The Boise citizen. (Boise, Idaho) 1906-1910, 1907-11-08
BANKS OF new YORK
u.vy CONTROLLED BY GREAT INTERESTS FOR
''' PURPOSES OF SPECULATION

in the
L ,,rn to safe and business principles IS becoming
step II - observer of events That the largest banking IN
= the metropolis following in the tooePS OF tne Dans
nb tbe London bankers whose failure PreSaged 'e PAM
200 n fact pointed by writer IN the November "o
& We oive herewith extract from the article IN queSuon
WolN e., the hanks Of New York have departed from the
t nah of legitimate banking into the broad domain
Of speculation: - c4;,or is president
M hooest and most powerful bank IN the country ne - a
o+entiarv in the strongest group OF banks "eh nc O
- president of the National City Bank, 1t had caPla u ~
1ore now it has capital of twenty-five millions In to'e
- had deposits of about twenty Millions now 1t mas uP"dIu -
ooo Of individual deposits Then stood alone now
be head of a banking olgarcy embracing IN all le
- +,+e hanks and at least six trust companies
FOLLOWING Barring BROTHERS.
u,rt whole system if one may call it So IS operated on "d'
MIGHT be called "the Stlman idea 1t IS Oankl"s "e
Ht # that commercial bank may depart widely Nol " P
~ f commerce and lend itself largely to the uses OF Tic P
+er the fnancier and the stock gambler Ltte 9
- - bond tre province of the bank 1t may properly discount
commercial paper promote huge copper corolu@l' 49,
mining deal or trade bonds and stocks IN almost any Wa"
% wears AGO this same heresy crep into the banking
business in ENGLAND At that time the firm OF Barring broeis was
perhaps the largest single commercial bank IN Elga"u
l,It I'm v generations conservative business SIo" S'
tain When Lord Revestoke inherited its command "e was
mated bv the glitter the glory Of promotion he Sd"
tunes made in South Africa, in the financing OF mug I +
all other forms of financial promotion Deliberately lF 49,
~ f his house from the hardtled fields OF commerce 10 '
rich fields of exploitation 8 +h
For ten wears wind blew fair By 1890 the firm was one Oh t
largest dealers in securities and was loaded 10 TIC ~
e scrin that represented the development and eNPIol
Aertina Ren,hc among other of the same sort
came the tempest suddenly. To the utter anlazerel anu H.
ing Of the financial world Barring BortherS huig u II;
es Help came and the firm struggled on uhde O8'e
tessed and crippled ~ rras,rne
~ lesson 81 the Barring catastrophe not one may PesuS
lost ,non Mr. Slnan the new president of the Natona S
Yet with his eyes wide open, he deliberately cHose ~ ~
course similar to the that had resulted III 'n So u
Only he watched codded and guarded his bank WIN "
;I - I1 s+en in its progress was guided by his ha"'
His oenirs his marvellous intuition his wonderful
been at all times at the call his bank Therefore thus I
takes have been few profits been large and oals
more and more concentred at the desk OF 1 MI
APOSTLE OF CONCENIRAllON.
IL :; :; 4+b the First Apostle of Concentration When
was horn into the banking world each bank was SePa
The National Bank had stipulated that eacn f Il
have one place of business and the snPe-nlluu 1;e
system had taken that to mean that branch banks We
~ 1;t, The new president of the National CITY, no"e.
was adreamer Of practical dreams. He began to Po'
miiondollar bank the conqueror the erle d 70 hi
+ was time when trusts were in the making he Po
self banking trust but he could not make the picture "
scheme established the law. Therefore Ie e =
nail, that should rim through the law yet not uai9s
found that path and follows it today carefully b ,n
"Trs+ead Of establishing branch national banks IT,
the law there has been created system OF dePenqe@e vs. r
the interests that centre the National Ily Dam Lila
n41 90 orotter hank there they have merely hn'ue " -,
and exchanged directors; here, again. the ue " 1,, "
and intangible The Hanover National BANK 90 I pcefe
the Stlman policies, and Messrs ohIlan anu - 80 70 spe
are directors Of It 1t is the left arm OF the 9y = o,r
Mr. stiman director eleven banks and SIN !" O''
in New York City. =, t.e means has
Of course the process OF consolidation ly D Moroan
h n6ned 70 Mr. Stilman's banks, Mr., j. r W So
been eorned "a has not Jagged behind For years
- ,;zed as the real dominant influence III u ' -;
Commerce and has had a working alliance "i '1 Tbese
Bank Of which Mr.. Geo F. Baker IS tne p 49, consisting
banks na stand 4, hsu rs Fnp and eight trust not to BE
sumed that they closely related aS az -