Finance History | Bank of New York — The Corner at 48 Wall Street
· 1929-1
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Finance History | Bank of New York — The Corner at 48 Wall Street
kevin
The Bank of New York opened on 9 June 1784, months after British troops left Manhattan.
Alexander Hamilton wrote its constitution. The first president was Alexander McDougall.
The planned capital was 500,000 dollars in gold or silver. The first rooms were in the old Walton house on Pearl Street, near St. George's Square.
In 1796 the bank moved to the corner of Wall Street and William Street. It was the first bank to put a purpose-built house on Wall Street.
That corner is now 48 Wall Street. The present tower, designed by Benjamin Wistar Morris, opened on 12 January 1929, Hamilton's birthday.
The Bank of New York was among the first names traded when brokers organized an exchange in 1792.
In 1789 it arranged the United States government's first loan, which paid the salaries of Congress and of President Washington.
For more than two centuries the institution stayed on this block while the street filled in around it.
In 2007 it merged with Mellon Financial of Pittsburgh and took the name BNY Mellon.
The banking hall later housed the Museum of American Finance. The building itself remains the marker: New York's oldest surviving bank, still standing on the first bank corner on Wall Street.
Photo: Irving Underhill, public domain, via Library of Congress / Wikimedia Commons
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