The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1886-09-01
STRONG TREASURE HOUSES
WHERE MoNBYED MEN OF NEW
YORK DEPOSIT THEIR CASH.

OF the COullnenI are IN NSM AOAh wy
writes Irving Bacheller, ia the st. Louis
Republican. There are about seventy-tve
banks represented every day at the
Clearing House, and there are nearly as
many others which conduct their business
independent of it. Then there are the safe
deposit vaults, comparatively recent but
interesting institutions, which abound in
all parts of the city. The large uptown
vaults are magnifcenty appointed. Here
the millionaires unload their stocks,
bonds, securities and often their cash for
safe-keeping. The floors are tesselated.
Plate glass, marble, polished brass and
steel are the material which make up
their interiors. The vaults are approached
through a network of steel and iron.
They are low, square apartments, the
walls of which hold lockers of all sizes,
ranging from four inches wide by two
inches deep to two feet square. The
rental of each slide varies from $S year
TO $6O0-the price paid by W. H. Van
derbilt for his slide in the vault of the
Lincoln National Bank The slides are
of tin, about three feet in length, which
fit into the compartments of the wall and
are inclosed by heavy iron doors.
s'But is there not danger that patrons
may open each others boxes" the Su-
perintendent of large vault was asked.
''Not the slightest danger, he replied.
'cYou see. :" he continued while he stirred
up huge pile of keys which lay upon
the table before him. ''No two of these
keys are alike. When any person hires
a slide he comes to this pile and picks
out key atrandom. We then fit the lock
to the key But no customer can open
his slide even then unassisted. There is
a second lock to everJ door which cannot
be turned except with key which
carry so that no slide is accessible with
out the assistance of both the lessee and
the authorities of the vault. This pro-
tects customers from each other and re-
lieves us of any temptation to load up
and start for Montreal"
Each of the large vaults has a coupon
room containing a number of stalls sup
piled with writing facilities into which
customers may retire to attend to their
coupons and all correspondence relating
thereto. They are free to all customers.
1t is said that many business men who
have little or nothing to deposit hire a
small box for the sake of getting the
the expense of Office rent.
For some years all the checks of the
Vanderbilt family had been drawn against
the Lincoln National Bank, which was
founded by William II. Vanderbilt to
save himself the commissions which for
mefly went to other banks. In a corner
of the great deposit vault of this
bank, inclosed by heavy iron bars, are
the slides used by the Vanderbilts. The
inclosure is perhaps six feet square and
contains an ordinary table and chair.
During the latter years of his life Mr..
Vanderbilt was frequently seen at this
table poring over his private papers.
Here he enjoyed absolute seclusion with
large share of the fortune which he
controlled at his elbow. In the large box
dedicated to his private use he once kept
$55, 900, 900 in government bonds. Two
men weIe kept busy night and day clip
ping off the coupons. The slide will be
reserved for the use of Mrs. Vanderbilt.
In another part of the vault is the slide
leased by General Grant. 1t is about six
inches square, and lies next to the floor
1t is now held by one of his sons.
On the west side of Broadway, opposite
the City Hall Park, stands low antique
structure of brownstone, which looks like
remnant of old New York. Sur
rounded by magnificent warehouses, its
quaintness and simplicity challenges at
tention. 1t is the Chemical National
Bank-one of the greatest banking
houses in the world. Although it has
never paid cent of interest, it carries
upwards of $23, 900, 900 net on deposit.
With capital stock of $500, coo it has
accumulated a surplus of s., 500, 900.
Three thousand two hundred dollars was
recently bid for single share of its
stock, which originally brought 500.
The Chemical Manufacturing Company
was organized in 1924, and its charter
conveyed the privilege Of banking. In
1914 the bank proper was organized by
Peter Goelet, who then lived on the cor
ner of Broadway and Nineteenth street.
Its directors were money lenders instead
of money borrowers, and it started with
clientage of those fortunate old New
Workers who owned most of the land on
which what is now called uptown was
built. Inevitably, these men grew
solder until it had a clientage of extra
ordinary wealth and influence. Since its
organization it has paid over SO, 500, 600
in dividends, the percentage ranging
from ~ to 100 Perhaps one of the
most important reasons for its success i:
the fact that it has always maintained
specie payments even when gold was
quoted at 260.
Its interior is exceedingly plain. From
the bare boards of the floor to the un
vernished ceiling there is no appointment
which does not serve some purpose il
the processes of banking. There are nc
rugs, no polished metal, no gorgeou.
hangings Its plain appointments have
become old and worn under the attritior
OF hard work. A bank cashier from the
far West while in the city recently went
to take look at the bank and exchange
compliments with its officers. He had
expected to find place resplendant witt
brass and marble and uomhyry. Aston