quire (1803) semi-annual bank reports to be
sworn to by the directors. Thus its banks were
put on a firmer basis and passed through the
panic of 1808-09 in better shape than the other
New England banks as a rule. In 1814 again the
Massachusetts banks showed their superior
strength. A comprehensive banking law was
enacted in 1829, with stringent provisions as to
capitalization and limits of circulation. Yet
these were evaded during the speculative régime
of 1830-36; as a consequence in the financial
depression 1837-44, 32 banks failed. In 1838,
however, a system of official examination of banks
by a board of bank commissioners was adopted.
The banking law of 1857 provided for one
commissioner. Under this improved system there
was only one bank failure in the panic of 1857.
The banking capital of the State banks reached
its maximum in 1862, when there were 138 banks,
with a capital of $67,544,200. When the system
of national banks was introduced State banks of
discount were prohibited and do not exist at
present. The necessity for loans on real estate
(which the national banks are prohibited from
making) led to the development of trust
companies. Savings banks are numerous and popular,
and their investment and general management
are strictly regulated by law. In 1902
there were 241 national banks, with capital
$73,187,000, surplus $27,922,000, cash, etc., $29,027,000,
loans $245,841,000, and deposits $231,856,000;
37 trust companies, with an aggregate
capital of $12,595,000, surplus of $9,248,500, cash
$4,332,363, loans of $105,991,407, and deposits
$127,928,218; 41 savings banks, with 1,593,640
depositors and deposits of $560,705,752.
INDUSTRIES
Year
Number of establishments
Average number wage-earners
Value of products, including custom work and repairing
