Tables similar to the foregoing, for the years 1867 and 1869, and from 1874 to 1876 inclusive, appear in the appendix. The amount of losses charged off by the banks during the last three years have been tabulated from the semi-annual reports of dividends and earnings made by the banks, and the results appear in the table below, which shows the number of banks which have suffered losses, and the amounts charged off by them, during each of the semi-annual periods ending on March 1 and September 1 of the years named: In his last two reports, the Comptroller gave tables showing the amount of losses thus charged off by the banks in each State and principal city in the Union during the years 1876 and 1877. A similar table is here presented for the present year, which gives the number of banks and amount of losses for each dividend period, to which are added the losses of the years 1876 and 1877: It will be seen from the foregoing tables that the total losses charged off by the banks during the current year were $24,466,799.89; that in 1877 they amounted to $19,933,587.99, and in 1876 to $19,719,026.42; making a grand aggregate of $64,119,414.30 of losses which the banks have sustained during the three years named, and have wiped off from their books by charging them largely to their previously accumulated undivided profit and surplus accounts. The amount of losses sustained by the banks in the more important cities during the same period is shown in the following table: In consequence of the losses above shown, many of the banks have been compelled to entirely torego dividends for a longer or shorter period. A tabular statement is given below, showing by geographical divisions the number of banks, with their capital, which passed dividends during each of the semi-annual dividend periods of 1877 and 1878: The number of banks passing dividends in the first dividend period of 1876 was 235, with a capital of $34,290,320; and in the second period the number was 273, and the capital represented was $44,057,725. It will be seen that during the last three years, an average amount of $44,583,516 of capital of the national banks has paid no dividends whatever to its owners. But the foregoing table of the number of banks which have passed dividends during the last three years does not fully represent the effect of the great losses suffered by them, nor the diminution of their profits in later years. For, in addition to what is here shown, very many of the banks which have declared dividends have been compelled to reduce them to rates which cannot be considered a fair compensation for the use of the capital employed. This additional effect is shown in the following table, which exhibits the amount of capital, surplus, dividends, and total earnings of all the national banks, for each half year, from March 1, 1869, to September 1, 1878, together with the ratios of such dividends and earnings to capital and surplus: This table shows a gradual and steady decline in the ratio, not only of dividends but of earnings, from 1870 to the present time. The ratio of dividends to capital has declined from 10.12 per cent. in 1870 to 7.80 per cent. in the present year; the ratio of dividends to capital and surplus, which in 1870 was 8.35, is this year but 6.21; while the ratio of total net earnings to capital and surplus has receded during the same period from 10.96 to 5.14. The latter fact shows how largely the dividends of late years have been drawn from the accumulated earnings of former periods, and that even the diminished dividends of to-day much exceed the actual current earnings of the banks. A table is given in the appendix which shows concisely the ratio of dividends to capital, and to capital and surplus, and of total net earnings to capital and surplus, of each State and principal city in the Union, for each half year from March 1, 1874, to September 1, 1878. The following table exhibits by geographical divisions ratios similar to those on the foregoing page, for the years 1876 1877, and 1878: The following table exhibits the amount of national-bank notes received for redemption monthly by the Comptroller of the Currency for the year ending November 1, 1878, and the amount received for the same period at the redemption-agency of the Treasury, together with the total amount received since the passage of the act of June 20, 1874: During the year ending November 1, 1878, there was received at the redemption-agency of the Treasury $202,499,740 of national-bank notes, of which amount $65,847,000, or about 323 per cent., was received from the banks in New York City, and $75,396,000, or about 373 per cent., from Boston. The amount received from Philadelphia was $10,756,000; from Baltimore, $1,215,000; Pittsburgh, $1,026,000; Cincinnati, $2,223,000; Chicago, $2,866,000; Saint Louis, $814,000; Providence, $4,945,000. The amount of circulating notes, fit for circulation, returned by the agency to the banks during the year was $151,683,200. The total amount received by the Comptroller for destruction, from the redemptionagency and from the national banks direct, was $57,061,509. Of this amount $5,830,516 were issues of the banks in the city of New York; $4,447,325 of Boston; $1,811,160 of Philadelphia; $1,107,323 of Baltimore; $1,087,470 of Pittsburgh; $435,200 of Cincinnati; $444,398 of Chicago; $169,673 of Saint Louis; $360,281 of New Orleans; $351,800 of Albany; and $359,490 of Cleveland. There were, on November 1, $282,991,768 of national-bank notes outstanding upon which the charter number had been printed, and $36,660,353 not having that imprint. The following table exhibits the number and amount of nationalbank notes of each denomination which have been issued and redeemed since the organization of the system, and the number and amount outstanding on November 1, 1878: A table showing the number and denominations of national-bank notes issued and redeemed, and the number of each denomination outstanding on November 1 for the last eleven years, will be found in the appendix. The following table shows the amount of national-bank notes received at this Office and destroyed yearly since the establishment of the system: Prior to November 1, 1865... During the year ending October 31, 1866. 175, 490 1,050, 382 3, 401, 423 4,602, 825 8, 603, 729 14, 305, 689 24, 344, 047 30, 211, 720 During the year ending October 31, 1877. 76, 918, 963 During the year ending October 31, 1878. 57, 381, 249 Additional amount destroyed of notes of banks in liquidation.. 23, 524, 492 Total...... 567, 263, 333 INSOLVENT BANKS. Since November 1, 1877, receivers have been appointed for banks in First National Bank of Tarrytown, N. Y 100,000 200, 000 Washington County National Bank of Greenwich, N. Y. *Subtract or add for portions of notes lost or destroyed. |