The midland journal. (Rising Sun, Md.) 1885-1947, 1900-02-23
New York Banks.

'.There are four banks in New York
whose stock is selling for over $4,000 pei
share, par value $Ioo. The latest quota
ton for the stock of one bank is $4Ioo
There are six banks whose stock is quoted
between $500 and $1,000, and a score
whose stock is quoted at 100 per cent
above the par price, and score more
whose stock can be sold on the instant
anywhere from $3.50 to $500. These figures,
of course, show that the national banks
are making money, are expected to con.
tinue to make and reflect general con.
fidence in the perfection of the super
vision which the Clearing House estab-
fishes over its members.
''The premium which bank stock COM
mands here also again illustrates the
lowering of the standard rate of interest
for high-grade securities and for perman-
ent investment. For comparison with
the prices paid for bank stock with the
dividens and surplus makes it clear that
bank stock can be sold for sum that
represents anywhere from 3.25 to $40 per
cent permanent income. There is one
bank that pays an annual dividend of $50
per cent, and that has surplus of &c, 900,
600 and capital of $500, 600 Yet, on
the price stock commands. it gives to an
investor only about 3 Co."
Thus writes Holland" the special
correspondent of the Philadelphia Press.
and what he says can be safely taken as
reliable. These banks do not add one
cents worth of wealth to the country
over and above fair salary to the clerks
for keeping the books and attending to
the necessary routine business, and yet an
original investment of 500 is now worth
more than $4,000 in one instance. This
represents the immense toll that is taken
out of the wealth Of the country by Iua-
nipulating the peoples money. All these
immense taxes on the productive industry
of the country could be saved to producer
and consumer by the government estab-
fishing banks and performing this dispib-
uting and loaning of the peoples money
at the cost or clerk hire. Isn't it astound-
ing that people who claim to be free
agents and free men, will quietly submit
to be held up in this way and robbed, till
the robbers spoils amount to s. so every
year on every dollar they have invested
One of these New York financial bunco-
ing concerns draws into itsden SO much
money annually that share of its stock,
the face value of which is $Ioo, sells for
$1,000. A financial system which breeds
such plundering ofthe public as this is
monstrous to think of How long will it
take TO drain the whole wealth of the
country into these bottomless sinks at this
rate? At an under estimate there are
thirty millions of people depending on the
farm for their living-counting actual
farmers, their families, employees, other
laborers, mechanics, middle men, mer-
chants, teachers. etc., living from hand to
mouth, to use common phrase, that is,
spending all their income for very plain
living, many of them running behind,
dropping out of the life race exhausted,
giving up the struggle, waiting till bank
ruptcy gathers them in.
BY some process of legal alchemy the
wealth of these thirty and more million
industrious people is drawn away from
them, all but a mere remnant, and
emptied into such bottomless pits as those
above mentioned. Financial cupping
glasses. drawing $50 per cent per annum
for counting other peoples money and
1oaning wind Toiler, as you wipe the
sweat from your brow don't, you think
this is an outrage on you and your fellow
men? There is a remedy for the wrong
and you ought to search it out.