The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1915-05-04
ACENTURY OF BANKING
FOUNDING OF THE NATIONAL CITY BANK OF new YORK

l 80 Soeu'y tut tlIues was INTENSELY dkt-
tated. and Its progress halted, by the so.
called free-silver movement. but after
! the country was firmly established upon
gold basis the greatest period Of IN.
dustrial expansion in the history Of the
nation began. Tho bank under the
leadership Of Mr.. stillmsn. and with Is
successful career Of nearly 100 years De-
hind 1t. was in position to serve the needs
OF the new era. Larger and more
economical industrial orga nizations called
Tor larger and more efficient banking or
ganizations. and the capital OF the Ma
tional City Bank was raised In January.
1900 to $10,OO0.OOO, and In June. 1902. to
| $21.tS.0OO. and when Mr. StillmAn re-
tired from the presidency in 1900 the SUR
plus and undivided profits stood at
SO. 03S. OOO
The large resources OF the bank were
| especially serviCeable to the country dur.
ing the banking panic Of 1897. Owing t"
the lack Of organization in our banking
| system and OF elasticity in the currency
| supply. the most effective means OF Ie-
! lief in the emergency was by the impor-
| tation of gold. and the bank led in this
\ movement.
! Mr.. Stillman resigned the presidency IN
1909 but retained and still holds the
! Craftsmanship of the board OF directors
He was succeeded. as president. by Frank
| A. Fanderlip. the present incumbent.
| The efforts of the management in re-
cent years have been theoretically di-
! rected toward broadening and perfecting
the service Of the institution for the ac-
| commodation of all of the rapidly ex-
panding business interests OF the United
| States. The volume Of business handled
| by the bank has grown at an increasing
rate until all banking records for an
| institution without branches In Its own
| country have been surpassed At the
date Of the last statement called for BY
the Comptroller of the Currency. March
4. 1915, the capital was S25oOO.O0; sur
plus and undivided profits, sS5.Sls.S 9J; de-
posits, SIS, i65. S93.
Branchss In Foreign Countries.
Under the Federal reserve act. author
| ity Is granted for members OF the ma
tional banking system to establish
| branches in foreign countries. In anticl-
| patton Of some such provision the bank
had made careful inquiry itno the ad-
visibility OF such action. and reached the
conclusion that the time had arrived for
more Systematic efforts to develop the
export trade of this country. and that
foreign branches Of American banks
| would be effective agency to this
| end. Accordingly. a branch establish
| ment was Immediately opened in Buenos
Ayres. and this action has since been fol-
lowed by the location of branches in Rio
de Janeiro and Santos. while others are
contemplated.
Through the medium Of these branches
the bank will be able to afford new ia
cilties to American houses trading
abroad. A foreign trade department has
been esta blished in the bank. with repre-
sentatives attached to each of the branch
| banks, their duties being to make
study of trade opportunities and condi-
tons, and to transmit the information ~
gathered to the foreign trade department.
for dissemination among merchants and
manufacturers of this country. In fun
therance of this policy monthly maya
zine, The Americas. Is published.
The City Banks Career.
The City Banks career is closely idcn-
titled with the history and progress of the
City of New York and the United States.
Its growth has been an integral part OF
their growth. Its success has been meas
ured and determined by the ability of
the management TO judge OF and serve
the needs OF their business life. Great
changes have come over the country
since the day when that group OF men.
honored in the annals of New York. re-
ceived the original charter. Since then
the institution has been guided by many
hands and passed through many grave
and trying periods in the nations HE.
1t is privilege to be able to say OF
! the long line Of officers and directors, all
but a few of whom arc beyond the reacn
OF any commentator that can he Offered
now. that the names and pledges of the
founders have never been dishonored
The City Bank has been faithful to the
trusts reposed in it during these years.
and in every crisis that has visited the
country has been reservoir OF strength
not only to it's patrons. but to the COM
munity and to the government.