Savannah morning news. [volume] (Savannah) 1868-1887, 1886-07-05
.GREAT BANKS AND BANKERS.
Some of the Buildings and Sketches
oftheir History.

NEW YORK, July Al Was talking the
other evening with well informed per-
son about some of the great New York
banks and their history. One ofthe finest
structures in the business quarter of New
York is that which is owned jointly by the
Mechanics Bank and the Manhattan
Company. 1T is a great architectural
gem IN gray granite ON the north side Of
Wall street, not lar from Broad street.
1t is curious tact that this company was
Incorporated IN 1893 through Il ruHe de-
Yised by Aaron Burr. Some years pre-
viOus, with tie aid of Alexander Hamil-
ton, charter mad been granted 10 the
first bank ever established in this cOun-
try, the Bank of New York, and
the venture proving enormously profta-
bic, Aaron Burr and his friends deter
mined to enter the same tempting field.
AS their political opponents We're In
power at Albany, to secure the much
coveted charter they were obliged to con-
eeal their real object and apply for
charter to furnish the city with water,
with the provision that any surplus cap
ital of the company might be employed
as it should deteFmine. This opened the
necessary lOOphOle and the company is
still in existence. 1t has an old well in
Reade street, and any mischief-lOying
person can compel this proud corporation,
under pain OF forfeiture of its charter, to
furnish him with water. The Bank OF
New York and the Manhattan are the
oldest banking institutions IN this cOun-
try. They stand as memorials in some
sense of the struggles in finance and in
politics of the nlgh-s0ued Alexander
Hamilton and the restless, crafty and
blood stained Aaron Burr.
The TWO wealUhiest banks in New York
are the American Exchange and the
Bank of Commerce, both OF which have "a
capital of about $1,000, 900. The President
of the American Exchange Bank is
George S. Coe. He is descendant of
John and Priscilla Alden, who came over
in the MayfloWer.
Mr.. Coe has been in the banking busi-
ness for thirty-hVe years, and tor twenty
years he has been regarded as one OF the
leading bankers of the United States.
He has been repeatedly elected President
of the American Bankers Association
and Secretaries OF the Treasury and Con-
gressiOnai committees have often CON
suited him concerning deep questions of
Huance. He has also published much on
financial questions. He is member OF
the New England Society, the Historical
Society, the Union League and a number
of other associations. In figure he is tall
and spare, in manners very pleas ant; he
Is always accessible and is held in tire
highest esteem. He is now about 65 years
of age and his fortune amounts to 81, ,000-
coo. he is man Of deep religious conyic-
tIOns. In the modern finaucler there is
the religious earnestness of John and
Priscilla Alden, whom Longtellow has
immOrtalized.
Another proof of the fact that the Con-
sOiidated Stock and Petroleum Exchange
is pressing the Stock Exchange in the
race tor business is seen in the movement
to secure new building for the younger
body. The Stock Exchange is in many
respects a humbug. Its commissions are
too large; it is od-fOgyish and not en-
titled to the support OF the public. 1t is
swelleu up with ridiculous PRIDE. and
thrusts its head into its gold piles like an
ostrich and refuses to see IT'S danger.
OSCAR WILLOUGHBY RIGGS.