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 .