Page:A History of Banking in the United States.djvu/493

 cent. These figures show: 1—that the failures in 1893 were in the large enterprises, and that, in the following years, they reached the smaller ones; and 2—that, in all these years, they were not due to a bad state of trade, but to bad conditions which brought down men who were fairly strong. Those bad conditions must be sought in mistaken legislation.

The last noteworthy incident in the history of the banks is their attempt to assist the Treasury, in 1894, in the maintenance of the "gold reserve."

The most which it could be hoped to accomplish was to win time for public opinion, or political combinations, to reach a point at which some radical and effective reform of the currency could be made.

The total number of national banks organized, down to October 31, 1895, was 5,023, of which there were 3,715 in existence at that date, with $664 millions capital and $336 millions surplus, owned by 285,190 shareholders. The total circulation was then $213 millions. Against this $23.7 millions had been deposited in lawful money with the Treasurer, although treated by him as available means. There were east of the Mississippi, 2,611 banks with $527 millions capital; west of it, 1,104 with $135 millions capital. The average annual dividend for twenty-six years was 8.4 per cent.; in 1894, it was 6.8 per cent.

Since the national banking system was adopted the local banks have had no "history." It has been almost impossible to obtain statistical information in regard to them. In the year 1895, the Comptroller of the Currency obtained a sufficient number of returns about State banks, private banks, and trust companies to approximate to the desired information.

There were seventeen States and Territories from which the information was incomplete. Reports from 3,774 State banks were received, showing that they had capital, $250 millions; surplus, $101 millions; deposits, $712 millions; loans, $697 millions. Reports of dividends earned by 928 of them, in twenty-four States, showed an average of 7.2 per cent. per annum. Reports from 242 trust companies were received; capital, $108 millions; surplus, $84 millions; loans, $433 millions; deposits, $546 millions. One thousand and seventy private banks had $33.2 millions capital; $10 millions surplus; $81.8 millions deposits; $85.4 millions loans. The total banking capital, including surplus, of banks of all classes, was nearly $1,600 millions, of which the national banks had five-eighths.

Four States and one Territory require no reports from banks organized under their laws; six others require only one report in a year. Thirty States require that the reports be published in the local newspapers; twenty give reports about banks in annual or biennial reports; six make no provision for publishing information about them. Fourteen States allow banks to issue circulation; nineteen prohibit circulation; several have no law on the subject. Twelve States have no provision for the examination of banks by State officers. Seven States have no restrictions on bank loans; nine prohibit loans to officers or employees; most of them prohibit loans on the