Hide Article Text (OCR)
THE SUNDAY HERALD. SUNDAY. MARCH 15. 1891.A NOTABLE INSTITUTION.ROMKTHINQ A ROUT THE CAPITAL TRUST COMPANY.if OfTflw spO'iuiilt;i Inducements «n in* von tor • and Ita Affair* Art* In f tic* Hands of Kxperiencetl and Successful Men— Some of fl»*' Leading Gentlemen In the Enterprise.The accompanying cut furnish** on n crura to representation of the handsome building, corner of Third street and Pennsylvania avenue east, the new home of the Capital Trust Company. It. Is here they have removed from their former and temporary quarter* a few doors below on Pennsylvania avenue, and are now well established In large, roomy offices, lioth public and private, which are fitted up with the latest and nest of modern hank furniture. The doors and windows are furnished with heavy Irons, which impress one Immediately with tkelr strength And the security of the valuable contents within. In the largest ofttcc, where most of the business will be transacted, a massive and Imposing counter of carved wood, surmounted by a beautiful brass screen, Incloses the busy officers and clerks. The walls are waltiscoated, while the celling Is composed of Iron artistically painted and gilded. In the other room the furnishing has been carried on throughout with regard to comfort and beauty. Especially In the directors’ room I* this Idea carried out, and It Is a model of the conventional banking house of the present day.The Capital Trust Company, Incorporated September 37, 1890, with an authorized capital of $1.IKK),000, divided Into 100,000 shares at $10 each, Is already a well-established and successful concern. The charter permits thorn to engage in all lines of business usually pursued by companies of this class, namely: To buy, sell, or otherwise negotiate notes or other obligations, secured by real estate or other good se curity; to receive money on deposit and allow Interest thereon at such rates as may bo determined; to buy and sell real estate, to mortgage, lease, improve, and In any otherwise deal with the same. From the scope of these operations It requires no argument, to convince careful investors of the desirability of tbeir stock. The field occupied by them is a growing and prosperous one, and offers special facilities for successful negotiation in any of the lines in which they are authorized to transact business. In real estate notes and other securities they are now prepared to buy notes secured by first mortgages or other good secured paper. With the current receipt of money paid In by monthly installments of the stockholders the board of directors are at all times prepared to take advantage of the active call for capital, particularly iu the section of Hhe city where their office is located, and thus avail themselves of good opportunities to enhance the business and profits of the company. They can also aid parties who conduct large building operations by placing tuem In the position to realize on their investments in a manner mutually advantageous to themselves and to the company.The board of directors pledge their personal examination of all securities offered for loans, thus insuring the absolute safety of all investments made.The company will receive money upon deposit payable by check on demand, interest will also be allowed on same at such rates us may be agreed upon.This feature of their business occupies a field entirely distinct from the national or savings banks. They will not receive active business accounts. In most cities there is a great deal of money so conditioned as to preclude the holders of it from getting It Into active operation. The facilities offered by such coinpanics as the Capital Trust Company secure a means by which this money may be made profitable to its holders by enabling them to deposit the same with these companies and to receive a fixed rate of interest on the same, yet permitting to them the control of it by allowing its withdrawal at any time. The Capital Trust Company encourage parties desiring to save a small amount from their current receipts by receiving any amount that may be deposited in current account and allowing an average interest thereon. The buying and selling of real estate; to mortgage, lease, or improve property is a branch of their business possessing many advantages that may profitably engage their attention.In the active real estate transactions, incident to the rapid growth of the city, and especially the eastern section, opportunities often arise for profitable purchase of Improved or unimproved property, and the Improvement of the latter class by the erection thereon of houses that can l)e profitably disposed of, and makes a field for an investment of a portion of the capital of the company that commends itself to the attention of the board of directors uud will receive their most earnest consideration.They are also prepared to attend to the management of the properties of non-residents, or those so sit uated as to prevent thern giving their personal attention to the numerous details incident to its care and management.With the assistance of a corps of competent assistants they are enabled to successfully conduct all business of this character intrusted to them.These general suggestions are but outlines of the many ways In which the business of the company can be successfully conducted. With a board of directors composed of men of known business Integrity and ability, with a field of operation unlimited in its extent, and with the promise of a personal attention to all matters committed to their management, they confidently expect generous patronage uud support.Any Information will be cheerfully furnished ami subscriptions for stock received by the officers of the compauy or any member of the board of directors The following board of directors Ib in itself a guarantee of the iutegrity and financial standing of the new' company. They are all well-known capitalists, who have for a number of years been identified with the commercial and other interests of the District and country at large: James L. Barbour, John 11. Buscber, John Cammack, William I. Campbell, Albert Carry, Aaron 8. Cay wood, Charles CUrietitui, Allen G. Clark, Appleton P. Clark, Jr., William U. Crosby, James Fraser, Andrew Frey, William A. Gordon, Kdwaid B. Hughes, Thomas J. King, Henry A. Linger, A. M. McLachteu, John McGregor, T. E. Hoessle,John H. Kothert, Henry K. Simpson, John G. 8later, aud Asa Whitehead.CAPITAL TRUST COMPANY BUILDING.MR. JOHN G. SLATER.Conspicuous among those clever men whose enterprise and tireless efforts have been instrumental in placing the commercial, real estate, aud linaucial interests of the District upon their present prosperous aud substantial basis stands Mr. John G. Slater, the President of the Capital Trust Company, of East Washington. The career of Mr. Hlaterhas beau one marked by ludefatigable energy aud a fixed detetunuinution to succeed, and these efforts have beeu crowned with a success such as seldom rewards the enterprise of any man.It is not easy to over-estimate the influence for good that may be exercised by men of this stamp. Without their energy, t heir shrewdness, and their geuius for organizing many large cities which origiually possessed few if auy nutural advantages would still be straggling, struggling, poor, and unattractive villages. The ordinary man is so much taken up with aud engrossed iu his own immediate private affairs and so jealous of giving either his timeor his money to projects or enterprises that do not at the first glance show clear and unmistakable indications of becoming promptly profitable that he cuutrihutea nothing to the general good of the community iu which he resides. The type of men who are large minded enough to 6ee wherein the promotion of the general good will in the end redound to their private benefit are those who are of the greatest vulue to s community. Aud to this type Mr. Slater emphatically belong*.Mr. Bister was horn in New Kent County, Vu.,in June, 184th When an infant of some twelve mouths his parents removed with him to Kichuiond, in which city he passed the usual uusveniful period of childhood until the age of Ilf tee ti. At this time the alarms and excitement* of the Civil War were agitating the land, and, filled with boyish visions of the warlike glory and heroic deeds, young John determined to enter the service of the Confederate army. To this project he found his parents strenuouslyopposed, both on account of hie youth and their desire that he 6hould complete his education. For some time he submitted to the objections, but did not abandon hie dreams of gaining renown on the field of battle. At last, uuable to further restrain his ambitions, he quietly began his preparations for leaving home. Secretly arranging what few articles of apparel he deemed necessary to the alight comfort* of camp life aud future campaign*, he left his father'* house one dark evening, unknown to auy of his immediate family, and, repairing to the headquarters of a regiment, tbeu ubout to move to the seat of war, enlisted, uud was soou engaged in the active service.For three year* he remained with the army, eagagiug in several conflict* and suffering hardships and privations with a 6toical eudur-auce remarkable in one so young. He was severely wouuded on several occasions, and received much commendation for his courage onthe field and the fortitude with which ha bore the pain of hi* wound*.At the end of tbe three year* he found himself ftcrnin In Richmond, and immediately e**t about for some moans of employment, being ambitious to give himself as thorough an education as possible. Finding the effects of war to have greatly demoralized the commercial interests of that, city for the time being, Iffit determined to leave no stone untamed whereby he might accomplish hi* praiseworthy purpose, Mr. Slater betook himself to the market, where he became engaged In the business commonly known as huckstering, afterward extending his occupation so as to include truck-fanning In a small way. Working steadily by day, his time was devoted by night to the pursuit of his studies, and, being naturally apt and studious, he made rapid progress. At the completion of a year he lmd, by practicing rigid economy and frugality, saved enough to give himself the advantage of one year’s tuition in the Richmond College, thus securing a very fair education. At the close of his college year be removed to Charlestown, where, after a few months, he became associated with the business enterprises of that cltv by establishing an Installment furniture store—this being the pioneer Installment house of the South. As ho was endowed with rare commercial talents, his business speedily assumed a most prosperous condition, and ho continued In the enjoyment, of his success until the fall of 1871, in which year the yellow fever spread death and devastation throughout that portion of the country. The population ra|tdly diminished day by (lay by plague and flight. Mr. Slater found It advisable to seek anew field for his business, and therefore repaired to the city of Columbus, (la., where he was shortly afterward settled in the same enterprise.When the yellow fever had In some measure ceased to rage and the inhabitants of the beautiful city were once more returning homeward, Mr. 81 a ter also returned to wind up his business and start for Washington, determined to be equally ne successful there a* he bad been in Charlestown.He still clung to his former business, and was so engaged when the financial crisis that broke over the country In 1873 swept away so many firms forced him to assign. From that time on he was engaged iu a variety of enterprises and speculations until the year 1883. Mr. Slater now embarked In the real estate business with keen foresight, realizing the upward tendency this market was then about to take. Nordld his judgment prove deceptive, for a great real estate boom did arise and prices began to ascend rapidly.During this period of hiscarcer be transacted some of the largest real estate deals ever made in this city. His business grew rapidly, and was of a steady and healthful growth, so that at the.end of 1888 he found himself a wealthy broker and reckoned as one of our most influential and respected citizens.His energy, ever untiring and constantly on the lookout for new enterprises, induced him to again engage in the installment business, and in that year (1888) Mr. Slater once more opened an establishment of this description on Pennsylvania avenue east. But as his numerous enterprises grew in strength and variety Mr. Slater’s capacity seemed to as readily increase, and In September of the year 1S80 he brought, together a number of other capitalists, representing to them the needs in East Washington of a bank, and finally organized and established the National Capital Bank with an authorized capital of $100,000, of which well-known and flourishing Institution he Is a director. This bank i6 one of the most successful of the national bank system.To most men of even extraordinary business ability and capacity these enterprises would have been deemed sufficient to satiate the appetite of almost any ambitious financier. Not so, however, with Mr. Slater. “The more the merrier,” is apparently his motto, aud he cast hie keen and far-seeing eye about him for other enterprises which should develop profit for the proprietors aud improvement aud good to the community. Recognizing the feasibility of and the benefits that would accrue from tbo establishing of a good fire iusuranco compauy Iu that sectiou of the city, which has been the scene of the bulk of Mr. Slater’s enterprises—the eastern portion of the Capital—he set about completing his arrangements for this object, and Bhortly afterward the People’s Fire lu-surance Company was materialized aud comfortably housed in easily accessible quarters ou Pennsylvania avenue 60utheu6t. In this as iu the other enterprises his business sense proved true and infallible, aud this company, of which he is president, is now Iu a highly flourishing state, with a capital of$100,000, fully paid and non-asseftsable. Thesuccess of this concern is equal to that of any other similar establishment ever organized In the District.In August, 1890, Mr. Slater decided to retire permanently from the Installment business, and accordingly disposed of It to his employ6s, thus allowing him more ttmo uud freedom to carry out the various enterprises then actively engaged iu or con tom plu led. In September, 1890, an Idea which he had long entertained formulated in u project to establish the present Capital Trust Compauy. To do this necessitated au enormous capital. But not deterred by this magnitude of the undertaking, Mr. Blater assembled u body of our wealthiest and most enterprising citizens and submitted the matter to them. They, readily grasping tbe practibllity of the proposed Trust Compauy heartily indorsed the proposition and pledged him their staunch support. Mr. Slater lost no time whatever in organizing. One million dollars capital was subscribed and a charter obtained. Temporary offices were secured on Pennsylvania avenue, a short distance from the handsome large building, its present home.A dcbtof gratitude is due Mr. Slater from all who appreciate the greut benefits to the city’s welfare that have arisen from his many projects. He deserves to enjoy the large fortune w hich he has accumulated in the jmsr few years us a well-merited reward of his efforts and business sagacity.llenry K. Simpson, the Secretary of the Capital Trust Compauy aud the People’s FireInsurance Company, has also prominentlyfigured in several of the enterprises of Mr. Blater. Mr. Simpsou was prior to ’890 u disbursing clerk in the United States Treasury Department, which position he held from 1878. Resigning in 1889, he has since beeu ident ified with Mr. .Slater, aud is already known as one of our rising and popular business men. He, like Mr. Slatct, is u quick-moving, energetic business man, with eyes ever upon to ail enterprise# which promise the mutual bcuefit or himself aud society.
Newspaper Details
The Sunday Herald and Weekly National Intelligencer
Washington, Washington-DC, US
Sun, Mar 15, 1891
Page 12
Full Page
Clipped by
Stephen S.
VA, USA 29 Mar 2021
Other Publications Near Washington, Washington-DC
Washington American Eagle
Washington National Intelligencer
Washington Globe
District of Columbia Evening Star
Washington Garfield Memorial
