TRUST COMPANIES RESOURCES OF

See also:

• STATE
• STATE, GREAT OFFICERS OF

STATE

See also:

• BANKS, GEORGE LINNAEUS (1821-1881)
• BANKS, NATHANIEL PRENTISS (1816–1894)
• BANKS, SIR JOSEPH
• BANKS, THOMAS (1735-1805)

BANKS  , &c . Items . 1897 . 1907 . Capital stock $380,090,778 $807,178,262 Surplus and profits 382,436,990 924,655,010 Loans 2,231,013,262 6,099,897,535 Deposits . 3,324,254,807 8,776,755,207 Total Resources . 4,258,677,065 11,168,514,516 The aggregate banking power of the United States, as computed by the comptroller of the currency in his annual report for 1907, increased from $5,150,000.000 in 1890 to $17,824,800,000 in 1907, and the banking power of foreign countries from $10,835,000,000 to $27,034,200,000, representing an increase for all reporting countries from $15,985,000,000 to $44,859,000,000 . The system of clearing cheques has attained a higher development in the United States than in .any other country, except perhaps, Great Britain . Clearing-houses exist in about 112 leading cities, and the aggregate clearings for the year ending 30th September 1907 reached $154,662,515,258 . The New York Clearing-House inevitably does a large proportion of this business; its clearings constituted in 1906 67.2 % of the total clearings in 55 of the larger cities . The volume of clearings fluctuates greatly with the volume of stock-exchange transactions and with the business prosperity of the country . An indication of these fluctuations at New York is afforded by the following table, taken from Conant's Principles of Money and Banking, brought down to 1907 .

The Clearing-House

Committee of the New York Clearing-House exercises a powerful influence over the banking situation through its ability to refuse aid in emergencies to a bank which is unwisely conducted . This power was used in the panic of 1907 to eliminate several important, but speculative, financial interests from control of national banks .