The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-27
NEW YORK BANKS
IN GOOD SHAPE
Reports of Condition Show
Vast Quantity of Cash
in the Vaults.
LITTLE LOSS IN DEPOSITS
TRUST COMPANIES WEATHER
STORM VERY NICELY.

New York, Dec. 26.-Under call of
the state banking department for re-
ports of condition on Dec. 10, twenty
one trust companies and twenty-nine
state banks of Greater New York have
filed their formal statements. While
the effects of the recent storm are
plainly evident, especially in regard to
those few institutions against which
the attack seemed most direct, the
statement as a whole bears testimony
to the quick recovery generally made
and the unWaVeTing confidence of the
great body of depositors. The reports
also show that certain Of the state
banks of New York City did their share
toward relieving the financial situation
in other cities. They accomplished this
by accepting from the local banks a
large quantity of clearing house certifi-
Gates, leaving the national banks in
position to employ their cash in relief
of customers and corporations in the
interior.
The twenty-nine state banks of New
York, Brooklyn and the other bOrOughs
of Greater New York which have so
far reported, show aggregate deposits
of $225, 900, 5000.
Net Loss $3,056,117.
OF this enormous sum the net loss
in Withdrawals since Aug. % last,
amounted to only SS,O56, III. The losses
were distributed among eighteen of the
banks. with total Withdrawals of $15,-
925,761, while eleven banks showed an
aggregate gain of $10,S69, ga.
Allowing for all Withdrawals and the
purchase of clearing house certificates
which are now held as. collateral, the
state banks indicated their prosperous
condition by maintaining cash reserves
in some instances far in excess of the
10 per cent required by state laws. One
Of the largest holders of the certificates
shows a reserve of "a per cent.
Only one state bank took advantage
of its membership in the clearing house
association to issue certificates. which
are now outstanding as a liability item
of s520.00O. Nine of the state banks
hold clearing house certificates to the
extent of S7,100.000 Loans and dis
counts show a decrease i'm the state
ments of nineteen of the banks, while
the values of stocks, bonds, MORTGAGES.
o. etc. as an item of resource also show
"A general shrinkage. \ majority of the
banks show an increase of cash on
hand.
Trust Company Statements.
The official statements of the trust
companies of Greater New York are
perhaps fraught with the greatest in
terest. The Institutions were forced to
bear the brunt of the financial storm
which broke with the suspension of the
knickerbOckeT Trust company. The
twenty-one companies which have thus
far reported show a falling off of de-
pcsits from S27S, O56, 300 an Aug. % last.
TO 1892 $500 on Dec. 10. The loss of
deposits was accompanied by calling in
or loans, the reduction in the latter
item amounting to $4,000. 600. The
market values Of stocks, etc, show a
decline of about $4,000 co., In specie
the twenty-One trust companies show a
loss of less than $1,000, 600, while in Ie-
gal tender and bank notes held as re-
serve, they show an increase of nearly
1000 900. The trust companies all were
put to a severe test, but their business
affairs. according to the reports now
submitted, have been so adjusted that
many of the officers declare they are in
better position today than ever be-
fore
The report of the Trust Company of
America, which withstood a run of
many days, was awaited with much in
terest. 1t shows a net decline in cash
reserve of less than / per cent since
Aug. 1. The cash reserve of the COM
pany now on hand is S3,354 223. a per-
centage of 1917, as against the legal
10 per cent requirement. The reserve
of the company last August was some
thing more than 81, 000, coo, or 17.52sper
cent of the deposits. The cash of The
Trust Company of America, as with all
the other companies submitting re-
ports, remains unlmpaired. This show
ing of the company IS made despite the
fact that during the run it paid out
more than $4,000, goo.
Where Money Came From.
Part of this came from the $40. OOO. 900
fund turned over 10 the institution by
the committee of trust companies
which came TO the relief of the Trust
Company of America when it was most
in need. The total amount of deposits
now on the comDany's books is $50, 193,-
400. as shown by the December state
ment- The company's surplus on Dec
10 was s7,169, 134. The amount due to
other trust companies was reduced dur
ing the run from the August figures of
nearly $4,000, 900 to less than $500 00O
Loans to directors, which six months
ago amounted 10 s.. 500, 600, do not ap-
pear in the December statement, all
directors having paid up during the
crisis. Thirteen trust companies con-
tributed to the Associated trust com
pany fund.-" which was raised for aid
ing weak companies during the fnan-
cial furry. The largest contributors
were the United States Trust, the Cen
trail Trust, the Manhattan Trust. the
New York Trust and the Equitable
The fund amounted TO $7,619,7O