The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-12-07
REPORT OF THE
COMPTROLLER
t-
Resources and Liabilities Of Ma
tiona Banks.
LEGAL RESERVE MAINTAINED
FORTY YEARS OF NATIONAL
BANKING SYSTEM.
LEGAL RESERVE MAINTAINED

Washington, Dec. 6.-The annual re-
port of William p. Ridgely. comptroller
of the currency, has been prepared for
transmission to congress. The report
starts with a table giving a detailed
statement Of the resources and habiu-
ties of all the national banks Of the
United States. as shown by the five re-
ports of condition made in response to
the call of the comptroller.
Comparing this statement with that
for Sept. rs. 1902, IL is observed that
there has been an increase IN NUMBER
Of reporting associations OF al and a
net increase Of Sf96, 50l, O53.S7 in aggre-
gate resources. The increases Of the
principal items Of resources are as fol-
lows: Loans and discounts, 500, 8l9,-
POI: United States bonds, $65,l99. 500;
specie, S81,320,047.92; legal tenders, %l4'-
9g2.241.
During this period the lOanable funds
were augmented as follows; Capital
stock to the extent of $4S, 1S7, pa; sur
plus and other profits, $50, 760, 984.23;
government deposits, S25,67l, 1871.
Notwithstanding the Increase In loan
able funds and the volume Of loans and
discounts. there was a net decrease
from Sept. is. 1902, to Sept. 9. 1908, in
individual deposits OF $50. 940, S94.S6. This
item reached the maximum during the
year, and also during the existence Of
the national banking system, on June
g. 1903 namely 3.Z00, 993, 509.22. From
this high water mark there was a de-
cline on Sept. to SS,156,3SS, 4s9.0z, or
S44 ,O1O.15.
The capital stock and surplus funds
OF the associations gradually increased
from STA, 616,353 and 1895, 1853, 1908, re-
spectively on Nov. 25, 1902, 70 1888, 49,
SOS and $3.50, $50, 6S4.26, respectively, on
Sept. g, 1908.
The deposits Of the United States
with the national banks have shown
but slight variations during the year,
the amount to the credit Of the govern
ment on Nov. %, 1902, being S138 464,
S09.47. and at the close Of the year S14G,-
E1999.26 Bills payable and rediscounts
were at their minimum on Feb. 6, 1903,
and at that time amounted to S22,921,-
1915, and were at their maximum, $47,-
O66, 372.O6, on Sept. 8, 1903.
United States bonds on deposit to Sc
cure circulation increased from $S41,-
328.SzU on Nov. %. 1902. to S34S, $50 on
April 9. 1903; to S368, 941, 80 on June 9,
and to 1881 sos $50 on Sept 9. United
States bonds on deposit to secure pub
Tic deposits increased during the year
from S131. SIC, 200 on Nov. %, 1902 to
S136 $40. 020 on Sept. 8, 1903. Bonds other
than United States securities, depOs-
tied to secure public deposits, amount
ed on Nov. Is, 1902, to 19,705. 1884. and
steadily decreased to S16.743, 055 on June
Q, 1903. On Sept. 9, 1903, however, Sc
Curities OF this character were on de-
posit to the amount OF 500. 900, 1890.
The specie holdings with the banks
varied from a minimum Of S888, 616, 37785
on June g. 1908, to a maximum Of $417,-
572,146.37 on Feb. of that year. The
amount of gold in the banks on the
date last mentioned was S105,2SS. 729;
gold treasury certificates, S118. 765, $50;
gold treasury certificates, payable TO
order, &42,215.0 900, and gold clearing
house certificates. so, 435, 600: total gold
and gold certificates, S33S. 7O3,779. OF
the holdings Of silver, 81, 160,021 was in
dollars; SIS, 161, 29S in certificates, and
S9,547O}S in fractional coin; total silver,
Sfb,S68,36l- on Sept. 3, 1913, the specie
held amounted to 1891, 556, 1853 classified
as follows. Gold coin, S105, $50 ,S94; gold
treasury certificates, S119,367, 200; gold
treasury certificates, payable to order,
S27,1S0,O0O; gold clearing house GER
tifcates. S63. 807 900; total gold and gold
certificates, $3l5,424,ll4; silver Ger
tihcates. $50, 791, 76S; silver dollars. So
336,143 and fractional silver coin, So
004, 143; total silver, $S2132,054.
Reserve.
The deposits OF national banks on
which reserve is required amounted on
Nov. %, 1902, 60 SO, 705, 2l7 ,l32, against
which was held in cash, in funds cred
fled by reserve agents, and in the 5
per cent redemption fund, 1887 GA, 218,
or 2564 per cent. The legal reserve.
however, amounted to S817 9S1,4S1. or
22.OS per cent. The deposit liabilities
increased on Feb. 8. 1903. to 1851. 394
205, declined to $3.50, 441,5S5 on April 9,
and to S3.S17035.0I on June Q. At date
of the report made on Sept. 9, 1903 the
deposit Liabilities had increased to So
S63 512. 112. on which legal reserve was
held of $3.50. 762,1S4 or 22.02 per cent
The percentage Of all available funds
minimum Of 1925 on Oprfl to a maxi
mum of 27-7O on Feb. 6, and percentage
of legal reserve was the lowest and
highest on the same dates being 81 6S
and 22.f8. respectively. The average
rate per cent Of legal reserve main
tanned by the national banks Of the CITY
of New York exceeded the requirement
al date Of each report during the year
and varied from maximum of 2S.4l on
Nov. 25. 1902, to a minimum of 1886 on
April O. 1903.
Organization Of National Banks.
On February %. 1903. the national
banking system had been In operation
for a period Of forty years, and from
june 90 1868, the date Of issue Of the
first certificate authorizing a national
bank TO begin business. to oct. 81. 1903
there have been chartered 1929 national
banking associations, with capital al
date Of organization Of $3.50. 931.1S2. of
which 1926. with capital Of 1898, .62S
were conversions Of state banks effect