Page images
PDF
EPUB

of the government. No nation ever before poured out its means with such lavish hand. It is true that the loans do not take the shape of permanent investments, but are, rather, short loans to be paid at call. Thus the whole permanent debt consists of the following sums : Due in 1871 and 1874.....

$27,022,000 1868....

18,323,591 1881...

69,457,800 182,414,401

5-20 year.

Total present debt....

$297,217,792 Old peace debt....

60,189,406 Total permanent war debt......

$237,028,386 This is the amount of permanent investments in the war debt. The prices of the government stocks have remained very firm :

PRICES UNITED STATES PAPER.

[ocr errors]

1

[ocr errors]

January 3,.

10,.. 17,.. 24,.

31,.. February 7,.

14,..
21...

28,. March

7,.. 14,. . 21,...

28,.. April 4,..

11,...
18....

25,... May 2,...

9,... 16,... 23,...

30,... June 6,...

13,... 20....

27,... July 11,...

18,...

--6's,1881.

73-10, Reg. Coup. 5'8,'1874. 8 years. 964 98 88} 1027 974 98 90

103 914 914 887 101 95 96 90 102 923

94 86 1011 92 934 851 102 94 96

877 1027 964

974 917 1037 1001 1027 97 1057

994 1004 944 105 1043 1041 98 1061 1037 1044 96 107 1047 106 967 1061 1041 105 977 1045 1044 105 972

105 104

105 96 106
105 106 96 106
1061 1064

1061
106
107

97 106
108 108 974 107
108} 1087 974 1071
108 108 971 107
104 1087 99 107
1044 1084 99 106
1034 1081 981 106
102
1074

98 104
1047

105 97; 106 1014 106 98 1061

1 year certir.
oid. New.
967
97
98
96
94
94
96
95
984
981
100
100
100

99
1004
101
102 991
102 991
1011 991
1014 99%
1014
1014 991
1014 977
101} 98
101 985
1001 97
100% 984
101 99

August

demand Gold. notes. 841 a 344 29 374 a 38 38 49. & 461 43 47 a 487 444 66 604 63 57} a 671 58 535 a 631 51 831 a 64 62 71 a 714 71 52} a 63 53 547 a 641 53 547 a 644 41 a 417 53 a 631 46 & 62} 63 & 031 1617 a 1517 160 a 1504 1527 a 1521 149 a 1494 1484 a 149 1444 a 1445 146 a 1467 148 a 1487 1423 a 1434 1467 a 1469 132+ a 1321 125 a 1254

971

[ocr errors]

991

[ocr errors]

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

CITY BANK RETURNS.

Little satisfaction can be obtained in examining the returns of our city banks from week to week; their regular business is so mixed up with government transactions that but few definite facts can be learned from these statements. For instance, the bank loans have now reached in New York city $173,126,387, whereas before the war they were only about $125,000,000. From such a statement as this one might suppose that business was now more active than ever before, and that the banks had discounted $173,000,000 of good business paper. The question therefore naturally arises, is this so -of what is this column of loans made up? Suppose peace were to be declared to-day, could the banks realize on these loans so as to pay up their depositors and help their customers; for as soon as the fetters of war are removed, every cent of money that can be obtained will be needed and used by merchants in supplying the extraordinary demands of trade which must then arise.

But as we said before, from these weekly returns we get little satisfaction on these points. All they tell us is, that the New York city banks hold $173,000,000 of loans, and that they have deposits to the amount of $163,000,000. If, however, we go back to the quarterly returns in March, 1863, we find, that of the loans which were then $180,000,000, about $74,000,000 were government stocks. Probably the amount of government's is somewhat increased since that time, but even calling it the same and it leaves the ordinary business loans at less than $100,000,000. Is this a safe position for the banks to hold ? United States Government stocks, as a permanent investment, are as good as anything in the world; but can the banks afford to hold them, or do they intend as soon as peace returns to throw them on the market? Would not such a course break the market, ruin themselves, and injure the government? Is it not therefore their duty to themselves, the government, and their customers to work out of this position gradually, and now while they can do it without harm to any one ?

We give below our usual returns brought down to the latest dates. The changes are unimportant. In New York and Philadelphia the circulation continues to decrease. It is

very

seldom now that one sees a New York city bill. The $5,000,000 or $6,000,000 they have out cannot be in circulation, but must be held mostly by parties who anticipate a decision adverse to the legal tender notes in our Court of Appeals in September. In case such a decision is made, these bank notes will of course have to be redeemed in specie :

NEW YORK BANKS.

New York BankS. (Capital, Jan., 1863, $69,494,577 ; Jan., 1862, $69,493,577.) Date.

Loans.

Specie. Circulation. Net Deposits. Clearings. January 3,..... $173,810,009 $35,954,550 $9,754,355 $159,163,246 $186,861,762

10,..... 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 17,.....

176,606,558 37,581,465 9,241,670 164,666,003 314,471,457 24,.....

179,288,266 38,549,794 9,083,419 168,269,228 298,861,366 “ 20... 72,874,000 7,777,000 7,011,700 33,000,000 12,787,000 11,748,000 June 1... 73,424,000 7,751,000 6,913,000 32,575,000 12,785,000 10,704,500

66

[ocr errors]
[ocr errors]

66

Date.
February 7,.....

14,
21,....

28,.... March 7,.....

14,..... 21,.....

28,..... April

4,.. 11,.. 18,..

25,.. May 3,.....

9,..... 16,..... 23,..

80,.. June

6,..... 13,..... 20,.....

27,..... July 4,.....

11,.....
18,.....

Loans. Specie. Circulation. Net Deposits. Clearings. 179,892,161 38,243,839 8,780,154 166,342,777 802,352,571 173,103,592 38,426,460 8,756,217 167,720,880 265,139,104 178,335,880 37,981,310 8,752,636 170,103,758 291,242,929 179,958,842 39,512,256 8,789,969 178,912,695 340,574,444 181,098,322 39,705,089 8,693,175 174,689,212 344,484,442 177,875,949 36,110,085 8,657,016 172,944,034 307,370,817 173,829,479 53,955,122 8,609,723 167,004,466 277,831,351 172,448,626 34,317,691 8,560,602 163,363,846 281,326,268 178,038,019 34,257,121 8,348,094 160,216,418 287,347,704 170,845,283 35,406,145 8,178,091 159,894,731 264,468,080 169,132,822 36,761,696 8,039,658 164,122,146 259,417,568 171,079,322 37,175,067 7,555,549 167,863,999 258,654,781 177,364,956 36,846,528 7,200,169 167,696,916 355,557,732 180,114,983 33,002,633 7,080,565 163,656,518 367,560,731 180,711,072 88,556,642 6,901,700 168,879,130 353,346,664 181,319,851 38,544,865 6,780,678 167,655,668 380,304,748 181,825,856 37,692,634 6,494,376 166,261,121 307,680,918 182,745,080 87,241,670 6,341,091 162,767,154 289,757,539 180,808,823 37,884,128 6,210,404 159,651,150 802,377,276 177,083,295 38,314,206 6,120,252 157,123,301 259,483,221 175,682,421 38,271,202 6,004,177 168,639,308 264,819,856 174,337,384 38,302,826 6,998,914 158,642,825 267,785,773 175,087,485 88,712,397 6,927,071 160,733,496 819,945,652 173,126,887 88,264,427 6,880,623 163,319,544 251,168,769

[ocr errors]

66

[ocr errors]
[ocr errors]
[ocr errors]

Date.

BOSTON BANKS. Boston Banks. (Capital, Jan., 1863, $. ; Jan., 1862, $88,231,700.)

Duo

Due Loans. Specie.

Circulation. Deposits. to banks. from banks. Jan. 6,.. $77,339,046 $7,672,028 $8,190,496 $33,372,648

12,.. 77,427,173 7,751,000 8,873,000 33,063,800 17,006,000 13,520,000 19,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700

26... 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13,958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 34,076,800 16,889,000 14,490,000

9... 78,431,000 7,707,000 8,074,000 35,178,600 16,932,000 14,188,000 16,.. 78,431,000 7,794,000 8,001,000 34,903,000 17,070,700 14,095,500

23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 Mar. 2,.. 79,127,500 7,553,000 8,001,980 38,245,500 17,523,500 15,004,000

9,.. 79,274,700 7,582,000 8,225,000 35,215,000 17,340,400 14,446,500 “ 16,.. 79,636,134 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500

30,.. 77,935,000 7,572,600 7,593,800 31,604,500 17,074,400 11,601,300 April 6,.. 76,933,600 7,703,800 7,963,500 32,687,000 15,444,000 12,280,600

13,.. 74,651,013 7,812,895 7,762,916 82,494,822 14,557,000 12,947,800 20,.. 73,459,160 7,799,315 7,278,506 33,209,742 14,132,000 12,653,000

27,.. 73,558,000 7,838,800 7,040,000 32,781,500 13,303,000 11,966,700 May 4,.. 73,218,155 7,854,731 7,433,496 31,949,762 13,237,700 11,622,600

11,.. 73,062,789 7,847,849 7,688,233 31,309,985 13,147,000 11,800,000 “ 18,.. 73,068,598 7,794,046 7,167,327 32,192,770 12,863,500 11,732,000

8,.. 73,592,000 7,738,557 7,030,286 31,728,285 12,626,700 10,874,700 "15,., 73,237,000 7,730,000 7,109,000 31,477,600 12,285,500 10,541,000 " 22,.. 73,351,000 7,697,000 7,344,500 81,855,800 12,504,600 10,914,700

" 29,.. 73,421,084 7,683,987 7,040,624 81,477,696 12,888,000 10,900,000 July 6,.. 73,548,918 7,744,827 7,473,800 31,509,268 12,283,000 10,891,000

13,.. 73,485,678 7,774,991 7,608,442 30,277,502 12,193,000 10,712,000 20,.. 73,421,000 7,684,000 7,401,500 29,287,000 18,802,000 10,164,600

66

64

PHILADELPHIA BANKS.

9, 64 16,

[ocr errors]

PailADELPHIA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970,180.)

Due

Due Date.

Loans.

Specie. Circulation. Deposits. to banks. from banks. Jan. 6,... $87,679,676 $4,610,760 $4,504,115 $28,429,189 $6,948,786 $1,994,928

12,... 37,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,932 19,... 37,416,694 4,649,369 4,382,620 27,877,069 7,060,847 2,275,905

26,... 87,479,712 4,572,419 4,284,947 28,773,517 6,766,980 2,688,985 Feb 2,... 37,268,894 4,562,080 4,181,503 29,231,753 6,698,210 2,909,857

9,... 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,086 16,... 37,710,851 4,272,347 3,888,185 28,759,049 7,452,563 2,432,073

23,... 37,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,708,196 Mar. 2,... 37,901,080 4,267,626 3,696,097 80,178,518 7,185,670 2,758,86%

38,603,871 4,249,035 3,608,870 30,679,259 7,100,258 2,499,139

39,260,028 4,247,817 3,534,880 30,549,687 7,476,603 1,939,449 23, 39,458,384 4,247,688 3,295,862 30,106,135 7,418,482 1,935,014

30, 89,937,612 4,311,704 3,369,194 29,171,283 6,501,758 2,168,007 Apr. 6,... 37,516,520 4,339,252 3,374,417 29,631,569 6,768,658 2,770,129 13,...

86,250,402 4,343,242 3,296,685 30,117,527 5,953,809 3,014,229 20,... 86,295,644 4,343,988 3,185,042 31,069,644 5,306,809 8,018,727

27,... 36,482,058 4,346,377 3,078,921 31,021,799 6,448,124 2,559,868 May 4,... 86,687,294 4,856,524 2,989,428 80,869,231 6,828,898 2,891,087

11,... 36,693,179 4,859 866 2,901,600 80,949,781 4,975,989 2,542,792 18,... 36,887,301 4,357,119 2,866,121 81,892,308 4,640,623 2,686,279

25, 87,116,093 4,357,169 2,808,109 32,465,953 4,623,392 2,480,714 June 1,

87,143,937 4,367,021 2,706,953 31,888,763 4,707,278 2,863,548 8, 87,157,769 4,357,076 2,649,283 81,549,339 4,645,71% 2,318,744

87,228,627 4,857,026 2,621,098 81,648,969 4,814,426 2,892,278

87,219,216 4,356,744 2,696,116 31,293,830 4,868,495 2,065,918 29, 87,250,666 4,369,648 2,656,865 31,466,204 6,116,693 1,820,600 July 6,... 85,036,811 4,360,745 9,564,868 28,504,844 6,060,096 1,961,814 13,...

84,866,842 4,960,003 3,807,263 28,701,813 4,784,843 2,630,652 20,... 84,662,966 4,361,999 2,482,986 29,931,608 4,680,822 2,981,867

66

66

[ocr errors]

66

" 16 " 22,

[ocr errors]

The following is a statement of the amount of United States legal tender notes held by the Philadelphia banks at the dates mentioned :

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

The bank returns July 1st showed unusually important changes as follows: Increase of securities.....

£3,734,056 Increase of active circulation.

1,213,091 Increase of private deposits..

2,464,743 In speaking of these changes the London Economist says "several circumstances have combined to produce them. First. There is the great movement consequent on the payment to the Hudson's Bay Company, which amounts to £1,500,000, and which, as the new capital is not raised, and the old one paid off, to a considerable extent must be borrowed from

some one.

"Secondly. The public balances being unusually large, more than £10,350,000, the ordinary advances from the bank at the close of the quarter are larger than usual.

“Thirdly. Several of the Indian railways have taken some large amounts for dividends.

"Fourthly. There is always a large increase of active circulation at the close of the quarter to pay salaries, &c."

The returns for the next week, July 8th, show the effect of the disbursements on account of dividends during the week.

The following comparative table will be of interest, affording as it does a view of the bank returns, the bank rate of discount, and the price of wheat in London during a period of three years corresponding with the date of our last returns July 8th : At corresponding dates with the week ending July 8, 1863.

1861.
1862.

1863. Circulation, including bank post bills... £20,773,687 £22,504,490 £22,088,478 Public deposits....

8,266,613 6,429,989 6,593,884 Other deposits...!

13,914,698 17,199,716 18,695,718 Government securities

9,616,202 10,952,679 11,046,888 Other securities....

19,900,691 20,238,233 23,608,448 Reserve of potes and coin

6,166,804 9,889,877 8,094,089 Coin and bullion....

11,674,299 17,056,637 14,824,969 Bank rate of discount...

6 per cent. 24 p. cent. 4 per cent Average price of wheat...

50s. 10d. 668. 7d. 468. lld Subjoined is our usual table with the returns brought down to July 8, 1863:

[ocr errors]

WEEKLY STATEMENT.

[ocr errors]

18...

[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]

Public Privato

Coin and Rate ot Date. Circulation. Deposits. Deposits. Securities. Bullion,

Discount. Dec. 17... £19,932,360 £8,507,144 £14,033,994 £30,539,868 £15,031,658 8 pr.ct.

24... 20,160,398 8,654,499 14,306,497 31,346,781 14,870,795 3

31... 20,616,435 8,388,717 16,469,264 82,488,020 14,956,421 3 Jan. 7... 20,927,993 8,782,808 14,393,808 82,620,233 14,686,665 3

14... 21,018,849 4,280,730. 16,772,782 81,165,076 14,102,169 4
21... 20,893,931 4,966,798 14,993,225 80,227,086 18,856,849

28... 20,771,236 6,416,868 14,414,763 30,238,865 13,611,823
Feb. 4... 20,709,154 6,851,617 13,862,287 29,997,233 13,692,136
11... 20,444,454 6,952,808 13,696,366 80,288,406 14,070,651 5

19,916,496 7,418,275 18,769,276 29,890,503 14,589,222 4 25... 19,715,828 7,901,658 13,867,163 29,709,079 14,614,096 Mar. 4... 20,322,055 8,036,003 13,368,086 30,880,806 14,504,517 4

11... 19,801,666 8,673,899 13,282,605 81,096,327 14,828,178 4
17... 20,012,331 9,843,499 13,003,088 81,482,170 14,647,812 4

24... 20,136,276 10,364,471 12,742,282 81,896,338 16,026,274 4 Apr. 1... 20,965,228 10,107,041 13,172,090 32,776,752 15,141,765 4

8... 21,279,339 6,714,109 14,829,832 30,946,784 14,963,835 4
15... 21,326,820 5,769,278 15,013,391 29,974,677 16,229,237
22... 21,413,226 6,316,413 14,739,897 30,182,533 16,387,161 3

29... 21,452,800 7,178,812 13,606,939 29,994,849 15,348,492 33 May 6... 21,876,999 7,241,739 13,122,087 29,718,602 16,141,760 3

13... 21,262,916 6,785,187 13,727,556 80,201,120 14,683,141 3
20... 21,268,815 7,610,278 13,983,654 31,484,816 14,529,451 4

27... 20,909,819 8,002,846 13,842,718 81,412,190 14,500,019 4 June 8... 21,009,892 8,779,887 13,896,460 32,889,044 14,426,653 4

10... 21,080,460 9,782,830 13,783,263 83,240,192 14,556,121 4
17... 20,656,173 9,882,136 13,904,506 32,760,953 14,850,166 4

24... 20,525,655 10,279,063 13,809,996 32,766,459 16,026,118 4 July 1... 21,738,756 10,856,373 16,274,739 86,490,518 15,080,2714

8... 22,038,478 6,593,834 18,595,718 34,647,836 14,824,969 4 VOL. XLIX, NO. II.

10

[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]

66

« PreviousContinue »