Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-06

in the control of three national banks In
this city, as well as the interest which
was acquired about year ago in another
national bank here, brings these institu-
lions. according to the prevailing belief,
into that form of cooperation of large
financial concerns which is popularity
known as "a chain of banks" The Wall
Street Journal calls attention to the prog
ress made in this species OF bank concen-
tration- During the year from September.
1903, to September, 1904, it is stated. "the
national bank resources of the entire
United States have increased los per
cent The increase OF the country banks
was only SD per cent, of the reserve cities
SO per cent, and OF the central reserve
cities of New York, Chicago and ST. Louis
2l.6 per cent. The reserves Of the New
York banks increased rs per cent. The
increase in New York was represented by
these Ave banks: National City. Hanover
NationaI, National Commerce. First Ma
tlonal and Chase National
The two first belong to the Rockefel-
ier-Stillman chain of banking institu-
lions. The three latter belong to the
Morgan-Baker Insurance Company group.
The resources of these five banks
increased In one year $274. eos 400. which
Is II per cent of the entire increase in ma
S SaonaI pank resources OF the United
"The Wall Street Journal presents these
FACTS not for the purpose or exciting appre-
nenslon or to arouse antagonism against
the Dig banks in which this amazing pro-
cess or concentration centers. There can
De no doubt Of the soundness Of the banks,
OF their increased strength in reserves and
or the conspicuous ability of the men who
control them. 1t cannot be denied that the
power which this concentration gives may
be tower of strength In time OF distress.
moreover 1t Is in line with the industrial
evolution. The same banking concentration
Is going on in Europe. A great country
must have great banks.
But having said all this there still re-
mains the fact that this concentration has
peen accompanied by q radical departure
from commercial banking. 1t has created
immense financial power houses but rot
primarily for the benefit of commerce, but
to facilitate the transfer of property as
represented by securities. 1t is the uses to
"nich this concentration is put. its alliance
with powerful financial and speculative In
terests that gives emphasis to the question
Is this concentration sound?'
At meeting of the Association of WASH
lngton Stockholders of the Greene Copper
Company last evening a committee con-
sistfng OF Judge T. H. Anderson, o. q.
Staples. Mr.. Werner and Mr.. Dennis. was
appointed to select men to represent the
Washington stockholders on the board Of
directors. The admission to the board Will
depend on the vote of all the stockholders.
A circular has been sent to the stock
TO vote on the proposition Of merger Of
the bank with the Metropolitan Bank. The
stock of the latter Is to be increased from
100000 to $780, and the holders of Cit
liens Bank stock are to receive a share of
the new stock for each share of stock held
by them. The consolidation is to be based
on the actual value of the shares of each
bank.
Under the law some time must elapse be-
fore the actual consolidation can take place,
out 1t Is expected by the end of this week
that 1t Will be possible to transfer the cleri-
cal force OF the Metropolitan Bank to the
building of the Citizens Bank.
The selection of the officers of the en-
| larged bank has practically been deter
mined. Mr.. Appleton. the representative of
those who have recently acquired a con-
| troll will be the president. He is now the
president of the Citizens Bank
Mr.. E. Southland Parker the president Of
the Metropolitan Bank is to be the presi-
dent of the board of directors which is to
be enlarged so as to include the present
membership of the two boards. He is also
to be chairman of the executive committee
The vice presidents will be three in num-
Der and will comprise John II. Moore and
N. H. Shea, vice presidents of the Citizens
Bank and R. A. Chester, the cashier of
the Citizens Bank. J. Gates Moore the
cashier of the Metropolitan. is to be the
cashier.
Trading was not brisk at the meeting of
the stock exchange today, and the trans
actions were not important. either in the
aggregate or in the changes made In the
quotations.
Today's Government Receipts.
National bank notes received today for
redemption. 1854. 1888; government receipts
from, informal reyepua S2S. cuctar,c