iately upon notice, if financial exigencies require it.
This vast volume of what may well be styled fluid wealth is difficult of
estimate in figures. The published statements of loans made by city
banks make no distinction between discounts of commercial paper and what
is advanced on securities. In sum total, the thirty banks lend weekly
about $165,000,000. Indeed, including all New York banks, the average is
nearly $255,000,000. During the week ending September 18, 1868, these
banks lent $266,496,024. The real meaning of these last figures will be
better understood when it is known that they exceed the entire average
loans and discounts of all the national banks of New England and New York
State, with the exception, of course, of the city itself. Or, to take a
more sweeping view, they surpass the total weekly loans of national banks
in Maryland, Virginia, North Carolina, South Carolina, West Virginia,
Georgia, Alabama, Texas, Arkansas, Kentucky, Tennessee, Ohio, Nebraska,
Kansas, Missouri, Minnesota, Iowa, Wisconsin, Illinois, Michigan,
Indiana, Delaware, and New Jersey. Nigh $180,000,000 of the amount cited
above were advanced by the down-town banks. What proportion of this was
lent on stocks? Probably much over one-third. As many of the other
banks also make call loans, we may, perhaps, estimate that from
$70,000,000 to $100,000,000 are furnished daily to the brokers and
operators of New York.

[Picture: THE PARK BANK, BROADWAY.]

"This, however, is but one element in the lending force of the city.
There are five Trust Companies, with capitals amounting in the aggregate
to $5,500,000, which lend, at times, $60,000,000 a week. There are also
a large number of private banking houses, of which Jay Cooke & Co. may be
selected as representatives, that daily loan vast sums of money on
security. The foreign houses alone, which, like Belmont & Co., Brown
Brothers, Drexel, Winthrop & Co., operate in Wall street, employ not much
less than $200,000,000 of capital."

VII. STOCK GAMBLING.

In the good old days gone by Wall street did business on principles very
different from those which prevail there now. Then there was a holy
horror in all hearts of speculation. Irresponsible men might indulge in
it, and so incur the censure of the more respectable, but established
houses confined themselves to a legitimate and regular business. They
bought and sold on commission, and were satisfied w