New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-16

of supervision and direction we have no, hesitated
TO elect them over and over again a linus Is, mas nas
always represented our largest banks
BUILDED BETTER THAN THEY KNEW.
There has been a conspicuous freedom from that
weighing and measuring Of interests that enter into
the conduct of many corpora tons Whether this
result was foreseen by the men VINO took the nrst
steps in this work. have said. | do not know
believe they bui,ded better than they knew. The
strength OF our association may pe attributes 10
considered of so much Importance. To this policy
may be traced the splendid results that have been
that capital and financial strength were TO be used
for the good of all. and to hep, not TO DISCOURSE,
that wonderful unanimity In times Of DANGER that
trust in managers. ana that courageous conn
we have been singularly fortunate in the men who
from time time have presided over our ass1cia-
ton and have been active In our committees. they
constitute cluster of brave. inspiring ana unseltsn
bankers of whom this Clearing House is ana OF
which any financial organization might well be
And II to-day we. under this spacious dome and
amid ali this wealth of architectural ornament and
device. shall seriously consider the egacy OF me
past and the noble lineage that Is ours ana han sna
BILE and to ali that a n se shn pn
will not have been wasted or without result
ALEXANDER F. ORR THE NEXT SPEAKER.
Alexander f. Orr. the president Of the Chamber
Of Commerce was introduced as the next speaker,
and in addition to conveying congratulations to
the Gearing House Association. he said:
You have more than once. under the pressure OF
rency Of your own invention. when Ior tnr sie
being gave elasticity TO the faulty ana non-eastic
6lcd its mission. promptly retired Itself without
strain or hurt TO any interest after lhe ersaa ne
eethey and so Il speak consolidated your assets
in the pubic interest and for mutual protecuon.
respective inlvluasms when the pressure was
passed and your protective and accommodating
Now. in the doing OF all this. you have unhestat-
ingy accepted responsibility IN me interest or
with a pr5mptness and forethought tina, are beyond
all praise 1t is true that yoq have never been
insn. for the simple reason That you nave ways
proved ana sn IKE B" sc 9ues
tion that desire TO ask You now IS this HmouM
nower TO relieve from such responsibility in times
of grave emergency or stress? Under such crcu'n.
Official or officials OF the Government authority TO
ing laws which II might be necessary 10 Voitte
in providing prompt relief?
PRECEDENT FOR IT
There is precedent for such action to be found
among the great commercial countries OF the globe
whose governments. with wise forothought. have
made lust such admirable provision for extraordl-
nary times of need. Take Great Britain, Tor IN
stance She empowers her Chancellor OF the Ex-
chequer-an Office In her Government corresponding
an order from the Cabinet to suspend the operation
of the Bank act whenever In his judgment the
gravity Of the situation demands the exercise OF
this extraordinary power. am II Is well known that
this authority has been frequently avaled OF with
immense advantage to the wide range OF business
interests Of that country. am not violating any
confidence when state That have IL rom inc
very best authority that when the banklng-housr
Of Barring Brothers q Go. applied to the Bank OF
England in 1892 for assistance and made known tne
enormous volume OF thtr cV"inl,'' , i,
where about hundred and thirty millions oil
dollars and the corresponding amount oil tnelr re-
quircmenis, the governor OF IN" r1hh l'a1.ns VIZ
disastrous consequences that would cnsuc from ,h'r
failure. bur at the same tine believing that Il ny
could be sustained the estate Woul uIlinaic.
prove solvent. promptly laid all the circumstances
OF the before the Chancellor OF the ENchequef
and that officer. recognizing Inc phNlY OF w
situation as promptly agreed to stand by the bahK
to The full extent Of his DELEGATED power wh.neker
dotermined that 1t VS. best to grant tn" needed
relief Armed and en- ,urag.d WIN ms asSura .,
(Which by-the-way. was not ayailed OF, 20 p,eu ~,
was the knowledge that IT would be forthcoming II
called for in less than bushes
Sunday intervening. the Eank 81 tngiahi iot M
that famous syndicate which guaranteed me hat-
ing obligations ard thus avertci what wond ha aye
otherwise proved the most uS"S''"' '"'"N - W.
nineteenth century.
WITHOUT THE LOSS or DOLLAR
Now. all this was accomplished without the loss
of a single dollar any of the contracting parties
and great financial crisis safely passed be-
cause the wisdom and forcthough, Of the British
Government have always recognized the possibility
of financial emergency and have wisely made pro-
vision beforehand by rcasonabl, ncxihhity OF law
for its relief And just here let me make further
statement and 1t can easily be substantiatcd the
plan OF the Barring syndicate was ROUNDED upon
Your previous action. The inspiration Of It's mod"
Of procedure largely drawn from YOU ana VIII
should not wish lessen by single hair s-breadth
The honor that properly attaches 10 the governor OF
The Bank of England OF that day. who so magnl
Gently carried that transaction to successful issue
cannot help saying TO you with both pride and
pleasure that the entire credit OF the mcthod used
properly belongs 10 you
The audience rose and Joined with the glee
club in singing America" and then Bishop Pot
ter closed the ceremonies with brief congfatu-
latory address and "A benediction
An unusually sumptuous and elegant luncheon
with all varieties and delicaces was served ny
Delmonco in the Board room on the second floor
of the building. Hundreds of men spent the
rest Of the afternoon in looking through the
new building and admring 1t. All agreed that
II was ar ornament to the city and one of the
most beautiful structures to be found anywhere.
Many compliments were bestowed upon X. w.
Gibson, the architect Of the structure.
The entire front Of lhe new Clearing House Is
OF white marble and Of composite design with
classical treatment the main features being the
four beautiful Corinthian columns and the
wealth Of carving on the panels The interior
staircares are Of marble. and the interior dec
orations are unsurpassed In the richness OF ma
terials and the beauty of design. The Chase
National Bank will occupy the first floor of the
building Whlle on tnc StCpnu n'oi dit tii'
Board room the rooms for the clerical force the
library and other rooms of the Clearing House
Association Tie room under the dome In
which the clearanccs are to be made occupies
the greater Mpart of the third floor. Rooms for
the janitor are in the half-story above the cor
ridor OF the dome room. The vaults in the base
ment are said to be the strongest ever made.
The building Is heated by steam. lighted by
electricity and is well supplied with elevators
and lavatorics
THE AMERICAN PURITY ALLIANCE.