Los Angeles herald., 1890-10-10
CLEARINGS AND BALANCE
REPORT OF THE MANAGER OF THE
CLEARING HOUSE.
Financial Institutions of the City All in
Healthy Condition-An Increase of Bus
mess Since Last Year-The Institution
Success.

q SUCCESS.
The annual report of Man
ager George H. Stewart ol
the Los Angeles clearing house
has just been compiled, and was sub
mitted to the association yesterday. 1t
is as follows:
To the Los Angeles Clearing house Asso-
citation, Los Angeles, CAL.
GENTLEMEN Another year has been
added to the existence of banks and
citizens; twelve more months of activity
have furnished our city with addi-
tional banks and a larger clientage
about three hundred business days have
left their impress on our books and
memory. In the main, we can contem-
plate with satisfaction this record, so far
as the banking fraternity is concerned.
No pestilence or fatality has invaded our
official ranks, nor, with perhaps single
exception, has serious sickness fastened
its hand upon any of our members.
On the contrary, there have been
additions to the official roster in
the appointment of assistant cashiers in
two of our older banks. We have also
been able to furnish San Francisco with
a fihancier who, though guiding the Ne
vada bank with its $3,00O,000 of capital,
is not unmindful of the interests of his
former fellow-citizens. Most of us have
been quietly devoting ourselves to local
needs and routine duties, though not
forgetful of the fact that broad-shoul-
dered member has travelled across the
continent, formulated and presented to
our eastern cousins plan for currency
issue broad enough to cover the whole
United States.
Since the date of my last report one
commercial bank has opened its doors
for business, May 1st, 1890, under the
title of the Broadway bank, with a cap
ital of $4,000. Other banks are either
about ready to begin operations or are
in process of organization. The Post
office Savings Bank and Trust company
has changed it's name, incorporating
under the title of the Main Street Saw
ings Bank and Trust company, with the
same officers in charge.
In view of the strong financial ebb-
tide which set in against us some time
since, it is somewhat reassuring to find,
according to the bank commissioners
reports, that the undertow has carried
away, from July 1st, 1889 to July 1st,
1890, less than two per cent. of the
aggregate bank deposits of our city, a
loss more than Offset by the deposits in
new county banks tributary to this city.
Although no published data is now
obtainable, l am safe in assuming that
the aggregate deposits have increased
from July to October larger percentage
than for the same period in 1889, thus
bringing us in this particular in advance
of our position OF one year ago.
To refer especially to the work of the
clearing house association, the volume
of clearings for the month of September,
1890, shows a gain over the month of
August of over $437 900 and over the
month of July of over $290,000. The
clearings for September, 1890, also show
an increase over the same month in 1888
of some $4,000, very slight, to be sure,
but nevertheless an increase. Could the
returns from the three commercial banks
not yet members be added, the figures
would be decidedly and materially in
favor of 1890.
The clearings and balances by quar-
ters for the fiscal year ending Septem
ber 30, 1890, are as follows:
CLEARINGs. BALANCES.
81, 1888 s,215,521.5e s2,o95. .o54 go
Quarteriending Mar.
81, 1880. -. s,3s3, ,7O3.42 1,94O,4 ,491 9s
Quarter ending June
80, 1890. -. 7,436, 6,s42.32 1925 9O1. .s5
Quarter ending Sept
80, 1890. ...... 6,9s4 ,2O4,O6 1,53O,35O.95
Detailed figures for the totals have
been furnished to you at the close OF
each quarter. The total clearings and
balances are reported weekly by tele-
graph to the New York clearing house,
VIM. B. Dana & Co., .Bradstreet's,
Chicago, and the Boston Post. The re-
ports are also given in our local papers
upon request.
The machinery of the clearing house,
with slight exception, has worked with
out friction, and, SO far as l know, to
the satisfaction of those concerned.
There has also been manifested among
the representatives of the various banks,
non-members, general disposition to
work in harmony with the association
for the general good.
The reduced quarterly dues (S25) have
been still found sufficient to pay the ex-l
penses of the association without resort
to assessment, since June 30, 1889.
Cash on hand October LIST, 1889. ....... $23550
Dues collected since, including ad-
vance dues for the last quarter of
1890. ............4......... 10000