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History of Troy -- A modern economy...
On March 31st, 1801, Troy along with Waterford and Lansingburgh established by an act of the legislature its first bank -- The Farmer's Bank -- with $300,000.00 in capital. Its initial directors included names such as Tibbits and Hutton. On Saturday evening, August 30th, the first deposits were received at the Farmer's Bank, on the north-east corner of First and State Streets. The first depositor, Martha Jefferson, a colored woman, place $20 in the bank. The deposits made that evening amounted to $359." (1) 95 A two-story brick building have been erected on the second lot south of the one on the south-west corner of First and State Streets, the bank occupied it on November 15th, 1808. When the building was burned in the large fire of June 20th, 1820, the bank continued its business in the building on the north-east corner of 1st and State Streets. In 1830, it occupied its new banking-house next north of it, where, on February 27th, 1865, it discontinued business. (1) 57. 
During the early part of the 1800's the patroons of Troy and its citizens undertook several adventuresome projects, including extensive road works, mill construction, waterfront development, etc. Commentators frequently note how these efforts succeeded at the expense of Albany and cities to the south.
The village of Troy was officially incorporated on April 12th, 1816, a few short years after its earliest Europeans settled the area. The first Mayor, Colonel Albert Pawling, presided over the first common council meeting at the court-house on May 21st. During that summer, May thru July, Troy and the surrounding land suffered an unseasonable cold spell -- including 3" of snow and thick ice forming in July. Troy suffered its first major economic set back with the great fire of 1820. The total property loss was estimated at $700,000.00. However, by October, 1823 the Erie Canal opened and the citizens of Troy sent westward the Trojan Trader, the first boat to travel the canal, with 25 tons of merchandise. This suprising undertaking of the people of Troy in dispatching the first boat westward in the Erie Canal was sharply criticised by the Lansingburgh and Albany newspapers. (1) 96. As noted elsewhere, Troy was not devastated by the fire, but by 1823 seemed wholely renewed. Troy has one semi-weekly and two weekly gazettes, [Northern Budget, Farmer's Register, and Troy Sentinel,] four printing offices and five book-stores. Its trade is very great, compared with its population, and employs near sixty sloops, owned here, besides giving business to vessels from other places. More wheat has annually been shipped from this city for some years than from Albany. (1) 101. Troy suffered its second major economic set back in 1862, when a bridge fire spread to destroy 75 acres of Troy's business section. Rebuilding occurred throughout the remainder of the decade. In 1870 the site of the Troy Savings Bank was selected and construction was completed in 1875. This unique bank included an auditory, also known as the Music Hall, for which it has become and remains famous. The Music Hall was dedicated on April 19th, 1875. A large concert organ was installed in 1890, built by J. H. & C. S. Odell of New York City. Approximatly $435,000.00 was expended on the bank's site and construction. By 1890, deposits amounted to over $5,000,000.00. NEXT
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