Online Encyclopedia


Online Encyclopedia
Originally appearing in Volume V03, Page 349 of the 1911 Encyclopedia Britannica.
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VARIATIONS IN CLEARINGS AT NEW YORK Year. Average Per cent Remarks. Daily Balances to Clearings. Clearings. 1870 $90,274,479 3'72 1873 115,885,794 4.15 Great business activity. 1874 74 692,574 5'62 Industrial depression. 1881 159,232,191 3.66 Renewal of railway building. 1885 82,789,480 5.12 Results of bank panic. 1890 123,074,139 4.65 Business expansion. 1894 79,704,426 6.54 Depression following panic. 1896 96,232,442 6-28 Free silver panic. 1899 189,961,029 5.37 Renewed confidence and activity. 1901 254,193,639 4'56 Culmination of industrial flota- 1904 195,648,514 5.20 tions. Diminished stock-exchange and 1906 342,422,773 3'69 business activity. Stock-market activity. Treasury were members of the Clearing-House at this time. Their weekly reports of condition were awaited every Saturday as an index of the state of the money-market and the exchanges; but this index was incomplete and sometimes misleading, because regular weekly reports were not made by trust companies. It was announced early in 1908 by the state superintendent of banking that he would exercise a power vested in him by law to require weekly reports in future from trust companies, so that the two classes of reports would present a substantially complete mirror of banking conditions in New York. ADTnoRIT,Es.—William M. Gouge, A History of Paper Money and Banking in the United States (Philadelphia, 1833) ; Condy Raguet, A Treatise on Currency and Banking (Philadelphia, 184o) ; J. S. Gibbons, The Banks of New York, their Dealers, the Clearing-Houseand the Panic of 1857 (New York, 1858) ; Albert S. Bolles. Financial History of the United States (3 vols., New York, 1884–1886); Charles F. Dunbar, Chapters on the Theory and History of Banking (New York and London, 1891); Horace White, Money and Banking (Boston, 1902); Charles A. Conant, A History of Modern Banks of Issue (New York, 1896); Alexander D. Noyes, Thirty Years of American Finance (New York, 1898); Davis Rich Dewey, Financial History of the United States (New York and London, 1903) ; John C. Schwab, The Confederate States of America, 1861–1865 (New York, 1901); David Kinley, The Independent Treasury of the United States (New York, 1893) ; Report of the Monetary Commission of the Indianapolis Convention (Chicago, 1898); Charles A. Conant, The Principles of Money and Banking (2 vols., New York, 1905) ; William G. Sumner, A History of American Currency (New York, 1884) ; Amos Kidder Fiske, The Modern Bank (New York, 1904) ; William G. Sumner, A History of Banking in the United States (New York, 1896), being vol. i. in A History of Banking in All the Leading Nations; John Jay Knox, History of Banking in the United States (rev. ed., New York, 1900) ; and R. C. H. Catterall, The Second Bank of the United States (Chicago, 1903). Much statistical information is contained in the annual reports of the comptroller of the currency of the United States, published annually at Washington. (C. A. C.)

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