Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1906-03-08
FINANCIAL IST|DJHONS TELL
OF PROSPEROUS YEAR


According to the annual report Of David
20. Watkins, state Commissioners Of banking
/ and insurance, which was submitted to
Governor Stokes, the year 1905 was one Of
unusual prosperity for the fnancil insti-
tutions Of New Jersey.
The report covers trust companies, sayz
| ings banks Of discount and deposib up to
the close Of business on December 81 last.
There are now 106 Of these institutions ID
the state, an increase Of three in the past
year, having aggregate resources Of s276, ,6l9s
s29 and total deposits Of 1921 ,22s 400,
The SO trust companies have resorces Of
| $167, ,533, sss and deposits Of 1928, Sl6, ,a0S.
There are 26 savings hanks with total re-
sources Of ss4, ,e5s, s7S and deposits of ss6,
| 228, ,733 The II state banks have total re-
sources S14, 1872 o68 and deposits Of ST !, 183,
l27s.
During the year the resources Of the in
stitutions mentioned have increased S23s
277,51s, which is equal to 9 per cent, and
the gain in deposits is s2s, 23s, ,5s5, cr a
per cent. As shown by the comptroller Of
the currency, there were, Noyember 8, last,
139 national banks in New Jersey, having
resources Of $17s, III, ,624 and deposits
amounting to $11s, 170, ,407. Adding these
figures to the foregoing total makes the
aggregate number Of banking institutions
| in the state z45, with combined resources
of s454, 7s1, 55s, and deposits Of 1884, 1893,
Isle.
The reports u 63 domestic trust com
panies, showing the condition Of business
on December 81 last, are included in the
report Of Of the commissioner.
Commenting upon the operations Of the
trnst companies Commissioner Watkins, in
his report say
'sThe growth b shsse institutions ssns+
tinues ID d marked degree. The gAiz zoE
tbs yeas III deposits is 81 5, 5ss3s3 40 is;eE
is in excess Of IA per Gems. aud ln nNEnhes
OF deposits the increase Is 80 100, "a over -
!, per cent. Total resources show A increase
4 of nearly 10 per cent. The esiloti91
shown in undivided profits is oecasioned
| by number Of the institutions taking
credit stocks and bonds owned as assets At
| their book value instead Of the full market
value as heretofore, as permitted by the re-
port form now in use. This change has the
effect of decreasing the amount of total re-.
sources also.
| Commissioner Watkins concludes his re-
port with the following recommendation
THE only requisites for obtaining GER
tificate of authority to do a private bankirg 8
business, under the law Of 1895, are thai
the person making application shall file
report Of his condition in the form required
of an incorporated bank, and be shown by
examination to be solvent and able to pay
| his debts at maturity. No standard OF
solyency is prescribed, and if he has re-
sources Of whatever nature exceeding his
liabalities be is presumably entitled to
certificate. a greater degree of security 70
creditors would be afforded and the business
placed on higher plane if the law impos ed
the futher requirement. that the individual
must be possessed Of unencumbered assets
of say at least SIC, 900 above his lia-
bitities, and such an amendments TO the
act is respectively recommended; also
an Amendments empowering the commiss~
iioner Of banking and insurance to withhold
authorization in any case where the circum-
stances are such as to satisfy him that the
| interests OF the public would be best sub
served by such action"