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the consummate skill exhibited by the architect, Mr. Calvert Vaux, in the erection of the new bankinghouse, deserves more than the mere acknowledgment that the Board have been most fortunate in the selection of a comparative stranger to do the work," and an addition of $1,500 was made to the sum already paid for his services.

The old clock, which for more than sixty years had kept time in the bank, was presented to the New York Historical Society, and was received as a gift possessing peculiar historic interest.

In 1858, the bank was again deprived by death of the services of one of its Presidents. John Oothout, who had filled the office for fifteen years, died on the 29th of January. Mr. Oothout was born in the city of New York in 1789. He received his business education in the office of Robert Lenox, one of the most prominent merchants of that time. After the death of his father he left Mr. Lenox, but never engaged in mercantile business. In 1823 he became treasurer of the Chambers Street (now Bleecker Street) Savings-Bank, and served that institution faithfully until 1843, when he resigned. He was elected a director of the Bank of New York in 1819, and was made President of the institution in 1843.

Mr. Oothout was also interested in many of the charitable institutions of the city. He was a man of

the strictest integrity, and had the respect of all with whom he had business relations. Gentle in his manners and kindly in his feelings, he was universally beloved and his death deeply lamented.

The directors of the bank at their meeting on the 2d of February elected Anthony P. Halsey President, in place of Mr. Oothout.

A demand for increased banking facilities in the city had existed for some time, and in 1857 the directors of the Bank of New York had decided to increase the capital of the institution to $3,000,000; the additional amount to be called for in instalments. This was accordingly done, and by July, 1859, the whole amount was paid in.

In the fall of 1860 it became evident that a financial crisis was near at hand. A civil war was threatened, and in November the first of the loan committees, formed by the associated banks for the purpose of facilitating their action in behalf of the United States Government, began its labors. Of this the VicePresident of the Bank of New York was a member, and also custodian of the securities entrusted to it. This committee continued its labors until March, 1861, when its term of service expired by limitation. Another committee was then formed, which continued in existence until May 1, 1862. The committee met weekly in rooms on the third floor of the Bank of New York

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