The Washington weekly post., 1900-12-11

The Outstanding circulation of the
banks increased sx 80 5I2-that Is frDn
s3ii 259sstt on June % 1873. 70 xgs 50 ~ IN
June D. fen OF the amount on the lat
ter date. s274lls.s .s52 was secured By bonds,
and fs,5z4 s.. by deposits OF lawful money
with the Treasurer OF the United States.
on account Of liquidsting and insolvent
associations and those reducing circuia-
ton.
The capital Of the nine insoivent banks
plaSed IN charge OF receivers during the
year aggregated 81 s0lsa, and the capital
OF the forty-three associations placed in
liquidation. &.I79 $50.
Since the new banking law went into
effect, and covering the period from
March Il 10 October 81. 1900. the Comp
Iroller of the Currency has approved IS
applications TO organize national banks:
OF which $50 were for banks with capital
CT less than Sa.t98 and 1T with capital
OF 0o0 or more Eighty OF the applca-
tions were from State banks proposed TO
be converted under the provisions OF sec
tion 5l5i of the Revised Statutes; i73 from
State or private banks proposed to hqui-
date for the purpose of reorganization
under the national banking law, and 25e
from those contemplating primary organi-
cations.
Since October n. 1899. sSs hanks. with
an authorized capital of S20.93500s). have
been chartered. OF which 3iS completed
I their organizations between March II and
october 81, 1900 S:xty-two OF the banks
{ VI AaAllLtA SillIt -AhIEu II VIII
aggregating sI5e0e0, were conversions
lZS. with capital Of Ssd5,G00, re-
organizations Of State ana private
I banks, and lS3. with capital Of $4,000
/ primary organizations. Two hundred and
/ fofty-rtne OF the banks organized since
/ March IL were with capital Of less than
/ $4,000, the great majority being with the
I minimum amount required namely. s25,
I 90. the aggregate capital being s6.575.G0.
and ninety-nine with capital of $4,000 or
] the a tai for tfafe Ia
4 being xlO,s0OO. Bonds deposited by both
classes amount N the aggregate to S,34S,
200, only about 30 per cent. OF the maxi
mum which might be deposited.
1t appears that there has been a growth
| in national bank note circulation from
March II 10 October 81. Of s7.5S7.02S This
| increase is probably no more than sufti-
| cient 10 keep pace with expanding trade.
Under existing law, national banks are
entitled to take out circulation to the full
amount of their capital. which on October
81 was tes2. .502. .3s5. There is no likelihood
that this privilege viii be availed of 20
the fullest extent. The autecedent re-
| quirement for the purchase and deposit
| or United States bonds acts through ad-
vance in price under increased demand 10
check automatically undue expansion of
note issues. 1t may be here noted that
| with the 2 per cent. bonds at the present
market price the net advantage to a
bank In taking out circulation Is one and
five-hundredths OF per cent. per annum,
! as figured by the actuary in this depart
ment.
The interest-bearing debt July 1, 1900.
included unmatured United States bonds
! outstanding amounting to $l,023, ,443, 800,
there having been a reduction since July I,
1893, of s22, $50 This was brought about
by the purchase, under announcement os
the Secretary of the Treasury on Noyem-
1 Der Is, 1890, OF 4 per cent. bonds funded
| loan OF 1897 amounting 10 Sl43lG, $50 and
per cent bonds. loan of 1904, in the amount
Of A,990. 800. There were also redeemed
under the Seeretary's call of May Is, 1909.
/ United States bonds of the funded loan OF
1891, continued at per cent, in the amount
OF s3,Se4650. The total reduction in these
three loans up 10 July ], 1900, was 81, ,6S5,
I SOC, but the net reduction, as stated above,
was 81, ,56I $50. there having been issued
during the fiscal year 3 per cent bonds,
loan OF l9OS-l9lS. amounting 10 $llS920, and
$3.50 in per cent. bonds, funded loan Of
1907, in conversion of refunding certfi-
Gates, of which 81. $50 were issued In pay
ment of accrued interest on said cerui-
Gates
Four great facts characterize the for
eign commerce of the fiscal year 1860.
First, ii exceeded that of any preceding
year. and for the first time the grand
total of imports and exports passed the
billion-dollar mark; second, manufac-
tUTers' materials formed larger proper
ton of the imports than ever before;
third, manufactured goods formed a
larger proportion of the exports than ever
before; fourth, exports were larger than
ever before, and were more widely distrlb-
uted than in any preceding year.
The imports of the year were $S49 941 1874,
against 97,1is.4Ss N 1893, an increase OF
Sl52, 792, ,695. This large increase, however,
IS chiefly in manufacturers materials.
The total exports of the year were val
4ted at 81 is9 OS2, of which 81, go 76s. 81
were OF domestic production. OF this vast
sum, manufacturers formed 3l.e5 per cent.
against 2S.21 per cent. in 1899. 2314 per cent
in 1850, and 17S7 per cent. IN 1890. The to-
tai expectation of manufactures during
the year 1900 was 1888. .S51, ,756, against $339,
146 in 1888. an increase of nearly sl00,-
N0O0O or about 2S per cent. Agricultural
products also show gratifying gain over
1899, the total for the year 1900 being
Ss35 S5s 123, against $7S4 ,776 ll2 in 1893, Whl5
every other class-mining, forestry, FISH
! cries, and miscellaneous-also. shows m
increase in 1890, as compared with the pre-
eeding year.
Our commerce with the island terri.
tortes which have been brought into
closer relationship with the United States
! by the events OF the past two years also
, shows a rapid growth. despite the fact
that in Cuba and the Philippines produc-
| tion and consequently purchasing power
! have been partially interrupted by wal
! conditions. Imports from Cuba, which II
1897 were ls,406,4 as, in 1900 were 81, 81 ,704
from Porto Rico, IN 1857. s2.lsl02i. and in
1860, S307S,64 from Hawaii. in 1897 S1S,
6S7, ,799, and in 1900 s3J,7O7 .SO3; and from the
) Philippine Islands, in 1897, $S,5S,1fO, and
/ in 1900, $5,97l 20S. making the total fol-
these four island divisions. in 1897, SS,
) 65S.s75, and in 1900, ss1 12s. .i6S an increase
: of 5S1 per cent. in 1850 as compared witt
1887. In exports, the increase Is more
rapid. To Cuba, the exports in 1897 wer'
. $S25s,776. and in 1900, s2s,5l3, 400; 10 PortC
Rico in 1887, 81 9ss sSS, and in 1900, S64O. 44y
to Hawaii, in 1897. $i6s0.O75 and in 1890
2 SIS. .5O9, ,l4s; and to the Philippines, in 1887
S94,5s7, and in 1900, s2,ei0,44 making th'
, total TO the four island divisions, in 1897
SIS O33 36, and in 19O0 $47 303 446, an increass
OF 2l4.6 per cent. in 1870 as compared viii
1897
The receipts from the several objects o.
, taxation under the internal revenue law
! for the fiscal years ended June 80, 1893 anS
1860 were $295, ,lO7.57. an increase o.
81, SCI. .534.I3
On the subject or hail or records, th'
! report says:
The attention OF Congress has been re
l peatediy called to the necessity for pro
E Viding a hall Of records In this city, II
: which uncurrent 1ies OF the various ex
I ecutive departments and other brancGei
: of the government may be stored tn
Secretary would be reHliss in duty II h
z did not present the matter again Tor Ia
2 consideration Of Congress.
i The Commissioner General OF Immigra
ton, in the annual report Of the opera
D tons OF his bureau for the fiscal yea
: ended June %. l909 submits tabulala.
] statements showing the arrival In thi
! country during hat period Of iS5l2 aliei
: immigrants. 425,S2 thrgggh ports Of IN
, United States, ana . 90 through Canada
[ or these 30il were males and lAi.4 IA fe
: males; 54,624 were under fourteen year
= of age S70,3S2 were from fourteen to for
o ty-five years old, and ., 5s5 were forty
e five and over. AS 10 the literacy OF per
] sons fourteen years OF age and over
= there were q. 576 who could neither rea'
} 4.