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

the storm. and whel 1t had passed by the city
awoke to find itself in a position to erjoy pros
perity and commercial success rs II never had
before The city was greatly benefited by the
FREE banklng act which established the prn-
| ciple that banking was o business I'm which an
c'tlzeES might under proper regula lions freely
engage. This abolished the abuses connected
with banks established by specia. charter en-
actment, and resulted in an untold advantage to
the local institutions. 1t might be said that the
present system Of strong and powerful financial
concerns in Manhattan dates from this period
The The fall of the banks of the United States In
Philadelphia caused a large portion OF the
financial business Of that city to be transferred
to New -YClk, where it has ever Stree re NAMED
The local banks were then placed under super
vision and surrounded with every safeguard
Bank notes were based upon Government and
State bonds and other leading securities and
the currency for almost the first time became
sound.
From the panic Of 1897 to the time Of the
breaking out Of the Civil War New York made
wonderful and rapid strides. The growth and
development OF steamships and steam railroads
were potent factors in building up commerce
the discovery OF gold in California and the de-
veiopment OF mining on the Pacific Coast
turned into the Golfers of New-York banks
steady stream Of yellow metal. In the mean
time the United States Sub-Treasury | ad been
established in the city in 1916 while in 1853
the United States Assay Office and the New York
Clearing House Association were organized In
Io'" the number of banks had increased to
hfty. having aggregate capital OF about
So,WoWo, and deposits Of more than SSO.OOO.-
NO with circulation Of from S1,5OO,OOO to
SS,oOo,'DO. The progress OF the metropolis
owing to the aid of navigation and steam power
during these years had been irresistible. Trans
portation facilities had placed New-York In
communication with the North South and West,
and commercial relations with these sections
grew apace Large and important enterprises
had been undertaken which had been foated
with capital secured in the metropolis, the
money centre. Speculation in bonds and snareS
constantly
ume. ard the business Of the Stock Exchange
nourished.
HELPING THE GOVERNMENT
The War OF the Rebellion marked another
epoch in the commercial history OF the
metropolis. The Government turned to the as
sociaied banks Of this city for support. A Loan
Committee OF the Clearing House was appointed,
and time and again funds re advanced to the
Government in exchange for Treasury notes and
bends. This being the principal port Of entry
where duties on imports were payable 10 the
Government in specie the gold value de-
termned here The eyes OF the bankers of the
world were attracted to the gold room, where
the transactions in specie conducted
New-YOrk became the arbiter Of the gold value
Of the National currency. New-York's financial
supremacy WAS made complete by the National
Banking act Of 1860 which made this city the
depository Of the banking reserves Of the entire
country. Another feature was added in the
regulation requiring the National banks to set
aside % per cent Of reserve against deposits
In this way .hc grea. bulk of the surplus fund;
OF the financial institutions of the United States
were accumulated in this city for interest-earn-
ing purposes. and a large amount OF ready cash
was collected at this central point FOR distribu-
ton throughout the country, according to the
requirements OF trade
The period extending from the close OF the
CIVIL var to the present time is too well known
TO require more than mere outline. New
forks position as the greatest commercial CEN
tire OF the New World had become unassailable
he influence and power of her financial institu.
tons became more far-reachine than ever. For
eign capital was attracted by the Inducements
OF the unbeatable prosperity enjoyed H. the open
ing up OF the resources Of the United States
and several Of the leading European banking
houses opened branch offices in this city
inc Rothschds and Earrings among
those who led in this movement The vast
sums OF foreign capital which have been in
vested through these firms in American securi-
Ties mas acted as "A mighty stimulus upon in
vestincnt operations centred here In 1869 and
IN 1873 two panics swept over the country
which tested the soidity Of New-York institu-
tons. During the last ten years the panic OF
1873 is looked back upon one of great dis
aster The present cycle of commercial pros
perty dates from this last crisis. In 1891 the
imports reached their highest point. since which
time they have been steadily decreasing while
The gain in export for the same period. but more
fer the last three years has been
nothing short OF marvellous.
FOREIGN TRADE.
Imports Of iron and steel manufactures.
which in 1865 were S22 100000 and in 1895
'49.0OO,000 in 1S9s less than $1,000 900
while exports Of this class of man, fao lures in
reased from less than 81 600 600 i'm 1S,;S to
'1I,WpOW in 1873 and SIOOOUoDu in 1905
xix marufac lures. Of which the importations
II 1883 were S53,O0",U0o, Dropped to S23 100000
n 1898, while the importatons Of raw silk for
Use OF dom astic manufactor increased I'm the
mean time from Sl30Oo09O in 1858 to S3I ,OO0.-