The labor journal. [volume] (Everett, Wash.) 1909-1976, 1909-01-14
DEPOSITS REACH
$2O,OOO,OOO.OO
Magnificent Showing Made Of
Wealth by the State
Banks.

OLYMPIA, Jan. Especial Ac
cording to State Bank Examiner Englc
who will file his report with the GOV
crnor, the 2Gl banks of this state, Will
paid-up capital of $lS,SS4,3S7. carry
deposits of $l35,Gl5,73l,27, in addition
to $lj,0OO,OO0 due other banks.
This report is for the year ending
December 81, 1908 but the figure,
above are based upon the call issued
for statements of November p, 1905
On that date the fifty-siN national
banks of the state reported S1,74000C
capital stock paid in, S6G.5SS,037S0 de-
posits and $lO,l2S ,2SG2l due to banks
The balance is the showing of the 201
state banks.
The conservatism of state banks is
shown by the fact That with about
SOL ,000,0 900 loaned out they have bor-
rowed less than Sl.OOO.OOO. and are car
rying in cash about 80 per cent. of their
deposits. The law requires 20 per cent
reserve for state banks and - per cent
for national banks.
During 1908 five reports were asked
by the examiner from each state bank.
There were twenty cight state banks,
one trust company and two bonding
and surety companies that were author
lied to commence business, and five
banks have pending applications, In
the year twenty state banks left the
jurisdiction of the Department. of which
thirteen nationalizcd. five went out of
and two, the Inland bank, of Spokane,
and the Scandia bank of Everett. went
into the hands of receivers OF the
state banks organized prior to June -.
1907, twcnty-four have increased their
paidup capital an aggregate of 81 ,O75,
O3425
Saving deposits in the 8 state banks
aggregate nearly S20,000,O00. The re
ccipts of the department for the year
were S6,462.1O, and the expenses were
80, ,l05.4S. Mr.. Englc asks for an ad-
ditional assistant and that the annual
appropriation for the department be
increased to Sl1 800. Among the changes
recommended in the statutes he urges
laws absolutely prohibiting loans to
Officers and employees, prescribing uni
form rules for limiting interest upon
and prescribing character of investment
of savings deposits, and that the title
of the office be changed to commission
cr of banks.
Savings deposits in the national
banks of the state of Washington No
vember p, amounted to s. ,0Sj. or
more than onc-half the amount in the
national banks of the seven Pacific
states the total having been $l3.04S ,4GG.
The amount is greater than i'll any
state west of the Mississippi river.
California national banks only held
S40GG,272 in savings deposits and Ore
gon banks reported $4lS,5l2. Idaho
reported $2l4,SSl. Arizona and Nevada
did not reach $250,000 and Utah held
Sl,lGj. .494. These facts are shown in
the latest report o fthe comptroller of
the currency and. of course, do not in.
clude savings in state banks.
The national banks of North and
South Dakota. Nebraska, Kansas, Mon.
tana, Wyoming, Colorado, New Mexico
and Oklahoma combined held $4, ,G40,O3S
in savings deposits, or nearly $3,200,O00
less than those of Washington state.
Washington stands eleventh among
the states in the aggregate of savings
in national banks. Figures for the
state banks on the date of the last call
are not available, but with allowance
for probable losses in the year Just
closed by reason of "rainy day" with
drawals, the total amount probably is
S25, 100000 in savings deposits in Wash
ington state
1t is remarkable fact that the
Washington national banks hold more
savings deposits than the national
banks of Massachusetts, Minnesota,
any New England state except Maine,
and any Southern state except Vir-
ginia.
The total savings deposits in the ma
tional banks of the country aggregate
1891 .5G2. .GSO.-P.L