Under this head three
classes of institutions have to be considered — the Chartered Banks,
Savings Banks, and Trust and Loan Companies. Of the first named class
there are over a dozen in the city, the majority of them having their
headquarters in Toronto, and occupying large and beautiful buildings.
The Bank of British
North America, one of the oldest financial institutions doing business
in Canada, has .ts headquarters in London, England, with branches in
every city, and most of the larger towns throughout the Dominion. Its
Toronto office is on the north-east corner of Yon„e and Wellington
Streets, an imposing building which forms one of the prominent features
of the approach to the city from the wharf at which the lake steamers
arrive. The capital of the bank is £1.000,000 sterling, and the Toronto
Manager is Mr. William Gradlay.
The Bank of Montreal,
whose name is familiar in almost every country where the English
language is spoken, is the wealthiest and most influential bank in the
Dominion. It is in fact to Canada pretty much what the Bank of England
is to Great Britain. With the enormous subscribed capital of
$12,000,000, and a rest fund of $5,750,000, its influence m financial
and commercial circles is immense. Its headquarters are in Montreal. The
Toronto office—a substantial stone building on the north-west corner of
Front and Yonge Streets, opposite the Custom House—is managed by Mr. C.
The Bank of Toronto has
its headquarters a massive stone building on the north-west corner of
Wellington and Church Streets—one of the stateliest edifices in the
city. Its capital is $2,000,000, with a rest fund of $1,900,000. Mr.
George; Gooderham is its President, and Mr. D. Coulson Cashier. The Bank
of Toronto, by aiding legitimate enterprise, has contributed in a very
great degree to building up the commercial prosperity of the city whose
name it bears, and with whose interests it is so closely identified.
The Canadian Bank of
Commerce is another institution that has given substantial aid towards
the promotion of the commercial and industrial interests of the city. It
has a paid-up capital of £6,000,000, and a rest fund of $1,900,000. Its
president is the Hon. William McMaster, and its general manager, Mr. W.
N. Anderson. The offices of the Bank are at 59 Yonge Street.
The Central Bank is the
latest addition to the chartered banks of Toronto. It has been in
existence for over one year and occupies a fine new building on the east
side of Yonge Street, a few yards north of Wellington Street.
The beautiful new
building of the Dominion Bank, on the south-west corner of King and
Yonge Streets—the very centre of activity and bustle-is one of the
landmarks of the city, and is in keeping with the high reputation
enjoyed and the unbroken success achieved by the institution it
shelters. The Dominion Bank has a capital of $1,500,000, and a rest fund
of $850,000; its President is Mr. James Austin, and its Cashier Mr. R.
The Federal Bank, Nos.
17 and 19 Wellington Street West, is one of the younger banks of the
city, having commenced business in 1874. Its present capital is
$3,000,000, with a rest fund of $1,500,000. Mr. S. Nordheiiner is
President, and Mr. G. W. Yarker, formerly of the Bank of Montreal,
The Imperial Bank, on
the corner of Wellington Street and Exchange Alley, has a capital of
$1,500,000. It too has made a name and a standing by the liberal policy
it has pursued towards the business interests of the city under the
judicious management of the Cashier, Mr. D. R. Wilkie. Mr. H. S. Howland
is President of the institution.
The branch office of
the Merchants' Bank—which has its headquarters in Montreal—is on the
south side of Wellington. Street West, opposite Jordan Street; it is
managed by Mr. W. Cooke. This bank has a subscribed capital of
$5,798,330, with a rest fund of $1,150,000.
Bank—another branch of a Montreal bank—at present occupies offices at
No. 4G King Street West, but it is to be moved to the Arcade, now in
course of erection on the north side of King Street, in rear of the
Grand Opera House. This institution has a subscribed capital of
$2,000,000, with a rest fund of $500,000.
The Ontario Bank
Building is a beautiful structure of cut stone on the north-east corner
of Wellington and Scott Streets. The President of the bank is Sir W. P.
Howland, and Mr. C. Holland is its General Manager. Its capital s
$1,500,000, with a rest fund of $335,000.
The Toronto agency of
the Quebec Bank is housed under the same roof as the Bank of Toronto.
The former is one of the oldest financial institutions in Canada, having
been incorporated by Royal Charter in the year 1818. It has an
authorized capital of $3,000,000. Mr. J. Walker is Manager of the local
Bank—another institution closely identified with the commercial
interests of the city—at present has its offices at 46 Yonge Street, but
will shortly remove to the new stone-fronted building erected for its
accommodation on the north-west corner of Wellington and Jordan Streets.
Its capital is S2,000,000. President, Mr. W. J. Cowan ; Cashier, Mr. J.
In addition to the
Government and Post-office Savings Banks with offices respectively in
the Inland Revenue and Post-office buildings the city is amply provided
with institutions where the thriftily inclined ma\ make small deposits.
Of this class are the Home Savings and Loan Company (Limited), 70 Church
Street; the People's Loan and Deposit Co., 26 Adelaide Street East; the
Dominion Savings Bank, 429 Queen Street West; the Freehold Loan and
Savings Co., 54 Church Street; the Union Savings Bank, 30 Toronto
Street; the Western Canada Loan and Savings Co., 90 Church Street; and
the Farmers' Loan and Savings Co., 1 Toronto Street. Upon many of these
depositors may draw by cheque, as ;n regular banks.