382:
appointed a committee to draft a constitution which was later reported on and adopted at the following meeting on
January 15, when the same committee and the addition of Abner Neal and Isaac McPherson were authorized to call upon the citizens of Baltimore with appropriate publicity to become members of the association. An election was then held on February 2, 1818, at the Gadsby's Hotel (near the wharves) and the following were elected as directors for the following twelve months:
609:
240:) until his death June 23, 1825, and William Lorman was elected in his place. Mr. Lorman was succeeded by Joseph H. McCulloh in 1841 who was followed in December 1853 by C.C. Jamison, the former chief cashier, who died a decade later Sept. 9, 1863. On Oct. 1, 1863, Gen. Henry A. Thompson was elected as the seventh president, serving until his death on March 12, 1880. He in turn was followed by Christian Devries.
216:, (the Maryland State Legislature) to grant a charter to establish another bank which might later consolidate with the Bank of Maryland, upon consent of both parties. this clause was later stricken and so this "Bank of Baltimore" was chartered as an entirely separate institution, receiving its charter in 1795. However, the Bank of Maryland might later become a holder of the Bank of Baltimore stock.
317:
would be controlled by foreign powers since the majority of stock of the United States Bank was held by citizens and subjects of other countries. Jefferson was concerned that this situation would cause problems for the United States in the event of future conflict with a foreign power and as such he supported the Bank of
Baltimore's application for a deposit of government funds.
459:
that has accrued: $ 342.37 Disbursements: Interest paid depositors: $ 89.82 Amount paid for stationery: $ 74.92 Salary paid for secretary (1 year): $ 150.00 Sub-total, disbursements: $ 314.74, Interest in U.S. Bonds, at 6%: $ 6,000 Amount placed in local bank with interest at 6%: $ 6,676.25 TOTAL disbursements: $ 12,990.99.
543:
purchased: ($ 176,771.50) Total funds: $ 16,934,148.87. Amount paid depositors during 1880, including principal and interest: $ 2,185,965.64 Amount paid to expenses: $ 30,894.50 Amount paid to taxes: $ 20,730.88 Total
Expenses: $ 2,237,591.02 TOTAL amount of funds on hand, Dec. 31, 1880: $ 14,696,557.85.
458:
On March 16, 1818, the bank opened for the reception of deposits at No. 100 Market Street (now
Baltimore Street). The first report of January 15, 1819 reported that: Deposits $ 15,957.00 (138 depositors) Withdrawals $ 3,308.44 (41 depositors) Leaving to the credit of depositors: $ 12,648.62 Interest
381:
with Isaac
Burneston as secretary. After examining the plans and situations of several similar other thrift institutions in other cities, it was resolved that it was expedient to establish a Savings or Provident Bank in Baltimore. David Winchester, Henry Brice and Charles G. Appleton were accordingly
292:
In 1795, the two banks ("Maryland" and "Baltimore") had an aggregate capital of $ 1,500,000 which was actively employed in the city of
Baltimore whose export in trade was valued at more than $ 9,000,000 and which was rapidly growing in the area of manufacturing. Maryland's total exports for 1799 were
316:
political lobby. This concerned
President Jefferson because this would grant the United States Bank the ability to "shallow up the other" smaller banks such at the Bank of Baltimore whose stock was owned by U.S. citizens and create a monopoly over the entire beginning American banking industry that
278:
The institution was reorganized as the "National Bank of
Baltimore" in July 1865. During its first century, it had not missed any payments of dividends or made any reduction in the amount of its capital. However, in November 1864, along with several other city banks, it suffered from a gang of
542:
Comparing the financial statistics in 1880 below with those of the first year of 1818–1819, above: Amount of funds, Dec. 31, 1879: $ 13,667,002.01 Received from depositors in 1880: $ 2,647,222.03 Interest on loans, dividends on stocks, etc. in 1880: $ 796,695.43 Less premiums paid on stocks
332:
in the crowded and dirty city which spread to several other city financial and public institutions with extensive downtown fights, burnings and civil unrest, along with mobs of disgruntled citizens torching of several prominent citizens' and civic leaders' townhouses such as
536:, built 1815–1820), with the entrance at South Gay Street, between Water and East Lombard Streets. In 1846, the dwelling of Col. Thomas Tenant at the northwest corner of South Gay and Second Streets was purchased for $ 10,000 and the S.B. of B. moved there in September.
279:
forgers and in
December later that year a temporary loss of $ 23,000 from a falsification by one of its clerks, however later made good. On September 17, 1878, $ 27,850 in bonds and $ 35,000 in cash were stolen from the vaults in broad daylight.
64:. The Charter provided that subscriptions would be opened the first Monday of the following June 1796 for 1,240 shares under the superintendence of the leading business men and civic leaders of Baltimore, including:
558:
and East
Baltimore Street. In the 1980s, the S.B.B. expanded its offices into a narrow office building to its east and re-cladding the front façade to resemble the older Classical style of its 1907 headquarters.
219:
The charter of this bank was for 20 years and the state reserved the right to subscribe for 6000 shares at $ 300 each, and appoint two of seventeen directors annually. The first president of the bank was
539:
At one time the Bank was only open one day out of the week and its business conducted by the directors in person who were divided into committees and performed a large portion of the clerical labor.
583:
Central Headquarters building, which was destroyed in the Great Fire of 1904 and replaced by the Emerson Hotel. The bank went through several quick mergers and bank name changes and is now owned by
590:
Finally, to simplify its name after 170 years of history, tradition and reputation, the bank dropped the word "Savings" from its title, becoming briefly known as the "Bank of Baltimore Building".
289:, the state legislature at $ 1,200,000, though the petitioners wanted the limit placed at $ 3,000,000, with provision for increasing it ultimately to $ 9,000,000, as growth demanded.
224:, elected in 1796 and served until 1807. Additional presidents during the B. of B.'s first century were as follows: William Wilson, 1807 and succeeded in 1824 by Brig. Gen.
546:
Eventually the Savings Bank of Baltimore grew with both the small and large savings of many of the city's citizens, rich and poor, great and minor. In 1907 after the
593:
This later "Bank of Baltimore" is one of the several predecessor banks that were eventually consolidated two decades later into an out-of-town financial institution
270:
The bank was in one location for its place of business from its organization to its first century, but the building of that time was not completed until 1856–1857.
212:
and was in need of increased capital to meet demand. The Bank unsuccessfully attempted to double its capital in 1795. As a substitute, the B. of M. proposed to the
192:
Smith, Hollingsworth, Winchester and Etting were authorized to receive proposals for offices or a house or securing a lot on which to erect a bank building.
567:
Later by the 1990s, the bank relocated its headquarters two blocks further east to a new skyscraper at the northwest corner of East Baltimore Street and
321:
201:
369:
An additional financial institution of a similar name entitled the "Savings Bank of Baltimore" was chartered in 1818 with a general meeting held on "
132:
Subscriptions for stock were also received from other parts of the state. On October 14, 1796, the bank's share-holding members elected directors:
221:
750:
745:
735:
462:
The Bank was further chartered by the State on January 30, 1819. In March 1819, the list and occupations of depositors were as follows:
730:
305:
341:, and mansions, predating the worse and far deeper and longer of the first major national financial recession of the so-called "
725:
550:
of February 1904, which devastated the downtown business district, the Bank built a "Temple of Thrift", a beautiful landmark
720:
532:
In 1834, the Bank was situated in the basement level of the landmark Merchants' Exchange (designed by famous architect
328:" in August 1835, after the bank encountered financial problems the year before in 1834. Along with a series of other
176:
313:
568:
297:
378:
740:
580:
555:
56:. The bank was the seventh American bank to begin business in the United States and the second bank in
554:
pillared marble headquarters building at the geographic center of the city at the southeast corner of
286:
213:
27:. It was the seventh American bank to begin business in the United States and the second bank in
551:
533:
229:
547:
205:
282:
The capital stock of the bank in 1880 was $ 1,210,700 and its surplus fund was $ 365,000.
23:
was a bank based in Baltimore, Maryland, that was chartered in 1795 and failed during the
8:
374:
329:
325:
233:
209:
53:
698:
664:
370:
682:
633:"Baltimore: Past and Present: With Biographical Sketches of Its Representative Men"
301:
184:
75:
349:
presidential administration and his unregulated free-wheeling financial policies.
669:
651:
572:
334:
309:
103:
703:"History of the Commercial Crises 1857-58 and the Stock Exchange Panic of 1859"
346:
312:, expressing concerns that the Government was granting too many demands to the
714:
358:
342:
338:
225:
161:
49:
24:
575:"Baltimore Museum and Gallery of Fine Arts" of the 1830s, later operated by
614:
597:
with headquarters in another prime city, making Baltimore a "branch town".
357:
The Bank of Baltimore failed during the financial recession known as the "
584:
576:
373:", January 1, 1818, at Gadsly's Hotel (or Gadsby's?) with the Right Rev.
237:
204:, first financial institution in the newly emergent Town and City of
57:
594:
61:
28:
345:" two years later which marred the reputation and the end of the
52:, December 24, 1795, with $ 1,200,000 capital in the city of
248:
The bank had only four chief cashiers during its existence:
208:(town incorporated as a city, 1796–1797) and the state of
604:
712:
627:
625:
622:
16:Former bank based in Baltimore, Maryland, US
635:, Richardson & Bennett, 1871, page 126.
285:The capital of the bank was fixed by the
645:
643:
641:
164:(future militia general in War of 1812)
96:Henry Payson (Unitarian Church founder)
713:
579:. They moved subsequently to the 1884
423:Thomas W. Griffith, (author/historian)
689:, G.P. Putnam's Sons, 1897, page 172.
655:, Johns Hopkins Press, 1899, page 16.
638:
751:Defunct companies based in Baltimore
673:, Oxford University, 1874, page 260.
652:History of State Banking in Maryland
304:from 1801 until 1809, wrote to his
13:
746:Defunct banks of the United States
736:1857 disestablishments in Maryland
705:, Ayer Publishing, 1969, page 186.
687:"The Writings of Thomas Jefferson"
387:Daniel Howland (also as president)
200:During the years 1790 to 1800 the
14:
762:
273:
607:
731:1795 establishments in Maryland
352:
314:First Bank of the United States
692:
676:
658:
562:
529:Which totaled 157 depositors.
364:
298:President of the United States
1:
600:
379:Episcopal Diocese of Maryland
377:presiding, the Bishop of the
324:contributed to the infamous "
726:Banks disestablished in 1857
287:General Assembly of Maryland
214:General Assembly of Maryland
7:
670:The Chronicles of Baltimore
581:Baltimore and Ohio Railroad
265:
252:James Cox, served 1796-1841
243:
10:
767:
261:J. Thomas Smith, 1868-1881
39:
34:
721:Banks established in 1795
306:Secretary of the Treasury
258:Patrick Gibson, 1853-1868
571:, on the former site of
195:
649:Alfred, Cookman Bryan,
255:C.C. Jamison, 1841-1853
534:Benjamin Henry Latrobe
491:5 charitable societies
230:Battles of North Point
665:Col. J. Thomas Scharf
102:Nicholas Rogers (of "
569:North Calvert Street
556:South Charles Street
548:Great Baltimore Fire
170:Christopher Johnston
127:Christopher Johnston
99:Thomas Hollingsworth
390:Samuel J. Donaldson
326:Baltimore bank riot
296:In 1802, the third
54:Baltimore, Maryland
741:1790s in Baltimore
699:David Morier Evans
476:16 female servants
143:William Winchester
72:William Winchester
573:Rembrandt Peale's
167:Charles Gehquiere
121:Charles Ghequiere
93:Thomas Usher, Jr.
84:Archibald Stewart
48:was chartered on
46:Bank of Baltimore
21:Bank of Baltimore
758:
706:
696:
690:
683:Thomas Jefferson
680:
674:
662:
656:
647:
636:
629:
617:
612:
611:
610:
585:Wells Fargo Bank
524:13 male servants
503:5 tavern-keepers
453:John C. Richards
438:Evan T. Ellicott
411:Charles Warfield
408:Alexander Irvine
322:Bank of Maryland
302:Thomas Jefferson
202:Bank of Maryland
185:Thorowgood Smith
76:Thorowgood Smith
766:
765:
761:
760:
759:
757:
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755:
711:
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648:
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623:
613:
608:
606:
603:
565:
527:
482:5 schoolmasters
473:7 married women
456:
450:George S. Baker
447:Thomas Sheppard
444:William Stewart
441:William Hopkins
402:Roswell L. Colt
367:
355:
335:Reverdy Johnson
310:Albert Gallatin
276:
268:
246:
198:
190:
181:Charles Ridgely
130:
115:Andrew Buchanan
42:
37:
17:
12:
11:
5:
764:
754:
753:
748:
743:
738:
733:
728:
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468:
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455:
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445:
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429:Joseph Cushing
427:
426:William Childs
424:
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418:
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412:
409:
406:
403:
400:
397:
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388:
384:
371:New Year's Day
366:
363:
354:
351:
347:Andrew Jackson
293:$ 16,300,000.
275:
274:Reorganization
272:
267:
264:
263:
262:
259:
256:
253:
245:
242:
197:
194:
189:
188:
187:(future mayor)
182:
179:
177:Lewis Pascault
174:
173:Solomon Etting
171:
168:
165:
159:
156:
155:Elias Ellicott
153:
152:William Lorman
150:
147:
144:
141:
140:William Wilson
138:
134:
129:
128:
125:
122:
119:
118:Solomon Etting
116:
113:
110:
109:Elias Ellicott
107:
100:
97:
94:
91:
88:
85:
82:
81:William Wilson
79:
78:(future mayor)
73:
70:
66:
41:
38:
36:
33:
15:
9:
6:
4:
3:
2:
763:
752:
749:
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628:
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460:
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434:
431:
428:
425:
422:
419:
417:William Krebs
416:
413:
410:
407:
405:John Sinclair
404:
401:
398:
395:
393:Fred W. Brune
392:
389:
386:
385:
383:
380:
376:
372:
362:
360:
359:Panic of 1857
350:
348:
344:
343:Panic of 1837
340:
339:William Glenn
336:
331:
327:
323:
318:
315:
311:
307:
303:
299:
294:
290:
288:
283:
280:
271:
260:
257:
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251:
250:
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241:
239:
235:
231:
227:
226:John Stricker
223:
222:George Salman
217:
215:
211:
207:
203:
193:
186:
183:
180:
178:
175:
172:
169:
166:
163:
162:John Stricker
160:
157:
154:
151:
148:
146:George Salmon
145:
142:
139:
137:David Stewart
136:
135:
133:
126:
123:
120:
117:
114:
111:
108:
105:
101:
98:
95:
92:
89:
87:George Salmon
86:
83:
80:
77:
74:
71:
69:David Stewart
68:
67:
65:
63:
59:
55:
51:
50:Christmas Eve
47:
32:
30:
26:
25:Panic of 1857
22:
702:
694:
686:
678:
668:
660:
650:
632:
615:Banks portal
592:
589:
566:
545:
541:
538:
531:
528:
518:3 bootblacks
500:40 mechanics
461:
457:
435:Henry Lorman
396:John Hoffman
368:
356:
353:Bank failure
330:civil strife
319:
295:
291:
284:
281:
277:
269:
247:
236:fame in the
218:
199:
191:
131:
124:Hugh McGurdy
112:Joseph Swann
45:
43:
20:
18:
577:P.T. Barnum
563:Later years
552:Greco-Roman
485:2 merchants
479:2 clergymen
470:9 spinsters
432:Henry Brice
420:John McKean
414:Isaac Tyson
365:Other banks
238:War of 1812
228:(of 1814's
715:Categories
601:References
512:10 tailors
399:W.R. Swift
375:James Kemp
158:John Stump
149:James West
104:Druid Hill
90:James West
521:2 sailors
515:3 barbers
509:6 laborer
506:5 draymen
488:2 farmers
320:Both the
234:Baltimore
206:Baltimore
60:, and in
58:Baltimore
595:SunTrust
497:4 clerks
494:9 minors
467:9 widows
266:Location
244:Cashiers
210:Maryland
62:Maryland
29:Maryland
631:Mayer,
40:Charter
35:History
196:1790s
232:and
44:The
19:The
361:".
717::
701:,
685:,
667:,
640:^
624:^
587:.
337:,
308:,
300:,
106:")
31:.
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