Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-13


growth of this section that in the value
of exports New Orleans stands next tc
New York. and ahead OF Philadelphia
Baltimore Boston. and San Francisco.
In the matter Of a favorable trade
balance, that is to say, excess of exports
over imports. New Orleans outranks
every other port in the United States.
Including New York and it is an interest
ing fact to note that the exports from
New Orleans for the past year. exceeded
in value the total exports Of all the ports
of the great Empire OF China, with her
40t.o0o0oo people. for whose trade t..e
nations of the world so eagerly
scramblng.
Your steady growth as manufacture
ing city has been remarkable. IN art and
letters YOU are conspicuous Nearly one
hundred flourishine schools and colleges
provide for the intellectual development
of Your people. while nearly twice as
many churches minister to their religious
wants.
I All of your institutions. whether OF
| charity, of learning, Of business. or of
{! fcStivity. bespcak the vision energy. ex-
| ccllcncy and grace OF your manhood.
You have done much in the past and
/ are destined TO Go more. have the honor
to represent here one of the means develop
/ ed by modern necessities and devised by
modern thought and experience. which
! Will aid your growth and enlarge your
J achievements. The Trust Company-the
! very name trust has been made odious to
| the American peopie-yet it is the Trust
| Company that has made the impossible
| possible. 1t has gathered the capital OF
! many investors. and with aggregated and
~ V.,sr- iora hat
individual enterprise or fortune could do
| 1t has collected and held money in vast
masses. and made it effective for tremen-
dous achievements.
Story of the Trusts
The Trust Company as an institution
has in comparatively short period. from
small beginning. advanced swiftly. un-
til it has become today the most power
ful engine Of modern finance.
The total resources OF trust companies
in the United States in 1880 were stated at
slG600o,00) The reports of the Treasury
Department a the present time show that
the resources of the trust companies of
the United States have now reached the
enormous sum OF Two billion dollars
which is more than the entire stocks OF
money. including gold and silver and
paper money. OF the great German EN-
pire and the Empire OF Russia COM
b!ned.
From 1850 to 1892, the capital stock Of
these trust companies. according TO the
records of the Comptroller of the Curreu-
cy. has grown from $4,000, 900 to s1So, Oo0,-
600, whilst then surplus of 100000, in
1880. has increased twenty-five fold to
$50 600 900 In 1902
The records also show that the number
Of trust companies has increased from
thirty in 1880 TO more than four hundred
to-day. There are more than 400 nation.
al banks now N operation in the United
States. The individual deposits OF these
banks in 1902 were 309S million dollars:
the individual deposits of trust compa-
MES at the same time were 1926 million
dollars-one- half great as the deposits
of national banks. Notwithstanding the
tact that there are ten times as many
nauonal banks as there are trust compa-
MES. The average amount Of individual
deposits Of national banks was $4,000;
the average amount of individual depos-
Its Of trust companies vas $26-a,0 00 or
five times as great rs the average de-
posts of national banks
The individual deposits of our trust
companies to-day are seventeen times as
great as they were in 1850 and il Is IN
terestinG TO note that the increase in CAPT
tai stock and the increase in surplus from
1893 TO 1907 amounts to more than the en-
tire capital stock and surplus OF all trust
companies in the United States as late
as 1890; whilst the increase In individual
deposits IN the past seven years of one
thousand million dollars is Just three
times AS much as their total individual
deposits amounted to in 1890.
Startling Figures.
In The year 1880 the individual denosits
of national banks, State banks ana trust
a coo tod
lars. of which q per cent were held by
national banks. is per cent, by state |
banks, and per cent. by trust Gompa-
mes. In the year 1902 the individual de- |
posts of these three classes of banking |
INSTITUTIONS had grown to 6322 million |
ooilafs: the proportion held by national
oahks mad declined from "a per cent tc
81 per cent; the proportion held by State
banks had increased from IS per cent
90 70 per cent. Whit the proportion held !
nF trust companies had increased from
only per cent in 1850 TO more Than >. !
per cent. of the total in 1, = In other
words, Whilst The records show that the
in0iF1oual deposits of trust companies
nave increased 1900 per cent since 1850,
me increase in individual deposits of the
national banks has been only 271 per cent,
ana the increase in individual deposits
OF State banks, rs per cent
- Al Il Soisa iiilcdl4On 10 the trust COM
panE section TO know that nearly all of
me trust companies of the United States
are now enrolled as members of the
Bankers Association. Our
members are scattered through forty
.hree States ard Territories. and we also
nave one valued member in the far-off
Islands
mere WAS net gain during TIE year |
u IS new members. and as there are now
out lew trust companies not members of
ne association our increase in numbers
II The future will come principally from
he" trust companies yet to be organ | ,
zed.
Inc trust company in this country is ,
low attracting 10 its service men of the
most distinguished attainments. leaders
n thought and action. recognized captains
! industry Presiding officers of trust com
,ahies in New York city a: the present
iine include one former Vice President of
ne United States and two former Sccre- ,
aries of the Treasury
Limit of Trust Power.
recognize. rs every thinking man
must. that there is a limit beyond which I
he combination of capital should not go {
point at which the power Of concentrate {
q capital should be halted. For the ac-
,ompll hin ent of piSa ard pronor ~ :