The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-01-12

! The fresh crop of cepartnerships form a
very important feature in the reading of
the new year. Plans of mutual operation,
which have been for months in state of
preparation, grace the columns Of the
press, and all start with the same birthday
This makes an attractive spectacle 1t is
to be noticed that the foreign element is
represented in the new array of trade by
nearly twenty firms, which is very large
proportion. The system of special copart-
nershlps has been in operation nearly forty
years, and still holds favor, aud there are
ten new firms thus organized. Special
partners are those who merely place capital
III concern, and cannot be held tor debts
beyond a proportional liability. The heav-
| lest special G. p rtnership ever organized in
| America starts with new year, 1876. 1t in
cludes the combination of seven capitalists,
who contribute an aggregate of $500 900.
This immense capital is in the hands of
two general partners and the business pur-
sued is shipping and commission. This is
Il handsome beginning, but who can tell
what the result will be? Ten years ago
the defunct house of Duncan, Sherman &
Co. reorganized after the death of Watts
Sherman, and started with S3,000,O 900, but
it soon was sunk in speculation. The ra-
pidity with which money can be lost here
in what may be called regular business is
surprising.
SOME INSTANCES.
Edwin Booth began to build what is
called Booths theater seven years ago with
capital of half million. In five wears
he was bankrupt, his losses having been
more than $4,000 week during the entire
period. The annals of trade abound in in
stances of this kind. do not wish to be
understood as discouraging enterprise, my
| purpose being merely to recall the fact that
| all operations of a business nature are at
tended by risk. One is called to realize
the truth of the old maxim, " Nothing
venture, nothing have, or, as Shakespeare
expresses it, q" From the nettle danger to
| pluck the flower safety" Among the bu-
siness men who have found the risk against
them during the last few years are names
that once lowered above the ranks of COM
merce, and welded the destines of banks
and railroads. These men erected princely
mansions, and were charioted in the proud
est display of luxury, but they have passed
away like dream.
A LOOK AT BANKS
The banks of this city, at least such as
are in good standing, number flfty-nine.
The least capital is that of the New York
County bank, which is only 5000. 900,
while the largest is that of the Bank of
Commerce, which is o10,0O0,0OO. The
Bank Of Commerce stands alone in the
| proud distinction of owning twice the cap
ital of any other bank in the city. The
aggregate capital of these fifty-nine banks
is SSl, 900, 900. and on the first of the year
their discounts were more than 1894 000.-
600. Ten of these banks, having more
than $1,000 600 capital, issue no bills. The
dividends range from nothing up to 100
| per cent, but on an average bank stock is
good for eight per cent. per annum, and is
generally considered very desirable prop
erty. The question who owns this bank
stock is very interesting one. Could the
history of these banks be written it would
be found that there are names on their list
of shareholders which have been but little
changed for half n century. Some of the
oldest families in New York have for years
been living on the quiet returns of the
bank stock. Among the largest holders is
the Aston family. Old John Jacob owned
abont j. 900 shares IN the Bank of America
in addition to other interests of similar
character
SOME OTHER NAMES.
r. l.. & A. Stuart, James Lenox, Moses
ii. Grinnell. Robert Roosevelt, A. T.
Stewart and Moses Taylor are among the
leading owners of bank shares. Banks are
generally the offspring of successful mer-
chandise, and the families of retired mer-
chants are therefore f0uId to be the chief
PROJECTORS. John Jacob Aston gave to his
daughter Dorothy / 900 shares in the Man
haitian company, and it may be said that
hank properly has been as long in posse s.
sion OF this family as in any in the Union
The heaviest capital is not accompanied by
the largest rate Of profit. for the Bank of
Commerce with its $40, 900 600 capital only
pays three and one-half per cent. small
capital with heavy run OF deposits ena-
bes any bank TO make handsome dividends,
and the most remarkable instance of This
kind is found in the Chemical, which on a
capital of $500 900, has line of deposits
almost equal to that of the Bank of Com
merce, and can therefore divide 100 per
cent. and still retain large surplus.
No NEW INSTITUTIONS.
No new banks are projected this year,
and it is evident that the city is we'll sup
piled. Good depositors are now in de-
mand, and ii would not be easy for n new
bank TO obtain a paying list. The Chemi-
cal has the best dealers in America. Here
Commodore Vanderbilt keeps the cash ac-
count of the Central Hudson and others of
his railroads, and here the old-fashioned
capitalists of this city allow their funds to
accumulate while waiting for an invest
ment. The commodore keeps his private
account ut the Bank of New York, but the
Chemical is much more convenient in point
Of access, and hence it is preferable for the
railroads. The enormous amount of the
balance in the commodores favor may be
inferred from the fact that forged check
for $50, 900 was once paid by the Bank OF
New York the amount not being large
enough to suggest special examination.
The Gallatin bank enjoys the patronage OF
the Astor family, which is solely due tc
the intimacy between the families The
balances in favor of this opulent name are
n0luoIi ies' 'hhH Huil nilllOu, anu aItet
rent day they sometimes reach thrice that
sum. Such a dealer Is very profitable To
any bank. James Lenox deals with the
Merchants bank az well as with the Chem,
lcal, but, though his income is large, hii
balance is not of corresponding amount
because his incessant donations keep i
from accumulation, and this is, after all
the best way to make investments. A. Il
Stewart deposits in the Chemical and alst
in the Merchants bank. OF the latter W,
hear but little. yet ii is an old bank, has
capital of $4,000, 900, and has just paid
dividend of four pei cent.
NEW YEARS AND GRERNBAoKs.
The happiest of all New Years calls 1
that which summonses one to the reception
of dividend. The banks OF this city pa,
about $4,000, 600 every six months. 7