The Washington times., 1902-12-01
Report of Comptroller Of
CurrencyD Describing Pres
ent Extent of System,
With Recommendations
Number Of Associations A.
6O1, Aggregate Resources,
S6,113,92 so - Pro-
vision for Asset Currency.


Ridgely. Comptroller Of the Currency.
given out today describes In detail tho
condition OF the national banks as shown
by the five reports made by law in the
past year in response to the call Of
the Comptroller.
On September Is, 1902. the date Of the
last call. 4,scz associations reported.
with aggregate resources Of S6113.92S.-
9l2.50 The loans and discounts amount
ed to S3.2OS. .127 .4S0.69. OF more than so
per cent OF the total resources Of the
banks. The items Of surplus and undi-
vided profits amounted. respectively. TO
$326. .S93. 1896 and S169. .216 512.O3 The
individual deposits reached the highest
point in the existence Of the national
banking system, SO. .2O9, ,27S, 1898. There
was due 10 approved reserve agents
other national banks. State banks ana
q bankers, trust companies and savings
banks the sum Of ST POO, ,341. .233. 80.
From September 80. 1901. to Septem-
Der Is, 1902. there was an increase of
S41S.5S1, ,617.54 in the aggregate re-
sources Of the reporting banks. the
principal items Of interest being: Loans
and discounts, S261. 81. .562.29: United
States bonds. S1257o.52O; due from na-
tional and other banks. S35. .2I7. .372. 20
There was an increase in capital stock
OF S5o1sS.557; in surplus and other pro-
hts OF 5,o4s.3 .357Sl. and in individual
deposits Of S271. .52O. .66O6O.
Reserve Required.
The deposits on which reserve was re-
Quired amounted to $3.S44. .365. .53S. 81. The
hanks held in cash with reserve agents
and in redemption fund Sg8g. 49,. .Q55. .2e.
but the available reserve-:hat is. the
proportion Of deposits with reserve
agents. not exceeding the percentage OF
reserve required after deducting the re-
demDtiOn fund and cash on hand
amounted TO SSO4 .333, ,9O4O9. which was
S17,563 ,177-76 in excess Of the legal re-
quirement, being an average reserve Of
2O-92 per cent. The banks located in the
central reserve cities-New York. Chi
oago and St, Louis-held a reserve OF
$3.50 6S4, 1924 on deposits amounting TO
l,OiO,5SI .B1S-79, an average Of 24.O9 per
! cent. The average reserve Of New York
city banks was 24.70 pei cent. OF Chicago
banks 1-S9, Of St. Louis 24.15 The banks
located in other cities held s2ss .O45. 7ss. Al
egeinst deposits Of 81 $50. .571 .O76.74. the
average reserve being 24.35 per cent.
Banks located outside of the reserve
cities held reserve funds to the amount
Of 1926. .603. ASA. or 1851 per cent on
deposits aggregating s1.743, ,2O6. .5S3.O4.
Bonds and CircuIat;o,
At the close Of March 1s. 1900. the day
preceding the approval Of the act
authorizing the issue OF national bank
circulating notes to the par value OF
bonds on deposit, the Treasurer held Sc
curities for that purpose to the amount
OF S242.651, 42O; on October 81. 1901. he
held 1928. .s53 $50; on October 81, 1902.
SS2s,252,e7o, Of which approximately s5
per cent went in 2 per cent consoIs OF
1890.
The volume Of circulating notes issued
from December. 1868. to October 81. 1902.
was s.. $50, ,795. .575, Of which $3.50. .9s7. .465
has been redeemed. During the past year
there was received for redemption al the
redemption agency OF the department
notes amounting approximately to si75.-
100000. OF which S57. 900 900 we're in good
condition and returned to the banks OF
issue. and the balance redeemed and de-
stroyed. or the total amount sent 10 the
department for redemption. S145.OO0. 900.
or over so per cent. came from the cities
OF New York, Boston, Chicago. Philadel-
phia. and St Louis. and nearly 80 per
cent (Ss5,OOO OOO) from the city Of New
York alone
The National Banking System.
On February 2E. 1903. the national
banking system will have been IN exist
ence forty years.
The FIRST Issue OF national bank circu-
lation was In December. 1863. In 1865
State bank notes were legislated out OF
existence by the imposition OF a pro
hibitive tax on their circulation. In 1867
national bank notes formed 4I.Os per
cent Of the money in the country and
continued az that rate approximately.
until 1871. when 81 rose 10 1874 per
cent. amounting 10 about 4A75 per cent
r. 1872 and nearly 45 per cent in 1873
From the latter date there was a rapid
decline 10 1892. when such issues repre- /
sented only slight amount in excess OF
one-tenth Of The circulating medium /
or the country
In 1893 the percentage was %: IN 1896 4