The Providence news. (Providence [R.I.]) 1891-1906, 1902-12-29
NATIONAL.
BANKS
INCREASE
During Fiscal Year 375 Of These
Institutions Were Organized.
Large Increase In Capital

Washington. Dec. 2s.-The year just
closed has been a period OF remarkable
growth In national banking. Always re-
garded as a sure index OF the prosperity
OF the country. the advancement In the
business OF the national banks this year
has shown In an unusually striking man
ner the splendid conditions OF trade and
industry throughout the United States.
A good deal of the increase Of busi-
ness transacted by the banks Is attri-
buted, of course. to the lew passed two
years ago. which allowed national bank
ing institutions TO organize with a mini
mum capital of $4,000 Instead of $4,000,
and provides plan by which state banks
could be converted into national banks.
The progress In national banking must
be attributed In greatest measure, how
ever. TO the prosperous condition OF the
country In Industries and commerce. 1t
Is too early 10 give exact figures rep
resentng the growth OF the national
banking system during the last calendar
year. but 1t is possible to make close
approximation.
Five times a year the comptroller OF
the currency, acting under the law, calls
for reports from the individual banks
showing their condition. The latest re-
ports have been made within the lass
month under the comptrollers call of
Nov. %.
The call OF approximately a year ago
was for the condition OF national banks
| at the close Of business on Dec. 10. 1901.
| In that period of a little less than a
| year the number OF banks in the United
| States increased from 429l TO 1866. A new
| national bank was organized on an
| average OF every day during the year.
| In the same period the total resources
| OF all the national banks of the United
| States increased from s., az, 6S6 To
| $6.104 .O91. .9l6 That is. the resources OF the
| banks under the phenomenally prosper
| Gus conditions prevailing throughout the
| country. increased by more than SlV0,OV
every day in the year, Including Sundays
and holidays.
was from Ss.03s 255,447 TO $S,3o8, l4S,Oel; OF
| United States bonds to secure circulation
from SS245 $50 To 1,32S, ,2S; OF Unitec
/ States bonds To secure government de-
posits from $l10. $50 TO s13l.376,1co
| large part of the increase In government
bonds to secure government deposits II
| the federal repositories was derived In th'
last few months. under the policy of Sec
| retary Shaw.
This condition was brought about large
| ly by the stringent condition of the money
| market TO relieve which the secretary o
the treasury increased the deposits @
government moneys In the banks D!
| many millions OF dollars.
The amount OF money held In reserv
by the banks on Nov. % was s5S3, 59l, $50.
The capital stock OF all the banks ol
| the last date mentioned was sll4, ,6l6.3oa
| an increase OF nearly S50.0O,ooo In tn
year. The surplus funds aggregate
S93S 763 800 as against s2S1I0, so a. yea
| before The circulation OF the BANK
| also showed n great increase. the tota
amount increasing from sSl9,f1'I2 I
| S336. sos, ,S93.
| THE prosperity of the country was indi
| Gated IN n striking manner In the increas
| i'm Individual deposits In the nations
| banks. the growth In this item represent
| ING as n does essentially the business an
| commercial development of the country
The Individual deposits on Nov: - fo1te
up the great total OF SeS, l5. s16 - 10 In I'm
| was an Increase OF about SSOO.VOo dui
Inc the year. or about $4,000 FOR ever
| day during that period.