The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-01

] SlDs. ~ 1bllsISSS. II ltApAl az - wa
q table giving d detailed statement Of the
| resources and liabilities of all the national
banks Of the United States, rs shown
I by the i've reports Of condition made in
response to the call of the Comptroller.
From this table ii appears that On Sep
TENDER -, 1902. the date of the last cal.
1901 associations reported. with aggregate
I resources of So Il. 9.S. gl2.J0. Tn" loans and
1 discounts amounted TO $S.2S ~. Nt.69. or
more than 80 per cent of the total resources
! of the banks. The items OF surplus ard I'M
| divided profits amounted. respectively. 10
49,. :3aS, 90. 66 and $685. l6. 5l2.O3. The indvid-
! ual deposits reached the highest point in
the existence OF the national banking sy&-
TEN. S. a9. 23. so. %. There was due to ap-
proved reserve agents. other national banks,
State hanks and bankers. trust companies.
! and savings banks. the sum of sl.20n,Gil.-
80. 30.
From September 50. 1871. 10 September l..
| 1872. there was an increase Of &ilS. 81. 5lI.5t
| in the aggregate resources OF the reporting
banks. the principal items Of interest he
ing. loans ard discounts. $e@l.jl..552.Gs
| United States bonds. 81 511.52J: due from
| national and other banks. S25.21,.%1e2S.
There was an increase in capital stock of
81. 1875. 52z: in surplus and other profits Of
$50 .0iS. 3a1.Sl: and in Individual deposits of
s27f.52o .f6O. 60.
| Comparing conditions on September 30.
1882. with those shown in the last rcport.
~ htf NC - ta4oIt tlIt d!iaA' vi $3.50
! assocA has increased from %T' to
i.GV1. or n net increase of NJ, The aggregate
resources of the associations increased dur
ing the decade S2.GH},S$i0i5: loans ana dis
counts. 81 .lGa.Q Isl. 500: bonds OF deposit 10
! SECURITY iGr circulation. $li0. SIS. 40. ana
/, specie and legal-tender notes. $50 49, IA and
81. 1902. respectively While the capital
of the associations increased only 10 the eN-
tent of SIS. 962. so. the surplus and undivided
profits are now greater than in 1892 by s!35.-
OS6. PSI. The volume Of individual deposits
| increased from 81. 765. IL. 9Si to $500. ZI&.s2i.
or nearly 81 per cent. While outstanding
circulation has increased s1It.oS.5l1, or over
10 per cent. there was 10 material Increase
until subsequent to March IA. 1892. the date
of the act authorizing the issue of ctrcula-
ton to the par value of bonds on deposit
The report Is in part as follows:
IN NEW POSSESSIONS.
There are in operation in the Territory OF
Hawaii two national banking asso ciations, one
located at Honolulu and the otfer at Wailuku-
on the island OF Maui. The aggregate capital %
these banks is s525. coo. their deposits S6is,s3s and
aggregate resources 81. iSS. 3lS There are also II
operation in the Territory. as shown by returns
furnished to this office by the Governor. three
other Incorporated banks. capitalized for 5000.
and two private institutions vita caFitai If 81
$4,000. The aggregate CAPT al Of al tn banks
relative TO which Information has been receive!
is S,e75.01J: deposits. A.s6>.l5s. and tJta! lie
sources. IS. 80. 81. .
The question Of the authority OK the Comp
trorler of the Currency TO charter 4 national
bank in Porto Rico was submitted TO the After
hey General. who. under date II June, 1899. gave
it a. his opinion that there .esm-d ito be n the
structure OF the national hank n laws no gen
e-aI provisions which carnot lie carried into force
and effect In Porto Rico equally with all the
various States and Territories to which the laws
were originally applied. l can find no reason
TO hold that the statute relative TO the organiSa-
ton and powers Of national banks has not BIZ
section Il OF the Porto Rican act > : been
extended TO the island. The language OF the
section In brrRG enough and In nv opinion
does authorize the orcaclzatton and carrying on
Of national banks In Porto Rico"
A, citizens Of Porto Rico are not characterized
as citizens Of the United States by congressional
enactment. the position was taken that To effect
tae organization Of a national bank would require
at least five Of the shareholders. to be elected
as directors, to be citizens Of the United states,
and that at least three-icurths OF the number
residents of the island for at least one year
prior to their election and during their contin-
uance in office. Pending the existence Of con-
ditions which would enable this provision OF tina
law to be complied with certain citizens OF the
United States organized the American Colonial
Bank, under authority OF a charter obtained
from the State OF West Virginia, which instttu-
ton has been IN operation for some time. The
application for authority to organize the First
National Bank Of Porto Rico at San Juan, by
those interested in the bank named, was re-
newed from time to time. until In the early part
Of November, 1902. II Wa -oss.hle to comply
with the conditions preoedert to te organization
Ct the association. The bank was chartered en-
November 10, with capital OF Sl0).OV. ard q
board Of directors elected who are citizens OF
the United States. and thu requisite proportion
residents also Of the island. It is understood TO
be the intention OF the organizers TO gradually
~liquidate the American Colonial Bank and trani-
fer its business to the First National Bank OF
Porto Rico, and to increase the capital stock As
conditions may demand
Through the courtesy Of the treasurer CT Porto
Rico the Office has been paced in possession OF
reports relating to the eight Incorporated bank.
in operation in tho island. from which II, appears
that these institutions have a un!tHi capital OF
si.4l1.125. deposits Of !2,4s.+s. and assets or
IS. S5s. 1s9.
The treasurer Of the Philippine Archipelago
has transmitted 20 this once copies Of reports
Of condition CT banks and banking institutions
doing business therein. The last statements s'.o-
mitted were for the close Of the year ended June
"a. 1902. and relate to the condition Of eleven
banks. including branches. The reported capltai
was 81. 400. coo. the deposits hS'4-z'S''' anu Tue
WoRLD's BANKING POWER.
The banking power OF the world in issl-that Is.
capital. surplus profits. note issues and deTost.s-
as stated by the late NJ. G. Nulhall. was tS'lst'-
TInited Kingdom. 1910. 900. 90: continental Eu-
rope. Il. GsT. COZ. 0O: Australia, Canada. Cape Cox
ony Argentina and Uruguay, fc2),009,ot0. and |
United States. 10000 900. In 1894 Mr.. Maurice
I. Muhlenan calculated the banking power CT
the world at 6. 915, 90. 600.
From statistics published by the London Chron-
icle for June last and incorporating theTewsh the
most recent returns relating 70 the savings banks
Of the United Kingdom, the banking power OF
that country ia shown to be sl.2o6. 0re. e|. an IN
crease Of 22lS per cent since 1890. Assuming TIE
same rate Of increase IN continental Europe. tie
English colonies and Argentina and Uruguay,
their power amounts to u.s., ,c0O,o10 and i2S2.UHJ,- |
90. respectively. The banking funds in Bulgaria,
Greece. RoumanIa, Servie and Turkey were not
included, in the Mulhall statement, but are given
at 10000 go for the current year.
The capital, surplus profits and circulation OF ALI
banks In the United States are definitely known
and from reports obtained by the Comptroller 81
the Currency from national banks. State officials
and from the banks direct the deposits Of over I.
per cent OF the banks IN operation. The deposits
Of % per cent OF the banks have been carefully
estimated from data at commend relative tn the
former and give the aggregate banking power Of
the United States as e. A.. 900. 900. making the ag-
gregate power Of the world Is, io9. No,000. or. say,
t2I.0i5. go. CO... an increase since 1890 OF sl. e69.0
U9Q. or 60 10 per cent.
BRANCHES M ASSET CURRENCY.
The bill reported at the last session OF Congress
b. the House Committee on Banking and Cur
rency. relating to branch banks and asset cur
rency. has had very careful consideration at
State bankers associations held during the year
and also by the American Bankers Association
at its meeting held in New Orleans during the
second week Of last November. At many OF the
State conventions resolutions IN opposition TO
branch banks were adopted. That subject. as
well as asset currency, was carefully considered
at the American Bankers Association. but was
referred to a special committee for report at some |.
future date.
The most serious objection which has been
urged against the national bank currency is its
lack of elasticity: that it does not AUTOMATICALLY
respond to the demands Of business. but IS de-
pendent upon the price OF bonus and other con-
siderations. The first requirement OF any cur
rency is safety and uniformity in value. Our
bank notes have been from the first issue practi-
caIIy perfect in this respect. No note holder has
ever lost a dollar except by loss or destruction
OF the notes. which have always circulated at