New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-02
SUPERINTENDENT PHESTON'S REPORTS
he FINDS TIE SAVINGS BANKS ~ MUCH BET
TER CONDITION THAN MIGHT HAVE BEEN
EXrEcTI:D- FOREIGN MORTGAGE LOAN
..-n r>.yD-w,tFN-v COMPANIES

HE FINDS THE SAVINGS BANKS IN MUCH BIZ
TER CONDITION THAN MIGHT HAVE nEEN
EXrEcTEp- FOREIGN MORTGAGE. LOAN
AND INvDsTMENr COMPANIES.
Albany. March 1-Supernten1ent Charles ~
Preston Of the State Banking Department. has
completed his ropor, for last year on the 7avnGs
banks trust companies and safe deposit companies
in this State. In II he says:
The dawn Of 1874 found - savings banks. thirty
six trust companies and seventeen safe deposit com
ranics IN active operation In this state. with com
bined resources o: Slo-lA2>@' While The year ls''
was fraucht with the most severe panic ia the his
tory Of the country. the resources Of the nstitu-
,ions named were. on January T. 1885,. within S5sl
go Of what they were January J. 1872. and 49,
99.57 greater than January l. 49,
THE deposits Of savings banks on January !. 1894.
were S1lIO,e.4S 1t viii be rcmembercd that ~
bank deposits the increas" IN that year being over
$;OUWppJ, but, Notwithstanding the disastrous ti-
banks show increase OF deposits OF 81 V4V%, 9V"I
January J. ls+2 and decrease o. Tiy $1,000 ,
as compared with Janu9ry J. lb@. ! On ne" saw
.srh ebf ~ So3 e,,l1nnty has not laid it's withcr
ing hand upon the trust companies, Tor We mo 49,
have increased over January J, l5@5, III toi", ,,
sources. Sj758%; In capital $2]v'y, ~ noe irnsi
Si5i7 G73. and in deposits $l.1sIWG TWO Nv "1'
companies were organized during III" year. ,, ,,n
Jannary last the total rssoGfots fants s27i 49,;
S22: Of the trust companies. &il ' III a 81 ',
the institutions 10 which this report relates are
entitled TO be congratulated upon M MI|'' WEN,
vative and at times heroic inarihsoIn'nt WHI.n
their reports Indicate despite the adverse cohuiions
70 which they nave Leen subjected during the ast
twelve months , 49,. 49,. ,t.to. -,
The financial statements showing the condition OF
the different financial institutions nave "i'e"'S "ee'
Published. e.. a., ,. ,oo,
Superintendent Prcston's report Tor me year Io'5
,aIative Ia T. mortgage. loan ana investment
Companies contains the following Information.
cor the tWenty-nine companies hcelsed - u1Hs-
net busIr.ss I'm This State for the year ending Sep
tember 3d. 1893. only hfteen now hold icsnsra 40
other companies organized outside inc Hihic can
legally sell or negotiate mortgages or d"b"nturrs IN
this State either directly By agents or representa-
tiyos These companies nave IN totAI assets
ga Pr AZ loans secured by first liens on real estate.
81 $50 S9i; loans secured by second liens on real
estate sos 1861 earned commission on d"benturra
bonds Sl3J 49, cash hand. $ll2'@ capital stock
co.: undivided profits @3.2B; debcniure bonds QUIZ
standing 81 lO,.9j2; deposits awaiting investment
$,jj.74i go
"rhc year just passed" says the report, was fnll
Of trouble for an classes OF financial Institutions.
ana the mortgage companies dd not escape their
share II Is claimed by the officers % the older COM
IA MES which survived the business depression mat
proved and demonstrated the stability Of mortgage
companies when held To the l'gitlmat" ii"ib Tor
which they were organized the making ana srllIS
of real estate mortgages and securities based iPph
and secured BY such mortgages ana tndL ~ IL, ~
failures occasional by depiriiii" 'I"nl LIE LIE
legitimate business and the engaging !" I'pH"tlnh
enterprises ana the dealing I'm sccuriiieN Oh sl""
Iatlve value While sonR Of the ."ohPtnles tiht
failed would not have failed but LOT Lnr "n."u4'
depression and disturbance IN thc nnancIt "oIu
vet none did fail except such as " "atlHB INC
lines OF legitimate business COurted lalur'