ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES FROM NOVEMBER 16, 1909, TO SEPTEMBER 1, 1910-Continued. Mar. 29, 1910-June 30, 1910- Sept. 1, 1910- RESOURCES-cont'd. Gold coin.. Gold Treasury certificates Gold Treasury certificates (sec. 5192)... Clearing-house certificates.. Silver dollars. Silver Treasury certificates.. Silver fractional coin... Total specie..... Legal-tender notes.. Due from Treasurer 9,449,929. 46 7,646, 757.39 9,591, 394, 662.73 9,730, 518, 635. 37 9, 841, 924, 345. 97 9, 896, 624, 696. 739, 826, 181, 452. 36 222,499, 416.82 953,963, 472. 81 960, 124, 895. 76 668, 393, 996.50 199, 342, 084. 39 30, 392.00 972,819, 559.77 943, 240, 300.45 474, 298, 385. 28 12,510, 175. 20 8,929, 367.87 34,862, 912.45 5, 004, 477.69 2,381,083.33 989, 567, 114.00 1,002, 735, 123.25 644, 857, 482.82 648, 268, 369.97 216,546, 125.10 225,769, 399.53 675,632, 565.50 30,386.00 895, 295, 026.52 41, 240, 442.54 12, 492, 927. 94 14,018,630.85 674,821,853.00 27,707.00 929,652, 332. 28 476,745, 154.06 499, 646, 587.85 37,647,487.76 1,326, 154.84 145, 658, 367.65 36, 309,858.54 13, 850, 642.09 34,574,822.00 18,867,294.33 72,847,849.63 5,445, 179.84 9,591, 394, 662. 739, 730, 518, 635. 37 9,841, 924, 345. 97 9, 896, 624, 696. 739,826, 181, 452. 36 Since September 1, 1909, there has been a net increase in the number of national banks of 196 and in aggregate resources of $252,227,075.52. At date of first call during the report year, namely, November 16, 1909, there were 7,006 national banks with aggregate resources of $9,591,394,662.73. On January 31, 1910, the resources had increased to $9,730,518,635.37; on March 29, to $9,841,924,345.97, reaching the maximum during the year on June 30 of $9,896,624,696.73. The September 1 call showed a decrease of $70,443,244.37, or to $9,826,181,452.36. The banks' loans and discounts, representing over 55 per cent of their assets, amounting to $5,128,882,351.18 on September 1, 1909, increased to the extent of $19,905,243.52 by November 16 and by $80,715,880.70 January 31, 1910. The greatest increase during the year was between January and March 29, the amount of increase being $202,589,719.24, when the total amount of loans was $5,432,093,194.64. By June 30 the loans had decreased slightly, but only to the extent of $1,934,007.89. On September 1, the date of the last report in the year, the loans reached the maximum for the year and for any prior date in the history of the national-banking system, namely, $5,467,160,637.98. The net increase in loans and discounts between September 1, 1909, and September 1, 1910, was $338,278,286.80. In the reports of condition of national banks, loans and discounts are divided into five classes, namely: On demand, with one or more individual or firm names; paper secured by stocks, bonds, and other personal securities; on time with two or more names, single name without other security; on time, secured by stocks, bonds, and other personal securities, including mortgages or other liens on realty. On September 1, 1910, the single-name demand paper amounted to $524,306,117; on demand, secured by stocks, etc., $939,111,340; on time, two or more name paper, $1,842,517,150; on time, single-name paper, $1,068,278,898; on time, secured by bonds, etc., $1,092,947,132. The demand paper represents 26.8 per cent of the total; on time, two or more names, 33.7 per cent; on time, single name, 19.5 per cent; and all other time loans, 20 per cent. That the relative proportion of each class of loans is attended with very little change is evident from the accompanying comparative statement taken from the reports of dates September 23, 1908, September 1, 1909, and September 1, 1910: Amount and relative proportion of loans in the national banks in New York, in the three central reserve cities, in other cities, and in banks located elsewhere, on September 1, 1910, September 1, 1909, and September 23, 1908, are shown in the following table: Approximately about one-sixth of the loans of all national banks are made by associations located in the city of New York, and the following statement shows the amount and character of such loans on comparable dates from 1905 to 1910, inclusive: Loans and discounts. Aug. 25, 1905. Sept. 4, 1906. Aug. 22, 1907. Sept. 23, 1908. Sept. 1, 1909. Sept. 1, 1910. In the following table is shown the amount and classification of loans of all national banks on approximate dates during the past ten years: UNITED STATES AND OTHER BONDS OWNED BY NATIONAL BANKS. The banks' investments in United States bonds have increased from $731,028,110 on September 1, 1909, to $740,592,100 on September 1, 1910, a net increase of $9,563,990. One-third of the increase, or $3,018,950, occurred between June 30 and September 1, 1910. Approximately 92 per cent of the government bonds held by the banks is in bonds on deposit as security for circulation and the remainder held by the Treasurer as security for deposits except the amount in the banks' vaults. On September 1, 1910, United States bonds on deposit to secure public deposits amounted to $40,857,700 and those held in their vaults $14,042,110. On September 1, 1909, the premium on United States bonds as shown by the banks' reports aggregated $14,721,196.01, and had been reduced by September 1, 1910, to $10,891,763.54. Bonds, securities, etc., other than United States bonds, owned by the banks on September 1, 1910, aggregated $865,054,855, less by $51,325,445 than the amount held on September 1, 1909. Included in this class of assets on September 1, 1909, were $17,991,758.47 bonds on deposit with the Treasurer to secure public deposits. On September 1, 1910, the amount of bonds deposited for this purpose had been reduced to $10,927,191.01. In connection with the possible acceptance of bonds other than governments for additional circulation under authority of the act of May 30, 1908, the following comparative statement of the aggregate amount of bonds owned by the national banks on September 1, 1909 and 1910, is of interest: In the appendix to the report of the Comptroller of the Currency will be found a table containing details relative to investments in assets of this character by national banks located in each of the reserve cities and States. Exchanges for clearing house, amounting to $329,725,534.43 on September 1, 1909, increased to $407,440,258.24 on January 31, 1910, decreased to $305,632,471.72 on March 29, increased to $428,654,238.28 on June 30, and decreased to $284,962,685.13 on September 1, 1910. The net decrease during the year was $44,762,849.30. Bills (circulating notes) of other national banks were held to the amount of $40,204,902 on September 1, 1909, reaching the maximum of $44,062,832 on March 29, 1910, and declined to $41,547,840 on September 1, 1910, which was $1,342,938 greater than on September 1. 1909. The banks' holdings of legal tenders vary to a comparatively slight extent only. The holdings on September 1, 1909, amounting to $187,693,960, declined to $172,400,153, the minimum during the year, on January 31, 1910. At the close of business on September 1, 1910, legal-tender notes were held amounting to $179,058,491. The amount of gold and silver in the vaults of the banks on September 1, 1909, was $666,397,897.38; on November 16, $628,834,658.94; on January 31, 1910, $660,678,716.40; on March 29, $661,799,771.93; on June 30, $644,343,854.77; on September 1, 1910, $672,626,546.13. The average amount of gold held by the banks, as shown by each of the reports, was $504,694,219, and of silver $151,086,071 or 76.96 per cent in gold and 23.04 per cent in silver. LIABILITIES OF NATIONAL BANKS. The aggregate liabilities of national banks reached their maximum prior to the panic of 1907 on May 20 of that year, when they amounted to $S,476,500,000, a sum not reached until May 14, 1908, when they were reported at $8,594,600,000. Each report from that date until June 30, 1910, shows a steady and material increase, the maximum being reached on the date last mentioned, when the total was reported as $9,896,600,000. Between this date and September 1 there was a decrease in the banks' liabilities of $70,243,000, the decrease being mainly in individual deposits. The liabilities of banks, exclusive of the amounts due depositors, other creditors, and holders of circulating notes, represent approximately 20 per cent of the aggregate liabilities and consist of capital, surplus, and other undivided profits. On September 1, 1909, the paid-in capital amounted to $944,642,067, the surplus fund $597,981,875.93, and other undivided profits $203,756,438.40. The capital steadily increased, as shown by each report during the year, to $1,002,735,123.25 on September 1, 1910. This is the maximum amount of paid-in capital stock of national banks shown by any report during the existence of the system. The increase in capital was attended by approximately a corresponding increase in surplus, rising from $597,981,725.93 on September 1, 1909, to $648,268,369.97 on September 1, 1910. The undivided-profit account is more fluctuating and varied during the year from a minimum of $199,342,048.39 on January 31 to a maximum of $225,769,399.53 on September 1, 1910. The net increase in capital during the yearthat is, between September 1, 1909, and September 1, 1910-was $58,093,056.25, surplus $50,286,449.04, and undivided profits $22,012,961.13. There has been relatively small fluctuation in the amount of United States deposits and deposits of United States disbursing officers during the year, though a net increase of $1,455,617.36 is shown. These funds on September 1, 1909, amounted to $48,704,883.27, and on September 1, 1910, to $50,160,500.63. Bills payable reached the lowest point during the year on January 31, 1910, amounting at that time to $27,718,183.71, and reaching the maximum, $72,847,849.63, on September 1, 1910. The increase on the latter date, as compared with September 1, 1909, was $36,618,871.34. The volume of notes and bills rediscounted was at its minimum and maximum on the same dates as bills payable, the extremes being $6,356,123.10 and $18,867,294.33. Comparing September 1, 1910, with the year prior, there is shown to have been a net increase in rediscounts of |