The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-02

under the conditions and limitations Of,
the act of July l.. 1892 to extend for fur
ther period of twenty years the charter of
any national banking association eX-
tended under said act which shall desire to
continue its existence after the expiration
of its charter.
Passed the House of Representatives
1t is urgently recommended that this bill,
or similar measure, be enacted into law,
charter will expire in July, 1902, prompt
action on the part Of Congress is necessary,
in order that this association and others
early in the coming year may avoid the
expense and inconvenience incident to en-
forced liquidation and reorganization
new associations, and be afforded ample
time to take the preliminary steps neces-
sary to an extension before expiration of
their charters.
The act of July u. 1882, providing for the
extension of the corporate existence of
tiOnal banking associations included pro-
visions requiring national banking associa-
tons whose corporate existence was eX-
tended. to deposit. within three years, law
full money with the treasurer of the United
States 10 redeem the remainder of the cir
extension, and the issuing of new circulat-
ing notes bearing devices making them
readily distinguishable from the notes
heretofore issued
CHANGE RECOMMENDED.
In order TO facilitate the redemption of
old note issues of banks extending their
corporate existence, it is respectfully
recommended that a provision be added to
the foregoing extension bill, applicable alike
to banks whose charters are extended or
re-eXtended, requiring deposit OF lawful
money within six months from the date of
extension instead of three years, pro-
vided in the act Of July Il, 1882.
In addition to the national banking aSso-
Citations whose charters were extended
under the act Of July II, 1882. and will reach
the termination of their second corporate
existence between July IA, 1902, and Dec.
81, 1903 the charters of $40 banks,
capital $5e 10000, will expire between Nov.
l, 1901, and Dec 81, 1903. The expirations
dar year 1902. 49, and 1893 16S. The ex-
pirations of charters for the first and sec
ond times during the period beginning Nov.
J. 1901. and terminating Dec 81. 1903. number
$50. and the capital stock of the banks in
terested being $123 753, 300.
Consolidated returns from Incorporated
State, savings banks. trust comnanies and
private banks and bankers with returns
from the 4,165 national banking associa-
lions reporting on July 10, 1901. total of
IL 400 reporting banks and banking institu
tons, with aggregate resources of S12, 357,-
4U,3ib, an increase from 0,3S2 banks with
O,1S5, S24. 4H resources in 1900. Capital stock
is shown as amounting to $076,120. 65e; sur
plus and undivided profits, 1855 616, 0J6, and
deposits 1854, 467, 366 The principal items
OF resources were as follows: Loans and
discounts. Sc. 425 4Sl PSI; United States bonds,
FJfVtVVI--o5 OlntI DOluS, STOCKS onQ S6CQT1-
ties, $2,2SO, 595, 29S. and cash on hand $780,
516,O75
Comparing the volume of business of
the savings banks of the United States with
those of European countries. the report
shows that in the matter of deposits the
United States, as for years past. stands
at the head. with IL $50, 300 900 francs go 31O-
66O.c0) The country with the next largest
amount of savings deposits is Germany,
with 81. 900. 900 coo. Austria Hungary follows
with s, POI. 24O,OOO. The savings deposits
he nj cd
Kingdom are 1854, 10000 and $S29. 900, re-
speetlyeiy. The only other countries with
Russia, Belgium and Switzerland.
The average amount to the credit of de-
pOsitOrs In savings banks is greatest in the
United States-namely. $4O62S The aver
age in Canada is S40.4; in Austria-Hun-
gary $22159; Denmark. $l6S.Sc; in Switzer-
land and Australia, s15SS4 and S153.3O, re-
spectively; Servia and Greece. Sl5O.64 and
Sl5O.32, respectively; Spain, Sl4213; Norway,
$l2496. and Russia s10OS4. In no other
country does the average deposit exceed
500
liant is shown in Denmark, the amount be-
ing S7.SS. In Switzerland the average is
s6S-O6; Germany, 1874; Norway, sS716; Aus
tralia, $3.50; Belgium Sl76; United States,
Sl y; Austria Hungary. s27.OS; Sweden,
1856; France, $221S; Great Britain, $2O.62.
WORLDS BANKING POWER.
Relative to the banking power of the
world, the controller uses as a basis for his
estimate the figures for 1890 given in the
1895 edition OF the late NJ. G.. MulhalFs
Dictionary OF Statistics. which volume
states the amount approximating f3.-
lgIWO,O0O. The banking power of the United
Kingdom, which amounted in 1890 10 eglO-
OtO.O00. has increased to 1199 900 goo. as
shown by reports OF the Incorporated and
private banks on or about the close of the
year ended June 80. 1901 and of the post
office and trustee savings banks of the
kingdom at the close OF the year 1900 This
indicates increase during that period
or E2S9Oo,W0, or 81 per cent IL was as
sumed. in calculating the banking power
or continental Europe and other foreign
countries that the same proportion of in
crease occurred therein as in the United
Kingdom. The banking power of the
I nited states has been augmented since
1850 by el.249, 000.0lo, an increase of l2l per
cent. Aggregating the banking power of
the United Kingdom and the United States
with the estimated power of continental
Europe and other countries. an increase
since 1880 is shown OF 81 .926 o.. 900 or GO
per cent. In other words. the worlds bank
ing power increased from e3, 1871 600 900 in
1890 10 G5. 123. coo OO0 in 1901
The controller recommends the repeaI Of
the second provisO Of Section IL of the
act OF March H. 1900. which limits the is
sue OF s. national bank notes. In this con-
nectiOn he calls attention 10 the fact that
not once since the year 1874 has the asvre-
gate issues by the banks OF IS notes ex-
ceeded one-third Of the total outstanding
circulation. which is the object OF that