The Merchants' National Bank of the City of New York: A History of Its First Century

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bank, 1903 - 206 pages
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Page 89 - State, and possessed that veto power which in many other States was given to the Governor. To it went every bill passed by the Legislature. If, in the opinion of a majority of the council, the bill was an improper one, it was vetoed, and returned to the House in which it originated.
Page 4 - Any number of stockholders, not less than sixty, who, together, shall be proprietors of two hundred shares or upwards, shall have power at any time to call a general meeting of the stockholders, for purposes relative to the institution, giving at least ten weeks...
Page 5 - Justice by whom any fee is wholly or in part remitted, shall cause an entry to be made, in a book or books to be kept for that purpose...
Page 3 - The said capital stock shall be divided into shares of fifiy dollars each : two dollars and fifty cents on each share shall be paid at the time of subscribing, and the remainder shall be paid at such times, and in such proportions as the board of directors shall order and appoint, under pain of forfeiting to the said company the said shares, and all previous payments thereon : but no...
Page 6 - ... death or removal from office), this company shall take no advantage by writ of error, or otherwise, of such proceeding, on that account; and all recoveries had in manner aforesaid, shall be conclusive upon the company, so far as to render the company's said joint stock or property liable thereby, and no further ; and the company shall immediately pay the amount of such recovery out of their joint stock, but not otherwise. And in case of any suit at law, the president shall sign his appearance...
Page 7 - Articles of Agreement shall be published in at least three newspapers, printed in the City of New- York, for one month; and for the further information of all persons, who may transact business with, or in any manner give Credit to this Company, every Bond, Bill, Note, or other instrument or contract, by the effect or terms of which, the Company may be charged or held liable, for the payment of money, shall specially declare, in such form as the board of directors shall prescribe, that payment shall...
Page 94 - Resolved, That the committee of ways and means be instructed to inquire into the expediency of appropriating $30,000, to enable Professor Morse to establish a line of telegraph between Washington and Baltimore.
Page 137 - ... carried to its credit in the books of the office. Each bank would be daily debited or credited in those books for the balance of its account with all the other banks. Each bank might at any time draw for specie on the office for the excess of its credit beyond its quota; and each bank should be obliged to replenish its quota, whenever it was diminished one-half, or in any other proportion agreed on.
Page 147 - ... this administration was organized was ominous to its peace and welfare. The autumn of 1857 saw a financial crisis of that kind which is apt to recur in an expanding country as the cycle advances from booming prosperity to the over-confident and over-productive stage. Although the severity of the times gradually relaxed, and both confidence and activity were by another twelve months fairly restored, it took a long time to do away with the effects of the panic. The preceding administration had...
Page 136 - Few regulations would be more useful in preventing dangerous expansions of discounts and issues on the part of the city banks than a regular exchange of notes and checks and an actual daily or semi-weekly payment of the balances. It must be recollected that it is by this process alone that a Bank of the United States has ever acted or been supposed to act as a regulator of the currency. Its action would not in that respect be wanted in any city, the banks of which would by adopting the process regulate...

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