The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-10
.vr pRrrr ToWARDs GREAT BANKS.

The long holiday over tno fOuEtn seemed 10
t,yc Infused new life into operators and dis
."srJ them 20 increased activity Some effect
also proluccd by the dividend and interest
Environments Of the half year; though the
,,,rcy thus distributed cannot be counted
,,,ar ns Immediately available in Wall Street.
cn Il has to pass through an immense
,,L.rof hands before II finally gets back
a. ara II is paid out 10 tradesmen In settle
sor, Of hills. and In other ways Is used for
,c,iy and travelling expenses. SO that. only
.rer a round OF transfers does 1t fetch up
whore il started. Hence. call money was little
s,,r,cr than 1t has been, but. as tho prices OF
,ornrtie4 show. there Is plenty OF capital for
Investment AS we'll as for speculation.
The fnunra event Of the week which pos
,os... the greatest local Importance. Ia the
nurchasc, last Monday. by the National City
Rank II the Custom House in Wall street,
,,rmrrly tho Merchants Exchange. The price.
s32H5OUO il 10y far the highest ever paid for
. s,t, is any moneyed institution in this city.
.,l marks also the rise In the value OF real
ein the noghborhood. When tho build
INC was built by the old Merchants Exchange
I,rpany, sixty-fve years ago. II cost. with the
land. 81 100000, and could not earn enough to
ray interest upon the mortgage on it, Having
hrrn sold under foreclosure, q new company
was formed to take it at $1,000 900. but even
m this ,rduccd amount the net income was 80
unsatisfactory that contract was willingly
made with the Government by the proprietors.
IN pursuance Of which the Government ac-
ourrd the property in 1865 for 100000 In
erreuharks. equal to about S750.O0O In gold.
TIN. present sale. therefore. yields the Govern
nent a handsome profit.
Precisely how tho City Bank will utilize It's
new acquisition remains. necessarily, yet to be
determined. The Government will retain pos
s,.sion II the building until the now Custom
House t. be- erected on the Bowling Green
site Is ready for occupancy. which will be at
least two years hence. and probably more.
During the interval the bank officers will have
leisure 10 make and change their plans many
times They are reported as talking now as II
they intended to let the building stand as it is.
only Altering its interior to accom- modate their
business. but this Is not likely to he their lnal
decision Tall COLUMNS and thick walls are
very nice to look at. but nobody will pay rent
for them. and they take up an immense
amount Of valuable room. Besides this. the
building is only four or five stories high. and
will not bear additions safely. The whole
structure will. therefore. probably come down.
and he replaced by modern skyscraper. cost
ing s2OOO.UOO or Whereabouts.
Tho bank will thus ultimately find It.
self tho posscssor Of q S5.OO0.O00 real estate
L,,.,,,,nt and that TIA of3cers ore willing 70
,.r,,,,,t /, to Gu great an OUTLAY Indicates n
tUgerb c0nildence on their part in tho future
ostha,n.titution. At present. the banks own
cartal, surplus and undivided profits amount
. less than 100000 so that. allowing 1t to
rerelya 100000 for the premises it now oc-
clpies it will have locked up in real estate
fully AppO,O0O, or two-thirds OF the amount
Moss Th. honL II is true divides onIva ANAL
iu,rrIoss thase earninps amount to 81 600
onO n year, il would seem to he no moro than
rrudort "a nav for the new nurchose nv issuinp
81 600 OOO additional stocl and incraosinp tho
c,nital Of +ha hank from the nrosent nominal
81 600 GOO 10 81 OOO 600
Thare is NJ coursa the furthar exnodient ~
sailing one-hnN or mora Of the Custom House
Mot TO some other bank or 70 trust company
or to n svndic,te ~ real estote snacu,ators hut
fills wonld not be IN limo with thc snnnosed
roIicv of the nresent of7cers of tho hank Their
ambition. IL il generally believed is 10 securs
for the bank the foremost place among the
banks Of this city and to place it abreast of tho
great Government banks of Europe With this
end in view they have extended it's husinesa
until its deposits exceed 500 600 600 and its
1pnn only Lose thnp thata
d. .,,,ia,ior =, ~ ,lo. r, -, -.
:, a., ,o,t enn
,' '1 w. , W. nv !" ,,,,, y. 80
half of this sum- Among its depositors are
enrolled number OF the richest mon in the
community. aud OF the largest railroad and
other corporations. so That INC power 1t Yields
Is measure not only by the money 1t directly
controls. but by that which in case OF necessity
1t ran procure.
Independently. too. OF the special influences
when have promoted the growth OF the City
Bank. It has rroiited by the same tendency to-
ward aggregation and consolidation which has
Produced the existing great railroad ana In
uus'raI corporations and mammoth depart
meht stores. and which has even concentrated
The practice oil the law In a lew large offices
eIulip"d with crowds OF clerks stenographers.
VNeWrlt"rs and messengers or the 63 banks
COMPOSING the New York Clearing House there
are which have each working capital OF
over SoWo.OVo. and which In the aggregate do
nearly a. much business as the other % COM
h.hed. Ihey are these:
Bank. Ac'unl capital. Deposits. Loans
Natl CITY s5.74a,oo0 slla.l93.ooo 500, 1880. 900
Chemical d,Sldooo 2".7li,ooo 25.s67.OOo
ISl T.AH 1Ann ~