The Indianapolis journal., 1903-12-07
Conditions Throughout the Country
MirrOred i'm Annual Report of the
Controller of the Currency.
NATIONAL BANK RESOURCES
SHOWN TO HAVE INCREASED $780,
5O1 ,O53.s7 SINCE SEPT. 10, 1902.
Trust Company Deposits Increased
$34. 100000 During Year-Recom.
mendatiOns of Controller.

the currency, has been prepared for trans
mission to Congress. The report starts with
a table giving a detailed statement of the
resources and liabilities of all the national
banks of the United States. as shown by the
five reports of condition made in response
to the call of the controller.
Comparing this statement with that for
Sept 10, 1902, it is observed that there has
been an increase in number of reporting
associations of AL and a net increase of
$l96. sol, ,053H in aggregate resources. The
, increases of the principal items of resources
are as follows: Loans and discounts, s2O1,-
S19,291; United States bonds, $50, ,799 $50;
specie, 1880, ,04792; legal tenders, s149 ,2.
During this period the loanable funds were
augmented as follows: Capital stock to the
extent of s4S,1S7,2l; surplus and other
profits, $50, ,76O. .9S4.23; government deposits,
25,6I, 1877.
Notwithstanding the increase in loanabe
funds and the volume of loans and discounts,
there was net decrease from Sept. Is, 1902.
to Sept. 9, 1903, in individual deposits of
S52 $40, S94.S6. This item reached the maxi
mum during the year. and also during the
existence of the national banking system,
on June 9. 1903, namely, s3 ,993, o. From
this high-water mark there decline on
Sept. to s3156.S33 49s07, or si4.66O, ,OlO.15.
The capital stock and surplus funds of the
associations gradually increased from STA,
616.353 and 1896, 763 1898. respectively, on
Nov. 25. 1902 $685. 722 SOS and $780, 800, 6S4 e.
respectively, on Sept. 3, 1903
The deposits of the United States with the
national banks have shown but slight varia-
tions during the year, the amount to the
credit of the government on Nov. 25 1902
being $13S, ,4e4, ,sO9.47, and at the close of the
year $40, All, 1926. Bills payable and redis-
counts were at their minimum on Feb. 6,
1903. and at that time amounted to s22,-
| 921, ,S37. 20, and were at their maximum, s47,-
| O66.372.O6, on Sept. 9, 1903.
BONDS TO SECURE CIRCULATION.
| United States bonds on deposit to secure
| circulation increased from s341, 1925, $40 on
Nov. 25, 1902 to $343, ,119, $50 on April g. 1903;
to $36S 9i1, $40 on June g. and to 1881 56S $50 on
| Sept. 8. United States bonds on deposit to
| secure public deposits increased during the
year from s131,3 200 on Nov. 25 1902. to
! $136, $4,000 on Sept. 8, 1903. Bonds other
than United States securities deposited to
secure public deposits amounted on Nov.
25, 1902, to SO. 705 1884, and steadily de-
creased to s16.743.O55 on June 9. 1903. On
Sept. 8, 1903, however, securities of this
character were on deposit to the amount
of s22.O 1890
| The specie holdings with the banks va
| ried from a minimum of $3SS SIG, ,377.S5 on
June 8, 1903, to a maximum of $417, ,572, ,146. 81
on Feb. of that year. The amount of
| gold in the banks the date last men
toned was slO5. .2SS, ,729; gold treasury certifi-
81
payable to order, si2, 600. and gold clear
ing house certificates. s72435.OOO: total gold
| and gold certificates, s33s, ,7O3779 OF the
holdings of silver, ST., 1,160,02l was In dol
| lars; $751; ,29S in certificates and s9,547 O4S
in fractional com; total silver; s7S.S6Ss 1867:
| On Sept 3, 1898, the specie held amounted
to $685., ,556 l6S, classified as follows: Gold
| coin. S1O5. .569. .S94; gold treasury certificates
| Sis, ,367, ,22o; gold treasury certificates pay
able to order, AlS0,00O; gold clearing
house certificates, S63. .307, 900; total gold and
! gold certificates. s315, ,424, ia; silver certif-
Gates, s62,79l,76S; silver dollars, slO,3 ,l43,
and fractonai act on silver coin. ss.oo4143: total
RESERVE.
| The deposit liabilities of national banks
on which reserve is required amounted
on Nov. 25, 1902. to So. 9.705 1872, against
| which was held in cash, in funds credited
by reserve agents, and in the per cent. re-
| demption fund, $685., ,07421S. or 1854 per cent
The legal reserve however, amounted to
$S17, ,9S1, ,4S1, or 22.0S per cent. The deposit
| liabilities increased on Feb. 6, 1903, to $3,-
S51,394 ,2O5 declined to $S,S23, ,5S5 on April
| 8, and $751; ,031 on June g. At date of
| the report made on Sept 8, 19O3 the de-
posit liabilities had increased to So S63 5l2 ll2
on which legal reserve was held of $3.50
21S4. or 22.02 per cent. The percentage of
| all available funds to deposit liabilities
| ranged from minimum of 26 25 on April
wi Of Il
| centage of legal reserve was the lowest and
| highest on the same dates, being 2l6S and
22.4S, respectively. The average rate per
| cent of legal reserve maintained by the
national banks of the city of New York exc
ceeded the requirement at date of each re-
port during the year, and varied from a
| maximum of 2S.1 on Nov. %, 1902 to a min
| imum of 1886 on April 8, 1903.
The loans and discounts of national
banks reached their maximum in the his
tory Of the system on Sept. 8, 1903. when
| they aggregated 3,4S1, 446,772 OF these loans
$2S3. ,9i6 was demand paper with one
| or more individual or firm names: S717 25S-
62l on demand secured by stocks. bonds.
ETC.; 81 ,267 .524, 1856 on time. on two or more
| individual or firm names; $55S 1l5 729 ON
time single name paper and $685. 439. 1870 time
paper oan secured f tSe py s,eGks hsGk bends etc
trail reserve cities-New York, Chicago and
st. Louis-amounting to S902, 294. OBS repre-
sented over one-fourth of the entire amount
of loans and discounts carried by the ma
tional banks of the country, and over one.
sixth of the aggregate volume was made
by the New York city banks. the exact
figures being s631, ,565, ,S24. The demand ma.
per secured by stocks, etc, held by fhe
New York banks, aggregated s2S1 AIS 75s
the demand paper with one or more indi.
vidual firm names S1031l 81; two or more
name paper, on time. s136, OF, ,4e6; single-na ms
paper on time, s93, ,3S4 112; and time loans
secured by stocks, bonds, etc, sllO. 4IO III
The loans and discounts made by the 351
associations located in the central and OtheI
reserve cities aggregated 81 65s 6Ss
against 81, ,67S 1877 log by the 4.691 association.
located elsewhere.
ORGANIZATION OF BANKS.
On Feb. %, 1903. the national bankfne
system had been in operation for period
of forty years. and from June 20. 1863, the
date of issue Of the first certificate author
izing a national bank to begin business. t.
Oct. 81, 1903, there have been chartered
7.O29 national banking associations, will
capital at date of organization OF $500 931
1s2, of which 1,126. with capital of 1898, 49,
62S, were conversions of State banks eff
fected in conformity with the provision.
of section 5l54 of the Revised Statutes, ant
the remaining 5.903. with capital of $567
| 7S2. .554, banks of primary organization.
The impetus given TO the formation o.
national banking associations by the act O
March ii. 1900, under authority of which
| banks are organized with minimum capita
| of $4,000. circulating notes issuable to tn,
| mar value of bonds deDOsited. and semi