OCR Text |
Show FINANCES OF COUNTRY STHOXGKST IN II1STOUY (By John Skolton Williams, Comptroller of tho Currency.) Nover before has this nation been so strong and so well prepared to meet financial demands of nny sort which may bo made upon It. Tho resources of our banks throughout tho country, nationally and state, including in-cluding trust companies, now approximate approx-imate $35,000,000,000. In 1808, at tho tlmo of tho Spanish-American war, tho aggregato resources of all reporting national, state and savings banks and loan and trust companies were estimated at $8,000,000,000. That means that tho resources of our banking Institutions at this tlmo aro approximately four times as great as thoy wore eighteen year3 ago. Tho resources of our national banks alono havo increased from $3,977,000,000 In July, 1898, to more than $51,500,000,000 at the tlmo of tho November (19 1C) call. Of tremendous Importance to this country Is the fact that wo now havo In operation tho federal resorvo system, sys-tem, which has already proved Itself to havo been of lnestlmablo valuo through the turbulent times of tho lost two years and will ns3urcdly con-tlnuo con-tlnuo to demonstrate its valuo In any emergencies that may bo ahead of us. Our great banking Institutions havo not permitted thomsolvos to bo weakened by yloldlng to tho tompta-l tompta-l tlon to load up with an unduo amount of tho obligations of foreign for-eign countries at the attractive rates of Interest offored In the last year or so. Ilcrent reports to this offico Indicate; Indi-cate; that tlfo, Investments of our national banks In all foreign government gov-ernment and other foreign bonds and In loans made to Individuals and business houses in foreign countries coun-tries nggregato up to this tlmo less than 3 por cent of tho total resourcos of our national banks. |