New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-24

| foundation upon which rests the commercial
structure Of the United States In 1900 the city
b6asted three banks. with combined capital Of
$0.UO.OOo. To-day the capital Of the associated
banks alone Is $5S.272,700 with accumulated
profits Of S16011 800. and deposits OF about
NsaUOO0.OOO. The financial organization Of the
great metropolis is a complex one, yet almost
perfect in its workings. 1t has been the source
OF the money power OF the city. There are
many separate elements each following in its
own channel. yet all cooperating and forming
part OF mighty financial machine
The SubTreasury and the New-YOrk Clear
Ing House, with their intimate relations with
all the banks. are leading factors in the stu
alton. Through them and the banks is regu-
lated the flow OF money to all parts of the
United States, and into all parts OF the globe
In international relations the big foreign bank
ing houses form the connecting link of nesti-
mable Importance between the Old World and
the New World. On the floors of the exchanges
Of NewYork the traffic in bonds and shares Of
the cOuntry's huge corporations liz conducted
This business, bringing into its whirl the army
OF brokers and private bankers. regulates and
facilitates the ebb and flow Of the Nations CAPT
tai All in all. the financial might of the greater
city can be considered only with feelings of awe
have an overwhelming influence through con-
nections in every State in the Union and the
principal foreign cities.
THE WHOLE COUNTRY REPRESENTED.
Directly and indirectly the manufacturing in
terests Of the metropolis represent enormous
value that 1t is not possible to estimate it,
1t has been said that 81 600 100000 in
vested in such enterprises employing more than
half million people. The huge industrial
corporations make this city a distributing point,
while the leading concerns in every State in the
Union have a New-Yo branch for selling. The
fact that a firm has its place in this city helps
wonderfully in building up trade. There is
magic charm in the name OF NewYork, which
Yields powerful influence with the merchants
OF interior towns and cities.
The building operations of the last few years
have been extensive, and the sky line OF the
lower part OF the city has been completely
changed. Millions have been invested in superb
office buildings. The ever-ncreasing population
of the city has been the cause for the cOnstruc-
ton of thousands Of apartment houses, while
private dwellings, on the upper West Side of the
city have been multiplying at rapid rate The
public buildings Of the city offer untold attrac-
tions to the thousands who visit the city. The
Brooklyn Bridge. connecting the two leading
boroughs OF the new metropolis, has a world
wide reputation. Although for a long time the
only bridge across either the East the North
River, il is soon to be followed by other struct-
ures OF similar nature, to meet the require
ments OF passenger and freight traffic between
New-York and Brooklyn and New-York and
Jersey City. Hundreds Of parks big and little
afford spots for pleasure and recreation, and the
tendency OF the city government is constantly
in the direction Of improving these important
features of metropolitan life. The magnificent
Speedway, which covers over two miles along
the river front beyond One hundred and fifty
hfth-st, was constructed at a cost Of several
and Is an example of the effort to give
the people every opportunity to enjoy life within
the citys boundaries Those who once dwell in
this great city become fascinated with the life
and only the most urgent force Of circumstances
ever drags them away to live anywhere else.
The best talent of the country finds its way
here. for here are offered opportunities afforded
in no other city.
From an historical point OF view. it was not
until after the War of the Revolution that New
York began Ia shake off her proyincialism and
gained recognition as a centre Of importance. |
Prior to that period Philadelphia had taken the |
lead in purely financial matters. the first bank
in that city having been established in 1881. /
Nine years later, in 1880 the Bank of the United |
States which was chartered by Congress. had |
its principal office in the Quaker City New |
YORK was not 50 far behind Philadelphia, for in |
11Si the first bank was started on the Island |
of Manhattan and eight years later in I792 |
The forerunner Of the Newly Stock Exchange |
sprang into life. BY 1900 the banking facilities (
Of this ciN had increased to two State banks !
besides branch OF the United States Bank
representing a total aggregate capital of about |
>3~o,Ho. by this time commerce at this port |
had begun TO assume important proportions
and the collections of the Custom House in the
irst year OF the present century amounted to
'23I3OOO which represented an excess Of more
han S1NU0OU over the port receipts OF Phila-
lelphia for the same time.
The period extending over the next fifteen
years included the disturbing features of the
War OF lS12. which did much to unsettle the !
oreiSn commerce Of the country The bank
'rS and business men Of New York gave in |
'aluable assistance TO the Government in its
lour Of need. and when. in 1915, the struggle
vas over. New-York was more firmly iGrcnched
or carrying on the growing commerce of her
'ort than ever before. The capital Of its banks
lad increased in the mean time from 1900 600
. SlOuUnOOO and the customs receipts had
cached the sum Of SlJOOW,UuO. In 1877 the
pccuatiOn incident TO the close OF the war
made necessary the regular incorporation Of the
'cw York Stock Exchange With increased en-
rgies and enlarged facilities, New-York was.