Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1906-02-26
OPPOSITION TO CREATING THE
BOROUGH OF ROOSEVELT ARISES.
BIG INCREASE
OF TRUST COS.
Report Of State Commissioner of
Banking and Insurance Sub
mitted to Governor Stokes.
,pecia. to the EVENING NEWS {:

Special to the EVENING NE VS.:
TRENTON, Feb. 26.-According TO
the annual report of David Q. Wat
kins, state commissioner of banking
and insurance, submitted to Governor
Stokes today, the year 1905 was one
of unusual prosperity for New Jer-
sey's financial institutions. The re-
port covers trust companies, savings
banks, and state banks of deposit and
discount up to the close of business
December 81, last.
There are now 100 of these institu-
tions in the state, an increase of three
during the past year. They have an
aggregate of resources amounting to
6,619,929, and total deposits of
$221,22S, 400. The G3 trust compan-
les have resources of $167, ,533,SS3,
and deposits OF s123, 6,403. There
are 26 savings banks with total re-
sources of $94, ,653,97S, and deposits
of $S6,22S,733. The II state banks
have total resources of $14,432,-
06S, and deposits of $11,1S3,273.
Increase in Resources.
During the year the resources of
the institutions mentioned have in
creased $23,277, SIS, which is equal
to per cent; while the gain in de-
posits is $23,239, ,526, or II per cent.
AS shown by the comptroller of the
currency, there were in New Jersey in
November last, 139 national banks,
having resources of SITS, III, 624,
ite. ti,,t n
407. Adding these figures to the
foregoing total makes the aggregate
number of banking institutions in the
state 245, with combined resources
of s454,731,533, and deposits of
$334,39S, SIG.
Commenting upon the operations
of the trust companies Commissioner
Watkins says: THE growth of these
institutions continues in marked de-
gree The gain for the year in depos-
! its is ST. ,46S,420, which is an excess
of II per cent, and in number of de-
positors the increase is 80, 1G9, or
over Is per cent. Total resources
show an increase of nearly 10 per
cent. The reduction of $3.50, 6,038.S1
shown in undivided profits is occa-
stoned by number of the institu-
tions taking credit for stocks and
bonds as assets at their book value
instead OF the full market value, as
heretofore, as permitted by the report
form now in use. This change has the
effect of decreasing the amount of the
total resources also"
Private Bankers.
The commissioner makes an impor-
tant recommendation with reference
TO private bankers. 1t will be read
with interest throughout the entire
state. The commissioner says:
"The only requisite for obtaining a
certificate of authority to do private
banking business, under the law of
1895, are that the person making
application shall file a report of his
condition in the form required by an
incorporated bank, and be shown tc
be solvent and able to pay his debts
at maturity No standard of solven-
cy is prescribed and if he has resour-
ces of whatever nature exceeding his
liabilities, he is presumably entitled
to certificate.
"A greater degree of security to
creditors would be afforded and the
business placed on higher plane if
the law imposed the further require
ment that the individual must be
possessed of, say, at least $4,000
above his liabilities, and such an
amendment to the act is recommend
ed; also an amendment authorizing
the commissioner of banking and in
surance to withhold authorization in
any case where the circumstances are
such as to satisfy him that the inter-
ests of the public would be best sub
served by such action"