Heaping Up Wealth

Pacific Press Publishing Company · Mountain View, California · Nov 23, 1904

FromSigns of the Times, Vol. 30, No. 46.

Heaping Up Wealth.

As showing how prophecy is fulfilling, in the heaping up of riches, and how this is constantly gathering in the hands of the few, take for instance the banking growth in this country during the last eight years, as reported by the Financier, of Oct. 17, 1904, a reputable and reliable journal in banking matters. Eight years ago there were only fifty-three national banks in the United States which reported gross deposits in excess of $5,000,000. The very largest national bank at that time reported less than $32,000,000 gross deposits. Now there are sixteen banks which are larger than that, and one has deposits in excess of the nine largest banks eight years ago. One hundred and thirty-seven banks are reported, none of which reported gross deposits less than $5,000,000, Sept. 6, 1904. The increase in one of these banks during the eight years has been over 1,000 per cent.; two nearly that; three between seven hundred and eight hundred per cent.; forty-two over three hundred per cent. Sixty-five of these banks have gross deposits ranging from $10,064,273 to $231,517,031. The editor of the Financier says that in a number of instances this does not represent a growth of business, but "consolidation and absorption of other institutions." The growth of the larger banks in eight years has been amazing. One hundred per cent. stands for the doubling of business, but a Boston bank shows more than 1,000 per cent., and there are eleven banks which show gains higher than five hundred per cent. Truly the prophet spoke when, in addressing the rich men of these times, he declared, "Ye have laid up your treasure in the last days."