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Letter from the secretary of the Treasury  relative to banking statistics of state banks, banking institutions, savings banks and national banks, etc., from the periods of 1830 and 1863, respectively

Letter from the secretary of the Treasury relative to banking statistics of state banks, banking institutions, savings banks and national banks, etc., from the periods of 1830 and 1863, respectively

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893 Excerpt: ...$3.72 upon each $100 of capital; while for the twenty-seven years which followed the imposition of the bank tax the average semiannual rate was $2.96 per hundred. Taking the whole period of thirty-two years together, the semiannual average was about 3.1 per cent. Assuming that the dividends paid in the first half of these years did not differ materially from those paid in the-lasthalf, the average annual dividends on capital were, for the first five years 7.44 per cent, for the succeeding twenty-seven years 5.93 per cent, and for the whole period 6.17 per cent, or at the rate of about 6? per cent per annum for the whole period. The average annual ratio of dividends to capital of the national banks of Massachusetts from 1870 to 1876 was 9.6 per cent, and the ratio of dividends to capital and surplus for the same period was 7.6 per cent. The following table exhibits the number, capital, ltfans, deposits, circulation, and specie of the banks of the New England States in various years from 1837 to 1863, in round numbers: NEW YOBK. The Bank of New York began business in 1784, under articles of association drawn by Alexander Hamilton, who was a member of its fir§t board of directors. This bank was chartered by the legislature on March 21,1791, and was the first bank in the State organized under legislative sanction, and the third bank in the United States. It was organized with a capital of $900,000, in shares of $500 each. The State subsequently subscribed for 100 shares, making the capital $950,000, and the bank commenced business on May 2, 1791. In 1832 the capital was increased to $1,000,000 by a State subscription of $50,000, $15,000 of which was for the use of common schools, $20,000 for Union College, and $15,000 for Hamilton College. On May 1,18...