The citizen. (Frederick City, Md.) 1895-1923, 1899-12-29
Big Banking Scheme.
STORY OF AN IMMENSE
CGNSOuDATION MN
NEW YORK.
i IS Said Secretary Gage Is to
Head q Money Trust Form
81 From National City. Han
over and : Third Bank.

=
81 From National Cicy. Han
over and : Third Bank.
The New York Journal says
tia. Secretary Gage is 10 become
the head of "money trust
"Wlrl he leaves the United
States Treasury" says the jour
uaI lie viii enter into relations
which are intended 10 eliminate
in the establishment Of an inSti
tuition which shall he as nearly
as possible % this country what
the Baak OF England is TO Great
Britain.
The scheme includes the con
>olida;iou Of the National City
. Bank. which has been 50 greatly
favored by Secretary Gage: the
Hanover National Bank. aud a
smaller bank whose identity is at
present kept a secret
This institution will bc called
the National Bank of the United
/ States and i intended 20 become
The fiscal agent OF the govern
Wcnt
This i the secret of the ex.
iremelN friendly relations which
;l,v Secretary maintains with the
Rock .rllvrs. he Iiavemeyefs. J.
Pi,rpou1 Morgan and the other
men OF millions who are interest.
ed in the city Bank
"When the consolidation is ef
frcted and Secretary Gage placed
ar the head Of the new bank
these meu figure thar they will
be in position to rule the finan
ceS # the country and practically
dictate he policy Of the United
States Treasury.
The favorS already shawn by
the administration 10 the Nat
ional Cry Bank would seem to
show that their trust Of these
trusts is hot misplaced. Tie
bank acted as a receiver OF the
moneys paid 10 the government
by the Pacific railroads. The
bank acted as the representative
OF he government in the payment
Of the $50, 000,0 900 to Spain for
the Philippine Islands. The
bank has been the favored nat
i"nal Depository Of government,
funds. having control Of oar li,tn
OF all the government moneys de-
reNi;ed Ill all The banks Of the
roUntrr. Aud as ii final marked
favor. toe bank has been design
ed by Secretary Gage as the dis
huisiHe agent for the national
internal revenue receiptS.
amounting 10 about 81 1000. coo a
day.
"l' was 10 further the ends of
hr trn>'S hat the bank bought
the "ld Cnstom-houSe building.
II will cost 5000. 600 10 remodel
ani icfarni>i its interior. and
even more 70 build an editice ex
H. I've ot Inc banks new rela.
ton 10 the business world.
The last sale Of National City
Bank >hares was at S2.O07 for a
SEQ share. The book value
based upon he actual surplus TO
he divided if the bank were to 90
into liquidation, is nearer $500.
The difference between that and
the 5000 represents the value of
the good will and prospective
earning power.
"ltS foreign exchange business
Is an example Of what its growth
has been. The bank handles for
tie Standard Oil Trust all the
banking business growing out of
Its exports OF petroleum. amount
ing to $1,000, 900 in IL months
OF tins year.
1.-The Hanover is controlled by
the same powers which control
the National City. They are
closely leagued and one acts as a
feeder for the other.
''The story of the proposed con-
solidation is denied by President
Stlllman, of the National CITY
He calls it fairy tale.
"When the Amalgamated Con.
per Company was established by
the Standard Oil men they also
denied for time that they in
tended to absorb all the conner
mines of the country"