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BANKS  that American bankers had gained through five years of discussion a better understanding of the deplorable defects in the American banking and currency system, the managers of the new Federal Reserve banks found that the welcome accorded them by the banks of the country at large was cool. This was because they did not really understand the new régime. The breaking out of the Great War was the immediate influence in their organization—requiring as it did the best linking talent and machinery in the country. The immense imports of gold from abroad following the outbreak of the war, and the general prosperity stimulated by war profits kept the system at once from proving its great value.

For three years, from its formation up to our own entry into the struggle, in April, 1917, it was, however, gradually finding itself. When this great test came the Federal Reserve banks were prepared for its great responsibilities. During the first year of war the system took a high place in the confidence and esteem of both bankers and business men.  BANKS, LOUIS ALBERT, an American clergyman and writer, born at Corvallis, Ore., in 1855. He was educated at Philomath College and Boston University, and he entered the Methodist ministry in 1879. After several years as pastor in Kansas City he engaged in evangelistic work in 1911. In 1893 he was Prohibition candidate for governor of Massachusetts. He was the author of many books on religious subjects, including “Windows for Sermons” (1902); “The Great Portraits of the Bible” (1903); “The Religious Life of Famous Americans” (1902); “The Problems of Youth” (1909); “A Summer in Peter's Garden” (1913); “Ammunition for the Final Drive on Booze” (1917).  BANKS, NATHANIEL PRENTISS, an American legislator and soldier, born in Waltham, Mass., Jan. 30, 1816. At first a factory worker, he studied law, and became successively a member of the State and National Legislatures. He was Speaker of Congress in 1856, and in 1857, 1859, and 1861 was elected Governor of his native State. On the outbreak of the Civil War, he took a command in the army, at first on the Potomac, then at New Orleans, and finally on the Red River. Relieved of his command in 1864, he re-entered Congress, voting mainly with the Republican party. He died in Waltham, Sept. 1, 1894.  BANKS, THOMAS, an English sculptor, born in 1735. He studied sculpture in the Royal Academy, and in Italy,

where he executed several excellent pieces, particularly a bas-relief representing Caractacus brought prisoner to Rome, and a Cupid catching a butterfly, the latter work being afterward purchased by the Empress Catharine. Among his other works was a colossal statue of “Achilles Mourning the Loss of Briseis,” in the hall of the British Institution, and the monument of Sir Eyre Coote, in Westminster Abbey. He died in 1805.  BANKS IN THE UNITED STATES, financial institutions comprising (1) National banks; (2) State banks; and (3) savings banks, consisting of (a) mutual savings banks; and (b) stock savings banks. These are general throughout the entire country. In addition to these, are (1) co-operative banks, common in New England, especially Massachusetts; (2) loan and trust companies, established in nearly all the large cities; and (3) building and loan associations, now represented in most of the States and Territories. The last three classes partake of some of the features of regular banking, especially in the reception of money on deposit, subject to call, and the payment of interest thereon. The first three kinds of banks only are here considered; the others will be found under their respective titles.

National Banks.—There were on November 17, 1919, 19,129,842 depositors in National banks. These figures show that the depositors in the National banks of the country exceed in number one-sixth of the total number of the population in that year. The number of depositors increased from 1910 to 1919 11,439,374, or 148.75 per cent.

On June 30, 1919, there were 21,338 State banking institutions which included savings banks, private banks, and trust companies. The aggregate paid in stock in these institutions amounted to a combined capital of $1,318,716,000 and the total resources to $26,380,529,000. The deposits amounted to $21,744,046,000.

The State banks numbered 17,225 with a combined capital of $785,727,000 and aggregate resources of $11,701,606,000. The deposits amounted to $9,046,919,000. There were 622 mutual and 1,097 stock savings banks in 1919. The deposits in the mutual banks amounted to $4,422,096,000 with 9,011,464 depositors. In the same year there were 1,377 loan and trust companies with resources amounting to $7,959,969,000 and deposits amounting to $5,696,030,000. There are approximately 3,500 private banks in the United States, of which only about 1,000 are under supervision of the