The independent., 1903-04-30
THE USELESS DAlLIEs
troller's Abstracts are Reported
Financial Situation Grave

10Y uiioJdhC NIL Voh VI hAS ASNsS-
was addressed to Lincoln Indiana,
and reached The Independent too late
for last weeks issue.)
Editor Independent: During the
time that interyenes between the abb
stracts of the condition of national
banks, issued by the comptroller OF
the currency, it Is almost impossible
to get information from which the
real condition of the New York ma
tional banks can be determined.
Since the enactment OF the national
bank law in 1868, two additional cen
trail reserve cities have been created.
Nevertheless, the New York national
banks are the head and center of the
national bank combination, and we
must look to that city and to the Tor
ty-fye national banks in it, for lndl-
cations from which to determine fu-
ture financial conditions.
The last abstract issued by the
comptroller was of the condition or
banks at the close OF business on Feb
ruary 6 as reported by them. This
was not issued until February 26,
anu WAS HUI 0FaiidblC Ioi AhNNA N~~
ton until some time in March.
1t is announced that the comptrol-
Ter has called for reports OF the con-
dition of banks at the close OF busi-
ness on April 9. The abstract OF these
reports called for will probably not be
issued until about the last day OF the
month. and cannot be obtained for
public information before the middle
of May. The official information which
the public receives is always from ~
to g. days old. Press reporters have
earlier access either to the abstracts,
or to the reports to be abstracted, and
Dublish inferences, deductions and
conclusions long before information is
given out officially and in a complete
form. When the official abstracts are
finally given out, the press regards
them as old news and no mention at
all is made Of them.
This would not be serious omis-
sion if the earlier press reports were
the thorough consideration OF well
understood facts, and were the care
full analysis made by men possessed
of sufficient knowledge of financial
economics to correctly consider the
facts and make the analysis. AS A
rule this is not the case. Most OF such
reports are sufficient in themselves
to disclose that they were made with
out sufficient knowledge to make cor
,ect differences even possible, or with
out sufficient honesty OF purpose to
make correct conclusions desirable.
This results, as ought to be expected,
thn n,yhlia in ipnnrqnpp nf
the real situation.
On every Saturday report is made
ty the New York clearing house, but,
as all national banks in the city are
not members of it, and some members
of it are not national banks, no cor
rect comparison can be made of the
comptroller's abstracts of the reports
CT national banks with the clearing
house reports. 1t is difficult to make
correct deductions from the clearing
house statements, as their reports ap-
uear not to be the condition Of the
banks at the close of business on Sat
urday, or any particular day, but to
be reports of averages during each
week Some approximate differences
may be made, however, and some
approximate conclusions be reached
During the week ending February
z, the clearing house banks are re-
ported to have increased their loans
and discounts $40, ,447 900 and their de-
posits So, 401 200. They decreased their
bankers surplus $9,36S, 100 and their
United States deposits s9,355,5O
During the week ending February
Ia, the loans and discounts are re-
ported to have been increased ST.
274,800 and the deposits $12,131 900
During this week there was a de-
crease of bankers surplus amounting
to $3,016,000 and of United States de-
posits $3,OO9,975.
During the week ending February
q, there is reported to have beer
$13,975, 900 increase of loans and dis
counts, and $10,909, 200 increase of de-
posits. There was a decrease of $648,
900 in the bankers surplus, and ii
United States deposits of $6,475,725.
During the week ending February
2S, the loans and discounts are re-
ported to have been decreased $52
400 and the deposits $7,012,900. TIL,
bankers surplus was decreased So,
O89.775 and the United States deposits