The Indianapolis journal., 1903-12-07

total organizations effected during the ex-
fstence of the national banking system.
Since March IA, and under authority OF
that act. banks with individual capital OF
less than $4,000, the average being approx
imately $26000, have been organized 10 the
number of 1,14S. with capital of 29.94s. 600.
During this periods. % 81. nao banks, with indi-
ganized their total capital amounting to
S14,5io,OpO. The average capital or banks
of the larger class is approximately $4,000:
The controller presents great mass or
statistics covering voluntary Hquldations
and failures, changes in capital and circu-
lation. with the amount and price of bonds.
distribution of circulation in reserve cities
and State, savings and private banks. loan
and trust companies. He says information
has been obtained relative to the condi-
tions of SIS Incorporated and private
banks and bankers, of which 1852 are State
banks, 531 loan and trust companies. LOS
mutual and stock savings banks and lila
private banks and bankers.
An analysis of the consolidated returns
from State, savings. private banks and trust
companies shows an increase in aggregate
resources In 1903 over 1902 OF about $66l,-
100000 and over 1898 of nearly s.. .3S5.00 600.
Loans and discounts amount TO $i,296.6d5,5s6,
a gain of more than S35i,000.000 over the
amount reported for 1902. A marked in
crease in the cash holdings during the past
year is also exhibited in the statement.
there being, approximately, $25,oO0,0O more
money in the banks than was deported in
1902 Going back for a period of five years,
ii is of interest TO note the gain in cash
holdings over the prior year for each year
since 1885, In approximate sums, the in
crease in cash holdings OF these banks was
SIS $40 600 in 1899 1885, &c. 1888 600. 1900 over
1899; 49, 47S0O0, 1901 over 1900; $10669 o00 1902
over 1901, and S2i997 900, 1903 over 1902. Cap
ital stock increased from Si99. .621 ,20S in 1902
to s57S 1884 in 1903. a gain of $7S 1876 for
the year and over $20S, ,0o0, 900 subsequent to
1885, Deposits increased during the year.
approximately S347. 600 600 to Sc, ,352, 700 055,
sum greater by s6l1 100000 than credited to
depositors in all reporting banks-State and
national-in 1898.
$780,, ,264, 4S7 and individual deposits slS1457O,-
163. The number of banks of this character
is 565 greater than reported in 1902 The
cash holdings In this class Of banks in
creased approximately during the year by
COO. l.'''''' ~
LOAN AND TRUST COMPANIES
Reports of condition of 531 loan and trust
companies were received for the current
year. showing aggregate resources of ST.
29S, ,554,063, against All companies with ag-
gregate resources OF 81, ,9S3 214,7 ,707 reporting
in 1902 Individual deposits in these insti-
tutions increased. approximately, $50, ,50O, 600
and cash holdings $1,000, 600 over 1902
Returns were obtained from LILA private
banks and bankers with assets of s169. .O49, ,S21.
In 1902 reports were received from 1,039
banks of this character, whose assets were
$169 1854 435. While unofficial reports from a
greater number of banks of this class were
received than in 1902, meager returns from
some States notably New York account for
the decrease in the aggregate resources.
Savings-bank reports to the number of
from mutual institutions and 421 from stock
savings banks, the latter being operated
for the benefit of both shareholders and de-
positors. The aggregate resources of the
latter class or banks are only about IL per
cent. of the resources of all reporting in
stitutions' for savings. The mutual saw
ings banks are all located in the New Eng
land and Eastern States, with the excep-
tion of one in West Virginia. one in Wis
consin, four in Ohio, five in Indiana and
twelve In Minnesota. The principal items
of resources of savings banks, both mutual
and stock, are as follows: Loans secured
by real estate, 81 l.033, O,902: loans on other
securities. 1914. .4i3,2S9; United States bonds.
sl3,2o6,4 4s4: state, county and municipal
bonds, $50, ,491 ,12S; railroad bonds and stock,
S279,6S5,569; bank stock. $31, ,995,519; other
stock, bonds, ETC., 1885, 164, ,7S4. Cash in bank
Is only 565 greater than the amount re-
ported in 1902, being $50, ,S97 9O3, but the cash
to their credit with other banks is sl23, 7O4-
1872, being s2.307.2 .221 more than shown by
the reports of 1902
The number of depositors in savings
banks exclusive of those in state banks of
Illinois having savings departments) has
increased since 1902 from 1883 1913 to 6.674 237
and the average deposit from s4l4S5 TO
S421 s4. Including savings depositors in the
Illinois state banks, the total number of de-
positors has increased from 6,666.672 in 1902
| depositor, estimated to be S412.53 in 1902. 10
| $417.H this year. The aggregate deposits
| in savings institutions of the country In
1902 were 81, $50 1920, and for the current
year $2,935 204, SAC, an increase of S1S5 027 555
| The average sum, $3S0.74, to the credit of
each depositor in the New England saw
ings banks remains practically the same as
in 1902, when it was $3S0.72 In the Eastern
States the average deposit has increased
to $43799 from $42S.46 In 1902 Pennsylvania
| and Maryland showed the most marked
| being estimated at s3l5.25, against 1903. a.
| last year, and IN the latter State $500 Sc in
1903, against $34552 in 1902.
From the most reliable records at COM
! mand it appears that there are in exist
ence in the country about $4,000 banks and
banking institutions. including private
bankers. In addition to returns from ma
| tiOnal banking associations reports have
been received from S,745 state and private
banks, making the total number reporting
1864. The aggregate capital of reporting
banks is shown to be 81. .321, ,924 992; deposits,
Ss zoo, 7s6, ,o47, ano aggregate resources, $14.-
3O3, 1864.
RECOMMENDATIONS.
The controller again renews the recon-
| mendations contained in his report for 1900
| for legislation in regard to liquidation and
consolidation Of national banks and exten-
| sion of corporate existence. The matter of
consolidation of banks was apparently very
little considered at the time Of the passage
| of the national bank act. The necessary
method of effecting a consolidation under
the law as 1t now exists is inconvenient
and cumbersome both to the banks and
| to the controllers office, and in the inter
| est of better and more efficient administra-
| ton the controller recommends such an
amendment of the law as was advised in
| his last report.
The national bank act does not sufficient
| ~ protect the rights of minority stockhold-
| ers on the question of extension of expir-
| ing charters, as explained in detail I'm the
| report for 1902, and the controller wishes tC
again call attention of the Congress tC
| this, and respectfully urge that action be
taken on this important matter for the
better protection Of minority or dissenting
| shareholders.
The controller says the one serious defec,
| in our system is that the variation in the
volume of our currency instead of respond
| ing to the demand for currency depends
| on the market price of bonds. Until oul
| bank-note circulation is made automatic.
| ally to respond 20 demand for currency fol
| daily cash transactions without reference
| to the price of bonds il will never be en-.
| tirely satisfactory or efficient. he says
| In the controllers report for 1902 a rec.
1 @1,<g nc. hat