New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-09
Controller of Currency
Shows City a Financial
Giant.
MORE THAN HALF OF
COUNTRY'S BUSINESS
Associations Average for Each
Day of Year Amounted to
S323,S83, 400.

Washington, Dec. S-Attention is called
to-day again to New York as the financial
centre Of the country by the annual report
to Congress Of the Controller OF the Cur
rency 1t shows that the New York as
ISOLATION cleared for the year ended Sep
TENDER 80 $ss, $4,000, or nearly 5sls per
cent Of the total transactions Of $685.
2sS, 900 for the 162 clearing houses of the
country.
In only three years OF its existence have
the clearings in New York exceeded this
sum-in 1906, when they amounted to sl03,-
75i 800 coo: in 1909, to $50 257 6S2. 900. and In
1910 to s1O2, 553. 95s. 900.
Second to New York in 1918 was Chicago,
with clearings OF Sl6,ols,17600o, Philadel-
phia and Boston following, with sS,5S,412,-
900 and s., S2s, 22soco respectively. St Louis
cleared s4,l22, lilo, 900. In Baltimore, San
Francisco, Kansas City and Pittsburgh
the clearings were less than three billions
OF dollars, ranging from SOL, A7,ooo In
Baltimore to s2,s51, s6l, 600 in Pittsburgh. In
the cities clearing over one billion ana
less than two billions are Cincinnati MIN
neapolis, Cleveland, New Orleans, Detroit
and Los Angeles. Tho transactions OF aAA
other houses range downward from ap- ?
proximately $685., 100000
Sixty-four banks, with capital of Sls,-
900 600. compose the New York Clearing
House Association, q reduction for the
wear of one member, but an increase III
capital OF s5,625 coo. In the New York as
ISOLATION are 81 national banks. IL state
banks and 10 trust companies. There are
o. banks and trust companies In the city
and vicinity not members or the associa
tion which make their exchanges throueh
banks which are members, in accordance
with constitutional provisions.
The clearings for the year tor the NC"
York association required the payment Oh
balances in cash TO the amount OF *o,lh'-
13O,3S5. or 54 per cent OF the total trans
actions, gold being used to the extent VI
So per cent and other currency to the eA-
tent of 4S per cent The average Dan!
clearings amounted TO s323,sS3, 400 ana the
balances to s16,977,3 2S. This association
has been in existence sixty years, ana
during that perlod its transactions aggre-
gated s2,49, 273, 696,0S2; balances paid, Sll2-
66S, 492, 956; average daily clearings, SlSL'-
as. SSS: balances. s6,14,9e6. The average
balance TO clearings during the life Of the
New York association was 4.65 per cent.
To the shareholders Of national banks
from a dividend stand point the report
saws. the year ended June so. 1913, was
quite satisfactory, as from net earnings
totalling $l60,9S00S4 dividends were paid ~
the amount Of 9O6,050, or at the rate
OF ia per cent, as against an average
rate OF 1l.0l per cent for the prior hve
years, and only twenty-six hundredths OF
I per cent less than the average for 1877.
The net earnings exceeded those for 1917
by sl1, 923, 4S1, although the amount OF divl-
dends paid was less by $394,S22 Dividends
based on capital and surplus averaged
6.75 per cent for the year. while the net
earnings to capital and surplus were 900
per cent.
on capital Of s1.o5l. 10 675 and on capital
and surplus combined OF s1,T6,s92 s57 the
banks gross earnings were $499,252S3e
AGAINST which losses and premiums were
written off to the amount Of s5S,756,372, to-
eether with expenses and taxes Of $751;
5l5,sso. Upon comparison with correspond
ing returns for 1872 the gross earnings,
based on capital and surplus. have in
creased a fraction in excess Of per cent
and net earnings approximately one-half
OF l per cent.