Image provided by: University of Nebraska-Lincoln Libraries, Lincoln, NE
About The independent. (Lincoln, Neb.) 1902-1907 | View Entire Issue (April 30, 1903)
APRIL 30, 1903. THE NEBRASKA INDEPENDENT. THE USELESS DAILIES Vr. Tu VorhU Showa Hew the- Cmp troller Abstracts r Reported Financial Situation Grave (By mistake Mr. Van Vorhis' letter was addressed to Lincoln .Indiana, and reached The Independent too late for last week's issue.) Editor IndeDendent: During the time that intervenes 'between the ab stracts of the condition of national banks, issued by the comptroller of the currency, it Is almost impossible United States deposits 13,090,900, the loans and discounts are reported to have been decreased $15,902,900 and the deposits $20,407,700. The bankers' surplus was increased $357,025, and the United States deposits $350,325. L'uring the week ending March 21, it 13 reported that loans and discounts were decreased $12,953,000 and the deposits $15,479,600. The bankers surplus wa3 increased $2,156,400, and United States deposits $2,167,500. During the week ending March 28, the loans and discounts are reporte l to have been decreased $6,948,200 and deposits $6,422,400. The bankers' sur plus was increased $3,100,500, and to eet information from whicn tne real condition of the New York na tional banks can be determined. Since the enactment of the national bank law in 1863. two additional cen tral rosfirve cities have been created. Nevertheless, the New York national banks are the head and center of the national , bank combination, and we must look to that city, and to tne ior tv-fivA national banks in it,' for indi cations from which to determine fu tii re financial conditions. Tho last, abstract issued by the During the week ending April 4, it is reported that the loans and dis counts were decreased $614,300 ; and the deposits $5,447,700. - The bankers" surplus was decreased $4,150,075, and Unired States .deposits $4,298,025. .A iring the week ending April 11, the loans and discounts were de creased $1,030,400 and the deposits $3,391,500. The bankers' surplus was increased $1,610,455, and United States deposits $1,030,400. These reports show an' Increase of "mans and discounts, and of deposits, eomntroller was of the condition of during the first three weeks of Feb- . . . T71 I - T i Al - 1 x 1 AA ruary. uunug ice iasi weeiv ui mai banks at the close of business on Feb ruary 6 as reoorted by them. This was not issued until February 26, and was not available for informa tion until some time in March. It is announced that the comptrol ler has called for reports of the con dition of banks at the close of busi ness on April 9. The abstract of these renorts called for will probably not be issued until about the last day Of the month, and cannot be obtained for public information before the middle of May. The official, iniormation wnicu the public receives is always from 30 to 6 j days old. Press reporters have earlier access either to the abstracts, or to the reports to be abstracted, and mihlish inferences, deductions ana conclusions long before information is given out" officially and in a complete form. When the official abstracts are month, there was a sharp and sud den decrease of deposits and prac tically no increase "of loans. , During the first week of March, there was a I'Kirked decrease of both loans ami deposits, and there has been a con tinued decrease ever since. The aggre gate result is. that between February 1 and April 11, the New York clearing house banks decreased their credits about $25,000,000 and lost over $35,- 000,000 of their deposits. - - , On February 1, these banks held a bankers' surplus of about $20,000,000; but, on April 11, it was down to con siderably less than $4,000,000, and would have been less than $3,000,000 if the government had not made an increase of deposit loans to them dur ing that week. It will be seen, from the above statements, taken from the finally given out, the press regards published reports, that the bankers' them as old news and no mention at &11 is made of them. This would not be a serious omis sion if the earlier press reports were the thorough consideration of well understood facts, and were the care ful analysis made by men possessed of sufficient knowledge of financial economics to correctly consider the farts and make the analysis; As a rule this is not the case. Most of such Tenorts are sufficient in themselves to disclose that they were made with out sufficient knowledge to make cor- lect inferences even possible, or with out sufficient honesty of purpose to make correct conclusions desirable. This results, as ought to be expected, in keeping the public in ignorance of the real situation. On every Saturday a report is made surplus would often have been com pletely wiped out, if the government had not made deposits of public funds. It appears that about February 1 the national banks belonging to the clearing house held about $38,000,0o of government money. During the time between this and the 11th of April, the deposit loans to them by the government were reduced to a lit tle over $13,000,000. Under this state of facts the condition of the stock markets is. not difficult to understand. The secretary of the treasury has reached the limit of his ability to give large assistance by deposit loans, and has been compelled to draw out about $25,000,G0O of the deposit loans already made. This limit of ability is also shown by reference to the public debt statement for February. ty the New York clearing house, but, Exclusive of the gold reserve and de ar, all national banks in tne city are rot members of it, and some members of it are not national banks, no cor rect comparison can be made of the comptroller's abstracts of the reports cf national banks with the clearing bouse reports. It is difficult to make correct deductions from the clearing house statements, as their reports ap pear not to be the condition of the banks at the close of business on bat urdav. or any particular day, but to be reports of averages during each week. Some approximate Interences mav be made, however, and some approximate conclusions be reached During the week ending February 7, the clearing house banks are re oorted to have increased their loans and discounts $20,447,900 and their de posits $8,401,200. They decreased their bankers' surplus ?y,3b,iuu ana men ' United States deposits ?9.3o5,50u. During the week ending February 14. the loans and discounts are re ported to have been increased $1,- 274,800 and the deposits $12,131,000 During this week there was a de ctease of bankers' surplus amounting to $3,016,000 and of United States de posits $3,009,975. During the week ending February 21, there is reported to have been $13,975,000 increase of loans and dis counts, and $10,909,200 increase of de posits. There was a decrease of $648, 00 in the bankers' surplus, and in United States deposits of $6,475,723, During the week ending February 28, the loans and discounts are re ported to have been decreased $52, 400 and the deposits $7,012,900. The bankers' surplus was decreased $3, 089,775, and the United States deposits $3,089,100. During the week ending March 7, It is reported that the loans and dis counts were decreased $10,563,000 and the deposits $19,566,700. The bankers' surplus was decreased $5,284,925, and United States deposits $5,272,750. Dur ing this week the surplus of the clear ing house banks is reported to hava been down to $666,975; During the week ending March 14, posit loans made to national banks, the statement shows about $75,000,000 said by the statement to be available. Of this amount $21,900,621.41 is sil ver bullion that, of course, is not available until coined, and reduces the amount of really available money. It may be safely stated that the amount of really available money held by the secretary of the treasury does not exceed $50,000,000. . In the face of such facts, it is idle for New York bankers, or any one else, to make light of the situation. Of course, the withdrawal of money, whether government or individual de posits, has compelled the banks to decrease their loans and discounts, but this they were not able to do with sufficient rapidity to save the bank ers' surplus. They are now relying upon a flow of money from the mid dle west to replenish their reserves, and to give them a surplus. It does not require a very profound knowledge to understand that there is danger in the present condition of the eastern banks, that under the banking law are the head of the national banking system. The banker who talks to a reporter grandiloquently about , this being the "greatest country on earth," and about the "tremendous prosperity" we are enjoying, and tells us not to worry, is an ignoramus, or worse. FLAVIUS J. VAN VORHIS. Indianapolis, Ind.' Tlte May Outlook The May magazine number of The Outlook contains many noteworthy portraits of persons prominently be fore the public just now among oth ers, one of Mr. Edgar E. Clark, who is to be the assistant secretary for the new department of commerce; of Judge Grosscup, whose recent deci sions In important cases have at tracted so much .attention; Mayor Jones of Toledo, the "man without a party;" Sargent, the portrait painter, and President Castro of . .Venezuela. The special illustrated features of Ul PIPfPr mm U Willi in SEASON IS ON III - We're kept busy every day making shipments of our ready mixed Joints. Letters from purchasers who have purchased arrive daily speak ng of the superiority of our goods. One man who just completed a big job says: "I saved exactly 120 in ordering my paint from you and I am surprised at the work it does, will tell my friends about you." And so it goea. If you intend doing any painting, we think it will pay yea' to buy of us. You know of course that there is no question about our reliability. We've been in business to long to feel insecure in trading with us. Now for the values well these prices speak for themselves. Ptire Hott.se Paint, per ftllon fi. Standard Barn Paint, cr gallon..... 65 "Pure Whitehead, per lb....... 06 We guarantee the above paint with two ceata for three year. Floor Paint, pei gallon ....$1.15 Wagon Paint, per gallon i.ao Carrivge Paint, per gallon 1.80 Graphite Pdint, per gallon. 90 Shingle !-tain, per gallon 60 . Wood Filler, per gallon 1.25 Oil stains, per gallon... 1.20 Light Hard Oil, per gallon... 1.2s Wood Alcohol, per gallon.....;. ..... 1.25 Best Grade of Schellac. per gallon. .. 3.10 Hish Grade of Exterior Varnish per gallon !& Medium Orade of Exterior Varnifcb, per gallon M5 High Grade of Interior Varnish, per gallon. , (-60 , Furniture Varnish, per gallon , 1.25 Japan Dryer, per gallon 65 Boiled Linseed OH, Woodman Brand per gallon. 55 N Ith fire gallon order one new fifty cent oil can free. - . , , One 4 inch China Wall Brush all Brirtles 00 One i inch China Wall Brush all Bristles 5 One 3 inch China Wall Brush alt Bristles 4 Gtnuine English Venetian Red, per pound ........... .....tc American Venetian Red, per lb c Frrnch Yellow Ochre, per lb .7c French Gray Ochre, per lb atfc Putty, per lb 03 ALL FREIGHT PAID BY US ON ORDERS FOR MIXED PAINT THE FARMERS GROCERY COMPANY 226-228-230-232-234- N. 10th St, Lincoln, Neb 21 . B $5.00 I Freight prepaid I ; V:0- This solid Golden Oak Chiffonier is richly fin ished. Has five roomy drawers fitted with locks and brass handles. Best of workmanship, material and finish, 33 inches long, 20 deep. Money re funded if you are not satisfied. Freight prepaid 100 miles. This is But One of the flany Bargains in Our 66 Bage Catalog of House Furnishings Sent free on request. Rudge& Guenz 1118-1126 N Street, L incoln, Neb. m si o ' 1 el Co 1 13 - m mmmm this issue are, Mr. Hamilton Wright Mabie'a "Emerson and Concord," with several fine original drawings by Miss Roberts; Prof. John C. Van Dyke's "Sargent, the Portrait Paint er," with several fine reproductions of Sargent's portrait work; an install ment of ex-Secretary Long's'The New American Navy," dealing with the blockade of Cuba; a particularly pic turesque and readable account of life in Venezuela, "The Land of Stand still." by Mr. James Barnes, who went to Venezuela as The Outlook's corre spondent during the recent imbroglio; a novel paper about "The First Chil dren's Farm in New York," by Mrs. Parsons, who planned the interesting experiment; and an installment of Mr. Stewart Edward White's charming out-of-door series of papers called "The Forest," dealing with canoeing. Not so very long ago one star anl one popular down sufliced to fill the bill with a first-class circus. The great Adam Forepaugh and Sella Brothers' circus comes to us on May 15 with twenty-four of the world's greatest male and female bareback equestrians and forty of its funnies i fools. Shades of Jimmy Robinson and Dan Rice, what a contrast!" The twenty-four artists referred to appear simultaneously in three rings, in sin gle principal end double and quadru ple somersaults, carrying,- Jockey, hur dle and travesty acts, and are as not able for talent as in numbers. In its other departments the circus with which they are associated is propor tionately 6trong.' if