The sun., 1895-02-08
TALK OF A BANK COMBINE.
SOMEBODY HAD a SCHEME ron
. THE WHOLE WOOL DISTRICT

| The Isss wss that Four National Baahs
| a-a = state Hank shouid Give Up Their
| Charters nnd Turn Their business Over
| 20 the ACKNOWLEDGEMENTS to Work
wall street mon and Presidents OF banks in
| the New York Clearing House Association have
| been talking for several days OF u scheme which
| would involve tho wipinR out OF a number Of
| national banks and ono state bank in this city
and the consolidation of their business in one
| national bank of about the magnitude OK the
Tradssmen's National Bank, POI Broadway.
While none Of the bank Presidents cared to
give the origin OF the reports. IL is said that the
schemc, or one similar to II, had orig-
mated with the friends of James McNangh-
ton, acting President OF tho Tradesmen's
since the sudden death Of James E. Grannis,
two weeks ago. 1t will bo recalled that Just
prior To Mr.. Granniss's death seven new d-
rectors were elected to the Tradesmen's Board
and the announcement was made that the new
capital came from wool merchants and others
Interested In the new Wool Exchange. All au-
thentic information on that score has been re-
fused, but no one has denied that 1t was the
ambition Of the Tradesmen's to become tho of
ficial bank OF the Exchange. With tho advent
of Mr. McNaughton as acting President the
reports have been revived. II was said yester-
day that Mr. McNaughton is TO be elected Presi-
dent of the Tradesmen's. Others said there WAS
hitch In the programme. Then came the re-
port Of a grand scheme CD & OF Sonsoldiation Ii, a. Of
Wool Exchange.
There can be no consolidation Of banks, IT was
explained. Banks that go into the scheme
would DO compelled to give up their charters,
and the bank to which II was proposed to trans:
getting 1t. II was ascerta aimed that the Trades
mems had not for a moment thought OF, relin-
quishing Its charter. but that there had been
talk Of the following banks helping along "ths
great consolidation scheme;
The Hide and Leather National, 80 Gold
street. capital 100000; President, Charles b.
The franklin National, 1877 Greenwich street.
capital 5000, ,ooo;, President, Ellis II. Roberts.
The New York National Exchange, 1876 Cham.
bers street, capital 100000; President, Daniel
The seventh National. 1874 broadway, capital
sS0o o9S; presddent John snt MsAnsrnsy; "a 1aSyor
capital 100000; President, Frederick +. Pit
interviews with those who had heard the re-
ports of the great scheme and discussed them,
scheme @ can prevail. It Is true that number 1 OF
the smaller banks and for that matter, larger
year @ g or two; but there are banks that hav. been
mentioned in the scheme that will have nothing
and other oess ~oad Se to s
ing up their places. 1t 10 not customary for bank
to n wRsh Would
them out of comfortable berths. -, Tho di-
s. do st. SSn h.m h c.s 4Ss
Gf p;: There ha: been great deal
the housetops. Besides, all the banks men
toned in the list are little giants in their way.
All are well conducted and are in the hands Of
good officers. There is inducement for
these banks to join in any scheme for bank
ready to take their chances of continuing to get
their share of the business. The orgnators of
this scheme Will not live to see it accomplished"
The talk of consolidation" was Heard in
other directions. The old report that the South
ern National rs Wall street, capital $500. 900,
President Isaac Rosenwald, is again consider
ing the proposition Of the United States Ma
tional Al Wall street. capital 100000, Presi-
dent James H. Parker. was revived and denied.
But the United states. it was reliably stated.
Chase National. The Chase has a capital Of
$500 900 and a surplus of 81 .0O0. .0O0 and is one
of the great banks Of the metropolis. 1t was
nounced that its President, Henry w. Cannon.
declined the proposition of the United States.