The free lance. (Fredericksburg, Va.) 1885-1926, 1899-12-30
Story Of an Immense Banking consoli-
dation In New York.

uaLl0n II new 1eTk'
The New York Journal says that
Secretary Gage is to become the head
Of a money trust "
when he leaves the United States
Treasury" says the Journal. he will
enter into relations which are intend.
ed TO eliminate In the establish ment
Of an institution which shall be as
nearly as possible to this country what
the bank Of England is TO Great Brit
ian.
THE scheme includes the consoli'
dation Of the National City Bank,
which has been so greately favored by
Secretary Gage the Hanover National
Bank. and a smaller bank whose iden-
ity is at present kept secret
This institution will be called the
National Bank Of the United States
and is intended to become the fiscal
agent Of the Government.
This is the secret Of the extremely
friendly relations which the Secretary
maintains with the Rockefellers. the
Havemeyers, j. Pierpont Morgan and
the other men OF millions who are in
terested in the City Bank
when the consolidation is affected
and Secretary Gage placed at the head
of the new bank these men figure that
they will be in position to rule the
finances Of the country, and practically
dictate the policy Of the United States
Treasury.
THE favors already shown by the
Administration to the National CITY
Bank would seem 10 show that their
trust of these trusts is not misplaced
The bank acted as receiver Of the
moneys paid to the Government by
the Pacific railroad The bank acted
as the representative Of the Govern
ment in the payment of the geo, 600. e
900 to Spain for the Philippine Islands
The bank has been the favored deposit
tory Of the Government funds. having
control Of one.flfth Of sll the Govern
ment moneys deposited in all the banks
Of the country. And as a final marked
favor. the bank has been designed by
Secretary Gage as the discussing agent
for the national internal revenue re.
ceipts, amounting to about $1,000 QUO
a day.
1t was to further the ends OF the
trusts that the bank brought the old
Oustomhouse building 1t will cost
50 900. 900 to remodel and furnish its
interior, and even more to build al
edifoe expressive Of the banks new
relation TO the business world
THE last sale Of the National City
Bank shares was OF g. 007 for 800
shares The book value. based upon
the actual surplus to be divided II the
bank we're 70 60 into liquidation. is
nearer $500. The difference between
that and 81 OO7 represents the value Of
the good will ard prospective earning
power.
Its foreign exchange business is an
example Of what its growth has been.
The banks handles for the Standard
Oil Trusts all the banking business
growing out Of its exports Of petroleum
amounting to 900. coo. OOO in II months'of
this year.
THE Hanover is controlled by the
same powers which control the Nation
al City. They are closely leagued and
one acts as feeder fol- the other.
1.-THE story Of the proposed consoli'
dation is denied by President Stillman,
of the National City. He calls it a
fairy tale.
when the Amalgamsted Copper
Company was established by the
Standard Oil men they also denied for
time that they intended to absorb all
the copper mines Of the country"