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History of state banking in Maryland Volume 17

History of state banking in Maryland Volume 17

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 Excerpt: ...1818 to 1829. Between 1829 and 1836 seventeen new ones were granted charters and two old ones which had failed in 1821 were revived. Five of the seventeen, however, did not organize and open for business. Nine of the new banks were chartered for Baltimore in 1835; ten were distributed over seven counties. None were created in Baltimore after 1835 for more than a decade, owing to the renewal of the monopoly to the banks then existing until 1845 upon their agreement to make the Boonsboro road.2 The total authorized capital of the new banks was $17,900,000, though the banks which did not enter upon operations reduced this by $10,750,000. The actual increase of capital was $4,878,900, or half as much as the preexisting 1 Report of Select Committee on a Bank of the State of Maryland, 1830. Report of Committee of Ways and Means on a Bank of the State of Maryland, 1833. a See p. 47. capital; $3,788,730 of this new capital belonged to the five new Baltimore banks. A list of these banks, with their nominal capital, follows: The strict conditions imposed upon some of the new banks prevented their organization. The capital of the Commercial Bank was fixed at $3,000,000, to which the State might add $100,000 whenever it wished to subscribe to its stock. The bank was allowed to invest $300,000 in ocean steamships trading. with Baltimore. Baltimore was to be the location of the main bank, and two offices of discount and deposit were to be opened on the Eastern Shore and three on the Western. $600,000 in specie was required to be on hand at the beginning of business, and besides the regular school tax, a bonus of $112,500 was required.1 The Eastern Bank of Baltimore had already been in operation as the Fell's Point Savings Institution. It was given full banking privileges...