Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-21
Loan Account balances.
SHERMAN EypLASarYoy.

(signed) JOIN SIBERIAN, Secretary.
Loan ACCOUNT balances.
SHERMAN EXPLANATION.
WASHINGTON, Dec. 20.-The following Is the
letter from the secretary OF the treasury which
was laid before the Houre of Representatives
to-day with reference to the balance on loan
accounts standing to the credit Of the United
States In national banks:
have the honor to acknowledge the recent
Of the resolution of the House of Representa-
tives, dated the 18th inst, as follows:
Resolved That the secretary of the treasury
be directed to inform the House, at the earliest
day practicable after the close of the coming
Congressional recess, whether there were any
balances on the loan account in coin stand
ing to the credit of the treasurer of the
United States in any of the national banks on
the lst of March, 1876, aud on the first of each
succeeding month to and including the LIST of
January, 1879; the names and locations of
the banks which held suca balances and the
amount held by each at the respective dates
indicated. In reply l state that there were
no balances on the loan account standing
to the credit of the treasury of the United
States in any national bank from March, 1876,
to January, 1878.
A complete list Of national bank depositaries
with the balances or the loan account to the
by each, Feb. l, 1878, and on the LIST Of each
succeeding month to and including Dec. l,
1878, is herewith inclosed. The House will be
duly advised in another communication of the
balances on Jan. l, 1879, as soon as returns
from the respective banks shall have been re-
ceived at the department. These banks have
been designated from time to time under the
provisions of department. circulars inviting all
national banks to become financial agents of
the government aud repositories of public
money for the special purpose of receiving de-
posts on account of subscriptions to the fund.
ed loan and they were permitted
on proper security to hold the
obtained by them, subject to drafts or orders
of the department, occasion required for
the payment of called bonds matured. No
coin has been deposited with these banks, or
any of them, by the treasurer of the United
States. These banks represent exclusively
coin received for subscriptions made or OBJ
tanned by the respective banks and left on
deposit during the runaiae Of ninety days, as
required by law to be given for payment of
called bonds partly to proven. the withdrawal
of SO large amount from channels Of bust
ness, and partly as an inducement to the
banks to act efficiently in procuring subscrip-
tions.
The very large balances reported as held by
the First National bank, of New York, were
caused by temporary deposits Of the proceeds
of ~ per cent. bonds, sold through the sydi-
cate of which the bank was a member, and
also by the very large subscriptions of that
bank to the per cent loan. The balance re
ported as due from banks on loan account are,
however, to some extent nominal, the bonds
furnished as security being largely made up of
call bonds. which to all intents are payment
to their amount of balance due, but cannot be
credited to the banks until the bonds are care
fully examined, the precise amount duo on
:.
amount issued by the treasurer.
1t is proposed to continue -he same mode of
deposit in aid of the sale of per cent. bonds
during tht next year, and attention is called to
the recommendation in the annual report for
discretionary shortening of the period now re-
quired for calls. Very respectfully,
(Slgned) JOHN SHERMAN, Secy.
The tabular report of balances in the differ
emit banks shows the aggregates for the months
named and the amounts held by the First Ma
tional bank and National Bank of Commerce,
New York, and by the Maverick National Bank
of Boston, to be follows:
'Month of February agl regate $2S 07S.
March aggregate, 1927. 495. National Bank of
Commerce New York, 1925, 867; Maverick Bank
of Boston, $50, 153.
April. aggregate, s3, 023, O69. First National
bank of New York. s2,511, 63s; National Bank
of Commerce. New York, $249, 562; Maverick
bank, Boston, $l00,60).
May. aggregate, SLU. f01,UlO. FlTSG National
bank, New York, $19, 566. 652; National Bank of
Commerce, New York, $279, 93s; Maverick bank,
Boston, 1851. 0S2.
June, aggregate. $2,4O4, 1853. First National
bank New York, SIS S65, 082; National Bank of
Commerce New York, so, 052, 4S1; Maverick
bank Boston, $1,000, Ss9.
July, aggregate, Si0.04l $3.50. First National
bank, New York, $32 655, 495; National Bank of
Commerce, New York, 1898, 1862; Maverick
bank Boston, $940,07l.
August, aggregate, $5O,O95, 1885, First Ma
tional bank, New York, $36,S75.220; National
Bank of Commerce. New York, $4, 1859, 434 !;
Maverick bank, Boston, $2,427. $40.
September, aggregate, $60,15l.031. First
National bank, New York, $41.9l4, 945; Nation
al Bank of Commerce. New York. $4,000, 446;
Maverick bank, Boston. 1898, O49.
October, aggregate. $64.207,Sl4. First Ma
tional bank, New York, $45,007. O6l; National
Bank of Commerce, New York, So, 107. CTS;
Maverick bank, Boston, $3, 1902 ,2I2.
November, aggregate $40, 2S7,228. First Ma
tional bank, New York. $2S. S92, s82; National
Bank of Commerce, New York, SO, 596, 745;
Maverick bank, Boston, S2.392 204.
December, aggregate, $50, 446, 48S. First Ma
tional bank, New York, Sl5, 4O4, l42; National
Bank of Commerce, New York, 81, 973, 1877;
Maverick bank. Boston, 1886, 42S.
The list embraces seyenty-three repositories,
but excepting the above named, there are but
instances where an amount exceeding $1,000
600 is held.
BIaine's BOOnlernng.