The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-04-15

City bank is twenty-five millions, and
that the surplus and undivided prof
its of the institution are approximate
/ " three millions greater than its cap
: ital. Therefore, surplus and und1vid-
ed profits. together with the capital
/ and stockholders liabilities, bring the
/ resources of this institution up to
nearly two hundred aid forty-three
millions of deposits About twenty
! years ago this institution carried de-
posits not much in excess of ten mil
lion dollars. Financial history of the
utmost importance and interest would
he written by the congressional inves-
tigating committee If it were able to
learn how. within twenty years, this
institution had increased its deposits
from a little over ten million dollars
to two hundred and forty-three mil
lions.
It was not done by any merging.
This institution has never absorbed
another hank. although it did liqui-
date the Third National about twenty
years ago.
The Next on the List.
Next on the list of the statements
prepared for the congressional COM
mittee is the Continental and Com
mercial National bank of Chicago.
The very name of this institution sug-
gests the merger which it represents.
It has a capital of twenty-one mill
lion, five hundred thousand dollars,
surplus and undivided profits of nine
millions and carries one hundred and
eighty millions of deposits Its rec
ords show that it can be compared
faVOrably with some of the greater
ioint-stock banks of London. Its vast
deposit line has accumulated within
the past fifteen years. And it would
be of service to the country, many
persons think, if the growth of this
deposit line could be traced back to
the business commercial, industrial /
and agricultural activities in the west
to which it is undoubtedly to be at
tributed.
The National Bank of Commerce of
New York is one of the two national
banks of the United States for which i
congress modified the national bank |
ing law at the time of its passage. !
This bank and the American Ex-
change National bank possessed I'M !
der their state charters peculiar ex-
elusive privileges which they did not !
care to part with, as they would have I
been compelled to do had they sur
their state charters and TAX |
en- out national charters, unless con- !
gress strained a point in favor of |
them. That special legislation was en-
acted because it was regarded as vital |
to the success of the national bank |
ing system that the Bank of Com |
merce and the American Exchange |
bank of New York should take out |
charters. The great growth
of the National Bank of Commerce,
however. is not to be explained by it's
possession of exclusive and special
privileges. The institution today rep
resents several mergers. Upon a cap
tal of twenty-five millions there rest
surplus and undivided profits of six
teen millions and deposits of a little in
excess of a hundred and fif:y-seven
millions. The institution stands third
in respect to strength, and it was
as the second until the
merger of two great banks of Chicago
enabled the enlarged institution to
surpass the Bank of Commerce in this
respect.
Something of the story of the
growth of trade, possibly of under
writing syndicates and the accumula-
lion of money capital in New York
is contained in the figures which re-
port the deposits of the National Bank
Of Commerce as a hundred and fifty
seven million dollars.
The First National Charter.
When John Thompson organized a ma
-ional bank in New York city for the pur-
pose of securing for 1t the first charter
aw he never dreamed that within TWEEN
" years of his death this bank, the First
National of New York, would report de-
0osits of nearly hundred and thirty
h-ee million dollars. Mr.. Thompson used
o read with something like anlazement |
he figures which told of the deposits of
ime-something like thirty millions. Now
he institution which he created and
whose name contains uouDle S1SIll-
icance from the fact that it is not only
he First National bank of New York.
,ut was the first bank in the United
states to take out a national charter (ai-
hough one or two others came very ,
loosely upon it in that respecO carries de
,osits a hundred million dollars in excess
# the amount which Mr.. Thompson re-
,arded as the high water mark of bank
deposits in New York. The congressional
committee, if 1t is able to trace even in
,eneral way the sources of these deposits.
will undoubtedly find that the govern
nent itself has contributed In some meas
ire to them and that they reflect the
,anl books of some of the larger corpora
ions of the United States.
The First National bank of Chicago,
With ten millions of capital, twelve mil
ions of surplus and undivided profits and
|. hundred and twenty-five millions OF de-
,osits has in its history story of muCh
# the growth and progress of Chicago
nd the west. The Chase National bank
# New York which practically matches
he First National of Chicago in regard
o deposits was created by John I'homp-
on in 1877 Had he been told in 1892 that
ater deposits of a hundred and fifteen /
million dollars. he would have spoken Oh ,
he prediction as absurd ,
IT is thought in this city that II the con-
ressional investigating committee shouiu
oncentrate for a time. at least Its IN
-estigations, in case those INVESTIGATIONS
re sincere and in good faith, upon these
~ institutions then the committee will .
corn about all that it is necessary to
nov, respecting the growth of banking
nd the concentration OF enormous !