Litchfield enquirer., 1845-06-12
From, the Hartford Courant.
BANK COMMISSIONERS REPORT.


The annual report OF the Bank Commissioners to
the General Assembly, is before US. They state
that they have personally visited each bank and
saving institution in the State at least once during
the year, and have looked into all their operations
as far as was deemed expedient and necessary -
They have also received from the Cashiers peri
odical statement of the affairs of the banks, and
balance sheet of their accounts. From the evil
dence in their possession, they say, with entire
confidence, that all the Banks in the State are IN
sound and healthful condition, and the currency is
of the first order.
The discounts of the banks of late appear to be
made upon paper Of good character, nearly all OF
which offered is strictly Of business kind The
loaning of large amounts to brokers without ade-
auate security, is discontinued, and long and re-
peated loans on pledges of stock, run, and re-run,
at the pleasure of the borrower, have vanished
The taking of excessive rates OF exchange, az
cover for usury, is also abandoned.
Within the last two years, there has been stea-
DIV increase in the circulation of the banks, and the
line of discounts has been considerably extended
In 1913, the circulation of all the banks in the
State was Sc, 379,49 OF; in 1S45, it Is $4,l02,-
444 Oo-an increase of 81 ,722, 496 90. In 1913,
the discounts were $9,79s, 800 27; in 1915, they
are $l2 ATT, 1876 06-increase, 2,67S,SO3 ~. TINS
increase shows that business Is more active, anc
consequently there is greater demand for money.
The Commissioners state that serious difficulties
and inconvenience arise by reason OF that part OF
the law limiting loans to directors, which prohib-
its any loan to any company or corporation OF
which such director is member or stakeholder,
and recommend its repeal.
The circulation Of the Housatonic Railroad Com
pany, is all redeemed with the exception Of about
$1,000.
The defalcation of the Cashier Of the Stamford
Bank, has resulted in no loss to that institution
More than two-thirds Of the amount has been real
lied from the sureties of Mr. HILL and the bank has
the means from which they expect to obtain the
balance.
The Commissioners see much in the course Of
the Whaling Bank, New London, to censure. The
institution has for some time past been in the hab-
il of buying its own stock, and since March, lS43,
has purchased 500 shares at discount Of say to
per cent less re-ranserred to their own directors
365 shares. The report says:
"The great amount Of stock Of the bank trans
ferred and re-transferred time and again by te d.
reciors of this bank. is in our opinion clearly re-
prehensibIe Stockholders cannot now ov law ny
pothecatc their stock for money borrowed OF Inc
bank, and If they could, the taxes would not De
avoided.
Severa, of the directors ofths bank have trans
ferred their stock to persons in other towns IN rms
State without the place of residence Of the nPpor-
emf ovner appearing on the transfer books. by
statute passed 1S43, il is the duty Of Cashiers to
rive notice to the Assessors Of the towns where
sock is liable to be taxed, Of the amount OF such
stock so far as the owner or owners OF such stock IS