New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-07
THE BANKING SYSTEM.
CONTROLLERS REPORT.
Disaster 4uerted By Stability OF
Financial Institutions.

- - .-,,-f,ies and the natural le , -
80 period OF great business - o,,-5ties
4o'-s ,a,ion not only IN stocks al,1 -,
eral Fpecu441o- .omruodities and products Ihe'e
but II NE. ,s.-ins all the circumstances ie"e'
l--N se,lrres than might nave 90 > -
Dana -tt.b have occurred have oeel uUe - -.
- local causes or gross Inlsll-A -, -,
4, some cases. most ma
:. .ts hank officials ,
~ the national banks 10 own feIs ~ l~.-o.1
90 almost none Of q very spec-a'- -, -,
- -. ,ano~ts show total loans by an me pahAs
= e - se- ri on collateral security. 1-ese '
% -. - GOOD classes OF stocks ana oonos
-, -,a--yfned and as far as ;1ey are coIiceiLeo'
- * less cause for concern l'-1Ii 't-e1o Ia
- a. any time foT seTefal Se0is' - -.
.esi,sted OF 8 lower PASS % f''N - -,
.s a whole amply or more amply
ai'- - they we're the higher prices
"a -. - The banks 10 say that the way they
- = -s,e5 their business and met this decline
- s-tdenoe OF strength and careful manage
-uent - .,,,. 18th +bs
81 disturbance OF business generally in this
os Of declining prices IS also strong evidence OF
,-asenoe Of the people n all their money and cur
- II there had been the slightest doubt as 70
re -,onetary standard as 10 any OF the Guy
-er-v Fl circulation. there might have been q
savere and far reaching crisis. That We have not
OILY escaped this. hut that there has not been
-eater disturbance OF general business shows what
--ogresg and Improvement there have been in all
banlfng. financial and monetary affairs since they
were last subjected 70 serious strain OF this kind
INCREASE OF RESOURCES
The report begins with table giving a detailed
statement OF the resources and liabilities Of all
the national banks OF the United States, as
shown by the Eve reports OF condition made in re-
sponse 10 the call CT the Controller Comparing
rs statement with that Of September Is, 1872 Il
. observed that there has been an increase in
-rr,ber OF reporting associations Of al and net
increase OF Sls6 SOL 053 s. in aggregate resources
The Increase Of the principal items Of resources
are as follows:
-oans and discounts SO ~ %
4rsi 1892 81 %
During this period the loanable funds were aug
-nerred rs follows
CAPITAL stock 20 the extent of.-...---. s5sls72s1 O.
S--s deposits 25.s7l,le7 81
,,otwithstandirg the increase IN Ioanable funds
as -be 70. 1r1e n loans and discounts there was
-s- decrease from September Is. 1907, 10 Septern-
-s- 1865 in individual deposits Of s52s4oSS4 Sc
--rfs item reached the maximum during the year
and also during the existence 81 the national
tsps-r system on June g, 1893, namely. 100 $50
- = From this high water mark there was a de
,f-a N September S5156,S3 499 o., or $446So-
mOI
ne oaritsl stock and surplus funds Of the as
so-is-ors gradually increased from s146le2 53 and
sg9 -ry 70 e respectively on November z5, 1902 70
y-s-2s55 and sg7osso 50 IS respectively. on Sep
TENDER 2, 1903
-,ors1 hanks have shown slight variations during
+be wear. the amount 70 the credit Of the COY
eminent on November ., 1872. being 1854 500 g.
and ri the close n the year 4941.9ss 26. Bills
1sva5Ie ana re5iscounts were al their minimum
- rsf--,s-v r4a and at that time amounted n
70, g2 ST. 70 and were ~ their maximum s47,o65,-
So on September 2. 1913
United States bonds on deposit 70 secure circula-
-iou increased from s5E.32 SO on November p
-ae 70 1-a221 on April O. 7so3; 70 S35ss4lSe on
June g. and 10 s3sl56ss $50 on September Q. United
States bonds on deposit 10 secure public deposits
increased during the year from S3l.S7S,I0 on No
veuber . 1872 70 s-3ss4oo3o on September g. ls'3'
Bonds other than United States securities de-
posted 10 secure public deposits amounted on
November y 1902 70 SIC -05 7se s. and steadily de-
creased 20 see 90 on June z. 1903 on September
g 1913 however. securities Il this character were
or deposit 10 tho amount q s22,oelS4 So
The specie holdings with the banks varied from
2 minimum OF S3sS. 1851 s. on June E. 1903 to
maximum q SE7.5-2l4s 81 on February 6. Of that
wear The amount Of gold in the banks on the
date Iast mentioned Sl05.2S87s; gold Treasury
ce-rfc7tes Sis 7s5 $50: gold Treasury certificates
pavabe 10 order. Sl2.Z5.0oo, and gold Clearing
House certificates. 81 AS 900. total gold and gold
certificates ssss 70s 20. OF the holdings OF silver
81 lseOal was in dollars, S5slsl2sS in certificates
and s. 81 14s in fractional coin total silver S'e
s6s 8sT on September 2, 1893. the specie held
amounted 10 1897 5s lss classified follows: Gold
coin slgE 5ss So: gold Treasury certificates. 3ls
81 300. gold Treasury certificates payable 70 order
s27Is0el0. gold Clearing House ceruncates 49,
317 90. total gold and gold certificates $l54-4ll4
silver certificates sss silver dollars. So256l43
and fractional silver coin, SOILS; total silver
;s2,1s2.o54 -,------,,-r
~. 5e-osit Liabilities Of natenal banks on which
reserve is required amounted on November .,
80 70 g 20 Z7152 against which was held IN cash,
in funds credited by reserve agents and in the .
n.r cent REDEMPTION fund ssg7.G742ls. or 1854 per
cent The legal reserve however, amounted 10
s1-qE 81 or % gs per cent. The deposit liabilities
increased on February 6, 1893, TO SsSl 1920; de-
cned 70 g so ~ So on April and 70 s3s17 o5 03
or June Al date Of the report made on Septen-
Der 9 1913 the deposit liabilities had increased 10
Es5 Ec--2 on which legal reserve was held %
EaTstgs or . O. per cent. The percentage Of al
available funds 70 deposit liabilities ranged from
minimum y - = On April 10 a maximum 81
20 or February g. and percentage Of legal re-
serve vas the lowest and highest on the same
date being Q. s. and q s. respectively The aver
age rste per cent of legal reserve maintained by
The national banks Of the city OF Ne"-ho OK eX-
ossaes the requirement at date Of each report dur
ing ths year and varied from maximum OF PSI
CT November - 1902 10 a minimum OF 1856 on
AEr1 g 1873
loans AND DISCOUNTS.
TIE loans and discounts OF national banks
Reached rhe.r maximum in the history q the sys-
On On SEPTEMBER @ 1903 when they aggregated
~@s472. o. these loans ~. l0s9 go was demand
- with one or more individual or firm names
-@.l demand secured b. stocks, bonds.
SA59css on time. on TWO OF more individual
IN nannes. s55s lI5.73s time single name
-. ee sl5 .ss -29 time paper secured BY stocks.
-. -sas y tie banks IN the central reserve
ss~-iork Chicago and St Louis-anounI-
Of