The independent., 1903-09-03

tUL NLOunONH
there has not been the slightest i'm
proyement in the stock markets, or
any relief whatever Of the financial
situation in Wall street
Last Saturdays press reports were
cnly a repetition of the reports each
week for many weeks, as summed up
in the headlines, Selling on Another
Poor Bank Statement"
There is a strange difference be-
tween the reports of the New York
rational banks as made to the comp
troller of the currency and the state
Eents of the New York clearing house.
It is not possible to make a correct
comparison because all of the national
banks are not members OF the clear
ing house, and because banks that
are not national banks are included in
the clearing house reports. But 1t may
not be without profit to compare the
reports of the clearing house for the
time covered by the last abstract OF
the comptroller. This abstract covers
the time between April 9 and June >.
The nearest approximation in the
clearing house reports is the time De-
tween April II and June Ii.
Between these dates the New York
national banks reported to the comp
troller that they had decreased their
loans $10,687 $40 and lost of their de-
Losits $15,242,569, while the clearing
house statements show about one-halI
million increase of loans and $4,000
900 increase in deposits. 1t is not easy
10 figure out just how this can be SO,
or why it should be So The govern
ment deposit loans, amounting on Sat
urday last to $37,281 900, in the Ea-
tional banks that are members of the
clearing house, ought to put these
banks in better condition to make
loans or to make a showing OF depos-
| its than the state banks, but accord
| ing to the statements it is not So
When it is remembered also that
large part of the national banks are
members of the clearing house, 1T ap-
pears rather singular that, while the
aggregate of national banks is decreas
| ing loans and losing deposits, the
clearing house should be reporting an
| increase of loans and deposits.
1t is impossible to verify the state
| ments Of private banks, and we are
| left to make conclusions upon what
they are pleased to disclose, and such
other knowledge as we may pick up.
It has been disclosed that national
banks are able, by their bookkeeping,
to make showing of conditions quite
at variance with the actual facts. OF
course, this may be discovered by ofll-
cial examinations, but in the case OF
private banks the public can know al
most nothing except what they are
pleased to disclose.
| It is not the reports of natlonal
banks by which the financial condition
in New York is measured, but the
weekly reports of the clearing house
1t is not the reports of national banks
made to the comptroller Of the cur
rency that are the basis OF press re-
rorts and comments, but the state
1nents of the clearing house. The ma
tional banks and the national bank
system really determine our financial
condition The national banks con-
troll absolutely the financial affairs OF
this country, public as we'll as private,
and yet the real condition OF these
banks, and their controlling influence
is masked and concealed from the
public by the reports of the New York
Clearing house, which do not at all
sgree with the reports OF national
Lanks made to the comptroller OF the
currency.
The action of the treasury depart
r. ent for several years has been such
that it ought to convince the country
that there has been no consuming
anxiety to have the public understand
the real condition of the national
banks. and their influence over finan-
cial affairs, but If we ere left to get
cur knowledge of existing conditions
from the New York clearing house
there is, indeed, little hope that we
i will ever have any very acurate
knowledge.
i Every business man ought. by this
1 time, to know that concealment ano
deception are a part of Wall streets
/ business methods, and that many i
-