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TRUST COMPANIES RESOURCES OF STATE BANKS

Online Encyclopedia
Originally appearing in Volume V03, Page 349 of the 1911 Encyclopedia Britannica.
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TRUST COMPANIES RESOURCES OF STATE 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. Only national and state banks and the sub-
End of Article: TRUST COMPANIES RESOURCES OF STATE BANKS
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