The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-26
out affecting the money market to some
JAY GOULD WROTE ONE.


was written it was the common report
| that the largest single check ever signed
by New Yorker was that written by
Jay Gould in payment for the controll-
ing interest in the Iron Mountain Rail-
way system. Mr.. Gould actually wrote
that check, and he did it in his room in
| a Philadelphia hotel. He had no blank
checks with him, and therefore he tore
sheet of commercial paper in two and
wrote out the draft in full. 1t was for
something more than So, 900, 900. 1t is
very rare that the government issues
checks for so large an amount as 81, 000,-
900, and so far as narrated here the check
delivered last week to Mr.. Thomas M.
Mcintyre for $l2 600, 600 and some odd
thousands, carried with it the largest
transfer or sum of money by check
ever known in a commercial operation
IN this country, possibly ever known IN
the treasury Department, and some or
our bankers we think may have seen the
largest single check ever issued any
where in the world.
At the time of our civil war our Min
lister to England, Charles Francis Adams
received from friend of the government
an order which was practically a check
toi poiVOo,UuU III SUl0s MT. AudIus ud.
protested against the fitting out and de
parture from an English port Of one of
the Confederate cruisers He laid before
the British Ministry sufficient proof that
this vessel was being armed and oftleered
in the interest of the Confederate gov
eminent AT that time the British Min
istry hoped to see the Confederacy es-
tablished, and, Mr.. Adams had reason to
believe, was anxious that this cruiser
get away to sea. His evidence, however,
was SO conclusive that the Ministry was
obliged TO pay some heed to it, but in
doing so imposed what were plainly
thought to be impossible conditions.
Mr.. Adams was told that if the British
government detained the cruiser it must
have protection in case a suit for dam
ages was entered, and it required for
such protection, 1,000 900 lbs. liz gold.
NO ocean cable, at least in working
order, then existed, and Mr.. Adams had
no such credit as would enable him to
raise on the instant so much money as
that. He was in despair when gentle
man whose name has been KEEP: secret
from that day to this called upon him and
said that ne knew OF the emergency and
gave MIR. Adams the authority to draw
from his banking house the IS, 600, 900
in gold which be needed. The Ministry
was astonlshed an hour or TWO later to
receive from Mr.. Adams note stating
that the gold was subject to order.
THE TWELVE MILLION CHECK.
At that time his was certainly the
largest amount mentioned in a check or
draft that had passed between private
parties. Afterward the government paid
ST. 000, 900 to Russia, although the under
standing is that was not done by a single
draft. That was for the purchase of
Alaska.
This $l2,000,00o check represented a
portion of the negotiations, the largest
which has ever been known in this city
of the kind 1t illustrates the tendency
to consolidation and to kind of corpor-
ate consolidation which is entirely differ
ent from that involving the creation of
trusts. Those who have sailed up and
down the East River from Brooklyn
Bridge to the Erie Basin, which is OPP
posite the lower end of Governors Is
land, have noticed conspicuous on the
Brooklyn side tall, barrack like building
taking the river for nearly the whole Of
that distance. They are warehouses
wherein not only very much of the goods
held in bond is stored, but where very
large percentage of the articles which
form toe basis of our ocean commerce is
handled
Some of these warehouses have Eeen in
possession of families to the third and
fourth generation. Competition has
caused the business to be greatly cut up
The warehouse men have, like every other
business concern in recert years, dis
covered thar while the volume of bust
ness may be large the percentage of
profit is year by year decreasing. With this
fact in view, Mr.. Mcintyre, who was the
e 81 n, 1ok
out two years ago to consolidate some
thirty different and competing houses,
and to do this found that it would be
necessary to buy not only the interest
and good will. but also the real estate,
and this of itself made necessary the
largest real estate deal which has ever
taken place in this vicinity.
1t was a most delicate, technical and
pulling piece OF financing. The presi-
dent of the clearinghouse was called
in as financial adviser. Some of the
largest corporations loaning money or
dealing in mortgages had hand in the
negotiation. AT last the task was fin
ished, and at noon one day last week the
different owners appeared in a down
town office with the titles to their prop
erty as set forth in the deeds, so that
there were gathered around the table
neary two score of them. They received
from MIN checks which were certified by
the President of the Clearing who
was also President of the bank through
which the checks would go, and Mr..
Mcintyre received from the mortgage
company the check for Sl2,O 900,
which he deposited in the bank, and
against which he drew the drafts in pay
ment of the title deeds.
The magnitude of this operation of
course caused it to become matter of
general conversation as soon as the facts
were known, which was not until several
days after the negotiations were finished.
But aside from the enormous figures
involved in this transaction it is the
most striking indication of the tendency
to consolidate that we have had since
some of the greater industrials were alb
sorbed into one corporation. 1t is also
new and very important development in
the investment of money in real estate.
If it is possible TO get some thirty par
GELS of land, worth in the aggregate more
than $50, GOO, 600, into one ownership and
then so to finance these resources that
anybody with money to invest may buy
thess' securities of the corporation, then
it is believed also to be posi- BILE for capt.
talists to buy great areas of real estate
in this city and vicinity and SO to finance
- -%a how l.