The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-19

taken by many of the state banks and the Second Banks
political opponents led downfall after President Jackson
withdrew the United States Government deposits in 1893.
In the years following another great volume of unsound
paper money was issued. This contributed the financial
depression known the "Panc Of 8373o the most
ious the country has experienced.
This period of great confusion In May nearly
half the banks closed their DOORS all suspended specie
payment and many resumed business which
swept the country brought failure thousands of for
mery prosperous firms.
Eorwere made both before and after this crisis build
sound foundation for the currency of the country.
Againin great panic brough disaster suffering and
In New York alone % failures recorded in the
latter half of the year.
Through all these trying times the City Bank because Of
past conservative policy stood like rock and continued
render the business interests quality of service which
laid the foundation further growth days.
The "City Bank" in the CiviIWar
AMERICAN finance owes debt to the Civil War. The
National Bank Act, which was the outgrowh Of hnan-
cling the war; finally gave the country sound, though in
elastic, currency.
No history of financing the Civil War would be COM
pete did mention the City Banks activities in those
critical hours In fact its presidentwas chairman of
mtee of patriotic group Of New York bankers who
Secretary Chase Immediately after the disastrous Battle Of
Bull Run and subscribed against which
eSecrearywas advised he could drawon the following day.
The Bank also took an part subsequent loans
After the passage Of the National Bank Act surrendered
its state charter the SYSTEM and thus
der Government supervision.
The history of its successful operation commercial
bank during the fifty years in which operated under the
National Bank Act is one of continuous progress.
In January ooo the Bank anticipating the need bet
ter banking facilities due the larger commercial and in
dusra development which forcsaw increased its capital
to ooo Later, in June, oo2, the capital was again
increased to So 100000
The great growth in the business of the country which
followed fully justified the wisdom of this action.
The money panic of 1907 again found the City Bank
we'll prepared for the financial of that year and the
Banks conservative policies again vndicated.
The great World War and the activities every bank in
this country in making its financing recent
dwell upon.
The National City Bank of New York has from the first
taken the lead in establishing branches in foreign countries
Starting with the branch Buenos Aires, which
opened in OLA, constantly widening system OF branches
has been built up, including the branches of the lnterna
tona Banking Corporation which The National City Bank
acquired in 1915 until today this single American bank
has than seventyve branches in all parts of the
world
In 1870 the capital of the bank increased to
900 and today there stockholders of The Ma
tiona City Bank in every in the Union.
As an aid to the growing and the maintenance of
its financial integrity, helpful contributor to the upbud-
ing of its transportation its industrial enterprises and COM
merca relations the City Bank through hearty cooper
alton and the liberal extension of conservative credit has