THE MODERN TRUST COMPANY 439 



$72,000,000, which may be said to represent the money cost 

 of independence. 



The figures increase with great rapidity. In June, 1903, 

 the aggregate resources of the trust companies of Philadelphia 

 were $237,000,000, and on December 31, 1904, they were 

 $283,000,000, being an increase of $46,000,000 in eighteen 

 months in Philadelphia alone. 



In such reports as I have alluded to, the corporate assets 

 alone are included, and none of the figures given above cover 

 amounts held in trust, as these do not enter, ordinarily, into 

 the balance sheet. Indeed, no data on this point are at all 

 accessible to me outside of Pennsylvania. The statements 

 compiled by Mr. Perrine and published by the United States 

 Trust company make no allusion to trust funds. 



But since the establishment in Pennsylvania of the office 

 of the commissioner of banking, in 1891, the reports of com- 

 panies in this state include statements of trust funds. This, 

 however, is not the case for the first few years, in which his re- 

 ports have only incomplete data of trust funds. We are, how- 

 ever, able to make a fairly complete comparison in Pennsyl- 

 vania between national banks and trust companies since 1892, 

 and I have accordingly had tables prepared from the report of 

 the banking commissioner and of the comptroller of the cur- 

 rency, which compare the growth of the trust companies and 

 the national banks in Pennsylvania for the last twelve years. 



From these tables it appears that in the twelve years end- 

 ing November, 1903, the number of national banks in Penn- 

 sylvania has almost doubled, and that of the trust companies 

 has quadrupled; the agrgregate resources of these banks has 

 more than doubled, and the aggregate resources of the trust 

 companies more than tripled. The deposits of the banks are 

 two and one half times as great; those of the trust companies 

 more than three times as great. The increase of trust funds 

 cannot be accurately told for the same vears, the reports 

 thereof for 1892, 1893, 1894 being incomplete. 



The flow of capital into trust companies is better shown 

 by the increase of the aggregate capital, surplus and undivid- 

 ed profits, which have much more than tripled. 



