Y Y VV‘Y’V'W‘" ' V W‘mem Y‘VVV VTV—TVYY WWWWY'V'VT 8; ¥ .— ‘ISAVINGS BANKS. IMMENSE HOLDINGS OF THESE TIME-HON- VORED INSTITUTIONS—THE DECREASE- IN THE RATE-OF INTEREST.- - Among the institutions of New-York which .have been establishedupon a sound and sub V; stantial basis none represent? more to the peo- ple at‘large or are a more potent factor to their well-being than the savings banks. =In "this re‘ spect the city may be deemed especially fortu- nate. There is probably nothing which tends more to the general development of a com- munity than the qualities -of thrift- and saving, and nothing is more calculated to induce these qualities than the knowledge of security. The man of small means has learned to place faith in the savings _banks, and the assurance that his money is secure and at the same time draw- ing interest is a strong incentive to save. Shortly before the election of 1896 the fear of the success of the free-silver candidate in- duced many persons to Withdraw their deposits from the banks. This, however, was only tem- porary, and the election of a Republican Presi— dent soon saw a favorable reaction. _Money which had been withdrawn found its way back again, and confidence was restored. In 1897 there was a gratifying increase noticeable in the prosperity of these institutions. On Janu— ary 1, 1898, there were 131 savings banks in the .State of New-York, including two that Were new, the Washington Savings Bank, of New-York, and the Greater New—York Savings Bank, of Brooklyn. wThe Borough of Manhattan had twenty—four and the Borough of Brooklyn fourteen savings banks. The total amount due depositors by savings banks in the State on January 1, 1898, was $766,684,916 15, a gain during the year of $48,508,027 64, or $22,085,673 more than was gained in the preceding year. On the same date the aggregate resources w... ‘$869,751,241 02, ,the surplus .was $102,; 426,162.38, and the number of " open accounts 1.805.280. representing gains .since 1897. of siderably more than threefold, and in. open ac- counts more~than60 per cent. On January 1, over $100,000,000 of United States bonds, or nearly an, eighth of the entire public debt, and they arethe property of the savings bank de- positors. Some ofthe greatest benefits of these institutions, therefore, would seem to be that each depositor must eventually realize that he is a constituent factor in the State, that to be a capitalist is not necessarily criminal, that pub~ llc debts involve a sacred obligation, and that the comparatively poor, as well as the rich, need that the monetary system of the country .shall be equal to the best in the world. The buildings occupied by the savings banks are among the ornaments of the city. It is fre— quently held that dormant accounts pay for costly bank buildings. .As.a matter of fact, however, the estimated value of all the savings bank buildings in the State is over“ $11,000,000, or almost eight times the amount of the dor- mant accounts.~ A large percentage of these buildings areoccupied only in part by the banks owning them, and in most cases they yield an income in rentals, etc. , The entire cost of the management of the 131 savings banks in the State for the year 1897 was $2,445,067 49. This is only $2 81 for each $1,000 of their resources, or slightly more than one quarter of 1 per cent, and‘is a considerable reduction from the percentage of 1896, at that time thought to be vcreditably small. The rate of interest has recently been reduced to 31,5 per cent by some banks. J .-'-. a . K‘" #. . V4121§ ii iii LOUIS F. PAYN. $57,577,611 65 in resources, of $8,772,924 97 in , surplus, and of 68,312 in th’ejnumbe‘r of ac} ‘ counts. The gain in resources "wasalmosttwice as much in 1897 as in 1896,..in' surplus con- » 1898, the savings banks of Neerork carried . ' V THE-LTSTOCK" EXCHANGE. RETURNING PROSPERITY 'REFLECTED IN THE LARGE AND SATISFACTORY OPERATIONS 0F 1898. , m— WEALTH or cacnsusIs wrrnm THE GRASP or moSnwno CAN. sonvn ITS .nrsrniuns— run SALE onsiomomo ornnonns IN A'SIN— GLn DAY BREAKS THE Redcap—ma . roar OF run EXCHANGE AND « ’ THE INFLUENCES WHICH .1 HAVE MADE rr A. POW— ER IN THE REALM. OF FINANCE. . Standing on the weSt side of Broad-st, a few the many towering structures which have been built within the last few years, is the New-York Stock Exchange, within the four walls of which each day is transacted a business of huge pro- portions and of world-wide importance. In the realm of finance its name is the mightiest on the Western Continent. Enormous-fortunes have been made and lost upon its "floor. Closely con- nected with it are _men who have become famed from the Atlantic to the Pacific, and from the Great Lakes to the Gulf of Mexico. Looking back over a long and remarkable career of 106 years, it has passed through epoch-marking periods of the Nation’s existence, and wrapped up in its history are scenes and events which [are mentioned only, with whispered expressions of awe and wonder. . The wealth 'of Croesus is within the grasp of those who can solve its mysteries. The strife for gain has found here a field which has given opportunity for consummate skill, courage and generalship. In its wake will be found the wreck of many a boasted“career. From its suc- cesses men have‘ grown to- political power and commercial supremacy. No one institution so thoroughly reflects the prosperity of the country at large. The upward and downward trend of prices for stocks and bonds is the straw showing-the drift of popu- lar sentiment. When times are good and there , is plenty of ‘money in circulation. and when crops have been large, causing increased rail-‘ road earnings and general business confidence, then the market is buoyant and advancing, On the other hand, the moment commercial condi- / a ’ // l/ I' ~ known. as a fiesta!” dominafies: ‘dOors below Wall-st.,-in the shadows cast by tions become unsettled? then speculators and id- _ vectors grow timid.” Confidence wanesandtho . stock market .comes. under what; is technicalm ACTIVITY on. YCHANGE... . ' So tar as 'theg'dealings'in stocks, bonds and other ' securities are concerned. ' the 'year' 1898' will long be remembered as‘bné of the most suc- _ cessifu'l and ‘sati's‘factory'in the'history'oftho last fifteen years. From the" beginning 'o'ftho year there (has, been Aan advancing ‘tenzdeliéy. _ which has carried everything before it. i'O’pera; tions on the floor of the. Exchange have't‘been’ on a most liberal and-lavish scale. Thedfifiihiig. as well as the professional operator, havejjoined hands in making the season’s business a banner one. Brokers and commission men, who, since the panic of 1893, have been waiting'for the re-‘ viva], are once more Wearing smiles of content- m‘ent. It has begun to look like the good old times famed in song and story. As an'evidcnce of the prosperous times for brokers, it may be mentioned that certificates of membership havo been sold during the fall for as high as $28,000, which is the highest figure reached in the last . fifteen years. Next may be recalledflthe unpre- cedented sale of stocks and bonds. Time was when 100,000 shares a day was considered a fair business. During the twelve months just finishing it would be considered dull indeed if 300,000 and 400,000 shares were not trafficked in daily, ‘while on banner occasions the, sales have mounted to 800,000 and 900,000. The sale of $10,000,000 of bonds created a new record for any one day, and this happened only within I. month or so. Under such conditions it is small wonder that the 'Wall Street 'district has taken on ‘a new lease of life. Of all the New-York exchanges, the Stock' Exchange is the most important.- It is tho leader of the local institutions, and from all points of the civilized world the eyes of finan- ciers are directed toward it. Its Operation. from hour to hour of the day are ticked to tho centres of commerce and finance, North, South. East and West. This in no way is intended th detract from the reputation of the Produce Ex- change, the Consolidated Exchange, the Cotton and Coffee exchanges, and the minor institu-y tions which have been organized along lines (I a similar character. ‘ Each of these institutionh is unto itself and its members of an importana which there is no' denying. Each operates in I field distinct and set apart by itself. To tho grain train the Produce Exchange is a solid .,I . I, ,z ‘r/ x .1,” Louis F. Payn was born in Ghent, Columbia County, January 27, 1835. He has always lived in this county, his present home being at Chatham Four Corners, From an early age he took an active interest in politics, and by the time he was twenty-one he had been appointed a deputy sheriff in the town where he lived. From that day to this he has grown in impor- tance as a figure in State politics, until at the present time he holds the responsible position of Superintendent of the Department of Insurance. In insurance circles it is generally conceded that he has made one of the strongest Superintendents the Department has ever had. Mr. Payn was the first man to suggest the nomination of Frank S. Black for Governor in the Republican Convention of 1896. Two years before he had, by controlling the vote of Colum-y bia. County, secured the nomination and election of Mr. Black to Congress. Roscoe Conkling is credited with having said that Louis F. Payn was the best practical pol- itician in the State of New—York. It would certainly appear that he deserves this reputation, for his long public life bears witness to the success he has attained with his party and its lead- ers. When Reuben E. Fenton was Governor of the State, Mr. Payn attached himself to his service, and was refivarded by the appointment to the place of Harbor Master of New-York. This was his first important office. In 1876 Mr. Payn went over to the forces of Roscoe Conk- ling, and ardently supported him for President. Senator Conkling afterward secured the votes of Democratic Senators to confirm Mr. Payn's nomination by President Grant as United States Marshal for the Southern District of the State. In 1880 Mr. Payn joined hands with Thomas C. Platt, and was instrumental in securing the latter’s election to the United States Senate iin 1881. At Albany Mr. Payn has enjoyed a. remarkable popularity. His success in engineering the candidacy of Governor Black is considered one of the cleverest' achieve- ments of his public career. COLONEL CHARLES F. JAMES. Colonel ‘Charles F. James, who has succeeded Ellis H. Roberts as president of the Franklin National Bank, has long been prominent in New-York financial and business circles. He wq born in Hamilton, Madison County, N. Y., on July 12, 1856, his father being Thomas L. Jamc‘ formerly Postmaster of New-York City and Postmaster-General, who is now president of th Lincoln National Bank, of New-York. . ' Colonel James entered the New—York College in 1873, but left it in his junior year to attain! Madison University, from which he was graduated in 1876. He received later the degrees :1 A. M. and Ph. D. In 1879 the degree of LL. B. was conferred upon him by Columbia Collcgg and upon his admission to the bar he was appointed counsel to the Commissioners of burnt (ration of New-York State. _ ' ' Under Attorney-General Wayne MacVeash he held the place of Assistant District-Attornq for the Southern District, and later became Assistant Corporation Counsel to Messrs. Andre“ and Lacombe. - « When the former went upon the Supreme Court bench Mr. James associated himself with General G. E. P. Howard. He subsequently withdrew and went South as assistant to the preg- ident of an East Tennessee land company. Upon his return to New—York he undertook the formation and organization of the Frankhn National Bank, of which he is now president. In is a member of the firm of Dittenhoefer, Gerber & James, and is counsel for many prominent corporations. Colonel James is president of the St. David’s Societyand a member of the Union League Club. Atlantic Yacht Club. American Geog-39mm Society 7; and the Phi Gamma Delta fraternity. ’ M .. q ' . '\.
Norwalk Chronicler