Albany and Schenectady Turnpike Company Dividend Check - Bank of Albany - New York 1854

Check for a Dividend Payment from the Albany & Schenectady Turnpike Company issued in 1854. This historic document has the original signatures and endoresments, and is over 158 years old.

The Albany and Schenectady Turnpike was incorporated in 1797 and began construction in 1802. The Albany and Schenectady Turnpike was also known as the Schenectady Turnpike.

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The Bank of Albany

Established in 1792, the Bank of Albany was the city's first banking institution and the second bank founded in New York State.

The so-called "Albany Bank" began operations at the City Tavern on September 17, 1792. Shares of stock were sold - sold out within three hours.

The Bank of Albany was incorporated by the state legislature on April 25, 1792. It was capitalized at $260,000 in maximum total assets. Its first directors were elected in June.

The new bank building on the west side of Market Street was opened for business on July 20, 1795. In 1810, the bank moved to the northwest corner of Broadway and State Street.

Gerrit W. Van Schaick was the first cashier of the bank - serving from 1792 to 1814. John Van Zandt served as cashier from 1814 to 1832. Merchant Jellis Winne, Jr. was said to have been cashier from 1832 until his death in 1849. The cashier was charged with handling deposits and disbursements and keeping records of all financial transactions and assets. Attorney James Van Ingen was the bank's first clerk.

In April 1820, Barent Bleecker was elected to succeed Van Schaick as president.

Other banks followed making Albany a banking center. The Bank of Albany operated until 1861 when it "failed."

History from the new York State Museum and OldCompanyResearch.com.