[1] Also referred to in the press as Consolidated National Bank, the institution was organized on July 1, 1902, with capital of $1 million.
[2] Wrote The New York Times, the bank was "founded with the idea of cornering the business of the Consolidated Exchange and its brokers.
[5][6] On February 11, 1902, The New York Times reported that around $600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president Mortimer H.
[9] Also by February 11, 1902, a lease for portions of two floors in the Pinkerton Building at 57 Broadway had been arranged for the institution, with three months estimated until the start of the bank's opening.
With fourteen members on the bank's board of directors, the officers were headquartered at 51 Broadway, with capital of $1 million.
Stock for the bank was originally issued at $200, and by September 20, 1905, was selling around $175, and had paid no dividends.
"[18] Willis S. Paine resigned the presidency of the Consolidated National Bank of New York City around November 1905, with announced plans to travel the world.
Wagar, stated that the original business model of catering to Consolidated Exchange depositors had not worked well overall, and that, as reported by the Times, "the institution from this time on was to be regarded as seeking a general business without any special reference to the interests of the Consolidated Exchange.
Thomas sold his interest in the Consolidated National Bank in October 1907, also resigning from his positions.
According to the Times, the proposal had been "the purpose of the Consolidated National Bank's Directors to effect a reduction of the capital of their bank, which, with its surplus, is very much more than the present requirements of the business done, thereby returning to the stockholders a large amount of cash per share.
The Oriental Bank had closed the year prior, but had paid its depositors in full.
At the same meeting, 23 directors were elected to the new board, including E. A. Fisher and Mortimer H. Wagar.
Thomas J. Lewis and R. W. Jones Jr. were elected vice presidents,[25] and George W. Adams, cashier.
[27] When the Consolidated National Bank was organized on July 1, 1902, the fourteen directors included Jonathan B. Currey, Mortimer H. Wagar, George S. Hart, Willis S. Paine, R. A. Chesebrough, Chalence Whitman, Edward G. Burgess, Oscar L. Richard, O.D.
Ashlay, George Crocker, John W. Griggs, J. Temple Gwathmey, Henry C. Brewster, and Perry Belmont.
[15] It was reported on April 16, 1904, that new directors were added to Consolidated including Alonzo Burbank, Thomas F. Manville, William T. Brown, and Charles H.