Rensselaer Republican, Volume 27, Number 5, Rensselaer, Jasper County, 27 September 1894 — TOPICS OF THESE TIMES [ARTICLE]

TOPICS OF THESE TIMES

A FINANCIAL GIANT. The Chemical National Bank of New York is conceded by financial Authorities to be the most important financial institution in that city,and IS a natural consequence it outranks any other bank in the United States. The building in which this gigantic exchange does business is shabby and commonplace in the extreme, being simply an old fashioned city residence remodeled for the use of the Chemical Bank, The daily balance sheet of the Chemical shows that it does more business than all of the banks of cities of 200,000 inhabittan ts. For the week ending Aug. 11 its net deposits aggregated $34,300,000. The stock of the Chemical is comprised in 3,000 shares of SIOO each. Not one of these shares can be obtained for less than $4,500, and the dividends even at that excessive valuation are so satisfactory that shares seldom change hands. The capital stock is $300,000, as stated. Its surplus fun d, $6,000.000. Its deposits exceed $34,000,000. The Chemical is seventy years old; arid 7 its charter was obtained in 1824 to manufacture chemicals, with banking privileges. For forty years its stock has been above par and in active demand. The bank has had

but three presidents. George G. Williams is the present head of the institution. Mr; Williams has been connected with the bank since 1842 in various .capacities, is now over sevehty years of age. The Chemical secured a big block of the recent issue of Government bonds and paid for them in gold.