The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-19
.sL.0O0,0O0 IN CASH
Available IN Providence National, Trust
and SaVinSs Banks.
STRONGER THAN ANY OTHER CITY.
gsry Few Withdrawals From the Savings
Banks This Season at the End OF the
SIX Months Period-Banks Taking
Care OF All Their Regular Customers.

With 81, ,o0o. 900 Of available cash In the
banks of this city there 10 no reason to
fear that any emergency will arise that
they cannot meet without the least
trouble.
Providence has been singularly exempt
from any direct connection with the bus
jness or banking failures OF the west;
Over month ago the local banks ceased
70 loan TO western banks and have now
almost no western paper OF any
Kind. For some months they have
realized that the prospects were uncertain
and they have been strengthening them
solves and preparing for the
coming danger. They have not
refused losns to their regular
customers whenever the latter were
known to be GOOD, but renewals have
been limited az much as possible. Never
theless many renewals have been made
because, as one banker expressed 1t,
they were safe Ia the first place and
secondly it is better to hold live than
dead paper. There is not a bank In the
city today which Is not only In good
condition. but In better condition than
sasm,nssioyu sSu nshy made made today ' reveals the
fact that the banks have more money
on hand than they need. In many
cases they would prefer TO loan some
OF what they have. Under ordinary
circumstances they would feel that with
90 much cash available the stockholders,
interests were not being properly cared
for. But they now feel that conserva-
tism cannot be too great.
National Banks and Trust Companies.
There Is actual cash IN the vaults Of
the national banks In Providence over
Al. 500. 900. They have also on call and Inn
modiatSly available. either by deposits In
New York and Boston, over $3, SOC, 600.
The savings banks and trust companies
vvry willingly stated to The
News representative thsir position.
reveals the fact that they have actu-
ally available funds which could be
counted and placed on their counters
within two hours time very nearly
100000 without asking for o single
The enormous sum total OF what may
sts city bs called cash on hand is today
7hs very smallpsss of our banking
ipstitutio1s and their limited amount
she's ( great safeguard. with 80
much capital stock ana 80 limited
line OF deposits IL 10
practically impossible Tor any ono Of them
70 fall or to su1fsr from any cause what
0VCk IN U0S0 - WY - W AioA ln Suo oAAkut
esg the mon > Of their depositors.
Withdrawals Very slight
This 10 the time of year whom savings
banks are expecting heavy Withdrawals.
On the 18th, Monday, the books open
for the ak months Accounta Usually they
are besieRed by hundreds every day for
= week. This past three days have been
exceptions 10 the usual custom.
All the banks were visited
this morning and IL was surprising
how few there were who were
Wtthdrswjng money. Indeed, compared
with Jsuuary there were no moro who
wanted money now than then. In many
of the banks nearly half of those present
were sinply there TO haveitheir interest
credited, and not few were there to
open new accounts.
One Of the most careful and conserva-
tive Of the local bankers said that he
lslt that the end OF the business
troubles was near ct hand. Failures
had boeu frequent and large In the past
few weeks, bat he thought there was lit
tie to fear In the future except long
period Of stagnatio1
There are no local firms that need help.
AL are In good condition. 20 far ~ the
mercantile agencies know, aud taken AZ
. whole there IL no city In the country
% veil situated to meet the existing
stringency and danger.