where a. trusted adviser, executor or: trustee has
boat-led into some speculation, and ahfamily,
accustomed all'their life to luxury, have been
Eft destitute" and ruined.“ This is indeed the 0.
most-rfre‘quent and serious danger of- having an
individual manage an estate; forthe‘man last
to be suspected is often the first to fall. _
:“A trust company, is always present; ituidoes
_ not change its residence; it cannot abscood; ’it
is never sick; itfiis never out ‘of‘town; it is rié'v‘er
iway on business; it never takes a vacation;
{t cannotdie'; it is. alwaysnready to act in dis-
charge of its obligations. It receives exactly
the same commissions as an individual, and
while this amounts to very little on each small
estate, yet by caring for a large number of es-
tates together the company brings to the man-
agement of each men of greater ability and ex-
perience than any individual who could be in—
duced to act for the small compensation to
which he would be entitled. In the trust com-
pany therefore an estate gets not only the
benefit of the judgment and experience of a.
number of men, instead of that of a single in-
dividual, but of men of greater ability; so, like-
wise, the trust company employs lawyers fore-
most in learning and ability for small compen-
Satlon from each estate, because of the vast
business the company has to give—men whom
an individual executor or trustee could not at-
ford to employ, . ‘
SURETY? FOR BONDSMEN.
‘TFurthermore, if an individual executor or
'trustee obtains. the bond which‘he has to give
:from a. surety company, instead of asking an
individual to become his ’bondsmau, which re—
sponsibility prudent men now hesitate to as-
sume, the cost thereof is an additional charge
'on the estate.
,“It is also a fact that if the individual execu-
-tor or trustee dies before his trust is completed
'Whoever is appointed as his successor is en-
- titled to another commission. So likewise if an
. estate amounts to $100,000 or more, each of the
gexecutors, if there are two or more, is entitled
to a full commission, whereas the trust com-
pany can never receive but one.
“The trust company, moreover, has its own
vaults in which to store the securities of an
estate, thus saving such estate from the danger
of having them burned or stolen, which might
happen if an individual kept them at home, and‘
saving the expense of keeping them with a safe
deposit company."
An article on trust companies would not be
complete without mention of the safe deposit
companies which are conducted in connection
with them. Of these there are eighteen in the
tate, of which seventeen are in the city of New-
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5', I, METROPOLITAN grioLIDAvrsurrnEMEN'r. .
York—thirteen in the Borough of Manhattan.
three in Brooklyn and‘one in Long Island‘City.
The combined capital of these companies , is
$3,283,300. They provide vaults and safes for
the storage of-all manner of valuables. Stock-s.
bonds and securities may be kept safely in lit-
tle safes, which rent from $5 a year upward. _
The storage of silver and other goods otlarg :-
bulk is also accomplished. ,' _; .x. .‘
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In speculation many a man paysT-Z'rlearly for one,“
perience. It is therefore fmuch KWiser."to¢pro-fit’
by the experience of others than to waste b0th7
time and money floundering in -a sea of unset?
tainty. While the average brokerjis 'far from“ :
being infallible, he is usually a man _of'lexp‘eri'—
ence, and his serVic‘es in -behalf of a client
should havemuch’value. _ , -
Amoug the well-known firms of New-York do-
ing strictly a commission business in buying and
selling speculative and investment securities on
orders only. C. II. Van Buren & Co. have long
‘sirabieto hold them.
been prominent. The house has‘had a connec-
tion with the Consolidated Exchange for a great
many years, and the senior member of the firm.
Mr. Van Buren, is at the present time a. mem-
ber ofthe Board of Governors of that institu-‘
tion. Hehas been conrected with Wall Street
affairs since 1878, and has passed through many
of the most interesting and critical periods in
the history of the Street, among which may be
recalled the Grant & Ward failure, the Marine
. . ' - _ " " ’ '-' I‘ , ; Bank failure and the many other financial wreck;
, A PROMI‘VE‘VT COHM-IS’SI‘QNJ-HQDSE‘; t‘“--Which f'olloeved in their wake.
in lSQO'jandjlast of all, the Venezuelan panic are
.to'be- included in this period.
The Baring panic
' C. H. Van Buren & Co. have their banking
connections with the Seaboard National Bank.
Where they'e‘njoy excellent credit, thus enabling
them to carry large lines of stocks for their
customers during periods when it is most (16
Small concerns without
capital or credit are not able to look after the
interests of their customers in this manner.
*This firm. with its experience extending over
twenty years, coupled with a. reputation for
honestyumd sincerity, stands foremost among
its many competitors.
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THE NATIONAL PARK BANK BUILDING.
Nos. 234-218 Broadway.
The stately building shownin the accompanying illustration 'is the home of the National
Park Bank, which is the leading financial institution of its kind in America.
it has maintained the largest aggregate deposits,
Its influence extends throughout every portion of the country. The con-
years
in the United States.
For a number of
resources and business of any bank
THE CHEMICAL NATIONAL BANK.
No. 270 Broadway.
0: the many important banking institutions of Greater New-York, none occupies a. more
conspicuous position in the world of finance than the Chemical National Bank, which stands
in Broadway facing City Hall Park. Strange as it may seem, the bank grew out of a com-
pany which was established to manufacture drugs and chemicals about seventy-five years ago.
As a bank it has developed in the course of its long and honorable career to be one of the
soundest and most reliable concerns in the country. It had been The Chemical Bank since
1844. and in 1865 became The Chemical National Bank. In order to do a banking business
the head of the drug company, John C. Morrison, was obliged to get the Legislature to amend
its charter. The first president of the bank Was P. B. Melic. It is related that for the first
twenty years of its career the bank had a hard struggle, and that it was not until 1844 that
‘ it began to loom up as one of the coming financial concerns of the great metropolis. Connected
with its management were Peter Goelet, Ogden Goelet, C. V. S. Roosevelt, John D. Wolfe,
Bradish Johnson, Robert L. Stuart, A. T. Stewart, , A. G. Hamersley, Judge 3’. I. Roosevelt,
Horace F. Clark, E. P. Davis, Joseph Sampson and Robert McCroskey.
When George G. Williams, the well-known financier, and now president of. the bank, first
became connected with it in 1841, the offices were at No. 216 Broadway, under the old Bar-_
- num Museum. It has conducted its business on the present site, No. 270 Broadway, for forty-
_ seven years, the number or clerks increasing in the mean time from eight to eighty-five. On
its books today will be found the names of the oldest and most respected of New-York families.
While The Chemical National Bank does not pay interest upon deposits, it is a. strong concern
with which to place funds for safekeom, and its liberality with its patrons in other directions
h widely known. The present cashier is Francis Halpin,_ who started to work for the bank
when sixteen years old. and who haspassed through every zrade to his present position. . . '
nections of the National Park Bank are not limited to this country alone. but extend to Can-
ada, Mexico and other foreign countries through numerous banking houses, who act as its
correspondents, and of which it is the New-York agent and depository. Its relations with com-
mercial, manufacturing and other corporate interests, as well as with bankers and capitalists,
furnish a volume of business unequalled in the history of finance. The charter of the bank
dates from 1856, when it was established at the corner of Beekman-st. and Theatre Ailey, on
the site now occupied by Temple Court. Reuben W. Hawes was the first president, and the
original capital of $2,000,030 has remained unchanged, while a surplus of more than $3,000,-
000 has been added. ,
In 1865 it became a National bank, and a year later the premises at Nos. 214—216 Broad-
way were purchased, upon which was erected the handsome structure which it has since
occupied. The'location is opposite St. Paul's Church, and a few doors below the Federal Build-
ing of the New-York General Postot‘fice. The bank occupies the entire lower iloors, while the
'Upper stories are divided into offices. which are occupied by prominent firms.
The large rotunda of the bank, on the first floor, is decorated in white and gold. and affords
ample working space for the force of 125 clerks employed in the bank, which is the largest force
in any bank in this city. The treasury vault is one of the strongest in the world, and it‘con;
tains from $10,000,000 to $15,000,000 in specie and currency notes. , Beneathvthe bankingoflices
is a great safe deposit vault, the entrance to which is through the bank. In safety and con;
venience this department compares with any in New-York, and scarcely one of the, hundreds
ofsafes is unrented. The character of the management is shown by the prominence and high
standing of the officers and Board of Directoraas follows: 7 President, Edward E. Poor; vice-
president, Richard Delafleld; vice-president, Stuyvesant Fish; cashier, George S. Hickock; as;
sistant cashier. Edward J. Baldwin. Directors—Joseph T. Moore, Stuyvesant Fish, George S.
Hart. Charles Sternbach, Charles Scribner, Edward C. Hoyt, Edward E. Poor? W. Rockhill'
Potts. August Belmont, Richard Delafleld, Francis R. Appleton, John Jacob Astor, George S.
Hickock. George Frederick Victor and Herman Oelrichs. ,' .
II
Norwalk Chronicler