The Washington herald., 1913-01-21

VII Interstate SOInfntICe Will
have series of a dozen hearings, rum
ming through February, on bills relating
TO further restriction of railways and of
interstate commerce. The data is being
prepared for use at the extra session.
Local Securities.
Moving slowly until Commercial Ma
tional Bank stock was reached, and
thereafter paying attention only to
United States Trust shares, yesterdays
market was a bank-stock day.
In all s. shares of Commercial National
Bank stock sold, and at the close the
200 bid failed to uncover any offerings
save at higher limits.
The sales were at l99. and the inter-
vening fractions to 2o0 and, the 200 offer
was repeated. As a matter of fact,
higher price was bid for a large lot and
then one staid, sedate member of the
exchange bid $40 for the capital stock.
The furry is over, at least for a day
or two. Stock liquidation has not been
important, but a few hundred shares.
United States Trust sold at 1Ss 1-2 to
1S9, and closed with 40 bid, 1iS asked.
Gas shares in fair demand, with evil
dences of a short interest of very uniin-
portant proportions. Stock sold at 81 1-2,
ex-dividend.
Other transactions were unlmportant,
but Railway preferred showed excellent
strength at Soa91. Common slow.
National Savings and Trust Election
There were no changes in the directory
nor in the official roster of the National
Savings and Trust Company. Most of
the stock voted was by proXie. The re-
elections in this institution, en- bloc, so
almost without saying, and from year to
year-a happy family, devoted to busi-
ness and the bank.
Trust Companies.
Valuable and instructive information
Is contained in a book which has just
been issued by the United States Mort
gage and Trust Company. of New York
City. entitled Trust Companies of the
United States" which gives complete and
reliable statistics regarding the growth
and number of trust companies in this
country. The 1872 edition of this volume
also presents complete reports of all the
trust companies OF Washington.
In view OF the fact that this compila-
ton is published almost simultaneously
with the official report of the Comptroller
Of the Currency regarding the banking
power of the nation, some interesting
comparisons as to the distribution of
banking resources are possible.
1t is shown that there are 1,579 trust
companies in the United States, which, on
June 80 last reported combined resources
amounting to S5.4sO. $40, 4ls, being a gain
of $322, ,OS7 900 as compared with June 30.
1911, and a gain of over one and a half
billion dollars since 1905. the exact figures
being $1,573, 12S.O60.
The Comptroller reports a gain in the
banking power of the country, including
reports from 25.176 banks of all kinds.
both national and State. of IS. 4o3.0 600, 900
since June, 1908 1t is of interest to note
that while the total banking resources
of the nation increased rs per cent dur
ing the past four years. the gain re-
ported by the trust companies alone
amounted to 40 per cent during the same
period.
The important role which trust COM
panies hold in American financial and
banking development is possibly more
clearly illustrated by giving some COM
parative figures.
Fifty years ago there were no more
than half a dozen regularly organized
trust companies.
Twenty-Five years ago. in 1857, there
were only 10 trust companies in the
country with combined resources of s44l,-
0O0.O00 In 1885 there were 22S trust COM
panies with s962. 100000 resources. When
the United States Mortgage and Trust
Company of New York City first began
its annual compilations in 1903 1t was
shown that there were 912 trust companies
with total resources Of S2.9l0,Oo0.O 600. On
June so, 1872, as stated above, 1879 trust
companies reported resources of s, 490, 570,-
4l6. In nine years, therefore. the trust
companies have gained 50 per cent in
banking resources.
Large Deposits.
They now have deposits amounting to
itaI pf Incl
and undivided profits of ST.. .473,1S7. In
the amount of their surplus and undi-
vided profits the trust companies have
a greater aggregate than all the State
banks and savings banks of the country
combined.
The National Monetary Commission, in
its report presented to the United States
Senate at the last session, explained the
marked growth of trust companies on
the ground that they are enabled to offer
most valuable and a great variety of
facilities to their patrons.
The eminent authorities on economi- |
cal conditions who furnished reports to
the National Monetary Commission gave
it as their conclusion that the trust COM
panies represent a natural and economic !
evolution in the American system of |
finance and banking.
In commenting upon the growth of |
trust companies during the twelve |
months ended June 30 last. the following |
prefactory note Ny the United States |
Mortgage and Trust Company appears |
in the 1912 edition of Trust Companies |
of the United States:
The record of trust company achieve |
ment has never been more strongly |
marked by constantly increasing evi-
dences of a rare combination of progress
siveness and conservatism than during |
the year ended June so. 1912.
More and more clearly has it been
shown that the trust company's func- |
tions and its opportunities are capable |
OF a legitimate expansion unrealized in |
former years.
las a result, the trust companies of |
the country stand higher to-day than |
ever before in public confidence, ma
terial resources, and usefulness to the
communities they serve
The above article, No. 19, in the edu-
cational publicity campaign, is topical
at this time of the year, and we would |
suggest that you take prompt measures
to secure its publication in some of your
local newspapers.
NEW YORK CURB STOCKS.