Der Deutsche correspondent. [volume] (Baltimore, Md.) 1841-1918, 1916-05-14

that twenty-five private banking
houses were engaged in business.
On June II, 1878, there was in
corporated the first purely German
Savings Bank in Baltimore, the Ger
man Savings Bank of Baltimore
City. This institution from that
time until the present has shown q
steady growth in deposits and has
occupied place peculiarly its own
in the financial community
In 1884 there were seventeen ma
tional banks and seven state banks
with a combined capital of $l3,489,-
$50, thirteen savings banks, twenty
seven private banking houses and
two trust companies. At this time
one bank reported a surplus of
$4,000 in addition to its capital,
showing the beginning Of the move
ment to keep the capital at fixed
figure. showing the surplus and un-
divided profits as a separate item.
On March %, 1887, there was in
corporated the Hopkins Place Saw
ings Bank, an institution in which
the German element was prominent
1t, also, has shown a steady growth,
finding its place in the community
through the exceptional facilities Of
fered in the wholesale district in
which it is located.
In 1894 the national banks had
increased in number to twenty-four
and with five state banks had a COM
bined capital Of $13,38S,260. with
surplus and undivided profits Of
S5,762,S50; sixteen savings banks,
twenty-seven private banking houses
and five trust companies, the latter
with a combined capital Of S1,700,-
600 and surplus and undivided
profits of $843,127. The trust COM
panies were now not only for the
safe keeping of valuables, but re-
ceived money on deposit both for
savings and subject to check, en-
gagged in the furthering of new en-
terprises, acted as trustees, loaned
money and generally transacted a
banking business partly supplement
tai and partly competitive to the
banks.
In 1904 we find nineteen national
banks and six state banks with a
capital of $11.S9O.700 and surplus
and undivided profits of $2,263,326,
nineteen savings banks, ffty-two
private banking and brokerage
houses and fifteen trust companies,
the latter with a combined capital of
$5,625,0O0 und surplus and undivid-
ed profits Of $8,690,500.
In 1914 there became operative
the most important banking law
ever passed in the country: the
Federal Reserve Act. Under this act
banking has become far more elastic
than was formerly the case, it en-
ables the national banks to make re-
discounts under certain conditions
and through the Regional Banks
secures a control over the finances
Of the country which will act as a
bar in periods Of imitation as well as
in periods Of depression. 1t is prob
able that under this act there will
never be another panic such as has
been unfortunately the case in the
past
AT the present time the city has
fourteen national banks with COM
bined capital of $11,210,700 and a
surplus and undivided profits of $9,-
7O3,834 seven state banks with a
combined capital of 81 1,S81,500 and
surplus and undivided profits OF
$988,167; nine trust companies with
combined capital of $8,250,0O0
and surplus und undivided profits OF
$11,708, 1926; seventeen savings
banks and sixty-one private banking
and brokerage houses.
Baltimore is just entering upon an
Unprecedented period of industrial
development, manufacturing enter
prises are being established at many
points both in and around the city,
old establishments are being en-
larged and a great increase in gen
eral business is noted through the
larger bank clearances. Those en-
gagged in or about to inaugurate
manufacturing enterprises are realiz-
ing the advantages Of Baltimore
from every standpoint and are rapid
ly availing themselves OF them. That
we have not only inducements to Of
fer but q banking community willing
and amply able to do its part In the
Of the city, is a condition
Of which we may justly be proud.