The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-29
BANKS AND BANKERS.
THE FINANCIAL INSTITUTIONS OF
NEW YORK.

How the BANKING Business Of the Great
city IL COnducts d. fHcers ana Their
ealaries-The Leading Presidents.
Correspondence st. Joseph Gazette.l
NEW YORK BANKS.
This city now contains seventy-eight
banks. Ten years ago the number was more
than eighty. The Ocean was ruined by the
heaviest robbery ever accomplished In this
city by burglars, and the wreck was finished
by the internal frauds. The Atlantic was
robbed by Its cashier, Taintor, who sunk the
capital In stock specuations, for which crime
he served out term In the penltentiary.
The aggregate capital OF these banks is q
trifle over s7O0oOOoO. The heaviest capital
Is welded by the Bank Of Commerce. and is
the round sum of $1,000, 900. The Fourth Ma
tional has 50, 100000, while the smallest capt.
tai is that OF Murray HILL which is but
100000. There has been a heavy reduction
OF late, because it Is found that small bank
well managed is more profitable than large,
unwieldy institution. Nearly one-half our
banks are under million.
THE CLEARINGHOUSE.
This institution has been In operation for
twenty years, but never owned an office until
It's present purchase OF the banking house Of
the defunct Bank OF the Commonwealth for
s215,O0O, which was very cheap. 1t will soon
occupy these new premises. The clearing
house Is copy of London Institution, and
forms grand financial balance-wheel All
reputable banks are. represented here by
their messengers every morning at 10, and
the balances between them are precisely adj
nh ~ Rne NM, MN
daily, but sometimes are vastly greater. The
balances are prepared by the receiving teller
Of each bank before he leaves his desk, u 1t
detains him till night. The oldest messenger
Is Mr.. Carr, OF the North River Bank, who
has been In that service about forty-fve
years. He is native OF this city. and al
though he has reached his seventy third
year, is still able to perform his duties. SIEVE
raj attempts have been made to rob him, but
this far the bank has lost nothing, though Its
messenger has been very roughly handled.
INSIDE BANK.
Those who are not conversant with finan-
cial details may be interested In glance in
side. The president should be an expert
enced business man who has retired from
trade and is ready to devote himself to the
great task OF experimenting q financial em-
pire. He has supreme control OF the institu-
tion, and hence Is called to decide on all mat
tiers beyond the discretion Of the cashier. His
parlor La the great centre round which all
revolve. The cashier Is In constant cOmmu-
nication with him and carries out all his de-
crees. The fret man who ever held this i'm
portant office was Isaac Roosevelt, president
OF the Bank OF New York In 1876. The name
is still allied to wealth, and retains It's flnan-
cial Importance. The Bank OF New York
being the first In point OF age was designated
the centre of the gold trade as soon as the lat
ter commanded premium.
BANK CASHIERS.
The cashier has charge OF all collaterals
Tor pledges), which sometimes represent from
$4,000 900 to S5O0O00 600. The oldest cashier
In the city Is A. b. Hayes, OF the North River
Bank, who began his cashiership In 1929
preserved man ard looks twenty years
younger than the reality.
BANK TELLERs.
Next In importance to the cashier 10 the
paying teller, whose power during time OF
pressure is Of O most vital character to all
who may be In distress. He Is importuned
are often rendered for the certificate OF O
check Should he yield to such solicitations,
he might easily ruin himself and embarrass
his employer, and he therefore requires ex-
The chief profits OF the banks being from
discounts, the offerings are an important fea-
ture. Twice q week the box Is emptled, and
the note-teler makes up list OF names and
figures. Dealers who are considered respon-
the amount OF their business, but wide ex-
tent Of favoritism prevails. The directors
and cashier meet every three days to consider
the offerings, and a pencil mark A or r IL
made on each. This settles the matter. All
bearing the first mark are discounted, while
the others are returned to their owners.
SHAVING PAPER.
During q pressure the banks will reap a
harvest by shaving notes. Ii dealer wants
a discount the cashier will have no money,
but will refer him to some broker, and this
very broker may be purchasing notes with
the banks capital, and dividing the profit.
The trickery OF finances is not easily measur-
ed, and when money gets tight, there Is an
adroit .tanesse put into practice, which comes
SO near fraud that 1t Is merely q distinction OF
O name.
OUR BANK PRESIDENTS.
OF this entire list Moses Taylor, president
OF the City Bank, takes precedence. This is
for 1t Is only million. while the Central Ma
tional has two millions, and yet the latter is
a small affair compared with the former. Its
stock s ninetyfonr while that OF the City is
lates his capital that 1t yields very large
profit, and this Is the secret Of banking. The
late Mayor Havemeyer was president OF the
Bank Of North America, which he managed
with much ability. This city has within
few years lost five noted bank presidents, one
being the late mayor. Another was John A.
Stevens, OF the Bank Of America, who was
soon followed by Sheperd Knapp, Of the Me-
chanics' Bank. These men had each passed
his eightieth year, and retained not only fac
ulties, but also business habits unto the very
last. Another Of this mortuary list was Mr.,
G. P. Williams, Of the Metropolitan, who was
q successful manager OF capital Of $1,000
900, and brought the stock up to 100. The last
to pass away was John @. Jones' OF the Chem
ical Bank. He had been a Broadway charac-
ter for nearly q half century, and had accu-
INFLATED two millions, which, as he was q
went to large number OF nephews
and nieces. He saw the Chemical stock adj
vance from par up to 1000, which was the
highest quotation for bank shares In the
whole world. This is due to the fact that the
Chemical stock is only 100000, while its de-
posits are 81 000, 900 and Its discounts are OF
the same amount. Its surplus Is $4,000, 600,
and its dividends for several years have been
Is per cent per quarter. They will hardly be
kept up to this high mark, and the stock Is
now down to 500.
THEIR ORIGIN.
Some OF our bank presidents have sprung
Tor fnot mo-