Lapas attēli
PDF
ePub

Number of failures, capital, assets, liabilities, and dividends paid by State and private banks that failed in each year from 1864 to 1917-Continued.

[blocks in formation]

For the purpose of comparison there is submitted herewith a statement relating to failures by years and classes of banks from 1892 to

1917:

Number, assets, and liabilities of State banks, savings banks, loan and trust companies, private banks, and national banks which failed, by years, from June 30, 1892, to June 30, 1917. [In thousands of dollars.]

[graphic][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][subsumed][merged small][subsumed][merged small][subsumed][merged small][subsumed][merged small][subsumed][merged small][subsumed][subsumed][subsumed][merged small][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed]

Number, assets, and liabilities of State banks, savings banks, loan and trust companies, private banks, and national banks which failed, by years, from June 30, 1892, to June 30, 1917-Continued.

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][subsumed][subsumed][merged small][merged small][merged small][merged small][subsumed][merged small][merged small][ocr errors][subsumed][merged small][merged small][subsumed][merged small][merged small][subsumed][merged small][merged small][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

INTEREST-BEARING BONDED DEBT OF THE UNITED STATES NATIONALBANK CIRCULATION, ETC.

At the close of the fiscal year ended June 30, 1917, the interestbearing obligations of the United States reached $2,712,549,476, of which $674,625,630 are consols of 1930 and 2 per cent Panama Canal bonds. The interest rates on the other obligations range from 2 to 4 per cent. Interest at the rate of 21 per cent is paid on postal savings bonds to the amount of $10,039,760. There are outstanding bonds bearing 3 per cent to the amount of $231,507,992; obligations bearing interest at the rate of 3 per cent amount to $211,551,100; 34 per cent, $1,466,335,095; 4 per cent to the amount of $118,489,900.

In the following table are shown the title, rate of interest, and amount of both registered and coupon bonds outstanding at the close of the fiscal year ended June 30, 1917:

[blocks in formation]

1 This amount represents receipts on account of principal of Liberty loan bonds to June 30.

BONDS AVAILABLE AS SECURITY FOR CIRCULATION.

Of the $2,712,549,476 public debt only $857,060,990 are bonds of the character available as security for national-bank circulation. Of the bonds carrying the circulation privilege, the 2 per cent consols aggregate $599,724,050; Panama Canal bonds, $74,901,580; 3 per cent bonds of 1918, $63,945,460; and the 4 per cents of 1925, $118,489,900.

During the year bonds bearing interest at the rate of 2 per cent, aggregating $26,256,500, were acquired by the Federal reserve banks and converted into 3 per cent bonds and one-year Treasury notes, in conformity with the provisions of the Federal Reserve Act.

The total conversions under that act have amounted to $56,256,500, of which $28,894,500 were converted into 3 per cent bonds and $27,362,000 into 3 per cent one-year Treasury notes. These conversions have reduced the volume of bonds available as security for circulation from $883,317,490, on October 31, 1916, to $857,060,990, October 31, 1917. Exclusive of any bonds which may be converted during the coming year, the amount of bonds available for circulation will be reduced to $793,115,530 by the redemption of the $63,945,460 3 per cent bonds which are due for payment August 1, 1918. Only $17,715,220 of these bonds, however, are now on deposit with the Treasurer of the United States as security for national-bank circulation.

On October 31, 1917, United States bonds to the amount of $679,440,210 were on deposit as security for circulation, of which $555,514,950 were 2 per cent consols; $71,466,140, 2 per cent Panama Canal bonds; $17,715,220, 3 per cents of 1918; $34,743,900, 4 per cents of 1925. Over 90 per cent of the bonds deposited as security for circulation bear interest at the rate of 2 per cent.

Notwithstanding the fact that under the Federal Reserve Act, as amended by the act of June 21, 1917, national banks are relieved of the necessity of making a deposit of United States bonds before commencing business and the maintenance of any bond deposit is rendered unnecessary, bonds to the amount of $2,425,850 were deposited by banks organized during the year and $22,993,290 by banks increasing their circulation.

During the same period bonds held to secure circulation were withdrawn to the extent of $33,936,920, of which $15,856,100 were by banks reducing their circulation; $7,223,070 by banks placed in voluntary liquidation; $311,000 on account of banks placed in the charge of receivers; and $10,877,500 were withdrawn and sold to the Federal reserve banks for conversion into 3 per cent obligations of the Government. The latter amount, it should be stated, includes $330,750 acquired from banks in liquidation, this sum being duplicated in the amount withdrawn for conversion. These withdrawals resulted in a net reduction during the year of $8,517,780 in the amount of bonds deposited by national banks as security for circulation.

The amount of bonds deposited and withdrawn in each month during the year ended October 31, 1917, is shown in the following table:

United States bonds deposited as security for circulation by banks chartered and by those increasing their circulation, together with the amount withdrawn by banks reducing their circulation and by those closed, during each month, year ended Oct. 31, 1917.

[blocks in formation]

PRICE AND INTEREST REALIZED BY INVESTORS IN UNITED STATES BONDS.

Since November, 1916, the 2 per cent consols have declined in the market from 99-100 to 963 in October, 1917; the 3s of 1918 from 100-101 to 99-100; the 4s of 1925 from 110-1103 to 105-105. Incident to these depreciations rates of interest realized by investors increased as follows:

29 of 1930. 3s of 1918.

4s of 1925.

..from 2.022 to 2.293

..from 2.640 to 4.024 ..from 2.552 to 3.153

NATIONAL BANK INVESTMENTS IN UNITED STATES BONDS.

Investments of the national banks in interest-bearing obligations of the United States on September 11, the date of the last returns prior to the close of the current year ending October 31, aggregated $1,158,982,000, of which $678,180,970 were on deposit with the Treasurer of the United States to secure circulation; $28,574,450 to secure Government deposits, and approximately $11,000,000 to

secure postal savings funds. As the banks' investments in September 1916 were but $729,777,000 there has been an increase since that time of $429,205,000, caused largely by war financing.

FEDERAL RESERVE BANK INVESTMENTS IN UNITED STATES BONDS.

Investments in United States interest-bearing securities by the Federal reserve banks on September 14, last, totaled $87,724,000, an increase since November 3, 1916, of $35,817,000. This increase includes the $10,877,500 hereinbefore referred to, acquired from the national banks for conversion into bonds and interest-bearing Treasury notes, in conformity with the provisions of section 18 of the act of December 23, 1913.

INVESTMENTS IN UNITED STATES BONDS BY ALL BANKS IN UNITED

STATES.

From the June, 1917, returns from State and private banks it is shown that those institutions owned United States bonds to the amount of $77,162,000, hence it appears that with the $1,158,982,000 held by national banks, $87,724,000 held by Federal reserve banks, and $10,200,000 held by Federal land banks, the banking institutions of the country owned as of June, 1917, over $1,334,000,000, or nearly one-half of the outstanding interest-bearing obligations of the United States.

MONTHLY STATEMENT RELATING TO NATIONAL BANK CIRCULATION.

Reference to the table following will show that there have been no material fluctuations from month to month in the volume of bonds on deposit as security for circulation and the amount of circulation outstanding secured thereby.

On November 30, 1916, the amount of bonds on deposit was $682,853,740, and on October 31, 1917, $679,440,210. On the same dates circulation outstanding secured by bonds was $675,006,203 and $676,703,103, respectively. In November, 1916, there was $49,199,416 of lawful money on deposit to provide for the retirement of national bank circulation, and on October 31, 1917, the amount on deposit was $39,573,272, while the total amount of circulation outstanding secured by bonds and lawful money-declined from $724,205,619 to $716,276,375. The table in question follows:

[blocks in formation]
« iepriekšējāTurpināt »