Identifier: dayswaysinoldbos00ross_0 (find matches)
Title: Days and ways in old Boston
Year: 1915 (1910s)
Authors: Rossiter, William Sidney, 1861-1929
Subjects:
Publisher: Boston : R. H. Stearns and company
Contributing Library: Boston Public Library
Digitizing Sponsor: Boston Public Library

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00; in1825 nineteen, with a capital of $10,300,000. The cautious and conservative policies whichcharacterized the management of the early banks,seem to have been impressed upon later gener-ations of bankers and the record of Boston bankingmakes it plain that those institutions which haveearned the confidence of the community have sel-dom betrayed it. In consequence, each genera-tion of bankers has stood for that which wasbest in its time, such as the prompt redemptionof unreliable currency with a minimum of expenseto the holders; the resumption of specie payments,and opposition to all forms of inflation. In 1847 there were twenty-six banks in Boston(thirteen of which had been chartered at leasttwenty-five years) with a total capitalization ofapproximately $21,000,000, and all of which werepaying dividends ranging from six to ten percent. Three years later the number of bankshad increased to thirty, having total resources of$42,718,431. For possibly a little more than a century the 134
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State Street and the Merchants National Bank, 1914 Old Boston Banks accumulated capital of the citizens of Boston hasamounted to an impressive total. Within thatperiod it has found employment in three dis-tinct ways—in local development, in national de-velopment and in industrial development. In abroad sense there are also three distinct periods tothese investment policies. Local Uses of Capital Prior to 1850, no demands were made to financedistant enterprises. Boston, like other cities atthat period, was more or less isolated. It wasinterested in itself and in its near neighbors, butwhen judged by our present standards, the cityhad very limited intercourse with other parts ofthe country. The early citizens of the city weremen of clear vision who had faith in their com-munity. In consequence, Boston capital foundan outlet in local enterprises. They investedtheir savings in Boston docks, buildings andbridges. They built highways, reclaimed marshesand cut down Beacon Hill. The close o

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