New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-01

m
Due from national banks; state banks o,s tsa
Legal tenders 53e Ss7 oS
Surplus other profits. .-.....---. s7sS$.se6 rs
Bis payable and rediscounts. t-71s.4ss IS
Specie shows a decrease of s2s sss IS. amounts
due to national and State banks and bankers a
decrease of 1851 49, and United States govern
ment deposits decrease of Sf90l6,S59 81
For savings banks the latest figures available
show the conditions at the time OF State reports
nearest to June 80 At that time there were in the
United States 1887 such banks, of which 13o were
In New State. The total number of depositors
for the country was 7.6s6229, the amount of saw
pys IS 25 49, and the average for each depositor
1922 u In NeW-Yorlx State the total number OF
depositors 2513,57O with deposits of ST. 300,
an average amount of s4sS Al The largest average
deposits shown in Ohio where there Is 1914 Oh
for each depositor
The number of State banks in the country is
given by the same statistics at 1874. with total
assets of s. 19O911,375, and of private banks lGS
with resources of I65.253,2@S.
One of the most notable features of the year In
the financial world has been the rapdity OF the
continued growth of trust companies The year 19o,
like the ten before it, saw a great expansion OF
such companies, both in number and in resources
There are 1,7o0 org anized trust companies
United States. In the last year the greatest
increase in number was in the South and West
The gross resources of these companies in the
whole country exceed $4,000 000,G0O of which the
Ncyy-York City trust companies alone represent
over 81 0000t0010. 1t is a significant fact that re
Gently many national banks have given up ther
charters in order to become trust companies with
the larger facilities which those institutions can
offer to their patrons
The recent simultaneous publication of reports OF
banks and trust companies of this city on Novem-
Der 9 showed the great strength OF the latter IN
stitutions They reported total deposits or $sW6'-
SS710O of SCI 100000 over the similar item
in the report of the national banks. OF the total
resources of $2,S&1l20oo for all institutions In the
city the companies had $1yZ5lS Oh60o or only
about S2Od0O00 less than the national banks The
combined capital of all trust companies was $'S'0'-
0O0 and the net surplus and profits reported were
sI5 sos csc an of nearly $26GOOoOo over the
showing OF national banks.
The activities of the trust companies are con-
stantiy increasing and, as was recently explained
by Charles a. COnant, treasurer of the Morton
Trust Company, more and more overlapping and
competing with those of State and national banks,
besides growing in the lines of business peculiar
10 themselves The New-York law confers on
trust companies, the following powers, among
others:
Frrs-ro act as the fiscal transfer agent of
ton and in such capacity 20 receive ana d1spufSe
money and transfer, register and cou!ltersgn Ger
thcatcs of stock, bonds or other evidences Oh IN
Sccond-To receive deposits of trust money, Sc
cu1tics and other personal property from any per
personal securities,
-
bond issued by any municipality body polite or
coruor.tion and accept and execute any other Inu-
nicipa or corporate trust not inconsistent with the
laws Of this State.
scvcnth-To take accept and execute any and ali
such legal trusts duties and powers IN regard 10
the holding manage Incnt and disposition or any
estate real or personal, and the rents and profits
thereof. or sale thereof, may be granted or
contidad 10 il by any of record, by any
person. corporation. municipality other author
fty: and accountable to all parties in in
terst for faithful discharge of such trust,
duty or power which il accept.
Under these powers, the larger trust companies,
besides administering estates, was their chief
function in the earlier stages their development,
and carrying on, in many cases a banking business
which completes with the national and State banks
in almost all points except the negotiation and
charge of commercial paper issued on business
transactions, have taken up the work of acting as
trustees for corporations wen individuals, and
are usual medium for the fotation OF is
sues O stocks and bonds for Old corpora
of reori;anizing old companies and organizing new
with all the large increase, it is remarkable that
there have been few failures among trust
paniCS In this city there only in the year
it vas comparatively insignificant, and the avail
liabilities and leave q dividend for stockholders.
A development of the year among mortgage
panieS has been the organization of the Mortgage
Bond Company. to conduct business on the plan
long time bonds, which the direct obligation Of
the issuing company. and are secured 10y deposit
of first class mortgages on real estate