The multiplicity of banks has strikingly helped the economic progress
of the United States. From 1,500 National Banks in 1865 with a capital
of $393,000,000, the number rapidly rose to 2,089 in 1876.
The panic of 1873 did not hinder the movement; however, during its
liquidation, the number shrank to 2,048, only to rapidly advance to
2,500 by the close of 1882, and 2,664 in 1884, and this movement did not
even suffer a slackening as in 1873 during the liquidation of its
crisis; it continued steadily, and we enumerate 3,120 banks in 1888.
The increase is a third more than in 1876, but it is far from being thus
in the case of the capital, which only rose from $504,000,000 to
$588,000,000--that is, only 16 per cent. The small banks in the new
centres of population are the factor, then, which annually increases the
number.
THE CONDITION OF BUSINESS IN 1888-92.--[Footnote: The facts I state in
this _resume_ are based upon statistics printed in the _Commercial
and Financial Chronicle_.--DEC. W. THOM.]--The year 1888 was fairly
prosperous despite a Presidential election, but securities were heavy,
depression was general, and some few stocks shrank amazingly.
Pages:
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138