Bank of Liverpool
The Bank of Liverpool was a financial institution founded in 1831 in Liverpool, England. In 1918, it acquired Martins Bank, the name of the merged bank became the Bank of Liverpool and Martins Ltd; the name was shortened to Martins Bank Ltd in 1928. The successor bank was bought by Barclays Bank Ltd in 1969, when all of its 700 branches became branches of Barclays. By the time that the Bank of Liverpool was formed, there were seven private banks in the city, the most prominent of which, Arthur Heywood, had been in existence since 1773. However, in 1826 a new Act of Parliament limited the Bank of England's monopoly of joint stock banking to within 65 miles of London and allowed the creation of new joint stock banks in the provinces; the first of the new joint stock banks to open an office in Liverpool was the Manchester and Liverpool District Bank, regarded as a "needless humiliation" by the local merchants. Encouraged by William Brown, the Bank of Liverpool was formed in 1831 and was the first joint stock bank to have its head office in Liverpool.
The early shareholders included many prominent Liverpool names including Bibby, Booth and Rathbone. William Brown was Joseph Langton the general manager. After opening in temporary premises in Brunswick Street, the Bank purchased the Talbot Inn in Water Street and moved into the converted building in 1832. William Brown's own American firm and James Brown, hit temporary financing difficulties in 1837 and the Bank and Arthur Heywood together provided guarantees and were instrumental in obtaining Bank of England support for Brown. Much of the Bank's business was connected to Liverpool's trade with North America cotton, as early as 1837 it was opening accounts with North American banks. Chandler stressed the prudent policy of the directors and it did enable the Bank to weather the frequent financial crises. In particular it remained profitable in 1847 when the similar-sounding Royal Bank of Liverpool failed during the American Civil War which disrupted the cotton trade, the collapse in 1866 of Overend and Company.
It was the Bank's prudential approach which made it reluctant to assume the protection of limited liability as "unlimited liability encouraged the directors to exercise every care." In 1882, the Bank became a limited company. After assuming limited liability, the Bank became more expansive, it first consolidated its position as the premier Liverpool bank by acquiring Arthur Heywood and Company in 1883. Heywood was about one fifth the size of the Bank of Liverpool but of much longer history. Arthur and Benjamin Heywood were merchant traders, becoming "experienced in the African trade, engaged to some extent in privateering and had their Letters of Marque". Heywoods became one of the merchants to whom funds could be trusted and in 1773 they became bankers as well as merchants. Arthur Heywood, Sons became one of the leading private banks in Liverpool and its accounts were to include the Corporation of Liverpool, the Mersey Docks and Harbour Board, the Liverpool Cathedral, it was only in 1881 that the Bank had opened its first branch, in Victoria Street but following the Heywood acquisition the Bank opened a further nine branches within a two-year period.
In 1888 the Bank took over the Liverpool business of Brown, Shipley & Co. when the latter moved its headquarters to London. The following year it acquired the Liverpool Commercial Banking Company, a bank founded in 1832, at the time of its acquisition, a little smaller than Heywood. Once the Bank had established itself as the leading bank in Liverpool, it began a series of acquisitions, to take it into the regions, before establishing a London presence in 1918 with the acquisition of Martins Bank; each of the acquired banks was itself the product of its own local amalgamations. 1893 The Kendal Bank. Two Kendal banks were formed in 1788, namely Wakefield's Bank and Joseph Maude's Kendal Bank, which amalgamated in 1840 acquiring other local banks. By 1893 the Kendal Bank had 11 full branches and 15 sub-branches in Westmoreland and Cumberland.1906 The Craven Bank was founded in the Craven district of Yorkshire in 1791 by long-standing local families. At the time of its acquisition its head office was at Skipton and there were 14 branches, taking the Bank of Liverpool's total to 71.1911 The Carlisle and Cumberland Bank was formed in 1836, Carlisle being "entirely destitute of a native joint stock bank establishment".
By the turn of the century it was having difficulty competing with the larger banks and sought a merger.1914-18 The North Eastern Banking Company was, east of the Pennines, the equivalent of Bank of Liverpool to the west. North Eastern was a creation, the prospectus for the joint stock bank being issued in 1872; the two principal offices were in Newcastle upon Middlesbrough. Branch opening was accelerated by the purchase of the Alnwick and County Bank in 1875 taking the total number of branches to 24; the second and last bank to be acquired by the North Eastern was Dale and Company in 1892. Dale and Company had been founded by John Brodrick Dale an experienced banker, in 1858 and he remained senior partner until his Bank's acquisition. Succession issues at the North Eastern led to its management approaching the Bank of Liverpool with a view to merging; the choices for both banks were either to join up with a London bank or to merge, creating a bank strong enough to move into London in its own right.
Central of Georgia Railway
The Central of Georgia Railway started as the Central Rail Road and Canal Company in 1833. As a way to better attract investment capital, the railroad changed its name to Central Rail Road and Banking Company of Georgia; this railroad was constructed to join the Macon and Western Railroad at Macon and run to Savannah. This created a rail link from Chattanooga, on the Tennessee River, to seaports on the Atlantic Ocean, it took from 1837 to 1843 to build the railroad from Savannah to the eastern bank of the Ocmulgee River at Macon. During the Savannah Campaign of the American Civil War, conducted during November and December 1864, Federal troops tore up the rails and converted them into "Sherman's neckties." Over the years, this railroad acquired other railroads by either lease or purchase: Augusta and Savannah Railroad 1862 Augusta and Waynesboro Railroad 1857 Eatonton Branch Railroad 1855 Milledgeville and Eatonton Railroad 1855 Milledgeville and Gordon Railroad 1855 Mobile and Girard Railroad 1886 Girard Railroad 1857 Savannah and Tybee Railroad 1890 Savannah and Western Railroad 1890 Chattanooga and Columbus Railroad 1891 Rome and Carrollton Railroad 1887 Columbus and Rome Railroad 1888 Columbus and Atlanta Air Line Railroad 1879 North and South Railroad of Georgia 1877 Columbus and Western Railroad 1888 Savannah and Memphis Railroad 1880 East Alabama Railroad 1888 East Alabama and Cincinnati Railroad 1880 Savannah and Northern Alabama Railroad 1890 Southwestern of Georgia Railroad 1869 Montgomery and Eufaula Railroad 1879 Muscogee Railroad 1868 Vicksburg and Brunswick Railroad 1879 Southwestern Railroad 1869 Upson County Railroad 1891 Barnesville and Thomaston Railroad 1860 In 1888 the Richmond Terminal Company, a Virginia holding company, gained control of the Central.
The financial problems of the parent company forced the CofG into bankruptcy, it was sold at foreclosure three years being reorganized as the Central of Georgia Railway on November 1, 1895. The famous passenger train the Nancy Hanks ran from Atlanta via Macon. Another notable train was a Columbus - Atlanta route, via Newnan. Both of these trains were named after prize-winning racehorses. In 1907 railroad magnate and financier E. H. Harriman gained a controlling interest in the railway, in 1909 sold his interest to the Illinois Central Railroad, which he controlled. In 1932, during the Great Depression, the CofG went into receivership, from which it did not emerge until 1948. In 1956, the St. Louis-San Francisco Railway, seeking a route to Atlantic Ocean ports, gained control of the CofG, but the Interstate Commerce Commission declined to approve a merger of the two roads, so the Frisco sold its CofG stock to the Southern Railway in 1963. At the end of 1956 the CofG operated 2,646 miles of track.
Those totals do not include the 144-mile S&A, the 10-mile L&W, the 20-mile WS or the 36-mile W&T. The CofG became a Southern Railway subsidiary on June 17, 1963. In 1971 the Southern formed the Central of Georgia Railroad to merge the Central of Georgia Railway, the Savannah and Atlanta Railway, the Wrightsville and Tennille Railroad. Today the Central of Georgia exists only as a paper railroad within the Norfolk Southern Railway group. 42 miles of the CofG's former mainline are leased by the Chattooga and Chickamauga Railway from the State of Georgia. A number of former properties of Central of Georgia are preserved as historic sites; these include the following, listed on the National Register of Historic Places: Central of Georgia Depot Central of Georgia Railroad: Savannah Shops and Terminal Facilities, in Georgia On April 5, 2012, Norfolk Southern unveiled NS 8101, a GE ES44AC painted in the scheme found on Central of Georgia's diesel locomotives. It was the fourth of twenty units. Roundhouse Railroad Museum Leesburg Depot, in southwest Georgia Central of Georgia Historical Society Extensive history at RailGA.com "Central of Georgia Railway, New Georgia Encyclopedia 1955 route map of the Central of Georgia, Georgia's Railroad History and Heritage Ulrich Bonnell Phillips, "Chapter VI: The Central of Georgia Railroad System," A History of Transportation in the Eastern Cotton Belt to 1860, New York, Columbia University Press, 1908.
Prince, Richard E.. Central of Georgia Railway and Connecting Lines. Stanway-Wheelwright Printing Company. ISBN 978-0960008889. McQuigg, Jackson. Central of Georgia Railway. Images of Rail. Arcadia Publishing. ISBN 978-0738516165