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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)
Its first deposit was ten dollars, received from Mehitable Holbrook, January 24, 1835. The bank appears to have been of pecuniary help to its depositors from the start, as Mr. Hayward's first report, made July 23, 1835, when the institution was six months old, shows that a dividend was made of twenty-eight dollars and twelve cents, and that the rate was four per cent. The amount then due depositors was $5896. The amount deposited in the bank during the year ending the fourth Thursday of January, 1846, was $22,424.85; for the year ending the fourth Thursday of January, 1856, $48,192.30; the same date in 1866, $186,887.67; in 1876, $420,184.91; in 1886, $428,046.90; and in the year ending the fourth Thursday of January, 1896, $602,409.03. The amount due depositors on the last-named date was $3,455,769.62. Mr. John B. Dana was a constant worker for the interests of the bank, from the date of his election to the position of secretary to his decease, March 16, 1878. He acted in that c