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

OF all kirds average from 10000 to 100000
daily. The value Of these sa'"s depends on me
bull bear tendency OF the market WINE
there are many VIA oppose the general idea or
private bankerS-a:M among them. IT Is under-
stood, is the State Superintendent Of Banking
the record OF the past shows that In the main
these firms have conducted their affairs with
strictest integrity and honesty. Some point to
the failure Of Grant & Ward and others or
similar nature to show the lack OF safety ana
protection in trusting funds to firms and con
Germs about whose affairs they know no.hlng
except what the individual members may choose
TO give out II there could be a systematic IN
vestigaton by State officials into the arairs Oh
these firms at stated periods. then the pubic
would be IN position to place confidence Win
them
AS a rule the private banker and broker Is
| engaged in the buying and selling Of securities
While ne will accept deposits and pay interest.
he does not seek this business. His customers,
who arc investing in stocks and bonds. place
with him a sum OF money sufficient TO cover
their operations, and this he keeps and handles
for their best interest. At the same time, many
Of the private banking houses have been IN
business such length Of time, and have earned
such an excellent reputation for sOundneS5 and
stability that the confidence OF the public Is
placed with them almost to the same degree as
II would be In the case Of . regular corpora
ton
A PEW LOSSES.
In spite OF every prccaution the biggest and
most conservative financial institutions Of the
city have been made the victims in the past Of
dishonesty on the part OF some trusted en-
ploye Sums ranging from the thousands to the
hundreds of thousands have been embezzled
and msapproprated. Among the many cases
in the last few years may be recalled the loss
to the Harlem River Bank Of $4,000 by book
keeper: the defalcation of TAFT the paying tel
Ter Of the Chemical National Bank, and the later
affair Of a cashier OF that institution the large
b,, xba ChAo nd Loo Nafi
Bank through Seely the swindle perpetrated
upon the Mercantile National Bank by Quigley,
who got away with $4,000. and many other
cases which require no mention at this time
These instances are related for the purpose OF
calling attention to the great care which Is ex-
ercised at all times by New-York institutions
to prevent losses OF this nature. Considering
the losses which have occurred in other great
cities OF the United States, New-York may well
feel proud OF lis record in this direction
The year just closing has been notable for The
large importatfons OF gold from Europe The
movement which began In the early spring cul-
minated in a total OF $40 100000 Of the yellow
metal In the middle Of the summer another
movement started which resulted in an inward
flow of gold, which is still going on. The bal
ance in favor Of the United States with Europe
is yet Of such enormous proportions that when
ever a cry has been started by tirid ones ii
has been pointed out as safeguard against
any backsliding on the part OF the prosperity
which has been surely gaining heaiway with
each month since the war closed. Ffnanciers
recall the dark days Of 1894 when in J'sre OF
that year the drain upon the gold OF the United |
States had been steady and depicting that
a meeting was called Of New-York bankers to
decide upon some action for assisting the Gov /
eminent in stopping the failing Treasury sup |
ply. At an Informal meeting in the Clearing |
House many Of the leading bankers discussed |
the situation at length 1t pon cd out BY the |
president OF one OF the leading financial insti- !
tutions Of the metropolis that in his opinion !
rs per cent OF the manufacturing plants Of the |
country were hanging in the balance between !
solvency and Insolvency. The Treasury reserve !
was then down to sG5.0000C0 and il was argued |
that the NewYork banks should spare some Of
their boarded gold to help Uncle Sam. While !
this was not agreed to- the bankers all protest
cd their Willingness to help the Treasury by |
every means In their power.
Compare such period with the present one.
when gold is so plentiful that II Is handed over
the counter for the payrolls Of manufacturing
plants. To-day the advance wave Of prosperity
" hich was predicted two years ago has gained
a Roadway which is sweeping the nation on once
more to success and good times. The banks
have all the money they can handle, and dur
ing a great part OF the year the low rate OF
per cent was obtained for call money. and at no
time has II begun to show evidences Of reach
ing n figure where il could be considered high.
III der such influence there has been remark
able stimulus for spectators and investors to
buy stocks and bonds and securities OF all
,lasses. Wall Street can look back upon year
~ exceptional ADVANTAGES and opportunities
v Mich have resulted largely from the condition
II the money market. 1t has been easy 10 OBJ
ain large loans at easy rates of interest and
many have been induced to operate for this rea-
ION who might otherwise have been kept out Of
he field.
EFFECT OF THE WAR WITH SPAIN
The result Of the war has opened up new
erritory for American bankers to do business
lew-Y York has been among the first to Jump at
he chance, and in Santiago there is already
ranch OF one Of the metropolitan financial in
ttItions Inasmuch there is a def |
itely outlined policy Of foreign trade and Ma
iona expansion this foreign department of the
anking business is destined I'm time To be a ,
most important one. In times past the one ;
reat obstacle 10 American manufacturers do ! I
lg business In the countries Of South and Cen /
raj America. Cuba and Mexico has been the |