RESOURCES AND LIABILITIES 01 TRUST COMPANIES OF TIM UNITED STATES. 30 JUNK 1917.
(As reported by The United States Mortgage and Trust Company, New York, 2009 companies reporting). Resources: Stocks and bonds ;2,032,057,479 90 Loans, notes and mortgagft 4,779,179,424 30 Cash on hand and in bank 1,606,136,907 89 Reel estate, banking house, furniture and fixtures. and safe deposit vaults 250,134,182 12 Other resources 291,003,843 37 Total $8.958,511,837 58 Liabilities: Capital 8567,885,547 83 Surplus and undivided profits 682,519,108 29 Deposits 7,362,830,982 36 Other liabilities 345,276,199 10 Total $8,958,511,837 58 published each year a compilation of trust com pany statistics which include a great majority of the trust companies of the country. For the year 1915 its figures cover reports from 1,777 companies, besides which it lists over 250 com panies from which reports were not received. This indicates that the total number. of trust companies in the United States 30 June 1915 was in excess of 2,000. The accompanying tables show the total figures for the 1,777 re porting companies, and the distribution of companies by States.
The Federal Reserve Act—The Federal Reserve Act, as construed by the Federal Re serve Board, directly affects trust companies in two ways: it makes trust companies eltgible to membership in the Federal Reserve banks, and it permits National bank members of the Federal Reserve system,— if in conformity with local State laws—to undertalce certain trust functions. Up .to the present time few trust companies have joined the Federal Reserve system, largely because that system is designed wholly for commercial banks. Authority to National bank members to exercise trust func tions applies only to those members which are located in States whose laws permit them to exercise such functions. Some of the States grant that pertnission, while others have dis tinctly refused to 'do so. If the exercise of trust functions by member banks of the Fed eral Reserve system becomes general, the fact will doubtless have a marked effect upon the growth of trust companies as separute insti tutions.