Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1898-12-07

vas sixty-nine, one Of which was subsequent
ly placed in the charge of receiver. The
capital Of the sixty eight banks which iqui-
dated amounted to S12.503,00O and the circu.
lation to S2,1S4. 95S. The combined capital
OF the seven insolvent banks was 81, 200 coo.
Conn tro11er Gives Statistics.
The following statistics relating to
banks chartered and operated under state
authority are given:
Returns from institutions of this char
acter to the number Of 5145 have been
received, and i'll addition statements from
1913 private banks and bankers The az
Srcgate resources of these institutions
amount 10 $4.631 ,32S.351; loans and dis
counts. $3.50, 81 300: capital stock
S3lC,01o, 1888; and deposits, $3,G64, 1877
296. The total banking funds Of ma
Q0nal banks, as shown by reports Oh
July Il, 1898, and other banks at date
OF latest returns, amount to $7,416.355,-
36S, an increase since 1897 of $594, 02S,-
COS
Inc comptroller recommends that do
nestle branch banking should be legal
lzed III communities Of less than 1000 IN
nabltants, many of which are now I'M
able to support independent banks. but
opposes the granting Of any more liberal
privileges Of branch banking than these
on the grounds that such privileges would
pace the larger banks of the grea. cities
III competition with the banks of the
smaller communities and would proba hy
result IN rapid Capitalization Of the
| banking business of the country IN the
hands of a notwithstanding nupaber
| OF institutions.
IN connection with this branch Of his
report he discusses at length the neces-
SHY tor the establishment of interna-
tlonal and intercolonial branch banking.
Banking in the Colonies.
VI the hawaiian and Porto Ricap
banking and trade situations he says:
Inc foundation for the greater growth of
trade between the United States and her
colohles must be speedily and firmly laid i'll
proper banking laws, which will result in
enabling her merchants TO DO business with
me people Of the colonies without the disad
Fantages existing a present
Our present national banking laws do not
authoTlze the establishment of American in
fer-colonial banks, nor could any national
Dank establish a branch in a territory or
colony such as Porto Rico or Hawaii. even if
our present laws unchanged were extended
over it.
While it is questionable whether Congress
Should legalIze the establishing Of foreign
colonial branches by national banks trans
acting business under the present law, that
It should ut least pass laws authorizing. un-
der proper restrictions. the general incor-
poraton of banks organized to carry on in
ternational and intercoIonial banking, as
distinguished from domestic banking, admits
OF no reasonable doubt
Unless some such legislation is provided
the American exporter and importer, in his
trade with Americas own colonies, Will he
compelled to endure all the disadvantages
under which, in all South American markets,
and in many other markets in the world. he
now labors in his competition with foreign
ers enjoying superior banking facilities.
He says in conclusion:
''In view Of the conditions and noces-
sites Of our trade with our new terri
tories of Porto Rico and Hawaii. and
with other South American countries, as
we'll as with those other territories over
which our country must exercise a more
or less measure Of control the comptrol-
Ter earnestly recommends the passage of
laws authorizing the Incorporation of
banks organized for the purpose of car
Iylng on international and intercolonial
branch banking"