Banker
Because Watertown, New York was expanding in the early nineteenth century, businessmen there needed greater access to local capital. In 1816, Jabez Foster and others successfully petitioned the legislature to establish the Jefferson County Bank. Foster was chosen to help apportion stock and choose the building location, which was a contentious matter because each community in the area wanted the bank to be located there. The bank ended up being built in Adams, New York, and was initially capitalized with $50,000.00, of which half the amount was paid in. However, the bank did not fare financially well in Adams. Pursuant to an act passed on November 19, 1824, the bank relocated to Watertown and the capital fund was increased to $80,000.00. Foster served as the second bank president (1817–1819). Orville, who often followed the lead of his brother-in-law, served as the bank cashier (1820–1833) and later as president (1834–1845). Throughout the entire nineteenth century, the bank, nationally chartered in 1865, never defaulted on its obligations and from 1824 paid its shareholders regular dividends. To put its growth in perspective: in 1821 it had resources of $91,000.00; by January 1, 1916, it had resources of $3,000,000.00. In 1916, Orville's grandson, Orville E. Hungerford, was vice-president of the bank.
Read more about this topic: Orville Hungerford
Famous quotes containing the word banker:
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)
“The banker rubs his nose, thinking of his cat stalking something on the lawn.”
—Mason Cooley (b. 1927)