The Gallatin National Bank was a bank headquartered in New York City founded in 1829 by U.S. Treasury Secretary Albert Gallatin . In 1912, it was absorbed into the Hanover National Bank .
17-535: The bank was founded as the National Bank in the City of New York under a special charter in 1829 but did not begin business until 1831. It was organized by a group of New York businessmen including John Jacob Astor , who recruited Albert Gallatin , the former Treasury Secretary under President Thomas Jefferson , to serve as its first president. Its original capital was $ 750,000. Following Gallatin's retirement in 1839, he
34-696: The Columbia College Grammar School and then entered New York University from where he graduated in 1849. Tappen began working for the National Bank in the City of New York as specie clerk on November 12, 1850. He steadily advanced, becoming bookkeeper, receiving teller, paying teller, assistant cashier, and cashier in October 1857. In 1865, the name of the bank was changed to the Gallatin National Bank to honor its first president, former U.S. Treasury Secretary Albert Gallatin . Following
51-688: The Bank opened the Gallatin Bank Building at 36 Wall Street on land purchased after the James Gallatin resigned in 1868. The building was extant for forty-two years until it was torn down to make room for 40 Wall Street , a new building completed by the Bank of the Manhattan Company in late 1929, which was the tallest office building in the world when finished. In 1898, Arthur W. Sherman, for many years
68-647: The City of New York The Gallatin National Bank was a bank headquartered in New York City founded in 1829 by U.S. Treasury Secretary Albert Gallatin . In 1912, it was absorbed into the Hanover National Bank . The bank was founded as the National Bank in the City of New York under a special charter in 1829 but did not begin business until 1831. It was organized by a group of New York businessmen including John Jacob Astor , who recruited Albert Gallatin ,
85-520: The City of New York to honor the involvement of the Gallatin family. The younger Gallatin served as president until 1868 when he was succeeded by Frederick D. Tappen , who served as president until his death in 1902. Tappen entered the bank in 1850 in a junior position and became "a leading figure in the financial history of New York during his presidency, having as President of the Clearing House taken
102-601: The Committee, he was awarded a silver tankard in 1893 that had been originally presented to Sir John Houblon , first Governor of the Bank of England . In 1892, he was elected a trustee and made treasurer of the Grant Monument Association, which constructed Grant's Tomb . In 1851, Tappen was married to Sarah Ann Brown Littell (1830–1912), a daughter of Caleb Maxwell Littell and Mary Ross ( née Clark) Littell. Together, they lived at 49 East 68th Street , and were
119-408: The bank in 1850 in a junior position and became "a leading figure in the financial history of New York during his presidency, having as President of the Clearing House taken the lead in guiding the banks of the city through the panic of 1893 . By 1878, however, the capital of the bank was reduced to $ 1,000,000 although it continuously paid dividends since 1832 until it was absorbed in 1912. In 1887,
136-658: The cashier of the Gallatin National died at the Metropolitan Club. Following Tappen's death in 1902, he was succeeded by Samuel Woolverton , who joined Gallatin as cashier in 1898. Woolverton was also elected Secretary of the New York Clearing House in 1908. In 1912, the Hanover National Bank absorbed the Gallatin National Bank, which combined to become one of the country's largest. At the time of
153-483: The consolidation, Gallatin's president, Samuel Woolverton, became a vice president of Hanover, and a director, along with Ernest Iselin (representing the Iselin family interests) and Emlen Roosevelt . Frederick D. Tappen Frederick Dobbs Tappen (January 29, 1829 – February 28, 1902) was an American banker who was president of the Gallatin National Bank . Tappen was born in New York City on January 29, 1829. He
170-463: The former Treasury Secretary under President Thomas Jefferson , to serve as its first president. Its original capital was $ 750,000. Following Gallatin's retirement in 1839, he was succeeded as president by his son, James Gallatin . In 1857, the capital of the bank was increased to $ 1,500,000 and, in 1865, when the bank entered the National system, its name was changed to the Gallatin National Bank of
187-412: The lead in guiding the banks of the city through the panic of 1893 . By 1878, however, the capital of the bank was reduced to $ 1,000,000 although it continuously paid dividends since 1832 until it was absorbed in 1912. In 1887, the Bank opened the Gallatin Bank Building at 36 Wall Street on land purchased after the James Gallatin resigned in 1868. The building was extant for forty-two years until it
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#1732884930497204-514: The merger, the Hanover had deposits of approximately $ 100,000,000 and its capital and surplus totaled $ 16,500,000 whereas the Gallatin had capital of $ 1,000,000, with surplus of $ 2,000,000 and deposits of more than $ 7,000,000. Upon the consolidation, Gallatin's president, Samuel Woolverton, became a vice president of Hanover, and a director, along with Ernest Iselin (representing the Iselin family interests) and Emlen Roosevelt . National Bank in
221-527: The retirement of Gallatin's son James Gallatin as president in 1868, Tappen assumed the presidency of the Gallatin National Bank, a role he served until his death in 1902. In 1899, he was elected a trustee of the Fifth Avenue Trust Company. He served as chairman of the Loan Committee of the New York Clearing House during the panic of 1873 , 1884 , 1890 and 1893 . For his services on
238-450: Was also elected Secretary of the New York Clearing House in 1908. In 1912, the Hanover National Bank absorbed the Gallatin National Bank, which combined to become one of the country's largest. At the time of the merger, the Hanover had deposits of approximately $ 100,000,000 and its capital and surplus totaled $ 16,500,000 whereas the Gallatin had capital of $ 1,000,000, with surplus of $ 2,000,000 and deposits of more than $ 7,000,000. Upon
255-693: Was one of eleven children of Col. Charles Barclay Tappen (1796–1893), a veteran of the War of 1812 who was "a famous architect in his day" and was Commissioner of Public Works in New York City from 1835 to 1838. Reportedly, "the family was of old Holland stock that fled to England to escape the Spanish persecutions in the Netherlands, while the first American ancestor" came to the United States "in 1630 and settled at Fort Orange , now Albany ". He prepared for college at
272-466: Was succeeded as president by his son, James Gallatin . In 1857, the capital of the bank was increased to $ 1,500,000 and, in 1865, when the bank entered the National system, its name was changed to the Gallatin National Bank of the City of New York to honor the involvement of the Gallatin family. The younger Gallatin served as president until 1868 when he was succeeded by Frederick D. Tappen , who served as president until his death in 1902. Tappen entered
289-432: Was torn down to make room for 40 Wall Street , a new building completed by the Bank of the Manhattan Company in late 1929, which was the tallest office building in the world when finished. In 1898, Arthur W. Sherman, for many years the cashier of the Gallatin National died at the Metropolitan Club. Following Tappen's death in 1902, he was succeeded by Samuel Woolverton , who joined Gallatin as cashier in 1898. Woolverton
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