Evening journal., 1922-01-25

forwarded to Governor Denney.
states thai the industrial depression
OF the past year has made itself felt
in Delaware BY a decrease in bank
deposits which fell on s6.S14.475.
The total deposits OK the year were
S70455.4 4e3, Commissioner Medill
expresses a view. after discussing in
detail the various phases OF banking
institutions coming under his obser-
vation. that banking and economic
conditions in Delaware are funda-
mentally sound.
In the course OF his report Com
missioner Medill says:
William ID. Denney
Governor OF Delaware.
Sir-The annual report Of this De-
partment. herewith submitted under
he requirements OF Section IA,
Chapter 3. OF the Laws Of 1919. sets
forth the condition OF State banks
trust companies and savings banks
as disclosed by their reports OF De-
cember 81, 1921, and slse at the
date OF each OF the five call reports
made during the year 1921; also the
condition OF the building and loan
associations as shown by their re-
ports al the end OF their respective
fiscal year. and other Information
covering the activities Of this De-
partment during the past year.
At the date of this report there are
forty State banking Institutions in
cluding branches. actively engaged
in business within the State with
combined total resources Of S7S. .44S,-
974.S1
There are sixty-one Delaware
companies having the word Trust
as part OF their name required to
report to this office. These com
panles are not engaged in banking
or trust business within the State.
There are eighteen National banks
within the state. with total resources
OF S21506.143. The only relation
that this Department has with these
Institutions is the examination Of
their trust departments. the collec-
ton Of taxes assessed against their
shares OF capital stock and calling
upon them for such reports as may
be deemed for the public good and
not for the purpose of regulation.
At the 1921 session Of the Legisla-
ture two new banking charters were
granted. viz
The Brsndywine Trust Company OF
Wilmington.
The Commercial Trust Company Of
Wilmington.
Neither OF these companies have.
as yet qualified under their charter
or the law TO commence business.
The Delaware Trust Company,
acting under a permit from this De-
partment. dated July 25, 1921, es-
tablished a branch at st. Georges,
New Castle county This makes a
total Of eleven ofices for this insti-
tuition.
Capital stock increases for the
year were as follows;
Delaware Trust Company. ; II 900 %
Peoples Bank OF Harrington 10000 .ot
Milshoro Trust & Safe De-
posit co. ...-..-s s......st- hoV.p'
Total .+...sssstsssss-s4.st 80 il,-oN.Ni
The total deposits OF all state
banking Institutions at the date oi
this report were S70455. 1850. be-
ing a decrease OF S6.S14.475.S7 as
compared with Dec. 81. 1920.
The Legislature OF 1921 enacted
considerable important legislation
relating 10 banks. the most import
ant OF which was a comprehensive
bank act and an act taxing the cap
nal stock Of banks and savings in
stitutions. The latter taxes the shares
Of capital stock OF national banks.
thus successfully solving a problem
that has been a matter Of much
litigation throughout the country.
7 compiled all the laws relating to
banks and building and loan asso-
Citations and negotiable Instruments,
which has been published in book
form BY authority OF the Legislature.
This publication has proven a great
convenience 10 bankers and others.
The tax law. above referred to.
brought total revenue to the State
for the year Of s32.495.35. which
Is f11.S51.42 in excess OF that col
iected during 1920. I have no addi-
uonal legislation 10 recommend al
this time.
Building and Loan Associations.
Building and loan association,
provide an instrument for systematic
saving for the people Of the state
in a safe form and yield often bet
ter than six per cent. upon the funds
Invested. The chief purpose Of sucl
Institutions other than that OF en-
couraging thrift. is to furnish credi
facilities for home building anS
home buying While it Is true tn
banks and mutual savings institu
lions OF our state furnish funds II
large amounts for these purposes
the buildings and loan association
are needed TO supplement the fund
BRAIN TESTS.