The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-26
GREAT SALARIES.
How Some Bank Presidents Are Paid
for Their Services.

for Their Services.
Gath, in Cincinnati Enquirer.
I may add some matter pertaining to
Wall street affairs, which was given to
me conhdentially.
Observe" said my informant, "the re-
markahle development. The Drexels put
up a building at the corner Of Broad and
Wall streets, for which they were consid-
cred to have paid a fabulous price, both
as to the site and the structure. but that
edifce to-day looks like a dwarf amidst
the giants which tower around it. Trim
ity church itself, with a steeple once con-
sidered lofty, is completely devoured by
the business structures which wall it in.
IL looks like a living man immured IN
masonry, as they did In the old monkish
days. You can see the same effect uptown
on Madison square, whore little church
opposite the house of Catherine Wolf
with a sDire made OF stone to the very
tip, has dropped down into the marble
walls around IL until the steeple looks like
a little onion coming up in a bed under
a brick wall: They are burying the the
How much does q bank president get
as a general rule, down town?'
''Oh. different sums of money, according
TO their efficiency. Yonder is the Chase
National Bank, in a quiet part Of Nassau
street, at the corner of Cedar. You look
up Cedar street and you will see the build
twenty-five years. That Chase National
Bank was formerly under the control of
old Thompson, the counterfeit detector
man. He was a rabid silverite. In his
youth he had been a lottery agent at AL
bany Like many of these uneducated
men, he took up with all the hoodlum
ideas about money. The bank ran down
to a million or less of deposits. when
young Henry Cannon, who had been con-
troller of the currency at Washington city,
was brought over to become president.
The bank statement now shows that the
Chase National Bank has S25,OOQ,0O0 to ST.,
100000 of deposits exceeded by only three
or four banks in the city of New York.
So Mr. Cannon's salary is $4,000 year
In fact $4,000 a year is not considered
much of salary In these days Of banks,
trust companies, safe deposit companies,
etc. The Lincoln Bank, uptown, in which
the Vanderbilts and William r. Grace are
prominent, pays Mr.. James, its president,
only $1,000 year, but the measure of
mans salary in bank is how well he can
hustle"
What other resources have these bank
presidents than their salary?'
'Oh, a good many of them make money
reorganizing railroads. Railroad organi-
cation Is slow, methodIcal, reflective
thing. The person who does II takes his
nights to it. with another set of account
ants and clerks. Take the New York and
New England railroad, for instance, which
has obligations of $40 100000, and is about
to be acquired by the New Haven and
Hartford octopus. l suppose the reorgani-
cation OF that concern will occupy two or
three years. whoever mas II IN charge. and
he is generally fiscal man, such as
bank president will get $4,000 for it,
lis there much comment in the street on
the sum paid to Pierpont Morgan for re-
organizing railroads, such as the $500 900
Erie?"
critic. You see there are LOO persons
brokers in New York city. A large num-
Der of them barely live. few get a great
deal of business. There are Moore &
SphloWs 4 a a haf, fbaf
commissions do not amount to $1,000"
What is the commission on buying and
selling stock?"
"You have put it right. There are two
commissions, one for buying the stock for
a customer and the other for selling it to
him. on every 100 shares the brokers'
commission is S25. You see, the broker is
the only person authorized to buy the
stock He takes his money and makes the
purchase. He then delivers the stock, and
$3.50 s eS'" u '"eSs iun'''0hS ne charges
DO not some of the brokers divide their
commissions with their customers?"
Some do. But the strong houses do not
The leading broker in the street was ask
ed recently BY customer If he would not
compromise his commissions No said he
If you find any house which charges more
than We do, please tell US about it, for we
shall put up the price to that figure. But
If you know of any house which does
brokers' business at a cheap figure that
is the one for you to go to, If that is the
kind of business you want to do"
Have brokers exceptional advantages
over each other?"
None whatever on the stock board. In
deed, the great brokers hardly ever 20
into the stock board but send their Jun
lors. some brokers conduct their business
on such an extensive scale, with a mass
of capital, Sustaining them, banks, trust
companies, etc, tributary to their COM
mission house, that they belong to railroad
boards and the boards of various compan-
les, which have their quotations on the
stock exchange. A customer doing a large
line of speculation would naturally go to
ker here who attended the meetings of
eight executive boards to-day. As a men,
Der of such boards, Western Union, etc,
he learns the situation. 1t may be suppos-
ed that he knows more about those partic-
ular stocks than any outsider"