[3] The bank opened for business at 57 Broadway on September 22, 1902,[1] and a year later the bank took out a five-year lease at the Exchange Court Building.[4] In 1906, the Consolidated Stock Exchange withdrew its deposits with the Consolidated National Bank.[3] In 1909, the bank voted to acquire the assets of Oriental Bank and merge them with Consolidated, creating the National Reserve Bank. The Consolidated name was operative for a short time afterwards.[5][6]

History

[edit]

1902: Formation

[edit]

On February 11, 1902, The New York Times reported that around $600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president Mortimer H. Wagar.[7] Wagar had been president of the Consolidated Stock and Petroleum Exchange, or the Consolidated Stock Exchange of New York,[8] from which he retired around 1902 to join the Consolidated National Bank.[9] Also by February 11, 1902, a lease for portions of two floors in the Pinkerton Building at 57 Broadway had been arranged for the institution, with three months estimated until the start of the bank's opening.[7]

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.[2] In late August 1902, the bank elected three new directors.[10] On September 12, 1902, The New York Times reported that the organization of the Consolidated National Bank of New York had been completed with the filing of papers with the Controller of the Currency, with the first directors meeting held the subsequent week. The office was stated to be set for 37 Broadway in Manhattan.[11] 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.[1] Willis S. Paine was founding president.[12]

1902-1905: Early profits

[edit]

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 Benjamin Harrison. The remainder of the $250,000 in bank notes ordered by the bank was delivered in tens and twenty dollar bills. The New York Times 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."[13] 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. Total resources equated to $4,930,742.[14] 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 Exchange Court Building, which was located at the corner of Broadway and Exchange Place.[4]

It was reported on April 16, 1904, that Consolidated National Bank, with Willis Paine still as president, would begin clearing through the Fourth National Bank.[15] By November 16, 1904 Willis S. Paine served as president, with Mortimer H. Wagar as vice president.[16]

On January 8, 1905, the bank's president Willis S. Paine published a full-page op-ed in The New York Times arguing for frequent examinations of bank finances.[17] 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, 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."[18] 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.[12][19]

1905-1907: Change in leadership

[edit]

The day before November 1, 1905, the board elected O.F. Thomas as new president, replacing Willis S. Paine after Paine's resignation. At the time, The New York Times 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 original business model of catering to Consolidated Exchange depositors had not worked well overall, and that, as reported by the Times, "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."[19]

On February 9, 1906, the Consolidated Stock Exchange withdrew its deposits with the Consolidated National Bank and moved them to the National Bank of North America. Wrote the Times 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. E.R. THomas's control after another of the Exchange officers have withdrawn from its Directorate."[3] By July 1907, the bank's shares were selling on the open market for $180 each.[20] E.R. Thomas sold his interest in the Consolidated National Bank in October 1907, also resigning from his positions.[21] On December 14, 1907, the Times reported that Consolidated National Bank was in the works to acquire the National Bank of North America.[22] The deal was vetoed on December 17, 1907, by National's president. According to the Times, 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. This cash was to be used in acquiring stock in the National Bank of North America."[23]

1909: National Reserve Bank

[edit]

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 National Reserve Bank, combined aspects of both banks. A special meeting was called for February 18 for final ratification by stockholders.[24] 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 Mortimer H. Wagar. The bank planned to keep the Consolidated name operative until March 1, 1909.[5] On March 2, 1909,[25] Will-tarn O. Allison[26] (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,[25] and George W. Adams, cashier.[26] 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.[26] The National Reserve Bank of the City of New York formally opened its doors for business on March 8, 1909,[26] at "the old banking quarters of the Oriental Bank"[25] at 182 Broadway, corner of John Street in Manhattan,[26] until new facilities at the City Investing Building could be completed at 165 Broadway.[25] In late April 1909, the National Reserve Bank, formerly named Consolidated National Bank, opened for business in the City Investing Building.[27]

Directors

[edit]
See also: Category:Consolidated National Bank people

When the Consolidated National Bank was organized on July 1, 1902, the fourteen directors included Jonathan B. Currey, Mortimer H. Wagar, George S. Hart, Willis S. Paine, R. A. Chesebrough, Chalence Whitman, Edward G. Burgess, Oscar L. Richard, O.D. Ashlay, George Crocker, John W. Griggs, J. Temple Gwathmey, Henry C. Brewster, and Perry Belmont.[2] In late August 1902, the bank elected Amzi L. Barber, Lyman G. Bloomingdale of Bloomingdale Brothers, and James G. Newcomb as directors.[10] The first directors meeting was held in late September 1902.[11]

On April 16, 1904, with Willis Paine still as president, four new directors were added.[15] It was reported on April 16, 1904, that new directors were added to Consolidated including Alonzo Burbank, Thomas F. Manville, William T. Brown, and Charles H. Patterson.[15] Early directors as of November 16, 1904 included Wagar, Chas H. Patterson, O.W. Richard. Willis S. Paine served as president, with Mortimer H. Wagar as vice president.[16] John W. Griggs retired as a director around November 1905.[12] On October 31, 1905, board vacancies were filled by E.R. Thomas, O.F. Thomas, Robert Maclay, and George B. Hays, all who were selected by E.R. Thomas. Four vacancies remained on the board, after the retirement of Willis S. Paine, O. M. Farrand, and J. W. Griggs.[19]

See also

[edit]

References

[edit]
  1. ^ a b c Among the banks The Banking Law Journal, volume 19, p. 664
  2. ^ a b c "Wall Street Topics", The New York Times, New York City, p. 12, July 2, 1902, retrieved January 19, 2017
  3. ^ a b c "Drops out of Thomas Bank", The New York Times, New York City, p. 3, February 10, 1906, retrieved January 20, 2017
  4. ^ a b "Consolidated National's New Quarters.", The New York Times, New York, p. 11, September 2, 1903, retrieved January 21, 2017
  5. ^ a b "Oriental Bank Merged", The New York Times, New York City, p. 6, February 19, 1909, retrieved January 19, 2017
  6. ^ "Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company.", The New York Times, New York City, p. 12, January 28, 1914, retrieved January 19, 2017
  7. ^ a b "No Express Company Merger; Presidents of Three Concerns Deny Wall Street Reports.", The New York Times, New York City, p. 13, February 11, 1902, retrieved January 19, 2017
  8. ^ "Consolidated Exchange - Closely Fought Election - Mr. Wagar Displaces President Wilson". The New York Times. 2012-06-10. Retrieved 2017-01-15.
  9. ^ Nelson, Samuel Armstrong (1907). The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods. p. 19. Retrieved 2017-01-15.
  10. ^ a b "Consolidated Bank Directors", The New York Times, New York City, p. 10, August 26, 1902, retrieved January 19, 2017
  11. ^ a b "Consolidated National Bank", The New York Times, New York City, p. 12, September 12, 1902, retrieved January 19, 2017
  12. ^ a b c "Full text of "The Shield; a magazine pub. quarterly by and in the interests of the Theta delta chi fraternity"". Archive.org. Retrieved 2017-01-15.
  13. ^ "New National Banknote", The New York Times, New York, p. 16, October 24, 1902, retrieved January 21, 2017
  14. ^ "Changes in New York Bank Conditions; The Exhibit Just Made to the Treasury Department.", The New York Times, New York City, p. 29, December 7, 1902, retrieved January 19, 2017
  15. ^ a b c "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.", The New York Times, New York City, p. 12, April 16, 1904, retrieved January 19, 2017
  16. ^ a b Greeley, Horace; Cleveland, John Fitch; Ottarson, F. J.; Schem, Alexander Jacob; McPherson, Edward; Rhoades, Henry Eckford (1905). The Tribune Almanac and Political Register. p. 395. Retrieved 2017-01-15.
  17. ^ S. Paine, Willis (January 8, 1905), "Frequent Examinations a Necessity for the Banks; Willis S. Paine Writes of the Vigilance Needed to Guarantee Safety to Depositors and Stockholders.", The New York Times, New York, p. 36, retrieved January 21, 2017
  18. ^ "Seeking to Control Consolidated National; Broker Carney Is Requesting Proxies for the Bank's Stock.", The New York Times, New York, p. 11, September 20, 1905, retrieved January 21, 2017
  19. ^ a b c "LO.F. Thomas Now Heads Consolidated National; Is Elected President to Succeed Willis S. Paine.", The New York Times, New York, p. 13, November 1, 1905, retrieved January 21, 2017
  20. ^ "Brokers Sue Joe Weber", The New York Times, New York, p. 16, February 24, 1909, retrieved January 21, 2017
  21. ^ "Undesired Controls End", The New York Times, New York, p. 2, October 21, 1907, retrieved January 21, 2017
  22. ^ "Bank Merger Assured; The Consolidated All Ready to Absorb the National of North America.", The New York Times, New York City, p. 13, December 14, 1907, retrieved January 20, 2017
  23. ^ "Bank Merger Vetoed; Consolidated National Not to Acquire the National of North America.", The New York Times, New York City, December 18, 1907, retrieved January 20, 2017
  24. ^ "Oriental Bank Merger Ratified", The New York Times, New York, p. 11, February 3, 1909, retrieved January 21, 2017
  25. ^ a b c d "Allison Heads Bank Merger", The New York Times, New York City, p. 16, March 3, 1909, retrieved January 19, 2017
  26. ^ a b c d e "The Brooklyn Daily Eagle from Brooklyn, New York on March 7, 1909 · Page 12". Newspapers.com. 1909-03-07. Retrieved 2017-01-15.
  27. ^ "Financial Notes", The New York Times, New York City, p. 27, April 25, 1909, retrieved January 19, 2017
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