Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1904-12-12

IOSC IIl0II lives. Inc value OI Tie YES
sells is estimated at Successes and
that OF their cargoes at $1,757,9 1925,
making the total value of property i'm
periled $6,456,78O. Of this amount,
$5,O89,95O was saved and $1,366,83O
lost, while the number of vessels which
were total loss was so. Among the
smaller class of vessels-sailboat
rowboats, etc.-there were All casu-
alties, involving a total of 800 persons,
of whom 13 were lost. The value of
these smaller craft is estimated at
$248,750, of which $240,130 was saved
and $500 lost. The net expenditure
for the maintenance of the service
during the year was $1,766,446.
Wireless TeIegraphy.
Preparations are being made for the
erection of wireless telegraph towers
at convenient intervals along the sea-
coast. These towers, together with
those maintained by private corpora
tons, will afford opportunity for the
advantageous use of wireless teleg-
raphy by the revenue cutter service.
This service now has a coast guard of
modern vessels, and Mr. Shaw recon-
mends that at least ten of these be
provided with approved wireless equip
ment for communication with the coast
stations. The probable cost of out
fitting this number of vessels will be
$4,000. Provision should also be made
for an operator on each vessel at an
annual salary of $500.
District of Columbia.
The net expenditures on account of
the District of Columbia for the year
were $9,392,025. The net revenues
deposited in the treasury on this &C
count for the same period were $5,454,-
344.
All amounts which have become due
to the United States under the agree
ment dated February 1, 1899, for the
settlement of the Indebtedness of the
Central Pacific railroad, have been
paid in full, including interest on all
outstanding notes to August 1, 1904.
The principal of all notes held August
/, 1904 amounted to $26,465,722, and
$26, 466,000 are held as security for the
payment thereof.
The debt of Hawaii assumed by the
terms of the resolution, providing for
annexing the Hawaiian islands to the
United States consisted of 1925, 400
in interest-bearing bonds, and $764,570
in postal savings deposits. This In
debtedness has been fully paid by the
United States with the exception of a
few postal savings certificates amount
ing to $3,087 not yet presented.
Currency.
Our currency system, though some
what complicated, has been proved
safe and reliable under every practi-
cal test. The exchange of gold for all
forms of money issued or coined by
the government, on demand, author
lied by act of congress approved March
IA, 1900, removes every suggestion of
public distrust or doubt. The sys-
tenn has one recognized weakness,
however. 1t is nonelastic.
Trust Companies.
Within the last few years trust COM
panies have made a relatively much
larger growth in all the large cities
than national banks. There were 27
trust companies and 40 national banks
in New York City ten years ago. The
same city now has AZ trust companies
and only Al national banks. Ten
years ago the aggregate capitalization
of the New York City trust companies
was $26,400,000, and of national banks
$50, 100000 Now the trust companies
are capitalized at $54,900,000 and the
national banks at $110,300,000, show
ing about the same relative increase.
But the difference in the growth of de-
posits is marked. Trust companies
in New York City held less than $780,
100000 ten years ago, and they now
hold more than 100000, while de-
posits in national banks have in
creased from more than $3.50, 900, 900
to fraction less than $1,100,OOO, 900.
Thus, trust company deposits show an
aggregate growth of $65,OOO,O0O more
than national-bank deposits, and a
growth Of $40 per cent as against 100
per cent in national banks. Other
large cities exhibit similar conditions.
Many trust companies hold commercial
accounts and are regularly engaged
in discounting paper, and they hold in
the aggregate more than $4,000, 900, 900
in deposits. Few, if any, of the
states have any statutory requirement
respecting reserve, and few of the
companies are members of clearing
houses.
1t is manifest that these institutions
in our great cities may become an ele-
ment of danger to our financial system.
They are already national in character,
and several of them are of internation-
al influence. Mr.. Shaw. suggests the
propriety, therefore, of law giving
trust companies of large capitalization
in large cities the privilege of incor-
porating under federal law, with cor