The Washington herald., 1907-12-06

population not in excess Of 1000. From
the date OF the act 10 August 81. 1907.
2.333 banks were incorporated under that
act. with authorized capital OF $60. 1880.
the average capital being S26.07S During
this same period l.256 associations. with
individual capital of $4,000 or over and
with aggregate capital of $3.50. 500, were
authorized to begin business. The num-
Der OF banks chartered under both acts in
this period was $3.50, with capital Of SOIL.
553. 300
while there was a gross increase in
number of banks organized during the
year OF 504. the net increase was but 420.
as 81 banks were placed in voluntary
liquidation and three closed as a result OF
insolvency.
Between March IA. 1900 and August 81.
1907 36 national banks were organized in
Maryland, with a capital OF sl,602.OG0.
Money Held by Banks.
The amount of public moneys held by
the bank depositaries on June 30. 1907,
including funds to the credit of the Treas
urer's general account and United States
disbursing officers, was SITS, IA, 1852, an
increase since June so. 1906. OF SIS. 2S7,-
5ls.S6. On June 80. 1907. there were 397
regular and S62 temporary depositaries;
Sls were designated during the fiscal year
and 10 discontinued On November l.
1907. the number Of depositaries was l.34O,
and the amount Of public moneys held by
them was 500. "a. 625.l3-
1T might be regarded as worth while to
consider the effect Of amending the laws
SO that the country might be divided into
geographical or commercial sections, with
provision for the retention within each
section OF a larger proportion OF the bank
reserves required 10 be held against de-
posts in the national banks OF such sec
ton. The result of this would be. taking
present conditions, that the banks in the
three central reserve cities would lose a
considerable amount. and this amount
would be transferred TO banks in the re-
serve cities located I'm the different sec
tons and would necessarily be held by
them as cash. This addition 10 the avail
able and actual cash in banks outside of
the central reserve cities would cOnsti-
tute an element of strength, which. in
times of stress. might aid materially in
diminishing the violence of fiancial dis
turbances. Such a provision Of law as
this would not affect In any way the de-
posting by national banks OF their IN
employed capital. outside Of their re-
serves. wherever they could best use it.
DePOsitinG Customs Receipts.
In pursuance OF the authority contained
in the act Of Congress approved March
4, 1901. all collectors OF customs. except
those in subtreasury cities. have been
instructed to deposit their entire coIlec-
there be one located in the same town.
There have also been transferred 20
banks from time to time Of the receipts
OF customs in subtreasury cities an ag-
gregate amount Of 81. 724. 404 %. The total
sum transferred 10 national bank deposi-
taries in all cities receiving customs rev
enues up 10 November I is approximately
SlS.5l5.S97. The advisability OF depositing
customs receipts in this manner at sub
treasury cities has been under consider
alton for some time but no satisfactory
conclusion has yet been reached.
Emergency Measures Adopted.
During the summer the gradual in
creasing rate OF interest charged for call
money, time money. and discounts OF
commercial bills indicated a progressive
diminution in the amount Of available
cash. Accordingly. il was decided on Au-
gust % 1907. 10 make each week substan-
tial deposits in the different sections OF
the country, with the particular object
Of facilitating the fan movement of the
crops
These distributions were continued
weekly until the aggregate amount Of
= ~ had hoo r-rG.r
withstanding this measure. there was a
constantly increasing stringency in the
monetary centers. which eliminated in
the forced suspensions Of several impor-
tant institutions. Prior 10 this crisis the
shipments Of currency 90 the West bv
Eastern banks for crop-moving purposes
mad been Insignificant There had been
no important shipments OF gold abroad
so the monetary stringency seemed TO be
due. in large measure, 10 the boarding OF
funds by owners thereof who had become
apprehensive OF their financial safety.
As the crisis approached the Department
adopted the strongest measures To give
material assistance. Within four DAYS
there was transferred from the Treasury
10 the banks the sum Of S35.000.OO0
baltimore Banks seventh.
'The fiscal year ended July !. 1907. was
by far the greatest in the customs his
tory Of the country. The total value Of
imports Of merchandise during the year
was H,f2i.i2l,425. an increase OF more
than S2oo,ooo,0O0 over the preceding year.
and for the third successive year the
largest in the country's history. The i'm
ports Of merchandise have almost dou-
bled in value since 1886. The customs
duties collected in the last year amount
70 Ssr3,22Q,l26, an increase Of $50. 600. 20
over 1906. which up 10 that time was the
greatest year in point OF customs re-
ceipts. For the third successive year
the value OF the exports OF domestic
merchandise has also been the largest
known. amounting to S.S5A553, $50, over
$lS6.00O.00 more than in 1896. The thirteen
leading ports OF the country according TO
the amount of revenue collected. in their
order are as follows: I. New York.