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The Cambridge of eighteen hundred and ninety-six: a picture of the city and its industries fifty years after its incorporation (ed. Arthur Gilman), Financial and manufacturing. (search)
22, 1826. William I. Whipple was elected moderator, and Thomas Foster clerk. The act incorporating the Cambridge Bank had been passed by the General Court, March 4, and at this meeting the charter was accepted. Subscriptions for the stock were opened, and a board of directors elected as follows: James P. Chaplin, William Hillard, Newell Bent, Levi Farwell, William Fiske, John Trowbridge, Charles Everett, Isaiah Bangs, and S. P. P. Fay. Judge Fay declined to serve, and at a later meeting, March 31, Asahel Stearns was elected in his place. The bank was capitalized at $150,000, and the stock was taken by residents of Boston, Natick, Watertown, Brighton, Sudbury, and many of the towns of eastern Massachusetts, but the larger portion was placed in Cambridge. In 1833, shortly after the organization of the Charles River Bank, it was voted to reduce the capital stock to $100,000, and in the following year, 1834, the reduction was made. It has remained at this figure ever since, althoug