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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)
28, 1864, articles of association as First National Bank of Cambridge were adopted, and the bank fully organized as a national bank May 16, 1864. On May 24 it was appointed a depository and financial agent of the United States, and began business under this new organization June 1, the board of directors remaining unchanged. Circulating notes to the full amount of its capital, $200,000, were issued. In December, 1875, the bank removed to its present quarters in the Grant Building. In November, 1882, the bank and the community suffered a serious loss in the death of President Tilton, who had been identified with the business interests of the city through many years, and had won a deserved reputation for sagacity. November 28, 1882, Daniel U. Chamberlin was elected president, and on February 24, 1893, the charter as a national bank was extended to 1903. Since beginning business in 1861 it has paid $640,000 in dividends, and has now a surplus about equal to its capital. Mr. Chamb