The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-04-15
MONEY IN CHICAGO
One of Largest Banks in COun-
try Located There.
Banks Deposits Many Times
Increased by Mergers.
SHOWS GROWTH OF TRADE
Western Institution Has Never
Absorbed a Bank.
Has Grown.
SHOWS GROWTH OF TRADE

New York. April 15.-One feature OF
modern banking life which the con-
gressional committee appointed to in
vesugate the so-called money trust
might with profit to itself and to the
country examine is the manner in
which some of the larger banks of the
United States have increased their re
sources and deposits. A day or two
ago a semi-official statement was pub
lished of the contemplated merger OF
two national banks of this city. tn :
Irving Exchange and the Mercantile
1t was presumed that this merger
would make it possible for the con-
solidated bank to report in a short
time deposits in excess of 50 millions
and with a relatively good surplus and
undivided profits account The merger
represents a sympathetic alliance with
the merger of three state chartered in
situations, the Broadway Trust. the
Savoy Trust and the Flatbush Trust
This merged, state chartered institu-
ton will presumably be under the same
ownership or control, as will be the
institution created by the rraerger d
the Irving Exchange and Mercantile
banks. In influence, therefore, a DOW
erful combination has been effected
represented, on the one hand, by the
merger of two national banks and or
the other hand, by the merger of three
trust institutions. These banking in
the main floor of what is to be the
greatest and most modern office build
ing yet constructed, a building which
Will identify by it's name the business
ability and amazing genius for organ
izatiOn which characterized the success
OF f. w. Woolworth.
This morning a statement was pre-
pared for presentation to the congress
sional committee in case the commit
tee should desire to know authoritative
ly what the six largest banks of the
United States are. Two of them are
resent the amazing growth of banking
in New York city since 1893. All of
them in their history tell the story OF
the financial growth of the United
States quite as clearly as they tell the
story of tie concentration Of great
money capital into comparatively few
hands. The list is headed by the name
of the National City bank of New
York. Then follows the Continental
and Commercial National bank of Chi
cagO- Next in order is the National
Bank of Commerce of New York and
after that appears the name of the
First National bank of New York. the
Chase National bank of New York and
the First National bank of Chicago.
What the Figures Show.
A mere superficial reading of this
list and of the figures appended to if
member of the congressional investi-
eating committee with the fact that
Chicago is now not only one of the
great financial centers of the United
States, but that it has become, SO far
as banking is concerned. a very great
financial center. The Chicago insti-
tutious reflect, for the most part, the
industries, agricultural and manufac-
turing as well as mercantile, of the
Mississippi valley and even the re-
noter parts of the great west To
Chicago funds are flowing in great
currents, rivaling the great currents
which bring funds in vast amounts to
the banks of New York city. These
funds represent capital invested in
western enterprises and suggest for |
chilly the rapidly increasing accumu-
lations of surplus wealth which have
furnished one of the most striking Of
the features Of our financial life for /
the past ten years.
If the congressional investigating |
committee goes into details it will dis |
cover that the capital of the National |