New-York tribune., 1903-03-15
! SNOWY BANK BUILDING.
DOING BUSINESS on THE EAST SIDE
EoW ITALIAN "BANCAS" OPERATE.

Fronting Seward square, NIHii IL i"i'N-'
becoming the financial and business centre OF
the Jewish quarter on the East Side there Is
l,lilding the like of which, probably is 10 oe
rouud in no other city in the world 1t looks like
b skyscrapor because the surrounding build
inr:i are not particularly high. But such SKY
scraper,
If the Sultan of Morocco should ever take 1t
into his head to have q high building IN Alslers
il could be modelled after this new ana won
Grol!s East Side structure. The taste OF 'Iie
r,ost aesthetic Moor would not be offended. 1t is
q .,Iaring glittering monument to the banking
lousr of NJ & l.. Jarmuowsky, a miracle OF
white. enamel gold paint, Of Oriental balcohles
,f brass and it is surmounted by a dazzling
tower from which the flag of any Sultan might
fy with propriety.
\ Hebrew and dark eyed 1tallan from the
Mulberry Bend quarter sat on the railing OF 'he
CRY fountain at the nearest park corner anu
gazcd admringly at the wonderful new bank.
There amt no Dago bank that's half as fine
as that said the Hebrew.
No but you Yds amt got half so many
banks as We" retorted the other
There couldn't never be any run on that
hank declared the Hebrew. 1T looks too Sa1e.
rhay mightn't have cent, but as long as 'heS
don't get turned out Of the building tne peop'e
would never suspicion It.
Dealing with a class Of people to Whom eA'ei-
MI evidence of wealth and prosperity appear u
, surprising degree. the old banking mousse u
Jarmulowsky played master stroke IN putting
10 this amazing building. The boys or the
c,.arter recognize it, and they reflect the 1eellsS
- the fathers Many bank accounts nave
.,,need their homes since the palace OF
finance " as the owners call It, was opened
Hung in a most conspicuous place over 'ne
main entrance is the charter from the 1'ai'Aiiis
commissioner of the State of New-4ork' unoer
,1,ich the bank is now operating. 1t was only
with a struggle that the bankers kept from
labelling it with sign like this:
This charter cost whole hundred 'nouSahu
Gcllars."
They have to put up that amount of security
,,.,u the Ranking Commissioner is satisfied of
their solvency This puts them out of the ranks
,f the ordinary East Side banker. who worries
Tong without any sanction from the state or
any other power.
It was necessary move, made so by the
action of large banking houses in all parts oi
the city These have lately dlscoVereo 'l''
there is a profitable banking business among 'he
East Side merchants. Like those III other Pal %
Of the city, they will not go far to do banking
business consequently the banks have come "
th, m
Within tho last twelve months four large
h,,kinp houses and trust companies have eStab-
lis},pd East Side branches. These are the tffer-
son and Corn Exchange banks and the an
$orden and Mutual Alliance Trust conI'Ahies.
,,t week the Federal Bank OF New York began
fitting up handsome office rooms for branch at
Grand and Orchard SITS.
is a sort OF business 10
,hich these banks catering. The East Side
rl.rchant has been gradually educated into 90
a. a regular banking business. He has passed
she savings bank stage, where one has to go 10
III" bank with deposit book in hand in order
A. draw out funds. He wants a checking ac-
.,oant and no end Of drafts and foreign ex-
change 1t is a profitable buSint IS for the TANKS
and besides they carry 4 line Of special ac-
counts, which resemble savings deposits, and on
which they pay interest
ANY one who thinks that this legtimat te bank
thoriZed more or less irresponsible bankers is
ye-y much mistaken. They are bankers by the
grace Of having come over a steamer or two
ahead of the other fellow. 50 long as the other
fellow keeps coming over, so long Will the small
banker thrive
There are from three hundred and fifty to
four hundred Italian 'bancas' alone in New
York city though hardly dozen of them de-
serve. the name Of bank. Nearly half Of the
bankers are also padrones. with anywhere from
tr: To- several hundred unfortunate Workmen
under. their thumbs Only two three have
th. right to put State Banking Commission
in their windows.